Saturday, November 18, 2006

Are the Holidays a Bad Time to List My Home?

This is a question that we hear all the time. Traditionally, the Holidays have not been a good time to sell, but that is because everyone believes what they hear! If we let people convince us that we will not be successful, that is probably what will happen, we will be unsuccessful.

It is true that less people are looking to buy a home during the Holidays, face it, people usually have more on their minds during that time of year. However, due to that mentality, there are Less homes on the Market, meaning less competition. The Buyers that are out there are "Serious Buyers", not Tire Kickers. So if we do our homework, we can create an advantage.

During the Holidays, you must do everything possible to make your home marketable. Put it in the best shape possible, by making sure it looks it's best. Remember, First Impressions are Important! Make sure that the yard has been cleaned, with all Leaves and Twigs removed, Front Door and Storm Door painted if needed and clean. Inside, Paint, where needed, Replace worn Carpets, or make sure that they have been cleaned, remove clutter and correct any objections before you put your home on the Market.

Another favorable condition of this time of year. Decorate your home for the Holidays, in a lot of cases your home may look it's best with festive decorating. During the Holidays, we also have some wonderful smells, which don't hurt when trying to sell your Home. Play on the emotions, if your home is decorated nicely during the holidays, it gives potential buyers an idea of what life in this home might be, along with possibly reminding them of some wonderful times in their past.

The last reason to consider putting your home on the Market during the holidays is - Get a jump on your Competition. During the end of the year is a common time for large companies to Transfer, or Relocate their Employees. The companies will usually break the news to them during the Last Quarter and let the Transferee make a visit to the area which they will be transferred to, to scout out the area and make a decision on whether or not they would like the new area and accept the transfer. We have seen that having your home on the Market at this time of year might work in getting your home sold. Transferees normally are working against time restrictions. When you have done your homework to make sure that your home is in the best condition possible, looks great and is priced competitively, you could be a Winner!

Homes do sell every month of the year, it is a proven fact. You can wait until Spring and Hope that you can take advantage of the "Best Time" of year to sell, or whip your home into "Ready to Sell Shape" and give it a try. In the end, the Seller that has their home ready to sell and priced right can probably sell their home anytime of the year.

Written by Bob Wallen

http://www.soldbywallen.com/

Monday, November 13, 2006

Document Value Of Donated Household Goods.

If you regularly count on Goodwill, the Salvation Army and others to find homes for what won't fit in your attic, garage or spare room -- all while getting a charitable tax deduction -- do your spring purging now.

That's especially true if you commonly fudge the value of donated items.
In 2007, the Internal Revenue Service will hold you accountable for accurately documenting the value of donated goods under a new tax edict tucked away in the Pension Protection Act of 2006, signed by President Bush this summer.

The broader act is aimed at curing the ailing defined-benefit pension system but it includes a host of unrelated provisions, including one that governs required, accurate documentation when you claim tax breaks for gifts, including household goods trucked off to charitable organizations.
Under the current law, the IRS pretty much takes you at your word when you claim a tax break for donations of money or items you've valued at up to $250. Documentation is required for larger amounts and, of course, if you are audited.

Next year, you might want to put a check in the Salvation Army's Christmas Kettle and make sure that futon is really worth $50 -- if you take the deduction.
Under the new provision, you won't have to file your receipts, canceled checks or other donation documentation, but you'd better have proof on hand.

IRS will keep tabs on you through a form that's already necessary when you give goods, IRS Form 8283, "Noncash Charitable Contributions" which comes with instructions, both of which you can download from http://www.irs.gov/.

Along with newly required documentation, the IRS will be beefing up enforcement of existing penalties that rain down on you if you overstate the value or adjusted basis of donated goods.
The penalty is 20 percent of the underpayment of tax related to the overstatement if the value or adjusted basis claimed on the return is 200 percent or more of the correct amount, and you underpaid your tax by more than $5,000 because of the overstatement.

The penalty jumps to 40 percent if the value or adjusted basis claimed on the return is 400 percent or more of the correct amount and you underpaid your tax by more than $5,000 because of the overstatement.

And of course you'll have to pay any taxes that were actually due.
The Salvation Army (http://www.satruck.com), Goodwill Industries (http://www.goodwillpromo.org) and other charities offer suggested values for a host of items, but it's up to you to make sure you get it right.

If you are a frequent household goods donator it makes sense to get more assistance from the source of the new rules. IRS Publication 561 "Determining The Value Of Donated Property" or theIRS Web page (http://www.irs.gov/) with the same name, both teach you how to value everything from aircraft and household goods and to real estate and stocks.

Written by Broderick Perkins

Wednesday, November 01, 2006

Seller's Home Appeal for Today's Market

After years of hearing from successful sellers that they didn't have to do a thing to sell, they now need to understand how they can stand out from their competition. Here is a handy list to help sellers determine if some features in their home might need some attention.


Test all door and cabinet knobs. Replace mismatched or inexpensive hardware for a quick update. Buyers rarely can get beyond a knob that comes off in their hand as they attempt to use a door.

Take the time to paint walls, trim and ceilings. Keep adjoining rooms in one color palette, which will make your home appear larger. Clean up spills from messy painters. Hire professionals to paint mullions on windows and staircase spindles.

Slipcover mismatched furniture in a room that requires visual unification.

Discover ways to organize day-to-day room needs. Substantial wicker baskets or square stainless steel or brass containers can organize magazines, remote controls and toys. Books provide a good look, but vary them by laying some down and standing some up.

Wallpaper is considered fill-in-the-blank decorating. No two people have the same taste in this instant decorator wannabee. If it's more than three years old, take it down and paint in a neutral color. And wallpaper borders are out.

Simple furniture rearrangement can bring new life to a tired space. Float sofas and coffee tables away from walls for a designer look. Use area rugs to anchor furniture groupings on bare tile and wood floors. Place groupings of candles and clear glass bowls filled with natural potpourri, fresh fruit or glass crystals on side and coffee tables.

Make sure there is balanced lighting in every room for dusk and evening showings. Dimmers help set the right tone.

Polish and wax hardwood floors to brighten and blend an old finish.

Clean every surface until it shimmers and shines. Clean can seal a deal. Don't forget the windows.

Purchase the best quality carpet pad which can make any new carpeting "cushy," and home buyers love cushy. Stay away from shag styles; buyers know it won't be around long in style cycles.

Streamline window fashions. Heavy drapes are in the minority. Think "let the light shine in" when placing blinds and shades. Light and bright can overcome other issues with a home.

Freshen-up closets with closet organizers to maximize storage space and paint a neutral, washable color. Make sure buyers can see the back of all closets and cupboards. Lighting is an often overlooked feature in closets, but buyers will always turn on lights when viewing a closet, big or small. Thinning closets, cabinets, basements, attics and garages will also help your storage spaces look larger. If you can't part with items, rent a storage locker to hold items for decision making later.

Don't forget the basement; dark, dirty and musty basements are a turn-off to buyers. Add extra lighting, paint the floor and vacuum out all the cobwebs. Organize storage areas and take the time to clean the washing machine and dryer. To spruce up the hot water heater and furnace, wipe down with a strong cleaner. Scrub the laundry tub and sweep left-over leaves out of exterior stairs and window wells. Run a dehumidifier to reduce basement moisture.

Take a good look from the street or road at the front of your home. Look for shrubs that are overgrown or dead and remove and replace them with shrubs or plants that are to scaled to your home. Small inexpensive bushes send the wrong message.

Limit yard ornaments to a favored few. Excess ornaments can make yards look busy and buyers might want them included in a purchase contract.

Paint and refresh yard lights, flagpoles, mailboxes, window boxes, fences and trellis. Don't forget the swing set or play equipment.

Replace broken bricks on terraces, cracked concrete patios and steps.

Restore screens on porches and lanai's. Dirty, rusty and ripped screens limit functionality to homebuyers.

Don't leave pets unattended for property showings, especially if you think they could be aggressive or territorial around strangers.

Have carpets and area rugs cleaned before showing your home to potential buyers. Those allergic to animal dander and hair, even if they can't see your pet will know when their eyes and nose start to alert them to an allergic reaction. Many will not purchase a home that poses strong allergy issues.

A barking dog or overly-friendly cats can kill a showing. Be pro-active and take your pets off site for showings. Hire a dog walker to occupy pets if you can't be home.


Written by Mark Nash
Bullet #10, Purchasing carpet “Stay away from shag styles, buyers “ - should be “styles; buyers


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