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Don’t Bother Fixing These Things Before Selling Your Home

When the time comes to sell your home, you might find yourself overwhelmed by your to-do list. When you do a walkthrough of your home and property with your trusted Realtor®, you’ll no doubt find several things that need to be addressed before your home is in “show ready” condition. For starters, you might need to freshen up your exterior paint (First impressions matter!), update the kitchen cabinets, and have all the hardwoods refinished and the carpets cleaned. The list could go on and on, and as the fixes start piling up, you might wonder, How am I going to finish all this?! The fact of the matter is that fixing up a house takes money, especially if you aren’t particularly handy and need to pay someone else to do it all.

But here’s the good news: you don’t really have to check off every little item on your honey-do list before you put your home on the market. Of course, you’re still on the hook for any defects or conditions that affect the function of any major aspects of your house. For instance, you will need to take care of any leaks, built-in appliances that may not be functioning correctly, insect infestations, safety hazards, et cetera. Beyond that, any repairs that serve to make your house more appealing to buyers are completely up to you. Let’s take a look at a few issues that you aren’t required to fix before you put your home on the market.

Cosmetic Damage

A house that’s been lived in for any amount of time is bound to have some form of cosmetic damage, whether it’s scuffed floors, peeling paint, chipped trim work, or stained carpets. None of these issues has anything to do with function, so it’s purely up to you if you want to fix them. While fixing them will make your home look more polished, most buyers are able to look past small cosmetic flaws. As long as a house has good bones, and all the major systems are up-to-date and in working order, most buyers will be fine addressing smaller imperfections on their own.

Kitchen or Bathroom Overhaul

Kitchens and baths are two of the main rooms that buyers take into consideration when deciding whether or not to buy a home. But unless your kitchen or bath is horribly outdated and a complete eyesore, don’t worry too much about upgrading it. Buyers have their own opinions and tastes. Even if you do a complete update on your kitchen in the popular yet neutral farmhouse theme, who’s to say the buyer won’t come in, knock out a wall, and completely change it? As long as the kitchen and bath are clean and functional, most buyers can look past any outdated fixtures and will actually be excited to update the rooms themselves.

Partial Repairs or Upgrades

If you just can’t let your house be put on the market without addressing those outdated rooms, you need to go all the way. Don’t just replace the cabinets and call it a day. Those sleek, brand new cabinets will only serve to highlight the old, stained laminate countertop and used-to-be-white appliances. Likewise, shiny new faucets and new tile in the bathroom will make it obvious that the sink and bathtub could use repairs or replacement.

Non-Neutral Paint Color

Unless you’re going to refresh your home with a coat of neutral-colored paint, don’t bother painting. Paint colors are highly personalized choices, and even if you use a super trendy, of-the-moment color, chances are the new homeowners will come in and repaint anyway. Always use neutral colors if you’re going to repaint. That said, we don’t recommend painting the walls white. Go with an off-white, a light gray or greige, or even a very light, neutral blue to offset trim work.

Any Project Without a Good ROI

Don’t forget that in the end, any cosmetic repairs or projects you complete should ultimately be to your benefit. If a project isn’t going to net a decent return on your investment, forget about it. It’s not worth spending $3,000 to update a bathroom if you can’t raise your asking price by $10,000. Before you decide to start a project, do the math and decide which will be more beneficial: spending the money on a specific cosmetic repair, or lowering your asking price a bit to reflect it? You might find that your home will sell faster if you lower the price by $10,000 instead of remodeling the bathroom.

Friday Five // May 10th, 2019

It’s Friday once again, which means it’s time for the Friday Five, our weekly roundup of five fun events happening around the Charleston area this weekend. Celebrate Greek culture, participate in a 5K for a good cause, enjoy some music in the beautiful outdoors, and more. As always, no matter what you choose to do, the staff and agents at Johnson & Wilson Real Estate Company wish you a safe and happy weekend!

Celebrate fun and Greek culture at the Charleston Greek Festival, taking place all weekend long at the Greek Orthodox Church of the Holy Trinity. Dating back to 1970, the Charleston Greek Festival is the oldest and the third largest festival in the Lowcountry with over 25,000 attendees over Mother’s Day weekend every year. Attendees will experience and enjoy the music, dancing, food, clothing, and history of Greece through this annual event. Come ready to stuff your face with authentic and delicious Greek cuisine like delicate pastries, gyros, filling dinners, and Greek coffee, beer, and wine. The kids will have a blast too at the Publix Kidzone, where they can enjoy a jump castle, air slide, games, face-painting, and more.

Join the Cystic Fibrosis Foundation at Wannamaker County Park’s Tupelo Shelter on Saturday for Great Strides, the foundation’s largest national fundraising event. For more than thirty years, this 5K walk has supported the Cystic Fibrosis Foundation’s mission to cure cystic fibrosis and raise awareness for this rare, genetic disease that makes it difficult to breathe and shortens lives. Registration for Great Strides is free, but walkers are encouraged to raise funds. This is a great opportunity for family, friends, students, and colleagues to come together and make a difference in the lives of people with CF. Registration opens at 9am, and the 5K walk begins at 10am, ending with a post-walk celebration complete with local food trucks, music, and family-friendly entertainment.

Celebrate Mother’s Day at the 16th annual Moms’ Run + Family Fun Day this Saturday at MUSC Health Stadium on Daniel Island. Local nonprofit Postpartum Support Charleston invites the community to join in supporting moms struggling with postpartum depression and anxiety. This 5K run and walk, Postpartum Support Charleston’s largest fundraiser, is open to all ages and is followed by free activities for families. Participants and their families can arrive at 7am for pre-race festivities. The run/walk begins at 8am, followed by a Family Fun Day and awards ceremony. Enjoy music, local food trucks, and plenty of children’s activities.

On Saturday evening, the Joe Clarke Big Band Orchestra will perform at the Annual Concert in the Park at Smythe Park on Daniel Island. Each year, the Daniel Island Community Fund hosts a themed picnic competition for those attending the concert. The winner of the best overall picnic spread contest will receive a $500 contribution toward the charity of their choice. Picnic judging begins at 6pm with the concert beginning at 7pm. Everyone is encouraged to participate in the Picnic in the Park themed picnic competition.

If you’re closer to Summerville, you can enjoy a little music and food on Saturday evening as well at Knightsville Porch Jam. Come out to Knightsville General Store and Coffee House for an evening that will take you back to a simpler time, when music was shared on the front porch with family and friends. Bring a chair or blanket to this family-friendly event and set up in the front yard. Enjoy delicious food, a sweet treat, or a tasty beverage while listening to music, playing giant Jenga, corn hole, or checkers, and catching up with loved ones and neighbors. Various musicians will share original songs or play some of their favorite covers.

 

How Buying the Worst House in the Best Neighborhood Can Actually Backfire

Scenario: You want a great bargain on a house in one of the best neighborhoods in your area. You’ve always heard that buying the “worst” house in the best neighborhood is the smart thing to do, so you’re thinking that’s the way to go.

Cast of Characters: You (and maybe your family or significant other) and your team of trusted real estate professionals.

Our Advice: Not so fast!

You’ve heard all the old cliches about being a small fish in a big pond, the low man on the totem pole, and you’re ready to apply them to your home-buying experience. According to popular advice, you’re looking for the worst house in the best neighborhood. But this is a tactic that can actually backfire.

Now, if you’re looking to buy in a specific neighborhood because you consider amenities, proximity to certain places, and school district the most important aspects, then by all means, go for it. But if your number one motivator is getting the best value, and you want to build equity quickly, this might not be your best bet.

Why Not?

First of all, do you really want to pay top dollar for a house you don’t love just because it’s in a neighborhood that’s supposedly the fashionable place to be? There’s always a hot new neighborhood in town, so when your currently popular and ritzy area becomes old news, you’ll be stuck there in a house that you don’t even like. In addition, a smaller, maybe less attractive house in a nicer neighborhood isn’t necessarily going to bring you a ton of equity just because it’s cheaper than the surrounding properties. Since the area’s already established, your “worst house” isn’t going to increase in value any faster than the bigger and better properties. In their book Zillow Talk: The New Rules of Real Estate, authors Spencer Rascoff and Stan Humphries break it down like this:

“If the adage were true, the bottom 10 percent of houses would need to perform better than the more expensive homes in their neighborhood. Faster appreciation would indicate that buying the cheapest house in the best neighborhood is a strategy that really does pay off. But—alas—it doesn’t. Instead, we found that only rarely does the bottom 10 percent outperform the top 90 percent of houses in a ZIP code.”

What to Do Instead

Instead of buying a so-so house in a neighborhood that’s been popular for a long time, it’s better to find a great deal on a house in an up-and-coming neighborhood. Not sure how to spot the Next Big Thing? Keep an ear to the ground and an eye on plans for your city, and go where the businesses are going. If you see an older neighborhood with a sudden influx of restaurants, shops, and other businesses, it’s a sure sign that the area is being revitalized. Neighborhoods have cycles. Older areas become new again, and they’re suddenly the place to be. If you can get in on the ground floor, so to speak, in one of these neighborhoods, you should be able to find a reasonably priced home that will build equity faster than that lower-end home in the high-end neighborhood.

The Key Takeaway

It’s just not worth paying a premium for a house that just makes you say, “Meh. It’s not what we wanted, but at least it’s in the right area.” Instead of overpaying for a house that probably won’t have much more resale value than what you paid for it, look for the hot, up-and-coming neighborhood. Find a deal on a bigger, better home than you could afford in the ritzier neighborhood, or snag a fixer-upper with great bones for an even lower price and make it your own. You’ll thank us when you find yourself sitting pretty with a nice amount of equity in just a few years’ time.

 

Negotiation Mistakes You Might Be Making

Negotiation is an art form. This is a fact that becomes increasingly more evident when a homebuyer and seller are working to reach an agreement in a real estate transaction. While there’s never a blanket negotiation strategy that fits every situation, there are some fairly prevalent mistakes that can absolutely kill a deal. Let’s look at a few of the most common negotiation mistakes people make when trying to buy a home.

Ignoring Your Realtor’s Advice

When you’re in the process of buying a home, the most valuable tool you have at your disposal is your Realtor®. Real estate agents are trained in the art of negotiation and have experience with lots of different scenarios. Put your trust in your agent to guide you through the negotiation process, and take the advice they give you to heart. He or she has pledged to make your best interest their priority.

Overlooking How Long the House Has Been on the Market

Before you make an offer on a home, pay attention to the number of days it has been on the market. If it’s been on the market for less than a few weeks to a month, you’ll want to come in with a strong offer. If it’s been 90 days or more, the owner is probably more than ready to make a deal.

Disclosing the Actual Amount You Can Afford

Never disclose to the seller how much you can actually afford to spend on the home if it’s more than your offer. This means that the pre-approval letter you present to the seller should be tailored for the amount you’re offering for the specific property. Most lenders will be happy to issue a new pre-approval letter for each new offer or counteroffer.

Assuming Everything on the Property Conveys

You know what they say about assuming, right? The old saying definitely applies here. Never assume that everything you see in a house when you tour it will come with the home when you buy it. For example, certain light fixtures, window treatments, and appliances might be considered personal property, and the seller may intend to take them when they move out. It’s not uncommon to see language like, “Refrigerator and dining room chandelier convey” in a purchase agreement. To be safe, you should spell out a request to keep anything that might not be considered a permanent fixture of the property.

Focusing Too Much on Sales Price

Instead of focusing on the total price, look at how much you’ll be spending monthly. Some buyers get that “sticker price” stuck in their head and can’t move forward without seeing it blinking at them like a neon sign. But statistics say that you won’t stay in the home you’re currently buying for the full thirty (or even fifteen!) years of your mortgage. Work with your lender to determine a good monthly payment that fits your budget; then you’ll have a total sale price to shoot for. If it’s still a little high for your liking, use negotiation tactics to bring it down in your favor. For instance, you might ask the seller to pay your closing costs.

Not Being Personal Enough

Sometimes a personal touch will help give you the edge over other prospective buyers. Consider including a buyer’s letter of introduction when you submit your offer. If another buyer presents a similar offer at the same time, there’s a chance your letter will spark a connection with the seller, which means they might choose your offer over the other one.

Making a Lowball Offer

You might think that if you make a low enough offer, the seller will get tired of going back and forth and settle for a lower price. But it almost never works that way. In fact, if your offer is low enough, the seller will probably just reject your offer without even countering. There’s nothing wrong with offering a lower amount than asking price, but it shouldn’t be less than 95 percent of that price unless the property has a lot of issues. Again, rely on your real estate agent’s knowledge and advice here. They should show you a comparative market analysis that will give you a good idea of the house’s actual value.

 

Friday Five // May 3rd, 2019

It’s Friday once again, which means it must be time for the Friday Five, our weekly roundup of five fun events happening throughout the Charleston area over the weekend. Celebrate visual and performing arts from cultures around the world, take in a few dragon boat races, get dapper for the most exciting two minutes in sports, and more. Whatever you choose to do, the staff and agents at Johnson & Wilson Real Estate Company wish you a safe and happy weekend!

Locals know that once the weather warms up, Patriots Point is the place to be on Friday evenings for Party at the Point, Charleston premier happy hour concert series. This family-friendly event takes place on the beachfront at Charleston Harbor Resort & Marina and features live music, food, and drinks. This Friday you’ll be entertained by the Ol’ 55s, a Charleston-based acoustic trio that takes the high level of instrumentation and tight vocal harmonies associated with bluegrass and blends it with everything from Johnny Cash to Journey, Def Leppard to Bruno Mars, and everything in between. Admission for Party at the Point is $8 for adults and free for kids 12 and under. Gates open at 5:30pm, and the band takes the stage at 6:30pm. Bring cash for entry and to purchase beer and food inside the venue.

New at this year’s North Charleston Arts Fest is the World Arts Expo, a celebration of visual and performing arts from cultures around the world. Take advantage of the lovely spring weather this Saturday and experience a diverse array of music and dance performances by local and regional cultural groups on three stages; live art demonstrations and displays; multicultural food offerings; art and craft vendors; hands-on art activities; roving entertainment; a kids’ zone; and even a pop-up Medieval Village. Admission and parking for this event are free. Lawn chairs and blankets are welcome and encouraged, but please leave your coolers at home. Bring a water bottle and stay hydrated thanks to Charleston Water System’s water buffalo. Food will be available for purchase from the likes of Lola’s Lumpia Food Truck, Happy Thai Food Truck, Roti Rolls, Krystyna’s Polish Food, Kona Ice Charleston, and more.

Also taking place this Saturday from 8am until 4pm is the 12th Annual Dragon Boat Festival at Brittlebank Park. Dragon Boat Charleston is a local nonprofit organization that promotes the physical and mental wellness of cancer survivors and their community through dragon boating. This annual festival is the organization’s main fundraising event, which allows them to provide programs and services all year long. On Saturday, 60 amateur teams will be showcased in a fun day of dragon boat racing. The event is free and open to the public. Come out and enjoy the day featuring costumes, racing, food trucks, and name-your-own-price margarita bar. Cancer touches everyone in some way. Come out and join the celebration of survivorship!

Don’t worry; we haven’t forgotten about the most exciting two minutes in sports, the Kentucky Derby! Get down to The Alley on Saturday from 4pm until 8pm for Bluegrass Bash, the biggest Derby Party in town. Come early and stay late for live bluegrass music from The Bluestone Ramblers; Best Dressed contests (Stallion & Filly); horse-picking contest for a shot at a custom bike from Affordabike; $8 Woodford Reserve Mint Juleps; a special Derby menu featuring Kentucky Hot Browns; a chance to win a four-pack of tickets to the Steeplechase of Charleston; free tickets to Charleston’s Hot Air Balloon Festival & Victory Cup Polo Match for the first 200 people in the doors; and a few other surprises you’ll be glad you didn’t miss! Admission to this event is free, but you must be 21 or older to attend.

Celebrate Latin culture and heritage at the Charleston Cinco de Mayo Festival this Saturday from 7pm until 11pm at the Visitor’s Center Bus Shed. Live music will be brought to you by Gino Castillo & the Cuban Cowboys, Bachata Flow, and DJ Leo, among others. Enjoy delicious, authentic foods from El Pincho Taco, Espettos on Wheels, Sabor CubaRican Cuisine, and more. Drinks brought to you by Jose Cuervo, Estrella Jalisco, and Tito’s Handmade Vodka. Be sure to check out the dance exhibitions as well! The primary mission of the Charleston Cinco de Mayo Festival is to encourage togetherness between diverse communities in the Charleston area. Secondly, the festival promotes awareness of the Charleston Animal Society and helps raise funds for their programs.

 

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