Interested in buying a Dallas home and claiming the home-buyer tax credit? Below are five tips:
1. Don’t procrastinate. Start searching for a home now. Getting an early start will give you a better chance of finding the right house before the credit deadline. Before you start house hunting, get preapproved for a mortgage, said Eddie Fadel, a Miami-based mortgage banker, and do a realistic assessment of what you can afford. Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible.
2. Don’t count on another extension. The credit won’t be available forever, Fadel said. If you want to take advantage, be sure to make that spring deadline.
“This is a medication for the housing crisis. Once the patient—which is the housing market—cures, there will be no medication needed,” he said.
3. Mind the interest rates. Mortgage interest rates are low right now, but will likely rise next year. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying. Average rates on the 30-year fixed-rate mortgage have been hovering around 5%, but when the government stops buying large amounts of mortgage-backed securities, rates could rise.
4. Communicate with your lender. Throughout the process, make sure you’re communicating with your lender regularly; if there’s a piece of documentation you’re asked for, get it turned in as soon as possible, said Doug Heddings, a New York-based real estate agent with Charles Rutenberg Realty. Good communication is important in making sure the loan closes on time. And think twice before pursuing a short sale if you want to make the credit deadline. That’s where someone sells a home for less than what he or she owes on a mortgage, with permission of the lender. The process can be lengthy and unpredictable because the homeowner’s lender has to approve any deal, and can be complicated when there is a second mortgage associated with the property.
5. Don’t take shortcuts. Don’t forgo any of the steps you would normally take just to make the tax credit deadline. Make sure the house is a good fit for your needs and get a home inspection. Skipping steps could cost you in the long run.
Monday, November 30, 2009
Monday, November 23, 2009
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Sunday, November 22, 2009
Saturday, November 21, 2009
Stricter Noise Guidelines to Help Ensure a More Peaceful, Quiet City for Residents
To help give Irving residents a more peaceful and quiet environment in which to live, the city has strengthened its noise guidelines. New language allows the Police Department to provide enhanced enforcement of several ordinance clauses.
Highlights of the enhanced guidelines include:
•Prohibiting commercial vehicle idling in excess of 15 minutes within residential areas or within 300 feet of a residential structure.
•Prohibiting devices that cause vibration beyond the boundary of the source property.
•Limiting construction and repairs generally between 6 a.m. and 9 p.m. on weekdays, and between 7 a.m. and 8 p.m. on weekends.
•Testing of emergency signals only between 7 a.m. and 9 p.m.
“Our goal is to provide the public with a greater understanding of the ordinance and to offer a more comprehensive list of prohibited conduct,” said Police Chief Larry Boyd. “We are hopeful that the enhanced ordinance will be a more effective tool for law enforcement.”
Additional changes to the ordinance included the elimination of outdated language. Violations of any ordinance clause may result in a fine. For more information, contact the Irving Police Department at (972) 721-2661.
Friday, November 20, 2009
What is a short sale?
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Why is the number of short sales rising?
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.
A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
Why is the number of short sales rising?
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.
A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
Accessible Playground, Miracle League Field Dedicated Oct. 24
The city’s new Accessible Playground and Miracle League Field was dedicated Oct. 24. Irving voters approved the funding of a fun, safe environment for special needs children in the 2006 bond election. Children with special needs will have a place to play baseball and other games on grounds equipped with smooth, rubber safety surfaces.
In compliance with the Americans with Disabilities Act, the playground includes access ramps, wider play decks and other design features to accommodate mobility impaired children. The new recreational area will be the official home of the Disabled Softball League. For more information, call (972) 721-2719.
Thursday, November 19, 2009
Irving Named One of the Most Technologically Advanced Cities in the United States
The City of Irving has been recognized as one of the most technologically advanced cities in the United States for the fifth consecutive year according to the 2009 Digital Cities Survey. Irving achieved its highest rating ever, placing third for cities in the 125,000 to 249,999 population category. In addition, Irving is the only Texas city to secure a top-10 spot in this category.
“Our goal has always been to provide the Irving community with access to the latest and most cutting-edge technology,” said Information Technology Department Director David Galvan. “We are delighted to be recognized for our investments in technology and we look forward to ensuring that technology continues to be used as a vehicle to improve the quality of life for our residents, visitors and businesses.”
The survey, which was conducted by the Center for Digital Government based in Sacramento, Calif., recognizes cities for their use of technology and examines how municipalities incorporate information technology into operations that better serve residents engaging with local government. All United States cities, towns, villages and consolidated city/county governments with populations of 30,000 or greater were invited to participate in this survey.
The City of Irving will officially be recognized for its achievement Nov. 12 at a special awards ceremony in San Antonio.
Monday, November 16, 2009
You’ve probably heard of home warranties, and you might have some questions regarding their value. Many times, home sellers offer home warranties as a way of enticing buyers to purchase their Irving homes; other times, buyers purchase their own home warranty.
Whether the home warranty is being offered by the seller or paid out of your pocket, learning about the advantages of a home warranty will better help you make the decision if you should carry a home warranty on your Irving home purchase.
Q: What is a home warranty and how does it work?
A: A home warranty is an insurance policy, of sorts, that is designed to cover the cost of repairing or replacing certain items in and around your home. From electrical and plumbing issues to broken appliances and a malfunctioning furnace, home warranties can often cover many of the major areas in and around your home. You can also purchase additional riders on your home warranty that cover extra items, such as swimming pools and Jacuzzis.
Most home warranty policies are taken out for the year, and paid upfront, although there are many home warranty companies that allow you to pay per month, and many can add the monthly premium to your mortgage payment for convenience.
Home warranties are designed for existing homes; new home warranties, offered by builders, are different than home warranties.
Q: What do I do if something that is covered by my home warranty breaks?
A: Your home warranty company will likely have a toll-free number that you call to file a claim. The home warranty company then calls a local company that is partnered with them to make the necessary repairs. A small service call payment is usually collected by the local company at the time of repair. If the item covered under your home warranty cannot be repaired then the warranty covers the replacement, or replacement cost, of the item.
Q: Is it worth it to purchase a home warranty?
A: Most homeowners find that home warranties provide convenience and peace of mind. The small, monthly premiums are usually much less than it would cost to pay a professional to repair or replace a large item, such as a furnace, air conditioner or appliance, for example, so many homeowners find that purchasing a home warranty is a great way to provide them with the peace of mind knowing that if something breaks it won’t break the bank.
Whether the home warranty is being offered by the seller or paid out of your pocket, learning about the advantages of a home warranty will better help you make the decision if you should carry a home warranty on your Irving home purchase.
Q: What is a home warranty and how does it work?
A: A home warranty is an insurance policy, of sorts, that is designed to cover the cost of repairing or replacing certain items in and around your home. From electrical and plumbing issues to broken appliances and a malfunctioning furnace, home warranties can often cover many of the major areas in and around your home. You can also purchase additional riders on your home warranty that cover extra items, such as swimming pools and Jacuzzis.
Most home warranty policies are taken out for the year, and paid upfront, although there are many home warranty companies that allow you to pay per month, and many can add the monthly premium to your mortgage payment for convenience.
Home warranties are designed for existing homes; new home warranties, offered by builders, are different than home warranties.
Q: What do I do if something that is covered by my home warranty breaks?
A: Your home warranty company will likely have a toll-free number that you call to file a claim. The home warranty company then calls a local company that is partnered with them to make the necessary repairs. A small service call payment is usually collected by the local company at the time of repair. If the item covered under your home warranty cannot be repaired then the warranty covers the replacement, or replacement cost, of the item.
Q: Is it worth it to purchase a home warranty?
A: Most homeowners find that home warranties provide convenience and peace of mind. The small, monthly premiums are usually much less than it would cost to pay a professional to repair or replace a large item, such as a furnace, air conditioner or appliance, for example, so many homeowners find that purchasing a home warranty is a great way to provide them with the peace of mind knowing that if something breaks it won’t break the bank.
Sunday, November 15, 2009
Why the End of 2009 may be the Best Time to Purchase a New Home
For those of you who have been waiting on the sidelines, just waiting for that perfect time to purchase a home, now may the time you’ve been waiting for.
Many homebuyers look during the spring and summer months, as this is usually the time when the kids are out of school and the weather is pleasant. However, if you have the flexibility of moving during the fall and early winter then you may be privy to a wide array of perks that many homebuyers simply do not consider.
There are many benefits to purchasing a home at the end of the year, and 2009 is no exception.
1.Those sellers that so desperately wanted to sell in the summer, but didn’t, are now more anxious than ever to sell their home at year’s end. If a seller’s home has been sitting on the market through the spring and summer months, chances are that he is more than willing to offer buyer incentives and a reduced home price.
2.If you close on your new home by December 31, you can deduct all of the closing costs and property taxes on your federal income tax return. This is often a huge deal for homebuyers who just spent a considerable amount of their nest egg on a new home.
3.Many home builders offer fantastic incentives in an effort to move their inventory before year’s end, thereby giving you a clear advantage when purchasing a new Las Colinas home during this time.
4.Many sellers, in anticipation of a large tax deduction if they purchase another home before year’s end, will offer better deals to homebuyers during this time.
5.There is still likely a large number of homes on the market in Las Colinas during October and November before things slow down in December.
6.The new homebuyer tax credit of up to $8,000 is available until the end of the year, thereby presenting homebuyers with a unique - and very lucrative - opportunity come tax time.
7.You will likely get much better deals on moving services during the end of the year, as most companies are looking for business after the summer rush ends.
Many homebuyers look during the spring and summer months, as this is usually the time when the kids are out of school and the weather is pleasant. However, if you have the flexibility of moving during the fall and early winter then you may be privy to a wide array of perks that many homebuyers simply do not consider.
There are many benefits to purchasing a home at the end of the year, and 2009 is no exception.
1.Those sellers that so desperately wanted to sell in the summer, but didn’t, are now more anxious than ever to sell their home at year’s end. If a seller’s home has been sitting on the market through the spring and summer months, chances are that he is more than willing to offer buyer incentives and a reduced home price.
2.If you close on your new home by December 31, you can deduct all of the closing costs and property taxes on your federal income tax return. This is often a huge deal for homebuyers who just spent a considerable amount of their nest egg on a new home.
3.Many home builders offer fantastic incentives in an effort to move their inventory before year’s end, thereby giving you a clear advantage when purchasing a new Las Colinas home during this time.
4.Many sellers, in anticipation of a large tax deduction if they purchase another home before year’s end, will offer better deals to homebuyers during this time.
5.There is still likely a large number of homes on the market in Las Colinas during October and November before things slow down in December.
6.The new homebuyer tax credit of up to $8,000 is available until the end of the year, thereby presenting homebuyers with a unique - and very lucrative - opportunity come tax time.
7.You will likely get much better deals on moving services during the end of the year, as most companies are looking for business after the summer rush ends.
Saturday, November 14, 2009
~Low Prices Draw Investors Back to the Market~
Real estate investors are moving back into the market, according to a new survey from Move.com.
According to the Move.com survey, 12.1 percent of home buyers today plan to buy a home as an investment property, compared to 5.6 percent in March 2009. The survey found that 15.8 percent of those interested in investment property were men and 8.1 percent were women and 52.6 percent of the investment buyers were between ages 35 to 49.
Of the 25.3 percent of buyers who are focusing on foreclosure properties, 42 percent regard the purchase they are considering an investment and don’t plan to live in the property themselves; 13.2 percent plan to rent out the property; 11.3 percent are going to fix up the property and resell it; and 17.4 percent plan to house a family member until the property can be sold profitably.
Of the 9.8 percent of buyers who say that they plan to purchase and live in a property in the next two years, 5.4 percent plan to purchase in the next 12 months; 48.3 percent are first-time buyers; 52.8 percent are women, and 44.1 percent are men.
Buyers of investment and personal property say they are motivated by these factors:
Prices are as low as they will go, 23.6 percent
Foreclosure prices are a bargain, 18.7 percent
Great selection of homes for sale in their target community, 21.2 percent
Concerned interest rates will rise, 14.2 percent
According to the Move.com survey, 12.1 percent of home buyers today plan to buy a home as an investment property, compared to 5.6 percent in March 2009. The survey found that 15.8 percent of those interested in investment property were men and 8.1 percent were women and 52.6 percent of the investment buyers were between ages 35 to 49.
Of the 25.3 percent of buyers who are focusing on foreclosure properties, 42 percent regard the purchase they are considering an investment and don’t plan to live in the property themselves; 13.2 percent plan to rent out the property; 11.3 percent are going to fix up the property and resell it; and 17.4 percent plan to house a family member until the property can be sold profitably.
Of the 9.8 percent of buyers who say that they plan to purchase and live in a property in the next two years, 5.4 percent plan to purchase in the next 12 months; 48.3 percent are first-time buyers; 52.8 percent are women, and 44.1 percent are men.
Buyers of investment and personal property say they are motivated by these factors:
Prices are as low as they will go, 23.6 percent
Foreclosure prices are a bargain, 18.7 percent
Great selection of homes for sale in their target community, 21.2 percent
Concerned interest rates will rise, 14.2 percent
Friday, November 13, 2009
~What is Appraised Value?~
Appraisals provide an objective opinion of value, but it’s not an exact science so appraisals may differ.
For buying and selling purposes, appraisals are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
Appraised value doesn’t take into account special considerations, like the need to sell rapidly.
Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
For buying and selling purposes, appraisals are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
Appraised value doesn’t take into account special considerations, like the need to sell rapidly.
Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
Thursday, November 12, 2009
~Does Moving Up Make Sense?~
These questions will help you decide whether you’re ready for an Irving 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 Irving 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 Irving neighborhood? The neighborhood you pick for your first Irving 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 Irving 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.
1. Have you built substantial equity in your current Irving 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 Irving neighborhood? The neighborhood you pick for your first Irving 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 Irving 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, November 11, 2009
~Short Sales Tips for Sellers~
If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.
1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as: Refinancing your loan at a lower interest rate; providing a different payment plan to help you get caught up; or providing a forbearance period if your situation is temporary. When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if:
Your property is worth less than the total mortgage you owe on it.
You have a financial hardship, such as a job loss or major medical bills.
You have contacted your lender and it is willing to entertain a short sale.
2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. A qualified real estate professional can:
Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
Help you set an appropriate listing price for your home, market the home, and get it sold.
Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
Ease the process of working with your lender or lenders.
Negotiate the contract with the buyers.
Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.
3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include:
A hardship letter detailing your financial situation and why you need the short sale
A copy of the purchase contract and listing agreement
Proof of your income and assets
Copies of your federal income tax returns for the past two years
1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as: Refinancing your loan at a lower interest rate; providing a different payment plan to help you get caught up; or providing a forbearance period if your situation is temporary. When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if:
Your property is worth less than the total mortgage you owe on it.
You have a financial hardship, such as a job loss or major medical bills.
You have contacted your lender and it is willing to entertain a short sale.
2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. A qualified real estate professional can:
Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
Help you set an appropriate listing price for your home, market the home, and get it sold.
Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
Ease the process of working with your lender or lenders.
Negotiate the contract with the buyers.
Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.
3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include:
A hardship letter detailing your financial situation and why you need the short sale
A copy of the purchase contract and listing agreement
Proof of your income and assets
Copies of your federal income tax returns for the past two years
Making Mexian Guacamole
Last night we made Chicken Fajitas and with it, I made homemade guacamole for the first time. It turned out pretty well! This is the recipe I used:
MEXICAN GUACAMOLE
2 medium avocados
1/2 can of Rotel tomatoes
1/4 onion, minced
squeeze of lemon juice
garlic powder
salt
optional:
some chopped cilantro
1/2 jalapeño, minced
Scoop the avocado out into a bowl using a spoon. Mash with a fork. Squeeze in lemon juice, add salt and garlic powder to taste, chopped tomato, minced onion, (chopped cilantro, minced jalapeño), and mix.
Tip: To keep the guacamole from turning brown, put the seed from one of the avocados in the bowl of guacamole. It keeps the guacamole bright green.
MEXICAN GUACAMOLE
2 medium avocados
1/2 can of Rotel tomatoes
1/4 onion, minced
squeeze of lemon juice
garlic powder
salt
optional:
some chopped cilantro
1/2 jalapeño, minced
Scoop the avocado out into a bowl using a spoon. Mash with a fork. Squeeze in lemon juice, add salt and garlic powder to taste, chopped tomato, minced onion, (chopped cilantro, minced jalapeño), and mix.
Tip: To keep the guacamole from turning brown, put the seed from one of the avocados in the bowl of guacamole. It keeps the guacamole bright green.
Friday, November 6, 2009
Tax Credit update for First Time Homebuyers AND Home Owners
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
•• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
•• Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream
Go to www.info4dfwhomevales.com and get a free report to see how much your home is worth.
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
•• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
•• Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream
Go to www.info4dfwhomevales.com and get a free report to see how much your home is worth.
First Impressions: Get Instant Curb Appeal With These 10 Must-Dos
The Internet is the first source for viewing a property for most buyers, even before talking to a real estate professional. That means curb appeal is important because they are “driving by” the listing, and you don’t know it.
Here are 10 things to consider when assessing the curb appeal of your listing:
1. Pressure wash siding, decks, and walkways.
2. Clean windows and gutters, and check downspouts.
3. Check the growth of trees and bushes–ensure they don’t block light from any window.
4. Kill any mold or mildew around the property.
5. Mow the lawn, eliminate weeds, and rake and dispose of leaves, especially if it’s a wooded lot.
6. Paint the front door. Color choice has a big impact–so you might want to get a professional’s advice.
7. Make the front entry sing “welcome”. The degree of what can be achieved depends on the size of entry and, of course, your budget. However, even minimal improvements will make a huge difference: Consider flowers, a new mailbox, hardware, lights, and house numbers.
8. Don’t forget the rear yard–buyers may attempt to see the back yard during a drive by, even from another street.
9. Outdoor lighting is a huge plus as 50 percent of viewings take place at night. Today we are fortunate to have access to inexpensive but tasteful low-voltage lighting. Consider placing lighting along the sidewalks, driveway, or attractive landscaping elements. Take extra care to ensure your front door and numbers are clearly visible from the street.
10. If the inside of the home is visible at night, be sure the interior lighting also enhances what is seen from the outside.
Here are 10 things to consider when assessing the curb appeal of your listing:
1. Pressure wash siding, decks, and walkways.
2. Clean windows and gutters, and check downspouts.
3. Check the growth of trees and bushes–ensure they don’t block light from any window.
4. Kill any mold or mildew around the property.
5. Mow the lawn, eliminate weeds, and rake and dispose of leaves, especially if it’s a wooded lot.
6. Paint the front door. Color choice has a big impact–so you might want to get a professional’s advice.
7. Make the front entry sing “welcome”. The degree of what can be achieved depends on the size of entry and, of course, your budget. However, even minimal improvements will make a huge difference: Consider flowers, a new mailbox, hardware, lights, and house numbers.
8. Don’t forget the rear yard–buyers may attempt to see the back yard during a drive by, even from another street.
9. Outdoor lighting is a huge plus as 50 percent of viewings take place at night. Today we are fortunate to have access to inexpensive but tasteful low-voltage lighting. Consider placing lighting along the sidewalks, driveway, or attractive landscaping elements. Take extra care to ensure your front door and numbers are clearly visible from the street.
10. If the inside of the home is visible at night, be sure the interior lighting also enhances what is seen from the outside.
Thursday, November 5, 2009
Wednesday, November 4, 2009
Homebuyer Credit Gets New Life
Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.
Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.
Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)
© Copyright 2009 Information Inc
Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.
Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)
© Copyright 2009 Information Inc
Tuesday, November 3, 2009
Pending Home Sales Rise for Record Eight Straight Months
Washington, November 02, 2009
Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.
Lawrence Yun, NAR chief economist, said the momentum is understandable. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he said. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”
NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home. “As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers,” Yun said. “Although the tax credit is greatly reviving the existing home market, new-home sales may continue to struggle as home builders hold back production to drive down inventory. In addition, there remains an ongoing credit crunch for construction loans.”
The Pending Home Sales Index in the Northeast slipped 2.0 percent to 83.6 in September but remains 16.9 percent above September 2008. In the Midwest the index rose 8.1 percent to 98.2 in September and is 17.8 percent higher than a year ago. In the South, pending home sales increased 4.9 percent to an index of 109.7 and is 22.8 percent above September 2008. In the West the index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago.
Yun added that strong near-term reports should not be overstated. “We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he said. “Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
# # #
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
A forecast for housing and the economy will be released November 13 at 11 a.m. PST at the 2009 REALTORS® Conference & Expo in San Diego. Existing-home sales for October will be reported November 23 and the next Pending Home Sales Index will be on December 1; release times are 10 a.m. EST.
Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.
Lawrence Yun, NAR chief economist, said the momentum is understandable. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he said. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”
NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home. “As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers,” Yun said. “Although the tax credit is greatly reviving the existing home market, new-home sales may continue to struggle as home builders hold back production to drive down inventory. In addition, there remains an ongoing credit crunch for construction loans.”
The Pending Home Sales Index in the Northeast slipped 2.0 percent to 83.6 in September but remains 16.9 percent above September 2008. In the Midwest the index rose 8.1 percent to 98.2 in September and is 17.8 percent higher than a year ago. In the South, pending home sales increased 4.9 percent to an index of 109.7 and is 22.8 percent above September 2008. In the West the index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago.
Yun added that strong near-term reports should not be overstated. “We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he said. “Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
# # #
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
A forecast for housing and the economy will be released November 13 at 11 a.m. PST at the 2009 REALTORS® Conference & Expo in San Diego. Existing-home sales for October will be reported November 23 and the next Pending Home Sales Index will be on December 1; release times are 10 a.m. EST.
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