Both homeowners and REALTORS® are best served when a home sells quickly for a good price. There are many steps both parties can take to achieve that goal, and a recent trend is proving its value: whether the local market is hot or cool, statistics reveal that a “Staged” home will sell faster and for a higher price.

This service is called Staging because it’s basically about “theater.” A professional Stager assesses your home’s strongest and weakest features, and creates a series of “scenes” sure to appeal to your “audience” of buyers.

There are four major areas of concern: cleanliness, openness, color, and compromise. Cleaning your home seems obvious, but we’re talking about the White Glove treatment here - on every surface. Openness means a decided lack of clutter as well as arranging (or removing) furnishings to impart a sense of space.

The colors in your home and on its walls also convey this idea. Dark colors make a room seem smaller and light colors make it seem bigger. You get the idea.

But what about that “compromise” part? It simply means that we all understand that lack of time or budget makes it necessary to focus on those improvements that will have the biggest impact, and not sweat every little detail. Ask your REALTOR for guidance and trust his or her instincts.

If you need information to assist you with your real estate decisions, call me at 1-800-724-7149 or e-mail to donkingsley@kingsleyrealestate.com; I will be happy to share our knowledge with you at no cost or obligation.

Don Kingsley, CRB, CRS, ABR
REALTOR©

Visit the Kingsley Real Estate website for more tips on buying and selling!

Have you been hearing that it’s a buyer’s market? Take a look at local home prices. Have you been told that there’s no time like the present to plan your retirement? Again, take a look at those prices, and then think about investing for your future.

When retirement nears, many of us consider making a move, either to a more desirable location or maybe into a smaller home. How do you think home prices now will compare to prices in the future? Buyer’s market or not, you can bet that home values will rise.

Even if you’re years from retirement, you could consider buying your retirement home right now. If you’ve built up substantial equity in your current home, you’re in a great position for financing on that second home. Even if you can’t afford to buy it outright, you’ll certainly qualify for more attractive terms on the mortgage.

You see, if you’re buying a second home as a residence, most lenders will offer you a lower interest rate than if you were buying another home simply as a real estate investment. Honestly, though, what better “investment” could you make than to purchase your dream retirement property now, while prices are certainly lower than they will be in five to ten years? Consult with a real estate agent and your financial advisor to learn more!

You’ve certainly heard and read many reports about defaults on mortgage loans. There are many reasons homeowners face such situations, some of which are completely beyond their control. There are also several solutions, but each carries a consequence.

In one example, a family had to relocate for an attractive job offer. The home they were selling languished in a slow market for over six months, and they defaulted because they couldn’t continue the mortgage payments.

Their agent negotiated a “short sale,” whereby the lender accepted an offer that was $10,000 less than the loan balance (rather than begin unpleasant foreclosure proceedings). In this case, it’s important to understand that the shortfall is considered “debt relief” and is reported as taxable income to the IRS.

Since the sellers didn’t have to repay that $10,000 to the lender, the IRS considered it the same as $10,000 income. This debt relief from a short sale is considered taxable to the borrowers, and the corresponding Form 1099 must be reported.

This is one of the simpler scenarios created by defaults or foreclosures, which are becoming more common as market corrections and rising interest rates prevail. No matter what reason you or someone you know might be facing default, it is absolutely critical to consult with a tax adviser and a trusted real estate agent before deciding how to proceed.

If you need information to assist you with your real estate decisions, call me at 1-800-724-7149 or e-mail to donkingsley@kingsleyrealestate.com; I will be happy to share our knowledge with you at no cost or obligation.

Don Kingsley, CRB, CRS, ABR
REALTOR©

Visit the Kingsley Real Estate website for more tips on buying and selling!

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