The Joy of Buying a Home

Sure, buying a home is a ton of responsibility, and not exactly an easy process either. A lot of people just throw up their hands and say ‘Rent!’ for the rest of their lives so they can pass off any problems they have to a landlord. There are, however, a few things that only homeowners get to do, and this is where the real joy of owning your own home comes into play. If you’re debating whether or not to rent again or go ahead and take the leap, consider a few things.
Construction
So many houses are great, but could be better with a little knocked down wall here and a little bathroom retiling there. When you’re renting you only see the house in front of you in real time, but when you buy you can make anything possible. Construction can raise the value of the home and make it more unique and interesting along the way. You can fix up a home too, so making that initial investment is only the start of a project that will bring you fulfillment and create something truly remarkable.
Home Owners Association
Renters can join in on the community organizations of course, but certain neighborhoods require you to be a homeowner to have a vote in the matter. If you want a say over the way things are done in the community, you have to own a stake in it.
Your Piece of the Pie
There’s just nothing quite like owning your own home. Aside from your stake in the community and your ability to paint the whole thing purple from shingle to shutter if you wanted to, there’s the simple satisfaction of knowing you’re going to be able to put roots down in an area for a while. There’s something to be said for investing a piece of yourself and having something really great to show for it.

By Devin Ratoosh

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Benefits of Buying A Home in Incline Village, Nevada

Incline Village is one of the most beautiful year-round resort communities in the world. Nestled on the North Shore of Lake Tahoe and surrounded by the majestic Sierra Nevada Mountains, Incline Village offers the best of all worlds.  Alvin Steinberg can help you find the ideal home for your primary residence or vacation get-away. Check out our website for our current listings... http://livinglaketahoe.com. If have any questions, we are here to help and answer any questions you may have.

"A good real estate agent can translate your desires into a dream home."

Benefits of Buying A Home Incline Village, NV...

•Two Robert Trent Jones Golf Courses with new club house and substantial discounts for Incline property owners

•Two private landscaped beaches with pool and boat launch for homeowners and their guests

•Nationally acclaimed Tennis Complex with 11 courts

•Recreation Center with indoor olympic

•Beautiful Diamond Peak Ski Resort at your back door

•Attractive tax benefits and no state income tax

•Variety of architecture and price ranges

•Shops, restaurants, mountain biking, hiking, boating and lots more

•Reno-Tahoe International Airport just 45 minutes away with private airport 20 minutes away

By Traci Souza

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Signs That You're Ready to Buy

Figuring out whether you're ready to buy a house -- whether you're a renter or are aiming to move up or size down -- can be a daunting task. But there are signs that will indicate whether you're ready to take the buying plunge.

If you are thinking about buying, you're not alone. So are you ready to make the move? You might be if you:

1. Are familiar with the market. If you've been paying attention to how much houses are listed for in the neighborhoods you're eyeing and have a realistic view of how much a house will cost you, you're in good shape. But if you're dreaming about that big corner house with no clue about it's asking price, you may want to spend some more time becoming familiar with the market and how much houses are going for.

2. Have the money for a down payment and closing costs. The down payment is a percentage of the value of the property. Freddie Mac says the percentage will be determined by the type of mortgage you select. Down payments usually range from 3 to 20 percent of the property value. Also, you may be required to have Private Mortgage Insurance (PMI or MI) if your down payment is less than 20 percent. Closing costs include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed and other settlement costs. You can expect to pay between from 2 to 7 percent of the property value. Generally, buyers will receive an estimate of these costs from your lender after you apply for a mortgage.

3. Know how much you can afford. Freddie Mac says that as a general guide, your monthly mortgage payment should be less than or equal to a percentage of your income, usually about a quarter of your gross monthly income. Also, your income, debt and credit history go into determining how much you can borrow. As a general rule, your debt -credit card bills, car loans, housing expenses, alimony and child support -- should not be more than about 30 to 40 percent of your gross income.

4. Know what additional expenses will come with owning a home. This includes homeowners insurance, utility bills, maintenance costs -- roofing, plumbing, heating and cooling.

5. Have your credit in good shape and make sure your credit report is accurate. Potential lenders will view your credit history -- how much debt you've accrued, how many accounts you have open, whether your payments are made on time, etc. -- to determine whether they'll give you a loan. You should get a report from each of the three credit reporting companies: Equifax, Experian, and Trans Union.

6. You haven't made any recent major purchases, particularly a vehicle. If you do, you may have a harder time getting a loan -- or it could potentially lower the amount you'll be approved for.

 

By Michele Dawson

 

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Housing Recovery Prompts More Real Estate Agent Optimism

If we've said it once, we'll say it again: there's nothing like boots-on-the-ground to get in-the-trenches information about the real estate market. A second poll of real estate agents in as many months finds a larger share of real agents slapping backs over the housing recovery. The first quarter 2013 Redfin Real-Time Real Estate Agent Survey of 650 real estate agents from nearly two dozen metropolitan areas, found 97 percent of agents expect home prices to rise in the next year, up from 87 percent six months ago. That's an even larger share of optimistic real estate agents than found in last month's RealEstate.com/ActiveRain report "Real Estate Is Back." It revealed similar results - 84 percent of real estate agents believe that real estate values and the number of real estate transactions will increase in 2013, giving more sellers an opportunity to move up or sell at a profit. "Redfin real estate agents are right there with their clients," said Redfin's chief of real estate operations Scott Nagel. "We are working to educate people about the opportunities of a seller's market, while helping homebuyers compete for the few homes available," Nagel added. Unfortunately potential home buyers are getting the short end of the stick, even with still-affordable prices, low mortgage rates and even a slight easing of underwriting rules. Sellers' market Real estate agent confidence is based largely on the fact that the housing recovery is a sellers' market. Redfin found only 57 percent of the agents surveyed described the housing recovery as a good time to buy, down from 75 percent in the third quarter last year, the last time Redfin conducted the survey. The survey also found: • Real estate agents are confident of upcoming price gains - 97 percent of agents expect home prices to rise in the next year (44 percent think prices will "rise a lot," and 53 percent think prices will "rise a little"), while in the third quarter of 2012, 87 percent of agents expected home prices to rise (11 percent expected home prices to "rise a lot," and 76 percent expected home prices to "rise a little"). • Real estate agents believe sellers are gaining more confidence in the market than buyers - 98 percent of agents agreed that sellers are becoming more confident about the market, and 83 percent agreed that buyers are becoming more confident.
Given recent consumer confidence reports, buyers becoming more confident is one boots-on-the ground sentiment that appears off base. Consumers continue to worry about the jobs and income they need to buy a home in today's still relatively tight mortgage market. The Conference Board Consumer Confidence Index, had improved in February, but declined in March. The Index now stands at 59.7, down from 68.0 in February. Consumers' outlook for the labor market was also gloomier. Those expecting more jobs in the months ahead declined to 12.3 percent from 16.1 percent, while those expecting fewer jobs increased to 26.6 percent from 22.1 percent. The proportion of consumers expecting their incomes to increase fell to 13.7 percent from 15.8 percent, while those expecting a decrease edged down to 18.0 percent from 19.3 percent. • Real estate agents are feeling the same pinch of low inventory and multiple offers that buyers feel - 96 percent of agents pointed to low inventory and multiple offers as the most common challenges facing buyers, up from 90 percent and 91 percent, respectively, in the third quarter.

Written by Broderick Perkins

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Benefits for a First-Time Home Buyer

You should buy a home. That's what you've been hearing from friends and family, right? So, by now you have likely already weighed the benefits and decided that home ownership was the best decision for you. That's a major hurdle now passed. You are focused and certain. Good.Almost 80% of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes. You've probably defined your goals and have a pretty good idea of the type of home and neighborhood you want. By the time you reach your real estate agent's office, you are halfway to home ownership.In seller's markets. often I show only one home. After all, how many homes does one family need? A few buyers will look for years, but buyers who do that aren't motivated. A motivated buyer will find a home within two weeks. Most of my buyers find a home within two days. Good real estate agents will listen to your wants and needs and arrange to show only those homes that fit your particular parameters. Your agent should preview homes before showing them to you as well.Studies show that your memory dramatically improves after consumption of carbs and slows upon consuming sugar. So, lay off the soft drinks and have a hearty meal of carbs before venturing out to tour homes. The average number of homes that I show to a buyer in one day is seven. Any more than that, and the brain is on overload. Therefore, don't expect to see 20 or 30 homes; although it's physically possible to do so, you probably will not remember specific details about any of them.

Bring a digital camera and begin each series of photos with a close-up of the house number to identify where each group of home photos start and end.

Take copious notes of unusual features, colors and design elements.

Pay attention to the home's surroundings. What is next door? Do 2-story homes tower over your single story?

Do you like the location? Is it near a park or a power plant?

Immediately after leaving, rate each home on a scale of 1 to 10, with 10 being the highest.

After touring homes for a few days, you will probably instinctively know which one or two homes you would like to buy. Ask to see them again. You will see them with different eyes and notice elements that were overlooked the first go-around. At this point, your agent should call the listing agents to find out more about the sellers' motivation and to double-check that an offer hasn't come in, making sure these homes are still available to purchase. I'll let you in on a little secret. I generally know which home a buyer is going to choose, and I suspect most other agents operate the same way. It's an intuition. But I make it a practice not to steer buyers, and I insist that buyers choose the home without interference from me. It's not my choice to make. Real estate agents are required, however, to point out defects and should help buyers feel confident that the home selected meets the buyer's search parameters.

Written by Elizabeth Weintraub

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Desire To Buy Increasing As Confidence Returns

Here we go. Americans are showing more desire to buy homes. In fact, the American dream is more alive than it has been in years - it's reached a three-year high with 79 percent of U.S. residents saying that owning a home is an essential part of that all-American dream. Now, more Americans, once again, say it's better to own than rent. In the same survey by CNBC-All-America Economic Survey, the figure shot up to 69 percent. This same group of Americans also have more faith in a long-term investment in real estate over stocks (even though the stock market is hot right now). This all points to rapidly growing consumer confidence in a once sickly real estate market. First-time buyers are coming out this spring and making an increase in the real estate traffic market. They're turning out to check out homes and showing more encouraging signs of interest in buying. Investor interest in homes is also on the rise. It's at a four-month high and sales of distressed properties are also increasing. When investors come into a marketplace, they typically pay all cash for the properties and can cause an area to rapidly increase in pricing. With more competition from investors, first-time homebuyers struggle to gain access to the real estate market. But as long as properties still return good cash flow for rents, there will continue to be great interest from investors. According to Lender Processing Services, right now the number of distressed homes is dropping but there are still slightly more than 5 million homes that are either delinquent or in the midst of a foreclosure process. To compete with the house-buying market, developers are increasing multi-family housing construction to bring a new supply of rental apartment buildings. Of course, as time goes on, the signs of the aftermath of the housing crash will continue to evolve. What this may mean to buyers is that timing, preparation, and action are more critical now than they have been in a long time. All this positive attention on the real estate market has some experts cautioning that we might be heading toward another real estate bubble. But still other experts say that a need for housing starts, increase in consumer confidence, and still very low mortgage rates are the early signs of a housing recovery. However, these experts caution that, even with buyer confidence returning, the housing market will continue its recovery over a period of several years. This won't be a fast process, experts say. It's expected that as the market continues to recover, the long-term need will be for 1.6 million to 1.9 million new homes per year. And since inventory is low in housing, that means that builders are gearing up for more production. That has consumers and economists confident that there's, at least, some positive signs that housing is on the mend.


Written by Phoebe Chongchua

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What Buyers Really Want In A Home

Size matters, according to the recent survey by The National Association Of Homebuilders. It seems buyers are now seeking homes that are approximately 2,000 square feet, but the problem is half of U.S. homes are nearly 40 years old and don't have many of the amenities buyers want. NAHB says that only about one-third of the current homes on the market have 2,000 or more square feet of livable space. NAHB writes on its website, "Existing homes, on the other hand, are more likely to be under 1,600 - or even under 1,200 - square feet, a size relatively few buyers say they want." So what does this mean for sellers whose homes might not be in that 2,000 square-foot-sweet spot? Will buyers just shun your home and continue on to find the home that meets their square footage requirements? Well, that depends. Size, like location, is a very important consideration. However, both of these areas are often open for negotiation and buyers may consider sacrificing one aspect in order to achieve a more important amenity. For instance, if the home is smaller than the buyers were originally looking for but is in an area that has the best school district and the potential for expansion, then suddenly this home becomes more appealing. However, in order to market a home properly, you have to find out who your target is. If you reference this recent survey, then you can assume size matters. If your home falls short in this area, look for other great amenities to highlight. Make sure you and your agent have good marketing flyers that play up the features of your home. Another great thing to do is to show what's possible with the home. If you had ever considered remodeling and had received ideas from a remodeling firm, you can let buyers know what options you had considered. This can give them an idea of how to use various areas of your home. Maybe they need a den and you have an area that could be easily turned into a small den or office loft. Helping buyers see the possibilities will open up their minds to opportunities and help them not rule out your home simply because its current condition doesn't meet all their needs. As with any home, the way you show it is going to be a big influencer. With small homes this can be extra important because if the home is crowded with furniture and clutter it will look even smaller and maybe even give a claustrophobic feeling. Remove any furniture that doesn't complement the home. The furniture should showcase the home, its architecture, and style without engulfing it. In my experience, this means that you will likely remove several pieces of furniture because often, over the years, people add lots of pieces that they actually don't need. Taking them out could give the home a refreshing, open airy feel. Ultimately, remember, even if your home is smaller than what many buyers want, it doesn't mean you won't find that perfect buyer, it just might be that you need to emphasize the fantastic amenities that come in small packages!

Written by Phoebe Chongchua

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A Good Real Estate Agent Speaks Your Language

When you're buying a new home, you can't afford to have your needs lost in translation.  However, it can be difficult to put into words exactly what you want. After all, when searching for the perfect home, it could be a matter of you'll "know it when you see it."  A good real estate agent can translate your desires into a dream home. Maybe you want a big back yard - but while you're out looking at homes, you begin to realize that there's a difference between a big back yard with just enough space for your needs and an enormous lot with too much maintenance.  While you're searching, your agent should be able to see the distinction through your eyes and point you in the right direction. He or she will help you refine your vision of grand cookouts and steer you to a home with something a little more manageable.  Many home buyers think they want a gracious historic home with charm. An old home can require lots of upkeep and updating. Heating systems, plumbing and the structure itself can all need of repair or replacement.  Unless the seller or a previous owner has completely restored the home to its original grandeur and updated it with contemporary appliance and style, perhaps this isn't the investment for you.  A good agent should be able to gauge your ability to handle an older home.  Do you have the time and financial resources to care for a gorgeous but crumbling Victorian with leaky pipes and cracks in the ceilings or would you be more satisfied with something newer and less problematic? Maybe "old" just means you aren't interested in a newly built construction, but something newer with more character.  If your agent correctly translates your vision, he or she will realize that just because you want to live in a walkable neighborhood might not mean you want to deal with circling the block for parking every night in an urban street with limited parking space.  Your agent should understand that your definition of an "updated kitchen" might not include a built-in refrigerator and that your idea of storage space could stem from what you've been accustomed to in your current home.  If your real estate agent considers your personal context, listens carefully and makes an effort to understand what you "want," that effort can translate your wish list into a meaningful tour of homes you really want to see.
To find an agent who speaks your language, look for an agent with experience in the local market and who has a long list of satisfied clients who have the homes of their dreams.

Written by Lillian Montalto

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Choosing Your Dream Home

There's a lot to think about when it comes to buying your dream home. Every decision, small to large, is important! Let's look at a list of common issues that buyers face.
 1. Neighborhood: Deciding on what neighborhood you desire is tricky. You must consider your wants and needs. They vary by person. Do you have children and need to live within the boundaries of a specific school district? You might want a short commute, a neighborhood with historic homes, or homes that are near night life and restaurants.  2. Square footage: What size of home fits your needs? The average home in the United States is 2,195 square feet. Thirty years ago the average size was just 1,645. The trend has been for larger and larger homes, with special purpose spaces, such as exercise rooms, offices, studies, and media rooms. This trend is now receding.  3. Floorplan: Architectural styles offer a wide range of choices! Open floor plans might appeal to you, with their great flow for entertaining. Or you may have a more traditional aesthetic, preferring cozy rooms. Think about how you live your life and what style best fits your needs.  4. Finishes: There are different grades of homes. Take your kitchen, for example. You can find a wide range of beautiful laminate counters, just as you can find a wide range of beautiful granite ones. These choices dramatically affect price. Think carefully about what you want in your dream home. Do you want stone floors or will ceramic suffice? Are you looking for green building materials, such as zero-voc paint, bamboo floors, and recycled counters?  5. Amenities: Our homes extend past the borders of our property. We live in the parks, shopping, and restaurants that surround us. Be sure to think outside the "box" of your house when you buy.  6. Landscaping: A large yard can mean lots of entertaining potential, but it can also mean a lot of work. Be sure to consider your needs now and down the road when it comes to yard maintenance. Many buyers prefer a townhouse or condo as their "dream home". These options afford buyers with much less responsibility when it comes to upkeep! Be sure to discuss all of these topics with your real estate agent. They can help you decide on a happy compromise among the long list of choices. They'll also help you know what items on your wish list you can get in your price range. Good luck on your dream home search!


Written by Carla Hill

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