Posts with tag 'Nine Mile Falls WA'

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How to Prioritize Home Improvement Projects

September 13th, 2021 by Coldwell Banker Tomlinson

Spokane Home Improvement

When looking at Spokane homes for sale, buyers often plan how they might fix up a home or make it their own. The right home improvements can go a long way towards making a home more livable and increasing its value. But as your list of home improvement projects grows, how do you decide which ones to tackle first? Here are some tips to help you prioritize your to-do list.

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Categories: Home Improvement

Tags: Spokane, New Home , Home Improvement, REALTORS, Chattaroy WA, Cheney WA, Chewelah WA, Davenport WA, Deer Park WA, Liberty Lake WA, Loon Lake WA, Newport WA, Nine Mile Falls WA, Spokane WA, Spokane Valley WA, Sell a Home, Selling Your Home, Listing Your Home

Related Markets: Chattaroy, Cheney, Chewelah, Davenport, Deer Park, Liberty Lake, Loon Lake, Newport, Nine Mile Falls, Spokane, Spokane Valley

August
30

House Care Calendar: A Seasonal Guide to Maintaining Your Home

August 30th, 2021 by Coldwell Banker Tomlinson

From summer vacations to winter holidays, it seems each season offers the perfect excuse to put off our to-do list. But be careful, homeowners: neglecting your home's maintenance could put your personal safety—and one of your largest financial investments—at serious risk.

In no time at all, small problems can lead to extensive and expensive repairs. And even if you avoid a catastrophe, those minor issues can still have a big impact. Spokane Homes for Sale that are not well maintained can lose 10 percent (or more) of their appraised value.

The good news is, by dedicating a few hours each season to properly maintaining your home, you can ensure a safe living environment for you and your family ... and actually increase the value of your home by one percent annually!

While this checklist should not be considered a complete list of your home's maintenance needs, it can serve as a general seasonal guide to maintaining your property throughout the year.

SPRING

After a long, cold winter, many of us look forward to a fresh start in the spring. Wash away the winter grime, open the windows, and prepare your home for warmer weather and backyard barbecues.

INSIDE

Conduct Annual Spring Cleaning
Shut Down Heating System
Tune Up A/C
Check Plumbing
Inspect Smoke Alarm & Batteries
Check Carbon Monoxide Detector
Check Water Filters & Replace as needed
Clean out Sink & Shower Drains

OUTSIDE

Inspect Perimeter of Home & Deck
Clean Home's Exterior
Clean Gutters and Downspouts
Seed or Sod Lawn & Fertilize
Apply a Pre-Emergent Herbicide
Plant Flowers & Mulch Beds
Tune Up Lawn Mower
Inspect Sprinkler System

SUMMER

Summer is generally the time to relax and enjoy your home, but a little time devoted to maintenance will help ensure it looks great and runs efficiently throughout the season.

INSIDE

Adjust Ceiling Fans
Clean A/C Filters
Clear Dryer Vent
Check Weather Stripping

OUTSIDE

Mow Lawn Regularly
Water Early in the Morning
Weed Weekly
Exterminate Pests

FALL

Fall ushers in another busy season of home maintenance as you prepare your home for the winter weather ahead.

INSIDE

Have Heater Serviced
Shut Down A/C for the Winter
Inspect Chimney
Seal Windows and Doors
Check Smoke Alarm & Carbon Monoxide Detectors

OUTSIDE

Plant Fall Flowers, Grass and Shrubs
Rake or Mow Leaves
Apply Fall Fertilizer
Inspect Gutters and Roof
Shut Down Sprinkler System
Close Pool

WINTER

While it can be tempting to ignore home maintenance issues in the winter, snow and freezing temperatures can do major damage if left untreated. Follow these steps to ensure your house survives the winter months.

INSIDE

Maintain Heating System
Tune Up Generator
Prevent Frozen Pipes
Adjust Ceiling Fans

OUTSIDE

Drain and Shut Off Outdoor Faucets
Remove Window Screens
Service Snowblower
Stock Up on Ice Melt
Watch Out for Ice Dams
Check for Snow Buildup on Trees

ARE YOU LOOKING FOR HELP

...with home maintenance or repairs? We have an extensive network of trusted contractors and service providers and are happy to provide referrals! Call or email us, and we can connect you with one of our preferred vendors. Contact us

Categories: Home Improvement

Tags: Spokane, Area Information, Moving Tips, New Home , New Town, Home Improvement, REALTORS, Local Businesses, Mead, Colbert, Kitchen, Chattaroy WA, Cheney WA, Chewelah WA, Davenport WA, Deer Park WA, Liberty Lake WA, Loon Lake WA, Newport WA, Nine Mile Falls WA, Riverside WA, Spokane WA, Spokane Valley WA, Coeur D'Alene ID, Hauser ID, Hayden ID, Post Falls ID, Garden, Spring, Sell a Home, Selling Your Home, Listing Your Home, Buying a Home, summer

Related Markets: Chattaroy, Cheney, Chewelah, Coeur d Alene, Colbert, Davenport, Deer Park, Hauser, Hayden, Liberty Lake, Loon Lake, Mead, Newport, Nine Mile Falls, Post Falls, Riverside, Spokane, Spokane Valley

August
16

Interior Design Trends: Cottagecore Home Decor

August 16th, 2021 by Coldwell Banker Tomlinson

When you buy a new home, you want it to be a reflection of you and your style. As you consider various trends, you may come across a popular new one called cottagecore. But what is it, exactly, and will it work for your interior design needs? Essentially, cottagecore home decor is a nostalgic journey to a simpler time and place. If sipping tea in a garden, breathing in the delicate scent of roses and honeysuckle strikes your fancy, this could very well be the interior design style you are seeking. If the homes you are asking to be shown are reminiscent of country living, you ma...

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Categories: Home Improvement

Tags: Spokane, Area Information, New Town, Home Improvement, Landscaping, REALTORS, Mead, Colbert, Chattaroy WA, Cheney WA, Chewelah WA, Davenport WA, Deer Park WA, Liberty Lake WA, Loon Lake WA, Newport WA, Nine Mile Falls WA, Riverside WA, Spokane WA, Spokane Valley WA, Coeur D'Alene ID, Hauser ID, Hayden ID, Post Falls ID, Garden, Spring, Sell a Home, Selling Your Home, Listing Your Home, Buying a Home, summer, parks and recreation

July
2

How to Bridge the Appraisal Gap in Today's Real Estate Market

July 2nd, 2021 by Coldwell Banker Tomlinson

If you're searching for drama, don't limit yourself to Netflix. Instead, tune in to the real estate market, where the competition among buyers has never been fiercer. And with homes selling for record highs, the appraisal process is receiving more attention than ever. That's because, in a rapidly appreciating market, a property is more likely to appraise below the sales price—which can lead to major repercussions for both buyers and sellers.

It's never been more important to understand the appraisal process and the risks involved. It's also crucial to work with a skilled real estate agent who can guide you to a successful closing without overpaying (if you're a buyer) or overcompensating (if you're a seller). Find out how appraisals work—and in some cases, don't work—in today's unique real estate environment.

APPRAISAL REQUIREMENTS

An appraisal is an objective assessment of a property's market value performed by an independent authorized appraiser. Mortgage lenders require an appraisal to lower their risk of loss in the event a buyer defaults on their loan.

In most cases, a licensed appraiser will analyze the property's condition and review the value of comparable properties that have recently sold. Appraisal requirements can vary by lender and loan type, and in today's market, in-person appraisal waivers have become much more common. If you're applying for a mortgage, be sure to ask your lender about their specific terms.

APPRAISALS IN A RAPIDLY SHIFTING MARKET

An appraisal contingency is a standard inclusion in a home offer. It enables the buyer to make the closing of the transaction dependent on a satisfactory appraisal wherein the value of the property is at or near the purchase price. This helps to reassure the buyer (and their lender) that they are paying fair market value for the home and allows them to cancel the contract if the appraisal is lower than expected.

Low appraisals are not common, but they are more likely to happen in a rapidly appreciating market, like the one we're experiencing now. That's because appraisers must use comparable sales (commonly referred to as comps) to determine a property's value. This could include homes that went under contract weeks or even months ago. With home prices rising so quickly, today's comps may be lagging behind the market's current reality. Thus, the appraiser could be basing their assessment on stale data, resulting in a low valuation.

HOW ARE BUYERS AND SELLERS IMPACTED BY A LOW APPRAISAL?

When a property appraises for less than the contract price, you end up with an appraisal gap. In a more balanced market, that could be cause for a renegotiation. In today's market, however, sellers often hold the upper hand.

That's why some buyers are using the potential for an appraisal gap as a way to strengthen their bids. They're proposing to take on some or all of the risk of a low appraisal by adding gap coverage or a contingency waiver to their offer.

Appraisal Gap Coverage

Buyers with some extra cash on hand may opt to add an appraisal gap coverage clause to their offer. It provides an added level of reassurance to the sellers that, in the event of a low appraisal, the buyer is willing and able to cover the gap up to a certain amount.

For example, let's say a home is listed for $200,000 and the buyers offer $220,000 with $10,000 in appraisal gap coverage. Now, let's say the property appraises for $205,000. The new purchase price would be $215,000. The buyers would be responsible for paying $10,000 of that in cash directly to the seller because, in most cases, mortgage companies won't include appraisal gap coverage in a home loan.

Waiving The Appraisal Contingency

Some buyers with a higher risk tolerance—and the financial means—may be willing to waive the appraisal contingency altogether. However, this strategy isn't for everyone and must be considered on a case-by-case basis.

It's important to remember that waiving an appraisal contingency can leave a buyer vulnerable if the appraisal comes back much lower than the contract price. Without an appraisal contingency, a buyer will be obligated to cover the difference or be forced to walk away from the transaction and relinquish their earnest money deposit to the sellers.

It's vital that both buyers and sellers understand the benefits and risks involved with these and other competitive tactics that are becoming more commonplace in today's market. We can help you chart the best course of action given your individual circumstances.

DON'T WAIVE YOUR RIGHT TO THE BEST REPRESENTATION

You need a master negotiator on your side who has the skills, instincts, and experience to get the deal done...no matter what surprises may pop up along the way. If you're a buyer, we can help you compete in this unprecedented market—without getting steamrolled. And if you're a seller, we know how to get top dollar for your home while minimizing hassle and stress. Contact us today to schedule a complimentary consultation.

Categories: Buying A Home

Tags: Things to Do, Spokane, Area Information, New Home , New Town, Market Report, REALTORS, Mead, Colbert, Chattaroy WA, Cheney WA, Chewelah WA, Davenport WA, Deer Park WA, Liberty Lake WA, Loon Lake WA, Newport WA, Nine Mile Falls WA, Riverside WA, Spokane WA, Spokane Valley WA, Coeur D'Alene ID, Hauser ID, Hayden ID, Post Falls ID, Garden, Spring, Outdoors, Sell a Home, Selling Your Home, Listing Your Home

June
8

Take Advantage of Your Home Equity: A Homeowner's Guide

June 8th, 2021 by Coldwell Banker Tomlinson

Homeownership offers many advantages over renting, including a stable living environment, predictable monthly payments, and the freedom to make modifications. But one of the biggest benefits it offers is the opportunity to build wealth over time. Researchers at the Urban Institute found that homeownership is financially beneficial for most families, and studies have shown that the median net worth of homeowners can be up to 80 times greater than that of renters in some areas.

So how does purchasing a home help you build wealth? And what steps should you take to maximize the potential of your investment? Find out how to harness the power of home equity for a secure financial future.

WHAT IS HOME EQUITY?

Home equity is the difference between what your home is worth and the amount you owe on your mortgage. So, for example, if your home would currently sell for $250,000 and the remaining balance on your mortgage is $200,000, then you have $50,000 in home equity.

The equity in your home is considered a non-liquid asset. It's your money; but rather than sitting in a bank account, it's providing you with a place to live. And when you factor in the potential of appreciation, an investment in real estate will likely offer a better return than any savings account available today.

HOW DOES HOME EQUITY BUILD WEALTH?

A mortgage payment is a type of "forced savings" for home buyers. When you make a mortgage payment each month, a portion of it goes towards interest on your loan, and the remaining part goes towards paying off your principal, or loan balance. As your loan balance goes down, your home equity goes up.

Additionally, the value of your home generally increases, or appreciates, over time. And when you sell it, even if you've only paid off a small portion of your mortgage, you get to keep 100% of your property's appreciated value. That's the wealth-building power of real estate.

WHAT CAN I DO TO GROW MY HOME'S EQUITY FASTER?

There are two basic ways to increase the equity in your home:

Pay down your mortgage. Some homeowners do this by adding a little extra to their monthly payment, making one additional payment per year, or making a lump-sum payment when extra money becomes available. Another option is to decrease your amortization period. For example, if you can afford the higher monthly payment, consider refinancing from a 30-year or 25-year mortgage to a 15-year mortgage
Raise your home's market value. Many homeowners enjoy do-it-yourself projects that add value at a relatively low cost. Others choose to invest in larger, strategic renovations. Keep in mind, you won't necessarily get back every dollar you spend on upgrades, so consult a professional before making any major investments.

A word of caution: neglecting routine maintenance could decrease your home's value (and equity), so be sure to stay on top of recommended upkeep and repairs.

HOW DO I ACCESS MY HOME EQUITY IF I NEED IT?

What if you want to tap into your home's equity while you're still living in it? There are several ways to borrow against your home equity, depending on your needs and qualifications:

A Second Mortgage (or Home Equity Loan) enables you to borrow a lump sum, which you are responsible for paying back—with interest—over a set period of time. Most second mortgages have a fixed interest rate and provide the borrower with a predictable monthly payment.
With a Cash-Out Refinance , you refinance your mortgage for a higher amount than you currently owe. Then you pay off your original mortgage and keep the difference as cash. This option may be preferable if you have a high interest rate on your current mortgage or prefer to make just one payment per month.
A Home Equity Line of Credit (HELOC ) is a revolving line of credit, similar to a credit card. It allows you to draw out money as you need it. The interest rate on a HELOC is variable, so your payment each month could change depending on how much you borrow and how interest rates fluctuate.
A Reverse Mortgage enables qualifying seniors to borrow against the equity in their home to supplement their retirement income. In most cases, the loan (plus interest) doesn't need to be repaid until the homeowners sell, move, or are deceased.

It's important to note that borrowing against your home's equity isn't always the best option, and it carries the risk of foreclosure if you default. Please ask for a referral to a lender or financial adviser to find out if a home equity loan is right for you.

ALWAYS HERE TO HELP

If you're ready to begin building equity with a new home purchase, grow the value of your current home, or access your equity through a home sale or loan—help is here. Schedule a complimentary consultation!

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

Categories: Uncategorized