Category: Smith Mountain Lake

Debbie Shelton, REALTOR with Prudential Waterfront Properties at Smith Mountain Lake, has been awarded the Certified Residential Specialist (CRS) designation by the Council of Residential Specialists, the largest not-for-profit affiliate of the National Association of Realtors.

Realtors who receive the CRS designation have completed advanced courses and have demonstrated professional expertise in the field of residential real estate. Fewer than 38,000 Realtors nationwide have earned the credential. Home buyers and sellers can be assured that CRS designees subscribe to the strict Realtor code of ethics, have access to the latest technology and are specialists in helping clients maximize profits and minimize costs when buying or selling a home.

Debbie specializes in lake, horse and farm property on and around Smith Mountain Lake. During her Real Estate career, Shelton has become an award winning agent and consistent leader in sales with Prudential Waterfront Properties. She has also earned multiple real estate certifications including Graduate of Real Estate Institute (GRI) and became a Resort and Recreation Specialist. In addition, Debbie earned the professional designation, “Fine Homes Specialist,” conferred by Prudential Real Estate for successfully listing, marketing and transacting property valued within the top 10 percent of its respective marketplace. She has also achieved the Diamond, Platinum and “Rookie of the Year” awards from the RVAR and landed in Prudential’s prestigious President’s Circle. Debbie has a M.S. degree from Virginia Tech and lives in Franklin County with her husband, Eddie and their daughter, Jesse.

Prudential Waterfront Properties agents frequently suggest that Smith Mountain Lake homeowners paint before placing their homes on the market. Don’t be offended!

Prudential Waterfront Properties agents understand “color psychology,” which focuses on color’s effect on human behavior and emotion. Since people’s reaction to color is immediate, color has a tremendous influence on the choices they make every day.

“Color choices are very personal and when selling your home, it’s critical to appeal to the greatest number of potential buyers,” said Allegra Dioguardi, president of Styled and Sold Home Staging in New York. “With so many people beginning their search for a home on the Internet today, your home and listing photos must stand out from your competition. Color is one very simple way to do this.”

Added Eric Brown, one of the authors of House Selling for Dummies: “Painting your house’s exterior before you put it on the market will give the biggest bang for your fix-up buck, as long as you are using colors that conform to the neighborhood’s decorating norm.”

Colors affect human beings in many ways, and by using the principles of color psychology, you can make your home stand out from the competition, sell more quickly, and at a higher price. In short, the stimulus and effect of colors normally cross cultures. Blues will feel cool, reds and oranges feel warm. Deeper shades of color imply intimacy and serenity.

Your home’s exterior color is the first thing most potential homebuyers see when they drive up or inspect the property on the Web. The correct color may be the most powerful and cost effective design tool at your disposal.

What is “correct” these days? Brown’s research shows that homes painted in pale yellows with cream or beige accents have sold fastest during the past few years.

In general, lighter colors are favored for exterior as they make the property seem larger. Conversely, painting your sideboards with a darker color will make the house seem smaller, though dark colors can draw more attention to home’s details.

For those painting an older home, you may want to consider historical accuracy, as this could be a big selling point as well.

When choosing interior colors for the home, consider the purpose of each room. Kitchen and dining areas painted in “food colors” such as coffee browns, celery greens and scrambled-egg yellows will make the rooms feel more natural.

Hallways are a great place to bring in the exterior colors for overall harmony.

According to Jeanette Fisher’s book Joy to the Home: Secrets of Interior Design Psychology, since, deeper shades of color imply intimacy and serenity, she recommends painting master bedrooms a medium shade of green or blue for warm selling seasons, and rouge red for cooler weather. Other bedrooms can be painted in creamy tones of green, blue, or a pale shell pink.

For your bedroom and bathroom, cool colors can form a relaxing atmosphere with paint. Consider shades of blue, green or even lavender.

Of course, common sense should help you with any color choices. You need to match other things in your home and keep a comfortable environment as well.

Be sure to come out for the After 5 Jive outdoor concert on Thursday, August 4 featuring “Key West” performing at Westlake Towne Center, next to Kroger. Gates open at 5 p.m. with live music getting underway at 5:30 p.m. through 8:30 p.m. Admissions for Adults is $5, children 10 and under are admitted free. Valid ID required for 21 and older. There will be a children’s play area with an inflatable slide as well as face painting.

Proceeds from the After 5 Jive concert benefit the United Way of Franklin County. In this photo, the United Way of Franklin County was presented with a $1,000 check for proceeds from the second After 5 Jive by Carilion Clinic representatives Bill Jacobsen, President and CEO, Carilion Franklin Memorial Hospital and Curtis Cornell, Director, Carilion Clinic Urgent Care – Westlake. Carilion Clinic is one of the co-sponsors for the After 5 Jive concert series.

After 5 Jive at Smith Mountain Lake is also sponsored by Prudential Waterfront Properties, Carilion Clinic, Appalachian Power, Western Virginia Water Authority, Smith Mountain Building Supply, Kroger, Ferguson Kitchen & Bath, Laker Media, WDBJ-7, Budweiser, and Coca-Cola. Participating food and drink vendors include Homestead Creamery, Hot Shots, Brooks Mill Winery, Budweiser and Coca-Cola. Lawn chairs welcome. No coolers, outside food or drinks, rollerblades, skateboards or pets are allowed on the premises. Events are subject to cancellation and possible rescheduling due to inclement weather.

For additional information visit www.After5Jive.com or contact (540) 721-5288.

One of the most important jobs for your Prudential Waterfront Properties real estate agent is to determine the value of your home by developing a Comparable Market Analysis, which will be used in pricing the home for the right amount.

If your Smith Mountain Lake property isn’t attracting serious shoppers, your agent may recommend that you invest in an appraiser to get a second pricing opinion, as the appraiser will come in with an independent, unbiased opinion to help ensure your price is correct for the market.

“An appraisal is important in today’s market especially, because it’s an objective and unbiased source of information,” says Michael H. Evans, president of Chico, Calif.-based Evans Appraisal Service Inc. “The appraiser is an independent professional who performs a service for a fee rather than for a commission and is therefore not as invested as others are who are making pricing decisions.”

Appraisals allow for homeowners and buyers to establish “fair market value.” In addition, an appraisal allows a lender to know how much they can safely lend.

“Credible opinions of value can help to stabilize the real estate market,” says Joseph C. Magdziarz, president of Chicago-based Appraisal Institute, a global membership association of professional real estate appraisers. “Appraisers today are doing the same thorough, fact-based research and analysis they have always done.”

A home appraiser will compare the condition of your house in relation to the comparable properties in the neighborhood and will give you a reasonably good idea where your house fits in relation to recent sales.

According to Evans, a home appraisal can range in length from two pages to more than 100. It will include details about the house, a description of the neighborhood and side-by-side comparisons of similar properties. It will also contain an evaluation of the area’s real estate market, notations of major problems with the property that will affect its value and an estimate of the expected time it will take to sell the property.

Earlier this year, the Appraisal Institute released several tips for consumers and guidance for homeowners and buyers seeking to ensure their sales are completed in a timely manner.

• Make sure the lender hires a qualified appraiser (such as a designated SRA, SRPA or MAI member of the Appraisal Institute). The lowest-priced appraiser does not necessarily equate with the most qualified. This is a time to get the numbers right.
• Accompany the appraiser during the inspection of the property if possible. The more active of a participant you are in the process, the more you will understand it, and be able to catch any errors.
• Request a copy of the appraisal report from the lender. Federal law requires that you receive a copy of the appraisal within 30 days.
• Appeal the appraisal if appropriate. Market conditions do change, especially in these economic times. If you feel that new information may change the appraisal, be sure to speak up.
• Have your agent ask the lender to order a second appraisal by a qualified and designated appraiser.
• File legitimate complaints with appropriate state board or professional appraisal organizations.

Remember, you needn’t agree with the outcome of an appraisal. You and your agent can work with the figures and determine if you should change the sale price or not. A home appraisal, no matter how scientific, still ends up being the opinion of the appraiser and to some degree is a judgment call.

The United Way of Franklin County was presented with a $1,000 check for proceeds from the second After 5 Jive by Carilion Clinic representatives Bill Jacobsen, President and CEO, Carilion Franklin Memorial Hospital and Curtis Cornell, Director, Carilion Clinic Urgent Care – Westlake. Carilion Clinic is one of the co-sponsors for the After 5 Jive concert series.

The next outdoor event is scheduled for Thursday, August 4 featuring “Key West” performing at Westlake Towne Center, next to Kroger. Gates open at 5 p.m. with live music getting underway at 5:30 p.m. through 8:30 p.m. Admissions for Adults is $5, children 10 and under are admitted free. Valid ID required for 21 and older. There will be a children’s play area with an inflatable slide as well as face painting.

After 5 Jive at Smith Mountain Lake is sponsored by Prudential Waterfront Properties, Carilion Clinic, Appalachian Power, Western Virginia Water Authority, Smith Mountain Building Supply, Kroger, Ferguson Kitchen & Bath, Laker Media, WDBJ-7, Budweiser, and Coca-Cola. Participating food and drink vendors include Homestead Creamery, Hot Shots, Brooks Mill Winery, Budweiser and Coca-Cola. Lawn chairs welcome. No coolers, outside food or drinks, rollerblades, skateboards or pets are allowed on the premises. Events are subject to cancellation and possible rescheduling due to inclement weather.

For additional information visit www.After5Jive.com or contact (540) 721-5288.

When people enter your Smith Mountain Lake home they usually look down before up, so that first step is vital for attracting a homebuyer and making a great first impression. This is one reason why more people are installing hardwood floors in their homes.

Hardwood flooring enhances the look of any room and can create a classic ambiance that will beautify the interior design of your home. Prudential Waterfront Properties real estate agents agree that Smith Mountain Lake homes with wood floors hold their value better, sell faster and fetch higher prices.

Last year, 99 percent of real estate agents responding to a national survey conducted by the National Wood Flooring Association agreed that homes with hardwood floors are easier to sell. The survey also found that 82 percent believe that homes with hardwood floors sell faster and 90 percent said they would sell for more money.

The American Hardwood Information Center adds that restoring hardwood flooring in the home is one of the best long-term investments to be made.

“Hardwood floors are environmentally friendly, forever fashionable, and will last for generations,” said Pembroke Jacobs, president of the Hardwood Manufacturers Association. “Plus, with an expected life span of up to 100 years for certain premium hardwood flooring, you can be assured that that the hardwood really is a one-time investment with a very long-term payoff.”

Prudential Waterfront Properties real estate agents also agree that carpeting does not impress potential buyers, but hardwood floors are always a draw. Engineered wood floors impart warmth, depth and richness to a home’s decor that cannot be matched by carpeting, tile or vinyl flooring.
Despite the existence of modern architectural trends in flooring, hardwood can still compete with floor tiles and other artificial materials. It comes in a variety of colors and grains; light, medium, or dark shades; and a variety of sizes, styles, finishes and species.

Maple, mahogany and oak are the most popular woods, but some homeowners are investing in exotics such as Brazilian cherry and purpleheart.

The Environmental Protection Agency has said that indoor air quality is one of the top health threats and wood floors can help contribute to a healthy living environment. In fact, a recent EPA study found that pesticides used in gardens and homes accumulate on floors and other surfaces in the home, but that wood floors greatly reduce the accumulation of such toxins. Hardwood floors also do not trap or harbor dust mites or molds.

Though wood floors will probably need to be refinished at some point, when properly taken care of they are much easier to maintain than other floor surfaces.

The NWFA recommends regular sweeping of hardwood floors with a soft-bristle broom or dust mop to remove surface dirt and debris. If your floor contains beveled edges, it recommends using a vacuum with a soft bristle brush attachment to remove dirt and debris from between the floorboards.

Having hardwood floors could be the difference between selling your home or watching a potential buyer walk out the door on a less-appealing type of flooring.

 

Smith Mountain Lake homeowners with young children face a common challenge when their house is on the market: How do you keep the home clean and ready for prospective buyers while maintaining a kid-friendly and safe environment?

Keeping that “staged look” as the kids create instant messes can be overwhelming.  Your primary focus should be the kids’ bedrooms, according to two home stagers.

“Children’s bedrooms are often problematic when getting a home ready to sell,” said Külli Yee, founder and president of Ilus Design Home Staging and Re-design, Port Coquitlam, B.C., Canada. “They tend to have more clutter than most rooms in the form of toys and activities, and out-of-season and hand-me-down clothes and toys are often stored in the child’s bedroom.”
Ye suggests limiting the number of toys and activities that children play with each week and adding and subtracting as the kids get bored.

“Most kids only actively use three or four favorite toys at a time and the rest just sits there collecting dust,” Yee said. “Pack away extra toys, stuffed animals and books. Organize the remaining toys neatly in baskets, boxes and bins and display only a few items on the shelves.”

Alice T. Chan, a Fremont, Calif.-based home stager and author of the book 8 Steps for Creating an Irresistible Market Ready Home that Sells, recommended keeping a child’s bedroom floor and closet free of clutter by lightening the load.

“Reduce the amount of items stored in the closets,” she said. “Pack, store or give away anything that the child doesn’t need for the next two to three months. This is also the perfect time to get rid of unused or broken toys and old clothes.”

For those with infants, a nursery should be kept tidy with all extra diapers, wipes, lotions, baby bottles and clothes hidden away in a dresser. Make sure that the diaper pail is emptied frequently.

Moreover, remove any furniture that doesn’t serve a purpose in the nursery. Anything beyond a crib, dresser, rocking chair, changing table and small accessories should be packed away.

If your kids have their own rooms, consider asking them to share a room for a couple of months until the home sells. This allows you to set up the other bedrooms as a guest room or home office, adding extra value to your home.

Unlike pets, you can’t simply pack up the kids and send them away for weeks at a time. Remind your children that once your current home sells, the new home will bring them exciting new adventures. If that doesn’t make them more cooperative in helping keep the place then there’s always plan B: bribe them with ice cream, outside!

 

The theory behind short sales seems simple enough: If a homeowner owes more money on a house than the house can sell for, and the homeowner is struggling to pay the mortgage, the lender will allow the house to be sold for less than is owed.

For obvious reasons, lenders are not big fans of short sales and often make it a complicated process.

In April 2010, The Home Affordable Alternatives Program (HAFA) released new guidelines designed to streamline the short-sale process and allow more delinquent homeowners to sell their homes and move on with their lives.

In its first year, participating servicers initiated 12,266 HAFA agreements and completed 5,447 transactions.

According to the National Association of Realtors, the share of distressed homes—bank-owned properties and pre-foreclosure short sales— in April 2011 dropped to 37% of total sales volume, down from 40% in March and an average of 39% over the first quarter.

HAFA complements the Home Affordable Modification Program (HAMP), a loan modification program designed to reduce delinquent and at-risk borrowers’ monthly mortgage payments by providing alternatives for borrowers who don’t qualify for or don’t complete a trial modification.

“[HAFA short-sale guidelines] are designed to help people who are unable to keep their home under the HAMP loan modification program,” said Jeff Lischer, managing director for regulatory policy for The National Association of Realtors. “Let’s say you can’t keep your property under HAMP, the next step is a short sale, which is better than a foreclosure.”

It’s estimated that lenders lose about 40% of a property’s value on a foreclosure, whereas the figure is reduced to about 19% on a short sale. Moreover, the short sale is a graceful exit from the ownership, which is better for people’s credit scores.

New rules also add incentives for the short-sale process. One incentive helps sellers relocate by providing them with $3,000 for moving expenses. A second incentive is for mortgage servicers, who receive $1,500 from the federal government for each completed short sale. Under new guidelines, homeowners can secure a short sale approval in advance from the bank representing a minimum net amount the bank will accept.

Lenders participating in the HAFA program maintain the following requirements for homeowners considering short sale: The loan must be less than $729,750, made before Jan. 1, 2009, and the home must be the owner’s primary residence. Also, the homeowner must be delinquent and unable to pay the mortgage, and the homeowner’s mortgage payment must be more than 31% of his or her before-tax income.

If William Shakespeare financed a home today he’d probably ask on the subject of mortgage points: “To pay or not to pay? That is the question.”

Homebuyers direct the same question to their real estate agents. Here are some perspectives:

In its simplest definition, a point is an additional loan fee that is paid to the lender in exchange for a lower interest rate. It’s called “buying down,” and it allows you to reduce your rate for the life of the loan.

Let’s say you secured a mortgage loan for $500,000 without points, at 4.6% on a 30-year mortgage, your payment would be approximately $2,560 a month. If you paid two points ($10,000), the interest rate in this example would go down to 4.1% and the monthly payment would decrease to around $2,415, a savings of $145 a month.

In this scenario, it would take you about eight years to recoup the money you paid up front, so if you are planning on staying in your home a while, this will save you money in the long-run.

Home buyers must answer some key questions to determine if paying points is a wise decision. Specifically:

• How long will you keep the home?
• Do you have extra money to pay points?
• Could that money be better used for something else?

Money managers may suggest that a smarter option is to invest that $10,000 because you could do much better than your $140 savings, but you have to weigh the variables.

“Paying points depends on your career, your interests and all the things that predict your future,” said financial advisor Thomas Watkins of Total Mortgage Services in Milford, Conn. “Points are paid up front while your savings will be spread out into the future. Therefore, you get more benefit if you own your home longer, or if you don’t refinance for a long time.”

The rule of thumb when it comes to points is simple: If you plan to stay in the house for less than three years, do not pay points. If you plan to stay in the house for more than five years, pay 1 to 2 points. If you’ll be in the house for three to five years, paying points doesn’t make a significant difference.

Another important aspect to consider: Since points are interest-payment related, they are fully deductible on your taxes in the year that you close. See your tax advisor for details.

Mortgage points can add up to valuable savings over the course of your loan, but the future isn’t always predictable. Even if you “plan” on staying in your home for 20 years, changes in your career or family life could alter the plan.

Although your home may have been housing a traditional family of a mom, dad and two kids, savvy Prudential Waterfront Properties real estate agents will tell you that in order to attract more buyers, staging your Smith Mountain Lake house as one fit for multi-generations is the way to go.

More parents and grandparents are finding a need to move in with family, as many can no longer afford the increasing rates of the adult communities where they once lived. Furthermore, the economic climate is forcing many kids to return home once their schooling is done.

A recent multi-generational study conducted by the Pew Research Center, Washington, D.C., revealed that multigenerational living has been on the rise over the past decade, fueled by demographic and cultural shifts.

“One of the things that struck me about this change is that it’s coming from all directions,” said Paul Taylor, author of the report. “More young adults are moving back home, more elderly are moving in with their middle-age children and more middle-aged children are moving back with their elderly parents.”

Data from the study shows that in the 10-year span between 2000 and 2009, the number of households practicing multi-generational living increased to 33%, with more than 49 million Americans currently living in homes with three or more generations.

Real estate professionals are tending to highlight features such as finished walkout basements and bonus bedrooms today more than ever. That’s why when your agent tells you that switching out your office or transposing the basement play area to one that resembles more of a bedroom is the way to go, you should be listening.

When selling your home, you need to look at the process from the perspective of all buyers, not just yours. Consider how a multigenerational family might use the various spaces available, and give prospective homebuyers options to easily transform from single-family to multigenerational living.

Therefore, any home that contains bonus space is a viable candidate for a multigenerational buyer who’s planning to bring an ill or out-of-work family member back into the fold.

Experts agree that intergenerational living is easier when each family subunit has its own space. “Everyone who is going to share the home should have a private area of their own,” said Amy Goyer, a multigenerational expert at AARP. “It is best if there is more than one common area so that children and adults have spaces to relax in without everyone having to spend all their free time in the same room together.”

Multigenerational house design can be applied to just one structure or can be accomplished with two or three units to keep families together while preserving their independence and privacy.

According to Cam Marston, author and founder of the research firm Generational Insight, there are a number of benefits for different generations of a family living together. “It’s less expensive, obviously, but more importantly, they can learn from one another,” Marston said. “Separating generations keeps them aloof from the trends and important things impacting each generation. When they are all under one roof, they can grow up sooner and stay young longer. It works on both ends of the generations.”

Another thing for home sellers to consider when it comes to attracting multigenerational buyers is the home’s accessibility for people who might be living with aging parents who use wheel chairs or walkers.

Creating a complete, accessible living space on one level with safety features can make a home attractive to people of all ages.