Existing-home sales, increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009.
pameladubois.com
Monday, May 24, 2010
Monday, May 17, 2010
New Tax Proposals for Real Estate
Congress is considering new tax proposals that would place additional burdens on owners and investors in residential and commercial real estate.
The real estate industry is still very fragile and likely to remain so. In better times, the real estate industry would be a dynamic engine of job creation. Any new tax burdens on real estate owners will impair and delay further recovery. These proposals are ill-advised, inopportune and potentially destructive. Please take action today to tell Congress "No New Real Estate Tax Burdens".
The real estate industry is still very fragile and likely to remain so. In better times, the real estate industry would be a dynamic engine of job creation. Any new tax burdens on real estate owners will impair and delay further recovery. These proposals are ill-advised, inopportune and potentially destructive. Please take action today to tell Congress "No New Real Estate Tax Burdens".
Friday, May 7, 2010
Re-insurance and loan program to help stabilize insurance rates
H.R. 2555: "Homeowners' Defense Act" (Klein, D-FL) would provide for a federal reinsurance and loan guarantee program to help stabilize insurance rates for states that implement mitigation and building code programs and meet stringent credit-risk requirements. Without stable funding alternatives, states must maintain artificially inflated rates to hedge against risk in an increasingly volatile global reinsurance market.
www.pameladubois.com
www.pameladubois.com
Monday, May 3, 2010
Selling your home in today's market
The National Association of Realtors suggests that your first course of action should be removing clutter. The reasoning behind this is simple. Clutter distracts the mind and it distracts the imagination. A potential buyer needs to be able to see themselves and their own style in your home.
By banishing disorder and welcoming in neatness you can give your house an advantage over any competition who is lesser prepared.
2. After decluttering, the next step is to clean. In the same sense that decluttering is removing "you" from the potential home of another, cleaning is removing your grimy mark. Have carpets cleaned, wax the floors, and remove any odors of pets or smoking.
3. Luxurious bathrooms are a must. A bathroom that is clean and full of comfort is appealing to most every buyer. Arrange new towels and rugs, as well as burn fresh smelling candles. Consider adding rich decor, such as paintings.
4. Windows that shine. We can become desensitized to the finer details of our home, but buyers will hone in on each and every imperfection. Be sure that during your cleaning and decluttering, you don't forget to wash your windows. This way buyers will be able to focus their attentions on the beautiful grounds of your property, as opposed to the spots on the glass.
5. Let there by light. Burned out bulbs can make rooms look dark and dingy. Consider buying eco-friendly fluorescent or LED lights for use in your home.
6. Minor repairs are important. There are buyers who are turned off by even minor repairs. They see that loose cabinet door or that warped deck board as a two-fold evil. Either the house has been poorly cared for with bigger repairs waiting for discovery under the surface, or that the home may be too much work for them.
7. Don't neglect your yard. For many buyers, a yard is an extension of the home. Be sure that for each showing, your yard is freshly mowed and any debris, trash, or clutter (toys, tools, etc) are put away. A great way to make flower beds appear neat and well tended is to add mulch. Clean off sidewalks with a quick powerwash.
8. Add punches of seasonal color. Even if you aren't a garden guru, you can still plant low maintenance flowers in beds and pots. Some examples of low maintenance flowering plants are: petunias, pansies, and vincas.
9. A petless home. We all love our pets, sometimes like they're our own children. But they should be safely at a friend's house or kennel during showings. While you're at it, take your children and yourself out of the home during the showing as well!
10. Lock up your valuables. It would be nice to think that no potential buyer would steal from your home, but it could happen. Be sure that anything easily removed is locked away for safe keeping. And be sure that your real estate agent gets anyone's contact information before they are allowed into your home.
Provided by NAR.
By banishing disorder and welcoming in neatness you can give your house an advantage over any competition who is lesser prepared.
2. After decluttering, the next step is to clean. In the same sense that decluttering is removing "you" from the potential home of another, cleaning is removing your grimy mark. Have carpets cleaned, wax the floors, and remove any odors of pets or smoking.
3. Luxurious bathrooms are a must. A bathroom that is clean and full of comfort is appealing to most every buyer. Arrange new towels and rugs, as well as burn fresh smelling candles. Consider adding rich decor, such as paintings.
4. Windows that shine. We can become desensitized to the finer details of our home, but buyers will hone in on each and every imperfection. Be sure that during your cleaning and decluttering, you don't forget to wash your windows. This way buyers will be able to focus their attentions on the beautiful grounds of your property, as opposed to the spots on the glass.
5. Let there by light. Burned out bulbs can make rooms look dark and dingy. Consider buying eco-friendly fluorescent or LED lights for use in your home.
6. Minor repairs are important. There are buyers who are turned off by even minor repairs. They see that loose cabinet door or that warped deck board as a two-fold evil. Either the house has been poorly cared for with bigger repairs waiting for discovery under the surface, or that the home may be too much work for them.
7. Don't neglect your yard. For many buyers, a yard is an extension of the home. Be sure that for each showing, your yard is freshly mowed and any debris, trash, or clutter (toys, tools, etc) are put away. A great way to make flower beds appear neat and well tended is to add mulch. Clean off sidewalks with a quick powerwash.
8. Add punches of seasonal color. Even if you aren't a garden guru, you can still plant low maintenance flowers in beds and pots. Some examples of low maintenance flowering plants are: petunias, pansies, and vincas.
9. A petless home. We all love our pets, sometimes like they're our own children. But they should be safely at a friend's house or kennel during showings. While you're at it, take your children and yourself out of the home during the showing as well!
10. Lock up your valuables. It would be nice to think that no potential buyer would steal from your home, but it could happen. Be sure that anything easily removed is locked away for safe keeping. And be sure that your real estate agent gets anyone's contact information before they are allowed into your home.
Provided by NAR.
Tuesday, April 13, 2010
Appraisal is the key
Many sellers think that the price of their home is determined solely by what they are willing to accept and what the buyer is willing to pay. However, there is one more variable that can affect the sale of a home assuming that a bank loan is involved -- the lender's appraisal.
To protect the interest of their investors, the buyer's mortgage lender hires a licensed appraiser to give an independent, objective opinion of what the property is worth. The appraiser compares the house with similar homes in the neighborhood that have recently sold. Square footage, amenities and the condition of the home are taken into account. Renovations and home improvements made by the seller usually add value to the home, while defects such as needed repairs or code violations decrease the property's value. The seller's real estate agent can provide the appraiser with up-to-date information about neighboring homes that have sold to support the seller's asking price.
www.pameladubois.com
To protect the interest of their investors, the buyer's mortgage lender hires a licensed appraiser to give an independent, objective opinion of what the property is worth. The appraiser compares the house with similar homes in the neighborhood that have recently sold. Square footage, amenities and the condition of the home are taken into account. Renovations and home improvements made by the seller usually add value to the home, while defects such as needed repairs or code violations decrease the property's value. The seller's real estate agent can provide the appraiser with up-to-date information about neighboring homes that have sold to support the seller's asking price.
www.pameladubois.com
Saturday, April 3, 2010
Common Selling Mistakes
Mistake #1 -- Placing the Wrong Price on Your Property
Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.
Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.
Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Friday, April 2, 2010
When you’re selling your home, the price you set is a critical factor in the return you’ll receive. That’s why you need a professional evaluation from an experienced Realtor. This person can provide you with an honest assessment of your home, based on several factors including:
* Market conditions
* Condition of your home
* Repairs or improvements
* Time frame
In real estate terms, market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days.
If the price of your home is too high, several things could happen:
* Limits buyers. Potential buyers may not view your home, because it would be out of their buying range.
* Limits showings. Other salespeople may be less reluctant to view your home.
* Used as leverage. Other Realtors may use this home to sell against homes that are better priced.
* Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this sold?”
* Lower price. An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you’ll probably get less than if it had been properly priced at the start.
* Wasted time and energy. A bank appraisal is most often required to finance a home.
* Market conditions
* Condition of your home
* Repairs or improvements
* Time frame
In real estate terms, market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days.
If the price of your home is too high, several things could happen:
* Limits buyers. Potential buyers may not view your home, because it would be out of their buying range.
* Limits showings. Other salespeople may be less reluctant to view your home.
* Used as leverage. Other Realtors may use this home to sell against homes that are better priced.
* Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this sold?”
* Lower price. An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you’ll probably get less than if it had been properly priced at the start.
* Wasted time and energy. A bank appraisal is most often required to finance a home.
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