Lowe’s Inside Out E-Newsletter

As a preferred realtor with Lowe’s, I have great access for you to homeowner information, tips and coupons!  Just send your email address to info@mullinaxteam.com and put “add me to Lowe’s newsletter” in the subject line and we can get you set up on Lowe’s monthly, “Inside Out e-Newsletter”.  This monthly email includes a note from me along with other helpful home information, including tips on buying, selling and moving and features periodic links to project starters and Lowe’s how-to videos.

We’re excited about this great partnership and looking forward to providing you with quality information from Lowe’s!

Making your Investment Property more Manageable

Whether you have one rental property or several, we think you can benefit from these cost saving ideas.  We’ve found there are two major components that need to be addressed when tenants move out;  the walls and the floors.

Why not work to get all of your properties up to date with neutral wall colors and laminate wood floors?  This way, you don’t have to necessarily paint each wall but can simply touch them up with the same color.  Additionally, the wood laminate floors provide a great alternative to carpet because you don’t have to replace it and it’s not as easily damaged by pets and other normal wear and tear.

If all of your homes have the same products installed, it makes it much more cost effective to do the minor repairs you need before the next tenants move in.  This saves you both time and money!

Home Updates-What’s the New “In”?

Are you thinking of doing some updates in your home?  Usually within about five years of the new “hot” item on the maket, something else comes along to replace it.  If you’re wanting to keep the value of your home up or are looking to sell soon, it would be a good idea to think about what may need updating in your home.  Remember, potential buyers will be comparing your home to new construction, so knowing what is “in” will help you get the most money on the sale of your home.

From my experience of being in homes the last 22 years, there are two top priorities for holding the value of your home and making it more desirable to the majority of buyers.  The first is to think about what is on your walls and the second is to think about what is on your floors.

This may be tough news for some of you, but the days of wallpaper and border are gone.  The new homes these days come standard with neutral wall colors and that’s what buyers compare your home to when they are browsing the market.  If you have wallpaper or border in some of your rooms, consider taking them down and priming and painting them with a good beige, taupe or other neutral color that can go with any decorating style.

Additionally, many new homes come with wood floors or laminate wood floors throughout the house.  This can help keep down smells if there are pets, they are easy to clean and they do not need to be replaced like carpet does.  This is especially true for buyers  looking at your home as an investment property and are considering renting it out.  When most tenants move out, the walls need to be touched up and often carpet needs to be replaced.  By having wood laminate floors, the risk is greatly reduced that the owner will need to replace the flooring before the next tenant moves in.  This can save them a lot of money and give them an added incentive to buy your home.

So, before you hang more wallpaper or install more carpet, think about what potential buyers will be comparing your home to.  Hopefully that will help you get more when you’re ready to sell.

Paying attention to how your home will appear to others will help you sell your home

If you are trying to sell a home in today’s market there are a few things to keep in mind that will help your home stand apart from the pack.  Prioritize and analyze what will fit in your budget and take the steps necessary to make your home show well and appeal to prospective buyers.

• Fresh & Clean: Inspect your home inside and out. Does it need a fresh coat of paint? A new coat of paint will always be recouped in the sale of a home and is well worth the cost.  Does it look clean and spacious?  Pack up extra items that are not in use, the more clutter free the better it will show.  Just like an empty house shows better.

• Curb appeal: Pay attention to your home as if you were a potential buyer.  Is it warm and inviting?  Clean?  Spruce up your landscaping, make sure that your lawn is green and well-kept, that your flower beds are weeded and mulched, and that the exterior of your house is clean and presentable.

• Inspection: There will be a home inspection completed by the buyer after you receive the agreed upon contract. If its in your budget try to do one yourself.  Attend to as many items that could possibly hold up the sales process.

• Best areas of a home to update and remodel? The Master Bathroom and Kitchen.  Don’t spend the money to redo your entire home but remodeling the master bath and kitchen areas of your home will make it more appealing and quickly catch a buyer’s eye.

• Evaluate: Are the remodel/updates going to net you more than you are putting into them?  It is very important to pay attention to your local market and make the improvements that will help not hurt.  If you are not going to get the money back that you are intending to put into your home, don’t make changes.  Do only low-cost improvements and concentrate on making sure your home is kept neat and clean.

Check out YahooRealEstate.com for more information and helpful hints on ways to sell your home. If your interested in selling your home call Bonnie Mullinax at 770.606.0054 for a FREE market analysis.

There is no doubt that the first time home buyer tax credit is a great thing but there are a few things to know before you assume that you qualify for the full $8,000.  The tax credit breaks down as follows:
Who qualifies? First time home buyers and people (or spouses) who have not owned a home for the previous 3 years.  You must purchase your home between January 1, 2009 and December 1, 2009.

• What qualifies for the first time home buyer’s tax credit? Only a primary house qualifies.  It does not matter if it is a single family home, duplex, townhome, condo, apartment or co-op, if it is a primary residence it will apply.

• What is the amount of the first time home buyer’s tax credit? $8,000 is the maximum amount of the credit.  There are 2 factors at play when it comes to getting the credit: The cost of the home and the income of the person or married couple purchasing the home.  The credit can be 10% of the closing price up to $8,000 or a person making $75,000 or less or a married couple making $150,000 or less are eligible for the full $8,000.

• Do you qualify for the first time home buyer’s tax credit if your income is higher? Yes and no.  If you make more than the $75,000/$150,000 limit you get less of a credit.  The maximum income is $95,000 for singles or $170,000 for couples.  If you make more than the maximum income you are not eligible for the tax credit.

The tax credit is a real boost for first time home buyers and does not have to be repaid.  If you qualify for the tax credit and have been considering purchasing a new home there could not be a better time to call a lender.  Low interest rates, low home values and the first time home buyer tax credit all add up to the right time to call Bonnie Mullinax your experienced Bartow County Realtor.

Resource and for more information: Realtor.org or call The Mullinax Team at 770.606.0054.

Frustrated homesellers have begun looking into more and more creative ways to sell their homes. Long gone are the days of simply baking a pie during a showing for the enticing aroma or setting out beautiful bouquets of fresh flowers to interest a buyer. Here’s what some are actually doing to sell their homes more quickly:

• Throwing an Open House Party. The offerings at these shindigs are wine, catered food, live music and cash, prizes.
• Consulting a Feng Shui home stager. Their homes are being rearranged to make potential buyers feel more welcome by following the ancient chinese philosophy to improve the home’s “chi”, or energy.
• Helping buyers with the financing. Many are offering lease-to-own deals, owner financing, paying a portion of closing costs, or paying a point to lower the interest rate for the buyer.
• Burying statues. People are swearing by the fact that shortly after burying a statue of the patron saint of family and household in their yards, they sold their homes.
• Throwing in BIG extras to seal the deal. Gone are the days of generously offering a big-screen TV. Sellers are now offering cars, vacations, home upgrades, furniture stipends and even a year’s mortgage.

For more interesting ways to consider selling your home faster go to the Fun Times Guide.

REO property is often a bargain for the real estate investor

What is REO property?  REO (real estate owned) is property which has been taken back  by the lender.  REO properties typically sell for less than comparable real estate listings as the lender usually wants to recoup the value of the loan which is traditionally less than the valueof the property.  The differences between REO property and foreclosure or short sale property are:

• REO has already been acquired by the lender typically after a failed foreclosure sale or foreclosure auction.
• The REO is owned by the bank (or lending institution) and is listed as an asset on their balance sheet.
• The original home owner is no longer in the picture and the property is for sale.

The downside of REO property is that an REO property is typically not well-maintained by the financial institution that owns it.  The positive side of an REO is that a real estate investor or buyer can often purchase the property at a distinctively lower price.

For more information on REO property click here or call The Mullinax Team at 770.606.0054

If you are a first-time home buyer, before you even look at houses for sale, the most important thing you can do is figure out exactly how much you can afford on a mortgage payment per month. This will save you wasted time and the disappointment of looking at houses that you may later learn that you simply cannot afford. You first must figure out your debt-to-income ratio. Lenders prefer that you use 36% and under, but you might want to consider using 28% of your gross monthly income for housing expense. Following are the steps to figure out the math:

1. Figure out all of your debt. Multiply your gross monthly income by .36 to find your total allowable monthly debt.
2. Add up all of your fixed monthly expenses.
3. Subtract your fixed monthly expenses from your total allowable monthly debt.

This number is the amount that you have for your mortgage payment, your home owner’s insurance and your property taxes. Any local lender or bank can also help you with this.

Let the Mullinax Team help you in purchasing the right home for you. For more help figuring out your total allowable monthly debt see a home affordability calculator or call Bonnie Mullinax at 770.606.0054 for more detailed information.

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If you decide to purchase a home by December 1, 2009, you will be entitled to an $8,000 tax credit. This amendment to the economic stimulus bill will be available to if you purchase your first home between 1/1/2009 and 12/1/2009. Home buyers will be entitled to claim a total tax credit of $8,000 or 10% of the purchase price, whichever is less.  To avoid possible abuse of this credit, it is only allowed for your primary residence and will only have to be re-paid if said house is sold within two years of purchase. Keep in mind that you must close on or before December 1, 2009 to be eligible for the credit. Most closings take about sixty days, so with that in mind you must go under contract by October 2nd, 2009 – this gives you seventy-three days from today to find your first home. If you manage to meet these deadlines, all you have to do to claim your credit is fill out I.R.S. Form 5405.

For more information about this credit go to the IRS website or call Bonnie Mullinax at 770.606.0054.