Pre-Listing Inspections: Are They Worth it?

Pre-listing inspections increasingly are being used by agents to give their listings a competitive edge, although it may be difficult to get sellers on board when they insist that inspections are the responsibility of the buyer.

However, there are numerous benefits to using pre-listing inspections on a regular basis. If sellers know about flaws and repair needs ahead of time, they can remedy them in a time frame that is less hectic than when problems arise out of buyer’s inspections.

Additionally, when sellers provide inspection reports to buyers before offers are made, it creates an atmosphere of honesty and trust and decreases the likelihood that deals will fall through after the buyer’s inspection.

Pre-listing inspections allow agents to market homes as “Certified Pre-Owned;” and homebuyers, like those purchasing new cars, are willing to spend more money on properties that have been professionally inspected.

Source: Realtor Magazine

TAX BREAK FOR MORTGAGE DEBT FORGIVENESS

President Bush signed into law today a new measure giving tax breaks to homeowners who have mortgage debt forgiven. Under preexisting law, the debt forgiven by a lender, such as for short sales and refinances, was generally taxable to the borrower as debt discharge income. With the passage of the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence.

This tax break applies to debts discharged from January 1, 2007 to December 31, 2009. Qualified principal residence indebtedness is debt incurred in acquiring, constructing, or substantially improving the residence (up to $2 million for refinances).

For purposes of calculating capital gains, any debts discharged excluded from income under the new law must be subtracted from the basis of the taxpayer’s principal residence (but not below zero). However, taxpayers may generally exclude from capital gains income up to $250,000 (or $500,000 for married couples filing jointly) for properties owned and used as their principal residence for at least two of the last five years.

For a copy of the Mortgage Forgiveness Debt Relief Act of 2007, go to http://www.govtrack.us/congress/bill.xpd?bill=h110-3648.

Paint Color Consultations

Color is one HOT topic! 

Everyone wants to know what color(s) to paint inside their home.  You can look at color trends and find colors that you are drawn to, but please understand that lighting is key.  Just because it’s on the hot list for colors in 2008 doesn’t mean it’ll look hot in your home.  You still have to do the work.  You can select a basic color from the 2008 trends then either hire someone to do a color consultation or do the leg work yourself and go get similar color swatches from one or two paint stores.  You’ll find that some look to bright, some to dull, some will look dirty and some will have a underling shade of green, pink, yellow…

You’ll also need to keep in mind existing colors that will stay in the room.  Make sure the paint color you select coordinates with the flooring, cabinets, wood work and any fabrics that will also be in the room.

When I do a paint color consultation I typically start with Kelly Moore paint.  I have used Kelly Moore for so long that I know most of the colors very well, and I find that there are a few shades of yellow, green, blue and red that are very appealing to most people.  However, once in a while those same popular colors will look terrible in some homes.  Why?  The lighting.  Natural lighting will bring out different undertones.  Whether there’s a lot of natural light or not enough.

It’s really not that hard to find paint colors that you like.  The hard part is making the decision which one will look best in a room(s) of your home.  If you’re painting yourself, go ahead and paint a wall.  What’s the worst thing that can happen? You won’t like the color and have to buy  eand paint it again.  If you’re paying a professional painter to paint, you might want to spend a few more dollars and get a professional color consultation.  You’ll be glad you did!

Jill Denton

Changing Spaces ~ Color Consultations

Paint Color Trends for 2008.

The color trends for the next year highlights brown and tan, yellow, green, blue, orange and steadfast classics like grey, black and white.

· Brown (rarely called dark orange) is a warm neutral color that represents wholesomeness, simplicity, dependability, friendliness and earthiness. Using the color brown and its color family (tan, beige, taupe, etc.) can make excellent backgrounds helping accompanying colors appear richer and brighter. It is always considered a fall or autumn color, so if you are intending to paint your house on the said season, it could be a great idea.

· Yellow is always sunny. This color means joy and happiness, and symbolizes knowledge and wisdom. Yellow is a summer color. If you’re painting your house, the color yellow would likely be suited in your receiving area or work room, or any room where light is freely emitting.

· Blue is a cool and calm hue. This color represents inspiration, sincerity and spirituality. The color blue is best represented on winter and spring seasons. The effect of the color blue – depending on its shade or tint –, makes time pass more quickly and can make or help you sleep. This idea is fit to paint in your bedrooms and very much suited if you have a baby room (use the lightest tint of blue like Baby Blue).

· Orange is a vibrant color along its relative color values yellow and brown, which denotes energy and warmth and reflects the color of autumn/fall and summer. For your house, you can paint orange in your dining area because the color stimulates appetite. This color demands attention, stimulates the senses, and used as a healing color. This is a reason why orange walls are eminent in spas and relaxation centers.

· The colors black, white and gray are always a staple in any painting jobs or any design needs. These colors neutralize other hues and best complimented in everything. Seasons come and go, but these colors never run out of fashion and will always be a classic staple.

At the recent 2007 International Home and Housewares Show, Leatrice Eiseman, the Executive Director of the Pantone Color Institute and the Director of the Eiseman Center for Color Information and Training, revealed in her presentation, “Future Color/Design trends: Fulfilling Consumers’ Needs,” the most important influences in design and color trends that entice customers and drive sales, and the importance of style. During Eiseman’s talk she revealed the eight color palettes forecast for the next year (2008):

HIGH PROFILE — colors like pristine white, ebony black, rich browns and silvery gray accented with fuchsia, royal purple, gold and silver are best described to fit high-class status.

ETHNIC CHIC — colors like deep purple paired with misted yellow and stone grays, and burnt orange juxtaposed with vibrant blue and brunette browns promotes sophistication and indigenous style.

RECOLLECTION — colors like tapestry blues, muted blue greens, elegant champagne and warm peachy tones links the past and the future, therefore, reminiscent.

WELLSPRING — colors like blues and Aqua colors that have cooling qualities are highlighted with an undersea green, violet and indigo that resonates ocean atmosphere.

SAVORIES — colors like chocolate hues and daiquiri green with bright embellishing will redefine ‘fun.’

CHINOISERIE — colors like mauve tones and yellow/ green are based from the Orient cultures.

AGRESTIC — colors like bruschetta browns, tender greens, golden yellow and vibrant pink are styled for a slightly rustic look.

CHINOISERIE — colors like mauve tones and yellow/ green are based from the Orient cultures.

NUANCE — colors like rose red with earthy browns or reddish plums with a green-tinged bronze tone tributes to those neutrals but uses a bright color to draw the eye in.

These palettes are forecasts are your exterior and interior painting ideas for home or building that you can follow for the next year or better yet, next season. If you are interested to fill your walls with any of the said colors or color palette, you can contact any painting service company at your local state.

Article Source: http://EzineArticles.com/?expert=Dhorj_Escusa

YOU TOO CAN GET A PAINT COLOR CONSULTATION … VISIT ”CHANGING SPACES” WEBSITE FOR MORE INFORMATION OR JUST CALL 925-998-7747.  CHANGING SPACES SERVES PRIMARILY THE TRI-VALLEY AND EAST BAY, BUT HAS BEEN KNOWN TO WORK ALL AROUND THE BAY AREA.

FED LOWERS KEY INTEREST RATE BY A QUARTER POINT

The Federal Reserve on Tuesday lowered its key short-term interest rate by a quarter point, the third rate cut since summer, citing “intensification” of the housing market, the credit crisis, and consumer skepticism.

According to the Fed’s official release announcing the cut, “Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending.”  More Info

Source: C.A.R.

Is now the time to buy real estate?

Many of today’s real estate conditions and fluctuating interest rates are making potential buyers apprehensive about whether or not now is a good time to make an investment in a new home.  However, now is a great time for buyers to make a purchase.

Here are a few points why right now is a good time to be a buyer:

More selection. With more and more houses in inventory, there is greater selection. Today’s buyers can be very selective, taking the time to be sure they find a home with all the amenities they want.

Greater negotiation power. Because inventory is so high, sellers are more likely to negotiate. Today’s buyers often walk away with a lower purchase price, paid closing costs, and additional incentives.

Less competition. A few short years ago, buyers often found themselves outbid by another buyer or found themselves in the middle of a bidding war. Today, bidding wars are rare and buyers can take their time to fully assess whether or not a house is right without having to hurry to make an offer.

More comparables. Higher inventories means there are more and more comparables on the market. If some of those comps are at lower prices, buyers can often use this to help them make and win a lower offer.

Nearly perfect homes. Today’s sellers of older homes are more willing to complete any repairs a buyer may request.

These are just a few of the reasons why today’s buyers may have the upper-hand in today’s markets.  If you’re interested in seeing what’s out there, give me a call or shoot me an email and we’ll talk about it.

Jill Denton ~ Hometown GMAC Real Esate

 

Feng Shui & the Bagua Chart

Literally translated, Feng Shui means “wind and water.” But is it a philosophy, a science or an art? In essence, this ancient Chinese wisdom is all three. The effects of Feng Shui are felt in the mind, body and spirit in ways that enhance or diminish one’s personal “chi.”

Chi (pronounced “chee”) is the Chinese word for energy. Chi flows through everything and is always with us. Personal levels of chi, or inner energy, fluctuate from high to low. Extreme fluctuations in this inner energy can affect your health, mood, work and relationships, so it’s important to maintain balanced chi. Using the art of Feng Shui, you can consciously arrange your exterior (your home) to help balance the chi in your interior (your body).

For example, have you ever visited a home and had a bad feeling that was difficult to describe? The rooms may have been flawlessly decorated, yet felt cold, tense or uncomfortable. Most likely, the longer you stayed, the more uncomfortable you felt. Your body responded to a low level of chi.

Now, think of another house you’ve visited that felt warm, uplifting, and inviting – one where you instantly felt “right at home.” Again, there wasn’t any specific element that made you feel comfortable. You just felt good being there. The home had a more balanced level of chi.

Take a heartfelt look at your own home. When you walk through the door, do you feel the stress of the day wash away? Do you feel self-satisfied, lighter, energetic, and motivated? Or do you feel tired, restless, out of sorts and overwhelmed? Maybe it’s time to do a little balancing act with Feng Shui.

Feng Shui offers added benefits worth testing. Its techniques can be applied directly to specific life situations, such as prosperity, fame, family, relationships and health. Again, it’s balancing your surroundings to bring about more of what you want in life.

You wouldn’t build a house without a blueprint. And to be effective, Feng Shui requires its own blueprint called a bagua (pronounced ba-gwa). The bagua is divided into a total of nine areas representing specific life situations.

Think of the bagua as a transparency, which can be placed over the floor plan of an entire home or single room.  To position the bagua correctly, look for the main door used to enter the house or room. (In some cases, the main door could be a garage or back door.) The door’s position should always be located in one of the three bagua areas: skills and knowledge, career or helpful people. Now that you know where the areas of your home or rooms fall in place on the bagua, you’re ready to apply appropriate Feng Shui rechniques to each area.

As you study the bagua, look for items within specific life areas that symbolize your feelings. If you’re stressed about your finances, take a close look at the room that falls in your prosperity area. Is it dark and uninviting? Does the room contain a wilting plant you’ve neglected or an heirloom clock that doesn’t run properly? Little things you take for granted or that go unnoticed can affect your chi in big ways.

One of the greatest benefits of do-it-yourself Feng Shui is self-awareness. In addition to creating home improvements, when you apply Feng Shui principles to your home, you gain a wonderful opportunity to evaluate your life’s situations, state your intentions or goals and move into action.

Intuition, simplicity and good taste are always in tune with Feng Shui. Personalized touches (things that are especially meaningful to you) provide an added punch to your balanced environment.

Source: Lowes