In this economy, houses aren't selling like they used to. However, there are some ways to improve the chances of selling your house. If you have a house on the market, or are considering it, read on for seven tips that will make it easier to sell your home and make a smooth transition from one owner to the next.
1. Maintain Neutrality
This policy has worked for Switzerland, and it can also work in real estate. Customizing your home is great if you plan to stay there, but extreme colors and themed rooms can scare off potential homebuyers If you have customized every room with extremely bright or dark colored paint, wallpaper or wall fixtures, you may want to consider toning it down a bit. Using neutral colors on the walls can help prospective buyers create their own vision for the house, and will also leave them with less work to undo if they buy the house.
2. Less Is More
Even though you have not moved out yet, removing some of your furniture can help the house move off the market. If you take pictures for your listing, having less furniture can help the home appear more spacious. When potential homebuyers arrive, having less furniture can also provide clear walkways.
3. That New House Smell
Honestly, the new house smell isn't always the most pleasant, but at least it is new. In preparing to show your home, you should avoid strong smells. To avoid odors, make sure to take out the trash and clean the refrigerator regularly. It is also good to be mindful of what you cook in the days leading up to a showing since certain foods have strong scents. If you have pets, keep an eye on the litter box. Any smell that is too strong could send potential homebuyers running out the door.
4. Pay Attention to the Details
It is not a good idea to make major renovations when you are ready to sell your home because you may not recoup your investment. If you never got around to starting or completing that total kitchen or bathroom makeover, then you can make some small, inexpensive changes to spruce things up. Replacing the hardware on cabinets is a quick way to improve the appearance of older looking fixtures. Upgrading small items such as light switch and outlet covers can also add a nice touch.
5. Maximize Your "Curb Appeal"
The front of your home is the first thing prospective home-buyers will see, so keeping it presentable is a must. If there is a yard, keep the grass to a reasonable height and if there are trees, be sure to keep the branches under control. The path to your front door should be a clear and welcoming one, not an obstacle course!
6. Don't Get Too Personal
Upon entering your house, everyone will know it is lived in, but they do not need to see all the evidence. Get rid of excess clutter such as newspapers, magazines, and mail. Be sure to put away your laundry and shoes. It may also be a good idea to put away some other personal belongings like pictures on the refrigerator or mantle. For you, the pictures may make a house a home or display your personal touch. For the new homeowner, it may appear too personal.
7. Take Care of Repairs
Waiting to make repairs until after you find a buyer can be tricky. Depending on the nature of the repairs, you may not be able to find a buyer. Depending on how fast the buyer wants to close on the house, you may not have enough time to make the repairs. Save yourself some time and potential trouble, by making repairs before you list your home. The repairs will have to be made anyway, so it is better to get them out of the way sooner rather than later.
For more Austin Real Estate information, visit http://www.RomeoM.com
Monday, December 14, 2009
Monday, November 30, 2009
Understanding the Multiple Offer Situation
To learn more about how to handle a multiple offer situation, visit my site blog at http://www.romeom.com/
Wednesday, November 11, 2009
Should you list your home for sale during the holidays?
People often ask me whether they should list their home for sale during the holiday season. Here are a few points to consider:
There's no question that showing activity generally slows down between Thanksgiving and the first of the year. Part of this is due to the fact that many agents decide to take vacations during that time. Personally, I had some of my best months for sales in December, especially when I stayed in town rather than taking time off. There are several advantages to having your property on the market in December, especially if you decorate your house for the holidays. A warm fire and the smell of homemade cinnamon rolls (even if they came out of the can) will make your house more appealing. If your neighbors decorate their houses, that's an additional plus, especially if there is any type of neighborhood competition. Most buyers are drawn to communities where the residents take pride in their property. Even though there are fewer buyers looking over the holidays, those who are looking are usually very motivated to buy. Like your family, they often have to move quickly. The last few months of the year often see an uptick in investor activity. An investor may be purchasing because the current interest rates are very favorable or to pick up some additional tax write-offs in this tax year.
So if you're on the fence about listing your home for sale before the end of the year, keep these points in mind.
For more real estate information and news visit me at http://www.romeom.com/
There's no question that showing activity generally slows down between Thanksgiving and the first of the year. Part of this is due to the fact that many agents decide to take vacations during that time. Personally, I had some of my best months for sales in December, especially when I stayed in town rather than taking time off. There are several advantages to having your property on the market in December, especially if you decorate your house for the holidays. A warm fire and the smell of homemade cinnamon rolls (even if they came out of the can) will make your house more appealing. If your neighbors decorate their houses, that's an additional plus, especially if there is any type of neighborhood competition. Most buyers are drawn to communities where the residents take pride in their property. Even though there are fewer buyers looking over the holidays, those who are looking are usually very motivated to buy. Like your family, they often have to move quickly. The last few months of the year often see an uptick in investor activity. An investor may be purchasing because the current interest rates are very favorable or to pick up some additional tax write-offs in this tax year.
So if you're on the fence about listing your home for sale before the end of the year, keep these points in mind.
For more real estate information and news visit me at http://www.romeom.com/
Thursday, November 5, 2009
Both Houses Approve Tax Credit Extension
Both houses approved legislation to extend the first time homebuyer credit until April of next year. For more information, visit http://www.RomeoM.com
Friday, October 9, 2009
1.4 million home buyers thus far....
With the First-Time Home Buyer Tax Credit deadline quickly approaching, the Internal Revenue Service recently reminded potential home buyers they must complete their first-time home purchases before Dec. 1, 2009 to qualify for the special first-time home buyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far.
The credit of up to $8,000 is generally available to home buyers with qualifying income levels who have never owned a home or have not owned one in the past three years.
The IRS encouraged all eligible homebuyers to take advantage of the first-time home buyer credit but at the same time cautioned taxpayers to avoid schemes that help ineligible people file false claims for the credit. Currently, the agency is investigating a number of cases of potential fraud and is using computer screening tools to identify questionable claims for the credit.
Because the credit is only in effect for a limited time, those considering buying a home must act soon to qualify for the credit. Under the Recovery Act, an eligible home purchase must be completed before Dec. 1, 2009. This means that the last day to close on a home is Nov. 30.
The credit cannot be claimed until after the purchase is completed. For purchases made this year before Dec. 1, taxpayers have the option of claiming the credit on their 2008 returns or waiting until next year and claiming it on their 2009 returns.
For those considering a home purchase this fall, here are some other details about the first-time home buyer credit:
-The credit is 10% of the purchase price of the home, with a maximum available credit of $8,000 for either a single taxpayer or a married couple filing jointly. The limit is $4,000 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $80,000 or more.
-The credit reduces the taxpayer’s tax bill or increases his or her refund, dollar for dollar. Unlike most tax credits, the first-time home buyer credit is fully refundable. This means that the credit will be paid to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
-Only the purchase of a main home located in the United States qualifies. Vacation homes and rental properties are not eligible.
-A home constructed by the taxpayer only qualifies for the credit if the taxpayer occupies it before Dec. 1, 2009.
-The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on the taxpayer’s modified adjusted gross income (MAGI). MAGI is adjusted gross income plus various amounts excluded from income—for example, certain foreign income. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the range is $75,000 to $95,000. This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.
-The credit must be repaid if, within three years of purchase, the home ceases to be the taxpayer’s main home. For example, a taxpayer who claims the credit based on a qualifying purchase on Sept. 1, 2009, must repay the full credit if he or she sells the home or converts it to business or rental use at any time before Sept. 1, 2012.
Taxpayers cannot take advantage of the credit even if they buy a main home before Dec. 1 if:
-The taxpayer’s income is too large. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
-The taxpayer buys a home from a close relative. This includes a home purchased from the taxpayer’s spouse, parent, grandparent, child or grandchild.
-The taxpayer owned another main home at any time during the three years prior to the date of purchase. For a married couple filing a joint return, this requirement applies to both spouses. For example, if the taxpayer bought a home on Sept. 1, 2009, the taxpayer cannot take the credit for that home if he or she owned, or had an ownership interest in, another main home at any time from Sept. 2, 2006, through Sept. 1, 2009.
-The taxpayer is a nonresident alien.
The credit of up to $8,000 is generally available to home buyers with qualifying income levels who have never owned a home or have not owned one in the past three years.
The IRS encouraged all eligible homebuyers to take advantage of the first-time home buyer credit but at the same time cautioned taxpayers to avoid schemes that help ineligible people file false claims for the credit. Currently, the agency is investigating a number of cases of potential fraud and is using computer screening tools to identify questionable claims for the credit.
Because the credit is only in effect for a limited time, those considering buying a home must act soon to qualify for the credit. Under the Recovery Act, an eligible home purchase must be completed before Dec. 1, 2009. This means that the last day to close on a home is Nov. 30.
The credit cannot be claimed until after the purchase is completed. For purchases made this year before Dec. 1, taxpayers have the option of claiming the credit on their 2008 returns or waiting until next year and claiming it on their 2009 returns.
For those considering a home purchase this fall, here are some other details about the first-time home buyer credit:
-The credit is 10% of the purchase price of the home, with a maximum available credit of $8,000 for either a single taxpayer or a married couple filing jointly. The limit is $4,000 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $80,000 or more.
-The credit reduces the taxpayer’s tax bill or increases his or her refund, dollar for dollar. Unlike most tax credits, the first-time home buyer credit is fully refundable. This means that the credit will be paid to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
-Only the purchase of a main home located in the United States qualifies. Vacation homes and rental properties are not eligible.
-A home constructed by the taxpayer only qualifies for the credit if the taxpayer occupies it before Dec. 1, 2009.
-The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on the taxpayer’s modified adjusted gross income (MAGI). MAGI is adjusted gross income plus various amounts excluded from income—for example, certain foreign income. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the range is $75,000 to $95,000. This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.
-The credit must be repaid if, within three years of purchase, the home ceases to be the taxpayer’s main home. For example, a taxpayer who claims the credit based on a qualifying purchase on Sept. 1, 2009, must repay the full credit if he or she sells the home or converts it to business or rental use at any time before Sept. 1, 2012.
Taxpayers cannot take advantage of the credit even if they buy a main home before Dec. 1 if:
-The taxpayer’s income is too large. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
-The taxpayer buys a home from a close relative. This includes a home purchased from the taxpayer’s spouse, parent, grandparent, child or grandchild.
-The taxpayer owned another main home at any time during the three years prior to the date of purchase. For a married couple filing a joint return, this requirement applies to both spouses. For example, if the taxpayer bought a home on Sept. 1, 2009, the taxpayer cannot take the credit for that home if he or she owned, or had an ownership interest in, another main home at any time from Sept. 2, 2006, through Sept. 1, 2009.
-The taxpayer is a nonresident alien.
Friday, September 25, 2009
Texas moves up in Forbes List
Texas improved its position on Forbes' Best States for Business this year.
The Lone Star State ranked 8th on this year's list, up from 9th in 2008.
The magazine ranks all 50 states based on costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.
Business costs, which include labor, energy and taxes are weighted the most heavily.
Texas ranks No. 1 in the land for overall economic climate and third for growth potential. But the state ranked fairly low (39th) for quality of life and was 29th when it comes to cost of doing business.
Virginia garnered the top spot for the best business climate in the country for the fourth straight year. Virginia is the only state ranked in the top 20 in each of the six categories, and its $325 billion economy is expected to be the 10th largest in the U.S. in 2009.
Rhode Island ranked last on the list with the worst regulatory environment and high costs of business.
For more austin real estate information, visit us at http://www.RomeoM.com
The Lone Star State ranked 8th on this year's list, up from 9th in 2008.
The magazine ranks all 50 states based on costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.
Business costs, which include labor, energy and taxes are weighted the most heavily.
Texas ranks No. 1 in the land for overall economic climate and third for growth potential. But the state ranked fairly low (39th) for quality of life and was 29th when it comes to cost of doing business.
Virginia garnered the top spot for the best business climate in the country for the fourth straight year. Virginia is the only state ranked in the top 20 in each of the six categories, and its $325 billion economy is expected to be the 10th largest in the U.S. in 2009.
Rhode Island ranked last on the list with the worst regulatory environment and high costs of business.
For more austin real estate information, visit us at http://www.RomeoM.com
Friday, September 11, 2009
Predictions for Austin Texas Real Estate Home Values
· The rest of 2009 and the first half of 2010 will see continued lower than average sales volume and stagnant but generally stabilized prices. Foreclosures will continue to put downward pressure on prices of property in lower income areas. Owners in these areas may want to "get out now". But most owners should hang tight, especially if they're receiving cash flow neutral or cash flow positive results. Those with toxic loans should absolutely renegotiate with their lenders.
· Though demand will return in the second half of 2010 as lenders become more realistic with their lending standards and investors realize the worst of the panic is over, there will be a lot of new "pent up" inventory from sellers who were waiting out the market downturn. I am aware of hundreds if not thousands of sellers that will put their property on the market once they feel values are on the rise again. This phenomenon will probably keep values going up only modestly for another year or more.
· Based on current growth trends (Austin's continued low unemployment and net migration) and availability of housing, we will see a return to strong growth in 2012, and will hopefully enjoy another two or three year "boom", though not as remarkable as that we saw from 2005 through 2007. Fed monetary policy has probably put an end to the remarkable real estate bubbles for this generation.
For more information, please visit my website at http://www.RomeoM.com
· Though demand will return in the second half of 2010 as lenders become more realistic with their lending standards and investors realize the worst of the panic is over, there will be a lot of new "pent up" inventory from sellers who were waiting out the market downturn. I am aware of hundreds if not thousands of sellers that will put their property on the market once they feel values are on the rise again. This phenomenon will probably keep values going up only modestly for another year or more.
· Based on current growth trends (Austin's continued low unemployment and net migration) and availability of housing, we will see a return to strong growth in 2012, and will hopefully enjoy another two or three year "boom", though not as remarkable as that we saw from 2005 through 2007. Fed monetary policy has probably put an end to the remarkable real estate bubbles for this generation.
For more information, please visit my website at http://www.RomeoM.com
Monday, August 31, 2009
Good News for Austin Home Sellers
Much like the successful Cash for Clunkers campaign that spurred automotive sales, the $8000 federal tax credit has pulled buyers off the fence and given them an incentive to purchase a home. This is good news not only for buyers, but for sellers. Typically after the summer months, you see a sharp decline in home sales and listings, but this year may be a bit different. I've spoken to many buyers who still have several months left on their apartment leases that are willing to pay to get out of their lease and into a home. An example of this would be that if somebody pays $1000 per month in rent and still has 2 or 3 months left on their lease and they qualify for the full $8000 tax incentive, it would make fiscal sense to take the plunge and buy a home. I predict that as November 30th steadily approaches, first time homebuyers will still be out in droves trying to take advantage of the incentive. Good news for sellers, buyers, Realtors and everybody in the housing industry.
For more Austin real estate information and news, please visit my site at http://www.RomeoM.com or you can call me directly at (512) 743-7820.
For more Austin real estate information and news, please visit my site at http://www.RomeoM.com or you can call me directly at (512) 743-7820.
Sunday, August 23, 2009
Austin Ranks in Top Ten Best Start-up Cities
Entrepreneur magazine’s August issue ranks Austin the tenth-best start-up city in America.
The magazine’s look at new business-friendly cities addresses issues such as government incentives, population growth, affordability of commercial rents, and openness to new ideas.
Entrepreneur calls Austin the “cross-pollinator” among the top 10 cities. The magazine cites the multiple "scenes" that shape Austin, from music to tech, and how they feed off of one another.
"Theoretically, people here are competing, but the opposite is happening,” Bijoy Goswami, founder of Bootstrap Austin told Entrepreneur. “Part of that Texas ethos has percolated into the entrepreneur scene: People in Austin just treat each other well.”
The magazine also highlighted Sweet Leaf Tea Co-founder Clayton Christopher as an example of one of Austin's brightest business minds. “There’s a cachet attached to Austin," Christopher said. "It’s the live-music capital of the world; it has good Texas values. Having Austin on our bottles has been a huge benefit."
The top ten cities in order are Las Vegas, Portland, Ore., Orlando, Fla., San Diego, Phoenix, Chapel Hill, N.C., Atlanta, Madison, Wis., Youngstown, Ohio, and Austin, Texas.For more information about Austin, please visit us at http://www.RomeoM.com
The magazine’s look at new business-friendly cities addresses issues such as government incentives, population growth, affordability of commercial rents, and openness to new ideas.
Entrepreneur calls Austin the “cross-pollinator” among the top 10 cities. The magazine cites the multiple "scenes" that shape Austin, from music to tech, and how they feed off of one another.
"Theoretically, people here are competing, but the opposite is happening,” Bijoy Goswami, founder of Bootstrap Austin told Entrepreneur. “Part of that Texas ethos has percolated into the entrepreneur scene: People in Austin just treat each other well.”
The magazine also highlighted Sweet Leaf Tea Co-founder Clayton Christopher as an example of one of Austin's brightest business minds. “There’s a cachet attached to Austin," Christopher said. "It’s the live-music capital of the world; it has good Texas values. Having Austin on our bottles has been a huge benefit."
The top ten cities in order are Las Vegas, Portland, Ore., Orlando, Fla., San Diego, Phoenix, Chapel Hill, N.C., Atlanta, Madison, Wis., Youngstown, Ohio, and Austin, Texas.For more information about Austin, please visit us at http://www.RomeoM.com
Tuesday, August 11, 2009
Central Texas foreclosures hit 5 month low
More good news for the Austin area. Residential foreclosures for the Aug. 4 auction are at a five-month low in Central Texas, reflecting a trend in other parts of Texas, according to data from Foreclosure Listing Service Inc. “The tide may have changed,” said George Roddy Sr., president of Foreclosure Listing Service, who said the figures offer hope that foreclosures postings may have reached a peak.
In Travis, Williamson, Hays and Bastrop counties, 1,072 properties were posted for the August auction, down 27 percent from 1,464 in July.
My real estate website, http://www.RomeoM.com will help you start your research of the Austin Real Estate market and to better understand the home buying process by providing you free buyers and sellers reports. With my site, you can locate answers to popular questions about buying or selling real estate in Austin, Travis and Williamson County. You can also search for available properties on the MLS directly from our site with our Map Search feature or by using our advanced search tools. Use our Perfect Home Finder to describe the home of your dreams and let us do the work to find it.
In Travis, Williamson, Hays and Bastrop counties, 1,072 properties were posted for the August auction, down 27 percent from 1,464 in July.
My real estate website, http://www.RomeoM.com will help you start your research of the Austin Real Estate market and to better understand the home buying process by providing you free buyers and sellers reports. With my site, you can locate answers to popular questions about buying or selling real estate in Austin, Travis and Williamson County. You can also search for available properties on the MLS directly from our site with our Map Search feature or by using our advanced search tools. Use our Perfect Home Finder to describe the home of your dreams and let us do the work to find it.
Subscribe to:
Posts (Atom)