5 Simple Ways To Increase a Home's Value

Daily Real Estate News December 31, 2007 5 Simple Ways to Increase a Home's Value Good home maintenance is key to creating and preserving a home’s value. Not to mention, it also impresses potential buyers. Here are five basic steps that every home owner ought to take — before spending money on dream bathrooms or gourmet kitchens.1. Safety. Make sure smoke detectors and carbon monoxide detectors are installed and in good working order. Check fuel-burning appliances to make sure they are properly vented and no gas connections leak. Make sure the electrical system is adequate. Flickering lights and popping breakers are the sign of a problem. Anchor handrails and grab bars adequately.2. Preventive maintenance. Repair any leaks in the roof, seal gaps in the siding, paint bare wood, replace damaged decking, patch cracks in concrete, and caulk around tubs and showers.3. Conserve energy. Install a programmable thermostat, weatherstrip doors and windows, fix leaking faucets, upgrade insulation, and replace leaky windows. 4. Go green. Consider environmentally friendly materials for windows, doors, siding, decking, fencing, roofing, flooring, and insulation. 5. Improve comfort. Get rid of clutter, open up spaces, update window treatments to allow in more light, and organize closets and storage.Source: The Associated Press, James and Morris Carey (12/29/07)

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005. All rights reserved. www.REALTOR.org/realtormag

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Seller News From Realtor Magazine Online

Daily Real Estate News December 4, 2007
Homes Features That Are Big Buyer TurnoffsOld homes can be quaint, but there’s a difference between old and outdated. Unless home owners periodically invest in upgrades, their homes will fall so far below the standards of current buyers that they become obsolete and hard to sell.What’s obsolete? Here’s a list of relics, many of them courtesy of Nick Kuhn, an associate with McEnearney Associates in Washington DC.
A house with only one full bathroom. Even a house with one full bath and a toilet/sink powder room is going to turn buyers off.
A house without air conditioning.
Electrical systems protected by a fuse box instead of a circuit breaker.
Spiral staircases. They’re relatively rare, and for good reason — they're often unsafe.
Basements with only an outside entrance. Home owners expect convenient access to that valuable space.
Ceilings that look like they’ve been stuccoed, dropped ceilings with fluorescent lights, and dark beams cutting across the ceiling.
The split-level floor plan. Want to go from kitchen to family room? Go down half a flight of stairs. From living room to bedroom? Up half a flight. Most folks would rather not.
Source: The Washington Post, Elizabeth Razzi (12/02/07)

6 Common Housing Problems that Spook Buyers

Daily Real Estate News October 23, 2007

Potential home buyers with lots of homes to choose from can be easily spooked by disclosures and the results of property inspections — even when the shortcomings are typical for homes of a certain age.In a jittery market such as this one, it’s critical to give buyers tools and knowledge so they can decide which problems are serious.Judi Seip, an associate with Coldwell Banker in Southern California, tells her clients to accompany the inspector so they can put the problems in perspective. Anything a handyman or an electrician could fix in a few hours isn’t worth worrying about, she says.Here are six common issues that trouble buyers and some factors to weigh:1. Water damage. Evidence of water damage frightens buyers, but all water damage isn’t serious. Minor leaks generally cost no more than a few hundred to repair. Get an estimate.2. Missing permits. Ask the home inspector if the work was done well and meets code requirements, even though a permit wasn’t issued.3. Code violations. How expensive is the repair? Ungrounded electrical outlets are common in old houses and easily fixed.4. Cracks in the garage floor. Ask the inspector whether these cracks suggest other related problems. Generally these don’t affect the structure of a home.5. Termites. Termites and termite damage are very common in many parts of the country. It’s important to get rid of them and to get a clear sense of how bad the damage is.6. Foundation cracks and other foundation issues. Older homes often have cracks in the foundation. Get an expert to inspect the problem and estimate — what if anything — needs to be done. Source: The Mercury News, Margaret Steen (10/19/07)

Best Mortgage Moves in a Slowing Housing Market

(ARA) - Given the recent changes in the mortgage and housing markets, many current and potential homeowners are asking themselves the question of what to do next in regards to their home financing situation. Whether you are looking to purchase your first home or are already a homeowner and want to maximize your investment, there are a number of home financing options to consider. GMAC Mortgage (www.gmacmortgage.com) offers the following tips to help you make your next mortgage move. First-Time Homebuyers The biggest concerns for first-time homebuyers right now are fluctuating interest rates and home values. However, buying a home with a fixed-rate loan now will ensure that future rises in interest rates will not impact your monthly payment. In addition, because of current market conditions, many first-time homebuyers have a large inventory of homes from which to choose. Prices in many markets have stabilized or moved off their highs over the past year as demand has softened, so your dollars could go much farther than they have in the past. If you decide to move forward with the search for your first home, consider getting pre-approved for a mortgage. Becoming pre-approved will give you a much better idea of your buying power as well as reassure home sellers that you are a serious buyer. Existing Homeowners If you are a homeowner with an adjustable rate mortgage (ARM), hybrid ARM, or interest-only mortgage, now is a good time to consider refinancing into a fixed-rate loan. Even if the overall interest rate rises, there is a good chance that a fixed-rate mortgage payment will be lower than what you may pay if your adjustable rate loan adjusts soon. Homeowners currently repaying variable-rate home equity lines of credit also should review their options. Refinancing to a fixed-rate home equity loan could be advantageous, but you should first check with your lender. Buydowns Another option, whether you are considering refinancing your current mortgage or exploring your first mortgage, is to elect to buy down the interest rate. With a “buydown,” a borrower or seller pays part of the interest upfront, lowering the borrower’s monthly rate for a set period of time. With the proper research and the assistance of a qualified mortgage professional, securing the right mortgage product can put you in a more advantageous situation to help you meet your homeownership goals. For more information on mortgage strategies, call (800) 888-GMAC (4622) to find the GMAC Mortgage office near you. Courtesy of ARAcontent