Friday, November 26, 2010
Tuesday, November 16, 2010
Five Tips to Increase Your Home's Appeal
by Phoebe Chongchua - Fri, Oct 22, 2010
Selling your home can be like a single person trying to get the attention of a prospective date--got to clean up, pour on the charm, and emphasize all those great assets.
However, if you can't get the prospective candidate to even notice you (or, in this case, your home), there sure won't be a date and that goes for the selling of your home, too (no closing date).
I've written a lot about staging homes, adding curb appeal, clearing clutter, even adding subtle fragrances to help put prospective buyers in the mood. When it comes to getting a home noticed, especially in these market conditions, you'll want to pay close attention to get the deal done before the end of the year.
1. Change with the seasons. When you go to stores, one thing you notice is the decor changes to match the time of year. That's by no mistake. The goal is to create a mood, make consumers want to buy more. Psychological and emotional advertising influence buyers all the time. If you put your home on the market in the fall and still have spring decorations around the house, it'll affect buyers. They won't feel quite comfortable. It might not be obvious to them but somehow they're likely to feel that things are “out of place” in this home even if the decor isn't overwhelming. Having out-of-season decor just leaves buyers feeling like the house isn't being well cared for.
2. Make it cozy. One of the easiest ways to make your home cozy is by drawing attention to the fireplace. As the weather turns colder, flaunting your fireplace as a focal point is often a great selling point. You can turn your fireplace into a prominent focal point by placing mirrors, artwork, and vases on the mantel. A popular trend is to place candles near the fireplace. However, rather than using real candles, you might try flameless candles that put out a soft, realistic glow.
3. Crank up the thermostat. A lot of times during open houses, the home is quite cozy because the homeowners turned up the thermostat in preparation for the prospective buyers. But when it comes to routine individual showings, especially when the house has been sitting vacant, buyers can receive a chilly non-welcome which does little to make them feel at home. Setting the thermostat to keep the home at a comfortable temperature may cost a bit more but in the end your home will be more appealing. If the home's temperature is either too cold or hot, buyers won't stick around to explore it.
4. Shine the natural light. Hold your open house during the high daylight hours. Lighting is a big attraction and often helps sell your home better. Have your agent schedule individual showings during the time of day when you know the natural lighting will light up your home. Serious buyers will often come by at different times of the day to see the home in different lighting but put your best foot forward and show your home when you know the natural lighting will favor your home.
5. Play soft ambient music. Soft, non-distracting background music can help ease tension. Often the homebuying experience is stressful. Buyers are pressed for time and cash. They are in a hurry. Selling a home is a psychological experience that goes beyond just finding a place to live. The emotional feeling buyers get when visiting your home will result in the action they take--coming back to see it again, making an offer, or crossing it off their list. Playing peaceful music that doesn't overwhelm them can enhance their mood and make them feel like relaxing for a bit in a comfortable chair in your living room ... allowing them to soak up the positive experience.
Remember the key rule when selling a home, make your home seem like theirs. Today's Local Market Conditions Report
Selling your home can be like a single person trying to get the attention of a prospective date--got to clean up, pour on the charm, and emphasize all those great assets.
However, if you can't get the prospective candidate to even notice you (or, in this case, your home), there sure won't be a date and that goes for the selling of your home, too (no closing date).
I've written a lot about staging homes, adding curb appeal, clearing clutter, even adding subtle fragrances to help put prospective buyers in the mood. When it comes to getting a home noticed, especially in these market conditions, you'll want to pay close attention to get the deal done before the end of the year.
1. Change with the seasons. When you go to stores, one thing you notice is the decor changes to match the time of year. That's by no mistake. The goal is to create a mood, make consumers want to buy more. Psychological and emotional advertising influence buyers all the time. If you put your home on the market in the fall and still have spring decorations around the house, it'll affect buyers. They won't feel quite comfortable. It might not be obvious to them but somehow they're likely to feel that things are “out of place” in this home even if the decor isn't overwhelming. Having out-of-season decor just leaves buyers feeling like the house isn't being well cared for.
2. Make it cozy. One of the easiest ways to make your home cozy is by drawing attention to the fireplace. As the weather turns colder, flaunting your fireplace as a focal point is often a great selling point. You can turn your fireplace into a prominent focal point by placing mirrors, artwork, and vases on the mantel. A popular trend is to place candles near the fireplace. However, rather than using real candles, you might try flameless candles that put out a soft, realistic glow.
3. Crank up the thermostat. A lot of times during open houses, the home is quite cozy because the homeowners turned up the thermostat in preparation for the prospective buyers. But when it comes to routine individual showings, especially when the house has been sitting vacant, buyers can receive a chilly non-welcome which does little to make them feel at home. Setting the thermostat to keep the home at a comfortable temperature may cost a bit more but in the end your home will be more appealing. If the home's temperature is either too cold or hot, buyers won't stick around to explore it.
4. Shine the natural light. Hold your open house during the high daylight hours. Lighting is a big attraction and often helps sell your home better. Have your agent schedule individual showings during the time of day when you know the natural lighting will light up your home. Serious buyers will often come by at different times of the day to see the home in different lighting but put your best foot forward and show your home when you know the natural lighting will favor your home.
5. Play soft ambient music. Soft, non-distracting background music can help ease tension. Often the homebuying experience is stressful. Buyers are pressed for time and cash. They are in a hurry. Selling a home is a psychological experience that goes beyond just finding a place to live. The emotional feeling buyers get when visiting your home will result in the action they take--coming back to see it again, making an offer, or crossing it off their list. Playing peaceful music that doesn't overwhelm them can enhance their mood and make them feel like relaxing for a bit in a comfortable chair in your living room ... allowing them to soak up the positive experience.
Remember the key rule when selling a home, make your home seem like theirs. Today's Local Market Conditions Report
Friday, October 15, 2010
The Fed To Buy Treasuries Again Soon
Oct 13, 2010 (www.bankrate.com)
This week, it became clear the Federal Reserve is inclined to pour more cash into the economy in an effort to make interest rates go down and prices go up. The Fed would accomplish this by starting another round of quantitative easing -- a fancy term for buying Treasury notes. By paying for billions of dollars' worth of Treasuries, the Fed would add billions of dollars to the money supply. In theory, this would cause a drop in interest rates, including mortgage rates.
The Fed could begin its next round of quantitative easing as soon as early November, after its next scheduled rate policy meeting Nov. 2-3. Quantitative easing isn't a sure thing, but members of the rate-setting Federal Open Market Committee meeting have already discussed how they would go about it.
That discussion was described in the minutes of the Sept. 21 rate policy meeting, released this week. There was some disagreement over the trigger for quantitative easing -- whether the Fed should act if the jobs picture doesn't get better or if it should wait until unemployment gets worse. Although the Fed members didn't agree on whether more monetary stimulus is necessary yet, they did agree on how they would do it -- according to the minutes, they would buy long-term Treasuries.
They also discussed "purchasing additional long-term assets." Last year and early this year, that meant buying mortgage-backed securities. That's what it would mean this time, too. The Fed's minutes say some participants noted "that the economic benefits could be small in current circumstances" -- an indication they don't believe mortgage rates have much room to move lower.
This week, it became clear the Federal Reserve is inclined to pour more cash into the economy in an effort to make interest rates go down and prices go up. The Fed would accomplish this by starting another round of quantitative easing -- a fancy term for buying Treasury notes. By paying for billions of dollars' worth of Treasuries, the Fed would add billions of dollars to the money supply. In theory, this would cause a drop in interest rates, including mortgage rates.
The Fed could begin its next round of quantitative easing as soon as early November, after its next scheduled rate policy meeting Nov. 2-3. Quantitative easing isn't a sure thing, but members of the rate-setting Federal Open Market Committee meeting have already discussed how they would go about it.
That discussion was described in the minutes of the Sept. 21 rate policy meeting, released this week. There was some disagreement over the trigger for quantitative easing -- whether the Fed should act if the jobs picture doesn't get better or if it should wait until unemployment gets worse. Although the Fed members didn't agree on whether more monetary stimulus is necessary yet, they did agree on how they would do it -- according to the minutes, they would buy long-term Treasuries.
They also discussed "purchasing additional long-term assets." Last year and early this year, that meant buying mortgage-backed securities. That's what it would mean this time, too. The Fed's minutes say some participants noted "that the economic benefits could be small in current circumstances" -- an indication they don't believe mortgage rates have much room to move lower.
Thursday, October 14, 2010
Nearly Eight in 10 Americans Still Believe Buying a Home Makes Good Financial Sense
RISMEDIA, October 15, 2010—Nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors. The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70% of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.
“The real issue facing the nation’s economy right now is that many Americans can’t find meaningful work to support their families,” said NAR President Vicki Cox Golder, owner of a real estate company in Tucson, Ariz. “While a job recovery is what’s needed right now to get the economy and housing market back on the right track, owning a home continues to be part of the American Dream and one of the best long-term investments in your future.”
Despite economic uncertainty, 68% of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75%), it’s up from 2008 (66%) and 2007 (59%). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market—more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40% said it was one of their highest priorities.
Lower home prices have improved affordability. In fact, the percentage of renters who are worried that the cost of housing is getting so unaffordable that they will never be able to buy a home has decreased steadily since 2007, from 63% to 57%.
Despite improved affordability, 79% of respondents still consider having enough money for down payment and closing costs to be among the biggest obstacles to buying a home. Another obstacle is a lack of confidence in their ability to be approved for a loan, reported by 73% of respondents.
The good news is that Americans are seeing more stability in the real estate market. Nearly seven out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year.
While more than half (51%) say foreclosures are a problem in their area, the rate of foreclosures is also seen as stabilizing; 51% say the rate is about the same as last year. Thirty-six percent of respondents cite the recession, loss of jobs and the poor economy as the main reason for the ongoing foreclosure problem. This has also led to a slight increase in the number of people who believe the federal government should take a more active role overseeing loans and mortgages (44%, up from 43% last year).
While nearly seven out of 10 say it’s harder to sell a home in their area today than it was a year ago, it’s less of a concern from last year when the number was 10 percentage points higher. This is most likely the result of lower home inventories.
The 2010 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey was among 1,209 adults living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.
For more information, visit www.realtor.org.
“The real issue facing the nation’s economy right now is that many Americans can’t find meaningful work to support their families,” said NAR President Vicki Cox Golder, owner of a real estate company in Tucson, Ariz. “While a job recovery is what’s needed right now to get the economy and housing market back on the right track, owning a home continues to be part of the American Dream and one of the best long-term investments in your future.”
Despite economic uncertainty, 68% of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75%), it’s up from 2008 (66%) and 2007 (59%). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market—more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40% said it was one of their highest priorities.
Lower home prices have improved affordability. In fact, the percentage of renters who are worried that the cost of housing is getting so unaffordable that they will never be able to buy a home has decreased steadily since 2007, from 63% to 57%.
Despite improved affordability, 79% of respondents still consider having enough money for down payment and closing costs to be among the biggest obstacles to buying a home. Another obstacle is a lack of confidence in their ability to be approved for a loan, reported by 73% of respondents.
The good news is that Americans are seeing more stability in the real estate market. Nearly seven out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year.
While more than half (51%) say foreclosures are a problem in their area, the rate of foreclosures is also seen as stabilizing; 51% say the rate is about the same as last year. Thirty-six percent of respondents cite the recession, loss of jobs and the poor economy as the main reason for the ongoing foreclosure problem. This has also led to a slight increase in the number of people who believe the federal government should take a more active role overseeing loans and mortgages (44%, up from 43% last year).
While nearly seven out of 10 say it’s harder to sell a home in their area today than it was a year ago, it’s less of a concern from last year when the number was 10 percentage points higher. This is most likely the result of lower home inventories.
The 2010 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey was among 1,209 adults living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.
For more information, visit www.realtor.org.
Wednesday, October 13, 2010
Unbelieveable Rates & Grants to help with closing!
As of Tuesday, October 5, 2010, Maryland Mortgage Programs (MMP) interest rates are lower again! A 30-year fixed rate 0-points mortgage is now at 3.875%. Add the $5,000 DSELP incentive (downpayment and settlement loan program), and you can be well on your way to becoming a homeowner!
Although you may not be in the market to purchase a home, please pass this information to someone you know who may be interested. Feel free to call or email me with any questions.
Jennifer@LivingMD.com or (410) 409-2393
Although you may not be in the market to purchase a home, please pass this information to someone you know who may be interested. Feel free to call or email me with any questions.
Jennifer@LivingMD.com or (410) 409-2393
Saturday, September 18, 2010
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