How to Get More $$ When Selling Your Home: Price your house at or slightly below the current market value and hire a professional

How To Get The Most Money When Selling Your House Posted: 29 Feb 2016 04:00 AM PST Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible. 1. Price it a LITTLE LOW This may seem counter intuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below). Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. In that way, the seller will not be fighting with a buyerover the price, but instead will have multiple buyers fighting with each other over the house.Realtor.com, gives this advice: “Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.” 2. Use a Real Estate Professional This too may seem counter intuitive. The seller may think they would net more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional. Research posted by the Economists’ Outlook Blog revealed that: “The median selling price for all FSBO homes was $210,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $151,900. However, homes that were sold with the assistance of an agent had a median selling price of $249,000 – nearly $40,000 more for the typical home sale.” Bottom Line Price your house at or slightly below the current market value and hire a professional. That will guarantee you maximize the price you get for your house.

5 Tips to Halt Mortgage Fraud in its Tracks

Posted on Feb 17 2016 by Suzanne De Vita

Predatory lending has declined sharply in the years since Dodd-Frank, but it, and other types of mortgage fraud, still steep into housing even today and affect every stage of the homeownership cycle.

Mortgage fraud, an umbrella term, is “a crime characterized by some type of material misstatement, misrepresentation, or omission on a loan which is then relied upon by a lender,” according to the FBI. It generally falls into one of two categories: fraud for profit and fraud for housing. Fraud for profit crimes are typically committed by those within the industry; fraud for housing crimes are committed by borrowers.

Mortgage fraud includes:

• Air Loans
• Builder Bailouts
• Condo Conversions
• Equity Skimming
• False Commercial Leases
• False Residential Loans
• Foreclosure Rescue Scams
• Fraudulent Appraisals on Flips
• HECM (Reverse Mortgage) Scams
• Loan Modification Scams
• “Silent Second” Mortgage Schemes

Many of these crimes are sophisticated in nature, and homeowners and homebuyers easily mistake them for legitimate actions.

Read More: Don’t Let a Rental Scam Ruin Your American Dream

Don’t become a statistic—avoid mortgage fraud with these 5 tips :

1. Ask your REALTOR® to refer you to a reputable lender. Consult your local regulatory agency to confirm the lender’s licensing and other credentials.

2. Be honest and transparent when completing a loan application. Do not include false information in the application, even if another party attempts to convince you otherwise.tax

3. Read (and re-read) all mortgage documents before signing them, or have a third party review them with you. Assess the information in the documents for accuracy. Do not sign documents that are blank or incomplete.

4. Consult property records and review tax assessments and title history before purchasing a home. Conduct your own research on comparable home sales in the neighborhood to validate pricing.

5. Steer clear of too-good-to-be-true offers, like “no money down” loans or claims to help homeowners profit or eliminate debt overnight. These offers, often made with high-pressure sales tactics, can come in the form of unsolicited phone calls and emails or online advertisements. Do not pay upfront or advanced fees for these offers. Do not sign over the deed to your home, even if facing foreclosure

What Income Taxes Will You Have To Pay on the Sale of Your Home?

Tax Season: What to Expect When Selling Your Home - http://blog.rismedia.com/2016/tax-season-home-sale/: Tax season is upon us and if you have a pending or recent home sale, you'll surely want to know: what income taxes will you have to pay on the sale?

Find the Right Contractor for Your Needs. Run if You See These 6 Contractor Red Flags!

Run If You See These 6 Contractor Red Flags

 From:  Dottie Wells Blog, Mgr Bethany Beach L&F ofc

Are you ready to build your dream home, or maybe just a beautiful outdoor deck? Then it's time to find a contractor to do the work. Your home is one of your most valuable investments, which is why it is vital for you to pick a dependable and honest contractor to complete the work on your home. Make sure to watch out for these six contractor red flags.

Home Repair Building Services in Ocean City MD

No References

Before you hire a contractor, make sure to check out his or her references. Word of mouth is a strong selling point for contractors looking for repeat business and new business. Reputable contractors will be more than happy to provide you with a list of references from those who were satisfied with the work the contractor did.

Payment Demands

A huge red flag to look out for is a demand for the payment upfront. You should never pay for the work until the job is done and you are satisfied with the completed project. Some contractors may ask for an upfront payment, but reputable and trustworthy contractors will never ask for the full amount upfront. Also beware of contractors asking for only cash payments — this leaves no proof of the payment, and you will not be able to get your money back if the project isn't completed or done to your liking.

Low Pricing

Just because a contractor is offering you a low price for the work doesn't mean the work will be of good quality. Make sure to do research so you know at least a ballpark figure for what you'll be paying, so that you will be able to gauge whether the price offered is too low for high-quality work.

No Proof of Insurance

Contractors should always carry personal liability and property damage insurance. If the contractor you hire fails to have insurance, you will be liable for any property damage or injury that occurs on the job site.

No License in Your State or Area

Licensing qualifications vary by state and local area, so it's important to make sure that the contractor is licensed to work in your state and your area. Check out your local building department to learn more about the specific licensing requirements needed in your state and local area.

Refusal to Provide a Bid

If the contractor will not provide a bid in writing that outlines the cost of labor and materials, timelines, payment terms and a detailed description of the work to be done, then run — fast! This means that after the work has been completed, you may end up being charged much more than you should be. Make sure to get a bid in writing before you hire the contractor to do the work.

Hiring the right contractor may take a lot of research, but you will be glad you took the time to look up the facts before hiring anyone. The best place to start looking for a contractor is to reach out to family and friends to see whom they have used and what their experiences were.

Are you about to be an Empty Nester? Kids Moving Out? It's about their First Home!

Are the Kids Finally Moving Out?

by The KCM Crew on February 18, 2016 

During the recession, many young adults graduating from college were forced to move back in with their parents. This caused new household formations to drop dramatically from the long term average of 1.2 million formations annually to half that number. However, this may be the year this turns back around.

According to the Urban Land Institute’s report, Emerging Trends in Real Estate, household formations will increase dramatically. They project that 3.68 million additional households will be formed in the next three years. This brings household formations back to pre-recession numbers of 1.2 million a year

What will happen in 2016?

One of the key indicators to an improving housing market is household formation: How many people are moving out and forming an independent living unit? Many of the people “moving out on their own” will be those Millennials who can finally move from their parents’ basements to their first home.

Not every person moving out will decide on an apartment. A certain percentage of consumers will decide that homeownership is a better option for themselves and their families.

Jonathan Smoke, Chief Economist at realtor.com, believes:

“Demand for for-sale housing will grow and will continue to be dominated by older millennials, aged 25 to 34. This demographic has the potential to claim a third of home sales in 2016 and represent 2 million home purchases.”

What about household formations moving forward?

And Louis Keely, the President of The Demand Institute, predicts strong household growth will continue over the next ten years:

“We expect new household formation to be robust over the next decade as the large millennial generation ages and forms new households of their own.”

Bottom Line

Here come the Millennials!! They will finally be entering the housing market in 2016 and will dominate real estate sales over the next decade.

BE CREATIVE: Turn Your Garage into a Living Area ... gym, office, guest room ...

When Is a Garage Not a Garage?  From:  Dottie Wells Blog, Mgr L&F Bethany Beach DE. Your garage can turn into a melting pot of junk, trash and disposable items that are only taking up space in your home. But a little effort and planning can help you avoid turning your garage into a dumping ground. Use the space in your garage to make it more than just a space to park your cars. Home Gym Think of all the intense workouts you could be doing in your garage if you cleared out the clutter! By simply sifting through the items in your garage and clearing space, you can have a dedicated home gym to work out in that can save you time going to the gym and spending money on a gym membership. You may need to make a few structural modifications to make sure there is proper ventilation and create strong wall and floor supports for heavier pieces of equipment. Home Office If you work from home, your garage may make an ideal home office space since it's separated from your traditional living areas. With plenty of outlets, you could set up a homey and productive workspace with a desk, printer and Wi-Fi access. Add a mini fridge with drinks to help make the space even more comfortable while you are working to meet deadlines. Once again, organizing the items in your garage and getting rid of unused items will make the perfect space for a home office. Guest Room If you have a two-car garage, this can be great guest suite. Before you convert a separate garage, make sure to check on your city's zoning laws, since some cities prohibit freestanding living structures. Cities may also prohibit turning your one-family home into a two-family home. If you do get the go-ahead, make sure to insulate it and add a space heater and plenty of blankets while you're building. Using a portion of your garage as a guest room can offer your guests a private space without having to stay in a hotel. Game Room Always wanted a game room but just never had the space in your home? If you have a garage, you have the space for a game room! You can add area rugs, artwork, game-themed decorations and things like a ping-pong table, pool table, retro video games, and more to create the perfect game room for your family. Your garage doesn't have to just be home to your cars; you can make your garage much more than a garage simply by using these four tips and ideas for different uses. From a home office to a game room, your garage has so much potential – all it takes is a little planning and organizing!

REFINANCING? Choose between a Home Equity Loan and an Equity Line of Credit

Should You Fund Home Improvements with a Refinance?

 From: Dottie Wells  Blog  -- Branch Mgr L&F Bethany Beach DE office    

Maybe you're considering upgrading your house so it has a higher resale value. Or perhaps you just want to be more comfortable where you are for the long term. Either way, you have to think about how you're going to pay for these changes. Are you going to refinance to get the needed cash? Before you do, let's weigh some important factors.

Home Equity Loan vs. Equity Line of Credit

To refinance in order to make home improvements you can either take out a home equity loan or an equity line of credit. Both offer pros and cons depending on your specific situation.

A home equity loan usually costs much less than a home equity line of credit (HELOC). With a home equity loan, you are taking out some of the equity in your home in order to fund repairs. With a home equity line of credit, you are borrowing more money which will be tacked on to the overall cost of your mortgage.

Each type of credit will carry with it certain costs. 

Taking out a first or second mortgage (cash-out refinance / equity line of credit) will increase the overall debt remaining on your mortgage. It can reduce your resale value and throw off your debt-to-income ratio when you sell, making it harder to put down 20% on a new house, thus avoiding paying for Private Mortgage Insurance. 

An equity line of credit can reduce your monthly mortgage payment and your overall interest rate on your mortgage. It is not an optimal solution unless you intend to remain in your house long enough to repay the loan.

Over the long run, when you take out a HELOC, you will end up paying close to 1% interest on your home improvement loan. The average interest rate on a home is just over 5%. Anything that will push that additional debt up any higher will increase the overall cost of your mortgage and reduce your resale value.

Why Are You Making Improvements?

Next you have to consider why you are making home improvements. If you are doing it in order to fund a major project because you are putting your home up for sale soon, a home equity loan is better over the short term. Often you get that money right back upon resale if you make the right repairs.

What Types of Repairs are You Considering?

Depending on where you live some improvements have a bigger bang for their buck. If you live in the North and Northeast where there is snow and rain, a home equity loan is better used to fund a new roof or plumbing repairs.

If you live on the West coast or in the South, outdoor improvements have the best ROI. Things like a patio or deck, basement renovation, and home theaters have the best ROI. 

For repairs specifically needed to prepare your home for resale soon, a home equity loan is the better choice.

Having a Baby? What's Hot in Nursery Decorating Trends.

Nursery Decorating Trends for 2016

by Jacklyn Renz

Whether it’s your first or your fifth, having a new baby is exciting and a cause for preparation. The nursery, where your bundle will sleep and play, is key to creating an atmosphere conducive to sleep and relaxation. You’ll be especially thankful for your nursery amidst the cries and late night snacks. Here are some of the nursery decoration trends to watch for in 2016 that can help make your baby’s new room a portrait of his or her personality!

Pastels Are Back

The sweet gentle colors of pink or blue are still around. Pastels have returned with a bang, offering a calming effect to any room. But don’t feel closed in by the traditional colors. We see others like periwinkle, lilac, and pale green. These soft colors are modernized by blending with newer patterns and modern decor.

The Wonder of Wood

It’s no secret that natural wooden decor has made its way into our homes, from carvings for the walls to natural wooden crates made into shelving. Now that wooden look seeps into the nursery. This year, wood panel wall pieces are big, and often splashed with phrases or names. For cribs, reclaimed wood or natural wood tones are on the rise, but they still compete with the traditional white and espresso tones.

Statement Cribs

Cribs are essential to the nursery, and they’ve got something to say! In 2016, we see statement cribs in the baby’s rooms as more than a sleep place, but an art centerpiece. Crib manufacturers are getting bold, playing with the shapes, materials, and colors of the crib. One maker even uses solid, colored acrylic pieces as one side of the crib’s wall.

Making it Modern

Even with pastels coming back, they are blended in with the sleek, clean look of modern decor. Instead of frills and florals, we are seeing a resurgence of simple and sharp. Geometric shapes can be incorporated in the wall hangings, how the wall is painted, or into a rug. The sharp lines of a modern look helps to balance the fluff traditionally seen in nurseries.

To the Skies

It is typical in the nursery world to have a shape or animal that people gravitate to that they can splash here and there in the room. According to ProjectNursery.com, 2016 will see many nurseries that are zooming to the skies with pictures of clouds or moons as the focus. Having a specific theme to the nursery offers a fun and creative way to decorate the nursery and incorporate that icon in several different places.

Bold With Lighting

Along with cribs as a centerpiece, there is also a trend towards bold statement lighting fixtures. Pendants or chandeliers sparkle from the ceiling, drawing the eye upwards as you glance around the room. Just a quick stroll through Pinterest, and we see large lampshade fixtures, lighting made to look like wood, main lights with dangling mobile pieces (a great way to include your chosen animal or shape), or large modern bulbs.

In the end, the nursery and the decorations you choose are what you love. Don’t be afraid to venture out of the trendy box to make the room a relaxing environment for you and your baby.

sources: Pinterest.com, projectnursery.com, sheknows.com

Shar

MOVING PETS: How to keep your pet healthy and happy while making the move !

Moving Day Madness: How to Keep Your Pet Healthy and Happy throughout the Process By Keith Loria When it comes to moving, there’s no shortage of things to think about as you go through the process, but one thing that many people don’t think much about is the impact a move can have on a pet. Cats and dogs get used to a routine and like familiar surroundings. When they’re yanked from a home and placed in a new environment, it could lead to behavioral changes, loss of appetite or overall sadness. According to the American Humane Association, prior to moving day, pet parents should make sure pets are fitted with collars and ID tags with your name and current cellphone number. Microchipping is also recommended, serving as a backup if your pet loses its collar. Before the move, be sure to check with the City Clerk’s office in your new town to find out about local ordinances. Not only are leash laws and licensing common, but so are limits on the number of pets per household. For pet owners with more exotic pets, make sure you know the pet laws and regulations of the state to which you're moving. For example, if you own a monkey or reptile, you might need a special permit. Zoning laws may prohibit certain animals, as well. When traveling, if your pet is prone to car sickness, make sure you visit your veterinarian a few weeks prior to your move to get any prescribed medications and feeding recommendations. The last thing you want is a sick pet adding to the stress of moving day. For long-distance moves, be sure to identify pet-friendly hotels along your route and reserve rooms ahead of time. Once you arrive at your new house, create a pet-friendly space filled with your pet’s favorite blanket and toys. It’s also important that you spend some time with your pet—whether it’s a cat, dog, bird, rabbit or even guinea pig—to help them get comfortable. Make sure they know where their food is, and for cats, where the litter box is located. Moving with pets doesn’t have to be a stressful experience. Most pet owners treat their pets like members of the family, so don’t forget about their needs when a move is made. A happy and healthy pet can make any move go smoother. For more tips to make your move easier on your pet, contact our office today. Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.

In The Market for A Home: Finding The Right Realtor For You Is Key To A Smooth RE Process

New Ad Campaign Urges Consumers to "Get Realtor®"

RISMEDIA, Tuesday, February 09, 2016— Buying a home isn’t as easy as clicking a few buttons and magically getting the home of your dreams, as the current real estate advertising landscape leads many to believe. The reality is that real estate transactions can be stressful and there are often challenges and obstacles along the way.

To communicate Realtor® value in helping consumers succeed in all things real estate, the National Association of Realtors® has launched a new advertising campaign, “Get Realtor®.” The campaign targets hyper-connected and emerging generations of home buyers, sellers, owners and investors.

Technology has advanced modern life in many ways and allows people to do more online than ever before. With just a few keystrokes or taps on a screen, consumers can shop for a mortgage, learn about the buying or selling process and browse through photos of homes for sale. But access to information doesn’t automatically translate to success when buying or selling a home. In other words, when it comes to the biggest purchase many people will likely ever make, consumers need to “Get Realtor®.”

“When it comes to real estate and the Internet, today’s consumers don’t always know what they don’t know,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “The Get Realtor® campaign demonstrates how Realtors® – members of the National Association of Realtors® – can help buyers, sellers and investors succeed. We want today’s consumers to understand that having a Realtor® at their side is their competitive advantage in the real estate transaction.”

NAR’s consumer advertising campaign began 17 years ago, and launches in 2016 with a whole new look and feel to help modernize consumer perceptions of Realtors®, particularly among Millennials, who are currently the largest homebuying segment.

“Contemporizing an established brand will take time. To reach new generations, we’ve created advertising that is dramatically different and bold enough to break through the clutter and get noticed, and help drive consideration of Realtors®,” said Salomone. “Also, our own research found that consumers have anxiety about reaching out from behind their tech screens for professional assistance, including from a Realtor®. With this campaign, consumers will be exposed to a redefined brand in more contemporary channels that demonstrates why consumers need to Get Realtor®.”

The Get Realtor® campaign currently includes social, digital, print, and radio creative; NAR’s media mix is shifting significantly from previous campaigns to the social and digital side for greater engagement with tech-savvy consumers who are increasingly going mobile, getting their content on demand, and sharing information across their social networks.

The Get Realtor® campaign is the first created in partnership with advertising agency Arnold Worldwide, which was named NAR’s agency of record in 2015 for its strategy, creativity and extensive history of helping clients reinvent their brands, including Volkswagen, Ocean Spray and Progressive.

Real Estate Apps to Help Renters, Buyers, Sellers and Remodelers. Be Knowledgeable and Efficient.

                        New Real Estate Apps Can Help Renters, Buyers, Sellers and Remodelers

   

RISMEDIA, Tuesday, February 09, 2016— Real estate technology has grown exponentially since the first Internet boom, and with every passing year the pace seems to accelerate even more.

This summer, I attended multiple real estate conferences around the country and learned about a bunch of new technology that can help renters, home buyers and sellers at every stage of the process. Here’s a round-up of some of the tech that I’ve been keeping an eye on:

For Renters:
RadPad is a popular site for renters in search of their next apartment, condo, house or roommate. It shows how many people have clicked on a listing so potential renters can get an idea of how much interest there is for a specific property.

Another popular feature from RadPad is the ability for renters to pay their rent with a credit or debit card to any landlord in the country. Renters simply pay RadPad directly and the company sends a check to the landlord. This feature is ideal for millennials still renting, because once the check is cashed, they will receive a text confirming that the rent has been paid. It is free if you use a debit card, but there is a small fee for credit card payments.

For Buyers:
Mozaic is a new mobile-optimized social platform that connects buyers and their real estate agents directly to listings in the multi-listing service (MLS) database. It is currently available in Washington and its surrounding markets (i.e. all of the areas served by our MLS for the Mid-Atlantic).

Mozaic’s easy-to-use and collaborative home search enables buyers to share, comment on, select favorites and review homes they are interested in. Buyers can also invite up to 10 friends or family members to join the conversation, share instant feedback and suggest properties.

If buyers are looking for a fixer-upper, for example, and have an experienced carpenter in their social circle, they can invite that person to see their saved listings and share their thoughts about how feasible each project is to take on.

For Mortgage Shoppers: 
Fannie Mae jumped into the app development world with HOME, which pulls together mortgage related features usually found on different sites and puts them all in one place.

HOME comes with several calculators — a monthly mortgage estimator, a savings calculator to determine how much to plan for a down payment and an extra-payment calculator to help with the math on reducing the number of years on a mortgage.

There is also a built-in data dictionary and educational resources about home buying. HOME can also connect users directly to HUD-approved housing counseling agencies.

For People Making an Offer on a Home:
After a mortgage, utility expenses are often the next highest cost of living in a home. Now with Enerscore, anyone can find out more about the total monthly cost for a home before they move in, even before they make an offer on the property.

Enerscore uses public records to make up a profile of a home and then determines an energy performance rating. Using this information, the site estimates the monthly utility costs based on local rates for that neighborhood.

For Recent Home Buyers: 
The MagicPlan and Floorplanner apps work in conjunction to give users an interactive floor plan of their home.

MagicPlan is a smartphone app that lets you create a floor plan of any room just by walking its perimeter and noting where the corners are. Users can then import the floor plan into Floorplanner and use its library of furniture icons to plan out the furniture arrangement.

For People Renovating a Home:
Kukun (a play on the word ‘cocoon’) gives you the tools to complete renovation projects on time and on budget. After you provide details about a proposed project, Kukun not only gives you an estimate of the cost and a planning tool, but the site also provides a general idea of the financial return on investment for the project once you sell your home.

For Sellers: 
roOomy is a virtual staging app that creates a 3D image of any room in your home based on a photo taken with a smartphone or tablet. Users can choose from an extensive furniture catalogue to ‘stage’ the room on their screen.

This is especially helpful to sellers, who can delete images of their existing furniture and virtually replace them with updated pieces so that the listing photos look fresh and inviting. All of the furniture is available for purchase through roOomy’s retail partners directly within in the app.

The proliferation of technology tools to help throughout the entire real estate process isn’t showing any signs of slowing down. By this time next year there will be a whole new crop of options to choose from.

Whether you’re a renter, buyer, seller, renovator or anyone else who works in the real estate industry, there’s a technology tool — or several — to serve your needs.

This article originally appeared in The Washington Post.

Buying Beats Renting in Less Than 2 Years, but .......

Buying Beats Renting in Less Than Two Years, but Millennials Still Have Reason to Rent

RISMEDIA, Saturday, February 06, 2016— Home buyers in Boston, New York, and Washington, D.C. have to stay in a home for at least three years to break even on a home purchase, and buyers in the Bay Area would have to stay nearly that long to make buying financially advantageous, according to Zillow's Breakeven Horizon analysis for the fourth quarter of 2015.

Those under 35 stay employed at the same place for an average of three years, so buying may not make sense for them, from a financial standpoint, even if paying a mortgage would be more affordable.

In general, Americans can break even on a home purchase in less than two years in 70 percent of U.S. metros, thanks to low interest rates, healthy home value forecasts, and the relatively fast pace of rents in recent years.

The Breakeven Horizon is featured in the paperback edition of Zillow Talk: Rewriting the Rules of Real Estate (Grand Central Publishing, Jan. 26), as one of the major data points to consider when deciding whether to rent or buy. On average in the U.S., you don't need to plan on living in a home for even two years to make purchasing the home more financially advantageous than renting it over the same time period. Among large housing markets, the Breakeven Horizon is longest in Washington, D.C. – 4.5 years – and shortest in Dallas – 1.3 years.

Around the country over the last year, the Breakeven Horizon quickened in most of the Midwest and Southeast as well as in the Northeast corridor from New York to Boston. The Horizon stretched longer in Florida, Northern California, and in the Northeast from Virginia Beach to Philadelphia, but it remained clear that financially, it's still a better deal to buy a home than rent it, assuming you're planning to stay in the home for at least a couple years.

However the decision to buy may not be so simple for millennials – whose first jobs often take them to job centers with relatively high Breakeven Horizons. Boston, one of the nation's youngest cities, has a Breakeven Horizon of just over three years. San Francisco's Breakeven Horizon is 2.9 years, up from 2.6 years in the fourth quarter of 2014. Both markets are attracting young people following jobs, and many of those remain renters despite record-high rental costs.

"Even with record-high rents in job centers like San Jose, Boston and Washington, D.C., putting off a home purchase might be the best financial decision for a young person who has saved enough for a down payment, depending on how long they intend to stay in their jobs and homes," says Zillow Chief Economist Svenja Gudell. "Young workers face a lot of hurdles on the way to homeownership, including saving for a down payment in the first place and deciding where and when to settle down. The latest Breakeven Horizon gives young people another data point to consider when they're making this important financial decision."

In general, rents are flattening across the country and expected to continue to stabilize, a factor that could lengthen the Breakeven Horizon as homes continue to appreciate. Condominiums – a common choice for young home buyers in urban neighborhoods – have a longer Breakeven Horizon because of condo association fees.

TIPS: Financial - Home Selling - Home Ownership: Make Life Better at Home

BY: Liliana De Angeli, Greenville Realtor--Berkshire Hathaway--Talking Real Estate newsletter  FINANCIAL TIPS

The Importance of Assets Lenders dissect the entire credit history of a potential client with strict attention to income, credit, collateral and assets. Of the four, assets are perhaps the least discussed, yet may be the most important in securing credit and buying a home. Assets include the amount of money needed for the down payment plus closing costs, pre-paid costs (e.g., insurance and taxes, escrow fees and funds that would be available in case of an emergency). Assets could be considered a reflection of a one’s fiscal strength. Savings and budgeting could be a significant factor in assessing paying habits. What are assets? Common considerations for a loan include stocks, bonds, mutual funds, 401Ks, retirement accounts, life insurance, cars, boats, antiques, jewelry and other real estate. The source and timing of assets is also critical as restrictions have tightened. When borrowers are paying off credit cards to get their ratios in line, lenders want to know where the money came from. If it can’t be determined when a direct deposit is made from your employer or a transfer from one account to the next, a letter of explanation and a showing of proof of where it came from is likely to be required. It may not be advisable to make cash deposits or take any monies from someone personally unless it is a gift from a relative. Large and recent savings deposits raise underwriter concerns as they can indicate loans that have yet to appear on borrowers’ credit reports. Borrowing from relatives to boost savings and credit worthiness also doesn’t help. If funds aren’t reflected on income statements and tax returns, they can’t be used to qualify for mortgages. Make sure your assets are in order with proper documentation. Your preparation can speed you on the road to homeownership.

HOMESELLING TIPS

Curb Appeal: It’s Important Home sellers spend so much time preparing their interior for the sale that they can easily overlook the outside. Great curb appeal invites prospective buyers to view the rest of the property. In fact, it can increase the value of a property by as much as 15-20%. Start with the basics: A well-manicured lawn is a magnet for buyers. Overgrown trees or large bushes hiding the house are a definite no-no. Don’t forget to rake leaves, wash windows and skylights, clean gutters and trim shrubs. Don’t overlook the details: Consider adding flowers or sprucing things up with decorative grasses or Japanese maples. Accent trees with rocks or boulders to make a bold statement. Or how about adding a modest fountain to the yard or garden? Add low voltage lighting to highlight the yard, trees and the home’s exterior. Sometimes it’s the little, inexpensive things that can make a real difference. Do something as simple as adding a new mailbox, address numbers on your home, a new welcome mat and some potted plants by the front door. Remember, first impressions are often the most important.

HOME OWNERSHIP TIPS

A Glance at Green Benefits Single-family homes are responsible for more than 20% of the country’s greenhouse gas emissions. A green home can help reduce the causes of climate change and more homebuyers are looking to purchase homes with eco-friendly features. Consumers want homes that are sensitive to the environment. Solar panels aren’t for everyone. A home must be in an area with sufficient sunshine and be in an appropriate location. They typically require an up-front investment but because they are clearly visible from the street, they are likely to command a price premium. There are more inexpensive ways to make a home green. Energy-efficient appliances can reduce utility bills. Tankless water heaters mean less time and waste. Replacing old furnaces can lower your heating bill. Consider replacing windows and doors and finding ways to insulate the home. Producing 12 months of past electricity bills can signal to potential buyers that the home has an added bonus. A potential buyer may notice a swimming pool or great kitchen, but the home’s energy efficiency and “greenness” is harder to see. Therefore, a homeowner should make their home’s green features well known.

HOMESELLING TIPS

Think about adding a Home Theater Home-theater technology has evolved. Prices continue to drop, placing the concept easily within reach for many households. It’s where the family comes together to be entertained—and is likely one of the most occupied room in the house. There are several ways to make the home theater more appealing prior to showing a home: Clean all surfaces: Keep wiring discrete. While seating space is practical in a media room, consider reducing the number of sofas to give a spacious look to the room. Smart furniture choices: Choose furniture that improves the look of the room and creates the movie environment that so many desire. Keep equipment out of sight: Blu-Ray players, gaming consoles, speakers—should be kept out of sight. Unique features such as hidden wheels, flow-through ventilation, adjustable shelves, built-in media or speaker storage, and integrated cable management systems can make a big difference. Indeed, we’re in the golden age of gadgets and components. Rooms focused on technology and entertainment can be extremely appealing.