If your are putting your house on the market or own a rental property that is in need of a new tenant, get it to move more quickly with what experts say the market is currently calling for: more curb appeal. In the past the two main things sellers focused on were making sure their kitchen was up to par and bathrooms were fresh. Now they are finding that in this softened market, curb appeal is king.

 Some insider tips are to be in tune with these new market changes and make sure your property is ready when it is shown to prospective buyers. This could be the only shot you have to make a good impression. If you are having trouble deciding what changes need to be made, take photos of your property. Certain problems become more “visible” when seen on film and obvious much-needed improvements are made more obvious. An average of $3,000 is what a National Association of Realtors survey found was needed to make homes look cleaner, fresher and more modern. Decluttering was high on the list of priorities as well. Make that first impression be the best it can be, since today’s home buyers are jumping much more quickly on homes that appear to be updated and fresh.

Even though the Federal Housing Finance Agency has come up with a plan to help millions of homeowners from losing their homes to foreclosure by working out new payment terms, there are still many people out there who will simply not qualify for this assistance. If you are finding yourself in this predicament, there are some things you can do to improve your situation.

The first thing that you can do is call a good credit counseling agency. They will have expert advice on options other than foreclosure. Two excellent sources of information are the Department of Housing and Urban Development , which can put you into contact with low-cost or free counselers, and the non-profit National Foundation for Credit Counseling which can help you find members near to you.

You may also want to give your lender a call to try and work out a payment arrangement that works better for you. To raise cash, you might want to consider renting out a room in your home if it is legal in your area, or you might ask relatives for financial help, or even find a second job. If necessary you might consider a short sale, which is when a lender will accept less than what is due on the loan. In this instance you will avoid foreclosure, but you risk the possibility of having to pay taxes on the short. Another option is to transfer your title in exchange for the cancellation of your debt, otherwise known as a “deed in lieu of forclosure”. You will lose your equity, but you will not damage your credit. Lastly, you might consider bankruptcy. This will stain your credit for a decade, but you may be able to work out a deal with your lender that enables you to keep your home. Contact the Department of Justice for more information on bankruptcy.

In today’s market if you have a good credit score or have lots of cash available to you, you may be considering purchasing a foreclosed home. This can be a very good opportunity to make some money, but if you have ever tried to get information on a specific foreclosure you have probably found that the process is not so easy. Most real estate agents do not have the knowledge to complete this kind of sale and lenders give little, if any, information on these properties.

What this boils down to is that you will have to do most of the research on your own. Some ways to make this process easier on yourself are to pick one neighborhood, and stick to it. Research the neighborhood’s property values and make sure there are not too many forclosures there. Make sure that there is potential for job growth down the line in this particular neighborhood. Drive the neighborhood and focus on finding a home that may need some work. Consider contacting the homeowner yourself, as they may consider selling you the property directly. Another way to learn about the property you are interested in is to go to the local assessor’s office. They will be able to tell you the property owner’s name, the home’s tax information, it’s assessed value, it’s square footage and even what the current owner paid for the home. Once you know what the seller wants, you are one step closer to being able to negotiate a deal. If at all possible, try to find an agent that has some qualifications with this type of transaction. They will undoubtedly make the whole process easier for you and the seller, as they will better understand the complexities of this kind of transaction.

If you are a looking to buy a home or are a real estate agent, then you need to know about some applications available on your iPhone to help you search.  Not only will these applications provide you the ability to search for open houses and homes for sale from the convenience of your phone, but you will be doing it at your own leisure.

Trulia iPhone has already been downloaded more than 70,000 times. This application gives special attention to open houses, which is handy for anyone who is out and about and wants to find homes nearby. StreetEasy, which is a New York City-based site, has done a fine job of providing all of the pictures available with each listing and it even provides details on the building the apartment is in. HomeFinder provides users with listings from for-sale-by-owner websites as well as feeds from MLS’s and brokerages. This technology is sure to light a match under mobile real estate!

Current studies are showing a disturbing trend among first-time homebuyers. Compared to just ten years ago, today’s first-time homebuyers are not as likely to consider the “fixer-upper”. Surveys show that many first-time homebuyers state that “affordability” is their number one concern, but at the same time also consider the “move-in condition” of the home to be very important as well. Only seven percent are considering the smaller, fixer-upper home. Experts want to remind first-time buyers that homes that may only need basic face lifts such as fresh paint, carpet, landscaping or even just window treatments can come with very large savings.

Experts now strongly suggest purchasing that fixer-upper as a way to build equity over time, and then later moving up to a second-stage home, which may then meet “move-in condition” expectations. Some pluses to ponder purchasing a  fixer-upper are that many sellers of this type of home are generally more interested in selling quickly, than by making a huge profit. Also, good savings may be found on homes that have been listed for over ninety days, homes owned by long-term owners, and house-flipping investors that may be eager for a sale.

The time is ripe to consider a “QPRT” or Qualified Personal Residence Trust. Real estate values have come way down and with this trust, lower property values could save you significant money on gift and estate taxes.

QPRT’s offer the opportunity for people to move a home out of their estate, while still allowing them to live in it for a time. Timing could not be better to consider this, as you would be removing the home from your estate at a time when property values are low. You will not pay estate taxes on it, and down the road you and yours will enjoy the benefits when it’s value increases, instead of paying a giant estate tax bill on a home that has increased in value over the same time period. In other words, you are guaranteeing yourself a lower gift-tax amount. Here’s what happens: You move the asset out of your estate and put it into a QPRT for say, ten years. Those ten years can be spent living in the home exactly as you always have. You will file a gift-tax return the first year, which though a very intricate IRS formula could even prove to be profitable from a discount. After ten years has passed, the home transfers to your children or beneficiaries, and they legally own the home. It will not be subject to estate taxes! If your desire is to continue living in the home after this period you must pay your beneficiaries fair-market rent, or risk trouble with the IRS. When you die, your beneficiaries do not have to pay inheritance taxes on the home. Something to consider!

For more information on QPRT’s please click here.

Even in this day and age of marketing your home on the Internet, Open Houses are still a must in the current market. There are many ways to make your Open House a success. For starters, you have to be diligent about getting news of your open house out ahead of time. Your Real Estate Agent will do this through inter-office e-mail and the Multiple Listing Service (MLS). In addition to this, the general public must be informed not only through websites such as Zillow and Trulia, but through your agent/broker’s website, ads on Craiglist, ads in local papers and notices posted at your local market.

Listing flyers reach people, but you will get most of your traffic through Internet Marketing, as its mapping and directions help people find your home. Do not underestimate how important it is that you make it easy for prospective buyers to find your home. Pre- Open House marketing that includes excellent signage, maps and directions are extremely important for the success of your Open House. If buyers have trouble finding you, they may not come at all. Make the most of your Open House, as this is the only opportunity for prospective buyers to view listed properties at their convenience, on their own time. In turn, you will also have the wonderful opportunity to receive feedback from your Agent on ways to improve your listing, which can only improve your home in print and on the Internet!

Many first-time homebuyers are so excited to realize their dreams of home ownership, that they often overlook the many small details of owning their home. These details can at times be costly, especially if you have not familiarized yourself with all of the things in your home that will need replacing at some point. The following is an estimated guide of how many years each appliance or home system will perform for you in your home.

• Roofs

Selvage or Asphalt Roll last 12 to 20 years, Wood Shake and Shingle last 15 to 20 years, Asphalt lasts 15 to 20 years, Fiberglass lasts 15 to 20 years, Asbestos Shingle lasts 30 to 50 years and Slate lasts an amazing 40 to 75 years.

• Plumbing

Gas Hot Water Heaters last 8 to 12 years, Electric Hot Water Heaters last 10 to 15 years, Private disposal systems such as Septic Tanks last from 15 to 25 years and Galvanized Water Pipes last 30 to 50 years.

• Heating and Air Conditioning

Warm Air Furnaces last 8 to 12 years, Heat Pumps last 8 to 12 years, Air Conditioning Compressors last 8 to 15 years, Gas Chillers last 8 to 15 years and Hot Water Boilers last 30 to 50 years.

• Gutters and Downspouts

Galvanized Gutters and Downspouts last 15 to 20 years, while Copper Gutters and Downspouts will last a lifetime, provided that the home is well-maintained.

• Appliances

Dishwashers can last anywhere from 5 to 12 years, Disposals last 5 to 12 years, Washers and Dryers last 8 to 12 years, Water Heaters last 8 to 12 years, Refrigerators last between 15 to 20 years and finally, Stoves can last anywhere from between 15 to 20 years.

For more information about Home Ownership Information see The Old House Web

Home Buyers: If you are interested in saving money on your energy bills please know that there are homebuilders out there that are making solar power a viable option for you.

For example, Victoria Gardens by Shea Homes has begun including solar power systems as an optional feature on their Shea Green Certified Homes. Their pledge to achieve superior environmental performance as well as reducing the cost of home ownership is about to become a reality.  Each 3-kilowatt solar power system will lower the homeowner’s electric bills by up to sixty percent, and can result in a carbon footprint reduction of up to forty-eight percent.  Not only is this a wonderful savings for the homeowner but also allows them to remain energy independent when electricity rates increase.  In addition, this wonderful option yields environmental benefits for the entire community.  Each Shea Green Certified Homewoner will be able to track how much power their system is producing, as well as its environmental benefits, all through a Web-based remote monitoring system.  For more information about Shea solar powered homes please go to www.sheasuperiology.com/trilogy/ 

This announcement comes at a very fortuitous time as just last week our government signed the Emergency Economic Stabilization Act of 2008, which will allow for three things.  First, the Solar Investment Tax Credit will be extended for another eight years.  Secondly, it will lift the cap on the $2,000 allowance.  Thirdly, it will allow the credit to be put toward a homeowner’s alternative minimum tax.  In addition to these federal credits, homebuyers may also be eligible for state or local credits or rebates.

Learn more about solar energy

As we are all too aware, obtaining a mortgage today is much harder than it was just last year. One new concept that is becoming more and more popular is Owner Financing. This concept can give home sellers an edge over competition as it fully eliminates a large obstacle many buyers face today, and in turn will help augment your number of buyers.

Another benefit to consider with Owner Financing is the steady income you will receive from the mortgage payments.  Right now with all of the market volatility that we are experiencing, this could be your one steady interest earner - in some cases up to 7% or more!  This is a guaranteed return.  If you don’t need the proceeds from the sale of your home immediately, seller financing can be a great investment.  You might also consider partial seller financing.  Most buyers will have a cap on their loan allowance, and as the seller you can consider financing the rest at a higher interest rate than normal. Keep in mind that as the seller you would not have to hold on to this mortgage forever, as it can be sold on a secondary market.

If you’re worried about buyer default on the loan, you can always fall back on reclaiming the home through a legal foreclosure process. 

More owner financing tips for buyers and sellers