Home Staging Essentials

Guest Article By:
 Andrew Hill @ Austin Homes

So you’ve decided to sell your home. While there are probably many different reasons for why you’ve made your decision, chances are you are now considering how to go about staging your house. Home staging is a make it or break it phase of the real estate business that too many sellers are unsure of. If you’re in that same boat, not to worry. Here are a few helpful tips to make this part of selling your home much smoother.

    1.   Hire a Realtor 

      This is probably one of the most obvious yet commonly ignored parts of the equation. No one wants to spend the extra money on a Realtor’s commission and that is understandable. But before you try to sell your home on your own, ask yourself, “Would I consider buying a home that was ‘For Sale By Owner?’” The fact is buyers are reassured by the fact that a home is being sold by a professional. They trust that the home is being advertised truthfully and will be much more willing to consider your house. Not only that, but a Realtor provides a second pair of eyes and their own pointers about what needs to be fixed in your home before a showing.

         2.   Impress From the Beginning 

      Do you know what really puts a showing off to a great start? A well manicured exterior. Think about the tremendous difference a clean-cut yard can make. Take the time to mow your lawn, trim the hedges, remove dead plants, fix any broken windows and add a touch of paint where necessary.

       3.   Be Tidy     

      Once you have them inside your home, you want the house to be as tidy as possible. This means that before every showing you should vacuum, mop, dust and straighten furniture as necessary. Try to keep your belongings organized after you come home from work or school so that when it is time to stage your home you will have less to pick up.

       4.    Set the Tone 

      Remain neutral but lively. This may be one of the trickiest aspects of the game. When buyers visit your home they are trying to imagine if they could live there or not. To assist in this illusion, you should remove any objects that are too unique to your family; otherwise you may isolate some buyers. At the same time you want to add a few personal touches so that your home doesn't feel like a sterile hospital wing.

        5.   Avoid Distractions     

      Finally, make sure pets, children, and anything with the potential to be loud or messy are out of the way when buyers are touring. While you may love playing with your pets and kids, others may not be as fond of them so it is best to err on the conservative side.

Just follow these tips and you’ll be on your way to staging your home like a professional.
For more tips on how you can stage your home well or for real estate information in general, be sure to contact Cindy Tuck today!             By Andrew Hill @ Austin Homes

Following comments from Cindy:

If you still need to put more pizzazz into your home to really make it stand out, you may want to consider Professional Home Staging. You can ask your Realtor for Recommendations. Studies show that this can actually save time and money for many Sellers:

In a National study conducted by the Real Estate Staging Association, 126 homes were selected that had been professionally staged After being on the market for 263 days.  (That's 9 months!!!)  Then the homes sold quickly.  This same study took 284 homes that the owners had professionally staged Before they went on the market and they Sold on an average in 40.5 days! This is approximately 223 days LESS time on the market (7 Months).  Just think of how much money those Sellers saved on their mortgage by selling their home quicker!

In another study, the results of a National Survey conducted by HomeGain, showed homes which the Seller's spent an average cost of  $300-$400 on Professional Home staging increased their home sale by $1500-$2000.  That's a return of 586% !!!

Watch this Video for more statistics on Staging: "This Month in Real Estate" May 2012- KW

One local company here in the New Orleans area is Sudden Change Interiors - www.suddenchangeinteriors.com

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What Do Americans Think About the Current Housing Market?

Photo: © Steve Greer - iStockphoto

Home buyers and investors alike are trying to gauge the health of the real estate market. One of the best ways to predict sales figures is to ask Americans if they plan on buying. The Fannie Mae National Housing Survey of May 2012 reported on the attitudes of 1,002 polled Americans toward the real estate market and the economy. The answers reflect the current—and the future—state of the housing market.

Higher Home Prices

Seventy-two percent of survey respondents believed that the current real estate market

was a good one to jump into, a one percent increase over the previous month. A much smaller 15 percent of respondents thought market conditions favored sellers. The reason—many respondents expected home prices to increase by an average of 1.4 percent, the highest value yet recorded in the National Housing Survey. This increase would incentivise many Americans to start their home searches before prices rise, while encouraging sellers to wait for a higher asking price. Another reason for the positive outlook is the belief of 41 percent of respondents that home mortgage rates will increase over the next year; buyers want to lock in their mortgages before rates increase.

Downturn in Personal Finances

Yet only 63 percent of those surveyed would buy in today's real estate market, down from 64 percent in April and 66 percent in March. This could be due to the answers respondents gave to questions about personal finances. Twelve percent of respondents expected to see a decline in their financial standing, while 46 percent expected their financial situation to stay the same over the next 12 months. Fifteen percent of those questioned stated their household income is lower than it was a year ago.

Positive Signs

While 32 percent of those surveyed said their expenses had increased significantly in the past year, that is the lowest value reported in the history of the survey and a four percent decrease from the month before. And a record-high 38 percent of respondents believed the economy was starting to improve.

Rising Rents

Survey respondents also foresaw an increase in rental prices. Forty-nine percent—the highest percentage recorded to date—believed rental prices would rise. On average, respondents expected rents to increase by 4.1 percent over the next year. It could be the rising rents, or it could be the dream of home ownership, but when respondents were asked what they would do if they were to move, only 32 percent would rent while 63 percent would buy.

Americans are approaching the American dream with a little more caution, keeping their finances and the future of the economy in mind—an approach that can only help the long-term stability of the housing market.

This Article was written for my NOLA Westbank Homes Newletter for July: Realty News

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Mortgage Loan Prequalification or Preapproval ?

We have a guess post blog this week by Andrew Hill @ NewHome Source  written about Prequalifing for your mortgage loan.  I want to point out that terminology differentiates in different parts of the country.  So to eliminate confusion, I just want to point out that there is a difference between prequalification and a preapproval.  A prequalification is not always a preapproval, because a preapproval only occurs after your mortgage company receives and verified your documents that back up the information you provided to them about your income, assets, liabilities and job experience.  When you punch in answers to a set of questions online and are given a mortgage prequalification, this is not going to hold a lot of weight when it comes time to put in an offer to buy a home.  Please be sure you are working with a qualified Realtor who has a valid Preapproval Letter waiting for you!

Prequalification: What is it & Why does it Matter?

By Andrew Hill @ www.newhomesource.com

So you’ve decided you’re ready to buy a home. Congratulations! Whether you’re a first time buyer or an expert in real estate, the first thing you’ll want to do it get prequalified for a home loan. You probably have heard this term before, but what exactly does it mean to ‘prequalify’? In short, pre-qualification is an assurance by the lender, which determines the highest loan amount that you qualify for.

Why should you prequalify? For starters, it saves you time and money. Buyers who are pre-qualified are able to consult better realtors and thus receive better service. Pre-qualified buyers are also given preference in multiple-offer situations and can negotiate for a better price than those who haven’t been prequalified.

Given these benefits, you may be asking yourself, “How can I get prequalified?”

In order to do prequalify, you’ll need:

1.      Credit reports

2.      Online mortgage/finance services

3.      A lender

The process essentially consists of you and a lender (or a mortgage broker) looking over your credit history and your debt to income ratio, for which you’ll need to provide your gross monthly income and total monthly payments. Depending on your unique situation, the lender you’re working with may ask for other documentation and information regarding your finances.

In order for you and the lender to look over your financial background and current situation, you’ll need to give your lender authorization to pull your credit report. After your information has been evaluated, the lender will construct a letter of prequalification for you, which states that they have reviewed your credit and financial information.

With this little letter in hand, you’ll be that much closer to finding the home of your dreams.

Tips:

-To find a good lender, ask for a referral from a trusted relative, friend, or co-worker.

-Prequalification is usually a free service. If the lender tried to charge you, find a different lender. 

-You don’t have to do business with the lender that prequalifies you. Shop around, compare rates, and choose the lender who has the best offer.

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