Even if you hate raking in the fall, I’ll bet you would agree that a home site with nice trees has greater appeal than one that appears to be a former corn field.
A recent study by the U.S. Forest Service says the presence of street trees increases home values by an average of $7,000. That’s an awfully broad generalization, but any REALTOR will tell you that they in fact raise property values.
Way back in the 70’s I had a client ask me to provide him with an estimate of the value of a large tree in his front yard that was lost in a storm (he intended to make a claim on his homeowners insurance). That was a difficult exercise, however in the Internet age there are some interesting tools out there. In case you ever wondered about the value of a particular specimen in your yard, the Arbor Day Foundation offers an interesting tool on their site. Go to www.arborday.org/calculator and enter your ZIP code, the name of the tree and its diameter to learn the annual benefits of your tree. While you’re at it, you might want to browse their tree store. It’s an inexpensive way to get your next generation of trees going!
Federal tax credits ranging from $6,500 to $8,000 will no longer be available to buyers unless they have a fully executed real estate contract by midnight Friday, April 30th.
Most BUYERS understand that this is a rare opportunity to have Uncle Sam help them buy a new home, but what about home SELLERS who currently have their homes listed? Consider this: nobody wants to be the proud owners of two mortgage payments, so the natural sequence is to sell first, then buy. But if an owner has the ability to purchase prior to selling, execute a contract this week and specify a closing on or before June 30th (to comply with the tax credit criteria). That allows 2 more months in which to work with your Danberry Real Estate Agent to get the first home sold, and IF you qualify for the $6,500 tax credit (that would otherwise disappear Saturday), sellers can use that to cover the additional costs for a substantial period of time.
Don’t let the time run out! Find Toledo homes for sale with Danberry. If you are buying or selling a home, find an experienced Danberry Real Estate agent to help you have a successful real estate purchase or sale. Our inventory includes Maumee homes, Sylvania homes, Monroe homes and many other fine communities.
In this week’s CEO Podcast-Special Friday Edition! Lynn Fruth shares his warm weather thoughts on getting your home ready to show potential buyers in the rapidly approaching spring market.
Do you have any tips to add to Lynn’s list? Leave a comment for us, we’d love to hear your suggestions!
The fact that you’re reading this means you are on our web site, and that suggests that you are considering either buying or selling a home. You are precisely the ones for whom spring has sprung! The spring real estate market, that is.
Traditionally the market is hottest from spring through early summer, but it’s coming early this year. RIGHT NOW is the time to take the plunge if you intend to buy or sell any time this year, primarily because of the tax credit incentives that will disappear after April 30th. From $6,500 to $8,000 of real money is available not only to first-time buyers, but also to current homeowners who have owned their home for 5 consecutive of the last 8 years. But this rare “bonus” that Uncle Sam is offering disappears on May 1st.
So, Mr. Seller, it’s time to get serious about selling your home in the next couple months. That usually means pricing it to the market rather than the price you hope to get. This is often a bitter pill for sellers to swallow, but it shouldn’t be if you then become a buyer and take advantage of the same discounted pricing on your next home. For those “moving up”, you can actually save more on your next home than you will “lose” on the current one. A rising tide lifts all boats, so if you wait for the value of your home to rise, remember that all others will have risen as well.
And you, Mr. Buyer, what are you waiting for? If you are buying a home over $800,000 or if your income is beyond the upper limits of the credit you may not qualify, but many buyers can grab the tax credit if they act soon, and while interest rates are at historically low levels.
If you need information about the tax credits, that’s what we’re here for! Call or email one of Danberry’s Real Estate professionals soon. If you are unsure of your mortgage qualifications, just click on the “Financing” button above to contact one of our Home Loan Consultants. Enjoy the spring air!
Unless you have bought a home in the last year or so, you may not be familiar with the Good Faith Estimates (GFE) issued by mortgage lenders or the universal closing statement, the HUD-1. Effective on the first day of this year, the federal government (HUD) requires lenders to give consumers a very different Good Faith Estimate at the time of mortgage applications. Why? Because consumers often complained that the terms and costs they experienced at closings were very different (higher) than they anticipated. If increases in costs were discovered for the first time at the closing table, some buyers felt like they were being held hostage – either pay them or start the entire home buying process over again. The new form is intended to fix that, requiring the use of a consistent form issued within 72 hours of application. If some closing costs appearing on the HUD-1 closing document are 10% or more above the GFE, the closing will be delayed. It’s impossible to explain all the changes in a brief paragraph, but additional information is available at www.hud.gov.
This remains one of the best times to buy a home that we have seen in many decades. We suggest you begin the process by seeking professional counsel. Full-time Realtors at The Danberry Co. are prepared to help you, as are the Home Mortgage Consultants at First Mortgage Consultants, LLC, an affiliate of Wells Fargo Home Mortgage.
Have you experienced problems with Good Faith Estimates or at a home closing? Please share the good and bad experiences with us.
Trust me, I love dogs as much as anyone. Just ask my Millie. But when it comes to selling your home, man’s best friend may become one of seller’s great problems. Pets (not just dogs) can add restrictions to how and when a home may be seen. Aggressive or unfriendly dogs are an obvious problem, but an overly friendly pooch is also annoying to most people. Then there are pet odors to which owners may have become accustomed. But non-pet-lovers walking into the home from the crisp winter air will pick up on it instantly.
Remember, no two prospective buyers have the same tastes or lifestyles, so let’s not turn any of them away or shorten the period of time they spend in your home. For additional ideas on how to deal with this issue, read on for tips from Realty Times: http://realtytimes.com/133/DickBaker (lower left article).
Do you have any additional tips or humorous stories on this topic? We’d love to hear them.
