How To Prepare Your Home For Quick Sale

Every seller dreams of a quick sale—preferably at or even above asking price. As market conditions across the country continue to improve, those dreams aren't so far fetched. While a competitive asking price is crucial to a quick sale, there are many other, perhaps less obvious elements that also come into play. How can you best present your home to potential buyers? What minor updates or fixtures "wow" home seekers? What must-haves are currently at the top of buyer's lists? Before you get too overwhelmed, we're here to offer some tips and suggestions to get your property ready for a speedy, simple sale.

Competitive Price Point

Listing your home at the most competitive price point will determine how quickly you'll receive offers. Before agreeing upon the value of your home, request for your realtor to run comps of your neighborhood. This will tell you what other homes within your community are selling for, and also provide details around square footage, beds and baths, and any updates to neighboring properties. Always agree to look over an offer, even if you think the number will be low.

Curb Appeal

Though we're taught not to judge a book by its cover, this popular saying doesn't exactly translate in real estate. The curb appeal of your home is incredibly important in that it sends a message to potential buyers, and determines whether or not individuals will request a showing. Fortunately, you can DIY some highly effective curb appeal projects at minimal costs. A new front door in a bright, trendy color invites visitors in from the curb, as do seasonal flowers and a manicured, well maintained lawn. Even the smallest of touches, like upgrading your mailbox or replacing faded pavers make a drastic difference. Replace any outdated window dressings with fresh, modern shutters or opt instead for a nice neutral coat of paint.

Declutter, Minimize and Stage

Staging your home for sale is all about highlighting its strengths and downplaying its weaknesses. The first rule of thumb is to declutter and downsize. Eliminate mail, papers or books from any counter surface, leaving it barren and clean. The Container Store offers an array of decorative bins and boxes to camouflage clutter. If you're house is full of personal mementos, minimize these items and leave buyers with a clean palette. Chunky furniture tends to drive attention away from the space itself, and also can make a room look significantly smaller. Eliminate these pieces and keep only the basics needed to complete a room.

Though it can be costly, hiring a professional cleaning service to scrub down your property from head to toe is worth it. Homebuyers want to walk into a clean, fresh environment that is both welcoming and distinctive. Garnish your entryway or kitchen with a bouquet of crisp scented flowersto add a soft feminine touch.

As for staging your home, ensure the furniture items you've kept flatter each room appropriately. Create a cohesive style that allows home seekers to get a feel for how they could potentially manipulate the space. Neutral colors for both furniture and paint are ideal, even if that means rolling up your sleeves and painting each room yourself. Keep everything organized within your home, from your cupboards to your closets, allowing viewers a chance to see how organized their own lives could potentially be.

Original article written on www.RealtyTimes.com |

How Purchasing 1 Investment Property Every Year for 10 Years Is All You Really Need

When you’re getting started in real estate investing, you hear so much advice from experienced investors, its really hard to determine a strategy on where to start.

I have one bit of advice for you in order to help break this real estate investing thing down, and give you a model that can help make you comfortable getting started. Here it is:

Let’s see you put your goal to obtaining 1 home a year, for 10 years.

I’ll explain why and how this mindset can give you a great frame work from which to start your career, and keep your expectations and perceptions in line with the reality of venturing into real estate.

As you get more experienced, you will naturally progress to speedier turn around times, more affordably and with less risks. But starting out, keep it simple.

Original article taken from "The Bigger Pockets Blog" | Written by Lisa Phillips

How A Mortgage Pre-Approval Helps Philadelphia Home Buyers

First-time home buyers may wonder if they need to spend the time working with a bank or mortgage company to secure a mortgage preapproval before purchasing a home. The short answer to this question is definitely yes.

With five major universities, Philadelphia is a hot spot for intense collegiate basketball competition. The Big Five also graduate thousands of students each year, many of whom decide to settle in the city or local suburbs. These first-time home buyers may wonder if they need to spend the time working with a bank or mortgage company to secure a mortgage pre-approval before purchasing a home. The short answer to this question is definitely yes.

In today’s market, a mortgage pre-approval has become almost a necessity for first-time buyers. To streamline the home purchase process, real estate agents prefer to work with serious buyers who have a clear idea of how much they can afford.

What Is a Mortgage Pre-Aproval?

According to the Federal Reserve Bank of Philadelphia, a pre-approval occurs when a lender examines a person’s financial position and credit, and then issues a written commitment to extend credit (in this case, a mortgage loan) up to a designated amount, for a stated period of time. The process of obtaining a pre-approval closely mirrors the mortgage loan approval process. However, after a pre-approval is secured, if the individual decides to purchase a home, obtaining a mortgage is much easier than it would be without the written commitment.

Where Can You Get a Mortgage Pre-Approval?

Online mortgage calculators provide a good starting point to give buyers a sense of how much they can afford, but an official pre-approval document must be prepared by a loan officer at a bank or mortgage company. Prior to house hunting, potential home buyers should call several banks or mortgage companies and compare rates and fees before beginning the pre-approval process. Your real estate agent may also be able to provide referrals for local mortgage lenders.

What Information Do You Need to Obtain a Pre-Approval?

To obtain a pre-approval, your must provide a loan officer with certain financial information. Prior to your appointment, spend time organizing and gathering this important financial information. For pre-approvals, loan officers may request recent tax returns, proof of income (such as paystubs), and savings account statements. Retirement account information, such as 401(k) statements, may also be used to establish financial position. A credit report will also be run to verify current debt balances and payments.

How Does a Pre-Approval Help Buyers?

In today’s busy Philadelphia real estate market, those potential buyers armed with a pre-approval have a greater chance of nabbing their dream home. Buyers should view their pre-approval as a competitive advantage in a hot real estate market. In a multiple-bid situation, buyers use their pre-approval need to demonstrate financial strength backing up their offer. A pre-approval letter offers support to a bid and provides assurance to the seller.

For those Philly Big Five grads who want their first home purchase to be a slam dunk, a mortgage pre-approval will help guarantee success.

Original article written by Jennifer A. Digiovanni | Coldwell Banker Blue Matter

How To Make Buyers Want Your Home

Your home is listed on the Multiple Listing Service (MLS) and the sign goes up in your front yard. Now what? Sit back and let the offers roll in. Of course, that's what every seller wants but that's not always what happens.

So, let's rewind a bit and see what can be done to make buyers want your home. The steps you take before you actually put your home on the market can help to ensure interest in your home.

Start by creating a "buy-me-now" attitude. How's that done?

Several ways. Take a good look at your home and decide which, if any repairs, need to be made. Are you selling "as is" or do you want to put a little money into your home and fix some surface problems that could potentially distract or concern buyers?

Next, clear away clutter. If you don't have any place other than your home to put your boxes and extra furniture that you're taking with you on the move, try storing them in the garage or on the side of the house. If you do this be sure that you don't stack your boxes so high that you block views to the outside.

When you block a view, buyers may think you're hiding something bad about the property or they may have a very closed-in feeling when they enter that particular room. Buyers do understand that you're moving and things may be a little out of order, but try to keep that to only one room or half of the garage. You want to make sure that buyers can see your entire home. Limiting them from viewing one or several rooms may discourage them. Tidy up and keep things packed away.

Always keep in mind that more room and more storage space are two things buyers really like. Create a feeling of openness and spaciousness by trading out, or removing entirely, bulky pieces of furniture that suck up square footage in a room. Instead find another piece of furniture that can fit into the room... maybe something from another area of your home. Even if it's not an ideal placement for you, do it anyway.

Remember, the idea is to show your home in its best light. More space is a huge plus. Another way to make a room look larger is to use mirrors. Strategically hanging a mirror on a wall can help open up the room.

Your agent may elect to hold an open house and prior to that list your home on the MLS but not allow any showings until the weekend of the very first open house. This can be an excellent strategy because you may end up with lots of buyers passing through for that first open house since they couldn't see your home sooner. You can then allow showings by appointment for a period of time. This strategy can generate a lot of interest and even start a bidding war. May the highest and best offer win.

Do your work and clean up before you open the doors to buyers. You don't always get another chance, so make buyers want your home by showing them that you've loved and cared for your home and now you'd like to see it go to buyers who will enjoy it like you did.

Original article from www.realtytimes.com | written by: Phoebe Chongchua

Your Home: Putting the 5 Year Plan to Work for You

Thinking of selling your house? Has it been under five years since you bought it? You might want to slow it down (unless you're swimming in equity from a crazy smart purchase you made at the perfect time or have a flip you're ready to unleash, of course). Same goes for those who are getting ready to buy - especially for the first time.

It's the five-year rule, and it's touted by experts as an important real estate guideline to follow if you want to make a smart decision that meets your financial and lifestyle needs.

"When you purchase a house, the general rule is that you want to be sure you'll be in the same location for at least five years. Otherwise, you're probably going to take a hit financially," said Money Ning.

"The first hit is your closing costs. Every time you go through closing - buying and selling - money hits the table. Depending on where your house happens to be, the buyers and sellers pay different amounts, but everyone pays something. This can easily add up to thousands of dollars, and limiting how often you have to pay that kind of money is always a good idea."

The second hit is in the interest/equity balance. "When you take out a 30-year mortgage, the vast majority of your monthly mortgage payment is going to go toward interest charges for the first few years of the loan," said Mortgage Loan. "The portion of your mortgage payment that goes toward interest is shrinking all the time, and the five-year point is typically where you begin to get some real traction in building equity, which makes your interest payments fall even faster.

So the five-year mark is generally considered the point where your accumulated equity begins to exceed what you might have saved by renting, though it may vary depending on the terms of your loan and the cost of renting vs. buying in your area."

It makes sense. But it also goes against many people's real estate human nature.

We aren't necessarily conditioned to buy a home with an expiration date in mind. Yes, there's the buyer who's already got his eye on the move-up prize with a two-year max when he's buying his first home (and many of us have been that guy, and many of us have watched that two years turn into four or six when market conditions didn't cooperate or life changes got in the way). But real estate is a largely emotional purchase, especially for first-time buyers. What we want today may not be practical a few years out, but thinking about future needs can be tough when we're seduced by gleaming floors and a wood-burning fireplace. We don't always put a "sell date" on the home we're buying. But should we?

Well, yes, if the goal is:

• making a smart purchase that has the best chance of paying off financially
• creating a long-term family plan
• creating a comprehensive savings plan if you are looking to move up
• developing a clearer vision on how to treat home repairs, updates and upgrades so you spend smart

When it comes to fixing up your house, you'll want to do a cost-benefit analysis. "Think about what you, the current homeowner, want from your home," said US News. "Homeowners can get a lot of value out of renovations before they even put the home on the market. "If you have a dated kitchen or the stove doesn't work, you can invest money now to glean some enjoyment as well as make the home more appealing when you sell it."

If you know you're going to live in the house for five years, you may opt to upgrade an older, marginally functional air conditioning unit when you move in, and not when you're getting ready to sell, so you can enjoy it during your time in the house. Ditto those crusty old kitchen appliances.

But you might not rip up your entire kitchen to the tune of 50k or renovate your attic for your seven-year-old twins who "will need the space some day." When they're 12 and you move on to your bigger house at the end of your five-year plan, you'll be happy you didn't spend $100,000 to add a tween wing.

Original article written by  Jaymi Naciri from www.realtytimes.com

Are You Buying Into A Safe Neighborhood?

When you are buying a home, you have to do all you can to ensure that your neighborhood is safe. After all, you are going to be living here for a long time. In order for the neighborhood to be considered safe, it needs to have low crime rates. This means there shouldn’t be too many instances of robbery, theft, kidnapping, shootings, etc. Here are some methods you can use in order to determine how safe your neighborhood is.

image by Photo Dean

1. Visit the neighborhood and talk to neighbors

You have probably visited the neighborhood a number of times, to check the house. You should visit a few more times, with the sole intention of checking out the place and talking to the neighbors. When you visit the house, it might be best for you to stay overnight, so you can check out how the place is during the night time. Keep a look out for any strayers. Check if there are any lights on even in the night, and if there are people around. This will determine how safe it will be for you to get back home late at night, or even go out for a post-dinner snack.

Of course, you will not be able to learn all that you want about the safety of the neighborhood by just observing the place. You would have to talk to your neighbors. Ask them if there have been any robberies in the area and whether it is safe for people to be alone at home. Check if there is a neighborhood watch program and if the neighbors themselves have done something to improve the safety of the area.

2. Listen and check the local news

You can conduct some research about the area that you are moving to on the internet, or in newspapers. Search for news articles specifically talking about the area that you are moving to. This will give you a good idea about the crime rate in the area and whether it is dangerous or not. You just have to search for the neighborhood on the internet and you will get all the data you require.

3. Check the national sex offenders public website

There is a National Sex Offenders’ Public Website (NSOPW) maintained by the United States Department of Justice. This website is a valuable tool for people looking for new houses for it gives them a good idea about sex offenders in the area where they are planning on buying a house. You can enter the address of the place you intend on buying and the website will tell you if there are any sex offenders in the area.

4. Check the number of houses for sale in the area

You can find out how safe a neighborhood is by checking the number of houses that are on sale in the area. However, the economy is not doing too well, so there is a chance that these people are selling their homes because of the economic condition. In order to find out if the large number of vacancies in the neighborhood is because of the economic condition or the crime rate, cross-examine the number of vacant houses with the crime rate of the area. Even if people are selling their houses because of economic conditions, a large number of vacant houses in one single neighborhood might cause some unsavory conditions. It might draw in criminals or worse, drug production gangs.

It’s best for you to buy a house in a neighborhood that does not have a large number (more than the city average, at least) of vacant houses.

5. Check crime websites

There are a number of websites that keep track of all the crimes reported in particular neighborhoods, for the benefit of people living in the area. You can check one of these websites to see how safe the area is. Here are some of the most popular crime websites you can use:

• Neighborhoodscout.com: You just have to type the address of your new house, and you can learn about the overall crime rate, and crime statistics.

• CrimeReports.com: You can compare the crime rate in your neighborhood with the crime rate in other areas, to see how comparatively safe or unsafe the area is.

• City-Data.com: Citydata.com provides new homeowners with important information relating to home sales, average income, crime statistics, etc.

• FamilyWatchdog.us: This website includes information about sex offenders in specific neighborhoods.

• SpotCrime.com: This is another website that collects and maintains records of police and crime reports in specific areas.

These are some of the most important steps you can take to ensure that you are safe in the neighborhood you have picked to buy your new home.

Original Article: "5 Ways to Know if You've Picked a Safe Neighborhood" by Rebecca from www.propertycluster.com

The 14 Best Places to Flip a House

For people who like a serious project, house flipping can be quite the money maker. In some parts of the country, flippers see hefty profits from their investments, selling their properties for well over 30% more than they paid for it, according to new data from real estate company RealtyTrac.

The best counties for flipping are concentrated along the East Coast, but it’s a popular practice across the country. If you’re interested in snagging an inexpensive home and selling it for significantly more than you paid for it, RealtyTrac came up with a list of counties with the best opportunities.

Where to Cash In

In order to be considered a good place to flip, the county had to have at least 100 single-family homes flipped between April 2013 and March 2014, the flips had to have at least a 30% return on investment, unemployment had to be below the national average of 6.7% in March and have an increase in foreclosure activity in the first quarter of 2014, compared to the same time a year ago. A higher foreclosure inventory increases investors’ opportunities to flip.

14. Middlesex County, N.J.
Average purchase price of flips: $200,015
Average sale price of flips: $264,742
Average ROI: 32.36%

13. Nassau County, N.Y.
Average purchase price of flips: $316,060
Average sale price of flips: $422,858
Average ROI: 33.79%

12. Monroe County, Fla.
Average purchase price of flips: $311,701
Average sale price of flips: $429,564
Average ROI: 37.81%

11. Berks County, Pa.
Average purchase price of flips: $117,846
Average sale price of flips: $162,774

10. Montgomery County, Md.

Average purchase price of flips: $347,682
Average sale price of flips: $482,969
Average ROI: 38.91%

9. Bergen County, N.J.
Average purchase price of flips: $320,010
Average sale price of flips: $450,492
Average ROI: 40.77%

8. Wright County, Minn.
Average purchase price of flips: $105,058
Average sale price of flips: $152,563
Average ROI: 45.22%

7. Anne Arundel County, Md.
Average purchase price of flips: $197,355
Average sale price of flips: $291,243
Average ROI: 47.57%

6. Saint Marys County, Md.
Average purchase price of flips: $180,411
Average sale price of flips: $268,254
Average ROI: 48.69%

5. New Castle County, Del.
Average purchase price of flips: $127,795
Average sale price of flips: $195,246
Average ROI: 52.78%

4. Campbell County, Ky.
Average purchase price of flips: $75,253
Average sale price of flips: $127,848
Average ROI: 69.89%

3. Baltimore County, Md.
Average purchase price of flips: $131,186
Average sale price of flips: $224,089
Average ROI: 70.82%

2. York County, Pa.
Average purchase price of flips: $88,063
Average sale price of flips: $151,871
Average ROI: 72.46%

1. Prince George’s County, Md.
Average purchase price of flips: $125,011
Average sale price of flips: $229,275
Average ROI: 83.4%

There are plenty of counties with a higher average ROI on flips than some of the ones listed above, but those locations generally had a sharp decline in foreclosure inventory from 2013 to 2014, so there’s less of an opportunity to make a profitable investment.

Whether you’re flipping or house shopping in a traditional sense, you need to have a good understanding of buying a home and how to get a good price on it.

You also need to know your credit history, because mortgage lenders look at it carefully when considering you for a home loan. It’s much easier to improve your credit (and become a more attractive borrower) once you understand what you’re dealing with, so take a look at your credit reports and credit scores. 

Why Home Appraisals and Inspections Are Important

If you are looking to buy a house, it is crucial you understand the difference between an appraisal and inspection. You will be dealing with these two elements till you sign on the dotted line, pay the seller and get the keys to your new home. Both elements are important and required if you and the seller want to close the deal.

Importance of Appraisals

Under normal circumstances, a buyer will not have that much cash lying in the bank to pay the asking price of the property. He would need to approach a lending institution to get a mortgage to make the payment. Any lending institution will not sanction a mortgage unless the appraisal is done. This is mandated by law.

The appraiser assesses the value of the property based on the price at which comparable properties in the area were sold recently. Besides, the appraiser also observes the cracks and obvious signs of wear and tear in the property like broken windows and damaged floors. After determining the value of a property, the appraiser lets the lending institution determine whether it will be able to recover the loan amount should you default.

Basically, appraisals let banks see whether they can recover the mortgage amount should the property get foreclosed. They use the value of the property as collateral and give the buyer the 80 percent of the agreed sale price. The remaining 20 percent has to come out of the buyer’s own pocket.

Who Benefits From an Appraisal?

While an appraisal benefits the lender the most, it can also be used as a benchmark by the buyer to determine whether they are paying too much for the property. Besides getting an idea about the value of the property, the buyer also gets to learn more about the site’s size, zoning, flooding zoning, earthquake zoning and also room count.

Significance of Inspections

When you are buying a home, it is important to know the state the house is in and how much money you would have to spend over and above the mortgage to rectify problems. An inspection ensures you are not stuck with a lemon, so to say.

While most homeowners are honest about issues their homes may have, some may not know about termites or mold as they are not visible to the naked eye. These issues can cost a fortune to fix.

A home inspection performed by a qualified and licensed inspector checks every aspect of the structure and gives you a fair idea how much you would have to pay to fix issues with the property. This information is important, as you can decide whether it is worthwhile buying the property or walking away from it. It also allows you to negotiate the price.

To get a property inspected thoroughly and in the right manner, you need a good inspector. Always use a licensed inspector, who is in no way connected or associated with the buyer, real estate agent or any other party involved in the deal.

Using Appraisals and Inspections Prudently

When you approach a bank for a mortgage, you will have to pay for the appraisal up front. While the bank gets the actual appraisal report, you can ask for a copy. You are legally entitled to one. After receiving the copy, review it thoroughly. If you don’t understand it, request your real estate consultant to explain it to you.

The appraisal will also highlight whether the market you are buying the property in is increasing, declining or remaining stable. If the market is declining, the lender will not be willing to give you the mortgage or may reduce the amount they are willing to lend.

When getting the property inspected professionally, do some research to find out what you should specifically ask the inspector to look for? An online search should easily reveal what a good inspection should cover. Before the inspection begins, talk to the inspector and discuss each item that he is going to review. Also, make it a point to be with the inspector during the inspection process, so that you are certain nothing has been missed out and the inspection was conducted thoroughly.

Both appraisal and home inspection can help you make an informed decision. One allows you to check the value of the property and ensure you are not being taken for a ride by the seller; while the other ensures you are getting value for your money and a home that will not eat up your bank account.

Original article from www.propertycluster.com | 

4 Seller Tips to Seal the Deal

You want to get the best price for your homes as quickly as possible. Who doesn’t? But how do you entice prospective buyers to seal the deal? Impress potential buyers with these four well-researched real estate tips, and you may impress yourselves with the results.

1. Sales price

A correctly priced house is the key to selling a home. Buyers will be looking for a home to meet their price point and includes their top priorities. In most cases a home listing becomes stale due to improper pricing. A house priced too high may miss potential buyers, which costs time and money. And of, course, you don’t want to price yourself so low that you lose money on the house. You want to seal the deal.

2. Location, location, location

A home in an excellent location sells quicker and for more money. Home buyers seek quality of life in a neighborhood: parks, community pools, gyms and supermarkets close to home. Properties close to mass transportation, highways and fewer traffic zones save time, and they can add a lot of lifestyle convenience. This goes for future resale value, too: a home located a block from a noisy train station will have lower resale potential than one two blocks from a school and park.

3. Fix it up

This is the time to spruce up your house to seal the deal. Odd jobs you’ve put off: do them now. Fix the damaged door hinge, the chipped light switch, and the paint on the garage door. You don’t want a picky buyer to pass on your $300,000 home because they were put off by a spot of peeling paint that made them wonder if anything else is less than tip-top shape. You want to seal the deal instead by doing the little things.

4. Make your home welcoming

Sellers need to present a welcoming atmosphere. This is the best opportunity to showcase the qualities of your home for home buyer viewings so you can seal the deal. Clean up the yard as much as possible. Purchase a nice welcome mat and some potted plants to place around the entrance to the house. If your REALTOR® makes suggestions for staging the home interior—decluttering, moving furniture, maybe painting a wall—heed them. They knowwhat’s selling. And they want no less than that for your home, too.

All sellers want to be able to seal the deal quickly, so that they can move on to their next experience. Following these quick sellers tips can help get that done sooner, rather than later.

Updated from an earlier version by Susan Wellish. |From www.realtor.com originally by Anne Miller

3 POWERFUL BUYING FOREVER QUESTIONS REVEAL YOUR FOREVER HOME

When your "Forever Home" speaks to you, what will it say about your future together? How will you recognize your "Forever Home" when you see it? Finding a house or condominium to love forever, is much like searching out a person to love forever:

You can't force it. You won't know if it's the first or the fiftieth property you see.
It may happen with a rush of familiarity as you cross the threshold - love at first showing - or it may be a growing realization as you explore every corner after several visits inspecting the home with family and professionals like a home inspector, contractor, or interior designer.
Falling in love or being in love with the neighborhood may be your top priority, so then you'll search out the property which requires the least number of compromises for long-term living.

Whether "home" jumps out at you, or the lasting connection comes on more slowly, you'll be successful at recognizing this new headquarters for your life - and maybe your work - if you invest time deciding exactly what you mean by "Forever Home." Experienced real estate professionals are a great resource here as their stories of faulty first impressions and amazing connections with real estate will transform you into an insightful "forever" buyer. Ask questions and relate the answers to your specific situation and long-term goals.

How Do You Define "My Forever Home"?

Consider the following 3 powerful Buying Forever Questions to discover your definition of a long-term residence, on any time line that matters to you.

1. What is it about the house or condominium that will make you, and those you love, want to stay forever or at least for a very long time?

Set priorities for your search:

• Which location is preferred and why? Proximity to schools and work are popular criteria, but with home schooling and home-based businesses on the rise, what else do you want to be close to? What will matter once the children move out? Rate conveniences including what's within walking distance, what's in the neighborhood, what's a short drive away... good, bad, and indifferent. Buy the best location you can afford and compromise on features that can be changed or are less important to you.
• Which neighborhood do you dream of belonging to? If you're in for the long haul, go for the enclave at the top of your list or pretty close to it. You can consider the growing edge of this area, that's the streets that are now outside that neighborhood but that will naturally be engulfed as it grows. Buy the best neighborhood you can afford when you're in for the long haul to reap the greatest amount of appreciated value, and to assure neighborhood sustainability and growth.
• What property orientation to sunrise and sunset is important in your life? Are solar energy possibilities important to you or might they be in the future?
• What size and style of structure do you lust after? Broaden you search in this category by including houses that can be renovated or enlarged to achieve your ideal size and layout.

2. What is it about the home that will provide flexibility as your life, work, family size, goals…and the neighborhood change over time?

Imagine a series of outcomes for your future:

• Are there options with layout and room size which will allow some shuffling if more children or live-in relatives arrive, or if children leave home and relatives go solo?
• Is the decor right on trend so it will date quickly, or does long-lasting high-quality, classic-design predominate?
• Telecommuting, or working from home, and home-based business are both on the rise, so consider how you'd adapt your home if this was an option or a necessity.
• What mobility barriers are there and could home modifications cost-effectively overcome them if necessary? This may or may not be in your future, but if challenges arise for any family member would this force a move? For instance, is there room to ramp entrance stairs or add a lifting device? Sunken living rooms (one or two steps down) can be an expensive barrier to overcome. Check large closets and alcoves to see if an elevator could be added if needed.

3. Can the home become a financial partner in your future if the need for more income arises?

Explore a range of alternatives:

• Is renting out part of the home or taking in a boarder a practical option for initially affording the house or condominium? Buying the best location you can afford may include boosting your income this way until the mortgage is paid down to manageable levels.
• Consider the possibility that you may want adult children, relatives, or care givers to share your home at some point. You may also decide on spending months at a time traveling or living elsewhere. Would the layout allow a separate suite for them - or you - to be easily constructed in the home?
• Is the home relatively-low maintenance or could it be? Consider long-term maintenance costs for the condominium facility (You pay your share of new roofs, garage repairs, and other big costs after all). Rising taxes and monthly condominium fees should also factor into long-term affordability calculations.
• Is this an energy-efficient home or could it be, so that expenses remain on budget as energy costs climb?
• Does the location and type of building typically qualify for home equity conversion options like reverse mortgages? If "forever" is the plan, at some point you will want to start "spending the equity" since you can't take it with you.

Compare this "Forever Home" list with your current home-buying criteria. Too often buyers, who say they want to buy "Our Forever Home," focus on short-term features like stainless steel appliances, open concept living areas, and granite counter tops, not on long-term benefits like those in the "Forever Home" list above. Features go out of style and will date a home and bring value and saleability down. Your "Forever Home" should be packed with benefits and value for today and into the future.

When your "Forever Home" speaks to you will you be receptive to what it says about your future together?

Written by PJ Wade on Monday, 09 June 2014 12:21 pm | www.realtytimes.com

4 Reasons to Buy YOUR HOME Now!

Here are four great reasons to consider buying a home today, instead of waiting.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 30.8% (most optimistic) and 9.4% (most pessimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Increasing

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison; projecting that rates will be up almost a full percentage point by the end of next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way, You are Paying a Mortgage

As a recent paper from the Joint Center for Housing Studies at Harvard Universityexplains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But, what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe it is time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

If you're considering beginning the home-buying process, make sure you give me a call or visit my website for great listings in your area! www.mikecirillo.com

Original article taken from www.keepingcurrentmatters.com | Written by The KCM Crew

5 Kitchen and Bath Remodeling Trends That Will Last

To help you get ahead of and sort out the kitchen and bathroom trends — pity the last fool to install an avocado appliance in the 1970s — HouseLogic.com went to this month’s trend central, the International Builder’s Show. Our takeaway: For gosh sake, enjoy your home; remodel so that you love where you live.

Still, with a couple of exceptions, these five kitchen and bath trends offer lasting value:

1. Kitchen cleanliness.

By clean, we’re talking design, not germs. Kitchens are going clean, contemporary, and horizontal (open shelves, long and horizontal pulls, thick countertops). Even in a classic kitchen, go with simple, flat cabinets rather than highly carved cabinet details, says designer MaryJo Camp of Design Camp, Denver, N.C.

HL tip: This is a trend to get on board with. A simple, tidy, fresh appearance will have broad appeal if you decide to sell.

2. Color is out. 

This year, colors are cycling out, Camp says, except for black and white used together.

HL tip: Practically speaking, black and white are hard to keep looking good. Black kitchensshow every scratch and white cabinets show every speck of dirt.

Regardless, color is fickle; choose what’s best for your space.

3. Dark wood is where it’s at.

If you’ve had white cabinets, you know they show every speck of dirt, which can drive you crazy unless you have a cleaning fetish. Combine those white cabinets with another up-and-coming trend: dark wood. Or if your budget can handle the hit, go with specialty woods like mahogany or zebra wood that can make an island look like a piece of furniture.

HL tip: Alternatively, you could invest your money in more kitchen storage and functionality than trendy decorative elements that might not stand the test of time.

4. Appliances that blend in.

The more open our kitchens get, the more we want them to look like the rest of the house. That’s fueling a trend away from the big pro range and ginormous stainless-steel refrigerator and toward concealed, high-performance refrigerators and dishwashers. Induction cooktops, which use less electricity than electric cooktops, are growing in popularity, Camp said.

HL tip: When you buy appliances, look for the Energy Star label or go even deeper on energy performance ratings with Consortium of Energy Efficiency.

5. Ageless design gets easy.

What the Baby Boom wants, the Baby Boom gets. And Baby Boomers want to live in their homes forever. That’s led manufacturers to create DIY remodeling products with built-inuniversal design features — like toilet paper roll holders strong enough to hold your weight as you arise from the throne.

If you wanted a no-threshold shower five years ago, you had to have it fabricated as a custom piece, said Mary Jo Peterson, a Brookfield, Conn., designer. Today, companies sell no-threshold shower kits with trench-style drains covered with grills so you can roll yourself right in.

HL tip: We love the trend to universal design-ready remodeling products. To get started, check out our four universal design product ideas from anti-scald valves and door handles.
 
Which of these trends will your incorporate into your remodeling plans? Do you worry about staying ahead of trends? 

Original article written by Dona DeZube from HouseLogic.com | http://www.houselogic.com/blog/kitchens/kitchen-bath-remodeling-trends-last/

3 Philadelphia Real Estate Trends to Watch

From more apartment buildings to greater outdoor amenities, here are a few Philadelphia real estate trends to keep an eye out for in the coming months and years. The focus of some trends is on sustainability, so expect them to stick around.

When you think of a trend in real estate, you most likely think of passing styles or fads, like the demand for granite counters or hardwood flooring. But trends can also pertain to the structure and design of a home — and that’s where we’ve seen a few Philadelphia real estate trends cropping up lately. If you’re in the market for a new home, particularly a newly constructed home, odds are that you might see a few of these on offer.

More Multi-Family Homes

Philadelphia — particularly in the Center City area — is seeing an influx of multi-family homes, as well as apartment buildings. Many of these apartments will be in newly constructed buildings. There’s also a trend of unused buildings being converted into one- or two-bedroom apartments. For example, the site of the Wharton Street Lofts in South Philadelphia used to be the James Wilson School. While the builders could have removed all traces of the century-old school building’s former existence, they chose to preserve some features — some of the apartments even feature refined, built-in chalkboards. There’s a suggestion that some of the other unused school buildings can be converted to apartments in a similar way.

In Center City, there are more than 2,600 new apartment units in the works, thePhiladelphia Business Journal reports. Another 2,700 are in the planning stages, and more than 2,000 units have already completed construction. Although that might seem like a staggering amount of new apartment units, the Business Journal notes that the demand is there, according to Center City District research.

Outdoor Amenities

At the moment, green reigns supreme in Philly. Philadelphia magazine’s Property blog breaks down the trends from the American Society of Landscape Architects’ 2014 survey: Expect to see more garden space, more outdoor structures such as decks, and more sustainable and green design across town.

While the city government is working to improve access to green space for all residents, potential buyers can help fuel the demand by tracking down homes with more outdoor amenities. Current homeowners might think to add more outdoor features to their properties. 

Green Roofs

Speaking of sustainable design, one of the biggest Philadelphia real estate trends is the green roof, in which the typical roof coating is replaced with a layer of living greenery. Green roofs aren’t gardens. They’re meant to be passive installations that improve storm water drainage, but you don’t have to tend to them and you typically don’t expect to grow edible or decorative plants. Philadelphia has long been a leader in the green roof movement. In 2012, the city had installed over 200,000 green roofs and ranked fifth in Green Roofs for Healthy Cities’ list of top 20 metro regions in North America.

Green roofs are promoted by the Philadelphia Water Department and by PECO. PECO’s long been on the cutting edge when it comes to green roofs: Back in 2009, it installed a 45,000-square-foot green roof on top of its Center City headquarters. Green roofs are also showing up in the city’s newer residential buildings, including Awesometown in the Fishtown area and the Thin Flats in Northern Liberties.

These environmentally conscious initiatives are an example of Philadelphia real estate trends that not only make the city more appealing for new residents but, by focusing on sustainability, also make it a better place to live for the future.

Article written by Amy Freeman from Coldwell Banker Blue Matter