home buying – Easy Agent Blogs

Understanding the Average Down Payment when Buying a Home

In the world of real estate, understanding the average down payment required to buy a house is crucial for both buyers and sellers. This financial aspect plays a significant role in shaping the dynamics of property transactions. Let’s delve into this topic and explore key insights sellers need to know.

Understanding the Average Down Payment

The average down payment to buy a house refers to the initial sum of money that a buyer pays upfront when purchasing a property. It serves as a commitment from the buyer and indicates their seriousness about the transaction. Typically, the down payment is a percentage of the total purchase price of the house.

Factors Influencing the Average Down Payment

Several factors influence the average down payment required to buy a house. These include:

Property Market Conditions: In a seller’s market where demand outweighs supply, buyers may need to offer a higher down payment to stand out among competing offers.
Lender Requirements: Mortgage lenders often have specific requirements regarding the minimum down payment percentage for loan approval. Buyers with larger down payments may have access to better interest rates and loan terms.
Property Price: The cost of the property itself plays a significant role in determining the average down payment. Higher-priced homes typically require larger down payments.
Government Policies: Government initiatives and policies, such as first-time buyer programs or down payment assistance schemes, can impact the average down payment amount. Umbrella Insurance Policies extend beyond the coverage limits of your existing insurance policies, such as auto or homeowners insurance. It kicks in when the limits of those policies are exhausted, providing additional liability coverage.

Implications for Sellers

For sellers, understanding the average down payment to buy a house is essential for pricing strategies and negotiations. Here’s how it affects sellers:

Competitiveness: Properties with lower down payment requirements may attract a larger pool of potential buyers, increasing competitiveness and driving up property prices.
Transaction Security: A higher down payment offers sellers greater assurance of the buyer’s financial capability and commitment to the purchase. It reduces the risk of the sale falling through due to financing issues.
Negotiation Leverage: Sellers may use the average down payment as a negotiating tool during the sale process. A higher down payment could incentivize sellers to accept an offer or make concessions.
Market Awareness: Keeping abreast of current market trends and average down payment expectations allows sellers to adapt their selling strategies accordingly, maximizing their chances of a successful sale.

Frequently Asked Questions (FAQs)

What is considered a typical average down payment for buying a house?

The average down payment varies depending on factors like property price and market conditions. However, it typically ranges from 5% to 20% of the total purchase price.

Are there any government programs that assist with house down payments?

Yes, some governments offer schemes like first-time buyer programs or down payment assistance programs to help individuals with their house down payment.

Can a buyer negotiate the down payment amount during the purchasing process?

Yes, the down payment amount can be negotiated between the buyer and seller as part of the overall terms of the sale.

What happens to the down payment if the sale falls through?

The specifics vary depending on the terms outlined in the purchase contract. Generally, the down payment may be refunded if the sale falls through due to reasons beyond the buyer’s control.

Do different types of properties require different down payment amounts?

Yes, the down payment amount can vary based on factors such as the type of property (e.g., residential, commercial) and its location. Higher-value properties may require larger down payments.

Conclusion

In summary, the average down payment to buy a house is a critical aspect of real estate transactions that sellers should be well-informed about. By understanding the factors influencing down payment amounts and its implications for sellers, they can navigate the selling process more effectively and achieve desirable outcomes. Staying updated on market trends and leveraging down payment-related strategies can contribute to a successful and lucrative property sale journey for sellers.

Mastering Competitive Bidding Wars in Real Estate

In the fast-paced world of real estate, competitive bidding wars have become increasingly common. Whether you’re buying or selling a home, navigating these bidding wars requires strategy, patience, and a clear understanding of the market dynamics. In this blog, we’ll delve into the intricacies of competitive bidding wars and offer tips to help you emerge victorious.

Understanding the Landscape

Before diving into a bidding war, it’s essential to grasp the current market conditions. Are you in a seller’s market, where demand outweighs supply, or a buyer’s market, where there’s an abundance of inventory? Knowing this can significantly influence your approach. In a seller’s market, expect multiple offers and heightened competition, while in a buyer’s market, you may have more negotiating power.

Adjustable-rate mortgage RGB color icon. Variable-rate mortgage. House purchasing. Fixed initial interest rate. Refinancing an existing home loan. Adjustment period. Isolated vector illustration

Setting Your Limits

Establishing your budget and sticking to it is crucial in any bidding war scenario. Determine the maximum amount you’re willing to pay for the property, taking into account factors such as your financial situation and the property’s value. Remember, it’s easy to get caught up in the heat of the moment, so having a clear budgetary boundary will help you make rational decisions.

Building a Strong Offer

Crafting a compelling offer goes beyond just the price. While a competitive price is essential, other factors can make your offer stand out. Consider including a pre-approval letter from your lender to demonstrate your financial readiness. You can also offer to cover closing costs or provide a flexible closing timeline to sweeten the deal.

Working with an Experienced Agent

Having a skilled real estate agent by your side can be invaluable in navigating bidding wars. An experienced agent can provide valuable insights into the local market, help you craft a competitive offer, and negotiate on your behalf. They can also keep you informed about new listings and emerging market trends, giving you a competitive edge.

Staying Flexible

Flexibility is key when participating in bidding wars. Be prepared to adjust your strategy based on new information and changing circumstances. This might involve increasing your offer amount, revising your contingencies, or accommodating the seller’s preferences. By remaining adaptable, you can better position yourself to succeed in a competitive environment.

Communicating Effectively

Clear and timely communication is essential throughout the bidding process. Make sure to convey your intentions clearly to the seller or their agent, whether it’s expressing your interest in the property or submitting a revised offer. Prompt responses and open dialogue can help build trust and facilitate smoother negotiations.

Happy couple getting keys to new house from real estate agent

Managing Emotions

Bidding wars can evoke strong emotions, but keeping them in check is essential. Avoid letting fear or excitement cloud your judgment, and instead, focus on making informed decisions based on facts and analysis. Having a support system, whether it’s friends, family, or your real estate agent, can provide perspective and help keep emotions in check.

Conclusion

Competitive bidding wars are common in today’s real estate market, but with the right approach, you can navigate them successfully. By understanding the landscape, setting clear limits, crafting strong offers, working with experienced professionals, staying flexible, communicating effectively, and managing emotions, you can increase your chances of emerging victorious in any bidding war scenario. Remember, patience and perseverance are key, and with diligence and strategy, you can find the perfect property at the right price.

The Impact of Remote Work on Housing Choices

In recent years, the landscape of work has undergone a transformative shift, with remote work becoming a prominent feature of the professional world. This change has not only altered our daily work routines but has also significantly influenced where and how we choose to live. The key phrase guiding our exploration today is “remote work trends.” Let’s delve into the ways in which these trends are shaping people’s preferences for home locations and features.

Embracing Flexibility in Home Location

One of the most apparent impacts of the rise in remote work is the newfound flexibility in choosing a home location. No longer bound by the constraints of a daily commute to the office, individuals are free to explore living in areas that were once deemed impractical. The keyword here is “flexibility.” This newfound freedom has sparked a trend of individuals opting for homes in suburban or rural settings, seeking a more serene and spacious environment.

Suburban Resurgence: A Quest for Tranquility

With remote work eliminating the need to live in close proximity to urban centers, there’s been a resurgence in suburban living. Families and professionals alike are drawn to the tranquility and open spaces that suburban areas offer. The keyword “resurgence” encapsulates this shift, highlighting the return of interest in suburban neighborhoods that provide a reprieve from the hustle and bustle of city life.

Redefining Home Features for Remote Work

As remote work becomes a long-term reality for many, the features individuals seek in a home have evolved. The keyword “evolved” is crucial here, signifying the dynamic nature of these changes. Home offices have become a top priority, with many homebuyers actively looking for dedicated spaces that facilitate productivity. The traditional notion of a commute to work has transformed into a walk down the hall to a personalized workspace.

Outdoor Amenities: A Breath of Fresh Air

Remote work has also sparked a growing appreciation for outdoor amenities. The keyword “appreciation” captures this sentiment, highlighting the newfound value placed on spaces such as gardens, balconies, or nearby parks. With more time spent at home, individuals are seeking environments that promote well-being, and outdoor spaces provide a breath of fresh air—both metaphorically and literally.

Technological Infrastructure: The Backbone of Remote Living

A seamless remote work experience is contingent on robust technological infrastructure. The keyword “seamless” is key here, emphasizing the importance of a reliable internet connection and advanced communication tools. Homebuyers are now considering the availability of high-speed internet and efficient home office setups as essential criteria when selecting a residence.

A Holistic Approach to Remote Living

In embracing remote work, individuals are adopting a holistic approach to their living spaces. Beyond the physical aspects of a home, there’s a growing emphasis on community and local amenities. The keyword “holistic” encapsulates this trend, illustrating the desire for a well-rounded living experience that goes beyond the confines of one’s home.

Conclusion: Remote Work as a Catalyst for Change

In conclusion, the impact of remote work on housing choices goes beyond the immediate shift in location preferences. It is a catalyst for a broader transformation in how we perceive and utilize our living spaces. The keyword “catalyst” aptly describes the role remote work plays in steering us towards a more flexible, balanced, and technologically driven lifestyle. As we continue to navigate this evolving landscape, it’s evident that our homes are no longer just living spaces but integral components of a remote and dynamic work-life equilibrium.

Maximize Your Home’s Appeal: 5 Staging Tips for Impressing Potential Buyers

Selling your home is an exciting journey, and how you present your property can significantly impact potential buyers’ first impressions. In today’s competitive real estate market, effective home staging is a key factor in capturing the attention of discerning buyers. To help you make the most of this opportunity, here are five staging tips that will leave a lasting impression on potential buyers.

Create a Welcoming Entrance

The entrance sets the tone for the entire home, making it crucial to create a welcoming and inviting atmosphere. Start by ensuring that the front door is in pristine condition – a fresh coat of paint or a polished finish can work wonders. Consider adding potted plants or a colorful doormat to add a touch of warmth. Proper lighting is equally important, so make sure your entrance is well-lit to create a positive first impression during evening viewings.

Declutter and Depersonalize

Buyers want to envision themselves living in your home, and a cluttered or overly personalized space can make that challenging. Clear out unnecessary items, organize closets, and remove personal photographs. This not only makes rooms appear larger but also allows potential buyers to imagine their own belongings in the space. Consider neutralizing color schemes to appeal to a broader range of tastes, creating a blank canvas for buyers to project their visions onto.

Highlight Key Features with Strategic Furniture Placement

Strategically placing furniture can enhance the flow of your home and highlight its key features. Arrange furniture to showcase the natural focal points of each room, such as a fireplace, large windows, or architectural details. In smaller spaces, opt for furniture that serves multiple functions, such as a coffee table with hidden storage. This not only maximizes functionality but also demonstrates the versatility of the space.

Let Natural Light In

Natural light is a powerful ally when staging a home. Pull back curtains, open blinds, and let the sunshine in. Bright, well-lit spaces appear more spacious and inviting. If your home lacks abundant natural light, strategically placed mirrors can help reflect light and make rooms feel brighter. Consider updating window treatments to allow for maximum light exposure while maintaining privacy.

Showcase Outdoor Living Spaces

In today’s real estate market, outdoor living spaces are highly valued. Whether you have a small balcony or a spacious backyard, showcasing these areas can significantly enhance your home’s appeal. Arrange outdoor furniture to create functional and inviting spaces, and add tasteful accessories like cushions or potted plants. This not only adds visual interest but also helps potential buyers envision enjoying these spaces themselves.

In conclusion

effective home staging is a powerful tool in the selling process. By creating a welcoming entrance, decluttering and depersonalizing, strategically placing furniture, maximizing natural light, and showcasing outdoor living spaces, you can significantly enhance your home’s market presence. Remember, the goal is to help potential buyers see themselves living in your home. With these tips, you’ll be well on your way to making a lasting impression and securing a successful sale in today’s competitive real estate market.

Whether you’re a first-time seller or a seasoned homeowner, these staging tips are universally applicable. Start implementing them today to ensure your home stands out and captures the attention of eager buyers in the current real estate landscape. Happy selling!

Note: Throughout this blog, the keyphrase “home staging tips” has been strategically incorporated to enhance search engine optimization and increase visibility for relevant searches.

Navigating the Current Real Estate Market: A Buyer’s Guide to Success

The current real estate market is a landscape of opportunities and challenges, demanding a strategic approach for homebuyers. Whether you’re a first-time buyer or a seasoned investor, understanding the nuances of the market is crucial for making informed decisions. In this comprehensive guide, we’ll explore key strategies, tips, and insights to help you successfully navigate the dynamic currents of the current real estate market.

Understanding Market Trends

To make the most informed decisions, it’s essential to stay abreast of the latest market trends. In the current real estate market, trends can vary from region to region, and even within neighborhoods. Utilize online platforms, engage with local real estate agents, and attend open houses to gain insights into the prevailing trends in your target area.

Setting Realistic Expectations

In a market characterized by fluctuating prices and demand, setting realistic expectations is key. Understand that the current real estate market may present both opportunities and challenges. Establish a clear budget, identify your non-negotiables, and be prepared to act swiftly when the right property becomes available.

Securing Financing in Advance

With the market moving at a dynamic pace, having your financing in order is a non-negotiable step. Before embarking on your home search, get pre-approved for a mortgage. This not only strengthens your negotiating position but also allows you to act quickly when you find the perfect property in the current real estate market.

Expanding Your Property Search

While it’s natural to have specific preferences, flexibility is a valuable asset in the current real estate market. Consider expanding your search to include neighborhoods that may not have initially been on your radar. You might discover hidden gems that align with your needs and budget.

Negotiating with Confidence

In a competitive market, negotiation skills are paramount. Work closely with an experienced real estate agent who can guide you through the negotiation process. Be prepared to act decisively, and consider factors beyond the sale price, such as contingencies and timelines.

Navigating Bidding Wars

Bidding wars are not uncommon in the current real estate market, especially for sought-after properties. To navigate this competitive landscape, establish a maximum bid in advance, remain patient, and avoid emotional decision-making. Your real estate agent can provide valuable insights to help you make strategic bids.

Due Diligence in the Digital Age

The digital age has revolutionized the way we research and evaluate properties. Leverage online tools to conduct thorough due diligence, from property history to neighborhood crime rates. This information can be invaluable in making well-informed decisions in the current real estate market.

Building a Strong Support Team

Success in the current real estate market often hinges on having a strong support team. In addition to a reputable real estate agent, consider engaging professionals such as home inspectors and real estate attorneys. Their expertise can uncover potential issues and provide you with the confidence to move forward with your purchase.

Conclusion: Your Path to Homeownership

Navigating the current real estate market requires a combination of research, flexibility, and strategic decision-making. By understanding market trends, setting realistic expectations, securing financing, and building a strong support team, you position yourself for success on the path to homeownership. Embrace the journey, stay informed, and soon, you’ll be unlocking the door to your dream home in this dynamic real estate landscape.

Smart Strategies to Save for a Down Payment on Your Dream Home

Dreaming of buying a home? One of the biggest challenges of the process is coming up with a down payment, a percentage of the home’s purchase price that you must pay at closing.

But don’t worry; with the right strategies, accumulating a cash down payment can become more achievable than you might think.

Let’s explore several simple and practical strategies to help you reach your goal of homeownership.

Set a savings goal

Start by determining how much you need for a down payment. Despite what many Americans assume, 20% down payments are not mandatory. In fact, the average down payment is 6%, according to the experts at Reliance State Bank. Several government-backed mortgage products require much less, depending on your circumstances.

Then, there are down payment assistance programs. Talk to a mortgage professional to understand the specific amount you should aim for.

Then, determine a realistic savings goal based on this amount and break it down into monthly or weekly savings targets. This way, you’ll have a clear roadmap to follow and stay motivated.

Then, make saving that money a no-brainer

Make saving easier by automating your savings process. One of the easiest ways is to dedicate a certain amount of each paycheck and automatically transfer it to your savings account.

This way, a portion of your income is saved before you even have a chance to spend it. Over time, your savings will grow without requiring constant effort or discipline.

Put together a budget

Developing a budget is key to managing your finances effectively. Track your income and expenses to determine what you’re spending on and which categories you can eliminate or reduce your spending.

Trim unnecessary expenses like eating out or subscription services. Consider cooking at home, packing lunches, or exploring free entertainment options. Redirect the money you save towards your down payment fund.

Check out these free budget templates:

Research down payment assistance

Look into down payment assistance programs. These programs, offered by government agencies or non-profit organizations, provide financial assistance to eligible homebuyers.

Depending on the program, they offer low- to no-interest loans, grants, or other assistance to help bridge the gap for your down payment. Consult with your lender for local sources and research, and contact local housing authorities or community organizations to explore these opportunities.

Check out BankRate.com for an informative breakdown of a number of down payment assistance programs.

Boost your income

Consider ways that you can make more money. Look for opportunities to earn extra money, such as freelancing, gig work, or a part-time job. Use the additional income solely for your down payment savings.

Every little bit counts and can bring you closer to reaching your goal faster. Here are some additional ways to pump up your savings account:

Downsize or rent cheaper accommodations

If you’re currently renting a larger or more expensive place, downsizing to a smaller or more affordable accommodation can free up extra funds for your down payment. Look for other ways to reduce your housing costs, whether by finding a roommate, negotiating a lower rent, or exploring more affordable neighborhoods. Temporary sacrifices can lead to long-term gains.

Tap into gift funds

Sometimes, family members may be willing to gift you funds toward your down payment. If you’re fortunate enough to have supportive relatives, discuss the possibility of receiving financial assistance as a gift. Remember that lenders may have specific requirements regarding gift funds, so understand and comply with any regulations.

Save windfalls and bonuses

Whenever you receive unexpected windfalls like tax refunds, bonuses, or inheritances, resist the temptation to splurge and instead direct those funds toward your down payment savings. These unexpected financial boosts can provide a significant jumpstart to your savings goal.

Saving for a down payment requires discipline, but homeownership can become an attainable goal with these strategies. You may be surprised how quickly you’ve accumulated the money needed to purchase your dream home.

Remember, patience and perseverance are key.

3 things you can do this week to get closer to buying a home

Many Americans are putting their home purchases on hold over the uncertainty about the housing market. While we don’t recommend trying to time the market, it’s certainly understandable that some folks are a bit trepid right now.

Even though you may not be actively looking at homes to purchase right now, there are things you can be doing so that if the opportunity arises you can jump right into the market. Let’s take a look at three of those.

1. Talk to a lender

Sure, we hear a lot about cash buyers but most need a mortgage to buy a home. Get the process started by calling or visiting a lender. Family and friends, colleagues and real estate agents are good go-to sources for names of trusted lenders.

Although the initial consultation is typically quick and involves some number crunching and a list of paperwork you may need to submit, you’ll hopefully find a lender who will take some time to walk you through the process. Check out “The Smart Way to Shop for a Mortgage Lender.”

Some lenders can also counsel you on improving (or maintaining) your credit score over the next couple of months until you’re ready to buy. If not, read up on the process at MyFico.com.

Requesting loan preapproval offers real benefits, including saving time by not wasting it looking at homes you can’t afford.

In addition, “Sellers are looking for pre-approved buyers. Many prefer to entertain offers only from pre-approved buyers,” according to the pros at Capital Bank Home Loans, and we agree.

Finding out where your finances stack up in home loans is always a good idea, so this is an important step.

Preapproval from a lender is imperative, especially if you are close to being ready to buy.

When you call or visit a lender, ask all your questions, regardless of how basic you may consider them. This includes:

Current interest rates
Is a government-backed loan or a traditional loan the best choice for you?
Should you go with a fixed or adjustable-rate mortgage? If you don’t understand the difference between the two, ask.
Which down payment assistance programs are available to you?

2. Talk to a real estate agent

Retaining a real estate agent to help you buy a home is never too early. We are happy to offer you counsel on what to do right now to make you market-ready should the occasion arise sooner than you’d thought.

Sitting down with us briefly may give you insight into the current market, expectations for the future market, and other real estate-related topics you may not have considered.

Then, be sure to regularly visit our social media platforms and blog. We post a lot of educational content that you may not find elsewhere.

Some questions you may need the answer to when we get together:

Which banks or lenders are best for the homebuyer
Can you set up your home search criteria on the website so that you can regularly search for homes for sale?

3. Internet search

Speaking of searching, the sooner you start, the more familiar you’ll become with the process.

Internet searches can help you narrow down your choice of neighborhoods, the prices there, and the types of homes.

Doing drive-throughs of neighborhoods will also help you narrow down the choices. Then, when the time is right, you will have several neighborhoods on which to focus and won’t waste your precious time on those you don’t like.

Three small steps with huge rewards when the time comes to buy your home.

Reach out if you’d like to set up a meeting. We love to talk about houses!

Struggling to buy a home? Consider multi-gen living

In the 19^th century, three generations living in the same home was a practice that dominated the American lifestyle. “Victorian society believed in the importance of family … Lifespans were lengthening, and couples also married earlier and had children sooner, so families were likelier to have three living generations” in one home, according to Flora Davis at SilverCentury.org. So it was Grandpa, Gramma, Mom, Dad, and the kids, all living as roommates.

By 1900, “… 57 percent of Americans 65 and older—and 71 percent of widows—lived with one of their grown children,” Davis claims.

Along came the Great Depression, and it only made sense for multiple generations of Americans to share the burden of the cost of housing.

Until the advent of Social Security upended everything.

“… almost immediately, living arrangements began to change: soon all but the poorest elders could afford to live independently,” Davis says. “By 1990, just 20 percent lived with an adult child, down from 71 percent at the turn of the century,” she concludes.

Fast forward three years ago, and we see a resurgence in the trend. Around 15 percent of homebuyers surveyed by the National Association of Realtors had plans to include multiple generations in their new home. “That’s an 11 percent increase in multi-generational buyers over the prior year,” claims Davis.

A lot of this has to do with sky-high home prices, bringing sky-high mortgage payments. It’s a lot easier to deal with the cost when several adults are contributing to the budget, the child-care duties, and looking after the Grands.

Have you considered joining the trend? If so, read on for some tips to keep in mind.

What to look for when house hunting for a multi-gen home

As you can imagine, with so many people under one roof, privacy is at a premium. Ensure that the home you place an offer on has a space for each member of the family to call their own.

This can be as simple as putting up dividers in large spaces to taking on more involved tasks, such as constructing new walls.

You’ll need to look into the local zoning laws if you choose the latter or find a large home to take advantage of the former.

Remember that much of what you need to look for in a home depends on which generations will live there.

“If you have adult kids moving in, a loft or a finished lower-level apartment might work well,” according to real estate journalist Michele Lerner at NewHomeSource.com. “For families moving older people into their home” keep “…the multigenerational suite on the first floor to avoid stairs,” she concludes, citing Jeff Roos, with Lennar Homes.

Lennar, by the way, offers its own solution for multi-gen living known as NextGen “Home Within A Home.” This may be your solution if a newly constructed home hits your hot button.

Remember, even when shopping among newly constructed homes, you will want your own real estate agent. The new home community’s agent works for the builder. Always have your own representation.

Issues to consider

Yes, it’s uncomfortable, but the financial aspect of the home purchase and ongoing costs are a discussion that needs to take place early in the process. And the discussion should not be “a parent-kid thing,” according to John Graham, who co-authored a book on multigenerational living.

He goes on to caution that families should aim to “level the hierarchy of the family,” treating each member as an adult. Some of the topics of these conversations should include:

Who will buy the property?
How will the title be held? It’s essential to understand the different ways of holding a title. For instance, what happens to the home upon the death of the primary buyer?
How much will each adult contribute each month to the mortgage payment?
Lists of each family member’s must-haves in a home and those he or she can’t tolerate.

Talk to your attorney to ensure you’ve discussed all the ramifications.

Dysfunctional families may find the thought of multigenerational living intolerable. Still, it may be the ideal lifestyle for families who enjoy close ties and harbor respect for one another.

How pets can impact your home’s value

I once listed the home of a lovely woman who lived with the love-of-her-life, a young pit-bull, Jade.

Like most puppies, Jade had penchant for chewing – on EVERYTHING. My client came home from work one day to find her living room completely destroyed. The dog had torn the sofa to shreds – even the wood frame. The floor was a sea of shredded foam and chewed-up wood.

The dog had also taken a dislike to the baseboards and decided they had to go as well. Thankfully there were no showings that day and it took almost two weeks to get the unit back into showing condition (and a lock on the escape-artist dog’s crate).

Sure, this example is extreme, but pets damage homes, whether it’s the dark streak on a wall where they’ve rubbed themselves or cat urine in the carpet to even something as minor as hair everywhere. Pets can have a negative impact on your home’s value.

Other ways pets impact home value

Recently I read an interview with a Boston real estate agent who talked about selling a condo that belonged to a woman who owned multiple cats. It sold for $30,000 less than it should have because of the damage caused by her cats.

“When the damage is significant, however, a home could appraise at 2% to 5% less” than market value, appraiser Susan Martins-Phipps tells Beth DeCarbo at the Wall Street Journal.

Then there was an article in Business Insider that claims home values in a neighborhood with barking dogs are reduced between five and 10 percent. So not only might your pet bring down your home’s value, but your neighbor’s pets may impact it as well.

How to deal with existing and future impacts

Of course, you’ll need to repair pet damage before putting the home on the market. But you’ll also need to remove evidence of pets as well, such as hair, odors, stains, and pet paraphernalia, such as food dishes and litter boxes.

Urine in carpets is almost impossible to get out so you may want to think about replacing them. Painting the interior will get rid of rubbing marks on the walls and a lot of odor as well.

Here are a few other tips to ensure your home gives off a homey, not kennel vibes:

If pet odors are extra-heavy, consider hiring a professional to get rid of them.
Avoid the use of air fresheners, incense and scented candles. Certain scents can be turn-offs for some.
Keep your dog groomed during the marketing process.
Vacuum as often as possible.
Give your dog plenty of exercise and attention while the home is on the market. When he’s pooped out, he won’t be as likely to look for ways to beat boredom.
Don’t forget the backyard. If your pooch relieves herself there, you’ll need to ensure she hasn’t left any surprises for buyers who want to check out the area.

Finally, find a place to park the pets during showings. Ideally, that means removing them from the home. Park your pet at the groomer, drop it at the vet for a checkup, take it to doggie daycare, or hire a professional dog walker during showings and open houses.

Since it’s not always practical to remove the pet from the home, crate it, cover the crate with a blanket, and leave a note on the door that there are pets created in the room.