Here are some ideas to get your home ready to sell. These are all things you do not want to overlook when buyers are coming through!
1. The lawn
See your yard as an extension of the house and give it a thorough once-over. Trim unruly bushes, pull weeds, spread fresh mulch and keep it mowed. Your yard sets the expectations of the buyers before they’ve even stepped in your house.
Also, consider installing attractive outdoor lighting. It goes a long way (for a little investment) toward creating a dramatic mood. And if you have a dog, clean up the messes.
2. Smells
Give your house the "sniff test." Nothing is more distracting to a prospective buyer than a house that smells stale ... or worse. Often, you become so use to the smell of your own home that you don’t notice scents that might offend visitors.
Empty the garbage, load dirty clothes into the washing machine, run a lemon rind through the disposal, give wood furniture a quick polish, and for goodness sake, clean the litter box.
3. Keep in neutral
Tone it down. Make your house a place that anyone could imagine living in. This means removing most evidence of your personal taste. Accent walls of vivid hues are all the rage now, except in the real-estate marketplace. Decorate with a rigorous devotion to beige. Neutral walls, pale furniture, soft lighting and inoffensive art all go a long way toward creating a crowd-pleasing interior.
Store your collections in a safe place for the duration of the selling process. Remember, you want prospective buyers to look at the space, not get distracted by your stuffed animal collection.
4. Don’t stash it
Get rid of everything you wouldn’t want your mother to see. Prospective buyers will open the oven, investigate drawers for function and capacity, and study your closets and medicine cabinet.
Part of preparing your house to sell is a ruthless purging of all these places and a thoughtful review of potentially embarrassing items.
5. Distracting doggie
The dog may not be so well-behaved when you’re not there. A barking dog is extremely distracting when prospects are trying to get a detailed look at your house.
Even though he might be contained, his voice will carry. Take him with you if you can, or drop him off at a pet-friendly neighbor’s house and repay her with house-sitting or a similar favor.
6. Team loyalties
Put your fan-of-the-year behavior on hold for a while, and stash your team merchandise in the attic. You don’t want to lose a buyer over a foam finger.
The same goes for religious paraphernalia, although that may actually be less of a deal breaker.
7. Dirty dishes
Clean the dishes in the sink. People will not understand you were in a rush to get out the door that morning, they’ll think you’re a slob who couldn’t be bothered to put the dishes in the dishwasher -- and probably hasn’t taken very good care of the house.
If it means you have to take your family out to breakfast, make sure to leave your kitchen pristine. The same goes for the bathroom. Dry the inside of the sink and the surrounding counter completely before you leave the house.
8. Fix Up
Everything in your home must be in good working order before you put it on the market. This process can take a couple of months, but you need to fix all broken fixtures, change all burned-out light bulbs, repair any flaws in the walls and refresh any paint that needs it.
The same goes for outdated or worn wallpaper. Some things do not get better with age, and nothing dates a room more than '80s wallpaper.
9. Clear the space
You want buyers to immediately begin imagining themselves living in your house, and they’ll have a hard time seeing beyond the pictures of your family at Beaver Creek and the old issues of Garden & Gun. Even worse, they might find your taste in books laughable or your choice of evening wear tacky and decide they couldn’t possibly live in your house.
So clear every surface, every side table, every coffee table, the sideboard, the desk, and the dining room table. You can put one item in each room, and it should be a plant or a flower arrangement.
10. Pack it in
Remove extra furniture that clutters the space -- side tables, footstools and magazine racks -- and takes up more space than a fixed chair. Create simple arrangements with maximum impact.
Often people arrange their living room as if they’re hosting the neighborhood meeting, with all the furniture lined up along the walls. Instead, place a sofa facing the fireplace, and flank it with two chairs and coffee table in between. This will create visual depth and an inviting vignette.
Monday, January 12, 2009
Friday, January 2, 2009
A New Year
HAPPY NEW YEAR 2009!!!
I am excited about 2009. My last month of 2008 was really busy with several buyers finding homes and new buyers beginning their search! I also have sellers who are being successful with consistent house showings and very interested buyers discussing purchasing terms!
There are a few factors that I think are creating this surge of activity. First, historic interest rates are moving buyers to lock in at great rate. Second, there are about 1,400 active Realtors in Utah County who have paid their Board dues. (Just six months ago we had 2,200) Third, 697 active buyers in the market as of today, that is a great number of buyers for this time of year! Fourth, listings (homes for sale) are down from 5,306 during the start of the summer to 4,321 as of today, almost 1000 homes less.
Some good things....
1. The interest rate….it is hovering about 5 % and even dropped during one morning right before Christmas, to 4.5%.
Also if you are thinking of refinancing now is a great time. The rule of thumb with a refinance is that you are going to be in the home longer than the 3 years, and to refinance when you can get the rate to drop more that 1 % below your current rate.
2. Ask me for a market update on your specific market, city, or Utah County in general. Right now the number of Active buyers (under contract and sold for the last 45 days), is revealing in light of the number of listings.
3. HAPPY NEW YEAR!!! 2009 is going to be fine! The housing market is improving! I would love to talk to you about your New Year Resolutions and how those apply to your current housing situation!
I am excited about 2009. My last month of 2008 was really busy with several buyers finding homes and new buyers beginning their search! I also have sellers who are being successful with consistent house showings and very interested buyers discussing purchasing terms!
There are a few factors that I think are creating this surge of activity. First, historic interest rates are moving buyers to lock in at great rate. Second, there are about 1,400 active Realtors in Utah County who have paid their Board dues. (Just six months ago we had 2,200) Third, 697 active buyers in the market as of today, that is a great number of buyers for this time of year! Fourth, listings (homes for sale) are down from 5,306 during the start of the summer to 4,321 as of today, almost 1000 homes less.
Some good things....
1. The interest rate….it is hovering about 5 % and even dropped during one morning right before Christmas, to 4.5%.
Also if you are thinking of refinancing now is a great time. The rule of thumb with a refinance is that you are going to be in the home longer than the 3 years, and to refinance when you can get the rate to drop more that 1 % below your current rate.
2. Ask me for a market update on your specific market, city, or Utah County in general. Right now the number of Active buyers (under contract and sold for the last 45 days), is revealing in light of the number of listings.
3. HAPPY NEW YEAR!!! 2009 is going to be fine! The housing market is improving! I would love to talk to you about your New Year Resolutions and how those apply to your current housing situation!
Thursday, December 18, 2008
Utah...A pretty great State!
UTAH IS A PRETTY GREAT STATE!
Most Livable and Affordable Metro:
Househunt, Inc. ranked Salt Lake City as the #1 most livable and affordable city!
Best City:
Kiplinger ranked Provo as the #10th best city to live in!
Best US Economy:
US Economic Freedom Index ranked Utah as #4 for the best economy!
America’s Recession Proof City
Salt Lake was in the Top 10 ranked by Forbes Magazine!
Top State For Jobs:
Forbes ranked Utah as #1 for jobs and Beacon Hill ranked Utah as #1 most competitive job market!
Top State For Business:
Forbes Magazine ranked Utah as #2 and CNBC ranked Utah as #3 for best business!
Looking Back To See What Is Ahead
I analyze the Utah County housing market on a weekly basis. I have seen the trends. I watch the home sales fluctuate. I wanted to share some real numbers with you. It is not what you are hearing on the news...it is good news!
Home sales are very similar for the months of September, October, and November in 2007 and 2008.
The number of homes sold in 2008 are also very similar to 2000, 2001, 2002, and 2003.
This tells us that the market is stable. We have consistent home sales throughout the year ranging from 250-450 per month!
It looks like 2009 will be another successful year for selling homes!
Seasons Greetings from Heidi:
"Christmas time is about loving, sharing, giving, and doing good for others. Wouldn’t it be great if we could box up the Christmas spirit, and then open a box of it every month throughout the year??!! We can in our hearts! I want to have this feeling all year long!"
Most Livable and Affordable Metro:
Househunt, Inc. ranked Salt Lake City as the #1 most livable and affordable city!
Best City:
Kiplinger ranked Provo as the #10th best city to live in!
Best US Economy:
US Economic Freedom Index ranked Utah as #4 for the best economy!
America’s Recession Proof City
Salt Lake was in the Top 10 ranked by Forbes Magazine!
Top State For Jobs:
Forbes ranked Utah as #1 for jobs and Beacon Hill ranked Utah as #1 most competitive job market!
Top State For Business:
Forbes Magazine ranked Utah as #2 and CNBC ranked Utah as #3 for best business!
Looking Back To See What Is Ahead
I analyze the Utah County housing market on a weekly basis. I have seen the trends. I watch the home sales fluctuate. I wanted to share some real numbers with you. It is not what you are hearing on the news...it is good news!
Home sales are very similar for the months of September, October, and November in 2007 and 2008.
The number of homes sold in 2008 are also very similar to 2000, 2001, 2002, and 2003.
This tells us that the market is stable. We have consistent home sales throughout the year ranging from 250-450 per month!
It looks like 2009 will be another successful year for selling homes!
Seasons Greetings from Heidi:
"Christmas time is about loving, sharing, giving, and doing good for others. Wouldn’t it be great if we could box up the Christmas spirit, and then open a box of it every month throughout the year??!! We can in our hearts! I want to have this feeling all year long!"
Tuesday, November 18, 2008
More First-Time Home Buyers
More First-Time Home Buyers
The 2008 National Association of Realtors Profile of Home Buyers and Sellers reveals that the number of first-time buyers has risen as a percentage of the market share and they plan to own their homes longer than buyers in the past.
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it’s a trend he expects to grow. “First-time buyers are much more flexible in entering the market because they aren’t concerned about selling an existing home,” he said. “Given low home prices, plentiful supply, and affordable rates, it’s been an optimal time for entry-level buyers with a long-term view. Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009.”
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year’s survey and 36 percent in 2006. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
The median down payment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey.
Commuting costs factored greatly in neighborhood selection, with 41 percent of buyers saying they were very important and another 39 percent saying transportation costs were somewhat important.
Source: National Association of Realtors
The 2008 National Association of Realtors Profile of Home Buyers and Sellers reveals that the number of first-time buyers has risen as a percentage of the market share and they plan to own their homes longer than buyers in the past.
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it’s a trend he expects to grow. “First-time buyers are much more flexible in entering the market because they aren’t concerned about selling an existing home,” he said. “Given low home prices, plentiful supply, and affordable rates, it’s been an optimal time for entry-level buyers with a long-term view. Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009.”
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year’s survey and 36 percent in 2006. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
The median down payment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey.
Commuting costs factored greatly in neighborhood selection, with 41 percent of buyers saying they were very important and another 39 percent saying transportation costs were somewhat important.
Source: National Association of Realtors
Thursday, November 13, 2008
NEXT Stimulus Bill
As a constituent and a Realtor, I ask that Congress focus any future stimulus package on reinvigorating housing markets. The current crisis is the result of problems in the nation's housing markets. Efforts to boost the economy must calm jittery real estate markets.
Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would:
*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.
*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.
*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.
*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.
Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover.
Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would:
*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.
*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.
*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.
*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.
Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover.
Monday, November 3, 2008
Update on credit conditions
Fannie Mae and Freddie Mac economists give update on credit conditions:
Even though subprime lending has dried up, there are still plenty of mortgages available — as long as borrowers meet certain conditions. That was the message of Freddie Mac Chief Economist Frank Nothaft in a presentation to the National Association of Home Builders on Oct. 22.
“I think the good news is that conventional conforming and FHA mortgage rates are still relatively affordable,” Nothaft said. “However, there are some caveats.”
Those stipulations are that borrowers 1) make a down payment, 2) have good credit, 3) apply for a conventional, conforming loan and 4) meet full documentation underwriting standards.
“You can get very good rates and there’s actually plenty of credit available in the marketplace for an applicant who meets those requirements,” Nothaft said.
Borrowers can even get jumbo loans if they meet those criteria — although there will be more underwriting and the products will cost more, he said.
Banks have been tightening their credit standards each quarter for the last year and a half for all loans, including prime ones, according to the Federal Reserve Board’s Senior Loan Officer Survey. The reason? Even though borrowers may be prime from a credit perspective, they may be buying in areas where home prices are falling and that leads to tightened standards, said Doug Duncan, Fannie Mae chief economist.
However, Duncan said there are signs banks may stop tightening their mortgage standards.
“I think we’ll probably see the peaking of [credit tightening this quarter],” Duncan said. “I think if all these efforts to increase liquidity are starting to be successful, you’ll start to see those numbers flatten out and ultimately tail off.”
Even though subprime lending has dried up, there are still plenty of mortgages available — as long as borrowers meet certain conditions. That was the message of Freddie Mac Chief Economist Frank Nothaft in a presentation to the National Association of Home Builders on Oct. 22.
“I think the good news is that conventional conforming and FHA mortgage rates are still relatively affordable,” Nothaft said. “However, there are some caveats.”
Those stipulations are that borrowers 1) make a down payment, 2) have good credit, 3) apply for a conventional, conforming loan and 4) meet full documentation underwriting standards.
“You can get very good rates and there’s actually plenty of credit available in the marketplace for an applicant who meets those requirements,” Nothaft said.
Borrowers can even get jumbo loans if they meet those criteria — although there will be more underwriting and the products will cost more, he said.
Banks have been tightening their credit standards each quarter for the last year and a half for all loans, including prime ones, according to the Federal Reserve Board’s Senior Loan Officer Survey. The reason? Even though borrowers may be prime from a credit perspective, they may be buying in areas where home prices are falling and that leads to tightened standards, said Doug Duncan, Fannie Mae chief economist.
However, Duncan said there are signs banks may stop tightening their mortgage standards.
“I think we’ll probably see the peaking of [credit tightening this quarter],” Duncan said. “I think if all these efforts to increase liquidity are starting to be successful, you’ll start to see those numbers flatten out and ultimately tail off.”
NAR Presidents views on Utah Market
National Association of Realtors president visits Utah and reports on economy
"Existing home sales have slowed in Utah, but the state is still holding on better than most", said Dick Gaylord, president of the National Association of REALTORS®, during a recent visit to Utah. Gaylord, quoting NAR Chief Economist Lawrence Yun, said "the state has created 3,000 new jobs in the past 12 months and 100,000 jobs in the past three years."
“Because of local market gains, there is a great deal of pent-up demand and it continues to accumulate,” Gaylord quoted Yun as saying. “It’s only a matter of time before we see rises in home sales and also in activity in the market. So I think we’re going to see a change in 2009.”
Gaylord also said the state foreclosure rate of 1.2 percent was “not bad news at all,” since a normal foreclosure rate is about 1 percent.
"Existing home sales have slowed in Utah, but the state is still holding on better than most", said Dick Gaylord, president of the National Association of REALTORS®, during a recent visit to Utah. Gaylord, quoting NAR Chief Economist Lawrence Yun, said "the state has created 3,000 new jobs in the past 12 months and 100,000 jobs in the past three years."
“Because of local market gains, there is a great deal of pent-up demand and it continues to accumulate,” Gaylord quoted Yun as saying. “It’s only a matter of time before we see rises in home sales and also in activity in the market. So I think we’re going to see a change in 2009.”
Gaylord also said the state foreclosure rate of 1.2 percent was “not bad news at all,” since a normal foreclosure rate is about 1 percent.
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