Archive for May, 2008
Increase Your Home’s Value for under $100
May 28th, 2008 categories: Around the House, Sellers
Here are HGTV’s tips for adding value to your home without spending a lot of money:
Tip 1: Spend an hour with a pro.
Invite a realtor or interior designer over to check out your home. Many realtors will do this as a courtesy, but you’ll probably have to pay a consultation fee to a designer. A standard hourly fee is normally less than $100, and in an hour they can give you lots of ideas. Even small suggested improvements, such as paint colors or furniture placement, can go a long way toward improving the look and feel of your home.
Tip 2: Inspect it!
Not every home improvement is cosmetic. Deteriorating roofs, termite infestation or outdated electrical systems — you can’t fix it if you don’t know it’s broken. Hire an inspector to check out the areas of your home that you don’t normally see. They may discover hidden problems that could negatively impact your home’s value.
Tip 3: Paint, paint, paint.
One of the simplest, most cost-effective improvements of all is paint! Freshly painted rooms look clean and updated — and that spells value. When selecting paint colors, keep in mind that neutrals appeal to the greatest number of people. On average, a gallon of paint costs around $25, leaving you plenty of money to buy rollers, painter’s tape, drop cloths and brushes.
Tip 4: Find inspiration.
An alternative to hiring a designer is to search for remodeling and decorating inspiration in design-oriented magazines, books, TV shows and websites. Simply tear out or print off the ideas you want to try and start your to-do list. Keep it simple — when remodeling on a tight budget, do-it-yourself projects are best.
Tip 5: Cut energy costs.
Many local utility companies provide free energy audits of their customers’ homes. They can show you how to maximize the energy efficiency of your home. An energy-efficient home will save you money now, which can be applied to other updates, and is a more valuable and marketable asset in the long run.
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Investors, Keep Your Tenants Happy
May 21st, 2008 categories: Investors
Tenant problems are one of the biggest reasons, if not the biggest reason, that most landlords quit investing in real estate and sell their rental properties. If you want to be a successful landlord, you need to find the time to choose the best tenants and keep up with apartment maintenance. Here are a few bits of advice to help you get new tenants and to keep the ones you already have happy.
Keep it clean – No one wants to live in a dump and that’s what you’ll be trying to rent out if you don’t keep the apartment clean. You want to make a good impression of your property and you.
Details, details, details — Go over the lease with tenants in excruciating detail and walk through the apartment with the tenants before they move in. The last thing you want is any surprises a few months down the road.
Finish up repairs in time — One of the most common complaints you’ll hear is the difficulty in getting something fixed. Invest some time and money to keep your rental properties operating in top condition.
Spruce things up a little — Paint and maintain the exterior of your buildings and do some landscaping. If the outside looks rundown, no one will want to see what the inside looks like let alone live there.
Do your homework on prices — If you’re losing tenants, maybe you’re charging too much in rent. It doesn’t take long at all to pick up a newspaper and do some homework on what others are charging for rent.
Offer amenities at no extra cost – Consider throwing a few perks into the lease to keep your tenants. Think about things like washers and dryers, updated appliances, garbage disposals, and maybe even paid utilities in order to get an edge over other landlords.
Check backgrounds – It’s smart to do a background check on any potential tenant. True, you’ll still be taking a chance on a stranger, but at least it will be an educated one by running a check. Look for things like criminal history, payment issues and other possible red flags.
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Downtown Living - You Can Afford It
May 19th, 2008 categories: Buyers, Downtown Living
In case you missed it, the Pop City archives feature an interesting article “Downtown Living - More Affordable Than You Think.”
You’re reading more and more news stories about the trend of people living Downtown, both locally and nationally. You’re hearing about cool new places to live in Downtown Pittsburgh, like the Granite Building, 151 First Side, 930 Penn Avenue, the Carlyle and Piatt Place. And maybe you’re saying to yourself, “I wish I could live Downtown, but I can’t afford to live in the City.”
Think again. Living in Downtown Pittsburgh is not only less expensive than you might think, but you might actually save money (not to mention time) by making the move.
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On-line Shopping for Real Estate
May 16th, 2008 categories: Buyers, Sellers
We all do it with clothing and electronics; some people even purchase vehicles on-line, but real estate?
It’s a great age we live in - the age of technology. Ebay and other on-line retailers have made shopping on a computer virtually effortless. So you purchase a $50 shirt on-line, maybe even a $700 computer, but a $150,000 home? Understand, I realize you are not purchasing homes on-line (although it does happen on eBay), but you ARE eliminating good homes based on pictures and descriptions you are viewing on-line. It’s a bad idea, and here’s why:
Back in the day, homes for sale weren’t available for viewing on-line. Agents will tell you they used to get books weekly with interior specs and black and white exterior photos of homes for sale - black and white, I know, can you believe it? In turn, buyers would do a drive by of the home and be forced to look at the number of rooms and room sizes on the sheet they were provided by their agent - nice color interior pictures weren’t an option. Agents will be the first to admit that on-line home shopping has made their lives easier and it definitely has. What I’m not sure of is the true impact it’s had on the buyer.
Let’s face it, some real estate agents are horrible photographers (just check out my worst MLS photos). Unfortunately for sellers, once a potential buyer views a not-so-good picture of their home it’s immediately thrown on the chopping block. At the same time, many agents are excellent photographers and can make a crappy little house look like a palace. How many times have you seen, let’s say, a sweater on eBay that looked beautiful and you just had to have it. You know where I’m going with this right? Your package comes and the sweater is something you wouldn’t let your dog sleep on! The same goes for real estate. Not that you would see a house on-line and make an offer sight unseen, but I can’t tell you how many clients call me and say ‘I just saw this house on-line I have to have, it’s perfect’. To be let down when we get there, as it isn’t nearly as perfect as it appeared in the photos. At the same time, a lot of times buyers immediately rule out properties due to really bad photos.
Not only are some agents bad photographers, some are also bad at selling a property. By ’selling’ I mean describing the positive features of a home. The one thing they do get right? Room dimensions. When looking at homes on-line, don’t just check out the photos, check out the room sizes. If you’re not good at visualizing room sizes, measure out the size of the rooms compared to room sizes where you are currently living.
One of my recent buyers was adamant about not looking at a house I thought would be perfect for her and her family. She told me she saw it on-line and didn’t like it (it was also on the market for a while because it was overpriced to start out - check out my article “Selling Your Home in Today’s Real Estate Market“). I literally forced her to see this house. We walked in and she instantly fell in love! She began raving about the room sizes and number of bathrooms. I asked her if she even read the info sheet I emailed to her - no, she just looked at the pictures.
Do yourself a favor and look at ALL of the information you’re given. In addition to seeing some ugly pictures, you may be pleasantly surprised with what you will find.
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Pamela’s Diner is Coming to Mt. Lebanon!!
May 16th, 2008 categories: Mt. Lebanon, New Developments
For years now, I’ve salivated over Pamela’s signature hotcakes and yearned for a South Hills location. I (along with my taste buds) was thrilled to find out not only are they coming to the South Hills, but they have chosen to open their sixth location in Mt. Lebanon! The oh-so-popular diner will be located alongside Dyke Automotive at 427 Washington Road, which is next to St. Bernard’s Church and across the street from the much anticipated Washington Park condominium development on the corner of Bower Hill and Washington Roads.
Owners Gail Klingensmith and Pam Cohen said they just love the neighborhood and have always had a fondness for the South Hills - they believe the space and location will be a great fit. I’ll say!!! Don’t get me wrong, I love CC’s, but Mt. Lebanon has definitely been lacking eateries for breakfast and brunch goers, especially within walking distance of the main business district. And nobody, I mean nobody, does breakfast and brunch like Pamela’s! The 2,200 square foot space expected to open this month will seat 80 people. No doubt, a booth at Pamela’s will be a tough seat to get.
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New Spot in Peters for Parched House Hunters
May 14th, 2008 categories: Buyers, New Developments, Peters Township
After spending all day with your real estate agent looking at houses, you get pretty thirsty, right? Well, if one of the communities you’re visiting is Peters Township, then you should take a break at a new pub in the area.
The Sharp Edge Brasserie, just off Route 19 on Gallery Drive (near Raddichio’s grocery store), is the fourth and largest Sharp Edge location. They claim to be “The Best Belgian Beer Bar in the USA” and its list of beer is pretty impressive.
So go ahead and quench your thirst so you can get back to finding your new home!
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Foreclosures Are for the Birds (Or Not)
May 12th, 2008 categories: Buyers, Investors
In the WSJ Real Estate Journal, there’s an eye-opening article called “Overwhelmed Homeowners Foreclose on Fido.” It’s heart-breaking to hear that people are leaving their pets behind in the house or backyard when they vacate their foreclosed property.
“Call it reckless abandonment. Shelters and animal rescue organizations across the country are packed cage-to-cage with dogs and cats, even birds and reptiles, that have been ditched or dropped off as scores of foreclosed-upon homeowners relocate. It is a disturbing trend and a sign of the tough economic times that has prompted a number of organizations to form hotlines for pet foster homes and to implore pet owners — or what the industry calls “pet parents” — to seek help for their animals before they head off.”
If you want to help, consider adopting a pet and then visit 1-800-Save-A-Pet.com to search their online database of available cats and dogs.
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Demolition in Mt. Lebanon
May 7th, 2008 categories: Mt. Lebanon, New Developments
Work has now begun in Mt. Lebanon to tear down the former Ground Round Restaurant near the Galleria. As you may have heard months ago, the new development — to be called Mt. Lebanon Pointe — will house a Family Christian Bookstore in part of the 8,000 square foot space. It’s expected to open this fall.
Both the Ground Round and the old Chi-Chi’s restaurant nearby had been vacant for a while, so it’s nice to see progress is being made.
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Improve the Odds of Selling Your Home
May 5th, 2008 categories: Sellers
Whether your home is in Mt. Lebanon, Peters Township or the South Side, what can you do to improve your chances of selling? Here’s a short list of the most common seller mistakes, things you should NOT do:
#1 - Hiring an agent based on the list price he or she suggests. A better practice: interview agents, hire someone, and then together work to establish the value of the home and work out a pricing strategy from there. It’s fine to discuss pricing with the agents you interview, but do not choose your agent based on pricing, but rather on references, marketing, negotiation ability, experience, and other criteria.
#2 - Pressuring your agent to tell you what you want to hear rather than what you need to hear. One key job a real estate agent has is to provide you with objective input on your home, both at the time the listing is signed and as the feedback comes in and the market conditions possibly change. Ultimately, only you can assign the list price on your home. Allow your agent to provide you with objective input so that you can make a good decision.
#3 - Believing the market data doesn’t apply to your home. If all the other homes in the area have gone down in sales price, it’s also true that your home has gone down in value in the buyers’ eyes. Holding on to what the home “used to be worth” is not going to assist you in getting your home into the minority pool of homes that are selling now.
#4 - Not utilizing your agent’s skills. This applies to pricing, of course, but also to staging, garnering feedback, analyzing the market, etc. For example, if your agent tells you there’s a problem with the way buyers view your home, take it seriously. You will improve your odds by taking the feedback as useful input and not as an insult.
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How Was Mt. Lebanon’s Spring Selling Season?
May 2nd, 2008 categories: Buyers, Mt. Lebanon, Sellers, Sold Property Statistics
We have been pretty fortunate in Mt. Lebanon to not have been affected by the housing market downturn like most of the other real estate markets in the nation.
This mostly has to do with the world class school district, the neighborhood’s proximity to downtown Pittsburgh, and the strong sense of pride in the community.
Side note - I am originally from Toledo, OH and moved to Pittsburgh for college. After graduating, I took a job at PNC and have lived in Pittsburgh ever since - but have been a Lebo resident for the last 6 years.
I still find it amazing the number of people who grew up in Mt. Lebanon, moved away for college and/or their first job, but move back once they start having kids. It’s a great testimony to the ”livability” of the area.
Anyways - you always hear that the spring market is the best time of year to sell your home. Well now that summer is just around the corner, it would be a good time to look at this year’s Spring real estate statistics compared to the last few years.
From January 1st through May 1st in Mt. Lebanon, there were 102 single family homes that sold. The average sale price was $215,700. The most expensive home that sold was for $840,000 (a beautiful home in Mission Hills) and the least expensive was $52,288 (a 3 Bedroom, 1 Bath bank foreclosure on Martin - what a deal!).
But how does that compare to the same time period in years past? Well here you go…..
2007 - 114 Sold, $230,250 average purchase price, $871k was the most expensive, & $89k was the least expensive
2006 - 133 Sold, $215,500 average purchase price, $960k was the most expensive, & $71,250 was the least expensive
2005 - 113 Sold, $208,600 average purchase price, $625k was the most expensive, & $88.5k was the least expensive
So we have fallen back a little in units sold and the average sold price to 2006 levels - but still not bad compared to most of the national major metropolitan markets.
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