Real Estate Market

In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.06 percent for the week ending April 29, 2010 - down slightly from the previous week when it averaged 5.07 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 4.78 percent. "Mortgage rates on 30-year fixed loans have averaged about 5% over the first four months of this year, staying within a band of roughly a quarter percentage point and virtually matching 2009's annual average," said Frank Nothaft, Freddie Mac chief economist.

Mortgage Rates Source: Realty Times U.S. averages as of April 29, 2010: 30 yr. fixed:   5.06% 15 yr. fixed:   4.39% 1 yr. adj:        4.25%

Samia Morgan explains the Short Sale process

Can’t afford a full kitchen makeover? Sprucing up the cabinetry is an easy fix for a fraction of the cost.

There are two options: replacing or refacing. Refacing includes covering the existing cabinet doors and drawer fronts with a wood or plastic veneer and replacing knobs and door hinges; replacing cabinets requires removing them entirely and starting from scratch. So what’s best for your home? Here are a few things to consider, according to HGTV.

    First, check to see if the cabinets are structurally sound. If you have problems opening the drawers, closing the doors, or if the cabinet’s interior isn’t as large as you need it to be, simply rejuvenating the look isn’t going to help in the long run. Also consider the age of the cabinets: Those made 20 to 30 years ago were typically built using thicker wood and sturdier construction. Such cabinets can often be refaced instead of replaced.

    Next, consider how long you’ll remain in your home. Replacing the cabinets will add to the home’s value and could be worth the extra money if your home will be on the market in the near future. But for a potential buyer, a modern renewal of the cabinets with up-to-date veneers might be enough, making refacing your cabinets a cost-effective, viable solution. The typical cost of refacing with plastic veneer can cost up to about $3,000, while wood veneers can run up to $7,000. If you’re still considering replacing, make sure you budget accordingly. According to Costhelper.com, the cost of delivery and installation of new cabinets can cost at least $10,000. 

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    Clean up. Walk through every room and pick up items that don’t belong — like the forgotten stack of magazines on your footstool or the shoes lounging by your bed. They’ll be obvious in video or photos, and can distract the viewer. Before the pros photograph your house, snap a few shots and take a look — what sticks out at a glance will surely be the first things a potential buyer would notice, too.

    Remove personal touches. Remember, this won’t be your home anymore, so it shouldn’t look 

like it. Prior to showing a house, take down family photos, heirlooms and even college diplomas.

    Update with a few new details. Flip through a few home decorating publications and take a look at what’s trendy and adjust your décor to match. A colorful vase of flowers on a glass coffee table, for instance, makes the room look warm and inviting.

    Store unnecessary furniture. A good rule of thumb is that the only furniture in the room should accurately display what the room is (a dining room table and chairs in that room, for example). Removing extra side tables or a chair in the corner that’s hardly used will make the rooms look larger and allow the viewer to imagine his or her furniture in the space.

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