Tips & Tools : home

Trouble Selling Your Home? Try Sweetening the Deal

RE.com Tips & Tools — Tue, 21 Aug 2007 14:50:00 GMT

If you're having trouble landing a buyer for your home, maybe you need better bait.

A soft real estate market is a lot like the breakfast cereal aisle at the supermarket. Suppose you have two virtually identical boxes of corn flakes. They both offer the same nutritional value, similar taste and can be had for the same price, but, if you had to choose, chances are your hand would gravitate towards the box that that has the Secret Decoder Ring inside.

Crafty home sellers know incentives are the prize at the bottom of the box. By offering buyers something a little different, they can improve their chances of selling their homes quickly and for the price they want.

Here are just a few of the ways home sellers can sweeten the deal with extras.

Cover the buyer’s closing costs
Many buyers, preoccupied with saving enough cash for their down payment, overlook their closing costs which, at between 3 and 6 percent of the sale price, can amount to several thousand dollars extra. Offering to pay them on behalf of potential buyers may be just the push they need to close the deal.

Help the buyer get a better mortgage rate
Another potential deal sweetener is to offer to purchase discount points on the seller’s mortgage. Discount points are purchased up front in order to secure a lower interest rate on a mortgage -- the more that are purchased, the lower the rate. In most cases, one point is equivalent to one percent of the loan amount and will reduce the interest rate by .25 percent.

Discount points may make your home more attractive to buyers in that their monthly payments over the life of the mortgage will be lower. Plus, it enables you to advertise your home with the offer of “below market financing,” which may draw in more potential buyers.

Throw in some freebies
If you’re planning to purchase new furniture, appliances, curtains or light fixtures for your new place and the ones at your current home are in good condition, try including them as value-adds in your purchase agreement. This works particularly well with first-time homebuyers who may not have much furniture of their own. Plus, leaving some things behind may even reduce the overall cost of your move.

If you don’t want to part with any of your possessions or fixtures, another low-cost incentive is to include a home warranty. Offered through insurance companies for around $400 (depending on the extent of coverage), home warranties are contracts that cover the cost of replacing or repairing major appliances that break during the first year after the sale of the home. Plumbing, electrical and heating systems may also be included under the home warranty.

Other attractive incentives that may lure buyers in are gift certificates, golf club memberships, airline tickets and even cars. These types of incentives do cost money, but they can go a long way in helping to get your home listing noticed. You may also consider offering them to your real estate agent as an added incentive to finding a buyer.

Overcome objections or problems
A less glamorous but often equally effective tactic to help close a sale is to offer to rectify any concerns a potential buyer may have with your property. Something as simple as offering to repaint the front steps, re-sod the lawn or adjust the move-in date might push a potential buyer off the fence. You can either offer to make the improvements yourself or to include a renovation allowance in your purchase agreement.

Your Guide to Moving Up

RE.com Tips & Tools — Thu, 26 Jul 2007 19:48:00 GMT

Tips and advice for moving up into a bigger home.

Are you a homeowner planning on moving up to a bigger or more expensive home? Here’s a guide for planning the transition, with tips from real estate professionals on the RealEstate.com broker network.

Figure out how much your current home is likely to sell for.
Have your real estate professional conduct a comparative market analysis. “Be realistic about pricing the home so it moves quickly,” adds Sandy Guralnik, a broker with Coldwell Banker United in Charlotte, N.C. This will help you avoid a long gap between when you buy your new home and sell your old one.

Consider the market.
If you have only been in the home two or three years and made little or no down payment, you might not have enough equity to sell at a profit in today’s soft market. You might even owe more on the mortgage than the home is worth. On the other hand, if your home has appreciated well, it might be easier to move up to a bigger and better home.

Consider your finances.
Your overall debt picture is important if you plan to move into a larger, more expensive home. In addition to a higher mortgage, you’ll likely have higher utility, insurance and property taxes as well. If you owe money on a home equity loan, you’ll have to pay that back when you sell the home, which will eat into your profit.

Get preapproved by a reputable lender.
The lender will tell you how much money they’re willing to lend you, which will tell you how much house you can afford. Then, figure out how much you’re comfortable spending. The two numbers are not necessarily the same, says Jan Miyasato, director of corporate and client services for Prudential California Realty in Pleasanton, Calif.

Determine your long-term housing needs.
Will you be starting or expanding your family in a few years? Will the larger home be as teen-friendly as it is toddler-friendly? Is there a place for a home office if one of you eventually works from home?

Be realistic.
Most people will not be able to move up from a starter home into their dream home. It’s a long-term process that occurs over several moves, says Debbie Wong, a certified residential specialist with Prudential California Realty in San Mateo, Calif. Plus, it’s harder to qualify for a loan if the jump in monthly payments is too big, she says.

Preview properties in your target price range and location.
Look to see whether the homes match your trade-up goals.

Get your home on the market.
Moving up will go more smoothly if you are able to sell your home before trying to buy another. For one thing, many buyers are leery of contracts in which the sale is contingent on the seller finding a home. Finances also are an issue. You might be able to get a bridge loan if you’re unable to sell before you buy, but consider whether you can afford two mortgages for more than a month or two.

Determine the best time for your move.
If you want to move in the summertime, start your other preparations early enough to meet that goal.

When a Home Renovation Digs Up Buried Treasure

RE.com Tips & Tools — Tue, 19 Jun 2007 19:15:00 GMT

Found an arrowhead in your garden or a cache of letters in your attic? Learn what you should do if you find buried treasure or historic artifacts on your property.

If these walls could talk…
In April 2005, Andrew Mayes was renovating a home he’d bought in Lockport Township, near Chicago. While knocking out a wall in a closet, he discovered several unusual antiques: Several boxes of ammunition with a receipt dated 1940 and a mint-condition 1928 A1 Thompson submachine gun, a favorite of 1930s Chicago gangsters.

Surprised by his unusual find, Mayes immediately contacted the police, who quickly confiscated the weapon and ammunition. A sheriff’s spokesman, who estimated the gun’s value at around $10,000, praised Mayes for his honesty and noted that since Illinois state law prohibits civilians from owning automatic weapons, Mayes would not have been able to sell the gun if he had kept it to himself. He could have even faced up to 10 years in prison for possessing or selling an illegal and unregistered weapon.

While Mayes was unlucky in that he discovered something he wasn’t allowed to keep, don’t assume that what you find will automatically be taken away from you. In March 2006, for example, a demolition crew uncovered a stack of bills worth over $30,000 hidden in the walls of a flood-ravaged home in New Orleans. The surprised homeowner, a woman in her 50s who opted to remain anonymous, believed the money had been stashed away by her father, who grew up during the Depression and was wary of banks. And, once the woman’s identity was confirmed, she was allowed to keep every cent.

Finding items of significance -- historical or otherwise -- during home renovation projects is rare, but it does happen. Here’s what to do if you uncover something of interest:

Notify the proper authorities
You should always notify the proper authorities if you discover something out of the ordinary. State laws vary in regards to the legal ownership of artifacts found on private property, but generally speaking, all items (with the exception of things that are illegal to own) belong to the person who holds title to the land from which they were retrieved. Items found on federal or state land, or with federal or state money, however, become the property of the respective governments. You must obtain written permission from the landowner before you can legally remove items from property you don’t own.

Consider the historical value
If you come across something that may have historical or archaeological significance, you should report it to your state archaeological society (The Archaeological Institute of America has contact information for most state boards). The society will most likely dispatch an investigator to examine your item in person and determine its validity. Don’t worry, he or she can’t and won’t take it from you, or excavate your property, without your permission.

Look, don’t touch
If at all possible, don’t move an item that may have historical significance. It helps archaeologists to see the item in the condition it was discovered to determine its use or function. Take a picture of the site and protect the item from the elements. Some metal and wooden artifacts that have been buried in soil or under water may be damaged when they come into contact with the surface atmosphere again, so it’s always best to leave them where they lay.

Don’t commit grave errors
In the event that you should uncover human remains on your property, contact the police and the county coroner immediately. Do not touch or move them if you can help it. Accidentally disturbing graves or human remains is not a crime, but intentionally doing so or not reporting their discovery to the relevant authorities is a violation of state and federal laws.

Get it in writing
While you are allowed to sell artifacts that are legally yours to museums or private collectors, it’s always wise to get an accredited archaeologist involved first. Unless an item is officially documented as ‘historic’ and appraised, it will likely be significantly harder to sell or sell for a reduced price.

How to Get Your Home in the Movies

RE.com Tips & Tools — Sat, 16 Jun 2007 20:34:00 GMT

Would your house look great in a close up? Find out if your home is silver screen material.

Los Angeles is a city full of famous landmarks: Mann’s Chinese Theater, the Capitol Records building, Randy’s Donuts with its enormous plaster pastry, the famed ‘Hollywood’ sign. But some of LA’s most treasured landmarks lie off the beaten path on the city’s sleepy residential streets, far away from the hustle and bustle of the Strip.

That place looks familiar!
Near the intersection of Melrose and Vine, just behind the Wilshire Country Club, sits 565 N. Cahuenga Blvd. At first glance, this well-maintained six-bedroom pre-war home (estimated value: $1.6 million) looks rather unassuming. But in fact, it’s one of the most famous houses in television history, seen by millions of viewers every Tuesday night in the ‘70s and early ‘80s.

565 N. Cahuenga is better known as the Cunningham residence from the beloved sitcom Happy Days. Chosen for its wholesome, all-American look and proximity to the Paramount studio lot, the house was used for exterior shots of the Cunninghams’ Milwaukee home for ten seasons. Remarkably, the house looks almost the same today as it did in its ’70s heyday. All that’s missing is Fonzie’s motorbike in the driveway.

Location, location, location
Getting a home or business in the movies or on TV doesn’t happen randomly. Film studios employ people called “location scouts” who seek out locations that suit a scene’s needs, like the spacious 4-bedroom family home at 671 Lincoln Ave in Winnetka, IL (the house from Home Alone) or the secluded ultra-modern ravine bungalow at 370 Beech in Highland Park, IL (the one used in Ferris Bueller’s Day Off). Beyond fitting the scene, a location must:

Be within reasonable distance to the studio or other shooting locations.
Offer enough practical working space for cameras, lighting rigs, actors and crew.
Provide parking for trucks, trailers and catering vehicles.
Be equipped to handle the electrical load of film equipment (or have space for portable generators).

“If a script calls for a small house, you actually aren’t going to go out looking for a small house,” says Kayla Thames-Berge, president of the Location Managers Guild of America. “You won’t be able to get the film crew, the director, the equipment or the trucks into a small space. You need a physical space that will accommodate the practical work that needs to be done at the location.”

Make nice with the neighbors
Residential film locations present other unique challenges. As a gesture of goodwill, before allowing permission to shoot, you should notify your neighbors. “[Filming] can be a very disruptive process,” Thames-Berge says. “It’s not uncommon for a film crew to consist of 100 people, all of whom need to be on your property -- inside, outside, or both -- for extended periods of time.” Municipal governments and law enforcement may also need to grant permission if the shoot is going to disrupt traffic.

Get on the list
However, if you think your home has star quality and feel you can handle the distractions, the first step is to contact your municipal or state film office by email and send them a few photos of your property. Do not contact individual location management agencies, production companies, film studios or directors yourself; when locations are needed, filmmakers and location scouts always contact the regional film commissions first, as the local boards have a more specific understanding of what their jurisdictions can offer.

Be patient
While it’s good to be optimistic, don’t expect your home to immediately be chosen as the setting for the next Hollywood blockbuster. The amount of film production in the US is actually quite small, and location scouts maintain extensive databases of homes and businesses they’re already familiar with. An untested property will likely start out at the bottom of their list.

“There are only about 450 feature films shot in the US [each year],” says Bill Lindstrom, the chief executive officer of the Association of Film Commissioners International (AFCI), “and not every house has the potential or the ability to be used in production.”

“But that’s not to say it can’t happen,” he adds, “especially if you have a very unique property that has features that aren’t available anywhere else. Those are the types of properties that are useful for the local film commission to hear about.”

You can find a list of all of the local film offices nationwide through the Location Inquiry Service of the AFCI at www.afci.org.

Get the latest on home buying and selling

RE.com Tips & Tools — Wed, 30 May 2007 20:37:00 GMT

by Brenda Spiering – RealEstate.com

Looking to buy or sell a home and searching for information that can help guide you through the process? There’s no better place to search for information than by cruising the Web. But checking multiple Web sites on a daily basis can be time consuming. Wouldn’t it be great to have it done for you -- to get the latest information on the topics you’re interested in delivered directly to your computer? You can.

The technology that makes this possible is called RSS (Really Simple Syndication). It allows you to get the information you need without having to check numerous Web sites manually or clutter up your inbox with email alerts. And it really is as simple as its name implies. RealEstate.com offers news feeds on such topics as buying a home, selling a home, new construction, home financing home and gardening tips, and more. You can choose to either have the information delivered directly to your computer by downloading a desktop newsreader or set up an account to have it delivered to a Web-based news aggregator. Most newsreaders are available at no cost. Then, once you’ve set up where you want your RSS feeds to go, all you have to do is subscribe to the particular feeds you want and you’ll start receiving content in your reader immediately. You can subscribe to as many feeds as you want, free of charge, and you can add, edit or delete your subscriptions at any time.

Web pages usually indicate the existence of an RSS feed by displaying an icon or button with the letters RSS or XML (the programming language used to create the feed). Other sites, RealEstate.com included, also mark their feeds with a small orange square containing a series of curved lines representative of broadcast waves.

Ready to start receiving information targeted to your specific needs? Sign up now to receive FREE RSS feeds from RealEstate.com.

How to Buy a Home With – or Without – Your Family

RE.com Tips & Tools — Wed, 23 May 2007 20:20:00 GMT

Buying a home that balances everyone's needs doesn't have to cause headaches.

If you’re shopping for a new home where you’ll be living with other people, you’ve probably already realized that no one residence is likely to be ideal for everyone’s needs.

Perhaps your spouse wants a large luxurious house while you’d preferred a more modest residence. Maybe your child would be better served by a school district that’s a long distance away from your job. Or maybe you’ll be sharing your home with a retired parent or sibling who wants to live near recreation spots or cultural venues that don’t appeal to you. How can you accommodate what everyone wants?

Identify must-haves and wishes
A good first step is to make a written list of each family member’s needs and wishes. Then place those items that are absolute must-haves for each person on a combined "needs" list, and place those items that are desirable, but not necessary, on a separate wants or "wishes" list. Include the location, price and features of the home on all of your lists.

Identifying everyone’s wants and wishes needn’t be onerous, but instead can be a wonderful opportunity for your family to share their dreams about your new home. Bring your imagination and sense of fun to the process.

Consider next which of the must-haves are a function of location, which will be a fixed factor after you move, and which are characteristics of the property, which might be amenable to remodeling if you’re unable to find a home in the right location that has those features. The need for an extra bathroom or fenced-in play area might be easy to accommodate after you move. However, a too-long commute might require a job change to remedy.

Balance differing priorities
As you develop your lists, you’ll probably start to notice that some family members are more focused on the financial aspects of the home while others are more concerned about the suitability of the home for your family’s lifestyle. If you’re able to recognize these differences, you’ll be better able to balance the location, price and attributes of the property to meet everyone’s minimum requirements.

Manage family members’ expectations
On the flip side, some home buyers struggle with the involvement of relatives who won’t be living in the home. For example, parents who offer to lend a down-payment to an adult child and his or her spouse may take a personal interest in the home-buying process and expect their own needs and wishes to be considered along with those of resident family members.

If you’re in this situation, you’ll need to decide whether you’re willing to accommodate the preferences of people who won’t be living with you. If those preferences are important, go ahead and add them to your wants and wishes lists. If not, you may need to explain that you’ll be making your decision independent of their opinion. Either way, open communication, appropriate boundaries and stated expectations are key to keeping the peace in any home-buying family.

Buying a Home With Friends: Is It Worth It?

RE.com Tips & Tools — Wed, 23 May 2007 20:13:00 GMT

You're sharing the financial risk, but it's the friendship that might be at risk.

Picture it: You’re skiing straight into your slopeside condo, sipping a margarita in a cool ocean breeze from the porch of your beach home, or finally having a yard for your dogs after years in an apartment.

But if you can’t picture yourself shouldering the cost of such luxury yourself, you might be thinking of going in with friends on the purchase. You’d be sharing the risk and the responsibilities, and you’d get to enjoy a place you couldn’t afford on your own.

But experts advise that you should fully understand what you’re getting into if you don’t want your friendship to turn into the modern-day Hatfields and McCoys.

Kris Hyland, a broker associate with Colorado Premier Resort Properties in Breckenridge, Colo., says skyrocketing prices in resort areas are forcing more buyers into partnerships. She emphasizes that it’s important to have a contract outlining responsibilities and expectations for every conceivable scenario, such as:

-- How will the owners decide when each gets to use the property?
-- What are the rules for letting other friends use the property?
-- How will liability issues be handled?
-- Who’s responsible for arranging maintenance, and how will costs be shared?
-- What happens if costs like utilities or condo fees balloon beyond what each partner expected to spend?
-- If an owner dies, who gets his/her share?

“Make sure everybody understands this is a business and a friendship,” Hyland says. “I look at this as a marriage in a sense.”

There are a number of financing questions as well when buying a home with friends, says Pamela Hamrick, Vice President of Operations for LendingTree Loans, an affiliate of RealEstate.com.

Friends don’t normally share intimate details of finances with one another, but that’s not possible if they’re going to purchase a property together, Hamrick says. The partners might have different credit ratings, and some might have more assets than others – all of which affect lenders’ decisions.

“I just think it’s important to sit down and have a discussion about anything a lender would ask about them,” she says.

Lenders will look at the combined income – and the combined debt – of all the borrowers, Hamrick says. “I guess the key is to find a partner who is going to complement or enhance your financial situation.”

At the same time, if one partner ends up having financial problems, that could affect the others, she says. They might have to refinance the mortgage loan to buy out the partner, she says, or find another way to come up with the cash.

“You can’t be quite as flexible or nimble when there are other people involved in the transaction,” she says.

Universal Design for Your Home

RE.com Tips & Tools — Wed, 23 May 2007 18:24:00 GMT

You don't have to be over 50 to benefit from universal design changes.

Have you ever noticed how much easier it is to open a door with a lever rather than a knob? Have you ever wished you didn’t have to bend over so much to reach items on the bottom cupboards or to unload the dishwasher? Do you have enough light to read food labels and recipes?

These are all issues that universal design seeks to solve. The basic idea is to make homes more accessible to all people, regardless of ability or disability. But secondarily, universal design works to provide that accessibility without being obvious or, quite frankly, ugly.

You’ve probably heard of universal design if you have been reading about how baby boomers are influencing new home design as they age. And it’s big business, involving everyone from builders to designers to manufacturers.

Builders of housing for people 50 and older say most universal design features aren’t even noticeable to the average buyer. Or, if they do notice, they think about the design feature’s convenience, not how down the road they might need the wider doors or hallways to accommodate a wheelchair or walker.

One reason many universal design features seem to blend into a home could be that the push is coming as people adopt a more casual lifestyle. In a new home, that often means open floor plans that make it easier to get around. You might be less likely to notice that, for example, hallways are 36 inches to 42 inches and doorways are 32 inches to 36 inches wide – other than being pleasantly surprised that it’s easier to move your furniture in.

With universal design, you’ll find light switches and electrical outlets higher on the wall, and thermostats lower. There won’t be steps going into the house, and the master bedroom will be on the ground floor.

Interested? Here are some other universal design features to look for as you shop for a home, according to the Center for Universal Design at North Carolina State University:

--Rocker light switches.
--Task lighting throughout the home.
--Loop handle pulls, not knobs, on cabinets.
--Levers, not knobs, on doors.
--Pull-out shelving and corner-cabinet Lazy Susans.
--Windows that can be opened or closed easily with one hand.
--Dishwashers placed on pedestals.

You also can search for homes with taller toilets, sometimes called handicapped toilets. They are 16.5 inches to 18 inches tall, compared with 14 inches to 16 inches for standard toilets. The taller seats are easier on knees, legs and backs, but don’t look out of place in the average bathroom.

Builders also are putting in curbless showers and showers with built-in seats. Plumbers can install scald protection systems that keep water from getting too hot if someone falls and hits the hot water control.

To learn more about universal design, go to Center for Universal Design’s Web site: www.design.ncsu.edu/cud/. The AARP also has a number of articles about universal design available on its Web site at www.aarp.org/families/home_design/universaldesign/.

Top 10 Things Not to Do When Making an Offer on a Home

RE.com Tips & Tools — Fri, 20 Apr 2007 20:17:00 GMT

A lot of things can go wrong when you're putting in an offer on a home. Learn how to avoid them with the following list of common purchase-offer mistakes.

House hunting can be exciting and fun, but once you’ve found the home you want to buy, your next step should be all business. Making a purchase offer is a crucial part of buying a home, and one of the easiest to do incorrectly. Here are 10 of the most common mistakes you should avoid.

1. Not using an agent and a lawyer. You can purchase a home through a seller’s real estate agent, but remember that person represents the seller, which means he or she may not always be acting in your best interest. Using a buyer’s agent to prepare your offer will put an experienced negotiator on your side, and it doesn’t cost you any extra. Your agent splits the commission (that comes out of the sale price of the home) with the seller’s agent. Also, even if your state does not require one, using a real estate lawyer to review your offer will help make sure you haven’t left anything out that you may come to regret.

2. Making an unconditional offer. It’s always wise to make your offer conditional upon a professional home inspection. This will ensure you have a way out of the deal if the inspector finds a structural defect or other major problem. You should also make your offer conditional upon an independent appraisal to protect yourself if the home is worth less than what you’ve offered to pay. Finally, if your new home is in an area where insurance is hard to obtain, it’s a good idea to make your offer conditional upon getting coverage.

3. Including too many non-essential conditions. Sellers prefer not to deal with buyers who make too many requests. That’s why it’s a good idea to get pre-approved for a mortgage so you don’t have to make your offer conditional upon obtaining financing. This is especially true in a hot market where a seller may be receiving multiple bids and you may lose out to someone who already has their financing arranged. Your offer will also be less attractive if you make it conditional upon selling your own home, or on some other event the seller can’t control.

4. Lowballing. In a cooling market, your offer usually shouldn’t be for the full asking price, but you also don’t want to offer too little. If other buyers are considering the home, your offer will be quickly tossed aside. Even if there are no other offers on the table, insulting the seller may sour further negotiations. However, if the seller is highly motivated -- for example, if the house has been on the market for many months -- a lowball offer just may succeed.

5. Neglecting to price shop. Some sellers intentionally overprice their home to test the market. Before you make an offer, obtain a list of what other homes in the same neighbourhood have recently sold for. Your real estate agent, or even the seller’s agent, can provide one.

6. Getting caught in a bidding war. Don’t fall so in love with a home that you lose your sense of perspective regarding its true value. Set a reasonable upper limit that you’re willing to pay and don’t sign back an offer for a higher amount just to beat out other bidders. If you do, you could end up with the home, and a serious case of buyer’s remorse.

7. Allowing your agent to pressure you. While a buyer’s agent should always act in your best interest, it’s important to remember that he or she doesn’t make any money until you buy. Your agent therefore has a vested interest in closing the deal. Be careful not to get persuaded into offering more than you’re comfortable with, or into accepting a seller’s counter offer that you don’t like.

8. Getting cold feet. Making a purchase of several hundred thousand dollars can overwhelm if you dwell on it. But if you’ve done your homework and have checked out the house thoroughly, you should present your offer with confidence. Don’t get hung up on tiny details. No house is perfect.

9. Not asking for extras. In a buyer’s market, you have more negotiating power, so use it to your advantage. If you sense that the seller is motivated, see if you can get them to include such things as appliances in the deal. You may also be able to get them to pay for minor repairs or agree to pay the closing costs.

10. Accepting verbal agreements. If the seller has agreed to include certain items in the deal, such as a particular piece of furniture, put it in the offer. If the agreement isn’t in writing, you will have no recourse if you show up on moving day and discover the item is gone.

10 Easy Ways to Update Your Home

RE.com Tips & Tools — Thu, 22 Mar 2007 21:19:00 GMT

Looking to modernize your home to increase its resale value, but not deplete your bank account? Here are 10 easy ways to spruce it up quickly.

You don’t have to spend a fortune on expensive upgrades to enhance the appeal of your home and make it more attractive to prospective buyers. With a little resourcefulness and creativity the following ideas can cost very little and yet make a dramatic difference.

1. Repair and replace. Patch up cracks and holes in walls. Fix or change broken light switches, door handles and screens. Replace or re-grout any broken, stained or loose tiles in the kitchen or bathroom.

2. Paint to refresh. A fresh coat of paint is an easy, cost-effective way to brighten up a room. As a general rule, avoid bold colors and stick with light, neutral tones like off-white or beige to make your home as appealing as possible to the widest range of potential buyers.

3. Refinish flooring. Are your wood floors showing their age? Sand them down and refinish them, or paint them a neutral color. Have your carpets professionally cleaned and replace any that are very worn or permanently stained.

4. Update hardware. Modernize the look of your kitchen and bathroom instantly with new stainless steel knobs, drawer pulls, towel racks and hooks. Save money by repainting, instead of replacing, dated kitchen cabinets.

5. Buy new fabrics. Fresh new curtains, lampshades and colorful throw pillows can transform the look of any room. New bedding and duvet covers can also punch up a bedroom. And a fresh new shower curtain can drastically improve the look of a bathroom.

6. Hang mirrors. Trick the eye by hanging a mirror to widen a narrow room or hallway. Expand the space further by positioning a mirror on the wall, kitty-corner, at the same height.

7. Modernize lighting. Swap in a modern, stainless steel lighting fixture in place of an outdated chandelier to give a room a contemporary look. Install dimmer switches on overhead lighting to enhance mood.

8. Display contemporary art. You can give your home a unique, artsy look even if you’re not artistically inclined yourself. Make black-and-white photocopies of your favorite family photos and insert them into new, contemporary frames. Black-and-white always looks timeless.

9. Add greenery. Add a touch of green to your home by purchasing a few low-maintenance indoor plants from your local greenhouse. Group the pots together for maximum visual impact. A two-tier herb garden in your kitchen can be easily installed on glass shelves across a sunny windowsill to bring in a touch of the outdoors.

10. Create a grand entrance. Replace rusty house numbers, drab porch lights and frayed doormats with new ones. Rejuvenate a tired-looking front door with fresh paint or stain. And place a planter of colorful flowers by the entrance.

When you’re finished, you will be the proud owner of a clean, modern-looking, desirable home that potential buyers will easily be able to picture themselves living in. All you have to do is sit back and wait for the right offer to come your way.

Want to Know the Value of Your Home?

RE.com Tips & Tools — Tue, 06 Mar 2007 21:43:00 GMT

by Brenda Spiering – RealEstate.com

It’s never been easier or more fun to check the value of real estate, both in your neighborhood and across the country. With a click of your mouse, you can be directed to a view of entire city blocks indicating the most up-to-date prices that homes on particular streets have sold for. Curious about how much your house is worth, or how much your boss paid for his new mansion? Simply input the address and find out.

These new electronic wizards aren’t just for nosey neighbors. Perhaps you’re thinking of selling your home and are wondering how much you can get for it. Sure, you know a real estate agent is your best bet for coming up with a true fair market assessment. But you want a ballpark figure now, at midnight, while you’re sitting awake in front of your home computer agonizing over your options.

A quick online assessment can help you reach a decision. Or, if you’ve already made up your mind to buy or sell, you can search recent sales prices or fill out a request to be connected with an agent or appraiser in your area. In fact, these days there are a wealth of resources available online. Not sure where to begin? Here’s help understanding what tools are out there and which is best suited to your particular need.

Just curious about home values or not sure what your plans are yet?
By inputting an address into an online home valuation product, you can get a free instant estimate of a home’s market value. Home valuation tools are a great resource if you’re looking for an idea of what your home is worth, if you’re looking into property values in a neighborhood you’d like to move to, or if you’re just curious about home values in different parts of the country.

Interested in what homes in a certain neighborhood have been selling for?
You can now obtain comparable home sales data on what homes in different regions have sold for recently (as well as historically). This is an excellent tool if you’re interested in sale price trends in your neighborhood or in an area where you’re considering buying.

Need the most accurate possible online appraisal?
There are now services available online where, for a nominal fee (much less than the cost of a standard home appraisal), you can obtain an electronic appraisal of a particular property including information on local schools and analytic data such as price per square foot. This tool is great for potential buyers investigating a particular property or for homeowners who are thinking of refinancing or getting a home equity loan. This is the most thorough home valuation tool short of a physical appraisal.

Thinking of selling your home?
Another great way to get the value of your home is a Comparative Market Analysis (CMA) prepared by a real estate agent. New online tools let you get the process started with the click of a mouse. Simply fill out an online form and arrange to have a real estate agent in your area provide you with a free, no-obligation Comparative Market Analysis.

Want to get connected with a licensed appraiser?
The most accurate and unbiased way to value a home is to enlist the help of an appraiser. Now it’s easy to find a professional appraiser without having to leave your home or dig through a phone book. You’ll pay only the fee for the appraisal. Perhaps one of the easiest ways to find a licenses appraiser is by asking your agent or REALTOR®.

All of these options are available at your fingertips. Whether you’re interested in a full electronic appraisal or just wondering what that house around the corner is worth, you can simply log on and go!

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RealEstate.com provides Home Price Check^SM, a source for home value and sales data on individual properties as well as comparable value and sales data in your area of interest. Find out how much your home is worth today! Visit www.realestate.com/homepricecheck to get started.

Go Green at Home and Save

RE.com Tips & Tools — Thu, 22 Feb 2007 20:22:00 GMT

Making your home more environmentally friendly can save you money and boost your resale value.

It’s no wonder more Americans are going green at home. It can help protect the environment and leave more money in your pocket. Plus, you may be able to get tax credits for adding insulation, energy-efficient windows and certain heating and cooling equipment (check with your financial advisor for more details).

Going green may also boost the value of your property:

A 2006 survey by the American Institute of Architects found that about 90 percent of those surveyed would pay an extra $5,000 to buy or build a more eco-friendly home.

Since most green homes are virtually indistinguishable from standard homes, it may be worth your while to tout your energy-saving investments when listing your home on the market. Mention any appliances or improvements you’ve made to your agent and factor them in to your asking price. With today’s high fuel costs, an energy-efficient home’s lower heating and cooling bills are an obvious selling point.

Steps you can take to create a green home:

Heat and cool efficiently
Up to half the energy you use in your home is for heating and cooling. Here’s how to cut down on your usage, and your costs:

Service your heating and air conditioning systems every year to keep them running efficiently and prevent small damages from turning into major costs down the road.
Regularly change the air filters in your air conditioner and furnace. A clean filter lets through more air, prevents dirt build up in the system and helps equipment work more efficiently. You get more bang for your buck and save on maintenance costs.
Install a programmable thermostat. You can then set it to keep the temperature lower in winter or higher in summer during the times when you’re not at home.
Install a high-efficiency furnace and/or central air conditioner. Furnaces and air conditioners that qualify for the government’s ENERGY STAR® certification use electricity, gas or fuel oil more efficiently and can save you up to 20 percent of your heating and cooling costs. For maximum savings, make sure the units are the recommended size for your house and installed correctly.
Cool your rooms with ceiling fans. They cost less to run than an air conditioner.
Open the windows and curtains to let the sun warm your home during the day; close them to keep the heat in at night.

Seal your home

Seal joints in the ducts that carry hot or cold air to and from your forced air furnace, central air conditioning or heat pump. Use duct sealant (also called duct mastic) or metal-backed tape (with UL-181 label) on all seams and connections, then wrap them with insulation. You’ll improve your heating and cooling system’s efficiency by up to 20 percent.
Seal your home from drafts and moisture leakage. Close all holes, cracks and openings by adding weather stripping or caulking to window and door frames. Spray foam or install foam board or caulking where pipes, wires and vents leave your house.
Add insulation to walls and ceilings to help retain heat in winter and cool air in summer.

Use efficient lighting
Did you know the cost of lighting your home accounts for up to a quarter of your electricity bill? You can slash this expense by using ENERGY STAR® compact fluorescent bulbs. They’re 75 percent more efficient than incandescent bulbs and last 13 times longer. Replacing just five frequently used incandescent bulbs with ENERGY STAR® bulbs can save you more than $60 in energy costs annually. You can also install dimmer switches that will enable you to reduce lighting when you don’t need it.

Buy energy-efficient appliances
Upgrade your refrigerator and/or clothes washer. An ENERGY STAR® refrigerator uses about half the energy of most 10-year old models, while ENERGY STAR® clothes washers use half the water and 70 percent less energy per load.

How Do I Price My Home?

RE.com Tips & Tools — Tue, 06 Feb 2007 16:03:00 GMT

About to put your home on the market? Here are the factors you should consider when determining how much to list it for.

The ten main factors that influence the value of your home are:

1. Interest rates: The lower the interest rates, the more buyers can afford to pay.

2. Supply and demand: Are ’for sale’ signs springing up all around the neighborhood? If there are a number of homes similar to yours on the market, consider them your competition. What can you do to set your home apart and make it desirable for a majority of potential buyers? On the other hand, a small number for sale can result in competing bids that send prices up.

3. Economy: Is the economy improving or sliding? This will affect buyers’ confidence in their ability to manage debt.

4. Location: Are you in a desirable neighborhood, with key services such as schools, doctors, and shopping nearby? Are there factors that make your neighborhood less desirable, such as environmental issues or traffic problems?

5. Condition: Have you updated features and kept up with repairs? Is the house clean? Does your house make a good first impression? (This is called "curb appeal.") How much can you reasonably do to fix it up for sale?

6. Timing: Do you need to sell quickly or can you choose your time?

7. Size: Will your home appeal to a growing family or to those who are downsizing?

8. Amenities: Does it include features that are popular, such as low-maintenance landscaping or granite counter tops?

9. Terms: How flexible are you with respect to the sale? What’s excluded? If you are downsizing and have substantial equity, have you considered offering financing? Carrying financing can make your home very appealing and help you sell for the maximum price.

10. Attitude: How committed are you to selling now?

To determine your home’s value:

Research the housing market in your area. Browse the Internet, local newspaper ads and free ’For Sale’ publications. Visit open houses in your neighborhood to get a general idea of the current market.
Get a comparative market analysis (CMA) from a REALTOR®. A CMA compares homes that are currently available and those that have sold in your neighborhood in the past year. The more similar the features -- square footage, number of rooms, lot size, etc. -- and the more recent the data, the more accurately it reflects the current market. Don’t confuse listing price with sold price -- the most important factor in the CMA. REALTORs® usually do CMAs for home sellers at no charge.
Have your home appraised. An appraisal estimates your home’s market value. A lender will require an appraisal to finance a prospective buyer. For residential properties, a professional appraiser will either compare your home to similar properties that have sold in the area or, for new properties, estimate how much it would cost to replace the existing structure if it were destroyed.

To maximize your home’s value:

Eliminate clutter and clean. The more you can clean your home and keep it tidy, the easier it will be to show, and the more buyers who will see it at its best.
Paint and repair. First impressions count. Improve the appearance of your home with a coat of fresh paint. Take the time to fix any dripping taps, broken tiles or cracked widow panes.
Consider hiring a home stager. A professional home stager can help you enhance the selling potential of your home by showing you how to arrange your home to appeal to buyers. Whether it’s rearranging furniture, minimizing belongings, lending you accessories or renting furniture, they work with you to show off your home’s best features. Many will also coordinate hiring professionals to do cleaning, painting and minor repairs.

What’s the right price?

Generally, aim for your list price to be within 2.5 to 5 percent of what you expect the selling price to be. Pricing strategies vary with the market. If it’s sluggish, price lower. If it’s active, price close to your expected selling price to stimulate competing offers.

Remember, your home is easiest to sell when it’s first listed. During the first couple of weeks, you’ll get a flurry of interest on the part of agents eager to preview it for their clients. If you price it too high and they can’t sell it, your home may linger on the market and become old news. Prospective buyers may think you’re becoming desperate and lower their offers. As a result, you could end up having to accept less than you normally would have received.

Bill Yeager
Regional Vice President, Realty Services

Home maintenance: Fall checklist

RE.com Tips & Tools — Thu, 25 Jan 2007 20:00:00 GMT

The following home maintenance checklist can help you to keep your home in good repair.

Fall is a busy time for home maintenance. It is good to prepare your home for the cold months ahead. A little home maintenance now can prevent problems in the future. Check out the following tips to give you a head start on your home maintenance.

• Clean out the gutters and downspouts. Autumn means lots of falling leaves which tend to wind up in those two places. Removing the debris when most of the leaves have fallen will help ensure that your gutters do not get clogged and cause moisture problems.

• Check the roof for any loose or missing shingles. The cold weather can be tough on loose shingles so get them fixed now.

• Hire a chimney sweep to clean out your chimney. If it gets clogged, it can cause carbon monoxide to back up into your home.

• Have your heater serviced. If you ignore this bit of home maintenance, you may be in for some cold nights!

• Replace the filters and have the ducts cleaned while you’re at it. This improves the efficiency of your heater and the air quality, too.

• Check the weather stripping around doors and windows and caulking them if needed. This is an important step in maintaining your home. You don’t want your warm air to leak out and the cold winter air to creep in.

• Change out your summer screens from your windows and replace them with cold weather storm windows. This can help reduce your energy costs for the winter.

• Check your insulation. For this home maintenance, you may want to get a professional to help. Good insulation is one of the best ways to improve your home’s energy efficiency.

• Make sure pipes are all well-insulated. You don’t want a pipe to freeze during the winter weather.

• Check the vents in your attic to make sure that your screens are all in place. Your attic will be much warmer than outside. You may have some unwelcome guests using your attic to hibernate unless you prevent them from getting in.

• Clean and put away your yard tools so that they are ready to go in the spring.

Just as nature prepares for the cold weather of winter, fall home maintenance means preparing your home to handle the cold winter. A little work now can help ensure that your home is nice and warm and ready to handle the harsh winter weather.

Home Maintenance - Spring Checklist

RE.com Tips & Tools — Wed, 24 Jan 2007 20:05:00 GMT

The following home maintenance checklist can help with your spring upkeep of your home.

Home maintenance fits in nicely with spring projects. Most likely, you are already doing a little spring landscaping. However, it may be time to give your home a little maintenance, too. The many spring showers can actually cause some damage to your house. Follow this checklist for your spring home maintenance to keep your home in tip-top shape and avoid any possible water damage.

• Clean the gutters and make sure that they are in good repair. You can use a ladder, an attachment for your hose, or even a professional. You want them to work correctly and not be clogged, which can lead to water damage.

• Check the undersides of the eaves for any rotting. It can lead to water damage in your attic.

• Look over the roof for any damaged, missing, or loose shingles. You can improve your home’s maintenance if you repair any roof damage before there is a lot of rain.

• Examine inside the attic for any water damage from leaky shingles. You’ll want to repair that before it gets any worse and costs more.

• Be sure downspouts carry rainwater at least 5 feet away from the foundation. This is an important for home maintenance. If they drain too close to the foundation, it can result in water damage.

• Check your sprinklers as part of your home maintenance. None of the lawn sprinklers should hit the house with water, which can lead to moisture problems.

• Examine the weather stripping on your doors and windows. The cold weather of winter may have caused damage. If it looks like there is any damage, caulk it.

• Remove any storm windows and replace with summer screens.

• Home maintenance also involves checking your heating and air conditioning units. Spring is a good time to have a service check of your air conditioner to head off any problems before the summer heat waves.

Home ownership includes home maintenance. Starting off your spring with a maintenance checklist can correct any problems before they get worse and cost even more money to fix.