Today's Mortgage Rates

Are you putting your house on the market to sell? If so, make sure you’ve done everything you can to present your property in a way that will appeal to the broadest range of buyers possible.

Staging your home can allow you to highlight the best features of your home so that you can get it sold quicker. Even if you live in a tough housing market, staging your house could give you an advantage over other homeowners in the area. Keep the following things in mind as you spruce up the place.

• At a minimum you must clean up your property and make obvious repairs. Potential home buyers will automatically be turned off by a house that is dirty, cluttered, and smelly. If the cleaning job is bigger than you can handle on your own, invest a few hundred bucks in hiring a cleaning service. Also take time to repair all those little things you’ve been meaning to get around to that visitors to your home  will notice.
• Staging your home doesn’t require purchasing a lot of new furniture and accessories. You probably have an adequate amount of furnishings in your home that can be rearranged to make the place more appealing. Yes, there may be times when small purchases are necessary, but don’t go overboard. If you have too much furniture and knick knacks cluttering up a room, put some of them in storage.
• Giving walls a fresh coat of paint can do wonders for jazzing up your home. Avoid really bold, loud colors that might detract from other features in the home. Stick with a more neutral palate.
• Put away personal photos, knick knacks, collectibles and other items.  You want potential buyers to visualize themselves moving into the home, not focus on your personal tastes.
• Arrange rooms in such a way that they appear larger and more open than they are. Using natural light from windows to give rooms a brighter appearance is helpful, so take down heavy draperies or old blinds that make rooms appear dark.

It’s important to look at your home with a critical eye. Go outside and examine the exterior to see what areas need changing. Do whatever you can to give home buyers a reason to make a bid on your property.

Refinancing could allow you to take advantage of the some of the lowest mortgage rates ever. Having good credit is important for getting the best deal on a home refinance. But even if you have a high credit score, mortgage lenders will expect you to provide documentation of income and assets.

Having a steady paycheck will work in your favor. You’ll be asked to provide your most recent pay stub and income tax return. The income tax return becomes even more important when you are self-employed. While being self-employed won’t automatically rule out getting approved for a home refinance, lenders are going to scrutinize your finances to make sure you can keep up with monthly mortgage payments. You also may be asked for a profit and loss statement for your business.

Other documentation you might need to provide are the most recent statements for savings accounts and investments, proof of homeowners insurance, and information about your property taxes. If you refinance with your current mortgage lender, you may be able to roll over the money in the escrow account to be used with the new loan.

Anytime the mortgage lender asks for documentation, make sure that you provide it as quickly as possible. Delays in processing paperwork postpone a closing, or even keep you from completing a refinance.

Many people are finding it tougher to achieve the dream of home ownership, according to data from the U.S. Census Bureau. The rate of home ownership declined to 66.1% in the third quarter of 2010, compared with a peak of 69.1%  back in the first quarter of 2005 when the housing market was still going strong.

The troubled economy, falling home values, and high unemployment rate make it difficult for many people to buy property. In fact, many Americans have chosen to move in with family members or friends because they can’t afford to make it on their own and/or want to save money.

Census Bureau data show that real median income in the U.S. fell 2.9% to $51,726 in 2009 from $50,221 in 2008. Real median income dropped in 34 states and rose in only one: North Dakota.

Census data also show that fewer people are getting married. Only 52% of people 18 and up were married in 2009, compared with 57% in 2000. It appears that many couples are choosing to live together without being married in order to avoid making a long-term commitment.

It would follow then that many couples who are cohabiting probably are not in the market to buy a home since they haven’t made a solid commitment to stay together no matter what happens with the economy. So it will be interesting to see if home ownership rates will continue to fall if marriage rates don’t begin to climb again.