Tag: Mancos Homes

Why Zillow Home Values Should Not Be TrustedWhy Zillow Home Values Should Not Be Trusted

May 5, 2022May 5, 2022| Carrie SummersWhy Zillow Home Values Should Not Be Trusted| 0 Comment| 9:12 pm

One of the most common questions I get is, “how accurate are Zillow home value estimates?”

The majority of the time, these Zillow home values a.k.a. “Zestimates” are NOT accurate. Zestimates are created by an automated system that cannot think for itself, or account for variations or unique characteristics that can alter the price.

One of the factors impacting the Zillow Zestimate is the property’s assessed value from tax records. Rarely does assessed home value have a correlation to market value. Assessed values are used by the county to collect taxes.

Another data point that Zillow uses is the most recent selling price of a property. The market is changing so quickly and a sale price that is years old is no way to estimate the current value of a home.

Zillow estimates the values of over 100 million homes across the country. It would be impossible for them to predict the value of each home accurately. Zillow does not enter properties but relies on their system instead. They have no idea that you spent $50,000 renovating your kitchen and bathrooms. Zillow also doesn’t know if you have a $20,000 structural crack in your foundation, or if your roof needs replacement. They also have not idea if your home is in a desirable area.

Zillow can be a useful tool, but it does not provide adequate accuracy on home prices to be used exclusively.  Want to know the accurate market value of your home? Call Carrie Summers with Colorado Ranch & Home Realty 970-759-2540.

Common Problems in Home InspectonsCommon Problems in Home Inspectons

January 15, 2022January 15, 2022| Carrie SummersCommon Problems in Home Inspectons| 0 Comment| 9:09 pm

  1. Water Intrusion

Water damage can be very tricky to deal with. Roofs are often the first spot for water to leak and travel downwards. Inspectors usually start in the attic when looking for water damage. Some of the signs of water damage include:

  • Cracks and holes. – Cracks or holes on the exterior walls are areas water can enter your home
  • Warped floors and damp carpets
  • Stained walls and ceilings – Even if the stain results from an old leak that has been repaired, inspectors will still check for mold buildup.
  • Peeling paint and wallpaper – This issue may be an indicator of a leak behind the walls
  • Musty odors – This can be an indication of mold buildup, often caused by leaks.
  1. Faulty Wiring
  • If you see open junction boxes, mismatched amperage, or extension cords running everywhere when you view a home, these are bad signs.
  • Homes built between 1900 and 1950 often have outdated and inadequate fuse boxes. Unfortunately, that means the entire wiring needs to be replaced as it is not enough to keep up with today’s needs.
  1. Foundation Flaws
  • Foundation problems arise in the form of sloping floors, doors and windows that stick, or even doors that swing in one direction when left ajar. Foundation cracks can be caused by a variety of serious issues.
  1. General Problems
  • Poor home maintenance? How’s the heater, roof, and siding?
  • Is repainting, or new flooring needed, or grout in bathroom is decaying?
  1. Faulty Plumbing
  • Turn on every faucet, and check if drains are working properly.
  • Flush every toilet. Are they loose?
  • At each area look for inadequate water pressure, slow drains and signs of leaks. Open the cabinet under the sinks and check for leaks. If there is a kitchen or bathroom on the second floor, check the ceiling below them for signs of water damage.

All of these problems can be costly to fix.  It is really important to do a thorough inspection!  For a list of trusted inspectors, give Carrie Summers with Colorado Ranch & Home Realty a call, 970-759-2540.

8 Steps to Buying a Home8 Steps to Buying a Home

October 20, 2021October 20, 2021| Carrie Summers8 Steps to Buying a Home| 0 Comment| 5:01 pm

1.  Find the Right Agent~  Buying a home is one of the largest decisions you will ever make.  It is essential to have an experienced agent in your corner, always looking out for our best interest.  A listing agent has an allegiance to their Sellers’ and their goal is to get top dollar for the home.

A Buyer’s agent main responsibility is to look after your best interests and get you the best deal.  We provide information relating to value. market conditions, obvious defects or red flags with a home.  We negotiate repairs and pricing on your behalf as we use our knowledge and experience to navigate you thru all the real estate paperwork.  A Buyer’s agent should have knowledge of the area where you want to buy, have great Google and Zillow reviews, and have excellent communication skills plus getting back to you in a timely manner.

2.  Prepare your Finances~ Check your credit score.  A mortgage requires a good credit score.  Paying down credit card balances, and regularly paying your bills will help you raise your credit score.  Do not apply for a new credit card or get a car loan while waiting for loan approval.  When applying for a loan, the lender will want pay stubs, and 2 years of tax returns.

3.  Get Pre Approved~  Just guessing how much home you can afford, is not wise.  Pre approval, is when you are pre approved for a certain amount.  Prequalified is not enough.  Also take into consideration that even though you have been pre approved for a certain amount it still may not be in your best interest to spend that kind of money.  What would happen if you got ill, or there was a death?

A down payment is your contribution toward the purchase of the home.  This is different that earnest money.  Earnest money states you earnestly want to buy a home and it is given to listing agent upon presenting the offer, or within 3 days.  The earnest money will go towards the overall purchase price.

Down  payments vary depending on loan and can range from 0% down (VA, first time home buyer) to 20% down.

4. Make an Offer~  When you find the right home your agent will present an offer, with preapproval letter, price, contingencies, earnest money, and closing deadline.  Be prepared that a Seller may counter your offer in which you may accept or counter.

5.  Executed Contract~  Once an offer is accepted and signed by both parties the contract is given to the title company to do a complete search on the property.  This will discover any tax/loan liens, easements, covenants or any document recorded.  The earnest money check will be given to the title company,

6. Order an Inspection~ During the inspection period, this is your time to do your homework.  Hire an inspector, check with utility companies for average utility bills, and learn as much as you can on the home. After a thorough inspection is done, your agent and you will decide if you want to negotiate the offer.  There may be radon, mold, roof or numerous other problems that you want fixed prior to purchasing the home, or money given to you by the Seller to fix.

7.  Schedule your Move~ If renting give 30 day notice, contact moving company,  start packing/decluttering, and keep track of expenses (they may be tax deductible)  You may want to donate to a thrift store or have a garage sale.  Get home insurance on new home, notify utilities of old home and new, forward mail. and notify friends and family.

8.  Closing Day~ Final step in your home buying process.  Before heading to the closing table, do a walk thru of the home, checking to see if inspection issues were fixed if any, and Seller is completely moved out.  We will check with contract to make sure that any agreed upon items were done, ie. cleaning of home, windows, and carpet.

A few days prior to closing, you will receive a settlement statement, showing the exact amount that you need to bring to closing in a cashiers check or wire.  Your driver’s license is needed too.  Be prepared that closing takes about 1 hour and to sign lots of documents.   The keys to your new home will be given to you once the paperwork is recorded.  Congratulations on you new home!

We are here to help!  MancosHomes.com

First Time Home Buyer TipsFirst Time Home Buyer Tips

August 1, 2021August 1, 2021| Carrie SummersFirst Time Home Buyer Tips| 0 Comment| 4:14 pm

Thinking about buying a home?

1. Start saving early

Here are the main costs to consider when saving for a home:

  • Down payment: Your down payment will depend on the type of mortgage you choose and the lender. Some conventional loans aimed at first-time home buyers with excellent credit allow as little as 3% down. But even a small down payment can be challenging to save. For example, a 3% down payment on a $300,000 home is $9,000. Set up automatic transfers from checking to savings to get started.  There are also loans with 0% down.  This is different than Earnest Money that shows the seller that you are earnestly proceeding with purchase.  

  • Closing costs: These are the fees and expenses you pay to finalize your mortgage, and they typically range from 2% to 5% of the loan amount. You can ask the seller to pay a portion of your closing costs, and you can save on some expenses, such as home inspections, by shopping around. 

2. Decide how much home you can afford

Figure out how much you can safely spend on a house before starting to shop.  Check out NerdWallet’s home affordability calculator.

3. Check and strengthen your credit

Your credit score will determine whether you qualify for a mortgage and affect the interest rate lenders will offer. Take these steps to strengthen your credit score to buy a house:

 

  • Get free copies of your credit reports from each of the three credit bureaus — Experian, Equifax and TransUnion — and dispute any errors that could hurt your score.

 

  • Pay all your bills on time, and keep credit card balances as low as possible.

 

  • Keep current credit cards open. Closing a card will increase the portion of available credit you use, which can lower your score.

 

4.  Research First Time Buyer Assistance Programs.

5.  Shop around for lenders and compare fees.

  • Not all lenders are the same.  Some lenders are offering free appraisal if home doesn’t appraise.  Appraisal fees are paid out of pocket very soon after getting a home under contract and are about $700.  You want to know exactly what the lender will charge for a loan. Roughly it’s about $5000 and that charge will be built into the loan as well as your property insurance and taxes.

6.  Get prequalifed before looking for a home!

  • Many buyers start looking and they find a home they would like to purchase however it’s already under contract before they can get a prequalification letter.

Looking at 2020Looking at 2020

December 29, 2020December 29, 2020| Carrie SummersLooking at 2020| 0 Comment| 10:59 pm

The real estate market has had its ups and downs in 2020. When COVID hit in March, the market came to a standstill.  But that changed in the summer—and buyers are out in full force, driving major increases in both home sales and home prices, even during the winter.

According to data from the National Association of REALTORS®, in October, existing home sales were up nearly 27 percent from October 2019. And the median existing home sale price in October was $313,000. That’s up from $271,100 in October 2019—an increase of nearly 16 percent! 

With more families homeschooling and working from home, why not live somewhere you love! 

COVID-19 vaccines, stock market soaring and with mortgage rates hovering around 3%, this real estate growth will continue. 

The Takeaway:

So, what does that mean for you? Buyer demand is extremely high, which is driving up sales, competition, and prices—so if you’ve been thinking about selling your home give me a call.

Carrie Summers 979-759-2540 MancosHomes.com

What is a Final Walkthrough?What is a Final Walkthrough?

October 23, 2020October 23, 2020| Carrie SummersWhat is a Final Walkthrough?| 0 Comment| 8:22 pm


A final walkthrough is an opportunity for a home buyer to inspect a home.   The final walkthrough before closing ensures the buyer’s new home is being delivered as spelled out in the purchase contract.

During your final walkthrough you will check to see that the home is in the same condition as you last saw it, the seller has performed any negotiated repairs, everything is in working order and there is no new damage to the home.

WHEN DOES THE FINAL WALKTHROUGH HAPPEN?

A final walkthrough should be done just prior to closing.  Anywhere from just before closing to 48 hours before closing.

The time to do your final walkthrough is after the sellers have completely vacated the property.

Ideally, if the home seller vacates a day or two early that is best for the homebuyer.  But in reality, sometimes the seller’s move goes right up to the closing.

You want the home vacated for the walkthrough so you ensure items are not left behind for you to trash and you can easily inspect the home.

Start talking about the final walkthrough 7 days prior to your closing.

This allows time to set expectations for both the buyer and the seller.  If they vacate a day before closing this allows time to fix or negotiate any walkthrough issues.

WHO ATTENDS THE FINAL WALKTHROUGH?

You and your real estate agent should both attend the final walkthrough. Often the seller’s agent will be present as well. But, really anyone can be present.

On occasion, the home seller will be present.  Though as a buyer’s agent I prefer they don’t attend.  The final walkthrough just prior to closing is for your benefit and I don’t want my homebuyer’s distracted with idle chit chat.

Sometimes, if there are items like a hot tub, generator, etc… is present the seller can give a quick tutorial of how to run the equipment if they are present.  That can be done at the final walkthrough or at a previous get together.

WHAT TO EXPECT DURING THE LAST RUN THROUGH OF THE HOME

As you are walking through the home you should expect the following as spelled out in your purchase and sale agreement:

  • The home is delivered in the same condition as you saw it in during your last visit.  Check for damage from the seller moving and it appears to be in the same condition as you last saw it.
  • The home is delivered free and clear of all personal belongings and debris. The seller should not be leaving anything that is a burden for you to remove.  This includes construction materials, old paint and chemicals, unwanted items the seller thought was to burdensome for them to remove.
  • The home is clean.  In your contract, your real estate agent should specify windows, rugs, cabinets, walls, etc.
  • All appliances and fixtures that are supposed to stay with the home are in place.  Fall back to your purchase contract about what is staying and what is going.
  • Any negotiated items are in place.  Sometimes items like play equipment, garage tools and even furniture are negotiated as part of the sale.
  • There has been no new damage to the home.   Occasionally storm damage, a pipe bursts, or other damage occurs to the home.  If this has happened you should have been notified and the problem fixed under the seller’s homeowners’ insurance.

WHAT TO BRING TO YOUR FINAL WALKTHROUGH

Be prepared with the following before walking through your new home before closing.

  • Your real estate agent!  Make sure your real estate agent is in attendance.  To be honest a good buyer’s agent will bring everything that needs to be brought with you.
  • Your purchase contract.  It spells out the details of how your new home is to be delivered.
  • A notepad or some means of taking notes.
  • A camera to document any issues.

I’ve got a great checklist to make sure we don’t miss anything.  I’m here to help! Carrie Summers 970-759-2540  MancosHomes.com

  

Hiking above MancosHiking above Mancos

August 10, 2020August 10, 2020| Carrie SummersHiking above Mancos| 0 Comment| 8:40 pm

Just above the town of Mancos, there are endless hiking trails where you can explore and seldom see anyone.  This past weekend I hiked on some old closed off mining roads and never saw a soul!   At 10 am it was 56 degrees and after hiking 6 miles it had warmed up to 67!  Pretty sweet when Phoenix and Albuquerque areas are having record breaking heat this summer.

I am always looking for a hiking buddy!  Come explore with me and find out why Mancos is a great place to call home!!