7 Great Reasons To Move!

Maybe you've been there so long you've lost sight of how cluttered and unwelcoming and old and ugly it is. Or the sheer volume of stuff that needs to be done is so overwhelming you just ignore it altogether.

Updating is long overdue and the projects that have been started were never finished. And, you have zero DIY skills (clearly). And maybe you even have a bad neighbor that's making it unpleasant to live there.

Pack it up. It's time to move on. Really. Sometimes we just need a little push to make the hard choice. Want to know if it's time for you to git along? Here are seven reasons you should just move already.

You should move if:

1. You have the money

It's not cheap to buy a new home, nor is it cheap to move. But neither are the overhauls you probably have to do to your kitchen and your bathrooms and your flooring and don't forget about patching those holes in the walls and re-sodding your backyard. Plus, if you've been paying your mortgage and are in an area that has appreciated, you may have more than enough equity to make it happen - without dipping into savings. And if you're willing to get your savings involved, well, your ultimate dream home just might be on the table.

2. You can qualify

Qualifying for a mortgage isn't as easy as it was when banks were seemingly handing out zero-down, five-year, interest-only loans to pretty much anyone who applied. If you've got the credit score and the down payment, it might be a good idea to take advantage of still-low interest rates and get into something newer, bigger, and better before rates (inevitably) go up and you run the risk of being priced out of your move-up home.

3. You can rent it

In many markets, it costs more to rent than it does to own. That can play to your advantage if you want to hold on to your house and move up or out. If your house payment is currently $1500 and rent for a comparable home in your area is $1800, you just found a way to bank $300 a month. Even if you hire a management company to take care of the property, you'll still make a profit, Yay for passive income!

4. Your house is just plain old

Older homes are more prone to issues, and those issues can get expensive. It might make sense to trade up to something newer and avoid having the expense and headache of repairs when the air conditioning goes out or the hot water heater stops making hot water or the roof starts leaking. Get out before you have to.

5. Your projects exceed your budget - and your skill level

DIY is not for everyone, but hiring out can get expensive. A home that has key updates (kitchens, baths are tops) will command a higher sales price, but a) They will delay your move; b) You might not recoup everything you spend; and c) Oh goodness, that's not the way you hold that saw (DIY is REALLY not for you). Depending on just how outdated home is, it might be smarter to just cut your losses and let someone else deal with making it pretty.

6. You hate your neighbors

If driving into your neighborhood raises your blood pressure because of the grumpy old man down the street with whom you have had a running list of issues (your dog walking down the street, your kids playing catch in the street, your car being parked in front of your own house, your gardener cutting the grass before noon on a Saturday), just go. Nothing is worth being unhappy in your own neighborhood.

7. Your house makes you sad

Yes, nothing is worth being unhappy in your own neighborhood. Unless it's being unhappy in your own house. If your house gives you the sads because it's not big enough, not new enough, not pretty enough, you can do something about it. Go where the happy is. A new house will do it every time.

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Don't forget to check out our open house this weekend!

Come Join us This Saturday 4/12/14, 1-4pm
105 Wyoming Ave, Portsmouth, VA 23701
For more info call 757-535-4884

14 Ways to Reclaim Lost Counter Space

Counter space. No matter how big the kitchen, you hardly ever hear anyone complaining that there’s too much of it. Especially in a compact kitchen, clear counters are a precious commodity worth fighting for. Luckily, there are lots of smart storage ideas that can help you reclaim lost counter space. Here are 14 great solutions that are just begging to be a part of your kitchen expansion.

Roll me away

If you’re striving to save space, a rolling cart with a butcher-block top does double duty. Use the top for prep when you need it, and give dishes or other supplies a good home on the shelves underneath.

Get some hang time

Most kitchen utensils have a notch on the handle, perfect for perching up high. This way, you can save your limited drawer space for something else.

Climbing the ceiling

Similar to the elevated utensil concept, hanging your pots and pans from a ceiling-mounted rack keeps them nearby and easy to spot. Even better, the cabinet they used to occupy gets freed up, making room for items that used to live on your counter.

Sink in

When you’re chopping, you can’t be washing, so why not use your kitchen sink as a prep area? Any cutting board slightly wider than your sink will do the trick.

Slide into home

If you’re lucky enough to be in the design stages, why not sneak a few pull-out surfaces into the mix? It’s a great way to gain extra space that appears only when you need it.

Beyond the block

Let’s face it, traditional knife blocks are counter hogs. A simple solution is to store knives on the wall with a magnetic holder, but make sure you dry your knives thoroughly before storing and place them carefully on the strip.

Top-shelf idea

Open shelving — whether it’s set on the backsplash, mounted on a painted wall, or even free-hanging from the ceiling — can greatly increase your kitchen storage capabilities. Although you’ll want to choose eye-pleasing items to house there, the net result will be an increase in space down below.

Trash it

Made famous by Rachael Ray, the “garbage bowl” can help keep peels and trimmings under control as you cook. Scraps go in the bowl until they’re all ready for the trash or composting, and the counters stay free of debris.

Another way to look at it

Having a limited amount of kitchen real estate can inspire creative, and at times beautiful, solutions. Mounting a few shelves inside a window not only gains surface area for storage, but also captures a stunning backdrop for anything placed there.

Island idea

Make your kitchen island work a bit harder for you by adding shelves for books, or bars for hanging towels or utensils.

Hole in the wall

Even if your kitchen’s footprint is small, you may uncover a treasure trove of storage possibilities between the studs. In many cases, reclaiming this hidden wall space requires remodeling only this one area instead of the whole kitchen.

Corner pocket

Freestanding shelves like these from Beyond the Rack give you a clever, efficient way to use that often-neglected corner space.

Have your cake and eat it too

Use a simple cake stand to hold high-use items like salt, pepper and olive oil. If you need more room, you can easily transfer the stand to another spot in the kitchen.

Jar ingenuity

Ah, the all-purpose Mason jar. What a great idea: Affix the metal lids to the underside of a cabinet, and screw the jars on and off as you need them.

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Why Being Pre-Approved for a Loan Matters

So much has changed in the past few decades that the old ways of buying or selling a home simply won’t work today. For decades, buying a home was pretty much the same thing: You shopped around, made an offer and then went to the bank to get a loan. If you were denied or there were problems, you walked away.
Today, a buyer needs to speak to the bank and get approved prior to shopping and definitely before making an offer on a home. Not being pre-approved today won’t get you past the front door. Here’s why:

Markets move faster today

With online listings and so many real estate resources available to buyers and sellers, it’s easy to quickly get a property in front of the masses. Buyers aren’t waiting on a call or fax from their real estate agent like they did in the 1980s. Instead, motivated buyers get push notifications from Zillow or texts from their agents and see homes as soon as possible. It’s more efficient.
Transactions happen at the same speed. If you’re not approved for a mortgage when you make an offer, the seller risks waiting weeks to see if your loan will go through. That’s not good for them. Show that you’re pre-approved, and you’ve eliminated one huge hurdle for the seller.

Know what you can afford

People today are focused on their monthly payments more than the total purchase price. Why? Because, unlike the typical buyer a generation ago, many of today’s buyers don’t plan on staying in their homes for 30 years. Instead, they can commit to 7 to 10 years and are open to alternate mortgage options that could save them money on their monthly payments.
It’s helpful to know exactly what a $425,000 mortgage will cost vs. a $500,000 mortgage on a monthly basis. Also, in some parts of the country, there are options for FHA loans with as little as 3 percent down. Knowing all your options before you start shopping allows you to shop and buy smarter. There’s no sense looking at homes in the $400,000 range if you can afford more, and vice versa.

Competing with pre-approved buyers

Few buyers today get into the real estate market without forging a relationship with a local mortgage professional. It’s simply smarter to have your ducks in a row. In a competitive market, you may face multiple offers on one property. If you don’t have a pre-approval letter to go with your offer, you have zero chance of getting your offer accepted. Not being pre-approved means you aren’t a serious buyer in the eyes of the seller.

Getting pre-approved means organizing all your documents, documenting your income, debt and credit, and understanding all the loan options available to you. There should never be a cost to be pre-approved for a loan. And you aren’t committed to a mortgage when going through the pre-approval. Got a signed contract from a seller? Then you’re ready to lock in a rate and choose the mortgage that’s best for you.

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Open House Next Weekend!

Come Join us This Saturday 4/12/14, 1-4pm 
105 Wyoming Ave, Portsmouth, VA 23701 
For more info call 757-535-4884

Your Dream Kitchen For $5000!

Got a bottomless budget for your dream kitchen?  You could pay for the sleekest pro-style appliances, the most luxurious stone countertop, and the trendiest hardwood flooring and still end up paying again to fix things that break down, crack, or dent. Or you could use our advice to make every dollar count by sidestepping high-priced pitfalls in the first place.
 

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HOUSING UPDATE: RELIEF FOR UNDERWATER SELLERS EXTENDED?

Important housing update: The Senate Finance Committee has passed a two year extension of tax relief for home owners who have had mortgage debt forgiven by a lender as part of a short sale, loan modification or foreclosure. This bill would be retroactive to January 1st, 2014, when the law expired.

The tax relief provision expired at the end of last year, and unless both the United States Senate and House of Representatives approve the extension, homeowners may have to pay tax on the forgiven debt.

“Even though the housing update for the real estate market has recovered from the housing crash, many homeowners still remain under water.  Home Owners and those advising them need to know that this tax on forgiven debt does not just apply to short sales and loan modifications.  It also applies to foreclosures, so ignoring the problem and just letting your home foreclose will not protect you from being liable for the tax. Home Owners need to pay attention and consult with a tax preparer on the IRS tax consequences of forgiven debt”. Says David Blank, CPA Founder of Homehelpusa.org.
NAR President Steve Brown says. “We applaud the Senate Finance Committee for approving a bipartisan compromise bill today This is, at its core, an issue that’s all about fairness. It is unfair to ask homeowners who are underwater on their mortgage and who make the prudent decision to do a short sale instead of allowing their mortgage to go into foreclosure to pay tax on the forgiven amount of the loan.”

The mortgage forgiveness tax relief act provided in the past has been one of Congress’ bipartisan success stories, and there’s a good chance an extension will pass Congress this year, too, analysts say.
Some 350,000 households could be affected by the tax if relief isn’t extended, because that’s the number of households who sold their house last year as a short sale. “And we expect a large number of short sales [an estimated 300,000 to 350,000] this year,” says Brown.
To read up on the tax law go to http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation.

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OPEN HOUSE!

Come Join us This Saturday 4/12/14, 1-4pm 

5906 MCGINNIS CIRCLE, NORFOLK, VA 23502

For more info call 757-535-4884

Positive Signs Crop Up Heading into Spring Homebuying Season

Recent month-to-month volatility in the housing market has softened the ongoing recovery. However, the majority of the Fannie Mae National Housing Survey indicators on consumer attitudes have continued to move in a positive direction during the past year, which may portend a pick-up in homebuying and selling activity this spring. According to Fannie Mae's March 2014 National Housing Survey results, the share of survey respondents who say it is a good time to sell a home climbed to 38 percent last month, compared to 26 percent at the same time last year. In addition, the share who believe it would be easy to get a mortgage today increased to 52 percent, compared to 47 a year ago, and tying the all-time survey high. Americans' attitudes regarding their personal finances have also improved those who expect their financial situation to worsen during the next 12 months decreased to 12 percent, a significant drop from 21 percent at the same time last year, and the share who say their personal financial situation improved during the past year reached an all-time survey high of 40 percent.

"The housing recovery continues to proceed in fits and starts. Rising mortgage rates and a lack of supply have dampened housing market momentum," says Doug Duncan, senior vice president and chief economist at Fannie Mae. "However, we see several positive signs going into this year's spring homebuying season, compared with last year. For example, consumers are less pessimistic about their personal finances, and more optimistic about the current selling environment and their ability to get a mortgage. Still, those who are pessimistic about buying or selling a home today tend to point to economic conditions as the primary issue, and most consumers continue to say the economy is on the wrong track. Looking forward, we expect to see a pick-up in economic growth later in the year, and this may boost the confidence of prospective buyers and sellers."

Homeownership and Renting

The average 12-month home price change expectation decreased from last month, to 2.7 percent.

The share of respondents who say home prices will go up in the next 12 months decreased slightly to 48 percent, while the share who say home prices will go down decreased to 5 percent, an all-time survey low.

The share of respondents who say mortgage rates will go up in the next 12 months decreased to 54 percent, and those who say they will go down fell to 3 percent, tying the all-time survey low.

Those who say it is a good time to buy a house increased slightly from last month to 69 percent and those who say it is a good time to sell a house increased 4 percentage points from last month to 38 percent.

The average 12-month rental price change expectation decreased slightly from last month to 4.2 percent.

Fifty-two percent of those surveyed say home rental prices will go up in the next 12 months, a slight increase from last month.

Fifty-two percent of respondents thought it would be easy for them to get a home mortgage today, tying the all-time survey high first reached in January.

The share who say they would buy if they were going to move increased 2 percentage points to 68 percent.

The Economy and Household Finances

The share of respondents who say the economy is on the right track continued on a downward trend decreasing 2 percentage points from last month to 33 percent.

The percentage of respondents who expect their personal financial situation to stay the same over the next 12 months increased 4 percentage points to 45 percent, tying a survey all-time high.

The share of respondents who say their household income is significantly higher than it was 12 months ago decreased 3 percentage points, to 21 percent.

The share of respondents who say their household expenses are significantly lower than they were 12 months ago fell one percentage point to 8 percent, tying the all-time survey low.

For more information, visit http://www.fanniemae.com/progress.

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Get Off the Fence Before Higher Rates Are Here!

We are entering the spring time and rates tend to rise of their own accord without the nudging of the fed.  Add a little fed talk and we will see volatility with an upward bias.    It is going to become a frothy seller’s market and some CNBC rocket scientist is going to say that is a sure sign of a strong economy and inflation is on the horizon (just cannot see it right now).  Perfect formula for volatility. Business Digest 4/4/14

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5 Myths and 5 Truths About Selling Your Home

Seems everyone has advice to offer about the real estate market. Unfortunately, not all that unsolicited information is true.

Misinformation can waste your time and cost you money. When it comes time to list your home, you’ll need to do your research so you can separate fact from fiction. Real estate agents participating in Zillow’s 2014 Home-Selling Season Survey identified five top real estate myths; the debunking of them should put you on the fast-track to selling your property:

Myth No. 1: I need to redo my kitchen and bathroom before selling.

Truth: While kitchens and bathrooms can increase the value of a home, you won’t get a large return on investment if you do a major renovation just before selling.
Minor renovations, on the other hand, may help you sell your home for a higher price. New countertops or new appliances may be just the kind of bait you need to reel in a buyer. Check out comparable listings in your neighborhood and see what work you need to do to compete in the market.

Myth No. 2: The outside of my home isn’t as important as the inside.

Truth: Home buyers often make snap judgments, often based simply on a home’s exterior. Therefore, curb appeal is very important.
“A lot of buyers I work with have done some preliminary online searches or they’ve driven by properties before they even enlist my services,” says Bic DeCaro, a real estate agent Westgate Realty Group in Falls Church, VA. “If a property looks bad, if the yard is cluttered or the driveway is all broken up, there’s a chance they won’t ever enter the house – they’ll just keep driving.”

Curb Appeal -The great news is that it doesn’t cost a bundle to make some big changes to your home’s exterior appearance. Start by cutting the grass, trimming the hedges and clearing away any clutter. Then, for less than $50, you could put up new house numbers, paint the front door, plant some flowers or install a new, more stylish porch light. 

Myth No. 3: If my house is clean, I don’t need to stage my home.

Truth: Clean and tidy is a good first step, but as more and more home sellers across the country have enlisted the services of professional home stagers, the bar has risen. It’s not enough anymore to toss dirty laundry in the closet and sweep the front steps.

Stagers strive to make homes appeal to a broad range of tastes. They can skillfully identify ways to highlight your home’s best features and compensate for its shortcomings. A stager might, for example, recommend removing blinds from a window that has a great view or replacing a double bed with a twin to make a bedroom look bigger. It’s common for stagers to de-clutter and depersonalize homes by putting furniture and family photos into storage. Or, if you’ve already moved out, a stager can move in furniture to give potential buyers a sense of how rooms might be used.

You don’t have to hire a professional stager. But if you don’t, you better be ready to use some of their tactics to get your home ready for sale. If staging is a trend where you live, an unstaged house will pale when compared to others on the market. And if staging is not yet something buyers in your area are used to seeing, your results will be even more impressive.

Myth No. 4: Granite and stainless steel appliances are no longer “in.”

Truth: The majority of home shoppers still want granite counters and stainless steel appliances. Quartz, marble and concrete counters also have wide appeal.Granite countertops are still highly desirable. “Most shoppers just want to steer away from anything that looks dated,” says Dru Bloomfield, a real estate agent with the Realty ONE Group in Scottsdale, AZ. “When you a design a space, you need to decide: ‘Am I doing this for myself or for resale?’
If you’re not planning to move anytime soon, you can decorate any way you like. If it’s likely your house will be going on the market within the next couple years, stick to elements that have mass appeal: neutral paint and tile colors, matching appliances or top-of-the line appliances.

“I recently sold a house where the kitchen had been remodeled 12 years ago and everybody thought it had just been done because the owners had chosen timeless elements: dark maple cabinets, granite counters and stainless appliances.”

Myth No. 5: Home shoppers can look past paint colors they don’t like.

Truth: Moving is a lot of work and, while many home buyers realize they could take on the task of painting walls, they simply don’t want to.

That’s why one of the most important things you can do to update your home is to apply a fresh coat of neutral paint. Neutral colors also help a property standout in online photographs – which is where most potential buyers will get their first impression of your property.

Hiring a professional to paint the interior of a 2,000 square-foot house likely will cost $3,000 to $6,000, depending upon labor costs in your region. You could buy the paint and do the job yourself for $300 to $500. Either way, if a fresh coat of paint helps your home stand out in a crowded market, it’s probably a worthwhile investment.

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