April 2011 Newsletter

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How to Get a Fair Home Appraisal

Selling a house is hard work. You've staged your home, negoti-
ated a fair price with a buyer and passed a grueling home in-
spection. But if an appraiser says your house is worth less than
the agreed-upon sales price, the
buyers lender will not agree to the pur-
chase and the deal could fall through.
No seller wants to lose a buyer, so
here's what you should do to ensure
you get a fair appraisal.
S-a.i.. D-.<n't..s-cn-..ee.y.-<
Appraisers don't rate your home on
potential; they evaluate what they can
see. A rusty bathroom sink and a stick-
ing patio door can make an appraiser
think negatively of a property. Stage
your home for an appraiser just as you
would for a buyer. A house that looks
move-in ready will be deemed more
valuable than a fixer-upper.
B.. u.-e.-v.
Appraisers take into account the com-
parable sales prices of homes in your
neighborhood. They do not, however, take into account the
reasons for those sales prices. Many homeowners are forced
into accepting low offers due to financial or personal reasons.
Those low prices could drive your homes appraised value down.
Before your appraisal, figure out why your neighbors' homes are
selling below market value. Give this information to your ap-
praiser; it could affect the outcome of your appraisal.
P·e-o-. Y-.- ~e-e
Your appraiser may not be familiar with your neighborhood. So
fill him or her in on what makes your home and its location
unique. Does your home have the largest backyard on the
street? Did you replace the old furnace with a new, energy-
efficient model? Do families move to
your neighborhood solely for the
schools? Again, make sure you give
this information to your appraiser.
You might point out a feature that
would otherwise be overlooked.
R.ao -|. v.-o·-
After the appraisal is completed,
request a copy of the final report
from the lender. Read the report to
ensure that all the information is
accurate. If you find mistakes, con-
tact the appraiser to make the nec-
essary changes; you could end up
with a higher appraised value.
S.·enJ+i-.'s-|ec|a·-
If your home receives a low ap-
praisal, consider hiring your own appraiser. If the
second appraisal matches the first, you should
consider dropping your price to save the sale.
Your Richmond Home April 2011
 
(804) 869-1191 www.YourRichmondHome.com [email protected]
Want to know what your home is worth?
Call today for an estimate.

(804) 869-1191
Barbara Reagan - (804) 869-1191 Your Richmond Home - April 2011
I..-e... ·e.r~em.’sc.rotp-..l
Your front yard landscaping is what will greet family,
friends, and prospective buyers. Enhancing its appear-
ance for great curb appeal is easier than you think and
always begins with washing the
windows, pulling weeds and re-
moving unnecessary debris.
Your work may be rewarded
with a successful sale or the
knowledge that your home is
the prettiest on the block!
Y-.- ~e-e’sc-t.-.o·
N..os..s.a| /--e.|
Look at the front of your home
with a critical eye and make
some important decisions about repairing, replacing,
masking, removing or adding to give the structure visual
appeal. A sagging awning might be replaced with freshly
painted shutters. A front door might be painted or en-
hanced with the addition of an attractive brass door-
knocker or a dramatic sconce beside it. Giving the exte-
rior a fresh coat of paint is a dramatic enhancement.
I---o.. t-. P--.h
Apply a fresh coat of paint to the railings or install a new
one. Repair any chips or dings in the steps. Add a new
lighting feature along with a few strategically placed con-
tainer plants to give your porch a refreshing change. Aim
for the less-is-more concept and avoid clutter at all costs.
A·.l|oa..-a...dr-o.- Y.-o .. a*ept-i--.t.
A busy landscape will simply say to prospective buyers
that they will have their work cut
out for them should they buy. Be
sure there is a clean path to the
front door. Repair any cracks or
perhaps lay a more attractive
walkway of paving or flat stone.
The lawn should be healthy and
free of weeds.
L..os.a-i.. S-e.lJ
E.|.n.. t-. V...
Prune trees so that no branches
unnecessarily detract from a view of the home. Reshape
shrubs that mask your home, or remove them altogether
and replace them with a terraced garden or a layered
landscape of attractive plants̶include many types to
guarantee year-round interest or at least enough color to
last throughout the growing season.
When it comes to plants and botanical features, much will
depend on taste, but if you stick with healthy varieties
that are not extremely demanding, you will meet with
positive reactions from potential buyers.
How Healthy Is the Housing
Market?
From October to December
2010, the Fannie Maes Fourth
Quarter National Housing Sur-
vey polled around 3,400
homeowners and renters to
hear their opinions on the state
of the real estate market. The
results are encouraging.
C-.<u-.- ce.f.a.n..
Seventy-eight percent of respondents believe housing
prices will either hold steady or increase over the coming
year. In January 2010, only 73 percent of respondents
reported that same confidence in the real estate market.
Consumer confidence is a key indicator of a healthy
economy or market. If homeown-
ers are confident that housing
prices will remain steady, they are
much more likely to take chances
in the real estate market by sell-
ing, buying, and investing.
W-.-e-|ee.y.-< /-.
Only 23 percent of the general
population plans to buy a home
in the next three years. While the
numbers are low, they are not
that far from survey results for the booming real estate
market of 2000, which found that 24 percent of all
Your Richmond Home April 2011
Barbara Reagan - (804) 869-1191 Your Richmond Home - April 2011
Americans were very likely and 12 percent were some-
what likely to purchase a home by 2003.
The numbers are even more promising when looking at
certain segments of the population. Thirty-four percent of
Hispanics and 35 percent of African-Americans say they
will buy a home sometime in the next three years. And
with 59 percent of Generation Y (18-34 year olds) believ-
ing that owning a home is a great investment, even more
home buyers may be stepping onto the property ladder in
the coming years.
I...s-..g·.s.|.
Only 64 percent of the general population believes that
home ownership is a wise investment, down from 70 per-
cent at the beginning of the year. By comparison, a De-
cember 2003 survey found that 83 percent of Americans
thought the real estate market was a safe investment. But
this doubt could be beneficial to the housing market. In-
stead of gambling their savings on a guaranteed in-
vestment like a 2003 home buyer, modern-day buyers will
spend more time examining the real estate market, avoid-
ing bad investments as a result. Homeowners will also
think twice before spending their money on costly and
questionable home upgrades. In short, doubt can protect
a homeowners finances.
L...n-·i-|.n*|e.- M.a.s
The number of borrowers who are considering defaulting
on their mortgages fell from 39 percent at the beginning
of 2010 to 31 percent by the end of the year. The num-
ber of borrowers who are seriously considered defaulting
on their mortgages also declined over the past twelve
months, from 25 percent to 19 percent. The real estate
market can only strengthen as more homeowners sort
out their finances and make their mortgage payments.
To learn more, read the Fourth-Quarter National Housing Survey
Results online at www.fanniemae.com.
F... va.s-e ~-.v..- we|d
Indoor mold can cause health related
problems and is a costly, time-
consuming problem to fix. Prevention is
a homeowners best weapon; here are
five of the most common recommenda-
tions given by industry experts.
1.oo..-o·-h.|o-.’s|.m.a.t.|e..|.
Mold thrives on moisture. A common
source of moisture contributing to mold
growth is the bathroom shower. Daily
showering significantly increases humid-
ity in the home. Prevent this problem by
running the bathroom exhaust fan for
twenty minutes after bathing.
2.ou·- f·.~u..-l..
The organic debris found in dust clumps around the
home can contribute to mold problems. Not only does
this debris feed the mold, but it also helps the mold
spread throughout the home. Consistent house clean-
ing will help prevent widespread mold problems.
3.cl.a. ..-ht|e..|.
One of the best do-it-yourself methods to preventing
mold is to clean problem areas with a
solution of one part bleach to ten parts
water. Bleach is a powerful cleaner that
can effectively kill small areas of mold
before it develops into a larger problem.
4.<e.- f.-.w-eo -.-s.a..
Many people keep firewood indoors.
However, most firewood contains mold,
and storing it indoors is a step in the
wrong direction for homeowners who
want to stop mold-related problems.
5. ~-.v..- .a-e·oa-a.e.
Many indoor mold problems begin with
a leaky roof. An aging, weathered roof may allow wa-
ter to enter the home. Water can damage attics, walls
and ceilings, and homeowners may not be aware of
the problem until it is too late. Mold thrives and
spreads in water-damaged areas that are not properly
dried and maintained. Prevent water damage by mak-
ing sure that your homes roof is properly maintained.
Your Richmond Home April 2011
Barbara Reagan - (804) 869-1191 Your Richmond Home - April 2011
Before you get started on your home remodeling
or backyard patio project, read these time-tested
tips for hiring a contractor from FindLaw.com:
❖ Before you call a contractor, do your home-
work to get a clear idea of what you want from
your remodeling or landscaping project. As you do
your homework, start piecing together a budget
of what various products and materials may cost.
❖ Make sure that any contractor you consider
hiring is licensed, bonded and insured. And never agree to hire a contractor,
even if it's your brother-in-law, on a handshake. Insist on a contract.
❖ Be wary of the contractor who says you don't need to pull a permit from city
hall for your remodeling or landscape project. A permit typically represents
the minimum construction standard set by a local community.
❖ Always get at least three proposals when selecting a contractor to handle your
remodeling or landscaping project. Before you say "yes" to a proposal, contact
at least three to five of the contractor's references.
Tips for Hiring a Contractor
Courtesy of ARA Content Inside This Issue
-
How to Get a Fair Home
Appraisal
-
Increase Your Homes
Curb Appeal
-
How Healthy Is the Real
Estate Market?
-
Five Ways to Prevent
Mold
Photography Credits:
© Tim Abramowitz / iStockphoto
© Elena Elisseeva / Dreamstime
© Wavebreakmedia Ltd / Dreamstime
© Photorollert / Dreamstime
The material in this publication is provided
for your informational purpose only and is
not intended to substitute professional ad-
vice. If your property is currently listed with a
Real Estate Broker, this publication is not
intended as a solicitation. ©2011
AnyPresentati ons. com and i ts l i censors
 
 
3450 Pump Rd.
Henrico, VA 23233
Office (804) 869-1191
 
Barbara Reagan
 
 
 
 

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