CREIG SAYS...

Dear Friend:

The beginning of March is bringing with it warm weather, melting snow, and a hot real estate market. The New Year started off with a jump in sales of existing homes. We know first hand because in January, The Northrop Team sold 91 homes!

On February 27, 2007, the National Association of Realtors (NAR) reported that sales of existing homes rose 3% in January 2007, the largest amount in two years and "the biggest one-month increase since a 3.3% increase in January 2005, a time when housing was roaring toward the peak of its five-year boom."

Mortgage interest rates have also dropped again according to Realtor Magazine. "Freddie Mac reports a decline in the 30-year fixed rate mortgage to 6.18 percent this week, from 6.22 percent last week. Chief Economist Frank Nothaft attributes the drop to reports of weaker economic growth and lower inflation.

The 15-year fixed mortgage rate also fell during the week, to 5.92 percent from 5.97 percent. And, the five-year hybrid adjustable rate slipped to 5.93 percent from 5.96 percent. Meanwhile, the one-year ARM held steady at 5.49 percent."

Whether you are thinking of selling or buying, conditions are favorable. Open houses are experiencing heavy traffic, indicating to sellers that there are many buyers out looking. Buyers can get more for their money since mortgage interest rates are low and they have a variety of homes to choose from in all areas and price ranges.

When you are ready to buy or sell, give us a call...Let's Get Moving!

Creig Northrop

·  To view Northrop Team listings, click here.

·  To view Northrop Team Open Houses, click here.

·  To view Real Estate Trends, click here.

ONLY 1 MONTH LEFT TO NOMINATE AN UNSUNG HERO!

Who is an Unsung Hero? A Howard or Carroll County high school student who:
• Donates energy, time or resources for community causes
• Goes beyond expectations in an inspirational and positive manner
• Inspires and supports other youth
• Enriches the arts in our community
• Overcomes great obstacles to live life to the fullest and inspires
others to meet challenges

Nomination Deadline: April 3, 2007

For more Unsung Hero program details, click here.

INSIDER TIPS

Home Improvements That Bring
The Most Return on Their Investment

If you are thinking about selling your house, its condition will impact how quickly it sells and how much you are offered. Unless they are specifically looking for a "handyman special," most buyers want a house that requires little to no work once they move in. A home that is in "move-in condition" is more appealing than one that needs large investments of time and money.

Below is a list of home renovations and quick fixes that will help your home stand out from others on the market and get you the most return on your investment:

·  KITCHEN. The heart of the home, the kitchen is very important to potential buyers. Be sure yours is clean and updated when you list your house.

1. Small Budget Fixes - Install a new kitchen faucet; change or add cabinet door handles; update old light fixtures with brighter, more energy-efficient ones; give outdated cabinets a new look by painting cabinet doors and drawer fronts; order new doors or face panels for mismatched appliances.
2. Larger Budget Fixes - Reface outdated cabinet doors and drawers; replace vinyl flooring with ceramic or travertine tiles; replace laminate countertops with more high-end countertop (*Tip - Use an engineered stone compound - it is less expensive than granite and is expected to be the trend this year); update old appliances with newer models (side-by-side refrigerators, over-the-range microwaves and convection ovens are popular).

·  BATHROOM. Next to the kitchen, bathrooms are the most important rooms to update.

1. Small Budget Fixes - Buy a new toilet seat; replace the current sink with a sleek pedestal sink; regrout tile; replace any chipped or broken tiles; replace an old, discolored floor with easy-to-apply vinyl tiles or a small piece of sheet vinyl.
2. Larger Budget Fixes - Replace the bathtub and shower surround with a prefabricated tub and shower surround.

·  STORAGE. Many homes lack adequate storage space. If you have cramped storage areas, make them look more spacious and customized to potential buyers.

Small Budget Fix - Install do-it-yourself wire and laminate closet systems (i.e., ClosetMaid) in bedrooms, pantries and hall closets.

·  CARPETING. Another detail that can affect how well a home shows is the condition of the carpeting.

1. Small Budget Fix - Have your carpet cleaned to restore its fresh, new look. Either rent a carpet cleaner and do it yourself or have it professionally done.
2. Big Budget Fix - If your carpet is old, worn or an odd color, replacing it with new durable carpeting (i.e., Berber) in a neutral color. This will bring new life to your house.

·  PAINT. Each of us has our own personal preferences when it comes to the color of our walls. However, when you are trying to sell your house, you want it to appeal to as many prospective buyers as possible.

1. Small Budget Fix - If you are a skilled painter, you may choose to paint the house yourself. Choose neutral colors for the broadest appeal. Watch decorating shows or visit decorating websites to find out which colors are the most popular.
   1. For the best results, prepare your walls before you paint. Clean the walls, patch/spackle any holes, and then sand the walls. After sanding, be sure to wipe the paint dust off with a lightly damp paper towel.

Interior paints should have at least an eggshell or satin finish so they can be wiped off. If painting a light color over a dark color, apply a coat of primer (*Tip: Ask the person preparing your paint to tint the primer the same color as your paint. This will reduce the number of coats needed to cover the wall).


View Previous Newsletters