Your Richmond Home April 2011

(804) 869-1191 www.YourRichmondHome.com barbarareagan@verizon.net

How to Get a Fair Home Appraisal Want to know what your home is worth?
Call today for an estimate.
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-
(804) 869-1191
spection. But if an appraiser says your house is worth less than
the agreed-upon sales price, the
buyer s lender will not agree to the pur- efficient model? Do families move to
chase and the deal could fall through. your neighborhood solely for the
No seller wants to lose a buyer, so schools? Again, make sure you give
here's what you should do to ensure this information to your appraiser.
you get a fair appraisal. You might point out a feature that
would otherwise be overlooked.
Staging Doesn't Just Entice Buyers
Appraisers don't rate your home on Read the Report
potential; they evaluate what they can After the appraisal is completed,
see. A rusty bathroom sink and a stick- request a copy of the final report
ing patio door can make an appraiser from the lender. Read the report to
think negatively of a property. Stage ensure that all the information is
your home for an appraiser just as you accurate. If you find mistakes, con-
would for a buyer. A house that looks tact the appraiser to make the nec-
move-in ready will be deemed more essary changes; you could end up
valuable than a fixer-upper. with a higher appraised value.

Be a Detective Second Time's the Charm

Appraisers take into account the com- If your home receives a low ap-
parable sales prices of homes in your praisal, consider hiring your own appraiser. If the
neighborhood. They do not, however, take into account the second appraisal matches the first, you should
reasons for those sales prices. Many homeowners are forced consider dropping your price to save the sale.
into accepting low offers due to financial or personal reasons.
Those low prices could drive your home s 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.

Promote Your Home

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-

Barbara Reagan - (804) 869-1191 Your Richmond Home - April 2011

Your Richmond Home April 2011

Increase Your Home’s Curb Appeal
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!
Your Home’s Exterior
Needs Visual Appeal
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.
Improve the Porch
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 Well Maintained Front Yard is a Top Priority
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.
Landscaping Should
Enhance the View
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 reported that same confidence in the real estate market.
Consumer confidence is a key indicator of a healthy
Market? economy or market. If homeown-
ers are confident that housing
From October to December
prices will remain steady, they are
2010, the Fannie Mae s Fourth
much more likely to take chances
Quarter National Housing Sur-
in the real estate market by sell-
vey polled around 3,400
ing, buying, and investing.
homeowners and renters to
hear their opinions on the state
of the real estate market. The
Where the Buyers Are
Only 23 percent of the general
results are encouraging.
population plans to buy a home
in the next three years. While the
Consumer Confidence
numbers are low, they are not
Seventy-eight percent of respondents believe housing
that far from survey results for the booming real estate
prices will either hold steady or increase over the coming
market of 2000, which found that 24 percent of all
year. In January 2010, only 73 percent of respondents

Barbara Reagan - (804) 869-1191 Your Richmond Home - April 2011

Your Richmond Home
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.
Investing Wisely
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-
Five Ways to Prevent Mold
Indoor mold can cause health related
problems and is a costly, time-
consuming problem to fix. Prevention is
a homeowner s best weapon; here are
five of the most common recommenda-
tions given by industry experts.
1. Monitor the home’s humidity level.
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. Dust frequently.
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.
Barbara Reagan - (804) 869-1191
April 2011
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 homeowner s finances.
Living Within Their Means
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.
3. Clean with bleach.
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. Keep firewood outside.
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. Prevent water damage.
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 home s roof is properly maintained.
Your Richmond Home - April 2011
 
 

3450 Pump Rd.

Henrico, VA 23233
Office (804) 869-1191

Barbara Reagan

Tips for Hiring a Contractor

Inside This Issue Courtesy of ARA Content

- How to Get a Fair Home Before you get started on your home remodeling

Appraisal or backyard patio project, read these time-tested

tips for hiring a contractor from FindLaw.com:
- Increase Your Home s
Curb Appeal ❖ Before you call a contractor, do your home-
- How Healthy Is the Real work to get a clear idea of what you want from
Estate Market? your remodeling or landscaping project. As you do
- Five Ways to Prevent your homework, start piecing together a budget
Mold of what various products and materials may cost.

Photography Credits: ❖ Make sure that any contractor you consider

© Tim Abramowitz / iStockphoto

hiring is licensed, bonded and insured. And never agree to hire a contractor,
© Elena Elisseeva / Dreamstime even if it's your brother-in-law, on a handshake. Insist on a contract.
© Wavebreakmedia Ltd / Dreamstime
© Photorollert / Dreamstime
❖ 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 material in this publication is provided
for your informational purpose only and is
the minimum construction standard set by a local community.
not intended to substitute professional ad-
vice. If your property is currently listed with a ❖ Always get at least three proposals when selecting a contractor to handle your
Real Estate Broker, this publication is not
intended as a solicitation. ©2011 remodeling or landscaping project. Before you say "yes" to a proposal, contact
AnyPresentations.com and its licensors
at least three to five of the contractor's references.