What’s an Ice Dam?

Posted on February 13, 2012 by Darren Donald

http://huebelfamily.blogspot.com/2012/02/whats-ice-dam.html blog credited to The Huebel Hammock, Liz Huebel…

What’s an Ice Dam?

So prior to living in AK I had no idea what an ice dam was. I mean I deduced that beavers weren’t the culprit, but I figured they were found in a river. WRONG. Here’s the web definition.

“An ice dam is a ridge of ice that forms at the edge of a roof and prevents melting snow (water) from draining off the roof. The water that backs up behind the dam can leak into a home causing damage to walls, ceilings, and insulation.”

Exhibit A:

 

Exhibit B:

So, we too discovered what an ice dam was when we saw water dripping in our house near the window.

What the ice dam taught us:
*It’s good to have Alaskan neighbors who know about ice dams (Thanks Darren!)
*Apparently it’s a very common thing, especially during weird freeze/thaw winters like we’ve had this year
*The most important thing to do is get the snow off the roof ASAP. Ross was thumping around on the roof most of Sunday, trying to shovel all the snow off. Roma thought Santa landed on the roof, ie she was not a fan.
*Heat trace is only marginally useful because it doesn’t stay close enough to the ice to melt it
*If you have water dripping in your house, it’s hard to know the entry point when you don’t have attic access, but it’s safe to assume some of the insulation is wet which means you should drop your thermostat significantly until it dries. (I was wearing my coat and hat in the house.)

Now you know all about ice dams. Remember icicles are a bad sign. Store away this memory until that time in the future when you hear a “drip, drip, drip”…

http://huebelfamily.blogspot.com/2012/02/whats-ice-dam.html blog credited to The Huebel Hammock, Liz Huebel

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Short Sales and Foreclosures…What ARE the Differences?

Posted on December 28, 2011 by Darren Donald

What exactly is a short sale?   Is it different than a foreclosure?   These are good questions and hopefully I can clear them up here.

Most people are familiar with what a forclosure is.   Basically,  in a mortgage, a home owner has agreed contractually to pay back an bank/lender/investor and promises to pay them accordingly to the payment schedule as outlined in the contract or loan.    That contract states (summarized of course) that if the borrower fails to pay back the loan, the lender has the right to take back their collateral, known as the home.  If the borrower fails to pay back the loan in accordance with the contract and the lender elects to “forclose” on the property,  the legal process will engage and the home will be “foreclosed” on.  At the point of foreclosure, the homeowner has lost their right to the home, and the lender now owns the home along with the fees (like taxes) that stay with the home.  The home will most likely put it on the market for sale as a “foreclosure”.

If you are working with a realtor and they say this is a “bank owned foreclosure”, you now know what has taken place.  The banks will know nothing, to very little about the condition of the property, so make sure as a buyer you are doing your due diligence for inspecting the property.

Well, short sales are a totally different procedure.  A short sale basically takes place when a homeowner is no longer able to make the payments they have agreed to with the lender, and they are trying to sell the home to get from under the debt or payment.  The term short sale comes into play when the home owner owes more on their loan than their home will sell for in the current market; thus, when the home closes they will be “short” of their payoff to the loan.

Say you buy a home for $300,000 two years ago and you now owe approximately $275,000 on your loan; your family runs into hardship and can no longer make payments.  If you do nothing and don’t make payments you could ultimately be foreclosed on and lose your home.   If you try to sell your home and the current market price is $260,000, you would be selling your home as a ”short sale”.  Now, if you have the means to pay the short of $15,000; the bank could try to collect that.  You will want to seek “legal” real estate advice on your best plan of action.

Keep in mind in either situation your credit rating will most likely be damaged.  Currently short sales do not hurt your credit rating as long as a foreclosure does, but that is changing all the time it seems. Also, if you do a short sale, you may be responsible to pay taxes on the dollar amount the bank excused you from, or your “short” amount.

In todays market, the rules and regulations of short sales, foreclosures, loan modifications, etc are changing almost daily.  If you run into hardship where you can no longer make payments, seek advice from a professional.  The market and rules are always changing, and no two circumstances are the same, you may have more options than short sales or foreclosure.

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5 Steps to staging your home

Posted on December 8, 2011 by Darren Donald

You certainly have heard the expression “there is never a chance to make a
second first impression.” This is particularly true in real estate and keeping a potential buyer’s thoughts direct at your property is critical to getting your home sold.   I have jotted down a few key points on this subject that my years of experience on paying attention to past buyers comments when selecting a home.

1) Curb appeal: A buyer is excited and they pull up to your home, it needs to look
nice from the curb. Do NOT have trash cans stacked up, bikes leaning on the
home, old flower pots, dead or unsightly lawn, or a driveway full of snow.
Also, keep in mind as the realtor is opening the door, the buyer is standing
there waiting to enter… What will they see while standing in the entrance? I
always recommend making sure when standing at the door, all is perfect. Paint
the door if it looks old or tired and make sure the trim and patio entrance have
fresh paint. The buyer will be looking around for the 15-20 seconds it takes
for a realtor to open the door so make sure everything looks great from their
point of view.

2) Clutter:  What one person calls decorating (or note taking) is what a buyer sees
as clutter. Those reminders on the refrigerator that are months old, do NOT
help sell a home. When you have pictures or flowers on every end table and
counter top space, it distracts the buyer from the home. We recommend getting
empty boxes and literally walking room to room and remove all items that are
not part of the home or remove items that will not help sell the home. An easy
trick is to stand back in the entrance of a room and take a picture; you would
be amazed what a room looks like through a lens.

3)Modify Home:  The goal is to make the home feel as open and light as
possible. Walk through the home and get rid of any unnecessary furniture. Open
drapes or blinds and make sure all lighting works. You can store furniture
neatly stacked in a garage corner or under a tarp. As long as it is neatly
stacked in the garage it will not distract a buyer. The garage is forgiving to
a buyer if clean. Most people love animals, but not all; do your best to rid
the home of all animal evidence. Water/food bowls should NOT be in the kitchen,
some people that don’t like animals would find this dirty. Try to have all
evidence of your pet in the garage, or tucked away out sight.

4) Proper Use:  So often we end up modifying our rooms to better accommodate our
own lifestyle. The problem is the buyer may not like your lifestyle. Turn your
home back into the intended use of the architect or builder. If you have been
using your dining room as an office, try turning it back into a dining room and
stage the table. Make sure things like outdoor patio are staged so you can see
their intended use. Basically- stage the home so the buyer can visually see the
intentions of the space; remember, be a minimalist so the space looks big.

5) Ambiance: Just like the first impression, you want to make sure the buyer
enjoys their tour of your home. Make it feel welcoming from the second they
step foot on your property. Turn porch lights and all interior lights on so the
buyer knows you are expecting them. This will help put the buyer at ease so
they don’t feel they were not welcome in your home. Once the buyer enters a
well lit home, make sure you have all the blinds open to let in as much light
as possible. Also, make sure all interior bedroom, bathroom or pocket doors are
open and inviting. You can leave closet or utility doors shut… Buyers don’t
like having to open doors to private rooms like bedrooms or bathrooms in fear
of surprising someone; help make them feel at ease. It also would not hurt to
have some fresh baked break or cookies on the counter for the buyer. Not only
will this help make the home smell nice, but it creates a friendly gesture that
the sellers are nice people and appreciate you looking at their home. If the
home has a strong bad odor, consider shampoo or detail cleaning, do NOT mask
the odor with a bunch or candles or wall scents; this will just mask the odor
and be an instant turn off to a buyer. They will notice you are hiding
something. Lastly, if you have a little radio centrally located, turn it on
quietly to your favorite easy listening station. Not too loud, you are not
trying to drown out noise but rather create a pleasant home viewing experience.

and FINALLY…
Remember that you are trying to make your home appeal to the largest market of
buyers. Real estate is all about numbers, and the more people your home will
appeal to, the higher the odds are you will get your home sold for top dollar
or in some markets simply sold! Selling your home is not easy, so if you are
comfortably living in your home while it is on the market, you may not actually
be “selling” your home.   Refer to my blog post about “Getting your home ready to Sell” for my ideas on preparations for this process.

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“Should I take my home off the market through the Holidays?”

Posted on December 2, 2011 by Darren Donald

Usually around his time of year when the turkey
is flying out of the cooler, our team gets asked the question;
“Should I take my home off the market through the Holidays?”
There is no right or wrong answer, it all comes down to the motivation of each individual
seller. Keep in mind, a home won’t sell when it is off the market. In a nutshell,
here is our team philosophy on the matter. We understand this time of year sellers are busy with
planning dinners, parties, maybe even having guests in town or leaving
town for the Holidays. If you don’t mind spending a little extra time in the evening or each
morning before heading off to work to leave the home clean, there really isn’t much
more necessary to facilitate a potential sale during the Holidays. Worst case scenario…
you could receive an offer at an awkward time. At this point, a seller’s
motivation will have to come into play and perhaps require some negotiating with the buyer.
There will be fewer showings during the Holidays,
but the showings you will get are typically more serious buyers and not just
“tire kickers”. We have found that during the Holidays more people have time off
from work and will actually start looking for their next home purchase. We see
an influx of buyers during the Holidays simply because they now have time to
“shop” for their home. Our recommendation to you is this; keep your
home on the market and understand you may have fewer showings but remember that the showings
you do get are typically serious buyers. When doing so, keeping your home staged and ready at all
times is a must. Don’t worry, a buyer won’t ask to see your home Christmas Eve during dinner.
Nonetheless, if we do everything right, with a little luck we could get an acceptable offer
during the Holidays! In this situation you can easily negotiate the closing date of your home
with the buyer; not too many buyers want to move in Christmas day.
The Haltness Donald Tutterow Group would like to
wish you a Happy Holiday Season and good luck with the selling of your home.

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Is a HOA (Home Owner’s Association) neighborhood right for you?

Posted on December 1, 2011 by Darren Donald

Is a HOA (home owners association) neighborhood right for you?

An interesting point of discussion I have had recently involves Home Owner’s Associations. When it comes to Home Owner’s Associations (HOA’s) we get clients from both sides of the fence. Some clients want to have the freedom to park RVs, boats, or any of their toys in their driveway or yard. They do not appreciate oversight on their home usage and maintenance.  They may also balk at the additional fees that come with supplied maintenance and repair plan for the Association’s common areas.  For every client that is opposed to the idea  of an HOA, we have those who will not buy without.

Those who support the  idea of HOA realize that the monthly fees and standards protect their  investment.   A prospective buyer recognizes the clean, de-cluttered
nature of the HOA development and is drawn to the level of upkeep the standards
provide.   Those living in the HOA development know that without the
HOA, it is possible one bad egg can spoil the whole carton.   No one
wants to live next door to a neighbor with a bad lawn and junk in their yard.
The HOA is your only assurances against such a scenario.

I’ve recently completed a market study on two identical neighborhoods similar in year built, size of homes, school zoning and the size of the neighborhood. The main
difference is one, Kempton Hills has an active HOA and the other, Huffman Hills
has no active HOA. Here are the findings for homes sold in 2011 in these two
South Anchorage neighborhoods.

Kempton Hills (HOA) vs.
Huffman Hills (no HOA):

Kempton Hills HOA dues:
$200 annually

12 sold homes in each
neighborhood in the past 12 months based on the median.

Kempton
Hills:

  • $401,000 sales price
  • $159 price per square feet
  • 2,521 square footage of living space
  • 59 days on market before sale

Huffman Hills:

  • $363,000 sales price
  • $156 sold price per square foot
  • 2,353 square footage of living space
  • 60 days on market before sale

What I take away from this survey is a home will sell for more in neighborhoods with HOAs than without.   My suggestion would be this, if you plan to be able to
park your RV, boat or snowmobile in your driveway and manage your own exterior
look and feel then you should look at neighborhoods which do not have an HOA.
It is a good thing to remember when purchasing your home that buying into a
neighborhood does not technically save you money. Statistically you can see
that when you sell your home in a neighborhood within an HOA that it will
traditionally sell for more than any dues that you will have paid, granted, you
are also paying more to buy. If you enjoy the uniform, de-cluttered look of an
HOA neighborhood and are willing to pay for it, then look for neighborhoods
with an HOA.

The bottom line is this; 1)don’t disregard a neighborhood based on the HOA fees, but rather choose a neighborhood that fits your lifestyle and 2) dues generally aren’t that much
considering the home (investment) you are purchasing.

 

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The dangers of watch “button-type” batteries

Posted on November 8, 2011 by Sarah Haltness

I recently came across this article in the “Costco Connection” magazine and was a little shocked about the dangers of something I until recently found completely innocuous.   Watch batteries, even dead ones have potentially fatal side affects for small children.   Please hit the links to make yourself aware of the danger.

CBS News Story on “Button Batteries”

Costco Connection Story on “Button Batteries”

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Zillow pricing and questions in the Alaska real estate market.

Posted on October 27, 2011 by Darren Donald

I was explaining to a client the other day how Zillow works, or does not work in markets like Alaska. Rather than reinventing the wheel, I’ve found a great blog that Dyanmic Properties wrote on this topic.  “How Accurate is Zillow in Alaska?”

If you have any questions, please contact the Haltness Donald Tutterow Team.

 

 

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Getting your home ready to sell

Posted on October 27, 2011 by Darren Donald

This market is definitely changing. About 5 years ago we could stage a home, clean it up, price it correctly, market the home, and it would sell promptly.   We were amidst a hot market and there was not enough inventory for a buyer to choose from.   So as the saying goes “beggars could not be choosers” and this was great for sellers.  

About 3 years ago we saw the market getting soft.   The prices of homes beganf dropping.   Some homes outdated and need of a remodel could still be sold with a small incentive to the buyer.   Sellers could offer a $5,000 decorating allowance, price the home slightly below fair market value and it would still sell.    Buyers and investors were not afraid of a little updating or remodeling.   Interest rates held around 5% and some believed these homes to be a great deal while there was still not a whole lot of inventory to choose from.

Now, the real estate market in Anchorage has definitely changed. We are seeing slightly outdated homes either not selling or having to price their home way below FMV in order to get the home sold.   Buyers are rarely interested in decorating allowances while needing any funds the seller is willing to give up for their closing costs.

Our team’s suggestion for selling your home in the Anchorage market is this:

1) Remove wall paper and paint all rooms neutral.   A white ceiling with tan walls works with almost any decor.

2) Any flooring that is badly worn, or outdated should be replaced.   Again, remember color neutral whether it be carpet, laminate, wood, tile etc…Especially make sure your carpeted bathroom floors are removed and linoleum or tile is installed.  No buyer likes old carpet on a bathroom floor.

3) Detail clean the home.   This is not a quick vacuum and mop.   A detailed home cleaning should be performed.  I always recommend hiring a professional cleaning company as they will clean the spots a normal routine cleaning would normally miss, like ceiling fans, bathroom vents, baseboards, etc…(call me for suggestions if needed)

4) Stage the home and de-clutter. Become a minimalist, less is usually better. Your home will feel bigger and look more appealing to most buyers.

5) Price the home correctly. Make sure you are working with an experienced real estate professional and you price your home correctly. My suggestion is this; if you are not going to be in the top 10% of prettiest homes at your price point, you will have to be 5% less than the price of the average homes. Homes that are outdated, are simply not selling for a little less money, they are selling a lot less. So do the basics to protect your assets.

Remember these basic rules of thumb when getting ready to sell your outdated home in todays market… Paint, flooring, cleaning, staging, price correctly. You will save your self money, time, and the stress that goes along with not selling.

Please fill out our “contact us” page if I can provide any more information in simplifying this process for you.

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Is your listing agent or realtor showing your home?

Posted on September 28, 2011 by Darren Donald

The other day I had a client ask me “how many times have you personally showed my home?”   This is a great question and often asked as a perceived measure of how hard their agent is working for them.   A better measure is ”how hard am I working to get other realtors to show your home?”   The reality is that your listing agent will rarely be the agent showing your home to a prospective buyer.   A listing agent’s most important job is to market your home to the vast resource that is all of the realtors in Alaska representing most of the potential buyers.  This is accomplished by marketing strategies developed over years of experience, and utilizing the Alaska MLS system, the Internet, print ads, agent opens and open houses.   Most prospective buyers have a relationship with a realtor so it is critical to market to the other realtors and their clients.  Typically, about 5% of buyers are without representation and call listing agents directly.   To capture this market share, it is important that your realtor is in fact, marketing directly to the buyer in the form of print ads, open house, mail outs, Internet marketing, etc…. You never know where the buyer is situated in the market and when they will find your house and make it their home!

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Big Changes!

Posted on September 19, 2011 by Sarah Haltness

Recent visitors to this website may notice a new name in our header?   Haltness::Tutterow is NOW Haltness::Donald::Tutterow!   We are very proud of our new name and our (even better!) position to provide the highest quality service possible to our clients.

Look for Darren Donald’s blogging here in the future.   Darren will on occasion share his insight and observations in the field of Alaskan Real Estate and provide pertinent information to serve our customers.

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