The real estate market has begun its rebound, and with it has come an increase in homebuyer activity. Adding to the renewed interest are many first-time buyers looking to take advantage of the $8,000 tax credit before it expires on December 1.
A well-cared-for home with memorable details speaks for itself. Sellers looking to make their home stand out can make a few small enhancements that won’t cost a lot of money, but will help catch a buyer’s eye and could lead to an offer.
Here are a few areas where it may make sense to spend a little remodeling money:
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Create a finished look by adding crown molding, wider baseboards and/or decorative framing around doors.
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Add better insulation, caulking and energy efficient appliances which are popular with buyers.
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Freshen up the walls with a new coat of neutral-color paint. Faux finishes or accent walls can add pizzazz when colors and textures with mass appeal are chosen.
To find out more information feel free to contact me any time.
Jason@JMartocci.com
Statistics from the National Association of Homebuilders show that the square footage of homes has shrunk in recent years. This is a trend that is likely to continue given the current economy.
This may be an opportune time for owners of smaller homes to sell, according to a recent article published in Realty Times, which provided these tips for giving a small home big appeal to buyers:
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Accentuate storage space. A buyer must sense that a smaller home has enough storage space to accommodate their everyday needs. Clear out the attic and/or basement if the home has them. In addition, built-in furniture or custom closets also provide convenient, hidden storage.
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Create an office niche. Home offices are very popular, but a smaller home might not have an extra room to use for this purpose. Using a decorative screen around a small desk or tucking one away beneath a staircase shows buyers how they can still have a home office in a small space.
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Make the most of space. In the kitchen, clear appliances from the counters and mount them under the cabinets for a clutter-free look. Avoid crowding a small living room with an oversized couch, and instead consider several comfortable chairs that may fit better and open up the room.
To find out more information feel free to contact me any time.
Jason@JMartocci.com
A report this week from the National Association of Realtors (NAR) presents more evidence that a housing recovery is under way in much of the country. According to NAR, existing home sales rose for the third consecutive month in June to the highest level since October 2008. The last time home sales rose for three straight months was in early 2004 during the housing boom.
According to NAR Chief Economist Lawrence Yun, “The increase in existing-home sales occurred in all major regions of the country. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions.”
There are clear signs that buyer interest is high. A NAR practitioner survey in June showed that first-time buyers are continuing to respond to the limited-time $8,000 federal tax credit. In addition, the number of buyers looking at homes in June was up nearly 12 percentage points from June 2008.
To find out more information feel free to contact me any time.
Jason@JMartocci.com
It’s long been known that a home purchase stimulates other parts of the economy as the new owners make improvements to their homes and purchase furniture. In recent months, the number of first-time buyers has increased as a result of favorable market conditions and the availability of the $8,000 tax credit.
These buyers are often just starting out, and their list of items to purchase can be long, while funds may be limited. The Star-Ledger newspaper recently provided tips for furnishing a new home, including these:
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Match your needs with your budget. The first step is to determine what you need to fill your new space, and what you already have that could work in your new home. Then, figure out how much money you have to spend and develop a shopping list that prioritizes those items that are necessities.
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Shop around. Visit a number of different stores so you can compare prices and options. Take pictures of pieces you are interested in so you can remember what they look like and see how they coordinate with items you already have or are considering. Try to avoid an impulse buy you might regret later.
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Get big-ticket items first. Everyone needs a place to sleep, eat and relax, so make sure you have plans to purchase a mattress and box spring, table and chairs, and a sofa. You can always accessorize slowly over time as your budget permits.
To find out more information feel free to contact me any time.
Jason@JMartocci.com
