Three Reasons Why Setting Your Listing Price is the Most Important Aspect of the Home Sales Process

Have you decided to sell your home, perhaps to make an upgrade to a newer, larger house? Whatever your reasons for selling, you'll have a number of decisions to make as you craft your listing and begin receiving offers from buyers but few are as important as your initial selling price.

Let's take a look at three reasons why setting your listing price is the most important factor in your home sale.

Reason #1: You Can Scare Off Potential Buyers With A High Price

You'll receive the majority of your buyer interest in the first few days and weeks after you place your home up for sale, so it's critical that your price isn't set so high that it scares a number of buyers off.

While some sellers believe that it's better to price high and let buyers submit lower offers, this can actually work against you. It's better to have your home priced fairly from the beginning as you can always refuse offers that you deem are too low.

Reason #2: Your Price Directly Impacts How Long Your Sale Will Take

If you're interested in seeing your home sell quickly it's going to be in your best interest to have it priced competitively. Buyers will be shopping around for similar homes in your community and if there are other listings with lower prices on the market you may find it takes you a while to get your home sold.

Also, if you do find a buyer that is interested they'll likely try to enter into price negotiations with you which can extend the length of the sale by a week or more as you go back and forth to reach an agreement.

Reason #3: A Low Price Means Leaving Money On The Table

While pricing too high can cause issues with your sale, pricing your home too low isn't going to benefit you either. While you'll likely find that you receive a high number of offers very quickly, you'll end up leaving some of your home equity on the table – equity that you could easily have realized as buyers would have been willing to pay the difference.

Selling to Millennials: Three High-Tech Upgrades That Will Increase Your Home's Appeal to Young Buyers

Millennials are finally starting to enter the real estate market after delaying home purchases for several years. With a completely new client base looking for homes, it is time to start making your home more appealing to these young buyers.

Millennials are used to using high-tech gadgets every day, so they are going to desire these things in their new home. While there are several high-tech upgrades you can make on your home, these three will appeal the most to young homebuyers.

Keyless Entry: Security for the New Millennium

Keyless entry doors are becoming a popular way of keeping a home secure while adding that great "wow" factor. These keyless entry systems mean there'll be no more fumbling for keys when all you want to do is get in the door. It may seem like something out of a sci-fi film, but several companies have mastered the art of keyless entry doors that you can use in your home today.

The door automatically locks when it is shut, and you will need the correct fingerprint to unlock the door. If you could show off a keyless entry system at your open house, you would immediately pique the interest of every young buyer interested in technology.

A Home Security System is a Great Practical Addition

A high-tech home security system will certainly make your home more appealing to young buyers, who may even be thinking about having children in the near future. No matter how safe your neighborhood is, everyone is always looking to feel more secure at home. Placing a few security cameras around the exterior of your home will allow you to know what is happening outside at all times, and buyers will love having that peace of mind.

Home Energy Monitor: For the Eco-Conscious Generation

Young people are extremely conscious of the environment, so they would love seeing a home energy monitor when shopping for a new home. A home energy monitor is able to track the energy use of every aspect of your home.

If you think your air conditioner is not running efficiently, a home energy monitor can tell you whether or not you're right. Since young people know about the dangers of improper energy use, they will want to make the home as efficient as possible.

Millennials are slowly entering the real estate market, and although they are starting to look at homes, you'll face a lot of competition from other homeowners looking to pass properties onto this new generation. These three upgrades will increase your home's value and make it more appealing to Millennial buyers.

Six Key Questions to Ask when Hiring a Real Estate Agent to Market and Sell Your Home

The work of a real estate agent can make or break how a prospective buyer feels about the property. Now that it's time to sell your home, you want to find the right agent to market it.

How do you find someone you can trust who will make you feel confident they can sell your home quickly for the best price possible? Here are the questions you should be asking.

Are They Licensed?

This one is the easy one. You should be working with a member of the National Association of Realtors®. It is also important that you check whether they have any complaints on record about their practices.

You can check with your state's real estate department as well.

Are They Successful?

A successful real estate agent is more than the number of sales they have completed. You should also find out the average difference between listing and selling prices on their most recent sales.

If an agent is closing deals at far below the original asking price consistently, that might be a red flag.

How Busy Are They?

Make sure you ask in advance how often the agent will contact you and how they will keep you informed of potential buyers. If you're going to be working with one of their associates at times, you should know.

How Familiar Are They With Your Neighborhood?

A real estate agent is not just marketing your home – they're marketing your entire community. If they have closed nearby sales before, they are familiar with the selling points of the neighborhood as well as the right price range for properties similar to yours.

How Much Commission Do They Expect?

Normally you will pay the agent about 6 percent of the sale price. If you find one that offers their services for a low percentage, you should know why. Are they just trying to stay competitive? Or do they expect you to do a large share of the marketing yourself?

Do They Have A Plan?

The real estate agent should be able to tell you exactly which marketing techniques they would use for your home and how they plan to promote the listing. They should come to the table with ideas from the very beginning.

Now that you have a clearer idea of the basics, use the internet to find trusted real estate agents in your area. Then pick up the phone and begin your journey toward becoming a successful home seller today.

Why a Detached Garage Can Drastically Improve Your Resale Price

Before you make a major structural change to your property, it is important to consider how this will affect your resale value. While there are many steps that you can take to improve your property, the addition of a detached garage may be beneficial to you and may drastically improve your resale price when you are ready to sell.

You should always first obtain customized information about how the addition of a detached garage may affect your property's value.

Adding Square Footage to Your Home

As a property owner, you may be well aware that one of the most common ways the value of your property is determined is by the market rate for price per square foot of homes in the area. While factors such as age of the property, condition of the property and amenities in the neighborhood may affect whether your property's price per square foot is above or below market average, the size of the improvements has a direct impact on property value. Adding a detached garage adds square footage to the property, and a real estate agent can help you to determine the true financial gain you may experience through this addition.

Increasing Appeal to Potential Buyers

Properties that are more appealing to potential buyers may sell for a higher price. When you add a detached garage to your property, you may be adding style and function to the property by adding a place to park vehicles and to store items like seasonal items and lawn equipment. You can also create a detached garage with a workshop or another functional area for added appeal.

Transforming Existing Space

Some home additions will add a detached garage to a property because a garage was never constructed on the property, but others will be added because the homeowner wants to transform the existing garage attached to the home into a more functional area. For example, a new home addition, may turn the existing garage into a living room, a bedroom or another functional area. With the addition of a detached garage, the property owner can retain the benefits of having a garage while also improving the functional use of the main area of the home.

The addition of a detached garage can benefit you and your family in a number of ways, and it can also improve the resale value of your home.

Sellers, Beware: Five Reasons You Might Not Get Top Dollar when You Sell Your Home (And How to Avoid Them)

For most people, their home is their largest asset, so they want to maximize that asset by getting top dollar when they sell. Here are a few reasons you might not get top dollar when you sell - and how to avoid them!

Selling At The Wrong Time

From early spring to late summer is home-buying season for most people, especially those with children. Putting your house on the market during this period is when you are likely to get top dollar for it. Early fall is also a good time to list your home. Winter - especially December - is the worst time to list. If you list your home outside of prime selling season, you are likely to get less for it than you could have otherwise.

Not Staging Your Home Properly

Many people think of staging as simply rearranging the furniture or changing curtains, but there is so much more to it, and not doing it properly can mean less money for your home. To stage your home properly, you must declutter, putting knick-knacks and family pictures away. You also want to make sure your home is as clean as possible and that you correct any defects such as holes in the wall or cracked window panes. Another thing you should do as part of your staging routine is to paint your walls in neutral colors and update cabinet hardware and light fixtures that are out of date. These little changes can make a big difference. 

Not Paying Attention To Curb Appeal

You can spend all the time and money necessary to spruce up the inside of your home, but if your lawn is a patch of dirt and your gutters are falling down, all that work and money can go for naught. To get top dollar for your home, you need to improve your curb appeal. This includes seeding or sodding bare spots in your lawn, trimming trees and shrubbery and fixing up home-related items such as broken concrete and sagging gutters.

Not Getting The Price Right

You might think that to get the highest price out of your house, you have to price it high. However, that's not necessarily always the case. If you price your house too high, it can make other similar houses that are priced lower look like better deals. You should make sure to pay close attention to what comparable homes are selling for in the area and price your home accordingly.

Not Working With A Real Estate Agent

Many people think they can save a bundle selling their home by not working with a real estate agent. While you do save on the real estate commission, you can lose more than that amount by making mistakes in pricing and marketing. A real estate agent will have access to resources you don't, such as information on buyers looking in your neighborhood. An agent will market your home, make sure it is priced accordingly and set up showings. It is worth your time and money to call an agent experienced in selling homes in your neighborhood who can give you a market evaluation.

National Association of REALTORS Existing Home Sales Exceed Projections

According to the National Association of REALTORS®, existing home sales surpassed both May sales and expectations for June. Sales of previously owned homes increased by 2.60 percent in June and reached a seasonally adjusted annual level of 5.04 million sales. June's reading was the third consecutive monthly increase in sales of existing homes and was the highest reading for existing home sales in eight months. Existing home sales remain 2.30 percent below the June 2013 reading of 5.16 million sales of existing homes.

Analysts projected sales of 5 million existing homes for June against May's initial reading of 4.89 million sales of previously owned homes; the May reading was later revised to 4.91 million sales. Lawrence Yun, chief economist for the National Association of REALTORS® said that market conditions are becoming "more balanced," and noted that inventories of existing homes are at their highest level in over a year and that price gains have slowed to much more welcoming levels in many parts of the country.

Housing Market Headwinds Declining

After a particularly harsh winter and lagging labor reports, analysts forecasted lower annual sales of existing homes for 2014 than for 2013. Labor markets are stronger according to recent labor market reports and a declining national unemployment rate. Steady work is an important factor for families considering a home purchase; as labor markets improve, more would-be homeowners are expected to become active buyers.

Housing markets are not without challenges. In recent unrelated reports, the Federal Reserve has noted higher than anticipated inflation may cause the Fed to raise its target Federal Funds rate in the next several months. Gas and food prices, important components of consumers' household budgets continue to rise and could slow save toward a home for some families. Steve Brown, president of the National Association of REALTORS®, said that first-time and moderate income buyers continue to deal with affordability due to increased FHA costs and tight mortgage credit. Relief may be in sight as a slower pace of home price growth suggests that more buyers may be able to afford homes.

FHFA House Price Index Reports Gain in May Home Sales

FHFA released its May index of home sales connected with mortgages owned or backed by Fannie Mae and Freddie Mac. The index posted a month-to-month gain of 0.40 percent in May and a year-over-year gain of 5.90 percent year-over-year. FHFA said that increased sales were driven by a 9/60 percent increase in sales in the Pacific region and that average home prices remain 6.50 percent below April 2007.

How Much is Your Home Worth in Today's Market? Three Key Tips for Assessing Value

If you're thinking about putting the house on the market, or are simply curious about its value in the current economic atmosphere, it's essential to get an honest assessment of its value. An overly inflated figure won't hold up and will only turn potential buyers away.

It's best to get a fair assessment in order to ask a reasonable price or avoid over-extending oneself when it comes to taking out a home equity loan. Consider these three key tips to get a true assessment of a home's value.

Identify Positive Features About The Home And Property

When seeking an appraisal for a home, it's important to look at the big picture. While the neighborhood and specific location are important, as well as the size and condition of the home, it's also essential to tally up any improvements or upgrades. Any recent renovations are a plus that are sure to give a boost to a home's value. Outbuildings and swimming pools add more positives that will increase the initial value of a home. The most important thing any homeowner can do is to stay on top of repairs and give the property a facelift periodically to keep things fresh. This will be taken into consideration during an appraisal.

Pay Attention To The Competition

Whether homeowners try to estimate their home's value on their own or bring in the professionals, it's important to pay attention to the surrounding real estate. Take a close look at other properties in the area and their price tags when they come up for sale. It's especially helpful to look at properties that compare in size and condition. From that point, the most expensive and least expensive homes should be tallied as well, providing a price range for the concerned individual's home.

Think About Present Circumstances

Be sure to consider if the area is in a recession or showing a period of strong economic growth. If a home is located in an area that is booming, this will inflate the value of the home. It is all part of the law of supply and demand. When buyers are coming in droves, home sales will be ripe for the picking and homeowners can ask a higher price. However, if the population is dwindling and people are migrating elsewhere because job opportunities have fallen, there is a much greater chance that the home's value will decrease. For those who want to sell, the best bet is to strike when the iron is hot and put the house on the market during a period of economic strength. If the economy is failing, it may be necessary to wait or cut ones' losses.

Act Now To Learn More

There is no better time than the present to contact a name you can trust in real estate. Discover all the ins and outs of assessing your home's value, discuss your options, and find out ways to boost your property's potential as you seek a reliable assessment.

Giving and Getting: Why the Terms of a Home's Sale Are Far More Important Than the Price Paid

One of the most significant factors home buyers and sellers focus on when buying real estate is the negotiated sales price in the purchase contract. While the sales price is undeniably important, the reality is that other terms in the sales contract may have more far-reaching and significant effects on the transaction.

In fact, with a closer look at some of the most important terms, you will see why you and your agent should actively negotiate for improved terms rather than a lower sales price.

Closing Costs

Some buyers and sellers will haggle over a few thousand dollars in the sales price without paying attention to the closing costs, but the fact is that the closing costs for a typical transaction may cost the buyer between two to five percent of the sales price on average.

A sales contract may be negotiated so that the seller assumes some or most of the closing costs, and this can result in considerable savings the buyer. Likewise, when a contract is negotiated in the interest of the seller, the seller may save thousands of dollars at closing if the contract states that the buyer is responsible for these costs.

The Appraised Value

In an ideal world, a home would appraise for the contracted sales price, but this is not always the case. A sales contract may be written with terms that allow for the sales price to be renegotiated after the appraised value is confirmed, and this may benefit both parties. Some sales contracts, however, state that the negotiated sales price is final regardless of the appraised value.

The Property Inspection

Many home buyers opt to obtain a property inspection to determine if there are hidden issues with the property structure, foundation, roof, air quality and other components. Some inspections reveal that a home is in fairly good condition, but others may reveal that a property needs thousands or even tens of thousands of dollars' worth of repairs.

Some sales contracts may be written so that the buyer may back out of a contract within a certain period of time after receiving the property inspection report or so that the terms of the sales contract may be renegotiated once the property inspection report has been completed.

Special Contingencies

A real estate transaction may extend for several weeks or even months while the buyer contracts with a lender, an appraiser, a property inspector and other third parties. During this period of time, many events can occur that may adjust the interest level or even the ability of the buyer and seller to fulfill the contract.

Some sales contracts are written so that the buyer may opt out of the contract within a certain period of time with minimal expense and regardless of other factors related to the appraisal and inspection.

Generally, there are standard terms found in many real estate sales contracts, but these terms can be adjusted by either party to benefit buyers or sellers. Those who are preparing to buy or sell property should actively communicate their needs and desires with their real estate agent so that the contract may be negotiated with terms most favorable to their needs.

Existing Home Sales Reach Highest Level In 7 Years

The NAR provided great year-end news as existing home sales in December pushed 2013 sales of existing homes to a 7 year high. December's reading of 4.86 sales of pre-owned homes came in at 4.87 million on a seasonally adjusted annual basis.

Although projections had been for 4.89 million sales, the December reading topped November's revised sales of 4.82 million pre-owned homes.

December's reading showed the first gain in existing home sales in three months. NAR reported that existing home sales for 2013 reached 5.09 million, which represented a 9.10 percent increase over 2012.

More Good News: Median Price Of Existing Homes Rises

NAR reported that the national median price for pre-owned homes increased to $198,000, a year-over-year increase of 9.90 percent. The average price of an existing home for all of 2013 was $197,100. This was the strongest growth in existing home prices since 2005 and represented an increase of 11.50 percent.

There were 1.86 million pre-owned homes for sale in December. At current sales rates, this represents a 4.60 month inventory. Real estate pros like to see a minimum of a six-month supply of available homes, so existing homes remain in short supply.

Analysts attributed rising home prices to improving economic conditions and a persistent shortage of homes for sale.

FHFA: Slower Gain for Home Prices In November

FHFA, the agency that oversees Fannie Mae and Freddie Mac, reported that November prices of homes financed with mortgages owned or guaranteed by the two agencies rose by a seasonally adjusted 0.10 percent as compared to October's increase of 0.50 percent and an expected growth rate of 0.40 percent.

November's reading brought year-over-year home sales to an increase of 7.60 percent, but is still 8.90 percent below their April 2007 peak.

Analysts noted that recent reports of increasing new home construction and rising new home sales as reasons why prices of existing homes are seeing slower growth.

Existing Home Sales Numbers Highest Since 2009

The National Association of REALTORS reported that sales of existing homes in April reached 4.97 million on a seasonally-adjusted annual basis.

Although this reading fell short of Wall Street's expectations of 5.00 million existing homes sold, it surpassed the March 2013 upwardly revised reading of 4.94 million existing home sales. This represents a 0.60 percent increase from March to April, and a 9.70 increase year-over-year.

Low Mortgage Rates Contribute To High Sales Levels 

Low mortgage rates and pent-up demand for homes are driving sales of existing homes, which reached their highest level since November 2009. 

Lawrence Yun, chief economist for the National Association of REALTORS, indicated that housing market momentum is overcoming obstacles: "The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing home sales would be well above the five million unit pace."

Inventories of homes for sale are gradually increasing; at the end of April, the total inventory of existing homes had increased by 11.9 percent to 2.16 million existing homes for sale. This represents a 5.20 month supply of available homes in April as compared to a 4.7 month supply of homes in March 2013. Listed inventory is 13.60 percent below April 2012, when there was a 6.60 month supply of homes available.

Average Home Sales Prices Up 14 Months In A Row

The national average price for all housing types was $192,800, and increase of 11.0 percent over April 2012. This represents the fourteenth consecutive month of rising average home prices; the last time this occurred was between April 2005 and May 2006.

Homes sold through foreclosure or short sales fell by three percent to 18 percent of existing homes sold in April.  Of these sales, 11.0 percent were foreclosure sales and 7.0 percent were short sales. Foreclosure sales averaged 16.0 percent below market value and short sales averaged 14.0 percent below market value.

The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, provided more positive news for U.S. housing markets as of March 2013. Average home prices for homes mortgaged by Fannie Mae and Freddie Mac increased by 7.20 percent year-over-year, and were up by 1.20 percent from February 2013. FHFA also reported that home prices had risen by 6.70 percent in the first quarter of 2013 as compared to the same period in 2012.

New Home Sales Show Rising Trend As Well

In related news, the Department of Commerce reports that New Home Sales are up by 2.30 percent from March to 454,000 units on a seasonally-adjusted annual basis.  This handily exceeds Wall Street's consensus of 430,000 new homes sold in April, and is also higher than March's reading of 444,000 new homes sold.

Buyers are turning to new homes due to pent-up demand in housing markets caused by low inventories of existing homes and low mortgage rates. It's also likely that with home prices rising, would-be buyers are acting on indications that record low rates and home prices are expected to increase.

Rising home prices suggest that as demand increases, mortgage rates may not be far behind. Buyers in the Plymouth  market today can still gain the advantage of historically low mortgage rates.

Help Your Home Office Shine When Selling Your Property

With telecommuting continuing to rise, and with more jobs requiring after-hours attention, showcasing your home's "home office" can help it show better with a prospective home buyer. 

It's wise to have your kitchen, bedrooms and bathrooms show well, but a great-looking home office can make a huge impact and help you sell your home more quickly.

Here are a few tips to helping your home office shine :

Designate The Right Space
Whether it's a spare bedroom or a computer nook, specify a separate place at which business is done. Make sure the area has enough room to set up a desk, a chair, a computer and a printer without making it look messy or cramped. 

Clean The Area
A clean and orderly home office shows better than a messy one. To help your home office look its best to potential buyers, get rid of clutter and only retain the essentials. Use drawers and shelves effectively.

Don't Waste Money
Don't break the bank in furnishing your home office. Consider ready-to-assemble furniture as an inexpensive, good-looking option. Buy the necessities, then use leftover, budgeted funds for office supplies such as computer paper, pens, and a cork board, for example.

Add A Decorative Touch
Once your home office is properly outfitted, add some decorative style. Hang artwork. Add a few plants. But, remember to keep it simple and neutral so that potential buyers can easily imagine the space as their own home office.

Few people think of the importance of a home office when preparing their Minneapolis home for sale. But, because so many people work from home these days, a dedicated home office space can be a great selling point.

Tips For Selling Your Home In The Colder Winter Months

Real estate agents in |**CITY**| will tell you that it can be harder to sell a home in the winter. The days are colder and shorter, leaving less time to show a home to potential buyers.

The good news, though, is that most buyers looking at houses in the winter aren't just killing time. They're serious enough about finding a new home to house hunt at a time when most people might rather stay inside.

There are a several steps you can take to make a good impression on home buyers this winter.

First, if there's snow or ice on the ground, make sure walkways are safe. Spread out ice melt or sand to provide traction during snowy weather. Shovel the snow on the driveway and sidewalks to make your home more inviting. Be sure to place a mat on which for visitors to wipe their feet.

Second, warm up the house. Buyers will remember the house that was pleasantly warm on a frigid day. This also demonstrates to buyers that your furnace is in good working order.

Next, to make a "welcoming scent", bake cookies the day of the showing. Some people are sensitive to the fragrances in air fresheners and perfumes, so skip spraying those when expecting someone to look at your house.

You can also serve snacks in the kitchen. Give the buyer a reason to linger in your home by leaving a light snack in the kitchen. If the weather is cold, consider providing chili or soup in a crock-pot to keep it warm with festive disposable bowls. Or, to keep it simple, you can provide coffee or hot chocolate and cookies.

Lastly, to make your house appear warm and inviting during cold winter months, turn all the lights in the house on; place warm-toned throws and decorator pillows around the living room. Play soothing classical or jazz music; keep the volume low enough that buyers can talk quietly to each other.

These techniques each can help your home seem more inviting this winter.

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.

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.

Simple Real Estate Definitions : Home Inspection

When you preview homes as a home buyer, you can get a good feel for the home's visible traits -- its finishes, its room counts, and its landscaping, for example. What you can't get a feel for, though, is the home's "bones".

It's for this reason that real estate professionals recommend that you have a property formally inspected immediately after going into contract for it.

A home inspection is a thorough, top-to-bottom check-up of a property's structure and systems. It is not the same as a home appraisal, which is a valuation of the property. By contrast, home inspections are an objective report on a home's physical condition.

Home inspections are performed by home inspectors who will typically do the following :

• Check heating and cooling systems for leaks and efficiency
• Check electrical systems for safety and soundness of design
• Check plumbing systems for venting, distribution, and drainage

In addition, a home inspector will review a home's roofing system; its doors, windows and garages; plus, any attic spaces and basements, where appropriate.

A home inspection may also uncover out-of-code electrical work that municipalities required to be fixed by law.

Meanwhile, it's not just home buyers who can order inspections. Sellers can order them, too.

One recommended tactic is for a home seller to have the home inspected prior to listing for sale so that all required repairs can be made in advance of showing the home. This can speed up and simplify the sales process, and may help your home sell at a higher price. Buyers often prefer homes in "move-in" ready condition.

A thorough home inspection can take up to 6 hours to complete, depending on the size of the home.

New Home Sales Crater In January, Opening The Door For Deals With Builders

Not all housing reports are sunny, it seems.

In its monthly New Home Sales release, the U.S. Department of Commerce showed a 13 percent drop-off in annualized new construction sales between the months of December and January.

It's the biggest one-month drop in New Home Sales since May 2010.

In addition, the supply of new homes for sale spiked higher to 7.9 months last month.  "Home supply" is defined as the amount of time it would take to sell the complete "for sale" inventory at the current pace of sales.

In December, the supply measured just 7.0 months,

Don't fret the news, however. For buyers of new construction in Plymouth , falling New Home Sales figures can be terrific. Weaker markets put pressure on the nation's home builders to sell their respective homes more quickly. To reach that goal, builders often discount prices and/or offer free upgrades to buyers. 

Some of that action may already be in effect.

Despite falling volume, the New Home Sales report showed that new homes are selling faster than in recent months. The median time required to sell a newly-built home dropped to 7.8 months in January -- a figure well below January 2010's reading of 13.9 months.

It suggests that builders are getting better at locating buyers, and moving property.

Therefore, if you're shopping for a new construction and see one worth buying, get to it. Not only will the home likely sell soon if it's priced right, but an increase in mortgage rates will make the home more expensive to finance.

Every 0.250% increase to rates adds $15 monthly per $100,000 borrowed.

Home Supplies Plummet, Putting Pressure On Prices To Rise

Existing Home Sales surged 12 percent last month, closing 2010's housing market with strength. An "existing home" is a home that cannot be categorized as new construction; a resale.

According to the National Association of REALTORS®, seasonally-adjusted, annualized Existing Home Sales figures climbed by more than a half-million units in December as compared to November. It's the 3rd straight month of home resale improvement nationwide.

Sales volume is now as high as it's been since May 2010 -- just after the federal home buyer tax credit's expiration.

In addition, the number of months needed to sell the complete, current home inventory at the current pace of sales fell by 1.4 months, tying December for the biggest one-month home supply improvement in 2 years.

It's yet another signal that the housing market is in recovery. Not that this data should surprise anyone. November's Pending Home Sales report told us to expect it two weeks ago.

Broken down by buyer-type, home sales split as follows:

• First-time home buyers : 33% of all sales
• Repeat buyers : 47% of all sales
• Real estate investors : 20% of all sales

Cash buyers represented 29 percent of all transaction, down 2 ticks from November. This may suggest that mortgage guidelines are loosening -- another sign of economic improvement.

So, take note, Plymouth home buyers. This spring, along with mortgage rates, home values should rise, too. Expect less "bang for your buck" as the housing recovery takes hold across the nation.

The best deals of the year may be the ones made this month.