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By Mark Felicetti, November 2, 2009 2:30 pm

The following was sent to us by Brandon Biery of Superior Mortgage;

Extending the Credit — Almost There

The extension and expansion of the homebuyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill that has not yet gone to a vote, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits. Other provisions in the bill include expansion of the net operating loss carryback rules, new requirements for some tax return preparers and noncontroversial provisions that “pay for” these changes.

The agreement on the extension and expansion of the credit is as follows:

Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.

Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.

New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.

Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.

New anti-fraud limitations are imposed.

The White House has indicated that President Obama will sign the legislation.

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By Linda Felicetti, November 1, 2009 10:39 am

Previously I have commented on getting the interior of your home ready. There will still be more to come to enhance your interior, but the exterior is just as important since it will be the “The First Impression” to a buyer.

Walk across the street to view your home. Remember to think like a buyer. Does the roof look good, are there any sags? If your roof just looks dirty there are companies that will clean roofs with a special detergent that continues to clean every time it rains. If it looks worn or sagging call a roofer (we have companies we recommend) to inspect it. You may as well know now if it will become an issue to a buyer.

Is your siding clean and free of mildew and mold? If not, a power washing can do wonders. Is your landscaping over grown and covering windows or attaching itself to your house? If so, cut it back. In some cases you may need to pull out over grown bushes and replace with new smaller ones.

Make sure your front door and steps and/or porch are clean. The front door should be shiny and clean and fresh. Storm doors should have screens without holes and glass without fingerprints. Get rid of those pesky spider webs. Add a pot of flowers or evergreens if winter time.

Of course the grass should be cut regularly and clippings bagged and taken away. Weeds should be pulled and fresh mulch added to all beds. Deck should be power washed (sanded if a lot of splinters) rotted boards should be replaced and stained to match.

All this seems like commons sense things to do. However, some sellers get overwhelmed and cut corners. If you cut corners in your preparation it will cut into your profit.

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By Linda Felicetti, October 23, 2009 9:41 am

If your home already has neutral colors throughout and fresh paint but there are scuff marks or kid’s art on the walls, one of the least costly tips I give sellers is to use the Mr. Clean eraser (found in the cleaning product isle of the grocery or wholesale stores). There are no chemicals or detergents in it. It will easily clean bath tile soap scum, appliances and remove scuff marks on walls and trim. You will be surprised how easy and fast it works.  If your cleaning will be extensive you may want to buy a quantity of 10. (@ BJ”s for $9.99)

Happy Cleaning.

As always, feel free to call me to discuss your particular situation.

Next week’s Blog will talk about freshening up the exterior

of your home.

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By Linda Felicetti, October 16, 2009 9:54 am

You have purged through all the rooms in your house (don’t forget the closets) and separated and packed the items you want to save and taken them to storage. You have given unwanted items to Charity or recycled and called the trash collector for that extra pick up. 

Now you can see your walls and trim. If you have strong or out of date colors or wallpaper it is best to neutralize.  This does not necessarily mean white walls.  A soft cream or linen color or even a light taupe will highlight your furnishings.  A neutral color is most likely to please a buyer since most buyers do not want to have to paint or redecorate because of the busy lifestyles we all lead today.  The trim should be painted a crisp white.  If it is already white, dust and clean and re-caulk along stairs.

You are now making progress towards getting the best price for your home without spending a lot of money.

Next week Blog # 3 will include the least expensive and easiest “get you home ready” tip.

Always feel free to call me to discuss getting your home ready in more detail.

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By Linda Felicetti, October 9, 2009 10:33 am

This is the first of a series of Blogs I will be writing to give a seller advice on getting their home ready for the real estate market.  The competition is tough right now.  There are more sellers that there are buyers so just like a used car, the shiny one will get chosen over the rusty and dusty one. 

If you are thinking about selling, you may be thinking about buying also.

Walk through your home as if you were a buyer and make notes of the things that you as a buyer may have concerns about.  Are your colors too strong for the average buyer; is your home clean and neat?

Do you have too much clutter?  The way we live in our homes is much different than the way we need to present our home to the buyers and agents.  

Tip #1.

Get rid of the clutter and extra furniture that may be overcrowding your rooms.  Here’s how; 

First get 3 boxes or plastic bins.  

Mark one Keep (this will be the beginning of the packing process.  If you are going to move, this is a good time to start organizing what will move with you. (pack away all the extra knick knacks, books, trophies, collectibles, etc. that you want to save and move with you)

Mark the second one Trash  

Mark the third one Give to Charity.

This method has worked for many sellers I have worked with in the past.

Check back next week for Tip #2