A few basic elements can make the difference between a quick home sale and a frustrating ordeal. Liz Pulliam Weston, the Web's most-read personal finance expert and author of several books, says the most important thing you can do to move your house quickly is to make sure it is ready for that white-glove inspection from buyers. It is always a good idea to do some work up front to make sure your house sells fast.
Here is some of what experts advise to speed up your sale:
Finish the "honey do" list. Just about every homeowner has a string of little repairs that never quite get done. Now's the time. Fix the screens, oil that squeak, patch the cracks, paint the trim. Stuff that you've long since stopped noticing could be shouting "Deferred maintenance!" to every potential buyer.
The cost: A few bucks if you're handy, a couple of hundred or so if you hire someone who is.
Get inspected. A pre-sale inspection can help in two ways, says real estate columnist Tom Kelly. Professional inspections can identify problems that could thwart a sale in time to fix them. And if there are no major problems, he said, an inspection can publicize that fact to skittish buyers. "Having an inspection (report) right on the counter during the open house . . . shows the buyers that the seller's got nothing to hide," said Kelly, author of several real-estate books, including "Cashing in on a Second Home in Mexico."
The cost: Around $400.
Pack up the clutter. "Clutter eats equity," said real-estate broker Barb Schwarz, CEO of StagedHomes.com and a pioneer of the concept of professionally preparing houses for sale. Too much stuff makes rooms look smaller and focuses buyers' attention on your possessions rather than the home you're trying to sell. That's why many professional stagers recommend removing as much as a third of your things to better show off rooms and closets. "Since you're going to have to pack it up anyway, do it now," advised Schwarz, who said she has staged more than 5,000 homes. Buyers "can't imagine themselves living there if they can't see the space."
The cost: $150 to $300 a month for three months' storage.
Depersonalize and neutralize. The first items that should go in those packing boxes: family photos, collections and just about anything else that says "you." Streamline your artwork and consider toning down bold decorating statements, said Ilyce Glink, author of "50 Simple Steps You Can Take to Sell Your Home Faster and for More Money in Any Market." That means neutral shades if you need to repaint walls or replace carpets. "Buyers have a hard enough time envisioning how their stuff will look on your walls," Glink said. "By neutralizing your decor, you can help give them the blank canvas they need to imagine your house as theirs."
The cost: $10 and up for paint; $500 and up for new carpet.
Clean like a fiend. "I mean Q-Tip clean," said Schwarz, who recommends taking a cotton swab to faucets and fixtures, scouring fingerprints from all the switch plates, shining windows until they're spotless and vacuuming up every last dog hair from the baseboards. "You should be able to eat off the kitchen floor, the bathroom floor."
You'll need to banish suspect smells as well; you don't want your house to become known in real-estate circles as "the cat pee place." If your pets have had one too many accidents, you may need to replace the affected carpet and padding and have the underlying floor sealed. If you're not sure how your place smells, get your least tactful friend to take a few whiffs and tell you the honest truth.
The cost: $10 or so in home cleaning products, if you do it yourself; $75 and up if you hire help.
Stage the rooms. Stand in the doorway to find each room's focal point, and use furniture placement to highlight that. The back of your sofa shouldn't block the view of the fireplace, for example, and the dining room table shouldn't be sharing space with a stair climber. You should remove any extraneous pieces of furniture, but you may be able to "repurpose" them in another room. A wingback chair that's crowding the family room might help create a nice reading nook in the master bedroom, Schwarz suggested.
Staging is fast becoming the easiest way to really spruce up the look of your home. With many TV shows, books and magazines available, you can become an expert stager in no time. The most important thing to remember? Clean your home, both literally and figuratively!
The cost: Nothing, if you do it yourself; $1,500 and up if you hire a professional stager.
Tend to the floors. Keeping them spotless won't help if they're dated, worn or impossibly stained. You shouldn't spend a fortune installing hardwood or tile, though, since you're unlikely to recoup the cost. Look for compromises that can improve the home's appearance without busting your wallet.
Carpets should be steam-cleaned to see if they're salvageable. If not, you may be able to reduce the costs of replacement by offering to do some of the work, such as removing the old carpet and moving furniture. And banish scatter rugs, Schwarz advised. Little rugs add to the visual clutter and can be dangerous besides.
The cost: Anywhere from a few bucks to a few hundred bucks.
Kick up the curb appeal. By now, you probably realize the garden gnomes are a no-no. But you may not realize how many sales you're losing before potential buyers even get to the front door. "Most people will start their search for a home on the Internet. If your house's Internet photo doesn't 'wow' them, they might never call for a showing," Glink said. "That's why your front landscaping needs to be in perfect condition." Given the pressure to make a good first impression, you'll need to do more than trim back the hedges and plant a few pansies. "Hire a professional landscaper to clean up the leaves, plant some fall flowers, trim the bushes and trees, and really manicure your lawn," Glink suggested. "If your front walkway is cracked, now might be the time to replace it."
The cost: $300 to $500 for the landscaping, more if you need to fix walkways or driveways.
Pick the right publicist. If you're working with an agent, you'll want someone you can trust to be honest about your home, and not just tell you what you want to hear. Someone who can really sell! Listening to your agent is extremely important. You want an expert who knows about mortgages, appraisals and current home value. That means somebody who knows your neighborhood intimately and who's enthusiastic about your home, but also someone who will price your home REALISTICALLY and honestly. You also want to hire someone other agents want to work with; someone who's too abrasive or who isn't trustworthy won't help your cause.
If you're going to try to sell your home yourself, make sure you're up for the job. Hawking a home can be hard work, and there are could be legal and title aspects to consider. While there are times when "do-it-yourself "is an efficient and cost-effective way of doing business, most real estate transactions benefit from the expert advice of a professional.
The cost: 3% to 6% of the sale price of your home.
The bottom line? A little elbow grease up front, and an honest and objective look at your home will benefit you in the long run. You will sell your home faster and get that better price!
Friday, February 26, 2010
Wednesday, February 24, 2010
Long Period of Low Interest Rates
Here is an interesting article, originally published in the NY Times, about current and future interest rates.
This is a great time to investigate purchasing your first home, or moving up! Our current interest rates are at an historical low, and likely to remain so for some time to come.
We have pulled the first part of the article for you to peruse, and you can read the whole article by clinking on the link at the bottom of the post.
Bernanke Forecasts Long Period of Low Interest Rates
By SEWELL CHAN
Published: February 24, 2010
WASHINGTON — Ben S. Bernanke, making his first appearance before Congress since the Senate confirmed him last month to a second term as chairman of the Federal Reserve, reaffirmed on Wednesday that short-term interest rates would remain historically low — near zero — for “an extended period.”
In presenting the Fed’s semiannual monetary report to Congress, Mr. Bernanke did not waver from the Jan. 27 statement of the central bank’s key policy making board, or from a Feb. 10 statement in which he explained to Congress the strategies for gradually reducing the vast sums that banks hold in reserves at the Fed.
“Although the federal funds rate is likely to remain exceptionally low for an extended period, as the expansion matures, the Federal Reserve will at some point need to begin to tighten monetary conditions to prevent the development of inflationary pressures,” Mr. Bernanke said in a prepared statement.
Mr. Bernanke predicted that the economic recovery would remain slow. Much of the pickup in growth late last year, he said, could be attributed to companies reducing unwanted inventories of unsold goods, making them more willing to bolster production.
“As the impetus provided by the inventory cycle is temporary, and as the fiscal support for economic growth likely will diminish later this year, a sustained recovery will depend on continued growth in private-sector final demand for goods and services,” he said.
Mr.. Bernanke’s prepared testimony, which accompanied the Fed’s 53-page monetary policy report, did not contain many surprises. Observers were more interested in what he would tell members of the House Financial Services Committee under questioning.
In his testimony, Mr. Bernanke said consumer demand seemed to be “growing at a moderate pace,” notably business investment in equipment and software and in a rebound of international trade. Housing starts, however, have been flat, and despite recent signs that job losses have slowed, the “job market remains quite weak.”
http://www.nytimes.com/2010/02/25/business/economy/25fed.html
This is a great time to investigate purchasing your first home, or moving up! Our current interest rates are at an historical low, and likely to remain so for some time to come.
We have pulled the first part of the article for you to peruse, and you can read the whole article by clinking on the link at the bottom of the post.
Bernanke Forecasts Long Period of Low Interest Rates
By SEWELL CHAN
Published: February 24, 2010
WASHINGTON — Ben S. Bernanke, making his first appearance before Congress since the Senate confirmed him last month to a second term as chairman of the Federal Reserve, reaffirmed on Wednesday that short-term interest rates would remain historically low — near zero — for “an extended period.”
In presenting the Fed’s semiannual monetary report to Congress, Mr. Bernanke did not waver from the Jan. 27 statement of the central bank’s key policy making board, or from a Feb. 10 statement in which he explained to Congress the strategies for gradually reducing the vast sums that banks hold in reserves at the Fed.
“Although the federal funds rate is likely to remain exceptionally low for an extended period, as the expansion matures, the Federal Reserve will at some point need to begin to tighten monetary conditions to prevent the development of inflationary pressures,” Mr. Bernanke said in a prepared statement.
Mr. Bernanke predicted that the economic recovery would remain slow. Much of the pickup in growth late last year, he said, could be attributed to companies reducing unwanted inventories of unsold goods, making them more willing to bolster production.
“As the impetus provided by the inventory cycle is temporary, and as the fiscal support for economic growth likely will diminish later this year, a sustained recovery will depend on continued growth in private-sector final demand for goods and services,” he said.
Mr.. Bernanke’s prepared testimony, which accompanied the Fed’s 53-page monetary policy report, did not contain many surprises. Observers were more interested in what he would tell members of the House Financial Services Committee under questioning.
In his testimony, Mr. Bernanke said consumer demand seemed to be “growing at a moderate pace,” notably business investment in equipment and software and in a rebound of international trade. Housing starts, however, have been flat, and despite recent signs that job losses have slowed, the “job market remains quite weak.”
http://www.nytimes.com/2010/02/25/business/economy/25fed.html
Monday, February 22, 2010
Tax Credit until April 30!
There has never been a better time to buy a home! In most markets affordability is high and there is an abundance of inventory. Congress has expanded the Tax Credit as part of a plan to stimulate the U.S. housing market and address the economic challenges facing our nation. New legislation has been passed extending the tax credit to help first-time buyers (and existing homeowners) purchase a home.
If you qualify and buy a principal residence before April 30, 2010, then you are eligible for the credit - allowing you to subtract 10% of the purchase price of your home, up to $8,000, from your tax bill. FHA has changed the rules to make this money available to you at closing. As with most tax issues, there are caveats and qualifiers, but the table below should make it easier to understand. Please call us with any questions you might have!
First-time buyer, amount of credit: $8,000 ($4,000 married, filing separate)
If you qualify and buy a principal residence before April 30, 2010, then you are eligible for the credit - allowing you to subtract 10% of the purchase price of your home, up to $8,000, from your tax bill. FHA has changed the rules to make this money available to you at closing. As with most tax issues, there are caveats and qualifiers, but the table below should make it easier to understand. Please call us with any questions you might have!
Homebuyer Tax Credit - Revised November 2009
Effective November 7, 2009 - April 30, 2010
First-time buyer, amount of credit: $8,000 ($4,000 married, filing separate)
Definition of First-time Buyer: May not have had an interest in a principal residence for 3 years prior to purchase
Current Homeowner Amount of Credit: $6,500 ($ 3,250 married, filing separate)
Effective Date, Current Owner: November 7, 2009
Current Homeowner, Definition for Eligibility: Must have used the home sold, or being sold, as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit: Purchases AFTER April 30, 2010
Binding Contract Rule: So long as a written, binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close
Income Limits: $ 125,000 Single, $225,000 Married
Limitation on Cost of Purchased home: $ 800,000 November 7, 2009
Purchase by a Dependent: Ineligible
Anti-fraud Rule: Purchaser must attach documentation of purchase to tax return
Other tax benefits of homeownership are still in place. The mortgage interest deduction, capital gains tax exclusion, and property tax deduction are some well-known examples.
Let us know how we can be of service! Low interest rates, inventory, and price stabilization give people looking to upgrade a unique opportunity to take advantage of market conditions.
Wednesday, February 10, 2010
Ice Dams and Your Roof
When temperatures plummet and snow starts falling, many of us reach for the shovel or snowblower. Smart homeowners, though, remember to look up too -- and check their roofs for ice.
If you are lucky enough to have power, and you've finished all of the shoveling, it might be time to make sure you are doing all you can to prevent ice dams!
Ice dams are accumulations of ice on the edge of the roof -- and they mean Big Trouble for you and your home, so be on the lookout. What's the big deal, you ask? Ice dams result in water seepage, which can rot roofs, destroy insulation, flood attics and ruin gutters. Moisture damage can extend far inside the home, damaging ceilings, paintwork and belongings. The dampness encourages mold, too, which can trigger nasty allergies. You may have heard that gutters cause ice dams by providing a place for water to collect. Wrong! You may also have heard that installing heating cables along the gutter line is the best way to prevent ice dams. Wrong again!
Yep, there's a lot of misinformation out there. Let's look at where ice dams really come from.
How Ice Dams are Born: In poorly insulated homes, warm air escapes through the ceiling and into the attic. If ventilation inside the attic is also inadequate, all that warm air has nowhere to go. Result: the roof's temperature starts to creep up higher than the outdoors air temperature, causing accumulated snow on the roof to begin melting. Water then trickles down the slope of the roof until it once again hits a cold patch, usually the gutter. There it refreezes, gradually forming a dam that prevents runoff. Additional melting snow, having nowhere to go, starts seeping inside the house -- and that's where the homeowner's headaches begin.
A Cool Solution: Insulation and Ventilation! The only way to permanently eradicate ice dams is not to warm your roof up (with heating cables) but to cool it down with better insulation and attic ventilation. Until then, you'll go right on experiencing ice dams in severe weather. Any other strategy will provide a temporary fix, at best. In northern states, attic insulation should be at least 12 inches deep. Make sure it is installed correctly, without any gaps between sections, and in conjunction with a vapor barrier. While you're at it, check that attic heating ducts are located as far as possible from the roof. Also check around light fixtures, chimneys, bathroom fans and anywhere else heat might escape upwards. If you discover small holes, seal them up with caulk, spray foam or weather-stripping. Next, evaluate your attic's ventilation system. Are there adequate inlet and outlet vents? If not, look into installing a continuous soffit and ridge ventilation system. Here's how it works: a vent is installed that runs the entire length of the roof at its apex. We all know hot air rises, right? In this case, the hot air now has somewhere to go, naturally flowing up and out through this new attic vent. Meanwhile, that draught of air upwards and outwards creates a vacuum, sucking cold outdoors air into the attic via soffit vents, further cooling down your trouble zone. The beauty part is there are no fans or wires or anything else to be maintained. Nature does all the work for you!
Help! There's An Ice Dam on My Roof. Now What? Your best strategy is to sit tight and wait for the ice to melt away. Later you should focus on preventing future dams by making the improvements described above. Before you decide to manually chip away at an ice dam, know that it's not recommended, and best left to a professional. For one thing, you could seriously injure yourself. (Never, ever climb up on an icy roof. If you must inspect the ice dam up close, use a ladder and beware of falling debris.) Second, forcibly dislodging chunks of ice could easily damage your roof and gutters, worsening your leakage problem.
Keep checking back in with us for other cold weather tips to stay safe and to keep your home in the best condition possible!
(Thank you to Diane Dixon from http://www.diylife.com/.)
If you are lucky enough to have power, and you've finished all of the shoveling, it might be time to make sure you are doing all you can to prevent ice dams!
Ice dams are accumulations of ice on the edge of the roof -- and they mean Big Trouble for you and your home, so be on the lookout. What's the big deal, you ask? Ice dams result in water seepage, which can rot roofs, destroy insulation, flood attics and ruin gutters. Moisture damage can extend far inside the home, damaging ceilings, paintwork and belongings. The dampness encourages mold, too, which can trigger nasty allergies. You may have heard that gutters cause ice dams by providing a place for water to collect. Wrong! You may also have heard that installing heating cables along the gutter line is the best way to prevent ice dams. Wrong again!
Yep, there's a lot of misinformation out there. Let's look at where ice dams really come from.
How Ice Dams are Born: In poorly insulated homes, warm air escapes through the ceiling and into the attic. If ventilation inside the attic is also inadequate, all that warm air has nowhere to go. Result: the roof's temperature starts to creep up higher than the outdoors air temperature, causing accumulated snow on the roof to begin melting. Water then trickles down the slope of the roof until it once again hits a cold patch, usually the gutter. There it refreezes, gradually forming a dam that prevents runoff. Additional melting snow, having nowhere to go, starts seeping inside the house -- and that's where the homeowner's headaches begin.
A Cool Solution: Insulation and Ventilation! The only way to permanently eradicate ice dams is not to warm your roof up (with heating cables) but to cool it down with better insulation and attic ventilation. Until then, you'll go right on experiencing ice dams in severe weather. Any other strategy will provide a temporary fix, at best. In northern states, attic insulation should be at least 12 inches deep. Make sure it is installed correctly, without any gaps between sections, and in conjunction with a vapor barrier. While you're at it, check that attic heating ducts are located as far as possible from the roof. Also check around light fixtures, chimneys, bathroom fans and anywhere else heat might escape upwards. If you discover small holes, seal them up with caulk, spray foam or weather-stripping. Next, evaluate your attic's ventilation system. Are there adequate inlet and outlet vents? If not, look into installing a continuous soffit and ridge ventilation system. Here's how it works: a vent is installed that runs the entire length of the roof at its apex. We all know hot air rises, right? In this case, the hot air now has somewhere to go, naturally flowing up and out through this new attic vent. Meanwhile, that draught of air upwards and outwards creates a vacuum, sucking cold outdoors air into the attic via soffit vents, further cooling down your trouble zone. The beauty part is there are no fans or wires or anything else to be maintained. Nature does all the work for you!
Help! There's An Ice Dam on My Roof. Now What? Your best strategy is to sit tight and wait for the ice to melt away. Later you should focus on preventing future dams by making the improvements described above. Before you decide to manually chip away at an ice dam, know that it's not recommended, and best left to a professional. For one thing, you could seriously injure yourself. (Never, ever climb up on an icy roof. If you must inspect the ice dam up close, use a ladder and beware of falling debris.) Second, forcibly dislodging chunks of ice could easily damage your roof and gutters, worsening your leakage problem.
Keep checking back in with us for other cold weather tips to stay safe and to keep your home in the best condition possible!
(Thank you to Diane Dixon from http://www.diylife.com/.)
Monday, February 8, 2010
Winter Weather Tips
We have been experiencing SEVERE winter weather here in the Mid-Atlantic over the last 2 weeks. Here are some basic tips to stay prepared during power outages (thanks to the Consumer Energy Center! You can find them here - http://www.consumerenergycenter.org/).
BEING PREPARED IF THE POWER GOES OUT:
There are basic things any house needs to be prepared if the power goes out - both winter and summer.
First, know where your circuit breakers are located and how to check to see if a breaker switch is tripped or a fuse blown. Have space fuses of various amp sizes if you don't have breakers.
Have a number of flash lights with fresh batteries in your home, and know where they are located. Also consider having a plug-in flashlight that remains charged until you need it - use, for example, in a dark hallway socket. Or consider one of the "shake it" flashlights that does not need batteries.
Have spare batteries to replace ones that run out. (Make sure you dispose of the old batteries properly - don't just toss them in the trash.)
Have a battery-powered (or one with a built-in, hand-crank generator) radio or television set to listen to news and weather announcements. If you don't have those, a quick trip to your car will give you a radio to listen to. Don't start up your car with garage door closed, and don't run your car for long periods of time inside your garage.
Have candles and or oil lamps (don't forget matches) for light. Make sure you keep them away from flammable materials such as drapes. Have additional candles, lamp oil and wicks available.
Post the emergency number for your electric utility so it's handy in case you need to call.
Have an ice chest available to store needed medications that must remain cold. Have "blue Ice" freezer packs ready for the ice chest to keep your medication cold.
Have a regular, hard-wired telephone, not just a cordless model. A cordless phone needs electricity in its base to operate the transmitter. Unless the telephone lines are down, you should have telephones. Cell phones may or may not work depending on whether there is power to the cell towers system.
If you use electricity for your water, such as a well with an electric pump, have enough water available to last a couple of days. You should have at least a gallon of drinking water a day for each person in your house for drinking and cooking.
If you want to have a backup generator, make sure it is installed by a licensed electrician. Check with your local building department to see if a permit is needed. Make sure the system has an automatic breaker that disconnects the house from the power company's regular electricity lines when it is running. This prevents electricity from leaking back into the grid and making it dangerous for utility workers.
Have a household first aid kit and a disaster preparedness backpack kit (the American Red Cross offers this kit for sale) in case something happens.
Have a household disaster plan that you and your family can follow if something occurs.
BEING PREPARED IF THE POWER GOES OUT:
There are basic things any house needs to be prepared if the power goes out - both winter and summer.
First, know where your circuit breakers are located and how to check to see if a breaker switch is tripped or a fuse blown. Have space fuses of various amp sizes if you don't have breakers.
Have a number of flash lights with fresh batteries in your home, and know where they are located. Also consider having a plug-in flashlight that remains charged until you need it - use, for example, in a dark hallway socket. Or consider one of the "shake it" flashlights that does not need batteries.
Have spare batteries to replace ones that run out. (Make sure you dispose of the old batteries properly - don't just toss them in the trash.)
Have a battery-powered (or one with a built-in, hand-crank generator) radio or television set to listen to news and weather announcements. If you don't have those, a quick trip to your car will give you a radio to listen to. Don't start up your car with garage door closed, and don't run your car for long periods of time inside your garage.
Have candles and or oil lamps (don't forget matches) for light. Make sure you keep them away from flammable materials such as drapes. Have additional candles, lamp oil and wicks available.
Post the emergency number for your electric utility so it's handy in case you need to call.
Have an ice chest available to store needed medications that must remain cold. Have "blue Ice" freezer packs ready for the ice chest to keep your medication cold.
Have a regular, hard-wired telephone, not just a cordless model. A cordless phone needs electricity in its base to operate the transmitter. Unless the telephone lines are down, you should have telephones. Cell phones may or may not work depending on whether there is power to the cell towers system.
If you use electricity for your water, such as a well with an electric pump, have enough water available to last a couple of days. You should have at least a gallon of drinking water a day for each person in your house for drinking and cooking.
If you want to have a backup generator, make sure it is installed by a licensed electrician. Check with your local building department to see if a permit is needed. Make sure the system has an automatic breaker that disconnects the house from the power company's regular electricity lines when it is running. This prevents electricity from leaking back into the grid and making it dangerous for utility workers.
Have a household first aid kit and a disaster preparedness backpack kit (the American Red Cross offers this kit for sale) in case something happens.
Have a household disaster plan that you and your family can follow if something occurs.
Welcome
Welcome to our blog!
We are excited to bring you to a place where you can have all the information you need about the current real estate market, business trends, and financial news in our Washington, DC area, and the rest of the world.
We'll try to keep you updated on current events, market trends and interesting and informative business-related articles. We have chosen some great websites to feature here, and you can find them on the right hand side of our page. Let us know which sites you find helpful, and which sites you don't need!
Please visit our website, http://www.barnesrealestateva.com, to learn more about us, see our current inventory of listings, check out local points of interest, and read about current events for our area.
We are hopeful that the real estate market will continue to show improvement, and are excited about the extension of the First Time Homebuyer Tax Credit.
Keep checking back in with us, and let us know what we can do for you.
We are excited to bring you to a place where you can have all the information you need about the current real estate market, business trends, and financial news in our Washington, DC area, and the rest of the world.
We'll try to keep you updated on current events, market trends and interesting and informative business-related articles. We have chosen some great websites to feature here, and you can find them on the right hand side of our page. Let us know which sites you find helpful, and which sites you don't need!
Please visit our website, http://www.barnesrealestateva.com, to learn more about us, see our current inventory of listings, check out local points of interest, and read about current events for our area.
We are hopeful that the real estate market will continue to show improvement, and are excited about the extension of the First Time Homebuyer Tax Credit.
Keep checking back in with us, and let us know what we can do for you.
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