Abby's Attic

1. Get prequalified.  
1. I cannot stress this enough.  Loan qualification is getting tougher and tougher, especially for clients who don’t qualify for a conventional loan, or who just don’t have a large down payment.  
2. Call someone you trust, or whom you already have a loan with.  I prefer independent loan companies, as opposed to a bank.  They have slightly different regulations and will work to find the loan that works best for you.
2. Be realistic.
1. We’ve heard it before, Champaign taste on a Beer budget.  While it’s true there are some very hot deals out there right now, homes are still going between $76 and $90 per square foot.  So, be reasonable about what your deal-breakers are, and what things would just be nice to have.
3. Be prepared.  
1. As with any large financial purchase, there are a lot of steps that will be taken, and even more paperwork.  Breathe, relax, I’ll help you get through it.
4. Be cautious.
1. Some things are too good to be true.  Get a whole house inspection, a termite inspection, and have an expert come to take a look at anything that seems a little past its prime to ensure it is in proper working order.  If there is still something that makes you leery, you may want to purchase a home warranty, or request the seller purchases one for you in your contract.
5. Be excited.
1. This is a great time to buy a home.  This is a soft market, which means it’s the exact climate you want to purchase a home.  Leave your information here and we’ll get started.  I’m here, and I’m ready to help!

Week 5: Home Stretch

It may have been a short trip or a long journey, but after a lot of hard work, you receive an offer on your home.  This is what you wanted, but now what?  Below is a guide that will show a basic path from the time you get an offer, to the day you hand over your keys. 

1. Don't ignore any offers. Even if you feel the number is a 'low ball', have your agent submit a counteroffer. You never know what can be negotiated unless you go for it.  Things won't always work out, but every experience prepares you for the future. Before you let yourself get frustrated, have an open conversation with your agent about the lowest price you will accept, and work from there.  There are several things that can be negotiated at this point including earnest money, closing date, and contingencies.
2. When you have an offer that is acceptable, be sure the contract contains all of the negotiated terms.  All parties will be given a copy of the contract of sale.  Trust your agent to move the sale forward and keep you in close contact to walk you through the last stages of the process.
3. Within 10 days after the contract is signed, home inspections begin.  The purchaser's mortgage company will also likely request an appraisal, at the buyers expense.  Things may arise from these inspections that need to be addressed, which the agent will communicate to you. 
4. At the closing the administrative work is completed and the transaction is going to escrow. Prepare for closing to take over an hour and have all documentation and keys ready to go. Congratulations!  With the help of the right real estate agent, you just successfully sold your home. 

Selling a home is a very exciting time. These last few steps, simple as they may seem can be very cumbersome and complicated.  It's important to understand the road map of what is to be completed so there are no surprises when it comes to closing.  I hope I have offered you some insight into the home selling process.  Give me a call when you are ready to take the first step with me. 

~Abby 

Week 3:  Curb Appeal 

The saying is true, you'll never get a second chance to make a first impression.  When a potential buyer pulls up in front of your property, what they see will leave them with a lasting impression. A sort of home-buyer's handshake, if you will.  Here are some easy, and inexpensive ways to give your home a welcoming, positive presentation. 

1. The Entryway
   Create symmetry with the front door as the point of focus.  First, you'll want to look at the hardware on the porch.  Dingy, outdated hardware including door locks, hinges, lighting fixtures, and wall-mounted mail boxes can offer less-than-desired appeal.  All of these things are easy, and relatively inexpensive to replace with something a little more modern, and coordinated.  You may also want to go an extra step and add a splash of color by painting a metal door, or replacing an old door with a custom wooden one.  Dress a door up with a swag or wreath that reflects your personal style and helps set the tone for what they can expect when they walk through the door.
   
2. Create an instant garden 
   Fill coordinated flower containers in various sizes with low maintenance  landscaping.  Please  be sure you can keep healthy the things you plant, and steer clear of anything synthetic.
   
3. Refresh your beds
   Flower beds, that is.  Pull weeds, prune any unsightly or unruly growth, and replace the bleached out, tired mulch from last season.  This will give the bed a cleaner, more colorful look, which goes a long way for curb appeal.  If the beds are lined with brick or stones, consider power washing them and resetting any pieces that have fallen out of place.
   
4. Power Wash the exterior surface 
   Obviously, replacing brick or siding is not a possibility for most of us.  It's costly and time-consuming.  A perfect alternative is to rent or borrow a power washer and spray every surface.   Once it's dry it will look brighter and give you an opportunity to take an inventory on any cracks or missing mortar around the perimeter.  Buy a good outdoor caulk and address all of  these areas in a fast, easy way without having to hire a contractor.
   
5. Weed, water and trim
   Probably the easiest way to add (or maintain) curb appeal is by keeping the lawn in a presentable fashion.  Make sure to do regular, routine maintenance such as weeding and cutting the grass.  If you know time is a factor and this is one of those chores that gets procrastinated until the last possible moment, it may be a good option to hire a lawn service for the period of time your home will be on the market.  There won't be a need to have the lawn sprayed, plus the chemicals leave the lawn an unnatural green color and often have a harsh smell that would not appeal to most buyers.  But, a well-watered, clean cut and weeded-out lawn helps make people feel at home. 

I hope these 5 tips help to put things into perspective when placing your home for sale.  Just like the interior, projects don't need to be of large scale in either price or ambition to be effective.  If you have any questions, or are ready for a consultation, please leave your information here and I'll contact you to set up an appointment. 

~Abby 

Series: Steps to Selling Your Home

This week launches a short series of blogs focused on tips for selling your home. There is a lot of advice out there, some of it good, most of it negative, mostly due to last year's trends. So, in what direction should you go? Hopefully, this series will offer you some sound advice and give you a jumping off point of where and how to begin.

Week 1: Choosing a Listing Agent

The market is saturated with Real Estate agents. Everybody knows somebody who works as a Realtor. But sometimes, listing with a friend or family member isn't the best way to go.

First of all, you want an agent you can trust. If you feel pushed or uncomfortable, the relationship will likely not work out.

Second, an agent needs to be familiar with your area, or be willing to do the research necessary to gain knowledge about the true market value of your property. After all, the goal is to actually sell the property and not just get it listed.

The agent you choose will also need to be up front and honest with you about the ins and outs of the situation you are in. The dirty truth is that people selling their homes this year will not make what they could have two or three years ago. It is in your best interest to know what you may be getting yourself into and have an agent that will communicate with you on all issues.

Next, the agent needs to have a good idea of the type of marketing that will work best to move the property into escrow. If the agent has a plan to only have a few open houses and not much else, your property won't get as much exposure or traffic as if it were listed on several websites and marketed with the benefit of technology.

Lastly, you'll need to know the agent you choose will be an advocate for you once the listing is brought to the negotiation stage. This is when an agent is most needed. At this point, the experienced agent will have a firm understanding of the property and conditions in order to get you the most money at closing.

It's a good idea to meet with a few agents to find the best fit for you. If you would like to meet with me, leave your information here and I will contact you quickly. Or, you can call me at 405-843-8534 and we'll set up a time that is convenient for you.

Thank you as always!

~Abby

Giving Credit where Credit is Due

The last year has been one of many challenges. It has forced Americans of all walks of like to take a step back and reevaluate purchases and lifestyles, often making significant changes in the way they spend their money. I am excited to hear the latest buzz about the economy, especially because although we are only 11 days into the new year, ‘they’ are stating this year is already looking better than 2009. I am an incurable optimist and when I hear things like that I can’t help but smile. This could be it, the break we’ve all been waiting for. Something that will help the real estate market is the extension of the homebuyers tax credit. But, if you’re like me, it sounds really great, but I want to know what it means. In short, how will this help me? So, I’ve done a little research and here is what I found.

1. This benefit was signed in November of 2009 and is good through April 30, 2010.

2. First time homebuyers will be eligible for up to an $8,000 tax credit. Eligibility seems fairly simple in that the only provision is you cannot have had an interest in a principal residence for 3 years prior to purchase.

3. Current homeowners are eligible for up to an $6,500 tax credit so long as they have used the home sold or being sold as a principal residence consecutively for 5 of the last 8 years.

4. There is no eligibility for credit after April 30. 2010. The exception is there is a binding contract rule stating that if there is a binding contract for purchase of the home written prior to April 30, 2010, you may still be eligible for tax credit as long as the closing takes place on or before July 1, 2010.

5. Income limits for a married couple filing jointly is $225,000 and filing separately or whom are single is $125,000.

6. There is now a limitation on the cost of the purchased home of $800,000.

7. Purchase by a dependent is ineligible for the program. (Your child cannot purchase a new home where you’ll be receiving the tax credit.)

8. The purchaser must attach documentation of the purchase to the tax return.

The tax credit received:

1. Applies only to homes used at a taxpayers principal residence.

2. Reduces the taxpayers tax bill or increases his or her refund, dollar for dollar.

3. Is fully refundable. This means the credit will be paid out to eligible taxpayers, even if they owe no tax or if the credit is more than the tax owed.

This tax credit has assisted over 1.4 million Americans so far. There really is no reason not to take advantage of this assistance if you qualify. If you’ve been on the fence about wanting to purchase a new or existing home, this may be the motivation you’ve been waiting for. Let’s find you the home of your dreams while there is still time to take advantage of this exciting program.

Call me, Abby Tresner, on my cell phone at 405-843-8534 and we’ll set up a meeting to get you started in your search.

Happy 2010!

~Abby

Project: Decide 

Many homeowners find themselves evaluating the aesthetics of their homes when considering placement of the property on the market. So, what projects do you choose that would add actual value to the home when offers start to be made?

Back in 2007 my husband and I had a home we were preparing to put on the market. We spent a lot of months and several thousand dollars making improvements we thought would assist in the sale of our property. In the end, we spent more than our return and the house sat on the market for a average amount of time anyway. We learned that there are just some things that 1) aren't worth the trouble and 2) don't really help the house sell quicker.

If I had it all to do again I would have made some different choices about the projects we completed. Perhaps if we had, I wouldn't regret the money and time it took, or the fact that we never got to enjoy any of it.

A Cost vs. Value Report was recently issued by Remodeling magazine,and offers some helpful insights I thought could help my clients in this very situation.

1. The Kitchen- for me, this is the most important room in a house. I can tell in about 15 seconds whether or not a house would work for my family by the size, feel, and functionality of the kitchen. Here are some tips to make yours better:

   1. Add what seems like more room to your cabinets by installing inexpensive rollout organizing trays. When potential buyers open the doors (and they do) they will feel like there is a lot of room for their stuff.

   2. Add or replace old tile. Start with a back splash and some clearance tile (in a neutral tone or pattern) for about $1-$2 per tile.

   3. Update tired-looking cabinetry by having the faces of the cabinets resurfaced. This gives the kitchen a fresh, clean look. The hardware will be replaced and any nicks or scratches will be taken out.

   4. Add a breakfast bar. If the kitchen and living room or den are separated by a wall, have a contractor cut out an opening, add a granite breakfast bar with some chairs in front of it, all for around $600. This will open up the feel of the rooms and add an additional eating area.

   5. Replace lighting features. This works for any room, but especially a kitchen. If there is track lighting, have an electrician replace it with recessed or task lighting put on a dimmer switch. Another great idea is to install pendant lights above a kitchen island or the new breakfast bar you've just created.

2. The Bathroom- probably the second most important room. Having two small children, this room is usually the only one that offers any privacy or retreat from the rest of our home. I, like most people, want a bathroom to feel open, relaxing, and most of all, clean.

   1. Replace an old medicine cabinet. We did this in our house we sold in 2007, and were very surprised when removing the original to find a razor hole filled nearly to the top. The new cabinet had more storage and a larger mirror, sans razor hole.

   2. Faucet or vanity replacement. If the bathroom is a smaller size, removing the vanity and having a pedestal or freestanding sink installed is a better choice as it will add more space to the room. For a larger room with an outdated vanity, update the vanity and make sure the faucet hardware matches the new ambiance to complete the look.

   3. Lighting fixtures. The same rules apply to the bathroom that I gave for the kitchen. A dimmer switch is also a great idea, but more importantly is making sure the light you choose provides adequate light, especially if there is no natural light coming into the room.

   4. Clean up the tile. Replacement of old tile can be daunting, and very expensive. To save on money and sanity, I recommend replacing the old grout and having the old tile buffed to give it a brand new looking appearance.

   5. Install glass shower doors whenever possible to open up the space and add a little elegance for a low cost.

3. Fiber cement siding replacement has a return of 83.6%, but costs an average of $13,000. If you are in a position to make this upgrade, it is recommended due to the high return. But, it certainly isn't required. If spending this kind of money is not an option for you, rent a power washer and go over every outside surface.

4. Lastly, the project which scored the most favorable in the study, and one in which also improves the economy of your home. Vinyl window replacement. It generates an average return of 76.5% and will cost around $11,000 in Oklahoma, which means there is a resale value of around $7,800.

There, of course are many more projects you could consider if you have the means and the time to do so. Some of these include: adding a wood deck in the back yard, sprucing up a basement or attic space to add another bedroom or office space, adding technical aspects such as USB wiring in every room or a touch pad garage door, and replacing an entry door with something a little more grandiose. Whatever projects you choose, it's important to weigh the costs vs the value to make sure you will get the most possible return on the investment, and to make sure you don't later regret any of the choices that were made.

Please keep in mind that home improvement projects are just that. If you aren't going to be living in the space for any period of time afterward, there probably isn't much use in doing elaborate, expensive projects. If you are ready to place your house on the market, don't let minor aesthetic blemishes give you a second thought. Most home repairs cost more than the return you'll see, so if you are ready, so am I, and we'll make it work with what you've got to offer.

Happy New Year, and happy home improvements!

~Abby