STAGE YOUR HOME, INCLUDING THE GARAGE, TO SELL

If you were going on an important job interview, you'd dress to impress. That's exactly what you want to do with your home, too–dress or, rather, stage to impress and sell!

Selling your home requires a keen eye to make it appeal to a wide audience. That means you need to take time to make sure that your home is dressed up and ready to be shown off.

I've written a lot about curb appeal and fixing up your home so that it's ready to be listed for sale, but sometimes the garage is overlooked.

It's sort of an after-thought but it really shouldn't be. These days the garage can be a pivotal point for buyers. Garages are doubling as gyms, added storage space, home offices, and hobby areas as well as a place to park cars.

I've seen some home listings where sellers simply use the garage to store all their stuff that they plan to take with them or get rid of. While that might be convenient for the current homeowners, it's not very enticing for potential new buyers. They want to see what the garage really looks like and how it might suit their needs. Hard to do when it's jammed with boxes!

If buyers can barely walk into the garage, they'll likely skip it entirely and may feel a bit cheated. Or they may try to maneuver around all your stuff and could knock a few things over or, worse, get injured. No one needs that to happen.

Consider packing your boxes and either storing them in a storage space or at a friend's. Getting as much stuff out of the house as possible is very important. Don't underestimate the power of a clean, tidy, spacious garage.

Square footage counts and many people have plans to use that extra garage space for things you might not have thought of. A good-looking garage will attract buyers.

Do what you can to improve your garage but start with the basics. If your garage door is in shoddy shape, replace the hardware. Nothing worse than a buyer taking a look at your garage just as a spring breaks on the automatic garage door!

Then take a look around and see what things you can get off the floor and into shelves or cabinets in your garage. The less you have on the floor, the more spacious the garage will feel. If the new buyers have big cars, ample space for cars as well as storage space for household items will be very important.

If you find that your garage door system isn't working and you're planning to replace it, think about installing the latest technology. Smart homes are very appealing because they help simplify ordinary tasks. Today, with the proper technology installed, garage doors can be controlled with compatible apps that link to Android and iOS mobile devices and allow homeowners to check their garage door, and even open or close it once they've left their home. Another good feature is a battery backup system that will keep your garage functioning even during a power shortage.

A garage may not be the star attraction like the kitchen or master bedroom and bathroom, but it definitely has its own appeal especially when it's staged to sell.

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DON'T FALL FOR THE WRONG HOME

When you go shopping for homes in the fall, you have some advantages. Buyer traffic has slowed with the start of schools. Sellers who've had their homes on the long hot summer market are weary of trying to sell their homes and more willing to drop prices. Your REALTOR® has more time for you, and is telling you about good deals in better neighborhoods.

But there's a reason you might be vulnerable to choosing a home too quickly, even though market conditions are more in your favor. You want to get into your new home before the holiday season starts. You're already under the nesting spell of grey skies, glorious turning leaves, and afternoon football games on TV. It's Thanksgiving at your house this year, everybody!

But wait. The holidays aren't a deadline. It's far better to choose a home that meets your needs no matter what time of year it is.

1. Get preapproved. Your lender will give you a price limit that you can comfortably afford based on your income and debts. These are time-tested formulas that allow some wiggle room in your finances so you won't be house-rich but cash-poor.

2. Shop for the right size, not the biggest. Buying the biggest home you can isn't the best idea. Think about the operating costs of heating, cooling and maintaining all that space. This is money wasted that could be spent on other things you may need such as a new car or furniture.

3. Think about your activities. Think about how you actually use a home. A home with a huge impressive kitchen is a poor investment if you don't cook much, except at Thanksgiving. Do you have the space you need for your home office or art studio? Are there enough bathrooms for the morning rush?

4. Consider the commute. Newer homes offer the most amenities, but they tend to be far from city centers. How long would you spend commuting to your job every day to live in a particular community? Those are hours spent in traffic that you could be spending with loved ones.

5. Look at the bones of the home. Appliances, wall colors, and flooring can easily be updated, but the basic floorplan has to flow well for the way you live. Look at the traffic flow. Is it easy to let the dog outside and clean muddy paws when he comes back in? Where do the kids put their backpacks when they come home from school?

6. Be willing to update. Many homes are affordable because they're older and need work. Many times, cosmetic updates can turn a so-so home into a treasure. If you set aside your holiday deadline, you can start work on your new home while more contractors are available and possibly less expensive than in the busy summer months.

7. Be sure to get year-round amenities. Remember what you enjoy doing in the fall, winter, spring and summer. The home you want to buy now should make you happy for the fall, but what about warm weather? Will you be able to garden, swim, or entertain outdoors? The best time to buy a home with a pool is in the fall and winter.

When you're comparing homes think about your wish list and which home comes closest to meeting your price, number of bedrooms, condition, space, features and the amenities of the neighborhood. Once you move in, you'll know you fell for the right choice.

WHY HOME BUYERS SHOULD HIRE A PROFESSIONAL

Getting a purchase closed in today's market is complex. The real estate market has changed greatly from only a few years ago. Buyers face many more hurdles including stricter financing, low housing supplies, higher mortgage rates, and rising prices.

To negotiate today's challenges, you need a real estate sales professional to help you close the deal. A good real estate professional understands current market conditions. He or she has house-by-house neighborhood experience and can help you obtain the right home at the best price and terms.

Your agent can help you find a home quickly. Not only do real estate agents have access to the local multiple listing service, they also share knowledge of homes coming onto the market with their colleagues. Your real estate professional will tell others about your requirements for a home so they can also be on the lookout for you.

In fact, networking is one of the biggest industry advantages. Many homes are bought and sold without a sign ever going into the yard. But, for buyers to be shown the latest homes on the market, or to hear about homes about to come onto the market, there has to be a strong relationship between the buyer and the real estate professional.

If you want to be the buyer positioned to make first and best offers on the most desirable homes, make certain your agent knows you are committed. How do you show you're serious? There are several ways.

Get prequalified with a lender. Share your financial records so you know exactly how much home you can buy. Your agent won't go over your limit because it would be a waste of time to show you homes you can't afford to buy.

Work with only one agent. You can do this by signing a buyer's representation agreement, if it's customary in your area. If not, show your loyalty by telling other agents you may meet at open houses or socially that you are represented and give them your agent's name.

Don't shop for homes without your agent. If you want to look at open houses or builder homes, invite your agent to go along. If your agent can't go, make sure you register your agent's name with builder sales reps and open house sellers' agents.

Be loyal. Real estate professionals work primarily on commission. If the deal of the century is about to come on the market, who do you think your agent will tell first - the buyer with five other agents or the buyer who is loyal? If you're playing agents against each other thinking you'll get people to work for free and that you'll have your pick of homes to choose, you're wrong. Agents talk, and they'll find out they're working for the same buyer. If you want great service, show appreciation, confidence, and commitment.

 

Once you find the house you want, the work really begins. You'll have to navigate negotiations, loan approval, seller's disclosures, inspections with environmental and structural reports, and so on. From helping you make a reasonable offer, to providing for the discovery and disclosure of material facts, your agent can help protect your interests.

Buyers and sellers are natural adversaries. Agents must be skilled negotiators and problem solvers, as well as anticipate problems before they happen. Pride, ignorance, or stubbornness can get in the way of a fair deal for both sides.

Your agent will share your risk, and will make sure you go into any home purchase with your eyes wide open. Take advantage of the greatest homebuying resource available -- your own real estate agent.

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5 UNEXPECTED SIDE BENEFITS OF HOMEOWNERSHIP

You already know about the tax benefits of buying a home and the long-term financial advantages created by rising home values and bankable equity. But some of the associated benefits of homeownership might surprise you.

1. Pride of ownership

You understand the idea of pride of ownership, but maybe you've never actually felt it. You will once you put those keys in the door for the first time. And this doesn't just apply to first-time homebuyers. If you've worked hard, saved well, spent smart, and are able to now move up to the home of your dreams, you'll undoubtedly feel it, too.

2. It's a do-over

So your old house deteriorated into an outdated mess. Or maybe you earned a reputation for being the grumpy neighbor because you threw one too many fits over dog poop on your lawn. Now you've got a clean slate. Your house can be anything you want it to be, and you can be anyone you want to be—even the friendly, helpful neighbor who sets out poop bags, just in case.

3. Social benefits

Any move brings new opportunities to make new friends and increase your social interaction. But homeownership can also provoke deeper social benefits.

A report from the National Association of REALTORS® found that homeownership positively impacts educational achievement, with homeowners having "a significant effect on their children's success. The decision to stay in school by teenage students is higher for those raised by home-owning parents compared to those in renter households," they said. "Furthermore, daughters of homeowners have a much lower incidence of teenage pregnancy."

Potential reasons for this: "Certain behavioral characteristics required of homeowners that get passed onto their children," such as the financial commitment that leads homeowners "to minimize bad behavior by their children and those of their neighbors that can negatively impact the value of homes in their neighborhood;" homeowners assuming "a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments;" and "neighborhood stability."

An additional study shows that "homeownership has positive effects on the academic achievement of children (with) significant effects of home environment, neighborhood quality, and residential stability on the reading and math performance of children between the ages of three and twelve."

4. Coupons galore

Chances are you've got a laundry list of things you want to do to your new pad. Buying a new house will unleash a cavalcade of junk mail, but in that mess of unwanted refinance offers and insurance information and other nonsense will be all kinds of coupons you can use from big box companies, home décor outlets, window treatment businesses and the like. Go through them carefully and you can fix up your place without spending the equivalent of your down payment.

 

There are also hundreds of dollars’ worth of coupons from companies like Best Buy, Lowes, and Bed Bath & Beyond available in the change of address form you fill out at the post office or online.

5. Credit offers

Once you close escrow, your credit score will get a bump and the credit offers will start rolling in. This is great if you're looking to get a new car, do some home improvement projects on credit, or buy some new furniture. By taking advantage of special offers from Home Depot, Best Buy, or furniture stores like Rooms To Go, you can do some updates and spread out your payments over time without accruing interest—if you qualify. Just make sure to keep track of how much you need to pay monthly to take full advantage of the program.

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WAYS TO INVEST IN A HOME AND NOT GET HURT

Buy low, sell high. That's the investor's maxim that never fails. The trick is in knowing when to buy and when to sell. Investing in a home is never as easy or as quick to deliver returns as you may wish. We all want to ride the boom and avoid the crash. Here are three ways to buy a home safely.

Don't try to time the market

Some homebuyers believe that waiting for prices or interest rates to go lower is the way to buy a home. But there are two things wrong with that approach.

First, what is the market going to do? Unless you have a crystal ball, it's hard to know. Between 2006 and 2011, home prices fell an annualized 7.7% a year, a total of 27%. Since 2011 and 2014, they've gained back that much and more on an annual basis.

Mortgage interest rates follow the U.S. Treasury yields. A quarter point rise in interest rates will cost you roughly $25 more per month. Lock in an interest rate with your lender and don't second-guess yourself. You'll have more peace of mind as well as a stronger negotiating position with the seller.

Buy within your means

Irresponsible lending led to one of the biggest recessions in modern history. Many homeowners lost their homes. You don't want to join them by buying a home that's bigger, more luxurious or pricier than you can reasonably afford.

Lenders are facing heavy government penalties for lending to unqualified borrowers, so they're insisting that lending standards return to historically safe and sustainable parameters.

 

That means you won't be able to pay half your income toward housing which was common during the housing boom. Today, you'll pay approximately no more than a quarter to a third of your gross monthly income for a home.

As your income improves, your home becomes even more affordable, allowing you to meet other life goals, such as adding new members to your family or starting a business of your own.

Buy long term

The longer you own your home, the more equity you build. Equity is the percent of ownership you have in the home. Think of equity as money you'll get back when it's time to sell.

To protect your equity, reinvest in your home to keep it in top condition. Then when it's time to sell, your home will be more appealing to buyers and sell for more money than similar homes that aren't as updated or attractive.

If you buy a new home every few years, you'll throw away thousands in moving and closing costs. It's far better to hold on to your first home for as long as you can. At some point, you can turn it into a rental property that produces income for you.

Choose the best home you can for the money and it will return the favor.

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4 WAYS YOUR LOCATION CAN BOOST OR BUST YOUR HOME VALUE

A few years back, "the Starbucks effect" became a legitimate term to explain the higher real estate values associated with living close to the coffee house. But being within easy striking distance of a Grande Skinny Vanilla Latte isn't the only thing that can help boost your home value. Then again, not every location can help build equity. Chose wrong, and you could see your value drop - even if the house is great.

1. Being close to schools

The good: Families seek out neighborhoods with good schools for obvious reasons. Living close to a quality elementary school is especially desirable for parents who envision walking with their young children in the morning.

From a value standpoint, a location close to well-performing schools can be a smart decision for buyers regardless of their family status. "Living near a high-scoring school can increase your home's value by over $200,000," said AOL.

The not so good: But, being too close to a school - no matter how good it might be - may be a deterrent for some buyers, which could end up hurting your bottom line. If you're in the path of the school pickup and drop-off, which creates considerable traffic, or directly across the street from a playground, which means there is noise throughout the day, you could have trouble when it comes time to sell. A location that is close enough to be easily accessible but out of range of the daily inconveniences is often the best option.

2. Being close to area conveniences

The good: "The Starbucks effect" is tangible: Data has shown that, "Between 1997 and 2013, homes closer to the coffee shop increased in value by 96%, compared to 65% for all U.S. homes," said CNN Money.

Now Starbucks has company, with a new report that shows that proximity to a high-end grocery store - namely Trader Joe's or Whole Foods - can also raise home values considerably.

"Between 1997 and 2014, homes near the two grocery chains were consistently worth more than the median U.S. home," said CNN Money. "By the end of 2014, homes within a mile of either store were worth more than twice as much as the median home in the rest of the country. The analysis found that 2 years after a new Trader Joe's opened, home values within one mile went up by 10 percentage points more than homes in the rest of the city.

The not so good: But, that doesn't mean all area amenities boost home value. Adult entertainment spots, industrial businesses, a nearby airport that puts the home in the path of flights, and small businesses like tattoo parlors, check cashing, cash advance, or pawn shops that can be indicators of a lower-income or high-crime area can drive people away.

3. Being convenient to freeways

The good: A location close to major thoroughfares can be a selling point since it helps homeowners cut down on the dreaded daily commute. Many suburbs require an additional 10 to 20 minutes in the car after exiting the highway. Promoting the convenience of a home closer in can help it stand apart.

The not so good: Having a car fly off the freeway onto your roof is not ideal. Neither is having to endure the daily noise, congestion, and pollution of living right next to the freeway. If it bothers you, it's going to bother buyers when you sell. Being close - but not TOO close - is key.

4. Quiet location

The good: A home that's in a peaceful area surrounded by nature may be a benefit to buyers seeking a serene setting. A house that backs up to nature or is close to hiking trails can sell for more than a house in the same neighborhood that's only surrounded by other houses.

The not so good: There is such a thing as too quiet...

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TIRED OF RENTING? IT'S TIME TO BUY A HOME!

Your landlord is raising the rent. The neighbors are yelling at each other through paper-thin walls. You're a trembling jealous wreck because your best friends just bought a new home and it's awesome. Renting just isn't doing it for you anymore. Is it time to buy your next home?

The primary reason to buy a home is simply because you're ready. Homes are more affordable than they were 10 years ago, and you may be financially able as well as psychologically ready.

Perhaps you've taken a new job, married, or have a child on the way. You want more room for your family, or to live in a certain neighborhood close to work and other activities. To make your decision, you must weigh the pros and cons of renting VS owning so that you can achieve the lifestyle you want.

You know the typical arguments -- you have more freedom of movement as a renter but you build more personal wealth as a homeowner.

You can pick up and move when your lease is up, but the landlord won't let you have a pet and you can't choose the paint and carpet you prefer. As a property owner, your down payment and closing costs are significant, but it's yours to remodel or live in as you see fit.

When something breaks down, like the dishwasher, the landlord bears the repair or replacement costs. If you were in your own place, you'd choose whether to buy all new appliances so breakdowns won't be an issue for a few years.

As a renter, you just need to leave the place in the same condition as when you rented. As a homeowner, you're responsible for fixing, even if you've never picked up a wrench in your life. Or you'll have to hire a professional.

When you rent, you build equity for the landlord, not for yourself. When you own, your monthly mortgage payments go to reduce interest, which is income tax deductible. A portion of the payment goes to reduce the principal of your loan, allowing you to build equity ownership.

You may have to stay put for a while before you can sell your home at break-even or a profit, but you could also make enough to have a lot to put down on a bigger, better home down the road.

Renting was probably a good option while home prices were eroding during the recession, but affordability conditions favor buying now. In January 2015, rents rose 6.5 percent year-over-year, as much as home values increased for all of 2014.

While the population has continued to grow, housing units have not. New home building is two-thirds where it should be. With more new jobs added in April, competition for homes is heating up as renters are more able to afford to buy. Affordability has also been improved by near record-low mortgage interest rates for the last five years, and prime borrowing rates are still under four percent.

Yet many people are still afraid to buy, preferring the "security" of renting over the volatility of the housing market. If you're one of those, don't worry about short-term fluctuations and so-called corrections. Look at long-term trends -- that housing prices typically beat inflation, and that the tax advantages will more than allow you to profit from owning a home. And most important, that the home you buy will help you provide the surroundings you want for your household.

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