Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Selling Your Home? Here’s Why You’ll Want to Keep Your Emotions out of It

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Selling Your Home? Here's Why You'll Want to Keep Your Emotions out of ItSelling your home can be an extremely emotional process, but it’s important that you don’t let your emotions get the best of you. Learn which common mistakes emotional sellers make when selling their home so that you can identify them during your own sale and overcome them before it’s too late.

Price Paralysis

You love your home, you know the value it provides to its owner, and you think it’s special compared to other houses on the market… and that it should be priced as such!

Be wary of this thought pattern though, as sellers who are emotionally attached to their home tend to overprice their listing, ignore market data, and be stubborn in negotiations.

It is perfectly normal for your emotions to cloud your judgement when first listing, but it is important that you listen to your real estate agent’s advice and stick to reason, or you may find your home failing to close.

Pricing Based On Need

Your home has a market value, and you can’t ignore that. It’s a fact.

When moving to a new property, it is essential that you understand that you cannot price your current home based on the amount of money you need to purchase your desired next home. This mindset is unrealistic, and can drag out your home sale.

If the purchase of a new home is contingent upon how much you make from selling your current home, be sure that you do not celebrate too early. Wait until you have closed the deal before gauging what you can afford to buy next, or stick to a property that is definitely within your budget.

Maintain An Open Mind

While you may love the way your personal items and interior design pieces make your home feel, it is best to stage your home very impersonally for showings. This may require re-painting rooms to more neutral tones, taking down your favorite family photos, and using professional staging furniture rather than your own. Doing so isn’t admitting that you have bad taste, but rather accepting that buyers have a wide variety of taste themselves, and you want to appeal to them all.

You should also keep an open mind when it comes to who you sell your home to. You may have an idea of what you consider to be the perfect buyer, but ultimately the goal is to sell your home. What the buyer does with it after the fact is up to them.

To avoid these emotional home-seller mistakes, work with your trusted real estate professional who can guide you through the process and keep you on the right track.

5 Tips to Make Moving With Kids Easier

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5 Tips to Make Moving With Kids EasierSometimes a move is unavoidable, regardless of how much you or your kids’ would rather stay in your current home. If your young ones are not looking forward to a change in scenery, here are a few tips to help them make a smoother transition into their new home.

1. Involve Them

Involving your children in the moving process will not only help them to better understand the move, it will also make them feel as though they are more in control of the situation. By taking them to open houses they’ll become familiar with the neighborhoods you’re considering moving to, and will have the chance to see first-hand some of the benefits that a new home would offer over your current one.

2. Say Goodbye

Moving can be an emotional time for children, and it’s important to allow them to face and embrace their feelings. Hosting a goodbye party will provide closure to an important chapter of their life, and creating a memory book will offer comfort on days when they miss your old home. It is totally normal for there to be some sadness associated with a move, so do not feel guilty if your child is upset, but be there for them if they struggle with letting go.

3. New Beginnings

Although it’s okay for your child to feel sad about leaving your old home, it will help their transition if you give them something to be excited about, such as a new bedroom. By allowing your child to help plan and pick out the layout, paint colors, or bedding for their room, you will give them something to look forward to.

4. No Benchwarmers

When it comes to packing and unpacking, don’t let your kids sit on the sidelines as mom and dad do all the work. By helping you pack and unpack, your children will feel secure knowing that their belongings are all on their way to your new home, and will feel more welcome knowing where items have been put when they’re unpacked.

5. Make Friends

Being the new kid on the block can be lonely, which is why it’s important to encourage your child to socialize within your new community. Make an effort to meet the neighbors, enroll them in an extra-curricular activity, and schedule play dates with classmates if they have had to move to a new school. It can be intimidating for a child to socialize when faced with a whole new environment, but a little extra encouragement can go a long way.

Considering moving your family into a new home? Speak with your real estate professional who is experienced in family relocation today!

4 Tips For Negotiating a Better Rental Agreement

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4 Tips For Negotiating a Better Rental AgreementRenting is hard. It’s easy to get lost in the length and language of rental agreements, but it’s important not to get discouraged when that happens. Rental agreements are fundamental documents that lay out the details of your tenancy, so when you’re ready to negotiate their terms, give them the attention they deserve with the help of these tips.

Research the Property

Like prepping for a job interview, make sure you know about the property you’re negotiating. Research the market so you know a reasonable price to ask for (and to expect). Read up on comparable properties in your neighborhood so you can use them as references during the rental discussion. There are resources that can help here, including online rent indexes that list comparable prices and vacancies for major cities.

Research the Landlord

As a tenant, you’re in partnership with your landlord, so get to know them. Look at other properties they own to see those rental rates. The more prepared you are (to a reasonable degree but leave off the Facebook stalking), the more comfortable you will be while negotiating. And remember that negotiations are two-sided; so try when you can to consider what both parties will get from the deal. Be ready to compromise.

Read the Contract

It’s worth repeating, even though it sounds obvious. But rental contracts need to be read, and read carefully, so that you know what rights you have as a renter, and what responsibilities are yours (versus your landlord’s). Have a lawyer, or a law-minded friend, read over the contract if possible. And when negotiating changes to an already existing agreement, be sure you write them all down and both you and the landlord initial them, on each copy of the contract. This ensures the changes are legal and binding.

Rent Isn’t The Only Negotiable

Rent isn’t the only element of your tenancy that you can negotiate. If the landlord is unable or unwilling to lower the rent, even after you’ve done your research and asked for a reasonable decrease, you can address other aspects. Look at landscaping, or maintenance of the unit. Perhaps you can do a little yard-work to offset some of your other costs. Think creatively.

Approach your rental agreement negotiation with respect and preparation and you’ll be well on your way to a better contract. If you have any questions or concerns, get in contact with your local real estate agent. They know your neighborhood and will be able to help you negotiate it.

3 Smart Home Gadgets That Are Worth the Investment

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3 Smart Home Gadgets That Are Worth the InvestmentIt’s no secret that high-tech homes can provide a more effortless living experience while also being just really, really cool. If you’re looking to up-the-ante and introduce high-tech gadgets into your home, check out our top three smart-home suggestions:

1. Robotic Vacuum Cleaner

Robotic vacuum cleaners are one of our favorite high-tech toys as they can alleviate a significant portion of the burden of your regular household chores. They’re even more beneficial considering the fact that they can also make your home much more comfortable to live in.

Food crumbs, pet fur, and dust bunnies are no match for an iRobot Roomba, which will soon become your own personal home-cleaning minion. Your house will feel cleaner and look more pristine, and you won’t even have to lift a finger!

Bonus: these things have serious entertainment value. Google “shark cat” if you don’t believe us.

2. Smart Thermostat

This high-tech addition is a fantastic way to boost comfort within your home while also controlling household expenses. When you invest in a smart thermostat, a small sensor will be able to detect the temperature in each room of your home, adjusting the heat flow accordingly.

With no more uneven heating throughout your house; the chilly den that you dread working in will now become a usable space! On the flip side, your thermostat will no longer be blowing heat into rooms that have already hit your desired temperature. Now that’s what we call a ‘smart’ home upgrade.

Bonus: smart thermostats work for air conditioning as well, meaning that they can help ensure your stuffy guest room is as cool and comfortable as the rest of the house.

3. Sleep IQ Bed

You’ve likely heard of sleep number beds, whose firmness is independently adjustable on each side of the mattress, but have you heard of their newest add on, the Sleep IQ?

Sleep IQ beds monitor your sleep by tracking a number of factors such as your heart rate, breathing patterns, and movement throughout the night. Based on these stats, the bed will recommend ways you can improve your overall sleep quality, and ultimately your overall health.

Bonus: since you can adjust the firmness of each side of the bed independently, you and your partner will never have to compromise on your preferences again!

Looking for a more high-tech home? Speak to your trusted real estate professional today to learn what exciting new options are available to you.

What’s Ahead For Mortgage Rates This Week – August 1, 2016

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WhatsAhead072916Last week’s economic reports included S&P Case-Shiller Housing Market Indices, reports on new and pending home sales, Freddie Mac’s weekly mortgage rates survey. The Federal Reserve released its customary statement after the scheduled Federal Open Market Committee meeting concluded; the Committee did not raise the federal funds rate of 0.25 percent, but indicated that economic risks were fewer, which suggested that the key Fed rate may be increased in September.

According to the S&P Case-Shiller 20-City Home Price Index for May, home price growth dipped from 5.40 percent in April to 5.20 percent in June as calculated on a seasonally-adjusted annual basis. Portland, Oregon led the 20-City Index with 12.50 percent growth in home prices annually. Seattle, Washington and Denver, Colorado rounded out the top three with readings of 10.70 and 9.50 percent annual growth respectively. Eight cities posted faster growth rates in May than for April. Analysts again cited short supplies of available homes and high demand for homes as reasons for rising home prices.

New and Pending Home Sales Increase

Sales of new homes reached a seven-year high and rose to 592,000 in June as compared to expectations of 562,000 new homes sold and May’s reading of 572,000 new homes sold. Analysts have consistently said that building more homes is the only way to solve the shortage of available homes. Rising sales of new homes are a step in the right direction, but builders cited labor shortages and lack of buildable land as hindering their ability to meet demand for homes.

Pending home sales also rose in June with an increase of 0.20 percent.Analysts expected new home sales to rise by 1.30 percent based on May’s negative reading of -3.70 percent. Pending home sales data assists with estimating future closings and demand for mortgage loans.

Fixed Mortgage Rates Rise

Freddie Mac reported higher mortgage rates for fixed rate mortgages; 5/1 adjustable rates held steady. The average rate for 30-year adjustable rate mortgages was three basis points higher at 3.48 percent; the average rate for a 15-year fixed rate mortgage was also three basis points higher at 2.78 percent. The average rate for a 5/1 adjustable-rate mortgage was unchanged at 2.78 percent. Average discount points held steady at 0.50 percent for all three mortgage types.

What‘s Ahead

This week’s economic releases include reports on personal income, inflation, and core inflation. Several reports on employment will be released including ADP payrolls, Non-farm payrolls, and the national unemployment rate. Weekly reports on mortgage rates and new unemployment claims are also expected.

How to Gain the Upper Hand in Real Estate Negotiations Without Being Mean or Rude

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How to Gain the Upper Hand in Real Estate Negotiations Without Being Mean or Rude In a typical real estate transaction, numerous factors may be negotiated, and the terms of the purchase may be negotiated at different times throughout the process. For example, the contract may be negotiated at the time the original offer is made, but revisions to the contract may be negotiated after the property inspection has been completed. Both parties want to have the upper hand in negotiations, but those who focus on a few points are more likely to walk away feeling satisfied with the results of the negotiations.

Research All Factors Related To The Negotiation

A successful negotiation may be about achieving specific, desired goals, but in most cases, there will be a bit of give and take on both parties’ parts in order to find success. Those who have the upper hand in real estate negotiations will take time to research all factors related to the negotiations, and this includes everything from market conditions and how long the property has been on the market to how competitively priced the real estate is, how many other buyers there are and more.

Understand All Motives And Influences

Beyond outside factors related to the negotiation, there typically are personal motives and influences that must be considered. For example, a seller may be motivated to sell quickly due to a job offer in another city, or a buyer may be motivated because the property is the only one of its kind close to a great school. Real estate agents can often provide information about motives and influences that may impact the negotiations and that may reveal who has the upper hand in negotiations.

Consider Alternative Creative Solutions

After all external and personal factors have been researched and itemized, it may appear that one party has a clear upper hand in negotiations and the other party does not. However, in order to be successful in negotiations, typically both parties will need to feel as though they are getting what they want. After all parties’ motivations have been identified, it may be possible to think of creative, outside-the-box alternatives that may be agreeable to both parties.

When a buyer or a seller is preparing to negotiate with the other party, it is important that they fully understand all of the factors that may be at play in determining the outcome of negotiations. When buyers and sellers focus on these points before making an offer or counteroffer, they may find their negotiation efforts more successful. Contact your trusted real estate agent for more information.