http://www.articletrader.com/ Articles at ArticleTrader en-us http://www.articletrader.com/finance/mortgage/the-growing-debt-problem-has-it-gone-too-far.html http://www.articletrader.com/finance/mortgage/the-growing-debt-problem-has-it-gone-too-far.html Sun, 09 Sep 2007 00:00:00 -0500
Earlier this year, current data released by the Department of Housing and Urban Development are showing an alarming increase in the rate of foreclosures. In some areas, of all property owners who were extended sub-prime financing, the foreclosure rate is as high as 14-20% when 4-6% is considered “healthy”.

The results have been all over the news — the stock market has been in upheaval. Sub-prime loan officers traditionally specialize in extending financing to borrowers with credit issues, unable to verify income, employment or other factors that make them a poor fit for traditional financing. In the past few months, many major players in the sub-prime market have sold off operations or in some cases simply closed their doors and gone out of business. Just as their borrowers were unable to afford the escalating expenses of homeownership, many sub-prime lenders found it impossible to absorb the rate of default we are now seeing.

The major issue doesn’t stop with the sub-prime market. Even traditional banks are increasing requirements and placing more scrutiny on the loan approval process. This makes us wonder: how did this mess ever begin in the first place?

A good deal of blame can be laid at the feet of the borrowers themselves. In this age of “bigger is better” many Americans see a big home as an indicator of success. This pushes many buyers into trying to buy a larger, more expensive home without enough thought to the financial burden of owning one. Often buyers push the levels of affordability and end up in a difficult situation or worse.

Blame can also be laid at the feet of some lenders. Who is better qualified to know how much debt a borrower can afford? The current debt-to-income ratios are either not working, or the types of loans that lenders are selling are poor choices. Loans like 28/2 and 27/3 loans with fixed teaser rates that adjust after 2 or 3 years with a balloon or margin are just a few of the loans that have presented problems for borrowers.

Of course the ultimate result will be better qualified and better educated home owners but did things really have to go so far? We've seen foreclosre problems hit most of the large regions we work including Naperville real estate, Aurora real estate, St. Charles real estate, Montgomery real estate, Geneva real estate, Oswego real estate, Plano real estate and Yorkville real estate. Frankly, I sometimes think they did. Lately it seems like it takes a big shock to get some things back on track. In the mean time, if you are thinking of purchasing real estate in the next few years, it’s important that you start speaking with your local REALTOR or loan officer and make sure your finances and credit scores are in order before you continue with applying for a loan.



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Eric Rogers is a full-time agent with Century 21 Pro-Team in Northern Illinois and a local professional for Stonebridge Subdivision and Oakhurst Aurora

Source: http://www.articletrader.com ]]> http://www.articletrader.com/travel/destinations/aurora-illinois-city-guide.html http://www.articletrader.com/travel/destinations/aurora-illinois-city-guide.html Fri, 24 Aug 2007 00:00:00 -0500
10. Enjoy the benefit of outlet shopping at the Chicago Premium Outlet Mall in Aurora.  This mall has it all!  Located at 1650 Premium Outlets Boulevard.  Just exit the I-88 tollway to Farnsworth Avenue North.

9. Cool off from the heat by taking in an IMAX movie at the Randall 15 IMAX movie theater.  This Goodrich movie theater is located at 500 N. Randall Road in Batavia.

8. Investigate the history of Aurora and other surrounding area fire departments, at the Aurora Regional Fire Museum.  This museum is located at 53 North Broadway in downtown Aurora.  The museum is open on Thursdays, Fridays and Saturdays from 1:00-4:00.

7. Take a Metra train trip to downtown Chicago in the summer.  The BNSF Railway Line will take you directly into the heart of downtown Chicago at Union Station.  Hop a free trolley from Union Station to a variety of fun locations downtown, such as the museum campus or Navy Pier.  Go to the Metra website to find your nearest train station

6. Take a break from cooking a hot meal in your kitchen and explore the fresh fruits and vegetables at the local Farmers Markets this summer.  Kane county Farmers Markets are found in Aurora, Batavia, Elgin, Geneva, St. Charles and Sugar Grove.  DuPage county Farmers Markets can be located in the towns of Naperville, Lombard, Glen Ellyn, Downers Grove and Lisle.

5. Visit the SciTech Hands-On Museum in Aurora – SciTech's mission is to engage people in experiencing and learning science and technology in a fun and interactive way.  This fun museum is located at 18 W. Benton Street in Aurora.

4. Explore small quaint shops in the Fox Valley.  Naperville, Geneva and St. Charles are just a few of the many great cities in our area that exhibit the small hometown feel with their downtown shopping opportunities.  History, charm and treasures await your next shopping adventure in these local venues.

3. The Naper Settlement offers history and fun in Naperville.  Located at 523 S. Webster St. in downtown Naperville, the Naper Settlement is a museum village of 19th century homes, shops and public buildings that exhibit a collection of historical facts and furnishings.  Visit their website or call the Settlement at 630-420-6010

2. Visit the Philips Park Zoo for free!  This zoo features Bald Eagles, Gray Wolves, Cougars, a Fox, an Arctic Fox, a Platinum Red Fox, North American River Otters, Llamas and a lot more.  The Philips Park Zoo is located at 901 Ray Moses Drive in Aurora.

1. Water parks!  There is no better way to cool off from the summer heat than in a family fun water park.  Fortunately, you do not have to travel far to find relief, as the Fox Valley Park District sponsors two local parks.  Splash Country Water Park is located at 195 S. Barnes Road in Aurora and the Philips Park Aquatic Center is located at 828 Montgomery Road in Aurora.  These parks feature pools, water slides and fun for the whole family.



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Eric Rogers - Century 21 Pro-Team is a local real estate expert for Oswego homes for sale and Batavia homes for sale.

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/flipping-homes-how-to-find-your-next-money-making-property.html http://www.articletrader.com/finance/real-estate/flipping-homes-how-to-find-your-next-money-making-property.html Wed, 25 Jul 2007 00:00:00 -0500
The first step is getting your finances in order. This usually starts by contacting a loan officer or other mortgage professional and talking about what type of financing you have available. If you have a pool of savings to tap or can liquidate some assets to be able to pay cash for a home, that’s the best financing situation you can be in. Otherwise, talk with a mortgage professional about how much you can afford and get a letter of pre-qualification or pre-approval for that amount.

At the same time, you will need a budget for your rehab project. This should include projected expenses for selling the home once it’s rehabbed. Once you work out your budget, subtract 10% and that’s the amount you should use as your realistic budget with a 10% cushion.

The next question is how do you go about finding your first property to rehab? Well, your top resource is your local real estate expert. Being a local REALTOR, I see many properties come up every week that would make great rehab projects for first-time rehabbers. Just remember: as a buyer, you won’t have to pay your REALTOR for their assistance. When I work with buyers, my fees are paid by the sellers of the home you will eventually purchase with my help.

Once you have your budget and financing in place, contact your local real estate professional and give them the numbers—the more information you can give them about what your budget is and what types of homes you are looking for, the better they will be able to aid you. It won’t be long before your REALTOR starts sending you information about homes that meet your requirements.

You should always seek to establish trust with your REALTOR—your bottom line depends on them finding you a great project. Always be upfront and forthcoming about what you’re looking for and what you’re not. Once you find a few properties that meet your price range and budget constraints, have your REALTOR set up private showings for those homes. That’s where the real business of finding a good rehab project happens.

When preparing to go see a potential project, you should bring a few important things. These include a pen and notebook for taking notes, a measuring tape, trundle wheel or sonic tape measure, a small tool kit with basic tools and a flashlight. Remember, many of the homes you might be looking at are going to be in poor condition and likely be without power, water and gas service. Always dress for the occasion—in long pants/sleeves and work boots if you have them. A good pair of work gloves is also vital.

When you set foot on the property, you have to act like a detective. Look for hints of past and recent leaks, foundation issues, structural issues and other major defects that can kill your project. At the same time, you should be adding up the estimate costs of the rehab work that is needed. If you did your homework and have an idea of what things cost, you should be able to estimate some values. Make sure you take room measurements so you can better estimate expenses for carpet, tile and similar items.

After you’re done, it’s time to crunch the numbers. Go over your notes and start adding up estimated costs. Your goal should be to do this quickly. Often, good rehab projects sell quickly, so you may not have a day or two to think it over. Pay attention to big-ticket items that add up fast like a roof tear-off or foundation repair. These are the expenses that can quickly put a rehab project in the red.

At the end of the day, you should have an estimate of what the rehab work should cost. That will give you a good idea of what your bottom line is for purchasing the property. If the investment seems sound and you decide to go forward with the purchase, the next step is to make an offer.



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Eric Rogers is a local real estate expert specializing in Yorkville subdivisions and other areas of the Fox Valley including Aurora real estate.

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/selling-real-estate-the-dangers-of-pricing-your-home-too-high.html http://www.articletrader.com/finance/real-estate/selling-real-estate-the-dangers-of-pricing-your-home-too-high.html Thu, 19 Apr 2007 00:00:00 -0500
Many sellers don’t understand that overpricing can actually result in your getting LESS for your house than if you had priced it correctly in the first place. Knowledgeable agents and buyers often won’t bid on an overpriced home. By the time you “wise up” and reduce the price to where it should have been priced in the first place, many of your best prospects will have bought other houses. This decreases demand for your now properly priced home! The problem is exacerbated if you placed your home on the market in the spring, it sat on the market “overpriced” throughout the summer, and now that you’ve reduced your price, the market has slowed.

Also, consider that agents tend to steer buyers away from homes that have been in the Multiple Listing Service for long periods of time. Agents and buyers become suspicious that something is wrong with your property if it didn’t sell relatively soon after it went on the market. It’s important to price it right the day you put it on the market!

Also, consider what you could have done with the profits from the sale of your home if you had priced it right. Suppose you priced it right and sold relatively quickly, and invested that money in a rising stock or bond market. On the other hand, suppose you overpriced your home, and after several months, had to reduce it to where it should have been priced in the first place. Even worse, the house still isn’t sold! You get the picture.

The Dangers of a Lack of Exposure

It’s a fact that most real estate transactions occur between buyer’s and seller’s agents. Buyer’s agents typically find properties for their clients through the Multiple Listing Service. Not being in the MLS makes it extremely difficult to get buyers through your door. If your home is not in the MLS, you’re off the radar! Hire a good real estate agent, and get into the MLS!

Also, make sure your real estate agent uses aggressive marketing strategies to make sure your home sells. In a red-hot market, the MLS is probably the only exposure your home will need. However, if the market is anything less than red-hot, your agent will need to print flyers and introduce your home to other agents in his or her office, as well as other local sales offices. Also, exposure in home magazine ads, classified ads, and the Internet will help generate demand for your home. Make sure your agent uses a powerful marketing program!

The Dangers of not “packaging your home” for sale!

Curb appeal is everything! You can take two identical homes next door to each other, both for sale. The first home has a cluttered yard with tall grass and weeds. The shutters on the house are chipping. There are toys in the yard. When you open the screen door, it’s half way off the hinges. The inside is fairly cluttered as well, and the wall could use a coat of paint. On the other hand, the owners of the home next door paid $300 for a landscaper to mow the lawn, trim the shrubs and clear the gutters. Inside, they added a fresh coat of paint and cleared up all the clutter. Again, the two homes are identical. Both owners paid the same amount for the same model. Guess which home is going to fetch more money?

Don’t be lazy. A few days of labor and minimal investment can make the difference between your house sitting on the market and selling the day you put it on the market. Cosmetic appeal is essential!

Finally, don’t negotiate foolishly!

Don’t appear overly eager when you negotiate with buyers. If you appear too eager or too anxious to make a deal, buyers may become suspicious. Worse, they may lower the offer because they think you’re desperate to sell your home. Stay cool! Also, don’t appear too tough. A good deal can fall apart if buyers find you too rigid to work with.

You probably have a lot of emotion invested in the house, which can certainly get in the way of effective negotiations. The best thing you can do is let your real estate agent handle your negotiations. She or he is emotionally detached from the home and has strong negotiation skills.



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Eric Rogers is a full-time Aurora REALTOR and specializes in Foxcroft Subdivision.

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/staying-safe-while-selling-your-home-by-owner.html http://www.articletrader.com/finance/real-estate/staying-safe-while-selling-your-home-by-owner.html Mon, 26 Mar 2007 00:00:00 -0500
Realtors are often trained in home showing safety techniques and have quite a few tools at their disposal to mitigate these risks. They know the correct questions to ask and the red flags to watch out for. If you haven’t thought of this, here is a quick list of some things you should consider before you answer the door or the phone:

1. Do not show your home by yourself.

This is often difficult to do but is very effective in deterring problems. Your risks are significantly lower if you show your home to visitors with a friend or spouse present. If someone is not available to help you, then ask your visitors to stop by another time when you can arrange for some help.

2. Set appointments

Another tool is to automatically ask all stop-in visitors to come back at another scheduled time for a showing. This is also a great way to weed out the unmotivated who might only be interested in seeing inside your home and have no intention of actually placing an offer.

3. Keep groups of visitors together during a showing

Don’t leave someone downstairs while you show someone the upstairs or allow groups to split up. Thefts have occurred and some criminals are very skilled at getting themselves into this situation, claiming “bad knees” or other medical problems that require that they be “left behind”. If this occurs, have a helper or spouse keep the other party company while you show the home to the rest. If you are alone (hopefully you aren’t), ask them to wait outside while you finish showing the home to the rest of the party.

4. Keep a phone handy

If you have a cell phone or cordless phone, make sure you have it with you during a showing. Also, if you have a car alarm, keep your keys with you in case you need to use the “Panic Button” on your remote. You can also ask your visitors to wait outside while you “prepare the house” and call a friend or family member. Let them know that you will be doing a showing and will call them back when it’s done and if they don’t hear from you in an hour, to call the police.

5. Don’t let visitors box you inside a room

Always keep a clear avenue to an exit. Don’t go first into a room – ask your guests to go first.


6. Ask the right questions.

A few questions will tell you a lot about a potential buyer. Realtors are experts at reading people and you can be too, if you know what to look for.
Ask a potential buyer if they have been pre-qualified or pre-approved by a lender. If so, they are probably serious buyers. If not, you might want to ask them to set an appointment for a showing – if they are not willing to do this, they are probably either unmotivated or may be a safety concern.
Ask them when they’re looking to move and if they have a home to sell first. This will also give you an indication of motivation as well as warn you if they are unable to answer these questions quickly.
Ask how long they have been looking for a home. Again, this is a dual-purpose question. If your answer is “6 months”, you probably have an unmotivated buyer. If the answer is “Ummm…..”, you should watch out.
You can always ask to see identification before you let them in. Tell them that you just want to be safe - buyers will understand.
Ask them if they are being represented by a Realtor. Nearly 97% of buyers are represented by Realtors and should be accompanied by them when they tour homes. If they are working with a Realtor, ask them to have their Realtor contact you for a showing. If they aren’t working with a Realtor, there are many possibilities, the most innocent being that they have just started looking for a house and don’t yet have representation. However, other possibilities may include a lack of motivation, no desire to buy (I.E. “We’re just looking…..”), or other more dangerous reasons. Just be cautious and stay safe.

7. Be careful of what questions you answer.

Never tell someone when you won’t be home, especially over the phone. A better phrase is, “the house won’t be available for a showing at that time”. Other questions from a visitor/caller that would raise a warning would be, “Do you live alone?”, “Do you work during the day?”, “Will your spouse be home soon so we can meet them?”, “Do you have a security system?”, or similar probing questions.

8. Watch out for Red Flags

There are a few safety concerns that should be kept in mind and if you encounter them, think twice and maybe opt for an appointment instead of an immediate showing.
Visitors at night or early morning.
Two or more visitors if you are alone.
Visitors unwilling to set a scheduled appointment for a showing.
The types of probing questions described above.

Always remember that the safety of you and your family is your greatest possession – not your home. Nothing is worth giving up your security. If you are presented with a situation that might compromise this, always opt for another appointment and don’t open the door. The scheduled appointment is your best tool for being prepared for guests and staying safe. Serious buyers will understand and be willing to return at another time.

If many of these precautions are difficult or impossible, you can always seek representation from a Realtor. One of the many benefits of selling your home with professional help is that safety is always a top priority and many issues and concerns can be prevented and eliminated.




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Eric Rogers is a local Aurora IL real estate expert for Aurora subdivisions.

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/choosing-a-real-estate-agent-10-things-you-must-know.html http://www.articletrader.com/finance/real-estate/choosing-a-real-estate-agent-10-things-you-must-know.html Wed, 21 Mar 2007 00:00:00 -0500 real estate agent to market and sell your home is an extremely important decision. For most people, your home is your primary asset – you need to choose the best real estate agent available to help you protect the equity you have built in your investment. Buyers have an equally important decision to make. Your real estate agent has access to the information on your next dream home – you need to rely on them to find you exactly the types of homes you’re interested in. The tough part is, there are literally millions of real estate agents out there to choose from. How do you pick the right one? During your interview with an agent, you should keep the following 10 tips in mind:

1. Pay attention to way the agent acts on your first meeting. Dress, body language, confidence – these are all tell-tale signs that will tip you off as to how serious and experienced they are. Let’s face it, real estate is a business – you want to hire an agent that will treat your greatest possession with the respect it deserves. Dress is a big indicator – a shirt and tie should be minimum dress requirements for a first meeting with a client, if not a full suit or formal dress for a woman. Any agent that dresses down for your appointment might not be taking their job seriously enough and probably isn’t someone you want to hire to market your home. Also pay attention to body language and confidence – does the agent seem at ease in front of you or do they seem nervous? Is their presentation smooth or fraught with hesitation and questions they weren’t able to answer? Does the agent seem difficult to talk with or not willing to explain details to you? You are looking for an agent who gives you the respect you deserve by dressing for the occasion, is knowledgeable and at ease speaking with you (a potential client), will take the time to answer your questions honestly and acts like they have done many such interviews in the past.

2. How did the agent follow up with you when you contacted them? How long did it take? Usually agents who are serious about the business should return your contact request within 24 hours. If the agent you are interviewing took longer than 72 hours to respond, you might want to seek an agent who is better about follow-up.

3. Beware of agents who ask you this question: “So, how much do you think your home is worth?” An experienced agent should tell you what your home is worth and stand by that figure based on a strong analysis of sales data for comparable properties. That’s one of the reasons you are paying your agent, isn’t it? Any agent who asks you what you feel your home is worth before they give you a figure is looking to use that figure against you. If you think it’s worth less than the sales range the agent already determined, the agent might take your listing at the lower amount to sell it fast, maybe costing you thousands of dollars. If you think it is worth more, the agent might simply agree with you to gain the listing and cost you months of time while your home sits on the market un-sold before eventually having to lower the price. You eventually determine the listing price of your home. However, home pricing is one of the most important pieces of advice your agent can give – don’t work with someone who isn’t confident about their own estimates.

4. Make sure your agent addresses exactly how they will market your home. A good agent doesn’t rely on just one or two areas to market your home. You need an agent who gives your home the greatest exposure in as many areas as possible. This is one of the biggest services your agent can provide. Any agents who skimp on marketing or try to explain why certain marketing avenues aren’t important are trying to pull a fast one. Marketing costs money – many agents would rather put that money in their pocket and try to convince you that it isn’t needed. But if they aren’t marketing your home, what are you paying for? Your home on the MLS, a sign in the yard and the hope that someone will eventually buy it? Make sure to choose an agent that offers you the service and marketing your home needs to sell.

5. Watch out for sales gimmicks. Agents who have to rely on tricks to gain business such as "I'll buy your home if it doesn't sell", "Your home sold in 30 days or I'll sell it for free" and other similar programs usually don't explain the fine print very carefully. The bottom line is - would you rather work with a REALTOR who is focused on doing business with you and selling your home the right way or one who tries to hook you with one of these programs which, in the end, is the last thing you want to happen?

6. Does the agent make full use of current technology in their business? An agent who isn’t on top of current technology such as internet marketing and e-mail correspondence might be missing a large portion of potential buyers. It’s also a bad sign that the agent isn’t willing to adapt to current business practices.

7. Is the agent familiar with the local market and current industry trends? Are they honest in assessing market conditions and how this affects your current buying or selling situation? We are in a buyers market right now – inventory is high and homes require more time to sell and more aggressive marketing. Is the agent trying to gloss over these details or view them with rose-colored glasses?

8. What type of guarantees does the agent provide? If you are unhappy with the service you are being provided, are you able cancel your listing or buyer agency agreement without penalty? Good agents will give you a guarantee of services and some may even allow you to terminate the listing or buyer agency agreement without penalty if you are not provided with the services you are promised.

9. How focused is your agent on customer service? It should be a top priority. You should look for an agent who is willing to keep you regularly informed about all aspects of the buying or selling process.

10. When will the services that the agent is offering to provide be delivered? A Virtual Tour is a great tool, but if it takes the agent a month to produce it, it’s not doing you any good for that first month when you can expect your most activity? For buyers, when can you expect the agent to show you your first homes?




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Eric Rogers is a full-time, award-winning REALTOR with Century 21 Pro-Team in Aurora, Illinois. Eric has been recognized as a local expert for Aurora IL real estate and the surrounding Fox Valley communities.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/10-inexpensive-outdoor-fixes-to-help-sell-your-home.html http://www.articletrader.com/finance/real-estate/10-inexpensive-outdoor-fixes-to-help-sell-your-home.html Wed, 07 Mar 2007 00:00:00 -0600
Several popular TV programs focus on improving the exterior appearance of homes. Often, properties showcased on these programs undergo amazing visual transformations after very small changes. We can use this attitude – more for less – to improve your own home.

First, a tip: remember our motto – more for less. We want to focus on small, inexpensive changes that impact the VISUAL appearance of your home. Fixing that broken sprinkler head in the back corner (things that will not be seen by visiting buyers) or spending big bucks for major improvements like adding mature landscaping will surprisingly yield less than you think.

1. Mow, Trim and Water

Perhaps the cheapest of all fixes – if you have a yard, you more than likely already have the tools. Plan on mowing 2 days before an open house (this gives the grass clippings a chance to dry up and blow away – sweep up whatever is left before your visitors arrive). Trim those hedges and cut away dead or unsightly tree branches. Also, if you tend to save money by not watering, now’s the time to spend a little – just a couple good soaks a week can really make a difference. You can also invest in a bag of fertilizer. You really want your grass to be as green and nice as possible.

2. Keep the Yard Neat

Some buyers can be turned off by clutter in the yard. This can include:
Scattered toys – clean them up and ask your children to help clean and keep things tidy – maybe offer an incentive like a trip for some ice cream
Excess lawn ornaments – as a general rule, no more than 2 in the front and 2 in the back. Seriously. If you have more, time to start packing them up for the move.
Jumbled or neglected lawn furniture – if you’re keeping it, put it in the shed or an off-site storage shed. If this isn’t possible, do your best to clean it and keep it stacked or placed nicely. Of course, if you have a nice deck or patio and your furniture is in good repair, you can highlight the use of this space for entertainment – unfurl the umbrella for your open house.
Visible yard equipment – keep the mower, trimmer, shovel, rake etc. in the shed or in the garage, or if possible, in an off-site storage shed. Coil up that hose and keep it out of site (but at hand for watering).
Trash – give your yard the once-over – look for stray pieces of trash in and under the bushes, near the fences and wherever you feel trash might collect.
Animal waste – if you have a pet, really work hard at removing all pet waste. Buyers want to walk around the yard, and stepping in something is never good – even worse if they track it into your nicely cleaned house. This is a big one and only takes an hour or so of unpleasantness.

3. Freshen the Mulch and Remove Weeds

If you have beds with mulch, get a bag or two of fresh mulch – changing the washed-out grey of old mulch to the light-brown of new is a big visual improvement. Also, do your best to keep your planters weed free. You can save by staying away from weed killers or other chemicals – the last thing you want is brown, dying weeds. Two hands, a small trowel and some sturdy gloves are the way to go.

4. Flowers Sell

An oldie but a goodie – if it’s an appropriate time of the year, plant some nice flowers in the front of the house. Go for rich colors – reds, purples, blues – and low-maintenance types. Impatiens are hardy, pretty and fairly inexpensive – that’s just one suggestion. Hanging baskets or potted flowers on the porch create a warm and inviting entry to your home.

5. Wash that House

You’d be surprised at the amount of dirt a house naturally attracts and how much brighter it looks without it. If you have a hose nozzle, put it on the stream setting and give your house a bath. Even better, spend a few bucks on one of those spray-on, wash-off house cleaners – just make sure you get one suitable for your type of siding (read the product specifications before you buy). For a real revelation, borrow a pressure washer from a friend, just be careful you don’t strip paint – we’re trying to save, not start a month-long painting project. Speaking of which….

6. To Paint or Not to Paint

That is the question. On one hand, paint is fairly inexpensive and can make things really look fresh and new. On the other, some houses have LOTS of areas to paint, and painting one or a few only draws attention to those areas that didn’t get treated. Here’s where you have to use your own judgment. Exterior painting can really get to be a can of worms, especially when you have to deal with scaffolding and such. My rule of thumb is: if you can do it yourself without using expensive equipment (scaffolding) and do it quickly and relatively cheaply, go for it. If not, focus your energy on other areas.

7. Fix any Obvious Repair Issues

Things like broken shutters, missing shingles that are visible from the ground, badly dented or missing siding and all other random and general repairs should be taken care of if possible. Remember our motto: more for less. If something will take too long or cost too much, unless you feel it is a major visual distraction, best to leave it alone. I usually take a few circles around the outside of the house and just write down any negatives I can see. Go stand out at the curb and take a look – note anything out of order. Afterwards, I take the list and prioritize. I put the things that are big visual distractions or cheap/easy fixes at the top and begin there.

8. Wash the Windows

You don’t need to get all the way up to the highest ones, but the ones on the ground floor should be washed. This will allow visitors to see into the house from outside and gives it the appearance of being more inviting as opposed to drawn curtains and closed blinds.

9. Ask the Neighbors to Help Out

Many don’t even think about this, but make sure your neighbors know you’ll be holding an open house – they might even help you with some word-of-mouth advertising. If your neighbors are thinking of having the drive resurfaced, doing heavy yard work, paining the exterior of the house, parking a garbage truck in the driveway, (etc. etc.) the day of your open house, politely ask that they do those things on another day. You don’t want buyers to come away with any negative impressions about your home or neighborhood and neighbors are a big thing to new buyers.

10. Prepare the Home for Showing

Remove all personal items from the exterior of the house – those plaques that read “The Smith Family” should be taken down and packed away, same thing with personalized mailboxes – either replace them (you will have to if you want to take it with you) or remove any personal identification. Take a few minutes and sweep the porch, steps, deck, patio, driveway and sidewalk before visitors arrive – a good once-over is fine. Put your cars in the garage, or better yet, the street. If you have heavy oil or grease spots, try to get your hands on a degreaser – you can find them at your local home improvement stores. A little scrubbing will really improve the look of your driveway or garage. Finally, turn on all exterior lights, even during the day. If you have landscaping lights, turn these on as well. Do any last-minute pick-ups or put-aways, and then head out. It’s always better to NOT be home when visitors come to look at your house – it feels like an imposition for many people. You want them spending as much time as they want in your home.

Congratulations – you have now set yourself up for success! After completing all of these things, you have greatly increased your chances of a sale and also increased your chances of realizing more money at closing. Many home buyers take visual appearance very seriously when choosing a new home. By making sure your house looks as nice as it can be from the outside, you have left a positive and lasting impression on your potential buyers.




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Eric Rogers is a full-time, award-winning REALTOR with Century 21 Pro-Team in Aurora, Illinois. Eric has been recognized as a local expert for Aurora real estate and the surrounding Fox Valley communities.

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/save-money-sell-the-house-10-inexpensive-indoor-fixes-to-help-your-home-sell.html http://www.articletrader.com/finance/real-estate/save-money-sell-the-house-10-inexpensive-indoor-fixes-to-help-your-home-sell.html Mon, 05 Mar 2007 00:00:00 -0600
Several popular TV shows now focus on improving the interior appearance of homes in order to increase their market value or appeal. Often, properties showcased on this program undergo amazing visual transformations through very small changes. We can use this attitude – more for less – to improve the appearance of your home as well.

Always remember our motto – more for less. We want to focus on small, inexpensive changes that impact the VISUAL appearance of your home. Wiring the home for high speed internet (things that will not be seen by visiting buyers or only used in situational circumstances) or spending big bucks for major improvements, like adding granite countertops, will surprisingly yield less than you think.

1. Look Down

This is an important factor for many buyers – what type of flooring you have and most importantly, what the condition is. I’ve literally seen buyers walk away from a home simply because the carpet was overly dirty. You can prevent negative appearance or outright rejection by making sure your floors look their best. If you have carpets, rent a steam cleaner for the weekend and put it to use. They are rather inexpensive and can really rejuvenate carpets, especially older carpets. If you have laminate or hardwood, use a floor cleaner and when it dries, a no-slip floor polish. Make sure you do this in advance of any showings or open houses – you don’t want the house to smell like the cleaning isle of your grocery store. Speaking of which…

2. Destroy Offensive Odors

This one’s tough to judge. Often, we get so used to the smell of our own homes, we can’t be objective anymore. Enlist the help of a friend (your REALTOR is a good choice) who you’re sure will give you an honest evaluation. Here are some common sources of home odors and ways to combat them:
Pets: keep the litter box/bird cage/pet areas spotlessly clean. If you have a room that pets frequent, it might be a good candidate for some potpourri or a non-offensive air freshener. Febreeze is a great odor masker – if you have pets (especially dogs) that climb on the couch, chairs or lay on rugs or carpets, give those pieces of furniture a quick spray in advance of your open house.
Food Odors: certain types of cooking can really add strong scents to your home. Make sure you keep your kitchen very clean – get rid of any grease that might have collected on your stove, hood, floors or cabinets (check up top too). Get an oven cleaner and wipe out the inside of your oven. Also, make sure any kitchen trash is disposed of promptly. Finally, if you know visitors are coming soon, refrain from cooking anything with powerful odors – take yourself out as a treat for working so hard to get your home ready for sale.
Musty Smells: Often the harbinger of water problems that should be checked out, a musty smell is a big turn-off for a buyer. Certain places tend to collect this odor – basements, lower bedrooms, rec. rooms off of walk-in basements, attics or sun rooms. You can try to reduce this by using a de-humidifier regularly (if you own one) in the problem location for a few weeks before any showing. Carpets often collect this odor – make sure you steam clean them (see above). Also, this might be a good candidate for a non-offensive air freshener. If you suspect there is a water problem, get it checked out by a professional.
Just a couple tips on air fresheners: less is more. Make sure you don’t overpower your buyers with air fresheners. This often raises their suspicion that something is being covered up even if there is no real reason for them to be suspicious. Try to use non-offensive odors – lavender, chamomile, light citrus – heavy scents like pine, rose or heavy citrus can be a real turn-off. There is also a good option that I’ll discuss in my last tip of this guide.

3. Fix and Touch Up Walls

Just a few minutes with some spackle, a bit of light sanding and a couple dabs of touch-up paint can repair that hole in the wall from when you bumped it moving furniture, those expansion cracks, nail pops or other wall blemishes, even if you have no repair skills. It just has to look decent, not perfect. Stick down any drywall tape that’s peeling with some spackle and touch up – it tends to be rather unsightly and is easy to notice. Oh, and….

4. Should I Paint Entire Rooms?

It depends. If you have the time to do it yourself or if things look really bad, painting can be a great enhancement. Plus, if you do it yourself, it can be done fairly cheaply. Try to rent a paint sprayer at your local rental store – you’ll be amazed at how easy it is. Strong colors are often an issue with many buyers. You may love pumpkin orange in the family room, but will they? Neutral colors are the best – remember you’re selling this house – you can paint your new one whatever colors you want, but you have to maximize your home’s appeal to as many buyers as possible. Trust me, stick with neutrals here. If there are sections of your home that you feel could really use a new coat, use your judgment. Just remember – more for less.

5. Remove Personal Touches

You want your buyers to identify with your home – to see themselves living there. One thing that distracts from this is seeing a picture of your family every time they turn around. I know it might be sad to see all the pictures come down, but it needs to happen. Just think of this as part of the packing process. It’s also a good time to take all of the homework, pictures and drawings that your children have done off of the fridge or walls.

6. De-clutter Your Way to a Sale

Keep your home neat and tidy for visitors. This is one of the toughest things about having your home on the market – the feeling that your home always needs to be at its best. Even a little can go a long way here. Make sure toys are picked up and put away, home office spaces are kept neat and tidy, storage is stacked in an orderly fashion, laundry is put away, workshop organized, the kitchen is in order and all of those hundred other things you do when company is coming over. A neat home inspires feelings of peace and order in buyers – both good things.

7. Open up the Home

There are a few easy things you can do and a few more difficult things – the good news is that all of them don’t cost much. One of the biggest transformations that happens on those TV home makeover shows occurs when furniture is rearranged to create the impression of more space. Take a critical look at each room in your house – if you have the time, move the furniture around a bit – see if one position is more spacious than another. If you have a digital camera, take pictures and compare them side-by-side. Another option is remove furniture altogether. This is a great idea because not only will it make the house feel more open, but it will give you a jump on packing. I would suggest moving the furniture completely out of the house – perhaps rent an offsite storage area or if this isn’t possible, store all removed items neatly on one side of the garage. Some buyers don’t even look in the garage and if they do, better to have one room full of stuff than the entire home. The final thing is to leave all of the curtains pulled back – this makes a room look more “breezy” and the additional natural light is always a plus.

8. Clean, Clean, Clean

This is a very useful selling tactic, so you really can’t get away with not doing it. Keep those carpets freshly vacuumed, counters wiped down, kitchen cleaned top to bottom (the kitchen is the most important room to many buyers), bathroom completely spic and span (bathroom is often the second most important room to many buyers) and everything dusted. A few other tips – clean the bugs out of the light fixtures – they are a big “YUCK!” Give any woodwork a once-over with some furniture polish and clean those window sills and panes. Make sure you keep all dishes washed and off the counter – dirty dishes are a big turn off. Also, make sure all your closets are organized and neat – buyers will be looking through them to get an idea of storage space – be prepared!

9. Windows and Doors

Surprisingly, this is fairly high on a buyer’s annoyance factor. A sticky or noisy door will make any buyer stop a second and go “hmmm”. The good news is that this is an easy fix – a can of WD-40 takes care of the creaks and for those sticky doors, buy a bar of paraffin wax (found in the canning area of your grocery store) and rub it a bit on the area of the door that looks worn. For windows, make sure they open easily – start by cleaning the tracks – often you will find lots of dirt and grime that prevent the window from opening cleanly. If this doesn’t do the trick, try some WD-40 or a little paraffin wax here too.

10. Prepare the Home for Showing

Our goal here is to make the home as bright and “homey” as possible. There are a few selling tricks that you can use that will really establish this environment.
- Bake something – cookies are a good option – toll house is fine – just don’t burn them. We’re going for the aromas here. Freshly baked cookie smell is like expensive perfume to home buyers.
- Offer cookies (works out well with the above), or in the summer, cold bottled water. Buyers like these personal touches and they will subconsciously raise their opinions of your home.
- Open all the curtains and turn on all the lights – you want your home to feel breezy, bright and open. Change any bulbs that are out. If it’s winter and you have one, light the fireplace.
- Set the table as if you were going to have a nice meal with company. You want to sell your dining room as an entertaining space and place settings help build this impression.
- Turn on some light music – nothing offensive – smooth jazz is a good option. Keep the volume low – in the background.
- This one is vital: remove any small valuables from sight. I’d like to think that all home buyers are always on their best behaviors, but sometimes this isn’t the case – better to be safe than sorry.
- The most important thing you can remove from your home to help it sell is yourselves. Take your family out for the day or out for a few hours during the open house/showing. Usually, when a homeowner is present for an open house, it never goes as well – the buyers always feel like they’re imposing, and that’s not what you want. You want them to spend time in your home.

In many cases, a buyer’s decision to make an offer on your home will not come down to any one factor. Think of it as two cups sitting on the counter – one is labeled “YEA!” and one is labeled “YUCK!” As the buyer tours your home, features will either do nothing (every house is supposed to have certain things – they are expected) or will add to one of these two cups. At the end of the showing, if your “YEA!” cup is full and the “YUCK!” is nearly empty, generally you will attract an offer. If it’s the other way around, the buyer moves on. Our goal here is to reduce the number of things that fill the “YUCK!” cup. I know many of these things seem like small details, but they add up in surprising ways. There will always be a few things that buyers don’t like about your home – these are unavoidable – there is no “perfect” house. But all we’re looking for is a majority of the buyer’s experiences to be “YEA!” If you can do this (and we think you can), you’re on your way to selling your home.




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Eric Rogers is a full-time, award-winning REALTOR with Century 21 Pro-Team in Aurora, Illinois. Eric has been recognized as a local expert for Aurora real estate and the surrounding Fox Valley communities.


Source: http://www.articletrader.com ]]>