10 Reason to List Your Home During the Holidays

10. Economics!  When inventory is reduced prices increase.  This will allow you to sell high and buy low.

9. You can sell now for more money and possibly be able to negotiate a delayed closing or extended occupancy until early next year.

8. Even though your house will be on the market, you still have the option to restrict showings on special days around the Holidays.

7. January is traditionally the month for employees to begin new jobs. Since transfers cannot wait until Spring to buy, you need to be on the market during the Holidays to capture the market.

6. Some people must buy before the end of the year for tax reasons.

5. Buyers have more time to look for a home during the Holidays.  Some people also save their vacation days until the end of the year.

4. Buyers are more emotional during the Holidays, so they are more likely to pay your price.

3. Houses show better when decorated for the Holidays, unless you're interested in the Griswold's.

2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you. And the number one reason why your seller should list during the Holidays …

1. People who look for homes during the Holidays are more serious buyers!

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3 Real Estate Myths

As the real estate market significantly rebounds, some buyers and sellers are dipping their toes in the waters for the first time. Inevitably, they come into the market with assumptions about how it works.
Their assumptions may come from TV reality shows or watching their parents' house-hunting experiences. Maybe they've learned about real estate from a co-worker’s recent home buying or selling experience. The trouble is, the new buyer or seller’s assumptions are sometimes based on outdated or generalized "real estate myths." Here are three such myths that many less-seasoned home buyers and sellers assume are true.
Myth No. 1: Spring is the best time to sell a home
Historically, real estate seasons were tied to summer and the end of the school year. Families were the typical buyers or sellers, and they wanted to move during the summer so their kids could start anew in September. That’s how spring became the prime selling season. It’s true there are still more homes for sale in the spring, which means there’s a lot of activity and buzz. But spring isn't necessarily the best time to sell a home anymore.
The reality: The best time to sell is during the holidays and right after
Today, more than half of buyers aren't married, and their decisions aren't based upon school schedules. So spring isn't as relevant as it used to be. Instead, the best time to sell a home is in November, December and January.
It’s a supply-and-demand issue. Most sellers assume buyers aren't seriously looking during this prolonged holiday season. And yet, many buyers are looking at properties in person and online right up until Christmas Eve. If the right home goes on the market in mid-December, a serious buyer — and there will be a lot of them — will take note.
After New Year’s Eve, most buyers jump back into their routine with a resolve to get into the real estate market, even though many sellers wouldn't even consider listing in January. The net effect: Savvy sellers will face less competition for a still-strong pool of buyers during this period. And that makes November-January a great time to sell.
Myth No. 2: Always start with your lowest offer
There’s no generalized strategy for making an offer on a home anywhere, ever. A seller could have overpriced or underpriced the home on purpose. Some markets may be more competitive than others. But, somehow, in the back of the buyer’s head is good old Uncle Bob saying "never offer the full asking price." That strategy might work if you’re trying to buy a used computer on eBay. And it worked in some real estate markets years ago. But times have changed.
The reality: A low offer may get you nowhere fast
A buyer in a strong, tight inventory market today would be wasting their time making low offers right from the start. It’s likely a home that’s priced right and shows well can receive multiple offers, sometimes even over the asking price. In this environment, constantly throwing in low offers because that’s what your Uncle Bob advised you to do will likely lead to disappointment. Instead, work with a good local real estate agent to understand the market. You’ll quickly learn after a few weeks on the open house circuit (and maybe a disappointment or two) that starting low may not get you anywhere.
Myth No. 3: A cash offer trumps all
There’s an assumption that a seller, considering two different offers, will always go with the cash offer because there’s less risk. As a result, many buyers who hear they’re competing with a cash offer assume they won’t get the home. They may not even make a formal offer. At the same time, many cash buyers assume that because they’re paying cash, they can make an offer below the asking price, and it will likely be accepted.
The reality: A savvy seller may be more tempted by a solid financed offer
Consider a seller with a home priced at $399,000. The seller receives two offers: One is a cash offer of $375,000. The other is an offer for the full asking price, with 25 percent down, a bank pre-approval letter and swift contingency periods.
A good buyer’s agent, upon learning their client is competing with a cash offer, will arm the seller with lots of data supporting their client’s finances, such as a credit report and verification of income or assets. The agent might even arrange a call between the seller and the buyer’s lender.
Learn your market
When you become a buyer or seller, especially for the first time, the most important thing you can do is learn your market. Talk to a savvy local agent, and don’t make assumptions based on what you think you know. Real estate is local. Every market is different, with its own customs. If you believe there are general rules for real estate strategy that apply everywhere, anytime, you’ll likely be fooled — not only in April, but every other month of the year.


Read more: http://www.foxbusiness.com/personal-finance/2013/04/01/dont-be-fooled-by-these-3-real-estate-myths/#ixzz2bPiOov3N

Is It Too Late to Get a Good Mortgage Rate?

Freddie Mac released the results of its Primary Mortgage Market Survey last week, which indicated that average fixed mortgage rates have declined slightly in the wake of the sharp increase after the Federal Reserve’s announcement that it will slow its bond-buying program in the near future.
Average interest rates on a 30-year fixed mortgage have dropped to an average of 4.37 percent from last week’s 4.51 percent. Fifteen-year home loans also fell from 3.53 percent to an average of 3.41 percent this week. Though experts in the field are saying that rates may still continue to rise, albeit at a steadier pace than the initial spike.
Mortgage loan officer and Credit.com contributor Scott Sheldon offered some insight into qualifying for a mortgage. “Rates are improving now,” he said. “Are we ever going to see rates at 3 and a half percent again? Probably not. Looking ahead to October or September, we might see rates hit 4.75, maybe 5 by the end of the year.”
What’s Ahead for Mortgage Rates
Testifying in front of Congress, Bernanke emphasized that the bond purchases are still contingent on economic developments, saying that “they are by no means on a preset course.”
Though Sheldon added that rates will surely rise if and when the 2014 planned easing of bond-buying happens, there are options for those looking to buy a home now.
“What I’m doing now is I’m qualifying people at a half a percent higher rate. That way, most of the time they still qualify, and if we can do it lower, everyone’s happy,” he explained. His advice to those looking to purchase a home: “Try to qualify at least a half or 0.625 percent higher than you normally would.”
Particularly for first-time home buyers, Sheldon recommends that they “lock their loan in immediately, or pick a rate they can get to by investing an up-front overhead. But they don’t want to get into their contract wondering what their loan is going to be.”
According to Sheldon, “if rates are going to dip again, they’re going to do it now,” but he also mentioned a trend during the past three years: massive interest rate improvements twice at the beginning and end of August. “So if they’re going to get into a contract in the next 30 to 40 days, it might be a good idea to wait, but if not, I’m going to say they should lock in their rate now,” he said.

Realtor.com

Home Remodeling and Cost Vs. Value

HOW MUCH VALUE WILL MY HOME IMPROVEMENT MAKE?

 

 

Making home improvement decisions cannot totally hinge on "what will future buyers want" but resell should be considered before making large investment decisions.  The chart below shows data available from the Charlotte area on remodeling costs and costs recouped at sale. 

 

Have you always dreamed about lounging in a sunroom?  You may want to consider the value it would add as compared to a deck addition which would give you more bang for your buck. 

 

"Who are the buyers today and what are they looking for?", are good questions to ask when considering a home improvement project.  Many of today's buyers are very focused on outdoor living spaces so you may appeal to the next generation by keeping this in mind.  You may be concerned about durability but the buyer may be asking, "Do I have to live with that for 20 years?"  Maybe a minor kitchen remodel would be a better investment over a major one. 

 

The most important fact to embrace is that COST does not equal VALUE.  I suppose it is possible to invest $50000 and gain $75000 in equity but not probable.  A well executed improvement project will add value but not equal to the cost of the job.

 

Never forget that location is the single largest determining factor with regard to value of any property.  Take into consideration what features other homes in your area have and don't "over improve" your property.  

Charlotte, NC - Midrange Data

2013 South Atlantic Averages

Job Cost	Resale Value	Cost Recouped	Project	Job Cost	Resale Value	Cost Recouped	Change vs. 2011-12
$42,487	$36,296	85.4%	Attic Bedroom	$44,429	$35,021	78.8%
$10,638	$5,531	52.0%	Backup Power Generator	$10,918	$6,698	61.3%
$54,368	$43,852	80.7%	Basement Remodel	$56,432	$44,949	79.7%
$33,417	$20,273	60.7%	Bathroom Addition	$34,852	$20,581	59.1%
$14,047	$9,054	64.5%	Bathroom Remodel	$14,612	$10,194	69.8%
$13,999	$9,393	67.1%	Deck Addition (composite)	$14,389	$10,181	70.8%
$8,214	$6,459	78.6%	Deck Addition (wood)	$8,550	$7,128	83.4%
$2,663	$1,639	61.5%	Entry Door Replacement (fiberglass)	$2,694	$1,694	62.9%
$1,072	$719	67.0%	Entry Door Replacement (steel)	$1,096	$1,010	92.2%
$70,927	$48,391	68.2%	Family Room Addition	$73,082	$48,168	65.9%
$44,572	$31,544	70.8%	Garage Addition	$46,123	$30,461	66.0%
$1,435	$1,056	73.6%	Garage Door Replacement	$1,431	$1,127	78.8%
$25,023	$10,830	43.3%	Home Office Remodel	$25,645	$11,176	43.6%
$50,124	$37,250	74.3%	Major Kitchen Remodel	$51,044	$36,258	71.0%
$91,126	$61,227	67.2%	Master Suite Addition	$94,589	$62,339	65.9%
$16,987	$12,765	75.1%	Minor Kitchen Remodel	$17,476	$13,023	74.5%
$16,922	$9,482	56.0%	Roofing Replacement	$17,302	$11,574	66.9%
$10,038	$7,262	72.4%	Siding Replacement (vinyl)	$10,374	$8,194	79.0%
$66,558	$30,682	46.1%	Sunroom Addition	$68,181	$33,975	49.8%
$140,051	$94,000	67.1%	Two-Story Addition	$144,436	$99,855	69.1%
$9,080	$6,631	73.0%	Window Replacement (vinyl)	$9,268	$6,906	74.5%
$10,008	$7,231	72.3%	Window Replacement (wood)	$10,160	$7,592	74.7%