Real Estate

Real Estate Listing Season Is Coming.

Are You Getting Your House Ready to Sell?

By Scott Gaertner, Associate Broker

Contrary to what is seen in most of the country, real estate cycles in Scottsdale North move in the opposite direction. We’re approaching our peak season as they’re leaving theirs, which is late spring and early summer. If you are considering selling, here are some tips.

In a market that’s shifting as fast as our is today, many homeowners wonder what, if anything, needs to be renovated before they sell their house. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should––and shouldn’t––do before selling your house.

Here are some considerations a professional will guide you through.

WHAT YOU NEED TO KNOW ABOUT YOUR LOCAL MARKET

Since the supply of homes for sale has increased so much this year, today’s buyers have more options than they had last year. That will mean you’re not able to ignore some of those repairs or cosmetic updates you could have skipped in previous months. As a recent article from realtor.com says:

“To stand out in the market, sellers should make their homes attractive to buyers, which usually means some selective updates.”

The key word here is selective. Since Scottsdale North is still a slight sellers’ market, focusing on a few key areas may be enough to make your house stand out from other options. And since inventory is still low overall, it’s also possible buyers may be willing to handle the renovations themselves once they move in. It all depends on buyer demand and the available inventory in your local area. For advice on what’s happening in your market and what to do to make your house show well, lean on a professional.

NOT ALL RENOVATION PROJECTS ARE EQUAL

In addition to making sure your house makes a good first impression, you’ll also want to consider the return on your investment (ROI) for any renovations. According to the 2022 Remodeling Impact Report from the National Association of Realtors (NAR), here are the projects that could net you the best return when you sell your house (see visual below):

Again, your real estate advisor is your best resource. When your agent comes to your house for a walkthru and consultation, they’ll use their expertise to offer any insight into what you may need to repair, replace, or refinish. They also know what other sellers are doing before listing their homes and how buyers are reacting to those upgrades to help steer you in the right direction. As Vice President of Demographics and Behavioral Insights for NAR Dr. Jessica Lautz explains:

“This year, the winner was hardwood flooring. Hardwood floor refinishing and putting in new wood flooring had the most significant value. . .”

HOW TO DRAW BUYER ATTENTION TO THE UPGRADES YOU’VE MADE

For any projects you’ve already completed or for those you plan to do before listing, make sure your real estate professional knows. They’re not just an advisor to help you decide where to focus your efforts, they’re also skilled at highlighting any upgrades in your listing. That way, potential buyers know about the features that may help sell them on the house. As an example, new HVAC systems are important in Scottsdale North. Make sure buyers know that yours has been done.

No matter what, contact a local real estate professional for expert advice on what work needs to be done and how to make it as appealing as possible to future buyers. Every home is different, so a conversation with your agent is mission critical to make sure you make the right moves when selling this season.

SELF HELP

If you are on the fence about selling, our Fall 2022 Seller’s guide should be very helpful. It has lots of things to consider before you decide to sell, and a checklist to move the entire process along easier. To get your copy just give us a call or email us at moreinfo@ scottggroup.com and tell us you want the seller guide.

Want to know what your home is worth? Go to scottsdalenorthhomevalues.com for a free valuation on your home.

BOTTOM LINE

In today’s shifting market, it’s important to spend your time and money wisely when you’re getting ready to move. Let’s connect to find out where to focus your efforts before you sell.

Scott Gaertner is an Associate Broker with Keller Williams Northeast who for the past 35+ years has helped more people find their lifestyle niche in the Scottsdale North area than anyone else. He also contributes his thoughts on the real estate market and lifestyle interests in the area and is the creator of ConnectingScottsdaleNorth.com. For additional info, visit scottgaertnergroup.com or call 480-634-5000.

Legal

Estate Planning Basics – The Revocable Living Trust and Incapacity Planning

By Libby Banks, The Law Office of Libby Banks, PLLC

People often ask me how much money the threshold net worth is before they need a revocable living trust. There is no magic number. The factors that go into the decision include family situation, types of assets, location of real property, and, yes, net worth. The next question I’m asked is, why have a trust?

THE REVOCABLE LIVING TRUST GIVES INSTRUCTIONS IF YOU ARE INCAPACITATED

Both a will and a trust contain instructions for distributing your assets after you die. However, a trust also contains your instructions for managing your assets if you become incapacitated. The trust allows a successor you have chosen to step into your shoes to pay your bills, manage your assets, sell property if needed, and generally handle your financial affairs. The trust makes is easy for someone to step in charge to assist when you need help.

In addition to your trust, for someone to handle all your financial affairs while you are incapacitated, you need a durable power of attorney for finances in place.

WITHOUT INCAPACITY PLANNING YOUR FAMILY MUST FILE FOR CONSERVATORSHIP

Without a trust, control over your finances may require a court proceeding known as a conservatorship. One attorney I know who does these proceedings called conservatorships “cumbersome.” They are also quite costly, far more than the cost of creating a trust. At least two attorneys are involved in any conservatorship case.

Money isn’t the only cost of conservatorship. Your family is asking the court to declare you incompetent. This takes a huge emotional toll on everyone. It takes time too, both to have the proceeding, and to make accountings to the court according to its rigorous guidelines.

Last, the conservatorship is a very public affair. There are no locked doors in the courthouse on these. With the trust, we maintain our privacy. We state in the trust how and when it should be decided that we can no longer handle our affairs.

THE BOTTOM LINE

It is important to be sure someone can manage your affairs if you are incapacitated. The trust is an ideal way to assure a smooth transition if you can no longer manage your affairs.

LEARN MORE

To learn more, schedule a consultation or review by calling the office at 602375-6752, or check out our website at libbybanks.com.

Call us today to schedule your FREE Estate Planning Consultation

Our Estate Planning in Phoenix and Scottsdale is highly customized to meet your unique family situation, assets, values, and personal goals. Our complimentary first meeting allows you to get to know Libby, our Estate Planning attorney and talk about your unique situation and what plan will best fit your needs.

Remember, when you choose Libby you are not only hiring someone to prepare your Estate Plan, you are choosing a seasoned Estate Planning attorney to guide you through this often complex process and raise questions you might not have considered. You are choosing an experienced professional to create a plan that serves your family in the way that you want and, after you are gone, a trusted advisor that your loved ones can depend on.

Come see us in our new, convenient office located just down the street at 5010 E. Shea Blvd, Suite 205 Scottsdale, AZ 85254 602.375.6752 | www.libbybanks.com | libby@libbybanks.com

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