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Why is it that some homes sit on the market for a year while others sell like hot cakes? Frustrated sellers will blame a bad market, while a good real estate professional will tell you that many times, a slow sale is often attributed to the listing price.
If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and "shows" better than the competition, it will have a better chance of being sold quickly.
The secret is perfecting a technique that's as American as apple pie: comparative shopping. Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it's one of the best methods to use when determining a home's market value.
A responsible real estate agent will effectively evaluate a home's worth through a process known as Competitive Marketing Analysis (CMA). Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called "comparables," that have sold in the area within the last six months. Typically, the agent is able to recommend a realistic price range that will ensure you top dollar.
However, factors such as the amount of time needed to sell your home can alter the agent's price recommendation dramatically.
Typically, people should check with real estate agents in the community to determine the average duration that listings are on the market. Sales associates will explain that the marketing "norms" vary with prices and properties. Based on this criteria, the agent feels confident that he or she will be able to sell it for a price that both you and the buyer will be happy with. However, if you're under time constraints because of unexpected job changes or moving agreements you've made on another property, this will narrow your chances of selling the home for top dollar in the market.
Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.
The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer and other factors, such as the economy, could cloud your view of how much your home is really worth.
Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to shore with you.
A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you've picked is a good gauge of the home's worth and won't discourage qualified buyers.
Being open and honest about what you see as the home's greatest strengths and biggest weaknesses will also help an agent get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you're well on your way to a speedy and fruitful sale.
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A good credit score can mean the difference between a low mortgage rate with conventional financing and a restrictive, higher-rate loan. There are some simple but very important steps you can take to clean up your credit.

1.      Look for any past due balances on the credit report and bring them current.

2.      Reduce all outstanding debt to as close to a zero balance as possible. If unable to pay all debt down, evenly distribute any remaining debt among open credit cards, or consider opening a new line and transferring some of the balances. Try to keep balances below 50% of available credit; below 30% would be even better. Do not close existing accounts.

3.      If married, keep separate credit cards. This provides flexibility in transferring some or all of the balances to one spouse to increase the credit score of the other. This provides the possibility of one spouse becoming the sole borrower and it does not change the ownership of the home.

4.      Request an increase in available lines on cards to reduce debt ratio, but only if your credit card company can that without a hard credit inquiry.

5.      Pay off past dues and charge-offs within the last two years. Beyond two years, it will have no impact on your score if wiped out. In fact, the act of paying it off can actually take your score down temporarily.

6.      Request that creditors and credit bureaus delete any outstanding debt that is incorrectly charged to you or has yet to be cleared. They have an obligation to react within 30 days. If you choose to pay off an outstanding debt (less than two years old) mark the back of the check "accepting this check is evidence that the transaction is complete and this charge will be deleted from my credit." You may be able to use the cancelled check if the outstanding debt is not removed.

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Next weekend, I'll invite everyone to the St. Maria Goretti carnival featuring rides for the kids, events, silent auction, white elephant, live entertainment, great food and drinks (with full bar).

This is an excellent community event and the proceeds go to a good cause. The event will take place Friday, Saturday, and Sunday (16th, 17th, 18th) at St. Maria Goretti's on Palo Verde Ave and Carson St. in Long Beach.

Please contact my office in advance if you would like to purchase presale ride tickets. (562-531-7000) at a discount.

For more information or directs, e-mail teamresults@century21.com

Thanks everybody.

This year Tuesday, April 17,  is the deadline to file your federal tax returns. And this is a good time to remind our friends to double check your returns before sending them off whether electronically or the old fashioned paper method.

The IRS has been touting via public relations officials with the agency, its increased audit efforts. On the radio this morning a spokesman for the IRS stated that the agency has upped its audit efforts and is trying to close the gap on non-payers. He also reminded listeners that not filing a return in many ways is more serious than not being able to pay your taxes, or willfully filing incorrect information. That is because the fines and penalties for not filing, are higher than other tax infractions.

Having been audited myself several times, I know it's a pain in the butt and I would not  wish the experience on anyone. In order to avoid being an audit victim, and I say that with all sincerity, make sure to keep your records organized and available. Remember that there is no statute of limitations for the IRS to come after you for failing to file. Here are a few questions and answers you'll find useful.

Q: WHO NEEDS TO FILE?

A: Anyone who is employed, receiving earnings more than $8,450 in this tax year, and anyone who is self-employed or independent contractor, earning ‘net' (after expenses) income over $400. (yes four hundred).

Q: WILL YOU HOLD MY HAND WHILE I AM BEING AUDITED?

A: Yes, I Will.

Q: WHERE CAN I GET GOOD TAX ADVICE?

A: I think the IRS itself is a good source of information. The website has every single form and publication available for download, or you can request that they be mailed to you. I would urge you to request your forms now, because, they won't get to you in time to do any good if you wait much longer. The IRS website is http://www.irs.gov/.

If you don't have internet access, please e-mail me at john.wall1@century21.com and let me know how you are reading this blog.

Q: WHEN YOU WERE AUDITED, DID YOU CRY?

A: Only once.

Q: WHAT MAKES YOU SUCH AN EXPERT ON TAXES?

A: I am not! You should seek the advice of a qualified tax professional, and I would suggest you find someone who can represent you during an audit.

Some things I would like to remind you of is the long distance phone tax credit available this year. Every individual who has paid for long distance phone service is likely to qualify for this credit. You must however request it on your tax form (any of the 1040 forms) or if you don't need to file a return, but want to receive your credit, you can file form 1040EZT. The EZT  version of the 1040 is used only to request the credit.

Also, make sure you look at other available credits like the EIC or Earned Income Credit. While we are at it, I would like to mention that TAX CREDITS are better for most filers because a CREDIT means REFUND! When a tax credit is available to you, it means the IRS is holding money just for you. The caveat is that you must ask for it in order to receive it. Whereas, a deduction is a dollar amount that reduces your taxable income and possibly your tax liability (the amount you owe the IRS).

Remember a self employed person earning more than $400 must file a return? In theory if you earned $100,000 but had $99,600 in expenses that are deductable on your return, you would meet the qualifier for not having to file a federal tax return. (Don't take my word on that - this is theoretical)

Some other things to remember are if you file zero income tax returns because you subscribe to certain beliefs such as ‘taxes are illegal', you might end up in jail. The courts have tried many cases like these and the filer always looses. When the IRS comes after you, it will most likely cost you more than you would ever pay just filing an honest return.

For our home sellers and buyers, remember to get your 1031 and IRC 121 figures together now because in my personal experience, these transactions are audited more frequently (the IRS officially disputes this). If you are audited, don't panic - Until you are called into an IRS field office. In which case, you shouldn't go alone. Bring along your CPA, Tax Advisor, or advocate.

Having said that, most tax audits are ‘correspondence audits' which are very painless, and easy to complete. They're scary for tax payers because the notice comes in ‘official IRS - you're about to be horse whipped stationary'. But really, this type of audit basically says, "Hi - This is the government. We have a question about line 22 of your tax return. Would you mind clarifying it please?" See, that's not so bad! Just answer their questions and all will be okay.

A final thought; tax auditors are not the brutal, meanies that they are portrayed as in comedy sketches. In fact, I've never met one that wasn't pleasant, friendly, and helpful except for one and he's a jerk.

Go Download Publication 17 for more information on taxes - and remember that taxes are the cost of free society.

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CENTURY 21 RESULTS RECYCLES INK JET CARTRIDGES

TO BENEFIT PEOPLE WITH DISABILITIES

Long Beach, CA, March 8, 2007 - CENTURY 21 Results announced today that it is collecting used printer cartridges to generate contributions for the company's national philanthropy Easter Seals.

For each ink jet cartridge collected, up to $12 will be sent by Cartridges For Kids to Easter Seals to help children and adults with disabilities lead fuller, more independent lives.  In addition, CENTURY 21 Results encourages area residents to participate in the program by dropping off their used ink jet & toner cartridges, used laptops, ipods, and cell phones to the office located at 4909 Lakewood Blvd., Top Floor, Lakewood, Ca. 90712.

"Our relationship with Easter Seals enables us to give something back to our community.  We are pleased to participate in this worthwhile program that promises to garner substantial funds for Easter Seals," said John Wall, of CENTURY 21 Results.

CENTURY 21 has been affiliated with Easter Seals since 1979 and has raised almost $72 million to help children and adults with disabilities lead fuller, more independent lives.  Easter Seals is a non-profit, community-based, health and human services organization dedicated to helping people with disabilities attain greater independence. Today, millions of Easter Seals clients and their families lead improved lives because of the high quality programs for children, vocational training and employment, adult day programs and physical medicine and rehabilitation services offered by local Easter Seals organizations.