Going on a Financial Diet

Many Americans live on a margin, spending more than they earn, using credit to make up the difference, and saving at near invisible rates.

Living past their means, they use credit to buy houses, cars, and merchandise that many experts would suggest they really can't afford. This "good life" is great, until the person is no longer able to make their payments. And as unemployment rates hover over 9 percent (U.S. Bureau of Labor Statistics), more and more Americans are finding themselves in this predicament and subsequently facing bankruptcy, foreclosure, and even homelessness.

Journalist Laura Rowley, wrote for Yahoo! Personal Finance earlier this year, "Almost half of Americans reported having trouble keeping up with monthly expenses and bills, according to a 2009 survey on by FINRA Investor Education Foundation. Nearly one-quarter reported overdrawing their checking accounts."

Americans are saving at an alarmingly low rate. According to the Bureau of Economic Statistics (BEA), "Personal saving as a percentage of disposable personal income was 4.0 percent in May." This is up only 0.2 percent from the month earlier.

Are you one of the millions who need to put your debt on a diet?

It's a hot topic these days. So hot, in fact, that talk show giants, like Oprah Winfrey have featured series on how to reduce debt, increase your savings, and secure your own future.

This financial restructuring just might help you save your home one day. Take a moment to look over these tips.

1. Credit Cards: Financial expert Suze Orman said it best, "You must pay more than the minimum payment every month, as much more as you possibly can. If you owe a credit card company $5000 at 18 percent interest and all you do is pay the minimum each month it will take you over 30 years to pay it off." Call your card companies and try to negotiate a better rate, as well. Pay off the cards with the higher interest rates first.

2. Emergency Fund: In today's economy it is important to be prepared for long stretches of unemployment. Each household should have an emergency fund equal to eight months worth of bills. This means if your expenses for one month equal $3,000, you should have at least $24,000 in savings. Laura Rowley reports, "Only 49 percent of FINRA respondents reported that they had set aside funds sufficient to cover expenses for three months in case of sickness, job loss, economic downturn or other emergency."

3. Wants Versus Needs: The best way to start saving more, is to start spending less. In this country we have created of tradition of expecting bigger and better. It may be time to examine your lifestyle and to be realistic about what you can really afford. And that doesn't mean what payment you can afford, but what you can actually afford to buy.

4. Increase Your Income: There may be extra ways for you to have cash coming in, including selling off unneeded items. If your debts are large, you may consider taking on a second or part-time job. If you are a stay at home parent, perhaps you have skills that will allow you to work part time from your house, such as design work or even baby-sitting.

5. Plan for the future. Many Americans have no retirement savings. Consider changing your priorities from "plenty now" to "enough for the future." Exchange the morning Starbucks for savings bonds and IRAs.

Overall, it's about restructuring how you approach life. The saying, "Money can't buy you happiness," couldn't be more true. You may be surprised that exchanging weekend shopping trips and dinner out for family game nights and home-cooked meals may be a welcome change in your family. 

Published on Realty Times. Written by Carla Hill

June 29, 2010 

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810 
Or visit our website: www.LivingLakeTahoe.com

30-Year Rate Holds, 15-Yr Mortgage Rate Touches Yet Another Low

30-yr fixed mortgage rates continue to hold at a record low 4.375% for well-qualified borrowers paying a standard .07 to 1 point origination. 15-yr fixed mortgage rates have dipped once again, setting a new record low, at 3.75%, down from 3.875.

FHA mortgage rates are now a tad lower than conforming mortgage rates. 30-yr fixed FHA loan rates are at 4.25%. Despite the slightly lower note rate available at an origination fee of 1 point, APR on an FHA loan at that rate is much higher than that of a conforming mortgage because of FHA fees and MI.

Jumbo mortgage rates are unchanged. Today’s jumbo 30-yr fixed-rate is 5.375%.

Wells Fargo continues to advertise a 30-yr fixed-rate of 4.75% on their website, with an APR of 4.939.

Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are up early this week cementing rates at the current record low. 

Article Published on Realty Times, June 23, 2010 

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810 
Or visit our website: www.LivingLakeTahoe.com

New Criteria for Finding The Perfect Cottage

Finding the perfect cottage is now as complicated as buying an urban home. Beyond seeking out your ideal physical setting and all the nearby amenities that are must-haves for you, here are a few essentials to add to your "my perfect cottage" list:

Location variations: The cottage or summer home has different names in different parts of the country, but it has typically been found in popular cottage-country locations a few hours from an urban centre. With over-development and higher prices in established recreational areas, new more rural areas are opening up and even small towns like Ontario's Creemore have become the summer destination for city folk.

Condos as cottage: Condos have arrived in many recreational areas, with more on the way. Condos can also turn city living into resort-style accommodation with roof gardens, pools, spas, exercise centres and locales that place residents on golf courses, at the waterfront or high above it all, so it's no longer distance that makes an ideal get-away.

Not all or nothing: Fractional or shared ownership offers either a way to afford what is just out of reach financially or a way to use money wisely if you only have a few weeks off each summer. Why pay year-round for a cottage that you can only visit a few short weeks or hurried weekends each summer? Explore this option and you may find you'll get more in the way of amenities and pay less in the long run. Many resort projects also offer access to comparable resorts around the world.

Solar security: If sitting in the sun matters, how much risk is there that neighbours will block your rays? With condos and vertical renovations becoming more popular, blocking other cottagers' sunshine or views is bound to happen. How secure are your privacy, silence, views and everything else?

Internet access: The federal government recently announced about C$76 million in funding to improve internet access through 52 projects in rural Canada. Don't kid yourself—or your kids—that you want to get away from it all at the cottage. Mobile computing, especially the Blackberry-iPhone revolution, has made online the only place to find out about everything. That need does not end for most people seeking out a summer haven. If you intent to work or at least stay in touch with the office, internet access is a must to resolve. Employers favour the electronic leash, so getting online can be part of getting away for cottagers.

Medical access: If the area has a hospital, what medical services does it offer, particularly to seasonal residents? Governments are still slicing and dicing hospitals, so don't be surprised to discover the local hospital has no emergency room or operates one for limited hours. Hospitals and clinics are increasingly narrowing the scope of medical treatments and going mono—one human system, medical procedure or type of patient. It may be what's not available locally that determines where your choice lies.

Water quality: No longer a given, potable or drinkable water is becoming a bonus. With bottled water under the gun, sorting out what drinking and showering water will cost is a genuine financial consideration for where to buy.

Garbage detail: Garbage removal is becoming more expensive everywhere. Recycling efforts differ locally so check with local municipalities for details. Also, find out about proposed future land-fill and sewage dump sites. They're always in the works, so check to be sure you don't end up with an unwanted neighbour.

Electricity costs: Brown-outs and black-outs are more common outside urban areas. Solar power may offer viable alternatives, especially if you can sell excess energy. Self-sufficiency is the ideal, but not always practical. Year-round residents can offer great suggestions on your choices.

Help wanted: Who's going to work in the local shops, restaurants, services and other businesses you count on to fully enjoy your country dream? Labour shortages are stressful for many urban businesses and the cost of transportation in rural areas just adds to the challenge of finding great employees, service people and professionals.

Succession planning: What's the potential for year-round living? That may be far from your thoughts now, but expanding to a full season residence can add value and interest. If you can't, why not? How insurmountable are those obstacles? What are trends in the outlying areas? What is happening with public transportation? What physical barriers are there on the property that must be overcome for mobility problems that may arise or the addition of small children?

How perfect do you want this cottage to be? Prioritize your criteria so you know your absolute must-haves and how to compromise the other criteria without compromising your enjoyment. 

Article published on Realty Times

Written by PJ Wade
June 1, 2010 

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810 
Or visit our website: www.LivingLakeTahoe.com

Plenty of Reasons to Buy a Home Even After the Tax Credit

Even though the home buyer tax credit expired on April 30 and won't be renewed, there may never be a better time to buy a home than today, according to the National Association of Home Builders (NAHB). Many outstanding opportunities still exist for home buyers, but they may not be around forever.      

"The home buyer tax credit was just one of many factors motivating Americans to buy homes," said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. "But buyers can still take advantage of today's low interest rates and competitive prices to get a home they may not have been able to purchase just a few years ago."  

Besides mortgage interest rates that have been hovering at near-record lows, homes in many markets have become more affordable. Prices have moderated from the highs of the housing boom that occurred in most of the country, especially in major markets where they had increased significantly.  

Today's new homes are also built to be much more energy efficient than homes constructed a generation ago, making them more affordable to operate. New homes are designed to support modern lifestyles with open floorplans, flexible spaces, improved safety features, and low-maintenance materials.  

Consumers who are thinking about buying a home should not count on interest rates or prices staying at current levels, however. Mortgage rates are sensitive to market conditions, and even a slight increase can push monthly payments beyond a family's budget. As the country recovers from the recession and people stabilize their financial situations, NAHB economists expect that home prices will begin to increase by 2011.  

NAHB's home buyer brochure "Opportunity Knocks for Home Buyers" describes many of the opportunities in today's market, as well as the long-term financial benefits of homeownership. It provides examples of how interest rates affect monthly mortgage payments and the typical federal tax savings over the first five years of homeownership. The brochure can be downloaded from NAHB's web site at: www.nahb.org/homebuyerbrochure.   

The home buyer tax credit is still available for eligible home buyers who had a signed sales contract by the April 30 deadline and who close by June 30, 2010, as well as for qualified members of the military, foreign service and intelligence communities, who have until April 30, 2011, to sign a contract. 

Article Published on Realty Times

Written by Realty Times Staff

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810 
Or visit our website: www.LivingLakeTahoe.com

Assistance For Buyers

When it comes time to buy a home, you may need to strap on your thinking cap to come up with some creative ways to boost affordability. This can come in the form of assistance programs, special financing, leasing, and mortgage ideas.

Let's take a moment to explore a few of these options.

The first order of business could be to sit down with your family to see what assistance they'd be happy to offer. You may find that a father or grandmother would be more than happy to co-sign on a loan, or even offer you a loan at low, or zero, percent interest. You could also discuss a shared-appreciation or shared-equity arrangement. This is when a family member buys a portion of the prospective home, and then are able to share in its appreciative value when it is sold.

Next, be sure to look into buyer assistance programs.

The Department of Housing and Urban Development (HUD) has a link you can find on their website, which links to each state and their respective programs. You'll find such things as programs to help fund rural housing, as well as information on Habitat for Humanity.

The Federal Housing Agency (FHA) offers many great options for potential buyers. Since 1934, the FHA has been helping buyers buy with low interest and little down. According to FHA, "your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan." FHA even has financing options for manufactured and mobile homes.

While many downpayment assistance programs are unavailable currently due to a law that went into effect on October 1, 2008, you can still find other very helpful programs. How about the AmeriDream Building Affordable Homes Program – currently developing 106 affordable homes in Southeast Washington, DC. The Woodson Heights development is a $30 million project that is serving as a catalyst for change transforming a blighted neighborhood into a good place to call home and raise families.

As well, be sure to look into the Making Home Affordable program, which can offer you great options if you already own and are looking for ways to keep your home affordable. The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.

Be sure to talk to your local real estate agent and mortgage lenders about what options may be right for you. There are many paths to home ownership, and one will be the right one for you. 




 

Article Published on Realty Times

Written by Carla L. Davis


June 7, 2010 

Thinking about Buying or Selling?


Call Alvin's Team Today! 800-666-4718


Or Visit our Website: www.LivingLakeTahoe.com

Benefits of Homeownership

Homeownership can bring with it many blessings. Yet, the idea of caring for and maintaining a home, as well as affording a mortgage can seem daunting, but let's review some of the many reasons that homeownership can be beneficial.

The most obvious benefit is building wealth. The U.S. Department of Housing and Urban Development (HUD) notes that "home equity is the largest single source of household wealth for most Americans."

What is home equity? Home equity is the difference between the home's fair market value and the outstanding balance of all liens on the property. Let's say you have a balance of $100,000 left on your home's mortgage, but the property appraises for $150,000. You now have $50,000 worth of home equity.

And let's not forget about appreciation. While there is no set year-to-year rate that is considered normal, reports indicate that you can expect around a 6.5 percent average value increase in your home each year.

The National Homeownership Strategy cites that “through homeownership, a family ... invests in an asset that can grow in value and ... generate financial security." This is what sets homeowners apart from renters.

Other wealth builders to consider are tax breaks and tax credits, such as the deductibility of property taxes and mortgage interest and the exclusion of capital gains, and the $8,000 first time home buyer and $6,500 home buyer tax credits.

But beyond the numbers and the long term investment benefits, studies have shown that owning a home can actually make you healthier, and make your children happier.

Homeownership allows people to have greater control and inspires responsibility over their living environment. It helps stabilize and strengthen communities. And it helps generate jobs and stimulate the economy (National Homeownership Strategy)

The U.S. Department of Housing and Urban Development (HUD) reports: “Homeowners accumulate wealth as the investment in their homes grows, enjoy better living conditions, are often more involved in their communities, and have children who tend on average to do better in school and are less likely to become involved with crime. Communities benefit from real estate taxes homeowners pay, and from stable neighborhoods homeowners create”

And according to NAR’s Social Benefits of Homeownership and Stable Housing, homeownership brings with it:

• Higher educational performance and better behavior of children

• Lower community crime rates

• Lessened welfare dependency among households

• More household participation in civic affairs

• Better household health

These wonderful benefits only graze the surface of the world of benefits that awaits you in homeownership. Be sure to talk to your real estate agent about what other good things come your way when you buy a home. 

Article Published on Realty Times
Written by: Carla L. Davis
March 22, 2010

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Should You Move Up?

You have another baby on the way. Your aging parents have decided to move in. You are starting your own home-based business. There is an endless supply of reasons why a family may need to move up to a bigger, or nicer, home.

How do you know, though, that now is a good time to move up? Let's examine a few issues that will lead you to your answer.

Interest Rates. There is a huge difference between buying a home at 5 percent interest (June 2010), and buying one at, say, 13 percent interest (February 1983). The available rates can change from week to week, and how you qualify depends largely on your credit rating. The first order of business when considering interest rates is to contact a local mortgage lender to find out what rates would be available to you on what loans. Keep in mind rates also vary depending on the type of loan for which you are applying (fixed, adjustable, conforming, jumbo, 30 year, 15 year, etc.).

Income. Moving up to a bigger or nicer house will more than likely mean a bigger mortgage payment. Take an honest look at your budget to see if this makes sense for your family.

Equity. This is one way to avoid a bigger mortgage payment. If you have built substantial equity in your current home, and are selling in a good sellers market where you expect to receive around your asking price, then you could apply your profits from the sale of your current home towards your new mortgage.

Market Conditions. To find out your own local market conditions, contact your local real estate agent, or visit Realty Times. Is your market favoring buyers or sellers? Are homes selling quickly? Are prices appreciating or falling? These are all important questions to answer.

Wish list. Many first homes are starter homes, and as families grow, needs change.
Neighborhoods changes as well, as residents age and jobs come and go. Take a moment to consider what area of town would be best for your family. Think about schools, commute times, and neighborhood amenities.

Use these simple issues as a starting point on your journey to a new home.

Article Published on Realty Times
Written by Carla L. Davis
June 10, 2010

Mortgage Rates Touched New Low Friday

Conventional fixed mortgage rates touched a new all time record low Friday. The 30-year fixed mortgage rate available to well-qualified consumers at 1 point origination dropped to 4.375%, from 4.5%. The 15-year fixed-rate also declined, from 4% to 3.875%. Mortgage rates have never been this low.

The decline in mortgage rates stemmed from a big increase in mortgage-backed securities prices Friday. MBS prices, which drive mortgage rates in the opposite direction, gained +21/32 (FNMA 30-yr 4.5 at 102.23) on less than spectacular jobs numbers and more European debt concerns, this time in Hungary. Typically when we see significant declines in stocks as we have lately, mortgage rates improve.

FHA mortgage rates continue to mirror those of conventional mortgages.

Jumbo mortgage rates are also down. Today's 30-year fixed jumbo loan rate for true jumbo loans exceeding conforming "high balance" county loan limits is 5.375%.

These rates are available to well-qualified consumers paying a standard .07 to 1 point origination as verified by FreeRateUpdate.com research of wholesale lenders' rate sheets.

Wells Fargo, the number one originator of residential mortgages in the US, is advertising a 30-year fixed-rate of 4.875% with an APR of 5.065% (source: Wells Fargo website).

Today's Mortgage Rates - available to well-qualified consumers paying a standard .07 to 1 point origination.

*30-yr fixed-rate - 4.375%

*15-yr fixed-rate - 4.000%

*1 ARM rate - 3.500%

*FHA 30-yr fixed-rate - 4.375%

*FHA 15-yr fixed-rate - 3.875%

*FHA 5/1 ARM rate - 3.500%

*VA 30-yr fixed-rate - 4.625%

*Jumbo 30-yr fixed-rate - 5.375%

*Jumbo Conforming 30-yr fixed-rate - 4.625%

FreeRateUpdate.com researches over 2 dozen wholesale lenders' rate sheets for brokers daily to determine the most accurate rates available to well-qualified borrowers at a standard origination fee of about 1 point. These rates are commonly referred to as "par rates" by loan officers.

Article published on Realty Times
Written by Ed Ferrara
June 8, 2010

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Assistance For Buyers

When it comes time to buy a home, you may need to strap on your thinking cap to come up with some creative ways to boost affordability. This can come in the form of assistance programs, special financing, leasing, and mortgage ideas.

Let's take a moment to explore a few of these options.

The first order of business could be to sit down with your family to see what assistance they'd be happy to offer. You may find that a father or grandmother would be more than happy to co-sign on a loan, or even offer you a loan at low, or zero, percent interest. You could also discuss a shared-appreciation or shared-equity arrangement. This is when a family member buys a portion of the prospective home, and then are able to share in its appreciative value when it is sold.

Next, be sure to look into buyer assistance programs.

The Department of Housing and Urban Development (HUD) has a link you can find on their website, which links to each state and their respective programs. You'll find such things as programs to help fund rural housing, as well as information on Habitat for Humanity.

The Federal Housing Agency (FHA) offers many downpayment assistance programs. The FHA offers this statement: "Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time homebuyers, low-income and moderate-income individuals and families who wish to achieve homeownership."

Take the AmeriDream program, for example. It "offers gift funds up to 10% of the home's purchase price which do not have to be paid back. Buyers must agree however, to return any funds that are not used toward down payments or closing costs and to return the funds if the sale of the home does not close on the scheduled closing date."

Or how about the Genesis Program, also known as Grant America. This is a non-profit down payment assistance program operated by the Penobscot Indian Tribal Nation and is HUD-approved to offer up to $34,000 in assistance, even to those living outside tribal jurisdiction.

The Nehemiah Program, which has aided over 250,000 Americans in the pursuit of homeownership, offers down payment assistance to anyone who qualifies for an approved FHA loan. Buyers can get up to 6% of the final contract sales price for down payment and/or closing costs.

And The Responsible Home Ownership program offers down payment assistance to low-income individuals who have steady income and good credit.

Be sure to talk to your local real estate agent about what options may be right for you. There are many paths to home ownership, and one will be the right one for you.

Published on Realty Times
Written by Carla L. Davis
June 7, 2010

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

New Criteria for Finding The Perfect Cottage

Finding the perfect cottage is now as complicated as buying an urban home. Beyond seeking out your ideal physical setting and all the nearby amenities that are must-haves for you, here are a few essentials to add to your "my perfect cottage" list:

Location variations: The cottage or summer home has different names in different parts of the country, but it has typically been found in popular cottage-country locations a few hours from an urban centre. With over-development and higher prices in established recreational areas, new more rural areas are opening up and even small towns like Ontario's Creemore have become the summer destination for city folk.

Condos as cottage: Condos have arrived in many recreational areas, with more on the way. Condos can also turn city living into resort-style accommodation with roof gardens, pools, spas, exercise centres and locales that place residents on golf courses, at the waterfront or high above it all, so it's no longer distance that makes an ideal get-away.

Not all or nothing: Fractional or shared ownership offers either a way to afford what is just out of reach financially or a way to use money wisely if you only have a few weeks off each summer. Why pay year-round for a cottage that you can only visit a few short weeks or hurried weekends each summer? Explore this option and you may find you'll get more in the way of amenities and pay less in the long run. Many resort projects also offer access to comparable resorts around the world.

Solar security: If sitting in the sun matters, how much risk is there that neighbours will block your rays? With condos and vertical renovations becoming more popular, blocking other cottagers' sunshine or views is bound to happen. How secure are your privacy, silence, views and everything else?

Internet access: The federal government recently announced about C$76 million in funding to improve internet access through 52 projects in rural Canada. Don't kid yourself—or your kids—that you want to get away from it all at the cottage. Mobile computing, especially the Blackberry-iPhone revolution, has made online the only place to find out about everything. That need does not end for most people seeking out a summer haven. If you intent to work or at least stay in touch with the office, internet access is a must to resolve. Employers favour the electronic leash, so getting online can be part of getting away for cottagers.

Medical access: If the area has a hospital, what medical services does it offer, particularly to seasonal residents? Governments are still slicing and dicing hospitals, so don't be surprised to discover the local hospital has no emergency room or operates one for limited hours. Hospitals and clinics are increasingly narrowing the scope of medical treatments and going mono—one human system, medical procedure or type of patient. It may be what's not available locally that determines where your choice lies.

Water quality: No longer a given, potable or drinkable water is becoming a bonus. With bottled water under the gun, sorting out what drinking and showering water will cost is a genuine financial consideration for where to buy.

Garbage detail: Garbage removal is becoming more expensive everywhere. Recycling efforts differ locally so check with local municipalities for details. Also, find out about proposed future land-fill and sewage dump sites. They're always in the works, so check to be sure you don't end up with an unwanted neighbour.

Electricity costs: Brown-outs and black-outs are more common outside urban areas. Solar power may offer viable alternatives, especially if you can sell excess energy. Self-sufficiency is the ideal, but not always practical. Year-round residents can offer great suggestions on your choices.

Help wanted: Who's going to work in the local shops, restaurants, services and other businesses you count on to fully enjoy your country dream? Labour shortages are stressful for many urban businesses and the cost of transportation in rural areas just adds to the challenge of finding great employees, service people and professionals.

Succession planning: What's the potential for year-round living? That may be far from your thoughts now, but expanding to a full season residence can add value and interest. If you can't, why not? How insurmountable are those obstacles? What are trends in the outlying areas? What is happening with public transportation? What physical barriers are there on the property that must be overcome for mobility problems that may arise or the addition of small children?

How perfect do you want this cottage to be? Prioritize your criteria so you know your absolute must-haves and how to compromise the other criteria without compromising your enjoyment. 



Written by PJ Wade of Realty Times
June 1, 2010

Thinking about Buying or Selling?


Call Alvin's Team Today! 877-651-7810 


Or visit our website: www.LivingLakeTahoe.com

Choosing Your Agent

It is recommended that you have a real estate agent help you with your transactions. But how do you know which agent to select? The choice can be difficult, but here are some questions to ask during potential agent interviews.

 

1. Do you have references from past clients? Ask their past clients if they were pleased with the service the agent provided them. Did they communicate in a timely manner, and were they kind and courteous?

2. What does being an agent mean to you? By asking this question you'll be able to see what their work ethic and business philosophy are. You want an agent that puts their priority on your happiness first, and their commission check second.

3. How long have you been in real estate? This is not to say that someone new to the business would not be a great asset. However, depending on the nature of your transaction, you may feel more comfortable with an agent with a proven record of sucess.

4. How many homes did you sell last year? Just because an agent has been in the business for a while doesn't mean they've been successful. You don't want to have your home on the market for months, when a savvy agent could have it sold in weeks.

5. What designations and certifications do you hold? Beyond holding a real estate license, agents can opt to expand their education and skills. There are a multitude of courses and programs available. In general, these certifications mean a more specialized agent.

6. What is your marketing plan? In an ideal world a house would just sell itself, right? But the market swings back and forth on a constant pendullum between being in favor of sellers and then buyers. If you are selling a house in a buyers market, then you need a solid marketing plan to make your home stand apart. Open houses, email campaigns, webcasts, and brochures are just a few of the items your agent may use.

7. Do you do dual agency? Dual agency is when the agent represents both the buyer and the seller. This is legal, as long as disclosed, but it may not be something you're interested in signing up for. Be sure to ask.

8. What are your home sales stats? It is important to ask them how long it takes them on average to sell a home. And then ask what the area average is. They should know this information off the top of their head, or at least have the statistics readily available.

9. How do you communicate with your clients? There is nothing worse than not being able to get ahold of your agent, with questions, for updates, and for feedback. In today's modern world of technology, there is no excuse for them not to stay in constant contact. There is email, texting, cell phones, and a myriad of other options. Ask what they use to stay in touch with their clients.

10. Do you have other connections? Meaning, will they be able to refer you to contractors, mortgage lenders, banks, landscapers, pool maintenance crews, and the like. This will be especially important if you are new to the area.

This Article Published on Realty Times
Written By: Carla L. Davis
May 17, 2010

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com