Real Estate Tips

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25 07, 2014

The 7 Most Unaffordable Cities for Real Estate in the USA (And 3 Affordable Gems!)

The 7 Most Unaffordable Cities for Real Estate in the USA (And 3 Affordable Gems!)As prices continue to rise across the board with everything from food to gas, it’s no wonder that real estate prices are high in many cities across the USA. While this is the case for a large number of cities, there are also certain areas in which prices are decidedly low. Here’s a small look at the most affordable and unaffordable cities within America.

The Seven Most Unaffordable Cities

Oakland, CA – Though Los Angeles and San Francisco are 2 California cities that may first come to mind, Oakland is also highly expensive when it comes to real estate, with a median home value of nearly $450,000, which is over 100 percent more than the national average.

Los Angeles, CA – Los Angeles is another city in California that is particularly unaffordable. With a median household income of just under $50,000, the exceedingly high median home value of nearly $470,000 is largely galling in its expensiveness.

Boston, MA – The Boston real estate market becomes more unaffordable with each passing year. The median home value within the city is set at well over $350,000. This, combined with the relatively high cost of living, can make for a bleak outlook.

New York City, NY – As one of, if not the most, unaffordable cities in America, NYC is also the most populous city in the country. While the borough of Manhattan is the most expensive for real estate prices, Brooklyn and Queens aren’t much better, while the median home value of the entire city is just over $500,000.

Washington, D.C. – Though the median household income within the city of Washington D.C. is higher than the national average, the median home value sits at a substantial $443,000, with a cost of living over 40 percent above the national average.

San Francisco, CA – Living in San Francisco is extremely unaffordable, though mitigated a bit by higher household incomes. The median home value is likely the highest in the nation, at just over $750,000.

Honolulu, HI – As the capital city of Hawaii, Honolulu is much higher than the national average in everything from utilities to transportation, with the median home value sitting at $547,000.

Three Affordable Alternatives

Cleveland, OH – Though there are a surprising amount of affordable cities in Ohio, Cleveland has a median home value of just over $75,000, well below the state average of $129,000.

Knoxville, TN – Knoxville is a city in Tennessee that combines a generally low median home value of $140,000 with a median household income of just over $60,000, which is much higher than the national average.

Syracuse, NY – If you want to live in New York, but can’t afford the high real estate prices of NYC, the city of Syracuse has a low median home value of just under $80,000.

16 07, 2014

How Much is Your Home Worth in Today’s Market? Three Key Tips for Assessing Value

How Much is Your Home Worth in Today's Market? Three Key Tips for Assessing ValueIf you’re thinking about putting the house on the market, or are simply curious about its value in the current economic atmosphere, it’s essential to get an honest assessment of its value. An overly inflated figure won’t hold up and will only turn potential buyers away.

It’s best to get a fair assessment in order to ask a reasonable price or avoid over-extending oneself when it comes to taking out a home equity loan. Consider these three key tips to get a true assessment of a home’s value.

Identify Positive Features About The Home And Property

When seeking an appraisal for a home, it’s important to look at the big picture. While the neighborhood and specific location are important, as well as the size and condition of the home, it’s also essential to tally up any improvements or upgrades. Any recent renovations are a plus that are sure to give a boost to a home’s value. Outbuildings and swimming pools add more positives that will increase the initial value of a home. The most important thing any homeowner can do is to stay on top of repairs and give the property a facelift periodically to keep things fresh. This will be taken into consideration during an appraisal.

Pay Attention To The Competition

Whether homeowners try to estimate their home’s value on their own or bring in the professionals, it’s important to pay attention to the surrounding real estate. Take a close look at other properties in the area and their price tags when they come up for sale. It’s especially helpful to look at properties that compare in size and condition. From that point, the most expensive and least expensive homes should be tallied as well, providing a price range for the concerned individual’s home.

Think About Present Circumstances

Be sure to consider if the area is in a recession or showing a period of strong economic growth. If a home is located in an area that is booming, this will inflate the value of the home. It is all part of the law of supply and demand. When buyers are coming in droves, home sales will be ripe for the picking and homeowners can ask a higher price. However, if the population is dwindling and people are migrating elsewhere because job opportunities have fallen, there is a much greater chance that the home’s value will decrease. For those who want to sell, the best bet is to strike when the iron is hot and put the house on the market during a period of economic strength. If the economy is failing, it may be necessary to wait or cut ones’ losses.

Act Now To Learn More

There is no better time than the present to contact a name you can trust in real estate. Discover all the ins and outs of assessing your home’s value, discuss your options, and find out ways to boost your property’s potential as you seek a reliable assessment.

3 07, 2014

Buying or Selling, Here Are Three Traits You’ll Want in Your Real Estate Agent

Buying or Selling, Here Are Three Traits You'll Want in Your Real Estate AgentFor both buyers and sellers, choosing the right real estate agent is an important and difficult decision, but making the right selection is critical. Consider the following essential characteristics for a real estate agent before signing a contract:

Experience

An agent must understand the real estate market as well as the practices and processes of buying and selling. While a new agent may have energy and desire, experienced agents will be able to offer insights and experiences which are likely to give their clients the edge in their deal. Experience also indicates negotiating skill.

Of course an agent must be licensed, but they must also be knowledgeable about the specific neighborhoods and types of property their clients are interested in buying or selling. Commercial properties are much different than residential properties, for example, so find an agent with the experience you need.

Creativity

Since a variety of problems can happen at any point in a real estate deal, a real estate agent should be able to solve problems creatively. An agent who helps their clients think through problems, offers reasonable alternatives or finds a way to overcome obstacles is invaluable to both buyers and sellers.

Marketing is essential in the real estate world, so an agent who knows how to creatively use technology to entice buyers or to locate homes is a benefit. Buyers usually start their search online, so an appealing, user-friendly and updated website is essential. For sellers, videos are often the best way to display the best features of a home. These are today’s real estate tools, so an agent who knows how to use them has a better chance of making an effective deal for their clients.

Honesty

Home sellers need someone who will be realistic with them about the value of their home, no matter what other homes in the neighborhood are selling for or what the sellers think their home is worth. Home buyers need an agent who will tell them, for example, that consistently under-bidding in order to get more home for their money is not a viable strategy. These conversations are difficult, but an honest agent will have them in order to achieve a successful result.

Another aspect of honesty is maintaining consistent communication in whatever form suits their clients. Even if there is nothing new to discuss, a quick update to say that nothing is happening is essential to maintaining trust. Silence is a sign of denial or worse, so an agent who communicates regularly is being honest with their clients.

Finally, an agent should be honest enough to put their client’s interest ahead of their own, showing the client every house that fits the criteria and not just those that will get the agent the biggest commission. An effective seller’s agent will give their clients the feedback they receive from potential buyers, even if the news is discouraging. Keeping problem areas from a seller may keep the relationship friendly, but it does not put the seller’s interest above the agent’s.

27 06, 2014

A Guide to Selecting a Home and Property That Will Suit Your Growing Family

A Guide to Selecting a Home and Property That Will Suit Your Growing FamilyBoth seasoned homeowners and first-time buyers know making the decision to purchase a new home is not one that is taken lightly. There are so many things to consider, from choosing a home with growth potential to finding a community to support a family’s interests and lifestyle.

While the decisions may seem endless, don’t be discouraged. Develop a strategic approach to buying a home with our definitive guide to selecting a home and property that will suit a growing family’s needs. Use this guide, along with advice from a trusted real estate professional in your area, to get started on the path to home ownership.

Look For Neighborhoods With Growth Potential

Choosing the right location is one of the most grappled with decisions when it comes to buying a home. While some home-buyers aspire to “keep up with the Joneses,” purchasing a home in the “trendy” neighborhood of the moment, savvy home-buyers know the best bargains can be found in “up-and-coming” locales.

Skip the higher property values and congestion and search for a home in an unincorporated area with growth potential. This might require driving a few extra blocks for that morning Starbucks coffee, but this will easily be overlooked once the community grows (and your home value with it).

Unfinished Basements Are Your Friend

Sure, most home-buyers cringe when they enter the sometimes scary, always dark and lonely, unfinished basement. But the savvy home-buyer knows unfinished basements are their friend.

A basic renovation can take the space from ghastly to awesome. Unfinished basements provide a number of options for growing families and are a great way to add bathrooms, bedrooms and common areas for kids and teens.

Choose A Home With Income Potential

While the average buyer is interested in a single-family home, don’t discount homes with basement apartments or mother-in-law suites. These types of home configurations can lead to significant income potential and can help to offset the cost of a monthly mortgage payment.

Income potential doesn’t just include garage apartments and mother-in-law suites; it encompasses open space as well. Build a duplex or a guesthouse on extra land for a significant return on investment. Or, take advantage of special land grants to grow crops or house bees on unused acreage.

Think Long-Term When Choosing Schools

When choosing schools, think macro not micro. Remember to evaluate school districts at all levels: elementary, middle and high schools. Don’t choose a community based on the elementary school, if the middle and high schools are not as impressive.

A young child might be an elementary school student upon purchasing the home, but will matriculate through the school district during the course of a 30-year mortgage. Be sure to select a home in a community with a school district that can support youngsters at every level.

For more information about finding a home for a growing family, contact a real estate agent in your area.

13 06, 2014

DIY Or Hire It Done, Renovating Real Estate Investment Properties

DIY Or Hire It Done Renovating Real Estate Investment PropertiesSometimes, when buying – or even thinking about buying real estate for investment purposes, you’re faced with the need to fix up the property. 

The question then arises: Should I fix it up myself or hire it done? Unfortunately, no one can give you the right answer. However, there are a few questions that you can ask yourself to help decide the issue:

1. Do I Have The Time?

Time is an issue that many people forget about, but it should be one of the deciding factors. Some renovations, such as handles, hinges or kitchen hardware can take very little time to do. Others, like retiling a bathroom, can take hours, or even days to accomplish. 

If you don’t have the time to do these things personally, you’ve already answered the question.

2. Do I Have The Money?

Obviously, money is as important a factor as time. Often, if you don’t have the time, you do have the money to hire someone. However, if you have neither the money nor the time, you may need to reassess whether you can really afford the real estate you’re thinking of buying. 

You may want to continue looking to find something that needs fewer repairs or that you can get at a lower price.

3. Do I Have The Know-How?

Granted, there is a lot of do-it-yourself information out on the Internet. However, if you don’t have the necessary knowledge to understand what they’re saying, you’ll either have to research more, or hire someone. 

Being knowledgeable on what you’re doing may not be so important when, say, you’re painting the living room, but it’s incredibly important if you need to rewire a room or want to knock down a wall.

The main key when deciding on what property to buy, what renovations need to be made and whether to do it yourself is simple: Be realistic. Be honest with yourself.

Can you really do this? Can you really afford it? Remember, if the answer is “no,” it could just mean “not right now.”

Don’t be afraid to wait until you have everything in place before picking your investment properties. If you’re careful with your time and money management, you may find yourself able to buy that dream real estate investment property.

11 06, 2014

4 Tips To Lower Homeowners Insurance For Your Home

4 Tips To Lower Homeowners Insurance For Your HomeWith the prices for everything skyrocketing these days, every penny counts. This includes your homeowner’s insurance costs. If you’re thinking of buying a home and need homeowner’s insurance, here are a few tips on getting quality insurance for a fair price:

Tip #1: Shop Around

Ask family and friends about their homeowner’s insurance. Check the Yellow Pages, the National Association of Insurance Commissioners (NAIC) and the state insurance department. 

Other places to shop for insurance include consumer guides, insurance agents and online insurance quote services. Don’t just look for lower prices, however. You need a fair price for the services you need.

Tip #2: Raise Your Deductible

The deductible is how much you have to pay before the insurance company starts to pay a claim on your home. The higher the deductible, the lower the premiums. If you live in a disaster-prone area, your policy may have a separate deductible for specific types of damages. 

Make sure, when reading the policy, you carefully go over damage-specific information.

Tip #3: Use The Same Insurer

Some companies will take five to fifteen percent off your premium if you buy more than one policy from them. If the insurer offers homeowner’s, auto and liability coverage, you stand a chance of having a lower premium than if they only offer one or the other. 

The key is to make sure that the combined price is lower than if you bought them separately.

Tip #4: Improve Home Security

By installing a sophisticated fire sprinkler system and a fire/burglar alarm that rings the monitoring stations, some companies will cut your premium as much as fifteen or twenty percent. 

For a smoke detector, burglar alarm or deadbolt locks, you can usually get at least a five percent discount. Check with your insurer to make sure that the system you’re installing will lower your premiums, though; the systems aren’t cheap and not all of them qualify for a discount.

Read everything carefully before you sign, to make sure the policy covers your insurance needs without adding on hidden fees. Even a little money saved can go a long way toward making it easier to live within your budget. 

Ready to buy a home? Let me help you find the perfect home and get it at the best terms and price. Call or email your trusted real estate professional.

22 05, 2014

Three Mobile Apps That Make Home Automation Tasks Quick And Easy

Three IPhone Apps That Make Home Automation Tasks Quick and EasyThese days, efficiency and productivity are the keys to life, which is why it’s no surprise that home automation is a bigger topic than ever before.

As more and more people become tech savvy and get used to working with handheld devices, home automation becomes a natural fit for your smartphone or other handheld device.

After all, it’s a true pleasure to be able to control nearly everything in your home from just one device! You have so many things to do each and every day that it would be too much of a hassle to do everything separately and to control everything independently.

Home automation solves that problem for you. Here are the three iPhone apps that will make home automation tasks much quicker and easier.

The Haiku Home Automation App For HAI

Sure, this app will cost you $50, but it’s well worth it in order to have everything controlled at the tips of your fingers. You can use this app from anywhere on the planet or simply while you’re plopped down on the couch… your choice entirely!

It incorporates HAI’s solid home automation controls with an amazing user interface experience to deliver convenience and efficiency to users. So far the app has received excellent ratings from users. Out of 112 ratings, it’s averaged a 4.5 out of 5 score on iTunes.

Try The Revolv Smart Home Automation Solution

This iOS app from Revolv Inc. allows you to unify and centrally control a slew of various, connected home devices. Examples include locks, smart lights, outlets, sensors, thermostats and even wireless music systems, just to name a few possibilities. The app taps into the iOS system to empower you to seamlessly and effortlessly complete a bunch of automated tasks.

This app lets you create several automated directives from geo-location, time and on-demand triggers and sensors. Such convenience and control is both practical and highly rewarding.

Finally: The Loxone App

The Loxone app allows you to control your residence from your iPhone, iPad or iPod Touch. The possibilities are endless because, with this app, you can regulate everything from your home’s blinds and heating to the music that’s playing in any given room. All you have to do is make a few taps on your iPhone’s screen, and you’re done!

This makes the Loxone app one of the most ideal and efficient home automation apps out there. It’s definitely a good idea to install this app on your iPhone today. You won’t regret it, and running the devices inside of your own home will be something you’ll look forward to, rather than something you dread.

Thanks to these home automation apps, you’re in good shape to feel in control of all of the devices in your home. Whether it’s the blinds, the heating or an entertainment device like your stereo, these apps have you covered so that you can proceed efficiently and productively.

Don’t forget to call your trusted mortgage professional today for more information on home automation and everything you need to make your home comfortable.

22 04, 2014

Invest In Real Estate Like A Pro With These Quick Tips

Invest In Real Estate Like A Pro With These Quick TipsReal estate investments are still going strong and will probably continue to be a popular method of financial gain into the future.

Real estate is solid. It is a tangible product that is attractive to both beginning investors and experienced pros. The most important part of getting started in real estate investing is knowing what you’re getting into and what to watch out for.

Here are 4 top tips from real estate investment professionals:

Understand The Realities

Real estate investment, like any form of investment, is risky. Do not use money you cannot afford to lose. Careful study, understanding the market, and practice help alleviate a lot of the risks but things happen in the best of situations so don’t play with what you can’t afford to lose.

Research Is A Constant

Research in real estate investment isn’t something you do once. Research is constant. It is a daily part of your efforts and should always be at the forefront of your mind. From changing banking methods to market changes, researching and learning must be ongoing to be a successful real estate investor.

Know The Property

Research isn’t limited to financing and the real estate market. You need to thoroughly investigate each property before you buy. Fill out an investment worksheet to see if all the costs associated with the purchase will allow a satisfying profit.

Learn About Personal Protection

Taking risks with the money you have set aside for investment is one thing. Taking risks with your family’s savings, property, and other assets is another. Consider starting an LLC. You can choose from a single LLC to cover all of your real estate holdings, or having a separate LLC for each property purchased.

18 04, 2013

5 Great Questions To Ask At An Open House For Real Estate

5 Great Questions To Ask At An Open House For Real EstateAn open house gives you a great opportunity to look more closely at real estate you might be interested in buying.

It also affords you the chance to chat with the owner or real estate agent so you can bring up any issues or hesitations you have with the home.

Knowing what to ask can be difficult, so below are examples of questions to ask at the next open house you attend.

Why has the seller decided to sell now?

If you ask why the seller is moving, you could learn valuable information to help determine your offer — or possibly whether or not you want to buy the home.

Knowing whether the owners are about to go into foreclosure, have experienced trouble in the neighborhood, or if they’ve retired and completely paid off the home can help you understand how urgently they need to sell their property.

Has the seller had any other offers?

Don’t forget that you are not only negotiating with the seller for a price, you are also competing with other potential buyers.

It really helps to know what you are up against.

It is important to understand that you might not get a 100% straight answer to this question as most sellers know that competition – or perceived competition – can cause a potential buyer to move forward more quickly and at a higher price.

If you’re comfortable in this discussion, you might want to try and see if you can find out the details of any other offers.

Does the property have special ownership costs?

Ask the agent or owner about the other costs associated with owning the property, such as Home Owners Association fees within a condo complex or a gated community.

It’s important to know about these extra expenses in advance so you can make an informed offer.

You may also want to ask about any pending litigation concerning the property.  Litigation is not always a deal killer, but it’s better to know the details before you sign closing documents.

What furniture and appliances are being sold with the house?

Most of the time, a seller will include their major appliances such as the refrigerator, stove and dishwasher with the home, but this isn’t always the case.

If you don’t already have these items, it’s important to know whether they are included in the purchase price.

Is there anything else that you want to leave with the home?

This is an important question to ask.  Especially if there are specific things in the home that you have a strong interest in.  

Perhaps there is custom art work or a pool table that fits perfectly in the game room.  

The seller may be eager to part with those items and include them in the sale of the home or sell them at a large discount.

The open house is a great opportunity to learn more about a home before making the decision to buy it, so be sure you ask the right questions.

9 04, 2013

Should You Fix And Flip Or Buy And Hold Your Investment Real Estate?

Strategies For Investing In Real EstateWhen you make an investment in  real estate, it’s important to consider your options for turning a profit even before you write an offer.

It might be best to rent out the property to cover your mortgage and build equity providing the home cash-flows with solid rents and demand.

Or, you could fix up the home and flip it so that you can sell it quickly for a larger amount than you invested.

Both strategies may be appealing options, so here are some important factors to consider before making your decision.

Flipping May Lead To Short Term Profits

Flipping a house can be tricky, so you will want to have enough experience to know what you are doing, or work with an experienced advisor who can guide you around the most common pitfalls.

If you are thinking about fixing and flipping a house, you will need to have enough capital to invest in the property so you can make the required improvements and repairs.

Many people find themselves short of working capital after closing on the new purchase.

It is important to factor in carrying costs, or monthly mortgage payments while fixing the home, into your overall budget.

Do your research so you’ll know what renovations will have the most impact on the value of your real estate.

You will also need to know if the market in the area will support your new price point.

Make sure your flip property is in a very buyer-friendly community for your best chances of a positive return.

Renting Is The Buy And Hold Strategy For Investment Real Estate

Flipping a house gives you quick cash, but renting it out instead may give you monthly cash flow and a potentially larger long-term profit if the property appreciates over time.

If you don’t mind being a landlord and you have the time to screen for reliable renters, then renting out the property might be a better option for you.  

This option also means that you will have the home later on in case you want to live in it.

Of course, don’t forget to factor in additional upkeep costs, such as repairs, utilities and property taxes.

Seek Professional Counsel

Investment real estate has consistently been considered a solid way to get your money working for you.

Whether you rent out or flip your investment property will depend on whether you are interested in a long-term investment or a short-term project.

A great next step while you are planning your investment real estate purchase would be seeking the advice of a qualified, licensed real estate professional.

5 04, 2013

Don’t Get Fooled By Tricky Terms When Purchasing Real Estate

Understanding Real Estate TermsWhen looking to buy or sell real estate, confusing terminology can leave you feeling somewhat uneasy.

From a multitude of numbers to marketing jargon, property listings can provide you with an overwhelming amount of information — and it’s hard to know what’s important.

So, brush up on the terms below and don’t get fooled this April.

Sale-to-List Ratio

This is an important number to pay attention to when choosing a real estate professional to sell your home.

The percentage is calculated by what a home was initially listed for, divided by the actual sale price.

The closer an agent’s percentage is to 100, the better.

If it’s low, that could be an indication that they routinely list homes too high, or you may be in a slow market which would favor the home buyer.

On the other hand, if it’s high, it could show that your agent markets their listings well and your market might favor home sellers.

Median Days on Market

The median days on market is the midpoint of how many days it took for homes in that area to sell.

If it’s 30 days, then half of the homes sold quicker and half took longer than 30 days.

If you compare the real estate you’re considering to its area’s median days on market and you find that it’s been on longer, the sellers might be willing to take a lower offer.

Distressed Property

Properties are listed as distressed when the owners have defaulted on their mortgage loans or are about to.

As a buyer, you might be able to get a good deal on a short sale or a foreclosure, as banks many times list them below market value to try and recoup some of their loss and clear the property from their books.

An Active Versus Pending Status

If you find your dream home and then notice that it has a pending status, brace yourself for disappointment.

An active status on a home means the owners are accepting offers, while a pending status indicates that they’ve already accepted an offer.

If you know it’s the one for you, you can still place a bid in case the first offer falls through.

While there are many new concepts and terms you will learn when purchasing your new home, the benefits of home ownership far outweigh any fear that you may have.

If you’re looking to purchase a new home soon, please contact a licensed real estate professional who can cut through the jargon and find the home of your dreams.

3 04, 2013

5 Top Tips For Purchasing Your New Home

5 Tips For Purchasing Your New HomeIt’s a great time to buy a new home because there are quite a few homes for sale and interest rates have continued to stay comparatively low.

Whether it’s your first time purchasing real estate or you’re a seasoned professional, here are a few tips to make shopping for a new house more pleasurable.

1. Get Help

Searching through all of the available properties on the market can be mind-boggling.

Find a professional real estate agent to help guide you through the homes for sale and select one that meets your family and financial needs.

2. Start Looking Now

Finding the perfect house can take longer than you might think, especially if you’re looking in a competitive market.

If you’re looking at getting a good deal on a foreclosure or short sale, then these transactions can take even longer because you’re likely waiting on the bank to make the final call on your purchase transaction.

Try to be patient. The more thorough you are in your search, the happier you’ll be in the long term.

3. Dont Settle For The First Place You See

Searching for a house can be extremely emotional.

If you think you’ve found the one, then take a step back, consult your real estate agent and go over your housing checklist one last time before writing an offer.

4. Weigh The Pros And Cons

Almost any property will need a few improvements; even newly constructed houses usually need improvements like landscaping.

Sellers are more savvy now about how to make cosmetic changes to catch a buyer’s eye, so look carefully.

There will still be things you want to change, so weigh the difference between the cost of those repairs and the sales price of the home.

If you really want a house even though it’s going to take a lot of work, make your offer accordingly.

5. Make Sure Your Financing Is In Order

Having financing done in advance makes the process of buying homes for sale much easier because you’ll know how much you can afford.

Your loan officer can also help you determine what your monthly payments will be based on how much money you borrow. 

A great first step is to consult with a licensed mortgage financing specialist to go over the available programs and terms available in the area.

 

29 03, 2013

3 Common First Time Home Buyer Mistakes Can Cost Thousands

First Time Home Buyer TipsBuying real estate for the first time is a very exciting step in life.

It is likely to be one of the biggest financial commitments that you make, so it’s very important to navigate the purchasing process wisely.

Many first-time home buyers make rookie mistakes that bring on negative consequences and a lot of frustration.

Outlined below are common errors home buyers make, so you can learn from their missteps and avoid them yourself.

1. Buying More Than What You Can Truly Afford

Just because the bank says that you qualify a certain amount for a mortgage doesn’t mean that you have to choose a house at the very top of this price range.

Many people get carried away and buy the most expensive house that they qualify for.

If something unexpected happens, they may find it difficult to keep up with their monthly mortgage payments later on.

Remember that you will also have student loan payments, vehicle costs, credit card bills, health insurance, groceries, retirement savings and other expenses, so make sure that your mortgage payments will comfortably fit within your budget.

2. Failing To Get A Home Inspection

Before buying a house, you should always have a professional inspection done. Not doing so is a big mistake.

You don’t want to get stuck with hidden damage that could saddle you with the expense of ongoing repairs.

Hiring a professional to assess the home’s condition is absolutely essential before making your final decision.

3. Disregarding Your Future

When you are buying real estate, don’t just think about how the home will work for you in the immediate future.

Also consider what your needs will be five, ten or even 20 years from now.

Find out the development plans for the neighborhood.

Look for reputable schools if you intend to start a family.

And consider whether the street’s home values are likely to increase or decline in the future.

Your Next Steps

Don’t let the home-buying process overwhelm you!

Learn from these common first-time home buyers’ mistakes, so you can avoid them.

A great next step toward planning for your first home purchase is to consult with a trusted, licensed mortgage professional who is trained in providing the best advice on how a new home will affect your budget.

28 03, 2013

7 Quick And Inexpensive Ways You Can Improve Your Home’s Curb Appeal

Improve Your Curb Appeal For Better Sales Results

Have you ever heard the saying, “You never get a second chance for a first impression?”

If you have a home for sale, it is important to appreciate the significance a first impression has on your potential buyer.

When buyers drive up to your property and take their first look at your home, they will instantly be forming ideas about your house and how it might fit for their family.

When you are trying to entice a buyer to make an offer on your house, you must consider the curb appeal – how your house looks from the outside, or while standing on the curb – of your home for sale.

In fact, some surveys show that curb appeal can affect a buyer’s decision even more than price or square footage.

Below are seven simple and inexpensive things you can do to improve your home’s curb appeal.

  1. Plant a few shrubs or decorative flowers in the front yard to bring color to your lawn.
  2. Is your front door looking a little worse for wear? Give it a fresh coat of paint or replace it with a new one.
  3. Keep your grass well watered so it appears green and lush.
  4. Remove anything your pet leaves lying around, such as bones, chew toys or droppings.
  5. Take a look at your gutters. If they look damaged or are hanging loose from the roof, be sure to have them repaired before showing the house.
  6. Clean up your flowerbeds by removing weeds and trimming overgrown plants.
  7. Add a bench, a garden ornament or a couple of beautiful pots to make your front yard more attractive. 

These are just a few ways you can improve the curb appeal of your home for sale and make a great first impression on buyers.

A good next step for preparing your home for sale is inviting a trusted, licensed real estate professional to your home for a preview.

An agent’s experience in the real estate market can help you plan your strategy to get top-dollar for your home and help you improve the curb appeal at the same time.

15 03, 2013

5 Quick Tips To Get A Better Price On Your Home Purchase

Negotiating Tips For Your Home PurchaseWhen you are looking to buy a home, it is important to keep in mind that no real estate price is set in stone.

There is always room for negotiation, and with the right techniques you may end up saving thousands of dollars on your dream house.

However, it can be tricky to get the right reaction when you are negotiating.

Here are a few tips that will help you to haggle your way to the best deal.

Find Out The Seller’s Motivation

If they really need to move and sell the property, it will be easier to convince them to negotiate on price or other deal points.

For example, they might be relocating for a job or the house might be close to foreclosure, which would give them the motivation to sell quickly at the price you offer.

Investigate How Long The Property Has Been On The Market

If the seller has been trying to sell the home for several months or longer, they will be much more receptive to competitive offers than a seller who just put their house up for sale last week.

Research Comparable Properties

Find out the price of recently sold properties in the same area that are comparable to your prospect.

This will give you an idea of how much you should bid on the house.

Knowledge is power in any type of negotiation, so arm yourself with as much information as possible.

Keep Your Cool

Even if you are absolutely head-over-heels in love with a property, refrain from showing your excitement to the seller.

You could lose any advantage you might have in negotiation if you let the seller and their agent know how much you really want the property.

Don’t Offend

Be careful not to bid too low. Sometimes sellers are offended by low ball offers and will refuse to work with you afterward.

Even when you are just attempting to get the home for a great price, the seller may become offended, which will leave you disappointed and empty-handed.

These are just a few tips to keep in mind for getting a great deal on your dream house.

If you’d like more help negotiating the price of a home, please contact a licensed real estate professional for more information.

14 03, 2013

4 Critical Tips When Purchasing Foreclosure Real Estate

Buying A Home In ForeclosureBuying a foreclosed property can be different than buying other types of real estate.

In many cases you will be able to get a fantastic deal on a home, but you will need to go through quite a bit of work and negotiation.

Here are four tips to help you navigate the foreclosure buying process:

Find the right real estate agent

The first thing to keep in mind is that your real estate broker will deal directly with the bank that owns the foreclosed property.

The bank has the final say in whether they’ll accept your bid – so you want an agent who has developed a good relationship with them.

Know that cheap doesn’t mean good value

Sometimes the tiny price tag on a foreclosed property can be very tempting, but make sure you are asking questions about the value and the potential expenses of the house.

Will it require extensive repairs?

Will you be able to find a tenant?

Does the property have potential for appreciation over time?

Perform a house inspection

If the previous owners were foreclosed on because they couldn’t make their mortgage payments, it’s possible they didn’t have enough money to give the home the proper maintenance it needed.

Make sure you have the property inspected by a professional to spot any problems.

Take extra care if the house has been empty for a while, as there could be problems with plumbing, insects or mold.

Look for intentional damage

Keep in mind that many owners were forced out of their property by the bank, so they might have removed as many appliances, light fixtures and other items as they could which usually means the house is stripped bare.

The previous owners might have been angry and felt justified in damaging the property.

Make sure to do a thorough inspection to find out what appliances you’ll need to buy and messes you’ll need to clean up.

If you are considering buying a home in foreclosure, you could possibly get a great deal on a house with a lot of potential.

Make sure you follow these tips and contact your licensed and trusted real estate professional for more information about buying a foreclosed property.

12 03, 2013

3 Top Tips To Selecting The Right Home For Your Family

New Home With FamilyWhether you are moving to a new house with children or you are buying your first home with the intention of raising future little ones there, many factors will come into play when making your decision.

You will want to find a house with the right size and layout, that has a suitable number of bedrooms and bathrooms, is in an excellent neighborhood and has all of the local amenities your family will need.

Here are three important factors to consider during your new home search:

Location

Take a look at the area where the property is located.

Is it close to a school that your kids can attend when they are old enough?

Is there a playground where they can play with their friends?

Are you near any convenient shopping areas or stores for picking up groceries?

Location is one of the most important factors to consider when choosing a place to raise your family.

Neighbors

Take a look at the demographics of the neighborhood.  You may want to spend some time walking the neighborhood and learning about the surrounding area.  

Taking evening walks in the neighborhood might allow you the opportunity to meet other people who are living there and learn what they think is important about the area.

If it has mostly young families around the same age as you, your children will likely have plenty of neighbors to play with as they grow up.

Affordability

You may think that spending as much as you can possibly afford on an expensive home is the best thing for your kids, but you might be wrong.

In fact, you could end up stressed out from working too hard to make your mortgage payments and feel like you never get enough time to spend with your family.

Another option would be to buy a more modest house that you can reasonably afford and have more time with your children.

Choosing the right place to live is difficult. It might take a while to find the right house, but when you do, it will be worth it.

When you do, you will have a wonderful place to fill with love and memories, where your children can grow up in peace and happiness.

If you’ve been seriously contemplating purchasing your first home, or possibly the next home, the best thing you can do is contact a licensed real estate professional to determine what is available in the market that would fit your needs.