Weichert Insight Newletter

Statistics from the National Association of

Homebuilders show that the square footage of

homes has shrunk in recent years. This is a trend

that is likely to continue given the current

economy.

This may be an opportune time for owners of smaller homes to sell, according to

a recent article published in Realty Times, which provided these tips for giving a

small home big appeal to buyers:

 

• Accentuate storage space. A buyer must sense that a smaller home

has enough storage space to accommodate their everyday needs. Clear

out the attic and/or basement if the home has them. In addition, built-in

furniture or custom closets also provide convenient, hidden storage.

• Create an office niche. Home offices are very popular, but a smaller

home might not have an extra room to use for this purpose. Using a

decorative screen around a small desk or tucking one away beneath a

staircase shows buyers how they can still have a home office in a small

space.

• Make the most of space. In the kitchen, clear appliances from the

counters and mount them under the cabinets for a clutter-free look. Avoid

crowding a small living room with an oversized couch, and instead

consider several comfortable chairs that may fit better and open up the

room.

 

 

Many people move into new homes in the summer so they can be settled in time for the start of the new school year. If you are moving this summer, or will be moving in the future, take note of these time-saving tips from HGTV that will help take the stress out of your move:

  

• Your trash may be somebody else's treasure. Before you start packing,

take time to go through your belongings and get rid of things you won't be

likely to use in your new home or that just aren't worth the effort to move with

you. Hold a garage sale or consider giving away your unwanted items using

Freecycle.

• Remain organized with a packing system. Not only will you want all of your

boxes to make it into the right part of your house, but there will also be certain

boxes containing necessities that you'll want to open first. Use colors to

differentiate which room boxes go to, and provide a color key to the movers.

Also number each box and make a master inventory list to remind you of the

contents of each one.

• Stay one step ahead of the movers. Before your possessions arrive and

the unpacking begins, head over to your new house if possible to do a little

cleaning, painting and make any other improvements necessary. It is much

easier to do these things while the house is empty.

A little preparation can go a long way in ensuring a smooth move, so plan ahead,

stay organized and remain focused on the end result: your new home!

 

Once again, additional signs have emerged that point to an end to the economic recession.

The newest "green shoots" include rising demand for big-ticket

items such as appliances, fewer people applying for

unemployment benefits and positive sales data in the housing market.

The latest statistics and other positive news over the past several months have

had an impact on the outlook of both consumers and economists. In fact, the

Conference Board's Consumer Confidence Index soared in May to the highest

level since September 2008. Additionally, more than 90 percent of the

economists surveyed by the National Association for Business Economics predict

the recession will end this year.

 

The positive news specific to real estate shows that homes are selling:

• The National Association of Realtors reported on Wednesday that

existing-home sales increased 2.9 percent nationally in April, beating

economists' forecasts. In the Northeast, existing-home sales jumped 11.6

percent.

• Sales of new homes also rose in April. According to IHS Global Insight

economist Patrick Newport, the new home sales numbers seem to

confirm that the market for new single-family homes is flattening and may

have hit bottom in January.

 

 

 

The economic stimulus plan signed into law in

February included a financial incentive for first-time

buyers -- an $8,000 tax credit, that unlike past versions

does not need to be repaid. Combined with historically 

low interest rates and more affordable home prices, the

tax credit has made the decision to purchase real estate

an easy choice for many buyers.

 

Review the following information to see if you are eligible to take advantage of

the tax credit:

• The home purchase closed/will close on or after Jan. 1, 2009, and

before Dec. 1, 2009.

• The home is being used as a principal residence.

• You have either never owned a home, or have not owned a home in

the last three years.

• Your modified gross income is less than $95,000 for single tax payers

or $170,000 for married filers.

Weichert has a resource for first-time homebuyers on its Web site that includes

the most up-to-date information on the $8,000 tax credit. Visit http://www.weichert.com/firsttimebuyer/

today to learn how this incentive can help you achieve the American dream of homeownership.

 

For more information please go to www.federalhousingtaxcredit.com.