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Five Ways to Wow Buyers
These days, tax credits and high housing inventory make it a buyers' market. If you're a seller, don't despair. There are a variety of renovations that can help make your home stand out. Many buyers look at numerous homes when shopping for a house; so enhancing your home to make it more memorable is vital and increases the chances of a successful sale.
Clearing clutter, taking down personal photos, applying a fresh coat of paint, making minor repairs, and keeping a pleasant aroma are all basic techniques to make your home more appealing. But there are a few other
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creative enhancements that you can do to wow buyers without emptying your wallet. The results not only attract more attention, but also paint a picture of a well-cared-for home.
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Where Housing is Headed
We received an important indicator of where housing is headed last month, when new mortgage applications for home purchases and refinances suddenly surged as they hadn't in months.
Applications for FHA loans to buy houses were up by 10.4 percent. And overall home purchase applications jumped by 7.1 percent.
Meanwhile mortgage interest rates dropped to their second lowest level in nearly two decades, according to the Mortgage Bankers Association. Thirty year fixed rates averaged 4.96 percent and fifteen year rated dropped to just 4.5 percent.
Why's this important? New financing applications to buy homes obviously point to rising purchase contracts and closed sales in the months ahead. They also suggest that prices have hit a level in many markets that is attracting once-hesitant buyers off the sidelines.
There's still another factor that's likely at work here as well: Congress's
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What You Need to Know
to Buy a Home Today
Don't let a sluggish economy get you down. There are reasons to shop for personal items—including a new home. I recently saw an advertisement for a new car that said you could return the car in the first year if you lose your job. While there may not be that incentive for homes yet, some other perks might give you reason to start your housing search.
If you can afford to buy, consider making homeownership a goal this year, especially if you haven't owned a principal residence in three years prior to buying. The new stimulus package sweetens the deal for homebuyers who purchase a residence on or after January 1, 2009, and before December 1, 2009. The incentive is for first-time homebuyers who remain in their home for at least three years. It provides a credit for 10 percent of the home purchase price, up to an $8,000 limit. The credit can be taken on your 2008 or 2009 tax return.
If you close on a home after the April 15 tax deadline, you can apply for an extension provided that you close on your home before the extension deadline of October 15. If you're extra speedy and have already filed your 2008 return, don't worry — you can file an amendment to claim the credit. You have three years to
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See My Video Newsletter
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Aaron's Video Newsletter
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Is That Momentum I see?
Every month I do a series of market momentum reports for Seattle and surrounding cities. In them, I like to look at the sales “momentum”. In other words, over the last 90 days, how many homes are selling per month and given the standing inventory, how many months of homes are on the market. Additionally, I like to look at price trends and the average days on the market. So, what did I find this month? Well, I’m glad you asked! Each one of the 10 sub-markets that I looked at increased the number of units available. However, 8 of them have reduced the months of inventory available. That means people are buying! If you want to see the raw numbers, click on the “Market Conditions Report” in this newsletter.
And, for the latest in Real Estate news, please also visit my website today.
As always, drop me a line if you have any questions or comments!
Check out my monthly market condition reports for many local areas!
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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