Kathy Riggs October 25th, 2009
Remember when you were in a bar or nightclub and the clock was ticking close to closing time and sometimes an announcement was made or you heard the song “Last Call for Alcohol”? In today’s real estate world this week could be considered the last call for the first -time home byer’s tax credit. Unless Congress extends the tax credit, first time home buyers must close on their home purchases by November 30, 2009 to be eligible.
If you have been following this blog you know I have touched on this subject many times. Often, we must be exposed to a concept or an idea several times before it really registers. New regulations regarding appraisals and the meticulous oversight underwriters are paying to loan applications mean that the 30-day closing is just about a thing of the past and that 30 days begins AFTER the contract is signed. Negotiations can take several days to a week before buyer and seller agree on all terms.
If you have recently found yourself in the market to purchase a home the tax credit means a first time home buyer can receive a dollar for dollar tax credit if 10 percent of the purchase price of a home up to $8,000. A new home buyer will receive a credit of $7,500 if he or she purchases a home for $75,000. Any purchase above $80,000 will qualify for the $8,000 as long as the purchaser meets certain income requirements. First time home buyers are people who have not had any ownership interst in a home within the past three years.
Even if you are not a first time home buyer today is a great time to buy a home that better fits your current needs, interest rates are low and sellers are motivated.
The economy will always have its ups and downs, but the biggest investment a person will make is their home and over the long haul, real estate is still a good investment.
On the Lighter Side…
New Homeowner to Friend: When my Realtor said location, location, location I didn’t know I was buying three houses.
SHAMELESS PLUG
Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information about the tax credit.
Kathy Riggs October 19th, 2009
Last week I again touched on the need to de-clutter your house if it is going on the market anytime soon and I told you to tune in this week as I begin to focus on “Staging.” Between cable news shows and real estate-related websites, there’s no doubt you have heard about “Staging.”
I’m sure you have heard, “if you want a house to sell faster and at a higher price, have it Staged.”
It’s true, Staging works. But, it’s important to know what it is and what it isn’t.
Staging is making a house appeal to a typical home buyer; “typical” is the key word here. Staging is not hiring an interior decorator to come in a create a home that mirrors your personality.
If you are a seller and don’t have access to a professional home stager, here are a few concepts to keep in mind when you put your home on the market.
First, keep things to the cosmetics – if something is not feasible you may not want to do it. Remember to work with the integrity of the house. Don’t try and turn a Craftsman bungalow into an entirely different style. With staging you are trying to create a warm, “lived-in” look, but not cluttered nor sterile. In other words, your goal is to create balance.
One of the simplest tasks in staging a home will be to clean windows and reflective surfaces to allow more natural light into your home. Adding light has a bonus, it creates the illusion of additional space. While speaking of additional space, stagers use the 50 percent rule. In other words, 50 percent of what is visible in a room can be packed away. If you are not using it, store it.
Updates – in today’s market updates sell; however, staging does not mean remodeling the kitchen. It means taking down the dated accessories and replacing with newer more modern ones. A quick walk through a home improvement store or the home decor section of a department store can give you lots of ideas.
Another goal of staging is to find a focal point in each room and highlight it, remember the old song’ “Accentuate the Positive”? Well that’s what you do with staging. A professional stager can also help create an emotional connection to each room.
Finally, one of the most important things in Staging is lighting. Lighting creates warmth and mood…I’ll devote a future post to this subject.
on the lighter side…
A real estate agent whose office was situated in the middle of an office complex was concerned when a new firm moved next door and posted a sign, “Best Agents.” Then another firm opened on the other side and erected a sign, “Lowest Commissions”. The original real estate agent took advantage of being between the two and put up a new sign, “Main Entrance.”
SHAMELESS PLUGS
Time is running out for the $8,000 first-time homebuyers tax credit, call me. I have some clients very interested in purchasing several tracts of 60 to 80 acres of farm land.
Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information.