Saturday, November 14, 2009

Less expensive ways to update your home for today's market


As you well know, we have a buyer's market today. We no longer live in a climate of home values going up. They are actually going down in many cases. Of the homes sold on Greater Chattanooga and North Georgia MLS recently, roughly one-third are distressed sales such as foreclosures, short sales, and desperate sellers willing to price below what they paid for their homes. This results in other sellers in the same area having to lower their prices if they want to be competitive. Affordability is a key to homes selling today. Buyers are looking for bargains, and bargains abound; so you want your home to stand out from the crowd if you are ready to sell. You may make up whatever you lose when you purchase another home, especially if you buy a more upscale home. As you know, pricing is the single most important factor in selling a home, but you improve your chances of a successful sale if you have updated your home.


Make your home competitive with others in similar character and price range. You may not have a lot of money, but you can make the most of what you have by updating through less expensive means.


I found some suggestions from Barbara Ballinger on-line that are considered affordable redos to improve the sale-ability of your home.


1. Make rooms gender neutral. Neutral palettes and limited frills can make a home more universally appealing to both sexes. Of course that means you don't want sports memorabilia everywhere either.


2. Paint in neurtral and healthy colors. Painting is considered the cheapest and easiest way to change a room. Use the right color and finish to make the room feel bigger or cozier. Nature and spa-inspired colors may be the smartest option when trying to sell a home.


3. Dated paneling can be camoflaged so it does not look dark and outdated. You can prime with two coats and then paint with white for a cottage look.


4. The kitchen is an important room in any home. Dark cabinets can be repainted white or off-white, and new-style hardware can be added. A kitchen can be painted the same color as adjoining areas to enhance the space. Ceilings can be painted lighter.


5. Neutralize the bathroom. Choose a large mirror from the backsplash to the ceiling or a large framed mirror. Update hardware.


6. Let the light in! Use treatments that play up the window style, let in light, and provide for views outside. If you don't like curtains, consider simple shades. Inexpensive lamps with a museum touch can provide additional lighting. A skylight or larger window, if affordable, will bring in the light.


7. Provide curb appeal for the outside of the home. Make your home stand out among adjoining homes so you will invite buyers in. The front door should be easily approachable with a wide walk. Attractive, professional pruning and color will add to curb appeal. Use of pottery can provide an affordable and improvement.


These are some of the ways you can make your home more buyer friendly and competitive without spending a boat load of money. And, by the way, feel free to contact me, Pat Branham, to help you market your home or help you look for the next one!

Wednesday, November 11, 2009

President Signs Extended Tax Credit Into Law

According to Realtor Daily Magazine News, the new and expanded $8,000 home buyer tax credit extension is expected to generate $22 billion to the economy. The credit was extended to April 30, 2010. The expanded bill includes $6,500 tax credit to current home owners who have lived in their homes five of the past eight years

Income limits were increased to $125,000 for single buyers and $225,000 for couples, up from previous limits. Home prices that qualify are capped at $800,000. Sen. Johnny Isakson of Georgia, a former member of the National Association of Realtors (NAR), was considered key in pushing through the initial legislation. The legislation was also boosted by the National Association of Mortgage Bankers Association. NAR estimates 2 million people will take advantage to the tax credit in this year.

Sources for Realtor Daily included The Associated Press and NAR.