Be aware that there are scammers out there who target real estate transactions. There are many reasons to use a Realtor® to represent you. Notably, a good real estate agent can help you avoid falling victim to scams that occasionally occur in the real estate industry.

Wire Fraud

One of the most damaging scams is wire fraud. Perpetrators are hacking into email information from people who are buying or selling homes and intercepting wire transfers. Buyers frequently wire the cash required to close on their new homes to the closing company. The perpetrators are sending the buyer an email changing the wiring instructions. The unsuspecting buyer will then wire the money to the wrong party. Recovering this money is difficult, if not impossible. This is also happening to sellers without their knowledge. The perpetrator is emailing the closing company with a change in wiring instructions using an email close to yours. Again, the wire is sent to the wrong account and is often difficult to recover. We recommend that our buyers and sellers never email wiring instructions. If you are a buyer who needs to wire money to the closing company, you will need to call the closing company directly to obtain this information. Also, do not send a wire without calling the recipient to verify you are sending it to the right account. We also recommend sellers call the closing company with their information and not use email to exchange this information. With a little diligence, you can avoid becoming a victim of wire fraud. Many closing companies are being proactive and implementing safeguards.

Recorded Deed 

There are companies that will contact a buyer after they close on their home offering to provide them with a copy of the recorded deed on their new home for a fee. You will receive a copy of your deed after it has been recorded by the company that performed your closing at no additional charge to you. You could go to the courthouse yourself and pay for a copy of your recorded deed for far less than these companies are charging. You can expect to receive your recorded deed within 10-12 weeks of closing. If you do not receive it, contact the company that closed your home and they will be able to provide you with a copy.

 Rental Scams 

Scammers are stealing photos and information on properties for sale and advertising them as rental properties. When a potential renter contacts the scammer, they will create urgency and request an upfront fee to secure the renter’s chance to rent the property. The home is actually not for rent and the renter has lost their money to the scammer. Many real estate agents in our area have been contacted by potential renters telling them they saw a home they have listed for sale as a rental. By the time the agent is notified and researches the ad, the scammer has deleted the posting. They are hard to track down. Do not send anyone money for a property you have not had the opportunity to physically walkthrough. 

We never want to see our clients fall prey to someone with nefarious intentions. If something doesn’t sound right, ask your real estate professional for their opinion before moving forward.

The SAYHAY Team can help you avoid scams and protect your financial assets. Contact us at 412-755-3600 for a free consultation to discover how we can work together.

Before purchasing a home you may be enamored with, be sure you know your definition of “home sweet home.”

For some, it may be a sleek, modern vision with marble floors, electrical gadgets, and minimalistic décor.

Others may have a vision of a colonial-style home with the traditional white columns and dormer windows, filled with antiques. 

Or, you may be searching for something in-between such as a typical ranch-style home in an established neighborhood.

Whatever your criteria, you should always wait until you find the home that’s meant for you. You may have to compromise on some features, but the home is one of the most important and costly purchases you’ll make in your lifetime.  

If you’re purchasing a home for multiple household members to enjoy, it might be a good idea to take them house-hunting as much as possible. You’ll get a feel for what they like and want and what are deal-breakers.

The first step in knowing the definition of your dream house is to make a wish list. Assign a rank to each one according to preference. Your priority may be that the house is on the waterfront. Further down the list may be granite kitchen counters.

By making a list, you’ll learn which wishes are vitally important to your happiness and which may be deal-breakers if that desire isn’t met. It’s highly unlikely you’ll find a home that meets every one of your criteria, but it will help you concentrate on the properties that suit your needs best.

Think about the neighborhood and surroundings. Do you love the idea of being close to shops and restaurants? Or would you prefer to be in a peaceful setting where all you hear is the sound of the wind through the trees?

One of the most important criteria you need to figure out is how much space you’ll need. If you purchase a home that meets the exact location and style you’re hoping for – but is too small, you’ll be frustrated when you have to make it work for the long term.

Do you love to entertain? Then, be sure to include a floor plan in your dream home criteria that will accommodate guests and flow easily from one area to another. Maybe that’s where you want to focus on getting the most square footage and leave the bedrooms smaller.

While an investment of time and money is necessary on fixer-upper type of properties, it may be worth it if you’re the type who loves an ongoing project and is handy with tools. Be brutally honest with yourself about how much time and effort you’re willing to invest before becoming involved with transforming the home you buy into your dream home.

Just as you wrote down the features in your future home that will make you happiest – you should also think about compromises that would make you miserable. For example, if you can’t handle constant noise, you probably won’t want a downtown home or living too close to your neighbors.

After you’ve settled on the criteria for your dream home and ranked them according to preference, be sure to share the list with your agent. He or she will then have a better idea about which houses to show you and both of you will waste less time and effort on the house search.

If you are interested in purchasing a home, The SAYHAY Team is ready to help you find the home that meets your needs. Contact us at 412-755-3600 for a free buyer’s consultation.

When you decide to sell your Pittsburgh home, you will probably have a lot of questions. I never mind answering questions because an informed seller has an easier time navigating the sales process. I answer many questions from home sellers and find that there are several that are asked more than others. 

I have been selling real estate for nearly 30 years. Staying on top of the latest information and market trends is essential for me to provide the best service to all my clients.

Some of the most common questions home sellers ask me are:

“What is my home worth?”

When you decide to sell your Pittsburgh home, this is probably the first question you will ask.  The price of your home will vary depending on the size of your home, updates to your home, the neighborhood, and other factors. Therefore, I create a comparative market analysis for you. This is an objective look at homes that have recently sold in your area, comparing the size and style of home, the condition, and the location of your home.  It is essential to look at these comparative sales in the eyes of the appraiser. The appraiser will look at the proximity, size, and condition of the comparable homes to your home. Once we review the comparable homes, we will determine the best price for you to offer your home for sale.

“What should I do to my home to get ready to sell?”

Spending time preparing your home for sale is worth more than you can imagine, even in the hot real estate market we have been experiencing. Decluttering, cleaning, and staging a home is critical to achieving a quick sale. You will start by decluttering and removing the personal items that make this house “YOUR” home. Next, you need to clean every nook and cranny of the home. Think of the feeling you get when you enter a high-end hotel that is cozy and inviting. Staging the house will help create an atmosphere for the buyer to visualize themselves living in the home. Staging is an important step to sell your Pittsburgh home.

“Should I be present when buyer’s come to look at the house?”

No, you should not stay home when a buyer comes to tour. Your presence may stifle the buyer and prevent them from looking at the home in-depth and asking their agent questions. They will feel as if they are interrupting you and hurry along to let you get back to whatever you were doing. You may also innocently comment on something that could become a big negotiating point if they were to put in an offer, or your comment could completely turn them off. It is often difficult for a seller to hear what the buyer does not like about the home.

“When is the best time to sell my home?”

The best time to sell your Pittsburgh home is when you need to sell. Our local market does have times of the year when more homes sell than others. But, when the market is slower, you have less competition from other home sellers. Also, there may be fewer buyers in the market, but they are generally more serious buyers. We have been experiencing an unprecedented demand that hasn’t had a clearly defined slower sales period. Generally speaking, more sales occur in the spring and less in the winter here in Pittsburgh.

If you are ready to sell your Pittsburgh home, my team and I offer a free consultation to help you price and prepare your home. Contact The SAYHAY Team at 412-755-3600.

You found your new Pittsburgh home and are full of excitement! You imagine your life in your new home. However, there are a few more steps in the buying process to complete before the house is yours. 

Now that your offer has been accepted, there are a few more hurdles to jump before you can call this house your home. 

As you go through the closing process, there are a few things that can still cause the deal to fall through on your new Pittsburgh home. 

Here are just a few things that might slow or stop your purchase:

House Defects

Make sure that you have a home inspection contingency as part of your purchase offer. If the inspection reveals significant issues, you can terminate your contract without any penalties. If you don’t want to back out, you’ll have to negotiate the cost of the repairs with the seller. 

Wood Boring Insects

Your lender may require a pest inspection to make sure termites or carpenter ants haven’t seriously damaged the home. Even if your particular lender doesn’t require an inspection, you should have this done as part of your inspections. If the pest inspection shows a severe problem, you can ask the seller to pay to have the problem fixed or walk away if your purchase agreement allows it. At less than $100, a pest inspection is definitely worth the cost. 

Appraisal

Whether you are financing your purchase or paying cash, an appraisal of the home will help ensure you pay a fair market price. The appraiser will compare recently sold homes in the area to establish this reasonable market price. When the appraised value comes in lower than the price of your sales agreement, you may need to renegotiate. If you obtain a mortgage, the lender won’t approve the loan if the appraisal does not equal or exceed the agreed-upon sale price.

Title Defects

The title/closing company will do the title search during the closing process. The search makes sure that there aren’t any liens or claims against the property. The title company can resolve most issues before the closing. You will also want to purchase title insurance to protect you from any problems that the title searcher may have missed on the original title search. 

Uninsurable Home

Sometimes, the previous homeowner will have made a significant insurance claim, which shows up on the insurance records. In this case, insurance companies may claim the house to be uninsurable, which means you won’t get a loan for the home.

Many issues that arise during the closing process of a new Pittsburgh home purchase are fixable. Your real estate agent, lender, and title company will be able to help you resolve any issues.

Before you start searching for your new Pittsburgh home, familiarize yourself with the closing process. Prepare yourself for any problems that may arise. The better prepared you are for any possible issues, the better your chances of moving into the home of your dreams.

Contact The SAYHAY Team for your free consultation at 412-755-3600. Our experienced team can help you through the closing process.

Showing your Pittsburgh home can be stressful. You want the least amount of inconvenience and to sell in the shortest time. 

Preparing your home before the first showing is essential and can help you reduce the time to sell and inconvenience for you and your household. You want the buyers to be so impressed they make an offer right away.

As the saying goes, you only have one chance to make a first impression!

Here are 5 tips to help you get your home ready to impress buyers:

Improve your curb appeal.

The first impression begins before the buyer even gets out of their car. You want the outside of your home to draw buyers in. Walk around your yard with the eyes of a buyer. Notice every detail and determine what needs to be addressed. Ensure your grass is well-manicured, trim shrubs and trees, and flower beds are free of debris and dead plants. The siding should be clean, painted surfaces touched up, along with the yard and patio free of clutter. Pay particular attention to your front porch. The buyer will spend some extra time there waiting for their real estate agent to open the lockbox. The porch should be clean, uncluttered, and inviting.

Depersonalize your home.

Take your personal photos and collections out of the house. The goal is to make your home as neutral as possible, so buyers can picture themselves living there, not you. There is a psychology around depersonalizing that helps buyers visualize living in the home.

Clear the clutter.

Spend time decluttering each room of the house. Separate items into donate, keep, and trash piles. Immediately donate or trash the things you no longer want to keep. If you don’t need to use the items now that you want to keep, this may be the time to start packing. Pay particular attention to closets. If the buyer sees a closet filled with clothing, they will assume the closets will be too small for them. 

Pay attention to odors.

Odors can come from many things like mold, pets, cooking, and trash. You may have become “nose blind,” as the commercial said. Have a friend walk through the house to give it a sniff test for you. Odors are a turn-off to buyers. Don’t try to hide the odor with air fresheners. Instead, do a deep cleaning where needed to eliminate the odor.

Stage your home.

The way you live in a home may not be the same as how you stage your home. Staging a home is a means of showcasing the best features of your home. Make the home feel larger by careful furniture and accessory arrangement. It may be worth the money you will spend to hire a professional stager to help you stage your home.

Pittsburgh home sellers who take the time to prepare their homes properly will sell in a shorter time and usually for more money than homes that were not adequately prepared. 

The SAYHAY Team works with home sellers to create a plan to present your property, ensuring good first impressions to lead to a quick sale. Contact The SAYHAY Team at 412-755-3600 to schedule a free consultation for top-notch advice on selling your Pittsburgh home.

At any point in time, the current temperature of real estate sales will be described as a buyer’s market or a seller’s market. 

Most home sellers or home buyers become confused about what a buyers’ or sellers’ market means to them. This is something that an experienced real estate agent can explain by showing you the most recent data on what’s going on in your area. 

When you want to sell your house, it might surprise you to learn that there are times when putting it on the market is going to result in a quick sale. But another time will lead to your home sitting on the market for months without an offer. 

Selling a house works just like any business does. Sales are based on supply and demand. When you have a lower inventory than you have customers, the demand is high. 

So that means that it’s a sellers’ market. This market can also change even within the same town or city. One neighborhood might be a sellers’ market, while a neighborhood a mile down the road will be a buyers’ market. 

You have to keep in mind that the data for one particular city or town may not mirror what’s going on in another. You can have a buyers’ market in one city and a sellers’ market in another city in the same state. 

The difference will be determined by the length of time it takes for a home to sell.

The desirability of one neighborhood over another can be affected by several factors.

• Area amenities
• School district
• Home’s proximity to highways, shopping, restaurants, transportation, and entertainment.
• Sales price of the home

If a buyer has many homes to choose from in the area he wants to be in, it’s a buyers’ market. In other words, there is more supply than demand.

If there are few homes in that area, then it’s a sellers’ market. Simply put, not enough supply for the demand. We have been experiencing this market in the Pittsburgh area currently. 

Looking at the current inventory and the pending sales will give you an understanding of whether your area is in a buyer’s market or a seller’s market. When you divide the available properties for sale by properties sold in the last month, you will get the inventory rate. Generally, if the inventory is 5 months or less, we are in a seller’s market, 7 months or more a buyer’s market, and 6 months is considered a neutral market.

The news has been buzzing about our current seller’s market. We have experienced an unprecedented demand. We have received multiple offers with homes selling well over the asking price.

Everything is cyclical. I have seen the market change from a seller’s market to a buyer’s market and back again in my 27+ years as a Pittsburgh real estate agent. Consequently, I have learned how to handle various real estate situations. Proper preparation and pricing are key to selling a home in either market.

My experience can be an advantage to buyers and sellers whether we are experiencing a buyer’s or a seller’s market. Contact The SAYHAY Team at 412-755-3600 to schedule a free consultation.

What is earnest or hand money, and why is it important to collect from a potential buyer?  

Earnest money is just like it sounds. It means that the potential buyer is sincere in his desire to buy your home. It helps to weed out those who waste your time from those who are genuinely looking to buy. 

After negotiations have been agreed to on purchasing a home, the buyer will provide an earnest money deposit. In our Pennsylvania sales agreement, the line on the sales agreement reads, “Initial deposit, within ____ days of Execution date if not included with this agreement.”

The number of days is a negotiable item. The standard default written into the agreement is five days. The broker agency for the buyer will usually hold the hand money in an escrow account until closing. In some cases, a title company or real estate attorney will have the earnest money. The purpose of holding earnest money in escrow is to ensure that the transaction is completed and that the funds aren’t dispersed until it is. It protects both the seller and the buyer until all the documents are signed, and the home changes ownership.

When the closing occurs, this money will be applied to the buyer’s down payment and/or closing costs.

Keep in mind that earnest money does not always lock a potential buyer into the purchase. Contingencies in the sales agreement may allow the buyer to be released from the contract and have their earnest money returned to them. The contingencies are related to the buyer’s due diligence, inspections, mortgage, Homeowner’s Association document review, appraisal contingency, and any other items agreed to by the buyer and seller. If an issue arises with these contingencies, the buyer has a right to get his money back. 

There are no set amounts required for the amount of earnest money to be collected. Consult with your real estate agent to determine what is acceptable.

The supply and demand of the market can also impact the amount of earnest money required. Again, this money must be held in an escrow account until the sale is finalized. The seller does not receive this money. 

There are a few situations that would allow the seller to receive the hand money. But, if the buyer chooses to terminate due to an agreed-upon contingency in the sales agreement, funds will be returned to the buyer.  If the buyer just decides he doesn’t want the house at the last moment even though all his conditions or contingencies were met and breaks the deal, then the seller can be entitled to keep the escrow.

This is not a part of the negotiations to be overlooked. For the majority of the sales contracts, there are no issues throughout the sales process. But, occasionally, we are in a situation that the hand money becomes essential.

Talk with your real estate agent to get a clear understanding of the importance of earnest money in any sale, whether you are a buyer or seller.

The SAYHAY Team works to protect their client’s interests. Contact us at 412-755-3600 for a free consultation.

You need to stage your Pittsburgh home even in a hot real estate market. You may be asking yourself why you would need to go to the effort if homes are selling quickly. The simple answer is that you want to attract the most buyers willing to pay the maximum sales price for your home. The only factor more important than staging is appropriately pricing your home.

Eighty-three percent of buyer’s agents say that staging a home makes it easier for buyers to visualize making it their future home. Staging your home can decrease the time on the market and increase the sales price. These are the results all home sellers want.

A well-staged home will photograph better. The photos that represent your home online are usually the first impression that buyers get of your home. There are very few buyers who don’t see your house online before visiting the home in person.

What does staging mean?

The goal of home staging is to attract as many potential buyers as possible to tour your home. There is a psychology to the arrangement of furniture and décor to highlight the positive aspects of the house, creating an atmosphere that allows the buyer to visualize themselves living there.

What do you need to do to stage your home correctly?

First, you need to declutter and depersonalize. 

Before you start your packing, get rid of the items that you no longer need or want. During this process, you also need to remove all the personal items, including photographs and memorabilia. You will have a head start on your packing. If you do not have adequate storage space, try to get your boxes out of the home.

Second, perform deep cleaning.

Be sure your kitchen and bath sparkle like new. Every nook and cranny should be free of dirt and grime. Don’t forget to clean the windows inside and out.

Third, make any necessary repairs. 

The buyer of your home will most likely have a home inspection. If you are aware of any repairs that are needed, be sure to do them now. If the home inspector finds a long list of tiny little things that need correcting, it makes the buyer feel the home was not well maintained. A fresh coat of paint can make a big difference too.

Fourth, furniture arrangement makes a big difference.

Your furniture placement can make a room look smaller. Too much furniture in a room can also be very distracting. Furniture that is too large for your space is another problem. You should place furniture to make the room look spacious and have a good flow through the home.

Fifth, light up the room.

Buyers like to see light and bright spaces. Be sure to have ample lighting. Also, be sure the blinds or draperies are open to provide additional natural lighting. Consider adding accent lighting in addition to overhead lighting. Finally, be sure all the lightbulbs are working.

Don’t forget about the outside. It is just as important to clean, declutter and stage outdoor areas. Poor curb appeal can prevent buyers from making an appointment to view your home.

Remember that home staging is not about how you live in your home. It may be inconvenient to rearrange things, but it will be a temporary inconvenience if done correctly, and you can get back to living in your home until closing day!

The SAYHAY Team can advise you on what you should do to stage your Pittsburgh home for a successful sale. Contact us at 412-755-3600 for a free consultation.

When you accept an offer on your Pittsburgh home from a buyer who is obtaining financing, the lender will require an appraisal of the property.

Your real estate agent can help to walk you through the appraisal process. Under some circumstances, a seller may decide to have their home appraised for their use or establish a price before selling.

An appraisal is done by a licensed professional. The lender will request an appraiser to be assigned, but they do not control who that will be. The job of the appraiser is to determine the value of the home. 

A home price set by a homeowner doesn’t always accurately reflect the actual value. Therefore, it is important to look at the homes sold in the area. An appraiser looks at homes within a half-mile radius of your home that has sold within the last six months.

The appraiser will consider the home’s location, upgrades, neighborhood, and values of the surrounding houses. 

The purpose of an appraisal is to prevent the potential buyers from paying more for the home than its actual value.

An individual buyer doesn’t want to get upside down in a home price any more than a bank or mortgage company does. Therefore, a lender will not loan more money than the home is worth.   

The appraiser knows the parameters for correctly determining your home’s values. He also knows what the state’s laws are concerning the process. 

He’ll be looking at how many bedrooms and bathrooms your home has. He’ll also measure the square footage of your home. Next, he’ll look at the outside of your home and check things like the exterior walls, the shape of the windows, and the roof before moving into the home’s interior. Finally, the appraiser will thoroughly examine the exterior and interior of the house.

The appraiser will take photographs of your home to back up his analysis of the appraised value. 

Some loan programs require the appraiser to report any defects or safety issues he has observed in the home. Your real estate agent will be able to advise you on the types of loans that may require this extra step. 

Once the physical examination of the property is complete, the appraiser will prepare a report for the lender and the buyer. 

It may take a couple of weeks for the lender to receive the report after the appraiser has visited the home. 

If the appraisal comes in at or above the sales price, everything can move forward as planned. However, if the appraiser finds any issues requiring repair, he will make not of them in the report. In that case, once repairs are complete, the appraiser will confirm the repair is acceptable.

Occasionally the appraisal will come in lower than the sales price. If this occurs, the buyer and seller will need to determine how to move forward. Ask your real estate agent for their advice on handling this if you find yourself in this situation.

The appraisal is an essential step in the selling process.

The SAYHAY Team can walk you through any unexpected issues that may arise along the way. Contact The SAYHAY Team for a free consultation if you are considering buying or selling a home.

Pittsburgh homeownership may come with some unanticipated costs to the new owner. Closing costs, down payment, and moving costs were covered when you purchased the home. 

There is more to the cost of Pittsburgh homeownership than those initial costs incurred. Here are some of the hidden costs of homeownership.

1. Home maintenance and repair.

Costs for home maintenance and repair can be a significant expense. If you had a home warranty provided with your home purchase, you might be able to alleviate some of the cost of repairs. Some areas of maintenance and repair include:

• Lawn maintenance
• Cleaning
• Gutter maintenance
• Pest prevention
• Weatherproofing
• Exterior maintenance
• Roof maintenance
• HVAC maintenance
• Plumbing maintenance
• Emergency repairs

2. Home Owners Insurance

Home owner’s insurance is an expense you would expect to have during your Pittsburgh homeownership. Your mortgage lender probably required you to escrow for your insurance payments. Where most homeowners are surprised by is learning what is and isn’t covered under their policy. You need to understand what your policy will cover and the deductible you would be expected to pay out of pocket if you needed to utilize the policy.

You may also need to obtain additional insurance. There are specific riders available that will cover items not covered under the basic policy. Examples would be a personal property rider or a sewer and water line rider.

It is essential to review your policy periodically with your insurance agent and keep it up to date.

3. Property Taxes

Your property taxes may increase throughout your ownership. An increase could be due to a change in your property assessment or an increase in the tax rate. If the assessed value of your home is significantly lower than the sales price, there is a possibility that you will experience an increase early in your homeownership. Proper planning can help eliminate the surprise of any increase in property taxes.

4. Utility Expenses

Finding out the total utility expense to maintain a home can be surprising if you have not previously owned a home. Renters may have had their utilities included in their rent and may not have seen a monthly utility bill.

Costs can also vary from season to season.

We recommend that you ask for an average utility cost from the seller before closing on a home to give you an idea of what you will need to budget. The number of household members may vary, making a difference in cost, but their numbers will give you a good basis to budget.

5. HOA Fees

If you live in a community with a homeowners association, you most likely will be paying a monthly, quarterly, or annual fee to the association. These fees vary from community to community-based on what the association will cover for the homeowner.

Be sure you understand the items that are the association’s responsibility and the things that are the homeowner’s responsibility. You may assume something is covered, and when you need the repair later, learn it will be your responsibility to repair.

6. Commuting

Your new home may be further from your place of employment than your old home. Whether you are driving or taking public transportation, you may experience an increased cost in getting to work. 

These are some of the hidden costs of Pittsburgh homeownership that you may not have considered. Understanding these costs and preparing for them in your budget will help you create a realistic spending plan. 

The SAYHAY Team offers a free consultation to home buyers and home sellers to help eliminate some of the surprises of homeownership. Contact The SAYHAY Team to schedule your free consultation at 412-755-3600.