Savvy sellers understand that a new kitchen will sell their home faster and for a better price in today’s market where the buyers can be choosy because there are so many homes to choose from. 

Here are some tips if you are thinking of getting a new counter for your kitchen - whether you are going to sell your home or not. 

I’m often asked which is better, granite, silestone or corian.  Well. . .it all depends:

• Plastic Laminate: This is the least expensive countertop option, and is very durable. It comes in a huge spectrum of colors and patterns, and you can even install it yourself. Due to manufacturing technologies, clarity, depth, and realism of the material have all been improved. However, dark, solid colors and glossy finishes show cuts and scratches quite easily, making laminate countertops a better option for bathrooms rather than kitchens.
  •  Important facts: $10-$20 per square foot installed, maintenance requires keeping wood substrate dry and seams sealed, and the warranty typically lasts about one year.
• Solid Surface (e.g. Corian): Acrylic and polyester tops are sold in many colors and textures, as well as dozens of edge profiles. This kind of top is non-porous, making it good for food preparation and repelling stains. They are easily formed into any shape and size, and sinks can be under-mounted. Joined sections also appear seamless if installed correctly. If burned or scratched, the damage can usually be sanded and buffed out. Solid-surface tops must be installed by trained and certified professionals, however. 
  • Important facts: $50-$100 per square foot installed, maintenance is minimal as it can be re-sanded to look like new, and the warranty lasts approximately 10 years.
• Granite: The most expensive type of countertop, granite is available in many colors. Sinks can be under-mounted and many edgings can be crafted. Each piece of granite is unique, so it’s recommended to visit the fabricator to choose exactly which slabs you want to use. Seams are often more noticeable and hot grease stains unsealed tops. Overall, granite requires minor maintenance, and is almost always professionally installed.
  • Important facts: $75-$125 per square foot installed, maintenance requires applying sealer every 6 to 12 months, and the warranty generally varies with the installer.

• Engineered Stone (e.g. Silestone): These tops look like natural stone, but are as functional as solid-surface materials. They consist of about 95% crushed stone bound with synthetic resins. Non-porous, and difficult to stain, these counters have a fantastic scratch resistance. Sinks can be under-mounted, there is a wide range of edging options available, and these tops are always installed by trained contractors certified by the manufacturers.

• • Important facts: $65-90 per square foot, little to no maintenance is required, and the warranty usually lasts about 10 years.

I have not seen a tile countertop that truly is appealing to buyers, at least in Maryland and would recommend care if choosing this style of counter over granite or other solid surface choices.

• Tile: This top is available in an extremely extensive variety of materials, colors, and prices, and offers a lot of design flexibility. Granite, porcelain, and glazed tiles are least porous and are the best tiles for kitchens. Marble, unglazed clay, and limestone tiles are softer and more absorbent. These are best used in bathrooms if you’re willing to commit to a slight degree of maintenance and upkeep. High gloss and solid color tiles will show scratches more than matte or multicolor tiles. You can also choose between epoxy grout, which is more durable but more difficult to install and prone to yellowing, or standard cement-based grout, that must be sealed often and well.
  • Important facts: $25 and up per square foot, maintenance includes keeping grout joints well-sealed, and the warranty varies with the installer.

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This has been a very active “Spring Market” in Maryland’s Baltimore suburbs.  Every buyer I have worked with since January has found the home of their dreams only to be thwarted by multiple offers all coming in at the same time.  One property, a hugely under-priced foreclosure, had 20-plus offers in 2 days!  Buyers learn quickly that they need to be ready to jump when they see a home they like.

From the standpoint of a buyer’s agent, when there are other offers coming in, we can’t be aggressive in our negotiations and this puts the seller in the driver’s seat.

What can home sellers learn from this? 

There are several factors common with all of the homes that I’m seeing with multiple offers.  If you are trying to sell your home and have had leukwarm buyer response so far, you need to rethink things and make some serious changes, such as:

• Price — if you are not getting a lot of showings, you may be over priced.  In today’s market, buyers want to feel like they are getting a “deal.”  There is a happy medium where the seller can still make money and the buyer can feel like they have not paid top dollar for the home.
• Condition — this is almost more important than the price.  If your home is not extremely clean and clutter-free you will not sell quickly and you will sell for less than you had hoped.  Is your carpet dirty or stained?  Have you painted the interior walls recently?  Do you have every closet stuffed with stuff? Is there grease on your stove?  Are there dirty dishes in your sink or piles of laundry in the bedrooms? Does your house have an odor (even a not-so-bad odor can turn off buyers)? Have you trimmed your shrubs, mowed the grass and planted flowers outside?  Does your basement smell damp and/or moldy?
• Decoration — the twin sister to condition, the way your home is decorated may make you very happy, but unless it’s very neutral chances are it won’t appeal to most buyers.  The biggest buyer turnoffs are: wallpaper (especially if there is a lot and it is dated), strong colors on walls (orange is perhaps the least liked color on a wall, but any bold color will be a deterrent), photos and stuff stuck to the fridge, too much furniture in rooms (makes rooms appear smaller and adds to clutter), old appliances (if your kitchen is pre-1995 your home will take longer to sell and you will sell for less), dark paneled walls (an easy fix is to paint them a neutral color like off-white), and anything that shouts 1970, such as shag carpeting or burlap walls.
• Marketing — this is up to your agent and hopefully you are interviewing and choosing agents who have a definite plan for marketing your home (this is where the discount brokerages and FSBO’s can’t compete).  No home on the market today should be without professional photographs and a virtual tour.  I would like to emphasize “professional” here because I’ve seen so many homes where the photographs are dark, blurry and poorly done.  One or two photos are not enough and homes that only have pictures of the outside seem to say “there’s nothing worth showing you on the inside of this home.”

The tax credit offered to first time home buyers*has gone up to $8,000 with no pre-payment requirement for 2009 — but only if you settle on your home before December 1st of this year.

In addition, you can now use the $8,000 as additional down payment (a minimum of 3.5% must still be from your own funds) or toward your closing costs when you purchase your home.

How does this work?  Your lender will provide a “bridge loan” of the portion you need at time of settlement.  You pay off the bridge loan when you receive your credit from the IRS.

Click HERE to find out more ways to utilize your $8,000.

Income limits and home price limits do apply.  To learn more click HERE.

It’s a great time to get off the fence and buy a home!

* A first time home buyer is defined as anyone who has not owned a principal residence in the United States of America in the 3 years prior to purchase.  If married and one spouse has owned a home in the previous three years, neither spouse is eligible for the credit.  If you own or have owned a vacation home that was not used as your principle residence you will qualify.

The media loves to broadcast doom and gloom whenever possible and the current financial situation has given them plenty to feed on.  Here are some real statistics that put things into perspective:

Facts:

• More than 1000 banks closed in 1930 – only 14 U.S. banks have been taken over in 2008
• There are 76 million households in the U.S. that own their home - 24 million of these homes are free and clear
• There are 52 million homes with mortgages - 97.2% of these are not in foreclosure, 93.8% of these homes are current on their payments

On a sobering note:

• Over 20% of homeowners with a mortgage owe more than their home is worth
• 40% of all foreclosures are non-owner occupied

How did we get here?

Decade    Homes Sold High    Homes Sold Average

1970’s      3.9 million               3 million

1980’s      4 million                  3.3 million

1990’s      4.9 million               3.9 million

2000’s      7.1 million               5.6 million

Resale numbers – the above does not include new home sales.

Sources: Wall Street Journal / Moody’s Economy.com / RealtyTrac / NAR / Forbes

Virtual Tours and Photos of the inside of your home are a must for sellers who want more showings in today’s market.  Good photographs that are professionally done can make a small home look large and a dark home seem full of sunlight. 

But buyers should know that photographs don’t always tell the entire story.  Designed to show off a home to the best advantage, many buyers are disappointed when they see the home outside of virtual space.  On the other hand, poorly taken photographs may make a nice home look dark and shabby, or a large home look small and cramped.  You never know for sure what a home is like inside until you go there with your agent and see for yourself.

Many homes have an oddity that keeps them listed longer than normal.  Usually it’s the condition inside.  Things like bold colors, dated wallpaper, 20-year or older kitchens, dark paneling, shag carpeting, slate entryways all prevent a quick sale. 

One home I showed recently had something I’ve never seen before. . .a red, brick floor family room!  Full size bricks too.  The listing had boasted about the updated kitchen, baths and carpeting and the photos made the home look very nice. . .but a brick floor?  No wonder this one’s been on the market nearly 2 years!

Welcome to Teri Deane’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Columbia.