New House, New Aesthetic

Quick update on the new house (here’s a look if you’re just tuning in). We are SO CLOSE to closing. We had a last-minute hiccup with the appraisal (came in under our purchase price) but after some re-negotiations we were back on track. Rumor has it we will be closing on Tuesday, 11/18. This is the day we will also get the keys and the house becomes ours. Do you know what we’re going to do first? Put the Christmas decorations up. The tree, the garland, the lights… everything. And then maybe we’ll get around to moving. You know, priorities.

Anyways, I’ve been thinking a lot about what I want the design of this house to be. It’s going to happen organically over a long period of time like our current’s house design did, but I love knowing the direction we’d like to go. This time around we know what we like and we can start there right away. The first house took a few initial years of trial and error before we really knew what worked.

The other thing that’s working to our advantage is that, from a furnishings standpoint, we are starting over from scratch. We’ve sold a lot of our basement stash over the years. We sold two sofas, chairs, lighting… you name it, we don’t have it anymore. I can’t tell you how exciting it is to be starting over. All of the cash we’ve made from those sales has been waiting in the wings. It’s not a lot (Craigslist, I need you to cooperate) but it’s enough that we at least will have a place to sit. :)

OK, enough yakking. See, this is what happens when I don’t blog as much. So much to say! Anyways, for our new house, I want it to be filled with warm tones…

Source Via My Pinterest

I want it to be more grown up…

Source Via My Pinterest

But you know, grown up without losing the quirk…

Source Via My Pinterest

I want it to be more masculine…

Source Via My Pinterest

With lots of buttery leather…

Source (Lauren Liess) via My Pinterest

Did I mention leather??

Source Via My Pinterest

I want it to be full of varying textures…

Source Via My Pinterest

I want to honor its 113-year heritage…

Source Via My Pinterest

Dear god I could go on and on and on! There’s a lot of work ahead of me and we’ll go through it slowly. But this is where my head is at.

Can’t wait to get started!!!

xo,

emily

 p/s: Our current home is still on the market! Here’s all the information on why we decided to sell.

The Transformation of Our New Home

I’m participating in the Fall in Love Challenge with several other fabulous bloggers. Over the course of 6 weeks we agreed to work on and reveal a made-over space in our home. I was all ready to tackle our laundry room for the challenge. But shortly thereafter we found ourselves “falling in love” with something much bigger: a new house! And we quickly put our current home on the market.

Before I go on, it’s probably important to note that we have not closed on the home. We’re very close, but not there yet. We’re still in the due diligence period and have just closed the inspection phase (all good… thank god). Now we’re waiting for the bank to review the appraisal and process the loan. We think we’re about 2-3 weeks away from closing. We are cautiously optimistic because we know how these things can go.

So because this place isn’t ours yet, it didn’t feel quite right to do a full home tour. Instead, I wanted to share with you the amazing work that’s been done to the place. The state of the property when purchased by our seller was very, very bad. Water service had been turned off for a very long time with someone living in the house. Rumor has it there was a giant hole in the roof for years. Needless to say, much of the home was damaged. Despite the damage, much of the home’s character was preserved. It had potential, it deserved a new life and I’m so thankful our seller realized that.

The style of the 100+ year old house can best be described as an American Four Square. It’s on a beautiful, tree-lined street in Covington. The neighborhood is one we’ve wanted to be in for a long time. It still has the urban feel we love about Covington, but it feels more friendly and quiet.

Anyways, here’s the outside of the home pre-renovation.

405Wallace_Outside

And here’s the after. The angle is a little off… this was during the inspections and I was a little excited. We love the color of the painted brick, the open porch and the original dentil molding. We love that so much of the home’s character is still there.

New House First Floor

New House First Floor

Here’s the inside of the home pre-renovation.

405Wallace_LivingRoom

Here’s the space after the renovation. We are so thankful the fireplace tile and mantle was left intact. (Can you tell I have been watching Rehab Addict?)

New House First Floor

If you imagine yourself looking into the living room corner with the two windows (above) then directly behind you would be pocket doors leading into the dining room. Here’s the dining room space pre-renovation.

405Wallace_DiningRoom

The dining room post-renovation is now more of a casual, eat-in space right in the expanded kitchen. I LOVE this. I’ve always loved the idea of having a dining space with open access to the kitchen, but it’s really hard to find that open set-up in the old homes that we love. We found it here. You can see the end of the island just at the left of the photo below.

New House First Floor

As I mentioned, directly to the left of this dining is the kitchen. At this point, we are at the very back of the house. Below is the kitchen before the renovation. Yea… it’s bad. On a positive note? Those 5-panel doors are a treasure and got re-located throughout the house (at least I think so… they look very similar).

405Wallace_Kitchen

Anyways, here’s the after of the kitchen, with me standing in the dining room looking into the kitchen. That is very close to the same angle believe it or not. The old sink is in the same spot it is currently.

New House First Floor

Here’s another shot of the kitchen, but in this one you can see how the kitchen, dining “room” and living room connect. To the right of that bank of cabinets is the hallway leading to the front entryway.

New House First Floor

I will show you more when this home is actually ours! The home is very classic traditional right now… it needs a bit of my funk which I am so excited to get started on.

We lucked out finding this home. We were able to grab it directly from the seller before it went on the market… it was still being finished (hence all the mess in the photos) when we put an offer on it.

We’re excited, hopeful and anxious about the whole thing. I’ll keep you updated and I hope to share a full tour with you soon!

So back to the Fall in Love challenge. If you missed yesterday, there was lots of eye candy from the likes of Decor and the Dog, Dwellings by Devore and more. And today, I’m sharing the reveal day with Shift Ctrl Art, The Gathered Home and The Thriftress. Go check it out!

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The Unique Way We Sell Our Homes

I realized when writing the headline and inserting the “Pending” photo it may seem we have a buyer on our current home. Not true, although I wish it was! Lots of traffic and interest but no buyers yet. We are on showing #6.

Aaron’s House in 2013, which we sold FSBO

We are selling our home “For Sale By Owner” but it’s a much different process than the traditional “For Sale By Owner” that many people think of. Think of our approach as FSBO on speed. Before I begin, I want to make it crystal clear that we love and respect all realtors. We recognize their value and importance. In fact, our approach actually involves a realtor. Keep reading… I’ll get to that.

The traditional For Sale By Owner process is pretty dreary. The biggest barrier working against you if you go this route: you aren’t able to put your home on the MLS. Only people with real estate licenses are able to post on the MLS. Without a doubt, no matter what anyone tells you, putting your home on MLS is going to sell your home infinitely faster than without it. The exposure you receive from your local listing service is hard to match. You want your home to be visible to buyers and buyers are searching on the MLS.

You might wonder: why would people want to ever sell their home by owner? It all comes down to money. Many times, by not having to cover realtors’ commissions, owners are able to price their home more competitively with the comps in the neighborhood. Or in our case, we want as much money as humanly possible to come directly to us. We don’t want to give up any of the equity we’ve worked really hard to increase over the years. In other cases, people cannot afford to pay a realtor commission—they might be at risk of a short sale or some other type of financial hardship. But probably the most popular reason to avoid realtors’ commissions: people need a certain amount of cash from the sale of the first home to cover the down payment on the next home.

A QUICK SHOUT OUT TO CURRENT AND FUTURE BUYERS: Do not believe it when someone tells you, “But using a realtor doesn’t cost you anything!” Yes, it is true, that at closing, you do not owe any cash to your realtor. The seller pays that cost. HOWEVER, the seller raises their listing price to cover all realtor costs, including yours. For example, the home we are about to buy, the seller reduced the listing price by nearly $10K automatically because we came realtor free. For Aaron’s home, we had two prices: One for a buyer with a realtor (3% more) and one for a buyer with no representation (3% less). So yes buyers, you absolutely pay for your realtor via an inflated listing price. 3% of the home’s listing price in fact. And because it’s embedded in your listing price, that means that if you have a home loan, that 3% becomes much, much more as your loan matures. No thanks!

Ok, ok back to my point. Selling your home FSBO on speed. Here’s how we do it. We pay a real estate agent a flat fee of $200. For US folks, you can use the service, MLSmyhome.com, to find your flat-fee real estate agent. If you are in northern Kentucky/Louisville area, you will be referred to the amazing Chuck of Busy Bee Realty.

For the $200 fee, our real estate agent does several things: He puts our home and photos up on the MLS, he posts all necessary documents to the MLS (like agent remarks, seller disclosures, etc.). The agent will also field any offers (in the state of KY and likely your state too, the seller’s agent must be the party that receives the offer, not the actual seller). He will also aid in the negotiations, schedule your appraisals and inspections, coordinate with the title co, etc. So basically, for $200, he provides everything to you that a traditional seller’s agent would minus the marketing of your home and the showing of your home. At closing, this realtor is not owed any percentage of your home’s sale whatsoever.

It’s pretty much the best thing ever.

The responsibilities left to us—the showing and the marketing—those things are a piece of cake. For showings, we clean and we leave the home for about 30 minutes. That’s it. 99% of the time prospective buyers come with their agent, who is normally the one who shows the home. We literally do nothing when it comes to showings (except maybe creepily drive by a bunch of times).

And marketing? Most of us belong to this super powerful marketing engine called… Facebook! Social media plus some flyers out by the sale sign is about all we do.

If all of this still feels overwhelming, many realtors often provide a la carte services too, such as consultations and staging tips, to help you feel a little bit more prepared about going it alone.

And quick tip: If you can, still offer the buyer’s agent a commission of 3% (which around here, is half of the total agent commission). This will generate much better feelings towards your property (meaning agents will be more inclined to show it). Buyers’ agents should not have to work for free!

So yea, that’s how we do it. And it’s worked really well for us. Aaron’s home sold just before the 6-month mark (when Aaron bought it, it had been sitting on the market for 9+ months) and my home has received a ton of traffic. Thank you MLS!

Whew. I think this is the longest post I have ever written. Would love to hear any questions or experience you may have with this approach!

xo,

emily

A quick legal note. In most states and especially in Kentucky, if your home is on the MLS but you are not using a traditional agent, you are no longer legally allowed to say, “My home is For Sale by Owner” because technically, you are using an agent to sell the home. If someone catches you, it’s a $500 fine in our neck of the woods. Our sign in front of the house has the “By Owner” part removed and we’re sure to not mention “By Owner” in any of the marketing materials we put out. Instead they say, “Listed by Busy Bee Realty.”