An agent in my office said he heard another brokerage on the radio in Sacramento advertising that its agents would write up to 10 offers a day for a buyer and swearing that multiple purchase offers were the only way a buyer had half a chance in our market.

It's a tough market in our area. We were one of the first areas in the country to get hit with declining prices, and we're one of the first on the rebound. Buyers are getting beat up pretty badly because it's a seller's market. We have limited inventory and more buyers than sellers for many entry-level homes. Compound that problem with the fact that short sales can take 3 months or longer before many banks will respond, and the agents who represent REO lenders may never respond, it's no wonder that buyers are feeling desperate.

Some buyers feel the only option available to them is to write multiple purchase offers and then jump on the first offer that gets accepted. But multiple purchase offers carry their own complex set of problems . . . read more about Multiple Purchase Offers.

More Articles by Elizabeth Weintraub:

• Competing With Other Multiple Offer Buyers
  
• Multiple Offers on the Same Listing
  
• Attracting Multiple Short Sale Offers

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Eureka. President Obama signed today the Extended Home Buyer Tax Credit legislation approved yesterday by Congress.

The key provisions are:

• The $8,000 home buyer tax credit is extended to April 30th, 2010, with another 60-day extension for those home buyers who have entered into a purchase contract by April 30th, providing it closes by June 30, 2010.

• Buyers who are not first-time home buyers can apply to receive a tax credit of $6,500, providing these buyers have owned and occupied a principal residence for 5 out of the last 8 years.

• Income levels for those who buy a home on or after November 6, 2009 is raised to $125,000 for a single person and $225,000 for a couple, with phase-outs above those levels.

I wonder if some buyers will now cancel existing escrows because they felt pressured to buy before November 30th? Some buyers might have settled for a home they did not truly want or avoided trying to buy a short sale home based on the expected expiration date of November 30th . . . read more about the Extended Home Buyer Tax Credit.

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Unless you're Martha Stewart, you've got to do a lot of planning and work to get ready for an open house.

You can't just pluck a date off the calendar and circle it. First, you want to make sure the day you choose is an appropriate day and time -- not a holiday or a day that conflicts with major sports events or community celebrations. The weather should be perfect, too. If snow, rain or extensive heat is in the forecast, buyers may stay away. Some sellers draw a lot of traffic by holding a twilight open house, in the early evening, often on a Thursday, accompanied by food and music.

After you select the day and time, try to give yourself enough time to get the house in order. It's easy to become overly enthusiastic once you decide to sell, and it's difficult to be patient, lining up all your ducks in a row before that first buyer enters your home. But studies show the first few weeks on the market are the most crucial, which means you might not get a second chance to showcase your home during an open house if you don't do it right the first time . . . read more about getting ready for an Open House.

More Articles by Elizabeth Weintraub:

• Hosting an Open House
  
• Open House Etiquette
  
• Top 10 Home Showing Tips

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Two of my favorite subjects are home remodeling and pets, so it's only natural for me to take the needs of our cats into consideration when remodeling.

I have one client who doesn't have a living room, for example. Well, he and his new wife do have a living room, but it isn't used for people. The room is filled with cat trees, cat posts and cat runs. There is no furniture. Just cat trees. Dozens of them. Enough so it looks like a jungle of cat trees.

When I replaced all the windows in my home, I installed two windows with my cats in mind. In retrospect, I suppose I'm not much better than the client with the cat-tree living room. My family room windows ran floor-to-ceiling, and they didn't open. I broke up the space by installing double windows on the bottoms that slide open. Not only do these windows provide much needed air circulation in the room, but my cats love them . . . read more about home remodeling and pets.

More Articles by Elizabeth Weintraub:

• Garage Remodels
  
• Home Design Trends
  
• Home Improvement Mistakes

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Homeowners should know that their tax deductions for mortgage refinancing may be somewhat different from the tax deductions that are available after taking out an original purchase money mortgage.

The tax deductions may be restricted, especially if a homeowner is tapping equity through mortgage refinancing. It's what we call a cash-out refinance. On top of this, there are costs associated with mortgage refinancing. If those costs are added to the mortgage balance and not paid out-of-pocket, the unpaid principal balance of the mortgage will increase

I went through a mortgage refinancing about a year after I bought my home. It lowered my interest rate by a full percentage point . . . read more about tax deductions for mortgage refinancing.

More Articles by Elizabeth Weintraub:

• 3 Things to Know About Mortgage Refinancing
  
• Mortgage Refinancing and Home Equity Loans
  
• Tips for Refinancing Your Mortgage

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I wonder how many households in this tight economy might decide to cancel Halloween this year.

I realize there are millions of children in the U.S. for whom Halloween is a much anticipated event. Parents love it, too. They often spend an inordinate amount of time trying to figure out what kind of costumes to wear, how to decorate their homes, what type of candy to buy, and for many, whose party invitation to accept.

But maybe you've been through too many Halloweens and simply need a break, or perhaps the timing, for whatever reason, just isn't right for you. Don't feel bad because it happens to all of us sooner or later. We can't always be totally prepared for any particular date the calendar tosses at us . . . read more about how to Cancel Halloween.

More Articles by Elizabeth Weintraub:

• Buying a Home Your Pets Will Love
  
• Home Selling During the Holidays
  
• Winterizing Your Home

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Although purchase offers consist of many variables, the most important aspect for many home buyers is figuring out how much to pay for a home.

Picking the price to pay for a home is crucial, yet few home buyers do their homework beforehand. Most buyers select a price based on the homes they have seen. They compare inventory and list prices to each other, often without asking for crucial information that could have a huge influence on the final purchase price.

Unlike shopping for groceries or clothing, the list price of a home is rarely indicative of its value. Sellers can ask any price they want. It doesn't always mean they will get it or that the price is reasonable . . . read more about How Much to Pay for a Home.

More Articles by Elizabeth Weintraub:

• Homes With Bad Layouts
  
• Address Buyer Possession Upfront
  
• Good Faith Deposits

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I am a huge proponent of green home improvements.

From the shade trees I plant around my home to the recycled water I use for growing vegetables in my back yard, I try to use only earth-friendly resources for my home. My husband is on board with this effort as well. He drives a Prius and walks to the corner store instead of hopping in his car. Plus, our diet consists partly of vegetables grown from our organic vegetable garden, and we compost.

Of course, I love home improvement projects because I'm wired that way, and if they are green home improvement projects, all the better. We recently bought a plasma TV even though the LCD TVs were less expensive, primarily because the plasma TV uses less energy . . . read more about Green Home Improvements.

More Articles by Elizabeth Weintraub:

• Buying Green Homes
  
• What Makes a Green Home Green
  
• Green Moving Tips

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The person who came up with the idea to offer a home warranty plan to home owners hit upon a gold mine.

In many real estate markets, a home warranty plan has become an essential today in a real estate transaction. Often, the seller will agree to pay for a home warranty plan for the buyer, if for no other reason than to isolate the seller from possible buyer hysterics after closing. Buyers tend to jump to the conclusion that if something breaks or malfunctions after closing, it's because the seller tried to cover up the problem.

Sometimes, though, I think it's the house retaliating against the sale. You think I am kidding? I once sold a house that fell apart immediately after closing. Ceiling fans stopped spinning for no reason. Pipes under the sink unscrewed themselves. Door pins mysteriously popped out, causing doors to fall off the hinges . . . read more about a Home Warranty Plan.

More Articles by Elizabeth Weintraub:

• Good Faith / Earnest Money Deposits
  
• Single Women Can Buy Homes
  
• Tips for First-Time Home Buyers

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Real estate agents harbor a wealth of information and can help you to pick a sales price for your home.

Sometimes, when I walk into a seller's home to talk about listing it, I can tell right off the bat whether that seller has a firm sales price in mind. Without exception, they almost always have a range. And they often expect to get the top of that range.

I show sellers the comparable sales, talk about the pending sales in the area, discuss the way the market is moving and, after giving them all that information, sometimes sellers don't care. I once had a seller throw my marketing materials on the floor and say he didn't care if his home sat on the market for two years, he wanted the price that he wanted.

Unfortunately, it doesn't matter too much what the seller thinks or what I think . . . read more about how to Pick a Sales Price For Your Home.

More Articles by Elizabeth Weintraub:

• A Seller's Worst Mistake
  
• How to Find an Agent
  
• Preparing Your House for Sale

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