A good first impression is important in real estate. Online appeal gets buyers to view the home in person, and curb appeal gets them in the door.

With 90 percent of buyers looking for homes online, listing photos are crucial and should not be blurred or distorted, taken at the wrong time of day, or overly focused on furniture or other items.

When it comes to curb appeal, here are some suggestions for sellers:

Add plants at the front corners of the yard, along driveways or walkways, and in front of the house

• Fertilize grass and shrubs
• Replace worn gutters
• Patch driveway cracks
• Spruce up or replace the front door
• Install exterior lighting
• Ensure that entry hardware matches

To jazz up the entryway, sellers should remove clutter and personal items, remove dated carpeting, and ensure that the home smells nice. As for other improvements, experts say sellers should pay close attention to return on investment, spending most of their money in the kitchen and bathrooms but avoiding major overhauls given that buyers are likely to make changes when they move in.

Source: http://realtormag.realtor.org/daily-news/2013/06/25/first-impressions-matter-more-ever?om_rid=AAEBaY&om_mid=_BRydt3B8zibJ7M&om_ntype=RMODaily

It doesn’t have to cost a fortune to improve a home and make it more sellable, according to HomeGain’s 2012 National Home Improvement Survey.

HomeGain surveyed nearly 500 real estate professionals nationwide to determine the top do-it-yourself home improvement projects that offers some of the biggest bang for your buck when selling a home.

“In a buyer’s market, sellers need to dress their homes for success before putting them on the market,” says Louis Cammarosano, HomeGain’s general manager. The survey shows “that do-it-yourself home improvements like cleaning and de-cluttering and lightening and brightening your home are cost-effective ways of increasing your chances of selling faster and closing closer to the asking price than homes rushed to the market with no improvements.”

Here are the top five projects that real estate professional recommend to their clients–projects that have the potential to offer some of the highest returns on investment at resale, according to the 2012 HomeGain survey:

1. Clean and declutter

What to do: “Removing personal items; wash and clean all areas of inside and outside of house; freshen air; remove clutter from furniture, counters, and all areas of the home; organize closets; polish woodwork and mirrors.”

Estimated cost: $402

Potential ROI: 403% or $2,024 to the home’s sale price

2. Lighten and brighten

What to do: “Open windows; clean windows and skylights inside and outside; replace old curtains or removing curtains; remove other obstacles from windows blocking light; repair lighting fixtures; make sure window open easily.”

Estimated cost: $424

Potential ROI: 299% or $1,690

3. Repair electrical and plumbing

What to do: “Update leaky or old faucet spouts and handles; repair leaks under bathroom or kitchen sinks; laundry room pipes; toilets should be in good working condition; remove mildew stains.

“Update electrical with new wiring for modern appliances and/or Internet and other audio/visual equipment requested in homes today; door bell should work; service sprinkler systems; fix lights and outlets that do not turn on; replace old plug points with new safety fixtures.”

Estimated cost: $808

Potential ROI: 293% or $3,175

4. Landscaping

What to do: “Front and back yards; add bark mulch; rake and remove leaves, branches and debris; plant bushes and flowers; add planters and hanging plants; mow grass; water lawn and plants; remove weeds and dead plants; manicure existing plants; any yardwork that improves the curb appeal of a home.”

Estimated cost: $564

ROI: 215% or $1,777

5. Staging

What to do: “Add fresh flowers; removing personal items; reduce clutter; rearrange furniture; add new props or furniture to enhance room/s; play soft music; hang artwork in walls.”

Estimated cost: $724

ROI: 196% or $2,145

However, the survey finds that the home improvement projects that offer the highest potential price increase to a home’s resale value continues to be updating the kitchen and bathroom. Home sellers could potentially see a $3,255 price increase to their home at resale by tackling kitchen and bathroom projects, according to the HomeGain survey. But those projects aren’t usually cheap to do. Check out our post earlier this year about the 2011-2012 Cost vs. Value report to see what home remodeling projects offer the biggest potential returns at resale.

Source: http://styledstagedsold.blogs.realtor.org/2012/04/30/5-diy-projects-to-increase-sales-value-by-more-than-10000/

Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above where they were a year ago, according to the National Association of REALTORS®.

The latest monthly data shows total existing-home sales rose 5.0 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010. The estimates are based on completed transactions from multiple listing services that include single-family homes, townhomes, condominiums and co-ops.

Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

For all of 2011, existing-home sales rose 1.7 percent to 4.26 million from 4.19 million in 2010.

Affordability Conditions

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to another record low of 3.96 percent in December from 3.99 percent in November; the rate was 4.71 percent in December 2010; recordkeeping began in 1971.

NAR President Moe Veissisaid more buyers are expected to take advantage of market conditions this year. “The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves,” he said. “More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”

Total housing inventory at the end of December dropped 9.2 percent to 2.38 million existing homes available for sale, which represents a 6.2-month supply at the current sales pace, down from a 7.2-month supply in November.

Available inventory has trended down since setting a record of 4.04 million in July 2007, and is at the lowest level since March 2005 when there were 2.30 million homes on the market.

“The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future,” Yun said.

Who’s Buying What

Foreclosures sold for an average discount of 22 percent in December, up from 20 percent a year ago, while short sales closed 13 percent below market value compared with a 16 percent discount in December 2010.

The national median existing-home price for all housing types was $164,500 in December, which is 2.5 percent below December 2010. Distressed homes — foreclosures and short sales — accounted for 32 percent of sales in December (19 percent were foreclosures and 13 percent were short sales), up from 29 percent in November; they were 36 percent in December 2010.

All-cash sales accounted for 31 percent of purchases in December, up from 28 percent in November and 29 percent in December 2010. Investors account for the bulk of cash transactions.

Investors purchased 21 percent of homes in December, up from 19 percent in November and 20 percent in December 2010. First-time buyers fell to 31 percent of transactions in December from 35 percent in November; they were 33 percent in December 2010.

Contract failures were reported by 33 percent of NAR members in December, unchanged from November; they were 9 percent in December 2010. Although closed sales are holding up better than this finding would suggest, contract cancellations are caused largely by declined mortgage applications and failures in loan underwriting from appraised values coming in below the negotiated price.

Single-family home sales increased 4.6 percent to a seasonally adjusted annual rate of 4.11 million in December from 3.93 million in November, and are 4.3 percent higher than the 3.94 million-unit pace a year ago. The median existing single-family home price was $165,100 in December, which is 2.5 percent below December 2010.

Existing condominium and co-op sales rose 8.7 percent to a seasonally adjusted annual rate of 500,000 in December from 460,000 in November but are 2.0 percent below the 510,000-unit level in December 2010. The median existing condo price was $160,000 inDecember, down 3.0 percent from a year ago.

Around the Country

Regionally, existing-home sales in the Northeast jumped 10.7 percent to an annual pace of 620,000 in December and are 3.3 percent above a year ago. The median price in the Northeast was $231,300, which is 2.7 percent below December 2010.

Existing-home sales in the Midwest rose 8.3 percent in December to a level of 1.04 million and are 9.5 percent above December 2010. The median price in the Midwest was $129,100, down 7.9 percent from a year ago.

In the South, existing-home sales increased 2.9 percent to an annual level of 1.76 million in Decemberand are 3.5 percent above a year ago. The median price in the South was $146,900, down 1.1 percent from December 2010.

Existing-home sales in the West rose 2.6 percent to an annual pace of 1.19 million in December but are 0.8 percent below December 2010. The median price in the West was $205,200, up 0.3 percent from a year ago.

Source: NAR http://realtormag.realtor.org/daily-news/2012/01/20/december-existing-home-sales-show-uptrend

Pending home sales rose 7.3 percent in November to the highest level since April 2010, according to the National Association of Realtors. That is some good news for the local and national housing markets.

The Realtors also revised higher its pending home sales data for October, showing a gain of 10.4 percent the previous month.

“Housing affordability conditions are at a record high and there is pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high," said NAR chief economist Lawrence Yun. “Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.”

Pending home sales in the south, which includes the Washington area, rose 4.3 percent last month, and were up 8.7 percent from year-ago levels.

Freddie Mac reported Thursday that 30-year fixed-rate mortgages remained below 4 percent for the ninth consecutive week this week, contributing to an increase in buyer activity

Source: http://www.bizjournals.com/phoenix/morning_call/2011/12/pending-home-sales-reach-19-month-high.html

Home buyers and -sellers alike often bristle with anticipatory irritation at the mere thought of all the paperwork they expect they’ll have to come up with to do their transaction, above and beyond the basic loan application, contract, disclosures and closing docs. And these worries start way in advance; it’s as though, before they even start visiting open houses, buyers begin to visualize - and dread - spending hours upon hours in the dank catacombs of the Vatican (à la Da Vinci Code) combing through ancient files, seeking some rare and precious artifact documenting their childhood dental history or genealogy.

In some respects, this vision of the experience of obtaining a home loan might not be far off - there are oodles of hoops through which to jump and, occasionally, the loan underwriter requests something sort of bizarre. But more commonly, there’s a pretty finite universe of documents you’ll really need to scrounge up to get your home bought - or sold. Here they are:

1. ID (e.g., driver’s license, state-issued ID, passport).  Who must produce it?  Buyers and sellers.  Why?  Uh, hello!?!  Lender wants to know that you are who you say you are, buyers, and the title insurance company wants to make sure, sellers, that you actually have the right to sell the home.  Funny enough, this commonly goes unrequested until you get to the closing table, when the notary requests to see it before signing, but some mortgage brokers and even some real estate brokers and agents may ask to see it earlier on.
2. Paycheck Stubs.  Who must produce it?  Any buyer financing their purchase with a mortgage.  Sellers, usually only in the case of a short sale.  Why? Buyers’ purchase price ranges are determined, in part, by their income. And short sellers have to prove an economic hardship.
3. Two months’ bank account statements. Who must produce it?  Buyers getting financing; sellers selling short. Why? Buyers’ lenders now require proof of regular income and proof that the down payment money is your own.  Short sellers?  It’s all about the hardship.
4. Two years’ W-2 forms or tax returns. Who must produce it?  Mortgage-seeking buyers and short selling sellers. Why? Banks want to see a stable, long-term income. They also limit you to claiming as income the amount on which you pay taxes (attn: all business owners!). And in short sales, again, they want documentation of every single facet of your finances.
5. Updated everything. Who must produce it? Buyer/mortgage applicants. Why? Because things change, and because the time period between the first loan application and closing can be many months - even years! - on today’s market. During the time between contract and closing it’s not at all unusual for underwriters to demand buyers produce updated mortgage statements, checks stubs, and such - and its quite common for them to call your office the day before closing to request a last minute verification of employment!
6. Quitclaim deed. Who must produce it?  Married buyers purchasing homes they plan to own as separate property.  Married sellers selling homes that they own separately, or joint owners selling their interests separately.  Why? With the Quitclaim Deed, the other spouse or owner signs any and all interests they even might have had in the property over the the selling owner, making it possible for the title insurer to guarantee clear, undisputed title is being transferred in the sale.
7. Divorce decree.  Who must produce it? Buyers and sellers who need to document their solo status or the property-splitting terms of their divorce. Why? Again, to ensure that the seller has the right to sell.  Recently single buyers might need to prove that they shouldn’t be held to account for their ex’s separate debts or credit report dings.
8. Gift letters.  Who must produce it? Buyers using gift money toward their down payment.  Why? The bank wants to be sure the gift came from a relative, and is their own money to give.  They also want the relative to confirm in writing that it’s a gift, not a loan - a loan would need to be factored into your debt load.
9. Compliance certificates. Who must produce it? Usually sellers, but sometimes buyers, by contract. Why? Some local governments require various condition requirements be met before the property is transferred, like some cities which require a sewer line be video scoped and repaired, cities which require a checklist of items be met before a certificate of occupancy be issued (usually relevant to brand new and really old homes, the latter of which are often subject to lead paint concerns) and energy conservation ordinances which require low-flow toilets and shower heads to be installed. Ask your real estate pro for advice about which, if any, such ordinances apply in your area.
10. Mortgage statements. Who must produce it?  Any seller with a mortgage. Why? the escrow holder or title company will need to use them to order payoff demands from any mortgage holder who has to get paid before the property’s title can be transferred.

Pending home sales rose 7.3 percent in November to the highest level since April 2010, according to the National Association of Realtors. That is some good news for the local and national housing markets.

The Realtors also revised higher its pending home sales data for October, showing a gain of 10.4 percent the previous month.

“Housing affordability conditions are at a record high and there is pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high," said NAR chief economist Lawrence Yun. “Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.”

Pending home sales in the south, which includes the Washington area, rose 4.3 percent last month, and were up 8.7 percent from year-ago levels.

Freddie Mac reported Thursday that 30-year fixed-rate mortgages remained below 4 percent for the ninth consecutive week this week, contributing to an increase in buyer activity.

Source:http://www.bizjournals.com/phoenix/morning_call/2011/12/pending-home-sales-reach-19-month-high.html