Preparing to Buy a Home: What Are the Advantages of Attending an Open House?

Now that any home can be viewed “virtually” on the Internet, do we still need open houses? The answer is yes! As a buyer, there is no more effective what see what a home has to offer than to see it firsthand. Other benefits of attending an open house include:

• Look AND Touch. A picture on a computer can’t tell you how a house feels, both literally and figuratively. At an open house, you can get a hands-on feel for the rooms and amenities, as well as get the feeling you could actually live there. 
• Check Out the Neighborhood. An open house gives you a chance to drive through the neighborhood. Are the lawns well-kept? Are there a lot of children? Is there much on-street parking? While you may not get the full picture on a Sunday afternoon, you will get information to consider when making your final decision. 
• Save Time. Plan your day in order to view multiple homes in one afternoon. This helps keep property features fresh in your mind. Take good notes and compare the properties when you get home. 

When you’re ready to buy, I’ll help you find your dream home. For information about upcoming open houses, call me at 317.777.1805 or email me at Scott@LacySells.com.

Preparing to Sell Your Home: What Should I Ask You as my Real Estate Agent?

Let’s face it—I want to be your real estate agent. I want to help you sell your home. Before we do business, we should both make sure it’s a good fit. Below are some key questions you should ask me to gauge my knowledge and commitment, and ensure a successful relationship.

• What is the average listing and selling prices for houses of this age, size and location?
• How long has the average home been listed before selling?
• How many homes are currently on the market?
• How many homes were on the market one year ago? Two years ago? Three years ago?
• What was the average selling price for homes of this age, size and location last month? Three and six months ago? A year ago?
• What is the percentage of owner-occupied versus rental homes in the area?
• Are there any large neighborhoods or communities in development?
• What is the average household income in the area? Age? Is the area growing, stagnating or decreasing?
• What has been the rate of appreciation or depreciation in the local market for the past one to five years?

In addition to answering your questions, I will use my knowledge and experience to pinpoint just the right listing price for the home, advise you about preparing the home for showings, and counsel you when fielding and accepting offers. So when you’re ready to sell, call me at 317.777.1805 or email me at Scott@LacySells.com.

Preparing to Buy a Home: How Can I Improve my Credit Score?

As a prospective homebuyer, don’t let your credit history stand in your way when securing a home loan. The bank uses your credit score to predict your risk as a borrower; the higher the number, the better risk you are, and the more likely they are to approve your loan.

The Fair Isaac Corporation (FICO) reports your loan information to the three major credit bureaus: Experian, Equifax, and TransUnion. Each credit bureau calculates your FICO score based on factors such as your payment history, how much you owe, what types of loans you have, and how long you’ve had them.

• Your payment history, and how much you currently owe, count for 65% of your score. Always pay your bills on time and keep your balances low.
• You can improve your credit score over time, even if you have a bankruptcy, foreclosure, settlements or liens in your past. Starting now, always pay your bills on time; on-time payments are the most important factor in achieving excellent credit.
• Don’t max out your credit cards, keeping your balances less than 40% of your available credit. If possible, maintain a mix of loans. Housing loans are best, because they’re the most difficult to get. Auto loans come in second, and credit cards bring up the rear.
• Don’t close out old lines of credit, because lenders prefer customers who maintain long banking relationships.

If you follow these tips, reduce your outstanding balances and pay your bills on time, your credit history will improve and you may qualify for a lower-interest home loan. And when that time comes, call me at 317.777.1805  or email me at Scott@LacySells.com to help you find your perfect home.

Selling Your Home: Why Do I Need an Appraisal?

As the housing market continues to improve, homes are selling in a matter of weeks, often attracting multiple bids—but only if the homes are properly priced to begin with.

Since most home purchases are financed, once you accept a buyer’s offer, an appraiser still has the final say on the value of the home. If there is a discrepancy, this can void the agreement or require re-negotiation.

This is where I, as your agent, come in. I will prepare a package of pertinent information for the appraiser, including the latest comparable sales data and documents detailing any upgrades or renovations to help you, the seller.

Before you list your home for sale, call me at 317.777.1805 or email me at Scott@LacySells.com. I will work with you to ensure your home is properly appraised and priced for the market.

Owning an Older Home: Should I Repair or Replace?

Older homes, built before WWII or earlier, are charming, unique, historic, quirky, annoying, and expensive—and you wouldn’t live anywhere else. So when it comes time to maintenance, should you repair or replace?

Experts agree that you should always try to maintain the originality of the home, with the exception of kitchens and bathrooms. Whether you’re thinking of buying an older home, have lived in one for many years, or are thinking of selling one, kitchens and bathrooms should be updated for both functionality and resale value.

Everything else, however, can usually be repaired at a reasonable price—if you find the right professionals. Four items in particular can be repaired relatively inexpensively while maintaining your home’s character.

Cracked plaster walls

Chips and fissures can be repaired without destroying the original wood trim. A professional can reattach the old plaster using special washers, then apply a plaster-like coat over the top, saving up to $200 a room.

Loose stair banisters

Repairing a loose handrail is important for both looks and safety. An experienced carpenter can tighten spindles at each step, and strengthen the entire banister by tightening a nut in a hidden pocket in the newel post, for around $200.

Squeaky wood floors

Time and multiple refinishings cause creaky, squeaky wood floors. A professional woodworker can sink micro-head screws through the floorboards and into the framing below, to stop them from rubbing together, for about $200–$500.

Drafty windows

An experienced carpenter can fix drafty, rattling windows. Removing built-up paint, adding weather stripping, waxing rails and replacing hardware will make the windows more energy-efficient for around $100–$200 each.

If you’re looking to buy or sell a unique older home, give me a call at 317.777.1805 or email me at Scott@LacySells.com.