Giving It Up

Sacrifice Now for a Better Life Later

If you don't already own a home and want to later, have you considered what you will give up to save the money necessary? If you're not already making progress on saving for things like an earnest deposit, home inspection and down payment, it's time to consider making changes to make your goal.

Small Sacrifices

Century 21 did their annual Buyer/Seller Survey and here is what buyers said they would give up in order to save up for a home:

• Half would give up dining out.
• Nearly half would give up shopping on things like clothing, gadgets and accessories.
• Nearly half would give up things like trips to the salon and cable packages.
• 39% would cut back on vacations.
• 10% would contribute less to their 401Ks.

Now You're Making Cents

Find some areas to trim and figure out how much you're saving. Set up an automated transfer from your checking account each payday to a savings account. Consider putting any windfalls into that account, too, instead of spending the money. You'll be ready in no time.

We Can Help

We can put you in touch with lenders that will help you repair your credit if necesary, give you a plan on which bills to pay and how much, and who will be with you every step of the way. We can also give you an idea of what your costs will be to close on a home. If you want to own a home, start taking steps today. Get in touch with us and we can put you on the path to home ownership.

You can find the original article here.

Light It Up

Lighting Options

Lighting has gone far beyond the stndard light bulb above and lamps all around. New bulbs are out, new lighting fixtures are available and a homeowner's options are much better now.

Socket To Me

Fixtures range from new lamps and new covers to track lighting and LED lights under cabinets. Dimmers can help you set a mood in a dining room or library.

Seeing the Light

If you're selling, this is a good chance to make a home look updated and to highlight what you think are selling features. Got a really nice mantle on the fireplace? How about some spot lighting on it to highlight it. Or set up some task lighting to help with the kitchen island and spotlight it to potential buyers.

But I'm Not Selling Right Now

This is a good chance to improve your home's value and utility. Swap out outdated fixtures, add track lighting and improve visibility in areas like craft rooms and the kitchen. Since lighting accounts for approximately 12% of a home's electricity use, install some dimmer switches to help keep down the bill. You can also install new bulbs, like halogens, that will increase light and use less electricity. LEDs work well but cost a bundle right now.

Final Thoughts

Like real estate, lighting is all about location. Consider the right spots to put lamps and lighting fixtures. Consult a lighting store and ask for the factory catalog. Consider hiring someone to plan placement to get the most bang for your buck.

You can find the original article here.

5 Common Mistakes Home Buyers Make

Don't Make These Mistakes When Buying a Home

Buyers typically want to put their best foot forward when buying a home but wind up making some mistakes. Good intentions can often lead to bad consequences. Keep these points in mind when getting ready to buy a home:

1. Trying to Clean Up Your Credit Score.   You definitely want to have a good debt to income ratio. However, don't use up all your cash when paying down debts. You'll need money for an earnest deposit, home inspection and closing costs. Consult a lender to come up with a good strategy before investing a lot of money. If you don't know a good lender we know several who are great at helping people repair their credit and plan ahead.
2. Not Thinking Far Enough Ahead.   You truly make your money when you buy the house. You can't change location, which can be a big factor later when selling. We can help you get an idea of which subdivisions sell well. Don't forget to factor in if you want kids later. How long do you plan on staying in the home? You could get a different mortgage that can help maximize your payments -- and profits -- later.
3. Not Getting Prequalified.   We've talked before about being prequalified. You need to know ahead of time how much house you can afford, what the interest and fees will be and what mortgage options you have available.
4. Taking the good faith estimate as gospel.   The estimates can vary from lender to lender. Your closing costs can be anywhere from 3% to 5% of the loan. We can negotiate with the sellers to help pay some of them and will fill out an estimated cost sheet when you submit an offer.
5. Failing to budget for home expenses.   Things will go wrong when you own a house. There is quarterly maintenance you need to do on any home. These are things you weren't responsible for as tenants but now that you're king of the castle you get to pay the bills.

Buying a home is serious business. We're professionals who work with buyers every day to repair credit, plan for the purchase, negotiate the contract and close the deal. We have a team of lenders, title personnel, and home warranty companies that can make your new home purchase a much easier experience.

Ten Staging Tips

Staging for Success

Ever wonder if empty houses sell better than full ones? Wonder no more, good readers. Experience has shown that a well staged home will sell better than either one. Sellers want some furniture that hints at a room's purpose but not so much that it's hard to navigate. Neutral colors will always work better than harder ones because they go with most furniture. Here are some tips to help you.

1. Freshen up that paint.   Cover up rough spots on the walls or redo them all in neutral colors.
2. No empty rooms.   Leave something in there that hints at the room's purpose.
3. Use that expensive TV.   Make it the focal point of the living room. Hook up a laptop and run a slide show of nature scenes or turn it to the music channel to softly play music.
4. Add something to the walls.   Take down the personal pictures and put up pics of nature, pets, etc. Since you're going to be packing up those photos anyway, cut out some nice pictures from magazines and put them in front of the photographs, inside the frames.
5. Add window treatments.   Window treatments spice up a house and frame the window.
6. Maintain that yard.   Make sure it's cut, watered and trimmed. Add some flowers and consider lining the driveway with some paving stones to make a nice transition from concrete to grass.
7. Add some flowers to the house.   Flowers add a natural fragrance to the home without being overpowering. They also add some color.
8. Straighten the books.   Straighten them and add some bookends. Take off dust covers so the bare books add some atmosphere.
9. Keep the bedrooms neutral.   Avoid gender-specific elements in the master bedroom. Use white bedding to keep the rom feeling and looking fresh.
10. Declutter the house.   Kitchens are the worst for this. Keep most things off the counters to make the room feel bigger. Tidy up the closets so they don't look so small.

Staged homes sell for more money in less time. Professional home stagers will charge a fee but you can this yourself. If you decide you want a stager, your real estate agent can send you to a trusted one. The original article can be found here.

Market Report for May 2012

Market Report for Omaha for May 2012

The numbers are in for May and things continue their upward trend. The total number of homes listed for sale in May was 4,616. 1,162 of those were placed under contract.

As you can see, the number of houses on the market are up over last month, the number of houses placed under contract are down slightly over last month and the number of houses closed are slightly up. The absorption rate for last month was 4, which means it would take 4 months to sell all the houses available at the current rate. That's slightly tighter than in April, where it was 5 months.

While the number of houses that have gone under contract have gone down over last month, they have increased over this time last year. What this chart doesn't show is that while the average home price has hovered at around $210,000 for the last three months, the average selling price has increased from $164,000 to $174,000. The days on market has gone down from 76 days on market to 62 over those same three months.

Overall, the market is neutral right now. It's not an advantage to either the buyer or the seller.

Feeling the Love

Moving on Up

Gallup polls the public annually to determine how people feel about various professions. This year, 20% of respondents rated Realtors' honest and ethics as high or very high. Fifty-seven percent rated them as average.

Top Dogs

Nurses, pharmacists and doctors ranked tops in the survey. These professions are always rated high. Nurses have been number one every year except for 2001 when firefighters were included.

Bottom of the Barrel

Members of Congress and lobbyists came out at the bottom. Now there's a shock. Only 7% of people rated them as high or very high on ethics. That's the lowest Congress has been rated since Gallup started doing the polling in 1976.

You can find the original article here.

Home Valuations

Tax Assessments on Homes

It's that time of year. The counties are assessing house values for tax purposes.

County Assessors

The local county tax assessor sites are Douglas County, Sarpy County and Cass County.

How Are Values Determined?

Around here, the assessors adjust valuations based on the sales in the neighborhoods. If purchase prices have trended up, valuations will probably go up. And if they go down, valuations go down. Adjustments are made for improvements done to the houses, too.

What if I Don't Like the Valuation?

You can always protest the valuation. In Douglas County, see the Board of Equalization for the procedures. For Sarpy County, see the Board of Equalization there. Contact Cass County for their Board of Equalization.

Appraising the Situation

What Is An Appraisal

When buying a home, you don't want to pay more than the home is worth. Your real estate agent can do a comparative market analysis (CMA) on it to determine the approximate market value. And just like you don't want to pay more than the house is worth, the bank doesn't want to loan more on it than it's worth.

The Appraisal

In comes the appraisal. It is ordered by the lender and they bring in their own people. The appraiser is licensed by the state and, like a CMA, uses recently sold properties to determine if the house is worth at least what the loan amount is for. And, like a home inspector, this person will look at the condition of the home. Adjustments are made to the house's value based on the condition.

Can I Order My Own Appraisal

Yes, and it will cost several hundred dollars. However, the bank probably will not take it. They want a disinterested third party, not someone with a stake. They have their own appraisers and will more than likely ignore yours to do their own. Save your moeny for that new carpet you're wanting to put in the living room.

What If the House Doesn't Appraise?

The buyer and seller will need to renegotiate the price. The buyer can put more money down to get the loan amount down to the appraised value. Or, if the contract was written with the right clause, the buyer can walk but may have to forfeit the earnest deposit.

Know Your Numbers

An appraisal shouldn't be a surprise. If you and your Realtor have done your homework, you'll know the approximate market value. If the appraisal comes in low, it won't be by very much. You can protest the valuation from the appraiser with solid numbers.

Add Some Curb Appeal

You Never Looked So Good

Curb appeal is an incredibly important part of selling a home. It demonstrates care and attention to detail. You can have the best home on the market but if the outside looks ratty, most buyers will pass it on by. Even if you're not selling, these tips can help you have the best looking house on the block. Here are some things you can do to help the outside appearance of your home.

1. Replace old hardware.   Look at things like the lock, the light, house numbers, etc. Make sure they work together and the finish looks right. Brass for older homes, brushed nickel for newer ones.
2. Dress up the front door.   Give it some color to make it pop. Clean up the handle and around it. Make sure no dirty spots are on it.
3. Make a grand entrance.   Add molding to the front entry to set it apart from the rest of the house.
4. Makeover the mailbox.   Paint or stain it to match the house and trim. Build a structure around it to set it apart.
5. Install outdoor lighting.   Use lights to accent the house and provide a little more evening security.
6. Create a garden.   Buy some ready-made planters or create your own. Use it to set off the front entry.
7. Renew planter beds.   Prune the plants, take out the weeds, add new mulch. Do all those things you've been meaning to do to make it look better.
8. Create a new planter bed.   Look at locatinos like the front corners of the yard, along the driveway and immediately in front of the house. Mix up the plant sizes and colors and line it with stones or precast concrete.
9. Install window boxes.   Paint the boxes to match your house's trim and choose plants with complementary colors.
10. Add arbors or fence panels.   Get arbors, short sections of fence and garden gates. Paint them to match the trim on the house.
11. Add outdoor pieces.   Look for items like bird baths, wind chimes and water fountains.
12. Add shutters or accent trim.  
13. Replace gutters and down spouts.   If your gutters have seen better days, replace them. Make sure the drainage is at least three feet away from the foundation. Clean the gutters, too, while you're up there.
14. Tile your door step.   Tile or paint a design that contrasts with the front floor or stoop.
15. Spiff up the driveway.   Get rid of the weeds, fill the cracks and give it a good power wash. Consider lining it with stones or pavers.
16. Build a walk way.   You can color the concrete you have and edge it with stones, or rip it up and lay down pavers.
17. Upgrade the railings.   Look for good wood or metal components and make sure they match your home's color and design.
18. Renew the paint, siding and trim.   Consider new paint, siding or trim. Maybe replace them with some colorful options.
19. Add stone veneer.   Use it to accent columns and concrete foundations. You can look at natural stone or manufactured stone.

You can find the original article from Better Homes and Gardens here.