Tips For Staging Your Home

If you are planning to sell your house you must look at your property as if you had never seen it before. If you can’t do that, your home will probably remain your home because you will limit the number of buyers who may be able to visualize the home as their own.

Curb Appeal

Look at other properties for sale in your area then look at yours as you remember to think like a Buyer. Is there anything you could do to make your property stand out? A few dollars spent in landscaping or simply taking the time to manicure and add some color with flowers may be all that is needed.

Home Staging

Remove personal items, family pictures, knick-knacks, and clutter. Take everything stuck on or sitting on the refrigerator off. Clear off the counters, especially in the kitchen, but do not forget the bathroom counters.

If you have a microwave sitting on the kitchen counter or taking up space somewhere else and you have a vent hood over your stove now is the time to spend a few hundred dollars by installing a vent type microwave over the stove. Several square feet of usable space could get you much more then you have spent.

Pack up those toys and just leave a few favorites that can be stored neatly when your house is being shown. The same is true for any pet toys, plus do not forget to put their food dishes out-of-sight during showings. If you have pets and you think there may be times that you will not be available when your house is shown, you really need to consider a cage just for those scheduled showings (Remember some people are afraid of dogs; allergic to cats or dogs; and you do not want to limit potential buyers).

Go through every room, closet, cabinet, and the garage and pack up every item you do not absolutely need. After packing all the items mentioned, find somewhere away from your home to store them. If that is not possible put them where they are completely out of the way and hopefully out of sight.

Now start cleaning or hire a cleaning service.

Make Minor Repairs

Walk through the inside of your house slowly opening doors and drawers as you go. With paper and pencil in hand make a list of anything that needs repair.

Repair those holes, even tiny, and dings on walls. Check under sinks and around all water sources for leaks. Repair, replace and/or clean flooring. If you have wallpaper check seams (there are products to reglue them). It is always a good idea to repaint as many rooms as possible but if you are unable to repaint just make sure all rooms are a nuteral color. You may love those dark colors but again you are limiting potential buyers. Even people who know it’s only paint, know to change it they have to paint.

Lighting

Open drapes, curtains and blinds. The more natural light the better. Replace any burned out light bulbs and in rooms without tons of natural light, leave on the light fixtures if possible.

Smells

We become used to smells in our home. Ask someone who will be honest with you to come take a sniff of your house. Sounds silly but it could make your house win over another.

Don’t Over Stage

There are ways to make a home look lived-in without making mistakes as mentioned above. If you need help there are people that specialize in Staging. Also many Realtors are great Stagers and they know what people are look for when they view a home.

Helpful Tips

You can use Olive Oil to clean those stainless steel appliances.

If you run out of spackle while filling those nail holes you can use white tooth paste.

Article Source:http://EzineArticles.com/?expert=Sandy_Keller

MLSLI Reports $380,000 Long Island Closed Median Home Price in August Price reflects a 1.3% decline from a year ago.

West Babylon - September 2010 - The Multiple Listing Service of Long Island, Inc. (MLSLI) released August Long Island housing data for Nassau, Suffolk, and Queens. MLSLI reported a long Island monthly closed median home price of $380,000 for August 2010 and a total of 2,098 closed transactions. Last August, MLSLI reported a Long Island median home price of $385,000 with 2,543 closed sales. As expected, the number of sales has lessened in July and August as a result of the expiration of the tax credit on June 30th.

The recent Long Island housing data gives mixed signals about current market conditions. Nassau County reported 783 closed sales in August and a closed median home price of $445,000. In Suffolk County there were 778 closed sales in August with a reported $328,250 closed median home price. Queens reported 537 closed sales for the month and a median home price of $345,000. Suffolk County and Queens August home prices are lower than a year ago, 4.9% and 10.4% respectively; however, Nassau County home prices are 6.7% higher than August 2009. These figures are giving us indications that there is good news, and not so good news.

Although the number of closed sale transactions have dropped off considerably in July and August, moreover, the year to date figures indicate Nassau, Suffolk, and Queens are all ahead of transactions closed in the same time frame in 2009. In Nassau County, year to date figures (January 2010 – August 2010) show a total of 10,144 closed transactions compared to 8,458 the year prior. That’s a 19.9% increase and pretty significant. In Suffolk County, reports indicate a 20.9% gain in total year to date closed sales, and in Queens, there is a 20.7% increase.

Why is housing activity so vital to our economic recovery? Joseph Mottola, CEO of MLSLI says, “Housing activity is vital to the overall economy because with every home sale, there is a trickle-down effect whereby the new homeowner spends money on the things they need. For example, new homeowners need furniture, appliances, TV’s, as well as outside services such as landscaping and decks. The increased sales of these products and services will provide an economic boost and help to put people back to work, which is the key to our economic recovery.” Mottola further concludes that as more home sales occur, they will generate more jobs, which will boost consumer confidence, which will result in the large pool of potential buyers finally committing.

Source: The Multiple Listing Service of Long Island, Inc., (MLSLI)

MBA Feels Market Crunch, Sells Headquarters

MBA Feels Market Crunch, Sells Headquarters
The Mortgage Bankers Association (MBA) has sold its 10-story headquarters for $41.3 million, below the $79 million the trade group says it paid for the property in 2007.

The MBA, which was underwater on its loan, refused to discuss its situation. A spokesperson for the MBA said the organization has reached “an agreement with all relevant parties.”

CoStar Inc., a commercial real estate information firm, which purchased the property, says it plans to move its headquarters into the building.
"It's a little bit of irony that in the middle of the mortgage crisis brought on by the bad lending practices of many members of the Mortgage Bankers Association that they got caught up in the same problem," Dean Baker, co-director of the Center for Economic and Policy Research, a liberal research group, told The Washington Post.

As the real estate market crashed, the association's membership has continued to fall. Its membership fell to 2,500 from 3,000 in 2008, officials had said.

The company was “fortunate to be able to take advantage of what we see as a historic opportunity to secure an exceptional asset at a greatly reduced price,” Andrew Florance, CoStar’s CEO, said in a statement.

Source: The Wall Street Journal, James R. Hagerty (02/06/2010) and The Washington Post, V. Dion Haynes (02/05/10)

Home Prices May Still Be Too High

Adjusted for inflation, housing prices are still 15 percent to 20 percent higher than they were in the mid-1990s, calculates housing economist Dean Baker, co-director of the nonpartisan Center for Economic and Policy Research.

“There’s no plausible fundamental explanation for that,” he says.

Baker believes economic fundamentals translate to a weak recovery at best. “People who say this is a temporary story, there’s no real reason to believe anything like that,” he says. “If anything, I expect housing to be weaker than normal rather than stronger over the next decade.”

Baker is opposed to the housing tax credit.

"As a matter of policy I can’t see that we want people to buy a house in 2009 that’s 10-20 percent higher than it would sell for in 2011,” he says. “In so far as the FHA was encouraging people to buy homes in bubble markets that were not deflated, that’s not good for the FHA and you didn’t help the home owner. We didn’t do those people a favor.”

Source: Bloomberg News, Nick Timiraos (01/26/2010)

Fed: Economy Improving, Commercial Still Weak

Fed: Economy Improving, Commercial Still Weak
The U.S. economy has “improved modestly” since early October, the Federal Reserve said Wednesday in releasing its monthly “beige book” survey of regional economic conditions.

The Fed said residential real estate sales increased everywhere but the Northeast. Also, fewer homes overall were being built.

The report also said commercial real estate was worse than the residential market, with conditions reported to have weakened in virtually all districts, with “rising vacancy rates, downward pressure on rents, and little, if any, new development."

Overall, the Fed reported that the labor market remained weak in most areas, but it noted improvement in some areas and an uptick in retail sales.

Source: The Wall Street Journal, Sudeep Reddy (12/03/2009)

Pending Home Sales Increase Nearly 7 Percent

Pending Home Sales Increase Nearly 7 Percent
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, says buyers are responding to very favorable market conditions.

“Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he says. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

Geographical Breakdown
Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.
Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008.
South: The index slipped 0.2 percent to 93 in April but is 3.5 percent higher than a year ago.
West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.

NAR President Charles McMillan says there are numerous buyer assistance programs around the country.

“Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” McMillan says.

Last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment.

Affordable Housing

NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year.

The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest.

Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.

Pending vs. Existing Sales

Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability.

“In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he says. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”

The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun says.

Existing-home sales for May will be released June 23. The next Pending Home Sales Index will be on July 1.

Source: NAR (06/02/09)

Discounts Weigh Down Metro Home Prices

The median home price for U.S. metro areas posted a year-over-year decline in the first quarter of 2009, reflecting a high volume of foreclosures and short sales, which typically sell for 20 percent less than traditional homes, the NATIONAL ASSOCIATION OF REALTORS® reports. The national median existing single-family price was $169,000, which is 13.8 percent below the first quarter of 2008 when conditions were closer to normal. Foreclosures and short sales accounted for nearly half of transactions in the first quarter.

NAR data shows that 134 out of 152 metropolitan statistical areas reported lower median existing single-family home prices in comparison with the first quarter of 2008, while 18 metros had price gains.NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are two levels of pricing in the current market. “Traditional homes in good condition have held their value much better, so owners shouldn’t be overly concerned about median prices," he said.

"Most sellers can expect a good return if they’ve been in their home for a normal period of home ownership and haven’t excessively tapped their equity." Existing-Home Sales SluggishMeanwhile, the sales pace remained slow overall. Total state existing-home sales, including single-family homes and condos, were at a seasonally adjusted annual rate of 4.59 million units in the first quarter, down 3.2 percent from 4.74 million units in the fourth quarter, and 6.8 percent below the 4.93 million-unit pace in the first quarter of 2008.Seventeen states saw a sales increase from the fourth quarter, and six states were higher than a year ago; complete data for one state was not available. Sales in the first quarter do not reflect an impact from the first-time home buyer tax credit.Lawrence Yun, NAR chief economist, sees the market in a lull before an upturn. “Over the past couple months, contract activity for home sales, buyer traffic and inquiries about the $8,000 tax credit have all increased,” he said.


“Housing affordability conditions are at record high levels and we expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas.”According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to a record low 5.06 percent in the first quarter from 5.86 percent in the fourth quarter; the rate was 5.88 percent in the first quarter of 2008.Yun said some areas showed dramatic drops in home prices. “In areas with the biggest price declines, we also see much higher levels of distressed sales which are distorting the data,” he said. “We are very much in a bifurcated market with sharp differences between foreclosures and short sales on one hand, and traditional homes on the other. In many cases homes are selling below replacement construction costs, which speaks to great value in the current market.”State, Local Bright SpotsThe largest first-quarter sales gain from a year ago was in Nevada, up 116.8 percent, followed by California which rose 80.6 percent; Arizona, up 50.2 percent; and Florida with a 25.0 percent increase. Virginia and Minnesota also experienced double-digit sales increases.The largest single-family home price increase in the first quarter was in the Cumberland area of Maryland and West Virginia, where the median price of $114,900 rose 21.1 percent from a year ago.

Next was the Davenport-Moline-Rock Island area of Iowa and Illinois at $100,300, up 13.8 percent from the first quarter of 2008, followed by Columbia, Mo., where the median price increased 6.0 percent to $152,600.Median first-quarter metro area single-family home prices ranged from a very affordable $30,300 in the Saginaw-Saginaw Township North area of Michigan to $570,000 in Honolulu. The second most expensive area was the San Jose-Sunnyvale-Santa Clara area of California, at $450,000, followed by the Anaheim-Santa Ana-Irvine area of California at $435,800. Other affordable markets include Akron, Ohio, at $50,100, and the Youngstown-Warren-Boardman area of Ohio and Pennsylvania at $51,200.Condo TrendsIn the condo sector, metro area condominium and cooperative prices – covering changes in 56 metro areas – showed the national median existing-condo price was $172,800 in the first quarter, down 20.2 percent from the first quarter of 2008. Five metros showed annual increases in the median condo price and 51 areas had declines.The strongest condo price increases were in Portland-South Portland-Biddeford, Maine, at $196,900, up 11.2 percent, followed by the Wichita, Kan., area, where the median condo price of $113,900 rose 6.8 percent from the first quarter of 2008, and Bismarck, N.D., at $132,400, up 6.0 percent. Metro area median existing-condo prices in the first quarter ranged from $75,200 in Las Vegas-Paradise, Nev., to $345,900 in San Francisco-Oakland-Fremont.


The second most expensive reported condo market was Honolulu at $300,000, followed by the New York-Wayne-White Plains area of New York and New Jersey at $282,300. Other affordable condo markets include the Palm Bay-Melbourne-Titusville area of Florida at $90,600 in the first quarter, and the Sacramento-Arden-Arcade-Roseville area of California at $93,800.Regional Sales Volume, PricesRegionally, existing-home sales in the Northeast fell 10.3 percent in the first quarter to a pace of 693,000 units and are 20.1 percent below a year ago.The median existing single-family home price in the Northeast declined 15.9 percent to $235,500 in the first quarter from the same period in 2008. The best gain in the region was in Syracuse, N.Y., where the median price of $113,700 rose 3.1 percent from the first quarter of 2008, followed by Buffalo-Niagara Falls, N.Y., at $99,200, up 2.7 percent, and Binghamton, N.Y., where the median rose 0.5 percent to $110,300. In the Midwest, existing-home sales slipped 2.2 percent in the first quarter to a pace of 1.04 million and are 13.1 percent below a year ago.The median existing single-family home price in the Midwest was down 6.8 percent to $132,400 in the first quarter from the same period in 2008.

After Davenport-Moline-Rock Island and Columbia, the next strongest metro price increase in the region was in Springfield, Ill., where the median price of $111,400 was 3.9 percent higher than a year ago, followed by Topeka, Kan., at $106,500, up 3.1 percent, and Bloomington-Normal, Ill., at $153,800, up 1.9 percent.In the South, existing-home sales declined 2.5 percent in the first quarter to an annual rate of 1.70 million and are 12.7 percent lower than the same period in 2008.The median existing single-family home price in the South was $146,600 in the first quarter, down 10.8 percent from a year earlier. After Cumberland, the strongest price increase in the region was in Beaumont-Port Arthur, Texas, with a 5.0 percent gain to $129,100, followed by Oklahoma City, at $129,900, up 4.0 percent, and Shreveport-Bossier City, La., at $136,000, up 3.4 percent.Existing-home sales in the West slipped 0.9 percent in the first quarter to an annual rate of 1.16 million but are 24.3 percent above a year ago. The median existing single-family home price in the West was $237,600 in the first quarter, which is 19.8 percent below the first quarter of 2008. The strongest price gain in the West was in the Salt Lake City area, where the median price of $230,100 rose 1.9 percent from a year earlier, followed by Farmington, N.M., at $191,200, up 0.7 percent.

Source: NAR

Homeownership at Lowest Level Since 2000

Homeownership at Lowest Level Since 2000 According to the Census Bureau, the rate of U.S. homeownership slipped in the 2009 first quarter to the lowest level since the start of the decade.

The U.S. homeownership rate dropped to 67.5 percent from 68 percent a year earlier, driven largely by a sharp decline among younger buyers as well as among African-American households. Loose credit pushed up national homeownership levels in recent years, but the trend is now being reversed by the recession and a foreclosure epidemic.

Source: The Wall Street Journal, Conor Dougherty (04/28/09)

Bidding Wars Seen More Frequently

Bidding wars are back – at least in some parts of the country where falling prices are pitting investors against homebuyers looking for a good deal.The parts of the country most likely to see warring bids are parts of California and Arizona, Washington D.C., and Minneapolis-St. Paul, according to real estate practitioners and other observers.Having cash in hand can be persuasive in a bidding situation.

Sellers are inclined to choose offers that aren’t likely to fall through, says Frank Borges Borges LLosa, owner of FranklyRealty.com, a real-estate brokerage in Arlington, Va.Connie Vaughn, an associate with ZipRealty in the Los Angeles area, says one of her clients won the bidding when he offered $20,000 above the $66,000 asking price for a four-bedroom home in Adelanto, Calif., that sold for $200,000 in 2004.Vaughn says she believes that mortgage companies are deliberately setting prices low on REO homes just to stimulate bidding situations


.Source: The Wall Street Journal, James R. Hagerty (04/23/2009)

Bidding Wars Seen More Frequently

Bidding Wars Seen More Frequently Bidding wars are back – at least in some parts of the country where falling prices are pitting investors against homebuyers looking for a good deal.

The parts of the country most likely to see warring bids are parts of California and Arizona, Washington D.C., and Minneapolis-St. Paul, according to real estate practitioners and other observers.

Having cash in hand can be persuasive in a bidding situation. Sellers are inclined to choose offers that aren’t likely to fall through, says Frank Borges Borges LLosa, owner of FranklyRealty.com, a real-estate brokerage in Arlington, Va.Connie Vaughn, an associate with ZipRealty in the Los Angeles area, says one of her clients won the bidding when he offered $20,000 above the $66,000 asking price for a four-bedroom home in Adelanto, Calif., that sold for $200,000 in 2004.Vaughn says she believes that mortgage companies are deliberately setting prices low on REO homes just to stimulate bidding situations.

Source: The Wall Street Journal, James R. Hagerty (04/23/2009)

Some Cities Feel More Pain Than Others

Some Cities Feel More Pain Than Others Some cities have it rougher than others. Forbes magazines examined the overall economic conditions in the 50 largest U.S. metropolitan statistical areas to identify places where the cost of living and unemployment are highest and median income is lowest.


It concludes that these cities are the places whose residents are feeling the worst effects of the recession. Observers say that in the most down-at-the-heels cities, residents have the feeling that there isn’t much good about anything. But Dean Baker, an economist and co-director for the Center for Economic and Policy Research based in Washington, D.C., says one result of the declining economy that’s good news in the long run for residents is lower home prices. “You’re going to see these prices stay down,” Baker says.Here are the 10 cities where the overall conditions look the worst:Providence, R.I. Los Angeles Riverside, Calif. Tampa Buffalo, NY Portland, Ore. Orlando Detroit Miami Louisville

Source: Forbes, Lauren Sherman (04/14/2009)

FIRST-TIME HOME BUYER CREDIT

FIRST-TIME HOME BUYER CREDIT
WHO DO YOU KNOW THAT SHOULD BUY A HOME RIGHT NOW?
⇒ Payments may be lower than rent!
⇒ Home prices are amazing!
Here are the important highlights of the $8,000 First Time Home Buyer Credit of 2009:
The Treasury Department has moved at record speed to implement one piece of the new
American Recovery and Reinvestment Act of 2009 Act (also known as the stimulus act).
􀂃 Forms and regulations are already in place for homebuyers who wish to claim the first-time
credit enabled under the act.
􀂃 The credit is available to first time homebuyers who purchase a home before December 1,
2009.
􀂃 Homebuyers can claim the credit either on their 2009 tax return or immediately on the 2008
return due in April.
􀂃 The tax credit represents 10 percent of the purchase price of a home up to a maximum of
$8,000 or $4,000 for married taxpayers filing separate returns.
􀂃 The $7,500 credit that was authorized under earlier legislation last year was actually a 15
year loan; the new tax credit does not have to be repaid by the homeowner under ordinary
circumstances.
􀂃 The credit does have to be repaid if the homeowner sells the home in less than 36 months
or if the home ceases to be his principal residence during that time.
􀂃 For the purpose of this credit, a first time homeowner is defined as one who has not
owned a home for the 36 months ending on the date of purchase.
􀂃 The credit is available to taxpayers with adjusted gross incomes up to $75,000 or $150,000
for married taxpayers filing jointly. Above those income levels the credit is phased out
gradually.
􀂃 Homeowners who purchased a house between April 8 and December 31, 2008 are not
eligible for the new credit. They are covered by the earlier legislation and can claim the
$7,500 repayable credit.
􀂃 Forms and instructions for claiming the credit on 2008 tax returns are available at
www.irs.gov. The form number is 5405.

6 Reasons Why It's Still a Good Time to Buy

6 Reasons Why It's Still a Good Time to Buy The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available. (Sign up for a Webinar to learn more about the home buyer tax credit)

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.


Source: The Wall Street Journal, June Fletcher (03/27/2009)

America's 10 Wealthiest Towns

America's 10 Wealthiest Towns The very wealthy seem to be mostly immune from recent economic downturns. BusinessWeek ranked America’s wealthiest towns based on the 2008 net income and 2008 net worth of their residents.

Here's BusinessWeek's list of America’s top 10 wealthiest communities:

Brookville, N.Y.; average income: $328,404; average net worth: $1,670,075
Atherton, Calif.; $380,535; $1,648,161
Rolling Hills, Calif.; $324,190; $1,647,622
Kenilworth, Ill.; $334,634; $1,619,702
Hillsborough, Calif.; $300,943; $1,668,732
Roslyn Estates, N.Y.; $298,935; $1,664,191
Hidden Hills, Calif.; $318,843; $1,630,085
Oyster Bay Cove, N.Y.; 317,661; $1,625,524
(tie) Chevy Chase Village, Md.; $311,170; $1,635,311
(tie) Los Altos Hills, Calif.; $298,510; $1,653,676

Source: Business Week, Prashant Gopal (03/17/2009)