Final Walk-Through Tips
There will come a time during your home buying process when you'll need to do a final walk-through of the home before closing.
Around a week before you close, take the time to visit your "new" home again. When you're there, check to be sure that the terms of your contract have been met, and that the condition of the property has not changed significantly since talks began.
As your reference guide, be sure to bring your purchase contract with you for this walk-through. This will help you look for little details, without having to remember each item.
What are things you should be on the lookout for?
1. Major appliances: Be sure that any items that were to remain in the home are still there, and that they are in good working order.
2. Major systems: Do the air conditioning, heat, and plumbing still function?
3. Walls and floors: Has any damage occurred to the floors or walls during the sellers move? Were rugs, artwork, or carpets covering water damage that was not disclosed?
4. Repairs: As part of your purchase contract, the seller may have been required to make specific repairs. Be sure that these have been completed, or that the seller has a written timeline for when the repairs will be done.
5. Screens and Storm Windows: If it is the season for these items to be in storage, be sure they have been left behind and that they are in good shape.
6. Remotes: Garage doors, alarms, sound systems, and the like all use remotes, some of which can be very expensive. If any of these components were part of your agreement, be sure they have been kept with the house.
7. Cleanliness: The home should have been cleaned and all debris removed. You don't want to spend the first week living in your new home cleaning up other people's junk.
8. Landscaping: It may seem ridiculous, but yes, some sellers may try to run off with your shrubs and plants. Refer back to your contract to see what should have stayed. If plants were taken, let your agent handle the situation.
9. Fixtures: Light fixtures, curtains, and other items that were agreed upon should still be in the home. If they are not, let your agent address the conflict.
10. Exterior: Has there been any damage to the home since your inspection or first visit? If there have been storm with high winds or hail, be sure to visually inspect the exterior of the house for damage. Once you have signed on that dotted line, the house is yours. Hail damage and all.
Closing time can be very hectic. Be sure to make time for your final walk-through. It's a smart way to bring to completion a long, but joyous, process.
© Copyright 2010 Realty Times.
Friday, July 30, 2010
Thursday, July 29, 2010
Saturday, July 10, 2010
Does Moving Up Make Sense?
Does Moving Up Make Sense?
These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.
1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.
4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.
These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.
1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.
4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.
Wednesday, June 23, 2010
EXPIRED REAL ESTATE LISTINGS
What Should You Do If Your Listing Has Expired?
Sellers find it difficult to be optimistic after a listing has expired. Most are excited and nervous when that listing agreement is first signed, hoping that the home sells quickly and for a big profit. It's frustrating to wait week after week for a purchase offer when that offer never arrives.
Regardless of the length of listing -- whether the agreement was for a term of 90 days, 180 days or a year -- when the listing has expired, the broker / seller relationship has come to an end (more or less). This is when sellers often ask whose fault is it that the home isn't selling?
Check Motivation
The first step is to review your reasons to sell. If you are not motivated to sell, you are not a seller. You're a home owner with a sign in the yard. Without motivation, you've got about as much hope for selling as an owner with a sign that reads, "Keep Off the Grass."
Review Marketing
Where is the business plan to sell your home? Review the marketing with your agent, step-by-step. Did your agent drop the ball? Did you? What worked, what didn't pull ad calls or showings? Did you have a virtual tour, send out direct mail, put a lockbox on the property?
Consider Condition
Go out and look at other homes on the market to determine if your home is in the same condition as those actively for sale. Perhaps you need to do repairs before selling. Maybe your home needs to be staged. Does your home scream curb appeal?
Look Again at Buyer Objections
What have buyers said about your home? Review buyer feedback, which your agent should have obtained for you when your home first went on the market. Is there validity to what buyers were saying? How can you compensate for those objections?
Discount Sudden Activity
You won't have to look too far to find agents because they'll all come crawling out of the woodwork when your listing expires. Realtors are prevented from soliciting a seller when the listing is active in MLS. But you're fair game when the listing has expired.
You may wonder why your listing, now that it has expired, is so popular. Many agents specialize in contacting expired listings because they want the listing. Period. Moreover, realize that some agents will take an overpriced listing just to get signage.
Contact Several Listing Agents
Interview agents. Ask the hard questions to determine if the agents are giving you the right answers. Find out what another agent might do differently. If another agent offers substantially more service than your existing agent, list with that agent.
Talk to Your Existing Agent About Why the Listing Expired
If your agent has fulfilled the marketing plan, worked diligently to sell your home, and the market is not answering the ring to your dinner bell, then you might need to conform to the market. This means a price reduction. Ask your existing agent to prepare another comparative market analysis to determine if your home is priced to sell.
If you respect and value your agent, relist with that agent. Adjust your price accordingly and follow your agent's suggestions, even if it means making repairs or improvements you'd rather not do. If your agent is spending money on your listing through advertising, aggressive marketing and networking that listing, that agent deserves your loyalty.
Elizabeth Weintraub, About.com
Sellers find it difficult to be optimistic after a listing has expired. Most are excited and nervous when that listing agreement is first signed, hoping that the home sells quickly and for a big profit. It's frustrating to wait week after week for a purchase offer when that offer never arrives.
Regardless of the length of listing -- whether the agreement was for a term of 90 days, 180 days or a year -- when the listing has expired, the broker / seller relationship has come to an end (more or less). This is when sellers often ask whose fault is it that the home isn't selling?
Check Motivation
The first step is to review your reasons to sell. If you are not motivated to sell, you are not a seller. You're a home owner with a sign in the yard. Without motivation, you've got about as much hope for selling as an owner with a sign that reads, "Keep Off the Grass."
Review Marketing
Where is the business plan to sell your home? Review the marketing with your agent, step-by-step. Did your agent drop the ball? Did you? What worked, what didn't pull ad calls or showings? Did you have a virtual tour, send out direct mail, put a lockbox on the property?
Consider Condition
Go out and look at other homes on the market to determine if your home is in the same condition as those actively for sale. Perhaps you need to do repairs before selling. Maybe your home needs to be staged. Does your home scream curb appeal?
Look Again at Buyer Objections
What have buyers said about your home? Review buyer feedback, which your agent should have obtained for you when your home first went on the market. Is there validity to what buyers were saying? How can you compensate for those objections?
Discount Sudden Activity
You won't have to look too far to find agents because they'll all come crawling out of the woodwork when your listing expires. Realtors are prevented from soliciting a seller when the listing is active in MLS. But you're fair game when the listing has expired.
You may wonder why your listing, now that it has expired, is so popular. Many agents specialize in contacting expired listings because they want the listing. Period. Moreover, realize that some agents will take an overpriced listing just to get signage.
Contact Several Listing Agents
Interview agents. Ask the hard questions to determine if the agents are giving you the right answers. Find out what another agent might do differently. If another agent offers substantially more service than your existing agent, list with that agent.
Talk to Your Existing Agent About Why the Listing Expired
If your agent has fulfilled the marketing plan, worked diligently to sell your home, and the market is not answering the ring to your dinner bell, then you might need to conform to the market. This means a price reduction. Ask your existing agent to prepare another comparative market analysis to determine if your home is priced to sell.
If you respect and value your agent, relist with that agent. Adjust your price accordingly and follow your agent's suggestions, even if it means making repairs or improvements you'd rather not do. If your agent is spending money on your listing through advertising, aggressive marketing and networking that listing, that agent deserves your loyalty.
Elizabeth Weintraub, About.com
Wednesday, June 9, 2010
Eleven Reasons to Use a Real Estate Sales Professional When Buying a Brand-New Home
Existing and potential homeowners are looking at real estate from all angles as the U.S. economy and local housing markets continue their recovery. For many, there is strong appeal in buying brand-new homes as myriad builder incentives and low interest rates create significant value.
Today’s new homes boast exciting floor plans and designs tailored for specific lifestyles, complete with a huge array of features and appointments. They include energy efficient products and building techniques, reducing buyers’ utility bills. Of course, new-home consumers love that their properties, from roofs to appliances, will not need replacement for many years.
It might not seem necessary to involve a real estate professional in a transaction where a buyer can deal directly with a builder. Yet by using a real estate professional you gain a skilled professional to protect your interests and guide you along the right path.
Here are 11 advantages to using a real estate professional when buying a newly constructed home.
1. Just as a real estate professional calls on experience and knowledge of an area to help buyers locate pre-owned homes in a community, he or she can also direct buyers interested in newly built homes to developments and communities that match client specifications.
2. A sales professional can suggest builders with reputations for delivering a high-quality product, responding quickly to issues, and being financially sound.
3. A sales professional may be familiar with how a builder prices his products and where there may be room to negotiate price or upgrades.
4. Without representation, you are one buyer purchasing only one home. But a sales professional can significantly impact a builder’s bottom line by providing a steady supply of customers. This leverage may work in your favor at the negotiating table. [Note: The builder may require your sales professional to accompany you on your first visit to the site. Check with the builder.]
5. The lender approval process may go smoother if a sales professional schedules visits, accompanies you to lenders, and helps expedite required documents.
6. What may seem like a simple transaction can grow legally complex and risky. A sales professional is familiar with those complexities and risks inherent in the homebuying process. When such questions arise, we can steer you to the right advisors and services you may require.
7. If your contract includes a contingency to sell an existing home your real estate sales professional assuredly can help, though your sales professional will explain that buying before selling isn’t always in your best interest as it can undermine your bargaining.
8. When relocating to a new area, sales professionals can be particularly valuable resources. In addition to providing local area information regarding schools, day care or elder care services, public transportation, proposed development, and so on, once construction is under way, they can periodically stop by the work site, supply you with progress reports, and photograph or videotape phases of the construction.
9. A sales professional can assist you as you face hundreds of design choices and consider which upgrades could potentially add value to the home when it comes time to sell.
10. A sales professional can accompany you at the site while you okay the plumbing and electrical locations prior to dry walling, as well as on the walk-through or builder orientation.
11. Lastly, most often the builder pays the sales professional’s commission. You enjoy individual attention and support at no cost to you.
Builder incentives and heightened affordability have many real estate consumers considering brand-new homes. Rather than rely on builders’ agents – who are paid by the builders – savvy shoppers are hiring real estate sales professionals to help them through the buying process and on to the American dream.
Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc.
Today’s new homes boast exciting floor plans and designs tailored for specific lifestyles, complete with a huge array of features and appointments. They include energy efficient products and building techniques, reducing buyers’ utility bills. Of course, new-home consumers love that their properties, from roofs to appliances, will not need replacement for many years.
It might not seem necessary to involve a real estate professional in a transaction where a buyer can deal directly with a builder. Yet by using a real estate professional you gain a skilled professional to protect your interests and guide you along the right path.
Here are 11 advantages to using a real estate professional when buying a newly constructed home.
1. Just as a real estate professional calls on experience and knowledge of an area to help buyers locate pre-owned homes in a community, he or she can also direct buyers interested in newly built homes to developments and communities that match client specifications.
2. A sales professional can suggest builders with reputations for delivering a high-quality product, responding quickly to issues, and being financially sound.
3. A sales professional may be familiar with how a builder prices his products and where there may be room to negotiate price or upgrades.
4. Without representation, you are one buyer purchasing only one home. But a sales professional can significantly impact a builder’s bottom line by providing a steady supply of customers. This leverage may work in your favor at the negotiating table. [Note: The builder may require your sales professional to accompany you on your first visit to the site. Check with the builder.]
5. The lender approval process may go smoother if a sales professional schedules visits, accompanies you to lenders, and helps expedite required documents.
6. What may seem like a simple transaction can grow legally complex and risky. A sales professional is familiar with those complexities and risks inherent in the homebuying process. When such questions arise, we can steer you to the right advisors and services you may require.
7. If your contract includes a contingency to sell an existing home your real estate sales professional assuredly can help, though your sales professional will explain that buying before selling isn’t always in your best interest as it can undermine your bargaining.
8. When relocating to a new area, sales professionals can be particularly valuable resources. In addition to providing local area information regarding schools, day care or elder care services, public transportation, proposed development, and so on, once construction is under way, they can periodically stop by the work site, supply you with progress reports, and photograph or videotape phases of the construction.
9. A sales professional can assist you as you face hundreds of design choices and consider which upgrades could potentially add value to the home when it comes time to sell.
10. A sales professional can accompany you at the site while you okay the plumbing and electrical locations prior to dry walling, as well as on the walk-through or builder orientation.
11. Lastly, most often the builder pays the sales professional’s commission. You enjoy individual attention and support at no cost to you.
Builder incentives and heightened affordability have many real estate consumers considering brand-new homes. Rather than rely on builders’ agents – who are paid by the builders – savvy shoppers are hiring real estate sales professionals to help them through the buying process and on to the American dream.
Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc.
Tuesday, May 25, 2010
Why Isn't My Home Selling?
Price is the No. 1 culprit
If your answer is price, you’ll be right a good majority of the time. If your home isn’t selling, buyers think the value of your house is less than the price you want.
For all the time and effort that goes into buying and selling, the economics of the process is relatively simple. Anything is only worth what a buyer is willing to pay and a seller willing to accept. This is the same whether it’s a pack of baseball cards or a $1 million house.
Although the economics may be simple, arriving at that magic price is difficult. Just think of the cost, time and energy that companies put into pricing a product so it succeeds in the marketplace. It’s no different in real estate.
If you’ve taken the time to educate yourself on the local market and are diligent in hiring a professional agent, and are willing to listen to her, you can get a lot closer to the magic number. But you are setting yourself up for disaster if you don’t do your homework and go with what you “feel” your house is worth. Worse yet, is interviewing agents and choosing one solely because she says she can get you more than what the other agents think the house will sell for.
These are some of the most common mistakes sellers make when setting a price:
Price based on need
What you want to make from selling your home means absolutely nothing to buyers or the marketplace. So setting a price based on what you want so you can retire, move up, start a business, etc. will almost certainly fail.
Price based on ego
Your neighbor sold for $200,000 last year so you want $210,000 because you “know” your house is better. Regardless that the market dropped five percent since your neighbor sold. Nearly every owner thinks their house is the best on the block, or at least better than any of the ones that have recently sold or are on the market. Unfortunately for sellers, your opinion doesn’t carry any weight with buyers. Only their opinion matters.
Price based on greed
Even if it’s been shown that your house will likely sell for around $250,000, you insist on listing it for $275,000 because “you never know, someone could come along who just has to have it. Besides, if we don’t get any bites we can always lower the price later.” The problem is it won’t take long for buyers to realize your price is unrealistic and think you are, too, and won’t want to deal with you unless the house is “a steal.” The listing languishes, so you drop the price, but not enough, it sits even longer and pretty soon you have a listing that’s been on the market so long buyers decide there is something wrong and steer clear.
The solution is to get the price right. This is done by using what is called a Competitive Market Analysis (CMA). If you’ve hired the right agent, this is the first folder out of their briefcase when you meet to list your home. A CMA breaks down the sales price of homes that are similar to yours in location, size, age and condition.
Your agent will also consider the listing prices of homes on the market, but these are used more to identify the competition. Even with a strong agent and CMA, your price may not be on target. That’s because the market is always changing and your agent should be updating your CMA whenever anything comparable to your property sells.
Not every reason your home isn’t selling will be the price, although they will be related to it. Here we have that value vs. price issue. If buyers perceive imperfections in your listing, they will want a discount, so if they’re not buying, your price is not discounted enough for buyers to believe the value to them at least equals that of your price.
For example, if your lawn is brown and the landscaping worn, buyers will want a discount. The problem is that a seller will not consider this a major issue and attach a much lower discount than a buyer will accept.
This is why it is imperative that sellers do everything they can to eliminate any issues buyers may have with their house before listing. Obviously, you can’t do anything about a bad location, such as being near railroad tracks, or that you have just one bathroom. But you and your agent should have factored these drawbacks into the listing price.
Here are some of the most common reasons buyers are turned off by a particular house, so make sure these are addressed before lopping thousands of dollars off the asking price:
Put on a good show
This is the second biggest reason a home isn’t selling. Buyers often talk of “connecting” to a house. This is not likely to happen if your house is not company-coming-over clean and ready to show like a model. This goes for the outside as well. If you don’t want to put the effort into doing this, then you’d better adjust your price to compensate because buyers will only consider your house because it’s a good deal, not because it “speaks to them.”
Can’t buy what they can’t see
If you make it difficult for people to see your property, then chances of a sale at the price you want drops considerably. Selling can be a nuisance, but it’s a necessary one. If you don’t allow a lockbox or require appointment-only showings, you are the culprit to the house not selling.
Out of your hands
It’s not always the seller’s fault that a house isn’t selling. Sometimes the market changes and buyers disappear. Maybe a new home development has opened nearby and they are “stealing” the customers. Or maybe you’ve received bad advice from your agent. Any of these can affect whether your house sells, which means you need to consider the reasons and make the necessary adjustments.
Great article by...
Copyright © by Move, Inc. By Diana Lundin
Price is the No. 1 culprit
If your answer is price, you’ll be right a good majority of the time. If your home isn’t selling, buyers think the value of your house is less than the price you want.
For all the time and effort that goes into buying and selling, the economics of the process is relatively simple. Anything is only worth what a buyer is willing to pay and a seller willing to accept. This is the same whether it’s a pack of baseball cards or a $1 million house.
Although the economics may be simple, arriving at that magic price is difficult. Just think of the cost, time and energy that companies put into pricing a product so it succeeds in the marketplace. It’s no different in real estate.
If you’ve taken the time to educate yourself on the local market and are diligent in hiring a professional agent, and are willing to listen to her, you can get a lot closer to the magic number. But you are setting yourself up for disaster if you don’t do your homework and go with what you “feel” your house is worth. Worse yet, is interviewing agents and choosing one solely because she says she can get you more than what the other agents think the house will sell for.
These are some of the most common mistakes sellers make when setting a price:
Price based on need
What you want to make from selling your home means absolutely nothing to buyers or the marketplace. So setting a price based on what you want so you can retire, move up, start a business, etc. will almost certainly fail.
Price based on ego
Your neighbor sold for $200,000 last year so you want $210,000 because you “know” your house is better. Regardless that the market dropped five percent since your neighbor sold. Nearly every owner thinks their house is the best on the block, or at least better than any of the ones that have recently sold or are on the market. Unfortunately for sellers, your opinion doesn’t carry any weight with buyers. Only their opinion matters.
Price based on greed
Even if it’s been shown that your house will likely sell for around $250,000, you insist on listing it for $275,000 because “you never know, someone could come along who just has to have it. Besides, if we don’t get any bites we can always lower the price later.” The problem is it won’t take long for buyers to realize your price is unrealistic and think you are, too, and won’t want to deal with you unless the house is “a steal.” The listing languishes, so you drop the price, but not enough, it sits even longer and pretty soon you have a listing that’s been on the market so long buyers decide there is something wrong and steer clear.
The solution is to get the price right. This is done by using what is called a Competitive Market Analysis (CMA). If you’ve hired the right agent, this is the first folder out of their briefcase when you meet to list your home. A CMA breaks down the sales price of homes that are similar to yours in location, size, age and condition.
Your agent will also consider the listing prices of homes on the market, but these are used more to identify the competition. Even with a strong agent and CMA, your price may not be on target. That’s because the market is always changing and your agent should be updating your CMA whenever anything comparable to your property sells.
Not every reason your home isn’t selling will be the price, although they will be related to it. Here we have that value vs. price issue. If buyers perceive imperfections in your listing, they will want a discount, so if they’re not buying, your price is not discounted enough for buyers to believe the value to them at least equals that of your price.
For example, if your lawn is brown and the landscaping worn, buyers will want a discount. The problem is that a seller will not consider this a major issue and attach a much lower discount than a buyer will accept.
This is why it is imperative that sellers do everything they can to eliminate any issues buyers may have with their house before listing. Obviously, you can’t do anything about a bad location, such as being near railroad tracks, or that you have just one bathroom. But you and your agent should have factored these drawbacks into the listing price.
Here are some of the most common reasons buyers are turned off by a particular house, so make sure these are addressed before lopping thousands of dollars off the asking price:
Put on a good show
This is the second biggest reason a home isn’t selling. Buyers often talk of “connecting” to a house. This is not likely to happen if your house is not company-coming-over clean and ready to show like a model. This goes for the outside as well. If you don’t want to put the effort into doing this, then you’d better adjust your price to compensate because buyers will only consider your house because it’s a good deal, not because it “speaks to them.”
Can’t buy what they can’t see
If you make it difficult for people to see your property, then chances of a sale at the price you want drops considerably. Selling can be a nuisance, but it’s a necessary one. If you don’t allow a lockbox or require appointment-only showings, you are the culprit to the house not selling.
Out of your hands
It’s not always the seller’s fault that a house isn’t selling. Sometimes the market changes and buyers disappear. Maybe a new home development has opened nearby and they are “stealing” the customers. Or maybe you’ve received bad advice from your agent. Any of these can affect whether your house sells, which means you need to consider the reasons and make the necessary adjustments.
Great article by...
Copyright © by Move, Inc. By Diana Lundin
Wednesday, May 12, 2010
Shredding Event
SHREDDING EVENT
Shred all those old documents that have been accumulating quickly and dispose of sensitive papers safely - while you watch!
MAY 22, 2010 10am-12pm
Prudential Fox & Roach
1600 North Bethlehem Pike Suite 100
Lower Gwynedd, PA 19002
Shred all those old documents that have been accumulating quickly and dispose of sensitive papers safely - while you watch!
MAY 22, 2010 10am-12pm
Prudential Fox & Roach
1600 North Bethlehem Pike Suite 100
Lower Gwynedd, PA 19002
Saturday, May 8, 2010
Buy or Sell First????
Consumers Are Returning to the Real Estate Market with an Age-old Question: Buy or Sell First?
Residential real estate is gaining stability in concert with the recovering U.S. economy. Consumers, drawn by one of the most attractive buyers’ markets on record marked by historically low interest rates and lower home prices in many areas, are returning to the market to move up, trade down, improve location and otherwise enhance their share of the American Dream.
When it comes to home buying, the ideal situation would be to find a new home, just as you receive an offer on your existing home. You would then be able to close concurrently and move into your new home a few days prior to closing on your previous home. This does happen more often than not, but anyone looking to buy a new home needs to consider all the possible scenarios.
Should you buy or sell first? There are many schools of thought on this subject. Ultimately, it depends on you and your situation. For instance, can you afford to pay two mortgages in the event your previous home does not sell by the time you move? Would you consider a bridge loan (a short-term, high-interest loan that lets you borrow against the value of your old home to covers the bills until you secure the new, larger loan)? Are you willing to move twice to find the home of your dreams if you sell first and can't find the dream home fast enough?
This is where the advice of a real estate sales professional is invaluable. Real estate sales professionals know the current market conditions. They are trained and experienced in working with home buyers and sellers to determine an ideal time to buy and sell.
It is generally less stressful to sell your home first, because you won't have to worry about owning two homes at one time. The market will dictate how long it will take for your home to sell, as will the property’s location and the time of year. As a rule of thumb, it is a good idea to put your home of the market as far in advance as possible when purchasing a new one. But, since interest rates are low and confidence is returning to the market, there’s a good change your home will sell faster if priced properly. (Again, your real estate professional’s advice is critically important here.) In that case, you may want to purchase a new home first.
What if your present home sells before you find a new one, putting pressure on you to find the right house more quickly? You may then decide to make an interim move or request to rent back your home for a specified amount of time as you continue to look for your new home. Those may be worthwhile options if you have your heart set on a specific location or type of home or if you are purchasing a home that is under construction.
If you buy a home before selling your present home, you may end up with two mortgages. Under those circumstances, you may be able to apply for a bridge loan to assist you in making two mortgage payments until you sell your first home. Your real estate sales professional can assist you in finding a lender.
So should you buy or sell first? This is a challenging question regardless of real estate cycles, yet your own circumstances and a knowledgeable real estate professional will help you make the right decision.
Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Residential real estate is gaining stability in concert with the recovering U.S. economy. Consumers, drawn by one of the most attractive buyers’ markets on record marked by historically low interest rates and lower home prices in many areas, are returning to the market to move up, trade down, improve location and otherwise enhance their share of the American Dream.
When it comes to home buying, the ideal situation would be to find a new home, just as you receive an offer on your existing home. You would then be able to close concurrently and move into your new home a few days prior to closing on your previous home. This does happen more often than not, but anyone looking to buy a new home needs to consider all the possible scenarios.
Should you buy or sell first? There are many schools of thought on this subject. Ultimately, it depends on you and your situation. For instance, can you afford to pay two mortgages in the event your previous home does not sell by the time you move? Would you consider a bridge loan (a short-term, high-interest loan that lets you borrow against the value of your old home to covers the bills until you secure the new, larger loan)? Are you willing to move twice to find the home of your dreams if you sell first and can't find the dream home fast enough?
This is where the advice of a real estate sales professional is invaluable. Real estate sales professionals know the current market conditions. They are trained and experienced in working with home buyers and sellers to determine an ideal time to buy and sell.
It is generally less stressful to sell your home first, because you won't have to worry about owning two homes at one time. The market will dictate how long it will take for your home to sell, as will the property’s location and the time of year. As a rule of thumb, it is a good idea to put your home of the market as far in advance as possible when purchasing a new one. But, since interest rates are low and confidence is returning to the market, there’s a good change your home will sell faster if priced properly. (Again, your real estate professional’s advice is critically important here.) In that case, you may want to purchase a new home first.
What if your present home sells before you find a new one, putting pressure on you to find the right house more quickly? You may then decide to make an interim move or request to rent back your home for a specified amount of time as you continue to look for your new home. Those may be worthwhile options if you have your heart set on a specific location or type of home or if you are purchasing a home that is under construction.
If you buy a home before selling your present home, you may end up with two mortgages. Under those circumstances, you may be able to apply for a bridge loan to assist you in making two mortgage payments until you sell your first home. Your real estate sales professional can assist you in finding a lender.
So should you buy or sell first? This is a challenging question regardless of real estate cycles, yet your own circumstances and a knowledgeable real estate professional will help you make the right decision.
Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Monday, April 26, 2010
Find Out the Difference in a Buyers Agent and a Sellers Agent
Find Out the Difference in a Buyers Agent and a Sellers Agent
In every real estate transaction - whether the transaction involves condos or other starter homes, luxury properties, or even commercial properties - there are buyers and sellers as well as real estate professional who represent them throughout the transaction. These are the buyers agent and the sellers agent - and each play a very different role throughout the sale.
Clearly, a buyers agent is the real estate professional who works with the buyers. These agents will focus on listening to what a buyer is looking for in a home, identifying the buyer's budget, providing information about different neighborhoods and school systems, and searching through lists of available properties that will meet their clients' needs. Buyers agents can work with their clients to find financing for their home purchase and will schedule times when the buyers they are working with can see available properties for themselves. Finally, the buyers agent will help to negotiate the price of the home and work to complete the transaction.
Similarly, the sellers agent - as you might expect - works with property owners who need to sell a home that they own. Whether the seller is looking for a larger or smaller home, leaving the area for the sake of a job, or is responsible for selling a home that was left to them as a part of a loved one's estate, the sellers agent takes the lead during the sale process. From helping the seller understand what's involved in selling a home to staging the property before prospective buyers see it to negotiating the final sales agreement, the sellers agent will focus on making sure the transaction goes smoothly for the seller.
Though the buyers agent and sellers agent will work together, each represents a very different interest throughout the property.
Article Alley
In every real estate transaction - whether the transaction involves condos or other starter homes, luxury properties, or even commercial properties - there are buyers and sellers as well as real estate professional who represent them throughout the transaction. These are the buyers agent and the sellers agent - and each play a very different role throughout the sale.
Clearly, a buyers agent is the real estate professional who works with the buyers. These agents will focus on listening to what a buyer is looking for in a home, identifying the buyer's budget, providing information about different neighborhoods and school systems, and searching through lists of available properties that will meet their clients' needs. Buyers agents can work with their clients to find financing for their home purchase and will schedule times when the buyers they are working with can see available properties for themselves. Finally, the buyers agent will help to negotiate the price of the home and work to complete the transaction.
Similarly, the sellers agent - as you might expect - works with property owners who need to sell a home that they own. Whether the seller is looking for a larger or smaller home, leaving the area for the sake of a job, or is responsible for selling a home that was left to them as a part of a loved one's estate, the sellers agent takes the lead during the sale process. From helping the seller understand what's involved in selling a home to staging the property before prospective buyers see it to negotiating the final sales agreement, the sellers agent will focus on making sure the transaction goes smoothly for the seller.
Though the buyers agent and sellers agent will work together, each represents a very different interest throughout the property.
Article Alley
Friday, April 16, 2010
TOP TEN TIPS FOR STAGING A HOME
Top 10 Tips for Staging a Home
April 15, 2010 -- Realty Times Feature Article by Broderick Perkins
Provided your home-for-sale has the curb appeal to get potential buyers inside, keeping them inside for a further look requires a staging strategy that sticks the deal.
HGTV's FrontDoor.com offers what it considers the Top 10 tips that can turn a languishing listing to a multiple offer attraction.
• Reclaim the yard. First impressions rule. Spruce up curb appeal by maintaining a clean yard, adding plants for a splash of color and applying a fresh coat of paint to the front door.
• Let the foyer flourish. The home portal sets the tone for the entire home. Make the space up-to-date, well-maintained and eye catching -- top to bottom.
• Back off beige. Don't let neutral colored walls dominate a room. Splashes of color liven up boring spaces. Throw pillows, artwork and fresh flowers add pops of color and personality.
• Cure kitchen craziness. Consistency pleases. All countertops and cabinets should match. New hardware, a new backsplash and a thorough cleaning can transform a bleak kitchen into one with smiles.
• Denude the dining room. De-cluttering and depersonalizing is the first rule of home staging. Homebuyers can have trouble envisioning themselves living in a home that's full of the seller's personal items.
• Avoid focal point faux-pas. Highlight the great features in a home by positioning furniture to highlight them. Windows, fireplaces and other architectural details will be noticed by a buyer if they are emphasized in the home correctly.
• Perk up the patio. The outdoor space is an extension of the home. Capture a higher selling price by cleaning and adding style to any outdoor space with furniture, lighting and accessories.
• Master the master suite. The best approach to staging is often working with existing accessories. Using what is already in the room and repositioning the furniture will highlight the room's best features.
• Cure bathroom blues. Older vanities and dreadful wallpaper will make any bathroom feel outdated. Apply a fresh coat of neutral-hued paint and new hardware to modernize and brighten.
• Repurpose extra rooms. The value of a space decreases when homebuyers see a room without direction (think part office, part playroom, part home gym). Though almost every homeowner is guilty of having a "junk room," take sure to stage each room with a clear purpose before putting the home on the market.
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April 15, 2010 -- Realty Times Feature Article by Broderick Perkins
Provided your home-for-sale has the curb appeal to get potential buyers inside, keeping them inside for a further look requires a staging strategy that sticks the deal.
HGTV's FrontDoor.com offers what it considers the Top 10 tips that can turn a languishing listing to a multiple offer attraction.
• Reclaim the yard. First impressions rule. Spruce up curb appeal by maintaining a clean yard, adding plants for a splash of color and applying a fresh coat of paint to the front door.
• Let the foyer flourish. The home portal sets the tone for the entire home. Make the space up-to-date, well-maintained and eye catching -- top to bottom.
• Back off beige. Don't let neutral colored walls dominate a room. Splashes of color liven up boring spaces. Throw pillows, artwork and fresh flowers add pops of color and personality.
• Cure kitchen craziness. Consistency pleases. All countertops and cabinets should match. New hardware, a new backsplash and a thorough cleaning can transform a bleak kitchen into one with smiles.
• Denude the dining room. De-cluttering and depersonalizing is the first rule of home staging. Homebuyers can have trouble envisioning themselves living in a home that's full of the seller's personal items.
• Avoid focal point faux-pas. Highlight the great features in a home by positioning furniture to highlight them. Windows, fireplaces and other architectural details will be noticed by a buyer if they are emphasized in the home correctly.
• Perk up the patio. The outdoor space is an extension of the home. Capture a higher selling price by cleaning and adding style to any outdoor space with furniture, lighting and accessories.
• Master the master suite. The best approach to staging is often working with existing accessories. Using what is already in the room and repositioning the furniture will highlight the room's best features.
• Cure bathroom blues. Older vanities and dreadful wallpaper will make any bathroom feel outdated. Apply a fresh coat of neutral-hued paint and new hardware to modernize and brighten.
• Repurpose extra rooms. The value of a space decreases when homebuyers see a room without direction (think part office, part playroom, part home gym). Though almost every homeowner is guilty of having a "junk room," take sure to stage each room with a clear purpose before putting the home on the market.
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Wednesday, April 7, 2010
Getting Your Property Ready For A Warmer Market...
Ah, Spring … Make Sure Your Property Is Ready for a Warmer Market
Spring is a season of renewal – this year in particular. Just as the birds are chirping and flowers are starting to bloom, the U.S. economy is moving forward with real estate sales percolating in many markets. Indeed, the days grow longer in spring, allowing more time for consumers – especially those motivated by current, historically low interest rates and attractive home prices – to shop for their American dream.
If you’re considering selling your property this spring, now's a good time to complete some spring maintenance to make sure your home is in tip-top shape. Even if you aren't planning to sell your home, you should still add these chores to your list to help preserve your home's value and help avoid major repairs later on.
Walk Around the Outside
Check for any damage caused by winter's cold weather. Look for those sagging or loose gutters, window frames or siding. Is your roof missing any shingles, or is there any water damage under the eaves? Promptly schedule repairs for those items you can't do yourself.
Over the fall and winter, leaves, mud and debris may have accumulated in your gutters. Check your gutters for clogging and damage and schedule an appointment for cleaning.
Walk around your yard as if you were a first-time visitor. What impression does your home make? Be sure to clear away fallen branches and leaves. Loosen the soil around perennials, plant annuals or a vegetable garden. Prune shrubs and trees.
If your water supply has been off for the winter, turn it back on. Test your automatic sprinkler system or connect your water hose and check for cracks and leaks. Replace old washers or sprinkler heads.
Don't forget the backyard! Is it time to condition your deck? Be sure to hammer in any loose nails, or replace them with galvanized deck screws. Replace any broken boards or rails. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain. Then dust off that patio furniture you kept protected over the winter.
Repair any broken fence boards and paint or seal them as needed. Clean the pool if it has been covered all winter. Wash windows, screens and windowsills; repair any winter damage.
Take a Tour Inside
Start making a list of things to do in each room. Then go to work. Dust walls and ceilings to remove cobwebs and wash any grimy areas. Wash window curtains or remove drapes for dry cleaning. Deep clean rugs and carpets. Dust and polish wood or laminate floors.
Clean fan blades using mild soapy water. Check the central air-conditioning unit for debris and obstructions; vacuum the main condenser coil on top of the unit. Check the operating condition of window air-conditioning units; remove and wash filters in mild soapy water.
Make sure all exhaust fans and vents are clean and clear. Don't forget to remove the lint buildup from the clothes dryer vent.
One often-overlooked area is the fireplace. Be sure to sweep ashes carefully into your fireplace's ash pit or into a dustpan. Clean and lightly oil fireplace tools. Remember it's springtime, so you may want to decorate the fireplace or wood stove with a large silk flower arrangement.
Look around for clutter. Are there items you don't use any longer? If you are planning on moving, what items will you not need? Consider having a garage sale and then either donate or trash the remaining items.
And lastly, don't forget to replace batteries in smoke and carbon monoxide detectors. A good time to change them is when you change your clock for daylight savings.
Although performing these spring chores may be dreaded task, they go a long way in maintaining and even enhancing the attractiveness and quality your home. With more buyers out and about, you must be sure your property is ready for its next new owner!
Spring is a season of renewal – this year in particular. Just as the birds are chirping and flowers are starting to bloom, the U.S. economy is moving forward with real estate sales percolating in many markets. Indeed, the days grow longer in spring, allowing more time for consumers – especially those motivated by current, historically low interest rates and attractive home prices – to shop for their American dream.
If you’re considering selling your property this spring, now's a good time to complete some spring maintenance to make sure your home is in tip-top shape. Even if you aren't planning to sell your home, you should still add these chores to your list to help preserve your home's value and help avoid major repairs later on.
Walk Around the Outside
Check for any damage caused by winter's cold weather. Look for those sagging or loose gutters, window frames or siding. Is your roof missing any shingles, or is there any water damage under the eaves? Promptly schedule repairs for those items you can't do yourself.
Over the fall and winter, leaves, mud and debris may have accumulated in your gutters. Check your gutters for clogging and damage and schedule an appointment for cleaning.
Walk around your yard as if you were a first-time visitor. What impression does your home make? Be sure to clear away fallen branches and leaves. Loosen the soil around perennials, plant annuals or a vegetable garden. Prune shrubs and trees.
If your water supply has been off for the winter, turn it back on. Test your automatic sprinkler system or connect your water hose and check for cracks and leaks. Replace old washers or sprinkler heads.
Don't forget the backyard! Is it time to condition your deck? Be sure to hammer in any loose nails, or replace them with galvanized deck screws. Replace any broken boards or rails. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain. Then dust off that patio furniture you kept protected over the winter.
Repair any broken fence boards and paint or seal them as needed. Clean the pool if it has been covered all winter. Wash windows, screens and windowsills; repair any winter damage.
Take a Tour Inside
Start making a list of things to do in each room. Then go to work. Dust walls and ceilings to remove cobwebs and wash any grimy areas. Wash window curtains or remove drapes for dry cleaning. Deep clean rugs and carpets. Dust and polish wood or laminate floors.
Clean fan blades using mild soapy water. Check the central air-conditioning unit for debris and obstructions; vacuum the main condenser coil on top of the unit. Check the operating condition of window air-conditioning units; remove and wash filters in mild soapy water.
Make sure all exhaust fans and vents are clean and clear. Don't forget to remove the lint buildup from the clothes dryer vent.
One often-overlooked area is the fireplace. Be sure to sweep ashes carefully into your fireplace's ash pit or into a dustpan. Clean and lightly oil fireplace tools. Remember it's springtime, so you may want to decorate the fireplace or wood stove with a large silk flower arrangement.
Look around for clutter. Are there items you don't use any longer? If you are planning on moving, what items will you not need? Consider having a garage sale and then either donate or trash the remaining items.
And lastly, don't forget to replace batteries in smoke and carbon monoxide detectors. A good time to change them is when you change your clock for daylight savings.
Although performing these spring chores may be dreaded task, they go a long way in maintaining and even enhancing the attractiveness and quality your home. With more buyers out and about, you must be sure your property is ready for its next new owner!
Saturday, March 27, 2010
How to Successfully Buy a Home
When you are ready to buy a house, make a list of all the features that you would like to have in your new home. Consider things like a garage, basement, the number of bedrooms and bathrooms, central air conditioning, ranch style or a home with two or three stories. Do you want large bedrooms with walk in closets? Is the size of the kitchen important to you? Do you want a separate utility room or pantry? Would you like to have a large yard? Your list can be quite long, but realize that it is not likely that you will find all of the features you want in one house, although, if you find one with most of your wants, you may be able to make some minor changes so that it will suit you. When you start viewing houses for sale, bring the list with you and note which features each home has and what changes you could make so the house will meet your needs and desires. For instance, if you need four bedrooms but the house has only three, does it have a den that could be converted to a bedroom?
After you have a good idea about the type of house you would like to purchase, contact a real estate agent in the area that you are considering for your home purchase, and share your ideas with him or her. A professional real estate agent will know about the houses that are available in the area and can set up appointments for viewing the properties. He or she will be familiar with the homes for sale and the features of each one and can save you a lot of time in your search for the right house.
When you are ready to make a decision and give an offer for a house, you will probably need to get a real estate loan to finance your purchase. Your real estate agent can give you advice about the best lending agencies to consider for this major step. If you have a bank account or an account at a credit union, ask a real estate loan officer about their rates and terms for home loans. Inquire about fixed rates and adjustable rates to determine which mortgage type would be best for you. The rate would be lower for a 15-year loan, but your payments would be higher. A 30-year loan may be more affordable, but you will pay more interest over the life of the loan. Compare the rates and terms of several different lending institutions before selecting the one that offers the arrangements that will be the most satisfactory for your situation.
If you are a first time home buyer, you may qualify for an 8,000 tax credit, and if this will not be your first home purchase, you may still be eligible for a 6,500 tax credit. Ask your lender or real estate agent for the details regarding tax credits – or you can find more information about them on the Internet.
AA
After you have a good idea about the type of house you would like to purchase, contact a real estate agent in the area that you are considering for your home purchase, and share your ideas with him or her. A professional real estate agent will know about the houses that are available in the area and can set up appointments for viewing the properties. He or she will be familiar with the homes for sale and the features of each one and can save you a lot of time in your search for the right house.
When you are ready to make a decision and give an offer for a house, you will probably need to get a real estate loan to finance your purchase. Your real estate agent can give you advice about the best lending agencies to consider for this major step. If you have a bank account or an account at a credit union, ask a real estate loan officer about their rates and terms for home loans. Inquire about fixed rates and adjustable rates to determine which mortgage type would be best for you. The rate would be lower for a 15-year loan, but your payments would be higher. A 30-year loan may be more affordable, but you will pay more interest over the life of the loan. Compare the rates and terms of several different lending institutions before selecting the one that offers the arrangements that will be the most satisfactory for your situation.
If you are a first time home buyer, you may qualify for an 8,000 tax credit, and if this will not be your first home purchase, you may still be eligible for a 6,500 tax credit. Ask your lender or real estate agent for the details regarding tax credits – or you can find more information about them on the Internet.
AA
Thursday, March 25, 2010
Tuesday, March 16, 2010
HOW TO CHOOSE A MOVER FOR YOUR LOCAL MOVE
HOW TO CHOOSE A MOVER FOR YOUR LOCAL MOVE
Avoid Extra Charges!
Take extra charges, for example. Internet is full of stories how people were ripped of by unfair moving companies. General rule of thumb: if the price sounds too good to be true, you will end up paying two times more than the original quote, and if you refuse to pay additional charges, chances are you will not see your belongings until you take care of outstanding bill.
I cannot stress this too much: never hire a moving company that has shrink wrap, blanket, overtime and over charges of this kind. This is the fastest way to overpay.
Let's say someone offers you a rate of $80 per hour for a crew of 2 movers and a truck with no extra charges for packing supplies for your furniture. Another company will offer you $70 per hour, but will charge you $5 per item that needs to be shrink wrapped. Guess what!
Although many people will opt for a mover who charges less per hour (sounds like a better value), most likely you will end up paying more than with the first moving company. It's very simple: every piece of your furniture will have to be wrapped with shrink wrap simply to minimize the chances of your belongings to be damaged during transition.
So, if you have just 10 pieces of furniture, it will add up to extra $50 on your bill. If your move takes 3 hours, you will end up paying $70 x 3 + $50 = $260, while if you took the first offer, you would get away with $80 x 3 = $240. And this is just if you have 10 pieces of furniture! (most people have way more than that)
My strong suggestion and general rule of thumb is: always go with a moving company that offers the simplest, uncluttered and most clear pricing structure, even if the hourly rate is a little higher. Do you really want to be counting the pieces that needed to be wrapped? Do you really care? Not only simple pricing structure will save you a headache and make your move more pleasant, 99% of the time it will also save you money at the end of the day.
Ideally, you should choose a moving company that offers hourly charge with no extra or hidden charges (mileage, shrink wrap, blankets and other) as opposed to a company that charges for these items, even if the hourly rate is a little higher. Simplicity and clarity is the key not only to save money, but also to ensure you have a pleasant moving experience!
AA
Avoid Extra Charges!
Take extra charges, for example. Internet is full of stories how people were ripped of by unfair moving companies. General rule of thumb: if the price sounds too good to be true, you will end up paying two times more than the original quote, and if you refuse to pay additional charges, chances are you will not see your belongings until you take care of outstanding bill.
I cannot stress this too much: never hire a moving company that has shrink wrap, blanket, overtime and over charges of this kind. This is the fastest way to overpay.
Let's say someone offers you a rate of $80 per hour for a crew of 2 movers and a truck with no extra charges for packing supplies for your furniture. Another company will offer you $70 per hour, but will charge you $5 per item that needs to be shrink wrapped. Guess what!
Although many people will opt for a mover who charges less per hour (sounds like a better value), most likely you will end up paying more than with the first moving company. It's very simple: every piece of your furniture will have to be wrapped with shrink wrap simply to minimize the chances of your belongings to be damaged during transition.
So, if you have just 10 pieces of furniture, it will add up to extra $50 on your bill. If your move takes 3 hours, you will end up paying $70 x 3 + $50 = $260, while if you took the first offer, you would get away with $80 x 3 = $240. And this is just if you have 10 pieces of furniture! (most people have way more than that)
My strong suggestion and general rule of thumb is: always go with a moving company that offers the simplest, uncluttered and most clear pricing structure, even if the hourly rate is a little higher. Do you really want to be counting the pieces that needed to be wrapped? Do you really care? Not only simple pricing structure will save you a headache and make your move more pleasant, 99% of the time it will also save you money at the end of the day.
Ideally, you should choose a moving company that offers hourly charge with no extra or hidden charges (mileage, shrink wrap, blankets and other) as opposed to a company that charges for these items, even if the hourly rate is a little higher. Simplicity and clarity is the key not only to save money, but also to ensure you have a pleasant moving experience!
AA
Saturday, March 6, 2010
Make Sure Your Home Stands Tall in a Competitive Market
Make Sure Your Home Stands Tall in a Competitive Market
Home sellers today must convince a new era of buyers returning to the market that their homes stand for value and quality.
You only have one chance to make a first impression. Here are several ways to make your property shine, inside and out.
Start with the outside. Do a visual check of the front of the house from across the street. Does your property have curb appeal? It should look inviting, with a trimmed lawn and flowerbed and a freshly painted front door. Polish door handles and knockers and replace worn items such as a rusty doorbell. Consider adding a new doormat and flowering plants at the entrance. Don’t forget to wash your windows and clean any oil or rust spots from the driveway.
Be sure to inspect the side and back yards. Add some flowering plants to the back as well. Clean and rearrange the outdoor furniture to look inviting. Put away gardening tools, and tidy around the grill area.
Now focus on the inside of the home where cleanliness, space, smell and lighting are vital. First get your house in tip-top condition by cleaning and clearing away clutter. Steam clean and vacuum the carpet. Make sure your floors are waxed and shiny. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine.
Be conscious of any lingering odors such as smoke, pets or strong-smelling foods. You may need to air out your home prior to your open house event. Consider grinding fresh lemons in the garbage disposal. And don’t forget to empty all trash containers.
Look at your countertops in the kitchen and bathrooms and the tops of your bureaus. Do they seem cluttered? Clear away and store as much as possible. You want your home to seem spacious.
Next, set the mood. Let your prospective buyers picture your home as their own. Rearrange the furniture so that rooms look more spacious, or consider removing furniture and accessories.
Lighting is also important to creating a desirable atmosphere. Bright lights provide a cheerful environment and make a small space appear larger. Pull back all the drapes and open the blinds. Turn on all the lights. Make sure all light sockets have fresh bulbs. Use softer lights for rooms in which you want a warm, cozy feeling.
Don’t forget little touches such as fresh flowers, lighted candles in the bathrooms, new logs in the fireplace, or a bowl of fresh fruit on the kitchen counter. You may even want to set your dining-room table with color-coordinated table settings.
Home buying is steeped in emotion. Sellers shouldn’t rely on buyers to use their imagination; they must capture buyers’ imagination. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious and the most cheerful.
Home sellers today must convince a new era of buyers returning to the market that their homes stand for value and quality.
You only have one chance to make a first impression. Here are several ways to make your property shine, inside and out.
Start with the outside. Do a visual check of the front of the house from across the street. Does your property have curb appeal? It should look inviting, with a trimmed lawn and flowerbed and a freshly painted front door. Polish door handles and knockers and replace worn items such as a rusty doorbell. Consider adding a new doormat and flowering plants at the entrance. Don’t forget to wash your windows and clean any oil or rust spots from the driveway.
Be sure to inspect the side and back yards. Add some flowering plants to the back as well. Clean and rearrange the outdoor furniture to look inviting. Put away gardening tools, and tidy around the grill area.
Now focus on the inside of the home where cleanliness, space, smell and lighting are vital. First get your house in tip-top condition by cleaning and clearing away clutter. Steam clean and vacuum the carpet. Make sure your floors are waxed and shiny. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine.
Be conscious of any lingering odors such as smoke, pets or strong-smelling foods. You may need to air out your home prior to your open house event. Consider grinding fresh lemons in the garbage disposal. And don’t forget to empty all trash containers.
Look at your countertops in the kitchen and bathrooms and the tops of your bureaus. Do they seem cluttered? Clear away and store as much as possible. You want your home to seem spacious.
Next, set the mood. Let your prospective buyers picture your home as their own. Rearrange the furniture so that rooms look more spacious, or consider removing furniture and accessories.
Lighting is also important to creating a desirable atmosphere. Bright lights provide a cheerful environment and make a small space appear larger. Pull back all the drapes and open the blinds. Turn on all the lights. Make sure all light sockets have fresh bulbs. Use softer lights for rooms in which you want a warm, cozy feeling.
Don’t forget little touches such as fresh flowers, lighted candles in the bathrooms, new logs in the fireplace, or a bowl of fresh fruit on the kitchen counter. You may even want to set your dining-room table with color-coordinated table settings.
Home buying is steeped in emotion. Sellers shouldn’t rely on buyers to use their imagination; they must capture buyers’ imagination. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious and the most cheerful.
Thursday, February 25, 2010
SHORT SALES EXPLAINED
What is a short sale and why do homeowners prefer it? A short sale happens when the mortgage is more than the value of the property itself. This could be because the value of the properties in the area where the property is located has decline. It could also be because of the condition of the property. Many property owners apply for a short sale because they want to avoid foreclosure. Through this, they can pay off the mortgage and star anew.
Before a short sale can take place, the lender has to approve the package presented by the homeowner first. The package presented has to be complete. It should have a hardship letter. This letter will explain to the lender why the homeowner could no longer make his payments. This could be because of unemployment, divorce or death in the family. In addition to that, you will be asked to present an offer from a buyer as well. Ask your lender about the other requirements you need to present.
The lender has the right to approve or reject the proposal because he will definitely lose if he agrees to this. However, this maybe a better option for him rather than foreclosing the property. It is not easy to get your lender’s approval. This shy you should be ready. All your requirements have to be complete. Moreover, you should be familiar with your documents so that you can defend your package and explain it thoroughly to your mitigating officer.
One of the major reasons why your lender would reject your short sale package is when the value offered is way lower than the value of the property. If this happens, the lender will send a broker to check the property. The broker will determine the value of the property and will recommend it to the lender. If the value is higher than the offer made by the buyer, your short sale package will be rejected. However, you can prevent this. Just make sure that the offer to your property is reasonable. Be there when the broker arrives and walk him through your property. You can also present to him images and documents of the repairs made in your property.
If the lender rejects your package, do not be disheartened and try to qualify again. Get a better offer for your home. You can ask your current buyer or you can look for another buyer who will be willing to make a better offer for your property.
If you are the buyer, make sure that you make a good offer. See to it that you consider several factors before you make an offer. Check the property as well as the location. Of course, you will offer a discounted value since it is a short sale but be careful not to make a very low offer.
Many turn to short sale to prevent foreclosure. However, getting an approval from the lender is not easy. You have to make sure that your requirements are complete and that the offer made is reasonable.
article alley
Before a short sale can take place, the lender has to approve the package presented by the homeowner first. The package presented has to be complete. It should have a hardship letter. This letter will explain to the lender why the homeowner could no longer make his payments. This could be because of unemployment, divorce or death in the family. In addition to that, you will be asked to present an offer from a buyer as well. Ask your lender about the other requirements you need to present.
The lender has the right to approve or reject the proposal because he will definitely lose if he agrees to this. However, this maybe a better option for him rather than foreclosing the property. It is not easy to get your lender’s approval. This shy you should be ready. All your requirements have to be complete. Moreover, you should be familiar with your documents so that you can defend your package and explain it thoroughly to your mitigating officer.
One of the major reasons why your lender would reject your short sale package is when the value offered is way lower than the value of the property. If this happens, the lender will send a broker to check the property. The broker will determine the value of the property and will recommend it to the lender. If the value is higher than the offer made by the buyer, your short sale package will be rejected. However, you can prevent this. Just make sure that the offer to your property is reasonable. Be there when the broker arrives and walk him through your property. You can also present to him images and documents of the repairs made in your property.
If the lender rejects your package, do not be disheartened and try to qualify again. Get a better offer for your home. You can ask your current buyer or you can look for another buyer who will be willing to make a better offer for your property.
If you are the buyer, make sure that you make a good offer. See to it that you consider several factors before you make an offer. Check the property as well as the location. Of course, you will offer a discounted value since it is a short sale but be careful not to make a very low offer.
Many turn to short sale to prevent foreclosure. However, getting an approval from the lender is not easy. You have to make sure that your requirements are complete and that the offer made is reasonable.
article alley
Tuesday, February 16, 2010
Sunday, February 14, 2010
It’s a Buyers’ Market for Real Estate Investors, too
By Joanne Genesio
Prudential Fox & Roach
Turn on any financial news program and at some point you’ll hear the experts extolling the virtues of diversification. Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth.
In fact, that very downturn has created a historic buying opportunity for potential homebuyers and investors alike. The combination of lower home prices across American and historically low mortgage rates, two essential factors that usually don’t trend in the same direction, have triggered a buyer’s market in many areas of the country. For real estate investors who want to rent their properties, this can make the difference in achieving positive cash flow sooner or right off the bat.
While some seasoned real estate investors make it look easy, to be successful, beginners should follow some basic principles.
Learn all you can. Before committing your cash, you should have a fundamental understanding of real estate. For example, be aware that, in general, investment properties are not liquid investments. Barring exceptional circumstances, real estate does not sell at a moment’s notice. It could take days or months to sell a property, depending on the strength of the market in a particular region.
Consider cash flow. You’ll need to have enough capital on hand to cover any short-term losses due to vacancies between tenants.
Start small. Look into buying a condominium, single-family home or a duplex. Leave large apartment buildings and commercial properties to the pros.
Inquire at the local Chamber of Commerce about companies relocating into or out of the area. Company movement is one indicator of demand for rental and/or office space.
Find a property that will be in demand. Look for a moderately priced home with three or four bedrooms, two bathrooms, and a garage that sits on a quiet street.
Research the property. The most common way first-time investors lose is by failing to investigate a property thoroughly. Look beyond the front door. Investigate the reputation of the school district, the crime rate, and plans for expanding a nearby highway or developing vacant land. Ask a local real estate professional about the area, its history, and how fast (or slow) properties are moving.
Inspect the home you’re considering for signs of water damage, such as stains on the ceiling and crinkling or gathering wallpaper; open and close every door and window; and check all electrical sockets by plugging in an appliance. Get an independent home inspection, roof inspection and termite inspection. Unexpected repair costs can eat away your cash flow. Because even the best inspection can’t always predict problems, try to set aside some of the rental income for unexpected repairs.
Spend time driving the streets of the neighborhood noting the condition of other properties. Are lawns maintained? Are roofs in good shape? Are homes kept up?
Be ready to make fixes quickly and respond to the renter’s needs. If you’re not prepared to be a hands-on landlord, consider hiring a property management firm.
See your tax advisor for related planning and laws that can affect your investment decisions.
Remember, investing in a property is much different than living in one, and while emotion and attachment can be prime motivators when it comes to homes, it is return on investment that counts when investing in real estate.
Joanne Genesio can be reached at (215) 641-2413. Prudential Fox & Roach is an independently owned and operated member of The Prudential Real Estate and Relocation Services, a Prudential company. Equal Housing Opportunity.
Prudential Fox & Roach
Turn on any financial news program and at some point you’ll hear the experts extolling the virtues of diversification. Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth.
In fact, that very downturn has created a historic buying opportunity for potential homebuyers and investors alike. The combination of lower home prices across American and historically low mortgage rates, two essential factors that usually don’t trend in the same direction, have triggered a buyer’s market in many areas of the country. For real estate investors who want to rent their properties, this can make the difference in achieving positive cash flow sooner or right off the bat.
While some seasoned real estate investors make it look easy, to be successful, beginners should follow some basic principles.
Learn all you can. Before committing your cash, you should have a fundamental understanding of real estate. For example, be aware that, in general, investment properties are not liquid investments. Barring exceptional circumstances, real estate does not sell at a moment’s notice. It could take days or months to sell a property, depending on the strength of the market in a particular region.
Consider cash flow. You’ll need to have enough capital on hand to cover any short-term losses due to vacancies between tenants.
Start small. Look into buying a condominium, single-family home or a duplex. Leave large apartment buildings and commercial properties to the pros.
Inquire at the local Chamber of Commerce about companies relocating into or out of the area. Company movement is one indicator of demand for rental and/or office space.
Find a property that will be in demand. Look for a moderately priced home with three or four bedrooms, two bathrooms, and a garage that sits on a quiet street.
Research the property. The most common way first-time investors lose is by failing to investigate a property thoroughly. Look beyond the front door. Investigate the reputation of the school district, the crime rate, and plans for expanding a nearby highway or developing vacant land. Ask a local real estate professional about the area, its history, and how fast (or slow) properties are moving.
Inspect the home you’re considering for signs of water damage, such as stains on the ceiling and crinkling or gathering wallpaper; open and close every door and window; and check all electrical sockets by plugging in an appliance. Get an independent home inspection, roof inspection and termite inspection. Unexpected repair costs can eat away your cash flow. Because even the best inspection can’t always predict problems, try to set aside some of the rental income for unexpected repairs.
Spend time driving the streets of the neighborhood noting the condition of other properties. Are lawns maintained? Are roofs in good shape? Are homes kept up?
Be ready to make fixes quickly and respond to the renter’s needs. If you’re not prepared to be a hands-on landlord, consider hiring a property management firm.
See your tax advisor for related planning and laws that can affect your investment decisions.
Remember, investing in a property is much different than living in one, and while emotion and attachment can be prime motivators when it comes to homes, it is return on investment that counts when investing in real estate.
Joanne Genesio can be reached at (215) 641-2413. Prudential Fox & Roach is an independently owned and operated member of The Prudential Real Estate and Relocation Services, a Prudential company. Equal Housing Opportunity.
Sunday, February 7, 2010
Monday, February 1, 2010
Sunday, January 31, 2010
Homeowners Insurance Explained
Homeowners Insurance Explained
Check out the video below with an illustrated explanation of homeowner’s insurance along with tips and tricks. They even remember to suggest that buyers check with their auto insurer for a rate quote. click here for the video.
http://agentgenius.com/g-rants-insanity-more/real-estate/video-for-your-blog-homeowners-insurance/
Check out the video below with an illustrated explanation of homeowner’s insurance along with tips and tricks. They even remember to suggest that buyers check with their auto insurer for a rate quote. click here for the video.
http://agentgenius.com/g-rants-insanity-more/real-estate/video-for-your-blog-homeowners-insurance/
Saturday, January 30, 2010
Thursday, January 28, 2010
Why Asking too Much For Your Home Doesn’t Help it Sell
Why Asking too Much For Your Home Doesn’t Help it Sell.
Thinking of Overpricing?
Since the fall of housing prices over the last few years, many home owners seem determined to get at least their purchase price out of their home for sale, while many others are looking to recoup the amount of money that they’ve paid into their homes. While this seems like a reasonable strategy, when you consider that the fall in housing prices has greatly reduced the amount of money that many of these homes are worth now, it is easy to see how listing your home at possibly a hugely inflated price is most certainly going to hurt your chance of a sale.
There are many problems with pricing your home with unrealistic expectations, as you can well imagine. Firstly, if you price your home like you’re trying to sell it to home buyers who’ve taken a time machine trip from 2005, you’re likely to not get many people coming to look at your home. Anyone who is looking for homes in the price range that you’ve set for your home is probably going to be looking at substantially nicer or larger homes than yours because your home should be priced in a lower bracket. If you do get any prospective buyers coming through to tour your home, you are likely to not get many offers—at least not in the range that you’re looking for.
What home owners might not realize though, is that a home that sits on the market for long periods of time isn’t encouraging for prospective buyers; they see that a property has been on the market for months—maybe with small drops in the outrageous asking price—and decide that all the other buyers out there have already decided that it’s not a property that’s worth buying. In addition, you’ve had to keep your home in a show-ready state for months in case a realtor calls to show your house; this can be merely a hassle to keep a home in a permanently staged state and it can also cost you money if you’re renting furniture or having a house cleaner come in to help you keep it immaculate.
For your best results in home selling, consult your realtor for their judgment on what kind of listing price they think that you should start with; many listing agents won’t even take on a client if they insist on pricing their home completely unreasonably because they know that it can be a waste of time to go through all that work for something that isn’t going to sell.
aa
Thinking of Overpricing?
Since the fall of housing prices over the last few years, many home owners seem determined to get at least their purchase price out of their home for sale, while many others are looking to recoup the amount of money that they’ve paid into their homes. While this seems like a reasonable strategy, when you consider that the fall in housing prices has greatly reduced the amount of money that many of these homes are worth now, it is easy to see how listing your home at possibly a hugely inflated price is most certainly going to hurt your chance of a sale.
There are many problems with pricing your home with unrealistic expectations, as you can well imagine. Firstly, if you price your home like you’re trying to sell it to home buyers who’ve taken a time machine trip from 2005, you’re likely to not get many people coming to look at your home. Anyone who is looking for homes in the price range that you’ve set for your home is probably going to be looking at substantially nicer or larger homes than yours because your home should be priced in a lower bracket. If you do get any prospective buyers coming through to tour your home, you are likely to not get many offers—at least not in the range that you’re looking for.
What home owners might not realize though, is that a home that sits on the market for long periods of time isn’t encouraging for prospective buyers; they see that a property has been on the market for months—maybe with small drops in the outrageous asking price—and decide that all the other buyers out there have already decided that it’s not a property that’s worth buying. In addition, you’ve had to keep your home in a show-ready state for months in case a realtor calls to show your house; this can be merely a hassle to keep a home in a permanently staged state and it can also cost you money if you’re renting furniture or having a house cleaner come in to help you keep it immaculate.
For your best results in home selling, consult your realtor for their judgment on what kind of listing price they think that you should start with; many listing agents won’t even take on a client if they insist on pricing their home completely unreasonably because they know that it can be a waste of time to go through all that work for something that isn’t going to sell.
aa
Saturday, January 16, 2010
Musts for a Bathroom Renovation to go Easily and Smoothly
A bathroom renovation is not really something to be undertaken lightly. You cannot simply decide one day to start tearing out the toilet, sink and bathtub and start knocking down the walls. A must for any bathroom renovation to go smoothly is to plan things out carefully. If you do, you are more likely to be successful in getting your bathroom to come out exactly the way you want it to, or perhaps even better than you expected.
Another must before any bathroom renovation is to decide how long you are planning to remain in the house. If you are planning to move out in the short term, you may not be in the home long enough to recover all of the money you will invest in the renovation. The less time you are planning to stay in the home, the less money that should go into your renovation.
You must make a list of all the things you will want in your renovated bathroom. Really think about how you want your bathroom to look and where you want things to go, and then you are going to have to decide whether your budget will allow for everything that is on your list. This means that it is a must to set a budget for your bathroom renovation, and it must be reasonable. If you build a palace fit for a king, you will never recover your investment, and you may end up having to ask too much for your home.
If it is going to be a space that will be used by the whole family, then you are going to have to take their thoughts and ideas into consideration. You cannot renovate a room according to your likes and tastes without taking everyone else in the family into account. You might have very particular tastes and ideas which will not please the rest of the family. It is a must for you to sit down with your whole family and discuss the idea of renovating the bathroom.
It would be a good idea for you and your family to visit places where there are bathroom displays to see if there is something that the whole family can agree upon. You will not all agree on the same things, but there can be a general agreement, which is how family decisions should be made anyway. If there is general agreement, then everyone will be able to enjoy the renovated bathroom instead of trying to avoid it at all costs.
You have to stay focused and always keep in mind what you can actually afford, which will not include everything you want. There are so many things that you can put into a bathroom that it can really drive up the cost and your budget if you are not careful. In addition, if you hire someone to do the work, delays will definitely put your over budget because it will take longer to do the renovation. This is why it is a must to have a clear idea of what the renovation objective is and how to go about it. You will end up with a renovated bathroom that you can are really going to take care of and enjoy.
article alley
Another must before any bathroom renovation is to decide how long you are planning to remain in the house. If you are planning to move out in the short term, you may not be in the home long enough to recover all of the money you will invest in the renovation. The less time you are planning to stay in the home, the less money that should go into your renovation.
You must make a list of all the things you will want in your renovated bathroom. Really think about how you want your bathroom to look and where you want things to go, and then you are going to have to decide whether your budget will allow for everything that is on your list. This means that it is a must to set a budget for your bathroom renovation, and it must be reasonable. If you build a palace fit for a king, you will never recover your investment, and you may end up having to ask too much for your home.
If it is going to be a space that will be used by the whole family, then you are going to have to take their thoughts and ideas into consideration. You cannot renovate a room according to your likes and tastes without taking everyone else in the family into account. You might have very particular tastes and ideas which will not please the rest of the family. It is a must for you to sit down with your whole family and discuss the idea of renovating the bathroom.
It would be a good idea for you and your family to visit places where there are bathroom displays to see if there is something that the whole family can agree upon. You will not all agree on the same things, but there can be a general agreement, which is how family decisions should be made anyway. If there is general agreement, then everyone will be able to enjoy the renovated bathroom instead of trying to avoid it at all costs.
You have to stay focused and always keep in mind what you can actually afford, which will not include everything you want. There are so many things that you can put into a bathroom that it can really drive up the cost and your budget if you are not careful. In addition, if you hire someone to do the work, delays will definitely put your over budget because it will take longer to do the renovation. This is why it is a must to have a clear idea of what the renovation objective is and how to go about it. You will end up with a renovated bathroom that you can are really going to take care of and enjoy.
article alley
Friday, January 15, 2010
Sunday, January 10, 2010
Friday, January 8, 2010
Home Inspections
Home Inspection- Why do You Need it When you Buy a House
You plan to have your house go through a home inspection process; you will definitely know some issues that might need your immediate attention. You want to know if you will hire a plumber or electrician to get rid of those problems. Your ceiling, chimney, roof and other parts must also be inspected to avoid having serious problems in the future. Primarily, you want your home to go through home inspection process so that you can assess the actual state of the house and some other reasons that you can think of.
Home inspection procedure will let assess if you are making the right decision in buying the house. If the home inspector begins to inspect other areas in the house, sees a lot of defects, you can ask for a price adjustment. You really don’t have to pay for skyrocketing prices during the start of your home purchase procedure. Alternatively, if he finds minor damages, then you can be secured of choosing such property that will last for a long time.
After you have bought the house, it is also imperative if you have it go through the process again to identify which defects need to be done immediately. Based on the form provided by the home inspector, you can find those damages that will require your fast response to the problem. These repairs will not require you to do all at the same time. You can just choose those that need to be done as soon as possible.
A home inspection after closing the deal will let you know that you are not adding more value to the house without undergoing the proper documentation. It will just show you that you have the initiative to fix and improve the house. When you dispose your house, you can ask for a better price than the original amount that you have paid. Potential home buyers can be assured in buying your property if this will be the case.
Letting your home go through the inspection process, before or after the transaction is a smart move. It is a sort of protection from possible problems that will go along your way which can be more expensive in the future. It can aid you to assess if the property that you like is a worthwhile investment. It can also be a fruit of your labor.
For security reasons, get all the important papers that are provided by the home inspector. They can be useful in the future. You will find the importance of home inspection procedure once you have started to live in the house. Thus, do not ignore the importance of home inspection in your home buying process.
articlealley
You plan to have your house go through a home inspection process; you will definitely know some issues that might need your immediate attention. You want to know if you will hire a plumber or electrician to get rid of those problems. Your ceiling, chimney, roof and other parts must also be inspected to avoid having serious problems in the future. Primarily, you want your home to go through home inspection process so that you can assess the actual state of the house and some other reasons that you can think of.
Home inspection procedure will let assess if you are making the right decision in buying the house. If the home inspector begins to inspect other areas in the house, sees a lot of defects, you can ask for a price adjustment. You really don’t have to pay for skyrocketing prices during the start of your home purchase procedure. Alternatively, if he finds minor damages, then you can be secured of choosing such property that will last for a long time.
After you have bought the house, it is also imperative if you have it go through the process again to identify which defects need to be done immediately. Based on the form provided by the home inspector, you can find those damages that will require your fast response to the problem. These repairs will not require you to do all at the same time. You can just choose those that need to be done as soon as possible.
A home inspection after closing the deal will let you know that you are not adding more value to the house without undergoing the proper documentation. It will just show you that you have the initiative to fix and improve the house. When you dispose your house, you can ask for a better price than the original amount that you have paid. Potential home buyers can be assured in buying your property if this will be the case.
Letting your home go through the inspection process, before or after the transaction is a smart move. It is a sort of protection from possible problems that will go along your way which can be more expensive in the future. It can aid you to assess if the property that you like is a worthwhile investment. It can also be a fruit of your labor.
For security reasons, get all the important papers that are provided by the home inspector. They can be useful in the future. You will find the importance of home inspection procedure once you have started to live in the house. Thus, do not ignore the importance of home inspection in your home buying process.
articlealley
Tuesday, January 5, 2010
Monday, December 21, 2009
Realtor vs FSBO
Trained Realtors - The Understanding You Require To Sell Your House
It is very difficult to market your home for sale all by yourself, as many people who do so often run into a difficult situation and trying to give themselves maximum exposure. For this reason it is a good idea to utilize a professional Realtor.
When it comes to having your house sell or not, it all comes down to marketing. Without any of the exposure that you get from a real estate agent, putting your home in front of prospective buyers is difficult.
These days one of the best ways to get some attention for your home is by using the Web, and an agent who is already established with a web presence could be a real boon to get people to look at your house. Let's face it, this is the era of the internet.
The vast majority of those in the market to buy a home have spent quite a bit of time on the Internet looking around to find homes before they actually contact a Realtor to go see them. This is why it is vital for a Realtor or agent to have a commanding web presence.
Another thing that an agent excels at is putting your home in front of other agents who may have potential buyers. This is probably one of the most important parts in the process of selling your home.
Your Realtor will most likely know all of the other realtors in town and set up a private viewing for all of his or her agent buddies so your home can get full exposure to all of the different realtors in the area. These are some pretty powerful benefits as I'm sure you can imagine. Most all of your realtors will also have a budget for advertising their listings both in print and media.
This should be including full-color advertisements in your local newspaper, and have your home listed and flyers that can be found 24 hours a day on a sign in the front of your yard. Without the help of a Realtor it is nearly impossible to gain this type of exposure.
Not only is the Realtor going to make an investment of their time and effort into the sale of your home, but they will also put their money into it as well. It is in their best interest to see that your home is sold in a timely manner and for the best price possible. They are able to showcase your home in a fashion that most home owners cannot achieve due to the time involved.
Not only do they have very good knowledge of the market in the area, but they have access to all of the marketing media as well. You might surely be surprised when you ask your Realtor what it is they are doing to effectively market your home. Discovering the right Realtor can be tough I understand, and as this article said you need to get one with a powerful web presense.
Article Source
articlealley
It is very difficult to market your home for sale all by yourself, as many people who do so often run into a difficult situation and trying to give themselves maximum exposure. For this reason it is a good idea to utilize a professional Realtor.
When it comes to having your house sell or not, it all comes down to marketing. Without any of the exposure that you get from a real estate agent, putting your home in front of prospective buyers is difficult.
These days one of the best ways to get some attention for your home is by using the Web, and an agent who is already established with a web presence could be a real boon to get people to look at your house. Let's face it, this is the era of the internet.
The vast majority of those in the market to buy a home have spent quite a bit of time on the Internet looking around to find homes before they actually contact a Realtor to go see them. This is why it is vital for a Realtor or agent to have a commanding web presence.
Another thing that an agent excels at is putting your home in front of other agents who may have potential buyers. This is probably one of the most important parts in the process of selling your home.
Your Realtor will most likely know all of the other realtors in town and set up a private viewing for all of his or her agent buddies so your home can get full exposure to all of the different realtors in the area. These are some pretty powerful benefits as I'm sure you can imagine. Most all of your realtors will also have a budget for advertising their listings both in print and media.
This should be including full-color advertisements in your local newspaper, and have your home listed and flyers that can be found 24 hours a day on a sign in the front of your yard. Without the help of a Realtor it is nearly impossible to gain this type of exposure.
Not only is the Realtor going to make an investment of their time and effort into the sale of your home, but they will also put their money into it as well. It is in their best interest to see that your home is sold in a timely manner and for the best price possible. They are able to showcase your home in a fashion that most home owners cannot achieve due to the time involved.
Not only do they have very good knowledge of the market in the area, but they have access to all of the marketing media as well. You might surely be surprised when you ask your Realtor what it is they are doing to effectively market your home. Discovering the right Realtor can be tough I understand, and as this article said you need to get one with a powerful web presense.
Article Source
articlealley
Wednesday, December 16, 2009
Sunday, December 13, 2009
Tuesday, December 1, 2009
Owning a Home Has Its Benefits
By Joanne Genesio
Prudential Fox & Roach
Opportunity is knocking for those considering homeownership for the first time. Historically low interest rates, lower home prices in most markets and the first-time homebuyer tax credit – part of the American Recovery and Reinvestment Act of 2009 – brought first-timers to the market in droves throughout the year.
In fact, these consumers represented about half of home sales logged during 2009, according to the National Association of REALTORS®, a significant increase from historic levels. And the favorable conditions that prompted many of these first-time buyers are likely to continue. President Obama in early November signed into law a five-month extension of the first-time homebuyer tax credit of up to $8,000, as well as a new tax credit of up to $6,500 for existing homeowners who want to purchase a home to be their primary residence (see your real estate professional and tax advisor for details). Both credits will be available through April 30, 2010.
Today’s opportunities aside, here are eight time-honored reasons why those considering homeownership for the first time should make their move.
1. Pride of Ownership Owning your own home adds to your own sense of self-esteem and personal pride. The satisfaction that comes from feeling connected to the land you occupy and the home in which you live is ages-old.
2. Security of Tenancy
With homeownership comes stability. When renting, you never know when you may have to move because of new ownership, rent increases or other changes. As a homeowner, you decide when and if you want to move.
3. Privacy
While there are usually some limits on the access landlords have to property, almost all landlords can access your property for necessary inspections and maintenance. For many renters, this lack of privacy is a significant discomfort. Homeowners on the other hand generally have much stronger property rights and experience an increase in perceived and actual privacy.
4. Decorating
Homeowners are free to decorate, remodel and accessorize a home any way they want. Not only do you have the right to make improvements, but the value of those improvements becomes yours as well. Having your living space and exteriors just the way you want them can significantly increase your satisfaction with your living environment.
5. Financial Predictability
When you buy a home with a fixed-rate mortgage, you have more predictability over future housing costs. Because your interest rate never changes, the amount of your payment never changes. Financial planning and credit are more easily managed with a fixed-rate mortgage compared to renting.
6. Building Equity
When you own your own home, you pay rent to yourself instead of a landlord. Most homeowners pay for their purchase by obtaining a mortgage. As you pay off that mortgage, your equity builds and you gain an increasingly larger share in a valuable asset. Over time, that asset can work for you in many ways, such as home equity lines of credit. And of course, a home is a wonderful asset to pass along in an estate.
7. Investment Appreciation
There are certainly no guarantees of property value appreciation. In the long-term, however, real estate valuations almost always increase. This means that when you decide to sell your home, its value may be significantly higher than when you purchased it. The difference in value is called appreciation. You can reinvest that appreciation in other real estate or you may wish to downsize and keep the value of that appreciation for retirement or other purposes.
8. Tax Benefits
In the United States, the cost of home mortgage interest and property taxes are usually tax-deductible. Depending on your circumstances, thousands of dollars in taxes can be saved each year. These tax savings are not limited to federal taxes either. Many states and localities either base their tax system on the federal system or offer similar incentives to homeownership. Some additional benefits are designed specifically for first-time homebuyers. (See your tax advisor for additional information.)
If you still have doubts, contact a real estate professional in your community. He or she can answer questions you may have about homeownership and explain the buying process to you.
Joanne Genesio can be reached at (215) 641-2413. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Sunday, November 8, 2009
Congress Extended & Expanded Homebuyer Credit
Congress has extended and expanded the current homebuyer tax credit. The new credit will include some current homeowners as well as new homebuyers and will be extended until April 30, 2010. Contact Joanne for more details today!
Who Qualifies for the Extended Credit?
* First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
* Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
1. The price of the home.
2. The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Above information from of the NAR website. Visit http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit for more information.
Who Qualifies for the Extended Credit?
* First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
* Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
1. The price of the home.
2. The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Above information from of the NAR website. Visit http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit for more information.
Monday, November 2, 2009
Extending the First Time Home Buyer Credit?????
Extending the Credit — Almost There
The extension and expansion of the homebuyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill that has not yet gone to a vote, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits. Other provisions in the bill include expansion of the net operating loss carryback rules, new requirements for some tax return preparers and noncontroversial provisions that "pay for" these changes.
The agreement on the extension and expansion of the credit is as follows:
Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
New anti-fraud limitations are imposed.
The White House has indicated that President Obama will sign the legislation.
Call Your Senator
Take Action
Visit www.realtor.org/2009housingtaxcredit
The extension and expansion of the homebuyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill that has not yet gone to a vote, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits. Other provisions in the bill include expansion of the net operating loss carryback rules, new requirements for some tax return preparers and noncontroversial provisions that "pay for" these changes.
The agreement on the extension and expansion of the credit is as follows:
Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
New anti-fraud limitations are imposed.
The White House has indicated that President Obama will sign the legislation.
Call Your Senator
Take Action
Visit www.realtor.org/2009housingtaxcredit
Friday, October 30, 2009
Sunday, October 25, 2009
Get Pre-Approval before Beginning your Home Search
One of the most exciting and highly anticipated events in your venture to real estate is when you go house hunting to finally discover your sought-after dream house. You may have set yourself all geared up for a great home search adventure yet you need to know first the most important component that ought to signal the start of your venture. Loan pre-approval must be on top of your priority list before you go any further in your pursuits for home acquisition. You realize that looking for a prospective house is useless if you have not yet been pre-approved of your mortgage.
This is often a common misconception and error for home seekers resulting to wastage of their time, effort and money. Yes it is a very good ordeal to start looking for a house, yet it is totally of no avail if you are looking in the wrong place at definitely the wrong time. You do not have the full and accurate picture of the things allowable in the home purchase in the first place, so how could you find the perfect property to consider for your investment?
If you have a loan pre-approval, you know the entire scenario and you know exactly what property you can realistically afford, basing on your mortgage loan and what type is granted you by your mortgage provider. Therefore, you can focus your time and efforts in trying to search for a property that is suitable and affordable with the kind of financial allocation you can actually spend. This is much less stressful and efficient compared to searching for random properties which you are not certain about their affordability and your eligibility to purchase. It saves you the disappointment knowing that you cannot realistically pay for it even if you have already fallen in love with the house.
Loan pre-approval is also a necessity if you are going to make the required home purchase offer. Say you have already seen the property of your choice and you are more than willing to make a proposition in initiating your transaction. However, the only problem there is that you do not have the pre-approved loan as evidence of your eligibility to carry on and complete the transaction. Home sellers prefer those who already have a stable and actual source of finances for the home purchase. It also gives them the notion that you are truly serious with your venture if you already have a pre-approved loan to use as their basis of accepting your offer.
Hence, before you embark on a home search endeavor, make sure that you have a loan pre-approval to avoid the hassle and bustle of uncertain offers and intangible sources of financial credibility. Prioritize that your loan be pre-approved by submitting all the requirements such as your employment history, monthly expenses and income, credit standings and scores among others.
Finding a house for the realization of your dreams is a fulfilling pursuit to begin with, however you need to make it as realistic as possible. Do this by securing a pre-approval for your loan and you can then enjoy this once-in-a-lifetime ride of your life.
The Real estate market can be an enjoyable, satisfying and lucrative experience for you.
article alley
This is often a common misconception and error for home seekers resulting to wastage of their time, effort and money. Yes it is a very good ordeal to start looking for a house, yet it is totally of no avail if you are looking in the wrong place at definitely the wrong time. You do not have the full and accurate picture of the things allowable in the home purchase in the first place, so how could you find the perfect property to consider for your investment?
If you have a loan pre-approval, you know the entire scenario and you know exactly what property you can realistically afford, basing on your mortgage loan and what type is granted you by your mortgage provider. Therefore, you can focus your time and efforts in trying to search for a property that is suitable and affordable with the kind of financial allocation you can actually spend. This is much less stressful and efficient compared to searching for random properties which you are not certain about their affordability and your eligibility to purchase. It saves you the disappointment knowing that you cannot realistically pay for it even if you have already fallen in love with the house.
Loan pre-approval is also a necessity if you are going to make the required home purchase offer. Say you have already seen the property of your choice and you are more than willing to make a proposition in initiating your transaction. However, the only problem there is that you do not have the pre-approved loan as evidence of your eligibility to carry on and complete the transaction. Home sellers prefer those who already have a stable and actual source of finances for the home purchase. It also gives them the notion that you are truly serious with your venture if you already have a pre-approved loan to use as their basis of accepting your offer.
Hence, before you embark on a home search endeavor, make sure that you have a loan pre-approval to avoid the hassle and bustle of uncertain offers and intangible sources of financial credibility. Prioritize that your loan be pre-approved by submitting all the requirements such as your employment history, monthly expenses and income, credit standings and scores among others.
Finding a house for the realization of your dreams is a fulfilling pursuit to begin with, however you need to make it as realistic as possible. Do this by securing a pre-approval for your loan and you can then enjoy this once-in-a-lifetime ride of your life.
The Real estate market can be an enjoyable, satisfying and lucrative experience for you.
article alley
Wednesday, October 14, 2009
Tips on Making an Offer to Purchase Real Estate
Tips on Making a House Offer
When you’ve done shopping around for a new house, you and your family has finally decided on one that is perfect for your family. It is now time to make an offer for that house. The offer you can give on a home can be quite tricky since you do not want to offend the seller by offering a very low price on it and you do not want to pay too much as well just to get that home of your dreams..
Below are some tips to help you make an offer to the home you are willing to buy and own.
1. Ask the advice of a real estate agent or even friends and family who are very knowledgeable in these matters. An agent is not supposed to recommend an asking price for a home but the information he or she can give you will help you a lot on what to offer the seller. An agent especially, has a lot of knowledge when it comes to homes in the market.
2. Find out the history of the home you are interested in. You can find out if the seller has bought it in a down market. More or less you will be able to pay the same price or near to the price your seller bought it for. This can help you to determine a good price for the home.
3. It is helpful to check out prices in the market. If you are in a seller’s market, the seller might not want to go lower than the list price. If you are in a buyer’s market, you might be able to talk the seller into the price you are willing to offer for the house.
4. Try to compare houses that have more or less similar features to the house you wish to buy. This is one way of getting a better estimate of the price you can offer for the home. If you know the prices of other homes, then you can offer a reasonable price to offer the seller.
5. Make sure to set your limit. Do not go beyond your means just to get the house you want. If you think the price is too high for you and it may cause difficulty later on in paying it off, explain to the seller your offer and try to see if he or she is willing to accept it.
7. Some homeowners have emotional attachment to the home they are about to leave. You may be able to get a deal in your favor if you tell them that you love their home and you are very much interested in buying it. Sellers might prefer to sell a house to a buyer who empathize with them. Be careful in doing so because some seller might take advantage and will demand for a very high price for the house.
8. Do not hesitate to negotiate money off the asking price. If the home survey reveals some faults or damages in the home that might need repairs and your money put into it, consider this when you offer a price to the seller.
With this information, you can start to narrow down your asking price options and hopefully will lead you to a decision. This way you and your family can have the house of your dreams soon!
Source
articlealley
When you’ve done shopping around for a new house, you and your family has finally decided on one that is perfect for your family. It is now time to make an offer for that house. The offer you can give on a home can be quite tricky since you do not want to offend the seller by offering a very low price on it and you do not want to pay too much as well just to get that home of your dreams..
Below are some tips to help you make an offer to the home you are willing to buy and own.
1. Ask the advice of a real estate agent or even friends and family who are very knowledgeable in these matters. An agent is not supposed to recommend an asking price for a home but the information he or she can give you will help you a lot on what to offer the seller. An agent especially, has a lot of knowledge when it comes to homes in the market.
2. Find out the history of the home you are interested in. You can find out if the seller has bought it in a down market. More or less you will be able to pay the same price or near to the price your seller bought it for. This can help you to determine a good price for the home.
3. It is helpful to check out prices in the market. If you are in a seller’s market, the seller might not want to go lower than the list price. If you are in a buyer’s market, you might be able to talk the seller into the price you are willing to offer for the house.
4. Try to compare houses that have more or less similar features to the house you wish to buy. This is one way of getting a better estimate of the price you can offer for the home. If you know the prices of other homes, then you can offer a reasonable price to offer the seller.
5. Make sure to set your limit. Do not go beyond your means just to get the house you want. If you think the price is too high for you and it may cause difficulty later on in paying it off, explain to the seller your offer and try to see if he or she is willing to accept it.
7. Some homeowners have emotional attachment to the home they are about to leave. You may be able to get a deal in your favor if you tell them that you love their home and you are very much interested in buying it. Sellers might prefer to sell a house to a buyer who empathize with them. Be careful in doing so because some seller might take advantage and will demand for a very high price for the house.
8. Do not hesitate to negotiate money off the asking price. If the home survey reveals some faults or damages in the home that might need repairs and your money put into it, consider this when you offer a price to the seller.
With this information, you can start to narrow down your asking price options and hopefully will lead you to a decision. This way you and your family can have the house of your dreams soon!
Source
articlealley
Monday, October 12, 2009
Thursday, October 1, 2009
Friday, September 25, 2009
Wednesday, September 16, 2009
Remodel Your Kitchen and Bath without Breaking the Bank
It’s not surprising that two of the most popular rooms for home makeovers are the kitchen and bathroom. When potential homebuyers are searching for homes, they generally are more attracted to homes with updated kitchens and baths. These same rooms rank high in return on remodeling investment at resale, according to Remodeling Magazine’s Cost-vs-Value 2008-09 Study.
However, both can be pricey ventures. According to the same study, the national average for minor kitchen remodel was $21,246. A sample remodel at this cost includes replacing cabinet fronts, flooring, laminate countertops and oven and cooktop; installing mid-priced sink and faucet, adding wall cover and repainting trim.
The national average for a mid-range bathroom remodel was $15,899, which included replacing fixtures, installing a porcelain-on-steel tub, new shower and ceramic tile flooring.
If you’re like many consumers today, you are more budget conscious and may not be able to afford thousands of dollars on a remodeling project. Here are some alternatives that will give your kitchen and bathroom a fresh, modern look without breaking your piggy bank.
Kitchen Cabinets—Give your cabinets a fresh look by either refinishing or refacing the fronts at a more economical cost than buying new ones. You can even take the center face out and install a glass front.
Hardware—Replacing your cabinet knobs and drawer pulls, can give your kitchen an entirely new look.
Paint—A fresh coat of paint is always a sure bet. And it is one of the least expensive ways to give a room a makeover. To further transform the room, choose more modern hues, such as a warm yellow or deep red.
Countertops—The price of natural quartz or stone countertops can quickly eat away your kitchen remodeling budget. Less expensive, yet still attractive alternatives are solid surface materials such as Silestone® or granite and ceramic tiles. An even more affordable choice is laminate, which is easy to install yourself and comes in a variety of colors and styles.
Faucets and Sinks—Add a fresh new look by replacing your sink and faucet with a high-arched spout in an updated finish, such as brushed nickel, brushed chrome or stainless steel.
Backsplash—Another option to modernize your kitchen’s look is adding a backsplash. But rather than having ceramic tiles, consider creating a mosaic with ceramic or glass or install a faux backsplash panel.
Window treatments—Switch out older valances with options that let the natural light in.
Lighting—By adding under cabinet lights or even track lighting, you can create a dramatic look to your kitchen.
Bathroom Paint—As with the kitchen, a new coat of paint is a low-cost way to renew a room’s look. Choose a warm color to give the room an intimate feel.
Showerheads—Change out old showerheads with a new rain showerhead.
Shower Doors – If you still use shower curtains for your bathtub, you can update the look by installing glass doors. Frameless doors are preferable. However, if the walls aren’t flush to the tub area, framed doors will still give you the modernized look you’re seeking.
Hardware—Just as with the kitchen, replacing the knobs and handles can give your vanity a fresh new appearance.
Lighting and Mirrors—In addition to the vanity, the lighting and mirrors above that area can combine to make the perfect focal piece for your bathroom. If changing the vanity is not in your budget, consider swapping out your unframed glass for a more decorative mirror and add a new lighting fixture.
You don’t have to spend thousands of dollars to add pizzazz to your kitchen or bath. Just changing one or two elements can make a huge difference in its appeal to you and a potential buyer down the road.
However, both can be pricey ventures. According to the same study, the national average for minor kitchen remodel was $21,246. A sample remodel at this cost includes replacing cabinet fronts, flooring, laminate countertops and oven and cooktop; installing mid-priced sink and faucet, adding wall cover and repainting trim.
The national average for a mid-range bathroom remodel was $15,899, which included replacing fixtures, installing a porcelain-on-steel tub, new shower and ceramic tile flooring.
If you’re like many consumers today, you are more budget conscious and may not be able to afford thousands of dollars on a remodeling project. Here are some alternatives that will give your kitchen and bathroom a fresh, modern look without breaking your piggy bank.
Kitchen Cabinets—Give your cabinets a fresh look by either refinishing or refacing the fronts at a more economical cost than buying new ones. You can even take the center face out and install a glass front.
Hardware—Replacing your cabinet knobs and drawer pulls, can give your kitchen an entirely new look.
Paint—A fresh coat of paint is always a sure bet. And it is one of the least expensive ways to give a room a makeover. To further transform the room, choose more modern hues, such as a warm yellow or deep red.
Countertops—The price of natural quartz or stone countertops can quickly eat away your kitchen remodeling budget. Less expensive, yet still attractive alternatives are solid surface materials such as Silestone® or granite and ceramic tiles. An even more affordable choice is laminate, which is easy to install yourself and comes in a variety of colors and styles.
Faucets and Sinks—Add a fresh new look by replacing your sink and faucet with a high-arched spout in an updated finish, such as brushed nickel, brushed chrome or stainless steel.
Backsplash—Another option to modernize your kitchen’s look is adding a backsplash. But rather than having ceramic tiles, consider creating a mosaic with ceramic or glass or install a faux backsplash panel.
Window treatments—Switch out older valances with options that let the natural light in.
Lighting—By adding under cabinet lights or even track lighting, you can create a dramatic look to your kitchen.
Bathroom Paint—As with the kitchen, a new coat of paint is a low-cost way to renew a room’s look. Choose a warm color to give the room an intimate feel.
Showerheads—Change out old showerheads with a new rain showerhead.
Shower Doors – If you still use shower curtains for your bathtub, you can update the look by installing glass doors. Frameless doors are preferable. However, if the walls aren’t flush to the tub area, framed doors will still give you the modernized look you’re seeking.
Hardware—Just as with the kitchen, replacing the knobs and handles can give your vanity a fresh new appearance.
Lighting and Mirrors—In addition to the vanity, the lighting and mirrors above that area can combine to make the perfect focal piece for your bathroom. If changing the vanity is not in your budget, consider swapping out your unframed glass for a more decorative mirror and add a new lighting fixture.
You don’t have to spend thousands of dollars to add pizzazz to your kitchen or bath. Just changing one or two elements can make a huge difference in its appeal to you and a potential buyer down the road.
Joanne Genesio can be reached at (215) 260-6011.
Prudential is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Wednesday, September 9, 2009
Saturday, August 29, 2009
The Home Selling Process from Start to Finish
You’ve made the decision to sell your home. Even if you’ve sold a house before, this process can be daunting because it is a major financial transaction that involves many steps from selecting a sales professional and marketing the home, to negotiating with buyers and finally receiving funds at the closing. Yet, the home-selling process doesn’t have to be intimidating if you know what to expect. The process can be divided in nine steps.
Step 1: List your property with a real estate professional. Select someone who is knowledgeable, listens carefully, and with whom you feel comfortable. Interview at least three real estate professionals. Use their listing presentations to compare their preparation and professionalism. Don’t base your selection solely on selling price or commission. It’s probably best to avoid working with someone who promises you the moon—in this case, an unrealistically high price—then has to make price reductions until the property sells. Instead, focus on marketing plans, service and past results.
Step 2: Establish price and time frame. Determining a fair asking price is crucial in this market. Price the property too high and it could languish on the market. Of course you could always decrease the price later, yet you’ve lost potential buyers. Your real estate professional can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. Supply and demand, craftsmanship, amenities, condition and any special circumstances can also impact price. For instance, a relocation move might necessitate a quick sale.
Step 3: Develop and implement a marketing strategy. To get the most exposure for your home, you should have a marketing plan with clear objectives and an outline of specific resources to be used. Your plan should include a mixture of conventional and online marketing to optimize your reach to potential buyers.
Step 4: Get Your Home in Show Condition. Remember, you only get one chance to make a first impression. So make sure your home is in tip-top shape inside and out. Eliminate clutter and remove personal items. Refresh the paint, clean the carpets and make minor repairs. Keep the grass trimmed and add color to your landscape. You may also want to consider hiring a professional to stage your home. A home in move-in condition is much more attractive to buyers in a competitive market.
Step 5: An offer is submitted. Once your home is on the market, a buyer will make an offer through his/her real estate sales professional. The buyer’s sales professional will present the offer to your representative, who will promptly relay it to you and help you evaluate the offer.
Step 6: The negotiation process begins and eventually an offer is accepted. One of the most critical roles played by your real estate professional is in the negotiation phase. Negotiations over the terms of a home-purchase contract can be extremely sensitive. The process of offer and counter-offer may go on until parties arrive at an acceptable contract, which can go very quickly or take days, even weeks.
Step 7: Buyers submit a loan application and home inspections are scheduled. Most often, the loan approval is contingent upon a satisfactory appraisal and various inspections.
Step 8: The loan is approved and the closing process begins. Once the buyer’s home loan has been approved, preparations begin for the closing. The closing, also referred to as settlement or close of escrow, is the final step toward completing the sales transaction between the buyer and seller. During this process, your sales professional will funnel all the necessary closing documents to the escrow agent. This may include the deed, mortgage, tax receipts, a Certificate of Occupancy and other documents. A final walk-through will also be scheduled. Once the escrow agent receives the paperwork and the funds pertaining to the sale of the property, the escrow is closed.
Step 9: Time to move!
Of course this is a simplification of what is otherwise a complex transaction. As you are going through each stage of the process, look to your real estate professional to provide guidance so that you feel comfortable every step of the way.
Step 1: List your property with a real estate professional. Select someone who is knowledgeable, listens carefully, and with whom you feel comfortable. Interview at least three real estate professionals. Use their listing presentations to compare their preparation and professionalism. Don’t base your selection solely on selling price or commission. It’s probably best to avoid working with someone who promises you the moon—in this case, an unrealistically high price—then has to make price reductions until the property sells. Instead, focus on marketing plans, service and past results.
Step 2: Establish price and time frame. Determining a fair asking price is crucial in this market. Price the property too high and it could languish on the market. Of course you could always decrease the price later, yet you’ve lost potential buyers. Your real estate professional can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. Supply and demand, craftsmanship, amenities, condition and any special circumstances can also impact price. For instance, a relocation move might necessitate a quick sale.
Step 3: Develop and implement a marketing strategy. To get the most exposure for your home, you should have a marketing plan with clear objectives and an outline of specific resources to be used. Your plan should include a mixture of conventional and online marketing to optimize your reach to potential buyers.
Step 4: Get Your Home in Show Condition. Remember, you only get one chance to make a first impression. So make sure your home is in tip-top shape inside and out. Eliminate clutter and remove personal items. Refresh the paint, clean the carpets and make minor repairs. Keep the grass trimmed and add color to your landscape. You may also want to consider hiring a professional to stage your home. A home in move-in condition is much more attractive to buyers in a competitive market.
Step 5: An offer is submitted. Once your home is on the market, a buyer will make an offer through his/her real estate sales professional. The buyer’s sales professional will present the offer to your representative, who will promptly relay it to you and help you evaluate the offer.
Step 6: The negotiation process begins and eventually an offer is accepted. One of the most critical roles played by your real estate professional is in the negotiation phase. Negotiations over the terms of a home-purchase contract can be extremely sensitive. The process of offer and counter-offer may go on until parties arrive at an acceptable contract, which can go very quickly or take days, even weeks.
Step 7: Buyers submit a loan application and home inspections are scheduled. Most often, the loan approval is contingent upon a satisfactory appraisal and various inspections.
Step 8: The loan is approved and the closing process begins. Once the buyer’s home loan has been approved, preparations begin for the closing. The closing, also referred to as settlement or close of escrow, is the final step toward completing the sales transaction between the buyer and seller. During this process, your sales professional will funnel all the necessary closing documents to the escrow agent. This may include the deed, mortgage, tax receipts, a Certificate of Occupancy and other documents. A final walk-through will also be scheduled. Once the escrow agent receives the paperwork and the funds pertaining to the sale of the property, the escrow is closed.
Step 9: Time to move!
Of course this is a simplification of what is otherwise a complex transaction. As you are going through each stage of the process, look to your real estate professional to provide guidance so that you feel comfortable every step of the way.
Joanne Genesio can be reached at (215) 260-6011. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company.
Equal Housing Opportunity.
Equal Housing Opportunity.
Friday, August 28, 2009
Friday, August 21, 2009
I just found a property and wanted to share it with you!
I just found a property and wanted to share it with you!
Beautiful, Move in Condition Lafayette Hill Colonial.
Posted using ShareThis
Beautiful, Move in Condition Lafayette Hill Colonial.
Posted using ShareThis
Friday, August 14, 2009
What a Buyer Should Expect During the Closing
The last step in the home buying process is what real estate professionals commonly refer to as “the closing.” The closing, or settlement or close of escrow, is when all the progressive steps in buying a home from the acceptance of the offer, title search, home inspection, mortgage approval, and so on, come together in a final transaction. The documents are ready to sign, the buyer is ready to hand over the purchase price and the seller is ready to transfer title—and most importantly the keys!
Usually held in an office setting, most require about an hour and may be attended by some or all of the various parties in the process: the buyer, seller, real estate sales professionals or attorney, and title-company representative.
What goes on during the closing? The buyer reviews and signs loan and real estate documents, as well as pays for the property, closing and other costs. One such loan document is the federal Truth-in-Lending disclosure form which describes the annual rate of financing (APR), finance charges, amount financed, total of payments and the payment schedule. There will also be a form itemizing what your monthly payment consists of including the principal, interest, taxes, insurance and other monthly charges. If everything is in order, the buyer signs the loan papers.
Real estate documents are just as important. There’s the HUD-1 form, which you have the right to inspect at least one day before the closing. This statement itemizes services provided and the fees charged for the entire real estate transactions. There will be a breakdown of the seller’s and buyer’s (borrower) financial obligations. Some of the charges include appraisal fee, credit report fee, loan origination fee, loan discount (points), title insurance fee, government recording fees, PMI Premium, inspections and attorney fee.
Other real estate documents that may be reviewed and/or signed include title documents, warranty deed (which transfers the title of the property) and other acknowledgment of reports.
Assuming that the funds are in order, the deed is correct and the title is clear, the final step is the disbursement of funds to the seller for the purchase price of the home. The title company should already have the loan funds in its possession, but the buyer will need to bring a cashier’s or certified check for the down payment and the closing costs if it was not included in the mortgage loan. If the buyer’s annual real estate taxes and homeowner’s insurance will be paid through the lender, an escrow account will also be established.
Once all the papers are signed and funds are disbursed, the buyer will receive the keys and is now a homeowner.
Usually held in an office setting, most require about an hour and may be attended by some or all of the various parties in the process: the buyer, seller, real estate sales professionals or attorney, and title-company representative.
What goes on during the closing? The buyer reviews and signs loan and real estate documents, as well as pays for the property, closing and other costs. One such loan document is the federal Truth-in-Lending disclosure form which describes the annual rate of financing (APR), finance charges, amount financed, total of payments and the payment schedule. There will also be a form itemizing what your monthly payment consists of including the principal, interest, taxes, insurance and other monthly charges. If everything is in order, the buyer signs the loan papers.
Real estate documents are just as important. There’s the HUD-1 form, which you have the right to inspect at least one day before the closing. This statement itemizes services provided and the fees charged for the entire real estate transactions. There will be a breakdown of the seller’s and buyer’s (borrower) financial obligations. Some of the charges include appraisal fee, credit report fee, loan origination fee, loan discount (points), title insurance fee, government recording fees, PMI Premium, inspections and attorney fee.
Other real estate documents that may be reviewed and/or signed include title documents, warranty deed (which transfers the title of the property) and other acknowledgment of reports.
Assuming that the funds are in order, the deed is correct and the title is clear, the final step is the disbursement of funds to the seller for the purchase price of the home. The title company should already have the loan funds in its possession, but the buyer will need to bring a cashier’s or certified check for the down payment and the closing costs if it was not included in the mortgage loan. If the buyer’s annual real estate taxes and homeowner’s insurance will be paid through the lender, an escrow account will also be established.
Once all the papers are signed and funds are disbursed, the buyer will receive the keys and is now a homeowner.
Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Tuesday, August 4, 2009
Thursday, July 30, 2009
Packing Tips to Get You Moving
Prudential Fox & Roach Realtors Joanne Genesio
Packing is one of those dreaded but necessary chores of moving. Not only is it time consuming, but it sheds light on how much we really have accumulated since the last move. But it can be a manageable task by starting early and having a plan.
Don’t wait until the last minute.
Moving is stressful enough. Give yourself at least six weeks, which gives you enough time to pack a few boxes each day.
Take inventory of your items to determine how many packing boxes you will need. As a rule of thumb, use small boxes for small, heavy items such as books and canned goods; medium-size for bulkier, not so heavy items like linens and pots; and reserve larger boxes for very bulky lightweight items such as lamp shades.
Obtain boxes from a moving company or collect sturdy boxes from local supermarkets and liquor stores. Also, consider investing in specialty boxes, such as wardrobe and mirror/painting cartons. Wardrobe boxes are specially designed to transport clothing on hangers and mirror/painting cartons adjust to fit large sizes.
Besides boxes, make sure you have marking pens, packing peanuts or bubble wrap, strong 2-inch wide packing tape, and unprinted newspaper. The ink from printed newspaper can rub off onto your individual items.
Pack strategically.
Plan out how you will pack up your belongings. Decide what needs to be packed first such as seldom used and out-of-season items. Then work your way up to everyday items, like dishes.
It’s also a good idea to pack one room at a time. Places like your attic, basement, garage and storage closets are a great place to start. Clearly mark on each box the contents and the room it will go in at your new residence. For fragile items, clearly mark “fragile” on the box and a directional arrow to indicate the correct upright position.
Decide what you will need to access as soon as you arrive at your destination. Write “Open First” on these boxes and load them onto the truck last or put them in your car. You also should pack a box with essentials for your first few nights, such as prescription medicine, toiletries, a telephone, clothing, towels, toilet paper, and bed linen.
Make sure to protect your belongings.
You’ll want to make sure that your belongings get from Point A to Point B in one piece. To avoid damage, follow these packing techniques.
Computers: Before packing your computer, back up your data on either an online service or a portable hard drive. If possible, pack the computer in its original boxes and packaging. If you no longer have them, use a box with shock resistant insulation or create padding at the bottom and all around the sides. If you will be using packing peanuts, wrap the computer in a plastic bag so the peanuts won’t get inside and damage the computer. Place the CPU in the center of the box with the motherboard side lying flat on the bottom. Protect the top with more padding. Make sure the computer is a tight-fit in the box. Use this technique for your monitor and printer. Don’t forget to remove the print cartridge and paper from the printer. This same procedure can be used with other electronics.
Glasses and stemware: Stuff a bit of paper inside a glass, wrap the stem, and then wrap each piece individually. Place glasses face down on a 3- to 4-inch cushion of crumpled newspaper. Top off the box with 2 to 3 inches of crumpled paper.
Plates: Create a 3- to 4-inch cushion of crumpled paper in a sturdy box or dish pack. Wrap up to four plates at a time by taking two sheets of newspaper, place a plate slightly off center, fold paper over the plate, then stack a plate on top of the covered plate. Fold paper back over the second plate and repeat this process until four plates are wrapped. Now wrap the bundle and place it on end in the box. Continue to fill the box with bundled plates, and then top it with 2 to 3 inches of crumpled paper.
Large furniture pieces: Have large plastic bags or shrink wrap on hand to protect furniture. Use rags, blankets, comforters and towels for padding.
Artwork and mirrors: Wrap all pieces individually with bubble wrap or cardboard. For artwork framed behind glass or mirrors, tape an “X” across the mirror to keep pieces in places in case it should break. Place each piece in its own flat, fitted box and fill in any space with crumpled newspaper.
A few other tidbits.
Prudential Real Estate Affiliates, Inc., a Prudential Financial company.
Equal Housing Opportunity.
Packing is one of those dreaded but necessary chores of moving. Not only is it time consuming, but it sheds light on how much we really have accumulated since the last move. But it can be a manageable task by starting early and having a plan.
Don’t wait until the last minute.
Moving is stressful enough. Give yourself at least six weeks, which gives you enough time to pack a few boxes each day.
Take inventory of your items to determine how many packing boxes you will need. As a rule of thumb, use small boxes for small, heavy items such as books and canned goods; medium-size for bulkier, not so heavy items like linens and pots; and reserve larger boxes for very bulky lightweight items such as lamp shades.
Obtain boxes from a moving company or collect sturdy boxes from local supermarkets and liquor stores. Also, consider investing in specialty boxes, such as wardrobe and mirror/painting cartons. Wardrobe boxes are specially designed to transport clothing on hangers and mirror/painting cartons adjust to fit large sizes.
Besides boxes, make sure you have marking pens, packing peanuts or bubble wrap, strong 2-inch wide packing tape, and unprinted newspaper. The ink from printed newspaper can rub off onto your individual items.
Pack strategically.
Plan out how you will pack up your belongings. Decide what needs to be packed first such as seldom used and out-of-season items. Then work your way up to everyday items, like dishes.
It’s also a good idea to pack one room at a time. Places like your attic, basement, garage and storage closets are a great place to start. Clearly mark on each box the contents and the room it will go in at your new residence. For fragile items, clearly mark “fragile” on the box and a directional arrow to indicate the correct upright position.
Decide what you will need to access as soon as you arrive at your destination. Write “Open First” on these boxes and load them onto the truck last or put them in your car. You also should pack a box with essentials for your first few nights, such as prescription medicine, toiletries, a telephone, clothing, towels, toilet paper, and bed linen.
Make sure to protect your belongings.
You’ll want to make sure that your belongings get from Point A to Point B in one piece. To avoid damage, follow these packing techniques.
Computers: Before packing your computer, back up your data on either an online service or a portable hard drive. If possible, pack the computer in its original boxes and packaging. If you no longer have them, use a box with shock resistant insulation or create padding at the bottom and all around the sides. If you will be using packing peanuts, wrap the computer in a plastic bag so the peanuts won’t get inside and damage the computer. Place the CPU in the center of the box with the motherboard side lying flat on the bottom. Protect the top with more padding. Make sure the computer is a tight-fit in the box. Use this technique for your monitor and printer. Don’t forget to remove the print cartridge and paper from the printer. This same procedure can be used with other electronics.
Glasses and stemware: Stuff a bit of paper inside a glass, wrap the stem, and then wrap each piece individually. Place glasses face down on a 3- to 4-inch cushion of crumpled newspaper. Top off the box with 2 to 3 inches of crumpled paper.
Plates: Create a 3- to 4-inch cushion of crumpled paper in a sturdy box or dish pack. Wrap up to four plates at a time by taking two sheets of newspaper, place a plate slightly off center, fold paper over the plate, then stack a plate on top of the covered plate. Fold paper back over the second plate and repeat this process until four plates are wrapped. Now wrap the bundle and place it on end in the box. Continue to fill the box with bundled plates, and then top it with 2 to 3 inches of crumpled paper.
Large furniture pieces: Have large plastic bags or shrink wrap on hand to protect furniture. Use rags, blankets, comforters and towels for padding.
Artwork and mirrors: Wrap all pieces individually with bubble wrap or cardboard. For artwork framed behind glass or mirrors, tape an “X” across the mirror to keep pieces in places in case it should break. Place each piece in its own flat, fitted box and fill in any space with crumpled newspaper.
A few other tidbits.
- Avoid damage from leakage by packing your liquids (including medicine) in leak proof containers such as zippered plastic bags. Plastic bags also come in handy for small odds and ends.
- Keep box weights to 50 lbs. or less.
- Use masking tape to secure lids to jars and bottles; hold down movable parts; and affix nuts, bolts, screws or nails to associated items.
- Place a sock filled with coffee grinds or baking soda in your washer, freezer, and refrigerator to prevent odors.
Prudential Real Estate Affiliates, Inc., a Prudential Financial company.
Equal Housing Opportunity.
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