Improving your home’s presentation should be the first thing a house on the market should attend to. You should start by finding a good agency. Any agent can tell you what price range your home falls under. Yet only the best agent can tell you what to expect of buyers in your particular market. Having said that, here are 5 ways to get started on preparing to sell your home.

1. Raise the Curb Appeal

Exteriors are the first experience potential buyers have with a house. Your house’s exterior should therefore immediately create a good and welcoming ambience. Clear, paint, repair, mow and prune any damaged or unkept areas around the property. Ensure your front door is visible, accessible, and clutter free. Aim to give potential buyers a feeling of ease and comfort when approaching your home.

 

2. Deep Clean the Interiors

Cleanliness makes a home feel well taken care of, so deep cleaning can win points with buyers. Each room, cabinet and garage should be tidied up before showing. Ensure you have the right window treatments that enhance natural brightness. Ensure you have clean rugs and carpets with no sight of stains, dinginess or odors. If these seem daunting, a professional cleaning company can take care of it for you.

 

3. Repair the Broken Things

Repair or replace broken or outdated hardware in your home. Door handles, faucets, towel bars and curtain rods are fixtures that are visible to buyers. They can be fixed without much cost. Replace light fixtures that are broken or no longer fit your home. You can use light fixtures to draw attention to selling points, such as artworks or mantles.

 

4. Declutter your Home

Potential buyers should see clean, open spaces when they look at your home. This will enable them to imagine their own comfortable life in your home. Decluttering your home removes distractions and makes it easier for buyers to explore. Remove clutter such as litter boxes, pet dishes, toys, and kids’ entertainment. Fresh, decorative flowers in the kitchen or on the dining room table are a welcome touch. However, ensure it is simple and cleanly decorated.

 

5. Paint With Neutral Colors

Painting is an affordable maintenance project with a high return on investment. Putting a fresh coat of paint on white or beige walls can do wonders in freshening your home and its appeal. Repaint walls that have unconventional colors. Neutral colors, such as taupe and subtle grey, are the best choices. This is because it is rare that someone doesn’t like these colors. Additionally,  lingering paint smell can be avoided by painting a month before listing . So time your painting.

What is a homestead exemption?

This can be described as a property tax exemption for your permanent primary residence.  

A homestead exemption permits a property owner to exempt a fraction of the value of their home from property tax assessments, it reduces your escrow payment and your overall payment.

A homestead exemption is tied to a specific property, which is the property of the owner. It came about because senior citizens on tight incomes had difficulties paying the property tax. As a matter of fact, in some locations, a homestead exemption completely eliminates taxes for senior citizens.

However, the homestead exemption does not prevent a bank foreclosure if a property owner defaults on their mortgage.

Requirements to be met in order to qualify for the Florida homestead exemption 

1. You must own and be resident in the property on January 1 of the current year to be eligible to file for the current year.
2. The property must be your permanent residence “to the exclusion of others”.
3. The deadline for filing is on March 1 of the current year, so you must have applied by March 1 in order to qualify.

Documents required for Florida homestead exemption application

To apply for the Florida homestead exemption you must note that there are a few conditions that must be met before the submission of the documents required.

• Only the persons listed on the application as residing owners with proof of their Florida residency will benefit from the homestead exemption if their application is granted
• Vacation homes, rental properties, and investment properties do not qualify.
• Non-citizens must submit an alien registration card in order to qualify 
• You have to live in the property six months and one day per year to qualify.

Documents required:

1. Proof of January 1st Ownership
2. Proof of Florida residency – it can include one of the following and must be issued prior to January 1. 

• • A valid Florida license or ID card
  • Florida vehicle registration 
  • Florida voters registration
  • Prior year’s IRS return or current W-2 form
  • Bank statements and checking account registered at the property
  • Proof of payments for utilities at the property

How to file for Florida homestead exemption 

1. In person – visit one of the service centers
2. Online – Complete the online Exemption filling application and make sure to select the state’s e-file option
3. Mail – Mail the completed application  along with supporting documentation to the property Appraiser’s office       

Once you have received the Homestead Exemption, you do not have to re-apply because your Florida homestead exemption automatically renews every year as long as your residency status and the property title stay the same. However, the homeowner has a responsibility under the law to notify the Property Appraiser if there is a change of ownership or property title.

 

The real estate market in Florida has been thriving. There has been an increase in population growth which has of course encouraged demand for rental properties as well as luxury real estate. Mortgage interest rates are going up for the first time in a while and are expected to reach 3.60%, an increase from the current rate which is 3.30% by the end of 2022. Several housing experts have predicted where they think the real estate market is headed in 2022. Here’s what they had to say:

 

Danielle Hale, Realtor.com chief economist: 

We expect a whirlwind 2022 for the housing market. Home sales are expected to increase another 6.6% and home prices to rise another 2.9% on top of 2021 highs. A gradual uptick in mortgage rates will make affordability a top consideration for home buyers, especially the 45 million Millennials aged 26 to 35 who are at prime first-time homebuyer age. Demand from these young households will keep the market competitive and fast-paced despite a small uptick in housing inventory as builders continue to ramp up production, increasing single-family starts by 5% in 2022.

 

Daryl Fairweather, chief economist for Redfin: 

After two years of unprecedented uncertainty in the housing market, we’re expecting 2022 to be just as unpredictable. We expect 30-year-fixed mortgage rates to slowly rise from around 3% to around 3.6 by the end of the year, mostly attributed to the pandemic subsiding and inflation continuing to linger. By late fall, high mortgage rates, paired with already high housing prices, will likely slow annual price growth to roughly 3%. 

This low price growth will likely discourage speculators from entering the market, giving first-time homebuyers a better chance at securing a home. 

In 2022, we also predict home buyers will start considering climate change as a major factor in their home-buying decisions, as natural disasters and extreme weather events continue to increase in frequency. Home sellers will also likely make significant investments in climate-change resilient home features to appeal to climate-conscious home buyers.

 

Keith Gumbinger, vice president of mortgage information website HSH.com: 

Home sales in 2022 should be solid overall, but high home prices will likely be joined by higher mortgage rates, tempering sales compared to this year. The outsized annual increases in home prices seen in 2021 should slow in 2022, but even so, will leave home prices at or near record highs. At the same time, mortgage rates will tend to be firmer as the Fed ends its bond-buying programs and begins to lift interest rates by the middle of the year. Pricier homes financed with higher mortgage rates will exacerbate affordability issues, and this can be expected to dampen demand from homebuyers on the margins of the housing market.

In general, housing affordability seems to be falling. The volume of inventory of homes for sale fell behind the demand of buyers seeking property to buy. A lot of locals are grappling with affordability as Florida has seen an influx of foreign wealthy Investors with low taxes who have been swooping in and snatching up available inventory.

 

“It’s not a bubble, it is about the fundamentals,” said Jenny Schuetz, a housing researcher at the Brookings Institution. “It is about supply and demand — not enough houses, and huge numbers of people wanting homes.”

The pandemic destabilized the housing market, as the job market was stalled and the supply of homes to buy has seen a drop as a result of the restrictions associated with COVID-19 as well as supply chain shortages. So buyers need to prepare ahead of time as they are entering a hot as well as one of the most profitable markets to date, it is important to research ahead of time to avoid panic buying and to stick to a reasonable budget.

“Buyers may have a little more time compared to 2021 to make a decision, but given that it will still be a seller’s market, they’ll still likely have to move fast to keep up with that market velocity, Hone in on your home buying budget so you have a firm plan of what you’re willing to spend for a property that meets your needs. Buying a home isn’t just a financial decision. It’s also a lifestyle choice. Buying a home should make sense for your personal and financial situation.”

Odeta Kushi, deputy chief economist at First American Financial Corporation advises.