The economy is still in recovery mode and the real estate market is still feeling the pinch in many parts of the country. Home sellers are finding that selling their home is more and more challenging everyday as they are in steep competition with new home foreclosures. So how do you get your home off the market and into contract? Here are five tips to getting your home sold quickly and the price you’re looking for:

1. Pick the agent who is right for your market.  Your first plan of action should be to locate an agent with proven results with sales. Keep in mind you should also work with someone that you feel comfortable and confident with.at has a good track record with sales in your market range and neighborhood. Good sales stats in your price bracket demonstrate that the realtor knows what buyers are looking for and how to move property similar to yours. A great agent can help you move your home, even in a tough market.
2. Know your market. Understanding the ‘comps’ in your area will help you reach a realistic asking price and get a better handle on the competition. Ask your realtor to provide this information and also take opportunities to visit open houses for homes that are comparable to yours. You can learn a lot about staging, pricing and what is appealing to buyers.
3. Keep up with repairs and maintenance. Don’t hesitate to make necessary repairs and maintenance to your home when you are ready to sell. You don’t have to undergo major remodeling or expense. Simple updates like fixing broken steps, touch up painting and keeping your lawn mowed and flower beds cleaned out will really go a long way in making your home look move-in ready.
4. Be flexible. From having your home ready to show at a moment’s notice to your willingness to negotiate, the key to selling your home in a slow market is flexibility and responsiveness. Going the extra mile for prospective buyers can really make a difference in getting more people through the door ready to make an offer.
5. Add value. Remember that you are competing with short sales and foreclosures, so any extra value you can add to your home can make it more attractive. Whether it’s an appliance, patio furniture or a simple cost concession, small items can add up to big pluses when prospects are evaluating the total value of your home.

In a slow market, you need to get your home noticed quickly and be willing to negotiate so that prospective buyers see a great value in your property. Don’t stop looking for ways to make your home stand apart from the competition.

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It is important to know if you are selling your home the potential costs that are involved. Many sellers are unaware of the expenses involved with selling but you don't have to be surprised if you do your homework. It is always a good idea to consult with your agent as to what expenses you should budget for during the selling process. Below is a list of some of the most common costs associated with selling your home.

Closing Costs: Although most of the closing costs are the responsibility of the buyer, the seller is expected to pay the property taxes and insurance up to the date of the closing, even if they're not due yet. In addition, some buyers will ask the seller for help with other closing costs as part of the negotiations.

Home Inspections: Although the buyer pays for the home and pest inspections, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.

Home Repairs: If your inspector finds problems or if you know of problems that you have been wanting to correct, it is time to fix them. The less problems that the home has, the more attractive it is to buyers. Don't forget to budget for new paint, plants, hardware etc. that offers a fresh new look as well.

Realtor Commission: Typically there's a 4 percent to 7 percent commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5 percent and 6 percent, so be sure to account for this cost when pricing your home and figuring up your expenses that come with selling your home.

Legal expenses: Many sellers choose to work with a real estate attorney to examine the sales contract and assist with closing, which can be complicated.

Prepayment penalty: Many mortgages have prepayment penalties if you pay off the mortgage early. Be sure to examine your mortgage agreement and read the fine print.

Other Fees Negotiated by the Buyer: Buyer negotiated fees are becoming more common in the current real estate market. Some of the most commonly seen buyer negotiated fees might include a home warranty paid for by the seller, the cost of repairs needed to make the sale, and the cost for a home inspection. Keep in mind that most all parts of the real estate contract is negotiable.

Many homeowners are not aware of the costs involved with selling a home but there are some perks as well. With any home sale you are eligible for a tax write off of up to $250,000 gained in the sale of your home for a single owner, and $500,000 for married couples. This applies for most state taxes as well; check with a tax professional to get all the details of any tax credit that may be available to you and your situation. 

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See you there!

If you have been searching for the perfect home and are finally ready to make an offer, you may have some concerns about the down payment. In this difficult economy it can be difficult to pay a large down payment so

Different lenders have their own minimum down payment requirements and can vary depending on the mortgage program, loan amount, borrower income and credit rating. A good rule of thumb is roughly 20%, but you can find different ways to help you meet down payment requirements, including buyer assistance programs -  also called down payment assistance programs.

Assistance programs and grants can help you avoid robbing your savings or 401K or borrowing the money elsewhere to come up with a cash down payment. Some of the most common buyer assistance programs are for first time home buyers, but other assistance programs are available as well. How do they work? Below are some key requirements of standard programs. 

• Home buyers must qualify for a loan that allows gift funds from a charitable organization
• Limits may apply to the price of the home
• Funds can be used for the down payment and for closing costs
• Gift funds can be used for new or existing homes

There ae several different organizations that provide buyer assistance, including Grant America, Nehemiah and American Family Funds. Many other buyer assistance organizations are available, so do some homework and talk to your tax preparer and mortgage lender about options.

Always speak to your lender about available programs in your market, they can help you structure the down payment assistance to be compatible with their underwriting guidelines and offer advice on program advantages for your type of loan.

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Come tour these two wonderful homes.

For most

Military personnel have an additional year to get a contract and close on a new home through a special extension for the armed forces and other government employees deployed out the United States.

Qualified service members who are ordered on a period of official extended duty have until April 30^th, 2011 to get a binding contract on a home in place and until June 30^th, 2011 to close. Additionally, a service member who must return to the U.S. for medical reasons before completing his or her tour outside the U.S. may also qualify for the one-year extension.

Eligible parties specifically include members of the uniformed services, Foreign Services or employees of the intelligence community who were on qualified extended duty for at least 90 days during the period beginning after Dec. 31, 2008 and ending before May 1, 2010.

This bill giving the extension to military families can also assist financially strapped military personnel by making mortgage payments tax deductible.

As with any government credit or incentive, let tax professionals, including resources at the Internal Revenue Service, guide you through the qualifying and deduction requirements.

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Festival for the Eno

Location:  West Point on the Eno; Durham City Park
5101 North Roxboro Road, Durham, NC  27704
Dates:  July 3, 4 & 5
Times:  10:00 a.m. - 6:00 p.m. each day
Over 90 performers on 4 stages.A variety of activities, all with an environmental or cultural connection to the river and kid-friendly activities all day; face painting; craft demonstrations; historic buildings; rain tent
Cost:  Kids 12 and under & Seniors 65 and over are admitted free
          Early bird passes:  $13 per person (single day); $30 per person (3-day pass)
          At the gate:  $15 per person (single day); $35 per person (3-day pass)
Parking:  Free parking at Durham County Stadium on Duke Street. For more information email, festival@enoriver.org.

Old Fashioned July 4th

Location:  Horace Williams House Grounds
610 East Rosemary Street, Chapel Hill, NC  27514
Time:  1:00 p.m. - 3:00 p.m.
Free ice cream and picnicking.  Free concert by the Village Band. Call (919) 942-7818 for more information.

Carrboro July 4th Celebration

9:30 a.m. - 11:00 a.m.:  Kick-off at Weaver Street Market Lawn
Includes Patriotic Tattoo booth, hat making & decorating, bike & wagon decorating, patriotic costume contest)
 
11:00 a.m.:  Parade from Weaver Street Market to Town Hall
 
Town Hall Activities:
10:30 a.m. - 3:00 p.m.:  Main Stage at Carrboro Town Hall
10:30 a.m.:  The Village Band
11:15 a.m.:  Cane Creek Cloggers
11:30 a.m. - 12:30 p.m.:  Children's Stage -- The Whistling Woman
11:30 a.m. - 3:00 p.m.:  Kids Fun Zone -- face painting & magic
12:00 p.m.:  Sea Cruz)
12:30 p.m. - 1:00 p.m.:  Limbo & sack races
12:45 p.m. - 1:30 p.m.:  Captin Jim's Magic Show
1:00 p.m.:  Toddler Square -- sandboxes, water tables, scrap exchange, etc.
1:30 p.m. -- Senior Bingo
1:30 p.m. - 2:30 p.m.:  Pie Eating Contest
2:15 p.m.:  The Harvey Dalton Arnold Blues Band
2:40 p.m.:  Water balloon toss
All day:  Bounce house, rock climbing, face painting, fortune telling, welcome wall, games, roaming magician, juggle boy, food court)
 

Independence Day Celebration

Location:  Kenan Memorial Stadium, UNC at Chapel Hill
Schedule:
7:00 p.m. -- Gates open; live entertainment, interactive children's activities, juggler and magician shows begin
8:00 p.m. -- Big Sam Band
9:30 p.m. -- Fireworks

Cost:  Free. *Also receive a free glow necklace from Grace Church (while supplies last)
Parking:  Enter through Gate 2 at Kenan Stadium's North Side.  Public parking available in the parking deck off Manning Drive and in Rams Head Parking Deck off Ridge Road.

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In fact, if you notice evidence of termites, there’s a good chance the infestation is already quite advanced.

If you have any worries at all about termites in home, the best course of action is to locate a pest control or termite inspection so that you are aware of the full extent of the problem. Of course, pest inspections are an important part of the overall inspection process, so make sure you hire an expert in the field:

1. Check out online or yellow page listings under Pest Control for a licensed, bonded inspector. Your real estate agent can also be helpful in location a company for you.
2. Request estimates for the inspection cost and compare rates.
3. Make sure that you get a copy of the inspection report and course of action needed before signing any contract papers.

Buying or selling a home usually requires a clear pest control report. The inspector looks for termite infestation as well as other pest infestation, plumbing leaks, obvious roof leaks, dry rot and water damage. Make sure that all areas of the home are accessible for the inspector. Try to stick with companies that do inspection and treatment only – and leave any wood repair to carpenters or contractors.

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Homeowners are increasingly interested in electronics for the home. Some find interest in the gadgetry and some enjoy home electronics for the lifestyle and

CEDIA consists of knowledgeable and talented professionals who can help you navigate through the maze of consumer electronics. They have developed the 10 Smart Consumer Electronic Tips for the Home, below is their list:

1. Wire for everything now...even wireless – If you are building or remodeling a home, start with a plan for future wiring needs. Wire is necessary to support wireless applications.
2. Insist on integrated systems – Make sure the electronic equipment you are buying can be hooked up together and operated with one, easy to use control system. Systems that communicate simplify your life and offer peace of mind by "watching" over your home.
3. Integrate lighting and heating control – Going green meets convenience. Get the most out of your system with the least amount of energy consumption. System integration provides automatic energy-efficient adjustments saving you time and money.
4. Think with your wallet, but lead with your head – Quality and long-term dependability are the most cost effective attributes that you can build into a home.
5. Buy an experience, not a box – Find an electronic systems contractor that allows you to test drive the entire system or at least experience the thrill of a high performance system. Few people have the time to research and evaluate all the hardware choices. It's smarter to focus on the end result and make your choices based upon overall performance and value.
6. Simplify your controls – Easy to use, all-in-one remote controls are available for any system. You can even have them custom programmed so they make perfect sense to you. New technologies offer control from other devices and even through Internet browsers anywhere in the world.
7. Increase your expectations – Your home electronics system is a big investment and you deserve to be satisfied with it.
8. Think "green" – By utilizing green practices, you can save money by having a more energy efficient system and help save the planet. Ask a professional about how you can "go green" in your home.
9. Ensure the experts work together for you – Maximize your home's electronic systems capabilities by having your architect, builder or interior designer collaborate and partner with an electronic systems contractor from the beginning of the planning process.
10. Consult a professional – Today's integrated electronic systems grow, evolve and change over time, constantly adding entertainment, comfort and security features. Select an electronic systems contractor you can trust and who will support your electronic integration needs for years. Having a long-term relationship with one professional will maximize the reliability and enjoyment of your home's electronic systems.

If you found this helpful and would like to know more, find a CEDIA Certified Professional near you at www.cedia.org.

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Unfortunately Fannie Mae has instituted more requirements, the LQI – Loan Quality Initiative. Changes in lending will take effect June 1 as a part of the government’s effort to monitor and regulate underwriting and fraud in the mortgage business. Now lenders can order an additional, last minute full credit screen before your loan actually closes. Any debt that you have incurred in preparing to move into your new house – from furniture to appliances or landscaping, could place your closing on hold.

If the debt is significant enough to affect your debt-to-income ratio, your deal could actually fall through. New rules under the LQI will require lenders to pull two credit reports for each mortgage and to perform additional verifications of borrower occupancy, Social Security information and Individual Taxpayer Identification Numbers, among other changes.

So, if you buy new furniture for your home on retail credit, the lender will now be contacting the merchant to verify the credit terms and amount. The best course of action is to wait on any purchases that require credit until after you have officially closed on your mortgage.

For more information on the guidelines and what your lenders are required to do, check out Fannie Mae’s LQI page.

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Some of the awesome achievements include three students from the Duke School delegation.  Noah Mlyn, Ethan Fox and Joseph McGuire , each one the best delegate and peace prize awards.  These are prestigious awards and was based on their ability to get their resolutions passed.  The additional members of this team include Zack Balleisen, Aliza Gersing, Caroline Manson, Claudia Sollee, Issac Lutz, Jose Lopez, Joshua McClain, Zain Clapacs, Eli Rice, Nancy Sullivan, Kevin Quinn, Miranda Turner and Nadia Parashkeovova.  Congratulations go out to all of the delegates who participated and got a chance to learn a little bit more about global issues of today.

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If you have found a home you want to purchase and are 

Debt-to-income ratio is simply a comparison of the money you earn to the money you owe. It includes credit card debt, existing mortgages, auto loans, and any other personal debt.

Your mortgage lender will look at your Debt-To-Income (DTI) to evaluate your ability to afford your new mortgage. You should have a good idea of what your DTI ratio is before you approach a lender or consider buying a new home.

You ultimately want to achieve a low DTI ratio. A high number means that you have less disposable income and less ability to maintain the home once you purchase it. With foreclosures at an all time high, lenders are not willing to assume any additional risk in lending.

Most lenders seek DTI ratios in the 20-36% range or lower, with no more than 28% of debt dedicated to the mortgage itself. While some lenders will consider higher ratios, DTIs in the upper 30% range are considered high risk.

There are several different calculators available online to help you determine your ratio, and you can always check with your financial institution for guidance on determining your DTI ratio.

Here’s a simple formula:

1. Add all your monthly payments (mortgage or rent, car, credit cards, any other debt payments)
2. Add your gross income (before taxes), bonuses, alimony, or any other outside income and divide by 12
3. Then divide the total number in (1) by the final number in (2)
4. The result is your DTI ratio

Whether you are ready to buy, considering a home purchase, or are just interested in your financial health, it’s a good idea to know your DTI and understand the steps to lower your ratio and become as close to debt-free as you can.

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Warmer weather has arrived and many homeowners are starting to think about making some home repairs or improvements. However with the current economy, these projects may not be in the budget. The good news is there an option, the FHA 203(k) program loan. This program allows homeowners to secure a loan for home improvements, provided the property has adequate value to secure the loan.

In order to qualify for an FHA home improvement loan, the property must be a residental home, one-to-four-unit dwelling that is older than one year. Condominiums can also qualify, but only for interior improvements.

Many additional costs can be financed into the 203(k) loan, including permits, inspection costs, work write-ups, and supplemental fees. Other expenses that can be rolled into the loan include the escrow for contingency costs and up to six months worth of the proposed mortgage payment.

It is important to know that these FHA home improvement loans cannot be used for anything other than home improvement or repairs. The loan recipient cannot use the funds for other expenses like debt or other purchases. Specific improvement of the property such as roof repair or other major repairs/improvements are the only purchases that may be used with the funds.

FHA loans are typically easy to apply and qualify for.  The FHA guidelines for loan qualification are very flexible and typically require less than 5% down payment. This allows homeowners quick and easy access to home improvement funds at some of the lowest interest rates available.

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If you are ready to

1. Don’t make any major purchases – at least not on credit. If even you are pre-approved, do not make any large credit purchases or take out any loans before you close on your new home. For example:

• Autos, boats or other vehicles
• Furniture
• Appliances
• Electronics
• Student loans
• Refinanced property
• Personal loans

2. Don’t wait to get your approval from your mortgage lender – the more up front work you do before you are ready to sign, the better. This includes making sure your credit is in good shape, with no mistakes or surprises on your credit report.

3. Don’t change jobs – unless you absolutely have to or you are making a major step UP the career ladder. A steady and stable employment history is another important piece to getting approved and getting a good rate on your mortgage.

4. Don’t skip the home inspection or rely on the seller’s inspector. Get an objective third party home inspection (your agent should be able to recommend one) and make sure that any repairs or problems are not on your contract.

6. Don’t buy a home you can’t afford – this sounds simple, but don’t forget to take into account the property taxes, utility bills, HOA expenses, insurance and maintenance. The price of your home is much more than the mortgage payment!

Don’t let your dream turn into a nightmare – get pre-approved, be prepared and avoid these home buying mistakes!

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April showers may bring May flowers, but for many homeowners, springtime storms can also bring flooded and wet basements.

The first step is to locate where the water is coming from in order to treat and prevent the problem. Most wet basements or crawl spaces tend to be caused by surface water which is not adequately drained away from the foundation wall. Backup from sewer water sources can also cause problems as well as flooding from rain storms or nearby sources of water such as ponds or lakes.

The following tips are suggested to avoid water problems when building or buying a home:

• If a flowing stream or dry ditch borders your lot, check with local planning agency authorities or a hydrologic engineer for potential flooding, whether in a designated 100-year flood hazard zone or in an area where lesser but more frequent flooding could occur or has occurred.
• When househunting, pay special attention around the outside and the basement or crawl space for backsloping lawns and landscaping toward foundation walls. Also look for depressions around the foundation that can collect surface water and cause seepage into the ground.
• Visit the house during or shortly after a prolonged or heavy storm. Check for water in the basement or crawl space. Ask the realtor about any known water problems--inside or outside--by the previous owner.
• For houses with basements, carefully check for stain signs of standing water around the walls or seepage coming through the walls, especially along the wall(s) having the highest outside ground level. Look for whitish salt deposits on inside foundation walls left from moisture seepage and evaporation. For houses with crawl spaces use a flashlight and check for current or previous water ponding, mud, mildew, condensation on various surfaces, or sagging or wet insulation.
• Check the basement and crawl space for musty odors and signs of mildew, condensation on surfaces, and unusually heavy rust deposits. Try to determine the source of the moisture--foundation wall seepage; capillary moisture from the crawl space ground; water or sanitary pipe leakage; poor crawl space ventilation; or combination of problems. Check the inside corners for cracks and separation of blocks at the joints from foundation settlement

If you have specific questions about construction or drainage matters, be sure to refer to applicable building codes and inspection/permit requirements; local subdivision and zoning ordinances and local flood damage protection ordinances and maps required by the National Flood Insurance Administration (NFIA). These sources are available at your local planning office, building inspector’s office, or library.

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If you are relocating to a

Some people who have older cars find that it is easier to sell their cars or donate them to charity for a tax deduction before they move.  If you are like most people, however, you will want to keep your car rather than going to the expense and trouble of purchasing a new vehicle once you reach your new home. 

Many businesses specialize in transporting your vehicle for you.   There are three basic methods of getting your car to your new home if you are not going to drive it yourself:

• Moving your car in the same van that will haul your household goods
• Using a professional auto mover
• Hiring someone to drive your car for you

Moving your car in the same van as your household goods is as easy as driving it up a ramp and into the van, where it is secured in a separate compartment from your furniture and other goods.  A reputable moving company that provides this service will give an accurate estimate and references long before you drive your car on board.  Cars are heavy, though, so this can be an expensive method.  However, it is the method most guaranteed to put you back behind the wheel as soon as the moving van unloads.

Professional auto movers specialize in transporting vehicles on an open or in a closed truck.  Some provide hub-to-hub service (you will have to go to a central location near your new home to pick up your vehicle) while others provide door-to-door service (they pick up your car at your old home and deliver it to your new address).   Professional auto movers are highly expert at getting cars and other vehicles safely from one place to another.  The cost might be lower than the moving van method.  However, unless your car mover coordinates perfectly with your household goods mover, you may find that you reach your destination before your vehicle does.

If you decide to have someone drive your car for you, consider a company that matches drivers with vehicles needing transport.  In this case, the company should screen drivers carefully and assumes all insurance liability for the trip.  Drivers usually pay their own expenses after the first tank of gas, so the cost of transporting this way tends to be reasonable.  However, if you don’t like other people driving your car in general, this is definitely not the method for you.   Coordinating arrival time with your move-in date may also be a little more difficult. 

Be certain that your car will be inspected carefully.  Any pre-existing damage, marks, and wear should be noted.  The company you hire will provide insurance coverage for your car, so this pre-trip inspection is an important step.  It is a good idea to take pictures or shoot a video of your car before the move for your own records.

Here are a few tips for the move:

• Disclose any mechanical problems your car is having, especially if you are going to work with a company that provides a driver to get behind the wheel for you.
• Deactivate your car alarm if you are shipping your car in a van or on a truck.  This prevents the draining of your battery if the alarm is triggered while the car is being moved.
• Make sure there is fuel in your car so you can drive it at your destination.  A quarter of a tank should be plenty.  If you are using a driver, you will probable be expected to deliver your vehicle with a full tank of gas.
• Roof racks, bicycle racks and other non-permanent accessories should be removed if transporting in a van or on a truck. 
• Remove valuables from the car.  If you have an automatic pass for commuting on toll roads, take it out of the car too so you do not receive any unintentional charges during the trip.

Moving your car is easy with the range of choices available today.   Compare costs and pay attention to the level of customer service that each company provides.  Choose a company that will transport your vehicle securely and on time, and you will be that much closer to a stress-free move.

Whether you are

At times, buyers who are find a home they want but are competing with other purchasers, may waive the appraisal contingency.  However, most all lenders however will still require an appraisal before any financing will be finalized.

Waiving the appraisal is a dangerous way to buy a house. Buyers can loose some of their earnest money if the appraisal does not come in high enough for them to obtain financing. Sellers can demand that some of the earnest money be used to compensate them for money lost due to financial losses as well as having to put the property back on the market because the buyer wrote a contract they can't fulfill.

If you are buying a home, it is important to remember that you wouldn't buy a car or even invest in stock without determining the true value of the object of your purchase. Purchasing a home should not be any different and failing to do so can cost you thousands of dollars.

If you are updating your home for sale or just want to make your current kitchen more modern, changing or replacing the look of kitchen counters can make a big difference. If replacing the countertops are not in your budget you may want to consider

This is a much simpler process than completely replacing the counter tops because you will avoid the mess and time involved with removing and replacing them, not to mention you can save up to 70% off the cost of replacing your kitchen countertops. A refinished countertop is durable and can extend the useful life of your counters for 10-15 years or more with basic care and maintenance. 

The changing of the counter top surface can help to give your kitchen a fresh new, updated appearance that can help your home to sell. Homeowners have many options for materials, from simple laminates to granite and even 'faux' stone.

Kitchen countertops are an important part of a kitchen not only because of their functionality but it also sets the style. Kitchens are an important when selling your home as buyers look for updated and functional kitchens that are move in ready.  

The VA Loan became known in 1944 through the original Servicemen's Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment.

The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence without putting any money down towards the sale price of the home, as long as that sale price does not exceed the appraised value of the home. Veterans are eligible for loans without down payments until 2011. Veterans do need money towards closing costs as well as earnest money, which the seller generally requires when a sales contract is signed. Closing costs may be paid by the seller, which can be negotiated. Below are some important facts and information if you are a veteran considering a home purchase.

• To be eligible for a VA housing loan, you must be a veteran that has served on active duty. A total of ninety days of service are required during wartime. The requirement is 181 consecutive days during times of peace. Click here for more information on eligibility.
• Any itemized fees and charges related to the purchase of a property, such as inspections and appraisals may or may not be the responsibility of the veteran. It is a goof idea to check with your local VA office for a list of reasonable and customary fees veterans are allowed to pay.
• While poor credit within the last 12 months may be a deterrent in loan approval, VA housing loans have been given to veterans who lack established credit.
• Veterans can prepay their VA Home Loans without a penalty.