Losing your home can be devastating to your credit, not to mention your psyche, but you can buy again within as few as three years after a foreclosure or short sale.

It’s not surprising when you lose your home you also lose some self-esteem, especially if your were raised in a culture that sees homeownership as a status symbol, as a sign that you’ve finally arrived.

Some lost self-esteem also comes from the belief you’ve lost your shot at the American Dream. Others will tell you seven to ten years must pass before you can buy again. At that time, uninformed people say, you’ll have to buy at high interest rates.

That’s not always true.

If you file for bankruptcy, and make the right credit and financial moves, you can buy a home again as soon as two years after your bankruptcy is discharged.

What’s more, if you rebuild your credit and maintain a healthy, on-time credit profile, you can take advantage of low down payment and low interest rate loans. The Federal Housing Administration (FHA) allows you to buy a home with as little as 3.5 percent down and take advantage of some of the best interest rates on the market.

FHA loans literally replaced the subprime brand, but came with federal backing.

Also see: “U.S. to lower size of guaranteed mortgages”

You also may be eligible for first-time homebuyer programs that assist you with your down payment and closing costs. First-time homebuyer programs are not just for those who have never owned a home, but allow you to qualify if you have not owned a home in the past three years.

Some private lenders, home owners and investors also may allow you to buy a home even sooner than the two- to three-year period, but it will cost you a higher interest rate and require a large down payment.

With the housing market flat and many local markets still expected to see prices fall more, it is not a bad idea to spend the next several years cleaning up and re-establishing your credit. Good credit will allow you to buy a home with a minimal down payment and the lowest interest rates.

If you lost your home to foreclosure or a short sale, don’t lose hope.  Don’t hesitate. Begin today putting yourself in a good position to buy.

Fix your credit

• Rebuild your credit by making your monthly debt payments on time. Don’t ignore your remaining credit obligations during foreclosure or after losing your home. Your credit score gets a boost, in
part, based on the number of positive accounts in your credit report. The more you have, within reason, the faster your credit score rises, even after losing a home.

• Pay down your credit cards but not to a zero balance. Your credit score gets a boost if you maintain a balance that is about 30 percent or lower than your credit limit. Keeping a balance reveals you can borrow money and pay it back on time. Don’t close out your credit cards because the longer your positive credit history, the more your credit score and your ability to buy a home will improve.

Save money

• Most of today’s homebuyer programs require a down payment. FHA loans require 3.5 percent down — $3,500 for every $100,000 you borrow. You likely will have to pay closing costs, another 2 percent to 3 percent of the sales price. This is another $2,000 to $3,000 per $100,000. Do the math to determine how much you need to save each month, over the next two or three years, to have enough to cover your down payment and closing costs.

Don’t be pressured

• Buy only when you are ready. You didn’t lose your credit overnight. Likewise, it will take time to rebuild your credit and save for a down payment. Home buying deals will be available for years to come.

• Avoid adjustable rate mortgages (ARMs) and consider a 15- or 30-year fixed rate mortgage (FRM) that is a fully amortized loan so your payment and interest rate are fixed for the duration of the loan. Full amortization means each payment helps pay down the principal. When your loan term ends, so does the loan balance.

• Buy based on what you can afford, rather than a higher amount approved by the lender. You already know the risk of biting off more than you can chew. Lenders will pre-approve you based on your gross monthly income, but that does not consider taxes subtracted from your paycheck, food, clothing, utilities and other monthly obligations.

Know your comfort zone. Don’t over-extend yourself.

February 8, 2012 — Realty Times Feature Article by Robert Aldana

Prudential Arizona’s Linda Salkow joins Move For Hunger’s National Board of Directors. MFH accepts non-perishables from people who are moving and redistributes through local non-profit agencies.

It is partnered with 260 moving companies.

Phoenix Real Estate Executive Moves For Hunger.  Prudential Arizona’s Linda Salkow Joins Board of National Organization.

Prudential  Arizona Properties sales executive Linda Salkow is on the move to combat hunger across the country. The busy real estate sales executive joined the board of directors of Move For Hunger, a nationwide organization that helps people who are moving donate their non-perishable food to those in need.

“In the past 12 years of selling real estate, I have seen many families at a loss with what to do with the food from their pantries when they leave. They can’t take it, but don’t want to throw it away,” said Salkow. “Move For Hunger has partnered with moving companies to deliver those non-perishable items to food banks in their local communities. It is a great way to give to those in need.”

Move For Hunger operates in cities across the country and was recently recognized at the American Giving Awards with a $125,000 grant from Chase Bank.  The organization has partnered with 260  moving companies in the U.S. to provide complimentary boxes for non-perishable food items and deliver the boxes to local food banks. Salkow  said she looks forward to sharing her unique perspective in real estate to benefit Move For Hunger. “I understand the process, and stress, of moving out of a home. So much food is wasted every year in Phoenix alone by people who just don’t know what to do with it when they move.  Move For Hunger provides an incredible service and I hope to help the organization feed even more people.”  Salkow specializes in the community of Desert Mountain, and has consistently been ranked among the top three real estate sales executives in Scottsdale’s prestigious 85262 zip code since she began working in the area in 2000. She has sold more than $200 million in Scottsdale and Paradise Valley real estate.  

Prudential Arizona Properties is the largest Prudential affiliate in Arizona with offices in Avondale, Chandler, Fountain Hills, Gilbert, Phoenix/Paradise Valley, Scottsdale, North Scottsdale, Cave Creek, and the Northwest Valley.  

The company is headquartered at 14635 North Kierland Boulevard in Scottsdale and is a division of the Americana Companies, which includes Prudential Americana Group in Nevada with more than 2,000 real estate sales executives in 21 offices in the two states. Both are independently owned and operated members of Prudential Real Estate and Relocation Services, a division of Brooksfield Asset Management, Inc., headquartered in Irvine, California with a North American network of 2,800 offices and 80,000 sales professionals. For more information, call  (480) 505-6300 or visit http://www.pruaz.com.

PRLog (Press Release) – Feb 09, 2012 – Contact: Sarah Thornton (702) 239-0785; sarah@sarahthorntonpr.com

Sarah Thornton is a Las Vegas-based public relations and marketing consultant specializing in the real estate, professional services and medical fields.

Are you fighting a bad case of cabin fever this Winter? If so you’re not alone! Dormant flower beds all across the nation are begging for some splashes of color. Here’s a list of the top 10 inexpensive, easy-to-maintain flowers that will please those beds, your budget, and your neighbors.  

Curb appeal is your home’s first impression to buyers and neighbors alike. It can say a lot about how you respect your home and property.

Ask yourself these questions: How do you feel about a home with an overgrown lawn? Do you prefer flower beds that are empty and full of weeds or beds that are planted with new Spring flowers? The answers are easy! We all prefer yards that are well-kept. That includes buyers.  

When a buyer makes an offer on your home they are buying the idea of a lifestyle as much as the structure itself. This is why it is so important to start off on the right foot. You want buyers to think of your home as the perfect home with the perfect, charming yard.  

Here’s are the top ten flower to include this year:  

1.  Knock-Out Roses. Traditional roses usually have a few week blooming period. And while those blooms can be fragrant and spectacular, it means limited time when the color is out. Instead opt for these high-powered performers.  

2.  Hostas. While a hosta isn’t a “flower” per sae (though they do flower), it can be a perfect addition to beds that beg ground cover. They work great in shady areas and as an added bonus come back year after year.  

3.  Geraniums. These colorful flowers bloom all summer long (when you pick off dead blooms) and pack an added bonus. Their fragrant scent is a natural mosquito repellant. Geraniums come in a wide array of colors so let your creative side come out to play when choosing your hues this year.  

4.  Petunias. There are lots of colors to choose from and these growers look great in hanging baskets. Pick complimentary colors for your house. Red with green, orange with blue and so on. Keep them watered and they’ll bloom well into Fall.  

5.  Violets. These low growing purple flowers are also perennials and can add a lovely border edge to any bed.  

6.  Impatiens. These little beauties are another shade-tolerant plant that looks great in beds around the base of trees as well as along borders.  

7.  Marigolds. These golden-hued bloomers are hardy. This means even those with a black thumb may have a hard time killing them! Just like their color implies, these flowers love full sun.  

8.  Vincas. These delicate little flowers can add just the touch of charm to sidewalk borders. They are low maintenance and will add color all season.

9.  Grasses. Do you need to add some height to your flower beds? Pampas and other ornamental grasses can be real statement plants.  They “bloom” in a variety of colors. Just keep them away from your house since dry grasses in the Fall can be a fire hazard.

10.  Zinnias. Does your region get blistering hot summers? Do half of your plants die every year? This sun lover with bask in the heat and keep on blooming.

Once the risk of freeze is passed in your town your local home improvement stores will start offering your favorite blooms and buds for sale. Remember the simple rule of thumb that annuals are here for the season and then gone, while perennials come back year after year. When the time for planting comes to your region, give some thought to the curb appeal of your home and how plants can help you make a statement.

Realty Times Feature Article by Carla Hill

Many  years ago, Barb Schwarz coined the saying “The investment IN staging your home will always be less than a price reduction ON your home!” And that statement is as true today as it was all the way back in 1973, when  I developed the concept of staging.

The  math is pretty simple. Imagine a $300,000 home that’s been on the market for six months without selling. The seller is becoming more and more frustrated and considers a price decrease of 5 percent. That’s $15,000. Now imagine investing only a fraction of that sum in staging and selling the home much faster.

That’s what staging will do, and the numbers are in to prove it – time and time again.

Recent  statistics gathered by Stagedhomes.com shows that 94 percent of homes staged by an Accredited Staging Professional sold in 29 days or less, compared to an average of 145 days for homes that were not staged. What’s more, homes staged by Accredited Staging Professionals stay on the market 83 percent less than a home that has not been staged.

For  home stagers and real estate agents alike, it’s imperative to showcase the positive impact of home staging, both visually by showing examples of past staging projects AND by sharing statistical evidence that home staging works and that the investment is worth it many times over.

So  next time a seller brings up the subject of a price reduction, make sure to share the positive impact of home staging. The investment will be less and the impact most likely more.

Copyright National Association of REALTORS®. Reprinted with permission.

Photo Credit: Barb Schwarz, Stagedhomes.com

Barb Schwarz, ASP, ASPM, AB, IAHSP   styledstagedsold.blogs.realtor.org

It’s a tool used by house flippers all across the nation.  Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? A kitchen can sell a house.  

A kitchen is the heart of a home. This is true all across the globe. The old saying that the “stomach is the way to the heart” carries a lot of truth. Kitchens are where we spend much of our time and most of that is with our families. It’s the room where we nourish our bodies and our spirits. 

Kitchens are integral to entertaining and in today’s age of open floor plans, they’re a focal piece of many family rooms. It’s because of this that kitchens play such an important role in the buying and selling process. 

This one room is the showpiece of the house. You’ll see it every day and your guests will see it during most visits. This means buyers want homes with up-to-date kitchens.  

Kitchens, however, can be one of the most expensive rooms to renovate. These projects can also be the most labor and time intensive of all home renovations. It’s not just a new layer of paint.  

Instead you find a complicated array of flooring, tiling, cabinets, and counters. This means buyers may want a home with an up-to-date kitchen but they aren’t willing to tackle this problem themselves. Most buyers want a kitchen that is ready to use the day they move in.  

What do buyers look for in up-to-date kitchens? A lot of this depends on what price range your home is in.  

The main thing to remember as a seller is to not price yourself out of your market. If homes in your neighborhood are selling for $100,000 with tidy, but not luxury kitchens, then this is no time to upgrade to granite, travertine, and marble at the price tag of $40,000+. You simply won’t find a buyer.  

Scope out the competition. Use open houses in your area or MLS listings to find out what your competitions’ kitchens look like.  

Do area homes have new solid wood cabinets and granite counters in today’s designer colors? You’ll be wise to consider making the same move. Are they including new stainless steel appliances and add-ons like dishwashers, wine-coolers, and trash compactors?  

Are you in a higher-end neighborhood? It’s time to think high-end. Your older home may have a highly functional kitchen, but a buyer will take one look at your formica counters and white appliances and become lost in the stress of how much money and time it would take to remodel. If you don’t want to put in the time yourself to make upgrades then you’ll have to make concessions in the price.  

Don’t become overwhelmed, though. Sometimes a kitchen update can mean doing just a few minor changes. Change the paint color to a warm, neutral tone. Get rid of any clutter. Update your appliances, paint your cabinets, change the pulls, or get a high-end looking counter for a fraction of the cost (faux-granite or lower end granite). You might even save a bundle by doing much of the work yourself.  

The bottom line is a kitchen can sell a home. Do a little research and find out what your kitchen needs to make it competitive with area listings.

Realty Times Feature Article by Carla Hill

It may be cold outside, but it’s no time hibernate when it comes to home maintenance. Have you ever wondered how some friends or neighbors live in older homes that are still in good working order? This isn’t just a lucky coincidence.

Houses require careful attention, especially in the Winter, in order to keep in good working order. If you take the extra time each season to check your home over and perform the necessary maintenance, then you’ll be sure to have a sturdy home for years to come.

First, it’s important to keep your family safe and warm when it’s chilly outside. Do a twice yearly check on your windows and doors for air leaks. Under most circumstances you can easily fix these with caulking.

Are your windows in need of a more energy efficient upgrade? Have you thought about installing storm windows and doors? These are important questions to ask yourself. If you have older, non-insulated windows it may be time to replace them. You can even deduct some of these upgrades from your incomes taxes!

If you find leaks, then take the necessary action to fix them pronto. You may find that some doors continue to leak air even after you’ve made them “air-tight.” This means it is time for Plan B. Storm doors work wonders for keeping out the elements. Many stores also sell draft blockers that sit at the bottom of you doors.

Next, schedule a time to service your heating system. Central heat and air units need to be checked over. When a unit is well-serviced it will save you fuel and thus money.

If your home is older, then you might consider a trip to the attic to check ductwork. You never know what critter has chewed through ducts or what parts have become disconnected.

While you’re in the attic take a hard look at the state of your insulation. Is it adequate for your region? Is ductwork well-insulated? Older homes can sometimes be completely devoid of attic insulation. If so then it’s time to bring in some reinforcements. Insulation is relatively inexpensive and can save you big in the long run.

Do you heat using a wood burning fireplace? Is it imperative for your safety to have your chimney cleaned and checked multiple times during the Winter season if you use your fireplace regularly. Chimney fires happen all the time.

There are smaller issues to attend to as well. Did you know that your ceiling fans have two settings for the blades? You want to be sure to reverse your fan in the Winter so that it pushes the hot air (which naturally rises) back down into your living spaces.

Gutters become full of leaves and other debris. If you fail to clean your gutters they can begin to hold water which can eventually rot away the siding and roof of your home.

When the weather drops below freezing you need to keep your pipes from freezing. Let faucets drip and unhook all outdoor hoses.

Finally, every responsible homeowner is stocked with the proper tools. If you live where it snows, keep sand or salt on hand to de-ice slippery steps and sidewalks. Invest in a heavy duty snow shovel or snow blower.

Your home is your biggest asset and literally keeps a roof over your head. Be kind and take care even during the chilly Winter months.

Realty Times Feature Article by Carla Hill

When it comes to remodeling, exterior replacement projects have routinely rewarded home owners with more bang for their buck. This year is no different: REALTORS® recently rated many exterior improvements as among the most valuable home investment projects as part of the 2011-12 Remodeling Cost vs. Value Report.

“This year’s Remodeling Cost vs. Value Report shows the value of putting your home’s best façade forward, so to speak,” said National Association of REALTORS® President Moe Veissi. “Inexpensive exterior replacement projects are not only crucial to a home’s regular upkeep, but are also expected to recoup close to 70 percent of costs. Specific exterior projects such as siding, window and door replacements are part of regular home maintenance, so many homeowners are already undertaking them. These projects also do not require expensive materials and they have the added bonus of instantly adding curb appeal.”

HouseLogic.com, NAR’s consumer Web site, includes dozens of remodeling projects, from kitchens and baths to siding replacements, which indicate the recouped value of the project based on a national average. According to the Cost vs. Value, seven of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. REALTORS® judged an upscale fiber-cement siding replacement as the project expected to return the most money, with an estimated 78 percent of costs recouped upon resale.

Two additional siding replacement projects were in the top 10, including foam-backed vinyl siding, expected to return 69.6 percent of costs, and upscale vinyl siding, expected to recoup 69.5 percent of costs. Three door replacements were also among the top exterior replacement projects. The steel entry door replacement is the least expensive project in the report, costing little more than $1,200 on average and expected to recoup 73 percent of costs.

The upscale garage door replacement jumped seven spots to number six this year, primarily due to the average cost of the project declining more than 15 percent nationally. The upscale and midrange garage door replacement projects are expected to return more than 71 percent of costs. One window replacement project – upscale vinyl – rounded out the last exterior replacement project in the top 10, expected to recoup 69.1 percent of costs.

The 2011-12 Remodeling Cost vs. Value Report compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels, and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 14th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood LLC, was completed in cooperation with NAR.

Realty Times Feature Article

The holidays should be a time that is full of family togetherness and joys of the season. Yet, certain conditions this time of year mean you need to be extra diligent in order to keep your family safe and sound.

Here are some great tips on keeping safe indoors and out.

First, pay heed to weather advisories. Winter weather can be very severe. You may need to cancel or alter plans. Be sure to download the
Weather.com app to your smartphone for checking the latest storm advisory alerts while on the go.

Next, be sure you prepare your car for winter travel. This means being prepared for the worst. Consider putting these items in your trunk: kitty
litter (for icy traction), warm blanket or sleeping bag, water, power bars, flashlight, jumper cables and flares.

You should also be sure to carry a charged cell phone with you at all times. Before setting out for a long trip, be sure to charge it fully. Cell phones do no good if they are dead! Even if you can’t afford a full cell phone plan, consider getting a pay-by-the-minute phone that you can use in case
of emergency.

Lastly, be sure to always let someone else know of your travel plans. This will help people to know where to look for you should you get lost
or when to expect your arrival.

Safety inside the home is important as well.

Many winter storms will bring power outages across the country. Many families prepare for this by investing in gasoline generators. While these allow for you to heat, cook, and run other appliances, they can also fill your home with unsafe levels of carbon monoxide if not used properly.

To protect your family, the National Fire Protection Agency recommends that “CO alarms should be installed in a central location outside each sleeping area and on every level of the home and in other locations where required by applicable laws, codes or standards. For the best protection, interconnect all CO alarms throughout the home. When one sounds, they all sound.” Also be sure to test your alarms each month.

According to FEMA, “Each year fires occurring during the holiday season claim the lives of over 400 people, injure 1,650 more, and cause over $990 million in damage.”

How can you prevent fires in your home? First, never leave a candle burning unattended. Yes, we all love the scent of pumpkin spice or apple cinnamon during the holidays, but candles can be dangerous if left unwatched.

When you are installing Christmas lights, be sure to inspect each strand for excessive kinking, missing bulbs, or fraying. Also be sure not to overload outlets.

Don’t leave any lights unattended. This means turning off lights and trees when you aren’t in the home.

Be sure to keep real trees well watered and only buy flame-retardant artificial trees.

Lastly, learn how to put out kitchen fires. Grease does not respond well to water. Instead reach for baking soda or a fire extinguisher every kitchen should have one).

Keeping safe during the holidays (and winter) simply means taking a little extra time and precaution. When you see your family safely
through another season you’ll be glad you did!

November 22, 2011 — Realty Times Feature Article by Carla Hill