If you want to sell your home in the soonest time at a good price, you need to make your house look attractive and interesting to buyers. Here are twenty sure-fire tips to do this:

Preparation

• The first thing you need to take care of is the outside since this is the first thing that potential buyers see. The lawn must be trimmed and free from clutter. Walks and s]teps should be clean from ice, snow and debris. The fron door needs to be clean and make the entry look inviting.
• Faded paint and worn out wood makes your house look old and cheap. Spending on a new wallpaper will be worth your money. Take time and effort to redecorate your house and you’ll sell your house at a good price.
• Bright and sunny rooms add to the charm. So open the curtains and let the sun shine in. It’s cost free but can do a lot of wonders.
• Do all the necessary repairs – Loose knobs, sticking doors and windows, warped cabinet drawers and other minor.
• Make your attic basement, and other utility space look bigger by removing storage bins. Painting the walls with a light color can brighten the mood and make them look more spacious.
• Ensure safety. Take away any clutter that can cause injury, especially in the stairs.
• Make closets, cabinets, shelves and cupboards look spacious by arranging things neatly.
• Bathrooms should look clean and bright. And the faucets should be working.
• Make the bedrooms look neat, beautiful and relaxing. Use attractive bedspreads and newly washed curtains.
• Make sure all the lights in the house are working. Turn on all the lights for an evening tour. It will give potential buyers a feel of glowing warmth.

Showing

• Avoid having too many people in the house during house tours or inspection. This will make the buyer feel like an intruder.
• Music helps. But make sure it’s soft and mellow. The agent should be able to converse easily with the buyers.
• If you have pets, make sure they are not in the way.
• Be polite and accomodating but don’t force conversation. Maybe the buyer needs space to think or just take everything in.
• Never apologize for the appearance of your home. Leave it to your agent to answer inquiries or objections.
• Just stay in the sidelines. Your agent is trained and experienced in doing this. They will know how to emphasize the positive features of your house. And allow your agent to discuss price, terms, possession and other petinent factors. They are qualified to bring negotiations to a favorable conclusion.
• Don’t dispose of furniture and furnishings before a buyer has bought the house.
• Show your home to prospective buyers only by appointment through your agent. They could handle the tour better as professionals and can sell your house more quickly.

When you sell your home, especially at a time when your taxes are due, you could get financial shelter. Thanks to The Taxpayer Relief Act of 1997, the real estate sector can receive what is considered the best tax shelter through their homes.

According to the federal tax law, when you sell your home, you can keep, tax free, capital gains of up to $500,000 if you are married filing jointly or $250,000 for single taxpayers, or married taxpayers who file separately.

To qualify for the $250,000/$500,000 exclusion, you must have lived in the house (as your primary residence) for at least two of the prior five years. The best part is, it’s not a one-time benefit. You can use this benefit as often as you qualify – every two years, to fulfill the owner-occupied-two-out-of-five-years requirement.

For example, if you have two homes and you live in one of them for two years, sell it and live in the other one for another two years and sell them both, both qualify for the exclusion. If due to some unforeseen reasons like a job change, illness, death of a spouse, divorce, disaster, war or some other hardship, you are forced to sell before you meet the two-year residency requirement, there are special provisions. In these cases, the $500,000/$250,000 exclusion (not your specific gain) will be prorated. For example, if after only a year of living in your house you are forced to sell it because of a qualified unforeseen reason, you can exclude from taxes up to $250,000 (half the exclusion) in capital gains if you are married and file jointly or $125,000 for separate and single filers.

One unforeseen event where homeowners were able to use the provision was during the September 11, 2001 acts of terrorism in New York, Pennsylvania and Washington, D.C.. Sellers were able to prorate the exclusions given these conditions:

• A spouse, home co-owner, or person living with the taxpayer was killed by the attacks.
• The taxpayer’s principal residence was damaged.
• The taxpayer or a person listed in (1) became eligible for unemployment compensation, or
• The taxpayer or a person listed in (1) had a change in employment or self-employment that resulted in the taxpayer’s inability to pay reasonable basic living expenses for the household.

Selling costs
If later, after you sell, you realize there’s still a taxable profit after the exclusion, you can bring down your gain with selling costs. Your gain refers to your home’s selling price, minus deductible closing costs, minus your basis. Your basis is the original purchase price, plus capital improvements, minus any depreciation.

Selling costs also include real estate broker’s commissions, title insurance, legal fees, administrative costs and inspection fees. It can also include repairs or additions completed within 90 days of your sale to make the house more marketable.

Moving costs
If you need to move and sell your home because of a new job, you can deduct part of the moving costs. These are the requirements that need to be met:

• Your new job must be at least 50 miles from the old;
• you must work full time at the new work place for 39 of the 52 weeks after the move;

The exclusion could also include costs for travel, transportation, lodging and storage.

If you are self-employed, you can be eligible for tax deductions if you work full-time for at least 39 weeks during the first 12 months and a total of 78 weeks during the first 24 months after arriving at the new job location.

To get more information about home selling-related tax benefits, get in touch with tax professional and state and local tax authorities in your area.

Most first-time home buyers are eager to have their very own home but it has to be at a price they can afford. Smaller homes, fixer-uppers and cheaper commutes to work are the best options to look into.

The problem is, most firt-time home buyers expect more than what they can actually afford in a home. Coldwell Banker conducted an online survey with 150 of its brokers. The result of the survey yielded a strange trend among first-time home buyers.

Almost of the survey respondents said affordability was their top concern first time buyers. Yet, 81 percent are looking for move-in conditions. Only 7 percent are considering fixer-upper homes. The real estate company suggests looking into fixer-upper homes if you want affordability.

“In the past, first-time home buyers were willing to purchase older, more basic houses in an effort to save money and bhttp://www.doctilo.com/article_writing/index.php?e=33reak into homeownership,” said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate, LLC. He adds, “It is important for first-time homebuyers to remember that by considering a fixer-upper for their first home purchase, they can build equity over time and later move up and into their second-stage home that better reflects their expectations.”

Buyers who choose to go with fixer-ups homes should have the house inspected by a professional home inspector. Buyers need to find out how much it will cost you on repairs. You might end up spending more than what you saved. Homes that need basic fixing or improvement can give already give you a lot of savings but you can even save more on houses that need major work. Again, buyers need professional help so you can determine if your savings on the house is more than the cost of repairs.

Another surprising discovery was that most first-time buyers wanted affordability yet they looked for bigger houses within the metro. The survey shows that 71 percent of first-time buyers wanted bigger houses than they were 10 years ago. A smaller home is less expensive because of smaller footprint and square footage. 41 percent were considering proximity. They were looking for a house near their workplace so they could save on gas. However, houses around economic centers are expensive. These properties bank on the value of convenience. Those who live in areas like this can save on travel time and gas money.

A good alternative to this is finding an affordable place far from economic centers but near a transit oriented development (TOD) or low-cost public transit. There is also the option for carpooling or car-sharing communities.

The survey also showed that most of these first-time buyers looked at five to ten homes before they decided on a house. But if you want to get the most for your money, invest more time in looking at houses. More houses, more opportunities for savings. Look at at least 10 houses. You can usually find big discounts from these: houses that had been on the market for at least 90 days; houses being sold by long-time homeowners; houses for sale from flipping investors who got unlucky; and houses from we-want-to-sell-real-estate banks.

As a seller, your goal is to sell your home in the soonest possible time at the most favorable price. To achieve this, there are many factors involved. Some of these factors like the home’s condition, asking price and marketing strategy are factors that you can control. However there are some other things that influence a buyer’s decision in buying a house.

When you enter the market, you need to understand most buyers’ wants and needs if you want to be succesful. Competition is tough so you need to know what your buyers want. Your real estate agent can guide you on how you could effectively sell your house despite some flaws.

• LocationThis is one of the primary considerations that buyers have and unfortunately, is one thing you can’t control. According to the National Association of REALTORS(r), neighborhood quality is the number 1 reason buyers have for choosing a home. It is followed by commute times to work and school.
• SizeHome sizes have continuously increased since the 1950’s. The market for smaller homes are often limited to new home owners, couples without children, or families with grown children who no longer live with them. 
• AmenitiesThere are certain floor plans and amenities that become outdated as time goes by. Your real estate agent can inform you of current design preferences in the market. You can opt to renovate to increase profit and marketability. But don’t do this without consulting your agent. They can advise if it’s a wise investment based on the market condition and several other factors.

Their major responsibility is to protect your interest as a buyer and as their client. Their main roles are the following:

• Educates you about your market.
• Negotiates on your behalf
• Analyzes your wants and needs.
• Guides you to homes that fit your criteria.
• Coordinates the work of other needed professionals.
• Checks and double-checks paperwork and deadlines.
• Solves any problem that may arise.

Buyers are now in a better position when it comes to buying a house. Gone are the days when real estate is a hot market and you need to make an upfront offer as soon as a property is put up for sale.

Competition has mellowed down in most areas. This gives buyers an opportunity to be able to deliberate on what is available and take advantage of the best deals. How do you determine the climate of your market? According to economists, real estate is directly related to employment. So if there is a rise in employment, you can say that the value of your property is also looking up. In the Midwest real estate is not doing as good as auto manufacturing. Prices are low and is not expected to rise anytime soon. It might take a while until the market rebounds.

Things buyers can keep in mind to get the best deal in the market:

• Do your homework and negotiate fairly.

  In a changing market, the biggest problem is human nature. Market value can drop or stagnate. But sellers often refuse to believe this. To them, the price of their home is based on how dear it is to their heart regardless of its actual market value. On the other hand, buyers take advantage of a market slump and make unrealistically low offers. Before you make an offer, research and think about important things like the features of the home that you want to be in the home, the size of the home and the going rate of properties in the area.

• Research on comparable sales.

  Find out how much the last one in the area sold. According to Beverly Durham of ReMax Gold Coast Realty in Camarillo, Calif., “See what’s going on out there.’’ Don’t insult the seller by making a very low offer. You’ll drive them away. Your goal is to make them consider your offer.

• Why is the seller putting it up for sale?

  Find out as much as you can about this. Is it because of retirement, job-related, divorce, they need to relocate, or they simply want to sell to the highest bidder.  This information is crucial. If a buyer knows this, they can either negotiate better or decide to look elsewhere.

• Check the MLS (Multiple Listing Service).

  They usually state what the seller owes. Or your agent can provide this information for you.With this information, you could negotiate accordingly.

• Timing.

  According to Durham, “After 45 to 60 days the seller is usually absolutely sick of keeping their house spotless and sick of people walking through.’’ After this period the seller will be anxiouse to sell their house.

• Go for newer or well-maintained houses.

  It will cost you time, effort and money to fix damages.

  Even in a tight market, it’s okay to ask the seller to add the closing costs to the price of the house. It’s better to pay 20% downpayment and roll the closing costs into the loan than pay 15% downpayment and pay upfront for the closing costs.

• Be reasonable

  when you ask for extras.You can also ask for new kitchen appliances or washer and dryer. Durham said you can even ask the seller to pay for the first year of homeowner association dues. But don’t ask them for things that involve workmanship. Durham said, “Don’t ask them to paint.’’“They won’t do it the way you want. They’ll do a lousy job.’’

  When you consider buying a home, think about staying there for atleast five years. Remember your goal as a buyer is to get the home that you want; not to outsmart the seller.

Are you looking to finance a new home? Or are you finding the best mortgage rate to refinance your home?

The first step is to shop around. But what does that really mean? Research and prepare. Take time to think and analyze different mortgage plans. You could save a lot by doing this. Take this for example: on a 30-year mortgage for a $300,000 house, a homeowner would pay approximately $1,520 each month at a 4.5 percent rate. But if the homeowner chooses a slightly higher rate of 5.10 percent, it would increase the monthly mortgage payments to $1,633, which would make a difference of $40,680 in 30 years. (Figures were calculated on a 20 percent down payment.)

The best thing you should do is retrieve your credit scores. If lenders retreive them multiple times, it can lower your score. 

If you’re looking for a lender, look into their track record. Ask family and friends about them and when you’ve narrowed down your options to two or three lenders, compare their rates.

Before you compare rates, establish a budget. Think about how much maximum you can afford to pay every month.

The lender should be able to give you a comparison of loan terms with conventional methods of financingso you can make an informed decision. Don’t just jump into a plan with low rates. Make sure you understand all the costs with it.  Rate lock is a contract with the lender that ensures the interest rate will not change. But you will need to get the loan within a certain period of time; usually 60 days. If the rate increases, you will not be affected. Using a mortgage calculator , compute the monthly payment at different interest rates. If you find a rate that is lower than your limit, lock in to that rate.

When you see rates that are lower than your limit, act fast. Don’t miss out on good deals and offers.Some lenders offer a “float down.” This means that even if you’re already locked in on a low rate, you can get even lower rates. Specific contracts may vary depending on lenders.

When you look for a lender, don’t just consider one. Look into other lenders as well. Different lenders offer different products. Understand the products. Some products for example have low rates for new homebuyers but not for those who want to refinance.

It’s a good idea to try different institutions from a direct lender, credit union or a community bank. Once you’ve made up your mind on a lender, ask what other fees are added to the loan. You might choose a plan with a low rate but have a lot of additonal charges. Before closing the deal, make sure you know the total amount of the loan.

Once this is settled, decide when you want to close the deal. Discuss your intended date with the lender. Ask about the charges for loan lock periods. Lock in for the best rate and the right amount of time.

People have different goals and principles when it comes to investments. But here are vital tips that every investor needs to know to ensure success.

• Compare property rates.
  The best way to assess the value of a property is to find out the sale value of other properties in the vicinity. This is also how you determine the rental fee. Rental fees should be reasonable. Otherwise, potential tenants will think about purchasing a property instead.
• Keep tax laws in mind
  Bear in mind that tax laws could change over the years. When investing, make sure that they won’t be affected even if tax laws will change.
• Focus on a market you’re familiar with
  Determine a market you’re good at – be it condominiums, apartments, starter homes, low-cost houses, fixer-uppers or foreclosures and start with that product.
• Know the costs involved
  You should be knowledgeable about the costs and expenses like financial statements, operating expenses, loan payments, taxes, cash flow, vacancy costs. You must have a clear understanding of these things before you commit to an investment.
• Find out where the tenants came from
  If the rent went up just recently, the tenants are probably thinking about moving. If they have a short-term contract with, there is a chance that they are living there to get buyers. Don’t forget to get their security deposit.
• Study the taxes involved
  Taxes play a very important role in investments. Oftentimes, they spell the difference between a positive and negative cash flow. You might want to seek help from a tax advisor. You should find out how you can use the tax situation to your advantage.
• Learn about insurance coverage
  If the seller’s coverage is lower than the current replacement value, you might incur higher insurance cost. 
• Verify the cost of utilities
  Ask local utility companies of the current charges especially if utilities are included in the rental fee.
• Find a good accountant
  One of the things that make a succesful real estate investment is taxation. Find an account who is good with tax codes and reliable.
• Inspect the property
  Carefully inspect the property before buying it. You might need to hire experts to assess the property.

• Aim for pre-approval versus pre-qualification

  If you are looking to get the best house at the most reasonable rate, you need to show them that you are in a good negotiating position. There are several factors involved in a transaction. Price is one of them but not necessarily the most important. What matters more are facotrs like the length of escrow and the buyer’s buying power.

  I used to suggest that buyers get pre-qualified by a lender. To be pre-qualified, a lender will ask you a few questions. Based on your answers, the lender will declare that you are pre-qualified. You are then issued a certificate stating this which you can show to the seller. The problem is, sellers won’t buy this.Because they know that your answers were not validated. Some problems are eventually discovered like problems with alimony, a bad credit report, or other negative legal reports.

  So the more credible way to show your worth is through getting pre approved. You can achieve this after all the information you gave out had been verified. When the process is done, this means you are approved for the loan. It can take days or weeks to process. Once you’re pre-approved, you have established a strong negotiating position.

• Sell before making a purchase

  If you’re trying to sell a property so you could afford to buy another property, sell the property first. It is better to have cash in hand or clear funding rather than going into contingency sale. Why? Because you’ll end up paying more for the property you want and will give you pressure to sell your current property. Think about this: You found a house you want to buy. You make try to make a deal with the seller. Most likely they will agree to sell you the house. But since they are making a big risk by reserving the property for you even if you don’t have the money yet, the seller will let you pay full price and you’ll be pressured to sell your property before the deadline. If there are no potential buyers in sight, you’ll be persuaded to sell your property for a low price just to lure buyers and make the deadline for your new property.

  If you’re worried that there is no prospective house for you, take time to look around. Think about a location you’d want to live in or look at houses so you’ll have an idea on the kind of house that you want. When you do put up your house for sale, add this phrase: `”subject to seller finding suitable housing”. This gives the buyer a picture of what’s hoing on and those interested will know that this is part of the deal. This gives you time to look for a new house. If you don’t find a new house that you want, don’t sell your current house.

• Play the game of nines

  Before you start looking for a new house, think about the things that you want and don’t want in a house. Take this list with you everytime you see a new house. Use this list to evaluate each potential new house. This list will be very helpful when you’re having a hard time deciding which house to purchase. When evaluating a house, make a clear distinction between style and substance. Substance refers to things that cannot be changed, like the location, the neighborhood, popular landmarks, lot size and floor plan. Style means elements in the house that can be removed or changed. So this could be curtains, furnitures, paint, wallpaper and carpet. Since based on our description, it’s sound to say that you should make a decision based on substance and not style. You may not like the current style of the house but remember, they are something you can adjust to your liking. I always tell the buyers to imagine that the house is empty. Do not forgo a good deal just because you don’t like the former owner’s taste.

• Don’t buy a house just because you feel pressured

  A good agent will show you properties that meet your requirements. Do not settle on a house until you’ve thought about all your viable options. Ten years ago, houses were easily sold. So deals had to be made fast. If their client wanted a house, they were advised to make an offer right away. But that is no longer applicable today. There is no urgency requiring fast deals.

  It’s also a good idea to check school districts in the area of the house you’re looking into. All the information you’ll want such as class size, SAT scores, achievements should be available in the school. You cuold also get this information online.

• Do not fall for ads

  More often than not, ads leave out the unpleasant parts Their sole purpose is to lure people. They are paid for by the seller and therefore they will only look after their advantage. Your best protection is to hire an agent. They can check the property thoroughly. They know things that you don’t and they are there to look after your interests. Choose an agent that you’re comfortable with. As their client, you will have access to all the rights and privileges that they have to offer. As buyer your options will no longer be limited to those that are publicly advertised. When they hear of a great deal, they notify their clients. Being their client, you have access to great deals that is usually not advertised.

  If you want to get the best property for your money, I strongly suggest you get an agent to help you.

Are you excited to purchase a new house for the first time? Here are useful tips that are sure to help you in your new venture. 

• Do a research on how much comparable properties cost in the same area. There are websites where you can do this. Websites like National Association of Realtors allow you to search actual MLS listings in your area. Websites like Zillow and Homegain gives you an estimate of how much it will cost you.
• Use a mortgage calculator to see how much it will cost you and see which properties you can afford. MSN Real Estate’s home affordability calculator can give you a good idea of how much you’ll need to prepare.
• Find out what is the maximum cost you will have to pay every month for the house (including staxes and insurance). MSN Real Estate’s home affordability calculator can help you do that. According to the Insurance Information Institute, annual premiums can range from ($477 in Utah) to $1,372 (in Texas). Where you live influence your cost. In some states, taxes and insurance costsare so high, they can increase your mortgage payment by almost 100%. To get a good estimate of how much insurance will cost, call an insurance agent in the area you’re interested in. Getting a quote does not oblige you to get insurance from them. With regards to taxes, you can go to Zillow. There you can find property-tax information for homes across the country. Keep in mind that there may be exemptions and irregularities in local tax law that could cause rates to differ.
• Keep in mind closing costs. This is one of the things required to purchase a property but oftentimes overlooked. It needs to be paid upfront. The fee is estimated by the lender. It will include other fees like origination fees, taxes, settlement fees and prepaid fees. If you want to know the average closing cost in your area, check Bankrate.com’s annual closing cost survey.
• Study your finances and see if it can still accomodate payment for a house. According to Fannie Mae (FNMA), you should not spend more than more than 28% of your budget on housing fees. If you do, you risk becoming house poor.
• Get insights from reputable real estate agents in your area. Get their forecast on the real estate market and gauge if they think it’s looking up or if it’s not doing so well.
• Think about this: Can you really afford a new house? It may need major repairs soon. Can you handle the costs?

Buying a new house is a good investment. But you need to be sure you’re ready for it because it’s also a big responsibility.