When potential home buyers make the decision to see the inside of your home, there are many things that may stand out to them that you have become accustomed to seeing on a daily basis.

In order for a home buyer to take the step of buying your home they must feel at home the moment they walk through the door, What “home” should feel like depends on the home buyer, but you can take several steps to help each home buyer along the way.

The next few pages of this guide will take you through each room of your home and will give you tips on creating the perfect space for potential home buyers. However, please also utilize the expertise of your Agent to help along the way.

The Grand Entrance

First impressions are everything. In the entry way, a potential home buyer has an immediate sense of how they will receive your home. Decide which entry all potential home buyers will come through and communicate that with your salesperson. The tips below will guide you in creating a grand entrance.

• Check the condition of your entry door and decide whether it should be painted or replaced.
•  Place a wreath of other decorative item on the door.
• Below the door, place an inviting welcome mat.
• Clear the entry of any clutter, including shoes.
• Make sure the entry hall closet is neat and organized.
• Thoroughly clean the area, including walls and ceilings.
•  If the entry leads to a foyer, make sure that it is appropriately decorated.
• Place a vase of flowers on a table.
•  Hang non-personal pictures or a mirror on the wall.

 

I wanted to alert you all to the fact that HUD is proposing some changes to the FHA program. These changes are not a “done deal” at this point.

One of the changes that I wanted to point out is in regards to seller concessions. HUD is proposing that FHA seller concessions will be reduced from the current maximum of 6% to 3%. This change could have an impact on many first time buyers as they often struggle to come up with the required cash to close.

On April 5 2010, HUD will be increasing the cost of the upfront Mortgage Insurance premium that is financed into all FHA loans. The current premium of 1.75% will be increasing to 2.25%. The premium will still be allowed to be financed into a buyers mortgage.

Therefore, I think it is important that we underscore to potential buyers that now is the time to act. Interest rates remain at historic lows, and the homebuyer tax credits are set to expire as of April 30 (with a June 30 closing).

Any buyer that is waiting to purchase a home may be subjected to a higher cash requirement, higher mortgage payment due to the increased cost of the mortgage insurance and that’s before we talk about the risk of interest rates rising.

Any questions please feel free to call

Sam Geraci
716-633-2700 ext 3123

Imagine yourself as a guest walking into your home for the first time.  What do you notice?  Are you tempted to linger in this room for awhile or is the clutter prompting you to keep moving?  Can you see the furniture or is it covered with papers, clothes, blankets, toys, and knick knacks?  Your home is meant for you to live in and enjoy, not your things.  If your home is looking more like a garage sale than a relaxing retreat, then it’s time to take charge over the clutter.  Don’t be afraid to sift through your belongings.  Take the step of deciding what’s worth keeping and what’s not.  It’s a step in the right direction.  Here are some tips to help get you started.

      1.  Purchase multifunction furniture

Adding or replacing a few furniture pieces with built in storage is a great way to eliminate clutter.  Look for tables with drawers, ottomans with removable lids, trundle beds for kids rooms, decorative trunks that can house toys, etc.  These pieces still provide their main function but also make a place for things that should be stored away when they are not in use.  Avoid using cabinets with glass doors for storage unless you are displaying a minimal amount of decorative items.

     2.   Keep decorations and accessories simple

We all have and continue to acquire those decorative pieces that hold sentimental value and memories but it is possible to display too many at once.  The fewer displayed, the more noticeable they will be and the more you will appreciate them.  Change out older knick knacks with new to keep yourself in the present but leave a few of your favorite older pieces out as a reminder of your past.  Pack the ones taken off display in a keepsakes box where they are still safe and easy for you find.  Go through them every once in a while and change them out.  Change out older photos in frames with new and store them in a scrapbook or photo album.

    3.  Your counters are not meant for storage

It’s very easy to use bathroom and kitchen countertops for storage but it doesn’t mean we should.  If it seems as though your countertops are doing a disappearing act, maybe it’s time to evaluate what they are being used for.  Countertops are meant to be used as workspaces but it is very practical to use them to house small appliances.  If you find yourself using your toaster or blender a few times a month, it’s not practical to keep them out on your counter year round.  Don’t crowd your bathroom counters with hair care products, toothbrushes, lotions, etc.  Store these items away to keep your room clean and spacious. and most importantly sanitary.

A simple cleaning goes a long way, whether you’re getting your home ready to sell or are simply looking to spruce up your existing home.  There are not many benefits to having a cluttered home.  Ok, there are NO benefits to having a cluttered home.  Benefits come from having a decluttered home.  With the clutter out of the way, a potential buyer will be able to see a house, perhaps a vision of themselves in your house, not your belongings.  With the clutter out of the way, you’ll find it easier to maintain a clean and fresh home.  With the clutter out of the way you can develop a clearer picture of what your home needs to function better.  You might find yourself asking, “Do I really need to invest in that addition?”  Start small and take it step by step.  With clutter out of the way, any project is easier to accomplish.

If your home has recently come off the market and hasn’t sold, don’t be discouraged. The reason it didn’t sell may have nothing to do with your home or the market. In reality, your home may have been one of the more desirable properties for sale, if your listing has been removed from the market and you still want results, take a step back and review your situation before you put your home back in the marketplace.

 Q. Where should I begin?

 A. Start by making a commitment to do what it takes to market your home and get it sold. With the right system, the home sale you want is still within your reach.

 Q. Why didn’t my house sell?

 A. According to the Board of Realtors, 50% of all homes on the market sell in 30 days or less. After 30 days those that did not sell have only a 50% chance of selling at all. This means we need to do it correctly, right out of the gate. Review your pervious selling plan and you’ll discover that an unsold listing usually reflects a problem in one or more of these four major areas: 

1. Teamwork
2. Pricing
3. Condition of the Home
4. Marketing

 Q. Is it still possible to get my home sold?

 A. Absolutely, your second marketing period is actually a new beginning and an excellent opportunity to get your home sold.

 4 Important Points That Will Get Your Home Sold.

 1. Teamwork

Your home is a major financial investment, and your relationship with your realtor should be a full partnership where your needs and wishes are heard. You should receive dependable feedback on the progress of your sale; your agent has the responsibility to receive this feedback from other agents who have shown you property and to communicate this to you so together you can make the right decision about what to do next. How well did this occur the last time you had your home up for sale?

 2. Pricing

Did the price work for, or against you? The “right” price depends on market conditions, competition, location and the condition of your home. Pricing it too high is as dangerous as pricing it to low. If your home doesn’t compare favorable to others in the price range you’ve set, you won’t be taken seriously by prospects or agents and may actually help sell other homes in your area. You’ll get the facts when you see the statistics! To help you establish a realistic selling price for your home, ask your agent to provide you with an up-to-date comparative market analysis that gives you: 

• A review of comparable homes recently sold or currently for sale.
• An idea of how long other homes have been listed, in order to calculate an average time in which a home can sell in today’s market.
• A review of homes whose listings have expired, to understand what issues were at play. Note: There is no mention of how much you paid for your home of its improvements. Like any investment, the market value is determined by what a buyer will pay and a seller will accept.

 3. Condition of Your Home

Show Case Quality! Is your home someone else’s idea of a dream home? When buyers enter, are they inspired? Do they think, “I love this house!” Remember, the decision to buy a home is usually based on emotion, not logic. A house in move-in condition invites a sale. You need to consider: 

• Fixing all the little squeaks and cracks.
• Change outdated light fixtures and hardware.
• Keeping it clean for all showings.
• Brighten it up.
• What your home shows like from the street (concentrate on outside curb appeal).
• Staging your home.

Consider taking care of major items, such as having your home painted. Offering an allowance for prospective buyers so they can have the house painting completed is not the same as having it done for them. Now as their trying to imagine what a new paint job will look like, they may also be discounting the price even further because of the less than perfect look of the walls.

Remember… A house that looks well, sells quicker and for the best price because it outshines the competition. Ask your agent if they can arrange a no-obligation inspection of your home to help you evaluate the above.

4. Marketing Your Home to Sell

One of the first steps in you marketing plan involves finding an agent who will best represent you.

When interviewing agents, test and compare their knowledge and ask each to demonstrate how they will market your home to buyers, also compare in what media (internet, newspaper, magazines, etc.) and the effectiveness of one medium over the other. Are you getting the most for your money? Keep in mind, it’s not how much they spend but how they spend it. How about your internet presence, how many web sites are you listed on? In today’s High-Tec market, nine out of ten buyers search for homes on the internet prior to contacting a real estate agent. What about the photos, were they good quality? Did they use maximum amount allowed on the MLS (Multiple Listing Service) and other web sites? Lastly, say goodbye to any Realtors using old, traditional methods to sell your home, because they won’t work in today’s marketplace, agents who use the new and innovative, non-traditional marketing approaches are the ones who are getting more homes sold fast and for top dollar.

Contact Us for our free 3 page report on “10 Tips to Improve Your Selling Ability”

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1765 Como Park Blvd.
Depew, NY 14043

 You’ve heard the saying, “You can’t judge a book by it’s cover.” No statement is more untrue when it comes to selling your home. A potential buyer sees a home’s exterior and makes an immediate judgement.

Most potential homebuyers will start their search for a home on the internet. If the pictures of a home create interest on the part of the homebuyer, they will drive  by that home to assess the home’s location and condition.

The drive-by is critical for the seller of that home, and while the seller cannot control where their home is located, they can control how the homebuyer initially perceives the home. This is done by creating curb appeal.

As a home seller, ask yourself if your home has curb appeal. Does your Salesperson think it has curb appeal? Are homebuyers that are driving by going to call their Realtor to make an appointment based on what they see on the outside?

Create Curb Appeal

Creating curb appeal is important and worth the time spent, plus it does not have to cost a lot of money. Below are ideas for enhancing your home’s curb appeal. Before investing the time and money, ask your Salesperson what improvements they recommend.

Paint:

Peeling or Faded – Depending on the severity, you may want to paint the entire exterior, however if the peeling is minor, simple touch ups will be sufficient.

Dated- If your home’s colors have become dated, you may want to consider updating your home’s appearance by painting it with more neutral or traditional colors.

Hint : Tour a new home development for ideas on the latest color palettes.

Landscaping

Lawn: Cut and edge your lawn once a week to keep it looking manicured. Be sure to rake your lawn free of leaves.

Shrubs: Keep shrubs neatly trimmed, If they are near windows, cut them down beneath the bottom of the window to allow for more light in your home.

Flowers: It is not necessary to plant flowers. Place potted flowers in your flower beds or on your porch to add a touch of color.

General

Outdoor Toys: Store all toys in the garage or shed when not in use. If you have many large playsets in your yard that will not be sold with the home, store those as well.

Trash Cans: Make sure your trash cans are sealed with a top and placed inside the garage.

Extra Vehicles: If you have ATV’s, a motor home, or an extra car on your lot, consider placing them in short-term storage.

Front Door: Place an attractive wreath or other decorative item on your front door to make it more inviting.

The above artical was taken from Hunt Real Estate’s Booklet on Staging.

SONYMA is back in the game.  They have been out of the market for some time due to their inability to obtain secondary funding due to the recent credit crunch.  Looks like they are now over that hurdle and offering rates on a 30-year mortgage as low as .

Here is a breakdown on the program:

Buyers could not have owned a home in the last 3 years

Low down payment of 3% (1% would have to come from the buyer, the other 2% can be a gift from family)

Total household income for the Low Interest Program:

          1-2 people cannot exceed  $67,900

          3+ people cannot exceed  $78,085

Total household income for the Achieve the Dream Program:

           1+ people cannot exceed  $44,450

Buyers can also choose to obtain a $3000 Closing Cost Grant to help with costs

Low Interest Program:    5.125% with the grant 

                                          4.625% without the grant

Achieve the Dream Program:   4.625% with the grant

                                                   4.125% with the grant

In addition to the benefits of this program, the buyer would also be eligible to receive the Federal $8000 tax credit.  This tax credit expires with contracts written after 4/30/10.  So now is the time to buy.  Waiting till after spring can cost a good deal of money.

 For further information, please contact:

Being in Real Estate I hear quite often about the Home Buyer Credit tax program, but all the talk is usually about buying a home and not much is said about selling your home, or timing the market.  If you’re thinking about selling your home in the near future, here are a few facts to consider:

1) Currently the home buyer credit allows up to $8000 credit for the 1st time home buyer. Their are many buyers who would otherwise wait, or were on the fence and now deciding to take the plunge, and all of them are trying to beat the April deadline.

2) Interest Rates are still at a very low point, about 5.25% as of this writing. This also brings many more buyers to the table who would not be qualified at higher rates.

3) The Fed will stop buying Treasury Bonds sometime in April which will cause interest rates to climb to what some predict up to 7%

This all points to a drastic drop on a seller’s opportunity to capitalize on higher sales prices.

Now lets take a look at the other benifits for the seller.

1) A seller buying their next home is allowed up to $6500 tax credit.

2) Again if you finance any part of you new mortgage, rates are about 5.25%

So suppose  you’re selling your home today for $100,000. Chances are you will have more showings, a faster sale, better qualified buyers and greater chance of multiple offers, which all adds up to more money in your pocket. Now suppose you were buying your next home for  $150,000 and financing $100,000. 1. You will also receive up to a $6500 tax credit. 2. The interest on a $100,000 Mortgage at 5.25% = $698.04 per month for a grand total including principle and intrest of $251,293.33

The same seller a year from today may find themselves in completely different scenario. It may look something like this: Listing your home for $100,000. 1. Their will likely be far fewer qualified buyers due to much higher mortgage rates and lower offers. 2. All tax credits will be gone. 3. The likelihood of multiple offers will be dramatically reduced. 4. Less buyers means longer listings and/or lows prices. 4. And agein if your getting a mortgage for your next home the same $100,000 Mortgage at a 7% rate = $811.14 per month with a total P & I of $292,008.90. This all equals less value for your dollar.

In a nutshell, its not only a great time to buy, but if your selling with plans to buy as well this is a golden opportunity and may be the best time to sell for some time.

Hope this blog was a help.

In February 2010, New York State residents can participate in the Great Appliance Swap-Out, a program designed to provide a boost to New York’s economy while providing an incentive for consumers to reduce their energy consumption. Under the program, residents will be able to receive a cash rebate for replacing older appliance(s) with a new ENERGY STAR^®-qualified appliance. This program, funded through the American Recovery and Reinvestment Act (ARRA), will also provide added incentives for consumers who recycle their old appliances to help reduce the impact on landfills.

Under New York State’s proposed plan, consumers can receive rebates for purchasing eligible appliances individually or in a bundle of three specific appliances. Only appliances with an ENERGY STAR® label denoting higher efficiency are eligible for a rebate. Consumers may receive a larger rebate by purchasing three eligible appliances that meet standards issued by the Consortium of Energy Efficiency (CEE) that are higher than ENERGY STAR standards.

As proposed, customers purchasing appliances would qualify for a rebate of $75 ($105 with documented recycling) for ENERGY STAR qualified refrigerators, $75 ($100 with documented recycling) for clothes washers and $50 ($75 with documented recycling) for freezers. Rebates are available for dishwashers when they are purchased as part of a three-appliance package (refrigerator, dishwasher, clothes washer), which may qualify for a $500 rebate ($555 with documented recycling).

In the meantime, please refer to http://www.nyserda.org/economicrecovery/appliance.asp for more information on this program.