3/30/09
78% of potential first-time home buyers say that now is a good time to buy a home
RISMEDIA, March 30, 2009-Century 21 Real Estate LLC, the franchisor of one of the world’s largest residential real estate sales organizations, announced the results of its recently commissioned first-time home buyer survey. The survey found that more than three-quarters (78%) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed for the CENTURY 21 First-Time Home Buyer Survey, 68% think now is a better time to buy than six months ago. Prices are the driving motivation for potential first-time home buyers with more than eight out of ten first-time home buyers (85%) saying they consider current home prices affordable and 73% citing that taking advantage of current prices is a major factor in their decision to buy. Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42%) and “waiting for prices to go down before they seriously consider making a purchase” (48%).
2009 Mortgage Rates - What the Experts are Saying
This is from the blog of Brandon Cornett in Austin, TX and the Home Buyer Institute:
2009 Mortgage Rates - What the Experts are Saying
"What kind of interest rates can we expect on home mortgage loans in 2009? This is a common question among home buyers, and rightfully so. With so much turbulence in the economy, it's hard to keep track of the ups and downs. So let's take a quick poll of what the experts are saying, with regard to 2009 mortgage rate predictions.
Current Mortgage Rates
Let's start with what we know right now. At the time this blog post was published, Freddie Mac's weekly summary of the primary mortgage market told us the following:
* Average rate for a 30-year fixed mortgage was 5.04% (down slightly from previous weeks)
* Average mortgage rate for a 15-year fixed loan was 4.68%
* Average rate for the 5/1 ARM loan (most common type of adjustable mortgage) was 5.04%
This data was for the week of February 19, 2009. But what about the rest of the year? What will happen to 2009 mortgage rates in the months to come? This is a popular question among consumers right now, and understandably so. Unfortunately, there are no crystal balls that can tell us what mortgage rates will do through 2009 or beyond. So the best we can do is make an educated guess based on current conditions. And for that, I turn to some folks who are much more educated on this subject than I am.
Predictions for the Rest of 2009
In December of 2008, U.S. News ran an article that cited the 2009 interest rate predictions of HSH Associates (a mortgage information service). They seemed to think that mortgage rates would swing between 5.5% and 6% for much of 2009, and then rise to just over 6% by the end of this year. Based on the weekly summaries provided by Freddie Mac, these predictions seem a little high to me. But it's too early to say if their year-end predictions will be more or less accurate.
More recently in January, the New York Times published an article that quotes Orawin Velz, the vice president of economic forecasting for the Mortgage Bankers Association. She estimated that 2009 mortgage rates would hover at, or slightly above, 5% for most of the year.
One week after the New York Times piece mentioned above, an article in Business Week cited projections from Freddie Mac that had mortgage rates wavering between 5% and 5.25% for the remainder of 2009."
2009 Mortgage Rates - What the Experts are Saying
"What kind of interest rates can we expect on home mortgage loans in 2009? This is a common question among home buyers, and rightfully so. With so much turbulence in the economy, it's hard to keep track of the ups and downs. So let's take a quick poll of what the experts are saying, with regard to 2009 mortgage rate predictions.
Current Mortgage Rates
Let's start with what we know right now. At the time this blog post was published, Freddie Mac's weekly summary of the primary mortgage market told us the following:
* Average rate for a 30-year fixed mortgage was 5.04% (down slightly from previous weeks)
* Average mortgage rate for a 15-year fixed loan was 4.68%
* Average rate for the 5/1 ARM loan (most common type of adjustable mortgage) was 5.04%
This data was for the week of February 19, 2009. But what about the rest of the year? What will happen to 2009 mortgage rates in the months to come? This is a popular question among consumers right now, and understandably so. Unfortunately, there are no crystal balls that can tell us what mortgage rates will do through 2009 or beyond. So the best we can do is make an educated guess based on current conditions. And for that, I turn to some folks who are much more educated on this subject than I am.
Predictions for the Rest of 2009
In December of 2008, U.S. News ran an article that cited the 2009 interest rate predictions of HSH Associates (a mortgage information service). They seemed to think that mortgage rates would swing between 5.5% and 6% for much of 2009, and then rise to just over 6% by the end of this year. Based on the weekly summaries provided by Freddie Mac, these predictions seem a little high to me. But it's too early to say if their year-end predictions will be more or less accurate.
More recently in January, the New York Times published an article that quotes Orawin Velz, the vice president of economic forecasting for the Mortgage Bankers Association. She estimated that 2009 mortgage rates would hover at, or slightly above, 5% for most of the year.
One week after the New York Times piece mentioned above, an article in Business Week cited projections from Freddie Mac that had mortgage rates wavering between 5% and 5.25% for the remainder of 2009."
3/26/09
Really?
From the Salt Lake Board of Realtors:
"In February there were 584 homes and condos sold, up 32 percent from
444 sales in January. The increase in sales can be partly attributed
to an aggressive incentive campaign by the federal government that offers an
$8,000 tax credit to first-time home buyers or buyers who have not owned
a home in the past three years."
What a bunch of hooey! How do sales in February have ANYTHING to do
with a program that wasn't even approved until mid-February?
I would suggest that "the best improvement is yet to come." Yes,
those people may benefit from the tax credit, but their purchase
decisions were not based on incentives from the US Government. We're
just beginning to see closings from these new programs around the end
of March.
"In February there were 584 homes and condos sold, up 32 percent from
444 sales in January. The increase in sales can be partly attributed
to an aggressive incentive campaign by the federal government that offers an
$8,000 tax credit to first-time home buyers or buyers who have not owned
a home in the past three years."
What a bunch of hooey! How do sales in February have ANYTHING to do
with a program that wasn't even approved until mid-February?
I would suggest that "the best improvement is yet to come." Yes,
those people may benefit from the tax credit, but their purchase
decisions were not based on incentives from the US Government. We're
just beginning to see closings from these new programs around the end
of March.
3/25/09
Home Sales are increasing, not decreasing, in Salt Lake City
From the Salt Lake Trib's Lesley Mitchell this morning:
"The state's downward spin began in mid-2007 in residential real estate with a sharp fall in home sales. But what began as a real estate-oriented downturn with layoffs at home builders, real estate brokerages and title companies, has expanded to many different sectors of the economy."
While the outlook may seem grim, there is a silver lining to this dreary cloud. Previously owned home sales in the U.S. have unexpectedly started to rise. Even sales of condos and co-ops have jumped slightly. And nearly half of these sales were of distressed properties, such as foreclosures.
This is good news for small scale investors. These seem to be the main group buying up existing distressed properties and installing renters, rather than face the still comatose retail sales market. Add to that the fresh burst of growing Utah families in need of a new home, the recently passed new home tax incentive bill for $6000, the federal tax incentive for home buyers of $8000 and this could be the perfect storm for those who would normally not be able to find or afford a decent home.
Also, it should be noted that while it does seem existing home sales in Utah have plummeted from February of last year to February this year, this is only when lumping sales for Salt Lake County as a whole. Market trends are entirely unique to neighborhoods and the style of the homes. Let's look at year-to-date sales in 2009 compared to the first quarter of last year, according to the Fantis Report based on MLS data. 84105 is down only 1% with a new average sale price of $287,580. Neighboring that zip code is 84106. It's average sale price fell 15% to $236,145. That's a huge difference. Or is it?
Bear in mind these numbers may not truly reflect what happened to everyone's home value. For example, there just aren't many high-end homes selling right now. That really skews the averages downward. It's possible to have more value in your home now than you did last year. The only way to know is with an individual assessment by a qualified appraiser or Realtor who knows your neighborhood well.
Now as to why these numbers are up is anyone's guess. I suspect this may be because homes are starting to price a bit better and we are nearing the bottom of the market. Also, Utah has not been affected as drastically as the rest of the nation and there are a lot more incentives out in the market right now to buy in those hot spots of the city.
"The state's downward spin began in mid-2007 in residential real estate with a sharp fall in home sales. But what began as a real estate-oriented downturn with layoffs at home builders, real estate brokerages and title companies, has expanded to many different sectors of the economy."
While the outlook may seem grim, there is a silver lining to this dreary cloud. Previously owned home sales in the U.S. have unexpectedly started to rise. Even sales of condos and co-ops have jumped slightly. And nearly half of these sales were of distressed properties, such as foreclosures.
This is good news for small scale investors. These seem to be the main group buying up existing distressed properties and installing renters, rather than face the still comatose retail sales market. Add to that the fresh burst of growing Utah families in need of a new home, the recently passed new home tax incentive bill for $6000, the federal tax incentive for home buyers of $8000 and this could be the perfect storm for those who would normally not be able to find or afford a decent home.
Also, it should be noted that while it does seem existing home sales in Utah have plummeted from February of last year to February this year, this is only when lumping sales for Salt Lake County as a whole. Market trends are entirely unique to neighborhoods and the style of the homes. Let's look at year-to-date sales in 2009 compared to the first quarter of last year, according to the Fantis Report based on MLS data. 84105 is down only 1% with a new average sale price of $287,580. Neighboring that zip code is 84106. It's average sale price fell 15% to $236,145. That's a huge difference. Or is it?
Bear in mind these numbers may not truly reflect what happened to everyone's home value. For example, there just aren't many high-end homes selling right now. That really skews the averages downward. It's possible to have more value in your home now than you did last year. The only way to know is with an individual assessment by a qualified appraiser or Realtor who knows your neighborhood well.
Now as to why these numbers are up is anyone's guess. I suspect this may be because homes are starting to price a bit better and we are nearing the bottom of the market. Also, Utah has not been affected as drastically as the rest of the nation and there are a lot more incentives out in the market right now to buy in those hot spots of the city.
US Existing Home Sales Climb, but Utah Plummets
From the Salt Lake Trubune Staff and Wire Services:
"In Utah, the Salt Lake Board of Realtors reported that 578 homes and condos were sold in February, down 23 percent from the 753 units sold in February of last year.
Along the Wasatch Front in Salt Lake, Utah, Davis and Weber counties and in neighboring Tooele County, 1,191 homes and condos were sold in February, down from 1,652 units from the same period last year, according to the Utah Association of Realtors."
"In Utah, the Salt Lake Board of Realtors reported that 578 homes and condos were sold in February, down 23 percent from the 753 units sold in February of last year.
Along the Wasatch Front in Salt Lake, Utah, Davis and Weber counties and in neighboring Tooele County, 1,191 homes and condos were sold in February, down from 1,652 units from the same period last year, according to the Utah Association of Realtors."
U.S. home sales climb at fastest pace in 10 months
From Reuters this morning:
WASHINGTON (Reuters) - New orders for long-lasting U.S. made goods rose in February for the first time in seven months and new home sales rebounded, government reports showed on Wednesday, suggesting the economic downturn might be easing a bit.
The Commerce Department said durable goods orders rose 3.4 percent to $165.6 billion in February, the biggest gain since December 2007, after a 7.3 percent plunge the prior month.
In another report, the department said sales of newly built U.S. single-family homes rose at their fastest pace in 10 months in February.
The data are the latest in a series of recent economic reports indicating the downturn in the economy, after a brutal fourth quarter, may be moderating.
"This is consistent with the data that we've seen for January and February, reflecting the fact that the pace of the decline in the U.S. economy has stabilized somewhat from the significant decline seen in November and December," said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon, in New York.
U.S. equity indexes extended gains after the new home sales data, while U.S. Treasury debt prices fell and the U.S. dollar was lower against the euro.
SLOW DOWN IN PACE OF DETERIORATION
Recent data, including retail sales and housing, have pointed to some signs of a slowdown in the pace of the economy's downturn. The U.S. economy slipped into recession in December 2007.
New durable goods orders excluding transportation rose 3.9 percent in February, the largest gain since August 2005, the Commerce Department said. Orders for machinery soared 13.5 percent in February, the biggest increase since March 2004.
One of the few weak spots in the report was civilian aircraft and parts, which dropped 28.9 percent after Boeing reported only four new aircraft orders in the month after 18 orders in January. Motor vehicle and parts eased 0.6 percent after a 7.6 percent tumble in January.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, expanded 6.6 percent in February. The prior month was revised to an 11.3 percent drop, previously reported as a 5.7 percent decline.
Inventories of manufactured durable goods fell for a second consecutive month in February, easing 0.9 percent to $336.8 billion, after dropping 1.1 percent in January.
A separate report from the Commerce Department showed sales of sales of newly built U.S. homes rose 4.7 percent to a 337,000 annual pace, the fastest increase since April last year, from 322,000 in January.
Despite the increase, February sales were the second lowest ever after the drop in January to the slowest pace in records going back to 1963, the department said.
Read more
WASHINGTON (Reuters) - New orders for long-lasting U.S. made goods rose in February for the first time in seven months and new home sales rebounded, government reports showed on Wednesday, suggesting the economic downturn might be easing a bit.
The Commerce Department said durable goods orders rose 3.4 percent to $165.6 billion in February, the biggest gain since December 2007, after a 7.3 percent plunge the prior month.
In another report, the department said sales of newly built U.S. single-family homes rose at their fastest pace in 10 months in February.
The data are the latest in a series of recent economic reports indicating the downturn in the economy, after a brutal fourth quarter, may be moderating.
"This is consistent with the data that we've seen for January and February, reflecting the fact that the pace of the decline in the U.S. economy has stabilized somewhat from the significant decline seen in November and December," said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon, in New York.
U.S. equity indexes extended gains after the new home sales data, while U.S. Treasury debt prices fell and the U.S. dollar was lower against the euro.
SLOW DOWN IN PACE OF DETERIORATION
Recent data, including retail sales and housing, have pointed to some signs of a slowdown in the pace of the economy's downturn. The U.S. economy slipped into recession in December 2007.
New durable goods orders excluding transportation rose 3.9 percent in February, the largest gain since August 2005, the Commerce Department said. Orders for machinery soared 13.5 percent in February, the biggest increase since March 2004.
One of the few weak spots in the report was civilian aircraft and parts, which dropped 28.9 percent after Boeing reported only four new aircraft orders in the month after 18 orders in January. Motor vehicle and parts eased 0.6 percent after a 7.6 percent tumble in January.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, expanded 6.6 percent in February. The prior month was revised to an 11.3 percent drop, previously reported as a 5.7 percent decline.
Inventories of manufactured durable goods fell for a second consecutive month in February, easing 0.9 percent to $336.8 billion, after dropping 1.1 percent in January.
A separate report from the Commerce Department showed sales of sales of newly built U.S. homes rose 4.7 percent to a 337,000 annual pace, the fastest increase since April last year, from 322,000 in January.
Despite the increase, February sales were the second lowest ever after the drop in January to the slowest pace in records going back to 1963, the department said.
Read more
3/22/09
Salt Lake Tribune version of Letter to the Editor on Millcreek Monster Homes
Click on this link to read my most recent article in the Salt Lake Trib Millcreek Mega Homes
Real estate agents report a rash of panicked property interest among cashed-up, Gen-Y investors.
"Any successful real estate investor will tell you that real wealth comes from the combination of loan payoff and appreciation." - The Coloradan.com
3/19/09
Read all about it! Article I wrote for Utah Pulse featured on the front page today!
I wrote up a little something about how this new Utah $6000 tax incentive for new home purchases will affect our state's housing economy for Utah Pulse. It's right on the front page of the site this morning!
Here's the full page text of the article for your reading pleasure:
Salt Lake Real Estate article
Here's the full page text of the article for your reading pleasure:
Salt Lake Real Estate article
3/17/09
Millcreek Monster Homes
This is a letter I sent to the editors of our local papers about the Millcreek Megahomes controversy:
Letter to the Editor
There's the woman who lived in a shoe, had so many kids she didn't
know what to do. She really wants a monster home, but some people
don't want her to have it. What gives? I am a broker/owner of the Fantis Group and saltyhomes.com. I work a lot in the Millcreek area. I also live in Millcreek and have both small homes and large homes on my street. Overall, I like it.
Fist of all, my neighbors with big houses come with many benefits.
They take care of their yards and don't park dilapidated campers in
them. Their big houses increase the value of the little houses in the
neighborhood. The big houses are nice, and are kept nice. Usually the
big houses are required to put in sidewalks and curb and gutter, too.
Aren't sidewalks good for the neighborhood? Most of the people with
small homes opted out of this recent neighborhood improvement. I
guess the kids can walk to school in the street.
I recognize some of the cons, as well. In some cases existing homes
lose their views to monster homes. Sometimes roosters get confused in
the shadow of the monster home and "Cock-a-doodle-do!" at the wrong
time of the day. My question to the people that don't want them is,
"Why not?" Is that big bully (monster house) picking on you again?
All neighborhoods on the east side have big houses. Every one of
them. I'd be all for cleaning up the monster homes restrictions if we
could clean up the rest of our acts, first. Let's take care of our
yards, junk collections, sidewalks, and fences. Let's clear trees and
shrubs away from stop signs so people don't blow through them. I
guess I feel like we've got many battles from which to choose, and
some of them make a bigger difference in the community than others.
Oh, and for the record, I live in one of those little houses,
comparatively speaking.
Tony Fantis
East Millcreek
Letter to the Editor
There's the woman who lived in a shoe, had so many kids she didn't
know what to do. She really wants a monster home, but some people
don't want her to have it. What gives? I am a broker/owner of the Fantis Group and saltyhomes.com. I work a lot in the Millcreek area. I also live in Millcreek and have both small homes and large homes on my street. Overall, I like it.
Fist of all, my neighbors with big houses come with many benefits.
They take care of their yards and don't park dilapidated campers in
them. Their big houses increase the value of the little houses in the
neighborhood. The big houses are nice, and are kept nice. Usually the
big houses are required to put in sidewalks and curb and gutter, too.
Aren't sidewalks good for the neighborhood? Most of the people with
small homes opted out of this recent neighborhood improvement. I
guess the kids can walk to school in the street.
I recognize some of the cons, as well. In some cases existing homes
lose their views to monster homes. Sometimes roosters get confused in
the shadow of the monster home and "Cock-a-doodle-do!" at the wrong
time of the day. My question to the people that don't want them is,
"Why not?" Is that big bully (monster house) picking on you again?
All neighborhoods on the east side have big houses. Every one of
them. I'd be all for cleaning up the monster homes restrictions if we
could clean up the rest of our acts, first. Let's take care of our
yards, junk collections, sidewalks, and fences. Let's clear trees and
shrubs away from stop signs so people don't blow through them. I
guess I feel like we've got many battles from which to choose, and
some of them make a bigger difference in the community than others.
Oh, and for the record, I live in one of those little houses,
comparatively speaking.
Tony Fantis
East Millcreek
3/15/09
$6,000 grant for Utah new home purchases
The Utah legislature just took some of that federal money coming our way and pushed it into the waiting hands of soon-to-be new home buyers. While the program, dubbed the Home Run Grant, has been approved, it will likely be the end of this week or next before any funds will be available through Utah Housing.
With any grant or government program, there are many stipulations. First, the home or condo must must be new. Generally a new home is considered to be one that has not been lived in before.
The next stipulation is based on income. The limits have been set high, with $75,000 for an individual or $150,000 for a couple filing jointly. Married couples filing jointly get a nice workaround for the $75k limit, as one person could make $100,000/year as long as the total joint income is less than $150k.
Another great feature of Home Run is that it can be combined with the $8,000 first time home buyer tax credit. It is possible the $6,000 will be taxed by the IRS, though the final decision on this is still pending at press time.
Before you give up on this incredible tax benefit, be aware a first time home buyer is generally considered someone who has not owned a primary residence in the last three years. There are also a couple of divorce considerations such as a single parent or a displaced homemaker.
The loan must be a 30 year, fixed rate loan. Most common loan types qualify, and the application must be made by a Utah licensed mortgage lender. Your lender makes application for the loan for you through Utah Housing. It's a good idea to stay in communication with your lender or request documentation of progress. In my own business as a Realtor, I do this on a regular basis for my clients.
A total of $10 million has been set aside for 1,666 buyers in Utah. The grants will be issued on a first-come, first-serve basis, which is expected to be determined at the time of final underwriting. Other early information has pointed toward a '30 day lock,' which would create the ability to get funds conditionally approved 30 days prior to closing. Bare in mind the final details are forthcoming.
The new home must be occupied as the buyer's primary residence within 30 days of closing. There may be a co-signor in some circumstances, and the funds will be available immediately upon closing.
The Home Run Grant program is expected to quickly eliminate the inventory of existing new homes. It will stimulate the economy further by boosting new home construction. New home construction will create much-needed jobs in an industry that has been hit the hardest since the market correction beginning in late 2007.
There are many programs in place to help home buyers obtain loans in Utah. Most people can still qualify for home loans. Be sure to check with your trusted lender for more information.
To search all real estate listed by every Realtor in the Salt Lake City area, visit www.saltyhomes.com. No registration is required to use the site.
With any grant or government program, there are many stipulations. First, the home or condo must must be new. Generally a new home is considered to be one that has not been lived in before.
The next stipulation is based on income. The limits have been set high, with $75,000 for an individual or $150,000 for a couple filing jointly. Married couples filing jointly get a nice workaround for the $75k limit, as one person could make $100,000/year as long as the total joint income is less than $150k.
Another great feature of Home Run is that it can be combined with the $8,000 first time home buyer tax credit. It is possible the $6,000 will be taxed by the IRS, though the final decision on this is still pending at press time.
Before you give up on this incredible tax benefit, be aware a first time home buyer is generally considered someone who has not owned a primary residence in the last three years. There are also a couple of divorce considerations such as a single parent or a displaced homemaker.
The loan must be a 30 year, fixed rate loan. Most common loan types qualify, and the application must be made by a Utah licensed mortgage lender. Your lender makes application for the loan for you through Utah Housing. It's a good idea to stay in communication with your lender or request documentation of progress. In my own business as a Realtor, I do this on a regular basis for my clients.
A total of $10 million has been set aside for 1,666 buyers in Utah. The grants will be issued on a first-come, first-serve basis, which is expected to be determined at the time of final underwriting. Other early information has pointed toward a '30 day lock,' which would create the ability to get funds conditionally approved 30 days prior to closing. Bare in mind the final details are forthcoming.
The new home must be occupied as the buyer's primary residence within 30 days of closing. There may be a co-signor in some circumstances, and the funds will be available immediately upon closing.
The Home Run Grant program is expected to quickly eliminate the inventory of existing new homes. It will stimulate the economy further by boosting new home construction. New home construction will create much-needed jobs in an industry that has been hit the hardest since the market correction beginning in late 2007.
There are many programs in place to help home buyers obtain loans in Utah. Most people can still qualify for home loans. Be sure to check with your trusted lender for more information.
To search all real estate listed by every Realtor in the Salt Lake City area, visit www.saltyhomes.com. No registration is required to use the site.
3/6/09
How to get the best price for your home
There are a lot of great things you can do to ensure you get the best price possible on the sale of your home. But first things first, emotionally detach yourself. You're going to need that to make a few key changes...Got yourself emotionally seperated? Whew! Now for the big, important changes:
1. Pack up the personal stuff. Pack up those photographs and family heirlooms. You want buyers to imagine their own photos on the walls, and they can't do that if yours are there! You don't want to make any buyer ask, "I wonder what kind of people live in this home?" You want buyers to say, "I can see myself living here."
2. De-Clutter!
Consider this: if you haven't used it in over a year, you probably don't need it.
o If you don't need it, why not donate it or throw it away?
o Remove all books from bookcases.
o Pack up those knickknacks.
o Clean off everything on kitchen counters.
o Put essential items used daily in a small box that can be stored in a closet when not in use.
o Think of this process as a head-start on the packing you will eventually need to do anyway.
3. Rearrange Bedroom Closets and Kitchen Cabinets. Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:
o Alphabetize spice jars.
o Neatly stack dishes.
o Turn coffee cup handles facing the same way.
o Hang shirts together, buttoned and facing the same direction.
o Line up shoes.
4. Rent a Storage Unit. Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room's purpose and plenty of room to move around. You don't want buyers scratching their heads and saying, "What is this room used for?"
5. Remove/Replace Favorite Items. If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won't want it. Once you tell a buyer she can't have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary.
6. Make Minor Repairs.
o Replace cracked floor or counter tiles.
o Patch holes in walls.
o Fix leaky faucets.
o Fix doors that don't close properly and kitchen drawers that jam.
o Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls.
(Don't give buyers any reason to remember your home as "the house with the orange bathroom.")
o Replace burned-out light bulbs.
o If you've considered replacing a worn bedspread, do so now!
7. Make the House Sparkle!
o Wash windows inside and out.
o Rent a pressure washer and spray down sidewalks and exterior.
o Clean out cobwebs.
o Re-caulk tubs, showers and sinks.
o Polish chrome faucets and mirrors.
o Clean out the refrigerator.
o Vacuum daily.
o Wax floors.
o Dust furniture, ceiling fan blades and light fixtures.
o Bleach dingy grout.
o Replace worn rugs.
o Hang up fresh towels.
o Bathroom towels look great fastened with ribbon and bows.
o Clean and air out any musty smelling areas. Odors are a no-no.
8. Scrutinize.
o Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
o Linger in the doorway of every single room and imagine how your house will look to a buyer.
o Examine carefully how furniture is arranged and move pieces around until it makes sense.
o Make sure window coverings hang level.
o Tune in to the room's statement and its emotional pull. Does it have impact and pizzazz?
o Does it look like nobody lives in this house? You're almost finished.
9. Check Curb Appeal. If a buyer won't get out of her agent's car because she doesn't like the exterior of your home, you'll never get her inside.
o Keep the sidewalks cleared.
o Mow the lawn.
o Paint faded window trim.
o Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion. Marigolds are inexpensive.
o Trim your bushes.
o Make sure visitors can clearly read your house number.
Want to check out some great Salt Lake real estate? Go to Saltyhomes.com for the most user friendly and comprehensive Utah housing list around.
1. Pack up the personal stuff. Pack up those photographs and family heirlooms. You want buyers to imagine their own photos on the walls, and they can't do that if yours are there! You don't want to make any buyer ask, "I wonder what kind of people live in this home?" You want buyers to say, "I can see myself living here."
2. De-Clutter!
Consider this: if you haven't used it in over a year, you probably don't need it.
o If you don't need it, why not donate it or throw it away?
o Remove all books from bookcases.
o Pack up those knickknacks.
o Clean off everything on kitchen counters.
o Put essential items used daily in a small box that can be stored in a closet when not in use.
o Think of this process as a head-start on the packing you will eventually need to do anyway.
3. Rearrange Bedroom Closets and Kitchen Cabinets. Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:
o Alphabetize spice jars.
o Neatly stack dishes.
o Turn coffee cup handles facing the same way.
o Hang shirts together, buttoned and facing the same direction.
o Line up shoes.
4. Rent a Storage Unit. Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room's purpose and plenty of room to move around. You don't want buyers scratching their heads and saying, "What is this room used for?"
5. Remove/Replace Favorite Items. If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won't want it. Once you tell a buyer she can't have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary.
6. Make Minor Repairs.
o Replace cracked floor or counter tiles.
o Patch holes in walls.
o Fix leaky faucets.
o Fix doors that don't close properly and kitchen drawers that jam.
o Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls.
(Don't give buyers any reason to remember your home as "the house with the orange bathroom.")
o Replace burned-out light bulbs.
o If you've considered replacing a worn bedspread, do so now!
7. Make the House Sparkle!
o Wash windows inside and out.
o Rent a pressure washer and spray down sidewalks and exterior.
o Clean out cobwebs.
o Re-caulk tubs, showers and sinks.
o Polish chrome faucets and mirrors.
o Clean out the refrigerator.
o Vacuum daily.
o Wax floors.
o Dust furniture, ceiling fan blades and light fixtures.
o Bleach dingy grout.
o Replace worn rugs.
o Hang up fresh towels.
o Bathroom towels look great fastened with ribbon and bows.
o Clean and air out any musty smelling areas. Odors are a no-no.
8. Scrutinize.
o Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
o Linger in the doorway of every single room and imagine how your house will look to a buyer.
o Examine carefully how furniture is arranged and move pieces around until it makes sense.
o Make sure window coverings hang level.
o Tune in to the room's statement and its emotional pull. Does it have impact and pizzazz?
o Does it look like nobody lives in this house? You're almost finished.
9. Check Curb Appeal. If a buyer won't get out of her agent's car because she doesn't like the exterior of your home, you'll never get her inside.
o Keep the sidewalks cleared.
o Mow the lawn.
o Paint faded window trim.
o Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion. Marigolds are inexpensive.
o Trim your bushes.
o Make sure visitors can clearly read your house number.
Want to check out some great Salt Lake real estate? Go to Saltyhomes.com for the most user friendly and comprehensive Utah housing list around.
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