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With inventory piling up and home buyers now faced with multiple home choices in the same neighborhood, the first impression your home makes is more important than ever.

It’s no longer acceptable to pass off unfinished projects to home buyers in hopes that the buyers will overlook the flaws in favor of your home’s more positive characteristics. Today’s home buyers care about two things: location and price.

To offset tough competition and make home buyers fall in love with your home, check out the top seven home staging secrets of the pros:

1. How are your floors? - The very first thing every home buyer will do is watch their step as they enter the doorway of your home. If you have dingy, wet dog looking carpet or severely worn hardwood floors you should replace your carpet/refinish the floors before putting your home on the market. You will easily reap the benefits of new flooring with fewer days on the market and possibly receiving an offer closer to asking price.

2. When you have less than three bedrooms do NOT convert one of the bedrooms into a home office. - Although home offices are easier to set up and the smaller furniture will complement a narrower room, bedroom space is at a premium in two bedroom or less abodes. Instead, use a day bed to show off the flexibility of the space while still showcasing it as a bedroom.

Living Room with a View

Living Room with a View

3. Share your views with the world! - Overlooking a river, park or private garden is a tremendous asset for any home seller. When staging your home for sale, move large objects away from the windows and keep window treatments to a minimum. A stunning panoramic view can win over even the biggest home buying critic.

4. Don’t interrupt the flow of the room. - Ninety degree angles are great in math but square edges create visual interrupters that catch the eye as buyers navigate the flow of a room. When possible, use round tables to create a visible, circular flow throughout the room.

5. Use rugs to anchor furniture. - Especially popular in dining rooms, stagers love to use rugs underneath dining room furniture to anchor the furniture to the space.

Round Features Soften Hard Edges

Round Features Soften Hard Edges

6. Soften hard furniture edges using pillows and/or blankets. - Square edged furniture can look very substantial and executive, evoking the styling of a boutique hotel room. Be sure to try different styles of pillows and blankets to soften the edges of the furniture and make the room more inviting.

7. Clearly define each room’s purpose. - Multi-tasking has become a part of everyday life for most of us and we tend to apply this characteristic to our homes. Clearly define each space so home buyers don’t have to think about how a room will be used and possibly lower their offer price to compensate for missing rooms.

Utilizing the steps outlined above you will be able to create a warm, inviting space that will entice home buyers to pay top dollar for your home. For more extensive staging or to rent furniture, consider hiring a professional home stager who will be able to guide you through the staging and, if necessary, furniture rental process.

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The Orange County Association of REALTORs (OCAR) recently released their August 2008 real estate report for Orange and Rockland County New York. Although there isn’t anything terribly surprising in the report when compared to the national real estate market it is worth highlighting a few details:

YTD Residential Sales (2007 to 2008)

Orange County New York - 32% Lower
Rockland County New York -
31% Lower

Sales of condominiums were down significantly this year with a 39% drop in sales in Orange County and 33% drop in Rockland County as compared to July 2007.

Interestingly enough, the asking prices of homes in Orange County increased 2% versus 2007 and dropped 6% in Rockland County.

Although OCAR seems convinced that the market will rebound in 2009 I think there is a much greater chance of seeing improvements in 2010. There are still too many uncertainties in the credit market and with deathwatches being announced for mortgage biz heavyweights Fannie Mae and Freddie Mac along side of current local data I would say 2009 is a tad optimistic.

Should you buy or sell right now?

This is a loaded question but the short of it is that you should buy or sell if your lifestyle and living situation call for it. It’s still true that you make the most money on your home when you purchase it and not when you sell so the market is ripe with great buying deals but you might have to let your current house go at or slightly below market value.

I assisted a client in the purchase of a new home and sale of his current home recently and by pricing the home right, combined with my marketing plan, we had an accepted offer at full price within 3 days of going on the market.

The current market is less than ideal for home budget stretchers and investors looking to flip properties so if you fit this segment I would hold off until this winter.

For the full report including charts and statistics, please click here to download the PDF file. As always, comments are welcome and I look forward to hearing what you all think of the current market.

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Enclave at Hamptonburgh

Enclave at Hamptonburgh

Beazer Homes, known locally in Orange County New York for their communities of Glenview Hills at Florida, Enclave at Hamptonburgh and Riverside at Walden, recently posted a net loss of just under $110 million dollars for the third quarter of 2008.

In addition to a grim third quarter, Beazer Mortgage Corp. continues to deal with legal woes stemming from suspected HUD regulation violations from Beazer Mortgage Corp’s down-payment assistance program. Originally brought about by an investigation by the Charlotte Observer in March 2007 that revealed a number of homeowners who used the down-payment assistance had foreclosed on their homes in a 9 year period, the case has since spawned several investigations by state and federal governments including the SEC and U.S. Attorney General’s office in the Western District of North Carolina.

Beazer Mortgage Corp. ceased loan originations in February 2008 and is now working in conjunction with Countrywide Financial Corp. to provide mortgage options as the “preferred lender” of Beazer Homes Corp. No stranger to headlines themselves, Countrywide Financial Corp. was acquired by Bank of America in January 2008 for $4.1 billion and recently found itself the subject of an FTC probe over loan servicing.

Is there good news in sight? Although Beazer Homes has much soul searching to do, the builder did slash their backlog of homes from 5,952 homes in 2007 to 2,716 in June 2008. Their net loss is also down $9.2 million from third quarter 2007 to $110 million showing Beazer is getting leaner and still selling homes.

Our Recommendation: It’s always important to do your research on any home builder before committing to a new home community. Key points to review while looking for a new home include financial health of the builder, how far from completion the entire community is (Will they finish or will they back out of the project and attempt to sell the remaining lots?) and what loan options are available to you through different lenders.

We’d love to hear what you think! Comment below and let us know your thoughts on this new development in the ever changing real estate industry.

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