But I spent a ton of money on that!

Sometimes what you see as important or necessary improvements on your home may not pay off or be as important to potential buyers. Here's a great article that talks about the worst renovations and "upgrades" you can give your home when it comes to selling your home. Keep in mind, if you want the best return on your money (which still won't be full value) concentrate on kitchens and bathrooms. Along the way, you're going to have necessary improvements (like a new roof, windows, etc) but you often won't see much return on your investment.

Keep the small things in mind that can really spruce up your home for showings. Things like updating bathrooms and lighting fixtures, eye catching decor, and modernize window coverings. And perhaps most of all, having a clean and clutter free home. This includes finding ways to eliminate pet odors, minimizing clutter on shelves and in closets, and scraping the fuzzy dirt off your ceiling fan blades.

If you need assistance before listing your home for more ideas, contact a trusted real estate professional or a home stagger.

Moving Scams you don't want to Experience

This is the busiest time of year for sellers and buyers relocating. Whether you're selling a home or just moving to a new rental, make sure you've covered your bases so you don't end up getting scammed by a moving company. Check out the full story:
http://rismedia.com/2009-06-29/home-buyer-beware-3-little-known-moving-scams/

Incredible networking opportunity - FREE!

Are you in any of these professions?
Real Estate Agents
Insurance Brokers
Loan Officers
Mortgage Companies
Inspectors
Appraisers
Title Companies
Escrow Companies
Real Estate Attorneys
Real Estate Auctioneers
Virtual Assistants
Home Stagers
Real Estate - Others
Account Execs
Mortgage Processors
Real Estate Brokerages
Builder-Contractors
Real Estate Medias
Real Estate Trainers
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Business Brokers
Property Managers
Real Estate Sales People
Archectural Designs

If so, you need to sign up for this free, online network called Active Rain. It's a great way to make contacts, get advice, or browse blogs from industry professionals. There's even a referral system being set up.

Check it out - if nothing else, go see my blog!

Staged to sell

As I've mentioned before, we're definitely experiencing a "Buyer's Market" in Colorado Springs right now. There are currently over 7,000 active single family homes listed in the Pikes Peak MLS so if you're a buyer, that's good news. There's plenty to choose from and some homes are at a "reduced price" as seller's are doing their best to be the next sale.

So, what does a seller need to do in a market like this? One thing I recommend is staging a home. There are plenty of professional stagers who will come in and help you prepare your home to sell. This can be a scary venture for many people - they don't want some stranger telling them to take down decorations, rearrange furniture, and pull down their favorite wallpaper. The truth is, a good stager should be able to discuss and work with the seller so it doesn't feel like a judgement and criticism of the place they call home.

Professional stagers have the mindset of a buyer - remember, you want someone to walk into your home during a showing and feel like they could live there. This means the less personal items you have that portray who you are, the more a buyer might feel like it could be their future home:

1) Offensive decorations: taking down offensive decorations, posters, or artifacts that may turn off a potential buyer. These items could range from religious decor (such as crosses) to the MegaDeath poster hanging in your son's bedroom.
2) Photos and pictures: again, you're not trying to sell the buyer on your life or how cute your kids are, you're selling them your home.
3) De-cluttering: many of us have stuff, stuff, and more stuff. You don't want the house to feel cramped or cluttered, so often a stager might ask you to store furniture and other items in another location, perhaps even the garage.
4) Sensitive information: keep in mind that people will be walking through your home, including your office area, bathrooms, etc. Take the time to walk through and make sure you "hide" financial paperwork (credit cards, bank statements, etc), perscription medicines (this is the #1 item stolen from homes during showings), and anything else that has your name on it...let me say that again: anything else that has your name on it. There's no reason a buyer needs to know who lives there.
5) Clean like you've never cleaned before: Nothings worse than a potential buyer walking into your home and finding a filthy bathroom, dirty socks on the floor, or windows that they can't see through the dirt to find the yard. It's important to keep the house clean and organized during the showing period. Pay attention to details and keep it clean. This is especially important in the kitchen and bathrooms. Hire a maid if you have to, but get it done!
6) Curb appeal: Remember to keep the grass cut, trees trimmed, and touch up paint handy. It's crucial that the first impression captures the buyer. Make sure your house is ready to show, inside and out.

Rates for home stagers vary, but you can probably expect to pay $500 - $3,000. This may seem expensive, but keep in mind, it's a lot cheaper than dropping the price 2 months down the road when you're not getting anything but dead-end showings.

I have a great list of stagers if you're interested in this option or feel free to call me for some more tips. If you're thinking about selling your home, I'll be happy to come over and do an initial assessment of what needs to be done before you list.

The key is you're competing with thousands of other listings and you want yours to create the "WOW!" factor.

Know the terms: Prorations

If you are buying or selling a home, something you should expect to see at your closing are prorations on your final documents. Prorations are basically credits or debits that "proportionally divide" various costs, bills, assesments, or taxes. Common prorations include property taxes, utilities, and homeowner association dues.

Since the seller lived in the home for part of the year there may be fees or dues that they have paid already which they should be reimbursed for. These could be monthly fees or annual fees. Often, HOA fees are paid in advance, so these would need to show as a proration in the form of a credit to the seller and a debit to the buyer for the remaining days in the month. Prorations can go the other way too - for instance, property taxes are paid in arrears (i.e. you pay 2005 taxes in 2006). So, the buyer would need the credit in this case. Since they will have to pay taxes down the road, they need a credit for the time the seller lived in the property for that year.

When calculating prorations, keep in mind that laws and calculations vary by state so talk with a real estate professional who is licensed in your area.

See exactly how it's written in the Colorado Real Estate contract (see line 373 on pg 7).

If you live in Colorado, feel free to contact me with any questions.

Tax Breaks for a Home Business

Do you have a home based business or a home office? It definitely provides you with a lot of flexibility and probably saves you from going on to lunch everyday (like I do) and spending additional money. Another great savings can be the tax write-offs of a home office. But it's important to get a good tax professional that knows the tax laws and can knowledgeably advise you on how this home office could affect your taxes at the end of the year. The last thing you want is to get audited by the IRS and not have the proper records or to realize you've been claiming deductions incorrectly. For instance, did you know that if you sell the home you've been depreciating the space for your home office, the IRS requires that you "recapture" the appreciation? Basically, they don't want you to "double-dip" and get the write-off twice, so you'll need to adjust the profit you made from your house to make up for the depreciation write-offs for previous years. Certainly, I'm no tax professional so I can't stress enough the importance of getting professional advice. Here's a great article with 5 excellent points to get you started.
If you're interested in more information, or potentially selling your home, please contact me today. I can help you list your current home or find your next home with just the home office you're looking for!

Downtown 80903

Well, I've made an exciting move - literally. I have recently moved from the RE/MAX Properties office in North Colorado Springs to the newly opened (March 2007) downtown location. I'll be working on the peakdream.com team. We're located just across the street from Acacia Park in downtown Colorado Springs. It's a great location and you're welcome to stop by anytime and see our offices:

peakdream.com
RE/MAX Properties, Inc.
216 N. Tejon St
Colorado Springs, CO 80903

Also, for more information on events and information on Colorado Springs downtown, visit http://www.downtown80903.com/

downtown colorado springs

20/20 takes sides on Real Estate

If you happened to catch the latest edition of 20/20 on ABC, you saw the segment on real estate. It was a collection of all things real estate, from bad neighbors and finding bombshells in the front yard or your new home, to discussions about what makes a real estate agent worth the money. Well, I don't know if discussions is the right word - it was pretty one sided. It was more of the producers of 20/20 trying to push an agenda of getting home buyers and sellers to boycott using agents and trying to convince the public they could do this on their own and save lots of money. The truth is, you can do it on your own. But it's just like the fact that you pay movers to move you stuff. Why? It's not that you can't do it, but you don't want the headaches and hassle of handling it yourself and it's worth the money to NOT do it yourself. Plus, when you hire a real estate agent, you're hiring someone who understands the paperwork, market, and laws that you're not familiar with and probably don't have time to learn. Why would you want to be personally liable if something gets screwed up with the deal? That's why agents have the training and expertise. Anyway, I was disappointed with the 20/20 special, but I suppose everyone's profession is picked on at one time or another. I think the thing that disappointed me the most was the generalizations they made about "all Realtors being dishonest" and "only in it for the money and the sale". I'll be the first to admit, there are definitely those agents out there, but how dare them label us all that way! I pride myself on my honesty and integrity so that was hard to hear.
All that said, I hope you'll seriously consider using an agent when you are thinking of selling your home. At very least, interview some agents and see what they have to offer. And, as always, I would love to be the one to help you.

Ready to start looking?

I know that buying a home is a huge decision. It's unbelievable the amount of paperwork you have to sign at the closing table. But even before that, let's admit, it can be a stressful process. The good news is, that's why I'm here. I can help guide you through the process and take it at your own pace. I'm not a high pressure sales guy - I want you to go at your own pace and be completely happy with your final decision.
So, where do you start? Let me set up a search for you of our local MLS. You'll be able to see all listing, from all agents and can change your search criteria at anytime. You'll get emails when new properties become available that meet your criteria and then you can go online to your personal website and view them at your convenience. Your able to view pictures and information on potential properties, and even get driving directions if you want to go check them out yourself. Then, once you're ready, we'll go out and look at some of your picks. I'll also give you some references of some great mortgage brokers so we can figure out a comfortable price range for you. Once you've found a home you're interested in, we'll put in an offer and I'll negotiate with the other agent to get you the best price and terms. All along the way, I'll keep you informed and handle the details. Finally, I'll be right by your side at closing to make sure everything is taken care of properly.
The best part is, as a buyer you don't pay commission! Typically, the seller will pay both agents. So, why wouldn't you want professional assistance for your next purchase?