Blog
Determining A Home’s Value
When selling a home one of the most important pieces of the puzzle for both the seller and the buyer is price, and let’s face it, price matters. The seller without a doubt has a value in mind when he decides to sell his home. A Realtor will condu
ct a Current Market Analysis (CMA), comparing homes that have sold in the area, both what similar homes have sold for and what has sold recently. Conducting a CMA should reveal what is a fair price to list a home at, however certain features can tweak the price per square foot value of a home, such as a home’s finishes, upgrades, and assets.
When a home goes under contract a professional appraiser will appraise it. The appraised value is similar to a CMA, it is based on the local real estate market, sales of comparable homes, the condition of the home and a few other criteria.
While the value of a home is first determined by the seller it ultimately is the buyer who sets the price, this is known as Market Value in real estate. Market Value is what a home actually sells for and can be higher or lower than asking price. A Realtor is a valuable tool in the selling of a home because pricing it right can designate how long it takes to sell.
Short Time Left To Use Tax Credit & It’s Not Just For First Time Home Buyers
With just under two seeks left to use the tax credit there are a few points about the credit to remember. The home buyer tax credit originated as a f
irst time home buyer tax credit but it is no longer just for first time home buyers. If you have lived in your home for 5 of the past 7 years and are looking to buy a new home the tax credit can help make your purchase more affordable.
Another important point is that if you are a current home owner who qualifies for the tax credit you don’t have to be moving up. Your new home does not need to be a bigger, more expensive home, you can make a lateral move or a move down to a smaller home. The new home must also be your primary residence.
If you want to use the home buyer tax credit toward purchasing a new home in 2010 you need to have the home under contract by April 30. The home needs to close before June 30, but the contract date is nearing. The tax credit offers home buyers a great opportunity to save some money, so contact me today and let’s get out there and start looking at real estate. The inventory in Corvallis and the mid-Willamette Valley is great!
Click here to read all about the home buyer tax credit.
Buying a New Home in Corvallis? How Much Money Should Be Put Down?
Buying a new home is a big step, and an expensive one at that. After qualifying for a loan, locating a home and going under contract there are many questions to be answered regarding financing your new home. One such question is how much money should be put down. If you can afford to put down more than 20% should you?
When purchasing a new home it can be beneficial to put down as little money as possible. Having cash left over in your bank account can mean extra money for home improvements. Less money down enables homeowners to maximize the tax benefits that come along with home ownership. Mortgage interest and property taxes are deductible from a person’s state and federal income taxes.
On the flip side, paying more up front can save quite a lot of money over time by reducing the initial debt and therefore saving on interest payments. Evaluating what makes more sense in a particular situation is a smart way to go. Either way you will save, money on taxes or money on interest. Having the extra money to ponder this dilemma is a good position to be in.
Contact me today to discuss the options available for purchasing that new home!
Thinking About Using Tax Credit Toward Buying Corvallis Real Estate? Act Fast!
If you are thinking about using the extended and expanded home buyer tax credit to purchase a home in Corvallis, Oregon this year you better act fast. The tax credit can be used
on homes purchased by July 1, 2010, but the homes must be under contract by April 30, 2010. What does this mean? You have a little more than a month to locate your new home. The tax credit is for two types of buyers, first time home buyers (home buyers who have not owned a home in the past 3 years) or home owners who have lived in their home for 5 of the past 8 years and want to purchase a new primary residence.
Important aspects of the tax credit include:
- Homes must be closed by July 1, 2010, under contract by April 30, 2010.
- Homes must have a value of $800,000 or less and must be the buyer’s primary residence.
- There are income restrictions, $125,000 for singles, $225,000 for couples.
- The credit is also affected by being single or married. Married couples who file together are entitled for up to $8,000 for a first home buyer, up to $6,500 for current homeowners. Single people are entitled for up to $4,000 for a first time home buyer and $3,250 for a current homeowner.
- The credit will need to be repaid if you sell your home within a time period of 36 months.
Remember, time is running out. Contact me today to start looking for your new home if you intend on using the tax credit.
Selling Your Home? Get in Spring Cleaning Mode
We are rapidly ap
proaching Spring and if you are selling your home or thinking about selling your home, you might want to get into the Spring cleaning mode. There is no doubt about it, across the board clean homes sell better than messy or dirty homes do. It is an unwritten, yet openly discussed, rule in real estate.
The main areas to focus on when cleaning, or examining your already cleaned home, are windows, walls, baseboards, bathrooms, closets and cabinets.
- Windows should be clear inside and out. Large picture windows should offer a clear, smudge-free view.
- Walls should be clean, free of holes and have a fresh coat of paint if needed.
- Baseboards should be free of dust and clean as well.
- Bathrooms should sparkle. Tile and grout should be clean, any cracked tiles should be replaced. Toilets, tubs and showers should be stain-free.
- Closets and cabinets should be cleared of clutter, organized and neat. If there is a door or drawer the chances are good that a prospective buyer will open it.
The important thing to remember is that you never get a second chance to make a first impression. The better condition your home is in and the cleaner it appears the more likely it is to make a good impression.
Click here to view an article from Realty Times about selling a clean house.
Equal Housing Opportunity. Each Office Is Independently Owned and Operated.