Sizes of homes are shrinking along with the purchase price.

Valuable information to for buyers and sellers.

Statistics from the National Association of Homebuilders show that the square footage of homes has shrunk in recent years. This is a trend that is likely to continue given the current economy.

This may be an opportune time for owners of smaller homes to sell, according to a recent article published in Realty Times, which provided these tips for giving a small home big appeal to buyers:

Accentuate storage space. A buyer must sense that a smaller home has enough storage space to accommodate their everyday needs. Clear out the attic and/or basement if the home has them. In addition, built-in furniture or custom closets also provide convenient, hidden storage.

Create an office niche. Home offices are very popular, but a smaller home might not have an extra room to use for this purpose. Using a decorative screen around a small desk or tucking one away beneath a staircase shows buyers how they can still have a home office in a small space.

Make the most of space. In the kitchen, clear appliances from the counters and mount them under the cabinets for a clutter-free look. Avoid crowding a small living room with an oversized couch, and instead consider several comfortable chairs that may fit better and open up the room.

Comments

What to look for in a real estate agent

There's a common saying in the real estate industry regarding the vast number of agents in the business: "If you don't have any friends who are agents, then you probably don't have any friends at all." With so many agent out there, how can you make an intelligent decision? Do you choose a friend, neighbor or coworker? Should you work with an agent at a large firm, a small firm, a franchise or an independent? While there's an exception to every rule, and every marketplace has its own nuances, here are some solid rules to apply when you want the best representation to protect your interests. Demand Experience Always look for an agent with at least two years of experience. Anyone still in the business after two years has probably learned at least the fundamentals of real estate. Look for Commitment Another problem we have in the industry is a large number of part-time and recreational salespeople. No matter how long they have been in real estate, their lack of f...

Getting the Best Tax Break When Selling Your Primary Residence

Getting the Best Tax Break When Selling Your Primary Residence When you sell your primary residence, you may be able to save thousands of dollars by taking advantage of one of the best available tax breaks. Provided that you have lived in the home as your primary residence and owned it for at least two of the past five years, when you sell your home, you can exclude from income up to $250,000 of gain ($500,000 for married couples filing jointly). This tax benefit can be used once every two years. Did you know that a married couple can qualify for the entire $500,000 exclusion even if only one spouse has owned the property for two years? Or that you don’t need to own the home and use it as your primary residence the same two years? Read on for a few pointers that may help you take advantage of this tax benefit when you sell your primary residence. Pointer One - $500,000 Exclusion for Married Couples Available Even if Only One Spouse Owns Home for...

A Down Payment Anomaly

Despite home buyers being advised to issue down payments of at least 20 percent, many home buyers are finding that smaller down payments result in better interest rates—but also higher payments. Rules put in place in late 2008 by Fannie Mae and similar rules adopted by Freddie Mac are less favorable to borrowers who put down 20 percent to 25 percent--partially because the GSEs consider these borrowers to be more of a credit risk since they are not required to purchase private mortgage insurance. According to Fannie Mae, borrowers benefit from this industry practice because they are able to leave themselves a financial cushion by not issuing larger down payments, and can instead save the extra money for emergencies. It is important to note though that smaller down payments mean higher monthly payments because the loan itself will be larger. To read the full story, please click here Message David Hoshaw Broker, CRS, GRI, e-PRO Weichert, Realtors - Hos...

Santa Clarita Valley Real Estate

Search This Blog