What Does Zillow Tell You About Your Home?

Ever since the launch of its website in 2006, Zillow has increasingly gained its popularity as a convenient tool to look up home values.  When I work with prospective buyers or sellers to explain the market value of their homes, I often hear the famous line "but Zillow says...!" followed by "so how accurate is the Zestimate?"

Thanks to Zillow for providing a detailed video of "A Guide to the Zestimate" to explain how the home values are generated. I hope you will find this video helpful!

 

Simple Tricks to Show Your Home Like a Champ!

First impression counts! The most saleable properties are those that show pride of ownership. That’s why most of the new developments display model homes and home-sellers hire professional stagers to “dress up” their home for prospective buyers. This may come with a price as staging may cost anywhere from $1,000- $3,000 depending on the size of the home and the elaborateness of the project. However, the reward is bigger! Sellers “have received 2-8% above market asking price and listings have sold in half the time of a non-staged home” according to Let’s Stage It (http://www.letsstageit.com/).

On the other hand, if you still live in the property and/or you don’t want to pay the money to give your home a complete make-over, start with these simple “5C’s” tricks:

Clutter – keep clutter off counter tops, toss away old newspapers and magazines, and remove excess furniture. Buyers emphasize on spatial perception a room gives.

Closet – Clean out your closet and store away unnecessary items. Keep only the clothes you need and hang them properly. Of most buyers’ requirements, closet space is high on their list.

Cover – before each showing, close all toilet and garbage can covers. Open containers are unsightly as well as giving off odors. All trash and garbage should be removed from the home and garage.

Comfort – create a comfortable and welcoming ambiance is very important. Keep your home at a comfortable temperature. Keep air smelling fresh; air freshener, candles or fresh flowers may help, but be careful not to over-do it. Have sufficient lighting. If showing is during daytime, have draperies drawn open; if it is in the evening, turn on all the lights prior to showing. Light makes rooms look larger and more appealing.

Curb Appeal – “a picture tells a thousand words.” This is exactly how most buyers feel when they search for homes on the Internet. The façade of the house is usually the cover picture and the first thing buyers use to decide if they want to actually view the inside. So keep the sidewalks cleared, trim your bushes, and make sure visitors can clearly read your house number.

And the rest? Turn your house over to the agent for showings. Trust your listing agent’s professional abilities to market your property.

What a Way to Get Your Down Payment!

More good news for prospective homebuyers! The following article is taken directly from the latest news came out of National Association of Realtors® today.

Tax Credit Can Be Used for Down Payment

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Source: NAR http://www.realtor.org/RMODaily.nsf/pages/News2009051202