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Things To Do Before Closing A Home Sale
You’re almost done with your home sale. The end is so close, you can almost taste victory! But before you celebrate the conclusion of this real estate transaction, it’s important to be as eagle-eyed as ever. Several things can happen during closing, and some of these events can threaten to undo the entire home sale.
For your eventual move
Transfer/cancel your utilities and change your address. Weeks before closing day, make sure to transfer utilities to your new residence and cancel the ones you no longer need. Take the time to change your billing address as well—you don’t want any of your mail to pile up in the home after you’ve moved out.
Cancel your insurance policies. Unless it was agreed that you’re going to transfer the policy to the homebuyer, don’t forget to cancel your insurance policy. The best time to do this is once the title has officially been transferred.
Make sure the house is clean. If the homebuyer saw a sparkling-clean house before making an offer, they should open the doors of their new home to find it in more or less the same state as well. If it’s too much work, hire a professional cleaning service to do a deep clean of the property. It also pays to go through the rooms once again and make sure you’ve packed all of your personal belongings.
Unplug and lock. Before you say goodbye to your old home one last time, make sure everything—doors, windows, and other entryways—is locked. Do a final sweep and check if all remaining appliances and home systems have also been unplugged. This is especially important if the home is going to sit vacant for a while.
For the eventual change of ownership
Gather all of the important documents. Don’t wait until the night before the closing date to secure all of the
paperwork you need. Keep everything, from your seller disclosures to the purchase contract, in one place for
safekeeping so that it’s ready come closing day. To be safe, make copies in case something happens in the future.
Prepare a packet. This welcome kit of sorts should contain everything you need to pass to the homebuyer, including all the relevant keys (doors, gas, mailbox, pool, gate—all the works), warranties, manuals (for the appliances and home systems like HVAC and the sprinklers, if applicable), and any receipts you find from contractors as well as appliance and furniture stores.
Place everything inside an envelope and leave it an area that is private but still easy for them to locate such as the
primary bedroom’s closet. You also have the option to hand this packet to the homebuyer on closing day or during the final walkthrough.
Fulfill your end of the bargain. You might have a list of things you agreed to do during the negotiation phase. This may include making some repairs or leaving certain furniture or appliances that are part of the home sale. Whatever it is, make sure you satisfy all the buyer requests at least a few days before the closing date.
Keep yourself available. During escrow, the homebuyer and other parties involved (which may include their agent and their lender), may need to be in contact with you. Keep your phone lines just in case something arises and address requests promptly to avoid any speed bumps.
Be there during the final walkthrough. Leaving a packet of incidentals is definitely helpful to the home’s new owners, but being present in the final walkthrough is just as important. Apart from making sure everything about the home is just as agreed, you can share tips and other information only you, the former homeowner, knows about the property. It’s a kindness that will make the transition easier for you and the homebuyer.
You may be wondering, “Do I have time to do all of this?”
Of course! But it depends on when the closing date is. According to this June 2021 Ellie Mae Origination Insight Report (https://static.elliemae.com/pdf/origination-insight-reports/ICE_OIR_JUNE2021.pdf), it takes an average of 51 days to close a home purchase.
If there are few issues about the sale and the buyer’s mortgage application, you can both agree on a shorter closing period. At the same time, both parties can arrange for a longer closing period if there are several things that need to be done.
Our Real Estate professionals are knowledgeable and ready to assist you with your buying or selling needs.
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Exploring Colonial Williamsburg
Williamsburg served as the capital of the Virginia colony from 1699 to 1780. Around the turn of the 20th century, John Davison Rockefeller led the restoration of the colonial town to its former glory with the help of William Archer Rutherfoord Goodwin, a rector of Bruton Parish Church in Williamsburg.
Colonial Williamsburg is the largest living museum in the United States, wherein guests can immerse themselves in the day-to-day life and significant events of 18th century America. Visiting the area is a must for American history buffs, especially for those interested in the American Revolution. Tour guides and character actors are scattered around the town reenacting the day-to-day lives of 18th century Americans.
If you happen to be in the area of Williamsburg, VA, make your visit more worthwhile by exploring Colonial Williamsburg.
To help you out, here’s a handy guide on how to prepare for and plan your visit.
Secure your tickets
There are several types of admission options (https://www.colonialwilliamsburg.org/tickets/), and you can choose one that best suits you. There are standard single-day or multi-day tickets with guided tours and performances, and for art enthusiasts, single-day tickets to all the art museums in Colonial Williamsburg. There are also area passes, special event passes, and a ghost tour for extra thrills. Plan your trip by checking out the calendar on the website
(https://www.colonialwilliamsburg.org/) to see which programs and sites are open.
Arrival
Park at the Visitor’s Center where you will buy or confirm your tickets and take a shuttle to the Historic Area. You can also opt to walk if you want to take in the sights at a more leisurely pace. Don’t forget to grab a map so you can plan your itinerary and avoid getting lost. Check out this page (https://www.colonialwilliamsburg.org/update/) for any updates regarding your visit.
Must-see places
To go over all the attractions, it’s best to allot two whole days for exploring Colonial Williamsburg. However, there are enough places to see to make a shorter stay worthwhile.
Here’s where you can go during your day trip:
- The Capitol
You can take a quick 20-minute guided tour around the Williamsburg Capitol and learn about its history. The House of Burgesses of the Virginia colony was situated in the Capitol from 1705 up to 1779. The building itself is a replica, as the original buildings have since burned down.
- Trade shops
Colonial Williamsburg offers numerous trade shops that can be endlessly fascinating to 21st century visitors. These
shops were vital to the beating heart of 18th century Williamsburg. Not all shops are open every day. Shops that are
open for business have flags to identify them and shop assistants outside the establishments to invite visitors in. Explore the armory, the blacksmith, the wig maker, the silversmith, the cabinet shop, the cobbler, the printing press, and the apothecary.
- The Governor’s Palace
The Governor’s Palace in Colonial Williamsburg served as the official residence for the royal governors of the Virginia colony, as well as the first two elected governors of Virginia, Thomas Jefferson and Patrick Henry.
The Peyton Randolph House stands in stark contrast to the elegance of the Governor’s Palace. It shows how the the
average Virginian lived and provides insight into the condition of slaves in colonial Virginia. The Peyton Randolph House includes a guided tour.
On the other hand, a self-guided tour of George Wythe House shows where the law professor lived during the 18th
century. Wythe was one of the signers of the Declaration of Independence and served as Thomas Jefferson’s tutor.
- Fifes and Drums
The Colonial Williamsburg Historic Area comes alive with the sound of the military field music during the performance of the marching Fifes and Drums in their period-accurate red uniforms and black tricons. Make sure to check performance schedules through the Historic Area.
Evening programs
Colonial Williamsburg’s vibrancy doesn’t end at sundown. There are many programs to choose from and to participate in. These include chamber music concerts, ghost tours, and historical interpreter presentations.
Trees Can Increase The Value Of Your Home
There are a lot of ways to increase the value of your home – from revamping your interiors to adding smart home features. Another way to increase value is by having trees on your property.
In a world where temperatures are rising, the demand for properties with lush landscapes and large trees are increasing.
In this article, we talk about how you can improve the value of your property with the addition of trees.
The impact of trees on property value
Homes with trees have a higher average market value by around 7% compared to similar houses without trees. According to Kathleen Wolf, a social scientist at the University of Washington, mature trees in high-income neighborhoods can increase property value by up to 15%(https://www.naturewithin.info/Policy/Hedonics.pdf), while good quality landscaping with healthy trees can increase a home’s value by up to 12%. Ultimately, the price will depend on the value sellers or buyers assign to the presence of trees on the property.
The benefits of trees
Planting trees around your property can afford you privacy from the outside world. Aside from that, they are great for the environment. Having trees in your area can lower temperatures especially on hot summer days. The shade trees provide can impact energy usage and costs.
Depending on how you position your trees around your home, you can save up to 35% in energy consumption annually.
Collectively, if your community has plenty of trees, they can significantly contribute to runoff control and filtration of
particulate matter in the area’s water supply. That’s not all; trees prevent erosion, produce oxygen, provide habitat for wildlife, and improve air quality.
Aside from the environmental impact of trees, they also improve our well being and can lead to lower crime rates. A property with an attractive landscape creates a sense of peace. Communities with well-kept landscapes provide a more conducive environment for living, working, and playing. Aside from helping people relax, trees can block noise by as much as 40% when strategically placed.
Choosing the right trees
The right trees for your property depend on your area’s climate and local ecosystem.
In areas with cooler climates, avoid palm trees and go instead for deciduous trees such as maple, oak, and linden, which can survive cold winters. For areas in warmer climates, magnolias, citrus, palm trees, and frangipanes are suitable.
If the area you’re in tolerates fruit trees, try planting plum or apple trees. Not only do these look amazing when the fruits begin to grow, but you also get to pick fruits right off your yard!
Preventing trees from encroaching your property
While trees provide good privacy and shade from the sun, trees can also encroach your property.
Some species have extensive root systems that can invade your yard and affect plumbing or even your home’s foundation. Trees with large roots include willows and American elm. If left unchecked, these trees can grow sprawling root systems that can impinge on your property’s structures.
Unattended landscaping can also cover up the property, preventing realty photographers and potential buyers from
maximizing curb appeal.
Avoid planting trees close to any structures that could be eroded, such as swimming pools. Place them close enough to your home to be able to provide some shade, but not too close that its roots might ruin your walls.
It is also important to avoid planting trees that are high maintenance, prone to disease, or attract invasive pests. The Arbor Day Foundation’s map (https://www.arborday.org/media/Zones.cfm) of hardiness zones for trees can help you determine which trees are suitable for your region.
Thinking about the long-term look
Once you’ve decided that you want trees on your property, think about the look you want to achieve in five to 10 years’ time. Ask yourself if you can commit to the maintenance involved in growing trees. If your area is prone to strong winds, it’s best to avoid sycamores, which have large branches that can snap and crash to the ground. Consult with a local arborist or reputable landscaper; they will know which trees are best for your home.
Our Real Estate professionals are knowledgeable and ready to assist you with your buying or selling needs.
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First-Time Homebuyer Programs In Virginia You Should Know
Investing in luxury homes in Williamsburg, VA may appear to be a tough mountain to climb if you’re a first-time homebuyer (https://cbwilliamsburg.com/latest-blog/tips-for-first-time-homebuyers/). But like modern climbing expeditions to Everest, your first home can be a luxury property with the right tools and Realtor by your side.
There are also countless resources that can help you inch closer to your dream home, regardless if it’s considered high-end or not. In Virginia, you may be able to benefit from any of the first-time homebuyer programs below, courtesy of the Virginia Housing Development Authority (VHDA).
What makes a house a luxury home?
Like other residential real estate, luxury homes (https://cbwilliamsburg.com/latest-blog/why-luxury-homes-are-goodinvestments/) come in different shapes and sizes. What makes it stand out from the rest of the housing stock is its price. But that doesn’t mean a luxury home is always priced in the millions.
Location plays an important role in determining which home is high-end. If a property is considerably more expensive than other homes in the market, it is a luxury home. In Williamsburg, VA, where the average market value of homes is $380,171, you can consider homes well above that price to be luxury.
Of course, other factors like the quality of finishings and the amenities play a part, too. But if you want an easy way to determine if you’re looking at a piece of luxury real estate in the market, taking a look at its price relative to the neighborhood takes only minutes.
Down payment assistance grant (DPA)
Down payments can be challenging to make, but VHDA’s down payment assistance grant makes the load easier. If you’re qualified, you can receive up to 2.5% of your first down payment. You can pair this with a Mortgage Credit Certificate (MCC) to lower your monthly housing payments even further.
Requirements:
- You must be a first-time homebuyer
- You should have a credit score of at least 620 (FHA), 660 (Virginia Housing Conventional No Mortgage Insurance), 640 (Virginia Housing Conventional)
- Your household income should not exceed the program limits
(https://www.vhda.com/Homebuyers/VHDAHomeLoans/Pages/IncomeSalesPriceLoanLimits.aspx) - Learn more about DPA here. (https://www.vhda.com/Homebuyers/Pages/DownPayment.aspx)
Virginia Housing Conventional
Another solution for your down payment woes is the Virginia Housing Conventional grant. It can lower your down payment to only 3% and, if you also qualify for a DPA grant, just 1%. You can also combine this with MCC and Plus Second Mortgage.
Virginia Housing Conventional can finance up to 97% of your home purchase. Combined with the fact that it requires
mortgage insurance (with discount premiums), this is one of the best programs for first-time buyers—or anybody who wants to “move up.”
Requirements:
- You must have a minimum credit score of 640
Virginia Housing Conventional No Mortgage Insurance (MI)
If you like the benefits of the Virginia Housing Conventional loan but don’t want to get mortgage insurance, here’s your alternative. As its name implies, it doesn’t require you to get one.
Two other things that differentiate it from its with-MI counterpart are the interest rate and the credit score requirement. Since you don’t have to get mortgage insurance, you’ll have to pay higher interest rates. And in order to qualify for this loan, you must have a credit score of at least 660.
Mortgage credit certificates (MCC)
Exclusive for first-time homebuyers, mortgage credit certificates are beneficial if you want to earn tax credits from your home purchase. The credit you receive is equal to 10% of your annual mortgage interest, which means thousands of dollars in savings. This is valid for the rest of your loan’s term so long as you live in the home you bought.
Requirements:
- You must have a commitment with your chosen approved lender
- You must be a first-time homebuyer or haven’t lived in a home you owned within the past three years
- Your household income shouldn’t exceed the income limits
(https://www.vhda.com/Homebuyers/VHDAHomeLoans/Pages/IncomeSalesPriceLoanLimits.aspx) - The purchase price of the home you intend to buy should be below the maximum sales price/loan limits
(https://www.vhda.com/Homebuyers/VHDAHomeLoans/Pages/IncomeSalesPriceLoanLimits.aspx) (for Williamsburg, it’s $390,000)
Given the sales price/loan limit stipulation, qualifying for a mortgage credit certificate may be challenging if you want to buy a luxury home. That said, this is useful knowledge to have in case your plans change.
You can read more about mortgage credit certificates here.
(https://www.vhda.com/Homebuyers/Pages/mortgagecreditcertificates.aspx)
Our Real Estate professionals are knowledgeable and ready to assist you with your buying or selling needs.
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Your “Starter Home” Might Last Longer than You Think
New homebuyers often tell their agents that they are looking for their “starter home.” Several factors go into this approach. These are typically younger buyers, often without children. They may be looking for a maintenance-free home, like a condo, or they might assume that starter homes are more budget-friendly. There are plenty of good reasons to buy a home with the assumption that it’s only for a few years, but it’s usually wise to consider the fact that it might be for much longer.
As 2020 demonstrated so clearly, things can change without warning. Homebuyers choosing a small condo with the intention of living in it for only a few years might later find themselves trying to carve out space for children due to
employment challenges or market changes. The good news is that many times— once you add in association fees, taxes, and other costs—an older home that needs updating could be just as economical as a brand-new condo with all the latest design features.
When buying your first home, it’s important to consider how you would manage if you needed to stay longer than expected. An older home might offer a yard where you could expand, or extra rooms which can become bedrooms. These options can give you flexibility as your lifestyle changes over the years.
If you buy your first home with the future in mind, you can protect yourself from the unexpected income changes, real estate price booms, or any other outside influence. Don’t discount the older fixer-upper simply because you plan to move in a few years—plans change, and giving this some prior thought can help you adjust more painlessly in the future.
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Looking for a Mortgage? It Might be Time to Review Your Resume
When evaluating a potential borrower, lenders consider a number of factors. You already expect to produce a good FICO score, proof of income, and a reasonable down-payment, but have you reviewed your resume? A crucial aspect of loan approval is your employment and employment history – your resume.
Your employment history provides lenders some insight into your financial stability and income consistency. They want to ensure that you have a steady source of income that will cover your mortgage as well as household essentials. Typically, this involves pay stubs, W-2 forms, and tax returns. They will also verify employment with your human resource department, including hire date. If you have been in the same job for a while, this strengthens your application by reducing the risk the lender assumes in loaning you the money. Sometimes, the lender will need to look closer and ask for more documentation if your employment history reveals potential issues.
Self-Employment
The approval process for self-employed borrowers may be slightly different. Lenders will expect a strong, steady income stream that will be verified with bank statements and tax returns. A company profit and loss statement will
also be requested.
Employment Gaps
Extended, unexplained employment gaps may be a concern for lenders. The key is to explain, and most lenders understand reasonable explanations such as education, caring for a family member, or extended illness.
Changing Industries
Recent changes to your career track or industry can be a red flag to lenders. Remember they are looking for consistency. However, as with other issues, having a strong reason for the change and demonstrating financial stability can alleviate these concerns.
Before you send off your loan package, it’s worth giving your resume a quick review. Proactively offer documentation for anything that seems unusual or that may cause questions. Working with your mortgage professional can help you navigate the process and result in a loan approval.
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Thinking about Refinancing?
Tune in to the radio or watch TV in the evening and you’ll be bombarded with commercials offering incredibly low interest rates to refinance your home. These rates may sound enticing, and you may be wondering if it’s time to refinance your home loan. While refinancing can make financial sense in some situations, not everyone will benefit.
Most people consider refinancing to lower their interest rate. Even a slight change in the interest rate may add up to significant dollars over the life of the loan. When evaluating the new loan, remember to add in any additional costs. Ask if you will be responsible for closing costs or appraisal costs before jumping at a lower rate. The length of the loan is also important to review. Are you restarting the clock on a 30-year mortgage? It’s recommended to not refinance for longer than the years remaining on your current loan.
One great reason to refinance is to eliminate PMI (private mortgage insurance) or convert from a variable-rate loan to a fixed-rate loan. First-time borrowers may have had limited options for the original loan. But now with more equity and perhaps stronger credit, a refinance can put these borrowers into a better loan. A refinance can also offer a way to consolidate higher-interest debt by pulling money from the home to pay off credit cards or car loans.
Refinancing offers are everywhere. It may be a great time to take advantage of lower rates and lock in savings. Remember to consider all the costs associated with a refinance before assuming it’s a good financial decision.
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Save On Housing Costs in Retirement
Retirement is a time of freedom; it’s something people look forward to most of their lives. As you prepare for retirement, it’s natural to consider ways to reduce your housing costs. Fortunately, there are some great ways to enhance your lifestyle while reducing costs.
6 Ways to Save Housing Costs in Retirement
1. Downsize – The most common way to reduce costs is to downsize. Many older Americans find they can greatly reduce or eliminate monthly payments while reducing upkeep.
2. Home Sharing – If you are single, consider finding a housemate.
3. Retirement Communities – 55+ communities offer a lower-cost, low-maintenance lifestyle.
4. Retire in Phases – Plan for the stages of retirement, including possible assisted living. Buying into these multi stage communities can save thousands throughout your retirement.
5. Look at Your Mortgage – Make your current monthly payment more affordable by refinancing at a lower rate. You might also consider a reverse mortgage. Federally insured reverse mortgages can provide income to supplement your retirement savings.
6. Sell Your Home – Maybe you no longer need to own a home at all. Selling a home and pocketing the proceeds can give you the freedom to travel more and rents may be less expensive than owning.
If it’s finally time to retire, or if you are in the final planning stage, consider the cost of housing. Saving money on monthly expenditures is the best way to make the most of your hard-earned retirement.
Our Real Estate professionals are knowledgeable and ready to assist you with your buying or selling needs.
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Are Buyers Avoiding Your Listing? Strategies to Revive A Stale Listing
Are Buyers Avoiding Your Listing? It may seem like every listing sells the first weekend these days, but as the market begins to slow down, more sellers are facing the dilemma of an aging listing. If your listing has been on the market for a while, buyers naturally assume that there is something wrong with the home and avoid viewing the home. Fortunately, there are strategies to renew the listing and re-engage buyers’ interest.
If your listing is losing steam, the first step is to understand why. Typically, if a home is not getting offers, it’s priced too high. Even homes in terrible condition will sell quickly for the right price. In a market where homes are selling quickly, it’s common for sellers to assume they can push their listing price even higher, but savvy buyers and agents will reject overpriced homes.
Another strategy is to put the home on hold and make a few updates. In most cases, simply adding a fresh coat of paint or new carpet can offer a more appealing look to buyers. In other cases, to garner a top price, sellers may need to replace appliances or more. Always weigh the cost in dollars and time before making significant updates.
Finally, some Multiple Listing Services (MLS) allow an agent to refresh the listing by temporarily taking it off the market for a few days and then placing it back on “active” status (with seller authorization). This triggers new alerts to both buyers and agents who are looking for a comparable property. If your listing is not getting the attention it deserves, speak to your agent about your options.
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5 Important Things to Consider Before Buying a Fixer-Upper Home
Purchasing a fixer-upper property can be an exciting and rewarding experience. HGTV is filled with programs of amateurs knocking down walls and tiling bathroom floors. The fact is that this is much harder than it looks and before diving headfirst into this kind of project, it’s critical to consider whether you are prepared for the venture.
5 Important Things to Consider Before Buying a Fixer-Upper Home
1. Financial Planning – The first step in buying a fixer-upper home is to establish a realistic budget. Include the purchase price, repairs costs, and any expected expenses for renovation or restoration. Once you have created a “known” list, then add extra for unexpected issues that will arise.
2. Time and Effort – Renovating a fixer-upper takes time and effort, even if you hire a general contractor to oversee the project. Consider the overall scope of the project and evaluate your skills and level of time commitment.
3. Structural Condition – Before making an offer, thoroughly inspect the property’s structure and foundation. Recognize the impact of any issues uncovered and make sure to budget for the proper corrections.
4. Real Estate Market and Location – Even a beautiful home in a terrible area is a bad investment. Consider such factors as property values, market trends and the potential for future appreciation. Work with a financial planner to make sure the investment fits your long-term goals.
5. Legal Considerations – Before writing the offer, familiarize yourself with local building codes, permit requirements, and zoning regulations. Ensure the changes you anticipate align with local requirements.
Purchasing a fixer-upper home can be a wonderful investment and worthwhile project. By evaluating your budget, time commitment, property condition, and potential appreciation, you can be sure to choose the right situation for your goals and experience.
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