Staging Your Home

With the number of homes for sale out numbering the amount of home buyers, your home needs to be clearly the better choice and priced competitively with the competition.  You should think about the home for sale next door and making sure it doesn't shine brighter than yours.

Your home needs to appeal to all the senses of potential home buyers.  Proper staging will help it to stand out from the crowd and get it sold.

Staging doesn't just mean minor repairs, remodeling or getting rid of the clutter.  It means making your home appeal to visitors, feel inviting and comfortable.  Proper staging can help achieve good results.

Staging itself may cost you several hundred to several thousand dollars depending on many factors.  It is a short term investment in the sale of your home which can help it sell faster and for top dollar.  Proper staging is vital to selling your home.

The techniques for staging your home vary.  Many times it is a simple process that only takes a couple days.  Remove unnecessary items that clutter your home to create space and create an open feel.  Move furniture or replace it to create themes that are welcoming to prospective home buyers.  Open blinds, add brighter light bulbs, paint, clean the carpet, prune bushes and play soft music for showings.

Staging needs to be evaluated on an individual basis, but it's critical in selling your home in a shorter time for top dollar.

Have you ever staged a home for sale?  Leave us your comment and experience and any other things you might suggest to someone who is thinking of selling their home.  Just click the comment link below.

Existing Home Sales Expected to Decline 10.8%

This year's decline in existing home sales will be steeper than previously anticipated. The eighth straight downwardly revised forecast from the National Association of Realtors calls for U.S. existing home sales to be 10.8 percent below last year as housing market woes persist. Sales of new homes, meanwhile, are expected to finish 2007 at the lowest level in a decade.

The trade group's outlook for 2007 homes sales has grown more pessimistic through the year as foreclosures soared, credit market troubles developed and sales fell. Back in February, the group forecast an annual decline in existing home sales of only 0.6 percent.

Despite the bleaker outlook, the group maintains an optimistic message. NAR senior economist, Lawrence Yun, noted in a statement…"The speculative excesses have been removed from the market and home sales are returning to fundamentally healthy levels, while prices remain near record highs, reflecting favorable mortgage rates and positive job gains."

The median U.S. existing home price edged up slightly in August to $224,500, an increase of 0.2 percent from August 2006. It marked the first year-over-year price increase after a record 12 straight months of declining prices.

What's Causing This Slump?

It's no secret that real estate is experiencing a market slump; in fact sales are lower than they've been in 16 years.  Wall Street economists compile a seasonal market forecast; a rating higher than 50 indicate a positive market.  The current forecast was only 30 and has remained below 50 since may of 2006.  Gone are the golden years of bidding wars or listings at unrealistically high prices.  For the seller, it's time to come back to reality and do whatever it takes to sell your home.  For the St. Louis home buyer, your time has arrived!

With new homes creating about 15 percent of all home sales, there is a glut of inventory in the homebuilder industry.  What do stores do when they have extra stock; they have a clearance sale!  As a result the market is saturated with buyer incentives offered by over 70 percent of U.S. builders trying to unload their homes.

Some prospective home buyers may purchase before they are ready.  On the flip side, some may hold back because they feel overwhelmed.  Currently the federal government has been investigating the legalities of all these "buyer incentives" that are being promoted in the real estate industry.  Although no final reports are available, there are some basic considerations to keep in mind.

Make certain the cost of any incentive is not built into the price of the home, as it must be a legitimate perk.

If the promotion involves financing, the buyer cannot be coerced into dealing with the builder's financial associate or a particular lender as a prerequisite to the sale.

If the incentives exceed 6% of the purchase price, be cautious; generally even high risk home buyers are required to put at least 10% down.

And lastly, if it sounds too good to be true, it probably is.

There's no question that now is the best time to buy a home that we've seen in a very long time.  Talk to us if you're even THINKING about buying a home right now.  We'll be happy to discuss the options and great buys on the market right now.

Real Estate: No Light in Sight

For those in the real estate industry and for those looking to buy or sell a home, it could take until 2009 to catch a break.

That's the forecast from Doug Duncan, chief economist for the Mortgage Bankers Association (MBA).   Duncan expects national median home prices to fall between 2 percent and 4 percent both this year and next. Prices will be held back by an oversupply of homes for sale, an increase in foreclosures and continued uncertainty among mortgage investors.

For this year, Duncan is predicting a 22 percent drop in new home sales and a 12 percent drop in existing home sales, followed by a 10 percent drop in each next year.

What? No good news?

There's one group of home buyers, home sellers and loan originators who will have an easier time of it than everyone else: those dealing with "anything that's conventional and conforming," Duncan said. In other words, 30-year fixed rate mortgages for borrowers with good credit under the "jumbo" cutoff of $417,000.

Choosing a Moving Company

Here are some tips to help avoid the pitfalls of making the wrong choice when it comes to moving, whether it's locally, or across the country.

1. Is the moving company known to you, either through past experience or recommendation/reputation?
2. Have you seen their vehicles and do they and the occupants present a good image?
3. Have you seen the Company's premises and do they have adequate security? (Particularly important if your possessions are to be stored either short or long term).
4. Does the company have any recognized quality standards such as ISO or FAIM?
5. Does the company have sufficient resources to handle your move, or will they sub-contract part or all of it? (Beware of Brokers!)
6. Does the company belong to any recognized association whose criteria include meaningful requirements for membership?
7. If you're moving Internationally have you been informed of what shipping line your move has been scheduled on, the vessel's ETA, and whether transhipment is involved?
8. Have you been given details of the destination agent who will be responsible for clearance and delivery of your shipment?
9. Are you satisfied the insurance coverage offered is comprehensive and underwritten by a reputable Insurer?

If there is a moving company tip that we've overlooked, we welcome your added comments by using the comment link below.