Mar 27, 2009

Typical Selling Expenses

By Tammy Stoner, FrontDoor.com

When selling your home, it pays to look at the complete financial picture so you are ready to deal. Make a list of the costs of selling your house including:

Realtor Commission There's a 4% to 7% commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5% and 6%, but it can go as high as 10% on vacant land deals. It's a considerable amount of money. If you sell your house for $300,000, the standard 6% cut for the agent will be $18,000.

Closing Costs These can add up to 2% to 5% of the purchase price and include title transfer, any county transfer taxes, escrow charges and other miscellaneous fees.

Property Taxes If you didn't pay all of your property taxes before you sell a house, a prorated tax amount will be included in closing costs. Note: If you pay out of an impound tax (that's an amount tacked on to your monthly mortgage), this does not apply, since your taxes will be paid up-to-date.

Home Warranty Often the seller buys a yearlong home warranty for the buyer.

Pest Inspection Don't worry, this doesn't include a judgment of your nosy neighbor. Just termites.

Repairs Although the buyer pays for the home inspection, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.

Mar 23, 2009

Saving Energy On The Cheap

From The Wall Street Journal

Looking for easy ways to save on your home’s energy costs? Little steps work reports this author who is on track to save $500 this year.

Mar 19, 2009

Rolling The Dice

From the buyers I’ve worked with who’ve attempted to snag a great deal on a short sale or bank owned home, nine out of ten of them ended up empty handed.

I am coming across more and more buyers who are turned off by the “great deals” that short sale or bank owned homes are reputed to have. This is due to the sales process of submitting an offer on a short sale or bank owned home – the waiting, hoping, delay upon delay and lack of communication. This is more than the average buyer can bear.

However, home sales continue today with the majority of transactions being short sales or bank owned homes. These homes were purchased by a few hearty souls who chose to weather the ups and downs, the delays and the uncertainty of a short sale or bank owned home - and they walked away with the prize - a good home at a great value. These buyers stuck it out, remained motivated and gave the transaction the time and patience needed. In other words, they rolled the dice and won.

Mar 16, 2009

What Home Repair Novices Need To Know

From The New York Times

Think fast: where are your main water, electrical and gas shutoffs? If you know only one or two things about your home, it should be where these handles, valves or switches are and how to quickly turn them off if needed in the case of home repairs and serious weather.

Mar 6, 2009

Home Improvements To Splurge On

As most folks plan to remain in their current home until the real estate market improves, they will want to continue to improve their home for their own enjoyment and financial return. What home improvements are worth your time, energy and money today that will be in demand by buyers tomorrow?

Kitchen The heart of a home and the room that weighs heaviest in a buyer’s purchase decision, every dollar you put in to your kitchen will come back to you and then some – at minimum, you can expect a 100% return.

Baths Just like the kitchen, baths are the strongest selling features of a home and an updated, contemporary bath will stand out in the mind of buyers. Over the top finishes and fixtures are not necessary – simple and classic never go out of style.

Hardwood Floors With a warm look and feel, hardwood floors are a stand out for buyers and are likely to be the deciding factor in their purchase decision.

Master Suite A master bedroom with an attached private bath has become standard issue for many buyers and many would not consider a home with it.

Storage Convenient, clean and accessible storage (no dark attics or dusty basements) is a premium buyers will pay for. Sneak in additional storage on the wall space above the washer/dryer; a kitchen pantry or lazy susan; a medicine cabinet; bedroom closet organizational systems.

Curb Appeal A neat, tidy and cared for exterior will stand out from the pack for any buyer. Homes with strong curb appeal will get the most showings, so every dollar invested will serve you well.

In-Law Suite A return to multi-generational households is becoming more prevalent in mainstream American culture. Living with family is option many older Americans enjoy in their healthy and strong golden years.

Mar 3, 2009

Bring Wildlife To Your Backyard

By Joel M Lerner, Washington Post

A natural garden can create a home for birds, butterflies, bees, chipmunks, rabbits, turtles, frogs, snakes, bats and more - all while requiring less pruning and preening. But it takes the right flora to get the fauna to appear.

When creating a natural garden, keep in mind the three requirements for all animals: food, water and shelter. A shrub or tree can provide shelter for offspring.

A pool with a shallow area is
good for toads and turtles, while puddles on flat rocks give butterflies a chance to relax and have a drink. Chipmunks like tunnels, birds like safe nesting places, snakes like rocks (remember that as you lift one), and a host of wildlife will live in hollow logs and brush piles.

Here are some guidelines to make your property attractive to wildlife:

- Plant a variety of shrubs, grasses, flowers and trees that provide nectar, nuts, seeds and berries.

- Provide water. If you don't have room for a pond, a birdbath will do. Leave open space around it so birds can see predators coming and fly away.

- Reduce lawn space. Lawns are largely useless to wildlife - there's no food, no place to hide and no shelter.

- Provide a variety of materials useful to birds building nests, including thin twigs, short lengths of thread, feathers, dryer lint, short strips of fabric or dog hair.