Janice Roosevelt’s Blog - MATT FETICK REAL ESTATE TEAM

jroosevelt@kw.comI admit it. The annual Cost Vs. Value Remodeling Report is something I look forward to and this year is no disappointment.

Realtors may smile smugly to note that  — among the top ten projects with the best return on expenditure –a mid-range entrance door replacement. 

(okay this is a photo of #10 Downing St so maybe it’s not mid-range)

 First impressions count when standing on the threshhold and the realtor fumbles with the lockbox. The new door replacement is the one project where a full return can be seen on the cost of purchase and installation.

Practical maintenance projects, including siding and window replacements, also head the list. One surprise is that converting an attic into an additional bedroom came into third place.

Home buyers want the most living space for the buck, even if the average price is around $50,000 for the remodeling job.

Kitchen and bath upgrades again rank high, and not all of the things a seller can do cost a lot. Clean up and delutter those counters, recondition the cabinet fronts for under $1,000, or really spiff up the cabinets  taking out scratches and adding new hardware.

No matter what the price point, buyers want granite counters in the kitchen, but I loved the suggestion of using granite tile instead of slab. A colleague and I had this discussion and she mentioned a counter she’d seen done with a deep matte charcoal granite tile and deep brown grout. just make sure the counter is well sealed so if there is grout showing, it can be easily cleaned.

Changing light fixtures to keep the house au courrant is another inexpensive way to give hallways and foyers a new look. Pendant lights are the rage right now over kitchen counters and I have had them installed, but I am wondering how long before they look dated.

Finally, I can’t wait to try (in my spare time) the suggestion for old bathroom tile to make it look new. The technique is to lightly scrape then regrout, which leaves a haze that can be buffed into something Wowee-zowee brand new.

For those unfinished basements, I’ve just recommended that seller paint the floor and the  cinder block walls. It makes a huge difference.

jroosevelt@kw.com

Shakespeare was right that a rose smells as sweet called by another name, but not everyone likes the smell of roses , or pets, or smoke, or certain cooking odors, especially wen buying a home  In fact, they might be allergic.

Houses can be sold or dismissed within the first 30 seconds a buyer enters a door - not just from what they see but what they smell. 

it’s key to get top dollar that a house be clean before going on the market. I love my dog and cat, but I would check with friends not frequently here to see if they detect an odor. And last night’s fish with garlic or curried lamb vendala might have smelled good then, but lingering spices can be a major turn off. Open the windows, let the fresh air in. Oh, did I mention clean?

Use baking soda - not just in the firdge but as a cleaning agent. Vinegar mixed with water is another option.

Stay away from strong commercial cleaners with odors or faux fragrances. Use natural alternatives such as water, vanilla and brown sugar warmed in the oven. If you wabnt to go all out, bake an apple pie prior to showings and have it ready with small plates and forks with a sign offering it to buyers.

jroosevelt@kw.com

• Do you know that you can get up to $6500 from the IRS  when you buy another home and it doesn’t have to be more expensive?
• Did you know more money is made in the real estate market when home prices are low?

Make the smartest move of 2010! Move to the house of your dreams, whether big or small - and get money back!

If you own a home and want  to down-size or move-up to a new home NOW is the time to buy. The expanded Federal housing tax credit  means that qualified move-up and repeat home buyers are eligible for a tax credit of up to $6,500.

  Homes must be a principal residence and need to be purchased after November 6, 2009 and before April 30, 2010.   The credit equals up to 10 percent of the home’s purchase price  -  to a maximum of $6,500.  Homes priced above $800,000 are not eligible for the tax credit.   Buyers don’t have to purchase a  home more expensive than their previous home to qualify; however, they need to have lived in their previous home for at least five consecutive years of the eight years prior to the purchase of the new home. Both married taxpayers, must qualify.

 Income limits apply.  A single taxpayers less than $125,000; and the limit is $225,000 for married taxpayers filing a joint return.

The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. Ask your accountant if you have specific questions!

For  more specific answers to  your questions, we suggest visiting the  the Federal Housing Tax Credit site.

CALL: 800-816-6079 x 5002  or EMAIL: JRoosevelt@kw.com    Look at this incredible home for $460,000!
(And we have many more to chose from!)

117 Millbrook Drive Chadds Ford, PA 19317  Click here to view the virtual tour of this beautiful house:

Beautiful 4-bedroom home with NEW kitchen and TWO Family rooms, Cul de sac location - in quiet Millrook convenient to Delaware and Pennsylvania major commuting corridors. Hardwood floors, lots of natural light - surroudned by open space and multi-million dollar homes Offered at $460,000

Beautiful 4-bedroom home with NEW kitchen and TWO Family rooms, Cul de sac location - in quiet Millrook convenient to Delaware and Pennsylvania major commuting corridors. Hardwood floors, lots of natural light - surroudned by open space and multi-million dollar homes Offered at $460,000

Beautiful 4-bedroom home with NEW kitchen and TWO Family rooms, Cul de sac location - in quiet Millrook convenient to Delaware and Pennsylvania major commuting corridors. Hardwood floors, lots of natural light - surroudned by open space and multi-million dollar homes Offered at $460,000

If these 11 reasons aren’t good enough to list NOW, then think about those 1st-time home buyers AND the “move up” buyers now motivated by the expanded tax credit. They must be under contract by April 30, and settle by June 30, 2010.

1) People who look for a home during the Holidays are more serious buyers!

3) Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!  

3) The supply of listings will dramatically increase in January and demand will be less for your particular home!

Less demand = less money for you!  

4) Houses show better when decorated for the Holidays!  

5) Buyers are more emotional during the Holidays, so they‘re more likely to pay your price!

                                  6) Buyers have more time to look for a home during the Holidays than they do during a working week!  

7) Some people must buy before the end of the year for tax reasons!  

8) January traditionally is when  employees  begin new jobs. Since  transferees cannot wait ‘til Spring to buy, you must be on the market now to capture that market!  

                                9) You can still be on the market, but opt to restrict showings during the six or seven days during the Holidays!  

10 ) You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!  

              11) By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market for less

As the housing markets across the country have shifted, sometimes dramatically, no one has been more center stage than the real estate appraiser. This professional swears to identify the accurate value of a property to support mortgage loans that are secured by real estate.

Ergo, the appraiser deals  with a variety of factors, including all parties of the transaction who have  a vested interest. It seems that coming up wtih the right info to support the sale is made all the more challenging by market shifts and especially where there are lots of foreclosures and distressed sales.

To add fuel to the fire, appraisers are prohibited from talking with the involved parties to get the latest data. That leaves sellers in needing to be  proactive in the process. A few tips:

• Be at the house  with your realtor when the appraiser visits.
• Be proactive during the inspection; stay with the appraiser, pointing out important  features.
• Make sure the appraiser does not miss anything of importance.  While  you may not know what is important and what is not important, that really doesn’t matter. The appraiser will decide and if  they don’t have the info, they can’t make a good decision.
• Ask questions. Do they have the right boundaries of the property? The neighborhood? Does the appraiser know specific information about  the  neighborhood that may make it more attractive? For example, can children walk to school? 
• Copies of documents  such as  the latest tax bill, invoices for any major home improvements can be helpful. 

A big  factor in home value is determined by the use of what is called “comparables.” That’s the job of your realtor. Comparables are other properties that have sold that will determine the value of your property, including whether or not these homes were distressed sales.

If  the appraisal does not come in at the agreed sales price,  you don’t have to  accept the value. The appraisal is the property of the lender and the purchaser. Will they provide you with a copy of the document for review? It is important to make sure the value is accurate and the purchaser has a vested interest in determining this as well.

If I can help you with your real estate needs, call 710-764-3062 or eamil jroosevelt@kw.cm