More good news! The National Association of Realtors (NAR) announced this week that existing-home sales increased in May as more homebuyers chose to take advantage of favorable affordability conditions and the $8,000 first-time buyer tax credit.
According to NAR, existing-home sales — including single-family, townhomes, condominiums and co-ops — increased 2.4 percent in May, representing the first back-to-back monthly gain since September 2005. In addition, a NAR survey showed that there were 10 percent more buyers looking at homes this May, compared to May 2008.
According to NAR Chief Economist Lawrence Yun, “historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable. … First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory.”
To find out more information feel free to contact me any time.
Jason@JMartocci.com
The current market is ideal for buyers looking to purchase their first home. And, as we near the November 30 expiration date for the $8,000 first-time buyer tax credit, it is expected that many more buyers will be making purchase offers.
Sellers can benefit from this anticipated demand. A recent MarketWatch article offers these tips to attract first-time buyers:
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First and foremost, the house should be priced appropriately. A real estate agent will be able to look at comparable homes on the market, as well as ones that have recently sold, and help you come up with a realistic price that will get buyers’ attention.
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Make sure your home is well maintained and seems lived in. This will help buyers imagine themselves living in your home. In addition, adding a fresh coat of paint and decluttering gives the impression that the new owners will not have to spend a lot of money on repairs and other improvements.
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Entertain all offers, even if they seem low. Any offer is a good offer and opens the door to negotiations. By keeping an open mind, you and the buyer might be able to arrive at a mutually agreeable purchase price.
To find out more information feel free to contact me any time.
Jason@JMartocci.com
The key to selling your home is to get a buyer to fall in love with it, and to have them imagine the house as their own. As such, it is important to capture a positive first impression as prospective buyers enter each part of your house. Home builders know that a model home often hooks buyers, and the model home concept is something that can also be used by individual home sellers.
If your home is on the market, you can gain from these tips from a model home interior designer:
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Add style to the kitchen: Whether you have upgraded cabinets and countertops or not, adding stylish touches to the kitchen will appeal to buyers. For example, set the table with placemats and two place settings, as well as candlesticks and a bowl of fresh fruit.
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Hotel-like accommodations: Portray relaxation and luxury in the master bedroom by accessorizing with a plush comforter and a variety of throw pillows. Stack fluffy towels in the bathroom, along with some fancy bubble bath.
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Light things up: Lots of light makes spaces feel larger. Open all of your curtains and shades, and keep all lights on when you know you will have people coming for a showing. If necessary, add a few extra lamps to shed the best possible light on your home.
To find out more information feel free to contact me any time.
Jason@JMartocci.com
Homeownership has many advantages, including tax benefits and the ability to build equity. And now, current market conditions make purchasing a home an even more attractive option than ever before.
In fact, a report earlier this week showed that the National Association of Realtors’ Housing Affordability Index rose in April to the second highest monthly reading on record. That means homes are more affordable now than at almost any other time.
What’s more, the limited-time $8,000 first-time buyer tax credit makes purchasing a home an even better deal.
Those considering a move from renter to homeowner should keep these factors in mind:
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Length of ownership: How long do you plan to own your new home? Because of the costs associated with a home purchase, buying now could be a great choice if you plan to own the home for at least five years.
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Cost: How much should you spend? Contact a mortgage professional to find out your price range, and then crunch the numbers so you don’t buy a home that is more than you can afford.
- Quality of life: In addition to greater median wealth compared to renters with comparable incomes, research shows that homeowners have better physical and psychological health, as well as higher life satisfaction and self esteem.
To find out more information feel free to contact me any time.
Jason@JMartocci.com
