If you plan to buy a home soon, you will need to know "where you are going." For a most enjoyable home-buying experience, first build a roadmap to your new home, a list of priorities that will lead you to your objective - a new home!
The first priority is your time frame. Keep in mind that it may take 30-90 days (or more) to locate the right home, secure financing, and complete the home-buying process.
The next priority is to create a detailed description of the home you hope to find. Developing a Home Search Criteria to help you distinguish between "need to have" features and "nice to have" features will save you lots of time and stress. Be specific. Include architectural style, number of bedrooms and baths, location, lot size, and other special requirements. Number your preferences in order of greatest importance to you.
There is nothing I take more seriously than helping my clients find new homes they love. During the home search, I will:
* Discuss with you the benefits and drawbacks of each home you are shown.
* Keep you informed on a regular basis.
* Check the MLS database and with other Brokers regularly for new listings.
* Prepare a list of all homes that best meet your unique needs and wants.
* Keep you up-to-date on changing financial conditions that may affect the housing market.
* Be available to answer your questions and offer assistance regarding your home purchase.
* Discuss which types of financing are best for you relative to properties that may be of interest.
* Determine what you will qualify for.
* Refer you to qualified Lenders to help you secure a mortgage
Click Here To Search All Lake Tahoe Homes For Sale Through Our Free Lake Tahoe MLS
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, November 30, 2009
Friday, November 27, 2009
How to Save to Buy a Home
It can be one of the hardest things to do -- save money for your first home. But now, more than ever, there's incentive to buy. Government housing tax credits have been extended and that's sparking buyers' interest.
Reports show that U.S. homes sales increased 10 percent in October to the highest level since February 2007. The tax credit, less expensive homes, and lower mortgage rates are being credited. However, while the government is helping to support the purchasing of a home, many Americans still can't afford to buy one.
"Most Americans are spoiled. Most Americans spend a lot of money on discretionary items," says Eric Tyson, co-author of Home Buying for Dummies, 4th Edition. "What it really comes down to is you have to be motivated to look at where are you currently spending money and what discretionary spending can you cut off," says Tyson.
So how do you get in a position to buy a home? For some the process can seem nearly impossible. First-time homebuyers are often fearful they'll never be able to accumulate a down payment now that stricter guidelines are being enforced for taking out home loans.
Tyson says to look over your finances and see where things can be cut back a little. For instance, maybe you have a gym membership that you really use only a few times a month; does that justify having it? Another big area to find savings, especially for single people, is the dining out category. "Some people spend an enormous amount of money eating out," says Tyson. Tyson says if you really want to save, take a look at the car you're driving. "I argued 15 years ago that you should only pay cash for a car and that you should not take out an auto loan or a lease. My first publisher argued that's not realistic. … Well, if you're trying to save for your retirement or trying to save for a house and you go out and buy a $30,000 car by taking out an auto loan, that's insane—you can't afford it," says Tyson. Still, he says most Americans continue to take out auto loans, "and they do it because they can't afford the car and that's just crazy. What you're doing is borrowing against future income to be able to drive a car that's more expensive than what you can really afford."
"A severe recession as we've been through recently is a wake-up call and it forces people to realize that they can't continue to spend this way," says Tyson.
Tyson says he sees people who spend an enormous amount of money on things like sporting events and while he understands their passion, if they're trying to save for a home, something must go. "I'm not saying to cut it all out but how about cutting half of it out. It comes down to trade-offs." Another trade-off might be to watch some of the events on TV rather than go to them. This brings us to the point of seeking savings in your utility bills by bundling cable, Internet, phone or maybe even cutting down to the bare essentials of channels. "Shop anew for services and see if you can combine them under one company and get discounts for doing so," says Tyson.
Have you checked your cell phone bill lately? A lot of times those charges add up very quickly. "People are wasting an enormous amount of money [in this area] because of the Web surfing, the downloads, and the text messaging," says Tyson.
The bottom line is saving for a home is a very personal experience—what one person is willing to give up another person may not. If you keep your goal set on purchasing that home then you'll find the effort to get there is not nearly as difficult and you're likely to find that there are more places to cut costs than you realize.
Published in Realty Times
Written By:
Phoebe Chongchua
November 27, 2009
Written By:
Phoebe Chongchua
November 27, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Wednesday, November 25, 2009
Low Interest Rates Spur Refinancing, Buying Interest
If you purchased a home a year ago and have the equity and creditworthiness to swing it, a refinance today could save you hundreds of dollars a month.
Freddie Mac's Primary Mortgage Market Survey for Nov. 12 put the average fixed interest rate for 30-year conforming mortgages at 4.91 percent.
"Keeping rates at historically low levels for a sustained period of time has to remain a cornerstone of Fed policy until the economy gets back on track," said Nancy Osborne, chief operating officer of Erate.com.
That's a monthly savings of $231. Put another way, a year's worth of the savings -- $2,772 -- amounts to almost two mortgage payments on a $300,000 mortgage at today's average rate.
Both home buyers and owners who want to refinance may have some time yet to shop around and dicker for the best interest rate deal.
"I don't suspect rates will begin to rise until we see at least three consecutive months of solid employment growth," Osborne said.
Freddie Mac also said the 15-year FRM averaged 4.36 percent, down from 5.81 percent a year ago.
Adjustable rate mortgages (ARMs)
The five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 4.29 percent this week, down from 5.98 percent a year ago. The one-year Treasury-indexed ARM averaged 4.46 percent, down from 5.33 percent in 2009 at this time.
This article was published in Realty Times
Written by: Broderick Perkins, November 19, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, November 23, 2009
15-Year FRM Drops to Lowest Ever Recorded in Freddie Mac Survey
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.83 percent with an average 0.7 point for the week ending November 19, 2009, down from last week when it averaged 4.91 percent. Last year at this time, the 30-year FRM averaged 6.04 percent.
The 15-year FRM this week averaged 4.32 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent this week, with an average 0.6 point, down from last week when it averaged 4.29 percent. A year ago, the 5-year ARM averaged 5.87 percent.
The one-year Treasury-indexed ARM averaged 4.35 percent this week with an average 0.6 point, down from last week when it averaged 4.46 percent. At this time last year, the 1-year ARM averaged 5.29 percent.
"Interest rate on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21st, while 15-year fixed rates were the lowest since our records began in 1991," said Frank Nothaft, Freddie Mac vice president and chief economist. "Low fixed rates throughout the third quarter prompted an estimated $1.1 trillion in refinancing activity, saving homeowners about $10 billion in aggregate monthly payments over the first 12 months of their new loan. Moreover, for the fourth consecutive quarter, more than 95 percent of prime borrowers who originally had an ARM selected a conventional fixed-rate mortgage in the third quarter of this year."
"Meanwhile, new home building showed some weakness in recent months. Residential construction eased 10.6 percent (annualized) between September and October, largely driven by a 33.3 percent decline in new condominium and apartment buildings and represented the slowest pace since records began in 1959. And homebuilder confidence in November remained a relatively low level, according to the National Association of Home Builders ." November 20, 2009
This article was published in Realty Times, November 20, 2009
Written by: Realty Times Staff
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
The 15-year FRM this week averaged 4.32 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent this week, with an average 0.6 point, down from last week when it averaged 4.29 percent. A year ago, the 5-year ARM averaged 5.87 percent.
The one-year Treasury-indexed ARM averaged 4.35 percent this week with an average 0.6 point, down from last week when it averaged 4.46 percent. At this time last year, the 1-year ARM averaged 5.29 percent.
"Interest rate on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21st, while 15-year fixed rates were the lowest since our records began in 1991," said Frank Nothaft, Freddie Mac vice president and chief economist. "Low fixed rates throughout the third quarter prompted an estimated $1.1 trillion in refinancing activity, saving homeowners about $10 billion in aggregate monthly payments over the first 12 months of their new loan. Moreover, for the fourth consecutive quarter, more than 95 percent of prime borrowers who originally had an ARM selected a conventional fixed-rate mortgage in the third quarter of this year."
"Meanwhile, new home building showed some weakness in recent months. Residential construction eased 10.6 percent (annualized) between September and October, largely driven by a 33.3 percent decline in new condominium and apartment buildings and represented the slowest pace since records began in 1959. And homebuilder confidence in November remained a relatively low level, according to the National Association of Home Builders ." November 20, 2009
This article was published in Realty Times, November 20, 2009
Written by: Realty Times Staff
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, November 20, 2009
Vital Information for First-Time Buyers
The first-time homebuyer Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home. By the way, that tax incentive isn't truly just for first-time buyers -- it's defined as those not having owned a home in the last three years. Research and knowing your options are critical. Check with your tax accountant for more details. It’s increasingly likely that Congress will extend and expand the popular home buyer tax credit, which will expire at the end of this month.
According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed for the credit but many more are expected to file for it on their 2010 returns. However, the National Association of Realtors reports that the first-time homebuyer figure in July was still about 10 percent below the average for the past six years.
There are many aspects to consider when buying your first home. Your price point, location, lifestyle, expert help, mortgage programs, inspections, how quickly you want/need to move, the list goes on. It can seem like an overwhelming process for first-time buyers. In fact, some shy away and continue to rent simply because they don't know who to turn to or where to begin. Today there are more resources than ever available with just the click of a mouse; however, that can create information overload! But if you take a breath and relax, I'll sort through some important factors for home buying. And even if you're a seller, it's good to review this material because it helps to remind you where first-time buyers' mindsets are when they make an offer on your home.
Give yourself more time than you think you need. Due to the housing crisis and credit crunch, the mortgage process can take even longer than it did previously. Searching for a home is averaging about 12 weeks while getting the mortgage process wrapped up can take up to 60 days, according to information released by National Association of REALTORS 2008 Profile of Buyers and Sellers.
Give yourself plenty of time to understand how much home you can afford, what kind of loan is most suitable for your needs, and, of course, plenty of time to select the home that fits your lifestyle. First-time homebuyers often don't have a lot of comparison shopping experience. Frequently they're just getting started. What is acceptable for a rental is likely different from what first-time buyers expect and accept when purchasing their first home. However, first-time buyers must understand that shopping for a home is akin to shopping for a mate... there are always some compromises that are necessary. If you don't allow enough time, you'll find that it will lead to headaches, rushed decisions, and, in the end, you may feel pressured to buy something that you have not had enough time to completely consider—maybe because you have to relocate and start your job.
Never skip an inspection. You simply can't spot everything that could be wrong with the home. While not all sellers do it, some hire an inspector to inspect the home when they list it on the market. However, the burden of the inspection typically falls on the buyer to pay for it. And the information you receive is invaluable. Hiring a certified inspector to give the home a once-over will help you discover problem areas that your agent can then negotiate for repair work or price adjustment. Also, note that the home inspections (yours and the sellers) may differ; examine both, this way you'll learn more about your potential home.
Frank Schulte-Ladbeck, a licensed home inspector says that when you get your home inspection be certain to have everything turned on. In one case, "The water valve to the house was turned to almost off. When you turned it on to regular pressure... the seller had water spurting out of almost all of the faucets because all of the O-rings, the seals, had all dried so much that they were just allowing water to spill right out of them," said Schulte-Ladbeck.
Use experts to help prepare. Having a team of experts who can expedite your search by finding the most suitable properties for you will save you endless hours of looking. Also, the right mortgage expert simplifies the loan process. You'll be guided through the home-buying process instead of becoming overwhelmed by the options, paperwork, and tasks. Using the best specialists can truly make buying your first home a wonderful experience.
Article Published in Realty Times
Written by Phoebe Chongchua
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed for the credit but many more are expected to file for it on their 2010 returns. However, the National Association of Realtors reports that the first-time homebuyer figure in July was still about 10 percent below the average for the past six years.
There are many aspects to consider when buying your first home. Your price point, location, lifestyle, expert help, mortgage programs, inspections, how quickly you want/need to move, the list goes on. It can seem like an overwhelming process for first-time buyers. In fact, some shy away and continue to rent simply because they don't know who to turn to or where to begin. Today there are more resources than ever available with just the click of a mouse; however, that can create information overload! But if you take a breath and relax, I'll sort through some important factors for home buying. And even if you're a seller, it's good to review this material because it helps to remind you where first-time buyers' mindsets are when they make an offer on your home.
Give yourself more time than you think you need. Due to the housing crisis and credit crunch, the mortgage process can take even longer than it did previously. Searching for a home is averaging about 12 weeks while getting the mortgage process wrapped up can take up to 60 days, according to information released by National Association of REALTORS 2008 Profile of Buyers and Sellers.
Give yourself plenty of time to understand how much home you can afford, what kind of loan is most suitable for your needs, and, of course, plenty of time to select the home that fits your lifestyle. First-time homebuyers often don't have a lot of comparison shopping experience. Frequently they're just getting started. What is acceptable for a rental is likely different from what first-time buyers expect and accept when purchasing their first home. However, first-time buyers must understand that shopping for a home is akin to shopping for a mate... there are always some compromises that are necessary. If you don't allow enough time, you'll find that it will lead to headaches, rushed decisions, and, in the end, you may feel pressured to buy something that you have not had enough time to completely consider—maybe because you have to relocate and start your job.
Never skip an inspection. You simply can't spot everything that could be wrong with the home. While not all sellers do it, some hire an inspector to inspect the home when they list it on the market. However, the burden of the inspection typically falls on the buyer to pay for it. And the information you receive is invaluable. Hiring a certified inspector to give the home a once-over will help you discover problem areas that your agent can then negotiate for repair work or price adjustment. Also, note that the home inspections (yours and the sellers) may differ; examine both, this way you'll learn more about your potential home.
Frank Schulte-Ladbeck, a licensed home inspector says that when you get your home inspection be certain to have everything turned on. In one case, "The water valve to the house was turned to almost off. When you turned it on to regular pressure... the seller had water spurting out of almost all of the faucets because all of the O-rings, the seals, had all dried so much that they were just allowing water to spill right out of them," said Schulte-Ladbeck.
Use experts to help prepare. Having a team of experts who can expedite your search by finding the most suitable properties for you will save you endless hours of looking. Also, the right mortgage expert simplifies the loan process. You'll be guided through the home-buying process instead of becoming overwhelmed by the options, paperwork, and tasks. Using the best specialists can truly make buying your first home a wonderful experience.
Article Published in Realty Times
Written by Phoebe Chongchua
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Thursday, November 19, 2009
Thanksgiving Events and Specials - North Shore, Lake Tahoe!
Thanksgiving Story Time and Party
From 4 to 5 p.m. Friday, Nov. 20, at the Incline Village Library, children will be entertained with stories, crafts and treats celebrating Thanksgiving. Recommended for all ages.
Community Turkey Dinner at Jake’s on the Lake
Jake’s will offer a homemade turkey dinner buffet with all the fixings for only $12 per person Tuesday, Nov. 24. Reservations required. To support Project MANA collection barrels will be provided for monetary donations, canned goods, and non-perishable food. For information and reservations call (530) 583-0188.
Thanksgiving at Lone Eagle Grille
From 1 to 8 p.m. Thursday, Nov. 26, Chef Mark May will prepare his traditional Thanksgiving feast at Lone Eagle Grille. Enjoy live music along with a lavish buffet, with dishes such as turkey with orange cranberry relish, sausage chestnut stuffing, sage and maple butter glazed sweet potatoes, beef brisket with huckleberry jam and port wine demi glaze, or maple-glazed pork tenderloin with white cheddar cornbread. Pricing is $65 for adults and $33 for children ages 4-12. Children 4 and under dine free.
Thanksgiving Family Style at Sierra Café
The Sierra Café will offer a family-friendly Thanksgiving buffet from 2 to 8 p.m., Thursday, Nov. 26. The meal will include turkey with all the fixings, slow roasted prime rib of certified Angus beef from the carving station, as well as entrees including shrimp and scallop orzo pasta, maple glazed pork tenderloin with vegetable stew and white cheddar corn bread, and seared. That meal on the table is difficult.
That’s where Project MANA helps. This Saturday, MANA will begin distributing frozen turkeys and all the trimmings for a traditional Thanksgiving meal to local families — from Truckee to Incline Village.
“This year we have 560 people to feed,” said George LeBard, executive director of Project MANA on Tuesday afternoon. “We have about 450 turkeys right now.”
That means LeBard still must come up with more than 100 turkeys before Saturday so that all can enjoy a Thanksgiving meal.
Frozen turkeys, nonperishable food items, cash and checks can still be delivered right to Project MANA at the Donald W. Reynolds Community Non-Profit Center.
Sea bass with black trumpet mushrooms and corn and chive coulis. Cost is $39 for adults, $19.50 for children under 12. Children 4 and under dine free. For information or for reservations contact Hyatt Regency Lake Tahoe Resort, Spa & Casino at (775) 832-1234 or on the web at http://www.laketahoe.hyatt.com/.
Thanksgiving at the Tahoe Biltmore
A Thanksgiving buffet will be available in Café Biltmore from 1 to 8 p.m. for $12.95 for adults and $7.95 for kids 12 years old or younger.
Conrads will also offer turkey on the menu.
Thanksgiving at the Crystal Bay Casino's Bistro
Bistro Elise will be featuring a Thanksgiving Day turkey panini with soft drink and a side order for $8.95.
Thanksgiving at the CBC’s Steak and Lobster House
The Steak & Lobster House at the Crystal Bay Club will serve from its regular menu along with a Thanksgiving Day four-course special of cream of pumpkin soup, baby spinach and pine nut salad with toasted pumpkin seed vinaigrette, roulade of turkey breast with whiskey braised apple sauce and pumpkin pie with chantilly cream. The price for adults is $36, children 12 and under $26 and will be served from 4:30 to 9 p.m.
Thanksgiving Buffet at the Cal-Neva
From 11 a.m. to 7 p.m. the Cal Neva will offer its Thanksgiving buffet. Included will be a carving station, harvest soup, ham with rumraisin glaze, grilled halibut, garnishes and desserts. The buffet is $29.25 per person, $14.25 for children under 12. Reservations are requested at (775) 298-3062.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
From 4 to 5 p.m. Friday, Nov. 20, at the Incline Village Library, children will be entertained with stories, crafts and treats celebrating Thanksgiving. Recommended for all ages.
Community Turkey Dinner at Jake’s on the Lake
Jake’s will offer a homemade turkey dinner buffet with all the fixings for only $12 per person Tuesday, Nov. 24. Reservations required. To support Project MANA collection barrels will be provided for monetary donations, canned goods, and non-perishable food. For information and reservations call (530) 583-0188.
Thanksgiving at Lone Eagle Grille
From 1 to 8 p.m. Thursday, Nov. 26, Chef Mark May will prepare his traditional Thanksgiving feast at Lone Eagle Grille. Enjoy live music along with a lavish buffet, with dishes such as turkey with orange cranberry relish, sausage chestnut stuffing, sage and maple butter glazed sweet potatoes, beef brisket with huckleberry jam and port wine demi glaze, or maple-glazed pork tenderloin with white cheddar cornbread. Pricing is $65 for adults and $33 for children ages 4-12. Children 4 and under dine free.
Thanksgiving Family Style at Sierra Café
The Sierra Café will offer a family-friendly Thanksgiving buffet from 2 to 8 p.m., Thursday, Nov. 26. The meal will include turkey with all the fixings, slow roasted prime rib of certified Angus beef from the carving station, as well as entrees including shrimp and scallop orzo pasta, maple glazed pork tenderloin with vegetable stew and white cheddar corn bread, and seared. That meal on the table is difficult.
That’s where Project MANA helps. This Saturday, MANA will begin distributing frozen turkeys and all the trimmings for a traditional Thanksgiving meal to local families — from Truckee to Incline Village.
“This year we have 560 people to feed,” said George LeBard, executive director of Project MANA on Tuesday afternoon. “We have about 450 turkeys right now.”
That means LeBard still must come up with more than 100 turkeys before Saturday so that all can enjoy a Thanksgiving meal.
Frozen turkeys, nonperishable food items, cash and checks can still be delivered right to Project MANA at the Donald W. Reynolds Community Non-Profit Center.
Sea bass with black trumpet mushrooms and corn and chive coulis. Cost is $39 for adults, $19.50 for children under 12. Children 4 and under dine free. For information or for reservations contact Hyatt Regency Lake Tahoe Resort, Spa & Casino at (775) 832-1234 or on the web at http://www.laketahoe.hyatt.com/.
Thanksgiving at the Tahoe Biltmore
A Thanksgiving buffet will be available in Café Biltmore from 1 to 8 p.m. for $12.95 for adults and $7.95 for kids 12 years old or younger.
Conrads will also offer turkey on the menu.
Thanksgiving at the Crystal Bay Casino's Bistro
Bistro Elise will be featuring a Thanksgiving Day turkey panini with soft drink and a side order for $8.95.
Thanksgiving at the CBC’s Steak and Lobster House
The Steak & Lobster House at the Crystal Bay Club will serve from its regular menu along with a Thanksgiving Day four-course special of cream of pumpkin soup, baby spinach and pine nut salad with toasted pumpkin seed vinaigrette, roulade of turkey breast with whiskey braised apple sauce and pumpkin pie with chantilly cream. The price for adults is $36, children 12 and under $26 and will be served from 4:30 to 9 p.m.
Thanksgiving Buffet at the Cal-Neva
From 11 a.m. to 7 p.m. the Cal Neva will offer its Thanksgiving buffet. Included will be a carving station, harvest soup, ham with rumraisin glaze, grilled halibut, garnishes and desserts. The buffet is $29.25 per person, $14.25 for children under 12. Reservations are requested at (775) 298-3062.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, November 16, 2009
Stunning Estate Home In Lake Tahoe!
Great News for Buyers!If you are looking for a beautiful home in a private, gated community in Lake Tahoe...
We have the perfect property for you!
Enjoy the privacy of this stunning home, located in the prestigious Country Club Estates. One of seven custom homes, it offers beautifully landscaped grounds on a 1.11 acre parcel in a gorgeous park-like setting. The main level includes an impressive foyer, living room with a striking floor to ceiling river rock gas fireplace, wet bar and French doors opening to the lush backyard. The luxurious master suite boasts a lovely marble surrounded gas fireplace (which can also be enjoyed from the spa tub in the master bath), a private patio and master bath with steam shower, spa tub and a spacious walk-in closet. There are two additional bedroom suites on this level. On the upper level you will find a formal dining room, a beautiful bright gourmet kitchen featuring top-of-the-line appliances, granite countertops, Kitchen Island with cook top, breakfast nook, walk-in pantry and a wine room. The lower level includes a spacious media/family room with wet bar, a private patio, another bedroom suite and a convenient dumbwaiter off the garage. This grand residence has it all and is just minutes from the Hyatt, beaches, shopping, restaurants and all recreational facilities!
Call us for details!
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, November 13, 2009
Extended Tax Credit for HomeBuyers and Homeowners
The popular first-time homebuyer tax credit that was scheduled to end this month is being extended. President Obama signed a bill that extends the up to $8,000 tax credit for first-time homebuyers for seven months. An additional incentive for the housing industry is for homeowners. The $6,500 tax credit will benefit some existing homeowners who are also buyers and whose primary residence has been owned, used, sold, or being sold within at least five consecutive years of the previous eight years. The legislation is part of a bill that also extends unemployment benefits.
Bruce Walker, Director of Marketing, RealEstate.com Reportedly, the credit would be available for people earning up to $125,000 a year and couples making up to $225,000 per year. This is an increase from the current income limits of $75,000 and $150,000, respectively. The extension of the first-time homebuyer credit lasts through June of next year. Buyers must sign a contract by the end of April 2010.
The incentives come at a good time for the housing industry. "We're getting into a historically slow time of year. You have the holidays and folks just aren't in the market to buy a home. I think now, you're going see a little bit more interest and we may see some upticks through the end of the year that could carry some momentum into the first part of the year which is traditionally the heaviest homebuying season," says Walker.
He believes these incentives will not only cause more homes to sell but will also have an impact on related industries. "I think one of the areas that will get a secondary benefit is going to be the home improvement industry. When someone buys a home they will often put additional work into it to make it their own. They'll paint, put up wallpaper, and hang current rods. They may clean floors -- so that home improvement sector is going to see, I believe, a secondary lift as well," explains Walker. What this means to consumers? "When they see that home prices have dropped, there's going to be fear in the market and people are going to wait to see other people get involved -- get back into the market. So, as consumers are pushed off the fence with these incentives I think we will see a strengthening of the housing market as a direct result and people are going to get re-engaged," says Walker.
But some wonder are the incentives a risk that will cause homeowners to later default? "People have been skeptical of the economy for the last year or longer," says Walker.
Economists with the National Association of Realtors estimate that approximately 2 million people will take advantage of the tax credit this year.
Article Published in Realty Times
Written by Phoebe Chongchua
November 13, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
www.myspace.com/atahoe
Bruce Walker, Director of Marketing, RealEstate.com Reportedly, the credit would be available for people earning up to $125,000 a year and couples making up to $225,000 per year. This is an increase from the current income limits of $75,000 and $150,000, respectively. The extension of the first-time homebuyer credit lasts through June of next year. Buyers must sign a contract by the end of April 2010.
The incentives come at a good time for the housing industry. "We're getting into a historically slow time of year. You have the holidays and folks just aren't in the market to buy a home. I think now, you're going see a little bit more interest and we may see some upticks through the end of the year that could carry some momentum into the first part of the year which is traditionally the heaviest homebuying season," says Walker.
He believes these incentives will not only cause more homes to sell but will also have an impact on related industries. "I think one of the areas that will get a secondary benefit is going to be the home improvement industry. When someone buys a home they will often put additional work into it to make it their own. They'll paint, put up wallpaper, and hang current rods. They may clean floors -- so that home improvement sector is going to see, I believe, a secondary lift as well," explains Walker. What this means to consumers? "When they see that home prices have dropped, there's going to be fear in the market and people are going to wait to see other people get involved -- get back into the market. So, as consumers are pushed off the fence with these incentives I think we will see a strengthening of the housing market as a direct result and people are going to get re-engaged," says Walker.
But some wonder are the incentives a risk that will cause homeowners to later default? "People have been skeptical of the economy for the last year or longer," says Walker.
Economists with the National Association of Realtors estimate that approximately 2 million people will take advantage of the tax credit this year.
Article Published in Realty Times
Written by Phoebe Chongchua
November 13, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
www.myspace.com/atahoe
Wednesday, November 11, 2009
Fabulous Tahoe Retreat!
Great News for Buyers! If you are looking for a vacation retreat or a full time residence in Lake Tahoe...We have the perfect solution!
Year-round, this charming condo is the ultimate mountain residence or vacation getaway. It has been nicely updated with stone flooring in the dining area and upper level baths. Hardwood floors are featured in the kitchen, lower level bedrooms and bath. Natural wood accents throughout give a wonderful mountain ambiance. Special comforts in the living area include a gas log fireplace, vaulted ceiling with skylight and a covered deck off the dining area overlooking the golf course. On the upper level there is a large locking storage closet, master bedroom with walk-in closet, sitting area, vaulted ceiling, skylight and a Jacuzzi tub in the master bath. Its peaceful setting on a quiet cul-de-sac is within walking distance of the Mountain Golf Course and has easy access to Mount Rose Highway.
Call Us For Details!
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Tuesday, November 10, 2009
Investor Report: Have We Finally Hit Bottom?
It's a question that's relevant to investors in just about any once-hot market that's gone from boom to bust: Have prices finally bottomed out? Or could they be poised for still further declines?
In the Miami-South Dade area of Florida -- ground zero for the worst boom and bust cycle -- prices have actually increased for the third straight month, according to the Case-Shiller Home Price Index.
Pending sales contracts are up, according to the Florida Association of Realtors, and the entire South Florida listed inventory has dropped from 108,000 unsold units in November of 2008 to 70,000 condos, townhouses and single family houses as the end of October 2009, according to realty consulting firm CondoVultures.
Looking at these numbers, you might say: Conditions in one of the most overbuilt local real estate markets in the U.S. are on the upswing.
And some investors agree. One bulk condo buyer reportedly has marked up prices by $300 a square foot more than he paid for his units just months ago. Sounds like the bottom is over.
But there's an alternative view taking shape among some investors: The supposed "bottom" may be nothing more than a temporary plateau, they say, with more declines ahead.
Why? For the same reason that Dr. Laurie Goodman, economist and senior managing director of research for Wall Street's Amherst Securities thinks lots of boot-to-bust metropolitan areas will see price declines in the months ahead: There is a massive 7 million unit "shadow inventory" of delinquent and distressed properties in banks' foreclosure pipelines that haven't been put on the market and haven't yet affected prices.
For instance, in South Florida, lenders expect to take a total of 29,000 units into REO by the end of the year, up 9 percent over 2008, and almost triple the repossessions in 2007, according to Condo Vultures.
When these are finally listed, they're going to be a wet blanket, and depress prices. Goodman forecasts price declines of another 8 to 10 percent in the coming months, just when the conventional wisdom is that we've already seen the worst.
However, Peter Zalewski, head of CondoVultures, says the key to South Florida pricing in the coming year will be location. Condos near or on the water are selling well to investors and second home buyers from the U.S. and abroad.
Demand is likely to keep their prices stable at least.
But in the inland suburban submarkets, which are less attractive to investors and second home buyers, Zalewski sees definite problems -- and vulnerability to further price declines in 2010.
Written by
Kenneth R. Harney
November 6, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
In the Miami-South Dade area of Florida -- ground zero for the worst boom and bust cycle -- prices have actually increased for the third straight month, according to the Case-Shiller Home Price Index.
Pending sales contracts are up, according to the Florida Association of Realtors, and the entire South Florida listed inventory has dropped from 108,000 unsold units in November of 2008 to 70,000 condos, townhouses and single family houses as the end of October 2009, according to realty consulting firm CondoVultures.
Looking at these numbers, you might say: Conditions in one of the most overbuilt local real estate markets in the U.S. are on the upswing.
And some investors agree. One bulk condo buyer reportedly has marked up prices by $300 a square foot more than he paid for his units just months ago. Sounds like the bottom is over.
But there's an alternative view taking shape among some investors: The supposed "bottom" may be nothing more than a temporary plateau, they say, with more declines ahead.
Why? For the same reason that Dr. Laurie Goodman, economist and senior managing director of research for Wall Street's Amherst Securities thinks lots of boot-to-bust metropolitan areas will see price declines in the months ahead: There is a massive 7 million unit "shadow inventory" of delinquent and distressed properties in banks' foreclosure pipelines that haven't been put on the market and haven't yet affected prices.
For instance, in South Florida, lenders expect to take a total of 29,000 units into REO by the end of the year, up 9 percent over 2008, and almost triple the repossessions in 2007, according to Condo Vultures.
When these are finally listed, they're going to be a wet blanket, and depress prices. Goodman forecasts price declines of another 8 to 10 percent in the coming months, just when the conventional wisdom is that we've already seen the worst.
However, Peter Zalewski, head of CondoVultures, says the key to South Florida pricing in the coming year will be location. Condos near or on the water are selling well to investors and second home buyers from the U.S. and abroad.
Demand is likely to keep their prices stable at least.
But in the inland suburban submarkets, which are less attractive to investors and second home buyers, Zalewski sees definite problems -- and vulnerability to further price declines in 2010.
Written by
Kenneth R. Harney
November 6, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Monday, November 9, 2009
Washington Report: Extending the Credit
Don't bet all your money on it quite yet, but it looks more and more likely that Congress will extend the housing tax credit beyond its scheduled termination date - and maybe even open it up to people who already own homes.
Late last week a bipartisan plan emerged in the Senate that would continue the $8,000 credit for first time purchasers beyond November 30, but would create a new, smaller credit of $6,500 for people who've owned and lived in their houses for five consecutive years and now want to buy another as their principal residence.
Under one version of the Senate plan, which reportedly has the support of top Democrats including Majority Leader Senator Harry Reid, the current $8,000 credit for first-timers would effectively be extended through next June 30.
However, buyers would need to have their contracts signed by April 30 and closed by July 1.
The credit program would also be opened up to a restricted segment of current home owners, those with at least five years in their current residences, but with the maximum tax credit amount capped at $6,500.
That would still be enough, sponsors of the plan believe, to encourage people now on the sidelines to get into the market for new and existing homes in early 2010 -- and thereby help stimulate the economy and create jobs.
The Senate plan would also raise household incomes limits for the credit to $125,000 for single buyers and $250,000 for married couples - far more generous than the current $75,000 and $150,000 maximums.
Extending the $8,000 credit, as it is now, has heavy bipartisan support on the House side as well. But key Democratic leaders there -- and at the Obama White House -- are concerned about the costs.
The current $8,000 credit costs the Treasury about a billion dollars a month in lost tax revenues, according to Congressional budget estimates. Opening up the program to existing home owners - even in a restricted way -- would add to that cost.
On the other hand, limiting any extension to six months would be less expensive than a full-year extension, as advocated by major housing lobbies, including the National Association of Realtors and the National Association of Home Builders.
So the issue on Capitol Hill appears to boil down to this: It's not so much a question of whether to extend the credit. Absent a political train wreck, the credit should survive beyond November 30.
But "for how long", and "for whom", are the questions still not nailed down.
We'll keep you up to date.
This article was published in Realty Times
Written by: Kenneth R. Harney
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Late last week a bipartisan plan emerged in the Senate that would continue the $8,000 credit for first time purchasers beyond November 30, but would create a new, smaller credit of $6,500 for people who've owned and lived in their houses for five consecutive years and now want to buy another as their principal residence.
Under one version of the Senate plan, which reportedly has the support of top Democrats including Majority Leader Senator Harry Reid, the current $8,000 credit for first-timers would effectively be extended through next June 30.
However, buyers would need to have their contracts signed by April 30 and closed by July 1.
The credit program would also be opened up to a restricted segment of current home owners, those with at least five years in their current residences, but with the maximum tax credit amount capped at $6,500.
That would still be enough, sponsors of the plan believe, to encourage people now on the sidelines to get into the market for new and existing homes in early 2010 -- and thereby help stimulate the economy and create jobs.
The Senate plan would also raise household incomes limits for the credit to $125,000 for single buyers and $250,000 for married couples - far more generous than the current $75,000 and $150,000 maximums.
Extending the $8,000 credit, as it is now, has heavy bipartisan support on the House side as well. But key Democratic leaders there -- and at the Obama White House -- are concerned about the costs.
The current $8,000 credit costs the Treasury about a billion dollars a month in lost tax revenues, according to Congressional budget estimates. Opening up the program to existing home owners - even in a restricted way -- would add to that cost.
On the other hand, limiting any extension to six months would be less expensive than a full-year extension, as advocated by major housing lobbies, including the National Association of Realtors and the National Association of Home Builders.
So the issue on Capitol Hill appears to boil down to this: It's not so much a question of whether to extend the credit. Absent a political train wreck, the credit should survive beyond November 30.
But "for how long", and "for whom", are the questions still not nailed down.
We'll keep you up to date.
This article was published in Realty Times
Written by: Kenneth R. Harney
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, November 6, 2009
Real Estate Outlook: Case-Shiller Index
If you look at the latest Case-Shiller home price index numbers, which showed prices up in seventeen of the twenty markets it tracks and the fourth straight month of gains, you'd have to say: wow, how things have changed!
Even the gloomiest of the major indexes is now documenting month after month that housing not only bottomed out earlier this year, but is steadily racking up price gains.
But hold on, this week's numbers get better than that: According to the National Association of Realtors, resales of existing homes jumped sharply last month, up a very robust 9.4 percent during September.
Sales around the country were 9.2 percent higher than they were during September of 2008 -- pushed this year by first-time home purchasers looking to nail down contracts to qualify for the $8,000 tax credit that's scheduled to end in less than four weeks.
Still more good news: Inventories of unsold homes fell just about everywhere, averaging about an eight month supply in September, down from a 9 month supply in August. A six to seven month supply is considered a balanced market … so we're almost there.
Add in mortgage rates averaging 5 percent for a 30 year fixed mortgage and four and a half percent for a 15 year loan, and you can see why applications for new loans to purchase houses were up by nearly five percent last week, according to the Mortgage Bankers Association's national survey.
And as icing on the cake -- GDP or gross domestic product -- the barometer measuring the nation's overall economic health -- grew by three and a half percent in the third quarter, thereby officially ending the "great recession" we've been suffering through for the past two years.
So absolutely, there's a lot of positive news out there this week.
But not all the news has been good. As we've said here at Realty Times before, the marketplace is complex -- and the arrows usually don't ALL point in one direction.
And that is certainly true this week: New home sales dropped unexpectedly by more than three and a half percent in September. And consumer confidence dropped for the second straight month, according to the Conference Board, mainly because of fears about continuing job losses.
Both of those are troubling developments, no question, and the unemployment situation is obviously a major drag on the economy and housing.
But, as the reports on prices, mortgage rates, GDP and existing home sales show -- there's plenty of action out there, and the housing recovery is well underway -- even if it sputters here and there.
This article was published in Realty Times
Written by: Kenneth R. Harney, November 3, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Even the gloomiest of the major indexes is now documenting month after month that housing not only bottomed out earlier this year, but is steadily racking up price gains.
But hold on, this week's numbers get better than that: According to the National Association of Realtors, resales of existing homes jumped sharply last month, up a very robust 9.4 percent during September.
Sales around the country were 9.2 percent higher than they were during September of 2008 -- pushed this year by first-time home purchasers looking to nail down contracts to qualify for the $8,000 tax credit that's scheduled to end in less than four weeks.
Still more good news: Inventories of unsold homes fell just about everywhere, averaging about an eight month supply in September, down from a 9 month supply in August. A six to seven month supply is considered a balanced market … so we're almost there.
Add in mortgage rates averaging 5 percent for a 30 year fixed mortgage and four and a half percent for a 15 year loan, and you can see why applications for new loans to purchase houses were up by nearly five percent last week, according to the Mortgage Bankers Association's national survey.
And as icing on the cake -- GDP or gross domestic product -- the barometer measuring the nation's overall economic health -- grew by three and a half percent in the third quarter, thereby officially ending the "great recession" we've been suffering through for the past two years.
So absolutely, there's a lot of positive news out there this week.
But not all the news has been good. As we've said here at Realty Times before, the marketplace is complex -- and the arrows usually don't ALL point in one direction.
And that is certainly true this week: New home sales dropped unexpectedly by more than three and a half percent in September. And consumer confidence dropped for the second straight month, according to the Conference Board, mainly because of fears about continuing job losses.
Both of those are troubling developments, no question, and the unemployment situation is obviously a major drag on the economy and housing.
But, as the reports on prices, mortgage rates, GDP and existing home sales show -- there's plenty of action out there, and the housing recovery is well underway -- even if it sputters here and there.
This article was published in Realty Times
Written by: Kenneth R. Harney, November 3, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Wednesday, November 4, 2009
November Round Up: Rates Stay Flat
In Freddie Mac's results of its Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 5.03 percent with an average 0.7 point for the week ending October 29, 2009, up from the previous week when it averaged 5.00 percent. Last year at this time, the 30-year FRM averaged 6.46 percent.
The 15-year FRM this week averaged 4.46 percent with an average 0.6 point, up from the previous week when it averaged 4.43 percent. A year ago at this time, the 15-year FRM averaged 6.19 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.42 percent this week, with an average 0.6 point, up from the previous week when it averaged 4.40 percent. A year ago, the 5-year ARM averaged 6.36 percent.
The one-year Treasury-indexed ARM averaged 4.57 percent this week with an average 0.6 point, up from the previous week when it averaged 4.54 percent. At this time last year, the 1-year ARM averaged 5.38 percent.
"Interest rates for 30-year fixed mortgages have averaged just below 5 percent this year, which is the lowest 10-month average since the survey began in 1971," said Frank Nothaft, Freddie Mac vice president and chief economist. "As a result, refinance activity has accounted for almost seven out of 10 mortgage applications on average this year," according to Freddie Mac's survey.
"Economic data releases this week offered mixed signals as to the current state of the housing market. For example, total existing home sales jumped 9.4 percent to an annualized rate of 5.57 million homes in September, the strongest pace since July 2007, according to the National Association of Realtors®. However, new home sales unexpectedly fell 3.6 percent to 402,000 houses, the weakest since June of this year, based on figures from the Department of Commerce. Nonetheless, stronger housing demand has lowered the inventory of unsold existing homes in September to the lowest since January of this year and for new homes the lowest since November 1982, which should help stabilize falling house prices."
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
The 15-year FRM this week averaged 4.46 percent with an average 0.6 point, up from the previous week when it averaged 4.43 percent. A year ago at this time, the 15-year FRM averaged 6.19 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.42 percent this week, with an average 0.6 point, up from the previous week when it averaged 4.40 percent. A year ago, the 5-year ARM averaged 6.36 percent.
The one-year Treasury-indexed ARM averaged 4.57 percent this week with an average 0.6 point, up from the previous week when it averaged 4.54 percent. At this time last year, the 1-year ARM averaged 5.38 percent.
"Interest rates for 30-year fixed mortgages have averaged just below 5 percent this year, which is the lowest 10-month average since the survey began in 1971," said Frank Nothaft, Freddie Mac vice president and chief economist. "As a result, refinance activity has accounted for almost seven out of 10 mortgage applications on average this year," according to Freddie Mac's survey.
"Economic data releases this week offered mixed signals as to the current state of the housing market. For example, total existing home sales jumped 9.4 percent to an annualized rate of 5.57 million homes in September, the strongest pace since July 2007, according to the National Association of Realtors®. However, new home sales unexpectedly fell 3.6 percent to 402,000 houses, the weakest since June of this year, based on figures from the Department of Commerce. Nonetheless, stronger housing demand has lowered the inventory of unsold existing homes in September to the lowest since January of this year and for new homes the lowest since November 1982, which should help stabilize falling house prices."
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, November 2, 2009
Vital Information for First-Time Buyers
The first-time homebuyer Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home. By the way, that tax incentive isn't truly just for first-time buyers -- it's defined as those not having owned a home in the last three years. Research and knowing your options are critical. Check with your tax accountant for more details. It’s increasingly likely that Congress will extend and expand the popular home buyer tax credit, which will expire at the end of this month.
According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed for the credit but many more are expected to file for it on their 2010 returns. However, the National Association of Realtors reports that the first-time homebuyer figure in July was still about 10 percent below the average for the past six years.
There are many aspects to consider when buying your first home. Your price point, location, lifestyle, expert help, mortgage programs, inspections, how quickly you want/need to move, the list goes on. It can seem like an overwhelming process for first-time buyers. In fact, some shy away and continue to rent simply because they don't know who to turn to or where to begin. Today there are more resources than ever available with just the click of a mouse; however, that can create information overload! But if you take a breath and relax, I'll sort through some important factors for home buying. And even if you're a seller, it's good to review this material because it helps to remind you where first-time buyers' mindsets are when they make an offer on your home.
Give yourself more time than you think you need. Due to the housing crisis and credit crunch, the mortgage process can take even longer than it did previously. Searching for a home is averaging about 12 weeks while getting the mortgage process wrapped up can take up to 60 days, according to information released by National Association of REALTORS 2008 Profile of Buyers and Sellers.
Give yourself plenty of time to understand how much home you can afford, what kind of loan is most suitable for your needs, and, of course, plenty of time to select the home that fits your lifestyle. First-time homebuyers often don't have a lot of comparison shopping experience. Frequently they're just getting started. What is acceptable for a rental is likely different from what first-time buyers expect and accept when purchasing their first home. However, first-time buyers must understand that shopping for a home is akin to shopping for a mate... there are always some compromises that are necessary. If you don't allow enough time, you'll find that it will lead to headaches, rushed decisions, and, in the end, you may feel pressured to buy something that you have not had enough time to completely consider—maybe because you have to relocate and start your job.
Never skip an inspection. You simply can't spot everything that could be wrong with the home. While not all sellers do it, some hire an inspector to inspect the home when they list it on the market. However, the burden of the inspection typically falls on the buyer to pay for it. And the information you receive is invaluable. Hiring a certified inspector to give the home a once-over will help you discover problem areas that your agent can then negotiate for repair work or price adjustment. Also, note that the home inspections (yours and the sellers) may differ; examine both, this way you'll learn more about your potential home.
Frank Schulte-Ladbeck, a licensed home inspector says that when you get your home inspection be certain to have everything turned on. In one case, "The water valve to the house was turned to almost off. When you turned it on to regular pressure... the seller had water spurting out of almost all of the faucets because all of the O-rings, the seals, had all dried so much that they were just allowing water to spill right out of them," said Schulte-Ladbeck.
Use experts to help prepare. Having a team of experts who can expedite your search by finding the most suitable properties for you will save you endless hours of looking. Also, the right mortgage expert simplifies the loan process. You'll be guided through the home-buying process instead of becoming overwhelmed by the options, paperwork, and tasks. Using the best specialists can truly make buying your first home a wonderful experience.
This article was published in Realty Times
Written by: Phoebe Chongchua
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed for the credit but many more are expected to file for it on their 2010 returns. However, the National Association of Realtors reports that the first-time homebuyer figure in July was still about 10 percent below the average for the past six years.
There are many aspects to consider when buying your first home. Your price point, location, lifestyle, expert help, mortgage programs, inspections, how quickly you want/need to move, the list goes on. It can seem like an overwhelming process for first-time buyers. In fact, some shy away and continue to rent simply because they don't know who to turn to or where to begin. Today there are more resources than ever available with just the click of a mouse; however, that can create information overload! But if you take a breath and relax, I'll sort through some important factors for home buying. And even if you're a seller, it's good to review this material because it helps to remind you where first-time buyers' mindsets are when they make an offer on your home.
Give yourself more time than you think you need. Due to the housing crisis and credit crunch, the mortgage process can take even longer than it did previously. Searching for a home is averaging about 12 weeks while getting the mortgage process wrapped up can take up to 60 days, according to information released by National Association of REALTORS 2008 Profile of Buyers and Sellers.
Give yourself plenty of time to understand how much home you can afford, what kind of loan is most suitable for your needs, and, of course, plenty of time to select the home that fits your lifestyle. First-time homebuyers often don't have a lot of comparison shopping experience. Frequently they're just getting started. What is acceptable for a rental is likely different from what first-time buyers expect and accept when purchasing their first home. However, first-time buyers must understand that shopping for a home is akin to shopping for a mate... there are always some compromises that are necessary. If you don't allow enough time, you'll find that it will lead to headaches, rushed decisions, and, in the end, you may feel pressured to buy something that you have not had enough time to completely consider—maybe because you have to relocate and start your job.
Never skip an inspection. You simply can't spot everything that could be wrong with the home. While not all sellers do it, some hire an inspector to inspect the home when they list it on the market. However, the burden of the inspection typically falls on the buyer to pay for it. And the information you receive is invaluable. Hiring a certified inspector to give the home a once-over will help you discover problem areas that your agent can then negotiate for repair work or price adjustment. Also, note that the home inspections (yours and the sellers) may differ; examine both, this way you'll learn more about your potential home.
Frank Schulte-Ladbeck, a licensed home inspector says that when you get your home inspection be certain to have everything turned on. In one case, "The water valve to the house was turned to almost off. When you turned it on to regular pressure... the seller had water spurting out of almost all of the faucets because all of the O-rings, the seals, had all dried so much that they were just allowing water to spill right out of them," said Schulte-Ladbeck.
Use experts to help prepare. Having a team of experts who can expedite your search by finding the most suitable properties for you will save you endless hours of looking. Also, the right mortgage expert simplifies the loan process. You'll be guided through the home-buying process instead of becoming overwhelmed by the options, paperwork, and tasks. Using the best specialists can truly make buying your first home a wonderful experience.
This article was published in Realty Times
Written by: Phoebe Chongchua
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
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