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Master the Art of Home Staging to Sell Your Property Fast – Nine Quick Tips

By Kerry ONeal

An inviting and expertly staged living room in Central Oregon, showcasing the perfect blend of comfort, style, and space optimization to entice potential buyers.

Selling a home can be a daunting task, particularly when it comes to attracting potential buyers and securing a quick sale. One of the most effective ways to showcase your property’s best features and make it more appealing is through home staging. Below is a quick guide on how to stage your home for a fast sale, including tips on decluttering, depersonalizing, creating curb appeal, and choosing the right décor.

  1. Declutter Your Home

    The first step in staging your home is to remove any clutter and unnecessary items. A cluttered space not only makes rooms look smaller but also distracts buyers from seeing the true potential of your property. Follow these tips to declutter your home effectively:
    • Start by sorting through your belongings and decide what to keep, donate, or discard.
    • Organize your possessions in storage containers and label them accordingly for easy access later on.
    • Clear countertops, shelves, and surfaces of any clutter, leaving only essential items and a few decorative pieces.
    • Remove excess furniture to create a more open and spacious feel in each room.
    • Tidy up closets and storage areas, as buyers will likely inspect them.
  1. Depersonalize Your Space

    Potential buyers need to envision themselves living in your home. To make it easier for them, depersonalize your space by removing personal items and decorations. This includes:
    • Taking down family photos, diplomas, and certificates from walls and surfaces.
    • Removing any religious or political items that may deter some buyers.
    • Storing away any collections or hobby-related items that may not appeal to everyone.
    • Choosing neutral colors for walls, carpets, and curtains to create a blank canvas for buyers to imagine their own style.
  1. Create Curb Appeal

    First impressions are crucial when selling a home, so make sure your property has a strong curb appeal. Here’s how to create an attractive exterior:
    • Power wash your home’s exterior, walkways, and driveway to remove dirt and grime.
    • Freshen up the paint on your front door, trim, and shutters, if necessary.
    • Maintain a well-manicured lawn by mowing, trimming hedges, and removing weeds.
    • Add colorful plants and flowers in the front yard or along the walkway.
    • Ensure your house number is visible and in good condition.
    • Replace or repair any broken or outdated exterior lighting fixtures.
  1. Maximize Natural Light

    A bright and well-lit home feels more inviting and spacious to potential buyers. Maximize natural light in your home by:
    • Cleaning windows inside and out to let more light in.
    • Opening curtains and blinds during showings.
    • Using light-colored window treatments to reflect light and brighten the room.
    • Placing mirrors strategically to reflect natural light and make rooms appear larger.
  1. Arrange Furniture for Easy Flow

    The way you arrange your furniture can significantly impact how spacious and inviting your home feels. To create a sense of flow and openness:
    • Position furniture away from walls to create a more intimate and conversational setting.
    • Avoid blocking natural pathways and ensure there is enough space to move around comfortably.
    • Use appropriately-sized furniture for each room, avoiding oversized pieces that can make spaces feel cramped.
    • Create focal points in each room, such as a fireplace, a beautiful view, or a piece of artwork.
  1. Neutralize and Update Decor

    Modern and neutral décor can make your home more appealing to a broader range of buyers. Here are some tips to achieve a fresh, updated look:
    • Paint walls in neutral shades like beige, gray, or off-white.
    • Replace outdated or worn-out light fixtures with modern, energy-efficient options.
    • Update cabinet hardware, doorknobs, and faucets for an instant facelift.
    • Remove dated wallpaper or textured walls and opt for a smooth, neutral finish.
    • Choose simple and timeless artwork and decorative pieces that complement the overall aesthetic of your home.
  1. Highlight Your Home’s Best Features

    Every property has unique features that can attract potential buyers. Make sure to accentuate these selling points during the staging process:
    • If your home has a fireplace, clean it thoroughly and add a beautiful mantel display.
    • Showcase built-in bookshelves or cabinetry by decluttering and arranging a few carefully selected items.
    • If your property has a stunning view, ensure windows are clean and clear of obstructions.
    • Highlight outdoor spaces like patios, decks, and balconies with comfortable seating and attractive plants.
    • Showcase built-in bookshelves or cabinetry by decluttering and arranging a few carefully selected items.
    • If your property has a stunning view, ensure windows are clean and clear of obstructions.
    • Highlight outdoor spaces like patios, decks, and balconies with comfortable seating and attractive plants.
  1. Deep Clean and Make Necessary Repairs

    A clean and well-maintained home is more appealing to buyers. Make sure your property is in its best condition by deep cleaning and making necessary repairs:
    • Hire a professional cleaning service to thoroughly clean your home, including carpets, grout, and vents.
    • Fix any visible damage, such as chipped paint, cracked tiles, or broken fixtures.
    • Check for and address any plumbing, electrical, or structural issues.
    • Eliminate any unpleasant odors, especially from pets or smoking, by using air purifiers, deodorizers, or baking soda.
  1. Set the Stage for Showings

    When it’s time for potential buyers to view your home, make sure everything is picture-perfect and inviting:
    • Make the beds with clean, crisp linens and add decorative pillows or throws.
    • Set the dining table with attractive tableware and a centerpiece.
    • Place fresh flowers or potted plants throughout your home.
    • Use pleasant and subtle scents like lavender or vanilla to create a welcoming atmosphere.
    • Ensure the temperature is comfortable for visitors, adjusting heating or air conditioning as needed.

Staging your home is a critical step in the selling process. It helps make your property more attractive to potential buyers and increases the chances of a quick sale. If you have any questions or need help deciding how to best showcase your home, please don’t hesitate to reach out to us.

Filed Under: Blog Posts Tagged With: real estate, Selling, Staging

Big News for Buyers Struggling to Afford a Home

By Kerry ONeal

The United States Department of Housing and Urban Development (HUD) has recently revealed plans to lower mortgage insurance premiums (PMI) on Federal Housing Administration (FHA) loans. This adjustment is anticipated to ease and make more cost-effective the process of acquiring homes for Americans with low to moderate incomes.

This substantial PMI reduction means borrowers could save an average of $800 per year on mortgage payments, potentially amounting to thousands of dollars in savings over the loan’s duration. The PMI decrease comes as a result of the FHA’s Mutual Mortgage Insurance Fund’s enhanced financial performance, which has experienced a growth in its capital reserves.

PMI costs can pose a considerable obstacle to homeownership for many Americans, especially those with lower incomes or first-time homebuyers. PMI is mandatory for borrowers who contribute less than 20% down payment on their home purchase and can increase monthly mortgage payments by hundreds of dollars. The PMI reduction is projected to render homeownership more attainable and affordable for such borrowers.

This PMI reduction is part of HUD’s larger initiative to endorse homeownership and widen access to affordable housing. The agency has also initiated the House America Campaign, which seeks to augment the availability of affordable housing, encourage fair housing practices, and bolster economic mobility for low-income families.

Consumer advocates and housing industry groups have largely applauded the PMI reduction, as it is believed to help tackle the ongoing issue of housing affordability in the United States, particularly in costly areas, like Central Oregon, where home prices have dramatically risen in recent years.

The PMI reduction is also predicted to positively influence the overall economy. Homeownership has been demonstrated to contribute to household wealth and foster stronger, more stable communities. By making homeownership more affordable and accessible, HUD aims to spur greater economic growth and stability for all Americans.

It is crucial to note that the PMI reduction is only applicable to FHA loans and does not impact private mortgage insurance (PMI) on conventional loans. Prospective homebuyers should collaborate closely with a lender or housing counselor to comprehend their options and identify the most suitable course of action.

PMI reduction signifies a positive development for low to moderate-income Americans seeking to purchase a home. By cutting mortgage insurance costs, HUD is rendering homeownership more affordable and accessible, which could yield significant advantages for individual households and the wider economy. If you would like to know how this PMI reduction could affect your home-purchasing ability in Bend and surrounding communities, please don’t hesitate to contact us.

Filed Under: Blog Posts Tagged With: Affordability, FHA, mortgage, news, PMI

What is an APOD?

By Kerry ONeal

In commercial real estate, APOD stands for Annual Property Operating Data. It is a financial statement that provides a snapshot of a property’s income and expenses over the course of a year. An APOD is an handy tool for quickly getting up to speed on a new property. By providing a clear and concise overview of a property’s financial performance, an APOD can help investors and real estate professionals quickly assess the potential profitability of a property and make informed decisions about their investment strategy.

The primary purpose of an APOD is to provide an objective analysis of a property’s financial performance, which is essential when making informed decisions about potential investments or financing options. An APOD typically includes a breakdown of a property’s income sources, such as rent and other revenues, as well as a detailed analysis of its expenses, such as property taxes, insurance, utilities, and maintenance costs.

One of the key benefits of an APOD is that it provides investors and real estate professionals with a comprehensive view of a property’s financial health. For example, an APOD can help identify potential areas of risk, such as high expenses or low occupancy rates, which could impact the profitability of a property. Similarly, an APOD can highlight areas of strength, such as high rental income or low expenses, which can increase the potential for positive cash flow and a strong return on investment.

Another important benefit of an APOD is that it can be used to compare the performance of different properties. By providing a standardized format for analyzing financial data, an APOD makes it easy to compare properties across different markets, asset classes, and investment strategies. This can be particularly useful when evaluating potential investments or when developing a broader investment strategy.

To create an APOD, a commercial real estate professional typically gathers financial data for a property over the course of a year. This data is then analyzed and organized into a standardized format that includes a breakdown of income and expenses, key financial metrics, and other relevant information. The final APOD is then used as a tool for evaluating the property’s financial performance and for making informed investment decisions.

When analyzing an APOD, there are several key financial metrics that investors and real estate professionals typically focus on. One of the most important of these is net operating income (NOI), which is calculated by subtracting a property’s operating expenses from its gross operating income. NOI is a key indicator of a property’s profitability and can be used to estimate its potential return on investment.

Another important financial metric that is typically included in an APOD is cash flow. Cash flow refers to the amount of money that is generated by a property after all operating expenses and debt service have been paid. Positive cash flow is generally considered to be a key indicator of a property’s financial health, as it can be used to cover operating expenses, pay down debt, and provide a return on investment to the property’s owners.

Return on investment (ROI) is another important financial metric that is typically included in an APOD. ROI refers to the amount of money that an investor can expect to earn on their investment in a property over a given period of time. This metric takes into account both the property’s net operating income and any additional costs or expenses associated with owning and managing the property.

In addition to these key financial metrics, an APOD may also include information about a property’s occupancy rates, rental rates, lease expirations, and other relevant data points. This information can be used to identify potential areas of risk or opportunity and to develop a broader investment strategy that takes into account the unique characteristics of a particular property or market.

It is worth noting that there are some limitations to the use of an APOD when evaluating potential investments. For example, an APOD is only as accurate as the financial data that is provided, and there are a number of factors that can impact a property’s financial performance that may not be captured in the APOD. Similarly, the APOD does not take into account broader market conditions, regulatory factors, or other external variables that may impact a property’s value or performance.

Despite these limitations, an APOD remains a useful tool for analyzing the financial performance of a commercial property. By providing a clear and concise overview of a property’s income and expenses over the course of a year, an APOD can help investors, owners, managers, and real estate professionals make informed decisions about potential investments, develop broader investment strategies, and manage their portfolios more effectively.

If you’d like some sample spreadsheets to create an APOD for a property you own or are considering, don’t hesitate to contact us.

Filed Under: Blog Posts

What First-time Homebuyers Need to Understand about Mortgage Interest Deductions

By Kerry ONeal

Purchasing a home is a significant milestone in many people’s lives. It’s a momentous decision that requires careful planning and consideration, especially when it comes to financing. One of the key considerations for first-time homebuyers is the mortgage interest deduction. For many first-time homebuyers, the idea of purchasing a home can seem overwhelming and unaffordable. However, the mortgage interest deduction can make homeownership more affordable than it might first seem. In this article, we’ll explore what first-time homebuyers should understand about the mortgage interest deduction and how it can make homeownership more affordable.

The mortgage interest deduction has a long history in the United States. It was first introduced in 1913 as part of the federal income tax. Initially, all interest payments were deductible, including credit card interest and other consumer debt. However, over time, the deduction was limited to mortgage interest, and today, it remains one of the most significant tax benefits for homeowners.

In Oregon, the mortgage interest deduction follows federal guidelines. Homeowners can deduct the interest paid on a mortgage up to a maximum of $750,000 for mortgages taken out after December 15, 2017. For mortgages taken out before this date, the limit is $1 million. The deduction is only available if homeowners choose to itemize their deductions instead of taking the standard deduction.

To illustrate how the mortgage interest deduction works, let’s look at an example. Suppose someone is buying a $450,000 house with an FHA loan at a 3.5% downpayment and a 7% interest rate. With this loan, their monthly mortgage payment would be $2,768, and the total interest paid over the life of the loan would be $366,028.

If the buyer chooses to itemize their deductions and take advantage of the mortgage interest deduction, they can deduct the interest paid on the loan from their taxable income. In this case, the total interest paid in the first year would reduce their taxable income by $25,621. Assuming a federal tax bracket of 22% and an Oregon state income tax rate of 9%, this deduction would result in an annual tax savings of $5,801. Over the life of the loan, the deduction would result in a total tax savings of about $60,000.

The tax savings provided by the mortgage interest deduction can make homeownership more affordable than it might first seem. In the example above, the tax savings would amount to $483 per month over the life of the loan. This can make a significant difference in the affordability of monthly mortgage payments.

It’s important to note that while the mortgage interest deduction can be a significant benefit for homeowners, tax laws and regulations are subject to change, and the specifics of how the deduction applies to each individual can vary. As a real estate broker, I always recommend that our clients consult with a qualified tax expert for guidance on their specific tax situation.

Filed Under: Blog Posts

Real Estate Broker vs REALTOR®

By Kerry ONeal

When it comes to buying or selling a property, many people rely on the services of a real estate professional to guide them through the process. However, it’s important to understand the difference between a real estate broker and a REALTOR® (there are no real estate agents in Oregon). While the terms are often used interchangeably, there are some distinct differences between the two. All REALTORS® are real estate brokers in the State or Oregon, but not all real estate brokers are REALTORS®. 

A real estate broker is someone who has obtained a state license to sell and purchase properties on behalf of clients. In order to become a licensed real estate broker, individuals must pass a state-administered exam that tests their knowledge of the real estate industry and their understanding of real estate laws and regulations. Real estate brokers can work with buyers and sellers to help them navigate the buying or selling process, but they may not necessarily be members of a professional organization like the National Association of REALTOR® (NAR).

On the other hand, a REALTOR® is a real estate broker who has taken additional steps to become a member of the National Association of REALTOR®. REALTORS® are held to a higher ethical standard than real estate brokers and must adhere to a strict code of ethics. This code of ethics includes obligations to clients, the public, and other REALTOR®. REALTORS® are also required to complete additional training and education courses to maintain their membership in the NAR.

One of the key differences between real estate brokers and REALTOR® is the level of professionalism and expertise that REALTOR® bring to the table. Because they are held to a higher ethical standard, REALTORS® are often more knowledgeable about the real estate market and can provide more comprehensive services to their clients. They may also have access to additional resources, such as the Multiple Listing Service (MLS), which allows them to provide their clients with up-to-date information about available properties.

Another important difference between real estate brokers and REALTORS® is the level of accountability that REALTORS® have to their clients. REALTORs® are required to provide their clients with a high level of service and are held accountable for any ethical violations or breaches of the code of ethics. If a REALTOR® violates the code of ethics, they may be subject to disciplinary action, including fines, suspension, or revocation of their membership in the NAR.

While both real estate brokers and REALTORS® can help you buy or sell a property, REALTORS® have taken additional steps to become members of a professional organization and are held to a higher standard of professionalism and ethical conduct. When choosing a real estate professional to work with, it’s important to consider their qualifications, experience, and level of expertise in the industry. We are all Realtors at Strategic Realty and we think that is an important distinction for our clients.

Filed Under: Blog Posts

Single Family Home Prices in Bend: A Casual Review

By Kerry ONeal

The Bend Bulletin recently published an article talking about the state of single family home prices in Bend, Oregon. According to the article, “the average price of a single-family home in Bend stabilized in recent months after rising significantly.”

Why have prices stabilized? Well, it’s because “there’s more houses for sale now, and also because of the pandemic.” More houses for sale means more options for buyers, which keeps prices from going up too much. The article adds that “the pandemic has made some people unsure about buying big things like houses, so that’s helped keep prices from going up too fast too.”

As a real estate broker in Bend, this news about the stabilization of single family home prices is definitely something we’ve been keeping an eye on. The increase in housing inventory is great for our clients, as it gives them more options to choose from. And the fact that prices have stabilized instead of continuing to climb is a positive sign for the overall health of the market.

We think this stabilize of prices presents a good opportunity for our clients looking to buy or sell a home. With a balanced market, it’s a good time for buyers to make a move without feeling like they’re getting into a bidding war. Also, as mentioned in the article, “the stabilization of prices means they [sellers] can feel confident about the value of their home.”

Overall, the article supports that the housing market in Bend is in a good place. Prices staying the same means there’s a balance between what people are selling houses for and what people are willing to pay. And the fact that prices haven’t gone down a lot because of the pandemic is a good sign that the market is “stable even in tough times,” as the article states.

If you’re interested in what’s going on with Bend real estate, we encourage you to read the article at: https://www.bendbulletin.com/business/single-family-home-prices-stabilize-in-bend/article_3328f48c-a66f-11ed-8f4b-c311d698c590.html?utm_source=newsletter&utm_campaign=daily-headlines&utm_medium=email&utm_content=read%20more

Filed Under: Blog Posts

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Big News for Buyers Struggling to Afford a Home

The United States Department of Housing and Urban … [Read More...]

What is an APOD?

In commercial real estate, APOD stands for Annual Property … [Read More...]

What First-time Homebuyers Need to Understand about Mortgage Interest Deductions

Purchasing a home is a significant milestone in many … [Read More...]

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