Monthly Archives: March 2022

7 Things to Avoid When Selling Your House Due to Divorce

31 Thursday Mar 2022

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Considering everything you’re thinking, feeling, and dealing with when going through a divorce, one of the last things you want to think about is selling your house. It’s a stressful thing to do even when you’re not getting divorced. But when you are, it can be even more stressful.

While it shouldn’t affect how much you sell your house for, or how quickly it gets sold, it can cost you both time and money if you don’t pay attention to a few details. Some buyers may pick up on the cues and clues and use them to try and get a deal on your house because they sense desperation or motivation. Others may simply be turned off by the vibe and take a pass on your house, making it sit on the market longer than it would otherwise.

To help sell your house as quickly and profitably as possible, here are 7 things you want to avoid when selling your house due to divorce:

1) Half-empty closets

Plenty of people who are simply single and aren’t splitting with a significant other sell homes with closets filled only with their clothes. But it doesn’t usually look like someone else used to take up half the space in the closet. While the person who moves out doesn’t have to leave their wardrobe behind just for appearances, make an effort to stage the closet in a way that doesn’t look like someone else used to share the space.

2) Missing furniture

Buying new furniture isn’t always possible when going through a divorce. So it’s pretty common for the person moving out to take some furniture to get settled in their new home. If at all possible, try and keep the furnishings intact in the home until you get it sold. If that’s not possible, try and rearrange the remaining furniture in a way that doesn’t look like pieces are missing, or replace the missing pieces with something borrowed or inexpensive until the house sells. 

3) Mattress on the floor

Another common sight agents see in homes that are being sold due to divorce are mattresses on the floor. If the bed frame went with the person who moved out, you don’t have to buy anything fancy, but at least get a cheap bed frame to get it up off the floor, or put some crates underneath and make sure the bedding hides them from sight.

4) A slept on couch

Sometimes the solution isn’t for one person to move entirely out of the house, but just out of the bedroom until the house is sold. If one of you is using the couch as a bed, just make sure to put away the pillows and blankets each morning. And also make sure that the coffee table doesn’t look like your nightstand! 

5) Missing family pictures

Some agents advise everyone to strip their house of any personal photos when selling, even if they aren’t getting divorced. The thought is that it gives buyers a better chance at envisioning themselves in the home, rather than the existing owner. But when you’re selling due to a divorce, having pictures of your family, or worse, having pictures that don’t include one of the partners, can be a tip-off that something’s going on when combined with other clues they may pick up. So, to be safe, just replace family photos with some framed artwork instead.

6) Nasty notes

Emotions can run high during a divorce, and couples don’t always have it in them to speak face to face when they’re mad. Whether the couple is still living under the same roof, or one came by to pick something up, sometimes an angry note left on the table of fridge is the chosen method to say what’s on their mind. Just make sure they aren’t hanging around for buyers to see when they come to look at the house. Better yet, send a text.

7) Legal paperwork

Of course leaving any legal or other private documents out in the open when your house is on the market isn’t advisable. But it doesn’t even have to be the actual documentation that’s left out! Make sure you don’t have mail out in the open that indicates it’s from a divorce attorney. 

Hopefully these tips will help you navigate the process of selling your house during a difficult time.

Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

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Planning to Buy a Home? These Savings Strategies Will Help You Save Up for Your Home Purchase

24 Thursday Mar 2022

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If you’re planning on buying a home, you need to save up for your down payment and to cover closing costs. But saving can be tough—and if you want to save up enough money to purchase a home, you need a plan.

But what, exactly, should that plan entail?

A recent article from realtor.com outlined key savings strategies you can use to save enough money to successfully buy a home, including:

  • Set up a home savings account—and set up automatic payments. If you’re saving for a home, you’ll want to set up a savings account specifically for your house savings. Then schedule regular automatic transfers (for example, once or twice per month) from your checking account to your home savings account, just like you would a bill. Automating your home savings will ensure that you’re putting money away each month—and will help you reach your savings goal faster.
  • Turn spare change into savings. When it comes to saving for a home, you’re probably thinking in dollars—but cents can also help you reach your goals. There are a variety of apps that will round your purchases up to the nearest dollar—then deposit that spare change into a savings account. While 25 cents here or 70 cents there might not seem like much, those cents can quickly add up—and when it comes to financing a home purchase, every cent counts.
  • Research down payment assistance programs. The down payment is generally the largest expense associated with buying a home—but, depending on your financial situation, you may not need to save up for your entire down payment yourself. There are a variety of down payment assistance programs available to certain types of buyers (for example, buyers at a certain income level, or civil servants looking to buy a home)—so do your research and see if there are any programs you qualify for.

Ready to start your home buying journey? Reach out today – Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

The “New Rules” for Selling Your House in Today’s Market

17 Thursday Mar 2022

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In today’s hot seller’s market, many of the old rules of selling a home don’t apply. 

But if the old rules aren’t the way to sell your home in today’s market, what, exactly, are the new rules?

A recent article from realtor.com outlined the “new rules” of home selling that can help homeowners sell their homes quickly and profitably in today’s market, including:

  • List at or below market value. Many sellers believe that in order to get high offers, you need a high listing price. But in today’s market, listing at (or even under!) market value is sure to attract buyers—and the competition for a well-priced property can start a bidding war, driving offers well above asking price.
  • Be prepared for a high volume of showings. As mentioned, competition can be fierce in today’s market—and chances are, there are going to be a lot of potential buyers that want to see your home. While your home is on the market, you need to be prepared to be away from your home for long stretches of time—particularly on the weekends, when you can expect back-to-back showings all day long.
  • Beware of offers that seem too good to be true. With so much competition in the market, many buyers are making insane offers—sometimes as much as $200,000 over asking price. But if those buyers are planning to use a mortgage, there may be a gap between the appraisal price and their offer price—which can cause the deal to fall apart. When evaluating offers, beware of financed offers that are wildly over asking price; otherwise, you could end up wasting time.

The Takeaway:

Understanding the best strategies for selling a home in today’s market will help you sell your home quickly, easily, and profitably—so before you list your home, make sure to get to know these “new rules” of home selling. Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Will the Russian Invasion of Ukraine Affect the US Real Estate Market?

10 Thursday Mar 2022

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Nearly everyone is keeping an eye on what’s happening in Ukraine, hoping it will end quickly and without too much damage and loss of life. 

It may feel trivial and even selfish to wonder how it will affect the US real estate market, but it’s a valid concern if you’re in the process of selling or buying a house, or simply thinking of doing either.

While it’s impossible to predict exact impacts on the entire US real estate market, let alone local markets, it’s possible to speculate on a few broad potentials:

Consumer Hesitancy

Whenever there are big question marks due to geopolitical events like this, people may hold off on selling or buying a house because they simply aren’t sure of the impacts it may have on them directly or indirectly. This could show in the form of buyers putting a pause on their home search, or sellers taking their house off the market. 

As of now there hasn’t been much change in market conditions. There are still a lot more active buyers than there are houses for sale. In other words, it’s still a sellers’ market in most areas of the country.

Luxury and Secondary Markets Could Take a Hit

The stock market and investment accounts are a lot more volatile during a major conflict. One day they are down considerably, then they bounce back only to take another dip. Since luxury and secondary homes are more often funded by tapping into investment accounts, it could put a damper on the higher end home sales.

Rise in Construction Costs

Transportation costs have already been rising due to oil prices, but this conflict could lead to even less supply and higher prices, which would impact the transportation costs of building materials even more than the supply chain issue has affected costs. Therefore, new construction homes could see more of a hike in cost and delays. 

Mortgage Rates

Mortgage rates are the X-factor. While there’s no guarantee it will last, mortgage rates actually came down a bit and could come down even more, or stabilize, rather than continue rising like they had been in recent weeks. This is likely due to investors looking for a safer place to put their money in such a volatile financial market, so they often invest in mortgage-backed securities, bonds and U.S. Treasury notes which affect mortgage rates. 

The Takeaway:

Considering how unpredictably the market reacted (and how much it surged) during the COVID pandemic, there’s a good chance the market will continue along much like it has been for the past couple of years — especially if mortgage interest rates stop rising, or even go down again. 

Low mortgage rates will likely lead to buyers who are still willing and anxious to buy. Couple that with the low number of houses for sale, and it paints a picture of an overall US real estate market not noticeably affected by the crisis in Ukraine.

As always, there’s no crystal ball in real estate, and it’s such an individual decision affected by one’s personal situation and local market. If you’re concerned about whether selling your house or buying a house makes sense for you, speak to your financial advisor and/or a local real estate agent for advice. Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com