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Tips To Improve Your Home’s Value
Want to boost the value of your home but don’t have the budget for a significant renovation? Don’t worry; many home improvements can increase your home’s value that don’t require tons of money.
However, when making your home improvements, it is vital to ask yourself, “Will I recoup the money I invested when I sell the home?” The best renovations not only cover their costs, but they will boost your home’s value and provide you with an excellent return. Of course, the key is identifying home improvements that will deliver the most significant return for the least investment.
Here are renovation projects that are both easy and inexpensive ways to dial up your home’s appeal and value:
Paint the front door: You might not have the budget for a complete exterior paint job, and that is okay, but have you looked at your front door lately? It’s a focal point from the street, and if it’s looking weathered, updating it with a fresh coat of semi-gloss paint will improve its appearance and impact your curb appeal. If you have more room in your budget, consider replacing the door entirely.
Paint the foyer/entryway: Interior paint is a noticeable improvement, but you don’t have to make it an all-or-none proposition. Where do people enter your home? Like the front door, your point of entry is the first impression of the inside of your home. Refresh the point of entry of your home and make it look brand new.
Change light fixtures and switch plates: You probably don’t notice your light fixtures anymore, but buyers will. Swapping out the fixtures and modernizing the look go a long way. The same goes for switch plates; replace the old (and possibly dirty) with fresh new stylish ones.
Upgrade kitchen and bath fixtures: Do you need a new sink or a fresh faucet? It’s incredible how much a deluxe kitchen faucet upgrade can change perceptions of a kitchen. The same goes for the bathrooms: Faucets and even a new toilet can do wonders. Along with this, a detail that often gets overlooked is doorknobs. Replace old doorknobs on kitchen cabinets or anywhere around your home for a fresh and simple upgrade.
Garden upgrades: Fresh borders on your flower gardens, new flowers, and fresh mulch are small touches that refresh a home’s exterior. Remember that simple lawn maintenance can pay off in the end. According to the National Association of Realtors, it is believed that “the cost of maintaining your lawn is only about $330. In exchange, you can recover a value of 303% or $1,000 from this basic fix, according to the National Association of Realtors” (CheatSheet).
Clean Carpets: Having a professional clean your carpets is an inexpensive investment to update your home and make it feel cleaner quickly. It is often suggested not to replace wall-to-wall carpeting before selling your home, because homeowners like choosing their carpeting. Therefore, cleaning is the best option to create a clean feeling environment.
Do you want a second pair of eyes to advise you on your remodeling, big or small? I am happy to help you make a checklist to prepare your home for sale. Give the Plane Team a call today: (928) 830-6976
How Much Equity Do You Have in Your Home?
The dream of owning a home is about more than just having a stable place to live. It is also about building wealth and creating financial security for the future. With careful planning and execution, owning a home can be a reality.
Owning a home can provide several advantages when it comes to wealth building. First, homeowners typically build equity in their homes as they make mortgage payments and the property’s value appreciates. In addition, owning a home can provide stability and security in retirement. Homeowners can use the equity in their home to supplement their income in retirement or even to pay off their mortgage, freeing up additional funds for other expenses.
The idea of home equity is pretty basic: You purchase a home and pay it down while hoping the home’s value increases over time. As you go, you build what’s called “equity.”
What is Equity
Definition of Equity is “the market value of a homeowner’s unencumbered interest in their real property—that is, the sum of the home’s fair market value and the outstanding balance of all liens on the property.” If you were to sell your home and pay off the mortgage’s balance (and any other debts, such as home equity credit lines or liens), the cash you would have leftover is your equity.
As you’ve probably noted, your home equity position’s most significant variable is the home’s actual market value. Many factors can influence your home’s value, including the market demand for homes in your area, local amenities, schools, your home’s particular features, upgrades you’ve made, condition issues, and quite a bit more. So how can you tell your equity position?
First, you need to know what you owe on your home. Finding the amount owed is as simple as checking your mortgage statement to see your principal balance. This number can differ slightly from your actual payoff amount due to closing dates, interest, and other issues determined during the sale. Your principal balance is the number you need to know for this calculation. If you have any other debt on the home, you need to add the value of this debt to the principal balance (this might include credit lines, liens, or second mortgages.)
How To Get Home Value
Next, you need to know the value of your home. Zillow and Trulia sites use “automated valuation models” to give you an approximate home value. These models are generally not very accurate regarding your home’s value as they exclude many crucial factors. Often, they come in quite a bit higher. They can, however, give you an idea of general changing trends in your market over time.
Hiring an appraiser is one way to determine your home’s value from a more bank-like perspective. While an actual sale may be above the appraisal, this thorough, conservative option is an excellent way to go. The downside? You may have to pay up to $500 for the assessment.
Accuracy Counts
Knowing the correct value of your home is crucial when it comes to selling your home. Having a home priced correctly is one of the number one reasons homes sell fast. On the flip side, a too-high home price can cause the house to sit on the market too long. The right price is vital. Get in touch with me today if you want to get an accurate value of your home.
Dena and Dave Plane
Tips to Navigate Multiple Offers
Multiple Offers, New Normal
If you’re thinking of buying a home today, you already know that the number of homes available for sale is low. But what does that really mean for you? As a buyer, low housing supply coupled with high buyer demand means you need to be equipped to navigate a highly competitive market where homes sell fast and get multiple offers.
Multiple offers on homes for sale has become the new norm in today’s market. If you’re looking to buy a home, here are four tips to navigate the competitive market:
- Make sure you have your finances in order. In order to make a strong offer, you’ll need to be pre-approved for a mortgage and have your down payment ready.
- Know what you want and be prepared to compromise. Don’t waste time looking at homes that don’t fit your needs, but be ready to make compromises on some of your must-haves.
- Stay organized and keep track of all the offers you’re making. Being organized will help you keep track of where you stand in the competition and make sure you’re making your best offer.
- Be prepared to move fast. In a multiple offer situation, you’ll need to be ready to move quickly when you find a home you want to make an offer on.
Following these tips will help you navigate the competitive market and increase your chances of buying the home you want.
Doing everything you can to get ahead of the competition in a bidding war is a wise move. That’s because when you find a house and submit an offer, it’ll likely be up against strong offers from other buyers. According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), homes today are receiving an average of 3.9 offers.
Here are three tips to keep in mind that will help you make the best offer possible.
- Knowing your budget and what you can afford is critical to your success as a homebuyer.
- When homes are selling fast, it’s essential to stay on top of the market and be ready to move quickly.
- Lean on your agent to write a strong offer and use their expertise on which levers you can pull to make your offer as enticing as possible.
An expert real estate advisor is vital to help you navigate bidding wars with multiple offers. Our team has worked numerous multiple offer situations, let us help you prepare when it comes time to make an offer.
Dena Plane
(928) 830-6976
Things To Do With the Family in Prescott
One of my favorite things about being a realtor is becoming a resource of information for our clients. We often get asked, ‘What is there to do in Prescott?’. Luckily, the answer is that there are many things to do in Prescott, even for the kids.
There are valid reasons that Prescott, Arizona, is dubbed as “Everyone’s Hometown.” With Prescott’s perfect climate and four distinct but gentle seasons, everyone gets to have fun!
You can first start with Prescott’s charming downtown. Upscale shops and restaurants, art and antiques, and everything in between! Prescott has an old-fashioned town square with a historic courthouse, but what surrounds it is anything but old-fashioned.
Prescott is an excellent place for an active lifestyle. You can kayak at Watson Lake, hike, bike, ride horses or quad in the National Forest, or play at one of our many signature golf courses. Also, dogs love Prescott! Prescott is a very dog-friendly community, complete with a beautiful dog park.
But what about the kids? With the high retirement population, it is common for grandchildren to visit the area. You will be pleased to know that there is an abundance of options to do with your family and kids (or grandkids!) in Prescott. To give you a little help, we have put a list together that can help you plan your visit.
Gripstone: Prescott, AZ
- Gripstone Prescott Arizona offers rock climbing, bouldering, yoga, a cafe, and a pro-shop. No previous climbing experience is necessary, and after a quick 30-minute video and hands-on tutorial, you will be ready to climb. Climbers under 14 years old must be accompanied by a participating adult over 18 years old. Children under 14 are welcome, and harnesses are available for tiny children. They have even had 2-year-old climbers!
- Pricing starts at $16 for adults, and the pass lasts all day. It’s a full-body workout, it’s fun, and it’s great for all ages! You can leave for lunch and come back later for more climbing.
Jarz of Clay: Prescott, AZ
- At Jarz of Clay, you pick a pottery piece from hundreds of different options. You then paint your selection, and then it will be glazed and fired. Within 4-5 days, you can then pick up your glazed pottery! Jarz of Clay is located at the Prescott Gateway Mall outside the village shops.
- The studio fee includes the price of each item. The studio fee includes the paint, use of tools, and the glazing/firing process. Canvas and wood paintings are also available. This activity is perfect for all ages.
Heritage Park Zoo: Prescott, AZ
- Visit Prescott’s local zoo! Heritage Park Zoo is located on 10 acres and overlooks Willow Lake. Heritage Park Zoological Sanctuary offers the Tarantula Grotto and Reptile House, with the Tarantula Grotto being one of the largest public displays of spiders in the country. While the Reptile House houses Gila monsters, iguanas, geckos, and even a 13-foot Burmese python.
- The Heritage Park Zoo loves saving animals and giving them a home. Housed at the zoo is an American Black Bear that was orphaned, a gray fox found alone and half-drowned, and a mountain lion that was illegally kept as a pet in Arizona. Along with this, the zoo participates in the American Zoo and Aquarium Association’s Species Survival Plan by saving endangered species such as the Mexican Gray Wolf.
- Heritage Park Zoo hosts special events throughout the year, including Zoofest, Eggstravaganza, Boo at the Zoo, moonlight events, and Zoo Camp for kids. The zoo is open every day of the year. You can view admission prices here.
- Heritage Park Zoo Event Calendar
While these are only a few options, I hope this may give you a jump-start on what activities are available for entertainment in the Prescott Area! Below are some additional items that may interest you:
- Sharlot Hall Museum, Prescott, AZ
- Mortimer Farms, Dewey-Humboldt, AZ
- In the Game Freedom Station, Prescott Valley, AZ
We enjoy spending family time in Prescott! If you need more information on what Prescott has to offer, give us a call, and we can “Talk Prescott”! The Plane Team (928) 830-6976
What Effect Does High-Inflation Have on Housing?
The news is full of stories about how rising prices will affect your wallet. Naturally, if you’re thinking about purchasing a home this year, inflationary concerns like increasing consumer costs and supply chain “woes” make you wonder if you should wait to buy. Investopedia explains that prices rise across the board during a period of high Inflation. Understandably, the cost of homes isn’t resistant to this increase, but read on to learn why Inflation shouldn’t stop you from buying a home in the future.
Homeownership Offers Stability and Security
Home prices have been increasing for the past several years, and market analysts say that they will continue to climb throughout the following year. As a buyer, it is important to protect yourself from the rising costs of food, shelter, entertainment, and other goods and services. The answer to hedge against Inflation lies in housing.
Buying a home and securing a fixed-rate mortgage allows you to lock in your monthly mortgage payment for years to come. That means, as other prices rise, your fixed-rate mortgage monthly payment will be consistent and locked. With the bulk of your payment locked, this gives you the peace of mind that most of your housing costs, the mortgage payment portion, are protected from Inflation.
James Royal, Senior Wealth Management Reporter at Bankrate, says:
“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same.”
If you rent, your payments are not locked in, and your rent will likely increase over time. Something to consider, today’s mortgage interest rates are lower than they have been in decades. While Inflation decreases the amount that your dollars can buy, low mortgage rates help balance the financial picture by boosting your purchasing power, enabling you to get more home for your money. Low-interest rates keep your monthly payments down.
Bottom Line
Hopefully, this explanation of Inflation vs. Housing Costs was helpful. The best hedge against high Inflation is securing fixed housing. In the end, don’t let Inflation scare you from buying a home this year. If you have any questions, don’t hesitate to get in touch with me, I love to talk strategy and real estate!
About The Plane Team
Dena Plane has served her clients and provided them with excellent service for over 15 years in residential real estate, both resale and new home sales. As a resale agent, Dena has achieved Agent of the Month, Top Ten Agent of the Year, Multi-Million Dollar Club and International Diamond Society. As the sales manager for new homes, Dena personally sold over 300 homes and custom lots in the luxury golf communities of Prescott and Prescott Valley, Arizona.
Dena is licensed in both Arizona and California and specializes in luxury properties with resort-style living. With a passion for home building and interior design, Dena will help you get your home “show ready” and can easily guide and advise both buyers and sellers on the best practices for a successful outcome!
Currently, Dena has teamed up with her husband Dave, as The Plane Team, helping agents increase their production and grow their business and serving buyers and sellers in their real estate transactions. As your REALTOR’s, Dena and Dave will guide you through the buying and selling process and help you reach your real estate goals! The Plane Team will provide you with the resources and tools for a successful and smooth transaction.
Check Out the ViewPoint
About ViewPoint
The Viewpoint subdivision is located in the rolling grasslands of Prescott Valley, Arizona. This popular and affordable master-planned community has something for everyone. Residents enjoy stunning panoramic mountain views, including Granite Mountain, Mingus Mountain, and Glassford Hill, while close to shopping, schools, and entertainment. The Viewpoint offers homes ranging in size from 1200 to 2400 square feet and lots ranging from 8000 square feet to over 1/3 acre. With underground utilities, protective CC&R’s, paved streets, sidewalks, street lights, and large lots, The Viewpoint offers an ideal lifestyle without the hefty monthly HOA fees you might expect!
About Prescott Valley
Prescott Valley, Arizona, is a thriving town just a few minutes east of historic Prescott. Prescott Valley was the seventh fastest-growing place among all cities and towns in Arizona between 1990 and 2000 and currently has approximately 48,000 people calling it home. Located at 5,000 feet, many retirees live in Prescott Valley due to the relatively inexpensive housing and the mild climate. Prescott Valley has a large retail center, an indoor Event Center, and Yavapai Regional Medical Center Hospital. The mild climate, convenient location of 85 miles north of Phoenix, and surrounding lakes, fishing, and hiking trails make Prescott Valley attractive for families and retirees.
About the Plane Team
Dena Plane has served her clients and provided them with excellent service for over 15 years in residential real estate, both resale and new home sales. As a resale agent, Dena has achieved Agent of the Month, Top Ten Agent of the Year, Multi-Million Dollar Club and International Diamond Society. As the sales manager for new homes, Dena personally sold over 300 homes and custom lots in the luxury golf communities of Prescott and Prescott Valley, Arizona.
Dena is licensed in both Arizona and California and specializes in luxury properties with resort-style living. With a passion for home building and interior design, Dena will help you get your home “show ready” and can easily guide and advise both buyers and sellers on the best practices for a successful outcome!
Currently, Dena has teamed up with her husband Dave as The Plane Team, helping agents increase their production, grow their business, and serve buyers and sellers in their real estate transactions. As your REALTOR’s, Dena and Dave will guide you through the buying and selling process and help you reach your real estate goals! The Plane Team will provide you with the resources and tools for a successful and smooth transaction.
Favorite Prescott Subdivisions
Oh, how I love Prescott! Prescott, Arizona, offers numerous communities and subdivisions throughout its beautiful landscape. You would get bored if I listed all the subdivisions and their unique qualities and amenities, so I selected a couple of my favorites and told you a little about them below. Click on the link of each to see current homes for sale in each of the areas. After you get done looking, give me a call at (928) 830-6976, and I would love to share more information!
Eagle Ridge, Prescott, AZ
The beautiful Eagle Ridge subdivision off Rosser Road and Highway 89 in Prescott, Arizona, is just minutes northeast of downtown Prescott. Eagle Ridge residents enjoy the spectacular views of the San Francisco Peaks, Granite and Mingus mountains, Thumb Butte, and the Granite Dells from their backyard. The popular community does not have a homeowners association and has approximately 280 single, two-story, and three-story homes.
Cliff Rose, Prescott, AZ
Cliff Rose is an incredibly popular subdivision in Prescott, Arizona. Cliff Rose is located on Hwy 89 two miles north of the Bob Stump Northern Arizona Veterans Hospital, The Picture Show, and the Prescott Gateway Mall. Residents of this quiet subdivision enjoy breathtaking views of Granite Mountain, Granite Dells, and Watson Lakes.
Cliff Rose is also within walking distance to the City of Prescott’s Rowle P. Simmons Community Center.
Prescott Lakes, Prescott, AZ
Prescott Lakes is a Master planned Residential and Private Golf Community in the heart of Prescott, Arizona, conveniently located minutes from downtown Prescott. Prescott Lakes has 13 gated and non-gated neighborhoods within this popular subdivision. The Arnold Palmer Golf Management Group manages the Hale Irwin Signature Championship 18 hole private golf course winding throughout condos, townhomes, patio homes, custom-built, and estate homes. Residents enjoy swimming indoors and outdoors with 30-meter lap lanes, a large open swim area, and a 169 sf whirlpool Spa.
Tips to Win Your Next Home with a Love Letter
Have you been passed up, and not been selected on a home in a seller’s market?
While it may surprise you, your odds of being accepted on buying a home will increase by writing a “Love Letter” to the sellers about their home. Who doesn’t love a “Love Letter”? Sellers especially love “Love Letters”!
A sincere note to the seller has pushed sellers to accept lower offers, even though there were higher offers and more money on the table.
The most profitable offer is viewed to always win the home, however, many fail to remember the emotional factor. Sellers want to see their home go to a buyer that they trust. Along with this, they want to see a buyer that will grow into and enjoy the house.
Recently, a young couple wrote a “Love Letter” to a seller and expressed how multiple generations of their family had grown up in the Prescott area—then shared how excited they were to start a family in the same neighborhood. Additionally, they shared how they would be working in Prescott and how they had been saving for years to make this purchase. And, their offer was accepted, even though there were two additional offers for more money!
Tips for Writing a “Love Letter”
Your goal with writing a “Love Letter” is to give yourself a competitive edge against the competition. Here are the basics you’ll want to cover:
- 1. Explain how much you like their home. Please don’t go overboard, but prove to them you know the home, and you genuinely appreciate their taste and the unique characteristics of the house. Highlight details or improvements that they have made.
- 2. Leave out all of the things you might want to change. The seller may have some emotional attachment to this home. Don’t tell them you’re going to gut the place or rip out their garden.
- 3. Demonstrate you’re qualified to close. Make the seller feel confident in your qualifications as a buyer. Show that you will be a hassle-free buyer by letting them know you’re pre-qualified for a loan or are buying with cash.
- 4. Be humble and positive. Don’t share about the four other homes you’ve lost. Instead, praise the neighborhood and make them feel as though you would be honored to be chosen as the next owner of their home.
- 5. Get personal. Let the sellers get to know who you are on a personal level. You don’t need to be an open book, but let them know who they are selling to.
- 6. Check the letter for typos. Read it out loud. Listen for clunky sentences or awkward repetition. Have someone proof it for mistakes. Their confidence in your attention to detail is essential.
The right agent should be able to tell you if the letter sounds like an honest appeal. Have it included with your offer as a cover letter.
Need help finding a home worth a love letter? We can help.
Are Agents Required?
New Home or Existing?
Are you looking to buy a home? Are you looking for a new build or an existing home? If you are leaning toward purchasing a new build, there is a question you need to ask yourself: Do I need to hire a real estate agent to represent me when I buy a new home from a builder?
And the answer is, legally, no. But, if you don’t, you might be missing out on some tangible benefits that impact your wallet and how much you get for your money.
There are many reasons why an agent is a sound investment during the purchase process with a builder. While some of them can be quite complex and go beyond the scope of this blog post, here are a few highlights:
- Market Value Compared to Purchase Price: How much money are you going to be able to come out of pocket for your down payment? You’ll want an agent with access to information that will help you accurately assess the actual value of that brand-new home. Without an agent, you may receive a nasty surprise when it comes to disparities between your agreed-upon purchase price and the actual market value of the home.
- Negotiation Power: Real estate agents are professional negotiators, and often an agent can get more from a builder than you would on your own. While some of this might be related to purchase price, other perks may include property or home upgrades.
- Financing: It’s probably no surprise that your builder will recommend their preferred financing partners. Many of those “partners” pay good money for the opportunity to handle your loan. But is it the best loan at the best rate? A Real Estate agent can be a sounding board for financing terms and a source for trusted alternatives.
- Contract Expertise: While your real estate agent isn’t an attorney, they do know a great deal about the ins and outs of property contracts. This knowledge includes builder’s contracts, which may have provisions that put you in hot water should something unforeseen happen. Protect yourself with an agent.
These four reasons are a great place to start, but there are plenty more advantages to having a Real Estate agent on your side during the buying process. The bottom line: The builder has a system to maximize their profit and minimize their costs. Shouldn’t you?
There are numerous new home developments in the Prescott area. Contact us if you have questions about any of these homes, or questions about the buying process.
Dena and Dave Plane
- (928) 830-6976
- Facebook: facebook.com/theplaneteam
- Instagram: denaplanehomes
Tips to Utilize Each Square Foot of a Small Bathroom
Do you have a small bathroom that needs to be transformed to feel more spacious and comfortable? There are some simple tips and tricks to utilize each square foot. Just because a bathroom is small doesn’t mean it has to feel small. Many small bathrooms can be transformed into larger-feeling spaces simply by making some adjustments to design choices.
These tips don’t require major renovations, instead, these minor upgrades will help you make the most of the space that you have:
- Add a pedestal sink. Better Homes & Gardens shares that a blocky cabinet under a sink may provide storage, but visually it consumes a chunk of open space. A pedestal sink maintains an open feeling.
- Life Storage offers a solution for your towel rack… use the space behind your door. Stylish towel bars stacked three high on the back of your door can eliminate the need for racks elsewhere in the bathroom and open up more wall space.
- Elevate shelving above the toilet tank. If you have shelves elsewhere, but the space above your toilet tank is empty, consider relocating high shelving to above the “dead space” behind the toilet. Consolidating this used space into a single area can broaden out the rest of the bathroom.
- Utilize the space above your door. We are working to transform your small bathroom into a much larger-feeling space, but you still need storage… Life Storage also provides an idea for that additional storage. By adding a shelve above your door, you can store extra toilet paper, towels, or other products. With this storage being above eye level, it will still provide you with open spacious bathroom space.
- Recess lighting. Even if you have only a few light sources in your bathroom, by hiding some of your lighting in recessed areas, you can reduce the “noise” of big fixtures.
According to the Family Handyman, there are also tips to help make a smaller bathroom appear bigger.
- Use the same paint color for your walls and ceilings.
- Avoid patterned wallpaper
- Strategically place mirrors to reflect natural the light in the room.
- Limit small accessories such as trinkets and knickknacks.
- Install crown molding on the ceiling to give the illusion of a raised ceiling
- Opt for light, soft paint colors
Look on the bright side… at least a small bathroom means less to clean! I hope these tips help you open up your small bathroom into a larger feeling space.
If these design tips aren’t enough to open up your small bathroom, and you are ready to make a move instead, I would love to help. Contact us today and together we can begin the search for your next home.
