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Posts Tagged ‘real estate’

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Smart Tips To Help You Prepare Your Home For Sale

March 11th, 2010 by Matthew C. Keegan | 1 Comment | Filed in Home Selling

Spring is here and with the warmer weather comes a surge of homes available for sale. The 2010 market may be tempered a bit with some local markets still working their way through a rash of foreclosures and lower home prices.

home sellThat’s all the more reason why you should carefully plan just how you will prepare your home for sale, working on giving it the edge it needs in a touch market.

We’ve scoured our archives and pulled together some tried and true tips to help homeowners get ready including the following smart ideas:

Evaluate your home. Is your home ready to sell or do you need to invest in repairs and updates first? Look inside and out as well as around the yard and decide what needs to be taken care of before you place your home on the market. Don’t expect a dollar for dollar return on your repairs, but do realize that “new stuff” can help your home sell in a tough market. Establish a budget and adhere to it; find ways to keep your costs down while maximizing your return on investment.

Maximize curb appeal. The first thing potential buyers see when they pull up in front of your home is the lawn and your home’s exterior. If both are in good shape then you have acceptable curb appeal. But if there are problems such as peeling paint, a broken gutter, overgrown shrubs or poor lighting, you will need to put those items on your “to do” list. Consider painting the front door, power washing the house, planting fresh flowers, resealing your driveway and patching holes in your lawn.

Enhance inside attraction. Just because your exterior looks great doesn’t mean you’ll get visitors much beyond your threshold if there are glaring problems inside. Your first step is to remove all of your clutter; if you can’t part with a piece of furniture, then store it. Then, take a look at your walls, ceiling and carpeting and flooring and decide if they have a sparkle that would attract buyers. Fix dripping faucets, running toilets and give bathrooms a good cleaning is a start. Clean up and clean out the garage, basement and attic. Work with your real estate agent to stage your home for maximum buyer appeal.

As the weather continues to warm, make sure that you have your lawn under control, check for bug infestation and consider enhancing yard appeal by hanging up a colorful wooden birdhouse or chimes. If you have a patio bring out the summer furniture while also tidying up the woodpile, laying down fresh mulch and planting annuals.

Adv. — Just a few week remain before the federal homebuyer tax credit is set to expire. Barring another extension by Congress, you could miss out on a special opportunity if you are looking to purchase your first home. To review related lending tools, please stop by SayLending.com today!


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Return of the HELOC?

November 18th, 2009 by Matthew C. Keegan | 2 Comments | Filed in Home Financing

Pity the poor HELOC. Ostracized by some as demonstrating what is wrong with the American consumer, the HELOC fell out of fashion when credit tightened and the financial markets collapsed in 2008.

But, much like the fabled phoenix which rose from the ashes, the HELOC is back though not looking quite the same as it did before – yes, its wings have been singed, if not a bit clipped.

home loanHELOC Defined

Oh, what exactly is a HELOC you ask? That would be Home Equity Line Of Credit, a method for consumers to borrow money off of the value of their homes. Popularized throughout much of the past decade, HELOCs allowed homeowners to reap the rewards of their rapidly increasing home values by borrowing money to finance $100,000 kitchen renovations, enjoy expensive vacations, pay for their children’s college education, and more.

Critics hated HELOCs, blaming these types of loans with helping to push up the price of housing, encouraging predatory lenders to jump in, and putting millions of homeowners in a vulnerable position, with many people losing their homes when property values plummeted and jobs were lost.

Careless Consumers?

And you know what? The critics do have a point: a number of people were very careless, borrowing more money then they needed and foolishly spending it on stuff they didn’t need. Still, a HELOC does offer a number of benefits which is why they’re still being written by lenders and grabbed by eligible consumers.

If you’re considering a HELOC, some things HAVE changed over the past few years including:

You must have very good credit – Even if you have a sizable amount of equity in your home (and for many homeowners this no longer holds true), expect lenders to carefully look at your credit history and only offer you a HELOC if your credit score is very good.

You can’t borrow the full amount – Previously, many lenders allowed homeowners to borrow the full amount of equity in their homes. This means that if the consumer had a house valued at $300,000 and owed $220,000 on the first mortgage, then a lender would consider a $80,000 line, in some cases even more than the home’s worth. Today, you’ll be lucky to get $20,000 because few lenders are willing to let you borrow more than 80% of the value of your home.

Emergency Line

Perhaps one of the best reasons for homeowners to consider a HELOC is this one – an available line of credit to handle life’s emergencies. The last two years offered many challenges to Americans, certain thing which even worsened when funds dried up. By having access to a HELOC and using it wisely, you can borrow funds when needed to cover a crisis.

Adv. – Have you considered a HELOC? Carefully weigh your options before securing a line. Rates are low, lenders are willing and a line could help you complete important renovations to your home, including replacing your roof, windows and doors, add a room, and more. Get a HELOC quote today!


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House Sales Surge For September 2009

October 26th, 2009 by Krayton M Davis | 1 Comment | Filed in Home Buying, News

Sales of existing homes climbed by 9.4% in September, representing the strongest monthly increase in more than two years, according to the National Association of Realtors (NAR). With an $8000 federal tax credit set to expire on November 30th, buyers took advantage of low prices and huge inventories of available homes to snap up bargains.

home buyThe news was better than expected but not too surprising given that home prices in most markets are much lower than they were from a year ago. Include the federal tax credit for first time home buyers in the mix and the response reflects consumers shopping for values.

Last Call

Though Congress is talking about extending or expanding the $8000 tax credit, legislation has yet to be introduced to bring that about. Thus, buyers are jumping in now just in case a “last call” is being made.

How do you know if you qualify for the tax credit? Well, restrictions do apply but you may be able to get a credit if the following apply to you:

  • You plan on buying a home prior to December 1, 2009. This means that your closing cannot be after November 30, 2009 in order to qualify.
  • You are a first time home buyer or you haven’t owned a home in the past three years that was considered to be your primary residence. If you own a cottage in the mountains, then you may qualify as long as that home isn’t your primary residence.
  • The home you are buying must be your primary residence. Rental property and vacation homes do not qualify.
  • You may not buy your home from a close relative. This means that you cannot buy your home from your spouse, parent, grandparent, child or grandchildren.
  • Finally, if you’re single then you cannot make more than $75,000 annually to qualify for the tax credit while couples filing jointly cannot make more than $150,000. These are adjusted gross income amounts, therefore if your salary is higher you may still qualify for the credit once tax adjustments have been made.

November 30th

Remember, if you want to take advantage of the tax credit, you’ll have to close on your home no later than November 30th. This means you have your work cut out for you and the seller must agree to a quick closing date – a tall order, but one that can be reached if all parties cooperate to make it happen.

Adv. – Are you shopping for a new home? Visit SayHomeBuy.com to find everything you need including house listings, foreclosures, affordability tips, financing information and so much more.


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One In Four Sellers Reduce Their Asking Price

September 17th, 2009 by Matthew C. Keegan | 3 Comments | Filed in Home Selling, News
Just like putting a puzzle together, getting a decent price for your home means understanding exactly what buyers in your market expect. Good luck with that!

Just like putting a puzzle together, getting a decent price for your home means understanding exactly what buyers in your market expect. Good luck with that!

There was a time when a home was placed on the market and a bidding war broke out. Owners quickly discovered that buyers were willing to pay five, ten even twenty percent or more over their asking price, bringing quick and easy profits to them. Those days have passed by and instead we’re seeing just about the opposite taking place – homes languishing on the market with owners dropping their asking prices at least once.

Buyers Win, Sellers Lose

For buyers, any drop in home prices is advantageous to them, but for owners that sort of move can prove financially disastrous. Nearly every home in America has seen its value drop over the past few years, with prices plummeting by as much as 60% even more in some markets. Add the “insult” of a further price cut once a home has been listed and what you have is the makings of a personal financial collapse for some sellers.

Trulia, Inc., the real estate search site, noted that 26% of the homes on the market as of September 1, 2009, have gone through at least one price cut. That rate has increased each of the past four months, suggesting that homeowners are still having a difficult time finding buyers in this market. With the federal government’s $8000 tax credit for new homeowners set to expire on November 30th, homeowners may be forced to drop their prices again in a bid to compete with other sellers.

Ten Percent Discount

According to Trulia, the average discount off of the initial listed price is ten percent. That means a home listed for $329,900 is now selling for about $300,000. As most people will tell you, that newly updated listing price can be further eroded when a prospective buyer makes his offer, reducing the final amount by thousands of dollars.

“The steady rise in price reductions is a signal that sellers are still trying to adjust to the ever changing market conditions,” said Pete Flint, Trulia co-founder and CEO. “We expect the $8,000 federal tax incentive to extend the peak home purchasing season beyond the summer months, continuing to drive competition amongst sellers and ultimately leading to more price reductions, giving consumers a great opportunity to find the home of their dreams.”

Prepare To Deal

What that means is that home sellers need to be prepared for the worst as bargain hunters dictate the market, thanks in part to a generous government incentive. All of the real estate comps you have in your possession may not do you much good especially if you live in a market where price cutting is rampant.

For homeowners who must sell, coming up with a top notch marketable price could be the best approach to moving their homes, but expect to face strong negotiation from mortgage approved, market savvy buyers.

Source: Trulia, Inc.

See Also — How To Sell Your Home In A Lousy Market

Adv. – Are you considering buying a home this year? If so, you may be eligible for an $8000 federal tax credit if you are a first time home buyer. Make you move now while prices are low and before mortgage rates start to climb. Please visit PickMyMortgage.com to learn more about the lending process and to review our free, handy financing tools.


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