Friday, May 29, 2015

Shark Tank" Barbara Corcoran's Advice on Mortgage

"Shark Tank" Barbara Corcoran's Advice on Mortgage

Stop giving away your hard-earned money...
At least that's what Barbara Corcoran, millionaire and star of ABC TV show "Shark Tank" thinks you're doing by sitting on your current mortgage rate. According to the expert, she thinks "not shopping the market...is like giving money away" when mortgage rates are low. 1 Known as "New York's queen of real estate" who famously turned $1,000 into a multibillion dollar real estate business,2 you should listen to her.
With today's mortgage rates at near rock-bottom lows, millions of homeowners are spending tens and thousands of dollars more than they need to.3 By refinancing their homes to today's low rates, homeowners saved on average of $250 a month on their mortgage payments.4 This translates into $3,000 a year, which you could use to pay off debt, go on your dream vacation, or even pay your children's college education.
TIP: These low rates won't last long. Freddie Mac predicts rates to rise this year,5 so now may be your best and only chance to save on your mortgage. There's absolutely no cost to see low rates available today. See Your Low Rates >>
If homeowners could save thousands of dollars a year (and potentially even be mortgage-free by the time they retire), why are they not actively jumping on this opportunity?

What the Banks May Be Hiding from You

Do you think that banks want you paying a lower interest rate, which means less money for them? You can bet that they do not. They would rather keep you at the rate you financed years ago so you can continue giving your money away to them. They also know that you could start shopping around for the lowest rates, which means they could lose your business to another lender. Homeowners may be shocked at the extremely low rates available to them, especially when multiple lenders are fighting and competing for your business.

The Home Refinance Plan That Has Banks "On Edge"

There is also a little-known government program that was not widely publicized by the banks called the Home Affordable Refinance Plan (HARP). During the economic downturn in 2009, the US government designed HARP to help middle-class Americans reduce their mortgage payments and put more money in their pockets. But again, many banks kept this from homeowners because they want to take your money.
TIP: Those who refinanced through HARP reduced their mortgage payments by as much as an astounding $4,264 each year.7 See How Much You Can Save >>
Through HARP, the government relaxed refinance guidelines and “it doesn't appraise your house which allows so many more people to actually refinance the high interest they have on their loan,” Barbara says. If you owe less than $625,000 on your mortgage, you may be able to qualify for this terrfic HARP program.
However, time is running out for homeowners to save money through this program. Set to expire next year, it is vital you act now. The good news though is once you're approved, you're locked into the lower rate.
TIP: Close to a million homeowners could still benefit from this program today.8 Sadly, many perceive this program to be too good to be true. Remember, this is a free government program and there is NO cost to see if you qualify. See if you qualify >>
With average savings of $250 per month4, you could use the extra $3,000 a year for expenses, pay off your credit card debt, and even begin your road to a mortgage-free retirement. But it is important you act now before this opportunity passes. 

Where Do I Start?

With hundreds of mortgage lenders and brokers available, it can take consumers hours to simply contact each one separately and request a quote.
To cut through the clutter, Barbara Corcoran suggests that a great place to start is online9. There are services that could help you save time and money by comparing multiple lenders at once. Services such as The Easy Loan Site10 has one of the biggest lender network in the nation.


There's no obligation to homeowners, and The Easy Loan Site offers easy and fast comparisons. It takes about five minutes, and the service is 100% free. You have nothing to lose, except for your money problems!

Seller stats and trends

Buying cheaper than renting!



Do You Need Mortgage Insurance?


Do You Need Mortgage Insurance Even if It's Not Required by Your Lender? Let's Take a Look 


Finding a proper mortgage loan and understanding the processing procedures behind the loan is the basis of good research. The down payment on a mortgage loan is typically significant when dealing with mortgage insurance.

Most loan applications with less than 20% down payment are required to include mortgage insurance with the loan. However, mortgage insurance may still be required even if it's not typically required by your lender.

Underwriting Requirements

Most home mortgage applications undergo a strict set of standards for approval. These standards are known as underwriting and make up the bulk of time spent on a mortgage application.

Unique situations in employment or credit history may require an additional down payment percentage to avoid PMI or private mortgage insurance. Most underwriting requirements require adequate information on the borrower's credit and employment history for complete application.

Self-employed individuals or those with alternative forms of credit may need a few additional hoops to jump through when dealing with mortgage insurance requirements.

Lender-paid Mortgage Insurance

Lender-paid mortgage insurance is a popular option with potential homeowners that seek to avoid the cost of a PMI or FHA-backed insurance on a home loan. Most lenders incorporate payment of private mortgage insurance in exchange for a slightly higher interest rate.

This is one example of the points system on a mortgage application that eliminates the cost of PMI. The increase in interest rate may or may not warrant the need for a lender-paid mortgage insurance arrangement. 

What's Involved With Risk Assessment?

Strict lending requirements and banking policy now limit the number of mortgages with zero down payment options. Conventional mortgages and FHA both require private mortgage insurance if it is less than 20% down payment.

However, FHA loans can be more flexible with the initial down payment requirements with adequate credit. FHA mortgage costs are now for the life of the loan. Lenders will look at mortgage insurance as risk protection. 

The risk protection process may or may not require mortgage insurance in your home loan. For example, VA and USDA loans do not usually require mortgage insurance if the borrower's credit and employment history are adequate.


Conventional loans have a reduction in risk once there is at least 20% equity in the home compared to the principal of the mortgage. Don't hesitate to contact a mortgage professional about potentially dropping mortgage insurance in the future to reduce overall loan costs. If you need a referral to a good mortgage professional in your area contact your trusted real estate agent for assistance. 

Monday, May 25, 2015

Selling? Boost Your Resale Value



Selling Your Home in 2015? Boost Your Resale Value with These Three Inexpensive Renovations

To get top dollar for your home, renovations may be necessary. However, some renovations can prove costly and they don’t always add value to your home. Here are three inexpensive renovations that are sure to improve the resale value of your home.

First Impressions Matter 

Your home needs to have curb appeal. If the potential buyer doesn’t see that, it will be difficult to get the price you want. Spend money and time landscaping your yard. Pressure wash your driveway. Paint your front door. Make your porch look welcoming. If you do all of this yourself or with the help of family and friends, the costs will be reasonable.

After a prospective buyer is impressed by your nicely kept lawn, you will want to continue impressing him/her with your interior design. Buyers know what they want when it comes to the number of bedrooms and baths. You have something they want or they wouldn’t be looking at your home. Now, you need to keep their attention.

Freshening Up the Interior

Each room needs to be freshly painted in a neutral color. Old wallpaper and borders should be stripped and walls repainted. Make each room look larger by clearing any clutter. If possible, remove any unnecessary furniture and store it somewhere else. Have any carpets professionally cleaned, and be sure to polish any hardwood flooring. In the bedrooms, de-clutter your closets. Your kitchen and bathrooms should be sparkling. Clean and organize counters and cabinets. Again, most of these suggestions cost little but add great value to your home.

Upgrades 


When you think of upgrades, you many automatically assume major costs with little return. However, many upgrades may be within your budget. Consider making some of these affordable upgrades to your home.

Living Areas/Family Rooms – If you’re going for a more elegant touch, add some crown molding. For a more rustic feel, add box beams. Improving the ceilings of main rooms will add value to your home.

Hardware and Fixtures – Painting and changing the hardware on your cabinet doors can change the look of a room dramatically. Add new fixtures such as lighting and doorknobs for a more updated look.

Selling your home may require you to spend a little money, but you’ll likely get the full value of your home.

2015 and Kitchen Design: Three Trends That You Need to Be Aware of Before You Renovate



Renovating your kitchen is an excellent way to improve its look, increase the value of your home and appeal to a more diverse range of home buyers if you decide to sell. However, a kitchen remodel can easily cost $10,000 to $20,000 or more, which is why you want to make choices that you can live with. Learning more about some of hottest trends for 2015 can help you decide what you want and don't want in your kitchen.

Traditional Is Back

Trends come and go, but the classics remain constant. One of the hottest renovation trends for 2015 is a more traditional look. Homeowners today are no longer attached to trendy colors and modern designs; they want homes that have a more traditional look and will retain that traditional look for years to come.

Experts predict that 2015 will bring a return to darker wood colors for cabinets, tables, counters and even floors. There are also some reports that homeowners will use oil rubbed bronze and darker pulls and handles on cabinets and drawers as opposed to flashy and contemporary chrome accents. Other trends include rustic farmhouse tables, double porcelain sinks and natural stone counters.

Going Green

It's hard to go anywhere today without seeing or hearing about green decorating trends, and those trends carry over into kitchens. Homeowners want products made from recycled materials and the chance to "go green" at home. Adding a recycling center is just one of the hottest trends for the kitchen.

Designers also found that homeowners want counters and floors made from recycled or sustainable materials. Bamboo is a sustainable construction material that works well in flooring applications. Homeowners can also find counters made from old tires, soda bottles and other recycled goods.

Homeowners Want More Space

Ask anyone want they need in their homes, and the odds are good that many will say they need more space. Recessed lighting is one trendy accent that adds more space and reduces the number of fixtures and cords hanging down from the ceiling. Other ways to add more space include adding an island with storage to the center of the room and cutting down on the number of cabinets lining the walls.

There are a number of trendy ways that you can renovate and change your kitchen. Going green, adding more space and bringing in traditional elements are just a few of those ways. Talk with a real estate agent about other changes you can make that will add value to your kitchen.


Wednesday, May 20, 2015

Movoto: Which suburb of Phoenix is right for you?

When you’re looking for a new home near Phoenix, it can be overwhelming. Where are the best schools? Where is it safe to live? What’s the commute like?

So Movoto created a list of the 10 best Phoenix suburbs to help you start your home search.

Let’s take a look at the winners.

1. Paradise Valley

Median household income: $139,524
Median home price: $1,443,200
Unemployment rate: 3.6 percent
Paradise Valley kicks off our list of the best Phoenix suburbs.This quiet, scenic suburb is surrounded by natural beauty, from Echo Canyon Park to the south to the Phoenix Mountains Preserve and Piestewa Peak Park in the west.

Southwest style single-family homes and modern condos complement the area’s natural beauty.

Residents of Paradise Valley have access to plenty of amenities, like Camelback Golf Club, local restaurant Lon’s at the Hermosa, and sophisticated cocktail lounge, Jade Bar.

2. Scottsdale

Average commute time: 22 minutes
Unemployment rate: 6.5 percent
In this thriving city of over 221,000, residents don’t need to drive into Phoenix for shopping, arts and culture, dining, or nightlife. Potential home buyers will find plenty of modern architecture and Southwest style homes in Scottsdale.

Arts and culture enthusiasts have their pick of museums in Scottsdale, including the Pueblo Grande Museum, the Scottsdale Museum of Contemporary Art, and the Heard Museum.

Downtown Scottsdale is also full of shopping, dining, and nightlife, including local favorites Citizen Public House, Squid Ink sushi bar, and Scottsdale Beer Company.

3. Fountain Hills

Total crimes per 100k: 1,630  With just 1,630 crimes per 100,000 people, Fountain Hills is a safe Phoenix suburb. Home buyers will find a range of modern Southwest style condos and single family homes.

Outdoor enthusiasts will enjoy hiking the challenging trails at McDowell Mountain Preserve or taking in Arizona’s natural beauty at the Fountain Hills Desert Botanical Garden.

Grab dinner at a local restaurant like Sofrita tapas bar or Sapori D’Italia, or take in local art at the Fountain Hills Art Walks. Desert Canyon golf course provides a scenic and challenging championship course for residents.

4. Carefree

Median home price: $677,000
Total crimes per 100k: 739
High school graduation rate: 97 percent
Taking the next spot on our list is Carefree. One look at this cozy, upscale community of 3,487 and it will become abundantly clear why it’s known as the “Home of Cowboys and Caviar, Where the Old West Meets the New.”

Custom and Spanish style homes populate this oasis nestled in the foothills of the stunning Sonoran desert.

And there’s no shortage of culture in this art-friendly enclave. Carefree hosts a variety of cultural events during the fall and winter festival season, opening with their Annual Carefree Fine Art & Wine Festival and closing with the the Christmas Festival.

5. Cave Creek

Unemployment rate: 5.4 percent
If the thought of living in a big city makes you cringe, Cave Creek may be the best Phoenix suburb for you. The rural, western lifestyle and close knit community make it an appealing spot for residents who want the simple life.

Of course, life in Cave Creek isn’t so simple that residents don’t have access to great amenities. Cave Creek is filled with art galleries like Blue Coyote Gallery, local restaurants like Buffalo Chip Saloon and Steakhouse, and great golfing at Rancho Manana Golf Club.

Potential Cave Creek home buyers have their pick of new construction Southwest style homes and modern condos with gorgeous mountain views.

6. Litchfield Park

Unemployment rate: 3.7 percent
The small close knit suburb of Litchfield Park, home to the Luke Air Force Base, has access to all the amenities residents could want.

As far as housing goes, Litchfield Park offers new construction homes and modern condos with on site amenities like pools and recreation rooms.

Litchfield Park residents have plenty of access to local businesses. Grab a craft beer at Litchfield Taproom, get a bite to eat at Park Cafe, or plan a staycation at The Wigwam, a local hotel and golf resort.

7. Gilbert

Median household income: $80,121
Average commute time: 27 minutes
Gilbert isn’t just one of the best Phoenix suburbs, it’s also a thriving city on its own. Beautiful Southwest style single family homes and condos are common in Gilbert.

Outdoor enthusiasts will enjoy hiking at the Riparian at Water Ranch or hitting the links at one of Gilbert’s many top-notch golf clubs. Residents can also beat the summer heat at Mesquite Aquatic Center or Greenfield Municipal Pool.

The Gilbert Art Walk is a great way to meet other residents and see local talent. Grab a local brew at Arizona Wilderness Brewing Company or stroll through Gilbert’s Heritage District, which is full of boutique shopping and historic buildings.

8. Queen Creek

Median home price: $240,000
High school graduation rate: 94 percent
Queen Creek has one of the lowest median home prices of the places in our top 10 and the cost of living is relatively low.

There’s a good deal for a family with children to do. Local Schnepf Farms holds festivals and events every few months, the Barney Family Sports Complex hosts a variety of athletic activities, and the Queen Creek Performing Arts Center provides entertainment for both kids and parents alike.

9. Chandler

Median home price: $232,900
Average commute time 24 minutes
Chandler is a community on the rise. It's a perfect marriage of family-friendly and cosmopolitan thanks to its award-winning school district and thriving downtown area.

Residents come together throughout the year for a variety of unique and unforgettable events like the Ostrich Festival, the Indian Market, and for holiday events including the Tumbleweed Tree Lighting Ceremony and the Cinco de Mayo Chihuahua Races.

10. Anthem

Median rent: $1,463
The Phoenix suburb of Anthem rounds out our top 10. New construction homes in a variety of architectural styles and modern condos are available in this suburb.

Grab breakfast at Sweethearts Gourmet Donuts or dinner and wine at Wild Vines tapas bar. Anthem’s community parks provide plenty of green space for outdoor recreation.

Anthem residents come together over regular community events like Java & Jammin’, a family-friendly live music show, or Music in May, an outdoor live music series with food trucks on site.

Wednesday, May 13, 2015

10 Best-Kept Secrets for Selling Your Hom

Tricks of the trade to help you get top dollar when selling your home.

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HGTV's Buying and Selling offers up the industry's best-kept secrets to help you get top dollar when selling your home.
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HGTV's Buying and Selling offers up the industry's best-kept secrets to help you get top dollar when selling your home.
Selling Secret #10: Pricing it right
Find out what your home is worth, then shave 15 to 20 percent off the price. You’ll be stampeded by buyers with multiple bids — even in the worst markets — and they’ll bid up the price over what it’s worth. It takes real courage and most sellers just don’t want to risk it, but it’s the single best strategy to sell a home in today’s market.
Selling Secret #9: Half-empty closets
Storage is something every buyer is looking for and can never have enough of. Take half the stuff out of your closets then neatly organize what’s left in there. Buyers will snoop, so be sure to keep all your closets and cabinets clean and tidy.
Selling Secret #8: Light it up
Maximize the light in your home. After location, good light is the one thing that every buyer cites that they want in a home. Take down the drapes, clean the windows, change the lampshades, increase the wattage of your light bulbs and cut the bushes outside to let in sunshine. Do what you have to do make your house bright and cheery – it will make it more sellable.
Selling Secret #7: Play the agent field
A secret sale killer is hiring the wrong broker. Make sure you have a broker who is totally informed. They must constantly monitor the multiple listing service (MLS), know what properties are going on the market and know the comps in your neighborhood. Find a broker who embraces technology – a tech-savvy one has many tools to get your house sold.
Selling Secret #6: Conceal the critters
You might think a cuddly dog would warm the hearts of potential buyers, but you’d be wrong. Not everybody is a dog- or cat-lover. Buyers don’t want to walk in your home and see a bowl full of dog food, smell the kitty litter box or have tufts of pet hair stuck to their clothes. It will give buyers the impression that your house is not clean. If you’re planning an open house, send the critters to a pet hotel for the day.
Selling Secret #5: Don’t over-upgrade
Quick fixes before selling always pay off. Mammoth makeovers, not so much. You probably won’t get your money back if you do a huge improvement project before you put your house on the market. Instead, do updates that will pay off and get you top dollar. Get a new fresh coat of paint on the walls. Clean the curtains or go buy some inexpensive new ones. Replace door handles, cabinet hardware, make sure closet doors are on track, fix leaky faucets and clean the grout.
Selling Secret #4: Take the home out of your house
One of the most important things to do when selling your house is to de-personalize it. The more personal stuff in your house, the less potential buyers can imagine themselves living there. Get rid of a third of your stuff – put it in storage. This includes family photos, memorabilia collections and personal keepsakes. Consider hiring a home stager to maximize the full potential of your home. Staging simply means arranging your furniture to best showcase the floor plan and maximize the use of space.

15 Home Staging Secrets

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Get expert advice on how to highlight your home's strengths.

Bye, Bye Clutter

The most important thing you can do to prepare your home for sale is to get rid of clutter. Make a house rule that for every new item that comes in, an old one has to leave. One of the major contributors to a cluttered look is having too much furniture. When professional stagers descend on a home being prepped for market, they often whisk away as much as half the owner's furnishings, and the house looks much bigger for it. You don't have to whittle that drastically, but take a hard look at what you have and ask yourself what you can live without.

Furniture Groupings

There's a common belief that rooms will feel larger and be easier to use if all the furniture is pushed against the walls, but that isn't the case. Instead, furnish your space by floating furniture away from walls. Reposition sofas and chairs into cozy conversational groups, and place pieces so that the traffic flow in a room is obvious. Not only will this make the space more user-friendly, but it will open up the room and make it seem larger.

Musical Furniture

Give yourself permission to move furniture, artwork and accessories among rooms on a whim. Just because you bought that armchair for the living room doesn't mean it won't look great anchoring a sitting area in your bedroom. And try perching a little-used dining-room table in front of a pretty window, top it with buffet lamps and other accessories, and press it into service as a beautiful writing desk or library table.

Room Transformations

If you have a room that serves only to gather junk, repurpose it into something that will add to the value of your home. The simple addition of a comfortable armchair, a small table and a lamp in a stairwell nook will transform it into a cozy reading spot. Or drape fabric on the walls of your basement, lay inexpensive rubber padding or a carpet remnant on the floor and toss in a few cushy pillows. Voila - a new meditation room or yoga studio.

Home Lighting

One of the things that make staged homes look so warm and welcoming is great lighting. As it turns out, many of our homes are improperly lighted. To remedy the problem, increase the wattage in your lamps and fixtures. Aim for a total of 100 watts for each 50 square feet. Don't depend on just one or two fixtures per room, either. Make sure you have three types of lighting: ambient (general or overhead), task (pendant, under-cabinet or reading) and accent (table and wall).

Make It Bigger

To make a room appear to be bigger than it is, paint it the same color as the adjacent room. If you have a small kitchen and dining room, a seamless look will make both rooms feel like one big space. And make a sunporch look bigger and more inviting by painting it green to reflect the color of nature. Another design trick: If you want to create the illusion of more space, paint the walls the same color as your drapery. It will give you a seamless and sophisticated look.

Neutral and Appealing

Painting a living room a fresh neutral color helps tone down any dated finishes in the space. Even if you were weaned on off-white walls, take a chance and test a quart of paint in a warm, neutral hue. These days, the definition of neutral extends way beyond beige, from warm tans and honeys to soft blue-greens. As for bold wall colors, they have a way of reducing offers, so go with neutrals in large spaces.

Color Experiment

Don't be afraid to use dark paint in a powder room, dining room or bedroom. A deep tone on the walls can make the space more intimate, dramatic and cozy. And you don't have to go whole hog - you can paint just an accent wall to draw attention to a dramatic fireplace or a lovely set of windows. If you have built-in bookcases or niches, experiment with painting the insides a color that will make them pop — say, a soft sage green to set off the white pottery displayed within.

Vary Wall Hangings

If your home is like most, the art is hung in a high line encircling each room. Big mistake. Placing your pictures, paintings and prints in such stereotypical spots can render them almost invisible. Art displayed creatively makes it stand out and shows off your space. So break up that line and vary the patterning and grouping.

Three's Company

Mixing the right accessories can make a room more inviting. When it comes to eye-pleasing accessorizing, odd numbers are preferable, especially three. Rather than lining up a trio of accessories in a row, imagine a triangle and place one object at each point. Scale is important, too, so in your group of three be sure to vary height and width, with the largest item at the back and the smallest in front. For maximum effect, group accessories by color, shape, texture or some other unifying element, stagers suggest.

Raid Your Yard

Staged homes are almost always graced with fresh flowers and pricey orchid arrangements, but you can get a similar effect simply by raiding your yard. Budding magnolia clippings or unfurling fern fronds herald the arrival of spring, summer blooms add splashes of cheerful color, blazing fall foliage warms up your decor on chilly autumn days and holly branches heavy with berries look smashing in winter.

Serene and Inviting

Create a relaxing bedroom setting with luxurious linens and soft colors that will make a potential home buyer want to hang out. Bedroom staging trick: If you don't have the money to buy a new bed, just get the frame, buy an inexpensive air mattress and dress it up with neutral-patterned bedding. And remember to declutter. By cleaning out your closets, you're showing off your storage space, which sells houses - it always ranks high on buyers' priority list.

New Faces

If you can't afford new cabinets, just get new doors and drawer fronts. Then paint everything to match and add new hardware. And instead of replacing the entire dishwasher, you may be able to get a new front panel. Check with the manufacturer to see if replacements are available for your model. If not, laminate paper, which goes on like contact paper, can be used to re-cover the existing panel.

Repaired Wood

Unfinished projects can scare off potential buyers, so finish them. Missing floorboards and large cracks in the sidewalk on the way to your door tend to be a red flag, for example, and they cost you less to fix than buyers might deduct from the asking price.

Prim and Polished

Having tile professionally painted can make a bathroom look brand new. And accessorizing can make buyers feel like they're in a spa. Put out items like rolled-up towels, decorative baskets and candles. It's a great way to create a polished look, and it doesn't cost much to do.
Selling Secret #3: The kitchen comes first
You’re not actually selling your house, you’re selling your kitchen – that’s how important it is. The benefits of remodeling your kitchen are endless, and the best part of it is that you’ll probably get 85% of your money back. It may be a few thousand dollars to replace countertops where a buyer may knock $10,000 off the asking price if your kitchen looks dated. The fastest, most inexpensive kitchen updates include painting and new cabinet hardware. Use a neutral-color paint so you can present buyers with a blank canvas where they can start envisioning their own style. If you have a little money to spend, buy one fancy stainless steel appliance. Why one? Because when people see one high-end appliance they think all the rest are expensive too and it updates the kitchen.

Painting Kitchen Cabinets

Update the look of your kitchen with these pro tips.

Painting Kitchen Cabinets

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Here are expert tips on painting a kitchen to hide wall imperfections.
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Selling Secret #2: Always be ready to show
Your house needs to be "show-ready" at all times – you never know when your buyer is going to walk through the door. You have to be available whenever they want to come see the place and it has to be in tip-top shape. Don’t leave dishes in the sink, keep the dishwasher cleaned out, the bathrooms sparkling and make sure there are no dust bunnies in the corners. It’s a little inconvenient, but it will get your house sold.
Selling Secret #1: The first impression is the only impression
No matter how good the interior of your home looks, buyers have already judged your home before they walk through the door. You never have a second chance to make a first impression. It’s important to make people feel warm, welcome and safe as they approach the house. Spruce up your home’s exterior with inexpensive shrubs and brightly colored flowers. You can typically get a 100-percent return on the money you put into your home’s curb appeal. Entryways are also important. You use it as a utility space for your coat and keys. But, when you’re selling, make it welcoming by putting in a small bench, a vase of fresh-cut flowers or even some cookies.

Curb Appeal Tips

See how to make the all-important first impression.