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New housing reports out this month indicate that 2012 might be the year that the housing market begins to turn around and the combination of low interest rates, improved unemployment rates and current low home prices should bring some relief. In addition, according to Freddie Mac’s U.S. Economic and Housing Market Outlook survey, home sales are expected to increase between 2 and 5 percent year over year. However sellers trying to sell their home right now know that properties are not moving quickly and often those that do are selling for much less than anticipated.
There are a few ways that sellers can increase their chance of selling their home and for a decent price—but it might take a little work. Here are the top recommendations from HomeInsurance.com on ways to make your home really stand out in the current real estate market:
Stage it – When it comes time to show your home, really take time beforehand to clean up the design elements and make the home as inviting as possible. We aren’t suggesting a full re-design, just a refresher. Consider how your furniture is setup and move a few things around if you can make it seem more comfortable and practical. If you tend to a favor one dominant design style, consider toning it down to something more "neutral" until the home sells. Add some last minute touches that can really add essence such as a fresh bouquet of flowers on the dining room table.
Curb Appeal - Most potential buyers will do an initial drive by before they take the time to schedule a showing and they will surely always judge a book by its cover. Make sure your home has true curb appeal by cleaning up the exterior of your home to make it inviting. Have a landscaper do a yard cleanup and make sure the grass is always freshly mowed. Don’t allow any overgrowth to clutter garden beds and make sure trees and bushes are well-pruned. Also, if there are any repairs that need to be done to the outside of the house (i.e. missing roof shingles, broken windows) now is the time to get them fixed.
De-clutter - Aside from the intensely neat and organized folks, most people will let some clutter build up in and around their home. Most common problem areas? Counter tops, closets and family rooms. Now is the time to get organized and to de-clutter. When a potential buyer enters your home you want it to be clean, airy and free of junk piles. This helps people feel welcome in your home and more able to envision it as their own- and not like they just stopped into a stranger’s house unannounced.
Share savings perks – There are many more financial aspects to consider with a home than just asking price and property taxes. If you want your home to stand out amongst other homes in your price range be sure to point out savings perks such as low utilities and affordable homeowners insurance premiums in the area. For example, if the house has a monitored security alarm, new homeowners can typically save up to 15 percent on their home insurance. These types of savings might just be enough to make your home more desirable than a less expensive home with higher costs of living.
Throw in a home warranty - If your major appliances aren’t brand new it can be a major bonus for a buyer if you offer a one-year home warranty. A home warranty covers the appliances and systems in your home that break down due to normal wear and tear. Typically you can purchase a home warranty on behalf of your buyer for $300-$600 and it gives them the peace of mind that if anything breaks within the first year, they won’t be stuck with costly repairs.
Don’t underestimate aromatherapy - Last but not least, keep in mind that one of our strongest senses is our sense of smell. If your home is musty or smells like Fido, you may be used to it and not even notice it anymore. However, someone considering your home for purchase may see this as a huge turn off. Keep your home really clean while it is on the market and use cleaning products that don’t leave a strong, headache-inducing odor. Instead, once odor-neutral, keep some light potpourri in a bowl or burn a clean scented candle to add some aromatherapy to the experience.
Source: HomeInsurance.com
Thanks for visiting my Blog site. If you would like to discuss this topic with me or get more information please contact me by calling 919-247-4667 or emailing me at Tim@TheTrianglesBroker.com. And you can always visit my personal real estate website for lots of additional information and to search for homes at www.TheTrianglesBroker.com. Tim McBrayer – The Triangles Broker.
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The latest numbers from the National Association of Realtors® (NAR) show that existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above a year ago.
The latest monthly data shows total existing-home sales rose 5.0 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010. The estimates are based on completed transactions from multiple listing services that include single-family homes, townhomes, condominiums and co-ops.
Lawrence Yun, NAR chief economist, believes these could be the early signs of what may be a sustained recovery for housing. For all of 2011, existing-home sales rose 1.7 percent to 4.26 million from 4.19 million in 2010. NAR President Moe Veissi says that the American Dream of homeownership is alive and well, and that more buyers are expected to take advantage of favorable market conditions in the coming year.
This could indeed be the case based on the latest inventory statistics. NAR reports that total housing inventory at the end of December dropped 9.2 percent to 2.38 million existing homes available for sale, which represents a 6.2-month supply at the current sales pace, down from a 7.2-month supply in November. Available inventory has trended down since setting a record of 4.04 million in July 2007, and is at the lowest level since March 2005 when there were 2.30 million homes on the market.
"The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future," Yun says. In the meantime, prices are ripe for would-be homebuyers. The national median existing-home price for all housing types was $164,500 in December, which is 2.5 percent below December 2010. Distressed homes – foreclosures and short sales – accounted for 32 percent of sales in December (19 percent were foreclosures and 13 percent were short sales), up from 29 percent in November; they were 36 percent in December 2010. All-cash sales accounted for 31 percent of purchases in December, up from 28 percent in November and 29 percent in December 2010.
Investors account for the bulk of cash transactions. Investors purchased 21 percent of homes in December, up from 19 percent in November and 20 percent in December 2010. First-time buyers fell to 31 percent of transactions in December from 35 percent in November; they were 33 percent in December 2010.
Thanks for visiting my Blog site. If you would like to discuss this topic with me or get more information please contact me by calling 919-247-4667 or emailing me at Tim@TheTrianglesBroker.com. And you can always visit my personal real estate website for lots of additional information and to search for homes at www.TheTrianglesBroker.com. Tim McBrayer – The Triangles Broker.
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Here are 10 great tips to consider when getting a mortgage.
1. Don’t Stretch Your Loan Qualification Limits to Buy a Home Beyond Your Budget. A home should be a source of satisfaction and an investment not a financial albatross, especially for first-time buyers. Borrowing heavily from family members, selling assets, and living poor just to own a bigger or better home, makes for larger mortgage payments and risks difficulties in the future.
2. Always Shop for Competitive Rates, Points, and Fees. Get at least three bids. The most competitive lender one week may not be next week so get (or reconfirm) quotes the same week you are ready to make the commitment.
3. Get An Immediate Written Confirmation of Your Locked-in Interest Rate and Interest Rate Terms. You might find some discrepancies with the figures used on the final loan documents.
4. Don’t Agree to Prepayment Penalties. You may want to refinance or partially prepay part of the mortgage. If there is no mention of prepayment penalties, make sure you have an addendum attached to the mortgage specifying that no fees will be imposed.
5. Understanding All the Conditions of Your Loan: You or a professional that you trust should thoroughly scrutinize each document. Ask questions if you aren’t sure what something means.
6. Pick the Right Kind of Loan. Rates are higher on 30 year loans than on comparable 15 year loans. That’s because there is a greater risk that rates will go up the longer the lender commits to a fixed rate. Lenders hate holding loans at below market rates. While there is an advantage to the predictability of fixed rates, if you expect to be transferred in 5 years, you’ll be paying more than you need for a 30 year fixed rate loan. If you want both the security of predictable payments and the lowest monthly payment consider "hybrid" loans – those with a fixed rate for the first five or seven years of their 30 year duration. If you are going to be there for a shorter period, or have confidence that rates will be dropping further, consider an adjustable rate mortgage.
7. If You Are Buying Rather Than Refinancing, Consider Getting a Pre-approved Mortgage or Contingent Loan Approval Letter. The former is a binding commitment for a loan up to a certain amount. It can substantially strengthen your negotiating position with the seller, but it puts pressure on you to close a deal before the loan commitment expires. A contingent approval is a letter from a lender that states the largest loan you would qualify for, subject to confirmation of the financial information you’ve provided and formal approval. It will also give you additional negotiating leverage without binding you to the lender (or vice versa). Sometimes owner financing can work to both parties advantage. Ask the seller if it’s a possibility. If so explore further to see if there might be mutually agreeable terms before making an offer.
8. Save Everything. Lenders require and provide numerous documents. Some get misplaced, usually at the most critical time. Keep copies of everything you send the lender and everything the lender sends you.
9. Take Advantage of the Deduction. The mortgage interest deduction is one of the few remaining tax deductible interest payments, and it’s also the cheapest form of long term financing. Consider financing/refinancing as an alternative source of funds for home improvements or other constructive long term investments like education. Don’t get in over your head, and never use it to finance your summer vacation or other short term pleasures.
10. Study! A lot of money is at stake. You can’t learn too much, and you won’t have time to learn what you need, interview and select a lender in the five days allowed most buyers to apply for a loan. Read the real estate section of your local paper and books on the subject.
Courtesy of the American Homeowners Foundation and the American Homeowners Grassroots Alliance, www.AmericanHomeowners
Thanks for visiting my Blog site. If you would like to discuss this topic with me or get more information please contact me by calling 919-247-4667 or emailing me at Tim@TheTrianglesBroker.com. And you can always visit my personal real estate website for lots of additional information and to search for homes at www.TheTrianglesBroker.com. Tim McBrayer – The Triangles Broker.
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Courtesy of the Triangle Business Journal
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Click on the link below for the full story from the Triangle Business Journal.
http://rooh.it/23ec4.
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The scholarship, “NursingHomeAbuse.net’s Awareness and Prevention Scholarship,” – the first of its kind – was created to financially assist US students committed to raising awareness and preventing nursing home abuse.
Any student enrolled in an accredited online post-secondary institution is eligible to apply, however, this scholarship is particularly suited for students studying nursing, social work, psychology, or healthcare administration. The applicant must also be receiving some form of need-based aid. The scholarship will help pay for non-tuition related living expenses for the 2012-2013 academic year that are not covered by the recipient’s current financial aid such as:
- Rent
- Childcare
- Books and School Supplies
- Utilities – Gas/Electric
- Utilities – Internet Connection
- Groceries
Applications must be emailed or postmarked by February 15th, 2012 to be considered. The winner will be announced on May 31st, 2012.
Further information about the scholarship can be found at:
http://www.nursinghomeabuse.net/
If you have any questions, please let me know. I’m happy to assist in any way I can. We’re hopeful you’ll consider mentioning our scholarship on your site.
Best Regards,
Shannon Shoemaker
Outreach Coordinator
NursingHomeAbuse.net – ‘Dedicated To Preventing The Causes And Repairing The Consequences Of Nursing Home Abuse.’
Shannon@NursingHomeAbuse.net
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State tax collections, an indicator of overall economic activity, increased by $95 million, or 1.1 percent, through the first half of fiscal 2012, as compared with the same period in the prior year. In the six months between July and December, North Carolina collected a total of $9.03 billion, according to State Controller
via State tax collections edge up – Triangle Business Journal.
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