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
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
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
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
