Actually, the best thing for you to do when you see an advertisement in the paper is to call your own Realtor and tell them about the ad. Since addresses usually do not appear in advertisements, your Realtor will call the listing agent and find out the MLS number for the property. If the listing is on the internet, it probably already provides the MLS number.
The MLS number allows the agent to access the listing directly on the Multiple Listing Service. That reveals a lot more information than what is available to you on the web.
The house may turn out to be a great home for you, but it may also be a property the Realtor has already disregarded because it backed up to a busy noisy street and you have told your Realtor you wanted a quiet neighborhood.
You Have to Find an Agent. How do you do that?
If you're reading this, you're probably on the Internet. One key to a successful relationship between a real estate agent and their client is that, in addition to representing your interests competently, they educate you about the process as it unfolds. So don't simply look for property on the web - look for an agent that informs you about the process.
Referrals are always a good way to go. Perhaps a friend, co-worker, or family member recently bought a house in the same community and had a good experience. However, if they bought a house twenty miles from where you want to move, it may not be a good idea to use the same Realtor.
You want an agent who knows the area in detail and has already previewed many of the homes available for sale in that community. Community knowledge should be important to you because you are not just buying a house. You are buying a home in a local neighborhood in a specific community.
Every Realtor can show you every property available for sale in the Multiple Listing Service. Since that is true, you can call any real estate office and find a Realtor willing to show you houses for sale. The problem is that you do not know if you are talking to an excellent Realtor or a lazy inactive one.
By Unknown
Thinking
about Buying or
Selling?
Call Alvin's Team Today!
877-651-7810
Or visit our
website:
www.LivingLakeTahoe.com
Monday, September 30, 2013
Monday, September 23, 2013
Buyers in a Hurry to Lock in Rates
As mortgage rates move up, buyers are moving in to secure interest rates before they're priced out of the market. Most lenders offer buyers a loan lock-in period of 30, 45, 60, or 90 days. Lenders then are obligated to offer the home loan at that lock-in rate, even if rates have risen during that time. Some lenders lately have even revived “lock and shop” programs, allowing buyers to lock in an interest rate for an unlimited time before they even find a property to purchase.
Lawrence Yun, chief economist for the National Association of REALTORS®, called August’s surge in home sales likely the “last hurrah” for the next year to 18 months as mortgage rate increases and rising prices likely dampen affordability and sales in the coming months. Sales of previously-owned homes rose in August to the highest level in more than six years.
“Rising mortgage rates hurried some people into making the decision” to close on a deal, Yun says.
Mortgage rates have been on the rise since May when the Fed indicated that it would soon be winding down its $85 billion monthly bond purchases, which had helped keep mortgage rates near all-time lows.
Mortgage rates have moved up more than a full percentage point since May. The Fed announced last week it would delay its taper, which temporarily brought mortgage rates down last week from yearly highs. The 30-year fixed-rate mortgage fell to 4.5 percent last week, according to Freddie Mac.
PulteGroup said it expects the increase in borrowing costs to affect consumer segments differently.
For example, James Zeumer, head of Pulte’s investor relations, says that a half-percentage point rise in interest rates could mean that some first-time buyers “will be out of the game.” Move-up buyers, on the other hand, may “have a little bit more flexibility.”
Written by Realtor Mag
Lawrence Yun, chief economist for the National Association of REALTORS®, called August’s surge in home sales likely the “last hurrah” for the next year to 18 months as mortgage rate increases and rising prices likely dampen affordability and sales in the coming months. Sales of previously-owned homes rose in August to the highest level in more than six years.
“Rising mortgage rates hurried some people into making the decision” to close on a deal, Yun says.
Mortgage rates have been on the rise since May when the Fed indicated that it would soon be winding down its $85 billion monthly bond purchases, which had helped keep mortgage rates near all-time lows.
Mortgage rates have moved up more than a full percentage point since May. The Fed announced last week it would delay its taper, which temporarily brought mortgage rates down last week from yearly highs. The 30-year fixed-rate mortgage fell to 4.5 percent last week, according to Freddie Mac.
PulteGroup said it expects the increase in borrowing costs to affect consumer segments differently.
For example, James Zeumer, head of Pulte’s investor relations, says that a half-percentage point rise in interest rates could mean that some first-time buyers “will be out of the game.” Move-up buyers, on the other hand, may “have a little bit more flexibility.”
Written by Realtor Mag
Wednesday, September 18, 2013
Take the Stress Out of Homebuying
Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.
Written by Realtor Mag
- Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.
- Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.
- Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.
- Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
- Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
- Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
- Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
- Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
- Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
- Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.
Written by Realtor Mag
Friday, September 13, 2013
Lucky Numbers & Other Real Estate Superstitions
Superstitions never seem to die, which is why a lot of people still believe Friday the 13th is an unlucky day.
When it comes to real estate, some superstitions are passed down through generations, especially in certain cultures. The thinking goes that if you follow these superstitions, you’ll increase your luck and sell your home quickly for a good price.
Of course, superstitions won’t sell a home. But if they did, here’s how you’d get lucky in real estate.
Pay attention to numerology
Superstition around specific numbers can play a role in how people price their homes, which homes they won’t buy and even how builders name the floors of a high-rise condo building.
In some cultures, real estate luck is often attributed to the last nonzero digit in a sales price. In Chinese culture, for instance, the number 8 is considered lucky because it’s pronounced similarly to the Chinese word for wealth and prosperity. It’s not unusual, therefore, to find homes in heavily Chinese neighborhoods priced at, say, $368,000. You might even see a home in a more expensive neighborhood priced at $888,888.
At the same time, the number 4 is considered unlucky in Chinese culture because it sounds like the Chinese word for death. So if you want good luck, stick an 8 in your sales price and forgo the 4.
Or you may want to put a 7 before the zeroes in your price. In Vegas and many other places, 7 is seen as a lucky number.
The number 13, of course, is considered unlucky. Some people just won’t buy a house or condo with the number 13 in the address.
Many high-rise condo builders skip the 13th floor entirely. Even though research shows most people don’t believe the number 13 is unlucky, less than 5 percent of high-rise condo buildings in New York City have a 13th floor, according to a recent report in the Wall Street Journal. The floors instead jump from 12 to 14. Developers reason that it’s only numbers, so why risk alienating buyers who might be superstitious?
Bury a statue of St. Joseph in your yard
St. Joseph is the patron saint of real estate. Many people believe burying a statue of the saint in their yard will help sell their home. In fact, some agents bury a St. Joseph statue as soon as the “For Sale” sign goes up. There are tales of homes that go for months without an offer — and then someone buries St. Joseph on the property and the offers come. It’s superstition, of course, but it endures.
What’s luck got to do with it?
You can’t depend on superstitions to help you get lucky in real estate. If you’re a buyer, focus on finding the right home for you, at the right time. If you’re a seller, get a good agent, show your property at its best, know your market well and price your home right. It’s these things — rather than specific numbers or burying a statue — that will bring you good luck in the end.
Written by
When it comes to real estate, some superstitions are passed down through generations, especially in certain cultures. The thinking goes that if you follow these superstitions, you’ll increase your luck and sell your home quickly for a good price.
Of course, superstitions won’t sell a home. But if they did, here’s how you’d get lucky in real estate.
Pay attention to numerology
Superstition around specific numbers can play a role in how people price their homes, which homes they won’t buy and even how builders name the floors of a high-rise condo building.
In some cultures, real estate luck is often attributed to the last nonzero digit in a sales price. In Chinese culture, for instance, the number 8 is considered lucky because it’s pronounced similarly to the Chinese word for wealth and prosperity. It’s not unusual, therefore, to find homes in heavily Chinese neighborhoods priced at, say, $368,000. You might even see a home in a more expensive neighborhood priced at $888,888.
At the same time, the number 4 is considered unlucky in Chinese culture because it sounds like the Chinese word for death. So if you want good luck, stick an 8 in your sales price and forgo the 4.
Or you may want to put a 7 before the zeroes in your price. In Vegas and many other places, 7 is seen as a lucky number.
The number 13, of course, is considered unlucky. Some people just won’t buy a house or condo with the number 13 in the address.
Many high-rise condo builders skip the 13th floor entirely. Even though research shows most people don’t believe the number 13 is unlucky, less than 5 percent of high-rise condo buildings in New York City have a 13th floor, according to a recent report in the Wall Street Journal. The floors instead jump from 12 to 14. Developers reason that it’s only numbers, so why risk alienating buyers who might be superstitious?
Bury a statue of St. Joseph in your yard
St. Joseph is the patron saint of real estate. Many people believe burying a statue of the saint in their yard will help sell their home. In fact, some agents bury a St. Joseph statue as soon as the “For Sale” sign goes up. There are tales of homes that go for months without an offer — and then someone buries St. Joseph on the property and the offers come. It’s superstition, of course, but it endures.
What’s luck got to do with it?
You can’t depend on superstitions to help you get lucky in real estate. If you’re a buyer, focus on finding the right home for you, at the right time. If you’re a seller, get a good agent, show your property at its best, know your market well and price your home right. It’s these things — rather than specific numbers or burying a statue — that will bring you good luck in the end.
Written by
Wednesday, September 11, 2013
Top 5 Mistakes Home Buyers Make — And How to Avoid Them
From the beginning of your home search through closing escrow, there’s an awful lot to think about and do. It’s not unusual to make a mistake along the way. But with the financial stakes so high, a false move can end up costing you a lot of money.
Here are five common home buyer mistakes, with tips on how to avoid them.
You expect to get the price down after making an offer
The real estate market is heating up across the country. In many markets, homes are selling for more than asking price. Some buyers win the bidding war by going over asking — only to try to negotiate the price down by asking for credits during escrow.
This strategy may work sometimes, especially in a weak seller’s market. But we’re in a competitive market for buyers now, so don’t count on it. The seller most likely will have a backup offer from another buyer who really wants the home — and who is hoping your deal falls through. If you start asking for unwarranted credits, the seller may simply go with the backup offer, leaving you out in the cold.
A better strategy: Make your best offer, and don’t assume you can negotiate it down later.
You wait until the eleventh hour to ask for credits
In Houston, a seller had put his house on the market with full disclosure that it had termites. A buyer made an offer and went into contract with the seller. After further inspections, and at the eleventh hour, the buyer demanded an unreasonable amount be deducted from the sale price. The buyer assumed that the seller, not wanting to put the house on the market again, would agree, just to close the deal. But that’s not what happened. The seller agreed to reduce the price, but not by the full amount the buyer wanted.
The buyer ended up walking away from the deal. The house sold soon after at a higher price than what was negotiated with the first buyer.
Of course, you should ask for credits if an inspection turns up potentially costly repair work you didn’t know about when you made your offer. But even in a buyer’s market, don’t assume you can get sellers to cave in to unreasonable demands at the last minute.
You chase a deal at all costs
Everyone wants to save money, especially on a high-ticket item such as real estate. Unfortunately, this causes some would-be buyers to make lowball offers in hopes of getting a “deal.” Or, potential buyers lose out on homes they might have been able to get otherwise, which ends up costing money in the long run.
For example, a renter in San Francisco spent three years looking for the best “deal” she could possibly get, passing up many good opportunities. Eventually, her landlord wanted to sell the place she was renting. This forced her to finally buy, but under pressure. She ended up buying at the top of the market. If she hadn’t held out for so long in hopes of scoring an amazing deal, she’d have saved herself a lot of money and time. She’d even have built up some equity in a home over those three years.
In a strong real estate market, the deals are in homes that have been overpriced and haven’t sold as a result, and/or properties that don’t show well because they need work. If the home you want is well-priced, in a good neighborhood and doesn’t need much work, the best strategy is to make a solid offer and be prepared to go over asking if necessary.
You think you can do it all yourself
With so much information about homes available online today, many people, such as tech-savvy Gen X and Gen Y home buyers, may assume they can buy a home without a real estate agent’s help.
But this strategy often backfires. First of all, the real estate agent’s role isn’t just about finding listings. With Internet access, buyers can easily find listings themselves. The agent’s role today is more about presenting your offer to the seller’s agent in a way that will help get it accepted and making sure it sticks through an escrow.
A savvy agent knows the ins and outs of the local market better than an uninformed buyer with a full-time job and family. A good agent will know the back-stories behind the comps, for example. He or she will know that a comparable home sold for 5 percent less (than the home you’re considering) only because the sellers were divorcing, or the property had a retaining wall problem. Without an agent, you’d simply see that the comparable home sold for 5 percent less. You might ask the seller of the home to match that 5 percent reduction — and you’d be surprised when the seller says, “No thanks.”
Also, experienced agents have a strong network in the local market, which can give you an added edge. Good agents like to work with other good agents. And if nothing else, keep in mind that a listing agent might not even consider working with an unrepresented buyer.
Finally, the seller pays the buyer’s real estate commission, so having an agent for your home search costs you nothing anyway. Most importantly, there’s bound to come a time during the complicated real estate transaction when you have serious doubts or big questions. Your agent can be the trusted adviser you need to walk you through the maze.
You don’t think like a seller
Most likely, at some point in the future you’ll need to sell the home you’re about to buy. That’s why it’s important to think like a potential seller as well as a buyer.
Case in point: In 2005, a buyer in San Francisco bought a home with no garage. The house was on multiple transit lines, he used his bicycle to get around and he knew he’d have access to a leased garage space if he needed it. So he felt he didn’t need a garage.
Three years later, the market was slower, but the owner had to sell. He didn’t feel his home should be priced less than a comparable property with a deeded garage because his house was so centrally located. Plus, he had that leased garage space to offer. The problem was, many buyers drive to work, and they don’t want to risk losing a leased garage space. The result was that many buyers wouldn’t even look at his home’s photos online, let alone go to the open house — because it lacked a garage.
So when you’re buying a home, put yourself in a potential seller’s shoes. The last thing you want is to buy a dream home that becomes a nightmare when it’s time to sell.
Written by
Here are five common home buyer mistakes, with tips on how to avoid them.
You expect to get the price down after making an offer
The real estate market is heating up across the country. In many markets, homes are selling for more than asking price. Some buyers win the bidding war by going over asking — only to try to negotiate the price down by asking for credits during escrow.
This strategy may work sometimes, especially in a weak seller’s market. But we’re in a competitive market for buyers now, so don’t count on it. The seller most likely will have a backup offer from another buyer who really wants the home — and who is hoping your deal falls through. If you start asking for unwarranted credits, the seller may simply go with the backup offer, leaving you out in the cold.
A better strategy: Make your best offer, and don’t assume you can negotiate it down later.
You wait until the eleventh hour to ask for credits
In Houston, a seller had put his house on the market with full disclosure that it had termites. A buyer made an offer and went into contract with the seller. After further inspections, and at the eleventh hour, the buyer demanded an unreasonable amount be deducted from the sale price. The buyer assumed that the seller, not wanting to put the house on the market again, would agree, just to close the deal. But that’s not what happened. The seller agreed to reduce the price, but not by the full amount the buyer wanted.
The buyer ended up walking away from the deal. The house sold soon after at a higher price than what was negotiated with the first buyer.
Of course, you should ask for credits if an inspection turns up potentially costly repair work you didn’t know about when you made your offer. But even in a buyer’s market, don’t assume you can get sellers to cave in to unreasonable demands at the last minute.
You chase a deal at all costs
Everyone wants to save money, especially on a high-ticket item such as real estate. Unfortunately, this causes some would-be buyers to make lowball offers in hopes of getting a “deal.” Or, potential buyers lose out on homes they might have been able to get otherwise, which ends up costing money in the long run.
For example, a renter in San Francisco spent three years looking for the best “deal” she could possibly get, passing up many good opportunities. Eventually, her landlord wanted to sell the place she was renting. This forced her to finally buy, but under pressure. She ended up buying at the top of the market. If she hadn’t held out for so long in hopes of scoring an amazing deal, she’d have saved herself a lot of money and time. She’d even have built up some equity in a home over those three years.
In a strong real estate market, the deals are in homes that have been overpriced and haven’t sold as a result, and/or properties that don’t show well because they need work. If the home you want is well-priced, in a good neighborhood and doesn’t need much work, the best strategy is to make a solid offer and be prepared to go over asking if necessary.
You think you can do it all yourself
With so much information about homes available online today, many people, such as tech-savvy Gen X and Gen Y home buyers, may assume they can buy a home without a real estate agent’s help.
But this strategy often backfires. First of all, the real estate agent’s role isn’t just about finding listings. With Internet access, buyers can easily find listings themselves. The agent’s role today is more about presenting your offer to the seller’s agent in a way that will help get it accepted and making sure it sticks through an escrow.
A savvy agent knows the ins and outs of the local market better than an uninformed buyer with a full-time job and family. A good agent will know the back-stories behind the comps, for example. He or she will know that a comparable home sold for 5 percent less (than the home you’re considering) only because the sellers were divorcing, or the property had a retaining wall problem. Without an agent, you’d simply see that the comparable home sold for 5 percent less. You might ask the seller of the home to match that 5 percent reduction — and you’d be surprised when the seller says, “No thanks.”
Also, experienced agents have a strong network in the local market, which can give you an added edge. Good agents like to work with other good agents. And if nothing else, keep in mind that a listing agent might not even consider working with an unrepresented buyer.
Finally, the seller pays the buyer’s real estate commission, so having an agent for your home search costs you nothing anyway. Most importantly, there’s bound to come a time during the complicated real estate transaction when you have serious doubts or big questions. Your agent can be the trusted adviser you need to walk you through the maze.
You don’t think like a seller
Most likely, at some point in the future you’ll need to sell the home you’re about to buy. That’s why it’s important to think like a potential seller as well as a buyer.
Case in point: In 2005, a buyer in San Francisco bought a home with no garage. The house was on multiple transit lines, he used his bicycle to get around and he knew he’d have access to a leased garage space if he needed it. So he felt he didn’t need a garage.
Three years later, the market was slower, but the owner had to sell. He didn’t feel his home should be priced less than a comparable property with a deeded garage because his house was so centrally located. Plus, he had that leased garage space to offer. The problem was, many buyers drive to work, and they don’t want to risk losing a leased garage space. The result was that many buyers wouldn’t even look at his home’s photos online, let alone go to the open house — because it lacked a garage.
So when you’re buying a home, put yourself in a potential seller’s shoes. The last thing you want is to buy a dream home that becomes a nightmare when it’s time to sell.
Written by
Monday, September 9, 2013
Things You Should Be Aware Of When You Are In The Market For A Home
Although you may already know a lot about investing in real estate, there’s still more for you to learn. Because the real estate market is constantly changing, there is always something new to learn. The following article will give you the information you need when buying real estate.
When negotiating with real estate purchases, always use a moderate approach. Some people feel as though they should be aggressive in order to get the best price; this can backfire on them. Be firm in what you want, however, let your Realtor and lawyer go at the negotiations since they are used to fighting those battles.
Look for a new home that has enough room if you plan on starting a family or already have children. Steep stairs or swimming pools are items to closely examine if you have children in the home. By purchasing a home whose previous owners had children, it should be guaranteed to be safe.
If you’re going to relocate, research the prospected neighborhood of the desired property online. Whether you’re moving to a large city or a small town, there is a good deal of valuable information that you can find on the internet. You can find out about the population, local schools and salary ranges compared to other locations.
Should a seller decline your offer on their home, don’t fret, because they do want to sell, and they might be creative enough to manifest an opportunity to make the price affordable to you. Explore options such as incorporating closing costs into the deal or asking for improvements to the home, prior to purchase.
Homes that need multiple improvements or updates are sold at a reduced price. You will save money on the purchase, and you can use that money to repair and upgrade the home as you wish. You will be able to design the home you have always dreamed of and significantly enhance the value of your property. So always consider a home’s potential, rather than just focusing on the negatives that you can see. You never know, your dream house could be hiding behind warped floorboards or outdated paneling.
Make sure to look towards the future whenever you are in the market for a new house. Even if you currently do not have children, if you are planning to have kids in the future, it is a good idea to find out if the area schools are of high quality.
If you want to increase the value of real estate that you own, do some remodeling or repairs to the property. The good thing is that you will get a good profit from your investment when you repair a fixer. Sometimes your value will go up more than what you invested.
You may have to be flexible in order to close on a home. You might not have the financial resources to buy your dream house in your dream neighborhood, but you might have enough to choose one of the two. If you can’t find a home in the perfect neighborhood with all your amenities, find one with the amenities in a different neighborhood.
Request a checklist from your Realtor to put yourself in the best position before buying. It is common for Realtors to have a compiled list of every consideration, including how to locate your dream home, financing based on your ability to pay and closing the deal. Such a document is a great way to ensure that all details of the transaction are addressed.
The asking price for a home is the beginning point. You need to give a lot of thought to the price you want to actually offer. If your seller is helpful, it should be fairly easy to decide on a final purchasing price that you’re happy with.
You can request that the seller help out with closing costs or sweeten the deal with other financial incentives when you make your offer on the house you have in mind. One common incentive is to request that the seller “buy down” your loan’s interest rate for the first one to two years. Some sellers may be more willing to negotiate on these types of incentives instead of their selling price.
Before buying a home, get an inspector to examine it. If you purchase without an expert’s evaluation of the house, you could be facing the cost for major repairs. In addition to the expense of making renovations, you might be forced to vacate your home during the construction period.
It is pretty common and well advised to have an inspector examine the location before you purchase any realty that’s held your attention. Otherwise, you could find yourself in a home that needs complete renovation from the ground up when you weren’t expecting it. Not only will this cost a lot, you might need to change your living situation until it’s fixed
One of the most critical steps in finding a home is being pre-qualified for a loan. You will have a better idea of your price range before you make up your mind about buying a home. In addition, the application and qualification processes for obtaining a loan can take a long time, and it is inadvisable to put it off for too long.
Wheather its your first home or second home, it's a great time to invest!
Written by Unknown
When negotiating with real estate purchases, always use a moderate approach. Some people feel as though they should be aggressive in order to get the best price; this can backfire on them. Be firm in what you want, however, let your Realtor and lawyer go at the negotiations since they are used to fighting those battles.
TIP! Each agent should connect with former clients on special occasions to maintain the relationship. When they hear from you again, they will know that they helped during your buying selling experience.
Look for a new home that has enough room if you plan on starting a family or already have children. Steep stairs or swimming pools are items to closely examine if you have children in the home. By purchasing a home whose previous owners had children, it should be guaranteed to be safe.
If you’re going to relocate, research the prospected neighborhood of the desired property online. Whether you’re moving to a large city or a small town, there is a good deal of valuable information that you can find on the internet. You can find out about the population, local schools and salary ranges compared to other locations.
Should a seller decline your offer on their home, don’t fret, because they do want to sell, and they might be creative enough to manifest an opportunity to make the price affordable to you. Explore options such as incorporating closing costs into the deal or asking for improvements to the home, prior to purchase.
TIP! Be flexible when you are making choices. You may have to sacrifice some of your expectations in order to live in the neighborhood of your choosing, or vice versa.
Make sure to look towards the future whenever you are in the market for a new house. Even if you currently do not have children, if you are planning to have kids in the future, it is a good idea to find out if the area schools are of high quality.
If you want to increase the value of real estate that you own, do some remodeling or repairs to the property. The good thing is that you will get a good profit from your investment when you repair a fixer. Sometimes your value will go up more than what you invested.
TIP! It is a good time to get invested in real estate. Property values are very low now because of the crash in the housing market.
You may have to be flexible in order to close on a home. You might not have the financial resources to buy your dream house in your dream neighborhood, but you might have enough to choose one of the two. If you can’t find a home in the perfect neighborhood with all your amenities, find one with the amenities in a different neighborhood.
Request a checklist from your Realtor to put yourself in the best position before buying. It is common for Realtors to have a compiled list of every consideration, including how to locate your dream home, financing based on your ability to pay and closing the deal. Such a document is a great way to ensure that all details of the transaction are addressed.
The asking price for a home is the beginning point. You need to give a lot of thought to the price you want to actually offer. If your seller is helpful, it should be fairly easy to decide on a final purchasing price that you’re happy with.
TIP! Before choosing a neighborhood to settle down in, check the national data base for sex offenders living in that area. Even though data on sex offenders is publicly available, don’t be so sure that real estate agents and home sellers will feel obligated to give this information to potential buyers.
You can request that the seller help out with closing costs or sweeten the deal with other financial incentives when you make your offer on the house you have in mind. One common incentive is to request that the seller “buy down” your loan’s interest rate for the first one to two years. Some sellers may be more willing to negotiate on these types of incentives instead of their selling price.
Before buying a home, get an inspector to examine it. If you purchase without an expert’s evaluation of the house, you could be facing the cost for major repairs. In addition to the expense of making renovations, you might be forced to vacate your home during the construction period.
It is pretty common and well advised to have an inspector examine the location before you purchase any realty that’s held your attention. Otherwise, you could find yourself in a home that needs complete renovation from the ground up when you weren’t expecting it. Not only will this cost a lot, you might need to change your living situation until it’s fixed
One of the most critical steps in finding a home is being pre-qualified for a loan. You will have a better idea of your price range before you make up your mind about buying a home. In addition, the application and qualification processes for obtaining a loan can take a long time, and it is inadvisable to put it off for too long.
Wheather its your first home or second home, it's a great time to invest!
Written by Unknown
Friday, September 6, 2013
Lake Tahoe Real Estate: Incline Village/Crystal Bay, Nevada Market Takes Off
Just under $20 million will buy you a piece of Lake Tahoe paradise with history to spare. A century-old log home once owned by reclusive billionaire Howard Hughes is on the market in Crystal Bay, Nev., for $19.5 million. The Summertide estate was built by a silver-mining mogul and later owned by an English earl.
Too rustic? How about a $43 million, four-home compound in Incline Village, Nev., a short walk down the beach from where Oracle Corp. billionaire Larry Ellison is building a mega-estate. The lakefront in Nevada, a state with no personal income tax, has become a favorite retreat for California's high-tech titans.
"Lake Tahoe, where the billionaires are pushing out the millionaires,"
High-end sales at Tahoe staggered during the recession but have started to recover in the past half-year.
Real estate agents said the trend has been fueled by wealthy Californians decamping for Nevada in the wake of Proposition 30, a ballot measure that California voters passed in November. It raised the state income tax rate on those who make $1 million or more annually to 13.3 percent -- a nearly 30 percent increase.
That pushed some -- especially those who can work from home or whose children are no longer in school -- to make their primary residence in Nevada, agents said. Sales of homes in the $2 million-to- $4 million range around Incline Village have been especially brisk, they said.
At the highest end of the market, in the rarefied world of properties worth tens of millions of dollars, Silicon Valley billionaires have been driving sales. They've been buying properties on the Nevada lakefront, including the opulent homes along Lakeshore Boulevard in Incline Village.
Incline Village also could be called the village of lucky stars, because a great number of its residents are lucky enough to live in gigantic, multimillion-dollar homes with splendid lake views.
Lake Tahoe’s northeastern shoreline, known locally as the “Banana Belt,” gets less snow than the west shore; the east and north shore waters are warmer than other parts of the lake because the water is not as deep; and the area has several sandy public beaches.
"The quality of life at Incline, where both the moon and stars shine more brightly"
Written by Unknown
Too rustic? How about a $43 million, four-home compound in Incline Village, Nev., a short walk down the beach from where Oracle Corp. billionaire Larry Ellison is building a mega-estate. The lakefront in Nevada, a state with no personal income tax, has become a favorite retreat for California's high-tech titans.
"Lake Tahoe, where the billionaires are pushing out the millionaires,"
High-end sales at Tahoe staggered during the recession but have started to recover in the past half-year.
Real estate agents said the trend has been fueled by wealthy Californians decamping for Nevada in the wake of Proposition 30, a ballot measure that California voters passed in November. It raised the state income tax rate on those who make $1 million or more annually to 13.3 percent -- a nearly 30 percent increase.
That pushed some -- especially those who can work from home or whose children are no longer in school -- to make their primary residence in Nevada, agents said. Sales of homes in the $2 million-to- $4 million range around Incline Village have been especially brisk, they said.
At the highest end of the market, in the rarefied world of properties worth tens of millions of dollars, Silicon Valley billionaires have been driving sales. They've been buying properties on the Nevada lakefront, including the opulent homes along Lakeshore Boulevard in Incline Village.
Incline Village also could be called the village of lucky stars, because a great number of its residents are lucky enough to live in gigantic, multimillion-dollar homes with splendid lake views.
Lake Tahoe’s northeastern shoreline, known locally as the “Banana Belt,” gets less snow than the west shore; the east and north shore waters are warmer than other parts of the lake because the water is not as deep; and the area has several sandy public beaches.
"The quality of life at Incline, where both the moon and stars shine more brightly"
Written by Unknown
Wednesday, September 4, 2013
Advice That Every First-Time Homebuyer Needs in 2013
If you're a first-time home buyer, you're probably thrilled to take the
plunge into the real estate market. After all, you've probably been envisioning
this moment for many years. It's a time when you should be ecstatic for what's
coming. However, there's a caveat. Buying a house is a massive decision,
particularly if you've never embarked on the process before.
There are certain things you must consider as a prospective buyer in order to have a successful purchasing journey. These ideas are listed below for your benefit. 1. Properly assess your credit standing Credit is one of the main issues you need to focus on before buying a one-way ticket to the real estate world. For one, it can really help you financially if you have solid credit. Secondly, if you have a less than ideal credit report, buying a property may be a decision to re-think or put aside for several months. Every situation is relative to the individual person directly involved, but the principle is the same: credit matters and it will continue to matter. You need credit to qualify for a loan. While the exact influence could vary greatly between a Native American applying for aHUD 184 home
loan and a recent college graduate applying to take over a condominium, the
numbers need to add up. If you have three credit cards and most of the allowance
is used up on all three, you may not receive a very pretty score.
2. Gauge monthly cash flow Part of owning a home is being extremely stable financially. This doesn't mean having an abundance of extra money to throw around, but rather the concept of understanding how much money you do have and how you spend it. If you're considering buying a house, you want to specifically focus on your monthly cash flow. Some questions to ask:
Your monthly flow needs to be understood for the simple reason that you need to know exactly how a mortgage agreement will affect you financially. For instance, the commitment is more than simply paying the monthly portion of the loan. You will have homeowner obligations that you didn't have before. You will have property taxes, maintenance and many other situations to consider.
3. Carefully consider the location Oftentimes, those people buying real estate for the first time underestimate the commitment that ensues after the closing date. While you can surely sell your house before it's paid off, it's a bigger commitment than it seems to be looking at what is often a loan of 25-30 years. Due to the inherent longevity of these agreements, it's imperative that you analyze not only the property you're deciding on but the location it's in. Some questions to ask:
Take this advice and run with it: The location that your house sits within will make or break your general happiness with the situation. This seems obvious, but it still needs to be carefully analyzed with a long-term focus. Do you see yourself feeling the same about it in a few years? What about 20? These are thoughts to toss around your inner circle of family and friends before settling on a decision. Part of enjoying your first home buying experience is being prepared. Properly assessing your credit standing, gauging monthly cash flow and carefully considering the location of your proposed investment are strong starting points. From there, it's up to you.
Written by Tim Richmond
There are certain things you must consider as a prospective buyer in order to have a successful purchasing journey. These ideas are listed below for your benefit. 1. Properly assess your credit standing Credit is one of the main issues you need to focus on before buying a one-way ticket to the real estate world. For one, it can really help you financially if you have solid credit. Secondly, if you have a less than ideal credit report, buying a property may be a decision to re-think or put aside for several months. Every situation is relative to the individual person directly involved, but the principle is the same: credit matters and it will continue to matter. You need credit to qualify for a loan. While the exact influence could vary greatly between a Native American applying for a
Take this advice and run with it: Good credit standing often translates to lower interest rates for your mortgage agreement. This benefits you. Also, if your credit isn't ideal, think about considering a six month hiatus from the housing search to try and raise it. You can do this with consistent payments on whatever you've committed to within your life.
2. Gauge monthly cash flow Part of owning a home is being extremely stable financially. This doesn't mean having an abundance of extra money to throw around, but rather the concept of understanding how much money you do have and how you spend it. If you're considering buying a house, you want to specifically focus on your monthly cash flow. Some questions to ask:
- How much do you earn?
- How much are you able to put aside each month?
- How's your individual job security? What about your employer's stability within the market?
- Can you reasonably cut back on spending without compromising your way of life?
Your monthly flow needs to be understood for the simple reason that you need to know exactly how a mortgage agreement will affect you financially. For instance, the commitment is more than simply paying the monthly portion of the loan. You will have homeowner obligations that you didn't have before. You will have property taxes, maintenance and many other situations to consider.
Take this advice and run with it: You're going to be fine owning your own property, but it can really help to properly assess your monthly cash flow. There needs to be more coming in than going out. You're the only one that can truly understand where your balance is at and if there's ever a time to think about it, it's now.
3. Carefully consider the location Oftentimes, those people buying real estate for the first time underestimate the commitment that ensues after the closing date. While you can surely sell your house before it's paid off, it's a bigger commitment than it seems to be looking at what is often a loan of 25-30 years. Due to the inherent longevity of these agreements, it's imperative that you analyze not only the property you're deciding on but the location it's in. Some questions to ask:
- Do you really, really like the city or town?
- What school district zone does your property fall within? This could shape your child's or children's education
- Is it close enough to your job? What about your spouse's, if you have one?
- Is it near hobbies you enjoy?
Take this advice and run with it: The location that your house sits within will make or break your general happiness with the situation. This seems obvious, but it still needs to be carefully analyzed with a long-term focus. Do you see yourself feeling the same about it in a few years? What about 20? These are thoughts to toss around your inner circle of family and friends before settling on a decision. Part of enjoying your first home buying experience is being prepared. Properly assessing your credit standing, gauging monthly cash flow and carefully considering the location of your proposed investment are strong starting points. From there, it's up to you.
Written by Tim Richmond
Subscribe to:
Posts (Atom)
