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Don’t Be One of Those Homeowners Who Goes Over Budget on a Renovation

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home on March 15, 2018 at 7:12 pm

When Kelly Whalen demolished her built-in bookshelves as part of a living room DIY, she found it gave the room some much-needed space. Unfortunately, she also found a hidden subfloor made from asbestos(!) tiles. She hadn’t budgeted for a new subfloor — or for the removal of a toxic substance. Yikes.

And there were more surprises. “When we pulled up the tiling, we found we also had to pull out two layers of wall paneling just to get to the edges of the room,” says the Exton, Penn., native. The paneling fix led to a need for new insulation and drywall. What started as a small project quickly ballooned — and so did Whalen’s expenses.

Almost half of homeowners go over budget when doing a remodel, according to a report from home improvement site Houzz. A more alarming stat: Only one in five comes in underbudget. Here’s how to be of them.

#1 Reconsider DIY

DIY is cheaper, right? Not necessarily, says Philadelphia-based interior architecture and design expert Glenna Stone. Depending on the project, amateurs beware.

“If you don’t have the expertise, you could end up paying between 10% and 40% more,” Stone says.

Why? While your DIY labor is technically free, your lack of know-how can be costly.

And then there’s hiring and scheduling. A task like moving a wall could mean hiring an engineer and an architect, not to mention coordinating permits. A general contractor knows who’ll do the best work for the best price, and they’ll know when to schedule them to avoid wasting dollars on inefficient use of time.

“If the plumber comes out before you’re ready for him, they’ll charge you for that visit, and then to come out again,” says Stone.

Finally, a contractor is more likely to get it right the first time. There’s nothing like having to buy stuff twice because you messed up. Stone recommends hiring a general contractor for most medium- to large-scale jobs.

Takeaway: Don’t DIY unless you really know what you’re doing. Mistakes cost more than hiring a pro the first time.

#2 Hire the Right Experts

If you decide to forgo the general-contractor route and hire individual workers yourself, it’s best to get at least three quotes for each service performed. Talking to professionals isn’t just about finding the most competitive price. It’s also an opportunity to figure out what services each individual contractor includes within his fee.

In fact, the least expensive contractor may be a warning sign for inferior construction quality or subpar building materials. A bid worth reviewing should include a line item for every charge.

“‘Everything’ means every detail, from [the] exact kind of sink fixture to brand of roof shingles,” says Dean Bennett, president of Dean Bennett Design and Construction in Castle Rock, Colo. Even the color of the outlets in each room should be included in the bid, he adds.

Takeaway: The more detail that’s in the bid, the more likely you’ll come in on budget.

#3 Map Out the Project Step by Step (So You Don’t Miss Anything)

So, you’re planning to put up a backsplash. What do you need to put into your budget? The tile and adhesive, right? And that’s about it?

Try again. Big project or small, the more detailed your plan, the better prepared you’ll be for both the expected and unexpected costs that can (more like will) arise.

When estimating the cost of your project, consider the large expenses, like that tile and adhesive, but also remember the little items like sales tax, delivery charges, shipping charges, the float, caulking, cleaning materials, and more. For bigger projects, you’ll need to estimate engineering costs, interest costs, permit fees, and sewer and water tap fees, says Bennett. The more you can plan to expect, the better.

Takeaway: Don’t forget the “small” costs. Like pennies, they might not seem like much at first, but they sure do add up.

#4 Know Where You’re Willing to Cut Corners — and Where You’re Going to Invest

Before setting a project budget, consider what features are most important to you. When it comes to allocating funds, ancillary desires should take second place to your overall project goals.

If, for example, your primary goal is to expand your cabinet space, how vital are custom cabinets or high-end finishes to that goal? “If you’re … OK with using stock sizes, you can save about 20% to 30% on your budget,” says Stone. So if your bottom line is to increase kitchen storage space, stay on budget by sticking with stock cabinets instead of paying more for custom.

On the flip side, if your goal is to gain more glam than storage space, custom cabinets may be where you want to splurge.

Takeaway: Let your goals drive your budget decisions.

#5 Pad Your Budget

“For any large renovation, you have to plan for the unexpected,” says Stone. You could open a wall and find electrical work needs to be done. You could find that your chosen tile is on back order and your second choice comes at a higher cost. Stone suggests building a 10% buffer into the budget. Some experts suggest more — up to 25% for those with older homes. According to Stone, that cash cushion is used more often than not.

When the unexpected does arise, it can pay to keep a level head. “Even if you feel pressed for time, give yourself at least 24 hours to make an unexpected decision,” says Stone. When people are reaching their threshold for how long and to what degree they’ve had their house torn apart, “they rush into a decision,” she says. “They regret it almost 100% of the time.”

Takeaway: Pad your budget for the unexpected — and don’t rush decisions.

By: Alaina Tweddale

If you are interested in buying or selling real estate, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit  or .


The Everything Guide to Buying Your First Home

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home on March 8, 2018 at 7:42 pm

So you’re thinking about buying your first home. Your very own house (and mortgage). A place to call — and make — your own.

It’s a big move, literally and figuratively. Buying a house requires a serious amount of money and time. The journey isn’t always easy. It isn’t always intuitive. But when you get the keys to your new home — that, friend, can be one of the most rewarding feelings pretty much ever.

The key to getting there? Knowing the home-buying journey. Knowing what tools are at your disposal. And most importantly? Creating relationships with experts who can help you get the job done.

That’s where this guide comes in. We’ll show you not only the major steps you’ll take during the home-buying process, but also explain the relationships and experts you’ll need along the way. We’ve even made a handy infographic that outlines the home-buying process from start to finish.

You ready to live the dream? Here we go.

Do Your Homework

Oh sure, everybody wants to jump right into open houses. But before you even set foot into a foyer, you should identify your list of “musts” and “wants.” This list is an inventory of priorities for your search. And there’s so much to decide: Price, housing type, neighborhood, and school district — just to name a few.

To get yourself grounded, we recommend filling out this brief worksheet.

If you’re planning to buy a home with a partner (in life or in real estate), fill the worksheet out with them. You want to be on the same page while buying a house. If you’re not, you’ll be less able to give agents or lenders the information they need to help you. And you risk wasting time viewing homes you can’t afford — or don’t even want in the first place.

Start Shopping

Once you know what you’re looking for, the next step is to start looking at listings and housing information online. (This part? You’re going to crush it.)

Find a Great Agent

Your relationship with your real estate agent is the foundation of the home-buying process. (And your agent = your rock.) He or she is the first expert you’ll meet on your journey, and the one you’ll rely on most. That’s why it’s important to interview agents and find the agent who’s right for your specific needs.

Choose a Lender

Once you’ve found your agent (AKA, your new best friend), ask him or her to recommend at least three mortgage lenders that meet your financial needs. This is another big step, as you’ll be working with your lender closely throughout the home-buying process.

Pick a Loan (It’s Not So Bad)

Once you’ve decided on a lender (or mortgage broker), you’ll work with your loan agent to determine which mortgage is right for you. You’ll consider the percentage of your income you want to spend on your new house, and you’ll provide the lender with paperwork showing proof of income, employment status, and other important financials. If all goes well (fingers crossed) you’ll be pre-approved for a loan at a certain amount. (Sweet.)

Visit Open Houses, and Look Around

Now that you have both an agent who knows your housing preferences and a budget — and a lender to finance a house within that budget — it’s time to get serious about viewing homes. Your agent will provide listings you may like based on your parameters (price range, ZIP codes, features), and will also help you determine the quality of listings you find online. Then comes the fun part: Open houses and private showings, which give you the unique opportunity to evaluate properties in a way you can’t online.

Make an Offer

Once you find the home you want to buy, you’ll work with your agent to craft an offer that not only specifies the price you’re willing to pay but also the proposed settlement date and contingencies — other conditions that must be agreed upon by both parties, such as giving you the ability to do a home inspection and request repairs.

Negotiate, Negotiate, Negotiate

Making an offer can feel like an emotional precipice, almost like asking someone out on a date. Do they like me? Am I good enough? Will they say yes? It’s stressful! Some home sellers simply accept the best offer they receive, but many sellers make a counteroffer. If that happens, it’s up to you to decide whether you want your agent to negotiate with the seller or walk away. This is an area where your agent can provide real value by using their expert negotiating skills to haggle on your behalf and nab you the best deal.

Get the Place Inspected

If your offer is accepted, then you’ll sign a contract. Most sales contracts include a home inspection contingency, which means you’ll hire a licensed or certified home inspector to inspect the home for needed repairs, and then ask the seller to have those repairs made. This mitigates your risk of buying a house that has major issues lurking beneath the surface, like mold or cracks in the foundation. (No one wants that.) Here’s what to expect.

Ace the Appraisal

When you offer to buy a home, your lender will need to have the home appraised to make sure the property value is enough to cover the mortgage. If the home appraises close to the agreed-upon purchase price, you’re one step closer to settlement — but a low appraisal can add a wrinkle. Not one you can’t deal with.

Close the Deal

The last stage of the home-buying process is settlement, or closing. This is when you sign the final ownership and insurance paperwork and make this whole thing official. There’s some prep work you have to take care of first.

When it’s all said and done — break out the rosé. You’ll have the keys to your new home!

By: HouseLogic

If you are interested in buying or selling real estate in the Energy Corridor, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit  or .

14 Garage Organization Ideas Under $50

In Buying a Home, Home Upgrades, Houston Real Estate Agent, Real Estate Investment, Recycling in West Houston, Selling your home on March 2, 2018 at 4:22 pm

If you’ve got a garage, most likely you’ve got waaayyyy more than cars in there. It’s the catch-all place to keep stuff (mostly) out of sight and out of mind.

Put order to the chaos and protect your car’s paint job with simple storage systems and organizing hacks for everything from sports equipment to tools.

Bikes, Skates, and Other Wheels

#1 Hoist bicycles to the rafters with a rope-and-pulley system (starting around $40) that makes it easy to raise the bike and lock safely in place. When you’re ready to ride, release the lock and lower your bike to the garage floor. You’ll need an hour or two and basic tools to secure the pair of pulleys to ceiling joists and thread the ropes. (Similar hoists are available for kayaks or small boats; starting around $25.)

#2 Use a specially designed wall rack to hang helmets and skateboards together;starting around $20. Secure this one to wall joists in less than an hour.

#3 Keep scooters and bikes out of the way with tool hooks installed on a length of 1-by-6-inch lumber. You’ll pay $3 for each pair of vinyl-coated screw-in tool hooks and $1 per foot for lumber. You’ll need only an hour or two to secure the lumber to wall joists and screw the hooks into place along the board.

Sporting Goods

#4 Bring together balls and bats on a convenient wire rack equipped with hangers that hold gloves too; starting around $35.

#5 Stash two pairs of snow skis, poles, and boots in one handy steel ski rack; $45. Securing this rack to wall studs helps it hold the weight of the equipment. If you can’t position it on studs, use wall anchors for a secure installation. You can do the task with or without anchors in an hour or two.

#6 Stow your fishing rods by suspending two wire shelves from your garage ceilingabout 5 feet apart, then threading the rods through the openings. Use shelves left over from a project or purchase a 4-foot-by-16-inch vinyl-coated wire shelf for less than $9, and saw it in half crosswise (or clip with bolt cutters) to make two 2-foot shelves. Snip additional wires where you need wider slots to accept pole handles or reels.


#7 Hang wrenches and bungee cords using an ordinary vinyl-coated wire tie-and-belt rack, available at big box stores; $8.

#8 Hang metal tools on a magnetized rail, keeping items in view and easy to retrieve; starting around $30. Simply screw the rail to wall studs to safely hold the weight of the tools (it’s an idea you may be drawn to.)

#9 Cushion and protect tools by padding your toolbox drawers with a soft, non-slip liner. The open-weave design keeps moisture away and prevents tools from rolling around. Enough material to line eight average-size drawers is $15. Just cut the liner to length to fit and slip it into the drawer.

#10 Organize small items — such as pencils, box cutters, and tape measures — by stashing them in electrical junction boxes; about $2 each (free if you have spares). Purchase a variety of sizes and shapes and secure them to studs or pegboard.

Yard and Garden Gear

#11 Transform an old filing cabinet into storage bins for various yard tools. Remove the drawers, turn it on its backside, and use a couple afternoons to apply paint and pegboard sides. Less than $25.

#12 Mount heavy tools, long-handled implements, and ladders on long steel rails with extruded holes high on the garage wall and secured to studs. Add hooks and pegs on the rail to hang big tools. Two 48-inch rails sell for $22.

#13 Secure a wooden pallet to wall studs to create a pocket for holding long-handled garden tools. To find free wooden pallets, check with local businesses as well as online classifieds, such as Craigslist. Cost: Free.

#14 Use a can rack to keep bottles of fertilizers, repellants, and lubricants upright and easy to retrieve. Rack ($15) prevents cans and bottles from tumbling off shelves.

By: Jan Soults Walker

If you are interested in buying or selling real estate, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit  or .


What Home Improvements Are Tax Deductible?

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home on February 15, 2018 at 3:55 pm

The federal tax law signed by President Donald Trump Dec. 22, 2017, may affect home ownership tax benefits described in this article. The new law goes into effect for the 2018 tax year and generally doesn’t affect tax filings for the 2017 tax year. Here’s a detailed summary of the changes.

It’s no secret that finishing your basement will increase your home’s value. What you may not know is the money you spend on this type of so-called capital improvement could also help lower your tax bill when you sell your house.

Tax rules let you add capital improvement expenses to the cost basis of your home. Why is that a big deal? Because a higher cost basis lowers the total profit — capital gain, in IRS-speak — you’re required to pay taxes on. In other words, you might have a tax break coming. Here’s how to know what home improvements are tax deductible.

The tax break doesn’t come into play for everyone. Most homeowners are exempted from paying taxes on the first $250,000 of profit for single filers ($500,000 for joint filers). If you move frequently, maybe it’s not worth the effort to track capital improvement expenses. But if you plan to live in your house a long time or make lots of upgrades, saving receipts is a smart move.

What Home Improvements Are Tax Deductible?

Some examples of home improvements you can deduct may include:

  • New bathroom
  • New addition
  • Basement finishing
  • New furnace
  • Master suite addition

Although you may consider all the work you do to your home an improvement, the IRS looks at things differently. A rule of thumb: A capital improvement increases your home’s value, while a non-eligible repair just returns something to its original condition. According to the IRS, capital improvements have to last for more than one year and add value to your home, prolong its life, or adapt it to new uses.

Capital improvements can include everything from a new bathroom or deck to a new water heater or furnace. Page 9 of IRS Publication 523 has a list of eligible improvements.

There are limitations. The improvements must still be evident when you sell. So if you put in wall-to-wall carpeting 10 years ago and then replaced it with hardwood floors five years ago, you can’t count the carpeting as a capital improvement. Repairs, like painting your house or fixing sagging gutters, don’t count. The IRS describes repairs as things that are done to maintain a home’s good condition without adding value or prolonging its life.

There can be a fine line between a capital improvement and a repair, says Erik Lammert, former tax research specialist at the National Association of Tax Professionals. For instance, if you replace a few shingles on your roof, it’s a repair. If you replace the entire roof, it’s a capital improvement. Same goes for windows. If you replace a broken window pane, repair. Put in a new window, capital improvement.

One exception: If your home is damaged in a fire or natural disaster, everything you do to restore your home to its pre-loss condition counts as a capital improvement.

How Capital Improvements Affect Your Gain

To figure out how improvements affect your tax bill, you first have to know your cost basis. The cost basis is the amount of money you spent to buy or build your home including all the costs you paid at the closing: fees to lawyers, survey charges, transfer taxes, and home inspection, to name a few. You should be able to find all those costs on the settlement statement you received at your closing.

Next, you’ll need to account for any subsequent capital improvements you made to your home. Let’s say you bought your home for $200,000 including all closing costs. That’s the initial cost basis. You then spent $25,000 to remodel your kitchen. Add those together and you get an adjusted cost basis of $225,000.

Now, suppose you’ve lived in your home as your main residence for at least two out of the last five years. Any profit you make on the sale will be taxed as a long-term capital gain. You sell your home for $475,000. That means you have a capital gain of $250,000 (the $475,000 sale price minus the $225,000 cost basis). You’re single, so you get an automatic exemption for the $250,000 profit. End of story.

Here’s where it gets interesting. Had you not factored in the money you spent on the kitchen remodel, you’d be facing a tax bill for that $25,000 gain that exceeded the automatic exemption. By keeping receipts and adjusting your basis, you’ve saved about $5,000 in taxes based on the  15% tax rate on capital gains. Well worth taking an hour a month to organize your home improvement receipts, don’t you think?

Related: Tax and Home Records Checklist: What to Keep and For How Long

The top rate for most homesellers remains 15%. For sellers in the 39.6% income tax bracket, the cap gains rate is 20%.

Watch Out for These Basis-Busters

Some situations (below) can lower your basis, thus increasing your risk of facing a tax bill when you sell. Consult a tax adviser.

  • If you use the actual cost method and take depreciation on a home office, you have to subtract those deductions from your basis.
  • Any depreciation available to you because you rented your house works the same way.
  • You also have to subtract subsidies from utility companies for making energy-related home improvements or energy-efficiency tax credits you’ve received.
  • If you bought your home using the federal tax credit for first-time homebuyers, you’ll have to deduct that from your basis too, says Mark Steber, chief tax officer at Jackson Hewitt Tax Services.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice.

By: Donna Fuscaldo

If you are interested in buying or selling real estate in the Energy Corridor, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit  or .


Budget Kitchen Remodeling: 5 Money-Saving Steps

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home, Terry Hershey Park, Uncategorized on February 7, 2018 at 4:03 pm

Major kitchen remodels are among the most popular home improvements, but a revamped cooking and gathering space can set you back a pretty penny. According to the “2015 Remodeling Impact Report” from the NATIONAL ASSOCIATION OF REALTORS®, a complete renovation of a 210-square-foot kitchen has a national median cost of $60,000, and you’ll recover 67% of that cost come selling time.

Despite the big price tag, you’ll be glad you upgraded. In fact, homeowners polled for the “Report” gave their kitchen redo a Joy Score of 9.8 — a rating based on those who said they were happy or satisfied with their remodeling, with 10 being the highest rating and 1 the lowest.

If you can’t afford the entire remodel all at once, complete the work in these five budget-saving stages.

Stage One: Start with a Complete Design Plan

Your plan should be comprehensive and detailed — everything from the location of the refrigerator to which direction the cabinet doors will open to whether you need a spice drawer.

To save time (and money) during tear-out and construction, plan on using your existing walls and kitchen configuration. That’ll keep plumbing and electrical systems mostly intact, and you won’t have the added expense — and mess — of tearing out walls.

Joseph Feinberg, vice president of Allied Kitchen and Bath in Fort Lauderdale, Fla., recommends hiring a professional designer, such as an architect or a certified kitchen designer, who can make sure the details of your plans are complete. You’ll pay about 10% of the total project for a pro designer, but you’ll save a whole bunch of headaches that would likely cost as much — or more — to fix. Plus, a pro is likely to offer smart solutions you hadn’t thought of.

For a nominal fee, you also can get design help from a major home improvement store. However, you’ll be expected to purchase some of your cabinets and appliances from that store.

  • Cost: professional designer: $5,800 (10% of total)
  • Key strategies: Once your plans are set, you can hold onto them until you’re ready to remodel.
  • Time frame: 3 to 6 months

Stage Two: Order the Cabinets, Appliances, and Lighting Fixtures

Cabinets and appliances are the biggest investments in your kitchen remodeling project. If you’re remodeling in stages, you can order them any time after the plans are complete and store them in a garage (away from moisture) or in a spare room until you’re ready to pull the trigger on the installation.

Remember that it may take four to six weeks from the day you order them for your cabinets to be delivered.

Related: How to Choose Stock Cabinets for Your Kitchen

If you can’t afford all new appliances, keep your old ones for now — but plan to buy either the same sizes, or choose larger sizes and design your cabinets around those larger measurements. You can replace appliances as budget permits later on.

The same goes for your lighting fixtures: If you can live with your old ones for now, you’ll save money by reusing them.

You’ll have to decide about flooring, too — one of the trickier decisions to make because it also affects how and when you install cabinets.

You’ll need to know if your old flooring runs underneath your cabinets, or if the flooring butts up against the cabinet sides and toe kicks. If the flooring runs underneath, you’ll have some leeway for new cabinet configurations — just be sure the old flooring will cover any newly exposed floor areas. Here are points to remember:

  • Keep old flooring for cost savings. This works if your new cabinets match your old layout, so that the new cabinets fit exactly into the old flooring configuration. If the existing flooring runs underneath your cabinets and covers all flooring area, then any new cabinet configuration will be fine.
  • Keep your old flooring for now and cover it or replace it later. Again, this works if your cabinet configuration is identical to the old layout.

However, if you plan to cover your old flooring or tear it out and replace it at some point in the future, remember that your new flooring might raise the height of your floor, effectively lowering your cabinet height.

For thin new floor coverings, such as vinyl and linoleum, the change is imperceptible. For thicker floorings, such as wood and tile, you might want to take into account the change in floor height by installing your new cabinets on shims.

  • Cost: cabinets: $16,000 (27% of total); appliances and lighting fixtures: $8,500 (15% of total); vinyl flooring: $1,000 (2% of total)
  • Key strategy: Keep old appliances, lighting fixtures, and flooring and use them until you can afford new ones.
  • Time frame: 2 to 3 weeks

Stage Three: Gut the Kitchen and Do the Electrical and Plumbing Work

Here’s where the remodel gets messy. Old cabinetry and appliances are removed, and walls may have to be opened up for new electrical circuits. Keep in close contact with your contractor during this stage so you can answer questions and clear up any problems quickly. A major kitchen remodel can take six to 10 weeks, depending on how extensive the project is.

During this stage, haul your refrigerator, microwave, and toaster oven to another room — near the laundry or the garage, for example — so you’ve got the means to cook meals. Feinberg suggests tackling this stage in the summer, when you can easily grill and eat outside. That’ll reduce the temptation to eat at restaurants, and will help keep your day-to-day costs under control.

  • Cost: $14,500 for tear-out and installation of new plumbing and electrical (25% of total)
  • Key strategies: Encourage your contractor to expedite the tear-out and installation of new systems. Plan a makeshift kitchen while the work is progressing. Schedule this work for summer when you can grill and eat outside.
  • Time frame: 6 to 10 weeks

Stage Four: Install Cabinets, Countertops, Appliances, Flooring, and Fixtures

If you’ve done your homework and bought key components in advance, you should roll through this phase. You’ve now got a (mostly) finished kitchen.

A high-end countertop and backsplash can be a sizable sum of money. If you can’t quite swing it, put down a temporary top, such as painted marine plywood or inexpensive laminate. Later, you can upgrade to granite, tile, solid surface, or marble.

  • Cost: $12,000 (21% of total)
  • Key strategy: Install an inexpensive countertop; upgrade when you’re able.
  • Time frame: 1 to 2 weeks

Final Phases: Upgrade if Necessary

Replace the inexpensive countertop, pull up the laminate flooring, and put in tile or hardwood, or buy that new refrigerator you wanted but couldn’t afford during the remodel. (Just make sure it fits in the space!)

By: Gretchen Roberts

If you are interested in buying or selling real estate in the Energy Corridor, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit  or .


Fielding a Lowball Purchase Offer on Your Home

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Selling your home, Terry Hershey Park on January 23, 2018 at 4:09 pm

You just received a purchase offer from someone who wants to buy your home. You’re excited and relieved, until you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.

Check your emotions.

A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether that’s a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.

Counter the purchase offer.

Unless you’ve received multiple purchase offers, the best response is to counter the low offer with a price and terms you’re willing to accept. Some buyers make a low offer because they think that’s customary, they’re afraid they’ll overpay, or they want to test your limits.

A counteroffer signals that you’re willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you’d like to take with you.

Consider the terms.

Price is paramount for most buyers and sellers, but it’s not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.

Review your comps.

Ask your real estate agent whether any homes that are comparable to yours (known as “comps”) have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.

Consider the buyer’s comps.

Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.

If the buyers don’t include comps to justify their low purchase offer, have your real estate agent ask the buyers’ agent for those comps.

Get the agents together.

If the purchase offer is too low to counter, but you don’t have a better option, ask your real estate agent to call the buyer’s agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether the buyer (or buyer’s agent) has a reputation for lowball purchase offers. If that’s the case, you might feel freer to reject the offer.

Don’t signal desperation.

Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home’s listing describes you as a “motivated” seller, you’re signaling you’re open to a low offer.

If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you’re motivated, the next purchase offer you get might be more to your liking.

By: Marcie Geffner

If you are interested in buying or selling real estate, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit  or .


NEW LEASE LISTING! 1214 Forest Home Drive, Houston, TX 77077 – MLS# 38555945

In Buying a Home, Home Upgrades, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Terry Hershey Park on January 19, 2018 at 8:50 pm

NEW LEASE LISTING! 1214 Forest Home Drive, Houston, TX 77077 – MLS# 38555945

Beautiful updated one story in heart of Energy Corridor. Huge living room with new wood tile flooring with custom built in bookshelves opens to kitchen with granite tops and tons on cabinets. Family room with picture sliding glass doors lead to peaceful backyard retreat. Remodeled bathrooms and master retreat with two large walk in closets. Walking distance to Barbara Bush Elementary and John Paul, Terry Hershey Hike and Bike Trails.

HAR Link:

If you are interested in leasing, buying or selling real estate in West Houston or the Energy Corridor, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit  or .


NEW LISTING! 2138 Glen Knoll Drive, Houston, TX 77077 – MLS# 55682693

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home, Terry Hershey Park on January 10, 2018 at 7:40 pm

NEW LISTING! 2138 Glen Knoll Drive, Houston, TX 77077 – MLS# 55682693

One story beauty move in ready on peaceful quiet street! Open flowing floor plan wraps around sunny interior atrium with new flooring to bring in plenty of natural light. Huge kitchen and breakfast room is a chefs dream with gas range, new dishwasher and LaViatera Quartz counter tops leads to spacious dining with wood flooring that opens to living area with soaring ceilings, cozy fireplace and big picture windows great for entertaining or family time. Relax and unwind in your master retreat with jetted tub and huge walk in closet. Fresh interior paint, all new carpet with upgraded Stainmaster cushion, 2 Entire new AC system’s plus AC mini split. Never flooded!

HAR Link:

If you are interested in buying or selling real estate in West Houston or the Energy Corridor, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit  or .