Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Is Your Low Interest Rate Holding You Back? You Have Options!

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In today’s real estate market, many homeowners find themselves at a crossroads. They locked in an ultra-low mortgage rate years ago, but now their home no longer fits their lifestyle, family size, or future plans. The thought of giving up that great rate can feel daunting—but is staying in a home that no longer serves you really the best option? The truth is, you don’t have to feel stuck. You have choices that can help you move forward while still making smart financial decisions.

1. Buy a Home You Love

A low interest rate is great, but it shouldn’t keep you from living in a home that truly meets your needs. Whether you need more space, a better location, or a home with modern upgrades, moving could be the right decision—especially if you’ve built up significant equity.

That equity can be used to make a larger down payment on your next home, reducing your new loan balance and helping offset a higher interest rate. Plus, keep in mind that mortgage rates fluctuate. If you purchase now, you can always refinance later when rates come down, potentially lowering your monthly payment in the future.

2. Keep Your Low Rate and Rent It Out

If giving up your current mortgage rate is a major concern, consider holding onto your home and turning it into a rental property. With high demand for rental homes, you may be able to generate enough income to cover your mortgage—or even turn a profit—while purchasing a new home that better suits your needs.

Becoming a landlord can be a great way to build long-term wealth, especially if your home is in a desirable location. Plus, if property values continue to rise, you’ll benefit from appreciation on both homes, making it a strong financial move in the long run.

You Have More Options Than You Think

It’s easy to feel like your low interest rate is the most important factor in your housing decision, but it’s just one piece of the puzzle. If your home no longer serves you, it may be time to explore your options. Whether you choose to sell, rent, or make a strategic move, there’s a path that fits your goals.

Let’s talk about your situation and find the best solution for you. Send a message, and let’s explore your next move together!

What to Expect When Preparing for Your First Open House

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As a real estate agent, one of the most exciting and important steps in selling a home is preparing for your first open house. This is an excellent opportunity to show off your property to a wide range of potential buyers. While it may feel overwhelming at first, I’m here to guide you through the process to ensure everything goes smoothly and that you maximize your chances of selling.

1. Setting the Stage: Preparing the Home

The first and most crucial step is preparing the home for visitors. A clean, clutter-free, and well-maintained home will make a much stronger impression than one that’s messy or in need of repairs. Start by deep-cleaning every room, organizing spaces, and removing personal items like family photos. You want potential buyers to be able to imagine themselves in the space.

Consider small updates like fresh paint, new lighting, or fixing any minor repairs. If your budget allows, staging the home can make a big difference. It helps to highlight the home’s strengths and shows buyers how they can use the space.

2. Promoting Your Open House

Once the home is ready, it’s time to get the word out. As your real estate agent, I will help create a marketing plan to attract as many buyers as possible. This might include online listings, social media posts, and email campaigns. We will also create flyers and signage to direct potential buyers to the open house.

The more visibility we can get for the event, the better. We will schedule the open house at a time that maximizes traffic—typically during the weekend or in the early evening, when people are free from work.

3. What to Expect When Buyers Arrive

When buyers show up at the open house, I will be there to greet them, show them around, and answer any questions they may have. You’ll also likely be asked to sign in as a formality—this helps me track who attended and follow up with those who showed interest.

During the tour, I will guide the visitors through the home, pointing out key features and answering any questions they have about the property. I encourage you to let me handle the showings, so you can avoid distractions and focus on making sure the home looks inviting.

4. Answering Questions from Buyers

Visitors may ask questions about the home, the neighborhood, or the property’s history. As the seller, your insight is invaluable. You’ll want to be ready to discuss things like recent renovations, your experience living in the area, or any unique features of the property that stand out. Don’t worry, I’ll help you with the talking points, but your personal touch makes all the difference.

If you’re unsure about any specific questions, feel free to let me know, and I’ll follow up with more information after the event.

5. Creating a Welcoming Environment

The atmosphere at the open house should be as welcoming and neutral as possible. Make sure the home is well-lit, free of strong odors, and at a comfortable temperature. Consider offering refreshments like water or coffee to help buyers feel at ease.

If you’re hosting the open house during colder months, ensure the home is warm, and if it’s summer, keep the house cool. Small touches like fresh flowers or a bowl of candy can go a long way in creating a pleasant environment for visitors.

6. Follow Up After the Open House

After the open house, I will reach out to everyone who attended to gauge their interest. I’ll gather feedback, answer any lingering questions, and see if they’d like to schedule a private tour or make an offer. Your feedback is also crucial—if anything stood out to you about the event or specific visitors, please let me know!

Following up after the open house is key to converting interest into an offer.

Your first open house is a significant moment in your home-selling journey, and with the right preparation, it can lead to a successful sale. By setting the right expectations, creating a welcoming environment, and allowing me to handle the details, we’ll work together to make the process as smooth and effective as possible.

Let’s get started! We are here every step of the way to ensure you achieve the best possible outcome!

Why Checking for Open Permits Is Essential Before Selling Your Home

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When preparing your home for sale, there’s a checklist of tasks to tackle like decluttering, staging, and perhaps making minor repairs. One item that often gets overlooked, yet is critically important, is checking for open permits on your property. Ignoring this step could lead to unexpected delays, renegotiations, or even jeopardizing your sale entirely. Here’s what you need to know about open permits and why resolving them is vital.

What Are Open Permits?

An open permit occurs when work done on a property hasn’t been fully approved or closed out by the local permitting authority. This can happen if the required inspections weren’t completed or if the work was never officially signed off. Common examples include permits for:

  • Electrical upgrades
  • Plumbing work
  • Additions or structural changes
  • Roof replacements

These permits are tied to the property, not the homeowner. That means even if the work was done by a previous owner, the responsibility to close the permit falls on you when it’s time to sell.

Why Open Permits Matter

Open permits can pose significant issues during the sale of a home:

  • Title Problems: Open permits are flagged during the title search process, potentially delaying closing. Buyers, lenders, and insurers may hesitate to proceed without resolution.
  • Negotiation Leverage: If buyers discover open permits, they may demand the permits be closed, request a reduction in price, or insist on repairs.
  • Legal Liability: As the current homeowner, you could be held responsible for rectifying issues or bringing unpermitted work up to code.

Being proactive about identifying and addressing open permits can save you from these complications and keep your transaction on track.

How to Check for Open Permits

  1. Contact the Local Building Department: Most municipalities maintain records of permits issued for a property. You can often access this information online or by visiting the office in person.
  2. Hire a Title Company: A title company or attorney can help you uncover open permits as part of the pre-sale process.
  3. Review Home Improvement Records: If you’ve done work on your home, ensure permits were obtained and closed properly. For older homes, review documentation left by previous owners.

Resolving Open Permits

If you discover open permits on your property, here’s how to address them:

  • Schedule Inspections: Contact your local permitting authority to arrange for an inspection. If the work complies with local codes, the permit can be closed.
  • Fix Compliance Issues: If the work doesn’t meet code, you may need to hire a licensed contractor to correct the issues.
  • Pay Outstanding Fees: Some jurisdictions require payment of administrative or inspection fees to close permits.

Resolving open permits might involve some time and cost, but it’s a worthwhile investment. A clean title and compliance with local regulations make your property more appealing to buyers and help avoid last-minute surprises.

How a Real Estate Agent Can Help

Your real estate agent can guide you through this process by:

  • Recommending local resources, such as contractors or attorneys, to resolve permits.
  • Advising on how to disclose open or resolved permits to potential buyers.
  • Strategizing how to market your home effectively, ensuring compliance issues don’t overshadow its appeal.

By taking this proactive step, you’ll show buyers that you’ve taken care of your property responsibly, boosting their confidence in the transaction.

Before listing your home for sale, addressing open permits is a critical step that can prevent delays and reduce the risk of renegotiations. Give us a call to ensure a smoother, more seamless sale process.

Tips for Selling Your Home During the Winter Months

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Selling a home in winter can be just as successful as selling in any other season, with the right strategy. While colder weather may present unique challenges, there are plenty of opportunities to make your home stand out. If you’re ready to list your home during the winter months, follow these valuable tips to increase your chances of success.

1. Create a Cozy, Inviting Atmosphere

Winter is the perfect time to highlight your home’s warmth and comfort. Set the mood with soft blankets, scented candles, and warm lighting. Ensure the heating is on during showings to let potential buyers experience the cozy atmosphere in your home.

2. Showcase Winter-Ready Features

Highlight features that shine in winter, such as a fireplace. Clean and light it to create a focal point. If you have outdoor space, make sure it’s clear of snow and add some simple winter decorations to demonstrate how the space can be enjoyed in the colder months.

3. Emphasize Energy Efficiency

Buyers are often looking for ways to lower their heating costs. If your home has energy-efficient upgrades, such as double-pane windows, modern HVAC systems, or upgraded insulation, highlight these features. Providing average energy costs can help show the potential savings buyers will enjoy.

4. Leverage Online Marketing

In today’s digital age, online marketing is crucial for selling a home. Hire a professional photographer to capture your home’s charm, and take advantage of virtual tours and videos to give potential buyers a comprehensive view. Make sure your listing appears on various websites and social media platforms to maximize visibility.

5. Keep Walkways & Driveways Safe

Safety is paramount during the winter months. Ensure that walkways, driveways, and entryways are clear of ice and snow. Salt the paths to prevent slipping, and consider adding outdoor lighting to illuminate walkways during the shorter daylight hours.

6. Answer Common Winter Selling Questions

  • Will fewer buyers be looking for homes during the winter?
    While there may be fewer buyers, those who are looking tend to be more serious and motivated. The reduced competition can work in your favor, leading to quicker sales and potentially higher offers.
  • Should I decorate for the holidays?
    A few tasteful holiday decorations can make your home feel festive and inviting. However, keep them minimal and neutral so that potential buyers can envision themselves in the space.
  • Should I price my home differently in winter?
    Pricing can vary based on the market. A real estate professional can help determine the best pricing strategy by analyzing recent sales, market demand, and buyer trends in your area.

With the right approach, selling your home in the winter months can be an excellent opportunity to reach motivated buyers and secure a successful sale. Get in touch with a real estate professional to help you navigate the winter market and make the most of your home’s potential.

Understanding the Costs of Selling Your Home

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Selling your home can be an exciting yet daunting process, and one of the most pressing questions you may have is, “What will it cost me?” The total expenses involved in selling a home can fluctuate based on various factors, including the sale price, any concessions you might offer to buyers, and the condition of your property. Understanding these costs upfront can help you plan better and minimize surprises down the road.

Key Expenses to Anticipate

1. Closing Costs and Commissions

One of the largest expenses you’ll encounter is the closing costs, which typically range from 2% to 4% of your home’s sale price. According to real estate experts, this means that for an average home sold in 2024, you could be looking at anywhere from $7,740 to $15,480 in closing costs. These fees cover various expenses such as title insurance, attorney fees, and taxes.

You might also consider covering some closing costs for the buyer to make your offer more appealing. While this can cut into your profits, it could ultimately facilitate a smoother sale.

2. Pre-Listing Inspections and Repairs

Many sellers opt for a pre-listing inspection to identify potential issues before they arise during the buyer’s inspection. Addressing these problems beforehand can prevent negotiations from stalling later. While a pre-listing inspection is not mandatory, your real estate agent can guide you on which repairs or upgrades offer the best return on investment. Whether it’s a fresh coat of paint or significant repairs, strategic spending can enhance your home’s appeal.

3. Home Staging Costs

In today’s competitive market, first impressions matter. Home staging can significantly impact how quickly your property sells and at what price. Staging costs typically range from $782 to $2,817, depending on the extent of the staging required. If you’re looking to save, there are also budget-friendly options your agent can recommend, such as decluttering and rearranging existing furniture to make the space feel more inviting.

The Silver Lining is Building Equity

While these costs may seem overwhelming, it’s essential to remember that many homeowners have built substantial equity in their properties over time. This equity can often cover selling costs and leave you with a profit that could help fund your next home purchase.

Why Partnering with a Real Estate Agent Is Key

Navigating the complexities of selling a home can be tricky, especially when it comes to understanding where to allocate your budget. While some expenses—like staging and inspections—are optional, skipping out on professional representation could be a costly oversight. A knowledgeable real estate agent not only helps you price your home competitively but also provides valuable insights on repairs and enhancements to attract buyers.

Ready to Take the Next Step?

If you’re curious about what costs to expect when selling your home or need guidance on the selling process, let’s connect! With the right information and support, you can make informed decisions that lead to a successful sale.

What You Need to Know About IRS Reporting When Selling Your Home

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If you’re selling your home, you might be surprised to learn that certain information regarding the sale must be reported to the IRS. This requirement stems from the Tax Reform Act of 1986 and is meant to ensure compliance with tax laws and to assist the IRS with audits.

To make the process easier for you, here’s a clear explanation of what to expect when selling your property:

Who is Responsible for Reporting the Sale to the IRS?
According to IRS guidelines, the seller’s gross proceeds from the sale must be reported on Form 1099S. But don’t worry—you don’t have to handle this yourself. Typically, a settlement agent takes care of the reporting. This settlement agent is usually your escrow agent, title company, attorney, or real estate broker—basically, whoever is facilitating the closing process.

The settlement agent is responsible for collecting the necessary information and submitting it to the IRS. This includes details such as the seller’s name, address, taxpayer identification number (TIN), and information about the property and the sale.

What is an IRS Form 1099S and What Information is Reported?
Form 1099S is the document the IRS uses to collect information about the sale of real property. The settlement agent completes the form and submits it to the IRS. The information reported generally includes:

  • The seller’s name, address, and taxpayer ID number (such as a Social Security number)
  • A description of the property being sold, usually the address
  • The closing date of the sale
  • The gross proceeds from the sale, which may not necessarily be the taxable amount
  • Any additional details related to the transaction, such as real estate taxes paid in advance

What Types of Transactions Require a Form 1099S?
This form is required for most typical real estate sales, including single-family homes, townhouses, condominiums, and even certain commercial properties. However, there are exceptions. For instance, foreclosures, property abandonment, and refinancing transactions are excluded from this reporting requirement.

What Happens If You Don’t Provide Your Taxpayer ID?
The settlement agent is required to ask for your taxpayer identification number before closing. If you fail to provide this information, the settlement agent has a couple of options: they can delay the closing until you supply the necessary details, or they can complete the sale and report to the IRS that an attempt to gather the information was made.

Selling a home comes with many responsibilities, but understanding the IRS reporting requirements can help you avoid any unnecessary surprises during the process.

How to Handle Lowball Offers on Your Home

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Selling your home is an exciting journey, but receiving a lowball offer can feel like a setback. While it might be tempting to reject such offers outright, handling them with patience and strategy can often lead to a better outcome. Here’s how to effectively manage lowball offers on your home.

1. Stay Calm and Objective

First and foremost, receiving a lowball offer can be disappointing, but it’s important to stay calm and not take it personally. Remember, buyers are often testing the waters to see how much room there is for negotiation.

2. Evaluate the Offer

Next, carefully review the offer to understand the buyer’s position. Consider factors such as the buyer’s financial qualifications, contingencies, and timeline. A seemingly low offer might come from a well-qualified buyer who is ready to move quickly, which could be beneficial.

3. Understand Market Conditions

In addition, research current market trends and recent sales in your area. If homes similar to yours are selling at a lower price, it might indicate that your initial listing price is too high. Adjusting your expectations based on market data can help you make a more informed decision.

4. Respond Strategically

Following that, craft a thoughtful counteroffer that addresses the buyer’s concerns while keeping your goals in mind. Sometimes, buyers expect a negotiation process and might be willing to increase their offer if they see you’re willing to work with them.

5. Highlight Your Home’s Value

Moreover, when countering a low offer, provide the buyer with information about the unique features and upgrades of your home. This can justify your asking price and remind the buyer of the property’s value.

6. Be Open to Compromise

Additionally, negotiation often involves give and take. Consider what aspects of the offer you’re willing to compromise on, such as closing date flexibility or including certain appliances. Finding common ground can lead to a win-win situation.

7. Know When to Walk Away

While it’s important to be flexible, you also need to know your bottom line. If an offer is significantly below your minimum acceptable price and the buyer isn’t willing to budge, it might be best to politely decline and wait for a better offer.

8. Consult with Your Real Estate Agent

Finally, your real estate agent is your best resource during the negotiation process. They can provide valuable insights, help you formulate a counteroffer, and guide you through the negotiation to ensure you get the best possible outcome.

Handling lowball offers requires a balance of patience, strategy, and market knowledge. By staying calm, evaluating the offer, and negotiating effectively, you can turn a lowball offer into a successful sale. Trust in the expertise of your real estate agent to navigate this process smoothly and achieve your selling goals.

4 Things You Should Never, Ever Say If You Hope to Sell Your Home

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Have you ever had a conversation with a total stranger where you said something that you regret? If you are placing your house or condo on the market, you’re eventually going to end up having to chat with potential buyers. Yes, your real estate agent is likely to do most of the talking. However, you will still have to deal with buyers who want to grill you about the home’s history, condition, and more.

With that in mind, let’s have a look at four things you should never say to someone who is interested in buying your home.

“We’re Not Accepting Offers Less Than…”

A good way to kill your sale and have a buyer walk away is to set a price floor on bids and offers. Even if the amount you are asking for is reasonable, many buyers will pass because they are offended that they’re being forced to bid above a certain price. Unless otherwise advised by your agent, it is best to let buyers feel in control of the offer process. You can always counter-offer later.

“Our House Has Been On The Market For…”

Stating how long your house has been on the market is rarely a good look. No matter how short or long the listing period has gone on, buyers don’t need to know this. Moreover, if your home has been on the market for months, knowing that may scare potential buyers off.

“We’ve Always Meant To Renovate That…”

If you were going to fix, improve, or even clean something in your home, you probably would have done it before inviting potential buyers in. Your goal is to present the house you do have in the best possible light. Try to avoid pointing out areas that a buyer is going to need to renovate or invest in later.

“We Need To Close The Sale By…”

The last thing you want to do is look desperate to close the sale and move on. Buyers and their agents are going to be looking for signs of weakness which will allow them to submit low-ball offers for your home. If you let on that you have to sell or move by some deadline, you can rest assured that you are not going to get as much when you sell.

There you have it – just four of the things you should not say to potential buyers of your home. For more tips and advice about selling your home, contact our professional real estate team today. We are happy to help.

What Costs Can You Expect When Selling Your Home? Let’s Take a Look

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What Costs Can You Expect When Selling Your Home? Let's Take a LookFor many people, putting their home up for sale is an exciting time. With real estate on the rise, there are plenty of opportunities to see financial gains. Unfortunately, even if you’re selling your home, there are still going to be costs involved before ownership is transferred. If you want to be prepared for what to expect, here are some costs to watch out for.

Real Estate Agent Fees

As with buying a home, there will be costs involved in selling your home with an agent who will take a percentage out of the total sale of your home. Fortunately, while this will cost money, utilizing a real estate agent will probably garner you more money than you would have been able to get by putting your home on the market yourself. If you do want a better deal, it may be worth talking to your agent and seeing if they’re willing to negotiate on their percentage.

Agreed-Upon Closing Costs

It’s not uncommon nowadays for homebuyers to request their closing costs be paid by the seller in order to secure a deal, but it’s worth understanding what these fees may consist of. While there may be fees for the home appraisal, property transfer, and title insurance, there may also be maintenance costs you’ll have to take on following the home inspection. As a result, it can be important to do any home touch-ups before you’ve set a date for the open house as these can lower the offers on your home.

Moving Costs

Even if you have a big truck and a lot of heavy lifters in your family, there’s a good chance that you’re still going to require a moving company to take care of many of your items. You may be able to minimize these costs by moving in pieces and leaving the heavier items for the movers, but if your home sale is closing quickly, this work might best be left to the professionals. It will be worth getting quotes from a handful of trusted local movers to see who comes recommended at a reasonable price.

It’s easy to get caught up in the concept of selling your home, but even along with selling come many costs you’ll want to be aware of. If you’re preparing to put your home on the market, contact your local real estate professional for more information.

Selling Your Home? Here’s 3 Reasons Why You Won’t Want to Handle the Sale Yourself

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Selling Your Home? Here's 3 Reasons Why You Won't Want to Handle the Sale YourselfAre you thinking about selling your home? If so, you may be weighing the pros and cons of working with a professional real estate agent. Let’s take a quick look at three great reasons why you won’t want to handle the sale yourself.

You Won’t Save As Much As You Think

Let’s start with the most common and obvious reason that homeowners try to handle their home sale: the cost. It’s true that selling your home using the services of a real estate professional isn’t going to be free. Depending on the value of your home, their commission might range from two to four or five percent of the final sale price. However, the entire reason you’re paying commission is that you’re contracting with a professional to do a job. Your real estate agent is there to both share their experience and handle all of the tasks and responsibilities with your sale. Without them, you’ll be responsible for everything from creating an online listing for your property to figuring out how to host an open house.

So while you may believe you are saving money by not paying commission, you’re going to be burning a lot of your time. If you’re already busy in your career or as a parent, that may end up costing you more in the long run.

A Professional And Objective Eye Is A Huge Plus

Objectivity is another great reason to work with a real estate professional when selling your home. If you had to answer right now, would you say your home is better than your neighbor’s? Better than all the houses on your street, even? The majority of home sellers do believe their home is “above average,” which is of course statistically impossible.

When someone has been the one painting, renovating and putting love into her home for so long, it is no surprise that she becomes attached to it. A real estate agent’s objective eye can offer a nice dose of reality and help to keep the sale moving.

Many Buyers Will Automatically Avoid Owner Sales

Are you a professional salesperson? If not, do you have experience dealing with the public? Selling your home is a significant financial transaction in which you’re going to have to meet with buyers. Moreover, from their perspective, it’s likely that your home is not the only one they’re viewing. Many homebuyers will prefer to work with a seller agent as they know the process will be smooth and professional rather than trying to negotiate directly with an owner.

These are just a few of the reasons you won’t want to go it alone when you sell your home. For more information about local home sales, contact your local real estate professional today.