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Some staging tips, and tricks to sell your home faster

Have you heard the buzz about staged homes? They're out there and they are just one more handy thing in our home-selling toolbox. Its true that a staged home often will sell faster and many times get higher premium that at least covers the cost of staging.

When staging just isn't cost effective or for one reason or another not a viable option, there are tricks you can do to get many of the benefits of a staged home. First and foremost, its imperative that as a homeowner you take a step back and detach your emotional connection to your home. I know that its easy to say and harder to do, but it really is important.

As a professional agent, here are the things I look at in a home that I have on the market.

 

  • Cleanliness
  • Clutter
  • Curb-Appeal

I call them "the Three C's". Potential buyers base their first impressions and judgments about a home on the Three C's. Once that impression is made, it is very difficult to change their mind.

In terms of repairs, cleaning is the easiest to do, and like the most effective. So get on your hands and knees and start scrubbing. Wash everything; fixtures, windows, floors, cabinets, counters, every single surface should get a thorough scrubbing. Don't neglect the hidden areas, vacuum behind furniture, in closets, under the beds. Sweep underneath kitchen appliances.

Then its time to look at clutter. Your priceless family treasures, may hold special memories for you, your collection of figurines may be a source of pride, but to potential buyers - these things cloud their imagination. If a buyer can't imagine their own personal affects scattered around your home, they won't be inclined to buy it.

Also, contrary to popular belief... Size does matter! By removing the things that you don't need, and organizing the things you do will make your home seem larger. This includes furniture. Consider taking out some furniture. That love seat, sofa, or recliner really just clutters the living room.

If you can't seem to part with things, rent storage space. The first corner cutting that sellers try is to stash away everything in the hall closet or under the sink. Trust me, that won't work. As buyer's tour your home, they will open every door, drawer, and hideaway they find. If those spaces are full of your clutter, they'll get the impression that there isn't enough space for their Hummel figurines.

It seems to me that the minor problems with a home have big impacts on potential buyers. So fix your leaky faucets, upgrade outdated and worn fixtures, make sure doors and windows open and close with ease. These things are simple and effective.

For curbappeal,  nothing beats a freshly landscaped yard. Make sure lawns are mowed, and edged, and watered frequently. Bushes and shrubs should be neatly manicured. Don't forget lighting too... Yard, and walk lights should be in working order.  While you're outside take a look at your paint job. Could it use a little freshening up? A coat of paint is inexpensive and covers a multitude of sins. If your custom colors don't match the rest of the neighborhood, its time to fall in line get with the program. Your paint colors should be neutral and soft. Tans, taupe, off whites seem are best. When considering pain, don't ignore architecturally accurate colors. If your home is a Victorian style, you don't want to use Craftsman colors. Also, don't use Victorian purple on your Spanish ranch house.

These things are simple to do, inexpensive and offer the most rewards. Ask your agent for help with these things. Your agent is a fantastic resource for referrals and recommendations for cleaners, painters, handypersons,  gardeners, etc.

© 2007, John Wall, All rights reserved.

http://www.TeamResults21.com

0 commentsJohn Wall • May 07 2007 04:06PM

Mortgage Scam: Warning

I've just been made aware of an ugly scam that is affecting a lot of people in Southern California and other places. This is an insidious scam that takes advantage of the turbulent finance environment.

Consumer advocates and Mortgage Brokers (the reputible ones) are warning of this fraud where someone, under a false company or individual comes along and claims to be the new servicer of a borrowers loan. The new party will collect as many payments as possible before being discovered and then move on. Borrowers can loose a lot of money to this scam while at the same time, may face foreclosure because their 'real' payments aren't being made.

Its easy to fall for this scam because as we all know, its not uncommon to have a loan change hands several times, over the life of a loan. The way to fight this menace is to call your current lender, using the number on your mortgage coupon or older paperwork, and ask if your loan was sold.

Legally, the old and new lender must notify you in writing when your loan is sold. Verify any documents you receive about a new servicer, and don't trust any contact details is those documents. Use your own resources to contact your lender. If you just start sending payments without checking, you'll likely end up regretting it.

Contact your local law enforcement agency if you become a victim of this scam. 

 Regards,

John Wall

 

6 commentsJohn Wall • May 02 2007 09:22AM

California's real estate marketplace.

Some good news for the California Real Estate Market: Almost 40,000 homes were sold last month, an increase of nearly 30% over the previous month. The median price is up 3.0 from last year and the average mortgage payment was 2,230 last month.

According to DataQuick, foreclosure activity is still rising but still within the normal range. Financing with adjustable rate mortgages has fallen significantly, while absentee owner acquisition has only slowed slightly along with house flipping activity.

Overall I think the market truly is correcting and is strong. If you ask me whether it's a buyer's or seller's market really depends on the neighborhood. Its true that homes are taking longer to sell and some seller's have been inclined to provide incentives that add to the appeal of their home over the one next door but, nobody seems to be loosing out.

Its just as good a time to buy as it is to sell.

 

(c)2007, John Wall. All rights reserved.
visit the website www.teamresults21.com

 

0 commentsJohn Wall • April 30 2007 03:53PM

Everything you ever wanted to know about real estate but were afraid to ask. Options

In exchange for something of value (consideration) the right given to a party (optionee) by the owner of a property (optionor), to purchase or lease property within a specified time.

The option is a pre-arranged, written agreement between an owner and a prospective buyer that states the right to purchase a property at a fixed price and within a specified time frame.

Because the option will become the sales agreement, all terms should be clearly defined, and spelled-out. A prospective buyer generally pays an option fee in advance to the owner in exchange for the right to exercise the option. How this works locally here, in the case of a "lease-option"; a buyer who perhaps wants to "try-before-you-buy", or who needs more time to raise a down payment, will agree to lease a home for a period of 6 months to a year, while paying rent and usually an option fee. At the end of the term, the buyer then has the ‘option' to purchase the property outright at the price previously agreed.

Often times a portion of the rent paid during the lease term and the option money, are applied to the purchase price. The caveat is this; if the buyer chooses not to exercise the option, he looses the option money and rental fees.

This type of arrangement benefits both buyer and seller because it provides income for the seller, and the buyer locks in a purchase price well in advance of actually purchasing a home. There are downsides of course, such as the property value declining below the agreed upon price. It is another way to acquire real estate when conventional sales just won't do. Try it!

 

(c) 2007 John Wall. Visit www.TeamResults21.com.

0 commentsJohn Wall • April 27 2007 10:26AM

Missed out on your chance to own?

Do you think you've lost your chance to own a home in Long Beach? I'm here to tell you not to give up yet. There are programs in place for first time homebuyers that help you own your own house or condo. These programs  are sponsored by the California Housing Finance Agency.

There are numerous properties that qualify and anyone who meets the qualifications can apply. In Los Angeles County a 3 person + household with up to 103,600 income can qualify for CalHFA's 40 year mortgage, a fixed rate conventional mortgage for up to 100% of the purchase price. There are down payment programs available also that can be combined with this loan program too.

The details are available at http://www.calhfa.ca.gov/. If you think you've been left out of the real estate market, take a look and see if one of these might benefit you. With the right finance and professional representation, you too can be a homeowner.

0 commentsJohn Wall • April 24 2007 12:06PM

Don’t want to pay Capital Gains? There is a way.

Within the last 2 years, the IRS has been allowing taxpayers to mix the rules applied to the sale of their principal residence and those of IRC 1031 tax deferred exchanges. A welcome turn in this market where homes values have skyrocketed upward and produced gains well above the current $250,000/$500,000 capital gains tax exclusions afforded by the IRS.

If you don't know already, the IRS allows a seller to exclude from capital gains taxes, upto $250,000 from the sale of his principal residence if he's lived in it for 2 of the last 5 years. ($500,000 if married) Any amount over that would be subject to taxation. So if a seller nets a profit of 350,000, the portion subject to tax would be $100,000.

If the seller can rent the home for 2 years before the sale, that 100k could then be rolled into another investment property and excluded from gains tax. The investment could also produce income for the seller as long as he owns the investment property. That income though, would presumably be taxed at the owner's low income tax rate, not as gains.

Strategies like this can get complicated and before making the decision to make a transaction like this, you should consult with your CPA or Tax Advisor.

 

1 commentJohn Wall • April 21 2007 01:43PM

What's happening with home sales in Long Beach?

In March, 2007 there were 239 single family residences sold in Long Beach. The number of Condo units sold was much lower at 72.

The median price of condos dropped in every area except neighborhoods in the 90807 and 90808 zip codes which saw increases. The biggest drop was a 28.4% decline in median sale price in the 90814 zip code.

In single family residences, homes in 90813 saw an increase of 14.6% in their median sale price. Declines in the single family market as whole were marginal except a 10.2% decline in 90806 zip code. That zone also saw the 2nd largest inventory of homes available which may attribute to the median decline as competition was strong in March.

The median price is the price point at which 50% of homes sell for more and 50% sell for less. These averages easily misrepresent actual market performance in a particular neighborhood especially when there are many varying styles and types of homes available.

If you would like an analysis of your home's market value, or for more information, please contact me at (562) 433-1914 or e-mail john.wall1@century21.com.

0 commentsJohn Wall • April 16 2007 02:42PM

So you've found the perfect home: Now what?

You've spent every weekend visiting open houses. You've put in hours researching properties and the marketplace. You've carefully reviewed your finances to see how much you can afford. And after all that, you think you may have found "the one." Now, how do you know if you should make a bid?

First, go back and review your wish list - the roster of criteria you set forth when you first started looking at properties. Does this listing have some or most of those qualities? Can you live without the ones it doesn't have? Or, could you add those amenities in the future?
If you answered yes to those questions, look carefully at your finances. Run the numbers one more time and make sure the price fits within your budget. Look closely at how much it will cost you to own this home on a monthly basis. In addition to mortgage and taxes, consider things like insurance, utilities, emergency repairs, improvements, and furnishings.

If the numbers work, consider the area where you are looking to buy. Can the neighborhood support your investment? What about the town? Does it have a good school system, sound infrastructure, attractive business district, easy access to transportation? Those types of things will be appealing to buyers should you ever decide to sell. Remember, this home is also a serious investment; one you hope will earn you a significant return over time.

Next, consult your agent. He may see hundreds of transactions each year, and should know a good value when he sees it. Discuss what would be a fair and reasonable bid. information on what homes in that area have been selling for during the past six months will help you develop an attractive offer. It is also wise to come up with a backup plan should the offer be rejected.

Once you've considered these questions, and the answers are in the affirmative - go ahead and make that bid!

 

John Wall, CENTURY 21 Results
http://www.teamresults21.com/
        (562) 449-8421
Residential & Investment Properties

0 commentsJohn Wall • April 16 2007 12:18PM

Whats up with the market?

Yesterday, Bankrate.com reported a slow climb
in interest rates. The 30 year fixed was 5.77
up from 5.74, while, the 15 year fixed rate
showed a similar increase to 5.52 from 5.49.

Adjustables still don't look good when compared
to their fixed-rate older brothers.

And another popular real estate site
had something positive to say
about Los Angeles County with a 2.3% increase
in salesprice over last quarter.

There are all sorts of great real estate websites out there.
Go visit one today.

 

John Wall
WWW.TeamResults21.Com

 

0 commentsJohn Wall • April 14 2007 08:03PM

California: Median Price Goes Up.

Southern California's median price continued its upward movement, cresting the Half-Million Mark. The median has risen nearly 5% since this time last year, for the 6 county area.

 The median price is the middle price of resale home's where half are sold for more than the middle price, and the other half are sold for less.

The median in Los Angeles county is holding its own at $540,000, up 6.3% since this time last year. Orange county is ahead at $629,000 a modest increase of .06 since March 2006.

Statewide; 39,800 new and resale homes were sold last month, including SFR and Condos, up 27.5% from the month prior.

 

0 commentsJohn Wall • April 13 2007 02:43PM