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7 Ways to Make Your Home More Appealing to Buyers

When you're ready to sell your house, it pays to assess your home and make improvements before the for-sale sign goes in the yard. By doing so, you'll help buyers see the beauty of your home -- and that helps put the sold sign up faster. Especially in today's tough market for home sellers, attention to details and a willingness to go the extra mile can make all the difference.

 Here is a list of tips to make your home stand out from the rest.

Be objective

                                             

One of the hardest things for homeowners is to see their house from a buyer's perspective. If you can't be objective about how your home looks, take pictures of it. Take photos from the street, the kitchen, living room and master bedroom. These are the rooms that matter most to buyers.

Start at the front

                        

Give the front of your home a makeover. Hire a landscape company to freshen the grounds, trim shrubs and trees, and add mulching. Repaint the mailbox, add new house numbers and hide trashcans. These improvements help hook buyers at the curb, enticing them to view your home.

Add Life

Invest in good quality real or silk plants. Spindly plants are eyesores. Look in any d¿¿cor magazine and you'll notice how plants are placed attractively in the room. Use these as guides on what plants to buy and where to place.

Put Money Into Your Kitchen

Investing in the kitchen is one of the best returns on investment for homeowners. The kitchen is the one room that really excites buyers, so make it work for you by adding a new backsplash, fresh coat of paint on the cabinets and trendy pulls. Dated lighting, peeling laminate and crowded countertops will have buyers backing out of the house.

Set The Table

Model homes and homes in design magazines always feature a dining room table that's set, but few homeowners with homes for sale set the formal dining room table. Setting the table makes the room inviting and helps buyers imagine themselves in it.

Open The Door To Sales

The front door is the first place on your home a prospective buyer sees and touches when they arrive. Repainting or revarnishing the door and polishing up the hardware will create a vision of beauty and buyer anticipation because it says the house is cared for right up front.

Create A Focal Point In Every Room

Each room should have a feature that defines the space. A focal point helps visually draw buyers into the room -- and where the eyes go, the heart often follows. Using the photos you've taken earlier, plan a focal point for the main rooms of the house, including the kitchen.

Credit Knowledge And Confidence

Happy Hanukkah!

HAPPY THANKSGIVING

Deductions for Homeowners

What's Deductible? -- A to Z

Acquisition debt. See Mortgage interest.

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Boats as homes. A boat that has eating, sleeping and sanitary facilities can qualify as a first or second home, so you can deduct mortgage interest paid on the loan secured by the boat to buy it. However, if you are subject to the alternative minimum tax, this write-off is not allowed.

Cancelled debt on foreclosure or short sale. Generally, when a debt is canceled or forgiven, the borrower is considered to have received taxable income equal to the amount of the canceled debt. However, through 2012, up to $2 million of debt discharged on a mortgage on a principal residence -- in a foreclosure, for example, or short sale -- can be tax-free.

Casualty loss. If your home was damaged or destroyed -- by fire or storm, for example -- you may be able to get financial help from Uncle Sam by deducting a casualty loss on your return. Your deduction for a 2010 loss is generally the total of your unreimbursed loss reduced by $500 100 and further reduced by 10% of your adjusted gross income.

Depreciation on home. Profit due to depreciation claimed on your residence before May 7, 1997 -- because you had a home office, for example, or at one time rented out the property -- qualifies for the rule that lets you treat $250,000 of home sale profit as tax-free income. (The limit is $500,000 if you're married and file a joint return.) Profit due to depreciation after May 6, 1997, is taxed at 25%, unless you're in a lower tax bracket, in which case that rate applies.

Discharged debt. See Cancelled debt on foreclosure or short sale.

D.C. first-time homebuyer credit. If you bought a home in the nation's capital during 2010, you may be eligible for a $5,000 tax credit. It doesn't really have to be your first home ... just a home you purchased in the District of Columbia after not owning one in D.C. for at least one year. It doesn't matter if you have owned a home elsewhere. This break phases out as income exceeds $70,000 on single returns and $110,000 on married filing jointly returns. See first-time homebuyer credit. If you bought during the part of 2010 when the nationwide homebuyer credit was available (see below), you must choose between the two credits. You can’t claim both.

Energy credits. You can earn a 2009 tax credit for installing energy-saving home improvements such as new doors, new windows, energy-efficient furnaces, heat pumps, hot water heaters, air conditioners, etc. The credit is 30% of the cost of installing such energy savers, up to a top credit of $1,500. For windows and doors, the credit is based on the cost of the materials; for furnaces and air conditioners and the like, you can count the cost of installation, too. A bigger credit is available for more ambitious projects – like solar hot-water heating systems, geothermal heat pumps and, yes, even residential wind energy systems. Start generating your own power and Uncle Sam will rebate 30% of the full cost of your system…with no dollar cap.

First-time homebuyer credit. If you bought a home during the first four months of 2010, you may qualify for either an $8,000 or $6,500 home buyer credit. And, you don’t really have to be a first-time home buyer to qualify for either credit. To qualify for the $8,000 credit you (and your spouse if married) must not have owned a home in the three years leading up to the purchase of your new home. The credit is 10% of the purchase price of the home, up to a maximum credit of $8,000. No credit is allowed for homes that cost more than $800,000.

To qualify for the $6,500 credit, you must be a long-time homeowner, defined as owing and living in the same principal residence for five of the eight years leading up to the purchase of your new home. The credit is 10% of the purchase price of the home, up to a maximum credit of $6,500. No credit is allowed for homes that cost more than $800,000.

Timing is everything. To qualify for either credit, you must have signed a binding contract on your new home before May 1, 2010, and you must have closed on the deal by September 30, 2010.

Unlike a first-time home buyer credit available in 2008 – which had to be paid back over 15 years by adding $500 in each of those years to the taxpayer’s tax bill – the 2010 credit does not have to be paid back, as long as you live in the principal residence for at least three years.

First-time homebuyer credit repayment. The $7,500 first-time homebuyer credit that was available for qualifying purchases after April 8, 2008, and before January 1, 2009, must be repaid starting with your 2010 tax return. To repay this “interest-free loan”, you must add $500 each year to your tax bill until the full $7,500 is repaid. If you sell or otherwise stop using the house as your home before the credit is fully repaid, any remaining balance must be repaid with your tax return for the year of the sale.

Foreclosure. See Cancelled debt on foreclosure or short sale.

Home-equity debt. Interest on up to $100,000 of debt secured by your first or second home -- using a second mortgage, say, or home equity line of credit -- can be deducted, regardless of how the money is used. The use of home-equity debt gives homeowners an opportunity to skirt the rules that generally block the deduction of debt used to buy automobiles, for example, or pay for vacations.

Home-office deduction. You can deduct the costs of a home office that you use exclusively and regularly for business. This includes depreciation, utilities and insurance for the office portion of your home. To qualify for the tax break you must either meet with clients there regularly, or the home office must be your principal place of business (unless it is not attached to your house).

Home-sale exclusion. Up to $250,000 of profit from the sale of your home can be tax free; $500,000 if you are married an file a joint return. To qualify, you must own and live in the house for periods totaling two years out of the five years leading up to the sale. A reduced exclusion is available if you fail the two-year test due to unforeseen circumstances such as a move resulting from a job change, for example, or divorce. You can use this exclusion any number of times but no more frequently than once every two years.

IRA payouts for first-time homebuyers. You can withdraw as much as $10,000 from a traditional IRA before age 59½ without penalty if the money is used to buy the first home for yourself, a child or grandchild, or your parents or grandparents. Although the payout avoids the normal 10% early-withdrawal penalty, it is taxed. Different rules apply to tapping a Roth IRA for the purchase of a home. See Roth IRA payouts for first-time homebuyers.

Loan prepayment penalties. If your lender charges you a penalty for prepaying your mortgage early, the charge is deductible as mortgage interest.

Mortgage interest. You can deduct interest on up to $1.1 million of loans used to buy or build or improve your first or second home and secured by the property. Up to $1 million of such debt is called acquisition debt, which must be used to acquire or improve the property, and up to $100,000 more is called home equity debt, which can be used for any purpose.

Mortgage interest credit. If you received a mortgage credit certificate from a state or local governmental agency, you can claim a tax credit of up to $2,000 of mortgage interest paid.

Moving expenses. If a move is connected with taking a new job that is at least 50 miles farther from your old home than your old job was, you can deduct travel and lodging expenses for you and your family and the cost of moving your household goods. If you drive your own car, you can deduct 24 16.5 cents a mile for 2009 2010 moves. (For 20102011, the standard mileage rate for moving is 16.519 cents a mile.) If you moved to take your first job, the 50-mile test applies to the distance between your old home and your new job. The deduction is allowed even if you do not itemize deductions.

Parsonage allowance. For members of the clergy, the value of a home provided by the church is a tax-free fringe benefit. A housing allowance is also tax-free.

Points. Points you pay to get a mortgage for your principal residence are generally fully deductible in the year paid, even if you persuade the seller to pay your points for you. They are not deductible if paid as part of a refinancing a mortgage on your principal home or on a second home; in that those cases, you deduct the points over the life of the loan.

Presidentially declared disaster. If your home was damaged or destroyed in an area that the President declared a disaster area, special rules apply to the casualty loss deduction. For one thing, for 2009 losses the law waives the requirement that you reduce your loss by an amount equal to 10% of your adjusted gross income to arrive at the deduction. And, youYou may choose to deduct your loss in the year it occurred or the previous year, whichever is more advantageous. If you claim a 2010 loss on a 2009 amended return, for example, you’ll get your tax savings via a refund check from the IRS.

Property taxes. See Real estate taxes.

Real estate taxes. You can deduct state and local real estate taxes paid during the year on any number of personal residences you own. (A 2009 break that allowed homeowners who claimed If you choose to claim the standard deduction rather than itemize deductions, you canto boost their standard deduction to include some of the property tax they paid was not renewed for 2010.)add $500 if single or $1,000 if married filing jointly to the regular standard deduction amount if you paid at least that much in state and local real estate taxes. If you own rental properties, real estate taxes on them are deducted on Schedule E where you report rental income.

Real estate taxes when you buy a home. If you bought a home during the year, check to see if the seller had prepaid property taxes for a period you actually owned the home. If so, include that amount in your property tax deduction for the year . . .even if you did not reimburse the seller.

Recreational vehicle. If your RV has cooking, sleeping and sanitation facilities, interest on a loan used to buy it can qualify as deductible mortgage interest on a first or second home. If you are subject to the alternative minimum tax, interest on an RV loan is not deductible.

Refinancing points. Generally, points paid when refinancing are deducted over the term of the loan. But if you refinanced a loan that you previously refinanced, you can deduct in full the as-yet-undeducted points remaining on the prior loan. There's a catch, however: If you refinanced with the same lender, the remaining points must be amortized over the term of the new loan.

Rehabilitation credit. If your residence is certified by the government as a historic building, you can claim a tax credit for 20% of the cost of renovating it. The renovation must be substantial, and the expenses must be incurred within a 24-month period.

Reverse mortgage. Amounts received under a reverse mortgage -- either a lump sum payment or periodic payments -- are tax free. Interest that accrues on a reverse mortgage is not deductible until it is paid, and then only interest on up to $100,000 of debt can qualify.

Roth IRA payouts for first-time homebuyers. Because the rules for the Roth IRA allow you to withdraw contributions at any time without penalty, the Roth can be a powerful tool for saving for a first home. Say you and your spouse each put $5,000 a year into a Roth for five years. The entire $50,000 could be withdrawn tax- and penalty-free for a down payment and, because the accounts have been opened for at least five years, up to $10,000 of earnings can be withdrawn tax- and penalty-free if used to buy your first home.

Serial refinancers.If you refinanced in 2010 and paid off a home mortgage you acquired when refinancing to pay off an earlier mortgage, any as-yet-undeducted points on the previous refinancing may be deductible on your 2010 return. See Refinancing points.

Tax-free profit. See Home sale exclusion.

Tax-free profit on vacation home. Because you can use the home-sale exclusion repeatedly, it's possible to make profit on a vacation home tax free. If you move into the place and live there for two of the five years prior to selling it, you can qualify to claim up to $250,000 of profit tax free (up to $500,000 if you are married and file a joint return).

A recent change in the law, however, has diluted the potential value of this break. For vacation homes converted to principal residences after December 31, 2008, a portion of the gain will be taxed. The taxable part will be based on the ratio of the time after 2008 when the house was a second home or a rental to the total time you owned it.

Tax-free rental income. If you rent out your home for 14 or fewer days during the year -- when there's a major sporting event or political convention in your hometown, for example -- the rental income is tax-free, regardless of how much you make.

Vacation home. Mortgage interest on your second home is deductible, just as it is for your principal residence. Property taxes can be deducted on any number of homes. If you rent the place for 14 or fewer days during the year, the rental income is tax-free to you. If you rent it for more than 14 days a year, you must report the income, but also may claim deductions for rental expenses.

Creating a pet friendly home

A pet-friendly home is not just a fun and safe space for your pet, but also a space that can stand up to...the kinds of things pets do to houses. Making pet-friendly choices in landscaping, design, and the materials you use will ensure that both you and your pet can enjoy your shared space together.

Opt for durable flooring 

Even if your pet is perfectly well house-trained, they're bound to have an accident or two. Choose a flooring material that's easy to clean and won't be damaged by accidents. Linoleum cleans easily and is naturally anti-microbial. Bamboo, cork, tile, and stone are also good picks. If you want carpet, try a modular kind, made of separate carpet squares. Buy back-up squares so if a section gets ruined, you can pop it out and replace it. Avoid wood and laminate floors. Wood is easily scratched and damaged by water and slippery laminate can cause injuries.

Choose pet-friendly materials and décor

Opt for satin paint instead of flat paint on walls. A glossier finish won't show stains as prominently and wipes clean. Chose low VOC (volatile organic compounds) paints, especially if your pet bites or licks walls. Match the colors of throw rugs, upholstery, and other décor to your pet's fur color to give yourself a little more leeway in how frequently you'll be vacuuming and de-furring the furniture. Set up a feeding area in a spot where you won't be accidentally kicking over the water bowl. Find a nearby place to store dog food, ideally in a sealed container, like a plastic bin or a metal garbage can with a lid.

Protect furniture

Choose upholstered pieces covered in tough, easily-cleaned fabrics like leather or ultrasuede. Consider washable slipcovers, throws to protect furniture, or extra-durable fabric designed especially for pet owners. Keep pets from chewing furniture by spraying with store-bought, anti-chewing spray or applying a bit of cayenne pepper to their favorite biting spots. If you need to keep a pet out of a particular area, put up baby gates and provide the pet with plenty of sturdy toys for diversion. Set up a special bed or blanket so your pet has a comfortable, cushiony place of his own.

Eliminate dangers around the house

Walk around your house and assess possible pet hazards. Move chemicals and cleaning materials to high shelves or locked cabinets. Make sure trash cans are safely secured so pets don't get into something that could be harmful to them. (Many common household articles are toxic to pets including: coffee grounds, onions, grapes, and even nutmeg.) Latch lower cabinets with child locks if necessary and keep curtain and electrical cords out of pet reach. Put screens in upper level windows and make sure they're intact and securely attached. Keep toilet lids closed and avoid automatic bowl cleaners. Wipe up spills in the driveway and garage immediately so pets don't ingest poisons like antifreeze. Remove any indoor plants that are toxic to pets. You can find a list of toxic and non-toxic plants on the Humane Society's web site (www.humanesociety.org).

Consider a pet door 

If you are frequently away from home, consider putting in a pet door. Pet doors can be put in windows, doors, and walls. Smart models recognize your pet electronically and will only open for them, not for other animals. The doors can be controlled remotely and deactivated if you need the pet to stay inside. If you're worried about the resale value of cutting a hole in the wall, consider a model that's built into a glass sliding door. When you sell, you can replace that part of the door with a regular slider.

Create a yard for pets and people to share 

Find safe, pet-friendly materials for plants and hardscape. Put in some mint or catnip for cats and a clover ground cover for dogs because it won't yellow with urine. Outdoor cats like places to hide and things to climb and will make good use of trees and bushy areas. Dogs instinctively patrol the perimeter of the property and like running paths that follow the yard's circumference. If your dog has already created a path, embrace it, covering it with mulch and lining with attractive plantings. Make sure your fence is in good condition with no secret ways out (including benches, large rocks, or other items that can serve as pet launching pads). Consider putting in a small eye-level panel in the fence so dog can peek out and keep a watch on things. For safety, keep sharp tools put away, keep compost bins covered, and avoid chemical like fertilizers and pesticides. Make sure plants are non-toxic and avoid plants with thorns. And pets like a lot of the same things humans like, so you'll both be pleased if your yard has a shady spot to cool off and comfy places to sit



Environmentally Friendly Products for your Home

The green home movement has been spreading, but many homeowners still believe that it is a lifestyle only available to the super wealthy. This mentality is not just untrue, but it is also hurting an otherwise world-changing industry. What most homeowners don’t know is that there are hundreds of affordable ways to improve your home’s environmental impact. From simple lighting to reusable plastic products, every homeowner has access to green home solutions.

Solar Powered Candles

Installing solar panels that will power your entire home can be expensive and out of reach for many families, but that does not mean that you should avoid all solar powered devices. Hanging solar powered candles are a hot new trend. They can be seen hanging from porches across the country. These candles require such a small amount of solar power that it makes traditional non-solar porch lighting products seem primitive and wasteful. A hanging solar candle will usually cost no more than $30 to $40, but they require no electrical power and will last for many years to come.

Low-Flow Showerheads

Low flow showerheads not only save water, but they save energy as well. Using a low flow showerhead will provide you with the same quality showering experience while using only half the water of a traditional showerhead. This adds up over time, cutting out a huge percentage of your yearly water consumption. Now figure in the amount of energy that it takes to heat that water, and your savings will skyrocket. Water heating usually makes up for a large percentage of a home’s energy consumption, but it does not have to be that way. Low flow showerheads are inexpensive and pay for themselves in no time.

Eco-Friendly Cleaning Products

Cleaning products have been a major burden on the environment since their conception. However, there are plenty of innovative new companies developing natural products that work well and have little or no negative impact on the environment. Natural laundry detergents have advanced a lot since the idea first came about. New formulas are being developed every year, using all-natural ingredients that manage to clean as well as their chemical filled counterparts. The same goes for wood and counter cleaner sprays and stain removers. Some of these products may cost a little more than their dangerous competitors, but you will be doing the world a favor by making the switch.

Various Kitchen Items

There are tons of little items we use every day that often go unnoticed. From coffee filters to plastic wrap, everything that goes into the trash can will end up in a landfill. Luckily, most of these products can be reusable. Instead of using plastic wrap to store uneaten food, get a reusable container. Rather than throwing out a coffee filter every morning, there are durable filters designed to be reused for years after purchase. These are the little things that many homeowners forget about, but they add up over time. Pay attention to what you use on a daily basis and decide for yourself what you should change to have a green home.

6 Real Estate Tips for Choosing Your Dream Home

The term “dream home” means a lot of different things to a wide variety of people.
To some, it means a cozy cabin on an acre or two of lake-front property near a small town. To others, it means an average-sized two-story dwelling in a friendly suburb. And then there are people who want the $1.3 million New York City apartment with views of the Empire State Building.
Regardless of what type of person you are or what type of home suits your fancy the most, there are a lot of important decisions that go into picking out your dream home. In this article, we’ll give you 6 real estate tips to consider when trying to select the home your heart craves most of all. And they are:
Square Footage
If you time-travel back to 30 years in the past, homes were usually around 1,645 square feet in size. Today, that number has gone up to 2,195. But since the housing bubble burst, that number is starting to shrink as people eliminate superfluous rooms like “exercise rooms, offices, studies, and media rooms”. Really, it all comes down to how much — or little — house do you want and/or need.
Floorplan
Do you like your home with rooms that are intimate and traditional, or do you prefer an open floor plan that will help facilitate parties, family get-togethers, and other forms of entertainment? Neither is better than the other; it just all comes down to need and personal preference.
Home Grade
This section could also be labeled “cost,” because the grade of home you want affects the price. Obviously, a home with granite countertops, authentic stone floors, and mahogany wood paneling is going to cost much more than a home with laminate counters, ceramic flooring, and pine paneling. If you want a green home (i.e. one with “zero-voc paint, bamboo floors, and recycled counters”), that will also affect price. Decide what you want and make sure it fits your budget.
Landscaping
Sure, a big, beautiful, well-maintained lawn sounds good in theory, but are you willing to perform the necessary upkeep? Opting for a condo or townhouse decreases your lawn maintenance, but it could also hinder your entertaining, especially if you’re a fan of cook-outs and flag football. Determine if you’re willing to put the time into a lawn; if you don’t want one, nix houses with large yards from your search.

Neighborhood
Picking a neighborhood can be hard. If you have children (or plan on having some in the future), your choice will probably determine what public school they attend. Other things that can influence your choice are your daily commute to work, whether or not you want to be in a historic part of town, what kind of demographics interest you the most, or how close you want to be to your city’s dining and entertainment venues. Figure out where you are in life — and where you’re headed — and plan accordingly.
Surrounding Area
This one relates back to the previous section. What kind of dining, shopping, and entertainment options do you need to be near your dream home? (For example, I know I personally have to live within 15 minutes of a Wal-Mart in order to get by.) Be sure to scope out what’s available to you in the town/city that interests you. That way, you won’t be disappointed down the road when you discover your dream home is nowhere near your favorite chain restaurant.

Home Improvements That Pay Off!

Renting vs. Buying a Home: Which Is Smarter?

When Laurence DeGaris moved into his first house last August, at the age of 49, the University of Indianapolis marketing professor quickly found himself missing some of the pleasures of renting.
"The best thing in my old place was Lou," DeGaris says. "Faucet leaking? Call Lou. Air-conditioning not working? Call Lou. Now that I'm a homeowner, I got no 'Lou.' You know anyone who does gutters in Indianapolis?"

Is it better to rent or buy a house? That's a question virtually all adults ask themselves at one point or another, and especially around this time of year, as some people consider their goals and plans for the year ahead. So before you answer the question, here are some other questions you should ask yourself first.

Is it important that your house is an investment? If it's very important, you might want to rethink your future living arrangements. "Americans were used to their homes being a store for wealth – something to liquidate in retirement and downsize," says Scott Shellady, a senior vice president of derivatives for Trean Group, a futures and commodities exchange in Chicago. "No longer the case. Houses can go down just as easily as they go up."
He adds: "The bull run in housing we saw in the '90s and early 2000s will not happen again in our lifetime."
Shellady also cautions prospective homeowners to think about the health of the city they want to live in before taking out a mortgage. "Bankrupt municipalities can't put out fires. They can't stop thieves. They can't pick up trash and they can't maintain roads," Shellady says. "How much would your house be worth if your municipality was in that situation?"
This isn't to say your house won't be worth more someday versus when you bought it. But if you want a robust investment portfolio more than you want to buy a house, talk to a financial adviser instead of a real estate agent. Additionally, if you believe you're going to be in a house less than five years and want to sell it at a profit, most experts suggest it's safer to stick with renting.

Have you crunched all the numbers? Ron Throupe, an associate professor of real estate at the University of Denver, says the biggest mistake future homebuyers make is comparing a month's rent to a month's mortgage payment.
"Many people don't have all the numbers," he says. "There are many additional fees you need to include to make a fair comparison: the principal interest, property taxes, property insurance, homeowners association fees and maintenance."
The maintenance, in particular, can't be underestimated, he says. As DeGaris found out, if your furnace goes out or a pipe leaks, you have to fix it yourself or hire a professional. And there are other ancillary costs as well. "As a homeowner, you may find you suddenly need lawnmowers and snow shovels and new furniture," Throupe says. "It all adds up."

Can you handle the stress? "Most people weigh the financial aspects of buying versus renting, as they should, since it's the biggest financial decision most people will make. But one big factor to consider when buying a home is stress," says Tim Lucas, editor-in-chief of mymortgageinsider.com, an informational website.
Lucas says the Holmes and Rahe Stress Scale, a landmark stress study conducted in 1970, ranks many events that go along with buying a home in the top 43 most stressful circumstances in life. Four events are specifically home-related: change in financial state (No. 16), large mortgage or loan (No. 20), change in living conditions (No. 28) and change in residence (No. 32).
"If someone has recently made other life changes such as marriage, which is No. 7, switching careers (No. 18) or having a child (No. 14), it might be wise to postpone buying a home," Lucas says. "Stress overload can lead to missed payments, which can result in destroyed credit or even losing the home. It's better to rent if your life is in flux, and then buy when your stress levels are lower."

How old are you? If you're in your 20s or even your early 30s, there are some excellent arguments for not buying a house. Not that you aren't responsible enough to be a homeowner, but you're young, and who knows where life will take you? If you have a house, however, you may find that life can't take you to all that many interesting places.
For instance, a recent study from Dartmouth College in New Hampshire and the University of Warwick in the United Kingdom found that when countries start seeing a climb in homeownership, unemployment rates start trending upward within five years. Why? It may have something to do with homeowners not wanting to move somewhere else to find a job.
"The decision to own versus rent is very much a lifestyle decision as it is an economic decision. In most cases, it is driven by household formation – people getting married, starting families and being able to afford to do so," says Hollis Greenlaw, CEO of United Development Funding, a publicly registered, non-traded real estate investment trust in Grapevine, Texas. "Less than 40 percent of people under 35 years of age own homes, over 60 percent of people over 35 years of age own homes, and over 80 percent of people over 65 years of age own homes."
Indeed, DeGaris is 49, and while he says that "professionally, renting has served me well because I had the mobility to change jobs, which really helped advance my career," he is glad he finally bought his first house.
"There's a certain feeling of groundedness that comes with owning," DeGaris says. "That might not be rational, but it's palpable. The gutters need work but the roof still doesn't leak, so at this point, I'm still glad I made the move."
So what's the answer to whether it's smarter to rent or buy? It probably won't be a surprise to most people, especially those with several decades behind them. But as a general rule, the older you are, the more likely that it's smarter for you to buy a house. The younger you are, the better off you are being a renter.

Happy Yom Kippur!

Happy Rosh Hashanah!

Millennials Obstacles To Buying A Home

Are you ready to sell?

If you're like most home sellers, your house is worth a lot less than it was five years ago, maybe even less than what you paid for it.

So it isn't worth sinking more money into it before you put it on the market, right?

Sorry, but no, according to real estate agents. Sprucing up a home before you sell is still the best way to attract buyers and get a sale in this slowly recovering housing market.

"Buyers are picky," said Kim Guild, an agent with Keller Williams Realty, Edina. "There's not a lot of great inventory, but buyers still want it to look a certain way. A house needs to show like a model."

Today's buyers have higher expectations, but they aren't as set on a single neighborhood as they used to be, according to Laura Tiffany, an agent with Coldwell Banker Burnet's Minneapolis Lakes office. "They're more value-driven. They're willing to look in a broader area, which gives them more choices. The main thing I'm telling my clients is that homes need to be in pristine condition."

That doesn't mean you need to invest in major remodeling projects. Simple repairs, minor cosmetic enhancements, decluttering and staging are enough, in most cases, to make a home appealing to current buyers.

"Eliminate objections," said John Everett, an agent with Edina Realty. "You're competing with other houses, and the competition is all staged, neutralized and looking good. It doesn't cost a lot to declutter. Fresh paint doesn't cost a fortune."

A move-in-ready house is important to today's buyers because most don't have cash to pay for updates, Guild said. "They can finance the house but not the improvements. Lenders aren't approving those like they used to. You can't get those [home equity] lines of credit."

Plus, many of today's buyers aren't prepared -- or willing -- to tackle even minor home improvements themselves, according to Everett. "If they're both working, they don't have time." And most came of age in an era when home repairs and painting were increasingly outsourced.

"Buyers don't have a clue," Everett said. "They didn't do these things growing up and they didn't see their parents doing them. Today, when you point out a workbench in the basement, usually the wife laughs hysterically and says something like, 'My husband wouldn't know which end of the screwdriver to use.'"

So, if you're a home seller, what's worth spending money on and what's not? We asked agents to weigh in:

Professional photography. "The first showing is now online," Guild said. "You're not making the first impression when the buyer comes in the door, but on the Internet." Amateurish snapshots reduce the likelihood that a prospective buyer will be impressed enough to make an appointment. But high-quality shots by a pro who understands angles and lighting can pique buyers' interest.

Staging. Hiring a professional to present your home in its best light is almost always a worthwhile investment, Guild said. "I'm a huge proponent of staging." A well-staged home evokes positive emotion in potential buyers, often resulting in a faster sale and a higher sale price, she said.

Depending on the size of your home, a full-house staging can cost $2,500 to $3,000 -- even more if furniture, rather than just accessories, are involved. If that's beyond your budget, consider hiring a professional stager for a preliminary consultation and then follow his or her advice to complete the staging yourself.

Repairs. If it's broken, fix it. Today's buyers don't want to inherit your deferred-maintenance chores. "Almost all houses need some love," Everett said. "Spend the money, hire a handyman." Mechanics should be in good working order, Tiffany said. "Furnace certified. Windows and gutters clean -- anything that makes the house present itself as well cared for, and a good value."

Painting. A coat of fresh paint is a must for most homes, at least in rooms that see the most wear and tear. "You want everything to look fresh, new and clean," Tiffany said. Neutral colors are still recommended. While an unusual color scheme might be dramatic, it makes it more difficult for buyers to visualize themselves and their belongings in your home. Tiffany also tells her clients to paint basement floors, as part of cleaning and decluttering. "Basements can be scary, and clean, fresh paint on a cement floor really helps," she said.

Kitchens and baths. Concentrate your home-improvement efforts and dollars in these two spaces, Guild advised. "Kitchens and baths deliver the most bang for the buck." New lighting, faucets and hardware can give a kitchen a fresh, new look without breaking the bank. Bigger-ticket enhancements, such as new countertops, might or might not be smart, depending on the home and other circumstances. Guild has advised some clients with dated kitchens to add granite and new appliances, to appeal to modern buyers. But Everett urges caution. "Granite is very personal, and someone might hate the color you choose," he said. "They may want to pick out their own granite."

Other big projects. Thinking about finishing your unfinished basement so your home boasts more square footage? Don't bother, Guild said. "You're not going to get the money out of it, unless you were going to do it anyway." Tiffany agreed.

"For major improvements, I tell clients they should do it only for themselves, so they can get some enjoyment out of the improvement. The likelihood of a quick return on investment is not strong."

When in doubt about what to improve, ask your agent.

"The biggest thing is listening to the professional you hired," Guild said.

Everett said he's had several recent sales that involved multiple offers, and in every case, "they [sellers] did everything on my checklist." His advice: "Go out with both barrels loaded and get the job done."

90 Ways to Sell Your Home Faster and for More Money!

The following pages will guide you step by step through the process of preparing your home for sale to achieve the highest possible sale price in the least amount of time.

Repairs

1. The rule of thumb is, if something needs repair, fix it! There are probably many things in your home that you have simply become used to over time . . . things that you have been promising yourself that you will attend to. 


Well, now is the time. The buyer will mentally add up the cost of repairing all those minor flaws and end up with an amount that is generally much higher than what it would cost you to do the repairs.

You might be saying to yourself, “These repairs aren’t any big deal.” But the buyer is thinking, “If the owners didn’t care for these little items, then what about the roof and the furnace?” Needed small repairs and perceived owner neglect will either lower the purchase price or lengthen the time required to sell.

2. Check all walls for peeling paint and loose wall paper.

3. Large repairs: In today’s climate of open disclosure and vigilant professional home inspections, the rule is “Treat a buyer as you would yourself.” Repair any problems with major systems or offer an allowance for the buyer to make repairs after closing. Always disclose anything that you know about the property. Having been a consumer yourself, you know that buyers will more readily make a purchase decision with someone whom they can trust.

Cleaning

4. Every area of the home must sparkle and shine! Each hour spent will be well worth it. Would you rather buy a clean car, or a dirty one? Would you hurry to buy a pair of shoes with mud on them?

5. Clean all windows, inside and out. This helps make the house sparkle.

6. Clean all wall-to-wall carpeting and area rugs. Clean and polish linoleum, tile and

wooden floors.

7. Clean and polish all woodwork if necessary. Pay particular attention to the kitchen and bath cabinets.

8. Clean and polish all light fixtures.

Neutralizing

9. Be cautious about selecting colors when painting or replacing carpeting. Your objective here is to make your home appeal to the largest possible buying segment. Ask yourself, “How many of the available buyers would be able to move into your house with their furniture and not have to replace the carpeting?” Position your home on the market to be as livable to as many people as possible, and allow the buyer to mentally picture the home as theirs.

10. Forget your personal taste . . . the “market” is always demand driven! The average buyer will have a hard time looking beyond blue carpeting and bold wallpaper. Consider replacing unusual or bold colors with neutral tones. Two coats of white paint may be the best investment you ever made.

Space Management

This involves creating the illusion of more space.

11. Arrange furniture to give the rooms as spacious a feeling as possible. Consider removing furniture from rooms that are crowded. If necessary, store large items.

12. Pack up collectibles . . . both to protect them, and to give the room a more spacious feel. Leave just enough accessories to give the home a personal touch. Dispose of unneeded items.

13. Remove all clutter and make it a habit to pick up clothing, shoes, and personal possessions each day for possible showings.

14. Empty closets of off-season clothing and pack for the move. Organize them to demonstrate the most efficient use of space. Leave as few items on the floor or shelves as possible.

15. Use light to create a sense of space. All drapes should be open. Turn on all of the lights throughout the home before a showing, and be sure to replace any burned out light bulbs.

Atmosphere

When placing yourself in the potential buyer’s shoes, you will want to consider the overall atmosphere of your home. Keep in mind your sense of smell as you go through the check list. Create the atmosphere of your home as a shelter, a place that is safe and warm, and in good condition.

16. A clean smelling house creates a positive image in the buyer’s mind. Be aware of any odors from cooking, cigarettes, pets, etc., that may have adverse effects on potential buyers. Remember that some people are much more sensitive to odors than others. Smokers rarely notice the odor of tobacco that fills their homes, and pet owners may be oblivious to objectionable doggy odor.

17. You can use products like carpet deodorizers, air fresheners, and room deodorizers; but the best strategy is to remove the source of the smell rather than cover it up.

18. Unfortunately, often the only way to remove the smell of pet urine from flooring is to rip up the carpeting and padding and replace them. If this is preventing the sale of your home, don’t hesitate to make this investment.

19. If smoking and cooking odors have permeated your home, have your carpets and furniture cleaned, and air out or dry-clean your drapes.

20. Mildew odors are another no-no. Don’t allow wet towels to accumulate in hampers or dirty laundry to pile up in closets.

21. Once offensive odors are removed, consider adding delightful ones. Recent studies have shown that humans have strong, positive responses to certain smells. Cinnamon, fresh flowers, breads baking in the oven are all excellent ways to enhance your property for sale.

Staging

This part of preparing your home for sale is the most fun and involves the use of color, lighting, and accessories to emphasize the best features of your home.

22. Study magazine ads or furniture showrooms to see how small details can make rooms more attractive and appealing. The effect of a vase of flowers, an open book on the coffee table, a basket of birch logs by the fireplace, etc., can make the difference in a room.

23. The use of a brightly colored pillow in a wing chair or a throw blanket on a couch can add dimension to a sterile room.

24. Soften potentially offending views, but always let light into your rooms. Replace heavy curtains with sheer white panels. Never apologize for things you cannot change. The buyer will either decide to accept or reject the property regardless of the words you say. Just present the home in the best way possible with complete honesty.

25. Go through your photo albums and select pictures of your house and yard during all seasons. If hung at eye level in a well-lighted area, the pictures will speak for themselves and give you yet another selling edge.

26. Take advantage of natural light as much as possible by cleaning windows, opening shades and drapes, etc. Add lamps and lighting where necessary. Be sure that all fixtures are clean and have functioning bulbs.

The Exterior: Check your home for any needed maintenance just as a buyer would. Repaint or touch up as necessary. You can’t make a better investment when you are selling your house! Don’t let the outside turn buyers off before the inside turns them on.

27. Color has the power to attract. A tub of geraniums, a pot of petunias, or a basket of impatiens on the front steps is a welcoming touch.

28. If you are selling during the winter months, consider using a wreath of dried flowers on the front door.

29. If you have a porch or deck, set the stage with pots of flowers and attractively arranged furniture.

30. Check to see that all doors and windows are in good working order. Give special attention to your home’s exterior doors and front entry. Clean and paint doors if necessary. Remember, first impressions are likely to color the remainder of the house tour.

31. Wash all windows and replace any broken or cracked window panes.

32. Screens should be free of any tears or holes.

33. Inspect all locks to ensure that they are functioning properly

34. Check for loose or missing shingles.

35. Invest in a new doormat that says “Welcome.”

The Yard

36. Make sure the yard is neatly mowed, raked and edged.

37. Prune and shape shrubbery and trees to compliment your house.

38. Consider adding seasonal flowers along the walks or in the planting areas. Plop the plants into a well-placed wheelbarrow, an old-fashioned washtub, or what have you. Such standbys as nasturtiums, petunias, impatiens, and verbena are easy to maintain if you only remember to water them regularly. Try a row of sweet smelling alyssum to line a short sidewalk or pop in some perky dwarf marigolds to form a cheerful oasis of color in your yard.

39. It is important to devote at least one area of your yard to outdoor living. Buyers will still recognize a scene set with picnic table and chairs and respond positively to it. Cover your picnic table with a fringed, red-and-white checked cloth, set out some plastic plates and glasses, bring out the barbecuing equipment, and buyers will almost smell the hot dogs cooking!

The Driveway

40. The driveway is no place for children’s toys. Not only are such things dangerous, but the clutter is unsightly.

41. The surface of your driveway should be beyond reproach; after all, it’s one of the first things a buyer will see when he drives up. Sweep and wash the driveway and walks to remove debris, dirt and stains. Repair and patch any cracks, edge the sides and pull up any weeds.

Room-by-Room Analysis

The Front Entry: Whether a gracious proportioned center-hall or a small space just large enough for a coat rack and a tiny table, this part of your home deserves your particular attention.

42. Study your entry hall and ask yourself what kind of impression it makes of your home. Dried flowers or a small plant can make a striking focal point on a hall table any time of the year.

43. Virtually any entry hall will benefit from a well-placed mirror to enlarge the area.

44. Your entry hall’s flooring will be observed carefully by the prospective buyer. Make sure the surface is spotless and add a small rug to protect the area during showings.

45. The entry hall closet is the first one inspected. Make it appear roomy. Add a few extra hangers. Hang a bag of cedar chips or a pomander ball to give a pleasant, fresh scent. Remove all off-season clothing.

Living Areas: Think of these areas as if they were furniture showrooms. Your job is to make each room generate a positive response. Add touches that make a room look truly inviting.

46. Sweep and clean the fireplace. Place a few logs on the grate to create an attractive appearance. You are welcome to have a fire going for showings during the winter months. . . it creates a great atmosphere.

47. Place something colorful on the mantel, but don’t make it look like

48. Improve the traffic flow by removing excess furniture. Have easy traffic flow patterns. Be sure that all doors open fully and easily.

49. Draw attention to exposed beams or a cathedral ceiling with special lighting. Be sure to remove any cobwebs and dust.

50. Remove oversized television sets if they dominate the room. If necessary, substitute with a smaller one until you move.

The Dining Room: Avoid going overboard. To be effective, any stage setting that you create should reflect the character of your entire home appropriately.

51. Set the scene by setting the table with an attractive arrangement. Add fresh or silk flowers as a centerpiece.

52. Visually enlarge a small dining area. If your dining table has extra leaves, take one or two out. Consider placing your dining table against the wall. Remove any extra “company” chairs. Consider putting oversized pieces in storage until your house is sold.

The Kitchen: Pay particular attention to your kitchen. This room continues to be the “heart of the home.” A pleasant, working kitchen is near the top of most buyers’ list of priorities and is a room that buyers always scrutinize closely.

53. Avoid clutter! Clean counters of small appliances and store whenever possible to maximize the appearance of work space.

54. Check the counter top around your sink, and remove any detergent or cleanser, etc., that may be cluttering the area.

55. Sinks, cabinets, and counter tops should be clean and fresh.

56. All appliances should be absolutely clean, bright, sparkling and shiny!

57. Clean off the top of the refrigerator! If you must use that space for storage, use baskets and bowls to camouflage the items kept there.

58. Set the scene with an open cookbook, a basket filled with fruit, a basket of silk flowers, or a ceramic mixing bowl and wire whisk.

59. Create the aromas associated with happy homes! Bake some cookies from premixed, refrigerated cookie dough, start baking a loaf of refrigerated bread dough, or pop a frozen apple pie in the oven.

60. In the heat of summer, place a bowl of lemons or limes on the counter to provide a fresh and pleasant aroma.

61. Clean and organize all storage space. lf your cabinets, drawers, and closets are crowded and overflowing, buyers assume that your storage space is inadequate. Give away items you don’t use, storing seldom-used items elsewhere, and reorganize the shelves. Neat, organized shelves and drawers look larger and more adequate for prospective buyer’s needs.

62. Large, cheerful kitchen windows are an advantage and should be highlighted as a special feature of your home. Take a critical look at the window treatment . . . is it clean, sharp and up-to-date? Do the curtains need washing or the blinds need cleaning? Would the window area look better without any window treatment?

63. If you have a counter top eating area, set two attractive place settings with coordinating napkins and placemats, and place cushions on the stools.

64. Set the table for an informal meal with bright placemats and a generous bowl of fruit as a centerpiece.

Laundry Room: A separate laundry room is a true asset and is one of the most frequent requests that buyers make during a home search. Don’t hide this treasure behind closed doors. Spruce up the room and open the door proudly for inspection.

65. Add a fresh coat of paint or put up a cheerful wallpaper.

66. Organize all closets and storage space.

67. Remove all dirty laundry. Keep current with your laundry or store all dirty laundry in a closed container (maybe even hermetically sealed and welded shut).

68. Clean and polish the washer and dryer.

69. Consider adding an attractive, coordinated throw rug.

Stairways: Stairways should provide an attractive transition from one level of your home to another.

70. Make certain the stairs are safe! Stair lighting should be more than adequate, stairs must be clutter free, stair railings tight and secure, and runners or carpeting tacked securely. Remove any items from the surface of the stairs and store elsewhere. Check the condition of the walls, and paint or re-wallpaper if necessary.

71. If the stairs are a focal point of the main living areas, carefully choose accents to improve the visual appeal. If you have a wide, gracious staircase, emphasize this feature by hanging a few pictures along the wall. Draw attention to a handsome lighting fixture by polishing the brass and dusting each small light bulb or crystal prism.

Bedrooms: Imagine for a moment that you’re in the “bed-and-breakfast” business. How would you change your home’s bedrooms to appeal to a paying lodger? Naturally, you’d make up the beds with your prettiest sheets and comforters. Maybe you’d add a vase of flowers on the dressing table or a cozy armchair in the corner. Every bedroom in your home should invite prospective buyers to settle right in.

72. Large master bedrooms are particularly popular among today’s home buyers. Make your bedroom larger. Paint the room a light color, remove one of the bureaus if the room is crowded, and minimize clutter to maximize spaciousness. Aim for a restful, subdued look.

73. A private bathroom off the master bedroom is a real sales plus. Decorate to coordinate with the color scheme of your bedroom, creating the “suite” effect.

74. Virtually all buyers are looking for a house with plenty of closet space. Try to make what you have appear generous and well planned. Remove and store all out of season clothing. Remove any items from the floor area. This will make a closet seem more spacious. Arrange all shelves to maximize the use of space.

75. Make sure all articles in the closet are fresh and clean smelling. When prospective buyers open your closet door, they should be greeted with a whiff of fresh smelling air.

76. Make sure all closet lights have adequate wattage and are operating. Add battery operated lights to those closets that lack them. Lighted closets look bigger, are more attractive, and allow buyers to inspect the interiors easily.

77. Take the time to explain the importance of marketing to your children. Encourage them to participate in preparing your home for showing, particularly the principle of appealing to the widest possible market segment. Ask your children’s cooperation in making their beds and picking up their rooms prior to showings. Consider promising a special reward if they willingly participate in your house selling goals.

78. Have them pack up any items that are not currently in use and dispose of unused possessions.

79. Remove any crowded, unusual, or personal wall hangings such as posters and store them until your home is sold.

Bathrooms: Wise sellers take special pains with preparing their bathrooms for scrutiny by strangers. The bathroom is a room after all, and a very personal one. Prospects will inspect yours carefully, so be sure it is immaculate. Cleanliness is the key! Make sure that all surfaces are spotless.

80. Replace worn or dirty shower curtains, clean and repair caulking, and remove non-skid bath decals that are in poor condition.

81. Clear off countertops and store all personal care products out of sight.

82. Repair any faucets that leak or do not function properly. Clean off mineral deposits with vinegar or commercial products.

83. Clean and organize all cabinets and drawers. Don’t forget the medicine cabinet: dispose of old prescriptions, and polish the shelves. The same goes for the storage cabinet under the sink.

84. Remember to appeal to a wide range of buyers. Play down dominant colors with contrasting neutral colored towels and accessories. If your bathroom is mostly white or neutral, add a few cheerful accents of color: use towels in the popular new shades. Don’t hesitate to buy a few new towels and a rug . . . you’ll be taking them with you to your new home.

85. Scrub and wax an old floor. Cover the largest area you can with a freshly washed scatter rug.

86. Decorate and personalize to create a pleasing, individual look. Consider bringing out your best towels and perfumed guest soaps. Add a plant for color and freshness.

87. A gentle hint of fragrance in the air is fine, but keep it subtle.

Garage

88. Sweep and wash the floor to remove dirt and stains. Organize tools, garden equipment, bicycles, etc. A clean, organized garage appears larger.

89. If the area is dark, add more light. If it is small and accommodates only one car, remove your car before buyers visit. An empty garage always looks larger. If you have a two car garage with very little extra room, remove one of your cars so that buyers can make their inspection in comfort.

90. Get rid of anything that you don’t plan to move to your new home. Place remaining stored material neatly in boxes, and position away from walls.