Peace of Mind Prop. Mgmt. & Real Estate, Inc.

At Peace of Mind, we help you BUY the HOME you love, SELL the HOUSE you’re ready to leave, and BALANCE your INVESTMENT portfolio, “so you can sleep at night.”

Stacy Corrigan

Top Tips for Getting Your Home Ready for the Fall Selling Season

It’s officially autumn! In preparation for the fall selling season, we reached out to three of the top real estate professionals in New York City to get their take on the best ways to get your home ready to be viewed by potential buyers.

“In a competitive market, it’s essential that a seller focus on the little details to ensure their property makes a great first impression,” says Lisa Lippman, an agent at Brown Harris Stevens.

Here are some of the top ways to get your home ready for the fall selling season in any market:

In addition to smaller details—such as touching up paint, buying radiator covers and fixing or replacing kitchen cabinets—Lippman suggests the following:

  • Color-coordinate the clothes in your closet for the appearance of more space.
  • Stage vacant or sparse rooms.
  • De-personalize your home–remove photographs and personal collections, and aim to keep trinkets to a minimum.
  • Refresh and replace grout as needed in your bathrooms and kitchen.

“Fall is the time when the leaves start to change colors and dictate new design color schemes…and with the change of pace, the sales dynamic changes as well,” says Aleksandra Scepanovic, managing director at Ideal Properties Group.

Besides cleaning all the nooks and crannies in your home, and replacing any broken lightbulbs, Scepanovic suggests:

  • Create a narrative that speaks of ease and joy of ownership…of this specific space, this specific home. Think about what the buyer would see, and what you’d want them to see.
  • Check off the “grand negative impact” items from your list first: a leaking bathtub, a scraped up section of drywall, chipping paint, broken tiles, etc.
  • Make spaces neat, open, bright and airy. Start with a neutral base and venture into bolder accents only if your buyer research warrants them.
  • Less is always more in a property’s sale preparation. Resist the urge to over-decorate.

And here are some suggestions provided by Paula Del Nunzio, an agent at Brown Harris Stevens:

  • Eliminate odd odors, and do not use scents as the buyer may dislike the ones you choose.
  • Deep-clean all surfaces, wash windows and keep them spotless.
  • Remove all cat litter boxes and dog toys a buyer can trip over.
  • If you have a garden, keep it colorful with plants that can be replaced if they should die.

Agents, are there any other tips you’d suggest to sellers in preparing their home for the fall selling season?

Continued strength evident in Rhode Island’s third quarter housing market

Warwick, RI –November 1, 2019 – At $295,000, the median price of single-family homes sold in the third quarter rose 7.3 percent from the same time last year. The data reported today by the Rhode Island Association of Realtors and its subsidiary, State-Wide Multiple Listing Service, also showed a 4.6 percent increase in closing activity year-over-year.

“Rhode Island’s housing market remains steady heading into the last quarter of the year. Low interest rates are definitely keeping potential buyers in the game,” said Dean detonnancourt, 2019 president of the statewide Realtor Association.

Washington County saw some of the largest increases in median price, with three of its municipalities leading the state in gains. The median sales price of single-family homes in Hopkinton and Exeter rose just over 21 percent, and Westerly saw a 17.4 percent increase.

The Newport County towns of Middletown, Tiverton and Portsmouth saw the largest expansion in sales activity from year to year.

In other sectors, growth in the median price of multifamily homes sold in the third quarter surpassed that of single-family homes, rising ten percent to $275,000. Sales activity slowed marginally however, ending the quarter.2 percent below July through September of 2018. As expected, Providence had the largest number of multifamily homes sold with 196 sales followed by Pawtucket with 77.

The median sales price of condominiums saw the largest gain of all housing types. Last quarter’s $239,900 median price represented an 11.6 percent increase from third quarter, 2018. Sales remained relatively stable, rising just .5 percent. However, due to less stringent financing guidelines for condos put in effect this month, sales activity is expected to increase in the coming months.

“Overall we’re optimistic about the market going forward. Though prices are rising, extremely low interest rates are boosting affordability – a boon for buyers and sellers,” said deTonnancourt.

Should You Use a HELOC to Pay off Credit Card Debt?

Many people struggle to pay off credit card debt. Interest that accumulates each month can make it difficult to make a dent in balances. Juggling multiple credit cards with different minimum payments and due dates can feel overwhelming. Missing a due date can lead to fees and possible damage to your credit score.

If you have lived in your home for several years, you may have built up a large amount of equity. You might be able to use a home equity line of credit, or HELOC, to pay off credit card debt. You could draw from a line of credit at the times and in the amounts of your choosing and consolidate your credit card debt to make one monthly payment instead.

Reasons to Use a HELOC to Pay off Credit Cards
If you have substantial credit card balances with high interest rates, using a home equity line of credit to pay them off might make sense. The interest rate on a HELOC could be significantly lower than the interest rates on your credit cards. That means interest would accumulate at a slower pace and more of each monthly payment would go toward principal, so you could pay off the debt faster.

Paying off credit card balances with a home equity line of credit could help your credit score. Reducing those balances to zero would lower your ratio of debt to available credit, and making HELOC payments on time each month could help you build a positive credit history.

Reasons to Think Twice
You would need to pay closing costs to obtain a home equity line of credit. Talk to your lender to find out exactly how much that would add to your total. Depending on your lender and the interest rates on your credit cards and a HELOC, you might or might not save much money.

A home equity line of credit could be risky. Using your home as collateral means that if you failed to make HELOC payments on time, you could risk foreclosure. That could cause major damage to your credit score.

If you got into debt because of a job loss or some other unforeseen situation, using a HELOC to manage credit card bills might make sense. If, on the other hand, you accumulated debt because you make frequent impulse purchases or don’t know how to budget, using a HELOC wouldn’t address the core problem, and you could wind up in the same situation again. Getting in the habit of accumulating debt and using your home’s equity to bail yourself out could be dangerous.

Is a HELOC a Good Idea?
A home equity line of credit could help you escape the trap of high-interest credit card debt, but it should be used responsibly. If you have a spending problem, a HELOC alone wouldn’t fix things. You would also need to change your spending patterns to get out of debt and stay that way.