Simple Fixes To Help Your Home Sell More Quickly

If one of your New Year's Resolutions is to sell your Plymouth home, there are a few simple steps you can take to help prepare it for showings.

With a prospective buyer in mind, take a tour of your home, making a list of the good, the bad, and the not-so-bad. You may spot areas in need of major renovation; and areas which could benefit from just a basic touch-up.

It's these latter areas which will likely yield the biggest return on your investment so, in preparation for making your home "buyer ready", consider these steps.

Landscaping
The first thing a buyer will notice is the outside of your home. Sometimes called "curb appeal", first impressions are very important to the sale of your home. Therefore, be sure to trim bushes, rake leaves, and clean up the yard in order to make your house seem more inviting. Clear unnecessary clutter from the yard and walkway to your home.

Bedrooms
Paint the walls of the room a light, neutral color to "open up" the space. Replace old light fixtures with new modern ones; replace all old bulbs; and consider adding a ceiling fan to each bedroom. This can increase the room's appeal. 

Bathrooms 
If your tub has seen better days, have it resurfaced. Remove mildew stains in, or around, baths and showers. Replace stained silicone seal and grout, where needed. Check all light fixtures for burned out bulbs. Add lighting, if necessary, to make the bathroom brighter.

Kitchen
Your kitchen might also benefit from sprucing up. Do not gut-renovate your kitchen. Rather, refinish or paint its cabinets. Install new, clean-looking handles. Add a new back splash, if you think it will help. 

You'll spend a small sum to make these improvements but the rewards can be more home showings, which can lead to more home offers, which can help you get the price you want for your property.

Your home may also sell more quickly.

Homebuilder Confidence Nearly Triples In 2 Years

The National Association of Homebuilders (NAHB) Housing Market Index ended its 8-month winning streak this month, posting a value of 47. The January 2013 reading is on level with last month, and remains at a near 7-year high.

The Housing Market Index (HMI) is a measure of home builder confidence. 

HMI readings below 50 indicate a "poor" new construction conditions for single-family homes nationwide; ratings above 50 signal "good" ones.

Not since April 2006 has the Housing Market Index crossed into "good" territory, but the past two years have witnessed the HMI nearly triple; and the index is up from a reading of 25 just twelve months ago.

Values would have likely increased this month, too, if not for builder uncertainty. The NAHB cites concern over prolonged legislative decisions as contributing factors to this month's builder confidence reading. Specifically, the trade group expressed concern over the future of the federal income tax deduction for home mortgage interest and spending cuts related to the recent, so-called "fiscal cliff".

As compared to the month prior, this month's HMI showed the following :

• Current housing conditions were mostly unchanged between December and January
• Sales expectations the next six months dropped slightly between December and January
• Prospective home buyer foot traffic increased slightly between December and January

January marks the tenth consecutive month through which buyer foot traffic has increased. Foot traffic is now at its highest level in nearly 7 years.

The NAHB Housing Market Index suggests a slow, steady rise in confidence among the nation's home builders. This is occurring, in part, because of improving housing market conditions both nationally and regionally. Another factor is rising confidence among today's home buyers.

Home sale prices Minneapolis remain relatively low and mortgage rates sit below 4 percent. With demand for homes growing, prices are expected to rise. Home buyers this season may be more likely to get a good "deal" than the buyers of spring or summer.

Improve Your Credit Score To Get Better Mortgage Rates

For home buyers in Minneapolis and nationwide, credit scores can change low mortgage rates and alter home loan approvals.

Borrowers with high credit scores get access to lower mortgage rates, for example, and can find the mortgage approval process to be more smooth that borrowers with low credit scores.

If your credit score is low, here are some basic ways to help improve it. 

Get The Reports
Download an updated version of your credit report from each of the three major reporting bureaus -- Equifax, Experian and TransUnion. The reports may mirror each other, but credit accounts -- especially derogatory ones -- sometimes don't appear on all three. Ordering reports from all three bureaus is a safety step. Note that the credit bureaus each use different scoring models so your credit scores will vary.

Check For Errors
Yes, credit reports can have errors in them. Should you find any items on any of the three credit reports which, in your opinion, do not belong or are erroneous, contact the credit bureau regarding removal. Errors on a credit report must be addressed with each bureau individually. 

Pay Up 
Or, rather, pay down. Be diligent about paying down your credit card balances in order to lower the percentage of your credit line(s) in use. In general, aim for a 30% ratio or less. An added benefit of paying down debt is that it can lower your total monthly debt load, which can increase your maximum home purchase price.

For items which are harming your score, such as a 30-day or 60-day mortgage late payments, medical collection items, and/or judgments, consider writing a brief letter which explains the circumstance of the derogatory credit event. Such a letter won't help your score to improve, but it can help your lender to make better credit decisions, which can aid in "exceptions", if required.

Making even minor changes to an overall credit profile can yield measurable long-term results. It can also result in lower mortgage rates.

Selling? Improve The Appearance Of Your Home's Bathrooms.

Full-scale bathroom remodeling can be expensive and, in today's Plymouth housing market, you won't likely get all of the money back that you put into it at the time of sale.

Knowing that bathroom projects tend to have a low return on investment, therefore, here are a few inexpensive changes which you can make to spruce up bathrooms in a home for sale.

Fixtures
Most sellers will notice if the fixtures in a bathroom are old, and it can have a negative effect on their view of your home. Buy a new set of bathroom fixtures at a home improvement store. Most stores have matching towel racks and bathroom tissue holders, too. There is a wide selection of stainless steel, wood or ceramic fixtures available at most stores, too.

Paint
A fresh coat of paint is a simple way to improve the overall look of a bathroom. Choose paints with a light, neutral color to make the room seem more spacious.

Floors
If your bathroom floor has tiles, it's a good idea to add fresh grout to brighten up the bathroom's overall look, or, at least, to clean the grout so that it looks like new. Scratched linoleum should also be replaced. There is plenty of inexpensive flooring which is easy to install, in a variety of patterns and colors at your local hardware or flooring store.

De-Clutter
Prospective buyers should be able to imagine themselves living in your home. It's easier for them to do that when your home is free of clutter. This is even true in the bathroom. Clear out your medicine cabinet. (Yes, many buyers will look in there.) Leave only the essentials such as toothpaste and hairbrushes.

Making a good impression on your prospective buyers can be easier when you've redone a bathroom.  It doesn't require much money, and it may increase the final sale price of home.

What's Ahead For Mortgage Rates This Week : January 14, 2013

Mortgage rates rose last week nationwide during a week of sparse economic news.

Thursday's weekly jobless claims report showed 371,000 new claims, which was 1,000 fewer jobless claims than for the prior week. Wall Street expectations of 365,000 new jobless claims turned out to be too optimistic.

The semi-quarterly statement released Thursday by the European Central Bank (ECB) announced that the region's inflation remains below its 2 percent ceiling as established by central banker. Economic weakness in the Eurozone is expected to persist into 2013 with signs of recovery becoming evident toward the end of this year.

ECB cited financial and structural reforms as essential to economic recovery, and noted that national governments within the Eurozone have been slow to implement such reforms. Without such reforms, Euro-area economies may continue to struggle, which would likely lead investors to seek a safe haven in the bond market, moving bond prices higher.

As bond prices rise, mortgage rates in Maple Grove and nationwide typically fall.

Also last week, Freddie Mac's Primary Mortgage Market Survey reported the average rate for a 30-year fixed rate mortgage rising from 3.34 percent to 3.40 percent for buyers paying 0.7 percent in discount points plus closing costs. The average rate for a 15-year fixed rate mortgage rose from 2.64 percent to 2.66 percent.

Required discount points for the 15-year fixed rate mortgage rose from 0.6 to 0.7 percent.

Import prices for December released Friday were reported at -0.1 percent, below the consensus estimate of +0.1 percent. This report measures the prices of goods purchased in the U.S, but produced abroad and is considered an important indicator of inflationary trends affecting internationally produced goods.

Inflation tends to harm mortgage rates.

Next week's economic calendar is full of economic data and includes the release of the Producers Price Index (PPI), Retail Sales figures, the Consumer Price Index (CPI). The Fed is also set to issue its Beige Book report, and the NAHB Housing Market Index and Consumer Sentiment report will be released.

Mortgage rates remain low, but are rising.