by Krystal Beers Miller, June 6, 2017 in Home Buying/Selling
Currently, we’re right in the middle of a seller’s market. With so many potential buyers looking to make offers, how do you know which one is best when they start rolling in? I reached out to some experts for advice on what to look for, what to avoid and how to prepare when selling your home.
Avoid the Finicky Buyer
Personal finance and household blogger Jeff Campbell has bought and sold several homes. When it comes to selling your home, Campbell suggests to beware the nit-picky buyer. “If someone is asking for a lot of nit-picky things in their initial offer, it could indicate a potentially high-maintenance buyer, which in a seller’s market could be more trouble than it’s worth,” says Campbell.
Laurie M. sold her house in Michigan last year. She says she is all too familiar with the finicky buyer. “One woman who came through wrote in her offer that she would like to keep our T.V. stand, rack and speakers,” she says. “She wasn’t too happy when we told her that we weren’t going to part with them.”
Don’t Focus on the Highest Bidder
“When offers start coming in, don’t focus on the highest bidder,” says Pennsylvania REALTOR® and Real Estate Investment Educator Denise Supplee.
She suggests looking at all of the information, including:
- When is the settlement date?
- How many inspections are they looking to have?
- Is there a seller concession?
- What other inclusions are being asked for?
- What type of financing?
“Once you do this and compare all of these nuances, then you would decide to
pick the one that is best,” says Supplee. “You can either choose to let them all know there are other bidders, and for them all to come in with their best and highest,
or go to the deal that seems most fitting and counter at a higher price.”
Check Out the Homes in Your Area
When evaluating potential offers, you’re going to want to check out what homes are selling for in your area.
“Comparable homes should be similar in size, layout, features, age and any other factors that buyers care about,” says John Liston, manager of the online home service site All Set. “Find as many as you can that have sold in the last 3-9 months, using a site like Zillow, and compare the average sale price (median if there are large outliers) to the offer you receive.”
Liston also suggests comparing the average price increase of home sold in the area. “By comparing the increase in your home’s price to the increase in similar houses over similar time periods, you gain an extra layer of comfort that your house increased in value in line with the rest of your neighborhood,” he says.
Consider Listing on a Thursday or Friday
“The best position for a seller to be in is a multiple bid situation,” says Doug Gartley, Associate Broker at In-House Realty. “Be strategic when you’re selling your home,” he says. “Homes that are listed on a Thursday evening or Friday tend to get more offers than homes listed earlier in the week like Monday or Tuesday.”
Be Careful When Bartering
There’s always a chance that a good buyer with a good offer will walk away from the deal. “Never barter over a few thousand dollars,” says Supplee. “I have seen good deals fall through because of an ‘I want to win’ syndrome.”
Good Communication Is Key
“If your agent is a poor communicator with you, they’ll be worse with potential buyers,” says Campbell. “Have a good, clear line of communication with your real estate agent and make sure they’re responding and following up quickly, so good offers aren’t slipping through your fingers.”
Don’t Take It Personally
“One of the hardest things for sellers to do is to take the emotion out of the negotiating process,” says Chief Development Officer of Help-U-Sell, John Powell. “To the seller, the house is an extension of them, and sometimes ego gets in the way of logic,” he says. “This is where a good agent provides counsel on what constitutes a good offer and what is negotiable.” (sm)
Avoid “Love Letters”
While a letter from a potential buyer may seem heartfelt and thoughtful, Emile L’Eplattenier, Real Estate Marketing and Sales Analyst at Fit Small Business, says to avoid them altogether. “In bidding wars some buyers’ agents may try to send love letters, quick biographical letters with personal information about their clients, in an attempt to sway your decision,” says L’Eplattenier. “You need to instruct your agent to ignore these letters entirely,” he says. “Not only will they potentially cloud your judgement, but they might put you in danger of violating fair housing laws as well.” He adds that “letters that reveal information about race, religion or other protected classes may lead to bias complaints depending on which offer you choose.”
Don’t Rush the Process
While it may seem like it’s in your best interest to sell your home as fast as possible, “don’t rush the process,” says Gartley. “Many people will try and sell their home within a 24-hour period.” He suggests you leave your home on the market for a couple days to allow for full market exposure before accepting an offer.
by Danielle Forshay, July 12, 2017 in Saving Money
Wouldn’t it be nice if our finances would manage themselves? We may not be quite there yet, but with some of the apps currently available, we’re getting pretty close. No matter what your financial goals are, there are apps out there that can help you meet them.
To develop our list of the best financial apps, we spoke with financial experts about their favorite apps for specific goals. They gave us the lowdown on the apps that get the most use and some of their coolest features. Here are their picks.
The Best App for Saving Money: Qapital
Trying to save up for that big vacation and just can’t seem to make any headway? We’ve all been there. Kevin Han of Financial Panther recommends Qapital, an app that gives you a boost with a variety of “rules” that you can set to streamline your savings.
Kevin’s favorite feature is Qapital’s round-up rule. As he explains, “Qapital will monitor all of your credit card transactions and round up each transaction to the nearest dollar, and save the difference for you.”
Users can also automate their accounts to save a certain amount of money on a daily basis (the “set and forget rule”) or even link it to an event, such as saving $5 every time your favorite football team hits the field. The “guilty pleasure rule” allows you to “charge” yourself (i.e., deposit a certain amount into your savings account) whenever you indulge a guilty pleasure spending habit.
The Best App for Managing Investments: Personal Capital
When it comes to managing your investments, things can get complicated.
Brandon Yahn, founder of Student Loans Guy recommends the Personal Capital app. Its user-friendly interface allows you to add and track all of your investments. He enjoys the ease with which the app allows you to link all of your accounts and keep track of spending and investments.
Personal Capital allows you to track your investment numbers by account, asset class or individual security. It will also show you how your portfolio compares to major market benchmarks so you can keep on track to meet your personal investment goals. The app can also connect you to investment experts who can advise you on your portfolio.
The Best App for Making Payments: Prism
If you’re the owner of multiple credit cards, then you know that keeping on top of all those bill due dates can be tough! But there’s no need to live in constant fear of missing a deadline. When asked about the best app for making payments, Kevin Han promptly said, “Definitely Prism. It’s an app that not a lot of people know about, but it is my most used financial app.”
The beauty of Prism is that it links all of your billing accounts, paychecks and available funds so that you can easily visualize the movement of your finances. Once you connect all of your billing accounts, all your bills and account balances are synced to the app. It keeps track of your bill due dates and makes sure you never miss one. With a function even allowing you to pay those bills directly from the app, the process of managing bills could not be easier.
The Best App for Financial Advice and Overall Financial Management: Mint
When it comes to overall financial management and getting good advice on your spending habits, Deborah Sweeney, CEO of MyCorporation.com, recommends Mint, a well-known budgeting app. Mint helps you understand how your spending breaks down and can even provide advice based on your spending habits to help you meet your financial goals.
As Deborah remarked, “When you use Mint, you can literally see where the money you’re spending is going. It sends you an alert when you’re about to reach the end of your budget, provides advice on how to save even more money, and offers the ability to view your credit score. This app makes it easy to be mindful of your finances and proactive in the process, taking control to reduce your spending on unnecessary purchases now that you know how those purchases add up.”
by Allison Hendricks April 14, 2017 in Recreation
Taking a trip outside your day-to-day environment creates endless opportunities to expand your horizon, learn something new and maybe even gain a new perspective on your surroundings.
However, traveling can be financially difficult and time consuming, which is why most people prefer to stay home.
For those who want to see the sights without breaking the bank, we have travel hacks to help save you time and money.
Tickets: When to Buy, When to Fly and What to Expect
The first and most important concept when planning your trip is deciding when to go.
This affects when you buy your tickets, when you decide to fly and what you should expect when going for the cheaper alternative.
When to Buy and When to Fly
You may be surprised to find out, but the day and time when you purchase tickets can ultimately affect your final bill.
Grainne Kelly, founder of BubbleBum, the first inflatable car booster, is a certified child passenger safety technician and a former travel agent, and she has a few insider secrets on how to save on travel.
Kelly recommends booking flights on Tuesdays or Wednesdays around lunchtime, as airlines release sale prices during these days of the week. However, make sure you confirm that the rate includes taxes, as taxes can send your bill skyward, sometimes to the tune of several hundred dollars.
In addition, try to travel on Tuesday, Wednesday or Saturday, as these days offer lower pricing on connecting flights.
For discounts on flights, check out sites like Kayak, Orbitz and Expedia.
What to Expect
With great savings come layovers, so prepare for a long route. Many discounted flights often include at least one layover, sometimes two, depending on the destination, so it will take longer to get to your end point, and you have to hope there are no delays that could affect whether you’ll make your next flight.
“Many discounted flights are only offered at peak times,” Kelly adds, “departing at a very early hour or late at night.”
In addition, seat assignments are not guaranteed, meaning if you’re traveling with family or friends, your seats might not be together. Most discount carriers operate on a first-come, first-served basis, so try to get to the gate early to find a decent seat next to your travel companions.
Most discounted carriers no longer include meals, so you shouldn’t expect the classic free drink and snack on your flight. Pack snacks to hold you over until your destination, especially if you have a long layover. Remember: You can’t bring liquids through security, so you’ll likely need to purchase a drink near your gate or on your flight.
What to Pack and What to Pitch
First of all, be sure to read the fine print and find out the terms and conditions for your carrier. According to Kelly, there could be charges for checked baggage (typically $25 each way), carry-ons, the dimensions or weight of your baggage, snacks or meals, and more.
“Be prepared ahead of time so you’re not in sticker shock at the airport,” says Kelly. “This is how airlines make up for missing revenue. Try to just travel with a carry-on bag so you don’t have to pay for a checked bag.”
However, Kelly suggests a way to get a checked bag for free – by checking it at the gate. If you have a larger carry-on and later decide you would rather check it, wait until everyone else boards the flight with their carry-ons. Kelly suggests the plane will likely run out of the room for bags and check your carry-on for free.
“Always ask the gate if there is room or if they should check your bag, as they are usually happy to check it,” Kelly advises. “It makes it easier for them to ensure everything else fits in cabin storage.”
Also, print your boarding pass at home, as some airlines charge to print them at the airport. If you have an iPhone, Apple Wallet is a great way to organize your boarding passes for easy access at the airport.
As for outfit options, Kendal Perez, savings expert at Coupon Sherpa, asserted that most people wear the same items repeatedly during trips. Instead of packing many options, Perez suggests packing versatile clothing items that can be mixed and matched for different looks.
“This saves you time while packing and reduces the hassle of an overly-heavy bag,” she says.
Krystal Rogers-Nelson, travel writer for ASecureLife also has a few packing suggestions, outlined below:
- Unless you’re going somewhere remote, don’t bring toiletries, as most hotels provide them for free
- Pack a small backpack or tote bag in your carry-on so you can have a day bag on the plane and during your trip (and without extra baggage fees!)
- Leave room in your luggage for souvenirs and keepsakes
Transportation: Rent or Ride?
When does it make sense to rent a car versus riding public transportation during your vacation?
Ride
Opting for public transportation can save most of your money, suggested Perez, especially in larger and more crowded cities like New York, San Francisco, Chicago or Boston. Don’t waste your time or money with a rental car when you can cost-effectively get around via public transportation.
Rogers-Nelson expands on this concept, adding that you’ll save money on parking fees, as most metropolitan areas require a fee for secure parking. Additionally, public transportation options tend to be reliable and affordable.
Be sure to look into bike rentals or opt for walking if your destinations are close by. This is not only cost-effective but also a good way to get to know your surroundings.
Rental Cars
However, if you are traveling to a more remote location with infrequent public transportation service to your destination, Rogers-Nelson suggested it might be more cost effective to rent a car but avoid upselling attempts by agencies.
“In most cases, the insurance offered by agents is already covered by your personal auto insurance or by the credit card you’re using to book the reservation,” Perez explains.
Also avoid prepaying for fuel, since you won’t be reimbursed for any fuel you have in the tank when you return the vehicle.
Since most rental agencies offer coupon codes for online bookings, you can use sites like Coupon Sherpa to easily find deals, like a certain percentage or dollar amount off your car rental.
A less expensive alternative is a transportation app, such as Uber or Lyft. The rates are pre-calculated, and you can pay over your phone, avoiding cash exchanges.
Food for Thought
Rogers suggests, “A hotel or Airbnb with a kitchen is a little bit more expensive than a standard hotel room, however, you will most likely make up for that in saving on food and drink, as long as you commit to making the majority of your meals yourself.”
If you want to save the most money and have a kitchen where you’re lodging (such as in a condo, apartment, hotel, Airbnb rental or hostel), consider cooking most of your meals with local ingredients and stocking up on snacks and beverages. This will limit the amount of money you spend on food.
You can find coupons in local newspapers or catalogs in the entryway of most grocery stores, giving you an opportunity to save even more on your food.
Find local dining deals by downloading apps that access coupons to local eateries, like Groupon or Coupon Sherpa. Or simply ask the locals where the best bites to eat are located. They’ll usually be able to give you more affordable dining locations.
In addition, limit the number of times you dine out to keep costs down, and rely on snacks and small meals purchased from local markets. When you do dine out, eat local by trying street vendors or sit-down restaurants.
Should you choose to sample a local restaurant, try to go during a happy hour and order house-made wines and local beer to lower your bill. Plus, some happy hours have free or discounted food along with less expensive drinks.
Where to Stay
When it comes to deciding where to stay, you should factor in not only money but also convenience and comfort.
Hotels
Hotels are nice because you can pick a location close to the airport, with most airports offering free shuttles.
They also offer a more private room experience, compared to Airbnb rentals and hostels.
You should also consider the comfort of hotel amenities, such as pools, workout areas and continental breakfasts, all three of which are often free with the purchase of a room.
Just like with flights, you can find discounts on hotels at Kayak, Orbitz and Expedia. Groupon also has great deals, but they’re sometimes limited by date, so be sure to read the fine print.
Airbnb Rentals and Hostels
If you’re looking to take the stress out of traveling, consider staying at an Airbnb rental or a hostel, a unique traveling experience that may allow you to meet fellow travelers and create a more personalized vacation.
Airbnb allows individuals to rent their homes (or rooms in their homes) to tourists.
Rogers-Nelson suggested Airbnb as a great outlet when you’re working with a budget because you can filter by price, number of people and amenities based on what you’re looking to experience on your trip.
Much like Airbnb, hostels will also offer cheaper pricing on lodging and provide a more custom traveling experience than a hotel.
When you stay at an Airbnb rental or a hostel, you’re often more submerged in the culture that you’re visiting, allowing a more personal and meaningful experience when you travel away from your surroundings.
