The upcoming year will likely be rocky, but an improvement over 2008
By Kris Berg, FrontDoor.com Published: 12/02/2008
Real estate markets are cyclical; this much we know. We are all also painfully aware that we are currently experiencing a down cycle. Home values have declined across the country, dramatically in many regions. Experts and veteran agents agree, however, that this correction is different. It is much bigger than anything most of us have experienced in our lifetimes. This is because we all got a little crazy. Lenders got a little crazy throwing money around with no strings attached, and homebuyers got a little crazy overextending their credit and getting a cash advance on their equity, all on the premise that home values would continue on a skyward trajectory. This, of course, did not happen.
The talk around the water cooler lately is about what the housing market will look like in 2009. More specifically, the big question is, "When will we get there?"
I do know a few things with certainty. I know we will have volatility until we stabilize; I know prices will continue to decline until they stop declining. OK, I confess I'm a coward when it comes to predictions, especially when I don't control the variables.
First, there are those pesky external variables. Global events, jobs reports, and that wacky Wall Street, to name a few, can all influence the direction of the housing market. And those external factors feed that other important variable, consumer sentiment.
To predict the future of the housing market essentially requires that we are able to predict human behavior. I can't even predict what I will be cooking for dinner tomorrow. Nine out of ten dentists have never been able to agree on much of anything, and ask a dozen real estate agents about the future of the housing market, and you will get as many different answers.
Yet, in the spirit of the holiday season, I will be uncharacteristically bold and venture a few real predictions. If I am wrong, I will just blame all of those little variables beyond my control. "I didn't see that one coming! That changes everything!" On the other hand, I could be right, in which case I will spend 2010 gloating insufferably.
Home values will continue to decline throughout 2009, and declines will be greatest in the higher priced areas and among higher priced properties. The higher they go, the harder they fall, certainly, but less favorable loan limits will also play a part. Mortgage lending has generally been a two-tiered system. Lower limit, "conforming loans" (loans which conform to underwriting guidelines for Fannie Mae and Freddie Mac) carry lower interest rates, because they are considered less risky and can be sold on Wall Street, while larger "jumbo loans" involve higher interest rates. In 2008, the Government increased the loan limits for conforming loans to $417,000, and established higher limits yet for high-cost regions, effectively resulting in a new three-tiered system. As a result of the government's Stimulus Act, this three-tiered system will continue in 2009, the difference being that while conforming loan limits will remain at $417,000, the limits for higher-cost regions will be less than they were this past year.
While home values will continue to decline, the rate of decline will be lower than last year. We are already seeing the price decline trend line heading in a more horizontal direction. Interest rates remaining low will be a contributing factor. Absent a Presidential Cabinet position or a degree in economics, I cannot truly begin to know where interest rates will be in 2009, and even then my odds of being right will be only slightly better than if I had used my Ouija board. However, all indications from the "experts" are that we will be ringing in the New Year with more favorable rates.
Families will continue to lose their homes in painfully large numbers, but the numbers will be fewer. We are working through the subprime loan legacy of the first half of the decade, but we still need more time. Our free-lending, free-spending hangover will unfortunately continue. Too many troubled loans remain and until these are behind us, downward pricing pressure will continue. Government assistance programs and more willingness on the part of lenders to restructure loans at risk will help in the recovery, but we aren't "there" yet.
Home sales will increase. On the brighter side, declining home values have resulted in more affordability and opportunity for the homebuyer. Lower prices mean renewed buyer interest which, in turn, means opportunity for the home seller. I am seeing buyer activity and interest spiking in my area. But, even this brighter side comes with strings. Stricter lending guidelines mean a smaller buyer pool. The new rules now require that in order to qualify for a loan, buyers must make an actual (often 15 to 20 percent) down payment and, if that isn't bad enough, must demonstrate the ability to make the resulting mortgage payments. These new rules are ironically the old rules, and we should get used to them. They will be with us for awhile.
In short, 2009 will be a year of opportunity for qualified buyers as prices and interest rates remain low. Sellers will also benefit from renewed buyer activity and interest. But, 2009 will be more of the same, just to a lesser degree. I don't think we will turn the corner next year, but we will get a little closer to the intersection. And when we do get "there," there will be a place we have been before, a place where a home is not viewed as a lucky lotto ticket but as shelter, security, a lifestyle -- and a privilege.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Saturday, December 27, 2008
Tuesday, December 16, 2008
A Holiday Must!
22nd annual Holiday Lights at Shore Acres State Park
"A community tradition" - More than a quarter million lights - Thanksgiving thru New Year's Eve, the gardens are ablaze with thousands of colored lights and holiday decorations put up by community volunteers and The Friends of Shore Acres in cooperation with the Oregon Parks and Recreation Department.
For information click here.
For photos click here.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
"A community tradition" - More than a quarter million lights - Thanksgiving thru New Year's Eve, the gardens are ablaze with thousands of colored lights and holiday decorations put up by community volunteers and The Friends of Shore Acres in cooperation with the Oregon Parks and Recreation Department.
For information click here.
For photos click here.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Saturday, December 6, 2008
What Bargaining Chips Do You Have?
When you are selling a home, the haggling is not always limited to price
Prospective purchasers often make offers that include appliances and window coverings, for example, because these items are must-haves that are expensive to purchase new. Occasionally, a bidder also asks for other furnishings, recreational equipment or repairs and painting.
It isn’t just purchasers who use extras as bargaining chips. Sellers sometimes make counter-offers that include appliances and other contents as incentives for the bidder to agree to a higher price. This is an especially useful strategy when demand for homes in your area is weak and prices are low.
If you are selling your home, consider what you are willing to throw in to make a deal work and what items are off limits. It’s best to do this in advance of listing, so you are ready to deal with requests for inclusions and decisive about incentives you will offer.
Here are some of the items you may want to think about as potential bargaining chips:
major appliances, including washer, dryer, fridge, stove, dishwasher, water heater and water softener draperies, curtains, blinds and shutters
custom-built furniture, such as bookcases or shelves that fit a particular spot in the house area rugs that fit a particular room
barbeque
patio furniture, planters, garden benches and ornaments
garden shed
lawnmower, power washer, leaf vacuum or other maintenance equipment
garden or household tools
recreational equipment, such as ping-pong and pool tables, above-ground pools, trampolines, climbers, swing sets and hot tubs
boats, canoes, life vests and safety equipment, if you are selling a waterfront home
When deciding which potential bargaining chips you are willing to part with, you should consider how easy or difficult it will be to move them, how much you will need them and how much it will cost to replace them. You may love your top-of-the-line barbeque and patio furniture, for example, but they may not be worth the fuss and expense of moving them across the country. On the other hand, you may decide you can’t part with a china cabinet that’s been in the family for generations, no matter how much a purchaser wants it and how difficult it will be to move.
Light fixtures and built-ins such as central air conditioning and vacuum system, in-ground pools, water filtration systems, cabinetry and cook-tops are typically considered "includes," rather than extras. They should be factored into the asking price you and your selling agent decide on for your home.
Other requests come out of the blue and may seem downright odd or irritating. It’s hard to understand why a bidder would insist on including a coat of purple paint in a bedroom or a $30 shower curtain and matching bath mat in a deal worth $100,000 or more, but it happens. You can’t anticipate every demand, but as a rule, if it is easy and inexpensive to comply, you’re smart to agree graciously in order to expedite your sale.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Prospective purchasers often make offers that include appliances and window coverings, for example, because these items are must-haves that are expensive to purchase new. Occasionally, a bidder also asks for other furnishings, recreational equipment or repairs and painting.
It isn’t just purchasers who use extras as bargaining chips. Sellers sometimes make counter-offers that include appliances and other contents as incentives for the bidder to agree to a higher price. This is an especially useful strategy when demand for homes in your area is weak and prices are low.
If you are selling your home, consider what you are willing to throw in to make a deal work and what items are off limits. It’s best to do this in advance of listing, so you are ready to deal with requests for inclusions and decisive about incentives you will offer.
Here are some of the items you may want to think about as potential bargaining chips:
major appliances, including washer, dryer, fridge, stove, dishwasher, water heater and water softener draperies, curtains, blinds and shutters
custom-built furniture, such as bookcases or shelves that fit a particular spot in the house area rugs that fit a particular room
barbeque
patio furniture, planters, garden benches and ornaments
garden shed
lawnmower, power washer, leaf vacuum or other maintenance equipment
garden or household tools
recreational equipment, such as ping-pong and pool tables, above-ground pools, trampolines, climbers, swing sets and hot tubs
boats, canoes, life vests and safety equipment, if you are selling a waterfront home
When deciding which potential bargaining chips you are willing to part with, you should consider how easy or difficult it will be to move them, how much you will need them and how much it will cost to replace them. You may love your top-of-the-line barbeque and patio furniture, for example, but they may not be worth the fuss and expense of moving them across the country. On the other hand, you may decide you can’t part with a china cabinet that’s been in the family for generations, no matter how much a purchaser wants it and how difficult it will be to move.
Light fixtures and built-ins such as central air conditioning and vacuum system, in-ground pools, water filtration systems, cabinetry and cook-tops are typically considered "includes," rather than extras. They should be factored into the asking price you and your selling agent decide on for your home.
Other requests come out of the blue and may seem downright odd or irritating. It’s hard to understand why a bidder would insist on including a coat of purple paint in a bedroom or a $30 shower curtain and matching bath mat in a deal worth $100,000 or more, but it happens. You can’t anticipate every demand, but as a rule, if it is easy and inexpensive to comply, you’re smart to agree graciously in order to expedite your sale.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Friday, December 5, 2008
Checklist: Getting Your Home Ready for the Market
Before you put your house on the market, set aside some time to spruce it up and maximize its sales appeal
A few weeks prior to listing your house, do an inspection tour, trying to look at things through the eyes of a stranger. Make a list of things that need to be cleaned and repaired and estimate the time, cost and priority of each chore. Take a particularly good look at your bathroom(s) and kitchen. Time and money invested in painting and refurbishing these key rooms will have maximum impact.
Real estate agents who are interested in listing a home often provide recommendations for increasing its sales appeal. Pay attention to their suggestions. They know what matters to buyers and can be objective about your home’s flaws.
To-do list for sellers
Prior to showing your house:
Get rid of clutter on shelves, countertops and closets. Consider packing seldom-used items you don’t want to discard in boxes and storing them until you move.
Put excess furniture and items that are showing wear in storage until you move.
Rearrange the remaining furniture attractively (ask your agent or a friend to help you decide what goes where).
Wash and/or paint walls that are dirty or chipped.
Wash blinds and clean curtains.
Shampoo carpets.
Fix leaky faucets and appliances that don’t work.
Get rid of junk that’s accumulated in your basement and garage. (You’ll have to do this before you move anyway, so why not get a head start?)
Consider having a yard sale.
While your house is on the market:
Keep the house clean – tidy up, vacuum and dust daily, if possible, and do laundry before it piles up.
Keep a list of things to do and places to go while prospective buyers are viewing your house.
Cut or buy fresh flowers every few days.
Bake cookies or a pie on weekend mornings when you expect a lot of traffic, and before open houses, to make your home more welcoming and cozy.
After your house is sold:
Make sure you keep everything clean and in good working order.
Do any repairs you’ve agreed to look after in the sales contract.
If you have small children and find it hard to keep the house tidy, think about hiring a cleaning service or a neighboring teen to help you. You can also ask your real estate agent about the possibility of intensively marketing your home for a short period of time, then holding an auction to reduce the period during which it will be on view.
If you have older kids, ask them to keep their rooms tidy and to take on chores like daily vacuuming and dusting.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
A few weeks prior to listing your house, do an inspection tour, trying to look at things through the eyes of a stranger. Make a list of things that need to be cleaned and repaired and estimate the time, cost and priority of each chore. Take a particularly good look at your bathroom(s) and kitchen. Time and money invested in painting and refurbishing these key rooms will have maximum impact.
Real estate agents who are interested in listing a home often provide recommendations for increasing its sales appeal. Pay attention to their suggestions. They know what matters to buyers and can be objective about your home’s flaws.
To-do list for sellers
Prior to showing your house:
Get rid of clutter on shelves, countertops and closets. Consider packing seldom-used items you don’t want to discard in boxes and storing them until you move.
Put excess furniture and items that are showing wear in storage until you move.
Rearrange the remaining furniture attractively (ask your agent or a friend to help you decide what goes where).
Wash and/or paint walls that are dirty or chipped.
Wash blinds and clean curtains.
Shampoo carpets.
Fix leaky faucets and appliances that don’t work.
Get rid of junk that’s accumulated in your basement and garage. (You’ll have to do this before you move anyway, so why not get a head start?)
Consider having a yard sale.
While your house is on the market:
Keep the house clean – tidy up, vacuum and dust daily, if possible, and do laundry before it piles up.
Keep a list of things to do and places to go while prospective buyers are viewing your house.
Cut or buy fresh flowers every few days.
Bake cookies or a pie on weekend mornings when you expect a lot of traffic, and before open houses, to make your home more welcoming and cozy.
After your house is sold:
Make sure you keep everything clean and in good working order.
Do any repairs you’ve agreed to look after in the sales contract.
If you have small children and find it hard to keep the house tidy, think about hiring a cleaning service or a neighboring teen to help you. You can also ask your real estate agent about the possibility of intensively marketing your home for a short period of time, then holding an auction to reduce the period during which it will be on view.
If you have older kids, ask them to keep their rooms tidy and to take on chores like daily vacuuming and dusting.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Thursday, December 4, 2008
Bright Ideas to Sell Your Home Faster
Increasing your home's lighting is the quickest and easiest way to make your home look brighter and sell faster.
Want to make your home more appealing with the simple flick of a switch? Install bulbs with the maximum wattage your fixtures will safely allow and turn on all the lights. With the right interior and exterior lighting, your home will become more appealing and easier to sell.
1. Outdoors
Make your home sparkle with bright exterior lighting. Dust off and clean the covers of outdoor light fixtures to let as much light shine through as possible. Also, add some low-wattage accent lights along your driveway or around your garden to show off your property’s best features.
2. Front entrance
Make a great first impression with a well-lit front entrance and hallway. Install high-wattage bulbs and keep light fixtures clean and cobweb-free. If you have pot lights or recessed lights (which can make a hall seem roomier), perhaps you can tilt them to highlight artwork. Another way to create a bright, open entryway is to paint walls a light neutral color and add mirrors.
3. Kitchen
The kitchen is the most popular room in the home, so make sure yours shines. Put the spotlight on your kitchen’s best features with a mix of recessed lights in the ceiling, task lighting around work areas (i.e. hidden fluorescent lights over the stove and countertops) and accent lights over your table.
4. Living room
The more light that fills the room, the bigger it will appear. So, keep the window shades and curtains open and let the sun shine in. Turn on all the lights during showings, trying not to cast any shadows. Ensure table lamps have 40- or 60-watt bulbs with attractive, translucent shades that cast a nice glow for entertaining or reading. Add a couple of non-scented candles for extra ambience.
5. Bathroom
There’s nothing worse than a dingy looking bathroom, so make sure the room has sufficient lighting -- especially over the tub, shower and vanity mirror. Use fluorescent bulbs with a color rendering index (CRI) of 80 or more to enhance skin tones and other colors. A night-light is also an inexpensive way to add a nice warm glow.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Want to make your home more appealing with the simple flick of a switch? Install bulbs with the maximum wattage your fixtures will safely allow and turn on all the lights. With the right interior and exterior lighting, your home will become more appealing and easier to sell.
1. Outdoors
Make your home sparkle with bright exterior lighting. Dust off and clean the covers of outdoor light fixtures to let as much light shine through as possible. Also, add some low-wattage accent lights along your driveway or around your garden to show off your property’s best features.
2. Front entrance
Make a great first impression with a well-lit front entrance and hallway. Install high-wattage bulbs and keep light fixtures clean and cobweb-free. If you have pot lights or recessed lights (which can make a hall seem roomier), perhaps you can tilt them to highlight artwork. Another way to create a bright, open entryway is to paint walls a light neutral color and add mirrors.
3. Kitchen
The kitchen is the most popular room in the home, so make sure yours shines. Put the spotlight on your kitchen’s best features with a mix of recessed lights in the ceiling, task lighting around work areas (i.e. hidden fluorescent lights over the stove and countertops) and accent lights over your table.
4. Living room
The more light that fills the room, the bigger it will appear. So, keep the window shades and curtains open and let the sun shine in. Turn on all the lights during showings, trying not to cast any shadows. Ensure table lamps have 40- or 60-watt bulbs with attractive, translucent shades that cast a nice glow for entertaining or reading. Add a couple of non-scented candles for extra ambience.
5. Bathroom
There’s nothing worse than a dingy looking bathroom, so make sure the room has sufficient lighting -- especially over the tub, shower and vanity mirror. Use fluorescent bulbs with a color rendering index (CRI) of 80 or more to enhance skin tones and other colors. A night-light is also an inexpensive way to add a nice warm glow.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Wednesday, December 3, 2008
Tips on Buying and Selling a Home at the Same Time
With careful planning, buying and selling a home at the same time can be a lot easier than you might think
Here are some tips to get you started.
Preparation
Hire a team of professionals who are experts in buying and selling homes. Ask family and friends which REALTOR®, lawyer, lender, appraiser, home inspector and mover they’d recommend. Meet with them and discuss your objectives, requirements and expectations right from the start.
Communicate with your team of professionals efficiently and regularly. For instance, more and more buyers are asking their REALTOR® to e-mail new home listings to save time and ensure they don’t lose out on a property that sells fast.
Ask your REALTOR® to keep you advised of important issues as they occur so you can resolve them together quickly.
Help organize all your buying and selling information. Dedicate a notebook to documenting the many dates and details of phone and face-to-face discussions, as well as important transactions.
Selling
Put your home up for sale far in advance of purchasing a new one. You may want to consider selling first, especially in a buyer’s market. You’ll know exactly how much money you have for your new home. Plus, you’ll decrease the risk of temporarily owning two homes at the same time.
Ensure you have ample time to find a new home (in the event that you sell first) by negotiating a long close or convenient rent-back option, where you can stay in the house as a rental tenant until you take possession of your new home.
Be motivated to sell; list at a competitive price. If you suspect your home has problems that may hinder its sale, work with a home inspector to coordinate repairs or ensure your asking price reflects the home’s condition.
Look at the big picture. You may want to consider a slightly lower offer if it is unconditional, or an offer that gives you more flexibility with respect to the closing date, as is often the case with first-time home buyers who don’t have to sell their existing house first.
Speed up the selling process by giving preferential treatment to offers without financing conditions, or insist that buyers be pre-approved within five to 10 days of accepting their offer.
Get the buyer of your old house and the seller of your new house to commit in writing to a specific window of dates and negotiate financial penalties to encourage both parties to stick to those dates.
Buying
Before you list your home, do a little digging and see what’s up for sale in your price range. Little within your reach? You may want to hold off on selling until you buy. When you do, negotiate a long close to give you the necessary time to sell.
Don’t waste your time looking at properties you can’t afford. Do the math and determine your budget. While you’re at it, select a lender and get pre-approved for a mortgage.
Once you’ve found a property that seems perfect, have it professionally inspected and ensure you can get insurance before you make an offer.
Give yourself enough time to review all the paperwork. From the get-go, tell your REALTOR® or lawyer you’ll need ample time to see and sign the closing documents.
Moving
Only move what you need and love. Donate old and seldom-used clothes, housewares and furniture to charity. Regardless of the season, do some spring cleaning so you’re not packing what should really be tossed out.
Organize your move by utilizing to-do lists and home-inventory lists (available from your REALTOR,® mover or the Internet). Make a master list of the items you pack and code all the boxes to ensure nothing gets lost and the movers can carry everything to the appropriate rooms in your new home.
Give your utility providers, postal service, associations and other contacts plenty of notice of your pending move and arrange new start dates for services at your new home.
Make sure you keep all your moving-related receipts. They could be tax deductible, depending on why you’re moving. Talk with a tax advisor to see if you’re eligible.
To make moving into your new place as easy as possible, pack a separate bag for everyone in your family containing clothing, toiletries, medication, work/homework, bedding and other items they’ll need the first day. Also, put together a moving-in toolkit for assembling furniture, etc.
Trouble-shooting
Things don’t always work out the way we plan -- especially when buying and selling homes. Life can get stressful and costly when you buy a new home before you sell your existing one or sell before you find something you want to buy. The good news is there are options.
In a situation where you need to carry two homes for a limited time, look into bridge financing. Backed by the equity in your old home, bridge financing is a loan to cover the down payment on your new home. It’s a great short-term solution, typically available for prime plus two percentage points.
If you have good credit but your income isn’t high enough for you to qualify to carry a bridge loan plus two mortgage payments, consider a no-ratio mortgage, which doesn’t take into account your debt-to-income ratio. You’ll incur a higher interest rate but you can refinance later, once your situation is more stable.
Alternatively, you could obtain extra funds by drawing on a line of credit on your old home. The interest rate is likely to be more than a point lower than on a bridge loan. The only downside is that you might have to pay a penalty fee if you sell the home within a year.
Should you need interim housing, there are always short-term rental properties (some even come furnished) and affordable storage facilities. Or perhaps you can even stay for a short time with family or friends.
Have children? Talk to school officials in both neighborhoods to work out the best schedule. For instance, if you’re not taking possession of your new home until the middle of a semester, with proper documentation, a new school may allow your children to start before you officially move in.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Here are some tips to get you started.
Preparation
Hire a team of professionals who are experts in buying and selling homes. Ask family and friends which REALTOR®, lawyer, lender, appraiser, home inspector and mover they’d recommend. Meet with them and discuss your objectives, requirements and expectations right from the start.
Communicate with your team of professionals efficiently and regularly. For instance, more and more buyers are asking their REALTOR® to e-mail new home listings to save time and ensure they don’t lose out on a property that sells fast.
Ask your REALTOR® to keep you advised of important issues as they occur so you can resolve them together quickly.
Help organize all your buying and selling information. Dedicate a notebook to documenting the many dates and details of phone and face-to-face discussions, as well as important transactions.
Selling
Put your home up for sale far in advance of purchasing a new one. You may want to consider selling first, especially in a buyer’s market. You’ll know exactly how much money you have for your new home. Plus, you’ll decrease the risk of temporarily owning two homes at the same time.
Ensure you have ample time to find a new home (in the event that you sell first) by negotiating a long close or convenient rent-back option, where you can stay in the house as a rental tenant until you take possession of your new home.
Be motivated to sell; list at a competitive price. If you suspect your home has problems that may hinder its sale, work with a home inspector to coordinate repairs or ensure your asking price reflects the home’s condition.
Look at the big picture. You may want to consider a slightly lower offer if it is unconditional, or an offer that gives you more flexibility with respect to the closing date, as is often the case with first-time home buyers who don’t have to sell their existing house first.
Speed up the selling process by giving preferential treatment to offers without financing conditions, or insist that buyers be pre-approved within five to 10 days of accepting their offer.
Get the buyer of your old house and the seller of your new house to commit in writing to a specific window of dates and negotiate financial penalties to encourage both parties to stick to those dates.
Buying
Before you list your home, do a little digging and see what’s up for sale in your price range. Little within your reach? You may want to hold off on selling until you buy. When you do, negotiate a long close to give you the necessary time to sell.
Don’t waste your time looking at properties you can’t afford. Do the math and determine your budget. While you’re at it, select a lender and get pre-approved for a mortgage.
Once you’ve found a property that seems perfect, have it professionally inspected and ensure you can get insurance before you make an offer.
Give yourself enough time to review all the paperwork. From the get-go, tell your REALTOR® or lawyer you’ll need ample time to see and sign the closing documents.
Moving
Only move what you need and love. Donate old and seldom-used clothes, housewares and furniture to charity. Regardless of the season, do some spring cleaning so you’re not packing what should really be tossed out.
Organize your move by utilizing to-do lists and home-inventory lists (available from your REALTOR,® mover or the Internet). Make a master list of the items you pack and code all the boxes to ensure nothing gets lost and the movers can carry everything to the appropriate rooms in your new home.
Give your utility providers, postal service, associations and other contacts plenty of notice of your pending move and arrange new start dates for services at your new home.
Make sure you keep all your moving-related receipts. They could be tax deductible, depending on why you’re moving. Talk with a tax advisor to see if you’re eligible.
To make moving into your new place as easy as possible, pack a separate bag for everyone in your family containing clothing, toiletries, medication, work/homework, bedding and other items they’ll need the first day. Also, put together a moving-in toolkit for assembling furniture, etc.
Trouble-shooting
Things don’t always work out the way we plan -- especially when buying and selling homes. Life can get stressful and costly when you buy a new home before you sell your existing one or sell before you find something you want to buy. The good news is there are options.
In a situation where you need to carry two homes for a limited time, look into bridge financing. Backed by the equity in your old home, bridge financing is a loan to cover the down payment on your new home. It’s a great short-term solution, typically available for prime plus two percentage points.
If you have good credit but your income isn’t high enough for you to qualify to carry a bridge loan plus two mortgage payments, consider a no-ratio mortgage, which doesn’t take into account your debt-to-income ratio. You’ll incur a higher interest rate but you can refinance later, once your situation is more stable.
Alternatively, you could obtain extra funds by drawing on a line of credit on your old home. The interest rate is likely to be more than a point lower than on a bridge loan. The only downside is that you might have to pay a penalty fee if you sell the home within a year.
Should you need interim housing, there are always short-term rental properties (some even come furnished) and affordable storage facilities. Or perhaps you can even stay for a short time with family or friends.
Have children? Talk to school officials in both neighborhoods to work out the best schedule. For instance, if you’re not taking possession of your new home until the middle of a semester, with proper documentation, a new school may allow your children to start before you officially move in.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Tuesday, December 2, 2008
Good neighborhood characteristics
What should you be looking for when buying a home in a new neighborhood?
Finding the right neighborhood can be just as important as finding the perfect house. Most good neighborhoods tend to share the following characteristics: Access to an economic center Most people want convenience. That means an easy commute to their job as well as living close to shopping and restaurants. Although a good neighborhood does not have to be right next to any of these things, it should at least have easy access to them. Nearby public facilities such as libraries, as well as nearby parks or walking trails, also add appeal. Good public schools For anyone who has children or is thinking about having them, good schools are essential. A good neighborhood feeds into a well-regarded school system. Information about schools in the area can be obtained by talking to local parents and most states provide test scores and other pertinent school information online. Interested parents can also visit schools in person to get a better feel for what they are like. Solid reputation A good neighborhood appeals to a wide variety of people. Numerous factors play into that: well-manicured lawns and well-maintained homes, as well as junk-free properties. A good neighborhood also tends to attract a high percentage of homeowners as opposed to renters. Low crime rates are also important and can be researched online. When buying a home, it’s wise to keep in mind what other people will think of the neighborhood. It should appeal to a broad spectrum of potential homebuyers. Choose a location that’s convenient to shops and services, has good schools and a good reputation. A good neighborhood will add value to your home and make it easier to resell in the future.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Finding the right neighborhood can be just as important as finding the perfect house. Most good neighborhoods tend to share the following characteristics: Access to an economic center Most people want convenience. That means an easy commute to their job as well as living close to shopping and restaurants. Although a good neighborhood does not have to be right next to any of these things, it should at least have easy access to them. Nearby public facilities such as libraries, as well as nearby parks or walking trails, also add appeal. Good public schools For anyone who has children or is thinking about having them, good schools are essential. A good neighborhood feeds into a well-regarded school system. Information about schools in the area can be obtained by talking to local parents and most states provide test scores and other pertinent school information online. Interested parents can also visit schools in person to get a better feel for what they are like. Solid reputation A good neighborhood appeals to a wide variety of people. Numerous factors play into that: well-manicured lawns and well-maintained homes, as well as junk-free properties. A good neighborhood also tends to attract a high percentage of homeowners as opposed to renters. Low crime rates are also important and can be researched online. When buying a home, it’s wise to keep in mind what other people will think of the neighborhood. It should appeal to a broad spectrum of potential homebuyers. Choose a location that’s convenient to shops and services, has good schools and a good reputation. A good neighborhood will add value to your home and make it easier to resell in the future.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Monday, December 1, 2008
Less-desirable homes: How to get buyers through the door
Turn your dated split-entry home into the object of their desire.
Once upon a time American homebuilders were enamored with the split-entry home. You walked into the front door to see a short set of steps going up and another short set of steps going down. These homes defined decades of suburbia in many parts of the country. These days, though, the split-entry home is considered a much less desirable home style by many, as outdated as hula hoops and mood rings. Bellevue, Wash., real estate agent David Oliver can’t count how many times prospective buyers have told him, “Anything but a split-entry.” That means sellers of less-desirable homes, like split-entry and split-level homes, need to go the extra mile to update the property and highlight its best features, he says. In fact, you’ll probably need to do more upgrading and updating to those types of homes than just about any other, short of a fixer-upper, he says. The desirability factor goes up exponentially if you update the homes with features like granite countertops, hardwood floors and new carpeting, says Oliver, who also appraises homes. “You want to pull it into the modern world,” he says. Buyers who might automatically consider a split-entry home less desirable can still be enticed to take a look by the description on the listing, says the RealEstate.com agent. A listing with hot high-end amenities like granite countertops or all-new appliances will still draw buyers in, he says. Square footage also works in the split-entry home’s favor. Most split-entry, split-foyer and split-level homes are relatively large, Oliver says. The typical split-entry home in Seattle and the communities north of the city range in size from about 1,500 square feet to 2,200 square feet, he says. “Usually families want to move to upgrade, like from a rambler into a larger house that’s already been updated,” he says. “Whenever you place a house like that on the market, you get multiple offers.” The various types of “split-” houses aren’t the only type of home that can be considered less desirable in today’s market. Homes on busy streets can be a challenge to sell, as can fixer-uppers. While some buyers look at fixer-uppers as either bargain investments or homes they can affordably renovate to reflect their own taste, most don’t want to be bothered. “Let’s face it, we’re lazy,” says Oliver. “We want someone else to do the work for us.” Given the extra challenges of marketing a less-desirable home, it becomes more important than ever to get the home into shape inside and out. The normal advice applies: Clear the clutter, take care of any deferred maintenance, update and freshen what you can before you put the home on the market. And perhaps most importantly, set a reasonable asking price based on current comparable sales. The price your neighbor got a year ago may be out of reach in today’s market, as the number of buyers and sellers equalizes, or more likely tips in favor of buyers. Buyers can afford to be choosy. And choosy buyers tend to choose homes that don’t still look like the Brady Bunch lives there.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
Once upon a time American homebuilders were enamored with the split-entry home. You walked into the front door to see a short set of steps going up and another short set of steps going down. These homes defined decades of suburbia in many parts of the country. These days, though, the split-entry home is considered a much less desirable home style by many, as outdated as hula hoops and mood rings. Bellevue, Wash., real estate agent David Oliver can’t count how many times prospective buyers have told him, “Anything but a split-entry.” That means sellers of less-desirable homes, like split-entry and split-level homes, need to go the extra mile to update the property and highlight its best features, he says. In fact, you’ll probably need to do more upgrading and updating to those types of homes than just about any other, short of a fixer-upper, he says. The desirability factor goes up exponentially if you update the homes with features like granite countertops, hardwood floors and new carpeting, says Oliver, who also appraises homes. “You want to pull it into the modern world,” he says. Buyers who might automatically consider a split-entry home less desirable can still be enticed to take a look by the description on the listing, says the RealEstate.com agent. A listing with hot high-end amenities like granite countertops or all-new appliances will still draw buyers in, he says. Square footage also works in the split-entry home’s favor. Most split-entry, split-foyer and split-level homes are relatively large, Oliver says. The typical split-entry home in Seattle and the communities north of the city range in size from about 1,500 square feet to 2,200 square feet, he says. “Usually families want to move to upgrade, like from a rambler into a larger house that’s already been updated,” he says. “Whenever you place a house like that on the market, you get multiple offers.” The various types of “split-” houses aren’t the only type of home that can be considered less desirable in today’s market. Homes on busy streets can be a challenge to sell, as can fixer-uppers. While some buyers look at fixer-uppers as either bargain investments or homes they can affordably renovate to reflect their own taste, most don’t want to be bothered. “Let’s face it, we’re lazy,” says Oliver. “We want someone else to do the work for us.” Given the extra challenges of marketing a less-desirable home, it becomes more important than ever to get the home into shape inside and out. The normal advice applies: Clear the clutter, take care of any deferred maintenance, update and freshen what you can before you put the home on the market. And perhaps most importantly, set a reasonable asking price based on current comparable sales. The price your neighbor got a year ago may be out of reach in today’s market, as the number of buyers and sellers equalizes, or more likely tips in favor of buyers. Buyers can afford to be choosy. And choosy buyers tend to choose homes that don’t still look like the Brady Bunch lives there.
For more information about Florence Oregon Real Estate give me a call 541-991-7794 or visit my website www.maureensellsflorence.com
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