When starting the home buying process, whether a first time or a repeat purchaser, you should understand the process and the actions your Realtor ® is taking to help you obtain your new home.  

Participate in a buyer consultation with the Realtor ®. Even if you have been through a consultation previously, you should sit down with a Realtor ®, and go over the entire process from their perspective.  

Ask the Realtor if their consultation will cover the following:

1. Identification of potential properties
2. Review of the local market trends and activity
3. Review of the required disclosures, contract clauses, and contingencies related to loan approval, appraisal and home inspections
4. Review the fees that you will start to incur once your offer has been accepted  
5. Explanation of the closing date;  its importance to the process, and what you need to do to ensure a smooth closing  

A good rule of thumb for the length of a consultation is 1-2 hours.   The length allows you to have all of your questions addressed and provides an opportunity for you to you get to know the Realtor ® or become acquainted with any changes since your last home purchase.  The home buying consultation is the foundation of your home buying experience.

When you are putting your home on the market, make sure you do an analysis of your home™s fragrance, as well as, its physical appearance. A foul, or unpleasant odor, could impair a potential home buyer™s ability to evaluate the property. Use the following suggestions to determine your odor readiness:

1. Ask someone who is not a regular visitor to your home to provide an unbiased evaluation of the home™s scent. Residents of the home, or people that visit often, will have become accustom to the way the home smells and cannot readily identify offending odors.  

2. If offending odors are identified, conduct a room by room analysis to try and determine the root cause.

3. Determine whether the artificial smells you have added to the home are combining with other odors to create a less than perfect scent and make appropriate changes.

4. Evaluate the impact of your pets. Look further than the smell of the pet; evaluate the impact of stored food, toys, beds and hygiene items.

5. Evaluate the impact that smoking can have on the home. Smoke can become embedded in the paint, carpets, clothing, window treatments and linen.

6. Evaluate the carpet and always use a clean bag in the vacuum. Older carpets can hold odors that are not noticeable until the home™s temperature reaches a certain level, and old vacuum bags leave odors behind.

7. Be mindful of the types of food that are prepared or discarded when the home is on the market. Certain aromas linger longer than others.

8. Be mindful of smells from trash cans. Garbage bags do not always protect the receptacle from leakage that can settle into the material.

9. Be mindful of odors from shoes and laundry hampers that can affect a single room.

10. Be mindful of basement odors. Stored items can emit musty smells.

The nose knows what smells attract and what smells repel.   Use natural, or artificial, smells such as fresh baked bread, cookies, cinnamon, or pies when the weather is colder. Use more light and airy scents, such as fresh flowers, or artificial flower blends when the weather is warmer. The fragrance of the home should make the potential buyer feel welcome and relaxed as they envision their family settling into their new home.

*tips for maintaining your home.

If you are a first time home buyer who is anxious to get out the door to start looking for houses. Stop, put down the car keys and think about the process you are about to begin. How prepared are you for the trip you are planning to take? The five questions below are provided to help you map your course before you start your engine.

1.  Have you really determined what type of house you want for your home? Most people have a vague idea, but are not really sure. A good exercise to help you determine your œmust haves and your œwants is to list out all of the things you think will make you happy in your new home. Put your œmust haves and your œwants in separate columns. Once done, review the list and decide on the top 5 or 6 things that you must have in order write an offer on your dream home.   Stick to those top things when you are evaluating homes.

2.  Have you been pre-qualified for a loan amount? Knowing will help you determine how much home you can afford and which neighborhoods fit into your price range.

3.  Do you know how much you will need for a down payment? Being pre-qualified can also help to determine this amount and also help determine the type of loan that will work best for you.

4.  Did you know there are different types of loans available? The most common are conventional, FHA and VA, but there are various other options available.

5.  Do you know about closing fees? The majority of the closing costs are a combination of fees that are charged by the loan agency, the settlement company and other fees that combine to determine how much money you need to bring with you to the settlement table.

Knowing and understanding the basic things listed above will go a long way to helping you make a smooth transition from renter, to home searcher, to homeowner. Talk with a Realtor ® and loan officer, take a home buying course (they are free in most if not every state), research on the internet or combine all of the above.   The more you learn, the happier your journey.

We all know that the first time home buyer™s tax credit was a useful tool in helping achieve the dream of owning a home. But, don™t think it was the only option.  State and county programs exist in many areas that are focused on providing affordable housing, as well as, down payment assistance. Sometimes it takes a little searching, a little extra paperwork and processes, but the end result is your ability to close on your new home.  Check with a lender, a Realtor, or your county and state websites to find out what is available and whether you qualify. Some examples of programs in Virginia, Washington D.C. and Maryland can be found at the websites below.  

• Virginia
  • Fairfax County
  • Prince William County

• Washington D.C.

• Maryland

The links above are just a few of the things that could be available in your area. Take the time to do some research and ask some questions to find out what options are in your county and state. You may just be surprised at what you find.

OK “ maybe the question needs to be œDid you know you could create a home buying team”?

A home buying team consists of people who are able to provide you with guidance and information from your first thought of  homeownership and beyond. The team does not have to œbreakup after you have completed the purchase of your new home.

Your team can be as large or as small as you like, but a good rule of thumb for your core group would include a Realtor ®, a lender, a home inspector, and a general contractor. You could increase this group to include an appraiser, a title company, a moving company, landscapers, etc.

If you work to establish this team in the early stages, you will save yourself time, eliminate some of the stress associated with the home buying process, and you will feel confident when the time comes to submit your offer. You will know all of the people who will be involved in the process. You will be pre-approved for your loan, know with a good degree of certainty what your costs will be, and you will be knowledgeable about the process and know what to expect.

If you are unsure how to start to build your core team, talk with a Realtor ®, lender, family member or colleagues and ask for recommendations of people who would be good to work with you on your journey to home ownership. Odds are they have worked with someone who they trust and will do a great job meeting your needs whether they are immediate or a little further in the future.

Are you wondering why the house around the corner sold in less than 4 months,  or why the one down the street is now under contract – while yours has been on the market for 6 months and has had very few viewing?

If you are, ask yourself the following four questions. A œyes answer to any of them, could indicate that you should consider adjusting your home selling strategy.

1. Are you trying to buy your own home? It could appear as though you are if you are basing your pricing strategy on the renovations you and your spouse have added to the home. Things like the Jacuzzi, the landscaping or other special features that you™ve appreciated and enjoyed over time.   Stop and ask yourself, is it really worth the cost you are adding into your asking price if no one else places the same value on the improvements and bypasses your home for one with less special features and a comparable style?  

2. Are you trying to keep from giving your home away? You are probably not giving it away if the market is dictating a different price range. Other homes being sold in your area is a good indication that your property may be priced incorrectly. Talk with your Realtor and analyze the activity in your area “ really evaluate your reasons for the price you have set and adjust your expectations to meet the market. It will help your home become more competitive.

3. Do you think your Realtor may be under marketing your home? If you think this is the case, bring it to your Realtor™s attention. Do not keep your concerns to yourself; it doesn™t help you or your Realtor. Review your marketing plan, make adjustments as a team. It is in the best interest of both parties to ensure everyone™s expectations are being met.

4. Does your home look as though you still live in it? Numerous family pictures and collectables adoring walls and tables, clutter in your kitchen and bedrooms, and personal items in the bathrooms, can make it challenging for perspective buyers to picture themselves in the house. Although you may still be living in the space, making the house inviting to the buyer should be the number one goal. Remove clutter, de-emphasis family touches and clean away any personal items that may distract the prospects from thinking of their family in each and every room.

Selling your home can be an emotional experience, but once the decision is made to put the property on the market, try to manage the experience from less of an emotional standpoint and more of a business point of view. Think about the above questions and really evaluate whether some of your decisions are being based on how you see and value your home versus your understanding of how a perspective buyer may see and value the home. Comparable sales, new listings and the number of homes available for sale are really the best indicators of how the market is performing and the impact it will have on your home sale.

To sell or not to sell, is that your question? In today™s market it’s understandable if you’re a little apprehensive about selling your home. Families are putting off moving up to a home with more space for their growing children; couples are rethinking downsizing now that they are Empty Nester’s, and a vacation home seems out of the question.  

As you ponder all of the reasons not to sell, stop and take a fresh look at what you’re basing your decision on. Make sure you know and understand all of the facts – here is some food for thought.

Evaluate what you hear in the media. Just because the national real estate outlook seems to be on a down slope does not mean your area is impacted to the same extent. Research home prices in your state, county and immediate neighborhood to obtain a firm understanding of your local situation.

Ensure you understand your financial situation and are aware of the assessed value, as well as, the market value of your home. The assessed value you receive from the county does not predict how much a home buyer is willing to pay for your home. Tour homes that are similar to yours and talk with a Realtor about local market conditions.

Make a plan and be realistic about your home™s appeal, inside and out. Have a Realtor come through and provide a critique for you. It does not obligate you to anything and will provide you with some helpful information  about what today’s buyers are looking for in a home, as well as, how much value is being given to certain upgrades – do this before you start to make renovations to be sure your changes are adding value.  

You don’t have to  go it alone when researching  the market. Use all the resources at your disposal to conduct your analysis. Talk with lenders,  review online information and talk with your local  real estate agent. You may be surprised at how close you are to moving on up, scaling down or vacationing in the tropics.

Apparently there has been some confusion of late as to whether the Mortgage Forgiveness Debt Relief Act of 2007 ended on December 31, 2009. But according to information found on irs.gov,  it  was extended  through the end of calendar year 2012.  

So homeowners who have worked with their lenders to have portions or all of their debt forgiven can file  Revised Form 982 with their taxes to claim the special tax relief.

Certain criteria must be met. Read more…

7 Ways to Save on Lighting Costs

Article From HouseLogic.com

By: Charlotte Barnard
Published: August 28, 2009

Lighting eats up as much as 20% of your annual electric bill, but using energy-efficient bulbs and making other simple changes can cut lighting costs dramatically.

Lighting is one of the biggest energy gobblers in your house, eating up between 10% and 20% of your total electric bill. But it’s also one area of the home where a minimal effort can yield major returns. Simply replacing standard incandescent light bulbs with compact fluorescents can lower operating costs by as much as 75% per bulb. And in places where you can’t-or don’t want to-switch to CFLs, you can use higher-efficiency incandescents and even make your existing conventional lighting cheaper to operate. When new federal legislation takes effect in 2012, all light bulbs will have to meet tougher energy-efficiency standards. But with a few small changes, you can start saving money right now.

For the greatest savings, switch to compact fluorescents

CFLs remain the go-to choice for energy efficiency. They last longer and consume less electricity than a standard incandescent. A 13-watt CFL, for example, gives off the same amount of light as a 60-watt incandescent and burns for 10,000 hours, compared with 1,000 hours for the conventional bulb. A typical CFL saves about $30 in operating costs over its lifetime.

Early CFLs didn’t always deliver on light quality or convenience, but aesthetic performance has improved vastly in recent years. They now come in warm, neutral, and cool “colors,” and major manufacturers like GE have started enclosing the telltale spiral in a conventional bulb shape so it’s less obtrusive.

You get the biggest bang for your buck with CFLs in places where you would otherwise use incandescent bulbs: floor and table lamps and standard overhead fixtures. They last longer when they’re not flipped on and off constantly, so they’re especially good in rooms that see a lot of activity throughout the day, such as a kitchen or a playroom. A couple of caveats: CFLs can be glary, so they’re not the best choice in downward-pointing fixtures like chandeliers, and most don’t work with dimmers or timers. Because the bulbs contain mercury, they can’t be thrown out in the regular trash. If you bought them at a home center, you should be able to return them there for recycling, or log on to recycleabulb.com (http://www.recycleabulb.com) to find a disposal center near you.

Cost and savings: Expect to pay $2 to $15 for a CFL, versus 50 cents to $1 for a comparable incandescent, but the CFL will last at least 10 times longer and cost up to 75% less to operate.

Make your existing incandescents less expensive to run

By simply lowering the wattage of an incandescent bulb by 15 watts-from 75 to 60, for example-you can knock 15% off the operating cost. And you may not even notice the difference in brightness. “A small reduction in wattage isn’t discernible to the eye,” says Brett Sawyer, a consultant who blogs about sustainable home design. If the light is on a dimmer, for every 10% you lower the brightness, you’ll double the bulb’s life. Try this next weekend, Sawyer says: Replace your most-used bulbs with ones at least 10 watts lower. If you don’t notice the difference, then replace all the incandescents you can with lower-wattage bulbs. Combine that with CFLs in selected fixtures, and you’ll achieve a “light layering” effect that saves money without compromising light quality, and without a hefty upfront investment.

Cost and savings: For every 15-watt reduction, you reduce energy use by 15%. And a $10 dimmer, once installed, costs nothing to use.

Keep an eye on new bulb technologies

Spurred on by new energy requirements set to go into effect in 2012, bulb manufacturers are working feverishly to come up with more efficient versions of the standard incandescent. Presently, companies including GE, Sylvania, and Philips offer high-efficiency incandescent and halogen bulbs that use less energy than standard incandescents while delivering the same light quality. And research is proceeding apace on how to bring the dramatic energy efficiency of LED technology to residential products. These lights, which require very little current and last even longer than CFLs, are prohibitively expensive for home use (except in certain applications like under-cabinet strip lighting), but that’s likely to change in the coming years.

Think beyond the bulb to save on lighting costs

Changing bulbs is one way to reduce your lighting bill, but it’s not the only way.

Motion sensors: Great in rooms where the occupants can’t be counted on to turn off the light, such as a kids’ playroom. Devices cost $15 to $50 and take about an hour to install.

Door-jamb switches: Best in a pantry or closet; opening the door activates the light. As much a convenience as it is an energy saver-as long as you remember to close the door. Devices starts at about $15.

Windows: You’d be surprised at how much a simple window cleaning can instantly improve natural light.

Energy Star fixtures: Designed for CFL and LED lights, these can save up to $70 a year in energy costs. Go to energystar.gov (http://www.energystar.gov/index.cfm?c=fixtures.pr_light_fixtures) to find links to manufacturers.

Lifestyle expert Charlotte Barnard specializes in home improvement and decorating topics and also consults on consumer and residential trends for magazines, web sites, and retail ventures.