Increase Your Home’s Value Up to 28% with These 5 Tips

Great curb appeal not only makes your home the star of the neighborhood, it can also improve its value and help you sell it for more. Whether you’re thinking of listing your home or just want to make your home the envy of your neighbors, here are several ways to increase your home’s curb appeal.

Make your home’s exterior look like new. For many potential buyers, the condition of the exterior of a home can offer clues to the condition of the interior. The first place to start when boosting curb appeal is the exterior of your house.

Paint. Paint is the best way to make your home appear newer. While you can paint your home yourself, if it’s large or more than one story, consider hiring a professional. Painting is a fairly inexpensive improvement with between 60 to 100 percent return on investment.¹
Maintain your siding. Over time, weather and the elements can make your home’s siding appear dull and dirty. Use a pressure washer to clean stains, spider webs and accumulated dirt and grime, or use a soft cloth and a household cleaner to get into those small nooks and spaces. Although the average life expectancy of siding ranges from 60 to 100 years, depending on the material, extreme weather may reduce this number. If you need to replace the siding, you’ll enjoy a 77 percent return on investment.¹
Paint or replace garage doors. If your garage doors are in good condition, give them a new coat of paint. If they’re beginning to show their age, consider replacing them. Not only are new garage doors more energy efficient and better insulated than older models, they also have a 91.5 percent return on investment.¹
Maintain your fence. Replace rotted or worn posts and panels and freshen it up with a coat of paint. If you have a hedge that serves as your property’s border, keep it trimmed and in good shape.

Pay attention to the small details. The small details tie your home’s exterior together and help it stand out from others in the neighborhood.

Paint front door, trim and shutters. This inexpensive improvement adds brightness to a home, whether you choose a bold color, a neutral tone or classic white.
Install new door fixtures and be sure they match in style and finish and complement the style of your home.
Update your house numbers. Make sure potential buyers and guests can find your home. If the numbers have faded or need an update, replace them. If choosing a metallic finish, make sure it matches the finish of your exterior light fixtures.

Tend to your driveway and lawn. Well-landscaped homes may sell for between 5.5% and 12.7% more than other similar homes and studies show it may also add up to 28 percent to your home’s overall value.⁵

Place a border along your driveway or walkway made of brick, stone, pavers or another hardscape element to add visual interest to a plain driveway.
Maintain your green space. If you have grass, a well-maintained, green lawn makes your home look inviting and picturesque. However, in many parts of the country, water conservation is becoming more important. Xeriscaped landscapes incorporate drought-tolerant vegetation that thrives in warm, dry climates, such as lavender, sage, wisteria and agave, with water-saving drip irrigation and mulch. Xeriscaping has a cost savings of 36 cents per square foot annually through reduced irrigation and maintenance costs.³ Additionally, these landscapes are virtually maintenance free, which makes it an attractive option for busy buyers.
Include trees and shrubs to create texture and add interest to your landscape. Planting a few types of trees and shrubs of varying heights, widths and flowering times boosts your home’s curb appeal year-round.

Make it feel inviting. It’s no secret that emotions play a role in a person’s decision to purchase a home. Stage the outside of your home to evoke warm feelings.

Stage your porch. If you have a front porch, make it feel more inviting by including seating, such as a chair or loveseat, an outdoor rug and a small table. If space is an issue, incorporate small decorative touches, such as a festive wreath or potted plant.
Hang flower boxes on your front porch railings and/or below your windows. If you don’t want to affix flower boxes to your home, purchase nice planters and containers and place them around your porch or on your front steps.
Choose flowers and plants that bloom at different times of the year for year-round appeal. For example, bulbs not only bloom all spring, they also multiply and come up every year. Perennials often flower for most of the year and will prevent you from having to replant them every year.
If you don’t have a green thumb, choose low maintenance plants and flowers. Flowers such as lavender, rosemary, and zinnias are a few low-maintenance and drought-tolerant options.

Boost Your Online “Curb Appeal.” For those interested in selling, it’s important to know the effect online curb appeal has on a home. The better impression your home gives online, the more likely buyers will want to see it in person. Here’s how to get your home ready for its listing debut.

Stage your home. Staging shows your home in its best light and helps potential buyers picture themselves living there.
Hire a professional to take photos. A photographer has the skills and equipment to shoot your home in the best light and make it look its best.
Include a short video tour of the home. Videos are becoming a popular way to give buyers a glimpse of the home before they step foot in it. At Karen Cannon Realtors, we offer 3D Open Houses with all of our listings.

Average Return On Curb Appeal:

Mature trees add up to $9,000 to home’s value.
Native plants add $500-$5,000 to home’s value.
Fresh Paint returns 60%-100% of investment.
New siding returns 77% of investment.
New garage door returns 91.5% of investment.

Are you thinking of boosting your home’s curb appeal or renovating your home before you list? Do you want help making your home more appealing to potential buyers online and in-person? Give us a call and we’ll help you present your home in its best light.

At Karen Cannon, Realtors, we are local real estate experts for Dunwoody, Sandy Springs and North Atlanta. We live, work and play here, and our agents are hand-picked for their connections in the community. Our clients know about homes coming on the market before anyone else. And our highly effective marketing program allows us to shorten the number of days on the market. We’ve even put homes under contract sight unseen!

If you are thinking about selling your home, or are interested in moving into Dunwoody, Sandy Springs or the surrounding areas, call us at 770-352-9658.

Sources:

Remodeling, 2016 Cost vs Value Report
Realtor Mag, September 22, 2016
REALTOR.com
Houzz, Houzz & Home-U.S., June 2016
Houselogic.com

The Compound Effect: Building Your Household’s Wealth

Wealth is within reach for many people; however, according to a recent study 63 percent of Americans said it’s not likely they’ll become rich.¹ Don’t just dream of being wealthy; start taking the steps to make it a reality. There is no secret to becoming rich–it takes time, sacrifice and good financial sense. Here are a few ways to build your household’s wealth.

Let Compound Interest Work for You

Compound interest is your interest earning interest. While the concept may work against you when you take out a loan to buy a car or use your credit card, it works in your favor when you’re saving money. For example, if your savings is growing at a rate of four percent, your investment will double in eight years and quadruple in 16 years. Your money will grow exponentially the longer you save: the more money you’ve saved, the more your money will grow.

Tap into Your Home Appreciation

Experts expect home prices to appreciate 3.24 percent and grow by 21.4 percent cumulatively.² If a homeowner purchases a home this year for $250,000, they could earn more than $40,000 in equity over the next five years. Although the home value of the average American family’s home is $165,000, home values vary by market.³ If you’re curious about the value of your home, give us a call!

Build Equity in Your Home

One of the most compelling reasons to own a home is it allows you to build wealth over time. Saving for a down payment, especially if you plan to put down more than 20 percent, helps you adopt good financial habits. The more you put down when you buy, the higher your share of equity when you close. Although for the first five to seven years, the majority of your payment will go toward interest, over time more money will be applied to the principal. There are many tools online that calculate your current and future equity in your home, including this one here.

Build equity sooner by choosing a shorter amortization term. While your payment may be higher, you’ll likely qualify for a lower interest rate and will pay less interest over the life of the loan.

Pay Down Your Mortgage…or Not

Many homeowners grapple with whether or not to pay down their mortgage. On one hand, if you pay it down, or pay it off early, you’ll save money on interest, which you can use to make other investments. On the other hand, if your goal is to be debt free, it’s better to pay off your higher-interest debt, such as credit card debt, first before paying down your mortgage debt. Additionally, if you’re saving for retirement, putting extra cash toward your retirement accounts will help you build a nice nest egg to enjoy later on. Your financial advisor can help you decide if paying off or paying down your mortgage is right for your goals.

Purchase Investment Property

Investment properties provide passive income to your growing financial portfolio. More than 25 percent of Americans say real estate is the best way to invest money you may not need for the next 10 years.⁴ While many people flip houses to make money—that is, they buy a home at a low price, fix it up and sell it quickly—others purchase multifamily properties to create monthly cash flow to save or to reinvest in other properties.

The longer you own a property, the better investment it becomes as you’ll continue to build equity. While rental costs rise with inflation, your mortgage will remain the same. The best part? Once you pay off the mortgage, your cash flow will increase.

There are tax benefits to owning investment property as well. You may be able to claim deductions for depreciation, as long as it fits within the guidelines; repairs, travel expenses, interest and more. If you’re thinking of purchasing investment property, talk to your tax professional to get the details.

If you are thinking about selling your home, or are interested in moving into Dunwoody, Sandy Springs or the surrounding areas, call us at 770-352-9658.

Sources:

BankRate.com
Pulsenomics, Home Price Expectation Survey Q4 2016
Statistic Brain, August 1, 2016
The Motley Fool, July 30, 2016

Off Season Selling

5 Reasons to Sell Before the Selling Season Picks Up

A common thought in real estate is never list your home in the winter off-season. Perpetuated by industry experts, agents and repeat sellers alike, this saying encourages many would-be sellers to wait until the spring peak to list their homes. However, studies show that homes listed in the winter off-season not only sell faster than those in the spring, but sellers also net more above asking price at this time.¹ Don’t wait until spring to sell. If you’ve been thinking of selling your home, here are five reasons to list now:

Take advantage of low inventory. Since most sellers are waiting until spring to list, local inventory falls during the off-season. However, there are still motivated buyers who are ready to buy now and don’t want to wait that long to purchase a home. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time.”² While you’ll likely have fewer showings in the off-season, buyers who do visit will be more serious about writing an offer. As a result, your home will likely sell faster than it would have during the peak season.
Set a higher listing price. Homes sold during the off-season sell at a higher price, on average, than those sold during the spring and summer peak. There are many reasons for this. First, motivated buyers are willing to pay closer to the asking price for a home. Second, homes are more likely to be priced right and reflect the economics of not only the local market, but the neighborhood as well.
You’ll receive more attention. While our team always strives to give you the personal attention you deserve, when you list during the off-season, we’re able to work more closely with you to ensure your home is prepared for its debut on the market. We can also take more time to answer your questions, address your concerns and prepare you and your home for the sale.
Additionally, if you’d like to hire a trades-person to handle routine maintenance or undertake a minor home renovation before you list, you may be able to take advantage of flexible scheduling and cheaper rates. Many of these professionals experience a winter off-season as well, and will be able to focus their time and attention on you and your project.
Easier to maintain curb appeal. Curb appeal sets the stage for what interested buyers can expect when they step foot in the home during a showing or open house. If you list your home during the peak of the selling season, you may exhaust your time your energy maintaining a lush landscape that will attract potential buyers and set your home apart from other similar homes in the area.
The off-season eliminates the pressure to maintain a picture-perfect front landscape. Since most grass, shrubs and plants go dormant at this time of year, you’ll have less to maintain. If you live in an area that experiences a traditional winter, your landscape will be covered with snow. Even if you live in a milder climate, you may not have to mow as often, if at all. It’s still important to ensure your exterior appears well-tended, so make sure your walkway and front porch remains free of snow, ice and debris.
Tap into the life changes of buyers. Many buyers receive employee raises and bonuses at the end of the year. If they’ve been saving to buy a home, this extra money may allow them to reach their goal for a down payment and put them on the path to becoming a homeowner. Additionally, companies often hire new employees and relocate current ones during the first quarter of the year, creating a strong demand for housing. If you live in an area that’s home to a large company or has a strong corporate presence, this may be the perfect time to list.

If you’re thinking of selling, give us a call! We’d love to help you position your home to sell in our market.

Sources:

Time, October 30, 2015
National Association of REALTORS, 2016 Profile of Home Buyers and Sellers

Filing for Homestead Exemption 2017

What is Homestead Exemption?

Homestead exemptions provide a significant reduction in annual property taxes and are available to individuals who own and reside in a home.

Basic Requirements for Homestead Exemption:

Must be legal resident of the county; and
Must own and occupy home as of January 1st of the year the homestead exemption is sought.

How Long will the Homestead Exemption Last?
The Homestead exemption will remain on the property until there is a change in ownership.

DeKalb County – deadline is April 1, 2017
404-298-4000
Dekalb County Homestead Information

Cobb County – deadline is April 1, 2017
770-528-8600
Cobb County Homestead Information

Fulton County – deadline is April 1, 2017
404-612-6440
Fulton County Homestead Information

Forsyth County – deadline is April 1, 2017
770-781-2106
Forsyth County Homestead Information

Gwinnett County – deadline is April 1, 2017
770-822-8800
Gwinnett County Homestead Information

Other Tips

If Property Owner(s) is adding or deleting a person’s name on a deed, they must re-file for homestead exemption.

If there is a change in ownership, name, or spelling correction on the deed, Property Owner(s) must re-file for homestead exemption.

Refinancing your home does not affect homestead exemption.

Homestead Exemption CANNOT be applied to Rental Property or Business Owned Property.

What You May Need to Apply:

Georgia Driver’s License or valid GA ID
SSN
Vehicle Registration
Recorded Deed for new owner
Trust Documents if property is in trust
Proof of Income (for Senior and Other Special Exemptions)

If you are thinking about selling your home, or are interested in moving into Dunwoody, Sandy Springs or the surrounding areas, call us at 770-352-9658.

January, February Prime Months to Purchase a Home

NERDWALLET BY MARIAN MCPHERSON (Staff Writer)

KEY TAKEAWAYS

Ready to become a homeowner? Nerdwallet and Realtor.com Chief Economist Jonathan Smoke say January and February are the best months to purchase a home.
The median home sold in January sold for $7,003 less than the listing price, and home sales drop by 47 percent.
Smoke says another reason buyers should act now is an upcoming hike in mortgage rates, which are expected to reach nearly 5 percent.

New year, new home?

The NerdWallet team says January and February are the prime months to purchase a home, thanks to lessened competition, lower home prices and higher mortgage rates looming ahead.

TAKE ADVANTAGE OF SAVINGS NOW

According to two years of realtor.com data that includes the 50 most populous metro areas, home prices in January and February are, on average, 8.45 percent lower than prices in July and August — two of the most popular home buying months.

This trend is expected to hold true in 2017, but realtor.com chief economist Jonathan Smoke says the savings won’t be as large as seen in years before.

The fall 2016 housing market, which the National Association of Realtors dubbed the “autumn revival,” was especially strong, which means sellers didn’t feel the pressure to lower their sales prices in order to get their home off the market.

Despite this, Smoke still suggests home buyers grab whatever savings they can get because spring home prices will likely increase more than normal.

COLD WEATHER KEEPS COMPETITION AT BAY

According to NerdWallet, home sales in January are 47 percent lower than in June, which means less competition for buyers looking for the perfect home.
But there’s one caveat — buyers will still have to battle with low housing inventory, although the offset in competition helps.
“You basically face almost half of the competition with almost the same amount of inventory in the market,” Smoke says.
For the savvy buyer and agent, this can lead to savings through tactful negotiations with sellers. NerdWallet says the median home sold in January sold for $7,003 less than the listing price. Score!

HIGHER RATES AHEAD

Out of the three reasons to buy a home now, home buyers are most likely concerned about higher mortgage rates, which are predicted to rise to nearly 5 percent.
“As we look toward spring and later in 2017, that’s another reason to buy in January and February,” said Smoke. “Because rates are expected to be about 50 basis points, or half a percent, more as the year goes on.”

If you are thinking about selling your home, or are interested in moving into Dunwoody, Sandy Springs or the surrounding areas, call us at 770-352-9658.