The holiday season from November through January is often considered the worst time to put a home on the market. While the thought of selling your home during the winter months may dampen your holiday spirit, the season does have its advantages: holiday buyers tend to be more serious, and competition is less fierce with fewer homes being actively marketed. First, decide if you really need to sell. Once you’ve committed to the challenge, don your gay apparel and follow these tips from FrontDoor.com.

1. Deck the halls, but don’t go overboard. Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.

2. Hire a reliable real estate agent. That means someone who will work hard for you and won’t disappear during Thanksgiving, Christmas or New Year’s. Ask your friends……

READ MORE HERE!

New Legislation Extends the Federal Tax Credit for First-Time Home Buyers and Expands the Incentive to Current Homeowners

(TOPEKA, KS) – For many Americans, home ownership is a key step towards achieving the American Dream.  Bryon Schlosser, CEO of Coldwell Banker Griffith & Blair American Home, said, “It’s a great time to be buying or selling a home in Topeka.  Prices and inventories are stable, mortgage rates are at historic lows, and for the next few months we have new government incentives.”

On November 6, 2009, President Obama signed “The Worker, Homeownership, and Business Assistance Act of 2009,” bringing that dream one step closer to reality.

To help consumers who are considering purchasing a primary residence, Coldwell Banker Griffith & Blair American Home has summarized the details of this new legislation and what it means for those thinking about entering the market:

• Eligibility: The tax credit is now available for first-time home buyers and repeat homeowners. A first-time home buyer is defined as an individual who has not owned a principal residence during the three year period prior to the purchase.  For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit.

A repeat homeowner is defined as someone who has owned and resided in a home for at least five consecutive years within the last eight.

• The federal tax credit amounts to 10 percent of the cost of the home, up to a maximum credit of $8,000 for first-time homebuyers and $6,500 for current homeowners.
  
  • e.g., If a home costs $60,000, the allowable credit for both a first-time homebuyer and a current homeowner would be $6,000. If a home costs between $80,000 and $800,000, then the allowable credit for a first-time homebuyer would be $8,000 and for a current homeowner, $6,500.

• Individuals whose Form 1040 filing status is “single” are eligible for the tax credit if their income is no more than $125,000. Individuals who file a joint return are eligible if they have no more than $225,000 in income.

Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

• The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home (newly-constructed or resale, single-family detached, townhomes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed on or before April 30, 2010 will also qualify for the tax credit provided closing occurs on or before to June 30, 2010.
• The tax credit is refundable. A refundable credit means that if the amount of income taxes a home buyer owes is less than the credit amount he / she qualifies for, the government will send a check for the difference.  In essence, the credit is a dollar-for-dollar reduction in what taxpayers owe for the calendar year they purchase their home but the taxpayer may also amend the prior year’s return to claim the credit more quickly.
  • e.g., A first-time home buyer who qualifies for the full $8,000 tax credit and owes $5,000 in federal income taxes would owe nothing to the IRS and receive a $3,000 payment from the government.  A repeat buyer who qualifies for the full $6,500 tax credit and owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If the repeat buyer is due to get a $1,000 refund, he / she would get $7,500 ($1,000 plus the $6,500 move-up buyer tax credit).

The tax credit is a true credit. It does not have to be repaid unless the homeowner sells or stops using the home as their principal residence within three years after the purchase.   In that case, the full credit amount will be recouped on the sale.  There are exceptions in the event of the homeowner’s death or if a sale results in a loss.

For further understanding of how the extended tax credit differs from the previous version and how it can benefit first-time and repeat homebuyers additional information can be found on CBKansas.com.

This is based on information available as of November 2009 and is not meant to be tax or legal advice.  As with any tax law change, consumers should check with a tax advisor regarding availability, eligibility and possible timing of any tax credit.

Now that we have seen our first glimpse of snow and we’re pulling out the coats from the back of the closet, it’s time to turn our thoughts to hibernating season… better known as winter.

With this inevitable change of the seasons the biggest question REALTORS get from sellers is;

“Should we take our home off the market for the holidays?”

I understand that no one wants to be disturbed during their Thanksgiving dinner or their Holiday celebrations. No one wants to get a call that a buyer wants to see their home while they’re decorating the Christmas tree or wrapping presents. BUT, there are a lot of positive reasons to keep your house on the market without interruption for the next few months. Especially this year with the way the Topeka Real Estate Market is going.

Everyone wants to enjoy the holidays. That’s why potential buyers who are out looking for homes during November, December and January are SERIOUS buyers.   These buyers aren’t just out looking at house to get decorating ideas or to pass the time, they have a need for a new home and will interrupt their busy holiday schedules to look at the homes that appeal most to them. So, why would you pull your house off the market when a serious buyer may appear on the horizon?

#4  Homes show better during the holidays

Most people beautifully decorate their homes for the holidays, fires are going in the fireplace, seasonal music is on the stereo, and even bad landscaping doesn’t show when its all covered with snow. A potential buyer will see your home decorated and be able to visualize how their family could have their next holiday event in your home.

#3 January is the month for transfers

Traditionally, January is the month for corporations to hire new employees for new jobs.  Since most tranferees cannot wait until spring to buy a new home, they must sell their home now, and buy during the holidays.

#2  Less competition

Jeanine Wells, president of the Topeka Area Association of Realtors, said Friday she was “very pleased” President Barack Obama had signed a $24 billion economic stimulus bill that, in part, extends tax incentives to prospective homebuyers.

The bill, signed by the president Friday, builds on provisions in the $787 billion stimulus package enacted this past February. It also includes tax cuts for struggling businesses and extends unemployment benefits to the longtime jobless.

“The tax credit is working locally,” Wells said, explaining that home sales grew 17 percent from September through October. “We’ve had five months in a row of steady improvement.”

Wells said home sales in February were down 20 percent to 22 percent from February 2008. Since then, the year-to-date gap has been narrowed to 11 percent.

The bill extends the popular $8,000 credit for first-time homebuyers included in February’s stimulus package. Wells said the credit, which was to expire Nov. 30, will be available through June as long as the buyer signs a binding contract by April 30.

The program was expanded to include a $6,500 credit for existing homeowners who buy a new place after living in their current residence for at least five years. She said the new home’s price is capped at $800,000.
Wells said adjusted gross income guidelines for those purchasing a new home were increased to $125,000 from $75,000 for a single person and to $225,000 from $150,000 for a married couple.

“That should include 75 percent of the population,” she said.

Prolonging the life of the homebuyer credit has been a priority of the real estate industry, which says it has been instrumental in beginning to turn around a market that was a major cause of the economic downturn. About 1.4 million first-time homebuyers have qualified for the credit through August, and the National Association of Realtors estimates 350,000 of them wouldn’t have purchased their homes without the credit.

About a month ago, regional Internal Revenue Service spokesman Michael Devine told The Topeka Capital-Journal that 13,789 Kansas taxpayers had filed claims for the first-time homebuyer tax credit.

In addition to real estate companies, Wells said home sales also benefit other businesses in the community, such as appraisers, title companies, lenders and home repair providers. For each home sold, she said, $63,000 is pumped back into the local economy.

Wells said she expects no more extensions of the tax credit to be approved.

“If you’re thinking of buying a home, act now,” she said.

Wells said more than 1,300 residential properties are on the market in the Topeka community, and interest rates are low, about 5 percent on a 30-year loan.

Courtesy of and written by JAN BILES of the Topeka Capitol Journal
The Associated Press contributed to this report.

As you prepare to sell your home, you may want to devote some time to thinking about your potential buyers. With new homes listed everyday, homebuyers have plenty of options. But the better you market your home, the more likely prospective buyers are to find it – and the faster you may have an offer on the table.

If you have already found an agent that understands your needs as a seller, you can utilize their knowledge and resources to make your home as attractive as possible. While you may choose to work very closely with your agent during the marketing process, below are a number of marketing tactics that you can try out on your own.

A Picture is Worth 1,000 Words: One of the most important steps in marketing your home may be taking photographs. As many home buyers and real estate agents conduct their initial research online, a flattering collection of photos is helpful to include with your listing. Begin your photo shoot outside the home and try to snap pictures that highlight your home’s best features. As you want your home to be focus of all the photos, remove cars from the driveway and try to clear plants that block a view of your front door. Begin with photos of the entire property – cropping out the sidewalk and street – and move in to take close-up pictures of exterior features.

One Photo for Every Room: Inside the home, you should take at least one photograph of every room. Though you may choose not to display every room in your listing, you may find some great images where you least expect. As you prepare to photograph the interior of your home, you should open all of the blinds or curtains and turn on lights in each room. You may also want to remove certain items – such as personal photos and undesirables like garbage cans – before taking photos. In the kitchen and dining room, consider placing floral arrangements on the table to add a peaceful atmosphere to the space. As you move room to room, focus on the most interesting aspects of each room – be it a large closet in a guest bedroom or a fireplace in the living room. When you are finished, the photos you have taken should represent all the best elements of your home.

Signage: After you have placed your listing with photos, try to work with your agent to place adequate signage on the property. A useful sign should list the agent’s name and contact information and, if necessary, additional contact information for the nearest real estate office.

Provide a Takeaway: One or more of the photos used in your listing should also be included on the fact sheet available inside your home. This takeaway brochure will typically list the details of your home – number of bedrooms and bathrooms, square footage and lot size – and can also be used during open houses as a reminder to prospective buyers.

Consider Your Advertising Options: Depending on how you want to market your home, there are a number of advertising options available to you and your agent. Many homeowners choose to list their properties in local newspapers, typically in special weekend real estate sections. You may also want to look at local real estate publications and check printing dates to see if your home is a good fit. However, even more than print advertisements, the Internet features a world of opportunity for home sellers. There are numerous classified sites and databases that prospective homebuyers check daily, many of which offer free listings. You and your agent can also use the Internet to publicize your open house and offer additional details that may not have been featured in your print ads.

Plan An Open House: After you have completed your first round of marketing, you and your agent may want to schedule an open house. Granting prospective buyers an opportunity to view your home in person is often one of the most important steps in selling a home. Prior to the open house, your agent can actively seek for prospective buyers. If an interested buyer or agent is unable to visit your open house, your agent can also arrange private tours to make sure all prospective buyers have a chance to see your home.

While there is certainly no guarantee that any specific marketing tactics will sell your home, utilizing some of the above mentioned tactics will help increase the odds of prospective buyers finding your home – and getting them to your front door is the first step in making the sale.

Getting your home sold quickly and for the best price are typically the top priority for most home sellers. If you’re in the Topeka real estate market, working with a REALTOR increases your chances of getting both!

Coldwell Banker Griffith & Blair American Home REALTORS will work with you during every aspect of the home selling process whether your buying a home in the Topeka area or Lawrence.

It’s a question all homeowners face when they decide to sell: How can you make your home as appealing to potential buyers as possible? In today’s market, that question has become even more crucial.

“It really depends how much your home is worth,” says New York-based interior designer Janine Carendi. “Is it in move-in condition, and will buyers expect it to be?”

Not everyone should invest in fancy upgrades and fresh coats of paint, she says. But all homeowners can benefit from reorganizing and beautification.

Carendi and fellow designers Mallory Mathison and Brian Patrick Flynn offer some tips on making your home market-ready on a budget:

OUTSIDE HELP

“Always listen to the professional you’re hiring to sell your home,” Carendi says. “The agent has so much experience, and he or she can see the potential of the home and how they want to market it.”

Some owners hire a staging company to redecorate their home specifically to appeal to buyers. A cool twist on that idea: Flynn suggests hiring a photo stylist (a regional magazine can probably recommend one) to give your place a fresh look.

“Home stagers are all the rage right now,” Flynn says, “but magazine photo stylists are the masters at turning spaces into cover shots packed with ‘wow’ factor. They not only make the rooms look their best but they also know the proper styling to suggest a room’s use.”

FIRST IMPRESSIONS

A good first impression won’t guarantee a sale, but a bad one can scuttle it, says Mathison: “If the entry way is blase, that can set a precedent for the rest of the house.”

Outside, she says, clean thoroughly and “pay close attention to the front door. You want it freshly painted or stained.” Keep the lawn trimmed, if you have one, and add a few potted plants near the door for a look that’s “pulled together but not overdone.”

Inside, consider touchup painting in the entryway, and add a mirror if the area doesn’t get much natural light. If the front door leads directly into your living room without a foyer or vestibule, Flynn suggests using furniture to “create the sense that you’re walking into the area where you decompress.” Add a bench near the door and a console where someone could drop their keys and mail on arriving home.

CLEAN AND FRESH

“I see fingerprints on white doors all the time,” Carendi says of homes that are for sale.

Clean as thoroughly as you can, perhaps hiring a cleaning service for one or two visits. Pay attention to doors, baseboards, light switch plates, ceiling fans and windows. Clean all appliances, especially older ones, so they sparkle.

Then take a good look around and consider minor repairs or repainting.

“Anything that shows the age of the home needs to be tackled,” Carendi says. “You don’t want people noticing a water stain. The problem might have already been fixed, but the person sees it and says, ‘Oh my goodness.’”

Other details: Bunches of fresh mint or rosemary can freshen air naturally, says Mathison, and a vase of flowers is always welcome. For a quick facelift: Lightly sand the frames around your windows, then add a coat or two of white paint, Carendi says.

CLEAR THE WAY

Banishing clutter is crucial: Uncluttered rooms feel larger, and buyers will have an easier time envisioning their own belongings in the space.

Spend a weekend clearing off countertops and purging the home of anything you don’t want or need. Box up offseason clothes and put them in storage — your closets will look bigger and part of the packing will be done when it’s time to move. Put extraneous furniture in temporary storage or lend it to a friend.

Also, says Mathison, remove anything you’re sure you don’t want to part with. Got some vintage light fixtures or beloved furniture?

“Take that out of the equation, if you can’t part with it,” she says, “so there’s no arguing over it in negotiations.”

REMOVE YOURSELF FROM THE EQUATION

“It’s kind of a rule to take out two-thirds of your personal things,” Mathison says. “Make it a generally inviting space, rather than something right just for your family.”

Think about the way it feels when you check into a good hotel room, these designers say. The space is clean, comfortable and stylish, but also something of a blank canvas. A home that’s for sale should have that sensibility.

To help buyers envision themselves living there, repaint boldly colored walls a more neutral color. Flynn suggests a pale gray — it’s more interesting than plain white, but still neutral.

Remove any furniture or art that is really distinctive (“Stick with landscapes,” Flynn advises) and replace unique window treatments with simple, solid-color draperies.

Editing your personal design sensibility out of the space can be uncomfortable, says Carendi, but it’s vital: “Don’t think about it as your home anymore. It is not your home. It is now a piece of property you have, an asset you’re trying to sell at the highest price possible.”

Copyright 2009 The Associated Press.

Do you own a home in the Topeka or Lawrence area? If your thinking of selling your home in the near future, here are some tips that may help you sell faster and for more money!

This article was posted in the Topeka Metro News this morning about the stability of the Topeka real estate market.

Local real estate market stable and holding its own
By Peggy Mooney – Metro News

Local real estate agents and representatives say that now is a great time to purchase a home.

Bryon Schlosser, Coldwell-Banker Griffith & Blair American Home chief executive officer, told The Topeka Metro News that there is a misunderstanding that homes are plummeting everywhere and that the housing market is bad, but in reality the Topeka area is stable and “holding its own.” Peter Lindner, an agent for Valley Real Estate, agrees with Schlosser that Topeka’s housing market is stable.

Lindner said that the local housing market picked up “dramatically” about mid-January and is very active.

“Actually, the Topeka real estate market in certain price ranges is good,” he said. “Up to about $150,000 to $160,000, the market is very good. As we start to get up in price range, though, it slows down considerably.

“Yes. In Topeka it is a very good time to buy a house. Interest rates are very favorable. And there are some good incentives for first-time homebuyers. And, the selection of homes available is good.” Lindner said for him personally, the time-period between last Thanksgiving and New Year’s was “inordinately” slow. He was worried.

Schlosser agreed, stating that the housing market in Topeka did experience a slow down in 2008, but despite the slowdown, homes sold quicker than they did in other parts of the country.

Jeanine Wells, Topeka Area Association of Realtors president, said that Topeka’s real estate sales were down about 17 percent for 2008.

“Our number of listings were down, so that means we didn’t sell as many (homes), but we didn’t have as many on the market,” she said. “We didn’t have as much activity, which was not surprising because of the economic times Š all businesses are down. We didn’t have a glut of inventory.” Wells said home sales are now picking up and looking better for the spring season. She added that a number of contracts are being written, which means that there will be a lot of closings coming up in March and April.

Lindner agrees, saying that after the New Year, he noticed an improvement in the Topeka market.

“As New Years’ came and went, the market picked up dramatically,” he said.

“In Topeka, we are fortunately isolated from some of the problems they are having in other parts of the country,” he said.

Schlosser is optimistic and predicts that Topeka’s housing market will continue to pick up this year, becoming more active as the year progresses.

“Our ups and downs are going to be based basically on people’s mental attitudes,” he said. “I think what we will see for the rest of the year will benefit from the pent-up demand that was created during the period of time last year when people were afraid of what might happen.” Several Topeka real estate agents report that they have already sold more houses this year than in the last three months of last year.

“We now have a buyer’s market,” Schlosser said. “Interest rates are very attractive. A person with good credit and able to make a reasonable down payment find a great opportunity.” Schlosser added that it is helpful to the housing market that there are loans available to qualified buyers. And, the fact that tax credits are available for those buyers makes the market even better, he said.

To let people know about available tax credits, Schlosser said that seminars are being offered on the first Monday of every month to inform prospective buyers about tax credits that are available.

Like Schlosser and Lindner, Wells is also optimistic about Topeka’s housing market.

“I believe things are picking up,” she said. “Open houses have been busy.

Our offices have been busy. It’s going to be a good spring.

“The thing to realize is that Topeka never really had big increases in sale prices, so we didn’t have a big bubble to burst. We are in better shape than the rest of the country.