Creative Open House Ideas

Have you been experiencing slow traffic or no traffic at all during your open houses? Try these 3 ideas to discuss with your agent to make your house stand out from the rest!

1. Have a Garage Sale at the same time.

This is a great idea for two reasons. Garage sales always bring people. If they know that there is an open house at the same time, they will most likely stop in. The more people the better because word of mouth will help to get your house sold! You can also "de-clutter" your house at the same time, which makes it easier to stage as well as make a lighter move.

2. Don't host an open house when everyone else does.

Open houses are typically on Sundays in the afternoon. Why not have one during the week after 5 when people will be driving by on their way home from work? Adding some wine and cheese will also offer a nice transition into dinner time. Even weekday mornings could work after people drop their kids off at school.

3. Have a "Full Service" Open House

Ask your agent about involving a loan officer at your open house. Potential buyers will be able to find out what financing is available to them and possibly get pre qualified. Additionally, including a contractor helps buyers envision their "dream home". They can bring sample materials, photos and digital renderings to show the potential of the property.

Tips to Maximize Small Spaces

When selling your home, it is important to maximize your space. Easier to do in a large home, but what if you have a small house? Or a small room? There are several ways to maximize your floor space and enhance your home's beauty.

Remember, prospective buyers appreciate what they can see so you need to make sure you are showing them what you've got. The most obvious tip is to remove clutter. Clutter makes the space look smaller. Clutter in the closets, on the counter tops, in cupboards and especially in rooms will "shrink" the space and hide features that should be shown off....granite countertops, custom shelving or unique features of a room.

Some additional tips to help you maximize your space:

#1. Make sure that each room is easily identifiable. The computer desk should not be in the dining room....unless the dining room is being used and marketed as an office. Otherwise, move the desk.

#2. Remove throw rugs to show off your hardwood floors and take down pictures off the walls in order to create less distractions and hence open up the space more.

#3. Remove large pieces of furniture in overstuffed rooms. Put it in storage or if you're not going to take it to the next house, sell or donate it. The key is to create open space so that people can easily move around the room.

#4. High contrasting or dark colors make rooms look smaller. That doesn't mean you have to go out and paint everything white! Color is good but blending and using more medium-to-light tones will help open up the space.

There are many options these days for storage, including furniture and end tables that have hidden storage built in. Another option is to install bed risers, which safely lift a bed in order to create storage space underneath.

Nothnagle's Home Services offers short and long term storage options as well. If you just don't have the space for everything, you can store out-of-season clothing and household items you may not need every day in order to create more space.

The Price is Right!

According to several real estate professionals in the Rochester area, pricing your home right is what it will take to get it sold. The current market is more in favor of buyers than sellers, which is why they are not rushing to buy and are instead looking for the best deal. Now that all of the tax credits have been over for nearly a year, the panic to buy is not as strong, but there are definitely still buyers looking.
When listing your home, take into consideration the competition and don't concentrate on your assessed value. Chances are, your home will sell slightly under what it is assessed for, but the Rochester market is still strong compared to other areas in the country.

Other important factors to pay attention to are that buyers not only want a great deal, they want something that is move in ready with updates. Small cosmetic things like fresh paint, new cabinet hardware and fixtures can make a big difference to buyers, although it is relatively inexpensive and easy to do.

I Can Fix That, But Should I?

Deciding whether you should hire a professional or handle the project yourself can be difficult. Each year over 100,000 people get in over their heads and end up injuring themselves on their DIY home improvement jobs. Depending on your skill-level and experience, some tasks may be unreasonable and dangerous to attempt on your own, but this is not always the case. Here's how to decide: Stick to routine maintenance Seasonal home maintenance is ideal work for the weekend warrior because you can tackle these jobs when you have free time. Since these projects are routine, each time you complete them, your savings will add up. Mowing your own lawn, for example, can save you $50 or more a week (depending on costs in your neighborhood). Some other tasks that are not out of reach, even for the most modest DIY-er, include:

• Snow removal





• Trimming hedges





• Washing windows





• Sealing decks





• Painting fences





• Fertilizing lawns





• Replacing air conditioner filters





• Cleaning gutters

Be sure to use extreme caution when on a ladder washing windows or cleaning gutters. Every year, emergency rooms are filled with people with ladder injuries. A good rule of thumb is that unless you have skill and experience with heights, avoid any ladder taller than six feet. The same goes for operating power saws and attempting any major electrical work; if you don't have the experience, it's simply too risky. Become your own general contractor If you're willing to put a bit of time into finding the right professionals for your project, you could act as your own general contractor. This means to hire, schedule, and pay the carpenters, plumbers, and other tradesmen yourself. This could save you 10% or 20% of the job cost (the contractors typical fee). This tactic works especially well if it's a small job that only requires a few subcontractors. A great resource is Nothnagle Home Services. They can put you in touch with the highest-quality professionals Rochester has to offer. The best part is that each Home Services partner will provide you with an exclusive deal, only available to Nothnagle clients. Make contributions on big jobs Performing tasks that are labor-intensive but require relatively little skill are the perfect jobs to tackle yourself. Tearing out kitchen cabinets, pulling up old floors, daily site cleanup, and product assembly are examples of things you can do that can save you hundreds, even thousands, off construction costs. One thing to avoid is getting in the crew's way. If you do, you could slow them down and end up dishing out more than you save. It is a good idea to make your contributions in the mornings before the workers arrive, or nights and weekends after they've left. Add finishing touches Many finishing touches are quite simple and DIY-friendly. For example, painting your own basement is easy enough, and could save you over $1000. If you have the patience and ability to learn a new skill, setting tile, laying flooring, painting walls, and installing trim are jobs that are not out-of-reach for you. Just remember that the results of your finish work are very visible. If you do not have the steady hand, sure eye, or patience for intricate tasks, you might be better off hiring a pro.

Best Place in New York State for Business & Careers

In a recent study done by Forbes conducted by ranking 200 of the largest metropolitan statistical areas in the U.S., Rochester, NY proved to be the best place in New York State for Business & Careers. New York City ranked ahead, however, Albany & Long Island ranked behind Rochester.

The unemployment rate in Rochester is 7.1%, which is under the national average with a median home price of $118,500 and a cost of living at 11.4%, which is also well under the national average.

Numerous universities and schools such as The University of Rochester and the Rochester Institute of Technology make Rochester an international center of higher education bringing professionals to the area for employment opportunities year round. Several companies are reentering downtown Rochester, such as Paetec and Nothnagle Realtors to begin a downtown revitalization.

For more information click here.

Should You Use a Realtor?

Many people wonder whether they should hire an agent to sell their home or whether they should first try as a For Sale by Owner (FSBO). In today’s market, we believe this is an easy decision: you need an experienced professional!

Finding a buyer willing to pay fair market value for your home at a time when there are growing inventories of foreclosures and short sales will take a true real estate professional. A real estate professionall will be able to give you expert advice on what price to list your home at, improvements to get the most money and potential buyers though, as well as offer honest advice. Along with those reasons, an expert will be there to market your home, hold open houses, spread the word and get it sold!
Another thing to consider is that finding reasonable financing can also be tricky in today’s lending environment as mortgage approvals get more stringent. A real estate professional will be able to tell you if you are getting a fair term and interest rate.

In today’s market, hiring a real estate professional as a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible re-negotiation of that off after a home inspection, to the possible cancellation of the deal based on a negative appraisal – you need someone who can keep the deal together until it closes.

Unless you are willing to commit yourself to a full-time job of listing your own home, it pays to go through an agent who will be there every step of the way!

Rochester: One of the Best Places to Buy a Rental Property

Over the last couple of years, Rochester has remained one of the most stable housing markets in the country. Home prices have not depreciated like other areas, which is why last week MSN named Rochester as the #1 most livable markets in the country. Along with home prices remaining stable, unemployment is at 7.1%, which is well below the national level.

In a recent CNNMoney.com article, Rochester also made the "10 Best cities to buy a rental property". Rochester is surrounded by educational institutes such as The University of Rochester, RIT and many SUNY schools which uphold the rental market. Similarly to the housing market, the rental market has remained stable and is projected the get stronger through the next few years as more businesses join the area.

What Can an Open House Tell You?

As the weekend approaches you might be making a list of open houses to check out. The best way to find out as much as possible about a house is by attending an open house. The listing agent, who is most familiar with the house (other than the owners) will be there to hopefully answer any questions you may have. Purchasing a home is a major decision and one that requires some homework. Below are a few questions worth asking if you are truly interested in putting in an offer.

You should want to know why the seller is selling. The seller's agent might not divulge much information, such as if the sellers are moving and need to get the house sold as soon as possible, but any information you can find out is worthwhile, especially if the reason they are selling has anything to do with the house itself or the neighborhood.

Have there been any offers? If you are truly interested and want to make an offer, you can find out if there is competition and possibly why the seller has turned down any previous offers if there have been any.

How long has the property been on the market? You can tell if you have negotiating power if the house has been on for several months. If it is newly listed and the open house is full, you should present the best offer you can come up with.

If you are looking at a condo or town house, find out the by laws and costs other than the price of the unit. There will be an HOA fee on top of your monthly mortgage payment and the Association may have rules that will inhibit your lifestyle, such as pet laws.

Find out if there are any existing liens to prevent costly surprises. Liens could come from anything such as unpaid taxes, outstanding HOA fees, construction liens, etc.

Do the research before making an offer to ensure you are getting the best price and there will be nothing hidden once you move in!

Accessibility Helps!

In today's economy gas prices are higher than they have ever been, so naturally we are all trying to cut down on unnecessary driving. If you live in walking distance to stores, restaurants and attractions, not only will it cut down on gas usage, it will help you get some exercise and raise your property value.

According to a study sponsored by CEOs for Cities two years ago, the findings were that homes and neighborhoods with amenities within walking distance were more valuable than homes that required driving. This is especially applicable in highly populated cities, such as Miami or Chicago. The study found that walkability raised home values anywhere from $4,000 to $34,000 depending on the town or city! Less populated areas still gain from this, but not as much because it is so expensive to have a car in a major city.

The results found that homes within one quarter mile of shops, schools, parks and other amenities earned the highest score. It creates a feeling of community, socialization and comfort by knowing that you can just walk down the street to get a cup of coffee or lunch.

Go here to find out your home's walk score!

Rochester is Ranked #1 Again!

According to a recent MSN article, Rochester is the number one most affordable area in the nation. Rochester offers a stable economy, low housing prices and a low unemployment rate compared to many other areas in the nation. With multiple educational institutes, lakes, rivers, canal and quick commutes, Rochester is a desirable area for families and young professionals that has something to offer almost everyone.

The Brooking Institution's MetroMonitor ranked Rochester among the 10 strongest performing metros in the economic recovery. Rochester's downtown is also making a comeback with several large companies relocating such as Paetec and Nothnagle Realtors. There are many buildings being purchased to transform into renovated multi-use space, mostly consisting of lofts, condos and apartments.

Rochester has a population of just over 1 million people with a median home price of $115,700. Although taxes are quite high, the low cost of housing compensates that.

The Worth of Maintaining Your Home

As a homeowner, keeping your home's maintenance up to date is extremely important, especially if you live in a older house. By planning out minor repairs to do every few months, it adds to your curb appeal, safety and prevents major costly repairs down the road. For example, if you have caulk that is cracked around a window, it might not seem urgent, but water could be getting in causing mold and rot. A $5 tube of caulk at the time you notice the cracking could save you thousands of dollars years later when you might have to replace the entire window frame.

These small preventative repairs will mean a lot if you are planning on putting your house up for sale in the future. If a home shows signs lacking preventative maintenance, it could lose you up to 10% of the appraised value. By not doing repairs, it will affect an appraiser's estimate of a property's economic age, which is the number of years a house is expected to survive. A well-maintained house with a long economic age depreciates at a much slower rate than a poorly maintained house. On top of that, a shabby appearance will deter buyers if they are comparing a run-down home with one that has been repaired and updated.

Homeowners should keep a reserve fund to pay for upcoming repairs without dipping into savings or going into debt. On average, if your home is worth $200,000, plan to budget $2,000 to $6,000 for ongoing upkeep and replacements. A suggestion is to plan on choosing one room per year to review and maintain. That way it will give you an area to focus on and allow you to be thorough.

Keep a record and receipts of everything that you do for upkeep and improvements. This will impress a future buyer and let me know what has and has not been done over the last several years.

Thinking About a Fixer-Upper?

Purchasing a home to flip or remodel as a fixer-upper can be a fantastic return on investment, but it also requires a lot of time and effort. Here are some tips and advice to take into account before going forward with a purchase of a fixer-upper.

When considering taking on a fixer-upper, look at neighborhoods that are desirable with high resale potential. There is no use in fixing up a house in a neighborhood that won't get you a high return when you go to resell it.

Look for a house that has been on the market for several months. By this time, the seller probably just wants to sell it and you might have an accepted offer well under the asking price or at least have negotiating power.

Research the cost that will go into the fixing up to determine if you can afford the house and the materials/labor and to make sure it is worth it. Price things out and make a list of what exactly you will need.

Research what price you would resell the house for. Look at other properties in the neighborhood of similar square footage and upkeep. Take updates and improvements into account when coming up with this figure. The general range is between 20-30% above what you paid.

Avoid houses that require more than improvements and updates. Stay away from anything that has major structural or internal problems such as mold. You could be taking on more than you are expecting. Look for houses that need a "facelift" that requires things such as installing new appliances, counter tops, fresh paint, installing hardwood floors, etc. Avoid doing anything major like adding an addition, your time and cost could grow exponentially if your ideas are too grand.

Upswing in Appreciation!

Experts have been telling us for the past 6 months to a year that now is a great time to buy! Prices are still low as are mortgage rates. With a recent survey that was conducted by financial technology company, Marco Markets, the prime time to buy while prices are low may be running out, but is looking positive for current home owners.

The June 2011 Home Price Expectations Survey questioned 108 real estate experts, economists as well as market and investment professionals to get their opinion on where housing prices are going. The average of all 108 opinions concluded that housing prices will continue to depreciate 3.52% in 2011.

However, over the next four years, the projected outlook seems optimistic:

2012: prices will appreciate .46%
2013: prices will appreciate 2.18%
2014: prices will appreciate 2.92%
2015: prices will appreciate 3.47%

That being said, taking into account the 2011 depreciation, the projected appreciation throughout 2015 will be 5.71%.

Summer Deck Inspection

Your deck is outside in the elements 365 days of the year, so it is a no brainer than you want to protect your investment. According to Remodeling Magazine's annual Cost vs. Value Report, the return on a deck is around 73%.

Wooden decks should be cleaned and sealed on a annual basis and artificial decks should be washed every year. The structural aspects should also be checked up on once a year. Now that we have entered the summer season, this is what you should be doing this time of year to maintain your deck's durability:

Now that rainy days should be behind us for a while, it is a good time to inspect your deck's structure that is close to the ground or water sources (especially the stairs). These are the places where you should check for possible rotting. To check, take a regular screw driver and prod it around areas that meet the ground. If the screw driver sticks 1/4 inch or more into the wood, that means it is probably rotten.

Rotten areas that are a little bit bigger than a quarter can be removed with a chisel and then treated with a wood preservative, but larger areas might require replacing the wood. On the surface of the deck look for cracked or rotten boards. Not all cracked boards are a structural threat, but it is best to replace them to be on the safe side.

Next, you should check underneath your deck if it is accessible. Bring a flashlight to inspect the beams, posts and joists. If anything is rotten and can not be easily replaced, reinforce it with a splint of pressure-treated lumber. Really inspect the ledger, which is the piece of framing that attaches your deck to your house with lag screws. 90% of collapsed decks are a result in a damaged or improper ledger. However, if your deck has beams and posts a few feet from the house, your deck is free-standing and doesn't have a ledger.

The metal piece that covers the ledger, called the flashing, should be hole and rust free, as it is there to protect your home from moisture. Check that all of the hardware is also rust free and replace any that have serious rust.

Lastly, test out your railing (if you have one) by giving it a hard shake. Loose areas can be fixed by drilling pilot holes and adding galvanized lag screws. Look for cracks around fasteners like nails or screws. If you see any, remove the fastener and seal the crack with an exterior adhesive. Drill a new pilot hole and add the new galvanized screw.