-Along with removing old wallpaper, there's no more cost-effective improvement than the application of fresh paint. It's inexpensive and relatively quick.
-If the kitchen cabinets are worn and weathered-looking, instead of buying new ones, consider painting them too.
-Clean or redo the grout around kitchen and bath counters and tub.
-Replace chipped or cracked tiles using inexpensive ceramic unless it's in a small space, like an entranceway.
-Keep everything well lit, replace or install new fixtures and lights.
-Buyers typically desire hardwood floors, so it would pay to remove old carpeting and have the floors refinished.
-Take magnets off of the refrigerators and knick-knacks off the counters; declutter, declutter, declutter!
-Always keep it clean and presentable.
Tuesday, November 24, 2009
Interested in buying a home and claiming the home-buyer tax credit? Below are five tips:
1. Don’t procrastinate. Start searching for a home now. Getting an early start will give you a better chance of finding the right house before the credit deadline. Before you start house hunting, get preapproved for a mortgage, said Eddie Fadel, a Miami-based mortgage banker, and do a realistic assessment of what you can afford. Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible.
2. Don’t count on another extension. The credit won’t be available forever, Fadel said. If you want to take advantage, be sure to make that spring deadline.
“This is a medication for the housing crisis. Once the patient—which is the housing market—cures, there will be no medication needed,” he said.
3. Mind the interest rates. Mortgage interest rates are low right now, but will likely rise next year. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying. Average rates on the 30-year fixed-rate mortgage have been hovering around 5%, but when the government stops buying large amounts of mortgage-backed securities, rates could rise.
4. Communicate with your lender. Throughout the process, make sure you’re communicating with your lender regularly; if there’s a piece of documentation you’re asked for, get it turned in as soon as possible, said Doug Heddings, a New York-based real estate agent with Charles Rutenberg Realty. Good communication is important in making sure the loan closes on time. And think twice before pursuing a short sale if you want to make the credit deadline. That’s where someone sells a home for less than what he or she owes on a mortgage, with permission of the lender. The process can be lengthy and unpredictable because the homeowner’s lender has to approve any deal, and can be complicated when there is a second mortgage associated with the property.
5. Don’t take shortcuts. Don’t forgo any of the steps you would normally take just to make the tax credit deadline. Make sure the house is a good fit for your needs and get a home inspection. Skipping steps could cost you in the long run.
(c) 2009, MarketWatch.com Inc.
Read more: http://rismedia.com/2009-11-23/5-tips-to-buying-a-home-on-deadline-and-how-the-tax-credit-extension-can-help/#ixzz0XmvksWVH
2. Don’t count on another extension. The credit won’t be available forever, Fadel said. If you want to take advantage, be sure to make that spring deadline.
“This is a medication for the housing crisis. Once the patient—which is the housing market—cures, there will be no medication needed,” he said.
3. Mind the interest rates. Mortgage interest rates are low right now, but will likely rise next year. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying. Average rates on the 30-year fixed-rate mortgage have been hovering around 5%, but when the government stops buying large amounts of mortgage-backed securities, rates could rise.
4. Communicate with your lender. Throughout the process, make sure you’re communicating with your lender regularly; if there’s a piece of documentation you’re asked for, get it turned in as soon as possible, said Doug Heddings, a New York-based real estate agent with Charles Rutenberg Realty. Good communication is important in making sure the loan closes on time. And think twice before pursuing a short sale if you want to make the credit deadline. That’s where someone sells a home for less than what he or she owes on a mortgage, with permission of the lender. The process can be lengthy and unpredictable because the homeowner’s lender has to approve any deal, and can be complicated when there is a second mortgage associated with the property.
5. Don’t take shortcuts. Don’t forgo any of the steps you would normally take just to make the tax credit deadline. Make sure the house is a good fit for your needs and get a home inspection. Skipping steps could cost you in the long run.
(c) 2009, MarketWatch.com Inc.
Read more: http://rismedia.com/2009-11-23/5-tips-to-buying-a-home-on-deadline-and-how-the-tax-credit-extension-can-help/#ixzz0XmvksWVH
Monday, November 23, 2009
What happens when you sell your house for less than what you owed on it? Get educated!
Read about the "Mortgage Forgiveness Debt Relieft Act and Debt Cancellation"
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.
However, the Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17 and at
http://www.irs.gov/individuals/article/0,,id=179414,00.html
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.
However, the Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17 and at
http://www.irs.gov/individuals/article/0,,id=179414,00.html
Couple buys 1st Home, Took Advantagae of $8K Tax Credit
Mark Park and his fiance', Jen decided to take advantage of the first-time home buyer tax credit to purchase a home. With the help of their REALTOR®, they were able to choose from a large inventory of affordable homes to select a place that suited their needs, like being in a friendly neighborhood closer to where they work. Watch the video to hear their story and their advice for others looking to buy and sell in the current market.
Friday, November 13, 2009
Thursday, November 12, 2009
Jersey City on TV...
The DIY Network is filming in my city for its home improvement show, “10 Grand in Your Hand.”
The show follows homeowners as they renovate their home, doing much of the work themselves.
Tom Selementi and his wife Clara Lofaro are completely remodeling their kitchen and redoing the hardwood floors in their three-floor Jersey City Heights house.
The DIY Network will air the episode of “10 Grand in Your Hand” featuring the Selementis will air on Jan. 20.
The show follows homeowners as they renovate their home, doing much of the work themselves.
Tom Selementi and his wife Clara Lofaro are completely remodeling their kitchen and redoing the hardwood floors in their three-floor Jersey City Heights house.
The DIY Network will air the episode of “10 Grand in Your Hand” featuring the Selementis will air on Jan. 20.
Tuesday, November 10, 2009
Top 5 Home Improvement Projects based on Cost & ROI
According to the HomeGain survey, the top five home improvements that Realtors recommend to home sellers based on cost and return on investment (from highest to lowest ROI) are:
1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI)
2. Home staging ($300 cost / $1,780 price increase / 586% ROI)
3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI)
4. Landscaping ($320 cost / $1,500 price increase / 473% ROI)
5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI)
Read more: http://rismedia.com/2009-11-09/home-sellers-top-5-home-improvement-projects-based-on-cost-and-return-on-investment/#ixzz0WSfaA0Ut
1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI)
2. Home staging ($300 cost / $1,780 price increase / 586% ROI)
3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI)
4. Landscaping ($320 cost / $1,500 price increase / 473% ROI)
5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI)
Read more: http://rismedia.com/2009-11-09/home-sellers-top-5-home-improvement-projects-based-on-cost-and-return-on-investment/#ixzz0WSfaA0Ut
Monday, November 9, 2009
Tax Credit Extended
It has been passed. New deadline is April 30, 2010.
Current homeowners who wish to buy new are also eligible within certain guidelines.
Email or call if I can help explain the details.
Maria "Carme" de Sagun
Sales Associate/Coldwell Banker
15 Nardone Place
Jersey City, NJ 07306
Office: 201.963.1400 ext 156
Fax: 862.345.3480
Cell: 678.770.1400
www.mariadesagun.com
www.jerseycityexpert.com
Current homeowners who wish to buy new are also eligible within certain guidelines.
Email or call if I can help explain the details.
Maria "Carme" de Sagun
Sales Associate/Coldwell Banker
15 Nardone Place
Jersey City, NJ 07306
Office: 201.963.1400 ext 156
Fax: 862.345.3480
Cell: 678.770.1400
www.mariadesagun.com
www.jerseycityexpert.com
Jersey City water & sewer bills going up 24%
Melissa Hayes/The Jersey Journal
November 08, 2009, 5:49PM
Jersey City water and sewer bills are increasing 24 percent starting Jan. 1.
For nearly 60 percent of the Jersey City Municipal Utility Authority’s 35,000 metered customers, that translates into a $144 annual increase. "When Bret Schundler was mayor, he rolled back the rates and we’ve been playing catch-up ever since," MUA Executive Director Daniel Becht said.
Full story here: http://www.nj.com/hudson/index.ssf/2009/11/jersey_city_water_and_sewer_bi.html
November 08, 2009, 5:49PM
Jersey City water and sewer bills are increasing 24 percent starting Jan. 1.
For nearly 60 percent of the Jersey City Municipal Utility Authority’s 35,000 metered customers, that translates into a $144 annual increase. "When Bret Schundler was mayor, he rolled back the rates and we’ve been playing catch-up ever since," MUA Executive Director Daniel Becht said.
Full story here: http://www.nj.com/hudson/index.ssf/2009/11/jersey_city_water_and_sewer_bi.html
Thursday, November 5, 2009
Congress giving homebuyers a $6,500 tax break
This bill also extends the $8000 tax credit to 1st time buyers.
It has already passed the Senate.
House has still to vote.
Stay tuned!
It has already passed the Senate.
House has still to vote.
Stay tuned!
Wednesday, November 4, 2009
Seven-year real estate appreciation in the Garden State -- at 37% -- is five times the national average
In the long term, New Jersey homes appreciate better than the nation as a whole.
The seven year appreciation rate (2002-2009) for New Jersey homeowners is 37.1 percent, more than five times the national rate of 7.1 percent.
Even with home prices reaching low points across the country, New Jersey’s unique advantages still make it a smart place to invest in real estate.
Garden State residents live in the home they buy for an average of seven years. Even during the current difficult economic climate, real estate in New Jersey can be a smart long term investment.
Source: 2008 Profile of New Jersey Home Buyers and Sellers
The seven year appreciation rate (2002-2009) for New Jersey homeowners is 37.1 percent, more than five times the national rate of 7.1 percent.
Even with home prices reaching low points across the country, New Jersey’s unique advantages still make it a smart place to invest in real estate.
Garden State residents live in the home they buy for an average of seven years. Even during the current difficult economic climate, real estate in New Jersey can be a smart long term investment.
Source: 2008 Profile of New Jersey Home Buyers and Sellers
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