Sep

19

Tips to Land Home of Your Dreams

Posted by tonykostovski under For Buyers, General Information
10 Tips to Land the Home of Your Dreams

It™s still a buyers™ market”interest rates are historically low, available homes are abundant, and sellers are eager to sell. But if it™s a great time for you to buy, it™s a great time for everyone else too. How can you compete against other buyers and snag the home of your dreams?

  • Be decisive. Decide exactly what your dream house looks like. How many bedrooms and baths do you want? What location? This will help narrow down the possibilities faster.
  • Always consider a house™s potential. An older home that needs cosmetic updates, such as fresh paint or a new kitchen, may net a better price than one that™s newer.
  • If you can pay cash, you™re in the driver™s seat. Sellers like cash deals because they™re uncomplicated and close quickly.
  • If you need financing, get pre-approved. That™s œpre-approved, not œpre-qualified. Attach your pre-approval letter to your offer to show the seller you™re serious about buying”and financially capable of doing so.
  • Offer a high downpayment. The more you put down, the more attractive the deal to the seller.
  • Try to limit contingencies. You won™t want to waive your inspections or do anything foolish, but the fewer the contingencies, the more secure the seller will feel with your offer.
  • Stay on top of the market. New houses are listed every day. Your agent may even know of houses about to hit the market.
  • Prepare yourself for a bidding war by deciding ahead of time what your maximum offer will be.
  • Consider distressed properties, such as short sales and foreclosures. But remember that they may not be in tip-top condition”and that you may have to wait weeks or months to find out if your offer was accepted.
  • Most important, find a qualified agent who is familiar with your target area. That will save you a lot of time.

Want to learn about available homes in your area? Give our CENTURY 21 office a call today.

 
How to Organize Your Child for a More Productive School Year

September is here, and with it comes the start of a new school year. It™s easy to be organized at the beginning of the year, when uniforms are new, supplies are fresh and kids are excited, but as time goes on, that excitement wanes”and your child™s productivity may drop.

Here are some tips to help keep your child organized:

  • Start young. Even the youngest child can learn to put things away. Help kids sort through their backpacks so they learn what to file and what to toss. Consider giving each child a big storage box to save artwork and other papers.
  • Create a routine. Kids thrive on structure. Snack time first, then homework before playtime.
  • Create a central calendar to keep track of your family. A color-coded calendar works great. Just assign each member of the family a different color, and write down his or her activities in color-coded ink.
  • Provide an adequate work area. Consider using a “homework station,” a portable zone to stow all necessary supplies. That way, you won™t have to scramble to find a pencil, eraser or glue.
  • Make organization fun. Let your child choose colorful notebooks, portfolios or locker supplies to help them stay on track.
  • Set a good example. It’s not likely that your kids will see the need for organization if your bedroom or home office looks like a tornado swept through it.

 
 

New Trend: Multigenerational Living

Whether it™s college grads returning to the nest, or elderly parents moving in with their grown children, multigenerational living is here to stay. AARP reports that the number of households nationwide with more than two generations expanded from 5 million in 2000 to 6.2 million in 2008.

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Aug

22

$8,000 Tax Credit Expanded

Posted by tonykostovski under For Buyers, General Information

Use of $8,000 Tax Credit ExpandedQualified first-time homebuyers now have another way to take advantage of the federal $8,000 tax credit for the purchase of a principal residence.

The American Recovery and Investment Act of 2009 created a tax credit of up to $8,000 for buyers purchasing their first home before Dec. 1, 2009. Previously, homeowners could only use this credit after purchasing a home and filing their tax return with the Internal Revenue Service. On May 29, however, the U.S. Department of Housing and Urban Development (HUD) announced that the Federal Housing Administration (FHA) will allow state finance agencies to provide second mortgages “monetizing” the tax credit.

What does this mean in plain English? That homebuyers can immediately use the $8,000 credit toward their down payment and closing costs for the purchase of homes with FHA-insured mortgages.

This is great news for first-time homebuyers who want to take advantage of the low mortgage rates and competitive pricing of many homes today, but don’t have enough money on hand for both a down payment and closing costs.

Homebuyers who obtain an FHA-insured mortgage are still required to have the 3.5 percent minimum down payment. But the tax credit can be applied to a down payment in excess of 3.5 percent of appraised value and could possibly help the borrowers obtain a lower interest rate by increasing the total amount down.

According to estimates by the National Association of Home Builders, 40,000 more homes will be purchased due to the new FHA monetization program, in addition to the 160,000 sales already expected, due to the creation of the credit.

For more information on the tax credit, or to learn about available homes in your area, call our CENTURY 21 office today so we can get you on the path to the home of your dreams.

* Consult a tax professional for details.

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Jul

27

Five Trends in High-End Home Design

Posted by tonykostovski under For Buyers, For Sellers, General Information

Five Trends in High-End Home DesignPlanning to purchase a new home or redecorate your existing one? New York designer Robin Baron has identified five hot new trends in high-end home design. “These trends are simple to incorporate into your current décor while adding extra interest,” she says. “They help to make your home uniquely your own.”Be on the lookout for the following trends:

Shine. Baron’s favorite trend is a blend of metallic and reflective surfaces. In one upscale project, she used a combination of custom glass and mirrored tiles as wallpaper and bianco antico marble coated in silver leaf for floors. Baron suggests using metallic materials and finishes combined with natural stones and wood to create a rich, layered textural juxtaposition.

Green. Eco-friendly design is the new luxe. A popular trend is utilizing materials that are sustainable–made of responsibly harvested woods or organically manufactured fabrics. In the past, these designs were very basic, Baron says, but now high-end furniture designers are producing luxurious well-detailed pieces.

Color. Colorful designs are moving from the fashion runway to the home. Just like the red bottom of a Christian Louboutin shoe, bright accent colors are adorning the inside of new furniture and accessories. Be on the lookout for new furniture with splashes of color in unexpected places such as the inside of drawers.

Personalization. Everyone wants pieces that are unique and customized only for them. Many furniture manufacturers are making custom pieces more available, allowing buyers to receive a couture piece at any price point.

Details. Nail heads in various shapes, sizes and colors are being used on all kinds of materials. Although nail heads are not a new concept, the innovative use of them on new items looks fresh. Look for them on mirrors, headboards, ottomans and storage boxes.

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Feb

10

Can an Inspection Help Your Home Sell Faster?

Posted by tonykostovski under For Buyers, For Sellers, General Information

Can an Inspection Help Your Home Sell Faster? Today, buyers have more houses than ever to consider. How can you make them pay attention to your listing?

A pre-listing home inspection might actually help your house sell more quickly”and for more money.

Imagine catching the eye of a potential buyer by advertising that your home has already been inspected and that there are no surprises. A home that has been well maintained may give buyers more confidence that there are no underlying issues and creates the impression that the seller is acting in good faith by conveying the home in good condition.

A pre-listing inspection will not only alert sellers to potential problems with the house, but sellers who nip problems in the bud and undertake repairs immediately will also be eliminating potential bargaining chips. That can put more money in a seller™s pocket.

Most contracts contain inspection contingencies that allow buyers to back out if issues arise. By providing a pre-inspection report, however, a seller might even be able to eliminate these contingencies, thereby saving time”and reducing the chance that the buyer will back out.

Of course, if the pre-listing inspection uncovers defects, the seller then has to determine which repairs he will make. In addition, sellers are required to disclose any known defects or problems to a potential buyer. It™s best to address these issues up front by providing the entire inspection report to the buyer.

How best to find a qualified home inspector? The American Society of Home Inspectors provides referrals to certified inspectors via the œFind an Inspector tool found on its Web site, at www.ASHI.org. Or simply ask your real estate professional for a recommendation. He or she can provide you with the names of several licensed inspectors in your area.

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Feb

7

How Low Will They Go?

Posted by tonykostovski under For Buyers, For Sellers, General Information

How Low Will They Go? The ads scream from the pages of local newspapers.
œOriginal Price: $1,002,488. Sale Price: $803,358. You Save: $199,130.
œDeals of a Lifetime Weekend Event: Make Us an Offer!
In certain parts of the country, new-home builders are slashing prices. And while that™s bad news for the builders™ respective bottom lines, these fire sales are great news for homebuyers and investors.

Just ask Karen Harris. Last year, she was able to snap up a four-bedroom house in South Florida”one of the most challenging markets in the nation”for nearly $130,000 less than the builder™s asking price. And that™s not including the upgrades the builder threw in for free.

Experts say the continuing credit crunch is making it difficult for even highly qualified buyers to obtain mortgage financing, resulting in reduced demand, swelling builder inventories and downward pressure on pricing. Banks looking to unload their own inventories of homes and condos”taken through foreclosure”will make the situation even worse.

How can potential homebuyers take advantage of the situation?

  1. Do your research. Visit new-home communities, and familiarize yourself with the model types and prices. Don™t be afraid to inquire about the availability of builder specials.
  2. Negotiate on everything”price, options, upgrades and closing dates. Builders are highly motivated and may offer special incentives”such as paying the first year™s taxes or homeowners dues–to sell a home.
  3. Shop around. Home prices depend on demand; the longer a project has been open, the greater the likelihood the builder will negotiate on unsold homes.
  4. Consider paying cash, if you can. The faster you can close, the more you™ll pique a builder™s interest.
  5. Consult with a qualified real estate agent. He or she will be familiar with your local market and can offer invaluable insight to help you get the best deal.

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Jan

7

Project Time

Posted by tonykostovski under For Sellers, General Information

Project Time

If you are considering putting your home up for sale this spring, now is the time to decide if you need to undertake a home improvement project to increase the home’s appeal and potential asking price. Starting now should allow you enough time to outline the project scope, define the budget, hire a professional, apply for permits and complete the job before the “for sale” sign is put in place.

  When considering where to invest, remember that kitchen and bathroom updates traditionally yield the greatest return without having to increase the square footage. Work with your Realtor and contractor to craft a project that will boost the home’s appeal at the right price. In other words, you will want to choose cabinets, fixtures, tiles, flooring and countertops that are current, but not necessarily top-of-the-line. When selecting items look for good quality and consider what appeals to today’s consumer.Your real estate and construction professionals can let you know what is in demand in the marketplace, such as stainless steel appliances in the kitchen and double vanities in the master bath. Be sure to capitalize on their expertise.

And it is always a good idea to make sure the changes are in keeping with the character of the home. If you own a small Cape Cod, a kitchen with a cottage feeling is probably a better idea than a modern design that does not mesh with the home’s history or feeling.

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Jan

7

The Power of a Professional

Posted by tonykostovski under For Buyers, For Sellers, General Information

The Power of a Professional

When there are more homes available for sale than the marketplace demands, selling a home requires an extra level of attention and professionalism. Every effort must be made to make your listing the most appealing, from the staging to the price. That is why hiring a selling agent is a critical move when selling during a buyer’s market.The duties a selling agent will perform depend on the contract signed, but in general real estate professionals will execute in four key areas.* Analysis: A selling agent will analyze the comparable home sales in your area and recommend a listing price. This is perhaps the most important step in the home sale process. Price too high and you will turn off prospective buyers. Price too low and you won’t make the most on your investment. The insights of a trained and experienced Realtor can drastically reduce the guess work.

* Staging: Preparing a home for sale takes work. A good selling agent has a knack for knowing how to make a home look its best. To-do items might include painting, clearing clutter, updating floors or fixtures, rearranging furniture and even small scale home improvement projects. Done right, staging can increase appeal and even price.

* Marketing: Marketing a home for sale takes a lot of time, organization and attention to detail. In addition to posting in the Multiple Listing Service (MLS), there are Internet opportunities, print advertisements, and direct mail options. Other marketing efforts include open houses for both Realtors and the public.

* Negotiating: The act of negotiating a price that both parties are comfortable with is no easy task. A selling agent can offer invaluable advice on counter-offers, contingencies, timelines and more. Also helpful is expertise on what makes one offer or buyer more appealing than another.

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Dec

4

Certain Expectations

Posted by tonykostovski under For Sellers, General Information

Certain Expectations

Selling a home puts you in a unique position. You are parting with what is likely your greatest asset. Some people are sad to sell, while others are ready to move on. No matter what your circumstances, your buyer will have certain expectations of you.First, you are expected to be courteous and professional. If you can put some emotional distance between yourself and the property it is helpful. For instance, if you are selling the family home it is likely to be an emotional transaction. However, your buyer probably does not want to walk down memory lane each time you meet.Next, you are expected to have an understanding of the current real estate marketplace. You need to know what a reasonable asking price is and have realistic expectations for the terms and conditions of the sale. Expecting to sell for twice what you paid is not helpful if the marketplace does not support that type of transaction. Your real estate professional will be instrumental in helping you gauge the temperature of the market.

When possible, buyers will expect you to be fair and flexible. You should certainly feel empowered to stand up for your best interests, but if you can accommodate certain requests, it can make for a smoother transaction.

Buyers expect you to be honest and up front about the condition of your property. A home inspection and seller disclosure documents help ensure that potential defects are identified, but a buyer also expects that you will not purposefully hide areas of concern.

Finally, buyers expect you to leave the home in a respectable condition. Moving day is certainly a hectic one, but it is no reason to leave behind unwanted items for the buyer to deal with. You are expected to leave the home broom swept and cleared of all items except those identified in the contract as transferring with the property.

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Dec

3

SILENCE ISN’T ALWAYS ‘GOLDEN’

Posted by tonykostovski under For Sellers, General Information

ACCORDING TO SELLERS,

SILENCE ISN’T ALWAYS ‘GOLDEN’

When trying to sell a home, silence isn’t always golden especially when you’re expecting your real estate agent to call. In fact, it’s one of the leading complaints among sellers in the real estate market. Often times you find an agent who is more than willing to take on your listing, but once the relationship is made, the seller enjoys getting a call at least once a week.

“A seller should establish with the agent up front the expectation that regular communication will occur. Even if it’s just to check-in, the seller will be more satisfied being kept ‘in the loop’.

Keeping the communication lines open between the two parties assures the seller that the agent is keeping them apprised of any and all offers. In addition, agents often provide valuable tips on why prospective buyers weren’t interested. Often times, an agent is privy to the buyer’s dislikes of the property. For instance ‘this room’s too dark’ or ‘the kitchen has a funny smell.’ This allows the agent to give the seller constructive feedback and offer important tips on how to make the home more attractive to future buyers.

If you’re a seller and are not hearing from your broker, be sure to keep calling them until they get the message that you expect a regular update. If the broker doesn’t return your calls, leave a message for your broker’s office manager. The manager will see to it that your broker becomes more attentive to your listing.

Selling a home can be a lot of work and sometimes quite stressful. It is incumbent upon an agent to satisfy the seller’s expectations of routine updates, this will ensure the possibility of future business not to mention a successful sale. Furthermore, as a seller you must demand the communication exchange between you and your agent. If both parties work in a cooperative effort, the selling experience will be more successful and enjoyable for both the agent and the seller involved.

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Dec

3

The Cost of Closing

Posted by tonykostovski under For Buyers, General Information

The Cost of Closing

When you are buying a home it may feel like every time you turn around there is a hand out for some unexpected fee or expense. This is probably especially true if you are a first-time buyer.

 The fact is there are many steps along the way to a closing and each has a professional who must be paid for her time and expertise. These expenses often fall under the general heading of “closing costs.” These four items are some of the safeguards required by lenders who want to verify that the property is worthy of the loan.

1. Home Inspection: Most contracts include a contingency that requires a property to pass inspection.

2. Appraisal: The mortgage company also wants to make sure the home is worth at least the amount you agreed to pay for it. An appraisal by a third party determines the fair market value.

3. Survey: A professional survey of the property is often required to verify the boundaries and other property characteristics.

4. Title Search and Title Insurance: Your lender will hire a company that determines who is the legal owner of the property in question. The lender wants to verify that you are buying from the rightful owner and there are no liens or other claims to the property by other parties. And to safeguard against any oversights in this review process, an errors and omissions insurance policy is also secured.For more information about other closing costs, ask your real estate professional or lender.

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