Is it too late to take advantage of the First Time Homebuyer tax credit?

We are coming closer to the end of the tax credit extension, but there is still time!

First, let’s review the details of the tax credit program. If you are a first time home buyer you may be eligible for a tax credit of up to $8,000! When they extended the credit they also expanded it.

The credit doesn’t begin to phase out until your modified adjusted gross income exceeds $125,000 for single filers or $225,000 for joint filers.

The best part of the expanded program is if you already own a home but want to buy a new one the tax credit program was expanded to cover you. If you have lived in your current principal residence for at least 5 years out of the last eight, you may be eligible for a $6,500 tax credit.

You MUST have a binding sales contract signed by April 30, 2010 and close on the property by June 30, 2010 at the latest.

Buyer’s, that gives us plenty of time to still find your dream home, but you need to call me ASAP so we can begin the process.Sellers, my average days on the market for 2009 were 38, so it is still possible to list your home for sale with me and have a binding sales contract in place by April 30, 2010.

So, whether you’re a first time home buyer or a current owner, contact me right now at 402-305-4335 or email me at Susan@goSusanClark.com to learn more details of the program.

6 Insider Tricks For Eye-Catching Winter Curb Appeal

Some home sellers feel that there’s little point in maintaining great curb appeal in the winter because they think that buyers don’t come out in bad weather.

Well, there are definitely fewer buyers than at other times of the year, that’s for sure. But those buyers who do come out are committed and more likely to buy. So, winter has weeded out the “looky-loos” for you!

Therefore, you want to make your home as appealing as possible even when there’s six inches of snow on the ground. Here are some practical guidelines for doing just that.

(yes, these are a LOT of hyperlinks - but they will take you to useful places around the web where you can learn more about the specific guideline that I recommend)
 
Guideline 1

Update the front-door lighting; bright and cheerful lighting is always welcome on a winter’s day. Plus, it can really frame the entrance in an appealing way.

(http://www.dulley.com/llightout.shtml)

Guideline 2

Think about putting colorful urns or planters on either side of the front door. Evergreens, holly or poinsettias in the planters will provide a wonderful appearance and smell!

(http://www.statue.com/garden-vases.html)

Guideline 3

If your welcome mat is old, frayed or worn out, replace it to avoid the appearance that you don’t keep up the maintenance of the house.

(http://tinyurl.com/CoolOutdoorMats)

Guideline 4

If your address numbers are hard to read, replace them with larger ones. Remember, in winter it gets dark earlier, and you don’t want to make it a chore for potential buyers to find you.

(http://www.customhousenumbers.com/)

Guideline 5

Definitely make sure the sidewalks, driveways, etc. are free of snow and ice! This is not only a “curb appeal” issue, but one of safety. The last thing you want is for potential buyers to end up on their backs and possibly injured!

(Tips for Snow and Ice Removal)

Guideline 6

Everybody loves holiday decorations – except when they’re grossly overdone. You want the attention of buyers to focus on your home, not any yard displays. So, by all means, put up decorations, but make sure they don’t overpower your home.

(http://www.holidaybrightlights.com/)

So, there you have six guidelines for maintaining curb appeal in the winter! If you’d like more advice on selling your home during this season (or any other time of the year), contact me today at sclark@deebrealestate.com or 402.305.4335! Hey, maybe you’ll have some good suggestions for me as well!

Want to Sell Your Home Faster? Put It On “Stage!”

Basically, home staging is the art making the interior of your home look as appealing as possible so that when potential buyers enter, they say to themselves, “Wow, this really looks nice! It looks like it’s worth the price.”

There are two ways to do home staging. If you have an eye for interior design, you can do it yourself. If you don’t (or don’t have the time), then you can hire a professional home stager.

Think of pro home stagers as being like set designers for a play. They know how to “set the stage” in precisely the right way to impress any potential buyer visiting your home.

In general, when a home stager comes into your home, he or she will eliminate any clutter, arrange furniture, and help you enhance interior (or exterior) appeal in every way possible.

The charges may be on an hourly basis or a flat fee.

For information on home staging professionals, google “Home Staging Professionals” to see who’s available in your area. Or, check out these sources on the Internet:

STAGEDHOMES.COM and The Real Estate Staging Association

Now, what if you want to stage your home through your own efforts? Well, I have some tips for you.

Unfortunately, I don’t have enough space in this article to cover every room in the house, so I’ll talk about one of the first spaces potential buyers see – the living room.

Staging the Living Room

Arrange the room in a manner that makes it feel spacious and open. If it’s cluttered and hard to walk through, remove furniture or other items and put them in storage.

And speaking of furniture, if it’s old or worn, consider renting furniture to temporarily replace it. At the least, buy slip covers to hide any items that are slightly worn.

Also, put away any family portraits or personal items. You want buyers to feel like they could live in this space immediately.

A new coat of paint never hurts. Be sure to choose a warm, somewhat neutral color. Think softer shades of blue, brown, green, or the ever-popular beige.

If you have a fireplace in the room, definitely make it the “star of the show.” Fireplaces conjure up images of warm, cozy times with the family gathered around for a nice evening. To emphasize this image, arrange the furniture so it faces the fireplace.

You’ll know you’ve achieved your home staging goal when people just naturally want to sit down and spend time in your living room!

Now, I know you’ll want more tips on how to stage the rest of your home, and I’d be happy to discuss them with you. To learn about those tips, contact me today at 402.305.4335 or at sclark@deebrealestate.com, and we’ll have a great chat about how to arrange your interior for maximum effect upon potential buyers!

Yes, They Extented the $8.000 Tax Credit - "But Susan, Why Do You Think Interest Rates Will Rise?"

Oh, wow, the government did a wonderful and smart thing when they took the Federal Tax Credit program for first-time home buyers and not only extended it, but expanded it as well to individuals who already own a home but want to get a new one!

Now, below, I’m going to give you the details of the program. But, first, I want to alert you to what will likely happen when the program ends next year!

Believe me, when it terminates, interest rates will likely rise. And that’s not just my opinion! Many mortgage professionals think this is a likely scenario.

Why am I bringing this up? Because by buying now, you can save yourself thousands of dollars over the life of a mortgage loan! Just a 1% rise in the rate can be very expensive for you.

Let me explain with an example. For ease of calculation, let’s assume the interest rate is 5% for a $165,000 30-year fixed mortgage. The monthly payment will be $885.76. Or use this easy loan calculator.

Now, let’s raise the rate to 6% for the same mortgage. This means the monthly payment will raise to $989.20, or $103.50 more. That’s an extra $1,242 per year. Over a 30-year period, well…..that’s going to take a lot of money out of your pocket!

So, you can see why it’s important for you to… buy a new home now and get huge savings!

Okay, let’s get back to the details of the wonderful tax credit program I promised you. Here goes…

If you’re a first-time home buyer, the tax credit remains the same - $8,000.

But, as I said earlier, there’s been a wonderful change in terms of the income range. It’s been expanded as well!

The credit doesn’t begin to phase out until your modified adjusted gross income exceeds $125,000 for single filers or $225,000 for joint filers. The old phase-out thresholds were $75,000 and $125,000, respectively.

And now for even more fantastic news if you already own a home but want to buy or build a new one. The tax credit program has been expanded to cover you if you’ve lived in your current principal residences for at least five out of the last eight years.

In that case, your maximum credit will be $6,500. I know, I know, it’s lower than that of a first-time home buyer, but it’s still a substantial amount of money!

So, whether you’re a first-time home buyer or a current owner, contact me right now at 402.305.4335 or sclark@deebrealestate.com to learn more about the details of the program and those low interest rates!

Announcing the NEW Government Extended and Expanded the Tax Credit Program!

Want to Buy a New Home? Or Build One? - The Government Has Extended and Expanded the $8,000 Tax Credit Program!

Remember when the federal government introduced the $8,000 Home Tax Credit program for first-time home buyers?

Like me, you might have been skeptical about its effectiveness.

Well, I’m happy to report my skepticism wasn’t warranted. The program has been a resounding success, getting first-time home buyers into new homes and helping out the American economy at the same time!

Now, the news is even better!

The program has been so wildly popular that it’s been extended into 2009 and expanded to include second-time home buyers! Now, I know you want to get into a new home fast (or build one) so here are the details on the program. If you’re a first-time home buyer, the tax credit remains the same - $8,000. However, there’s been a fantastic change in terms of the income range. It’s been expanded as well!

The credit doesn’t begin to phase out until your modified adjusted gross income exceeds $125,000 for single filers or $225,000 for joint filers. The old phase-out thresholds were $75,000 and $125,000, respectively.

But wait…there is even better news if you already own a home but want to buy or build a new one!

The program has been expanded to cover you if you’ve lived in your current principal residences for at least five out of the last eight years.
Your maximum credit will be $6,500. Yeah, I know, it’s lower than that of a first-time home buyer, but, heck, it’s still a substantial amount of money! So, whether you’re a first-time home buyer or a current owner, contact me right now at 402.305.4335 or sclark@deebrealestate.com to learn the details of the program!

Please, please, don’t wait! The time for action is now, especially if you want to build a new home (it takes six months to get one up and going)!

Want to Increase the Value of Your Home? Think Basement Bathroom and Bedroom!

Want to Increase the Value of Your Home? Think Basement Bathroom and Bedroom!

Let’s assume you have a good basement space that you’re not really using to its full potential. Let’s further assume that you’d like to sell your home when the economy and the housing market improve.

If that’s the case, consider installing a bathroom and/or bedroom in the basement. Obviously, they’re very useful additions, and they add a lot of value to your property in the eyes of potential buyers. It’s a fact that people are actually more inclined to buy homes which have finished basements with a bathroom and/or bedroom in them.

Plus, if you’re a really handy sort, you may be able to do the work yourself and save a lot of money! All you’ll be paying for is the materials and fixtures, and you’ll have the satisfaction of doing the work yourself.

If you’re not the handy sort or lack the time, I’d recommend hiring a professional to install the bathroom in particular. It’ll cost more, of course, but you know the job will be done right. Plus, you can show the paperwork to potential buyers and give them the reassurance that the work was done professionally by a licensed plumber.

In terms of finding a good plumber, first ask around among your friends, neighbors, co-workers, etc. Word-of-mouth is the best recommendation since these individuals will have had personal experience with the plumbers.

Second, ask for references from the plumbers themselves and check to make sure that they’re actually legally licensed, insured and bonded by your state. You can do this by checking with the appropriate state agency.

Third, ask for a guarantee on the work. A legitimate and professional plumber will be happy to provide you with one since they know great word-of-mouth brings in more business.

Avoid any “plumber” who refuses to give you a guarantee. The last thing you need is sloppy work that ends up putting water into the basement – and the expense of getting the work done all over again the right way.

Want to talk more about the benefits of refinishing your basement? Hey, contact me today at 402.305.4335, and we’ll have a great talk about that subject or any other area of real estate you’d like to discuss!

Ever Wondered Which Home Improvements Give You the Best Return on Investment (ROI)? I’ve Got the Answers for You!

**SPECIAL THANKS** Aaron Hochstein, Highrock Remodeling, Office number 402.614.4892, highrockremodeling@hotmail.com

Below I provide you with the best home improvements to make in terms of their Return on Investment (ROI). Choose the ones that best fit your situation and your budget!

Natural Gas Furnace Replacement

The ROI on furnace replacement can reach as high as 100%. How can that be? Well, of course, it depends on how long you keep the house before you sell it. In the first year, the ROI of a new furnace may be only around 10%.

However, consider that a new furnace adds to the resale value of your home and makes your home very attractive to potential buyers. And, then, if you look at the money saved in utility bills over, say, a five-to-ten year period, well, then you’ll be hitting that ROI of 100%!

Painting

Amazingly, a new coat of paint on the exterior of your home can give you an ROI of 90%. Dollar for dollar, it’s one of the most cost-effective home improvement projects you can undertake!

Depending on the quality of exterior paint, it can cost you anywhere from $25 to $50 a gallon. To give you an idea of the overall costs, the average 3,000-square-foot home takes about 15 gallons of paint. So, you may pay anywhere from around $375 to $1,500.

Looking at the interior, you’ll likely pay anywhere from $12.00 to $50 a gallon, again depending on the quality of the paint.  Plus, of course, you have the cost of rollers, brushes, drop cloths, etc.

If you do the work yourself, it’ll likely cost you around $300.00. If you hire a professional, double the cost. In either case, you’ll end up with an ROI of around 75%.

Vinyl Siding Replacement

If appropriate, siding is a great place to start your home improvement projects. It has an ROI of around 88%.

Nearly everyone loves vinyl siding for two reasons – it’s low maintenance and has great durability. Plus, of course, the shiny appearance adds the perception of increased value in the eyes of potential buyers.

And you have two options for putting it on. If you have the time and talent, you can do it yourself for around $1.00 per square foot!

If you have neither the time nor the talent, then it’s time to call in a professional. Depending on your area and the size of your home, the job may cost you around $7.00 per square foot and anywhere from $3,000 to $12,000.

Replacement Windows

New windows have an ROI of 80% plus. It’s true that they are expensive, running $300 for a basic design up to $1,000 for custom designs. However, they have tremendous value in terms of either maintaining the house or increasing its value for sale.

Chosen wisely, replacement windows can really improve the look of your home from the exterior and in the interior. In addition, of course, they can really save on heating bills since old windows are great leakers of energy.

Kitchen Remodeling

Remodeling your kitchen can give you an ROI of around 80%. Now, it’s true that such a remodel can be expensive; the average cost is about $17,000.

However, you must remember that the condition of the kitchen is very often the deciding “sale/no sale” factor in the minds of potential buyers!

So, seriously consider this remodeling project. Add new countertops, cabinets and appliances.

If you have the time and skills, do much of the work yourself. Plus, of course, shop all the sales to get the lowest price on any appliances like stoves and refrigerators.

Roof Replacement

Replacing a roof has an ROI from around 60% to 65%. Depending on the nature of the replacement, it can cost about $100 to replace a few asphalt shingles on up to around $100 to $350 for a 10 x 10 foot square.

An overall re-roofing can cost anywhere from $6,000 to $14,000, depending on the size of the roof and the nature of the shingles (asphalt, wooden, etc.).

Now, while roof repair or replacement doesn’t have as high an ROI as some other home improvements, it’s definitely important because buyers will back quickly away from the purchase of a home that needs roof repairs. So, put this one high on your list!

Bathroom Remodeling

The ROI on a bathroom remodel ranges up to 78-80%. The average remodel costs in the $12,000 to $13,000 range. If you go “whole hog,” costs can range up past $30,000.

However, you don’t have to do all the remodeling at one time, and you may be able to make some of the changes yourself.

For example, new tile or linoleum can up down for anywhere from $100 to $1,000, depending on the size of the bathroom and the materials used. New light fixtures can also be an inexpensive do-it-yourself project.

So, there you have it – a list of home improvements that will give you the best return on investment! If you’d like to discuss the ROI on other home improvements, contact me today at sclark@deebrealestate.com, and I’ll give you all the information you need!