Home buying and home selling

Dealing with a Smoker's Home

Picture this: you've been searching for your dream home and think you might have finally found the one. You head over to check it out, marveling along the way at the convenience of the location, the exterior's curb appeal, and the great price, only to step inside and realize that the interior is saturated with the smell of cigarettes. Although smoking isn't nearly as prevalent as it was in years past, this is still a common situation encountered by prospective home buyers. The CDC reports that the proportion of U.S. adults who smoke dropped from 20.9% in 2005 to 15.5% in 2016, but this still means that around 38 million potential home sellers are active smokers. In this post, you can read about some of the methods that smokers and nonsmokers alike might want to employ in an attempt to rid their home of the distinctive smell. Plus, those who still smoke indoors might be interested in learning just how much it reduces the resale value of their home.

Should You Add a 'Bump Clause' to Your Purchase Contract?

In the current housing market, buyers are looking for anything they can use to sweeten their offer in the eyes of the seller. Enter the "bump clause", a small addition to home purchase contracts that is gaining popularity in some areas. Bump clauses are simple: they allow a seller to continue to market their home after accepting an offer until a buyer's sale contingencies are satisfied. If the seller receives a better offer during that time, the original buyer must either waive their contingencies or get "bumped" for the new deal. Keep reading to learn how you can utilize a bump clause to your benefit.

Hidden Factors in Home Value

Everyone knows about the major characteristics that determine a home's value, such as square footage, neighborhood, and the level of interior updating, but what other, more subtle factors come into play? Real estate analytics company HouseCanary sought to answer this question by looking at 5 "hidden" home characteristics that might not be as obvious on a conscious level when measuring a home's value. They found that significant correlations not only exist for things like frontage length, but also show regional trends.