1. Basing the asking price on needs or emotion rather than market value. Many times sellers base their pricing on how much they paid for or invested in their home. This can be an expensive mistake. If your home is not priced competitively, buyers will reject it in favor of other larger homes for the same price. At the same time, the buyers who should be looking at your house will not see it because it is priced over their heads. The result is increased market time, and even when the price is eventually lowered, the buyers are wary because “nobody wants to buy real estate that nobody else wants”. The result is low priced offers and an unwillingness to negotiate. Every seller wants to realize as much money as possible from the sale, but a listing priced too high often eventually sells for less than market value. An accurate market evaluation is the first step in determining a competitive listing price.
2. Failing to “Showcase” the home. A property that is not clean or well-maintained is a red flag for the buyer. It is an indication that there may be hidden defects that will result in increased cost of ownership. Sellers who fail to make necessary repairs, which don’t “spruce up” the house inside and out, and fail to keep it clean and neat, chase away buyers as fast as REALTORS® can bring them. Buyers are poor judges of the cost of repairs, and always build in a large margin for error when offering on such a property. Sellers are always better off doing the work themselves ahead of time.
3. Over-improving the home prior to selling. Sellers often unwittingly spend thousands of dollars doing the wrong upgrades to their home prior to attempting to sell in the mistaken belief that they will recoup this cost. If you are upgrading your home for your personal enjoyment – fine. But if you are thinking of selling, you should be aware that only certain upgrades to real estate are cost effective. Always consult with your REALTOR® BEFORE committing to upgrading your home.
4. Choosing the wrong REALTOR® or choosing for the wrong reasons. Many homeowners list with the real estate agent who tells them the highest price. You need to choose an experienced agent with the best marketing plan to sell your home. In the real estate business, an agent with many successfully closed transactions usually costs the same as someone who is inexperienced. That experience could mean a higher price at the negotiating table, selling in less time, and with a minimum amount of hassles.
5. Using the “Hard Sell” during showings. Buying a home is an emotional decision. Buyers like to “try on” a house and see if it is comfortable for them. It is difficult for them to do if you follow them around pointing out every improvement that you made. Good REALTORS® let the buyers discover the home on their own, pointing out only features they are sure are important to them. Overselling loses many sales. If buyers think they are paying for features that are not particularly important to them personally, they will reject the home in favor of a less expensive home without the features.
6. Failing to take the first offer seriously. Often sellers believe that the first offer received will be one of many to come. There is a tendency to not take it seriously, and to hold out for a higher price. This is especially true if the offer comes in soon after the home is placed on the market. Experienced REALTORS® know that more often than not the first buyer ends up being the best buyer, and many, many sellers have had to accept far less money than the initial offer later in the selling process. Real estate is most saleable early in the marketing period, and the amount buyers are willing to pay diminishes with the length of time a property has been on the market. Many sellers would give anything to find that prospective buyer who made the first, and ONLY, offer.
7. Not knowing your rights and obligations. The contract you sign to sell your property is a complex and legally binding document. An improperly written contract can allow the purchaser to void the sale, or cost you thousands of unnecessary dollars. Have an experienced REALTOR® who knows the “ins and outs” fully explain the contract you are about to sign.
8. Failure to effectively market the property. Good marketing opens the door that exposes real estate to the marketplace. It means distinguishing your home from hundreds of others on the market. It also means selling the benefits, as well as the features. The right REALTOR® will employ a wide variety of marketing activities, emphasizing the ones believed to work best for your home.
It is almost 2012 and now is the time to start thinking about tax planning strategies. Specifically, both the Patient Protection and Affordable Care Act (the “Health Care Act”) and the Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act (the “Tax Relief Act”) were enacted into law in 2010 and offer certain tax planning opportunities.
1. Maximize your medical expense account
A medical expense flexible spending account, or FSA (Flexible Spending Account), allows you to use before-tax earnings to pay for medical or health care expenses not covered by your health insurance. Assuming a 25 percent tax rate, this means that for every $100 you allocate to your health care FSA you will avoid $25 in tax. The Health Care Act limits the maximum contribution to these types of accounts to $2,500 starting in 2013, so 2012 is the last year to use an FSA to pay for orthodonture work or other large medical expenses on a tax favored basis.
You should check the specifics of your employer’s plan, but using before-tax dollars for medical expenses will maximize your health care dollars.
2. Is it time to sell?
The Tax Relief Act maintained the top capital gains and dividends rate of 15 percent for 2011 and 2012. In 2013, the top capital gains rate will increase to 20 percent and the top dividends tax rate will increase to 39.6 percent. The Health Care Act also created a new 3.8 percent tax on investment income that will increase your tax rate by 3.8 percent on investment earnings if you file jointly and make over $250,000. While the threshold is relatively high, it is not indexed for inflation and applies the tax to all investment earnings to the extent modified income exceeds the threshold. As we saw with the Alternative Minimum Tax, what seems like a tax on those with higher income will likely become a broad based tax after some period of time due to the impact of inflation.
Given these temporary lower rates, and the looming 3.8 percent tax, you might consider whether it makes sense to sell some capital assets in 2011 or 2012. Of course, tax considerations are only one factor when determining whether to buy, hold or sell an investment.
3. Consider converting retirement assets
In 2010 there was a tremendous increase in conversions of traditional retirement assets to Roth 401(k)s or Roth IRAs due to the elimination of income limits on conversion and the one time opportunity to pay the conversion tax liability in 2011 and 2012. However, even without the ability to pay the tax liability over two years, converting to a Roth can still be a very powerful planning strategy. Roth retirement assets provide a tax-free asset that diversifies your retirement portfolio, allows for yearly retirement tax planning, and acts as a hedge against future tax rate increases. Roth IRA assets are also not subject to age 70 1/2 required minimum distributions or RMDs, which further enhances the power of the tax-free Roth growth.
4. Contribute to an IRA
Many individuals do not realize that they can contribute to an IRA no matter how much income they make. The income limits for IRA contributions only apply to determine if the contribution to the IRA is deductible from income. If you have earned income and are not at least age 70 1/2, funding an IRA even on an after-tax basis can be a powerful savings strategy and can help to make up for past under saving. And don’t wait to fund the IRA when you file your income tax return in April. You can make that contribution now and enjoy extra time to grow your retirement nest egg.
5. Make charitable contributions
The Tax Relief Act extended for 2011 only a prior tax law provision permitting individuals age 70 1/2 or older to use up to $100,000 per year of IRA distributions to make charitable contributions and avoid paying income tax on that amount. Absent this provision the individual would have to include the IRA amount in income and then take a charitable deduction. Given the limitations on charitable contributions and itemized deductions under current law, it is very likely that this two step process would result in the individual not receiving a charitable deduction in an amount to offset the income recognition.
If you are age 70 1/2 or older and you plan on making charitable contributions, by using your IRA funds you can maximize the tax benefit of that donation.
Bathrooms are one of the most costly rooms to remodel–generally second only to kitchens. These costs are often incurred in labor charges on items that go beyond the typical do-it-yourselfer’s skills. If you find yourself in the position of needing a bathroom update, but without the funds for a full remodel, here’s some quick, budget-friendly updates that will give your bathroom a brand new look.
Here are some great tips from Addicted2Decorating on how to get your bathroom in tip top shape.
Painting is absolutely the cheapest way to transform any room. For around $25, you can have a brand new look. And because they’re smaller than other rooms, bathrooms are often a great place to experiment with interesting new wall treatments. Do you like stripes? Try them in your bathroom!
Most people overlook the importance of lighting in almost every room of their home. If you’re still living with an outdated bath bar (often called Hollywood lighting), then you can have a fresh, new update for as little as $30.
Again, paint is the cheapest way to update. Are your wood cabinets looking tired from years and years of use? Give them a fresh coat of paint, and they’ll look new! I recommend a good cleaning, followed by a light sanding, then priming. Top with a coat or two of an oil-based paint, and you’ve got a brand new look. And the cost? About $70.
Hardware is the “jewelry” of your cabinets. Not having hardware on your cabinets is like putting on a great outfit, but forgetting to accessorize. Hardware is also a great place to be creative and unique. You can expect to pay anywhere from $3 to $15 (or more) for each knob or pull. But it’s well worth it!
Sometimes a new, fresh look is as easy as replacing your worn-out, faded towels with some soft, fluffy new towels. And as popular as spa-inspired interiors are these days, it’s difficult to go wrong with white! White also gives your space a fresh, clean look. You can expect to pay from $5 to $30 per towel, depending on the quality.
When most of us think of purchasing a rug for our bathroom, we generally head to the bathroom department of the local home store. But why not try something with a little more style? Instead of a regular bath mat, try introducing a small area rug into your bathroom. Instant color and style! And because the rug is generally smaller than one you’d need for a living room, it’s possible to find one for $50 to $100.
I’m really surprised at how many people still use toilet seat covers in their bathrooms. Toilet seat covers are not only outdated, but they’re incredibly unsanitary. Remove it and reveal your sparkly clean toilet. And the cost? Free! Simply remove…..AND TOSS!
These are just as bad as the toilet seat covers. Actually, they’re worse, considering that these catch more….ummmm…stuff, since it’s on the floor. Eewwww! Again, just lift, and TOSS! And again….it’s FREE!!
If you have a plain, plate-glass, builder’s basic mirror, give it a frame! Simply purchase some moulding from your local home improvement store, cut to fit, paint, and adhere it to your mirror. Fill in the corners with a bit of wood filler, sand, and touch-up the paint. If you don’t want to go to the trouble of making a frame yourself, you can always remove the mirror completely, and replace it with a purchased, framed mirror. Either way, the impact will be tremendous. This can easily be achieved for $50 to $100.
If you have a bathroom that requires a shower curtain, this is NOT the place to make a simply utilitarian choice. Visually, shower curtains consume a large area of the bathroom, and this is the perfect place to add color and style to your bathroom. So now’s the time to get rid of your plain, plastic shower curtain, and find one that defines your style!!
After numerous years of living in your home, you will soon become bored of the same decorations and furnishings, or at least stop appreciating them. This in turn can create a dull environment to live in, which is the last thing you want in your home. By following these tips in how to spruce up your house, you can ensure that your home always looks vibrant and welcoming.
Sprucing up your home does not have to cost a lot of money, as you will find that there are many bargains available when it comes to finding decorative items. In fact, one way to get these bargains is by shopping online, as many reputable home decoration stores have great offers available.
The first thing to keep in mind as you begin creating that new look in your home is that you should always work towards a theme. In fact, this is one of the most important tips in how to spruce up your house, because without the right type of theme, you will find that your decorations can look very noisy to the eye.
The best way to begin sprucing up your home is by focusing on one room at a time, and as you finish that room, you can then gradually move onto the next room. By taking this approach, you will be able to focus on that theme, and you will also not feel overwhelmed in the process.
Lastly, keep in mind that it is necessary to get the input of your family, because this will ensure that everyone is happy with the overall new look of your home.
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Starts: 01/29/2012 1:00PM
Ends: 01/29/2012 3:00PM
For Directions: click on the map image or feel free to contact me.
For more information: click here for the full details
Spacious, bright, open ranch with many updates including replacement windows, updated electric, Central AC, plus recent roof! Kitchen breakfast bar/island is open to 15×22 family room with quality built-in bookshelves. Vaulted living room with wood stove, has sliders to private fenced yard, highlighted by a beautiful gazebo, oversized garden shed & 2 distinct patio areas.Circular driveway adds practicality & curb appeal to this wonderfully landscaped home with sprinkler system. A MUST SEE!
View Photos
Starts: 01/29/2012 1:00PM
Ends: 01/29/2012 3:00PM
For Directions: click on the map image or feel free to contact me.
For more information: click here for the full details
Spacious, bright, open ranch with many updates including replacement windows, updated electric, Central AC, plus recent roof! Kitchen breakfast bar/island is open to 15×22 family room with quality built-in bookshelves. Vaulted living room with wood stove, has sliders to private fenced yard, highlighted by a beautiful gazebo, oversized garden shed & 2 distinct patio areas.Circular driveway adds practicality & curb appeal to this wonderfully landscaped home with sprinkler system. A MUST SEE!
View Photos
Starts: 01/29/2012 1:00PM
Ends: 01/29/2012 3:00PM
For Directions: click on the map image or feel free to contact me.
For more information: click here for the full details
Spacious, bright, open ranch with many updates including replacement windows, updated electric, Central AC, plus recent roof! Kitchen breakfast bar/island is open to 15×22 family room with quality built-in bookshelves. Vaulted living room with wood stove, has sliders to private fenced yard, highlighted by a beautiful gazebo, oversized garden shed & 2 distinct patio areas.Circular driveway adds practicality & curb appeal to this wonderfully landscaped home with sprinkler system. A MUST SEE!
View Photos
Starts: 01/29/2012 1:00PM
Ends: 01/29/2012 3:00PM
For Directions: click on the map image or feel free to contact me.
For more information: click here for the full details
Spacious, bright, open ranch with many updates including replacement windows, updated electric, Central AC, plus recent roof! Kitchen breakfast bar/island is open to 15×22 family room with quality built-in bookshelves. Vaulted living room with wood stove, has sliders to private fenced yard, highlighted by a beautiful gazebo, oversized garden shed & 2 distinct patio areas.Circular driveway adds practicality & curb appeal to this wonderfully landscaped home with sprinkler system. A MUST SEE!
Before you decide to buy a house, it is crucial that you consider various factors beforehand. Some of these factors can be as straightforward as making sure to choose a home in a good area, and making certain that the property is also in good condition. However, it is also important to consider the housing market, because it is imperative that you buy a house at the right time. For example, if you are in a market where there is a huge demand for homes for sale, then the prices of houses will generally be high, and so if you are buying a house for investment purposes, this wouldn’t be the right time for you to make that purchase. With the market starting to creep back up buyers will be looking to get a good deal before demand goes back up so selling a home right now can bring great results.
On the other hand, if there is less demand for buying houses, then the price of property will generally be very low, thus making it the perfect time to buy. Right now is a fantastic time to buy a home with the slower market interest rates at the lowest in years. Buying a home in a down market can become a great investment down the road. You can consider it like a savings account. Buy the property in a down market, and watch your money grow.
This is a Ranch style home and features 7 total rooms, 1 full bath, 1 half bath, 3 bedrooms, 0.46 Acres, and is currently available for $293,900.
For complete details click here.
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