Selling your house for the perfect price can be a time consuming and painful procedure. However, there are things you can do to make the house look more attractive to the buyer. A house which is not furnished properly can appear to look drab and soulless. When a buyer walks into your house, he should be able to see all the pros of the house while eliminating the cons at the same time. This is where home staging comes into the picture.
Home staging, as the name suggests, means staging the house to make it look more attractive and alluring. Imagine that a buyer walks into your house and finds boring furniture and furnishings in the house. This can make your rooms look boring because the condition of the furniture reflects in the condition of the room. This can make a great looking room look bad. The best way to avoid this is to furnish your room to bring out all the good qualities of the room.
If a window has a great view, show it off to the buyer. Draw aside the drapes of that window and leave it open so that the buyer notices the view. Details like this will remain in the buyer’s head and will add a lot of emphasis to his decision of buying the house. All the good things about the house have to be highlighted. If you have good storage space, you need to show it off. Arrange all your storage items neatly. Better still; get rid of all the storage items so that the ample storage space is highlighted.
Natural elements can be very pleasing to the eye. Place a large bowl of shiny fruits in the middle of your dining table of any other table. If you have very dull colored walls, you can brighten up the room by using elements like colorful paintings and rugs that can make the walls look brighter and beautiful. Bad looking cabinets are a turn off and should be avoided. Repainting is the best option. However, if you do not want to invest in repainting, you can always use some orange oil to bring out the original shine that the cabinets had initially. The kitchen is one of the most important rooms in the house and it has to be clean and shiny. Get rid of all your dirty dishes and keep the kitchen looking organized.
Monday, June 21, 2010
Monday, June 14, 2010
Buying a Short Sale? 9 Critical Questions to Ask
JALEX Real Estate Services
Purchasing a short sale can be a VERY frustrating process, especially if the Realtors involved in the transaction are not familiar with the short sale process. In order to avoid some of this frustration you should ask your agent the following questions about the property you are interested in purchasing.
1. How Many Lenders are involved in the transaction?
2. Who are the lenders involved?
3. Is the property in foreclosure? If so, what stage?
4. Who is handling the Short Sale negotiations?
5. How is the seller planning on handling any deficiencies that may arise?
6. Who is the investor on the loan?
7. Is there mortgage insurance on the property?
8. Does the listing agent have a complete hardship package?
9. Are there any additional liens on the property?
If you Realtor is not willing to find out this information on the subject property, then I would search for another Realtor !! This information will help you the buyer make an educated decision about whether to consider this property as a purchase.
If you have any questions or are looking to buy or sell a home- call JALEX Real Estate Services. 717 477 9326
Purchasing a short sale can be a VERY frustrating process, especially if the Realtors involved in the transaction are not familiar with the short sale process. In order to avoid some of this frustration you should ask your agent the following questions about the property you are interested in purchasing.
1. How Many Lenders are involved in the transaction?
2. Who are the lenders involved?
3. Is the property in foreclosure? If so, what stage?
4. Who is handling the Short Sale negotiations?
5. How is the seller planning on handling any deficiencies that may arise?
6. Who is the investor on the loan?
7. Is there mortgage insurance on the property?
8. Does the listing agent have a complete hardship package?
9. Are there any additional liens on the property?
If you Realtor is not willing to find out this information on the subject property, then I would search for another Realtor !! This information will help you the buyer make an educated decision about whether to consider this property as a purchase.
If you have any questions or are looking to buy or sell a home- call JALEX Real Estate Services. 717 477 9326
Monday, June 7, 2010
Positive Trends
www.jalexhomes.com
Last week's report from the National Association of Realtors illustrates a trend: Pending contracts jumped for the third straight month -- up by 6% in April -- and now stand 22% higher than the year before.
Every region but one -- the South -- racked up gains in transactions heading for settlement. Contracts in the Northeast were up by nearly 30% for the month. In the West, they rose nearly 8%, and in the Midwest the gain was about 4%.
The South's pending sales were less than one percent off from the previous month, but are still an impressive 31% above where they were 12 months before.
Home prices also appear to be moving on an upward curve, according to the latest Clear Capital Home Data Index -- which tracks price movements in thousands of local markets and Zip codes.
Clear Capital's national report for the month of May found prices up by 6.8% year over year.
Consumer confidence is definitely powering some of these sales and price numbers, economists say. The Conference Board's index for consumer confidence in May rose by five points -- a good sign for consumers' willingness to spend money.
Meanwhile, Fannie Mae released its latest economic projections for the rest of the year. Chief economist Doug Duncan says he sees a "self-sustaining economic recovery" gradually taking shape -- again good news for housing.
Of course, not all the latest numbers on real estate are upbeat. They never are. A closely watched index tied to likely new home purchase offers two to three months down the road has gone negative. The Mortgage Bankers Association's index of new loan applications declined again for the third straight week, and now is at its lowest point in 14 years.
What's going on here? The tax credits. The April 30th deadline for signed contracts for the two tax credit programs -- and the phaseout of the entire credit program June 30 -- are definitely pushing loan applications down.
The credits -- which are part of the federal stimulus efforts --pushed many purchasers to move up their transactions to the first half of the year. I think that the underlying strength of the economic recovery should allow sales and loan applications to recover in the second half, without any need for additional federal help.
If you are toying with the idea of buying or selling a home, give us a call- we can help you figure out the best option for you and make your dream come true!
www.jalexhomes.com
Last week's report from the National Association of Realtors illustrates a trend: Pending contracts jumped for the third straight month -- up by 6% in April -- and now stand 22% higher than the year before.
Every region but one -- the South -- racked up gains in transactions heading for settlement. Contracts in the Northeast were up by nearly 30% for the month. In the West, they rose nearly 8%, and in the Midwest the gain was about 4%.
The South's pending sales were less than one percent off from the previous month, but are still an impressive 31% above where they were 12 months before.
Home prices also appear to be moving on an upward curve, according to the latest Clear Capital Home Data Index -- which tracks price movements in thousands of local markets and Zip codes.
Clear Capital's national report for the month of May found prices up by 6.8% year over year.
Consumer confidence is definitely powering some of these sales and price numbers, economists say. The Conference Board's index for consumer confidence in May rose by five points -- a good sign for consumers' willingness to spend money.
Meanwhile, Fannie Mae released its latest economic projections for the rest of the year. Chief economist Doug Duncan says he sees a "self-sustaining economic recovery" gradually taking shape -- again good news for housing.
Of course, not all the latest numbers on real estate are upbeat. They never are. A closely watched index tied to likely new home purchase offers two to three months down the road has gone negative. The Mortgage Bankers Association's index of new loan applications declined again for the third straight week, and now is at its lowest point in 14 years.
What's going on here? The tax credits. The April 30th deadline for signed contracts for the two tax credit programs -- and the phaseout of the entire credit program June 30 -- are definitely pushing loan applications down.
The credits -- which are part of the federal stimulus efforts --pushed many purchasers to move up their transactions to the first half of the year. I think that the underlying strength of the economic recovery should allow sales and loan applications to recover in the second half, without any need for additional federal help.
If you are toying with the idea of buying or selling a home, give us a call- we can help you figure out the best option for you and make your dream come true!
www.jalexhomes.com
Thursday, June 3, 2010
Monthly Stats-June
Steve's Stats - Shippensburg Real Estate Market Monthly Report
JALEX Real Estate Services is raising the bar for Shippensburg, Pa real estate sales and service. JALEX Real Estate Services offers you a monthly Shippensburg area real estate market conditions report based on data taken from our local real estate multiple listing service. We will use the Shippensburg area absorption rate in this report to identify the type of market conditions which exist currently in the Shippensburg, Pa area. The absorption Rate is defined as a number that shows the rate at which the inventory of homes for sale are being sold. A declining figure indicates people the inventory is decreasing as more homes are being sold than are coming onto the market. A rising absorption rate implies that there are more homes coming onto the market than there are buyers willing to buy at the market prices.
The absorption rate lets you know how well the market is absorbing the current inventory of listings. The ultimate question the absorption rate answers is, "Is the current inventory level shrinking or growing?"
Number of active Shippensburg real estate listings in the Shippensburg school district as of June 1, 2010 = 197
Number of Shippensburg homes sold since March 1, 2010 (3 month period) = 65
Absorbtion rate = Number of homes sold / Period (3 months) = 21.67
Month's supply of homes = Number of active listings (197) / Absorption rate (21.67) = 9.09
Six month's supply is considered a balanced market. Numbers over 6 equal a "buyer's market". Numbers below six generally indicate a "seller's market".
Using these calculations you can focus on absorption in a particular neighborhood or price range as well. Showing clients the Absorption level can give them the information they need to price their homes for sale in the Shippensburg area real estate market. As with any commodity, price in real estate is mostly a matter of supply and demand.
If you have been following you'll note a big difference between this month's numbers and the last few month's numbers! The home buyer credit has caused there to be a rush of homes sold over the past month. the average price of those homes that sold was $148, 518 and the average list price of the homes that sold was $155,732. That means that Shippensburg sellers that had homes priced in the mid 100's were selling their homes at roughly 95% of their asking price. The average days on the market of those homes that sold was 111 days, just short of 4 month's average marketing time.
The Home Buyer Tax Credit has come top an end. In the next month we will see what affect that has on the Shippensburg real estate market. Interest rates remain low and Shippensburg area real estate prices continue to drop as new listings and foreclosed listings become available for sale. If you have made a decision to buy I think the market conditions are great for that!
For more information please feel free to contact our office to speak with a Shippensburg area real estate professional from JALEX Real Estate
JALEX Real Estate Services is raising the bar for Shippensburg, Pa real estate sales and service. JALEX Real Estate Services offers you a monthly Shippensburg area real estate market conditions report based on data taken from our local real estate multiple listing service. We will use the Shippensburg area absorption rate in this report to identify the type of market conditions which exist currently in the Shippensburg, Pa area. The absorption Rate is defined as a number that shows the rate at which the inventory of homes for sale are being sold. A declining figure indicates people the inventory is decreasing as more homes are being sold than are coming onto the market. A rising absorption rate implies that there are more homes coming onto the market than there are buyers willing to buy at the market prices.
The absorption rate lets you know how well the market is absorbing the current inventory of listings. The ultimate question the absorption rate answers is, "Is the current inventory level shrinking or growing?"
Number of active Shippensburg real estate listings in the Shippensburg school district as of June 1, 2010 = 197
Number of Shippensburg homes sold since March 1, 2010 (3 month period) = 65
Absorbtion rate = Number of homes sold / Period (3 months) = 21.67
Month's supply of homes = Number of active listings (197) / Absorption rate (21.67) = 9.09
Six month's supply is considered a balanced market. Numbers over 6 equal a "buyer's market". Numbers below six generally indicate a "seller's market".
Using these calculations you can focus on absorption in a particular neighborhood or price range as well. Showing clients the Absorption level can give them the information they need to price their homes for sale in the Shippensburg area real estate market. As with any commodity, price in real estate is mostly a matter of supply and demand.
If you have been following you'll note a big difference between this month's numbers and the last few month's numbers! The home buyer credit has caused there to be a rush of homes sold over the past month. the average price of those homes that sold was $148, 518 and the average list price of the homes that sold was $155,732. That means that Shippensburg sellers that had homes priced in the mid 100's were selling their homes at roughly 95% of their asking price. The average days on the market of those homes that sold was 111 days, just short of 4 month's average marketing time.
The Home Buyer Tax Credit has come top an end. In the next month we will see what affect that has on the Shippensburg real estate market. Interest rates remain low and Shippensburg area real estate prices continue to drop as new listings and foreclosed listings become available for sale. If you have made a decision to buy I think the market conditions are great for that!
For more information please feel free to contact our office to speak with a Shippensburg area real estate professional from JALEX Real Estate
Thursday, May 27, 2010
Marketing Tips to Sell Your Home
When the Shippensburg PA real estate market transitioned from seller's market to a buyer’s market Shippensburg Realtors tend to put a lot more money and work into selling their listings. Generally this is not necessary because employing strong marketing techniques doesn’t necessarily mean more money has to be spent to market the home. Technology is a changing things for the better for those who embrace these changes such as we do at JALEX Real Estate Services.
1. Photograph the Front of the Home
More than 87% of home buyers begin their home search online, so good photos are paramount. Many listings without a photo are often passed over and ignored by potential buyers. Follow these tips and your house photo will look much better than the competition's photo:
· Crop out sidewalks and streets.
· Avoid shade on the house.
· Remove vehicles from the front of home.
· Shoot close up and photos at an angle.
· Clear away shrubbery around the entrance and windows.
2. Multiple Exterior Photographs
If you own a condo or townhome without a yard, you can take pictures of the communities entrance, clubhouse, pool or tennis courts. If you have a yard buyers will want to see it.
· Emphasize the area by shooting long.
· Avoid shooting into the sun.
· Mow the lawn & trim bushes.
· Remove evidence of pets.
· Put away children's toys.
3. Multiple Interior Photographs
Take photographs of every room. Even if the room is very small and you don’t think it will photograph well, shoot it anyway because the photo quality might surprise you and be useable.
· Open all drapes & blinds
· Remove trash cans & close toilet lids in bathrooms.
· Turn on lights and ceiling fans throughout.
· Focus on interesting details like the fireplace mantle.
· Use floral arrangements in kitchens & dining rooms.
4. Virtual Tours
Every home should have a virtual tour, even if it's a smaller home. Buyers love, to see virtual tours of homes.
· A good virtual tour will grab a buyer by the hand and lead him/her from room to room, showing a 360-degree view.
· Depending on the tour company, you can add sound, music or an exciting, professionally written description that scrolls with the movement of the tour.
· Virtual tours can also include individual photos available for download or to print.
5. Signage
Although some Plano home owners don’t want their neighbors to know they are moving signage encourages home shoppers to immediately call you or your agent. It's free advertising! If your home is a corner lot, put up two signs.
· Some HOAs allow only window signs. Some HOA’s prohibit real estate signs all together. Check it out.
· Talk to a neighbor whose home is located on a corner of a busy street, asking them for permission to put a sign in their yard with an arrow pointing toward yours.
· Agent signs should include the phone number and website address.
6. Online Advertising
Print advertising is reaching fewer and fewer people but online ads are booming. Puts ads in:
· Every Web site you can find. Most online listings are free.
· Don’t forget free sites like Craig’s List and BackPage.
· Technology has made it very easy to create and send electronic flyers. You can also include multiple photographs of your house. Costs vary but it's generally less than $100 to produce. Here are ideas for recipients:
7. Open Houses
It is very rare that an open house will actually sell your house. Agents often hold open house looking for new buyer clients. However, if your home is located near a high traffic area where buyers will see it, it doesn’t hurt to try.
· Place open house signs throughout the area directing buyers.
· Advertise open house times online.
· Advertise in the newspaper.
· Invite the neighbors; they're going to come anyway.
1. Photograph the Front of the Home
More than 87% of home buyers begin their home search online, so good photos are paramount. Many listings without a photo are often passed over and ignored by potential buyers. Follow these tips and your house photo will look much better than the competition's photo:
· Crop out sidewalks and streets.
· Avoid shade on the house.
· Remove vehicles from the front of home.
· Shoot close up and photos at an angle.
· Clear away shrubbery around the entrance and windows.
2. Multiple Exterior Photographs
If you own a condo or townhome without a yard, you can take pictures of the communities entrance, clubhouse, pool or tennis courts. If you have a yard buyers will want to see it.
· Emphasize the area by shooting long.
· Avoid shooting into the sun.
· Mow the lawn & trim bushes.
· Remove evidence of pets.
· Put away children's toys.
3. Multiple Interior Photographs
Take photographs of every room. Even if the room is very small and you don’t think it will photograph well, shoot it anyway because the photo quality might surprise you and be useable.
· Open all drapes & blinds
· Remove trash cans & close toilet lids in bathrooms.
· Turn on lights and ceiling fans throughout.
· Focus on interesting details like the fireplace mantle.
· Use floral arrangements in kitchens & dining rooms.
4. Virtual Tours
Every home should have a virtual tour, even if it's a smaller home. Buyers love, to see virtual tours of homes.
· A good virtual tour will grab a buyer by the hand and lead him/her from room to room, showing a 360-degree view.
· Depending on the tour company, you can add sound, music or an exciting, professionally written description that scrolls with the movement of the tour.
· Virtual tours can also include individual photos available for download or to print.
5. Signage
Although some Plano home owners don’t want their neighbors to know they are moving signage encourages home shoppers to immediately call you or your agent. It's free advertising! If your home is a corner lot, put up two signs.
· Some HOAs allow only window signs. Some HOA’s prohibit real estate signs all together. Check it out.
· Talk to a neighbor whose home is located on a corner of a busy street, asking them for permission to put a sign in their yard with an arrow pointing toward yours.
· Agent signs should include the phone number and website address.
6. Online Advertising
Print advertising is reaching fewer and fewer people but online ads are booming. Puts ads in:
· Every Web site you can find. Most online listings are free.
· Don’t forget free sites like Craig’s List and BackPage.
· Technology has made it very easy to create and send electronic flyers. You can also include multiple photographs of your house. Costs vary but it's generally less than $100 to produce. Here are ideas for recipients:
7. Open Houses
It is very rare that an open house will actually sell your house. Agents often hold open house looking for new buyer clients. However, if your home is located near a high traffic area where buyers will see it, it doesn’t hurt to try.
· Place open house signs throughout the area directing buyers.
· Advertise open house times online.
· Advertise in the newspaper.
· Invite the neighbors; they're going to come anyway.
Monday, May 17, 2010
Before You Look At Your First Home
www.jalexhomes.com
Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.
Here are the questions that each home buyer should ask:
How much cash is available for a down payment? The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.
How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Learn more.
What is the maximum monthly mortgage payment that I can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford.
The 28/36 Rule
No more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).
www.jalexhomes.com
Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.
Here are the questions that each home buyer should ask:
How much cash is available for a down payment? The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.
How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Learn more.
What is the maximum monthly mortgage payment that I can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford.
The 28/36 Rule
No more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).
www.jalexhomes.com
Monday, May 10, 2010
Tightening Loan Standards
JALEX Real Estate Services
The Federal Reserve says that financial markets "remain supportive of economic growth". Residential mortgage guidelines, however, continue to tighten.
If you've applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard proof of the changes, however, can be found in the Federal Reserve's quarterly survey of its member banks.
Every 3 months, the Federal Reserve asks senior bank loan officers around the country whether their respective banks' "prime" residential mortgage guidelines tightened since the last survey.
For the period January-March 2010, 1 in 8 banks surveyed toughened their qualification standards.
Only 4% loosened them.
When we account for the Fed's survey in conjunction with new underwriting standards from Fannie Mae and FHA, it's clear that getting approved for a mortgage in 2010 is more difficult than at any time in recent memory.
Today's homeowners and home buyers in around the country have taller hurdles to leap:
Minimum FICO scores are higher
Downpayment/equity requirements are larger
Debt-to-Income thresholds are smaller
In other words, mortgage rates may stay low throughout 2010, but that won't matter to homeowners failing to meet the new, minimum eligibility standards as set forth by the lenders.
If you're among the many people wondering if now is the right time to buy or refinance a home, remember that -- along with a probable increase in mortgage rates -- mortgage approvals are getting more scarce.
The best home price or mortgage rate in the world won't matter if you're ineligible for financing.
Call JALEX Real Estate Services for help or visit our website at www.jalexhomes.com
The Federal Reserve says that financial markets "remain supportive of economic growth". Residential mortgage guidelines, however, continue to tighten.
If you've applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard proof of the changes, however, can be found in the Federal Reserve's quarterly survey of its member banks.
Every 3 months, the Federal Reserve asks senior bank loan officers around the country whether their respective banks' "prime" residential mortgage guidelines tightened since the last survey.
For the period January-March 2010, 1 in 8 banks surveyed toughened their qualification standards.
Only 4% loosened them.
When we account for the Fed's survey in conjunction with new underwriting standards from Fannie Mae and FHA, it's clear that getting approved for a mortgage in 2010 is more difficult than at any time in recent memory.
Today's homeowners and home buyers in around the country have taller hurdles to leap:
Minimum FICO scores are higher
Downpayment/equity requirements are larger
Debt-to-Income thresholds are smaller
In other words, mortgage rates may stay low throughout 2010, but that won't matter to homeowners failing to meet the new, minimum eligibility standards as set forth by the lenders.
If you're among the many people wondering if now is the right time to buy or refinance a home, remember that -- along with a probable increase in mortgage rates -- mortgage approvals are getting more scarce.
The best home price or mortgage rate in the world won't matter if you're ineligible for financing.
Call JALEX Real Estate Services for help or visit our website at www.jalexhomes.com
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