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The growing appeal of THE HOME OFFICE

Life and work in the COVID-19 era

The trend of working from home was already in motion even before the pandemic forced many organizations to impose work-from-home policies. This new reality got us thinking about our working arrangements.

Buyers increasingly list home office among their must-haves

For some people, working from home is a regular practice. But for many, it’s a new way of working — and presents new challenges. The year 2020 will be remembered as a watershed moment for telecommuters. But home offices aren’t just for those who work from home. Technology has made all of us more mobile and younger buyers, in particular, have more options than ever to work from  home.

Invest in the things that matter

Moving.com suggests you need a comfortable chair; a desk you can spread out at; and the technology that will help you do the best job possible. Storage is also a must for a well-designed home office. You’re going to be spending a lot of time in this space, so it’s important that it is as functional as possible.

Should sellers stage an extra bedroom as a home office?

Ten years ago, home offices were more of a luxury home feature than a necessity. But as more careers are compatible with telecommuting, things have changed. Here are a few office-staging ideas to consider:

  • Choose an appropriate location in your home that makes sense; buyers want a dedicated space with quick access to the front door.
  • Remove all the clutter and keep only the essentials: desk, chair, lamp, bookshelf, and potentially an area rug.
  • Choose practical design features, e.g., calming paint colors, stylish organizers, appropriate furniture.

Reach out if you’re in the market for a new place to call home or have questions about making your home office more appealing.

 

House hunting or selling? We’re adjusting to life in the coronavirus era

The coronavirus pandemic has changed life and work across the U.S. and beyond.  Since March, home has a new meaning; it’s our office; our children’s classrooms and playground; our gym; and restaurant. Sterling Real Estate is open for business but the safety of our associates and our clients is priority #1. To that end, we’ve established a few guidelines for home buyers and sellers:

For Buyers

  • We are happy to show you available properties in the greater Bloomington area. In addition to video tours on our website, we offer pre-recorded and real-time video walk-throughs.
  • If sellers permit showings, we will meet you at the property wearing our masks and practicing social distancing . We’ll open the door, provide booties and masks, and remain outside while you tour the house. In-person tours are limited to no more than two people at a time.

The silver lining for buyers

    • Historically low interest rates increase your buying power
    • Fewer people in the market means less competition when making offers
    • Sellers may be more flexible on pricing and timing

For Sellers

Springtime, traditionally, is the best time to sell a home. Despite the current environment, we are helping motivated sellers move forward. Because of COVID-19, we are adapting our services to the changing real estate environment.

  • Sterling Real Estate is happy to meet with you, following safety measures to discuss the listing process. We’ll prepare a Comparative Market Analysis to help you understand the current market dynamics.
  • We’ll do a walk-through of your home; take measurements; discuss the improvements you’ve made; and professionally photograph your home. Then we’ll be prepared to suggest a price range to market your home, as well as the cost associated with selling your home.
  • We’ll take advantage of the latest technology to show your home through 3D and virtual tours as well as live or prerecorded video walk-throughs. With your approval, we will monitor and limit all physical showings to no more than two people at a time, practicing social distancing with masks and booties.

As always, feel free to reach out if you have any questions at (812) 333-1966!

5 Small (and cheap) Fixes to Update Your Home’s Appeal

Even if you’re not thinking about selling, these tips make for a healthier, happier home

Here’s the dirt. Sometimes we have to be brutally honest with homeowners: please clean your house. We understand that life gets busy and chores can slip away from you. But seriously? Nobody wants to smell your precious pets or see a dirty kitty litter box. Channel your inner Marie Kondo and get rid of the clutter; vacuum, mop, dust, and scrub every surface in your home routinely. If you’re not up to it, hire a professional.

Enter your home through the front entrance. Most of us exit and enter our homes through the garage, rarely using the front door. Change it up. Pretend you’re a guest coming to your house. What do you see? A bird’s nest in the front porch light fixture? A grimy door handle? It doesn’t take much to trim borders, clear pathways and cutback overgrown bushes. Spruce up the entrance with a fresh welcome mat and new house numbers. Check out Pinterest or Etsy for inspiration.

Does your kitchen feel DATED? You don’t need to spend thousands of dollars to update your kitchen. Here a couple quick fixes:

  • Freshen up the hardware. Nothing says dated more than tired hardware. Simply changing out the cabinet pulls and knobs can bring them forward a couple of decades. Find something modern and go for it.
  • Tone down that honey oak. Changing the paint in your kitchen can help. Honey oak cabinets will look the best when paired with warm tones of creams. To lighten the oak, use liming wax (as shown in these before/after photos). Or, apply a small amount of Minwax® Express Color™ Wiping Stain & Finish directly onto the wood surface. For a deeper color and sheen, wait one hour, and then apply second coat. Wait overnight before subjecting the wood to normal use.

Good lighting changes everything. Whether indoors or out, good lighting can make all the difference. Lighting a space can change the feel of the room, can help set a mood, and even affect the way the paint colors appear. Start by replacing all those burned out bulbs. Then check out Amazon, Target and Lowe’s for budget-friendly ways to make your home shine.

Just fix it. Look around the house and make a list of all those minor repairs that are both annoying and can lead to serious second thoughts for buyers. That leaky faucet; the melted knob on your gas range; the loose light fixture; the rust stain the guest bath. These are easy fixes—and won’t cost anything but your time.

Okay Millennial: You CAN buy a home

Five real estate myths about millennials

We hear it all the time.  Myth #1: I can’t afford to buy a house in the Bloomington area. If you’re renting in Monroe county, you’re likely paying upwards of $1500 for a two-bedroom house or apartment.  If you bought a home in the county, you could be paying about half that amount.  Of course it depends on what you’re willing to pay and give up in terms of location, configuration and condition. But think what you could do with all the money you’d be saving!

Do the math – you can afford to buy a house.

Here’s the math: as of mid-January, the median home cost in Monroe County for a 2 bedroom is $196,400[i]; assuming a 30-year mortgage for $185,000 at 3.92%[ii], you’d pay about $1,089, which includes taxes and insurance.  On Realtor.com there are 295 homes on the market in Monroe County under $200,000.

Myth#2: I’ll never have enough for a down payment.  First-time home-buyers rarely put down 10% or more on their home purchase. Did you know you can put down as little as 3% for a conventional loan? There are many financing options available. You may qualify for one of these first-time home buyer loans and programs.

Do yourself a favor – talk to a lender and get the facts

Myth#3: The market’s too crazy right now. The market may be crazy, but interest rates are even crazier.  Consider that the 30-year fixed-rate mortgage averaged 3.73% for the week ending Dec. 19, 2019[iii]; a year ago at this time it averaged 4.55%, according to National Mortgage News.  The parents of the oldest millennials, say someone born July 8, 1981, would have had n interest rate of 20.50% – which would have increased monthly payments for our hypothetical home to $3,168.  Now that’s crazy.

Try this rent-vs-own calculator.  Interest rates are historically low now, but they WILL rise again. 

Myth #4: My student debt is too high; I’ll never qualify for a loan. Actually, research shows that higher education has a positive effect on homeownership. Student loans by themselves cannot prevent you from getting a mortgage. The effect of student loans on your debt-to-income (DTI) ratio is the key deciding factor. Your DTI ratio describes the percentage of your monthly income that goes toward debt. Learn more here.

See our recent blog, Navigating the Mortgage Maze, for more insights.

Myth #5: Buying a home is too scary; what if I buy a money pit? Despite all the horror you’ve seen on HGTV, in our experience, most houses aren’t money pits. Even if there are potential issues, like an old roof or a leaking pipe, there is plenty you can do to protect yourself. Before the sale, we’ll make sure you hire a good home inspector who can see signs of trouble. The inspector can also advise you about the potential costs to repair those issues.  That can provide leverage when you go back to the sellers and lower the price you’re willing to pay. Finally, as part of the purchase price negotiation, you can ask the seller to purchase a home warranty to protect your .

Talk to a Sterling Real Estate Millennial (or Boomer) about buying your first home!

[i]https://www.bestplaces.net/cost_of_living/county/indiana/monroe

[ii] http://www.fedprimerate.com/wall_street_journal_prime_rate_history.htm#current

[iii] https://www.nar.realtor/blogs/economists-outlook/younger-millennials-purchasing-habits-like-their-grandparents

 

Winter came early to Bloomington!

We put our heads together to come up with our list of:  8 season-changing reminders

  1. Heading out of town? If you hate surprises, don’t turn your heat off!  We also recommend that you leave cabinet doors below and above sinks open a bit so warmer air can circulate.  Let cold water drip from a faucet served by exposed pipes –even at a trickle –to prevent pipes from freezing.
  2. Your Gutters: We can’t stress this one enough – all year ‘round, but especially during the winter months.  Keeping your gutters clean will prevent icicles and ice dams from forming and finding their way underneath your shingles or leaking into your living space below.
  3. UNPLUG your hoses and cover your outdoor faucet: One of us actually warned neighbors recently, but forgot her own until it was almost too late. Outdoor pipes and faucets are vulnerable to freezing during winter months due to increased water pressure, resulting in expensive water damage and repair costs.
  4. If your crawl space is vented: Now would be a good time to close the vent if you haven’t already.
  5. Own a vacant property? Don’t forget to winterize it, too. Start by emptying all the water from your pipes   
  6. Drafty? Sometimes older doors and windows are to blame for losing precious heat. Draft guards for doors and window insulation kits are inexpensive but worthwhile. Check with your local hardware store.
  7. Change your filters: Have you had your furnace serviced? Now would be a good time for that – and you can change your filters at the same time if you haven’t done so already.
  8. Clean out your dryer vent: Clothes dryers cause 2,900 fires a year, with many fires happening in the fall and winter, according to the United States Fire Administration. Lint is a major culprit, so have your dryer vent inspected and cleaned annually by an HVAC specialist who specializes in ductwork or dryer vents.

Contact us if you need a handyman or contractor to help you winterize your home.

During this season of gratitude, we’re very thankful for all of you.

Trish, Heather, Sally, Kelly and Neville

It’s all about the light

By Trish Sterling

I love my office space. It’s everything I had hoped it would be – it’s professional and practical, bright and fresh.  So many clients, friends and associates have complimented me on the space that I thought I’d share a little background about the design.

Just like the TV design shows, I started with an inspiration: an industrial light fixture my dad gave me that hung in his shop. He was a commercial electrical contractor in our hometown of Phoenix, AZ. He’s been gone for 30 years, but I think of him as my muse.

We moved in to 509 E. Hillside Drive #101 five years ago.  After consulting with an interior designer, I felt confident enough to move ahead with what I’d envisioned.  I was on a tight budget and had to be creative.

The color scheme was easy – I chose variations of the green from the thistle in my logo (another nod to my dad and our Scottish heritage), and bright white. I have lived long enough to know that my personal aesthetic (a word I learned on “Project Runway”) is anchored in all things modern.  The industrial theme was carried throughout the space, including the exposed ceilings and grey metal garage lockers and cabinets we transformed into a kitchenette.

I chose carpet tiles, knowing that they were durable and easy to install maintain. I bought local when I could, and bought everything else for my office online: carpet, desks, conference table, chairs, light fixtures. I returned a lot of things, too. Oops.

We more than doubled the space in late 2018 in anticipation of the company’s expansion.  I knew I could easily continue the same look and feel in the adjacent space.  I worked with the contractor, Chad Casey, owner of Casey Construction Group.  We created a large opening to adjacent space and he tracked down glass sliding doors (barn doors) that would keep the space open and let the light in.

About the Art

I love and need to be surrounded by art.  I wanted the space to feel more like a gallery than a typical office. Most of the original art in our office was created by talented clients, family and friends or purchased from the Stone Belt Art Studio – including a large multi-media piece in our reception area.

Next time you’re in the neighborhood, stop in and say hi.

Easy Home Improvements: Under 2 Hours!

Part 2

By Kelly Murray, REALTOR®

In our last blog, we featured several home maintenance tips to get your home ready for summer. Part 2 of our series highlights some of the most commonly neglected, but easy to perform maintenance tasks – particularly in light of Bloomington’s very wet June.  As Realtors, we see our share of home condition problems that, with just a little effort can keep your home healthy longer and avoid costly future repairs.

1. Inspect your attic and basement. Now is a good time to look for signs of dampness, mildew, leaks, holes in the roof, and pests. If you find any surprises and need professional help, call us for a trusted referral to a local service provider.

2. You clean your bathroom and shower, but what about that plastic shower curtain liner? At the very least, every three months toss it in the washing machine with a couple of towels; add the regular amount of detergent and ½ to 1 cup of baking soda, and wash in warm or hot water. At the rinse cycle, add ½ to 1 cup of distilled white vinegar. If you see mildew on the liner, add a cup of bleach to the wash water. Hang it back up in the shower to drip dry.

3. Paint your soffits. Paint fades and breaks down over time, exposing bare wood to moisture, insects, and sun damage. Unless your soffits and fascia trim are made of aluminum, you should power wash and paint every three years to prevent the wood from rotting.

You can easily do the work yourself and save money.

4. De-cluttering and cleaning top the list of home-improvement tasks Realtors® recommend to their clients, according to National Association of Realtors 2019 research. It’s especially important if you’re selling your home. De-cluttering means clearing your counters and tidying up open shelving; hiding garbage cans and pet litter; organizing coat closets, pantry and fridges; making sure toilets are clean and the lids down; and wiping off fingerprints and streaks on stainless steel appliances, which are often overlooked details.

Three quick and easy curb appeal enhancers

  • Update your front door address and hardware (doorknobs and door knockers). When thoughtfully selected, they give the exterior of your house a certain flair, setting your home apart from the rest.
  • Replace Your Mailbox: It’s all about the details, so if your mailbox looks like it’s going to topple over or is rusty, it might be time to bring a new one in. Don’t underestimate the impact of little details like replacing your mailbox and swapping out tired old street numbers for something fresh and modern.
  • Add lighting along pathways and porch entrances for a touch of elegance. Solar lights are affordable and easy to install and maintain.

Season-Changing Home Maintenance Tips

By KRISTEN WEIDA, REALTOR®

As Realtors, we often see minor home condition problems that, if left unchecked, end up costing homeowners a fortune to repair. Part 1 of our two-part series highlights some of the most commonly neglected, but easy to do maintenance tasks.  With summer fast approaching here are 4 things you’ll want to do to keep your home happy and healthy.

Check and power wash your deck: After an unusually wet Bloomington spring, you need to schedule time to power wash your deck, patio space and fences. As dirt and mildew accumulate over the winter, you need the heat of summer to be able to maintain it. If you wait until the fall, you’ll run out of good weather.First, check your deck thoroughly to ensure there’s no damage or rotting.  Also, check if it needs to be re-sealed. If you don’t own the right equipment, consider sharing the cost to rent professional quality equipment with a friend or family member to get the job done right.  MacAllister Rentals in Bloomington is a great source.

Clean out your dryer vent: Aside from an increased risk of fire, a clogged vent can cause a ‘laundry list’ of problems including mold growth,. If you don’t want to tackle this job yourself, hire a professional. We found two local companies that can help: Jenson Brothers and Dryer Vent Wizard of Bloomington

Bathroom drains and calking: Nobody likes to clean drains, but the cost down the road can be  significant if not attended to. Just pull out the drain mechanism and, if necessary, clean it with a drain stick. Then pour some bleach down the drain and flush with water.  As for caulking, make this a routine home maintenance priority. Inexpensive caulking can prevent costly avoidable leaks and damage in and around tubs, showers, and vanities. Bloomington Hardware offers a link to True Value’s online Project Library you can explore to learn more about home maintenance.

Check and clean your gutters: You may not realize that something small – like a clogged gutter – could have a big impact on your home. Unfortunately, they can wreak havoc on your home – causing foundation damage, mold and basement flooding. Stagnant water can cause damage to the fascia boards behind the gutters and the shingles of your roof.

Bonus Idea

We love this idea! Every year the Arden Place Neighborhood Association in Bloomington hosts an Annual Spring Clean Up. They rent a dumpster for a weekend and a chipper for a few hours. There’s an exchange of reusable items, and brush and tree limbs collected from residents’ yards supply wood chips for neighborhood gardens. It’s a great way to get to know your neighbors and clean up for the season

Navigating the Mortgage Maze

By Sally Baird, REALTOR

As a REALTOR, I’m often asked questions about mortgages. I contacted a few mortgage professionals here in the Bloomington area who were gracious enough to answer a few of the most common questions I hear from home buyers.

There are many different types of loan programs to choose from. Establishing a relationship with a quality loan officer is the first step in finding the best programs available for you. Here’s a brief summary of the answers to all my questions.

You can read the unabridged version here Mortgage Maze APRIL 2019.FINAL.

  • Mortgages for professionals: Old National Bank’s Kevin Cade explains the highly attractive mortgages for professionals – including physicians, dentists, optometrists and college professors with very favorable terms.
  • Rehab loans: Buyers who are willing to purchase a fixer-upper may qualify for German American Bank’s renovation and purchase loan, explained by Heather Bozarth.
  • New home construction loans: If you want to build your dream home, read more about Old National Bank’s onetime closing construction loan that gives you 12 months to complete construction before your loan converts to monthly payments on your terms.
  • Popular loans: Kathy Bowman of Ruoff Home Mortgage highlights three types of mortgages that are popular with home buyers today, including traditional 20% down loans, as well as Low Down Payment and Zero Down Payment loans. She also shares her views on how mortgage lenders are different than bank lenders
  • Prevent loan application delays: What you can do to Heather Bozarth, with German American Bank, describes the biggest snags in the loan approval process that buyers can avoid.
  • Engage with a lender early: Finally, even if you know you’re not quite ready to buy a new home, Juli Harding, with Bailey and Wood Financial Group, explains why meeting with a lender early can make all the difference in realizing your goal of a home purchase – at the best terms possible.

March Madness: Bloomington’s Real Estate Market Heating Up

By Heather Groves, Broker

March Madness: Bloomington’s Real Estate Market Heating Up

The Men’s and Women’s NCAA Basketball Tournaments are underway. If you’re thinking about buying or selling real estate, you’ll have to navigate a full court press to get the home of your dreams – or the price you hope for the sale of your home.

It happens every year – and 2019 is shaping up to be another banner year for our real estate market. Here’s a snapshot of our market.

Bloomington Area by the Numbers

Monroe County All homes sold in 2018: 1,914

  • Condos:  420 – All other: 1,514

Year-to-Date thru 2/28/19

  • All homes sold: 179
  • Median home cost: ~ $200,000
  • Active Listings:  346

“Here in Indiana, with the inventory of homes on the market likely to remain exceptionally low in 2019, we expect that residential construction will expand for the fifth consecutive year.”

 

Source:  Matt Kinghorn, Senior Demographic Analyst, Indiana Business Research Center, Indiana University Kelley School of Business – http://www.ibrc.indiana.edu/ibr/2018/outlook/housing.html

Tips for buyers and sellers: Sooner rather than later

Buyers

  • Get pre-approved
  • Be realistic about your budget
  • Be realistic about your DIY abilities
  • Research the neighborhoods you might like; ask Sterling Real Estate for recommendations

Sellers

  • Start cleaning your house – from top to bottom
  • Request a complementary evaluation of your home from Sterling Real Estate
  • De clutter and depersonalize
  • Keep resale in mind when renovating – ask Sterling Real Estate for help prioritizing projects
If you’re ready to buy or sell a home – contact us to get the conversation started.
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