Real Estate Blog

It is not unusual for first-time buyers to be free of debt.  They have been saving for their first home for many months or even years.  Soon after they moved into their new home, they are deluged with pre-approved credit card applications from banks and stores they have never heard of.  Before they realize what is happening, some new homeowners can get over their heads in debt.
 The consumer credit agencies know that mortgage companies do thorough checks before approving a loan, and those who have passed through that process are considered good credit risks.  They also know that new homeowners often need to make major purchases of furniture and appliances at a time when they have depleted most of their savings accounts.  After years of disciplined savings, new owners may be faced with a tremendous temptation to just say “charge it” for the things they need.  If you have just purchased a home, be aware–and wary–when those applications start pouring in!

 For most homeowners, there are two standards of housekeeping that apply – everyday Monday and “Sunday best.”  When you are preparing your home to sell on the market, keeping your house immaculately clean cannot be overemphasized.  In addition to cleanliness, there are simple improvements you can make that will guarantee your property gives a sparkling first impression.

 First, ensure that your home radiates curb appeal by making the front of your house aesthetically pleasing.  Address all features of your yard: mow the lawn, trim the trees and weed the garden.  Remember that first impressions are the most lasting.  Objectively scrutinize the interior of your home, removing clutter and handling minor repairs.  For example, you have learned to live with your sticking bathroom window, but to a prospective buyer it is a sign of poor maintenance.  Flooring is one of the first features people notice, so have your carpets professionally cleaned.  Remove potential hazards such as rolling pet toys and bring in a third party “nose” to sniff out offensive odors. Airing out your home before you show it, and opening the curtains will welcome buyers into a light, fresh environment.

 All these improvements will increase your home’s appeal and profit.  The more your house reflects what buyers are looking for, the quicker it will sell.

Getting pre-qualified for a home mortgage loan offers important advantages to the homebuyer.  It is a straightforward process that will give you vital information about your options as a buyer.

 Pre-qualification can be as easy as having a loan representative determine what price mortgage loan you can afford based on your statement of available funds, income, and debt.  The mortgage broker will ask you a few questions, do some financial calculations and, based on the information you supply, issue a letter of Pre-Qualification.  If you want further documentation, you can always authorize a credit report and provide bank statements, tax returns and W-2 forms for Documented Pre-Qualification. 

 When you get pre-qualified for a loan, you increase your credibility in the eyes of home sellers.  You gain a more concrete picture of your home buying choices – what price home you can afford, what neighborhoods will be suitable for your home search, and what additional documentation you might need in order to obtain pre-approval for your mortgage loan. 

 Pre-qualification is the preliminary to loan pre-approval, which gives you an assurance of funds from the mortgage lender – a valuable negotiating tool when you approach a home seller with an offer.

 Are you waiting for “just the right time” to buy your first home or that second or vacation home? In spite of what you might be reading in the newspaper or hearing on the news, current signs are pointing to a window of opportunity right now.             

 Presently we have a larger inventory of homes for sale making it more of a balanced market and giving buyers more to choose from.  Interest rates continue to be historically low. The average 30-year fixed rate mortgage rate remains near 40-year lows.  With rising interest rates still being predicted, can you afford not to lock in now? If interest rates rise one percentage point it could boost currently available homes out of your financial reach.

 Real estate still remains one of the best performing and consistent long-term investments.  The national median home price has increased 88% over the last ten years.  The average home purchased five years ago has appreciated 49% and even with the recent 2.2% decline in the median home price, this still equates to more than 45% return on your investment. 

 The many housing choices available and low interest rates make it a good time to be the buyer again!  This window of opportunity could disappear when prices. 

SPRING CLEANING IS UPON US. HERE ARE SOME TIPS IF YOU ARE ALSO TRYING TO KEEP YOUR HOME “SHIPSHAPE” FOR SHOWINGS.

1. Be sure that your entrance is visible—not hidden behind overgrown shrubs
2. Polish your front door, and clear outdoor ledges of debris.
3. It may be time to buy attractive new door mats
4. “Sparkle plenty”: Polish doorknobs and lighting fixtures inside and out.
5. Be sure that all molding, baseboards, and window sills are shiny clean.
6. All windows and screens should be kept “sunlight” clean.
7. Consider using matching plastic or wood hangers in closets without dividers. And remember “out of season; out of sight”.
8. Always keep pet and food odors to a minimum.
9. Be sure to keep all fireplaces free of soot and ashes.

And remember to clean the top of the fridge (if you’re short, you never see it).

 Searching for the perfect home can become an arduous ordeal, even for the most enthusiastic buyer.  You look at so many properties, and so many factors affect your decision.  Organizing your search can help you stay focused on properties that truly meet your requirements.  You will give your real estate agent invaluable input if you prepare a written House Hunt Checklist with three categories.

 In the first category, specify “Must-have” features.  For example, you won’t settle for anything less than 2,000 square feet, and your family can’t do without three bedrooms, two full bathrooms and a yard for your beloved terrier.  The second category should be a list of “Love to have” features – a swimming pool, extra storage space, a three-car garage – things that would make the house extremely desirable to you.  In the third category, specify “Won’t live with” features that might include too much traffic noise from the street or a poorly rated school district. 

 Your checklist will help your agent guide your search, so every house you visit can be a potential home!