The spring season usually starts shaping up in March and goes until June, but this year thanks to unseasonably warm weather in many parts of the United States it may have started early. Spring is the litmus test for the overall housing demand. Last year, as everyone knows, was not great (to say the least) for existing home sale. Good news is this year looks much better. Current home sales in February were up 9% from last year, and the Pending Home Sale Index was up as well. Also, according to a late February NAR survey of 4,300 agents, Realtors’ confidence in the single-family home market is definitely shaping up. Economist Paul Dales of Capital Economics says this spring season should be “the best we have seen in the past four or five years.”
Of course not every market will move in unison, and spring sales will be a great indication of which markets are improving, and which are still declining. Veros Real Estate Solutions forecasts that home prices overall will drop less than 1%, but 40% of 321 metropolitan areas will see prices rise. Phoenix is at the top of that list, and will see a 5% price gain this year. Denver is also seeing rising prices as their supply of homes is dropping as well.
Some homeowners who are in a comfortable situation are still reluctant to put their home on the market, but not all of them. In Central Pennsylvania residents saw a 30% increase in new listings early this year, and the trend has continued into spring. This spring has great potential to be a very good season for the housing market.
Buying a new home is definitely not the easiest thing in the world. Some decisions are clear and simple, but others are pretty confusing. Phone apps are a great tool for homebuyers to take advantage of – plus they’re free! (Most of them.) Here is a list of some great ones to check out.
Around.Me Real Estate focuses on location. It shows you places you use in your daily life like banks, restaurants, gas stations, and hospitals. The listings aren’t perfect – like most generic Internet searches you might get a gourmet cheese shop, or something else “close but not quite”, when searching for a “grocery store,” but overall it’s very helpful.
Try downloading a Real Estate Dictionary. Some of the lingo might be new to you if this is your first time buying a home. Look for one that will give you concise definitions, and that are inexpensive if not free. Also try downloading a mortgage calculator. Many are available and free and they will help make more educated financial decisions.
The House Hunter app tries to remove some emotion that goes along with home buying. It lets the users rate properties on a scale from 1-10. Then it takes your ratings and calculates which property fits you best.
Houzz is an app that gives you ideas of what to do with an awkward corner or part of a room in a house you’re looking at. It includes more than 200,000 photos and you can search by room, style, and neighborhood.
Trulia offers you a lot of listings to look through. On the iPad version users can compare what properties were listed at and their selling price. On the Android users can use a voice-based search by city and type of home.
Wikihood will help you pick the perfect neighborhood. It also has info that real estate agents aren’t allowed to tell you. It uses Wikipedia and Google Maps to gather info on a specific area.
Since practically everyone is familiar with some kind of social media profile picture, you know that you really only stop and look at the interesting ones. If you get a request for a mystery person that has a picture of a sunset, baby, or worse nothing at all, you are most likely going to “decline” whatever request they are making. Or if you get a request from someone whose name you don’t recognize, maybe you would recognize the photo and accept the request. The same concept is applicable your home’s property profile photo.
In many cases this photo is the first image a prospective buyer is going to see. You want it to make that property shine! The average person will give something about three seconds before they decide to either move on or look further. If the property photo really stands out, they are going to look further! Compare this idea to direct marketing material – the picture has to be great or you will throw it away without a second look.
The property profile photo should be of the front of the house. A buyer wants to see what he or she will be coming home to. They don’t want to see a close-up of the flowers in the front yard or a huge oak tree. The seller might be passionate about these pretty features, but the buyer most likely will not be. Once you’ve got their attention, they probably want to see more of the house. If it’s impossible to get interior shots, just skip the “scenery” shots. No one really cares about the closest street sign or cul-de-sac. Keeping these tips in mind will make people look closer at your property listing.
Many people don’t realize that there’s a difference between what they own personally and what their home owns, and when it comes time to sell, the confusion can cause a lot of problems. Take the period chandelier in your entryway, for example. It’s the perfect example of personal versus real property. So, who does it belong to?
When a buyer purchases a home, they are entering into a contract on real property, or anything that is part of the land or attached to it. But real property can also be something that is considered immovable by law, while personal property, by contrast, is any item that is movable and can be taken from the property. Of course, this can lead to confusion and disputes when the seller considers the chandelier personal property, but the buyer believes it should come along with the house.
Fortunately, there is criteria in place for determining whether something is real or personal property. The law takes into consideration how the item in question (i.e. the chandelier) is attached to the property. Of course, there is still room for interpretation, so it’s important for sellers to list personal property items in the purchase agreement that are to remain with them and give it to the closing agent. Similarly, if there are items they intend to keep with the property, those should be included on a Bill of Sale, which will transfer ownership to the new owners.
Other items that you should consider when selling your home are radiators, appliances, and built-in bookshelves. Because removing these items could cause damage when removed, they are often considered real property. Window treatments also fall within a grey area, so it’s important to clarify whether they will stay with the home or go.
There’s no way to eliminate the payback amount for those who used the Homebuyer Tax Credit starting in 2008, but the IRS has taken steps to make the process less painful. While the chance to pay it back over time through tax returns has come and gone, borrowers can now use an online tool to view pertinent information about their no-interest loan. The idea is to give taxpayers more visibility to their obligation as it relates to the Homebuyer Tax Credit.
At the IRS website, taxpayers can create a profile by entering their social security number, birthday and some other identifying information. From there, they will be able to see their balance, amount paid back to date, total tax credit received, annual installment amount, and also includes their exact payback amount.
While the first-time homebuyer tax credit was an honorable move by lawmakers to counter the effects of the housing market, unfortunately, it was done away with in 2009. Borrowers, including those who used the tax credit in 2009 and 2010 and sold their home within three years of purchase, are required to repay their benefit.
The IRS’ new tool aims to streamline the process and keep information more organized. For more information, please visit the IRS website.
You can make a big impression in 140 characters, especially to savvy first-time home buyers who are avid users of social media. An impressive 15% of the 18-49 age group uses Twitter, so it’s important to realize that you can generate real estate leads by using it. Here are some tips!
1. Creating a Community of Followers: Like Facebook, your network gets stronger by connecting with more people. When you follow someone on Twitter, or they follow you back, you’re each indicating an interest in what the other has to say. So, create a community of followers by giving them useful information, like real estate news, advice, and tips. They followed you because you know real estate, so prove to them what you can offer!
2. Retweet Your Followers: One of the best ways to engage in conversation on Twitter is by retweeting the interesting content that your followers post. Many will send you a Tweet saying thanks, creating the perfect chance to dialogue. And by retweeting, you’re pushing that content to your own followers. If someone retweet something you wrote or posted, be sure to say thanks. You can also direct message them to see what they liked about the article.
3. Market Your Tweets: No, you don’t need to hire an ad agency, but this simple tip will get you more retweets. Keep your tweets short (fewer than the allowed 140 characters) so that your followers can insert their own two cents before your content. And don’t forget to account for your Twitter handle (your username) because it will be factored into the character count. Make your tweets easy to share and that’s exactly what people will do!
4. Search Your Area: A great feature of Twitter is the ability to search. And it’s easy to find tweets about your area by typing in your city and a keyword. For example, “near: Los Angeles real estate” will bring up tweets about real estate in the Los Angeles area, the very topic you’re covering giving you an opportunity to retweet and engage potential followers.
5. From Twitter to Your Site: Twitter is great, but 140 characters means you have to brief. It’s important to get your followers over to your own website so you can tell the whole story and share more specific information with potential clients. You can also use direct messages to obtain their name, phone number and/or email address if they’re willing to give it to you. Just don’t be pushy, and make sure you’re highlighting why you can help them.
With a variety of tax breaks that come with home ownership, buying makes a lot of sense versus renting and paying someone else’s mortgage. Plus, think of all the money they’re getting back from Uncle Sam each year!
Taxes are one of those annual chores that generally bring people to tears, but for homeowners who know what they’re entitled to, tax time should bring smiles and hopefully fistfuls of cash. It’s going to require a little more effort to itemize, but any perceived hassles will be well worth it in the long run.
Here are six tax breaks that every homeowner should know about as we crawl closer to the tax filing deadline:
1. Mortgage Interest Deduction—When you pay your mortgage each month, the majority of that money goes towards interest at the beginning of your loan. A Mortgage Interest Deduction (MID) allows you to deduct this amount from your taxes. Look for Form 1098 from your lender and keep it. It’s your proof of what you’re allowed to deduct to the IRS.
2. Energy Star—Energy Star appliances will give you yet another tax deduction. They’re good for the environment and also for your bank account! Only certain items qualify, like energy-efficient windows, doors and skylights. And you’ll need to install them by the end of the year to get a 10% tax credit of the product costs.
3. Mortgage Insurance Premiums—Do you pay private mortgage insurance (PMI)? You do if your mortgage has a loan-to-value ratio that is higher than 80%. This insurance protects your lender against default, and is also tax deductible if your AGI is less than $100,000 (married couples).
4. Construction Loan Interest—Remodeling your home is expensive, and if you don’t have the money saved, consider getting a construction loan. You may be able to deduct the interest during the first two years of the loan.
5. Points—It’s time to look back at your loan to see if you paid any fees to get your mortgage. If so, you’re entitled to a deduction of the fees during the year you paid them. This only works if your loan was for a primary residence though. There’s even better news for those who have refinanced; you can deduct the points over the life of the loan.
6. Property Taxes—It’s important to know how your property taxes are calculated. If yours are based on the assessed value of your real property, you’re in luck! You will be able to deduct state and local property taxes, but if you pay out of pocket versus through an escrow account, you will need to keep track of your bills. Those who pay with an escrow account will be able to find the amount on Form 1098.
There are so many different ways a client can find you and your listings online. Wouldn’t it be nice to know where they came from, what they searched, and how long they stayed? Knowing those bits of information could help you figure out what’s working best for your online presence.
Google Webmaster Tools is a free tool that provides statistics and data about your website, such as keyword rankings, impressions, and CTR’s (click through rates). By knowing how your website ranks for popular keyword searches, you can start to produce more relevant content to help boost your ranking. This would result in an increase in traffic to your website.
Ready to get started? Learn more about Google Webmaster Tools here: https://www.google.com/support/webmasters/bin/answer.py?hl=en&answer=34592
Just because you have negative equity in your home doesn’t mean your hands are tied with regard to making it a home that works for you. In fact, there are a variety of upgrades that make a lot of sense for homeowners in this situation. If you were hoping to move-up to a larger home, but find yourself in a situation where you need to stay put for the time being, consider these upgrades that make sense for homeowners who are upside down.
- Make Cosmetic Changes—Upping your home’s curb appeal is a smart move even if you owe more than your home is worth. Painting shutters, adding new hardware like a mailbox or house numbers, and concentrating on your landscaping will boost your home’s value, and could help you refinance. Plus, if you do decide to you’re your home down the line, curb appeal will lure prospective buyers. Do it yourself to keep costs down.
- Wayward Expansion—As your family grows, so too does the need for more space. Capitalize on your home’s footprint by converting an unused garage or basement into a rental or in-law-type unit. These can be amazing investments to help you bring in additional income.
- Go Green—Creating a home that is more energy-efficient means more money in your pocket. You can shave lots of money off of your monthly bills, and also improve your own well-being. Consider solar panels to eliminate your electric bill entirely. If you can’t afford to purchase them, leasing may be an option. Tank-less water heaters are another simple fix that cut energy costs dramatically. Plus, often, green home improvements might qualify you for tax credits.
- Creating Larger Spaces—Are you plagued with a home that has tiny rooms that drive you crazy? For resale, the rule typically says that more bedrooms equal more money. However, if you have two tiny, unusable spaces, you may be better off knocking down a wall and creating a larger space, especially if you are planning to stay put for the foreseeable future. Consult with a contractor to see if your home can support such a change.
- Build-In—Creating storage space will not only make your life more organized and streamlined, but it’s also one of the first things home buyers look for when house hunting. Built-in work and storage spaces in your office, garage, craft rooms, and kitchen are useful and can give you the feel of a highly customized luxury home. The possibilities are endless, so look around your home and see where you can build-in.
It’s not always possible to close the deal on the first contact. In many cases, it may take many attempts to bring a customer into the fold with your organization. And while your marketing budget might not be huge, there are some cost-effective techniques that will help you “retarget” customers. They’ll help keep you in front of potential customers, allowing you several opportunities to win them over. The following tools are some helpful ways to retarget customers “who got away” – and keep them from swimming further away from you and your brand.
- Site Retargeting: By targeting users who have visited and left your site, you can segment your offerings (e.g. apartments, condominiums, etc.) to customize messages that can help steer them back in your direction. It allows you to offer incentives and includes a clear call to action. Sites like Adroll.com, Retargeter.com, and FetchBack.com all offer packages to fit your budget.
- Search Retargeting: By targeting users who are searching specific keywords, you can find sites that you feel are complementary to you and your brand. Services like Google Remarketing offer ways for your brand to get in front of the 90%+ who didn’t click through.
- Regional Retargeting: By targeting users on a regional basis, you can focus your efforts on customers who are searching for properties in your area. Sites like Simpli.fi and Chango.com allow you flexibility to market those users looking in the region(s) you serve. This will put your brand in front of users on any site they’re visiting – whether it’s Google, Yahoo, or CNN (or anywhere else their mouse takes them).
In this day and age of real estate, users are savvy and have a plethora of choices available to them. By using one (or all) of these retargeting techniques and services, you and your brand have a lot more options, too. Maybe even make you a bigger fish in a smaller pond!






