Monthly Archives: April 2019

Staging your home to appeal to Millennial buyers – 14

staging for millennials

This podcast will share 8 useful tips and steps that you can use to successfully stage your home to appeal to millennial buyers. For more information contact Joe Santoro or Nick Santoro of Personal Property Managers at www.personalpropertymanagers.com

Personal Property Managers specializes in: Home Downsizing, Home Cleanout Services, Estate Sales, Home Content Liquidation, Property Management, Absentee Home Watch, Moving, Full Service Discount Real Estate Services, Home Sales, Home Buyer Services, and Elder Care Services. With Personal Property Managers, one call does it all.

 

Seller Staging Tips for Appealing to Millennial Buyers

Home Seller Staging Tips for Appealing to Millennial Buyers

If you are planning on selling your home in the near future then this article about appealing to the largest home buyer market segment…millennials is important must read material for you. Why? Because the market and what’s hot and what’s not has changed dramatically over the past few years. If you want to maximize your home selling price and appeal to the greatest buying pool today then we encourage you to take action today to take advantage of these trends. The first thing a prospective home seller usually starts thinking about is getting their home ready to sell. With that said, you may be asking yourself what kinds of updates should you consider? What improvements should you make, if any? And should you stage your home?

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These are all important questions to ask as you make decisions about your home’s condition. Getting top dollar for your home requires that the home really shines when buyers compare it to other homes in your market.

The first step in preparing your home for the market is to think like a buyer, not a homeowner.

Millennial Buyers – the largest buyer segment
Who are they? Home Buyer Profiles for 2019:
• The millennial generation is defined as those who are 36 years old and younger.
• Generation X is 37 to 51
• Younger Boomers are 52 to 61.
• Older Boomers are 62 to 70
• the Silent Generation are aged 71 to 91.

Nick Santoro says, that no matter where you live in the United States, no matter what your profession, background or generation, no doubt you have seen and heard much about the generation called the “millennials.”

Millennials are the people born between 1981 and 1997. It is important to understand certain behavioral patterns shared by most millennials.

Millennials are set to become the largest home buying generation in U.S. history and, more than likely, a millennial may be the next buyer of your home.

Millennial buyers (age 36 years and younger) represent 66% or 2/3 of today’s buyers and were first-time buyers. Over one quarter or 28% of today’s buyers were Gen X buyers (age 37 to 51). So, 92% of today’s buyers were Millennials or Gen X’ers….

Millennials have demonstrated certain characteristics due to the times in which they grew up….namely, the “Great Recession”. Some of these traits are distinctly different than other generations, like their financial outlook. But, surprisingly, many traits are just the same as the rest of us. Check out these trends as reported by NAR:

– This generation has delayed homeownership because of student debt and underemployment. However, when they do step up to the real estate market, they tend to bypass the traditional “starter home” and opt for a larger “forever home”.
– Although they have gravitated towards urban areas when renting, the majority (74%) opt for a single-family home in the suburbs for their home purchase.
– Millennials as a demographic value relationships and look for homes with entertaining spaces, including outdoor spaces. Outdoor rooms have value, just like the interior of a home.
– This generation of homebuyers values smart home technology, as they obviously have grown up with more technology at their fingertips than any other generation.
– Like all of us, storage is an important part of a home to this demographic.
– As far as home styles, this generation of buyers falls into two diverse camps: If they choose a period home, they want everything to be authentic. If not an older home, then they want everything to be modern. Simple as that.
– Millennials consider function over size

At Personal Property Managers, our team has been working with Millennials for several years and is co-owned and managed by millennials.

Millennials Want to be ‘wowed’

We’ve seen it time and time again over the last few years, these young buyers want to be swept off their feet by “how the home lives”. Millennials are internet savvy and fact based buyers. Even if they start their homebuyer journey with facts and figures, lists of features and lifestyle preferences, their final decision is usually the house that makes their hearts skip a beat.

When Millennial buyers are considering a home, at the top of their minds is how the spaces fit into their “ideal life” which is based more on pleasure than work that needs to be done. Remember to think like a buyer to be a successful home seller.

Think like a Buyer when staging your home

While staging certainly fits into any good real estate marketing plan, remember that home staging itself does not sell a home. What good staging does is make the home more appealing to the highest number of potential buyers. Staged homes sell quicker, according to numerous studies. Think about how you can present your home’s spaces in a way that appeals to a home buyer’s lifestyle ideals. Here are our five top tips to accomplish this goal throughout your house:

Living Rooms for Living

Most buyers are looking for space. Space for their stuff, and space to entertain. A living space, no matter what size or configuration, can be a place to entertain. Most of the time, we find that homeowners need to edit their furniture and decor to give a sense of more space in their living rooms. Start by de-cluttering. Clean out everything that you have not used in a while.

When you’re arranging your furniture and decor in your living room, family room or great room, keep your furniture to scale. Remember the “rule of three”. Three pieces of furniture are usually enough. The coffee table grounds a conversation space.

Bring in some plants to bring the outdoors in and liven up the space. And don’t fake it with silk! That was a 90’s trend that will scream “this home is so outdated!”

Bedrooms – comfort and light colors

Comfort is the buzzword for bedrooms. It’s not difficult to stage a bedroom for comfort. Like the living spaces, you’ll want to declutter. While your are decluttering, don’t forget to pack up some personal things. Pack up half of your clothes and your closets will magically appear to have so much space!

Buy an “all-in-one” comforter set to unify the decor. Update your window treatments. If you need to add visual space to a room, mirrors work wonders.

One of the easiest things to do in the bedroom, as well as throughout your house, is to light it up. Update your lighting if needed. Get the brightest bulbs your fixtures will handle, and make sure the windows are clean. When showing your home, open the window treatments and let the light in.
But your home will need to be clean, because guess what all that light will show?

Bathroom appeal

With our busy and hectic lives today, we all appreciate a bathroom that has a Spa appeal. No matter what your bathrooms are like, you can easily add spa-like touches. Think of the things you find in a hotel bathroom: soft neutral tones, plush towels, a basket of fancy soaps and lotions, candles, and beautiful containers and dispensers.

Now think about what you don’t find…you don’t find clutter. The bathroom, above all, needs to be clean, clean, clean. When staging your bathroom, be sure to remove your personal things. The lack of your personal things will allow buyers to imagine themselves in the space.

The Kitchen – the center piece of any home

“Kitchens sell homes.” REALTORS say that a lot! That’s because it’s true. The kitchen is the most expensive room in the home. One could say it’s the most important room in the house to stage.

If your kitchen is dated, you’ll need to consider updating. But it doesn’t have to cost a fortune. For most homes, modest updates give a better return on investment than a major kitchen renovation.

If updates aren’t in the budget, you can still stage your kitchen to highlight the best features. First, the kitchen needs to be sparkling clean. Finishes need to shine. Remove the clutter…including the coffee maker and other appliances. You’ll create more counter space for a buyer to imagine their own stuff.

It’s amazing how much the work of cleaning and declutter will do for your kitchen…and it’s free! With the countertops completely bare, you can create a vignette that suggests your kitchen is a great place to cook. Place a large bowl of bright-colored fruit in the center of the table or the island.

Next, arrange table and chairs to enhance your space. Scale is important in the kitchen. Smaller tables make the eat-in area more spacious. Again, let the light in to visually add space.

Curb Appeal that Wins Hearts

Did you know that a buyer knows if they like a home within the first 30 seconds? We can share with you that on several occasions, we have worked with buyers and lined up several homes to preview and then when pulling up to the house the buyer takes one look at an un-kept yard and says, forget it, let’s move on to the next house. All kinds of studies of homebuyers have consistently found that curb appeal matters. All the rules for staging the home inside are applicable for staging the outside.

Declutter, clean, paint and highlight the best features. It’s really that simple. And it usually just takes a little elbow grease.

Clean up the weeds and trim back the overgrowth. Power wash any stains and grime. Paint the door and trim a fresh, welcoming color. Fill in bare spots with colorful, easy care flowers. Use pots if you don’t have space or good soil. Finally, add a fresh covering of mulch to tidy it up.

Making Your Home More Appealing

By thinking like a buyer, we’re confident that home sellers can make their homes more appealing to today’s Millennial buyers.

For more insights, tips and videos please visit our Resource Page in the About us tab.

For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.

How much is your house really worth? Top 3 home valuation methods

What is the valuation of your home?

You are probably aware that that the Greater Philly and New Jersey housing market is doing well right now, but do you know how much your house is worth in today’s market? When we often met with clients, like lots of people, they have gone online prior to our meeting and looked up the value of their home, so they thought; right? Does this describe you?

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It’s pretty easy. Google your address and like magic, up pops several online sites that will provide information on your house, such as number of bedrooms and bathroom and square footage. Sometimes they even show a picture of your home and sometimes they even will show an estimated valuation price of what your home may be worth. For a lot of people they take this number as gospel and look to us for verification of this number. Sometimes the estimated valuation number is close to the correct value of their home, but other times it’s way off. Did you know that the CEO of one of the largest online home sites sold his home a while back, and that he sold it for 40% less than what his own site said the home was worth?

This is part of an on-going series of real estate articles by Nick Santoro and Joe Santoro of Personal Property Managerswho service Pennsylvania and New Jersey. Personal Property Managers is a home sale specialist maximizing the sales value of our clients property, and also provides home content downsizing, senior transition services, property management and estate sales.

These online sites have many different names for their rough home valuations. Did you know that they often fail to take into consideration floor plans, swimming pools, frontage, interior and exterior updates and upgrades? Please do not make the mistake of hitting the market without an expert valuation from a local Realtor who takes everything into account when pricing your home for sale.

Nick Santoro says that when you value homes, there are three methods that you should use to determine a property’s value. Whether or not you plan to sell your home any time soon, knowing the value of your home is often the starting point for making wise financial decisions.

Another factor that is very important to consider is that almost all buyers will need some form of financing such as a mortgage. We are sharing with you the top 3 methods that they use when determining a homes valuation and thus the amount of mortgage that they will provide and approve. They are:

1. The Cost Approach
The cost approach works by analyzing what it would cost to build the property in today’s market, adding the current value of the parcel of land on which it sits and then subtracting a factor for obsolescence or depreciation. This method is rarely impactful as resale homes are heavily influenced by supply and demand. If there are too many homes for sale, cost will have no bearing on valuations, as sellers will have to compete to get them sold. Fortunately, the opposite is true as well. If there are too few homes on the market, buyers very well might have to pay a premium to have a seller part with her property.

2. The Income Approach
The income approach is typically used with investment properties. The net income a property generates (net operating income) is used to derive a market value based on a multiple of the property’s annual income. Generally speaking, the more income a property generates, the more it is worth.

3. The Sales Comparison Approach
The sales comparison approach, also known as the market approach, works by looking at the supply and demand for similar homes. We look at similar homes that are for sale, the selling prices of similar properties that have recently changed hands, and how many similar homes that have failed to sell recently.

It is important to look at homes on an apples to apples comparison. We are talking about comparing the number of bedrooms, number of bathrooms, home style, square footage, lot size, school district, location, updates and upgrades, curb appeal, roof, HVAC systems, overall condition, geographic proximity to your home / subject property. Also look at what may need to be done to the property to bring it up to current market demand conditions, and the cost to do so.

Additionally, many clients look at the price that other homes are listed for in their area. This is a mistake. This may be fine for an overall feel, but the real measure is looking at what similar homes have actually sold for. This is what your lenders will be looking at. It often does not matter what houses are listed for, what really matters is what similar houses have sold for. As licensed Realtors, we can share this analysis with you by conducting something called a Comparative Market Analysis or CMA.

The prices of homes are then adjusted upwards or downwards based upon how they compare with other properties that have sold, are listed and the overall condition of the property in comparison to other like properties; then, by averaging the prices of the comparable properties, an appropriate value is determined for the subject property.

The Best Method
To find the real value of your home, you should use all three approaches, but heavily weigh the findings from the sales comparison approach.

Remember, all markets are subject to supply and demand, and if more supply is needed, then the cost of creating additional supply will affect the values of the supply that is already in the market, over the long run.

Following the methods above will help you determine an accurate value for your home. Then, with an understanding of current market factors, you can develop a well-informed strategy regarding when to sell and buy a home.

If you need help coming up with a plan or determining your home’s value, please give us a call or look us up on the net at http://www.personalpropertymanagers.com We are home sale specialists. We not only can help you sell your property at the best possible price, but we also offer a best in class seller acceleration program to help get your home ready for sale by downsizing and de-cluttering it and helping to liquidate the contents. For a truly one call does it all solution, contact us today for a free evaluation.

For more insights, tips and videos please visit our Resource Page in the About us tab.

For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.

Tips to think about before investing in real estate

Are you thinking about investing in real estate? You will want to think carefully about what, where and for how much you want to buy, is now more important than ever. Investing in property is the single biggest financial transaction that you will ever conclude and should always be done with great care. There’s more to consider than you think. For starters, property is an active, rather than a passive investment and comes with financial risk.

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Although, buying your own home should first and foremost be about securing your future and creating a foundation upon which to build a life and future for yourself and your family, you should also make sure that you are a making a sound investment.
This is part of a continuing series of articles by Nick Santoro and Joe Santoro of Personal Property Managers, who service Pennsylvania and New Jersey and specialize in real estate, property management, home content downsizing and estate sale services.
Before you begin….Do your homework (top 8 tips)

Whether it is your primary home or a second property such as a rental you should always do your homework thoroughly to mitigate potential risk.

Consider the downside right upfront. When the market turns for example, you might find yourself in a tight financial spot and you have to sell. Think about this when you buy: how hard will it be to sell the property if it comes down to it?

Consider whether you have the time and financial means for this type of investment. If you are purely looking for an investment, then a property fund might be the better choice, especially if you are a novice or first time buyer.

Once you have decided that you are going to take the step and invest in bricks and mortar, be sure to keep these 8 golden rules in mind:

1. Location, location, location – this old adage will always be the primary driver of demand, prices and property values. Research, research, research. Before you sign on the dotted line, chat to local area agents and get the vital statistics and information about the area.

2. Pay a fair price – do not pay more than fair market value unless you are sure that you are financially secure enough to hold onto the property until it starts to accumulate value. Price growth tends to track economic growth quite closely, so if the economy stalls, so do prices.

3. Neighborhood – do a thorough due diligence on the neighborhood and area, especially if you are not familiar with it. Make sure that it is a viable area, more so if you are looking at a second or investment property. Ensure there are good services, roads and communications connectivity for aspects such as internet and satellite television for example

4. Street savvy – don’t stop with the neighborhood, also check out the street (or complex) to ensure you are buying in the right part of the suburb. Be sure to check out the prices in your road (or complex) to compare that you are not paying more. Guard against paying a high price for an overcapitalized home.

5. Facilities and amenities – the better the facilities and amenities in the area, the more in demand the property is likely to be when it comes to either selling or renting it out. A good transport network is important, as are schools and then secondary facilities such as shops and other services.

6. Security – this has become an important consideration for neighborhoods and complexes. The more secure the property and area, the more attractive it is for buyers and tenants. Check out whether there is a neighborhood watch or similar group and ensure that the property itself is adequately secured and insured.

7. Capital value growth and yields – you obviously want to invest in an area where property values grow at least in line with the market average, preferably at an above average rate. If you are investing in a rental, then you will want to check out the rental returns in the area as it is important to budget for any shortfalls. Ensure also that you build fat into your budget for all the hidden costs associated with a rental property.

8. Leisure and attractions – if you are thinking about investing in a holiday rental, then leisure facilities and attractions are important. The closer the property is situated to attractions such as the beach, river or game reserve for example, the more in demand it will be. Consider who your tenants will be and put yourself in their shoes. Where do they want to stay when they book for a holiday for example?

For more insights, tips and videos please visit our Resource Page in the About us tab.

For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.

8 Steps to begin the Home Downsizing Process – 13

PPM smaller version Podcast - picture - final version 2-13-19

This podcast will share 8 useful tips and steps that you can use to begin the home downsizing and clean out process and how Personal Property Managers can help you. For more information contact Joe Santoro or Nick Santoro of Personal Property Managers at www.personalpropertymanagers.com

Personal Property Managers specializes in: Home Downsizing, Home Cleanout Services, Estate Sales, Home Content Liquidation, Property Management, Absentee Home Watch, Moving, Full Service Discount Real Estate Services, Home Sales, Home Buyer Services, and Elder Care Services. With Personal Property Managers, one call does it all.

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Understanding the Cost of Elder and Senior Care – 12

PPM smaller version Podcast - picture - final version 2-13-19

This podcast will share facts and insights into the cost of elder and senior care looking into Assisted Living, Nursing Home and In-Home Care Services and how Personal Property Managers can help fund a loved ones long term care. For more information contact Joe Santoro or Nick Santoro of Personal Property Managers at www.personalpropertymanagers.com

Personal Property Managers specializes in: Home Downsizing, Home Cleanout Services, Estate Sales, Home Content Liquidation, Property Management, Absentee Home Watch, Moving, Full Service Discount Real Estate Services, Home Sales, Home Buyer Services, and Elder Care Services. With Personal Property Managers, one call does it all.

 

Tips for getting your house market ready to sell – 11

PPM smaller version Podcast - picture - final version 2-13-19

This podcast will share insights and tips into how to prepare to get your house market ready to put it on the market, so that you can get the best possible selling price and sell it in the shortest amount of time. For more information contact Joe Santoro or Nick Santoro of Personal Property Managers at www.personalpropertymanagers.com

Personal Property Managers specializes in: Home Downsizing, Home Cleanout Services, Estate Sales, Home Content Liquidation, Property Management, Absentee Home Watch, Moving, Full Service Discount Real Estate Services, Home Sales, Home Buyer Services, and Elder Care Services. With Personal Property Managers, one call does it all.