About.com Home Buying / Selling

President Obama Signs Extended Home Buyer Tax Credit

Fri, 06 Nov 2009 17:04:20 +0000

Eureka. President Obama signed today the Extended Home Buyer Tax Credit legislation approved yesterday by Congress.

The key provisions are:

The $8,000 home buyer tax credit is extended to April 30th, 2010, with another 60-day extension for those home buyers who have entered into a purchase contract by April 30th, providing it closes by June 30, 2010.
Buyers who are not first-time home buyers can apply to receive a tax credit of $6,500, providing these buyers have owned and occupied a principal residence for 5 out of the last 8 years.
Income levels for those who buy a home on or after November 6, 2009 is raised to $125,000 for a single person and $225,000 for a couple, with phase-outs above those levels.

I wonder if some buyers will now cancel existing escrows because they felt pressured to buy before November 30th? Some buyers might have settled for a home they did not truly want or avoided trying to buy a short sale home based on the expected expiration date of November 30th . . . read more about the Extended Home Buyer Tax Credit.

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President Obama Signs Extended Home Buyer Tax Credit originally appeared on About.com Home Buying / Selling on Friday, November 6th, 2009 at 17:04:20.

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Give Yourself Time to Get Ready for an Open House

Fri, 06 Nov 2009 05:00:47 +0000

Unless you're Martha Stewart, you've got to do a lot of planning and work to get ready for an open house.

You can't just pluck a date off the calendar and circle it. First, you want to make sure the day you choose is an appropriate day and time -- not a holiday or a day that conflicts with major sports events or community celebrations. The weather should be perfect, too. If snow, rain or extensive heat is in the forecast, buyers may stay away. Some sellers draw a lot of traffic by holding a twilight open house, in the early evening, often on a Thursday, accompanied by food and music.

After you select the day and time, try to give yourself enough time to get the house in order. It's easy to become overly enthusiastic once you decide to sell, and it's difficult to be patient, lining up all your ducks in a row before that first buyer enters your home. But studies show the first few weeks on the market are the most crucial, which means you might not get a second chance to showcase your home during an open house if you don't do it right the first time . . . read more about getting ready for an Open House.

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Give Yourself Time to Get Ready for an Open House originally appeared on About.com Home Buying / Selling on Friday, November 6th, 2009 at 05:00:47.

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Home Remodeling Tips for Pet Owners

Wed, 04 Nov 2009 05:00:35 +0000

Two of my favorite subjects are home remodeling and pets, so it's only natural for me to take the needs of our cats into consideration when remodeling.

I have one client who doesn't have a living room, for example. Well, he and his new wife do have a living room, but it isn't used for people. The room is filled with cat trees, cat posts and cat runs. There is no furniture. Just cat trees. Dozens of them. Enough so it looks like a jungle of cat trees.

When I replaced all the windows in my home, I installed two windows with my cats in mind. In retrospect, I suppose I'm not much better than the client with the cat-tree living room. My family room windows ran floor-to-ceiling, and they didn't open. I broke up the space by installing double windows on the bottoms that slide open. Not only do these windows provide much needed air circulation in the room, but my cats love them . . . read more about home remodeling and pets.

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Home Remodeling Tips for Pet Owners originally appeared on About.com Home Buying / Selling on Wednesday, November 4th, 2009 at 05:00:35.

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Mortgage Refinancing May Restrict Tax Deductions

Mon, 02 Nov 2009 05:00:17 +0000

Homeowners should know that their tax deductions for mortgage refinancing may be somewhat different from the tax deductions that are available after taking out an original purchase money mortgage.

The tax deductions may be restricted, especially if a homeowner is tapping equity through mortgage refinancing. It's what we call a cash-out refinance. On top of this, there are costs associated with mortgage refinancing. If those costs are added to the mortgage balance and not paid out-of-pocket, the unpaid principal balance of the mortgage will increase

I went through a mortgage refinancing about a year after I bought my home. It lowered my interest rate by a full percentage point . . . read more about tax deductions for mortgage refinancing.

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Mortgage Refinancing May Restrict Tax Deductions originally appeared on About.com Home Buying / Selling on Monday, November 2nd, 2009 at 05:00:17.

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Have You Ever Considered Canceling Halloween?

Fri, 30 Oct 2009 05:00:36 +0000

I wonder how many households in this tight economy might decide to cancel Halloween this year.

I realize there are millions of children in the U.S. for whom Halloween is a much anticipated event. Parents love it, too. They often spend an inordinate amount of time trying to figure out what kind of costumes to wear, how to decorate their homes, what type of candy to buy, and for many, whose party invitation to accept.

But maybe you've been through too many Halloweens and simply need a break, or perhaps the timing, for whatever reason, just isn't right for you. Don't feel bad because it happens to all of us sooner or later. We can't always be totally prepared for any particular date the calendar tosses at us . . . read more about how to Cancel Halloween.

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Have You Ever Considered Canceling Halloween? originally appeared on About.com Home Buying / Selling on Friday, October 30th, 2009 at 05:00:36.

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How Much Should You Pay for That Home?

Wed, 28 Oct 2009 05:00:38 +0000

Although purchase offers consist of many variables, the most important aspect for many home buyers is figuring out how much to pay for a home.

Picking the price to pay for a home is crucial, yet few home buyers do their homework beforehand. Most buyers select a price based on the homes they have seen. They compare inventory and list prices to each other, often without asking for crucial information that could have a huge influence on the final purchase price.

Unlike shopping for groceries or clothing, the list price of a home is rarely indicative of its value. Sellers can ask any price they want. It doesn't always mean they will get it or that the price is reasonable . . . read more about How Much to Pay for a Home.

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How Much Should You Pay for That Home? originally appeared on About.com Home Buying / Selling on Wednesday, October 28th, 2009 at 05:00:38.

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11 Nifty Green Home Improvement Projects

Mon, 26 Oct 2009 05:00:27 +0000

I am a huge proponent of green home improvements.

From the shade trees I plant around my home to the recycled water I use for growing vegetables in my back yard, I try to use only earth-friendly resources for my home. My husband is on board with this effort as well. He drives a Prius and walks to the corner store instead of hopping in his car. Plus, our diet consists partly of vegetables grown from our organic vegetable garden, and we compost.

Of course, I love home improvement projects because I'm wired that way, and if they are green home improvement projects, all the better. We recently bought a plasma TV even though the LCD TVs were less expensive, primarily because the plasma TV uses less energy . . . read more about Green Home Improvements.

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11 Nifty Green Home Improvement Projects originally appeared on About.com Home Buying / Selling on Monday, October 26th, 2009 at 05:00:27.

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Should You Buy a Home Warranty Plan?

Fri, 23 Oct 2009 05:00:59 +0000

The person who came up with the idea to offer a home warranty plan to home owners hit upon a gold mine.

In many real estate markets, a home warranty plan has become an essential today in a real estate transaction. Often, the seller will agree to pay for a home warranty plan for the buyer, if for no other reason than to isolate the seller from possible buyer hysterics after closing. Buyers tend to jump to the conclusion that if something breaks or malfunctions after closing, it's because the seller tried to cover up the problem.

Sometimes, though, I think it's the house retaliating against the sale. You think I am kidding? I once sold a house that fell apart immediately after closing. Ceiling fans stopped spinning for no reason. Pipes under the sink unscrewed themselves. Door pins mysteriously popped out, causing doors to fall off the hinges . . . read more about a Home Warranty Plan.

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Should You Buy a Home Warranty Plan? originally appeared on About.com Home Buying / Selling on Friday, October 23rd, 2009 at 05:00:59.

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How to Pick a Sales Price For Your Home

Wed, 21 Oct 2009 05:00:59 +0000

Real estate agents harbor a wealth of information and can help you to pick a sales price for your home.

Sometimes, when I walk into a seller's home to talk about listing it, I can tell right off the bat whether that seller has a firm sales price in mind. Without exception, they almost always have a range. And they often expect to get the top of that range.

I show sellers the comparable sales, talk about the pending sales in the area, discuss the way the market is moving and, after giving them all that information, sometimes sellers don't care. I once had a seller throw my marketing materials on the floor and say he didn't care if his home sat on the market for two years, he wanted the price that he wanted.

Unfortunately, it doesn't matter too much what the seller thinks or what I think . . . read more about how to Pick a Sales Price For Your Home.

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How to Pick a Sales Price For Your Home originally appeared on About.com Home Buying / Selling on Wednesday, October 21st, 2009 at 05:00:59.

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How to Choose Between a Loan Modification and a Short Sale

Mon, 19 Oct 2009 05:00:11 +0000

I receive daily calls from sellers asking me whether they should do a loan modification or short sale.

Now, I'd be remiss if I didn't point out the financial aspects of certain situations. Say, your home's value has fallen more than 50% over the past couple of years. Many homes in California that were purchased since 2004 fit this bill. This means you could buy the exact same home next door for 50 cents on the dollar, providing you were able to do a short sale on your home. So, your mortgage would be half of what it is now for the same house.

Because a loan modification might not reduce the principal balance of your mortgage. Only about 10% of the loan modifications reduce the principal balance. Should you move next door and do a short sale? Or should you stay where you are and end up owing twice as much as your home is worth? Some people would say that's a no brainer. Others would say you promised to repay the loan so you should stick it out . . . read more about should you do a Loan Modification or Short Sale?

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How to Choose Between a Loan Modification and a Short Sale originally appeared on About.com Home Buying / Selling on Monday, October 19th, 2009 at 05:00:11.

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