Wednesday, 8 August 2012
Sunday, 29 July 2012
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Wednesday, 25 July 2012
Thursday, 14 June 2012
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Saturday, 9 June 2012
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Friday, 8 June 2012
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Wednesday, 29 February 2012
Finding a Good Home Inspector
You've found the house, your offer has been accepted, and funding is in place. But before you start packing, be sure you hire a professional home inspector to make sure your house doesn't have any major defects that could cost you down the road.
A home inspection typically includes an examination of heating and central air conditioning systems, interior plumbing, electrical systems, the roof, attic, visible insulation, walls, ceilings, floors, windows, foundations, and basements. Inspections may also include appliances and outdoor plumbing.
Once the inspector examines the house, he or she will write up a report with findings. If there are any major problems, you'll need to negotiate with the seller to either lower the sale price of the home, or determine how the problem will be fixed.
When you make an offer it's wise to have a contingency clause based on the home inspection. In other words, if the inspector finds $10,000 worth of problems and the seller doesn't want to provide the fix, you can rescind your offer.
In fact, two in five resale houses will have at least one major defect that could cost you from a few hundred dollars to as much as $15,000 to repair, according to the 2000 HouseMaster Resale Home Deficiencies Study.
Spending a few hundred dollars for a home inspection is well worth the peace of mind.
If you don't know how or where to find a home inspector, be cautious about asking your real estate agent.
"Be careful, though, of inspectors who are popular with agents—that popularity may stem from not killing too many deals by going easy on their inspections," says Eric Tyson and Ray Brown in their book Home Buying For Dummies.
Tyson and Brown say the American Society of Home Inspectors is a good place to start.
"Just because an inspector is an ASHI member doesn't guarantee that you'll get a good inspection, but it certainly increases the likelihood that you'll be working with a qualified professional," Brown and Tyson write.
All certified members have performed at least 250 inspections have passed two written proficiency exams. They must also adhere to standards of practice, continuing education requirements, and code of ethics.
The authors and the ASHI recommend you interview several inspectors before choosing one. Some of the questions you should ask include:
- What does the inspection cover? Make sure the inspection and the inspection report meet all applicable requirements and comply with the ASHI Standards of Practice.
- How long have you been in the profession and how many homes have you inspected? Again, ASHI Members are required to have completed at least 250 paid professional home inspections and passed two written exams that test the inspector's knowledge.
- Are you specifically experienced in residential inspection? The answer should be yes. If someone says they have specialized training in something like construction or engineering but not in residential inspection, you may want to move on to the next candidate.
- Does the inspector's company offer to do repairs or improvements based on the inspection? The answer should always be no. This is against the ASHI Code of Ethics because it might cause a conflict of interest.
- How long will the inspection take? The average for a single inspector is two to three hours for a typical single-family house; anything less may not be enough time to do a thorough inspection. Some inspection firms send a team of inspectors and the time frame may be shorter.
- How much will it cost? Costs vary quite a bid depending on the region, size of the house, scope of services and other factors. A typical range might be $300-500, but consider the value of the home inspection in terms of the investment being made.
- Does the inspector prepare a written report? Ask to see samples and determine whether you understand the report.
- Does the inspector encourage the client to attend the inspection? This is a valuable educational opportunity for you to learn about how things work around what could be your house, and the inspector may point out things that don't quite merit a mention in the report but which you should keep an eye on. An inspector's refusal to allow you to be present should raise a red flag.
Finally, once you've found an inspector you like, ask him for references, then follow up and contact those clients. Two key questions—whether they discovered any major defects after the close of escrow that the inspector missed, and whether they'd use the inspector again.
Monday, 27 February 2012
Can You Afford to Buy a House?
Although the thought of paying a mortgage is more enticing than paying rent, it's important to understand all the costs involved in buying and owning a home as you determine whether you can afford to join the ranks of homeowners.
Potential buyers sometimes forget to factor in the down payment, homeowners insurance and the possibility of depreciation, as well as the costs associated with closing the transaction, moving, purchasing major appliances, and home, landscape and pool maintenance, not to mention furnishings and design accessories once you move in.
The days of calling up the landlord to fix your problems come to an abrupt halt when you're a homeowner. You'll be responsible for everything from malfunctioning appliances to leaky faucets to broken heating and air conditioning units and everything in between. And if you buy an older home, you'll probably eventually encounter costly repairs, such as replacing the roof or windows.
To determine whether you can afford to buy a home, you should do the following:
1. Determine the property value of homes that interest you. The property value (what the home is worth) is determined by comparing the prices of homes recently sold of similar size in the same neighborhood. Your real estate agent will be able to provide this information to you.
2. Review different mortgage loan types and compare their required down payment amounts to the money you have available. Down payments, based on a percentage of the value of the property and determined by the type of mortgage you select, typically range from three to 20 percent of the property value. Don't forget to factor in private mortgage insurance, a policy that allows mortgage lenders to recover part of their financial losses if a borrower fails to full re-pay a loan. Mortgage insurance makes it possible to buy a home with as little as 3 percent down. Usually, the lower the down payment, the higher the PMI, which typically will cost somewhere between $40 and $125 a month.
3.
Get an estimate of your closing costs, including points (the dollar amount paid to a lender for obtaining a lower interest rate on a loan—one point is one percent of the loan amount), taxes, recording, inspections, prepaid loan interest, title insurance (a policy that insures a home buyer against errors in the title search; cost of the policy is usually a function of the value of the property, and is often borne by the purchaser and/or seller) and financing costs from your mortgage lender or a real estate professional. These will generally add up to between 2 and 7 percent of the property value. You'll receive an estimate of these costs from your lender after you apply for a mortgage.4.
Add the down payment requirements and the closing costs together to determine the amount of money you'll need right off the bat. But you're not done yet.5.
Think about the actual move. Will you hire a moving company or rent a truck? Either way will cost you. The more stuff you have, the more it will cost.6.
Property taxes. Many lenders will require an impound account in which monthly payments for property tax (and often insurance) are paid together with the monthly mortgage payment. You can figure your average annual tax rate will be about 1.5 percent of the purchase price of your home.7.
Next, budget for maintenance and repairs. HouseMaster, a home inspection company with 300 franchises nationwide, said that based on a study that evaluated 2,000 inspection reports, the typical costs of major repairs are:- Roofing: $1,500 to $5,000
- Electrical systems: $20 to $1,500
- Plumbing systems: $300 to $5,000
- Central cooling: $800 to $2,500
- Central heating: $1,500 to $3,000
- Insulation: $800 to $1,500
- Structural systems: $3,000 to $1,500
- Water seepage: $600 to $5,000
Once you crunch the numbers and find you come up a bit short, investigate ways to reduce or creatively fund your down payment—it can come from a variety of sources. Check with your realtor or lender to find out what's available.
You'll also need to factor in the cost of homeowners insurance. In addition to the type of construction, age of the home, your credit history and past insurance history, new issues like litigating costly toxic mold cases are raising homeowners insurance rates.
In fact, the National Association of Insurance Commissioners reports that homeowners will spent an average of $822 on homeowners insurance in 2007, the last year data was available.
In your final analysis of whether you can afford to buy a home, you'll want to weigh the costs with the financial benefits—a consistent mortgage payment (unlike rent, which can increase), the tax benefits (you can deduct, in most cases, mortgage interest, closing costs, and property taxes), and the all-important appreciation factor—the rate of increase in a home's value.
And of course, you'll want to weigh perhaps the biggest benefit of all—having a place to call your own.
Wednesday, 22 February 2012
Five Key Areas to Pay Attention to When Buying a Home
Looking for a new home can be exciting and frustrating. You can help alleviate the frustration by paying close attention to five key areas of the homes you're considering buying; it may save you money in the long run.
Don Walker is an inspector and owner of Ace Home Inspections. He says there are five areas in homes that he frequently reports problems with. They are electrical, foundation, plumbing, the attic, and landscaping.
Electrical
Walker says sometimes homeowners assume with newer homes that all will work just fine but that's often not the case. "I [inspected] a brand new house -- four years old but the electrical was all done incorrectly," says Walker.
Having a complete home inspection will help to rule out any problems and point out any areas of concern. However, even as you're browsing homes, buyers can start to make note of the key areas that Walker mentioned, such as the foundation.
Foundation
Walker says a four-year-old home he inspected recently was already showing trouble signs which could result in a costly repair project. "It was a model home. What [the homeowners] did was plant trees for shade to make it look really nice, but they planted the wrong trees and they're going to crack the foundation and it's going to cut the property value down by $50,000," says Walker.
Walker says in the case of that home, the trees were causing micro-fractures in the tile in various locations of the home. "As you walk through the house, 21 feet in and 30 feet deep, there's just too much root invasion and it's going to ruin their tile," explains Walker.
He says some tell-tale signs with this home were the minor cracks in the foundation that were causing a lifting and separation of the foundation. Also, the windows were not opening and closing properly, "which means the foundation is moving."
However, just because you see cracks doesn't mean there is a foundation problem. "Most people don't understand that there are natural cracks in a house. That's why when we do an inspection report we have to look at it and say 'Okay, this is a typical crack and this one is an untypical crack,'" says Walker. He says some cracks may lead to other problems while others won't.
Plumbing
Walker says another big area of concern is the plumbing. It's an area that you can't always spot as easily but it can create expensive repairs if plumbing issues go either undetected or are not properly fixed. "Mold forms underneath sinks when people have a leak and they fix the pipe but they don't take care of the mold," says Walker.
He says things like caulking the sink can help prevent mold. "That's my number one thing I always find -- bad sinks," says Walker.
He says that when you look at the sink, look behind it and most of the time you will discover a little crack. "What happens is, when you wash dishes or you wash your hands in the bathroom or the kitchen, the water gets in that crack and seeps down. Once the water gets behind the cabinet it's in a perfect position to create mold," says Walker. The dampness, humidity, and lack of light can turn that area beneath the sink into a mold-breeding ground.
Attic
"You can tell everything about the house by the attic," says Walker. He says other areas of the home can be covered up if a repair had occurred. For instance, if there was a leak and it damaged a wall, with the right contractors and repairs it can be made to look like new and, hopefully, function like new. But Walker says the attic is sort of the eyes to the soul of the home. "In the attic you can tell where all the damage has been," says Walker.
"You can tell everything about the house by the attic," says Walker. He says other areas of the home can be covered up if a repair had occurred. For instance, if there was a leak and it damaged a wall, with the right contractors and repairs it can be made to look like new and, hopefully, function like new. But Walker says the attic is sort of the eyes to the soul of the home. "In the attic you can tell where all the damage has been," says Walker.
"If you're in a 20-year-old house and you see that the insulation is brand new, you know that there was a water leak because it had to be replaced," says Walker. He adds, "You can tell if the roof is good because you can look right at the wood."
Landscaping
"There should not be moisture or plants next to your house," says Walker. He says there should be a 12 inch barrier between the landscape and the house. Walker says otherwise you run the risk of having the foundation crack and affect the home. What happens is, as the landscape that is too close to the home is watered, the foundation and soil expand. Then, when no watering occurs, the foundation dries up and shrinks and this can cause it to crack.
"There should not be moisture or plants next to your house," says Walker. He says there should be a 12 inch barrier between the landscape and the house. Walker says otherwise you run the risk of having the foundation crack and affect the home. What happens is, as the landscape that is too close to the home is watered, the foundation and soil expand. Then, when no watering occurs, the foundation dries up and shrinks and this can cause it to crack.
Remember, knowledge is power, so learning about the home before you close the deal on it will keep you from making a mistake that may cost you extra out-of-pocket money later.
Monday, 20 February 2012
Affordability Options For First-Time Buyers
First-time home buyers who want affordable homes may want to take a hard look at fixer-uppers, smaller homes and cheaper commutes to work to save on the costs of buying and owning a home.
Real estate brokers say many home buyers expect more than they can afford in a home and once they start pounding the pavement for housing their disconnect could be discouraging.
In an online survey of 150 of its brokers, Coldwell Banker discovered some disturbing trends among first-time home buyers.
While nearly half of the Coldwell Banker brokers surveyed said affordability was the No. 1 concern for first time buyers, 81 percent of those buyers also consider move-in conditions to be very important when searching for homes. Only 7 percent are considering fixer-upper homes.
The real estate company suggests more buyers should examine the fixer-upper option -- among others -- to get the affordability they seek.
"In the past, first-time home buyers were willing to purchase older, more basic houses in an effort to save money and break into homeownership," said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate, LLC.
"It is important for first-time homebuyers to remember that by considering a fixer-upper for their first home purchase, they can build equity over time and later move up and into their second-stage home that better reflects their expectations," he added.
Buyers looking for affordability who go with the fixer-upper option should get the home professionally inspected to determine what fixing up is necessary, and certainly not bite off more than they can chew. Even homes that need a basic face lift -- paint, carpeting, landscaping, window treatments and other cosmetic touches -- can come with big savings. Homes that may require professional upgrades cost even less, but the buyer has to weigh the discounted price against the cost of the improvement.
Coldwell's study also found some disconnect between affordability desires and what buyers want in home size and its location.
The vast majority of first-time buyers, 71 percent, were looking for larger homes than they were 10 years ago, brokers reported, but bigger isn't better when it comes to price. A smaller single-family home or a condo or townhome can be cheaper by virtue of the smaller footprint and square footage. The smaller cost on a smaller home also could come with affordability
Forty-one percent of brokers also said, for their buyers, proximity to their workplace was numero uno when it came to considerations made when looking for a home. Higher gasoline prices have made the job center location factor even more crucial, however, in most metros, a home's proximity to employment centers comes with an added cost. Homes nearer job centers cost more because of the added value of reduced transportation costs and time (which is money) spent commuting.
However, buyers can enjoy the best of both worlds if they purchase a cheaper home away from job centers, but in a transit oriented development (TOD) or other distant community that offers low-cost public transit to work. Carpooling, trip sharing and car sharing communities boost the idea of affordable housing.
Coldwell Banker also said 46 percent of the survey respondents reported that first-time home buyers look at five to 10 homes, on average, before making a purchase.
The message is simple here. Spend more time looking at more homes for sale. Instead of five to 10, make it 10 to 20. Take the time to find affordability. Discounts were more likely available from homes that had been on the market for 90 days or more; homes for sale that were owned by long-time owners; homes for sale from flipping investors down on their luck; and properties owned by we-want-to-sell-real-estate banks who now know what it means to be careful what you wish for.
While nearly half of the Coldwell Banker brokers surveyed said affordability was the No. 1 concern for first time buyers, 81 percent of those buyers also consider move-in conditions to be very important when searching for homes. Only 7 percent are considering fixer-upper homes.
However, buyers can enjoy the best of both worlds if they purchase a cheaper home away from job centers, but in a transit oriented development (TOD) or other distant community that offers low-cost public transit to work. Carpooling, trip sharing and car sharing communities boost the idea of affordable housing.
Coldwell Banker also said 46 percent of the survey respondents reported that first-time home buyers look at five to 10 homes, on average, before making a purchase.
The message is simple here. Spend more time looking at more homes for sale. Instead of five to 10, make it 10 to 20. Take the time to find affordability. Discounts were more likely available from homes that had been on the market for 90 days or more; homes for sale that were owned by long-time owners; homes for sale from flipping investors down on their luck; and properties owned by we-want-to-sell-real-estate banks who now know what it means to be careful what you wish for.
The real estate company suggests more buyers should examine the fixer-upper option -- among others -- to get the affordability they seek.
"In the past, first-time home buyers were willing to purchase older, more basic houses in an effort to save money and break into homeownership," said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate, LLC.
"It is important for first-time homebuyers to remember that by considering a fixer-upper for their first home purchase, they can build equity over time and later move up and into their second-stage home that better reflects their expectations," he added.
Buyers looking for affordability who go with the fixer-upper option should get the home professionally inspected to determine what fixing up is necessary, and certainly not bite off more than they can chew. Even homes that need a basic face lift -- paint, carpeting, landscaping, window treatments and other cosmetic touches -- can come with big savings. Homes that may require professional upgrades cost even less, but the buyer has to weigh the discounted price against the cost of the improvement.
Coldwell's study also found some disconnect between affordability desires and what buyers want in home size and its location.
The vast majority of first-time buyers, 71 percent, were looking for larger homes than they were 10 years ago, brokers reported, but bigger isn't better when it comes to price. A smaller single-family home or a condo or townhome can be cheaper by virtue of the smaller footprint and square footage. The smaller cost on a smaller home also could come with affordability
Forty-one percent of brokers also said, for their buyers, proximity to their workplace was numero uno when it came to considerations made when looking for a home. Higher gasoline prices have made the job center location factor even more crucial, however, in most metros, a home's proximity to employment centers comes with an added cost. Homes nearer job centers cost more because of the added value of reduced transportation costs and time (which is money) spent commuting.
Thursday, 16 February 2012
Buying Real Estate Programs
There are countless Real Estate Programs that claim to teach you how to flip properties with little to no money and no credit. They advertise that you don't need any money in the transactions and that you need no prior experience or education. To make matters worse, the market is flooded with hundreds of 'wanna-be real estate mentors', so-called real estate coaches and 'house flipping gurus' popping up everywhere. Are all these so called experts right or are they just trying to sell you something?Well, I didn't start this business with putting down large down payments. I had great credit but because I wasn't begging the banks for loans, I didn't need credit. I started this business learning how to control property instead of buying property. So nobody can tell me that you can't get started without money, credit, or experience.There are numerous ways to build wealth in real estate and the market is flooded with various strategies, techniques and systems. People tend to get so overwhelmed with this that they become completely confused with what to do and where to start. You end up buying the next big real estate program, attend free webinars, join real estate clubs and visit free 90 minute seminars. You eventually either become believing that the experts real estate program will fix all of your problems or you become skeptical that it could work for you. You become so immersed with so much information that you become very confused. What's the solution?I have one simple answer:You must learn the 5 fundamental real estate strategies of wholesaling, retailing, lease-options, straight options and seller financing before you can build any wealth in real estate. But I never have a student try to become an expert at all 5 real estate methods starting off. I recommend that you focus on one or two strategies and become really good at that. So before you invest into a real estate program, make sure that you start off with one of the 5 real estate methods mentioned above. As you build more experience by closing deals, start learning another strategy, ultimately learning all 5 real estate methods that will ensure a long term career.
Monday, 13 February 2012
The Basics of Mortgage Lending
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Tuesday, 7 February 2012
Want the Best Seats in the House?
Your days are filled with hard work and never-ending responsibility. Wouldn't it be nice to take a few hours off and have a little fun by attending that "must see" game or concert? Whether you're bringing family, friends, or even business associates, you want nothing more than a memorable occasion. So securing the right seats is essential. After all, who enjoys being perched in the rafters, watching the event unfold via Jumbotron?
If you want to have a great live-venue experience, you need to be seated close to the action. Close enough to potentially shake the hand of your favorite recording artist. Close enough to have a player toss you the ball he just caught. So close, the comedian actually makes a joke about you!
That said, trying to purchase tickets can be a traumatic experience. Chances are you, or someone you know, has stood in line for hours only to walk away with lackluster results.
With the advent of the Internet, a whole new twist has been added. How many times have you sat at your computer at 9:58 on a Saturday morning, credit card in hand and trigger finger ready? Just as you click the "order tickets now" button, your seats pop up and to your chagrin, you landed the 24th row in section 451. What the heck happened? Technology has made it possible for 20,000 seats to sell out in a matter of seconds. Now, you may as well buy the live record, along with a t-shirt from Tower Records, and tell everyone you were there.
Thankfully, there is a solution to this problem. There are two very good Internet sources to choose from today which will greatly improve your chances at acquiring desirable tickets. One is the ever-present eBay®, and the other is ticket brokers.
If it's the "up close and personal" experience you're looking for, there is no better source than a ticket broker. There are many online brokers to choose from and finding them is as simple as conducting a Google search. Although ticket brokers have great seats, they are not always cheap. However, if you're taking a client, you can't really put a price on the good will it will generate. You may also be able to deduct the cost as a business expense, although you will need to verify this with your accountant.
One great online broker is www.agreatplacetosit.com. With offices in South Florida and Kansas City, they are a great place to get tickets for events held all over the country. Like other ticket brokers, A Great Place to Sit has a vast network of resources working hard to get the best seats for nearly every event.
Company Manager, Rick Schefter, has been making people's dreams come true for over 25 years. "I see our business as a service business. We don't just sell a ticket, we sell an experience. Our goal is to use our knowledge and skills to help you get what you want," says Schefter.
Whether you want seats to a sporting event like the NBA playoff games, a concert, or anytheatrical event, A Great Place to Sit has got your ticket. Schefter likes to point out that for anyone considering using a ticket broker, you need to ask the broker if they are licensed and bonded. Any reputable ticket broker always takes these steps to insure the customer and safeguard the process.
If you're not up-to-date on the current entertainment news, some of the must see concerts this summer include Tim McGraw and Faith Hill, Kenny Chesney, Pearl Jam, Jimmy Buffett, Madonna, The Black Eyed Peas, and Dave Matthews.
Now that we've discussed ticket brokers, let's take a look at the other Internet resource worth noting, eBay. You should begin by going to the Tickets and Experiences section within eBay. Then simply type in your event, the location, and the number of tickets needed, and you'll be looking at a menu of ticket options in no time. You'll find that some tickets are sold through the traditional auction process while others will be available as "Buy It Now" purchases. The Buy It Now option avoids the auction process and prevents you from losing out to another bidder at the last minute.
When buying tickets from eBay, there are a couple of preventative measures you can take to avoid falling victim to fraud. One is to purchase insurance from PayPal, the company which typically handles the financial portion of the transaction. In addition, you should also perform your own due diligence. Review the feedback the seller has received from other eBay users. If it's positive, with a high number of buyers leaving good comments, you can be pretty confident that the transaction will go well. It's always a good idea to purchase tickets early though, so that you'll have time to make alternative arrangements in case something goes wrong.
Whichever route you go, treat yourself to a special show. You deserve it!
Thursday, 2 February 2012
Home Loans & Interest Rates
As we begin the month of May, it seems like a good time to examine rates for home loans and where they're headed for the remainder of the year. Interest rates have recently risen to levels not seen since 2002. At the end of April, Freddie Mac stated that a 30-Year Fixed Rate mortgage had reached an average of 6.58%. According to Bill Dallas, Chairman and CEO of Ownit Mortgage in Agoura Hills, CA, interest rates should continue to "climb to 7.00% by year end" for the same 30-Year Fixed Rate program. Before we discuss the future further, let's take a look at the factors that have brought us to where we are today.
Everyone knows that real estate has been THE hot market in the U.S. economy over the past several years. Led by a seemingly endless fall in mortgage interest rates, housing sales rose to an unprecedented record of over 7 million units in 2005. As dramatic as these numbers seem, they were dwarfed by the total dollar volume of mortgages originated in 2003. In that year, over $3.7 trillion of mortgages were originated by banks, mortgage companies, and mortgage brokers. This number started to fall in 2004; and in 2006, the total mortgage volume is expected to land below $2.4 trillion.
What led to 2003's incredible increase in volume was more than just low interest rates. There was also a dizzying array of new mortgage products which allowed more people to become homeowners than ever before. These products continue to be used today and include interest only mortgages; monthly payment options; and increased terms, including a loan that gives the borrower 50 years to repay the note. Some options even allow borrowers to make mortgage payments that do not repay the entire interest due on the loan, resulting in what is known as negative amortization.
When these new mortgage options came out, they also enabled existing homeowners to refinance for lower mortgage payments, consolidate existing debt, and pull cash out for other uses. These uses include home improvements as well as investments outside the home. Refinance volume was so strong that in the years 2001-2003, the refinance volume surpassed the entire mortgage volume for the year 2000.
Any increase in available mortgage products stands to benefit someone. Whether it's the first-time homebuyer struggling to come up with enough money to cover the down payment and closing costs, the move-up buyer trying to get just a little more house, or the investor, all benefit if a new product makes financing the home possible.
Expanded mortgage options do not come without a cost though. When products are rushed to market, they don't always perform as well as expected. Some homeowners are now finding themselves in the position of being unable to meet their mortgage payment. Foreclosures are on the rise across the country, and many investors and mortgage companies are finding it difficult to sell mortgages on the secondary market.
As this occurs, some products that were widely available just last year are being pulled back. Other products are experiencing a dramatic increase in interest rates. This is most evident in the sub-prime market where homebuyers and homeowners often go when they have less than perfect credit. Bill Dallas expects that the sub-prime market will not fare well, making it more difficult for homebuyers with imperfect credit to qualify for loans.
However, there is also a bright light on the horizon. According to Dallas, there will be a "greater diversity in ARM (Adjustable Rate Mortgage) products" in the coming years. Most homebuyers have figured out that they probably won't live in their home for 30 years and don't necessarily need the security that fixed rates offer. ARM production has increased in recent years to nearly one third of all mortgages originated.
In many respects, taking a Fixed Rate Mortgage is similar to purchasing insurance. Fixed Rates typically come at a rate premium as compared to ARMs; and if the mortgage will only be in effect for less than seven years, an ARM often makes more sense economically for the homeowner.
As home values have increased, so has the volume of Home Equity Loans and Home Equity Lines of Credit (HELOCs). However, each time the Federal Reserve increases interest rates, the rates on these loans have increased as well. Most economists predict that The Fed will increase rates for a 16th straight time on May 10th. If this occurs, the Prime Interest Rate will be at 8.00%. HELOCs typically have rates that float along with Prime. With the Fed rate bump on May 10th, many will find that their new rate will be near or even exceed 10.00%! If you have a large balance on a HELOC, now is a great time to seek advice from your mortgage professional regarding whether you should look into consolidating it into a new loan or restructuring it.
Just as you review your finances and taxes each year, it is also wise to revisit your mortgage(s) and current monthly obligations. Your Mortgage Professional will be able to offer you an evaluation regarding the options available to you. Regardless of whether there are money-saving alternatives available or you're fine with what you have, it makes sense to make the call.
Wednesday, 1 February 2012
Predicting Your Home's Appreciation
When it comes to your finances, predictability would be the equivalent of a dream come true. Knowing the amount of money you'd earn, spend, and save over any given amount of time would be useful to say the least. Think about how that information would positively influence your financial decisions and, in turn, bring you complete peace of mind. The good news is this type of predictability is possible, especially when you're talking about the earning potential of a home's equity.
Over the last ten years, the world of real estate has been an exciting one. The corresponding booms have been unprecedented in terms of low interest rates, the number of homes purchased, and overall appreciation in home values. The current sticker price on homes in major cities may be a shock to the system, but you may be even more surprised to learn how well some of the smaller markets have fared.
We've seen a few scenarios develop as a result of the overall growth in the real estate market. One is that homeowners in larger cities are purchasing smaller market homes not only as investments but for future retirement living. Another is longtime homeowners with major equity are cashing out of their home in the city and exchanging the shorter drive to work for a bigger house. And a third trend worth noting is that first-time homeowners are carefully seeking out purchase areas based on specific features as well as affordability. If there is one thing all of these people have in common, it's a greater need to know that they are making the right decision.
Fortunately for all of us, accompanying the booms has been a lot of research as to why, when, and where they take place. This research has shown several societal trends which have had a positive impact on the appreciation of homes in certain areas. If for any reason you, a family member, or someone you know is considering relocating to another city or state, purchasing investment property, or simply buying outside of their comfort zone, here are some things to consider when making such a decision.
Jobs
A city's ability to create as well as keep jobs has a major influence on the appreciation in price of its surrounding homes. The Milken Institute does a yearly study on this subject and recently came out with its ranking of best performing cities for 2005. One state which did remarkably well was Florida, boasting 9 cities in the top 25. Of those 9, Orlando, Ocala, Tampa, Sarasota and Daytona all cracked the top 10 in cities which saw the greatest appreciation in the price of homes. For a complete list of best "job cities", visit the
Milken Institute's website.
A city's ability to create as well as keep jobs has a major influence on the appreciation in price of its surrounding homes. The Milken Institute does a yearly study on this subject and recently came out with its ranking of best performing cities for 2005. One state which did remarkably well was Florida, boasting 9 cities in the top 25. Of those 9, Orlando, Ocala, Tampa, Sarasota and Daytona all cracked the top 10 in cities which saw the greatest appreciation in the price of homes. For a complete list of best "job cities", visit the
Milken Institute's website.
Tourism
This factor comes into play when a city experiences newfound tourism or a resurgence in tourism. Two good examples of this would be the boom in Nevada, mainly around Las Vegas and Reno, and the boom in Honolulu. Las Vegas has cooled down somewhat from its staggering 2004 increase of 52%; but home prices in Hawaii's capitol are up 26.5% from last year, with a median price of $620,000.
This factor comes into play when a city experiences newfound tourism or a resurgence in tourism. Two good examples of this would be the boom in Nevada, mainly around Las Vegas and Reno, and the boom in Honolulu. Las Vegas has cooled down somewhat from its staggering 2004 increase of 52%; but home prices in Hawaii's capitol are up 26.5% from last year, with a median price of $620,000.
Retirement
An influx of retirees has a huge impact on the appreciation of homes within a city. In the last few years, a state which has experienced this significantly is Arizona. Both Phoenix and Tucson made last year's top 10 in home appreciation with the former occupying the number one spot. The areas of Phoenix-Mesa-Scottsdale saw a whopping increase of 48.9% in the value of their homes with a median price of $268,000. This means it wasn't only a good investment, it was also affordable.
An influx of retirees has a huge impact on the appreciation of homes within a city. In the last few years, a state which has experienced this significantly is Arizona. Both Phoenix and Tucson made last year's top 10 in home appreciation with the former occupying the number one spot. The areas of Phoenix-Mesa-Scottsdale saw a whopping increase of 48.9% in the value of their homes with a median price of $268,000. This means it wasn't only a good investment, it was also affordable.
Population Increase
It's a pretty simple concept, when the demand for houses grows so do their prices. Southern California residents know this scenario very well. The population of SoCal grows on a yearly basis and in return, the populations of surrounding cities also grow. Two such areas in the midst of both a population and home appreciation increase are Riverside-San Bernardino-Ontario (also known as the Inland Empire) and Los Angeles-Long Beach-Santa Ana. In the case of the Inland Empire, some experts claim that over the next 15 years its population will grow at a rate higher than that of most states.
It's a pretty simple concept, when the demand for houses grows so do their prices. Southern California residents know this scenario very well. The population of SoCal grows on a yearly basis and in return, the populations of surrounding cities also grow. Two such areas in the midst of both a population and home appreciation increase are Riverside-San Bernardino-Ontario (also known as the Inland Empire) and Los Angeles-Long Beach-Santa Ana. In the case of the Inland Empire, some experts claim that over the next 15 years its population will grow at a rate higher than that of most states.
The Rolling Boom
Whenever a major city begins to experience a boom, there's a reasonable chance that the surrounding areas will follow suit. Eventually, potential home buyers get priced out of the most desirable neighborhoods and end up looking at more moderately priced homes in neighboring cities. It's important to know that the rolling boom never happens right away. It takes a while for people to realize the disparity in prices before they start acting on it. This "rolling boom" trend is currently taking place in South Florida.
Whenever a major city begins to experience a boom, there's a reasonable chance that the surrounding areas will follow suit. Eventually, potential home buyers get priced out of the most desirable neighborhoods and end up looking at more moderately priced homes in neighboring cities. It's important to know that the rolling boom never happens right away. It takes a while for people to realize the disparity in prices before they start acting on it. This "rolling boom" trend is currently taking place in South Florida.
West Palm Beach, a city experiencing a big boom, has reached a median home price of over $390,000. North of West Palm Beach is Port St. Lucie, a city with a median home price of $254,000. Port St. Lucie actually ranks slightly higher than WPB on the job growth chart but is just now starting to boom. It's safe to say that Port St. Lucie is experiencing positive fallout from its booming big city neighbor to the south.
Schools and Demographics
Other factors which exert an influence on home appreciation include schools and general demographics. It probably doesn't require much explanation, but good school districts equal rising home prices. People not only like the idea of sending their children to better schools, they are willing to pay for it.
Other factors which exert an influence on home appreciation include schools and general demographics. It probably doesn't require much explanation, but good school districts equal rising home prices. People not only like the idea of sending their children to better schools, they are willing to pay for it.
With demographics, it's a numbers game. Baby Boomers, this nation's largest generation, bought a lot of homes in the 1980s. They've now hit their peak earning years and are either trading up or purchasing vacation homes and investment properties in other locations. The children of the Baby Boomers are now preparing to make their mark, especially in the area of starter homes. Don't be surprised if prices of homes start rising in cities with a large Generation Y demographic.
While predicting a home's appreciation is never a sure thing, the aforementioned trends may be used as strong indicators. When buying a home in a new city, it's important to do your research, both on the Internet and through your real estate agent and mortgage professional. By examining these trends as they pertain to the cities you're considering, you'll be better able to make the right decision. The bottom line is that all of these trends are indicative of other, very positive characteristics. If you don't end up buying in an area that eventually booms, at least you'll wind up in a great city.
Tuesday, 31 January 2012
Selling Your Home?
One effect of the real estate boom, especially in recent years, is that more homeowners have attempted to sell their homes without the help of a real estate agent. For some, the process worked out. The home sold quickly, and the money which normally would have gone toward an agent's commission was pocketed by the seller. For many sellers, however, it didn't go so well. Either the sale took longer than anticipated, or the final selling price was significantly lower than the initial asking price. In some cases, sellers encountered both difficulties.
Paying commission on the money made from selling your home may not seem appealing but just ask the homeowners who had negative experiences doing it themselves. They will most likely tell you that agent commissions are worth every penny.
Examining the Numbers
At the height of the market, and in some regions still today, homeowners will receive multiple offers within the first 24 hours of listing their home. Other markets are a completely different story. There's greater supply, slightly less demand, and it takes a lot more effort to sell a home. Overall, most homeowners use a real estate professional to help sell their home; and they do so for some very good reasons.
At the height of the market, and in some regions still today, homeowners will receive multiple offers within the first 24 hours of listing their home. Other markets are a completely different story. There's greater supply, slightly less demand, and it takes a lot more effort to sell a home. Overall, most homeowners use a real estate professional to help sell their home; and they do so for some very good reasons.
For starters, let's examine a very important statistic. Nationally, on average, homes represented by
real estate agents
sell for 16% more than homes which are sold by their owners. If the agent's commission is between 5-6% of the sale, the average seller still makes 10% more than they would on their own.If you're thinking of selling your home and find yourself on the white picket fence about whether to hire an agent, here are a few more things you should consider.
Setting the Sales Price
A real estate agent will be able to help you set a sales price. Qualified agents are experienced with selling homes in your area and understand what pricing strategies work best. Some areas require a "Goldilocks" pricing strategy. This is one where the price is not too high, so it attracts attention; and it's not too low, in order to allow room for negotiation. In other areas, the pricing strategy may be to offer a low price and allow potential buyers to bid it up. A good real estate agent's experience in this area could prove to be very valuable.
A real estate agent will be able to help you set a sales price. Qualified agents are experienced with selling homes in your area and understand what pricing strategies work best. Some areas require a "Goldilocks" pricing strategy. This is one where the price is not too high, so it attracts attention; and it's not too low, in order to allow room for negotiation. In other areas, the pricing strategy may be to offer a low price and allow potential buyers to bid it up. A good real estate agent's experience in this area could prove to be very valuable.
Staging
In order to sell your house quickly and for the most money, its appearance needs to be in order. After living in your home for several years, surrounded by your cherished possessions, it's hard to be objective about which ones are "too much" or may take away from its appearance. Having an experienced agent with a critical eye look through your house and make suggestions regarding repairs, furniture layout, and decorating can add thousands of dollars to the sale price.
In order to sell your house quickly and for the most money, its appearance needs to be in order. After living in your home for several years, surrounded by your cherished possessions, it's hard to be objective about which ones are "too much" or may take away from its appearance. Having an experienced agent with a critical eye look through your house and make suggestions regarding repairs, furniture layout, and decorating can add thousands of dollars to the sale price.
To learn more about staging and obtain a quick estimate of what it will cost to get your home in selling condition, visit
www.remodelormove.com
. This website contains a free calculator as well as several other great money-saving tips.Marketing
A good real estate agent has experience with and access to several valuable marketing tools. These include the Multiple Listing Service (MLS), print advertisements in newspapers and magazines, Internet listings, and a network of other real estate agents. You have access to most of these marketing tools as well; but it's the agent who has the expertise regarding how and when to use them, as well as the resources to quickly put them into effect.
A good real estate agent has experience with and access to several valuable marketing tools. These include the Multiple Listing Service (MLS), print advertisements in newspapers and magazines, Internet listings, and a network of other real estate agents. You have access to most of these marketing tools as well; but it's the agent who has the expertise regarding how and when to use them, as well as the resources to quickly put them into effect.
Negotiating
In order to maximize the sale price and profit from your home, it's important to act more like an impartial negotiator than a proud homeowner. An experienced real estate agent does just that by serving as a buffer between you and the buyer or the buyer's agent. A successful real estate agent also has negotiating skills. Most homeowners do not. These skills could result in a higher sale price for your home.
In order to maximize the sale price and profit from your home, it's important to act more like an impartial negotiator than a proud homeowner. An experienced real estate agent does just that by serving as a buffer between you and the buyer or the buyer's agent. A successful real estate agent also has negotiating skills. Most homeowners do not. These skills could result in a higher sale price for your home.
Closing
Once you've accepted an offer, the work of selling your home does not end. There are inspections to manage, financing to arrange, paperwork to complete, and numerous deadlines to meet. Often, the inspections will result in questions and new requests from the buyers. A good negotiator can manage the requests and minimize the cost to the seller, ensuring the closing of the sale of your home.
Once you've accepted an offer, the work of selling your home does not end. There are inspections to manage, financing to arrange, paperwork to complete, and numerous deadlines to meet. Often, the inspections will result in questions and new requests from the buyers. A good negotiator can manage the requests and minimize the cost to the seller, ensuring the closing of the sale of your home.
Contractual deadlines dictate when everything has to be completed. This includes acceptance of the contract, mortgage approval of the buyer, inspection periods, and title commitments just to name a few. If any of these important deadlines are not met, you may be out of contract and not close.
How to Select a Real Estate Agent
Now that we've established why a real estate agent is a valuable ally, let's examine how to go about choosing one that's right for you. When considering agents, you will want to inquire about their training, professional certification, and experience. You'll also want to be sure that the agent is knowledgeable about your specific region.
Now that we've established why a real estate agent is a valuable ally, let's examine how to go about choosing one that's right for you. When considering agents, you will want to inquire about their training, professional certification, and experience. You'll also want to be sure that the agent is knowledgeable about your specific region.
One of the best ways to find a good agent is to ask someone you trust for a referral. Your mortgage professional is a perfect place to begin because they have extensive experience with the agents in your area. They will be able to put you in touch with an agent who will do a great job for you.
Selling a home is an important undertaking. By placing your trust in qualified professionals, not only will you maximize profits, you'll also have a wonderful experience.
Untitled
Selling Your Home?
Don't Do It Alone
By Dan Fritschen
Don't Do It Alone
By Dan Fritschen
One effect of the real estate boom, especially in recent years, is that more homeowners have attempted to sell their homes without the help of a real estate agent. For some, the process worked out. The home sold quickly, and the money which normally would have gone toward an agent's commission was pocketed by the seller. For many sellers, however, it didn't go so well. Either the sale took longer than anticipated, or the final selling price was significantly lower than the initial asking price. In some cases, sellers encountered both difficulties.
Paying commission on the money made from selling your home may not seem appealing but just ask the homeowners who had negative experiences doing it themselves. They will most likely tell you that agent commissions are worth every penny.
Examining the Numbers
At the height of the market, and in some regions still today, homeowners will receive multiple offers within the first 24 hours of listing their home. Other markets are a completely different story. There's greater supply, slightly less demand, and it takes a lot more effort to sell a home. Overall, most homeowners use a real estate professional to help sell their home; and they do so for some very good reasons.
At the height of the market, and in some regions still today, homeowners will receive multiple offers within the first 24 hours of listing their home. Other markets are a completely different story. There's greater supply, slightly less demand, and it takes a lot more effort to sell a home. Overall, most homeowners use a real estate professional to help sell their home; and they do so for some very good reasons.
For starters, let's examine a very important statistic. Nationally, on average, homes represented by real estate agents sell for 16% more than homes which are sold by their owners. If the agent's commission is between 5-6% of the sale, the average seller still makes 10% more than they would on their own.
If you're thinking of selling your home and find yourself on the white picket fence about whether to hire an agent, here are a few more things you should consider.
Setting the Sales Price
A real estate agent will be able to help you set a sales price. Qualified agents are experienced with selling homes in your area and understand what pricing strategies work best. Some areas require a "Goldilocks" pricing strategy. This is one where the price is not too high, so it attracts attention; and it's not too low, in order to allow room for negotiation. In other areas, the pricing strategy may be to offer a low price and allow potential buyers to bid it up. A good real estate agent's experience in this area could prove to be very valuable.
A real estate agent will be able to help you set a sales price. Qualified agents are experienced with selling homes in your area and understand what pricing strategies work best. Some areas require a "Goldilocks" pricing strategy. This is one where the price is not too high, so it attracts attention; and it's not too low, in order to allow room for negotiation. In other areas, the pricing strategy may be to offer a low price and allow potential buyers to bid it up. A good real estate agent's experience in this area could prove to be very valuable.
Staging
In order to sell your house quickly and for the most money, its appearance needs to be in order. After living in your home for several years, surrounded by your cherished possessions, it's hard to be objective about which ones are "too much" or may take away from its appearance. Having an experienced agent with a critical eye look through your house and make suggestions regarding repairs, furniture layout, and decorating can add thousands of dollars to the sale price.
In order to sell your house quickly and for the most money, its appearance needs to be in order. After living in your home for several years, surrounded by your cherished possessions, it's hard to be objective about which ones are "too much" or may take away from its appearance. Having an experienced agent with a critical eye look through your house and make suggestions regarding repairs, furniture layout, and decorating can add thousands of dollars to the sale price.
To learn more about staging and obtain a quick estimate of what it will cost to get your home in selling condition, visit www.remodelormove.com. This website contains a free calculator as well as several other great money-saving tips.
Marketing
A good real estate agent has experience with and access to several valuable marketing tools. These include the Multiple Listing Service (MLS), print advertisements in newspapers and magazines, Internet listings, and a network of other real estate agents. You have access to most of these marketing tools as well; but it's the agent who has the expertise regarding how and when to use them, as well as the resources to quickly put them into effect.
A good real estate agent has experience with and access to several valuable marketing tools. These include the Multiple Listing Service (MLS), print advertisements in newspapers and magazines, Internet listings, and a network of other real estate agents. You have access to most of these marketing tools as well; but it's the agent who has the expertise regarding how and when to use them, as well as the resources to quickly put them into effect.
Negotiating
In order to maximize the sale price and profit from your home, it's important to act more like an impartial negotiator than a proud homeowner. An experienced real estate agent does just that by serving as a buffer between you and the buyer or the buyer's agent. A successful real estate agent also has negotiating skills. Most homeowners do not. These skills could result in a higher sale price for your home.
In order to maximize the sale price and profit from your home, it's important to act more like an impartial negotiator than a proud homeowner. An experienced real estate agent does just that by serving as a buffer between you and the buyer or the buyer's agent. A successful real estate agent also has negotiating skills. Most homeowners do not. These skills could result in a higher sale price for your home.
Closing
Once you've accepted an offer, the work of selling your home does not end. There are inspections to manage, financing to arrange, paperwork to complete, and numerous deadlines to meet. Often, the inspections will result in questions and new requests from the buyers. A good negotiator can manage the requests and minimize the cost to the seller, ensuring the closing of the sale of your home.
Once you've accepted an offer, the work of selling your home does not end. There are inspections to manage, financing to arrange, paperwork to complete, and numerous deadlines to meet. Often, the inspections will result in questions and new requests from the buyers. A good negotiator can manage the requests and minimize the cost to the seller, ensuring the closing of the sale of your home.
Contractual deadlines dictate when everything has to be completed. This includes acceptance of the contract, mortgage approval of the buyer, inspection periods, and title commitments just to name a few. If any of these important deadlines are not met, you may be out of contract and not close.
How to Select a Real Estate Agent
Now that we've established why a real estate agent is a valuable ally, let's examine how to go about choosing one that's right for you. When considering agents, you will want to inquire about their training, professional certification, and experience. You'll also want to be sure that the agent is knowledgeable about your specific region.
Now that we've established why a real estate agent is a valuable ally, let's examine how to go about choosing one that's right for you. When considering agents, you will want to inquire about their training, professional certification, and experience. You'll also want to be sure that the agent is knowledgeable about your specific region.
One of the best ways to find a good agent is to ask someone you trust for a referral. Your mortgage professional is a perfect place to begin because they have extensive experience with the agents in your area. They will be able to put you in touch with an agent who will do a great job for you.
Selling a home is an important undertaking. By placing your trust in qualified professionals, not only will you maximize profits, you'll also have a wonderful experience.
Thursday, 5 January 2012
The Mortgage Man
Marc J. Meade is just the kind of person who have seen the market to go from boom to bust. Marc has been Mortgage banker since 2005 and has his eyes set on next boom. He has positioned himself in this market to continue to create solid referral partners by consistently delivering on promises in a timely fashion.
Marc J. Meade will not waste your time and will position you close to your home if the deal is doable and you will definitely get a very quick “Yes” on the other hand if your deal is not doable then he will be quick to say you “No” so that you may focus your time, energy and money on other phases of life.
Looking to buy home or to sell, check out creative home deals here:
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