Kate’s Latest

February 2009, #8

Events

Reminder: Feb 24 Five Points Alternative Open House*

Details at Real Estate with Kate.

*Alternative Open Houses are a way to see multiple homes at one time instead of waiting on one home to be open for two hours. Think of it like a home tour or speed dating for houses.

A Well-Loved Home 

    Like a tended child or an orderly office, a well-loved home is apparent to everyone who sees it. A well-loved home can sometimes appeal to Buyers

Fresh paint helps a house look loved.

more than a new home, if the improvements make it seem more “finished”. The reverse is also true in that a home where

repairs and improvements are left undone can scare Buyers away. Regular maintenance and care can make any home seem loved.

   Pruning trees, or even more importantly, removing dead trees, trimming shrubbery, and adding mulch to beds keeps a yard looking loved. Keeping exterior paint scraped and fresh helps, as does  power-washing exterior surfaces. Keeping up with these tasks helps a neighborhood keep its value.

   Inside a home little things make a huge difference. These are a few small projects that can make a big difference:

-re-caulking

-sealing and/or replacing grout

-installing backsplashes

-upgrading light fixtures

-patching drywall or plaster

-re-painting walls, trim, and doors

-hanging artwork and pictures

-eliminating clutter

-updating house numbers, mailbox, kick plates, and front door knobs

-replacing broken window panes

-replacing kitchen and bath faucets

-installing new cabinet pulls

-replacing or steam-cleaning carpet

-having the heat and air serviced

-possibly upgrading plumbing fixtures

-Retiling where tiles are cracked or missing

  An extensive list like this for your interior and exterior should be considered regular maintenance, not improvements to be squeezed in just prior to selling.  Keeping up with these tasks will not only make your home more enjoyable for you, but it will also help you to maintain, if not improve, your home’s value.

Note from Kate: The last few newsletters were pretty clever, but this time I had something else to say. Although there’s not a joke in these stories, I’m sure the funny will return at some time, hopefully when you least expect it. Thanks for all the positive comments on previous issues!

   The $8,000 tax credit for new homebuyers will hopefully create a domino effect that will benefit the housing market at all levels. A new homebuyer  buys a new home, a  foreclosure, or a home that someone

Stimulus Chain Reaction

else is trying to resell. If the new homebuyer buys a new home, then that helps support a business that provides

numerous jobs in both construction and building supplies while giving profit to a builder. If the new homebuyer chooses a foreclosure, then that person moves into an otherwise vacant house and makes repairs if not renovations, thus improving the whole neighborhood where the home is. If that first-time homebuyer buys a home from an individual seller, then that can lead to a whole chain of home sales.

   Pretend there is a first time home Buyer, Jane, who buys a home from John. John has wanted to move into a larger home, and is free to do this when Jane buys his house. Evelyn, the owner of the house John buys, is now free to relocate closer to her grandchildren. Evelyn buys her home from Rick, who has been desperate to sell because he was living in another state paying rent there and the mortgage on the house he left. Now Rick is free to buy and has much less financial stress since he is no longer paying for twice his normal housing costs. Rick starts a similar chain of events in his new town, and even unknowingly prevents a foreclosure for Sarah, who could no longer afford her house payments and who now can downsize into a more affordable home.

   Jane gets numerous benefits from homeownership, as do the people who were then able to sell their homes. Not only do the Buyers and Sellers benefit from all these transactions, but people who work in industries such as: lending, real estate (yay!), appraising, pest inspection, titles, moving, interior decorating, home repair, home improvement, landscaping, hardware, heating and air, and home appliances will also likely benefit. This whole chain of events that was started by Jane taking advantage of an $8,000 tax credit and really low interest rates has now stimulated her local economy and helped homeowners at all levels sell their homes.

The homebuyer tax credit will hopefully create a domino effect in numerous housing markets.