How To Buy a Home When You Have Student Loan Debt — Real Estate News & Insights | realtor.com®Buy – Real Estate News & Insights | realtor.com®

Design by Realtor.com / Getty ImagesDebt is one of the most common barriers to homeownership. Mortgage lenders are often loath to extend credit to wannabe homebuyers who owe four, five, or even six figures. And while Americans can be in the hole for a number of reasons, student loan debt is one of the leading…

How To Buy a Home When You Have Student Loan Debt — Real Estate News & Insights | realtor.com®Buy – Real Estate News & Insights | realtor.com®

Does the Home You Want To Buy Have a Dark Secret? How To Find Out the Truth About a Property’s History —

Getty Images / Realtor.comBuying a home is never a straightforward process. But it can become that much more complicated if you sense your dream house might be hiding something—specifically a complex or dark history. Maybe you get an eerie feeling when walking through a home’s front door. Or perhaps there’s something about the way the…

Does the Home You Want To Buy Have a Dark Secret? How To Find Out the Truth About a Property’s History — Real Estate News & Insights | realtor.com®Buy – Real Estate News & Insights | realtor.com®

Understanding fixtures and personal property in a real estate sale

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That perfect light fixture set off just the look you were aiming for when you when redecorated your living room.  As you are getting your home ready for the market you become reluctant to pack it up even though you have no plans of leaving it.

Now you are torn between the “staging effect” it can have on a buyer and the possibility of the light fixture becoming a negotiable item even though you state in your owners disclosure that it is not remaining and will be replaced with another fixture of the buyers choice within a stated allowance.

My suggestion is to remove it, because it may become the one item that tipped a buyer in your favor, and chances are they would have still offered to buy your home without it because the most important things like size, price and location are what they are really shopping for. Once a buyer sees it and likes it they will want it.

A stand alone lamp in the same room would be considered personal property but since the overhead light is attached by permanent wires it is considered a fixture and the buyer may assume it is included.

Both buyers and sellers alike overlook items and get surprised at a final walk though when they discover something must stay or go.  Some of the most common items I have re-negotiated at a final hour of closing the sale are:

  • Light fixtures
  • Mailboxes
  • Flowers and trees
  • Flower pots
  • Garden trellises
  • Fireplace mantles
  • Appliances
  • Portable appliances such as a water softeners, floor heaters , window unit air conditioner, humidifiers
  • Room size area rugs
  • Shelving units and bookcases that stand alone
  • Decorative light switch plates
  • Window treatments (blinds may stay but the curtains are removed)
  • Decorative faucets
  • Lawn ornaments
  • Window flower boxes
  • Garden hoses
  • Outdoor buildings (sheds)
  • Security systems (the owner may be obligated to a lease)

The easy solution to avoid these misunderstandings is a careful review of the checklist on a  owners disclosure statement regarding the items remaining with a home.  Also, a review of any exclusions on the Real Estate agents listing sheet, and always address any item of question in the purchase and sale agreement.  If there is an item of personal property that works well with a home a buyer can always ask for it or purchase it from the owner and note it on a personal property agreement.

Happy home buying and selling…:)

photo compliments of :https://pixabay.com/en/users/ChellyRika-3711680/

 

 

 

NAR presents 2018 housing forecast

Post-hurricane jobs numbers not as strong as expected The October jobs report is in, and the numbers are a mixed bag. The U.S. economy added 261,000 nonfarm payroll jobs in October, according to the U.S. Bureau of Labor Statistics. A hiring rebound at restaurants and bars impacted by recent hurricanes helped boost numbers. However, October’s jobs…

via Wages not rising as fast as home prices; NAR presents 2018 housing forecast — Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports

For sale or On sale

 

A good time to buy and a good time to sell

The first thing that came to my mind when I read a post by a local real estate agent on social media saying that we were in a “hot market”, was to take my sign down.  I still had a lot of packing to do.  Downsizing could take a while and I can not get out that quick.  Real estate markets vary by location and are driven mostly by economic factors in an area that influences supply and demand. market

Here are my tips to make it easy for you to know how your area is performing and if it is the right time for you to buy or sell.

Hot market

  • Real estate agents in your area have ready, willing and able buyers just waiting for a new listing to hit the MLS, due to very low inventory
  • The list price is generally the starting price and buyers bid up
  • Quick closings, as buyers are mortgage ready or have cash, closing within 30 days
  • Buyers are scouting the neighborhood and when your sign goes up they leave a note on your door with an offer
  • Your agent will hold a “public open house” and state a time and date that you are open to review offers
  • Buyers will make an offer without coming into town or viewing the home

Seller’s market

  • Homes sell at list price
  • Prices are stable or increasing
  • Buyer incentives paid by the seller are added onto the list price
  • Seller offers few repairs only if necessary to obtain financing and may ask the buyer for a contribution
  • Low inventory
  • Start of the selling season, defined by your local area trends
  • Average days on the market are less than 60

Buyers market

  • Prices decreasing in an area
  • Average days on the market are more than 60
  • Sellers are advertising price reductions
  • Sellers are offering buyer incentives such as loan closing fees without increasing the price
  • Sellers are offering other incentives such as new appliances, repairs, and cosmetic updates
  • Homes are on the market at the end of a selling season, like late fall or the beginning of a school year depending on your area trends

Working with a real estate professional and having a market analysis prepared for the area you are planning to buy or sell will easily give you this information.

Happy home buying and selling 🙂 It’s a piece of cake

Alice

 

 

Pricing A Home To Sell

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Real estate agents used the pyramid chart to price properties for successful sales for many years.  This can be a helpful guide when selling and your property is not getting many showings, or low offers.  Buyers may also use this as a guide to prepare an offer.

Either way it works….Happy home buying and selling 🙂

Shopping for real estate in inclement weather ☔️

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A poor weather forecast may be one of the best times to look at a property that you have an interest in  purchasing.  An abundance of information may be clearly noticed during different types of extreme weather.  During the buying  process knowing these things ahead of time will enable you to budget for issues that may need attention early in your ownership.

Here are some things you can easily discover:

  • Leaks in the roof, chimney, ceiling vents or around the windows
  • Water intrusion in a basement, garage, or enclosed porch areas
  • A sagging roof from the weight of snow
  • Loose roofing shingles during heavy wind
  • Insufficient drainage on the property
  • Air drafts in the fireplace, door and window areas
  • Heating and cooling units not efficiently adjusting the room temperature
  • Slow plumbing drainage
  • Instability of the ground , wash outs
  • Crackling tree limbs with high winds
  • Exterior sloping of driveways and sidewalks that may be difficult to manage with ice and snow

If you are working with a real estate agent ask them what issues are commonly found in the area.  They can help you work through any concerns and ask your home inspector to make suggestions of areas that you can keep an eye on to avoid common problems. You will also be able to make an informative decision on any extra insurance that you may want to carry.

Happy puddle jumping 🙂

 

The high and low tides of owning a beach rental

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Like many vacationers you probably have visited one of the beautiful coastlines in the USA. It’s so hard to leave when the week is over, so here are some tips to get you on the path to owning your own little piece of paradise.

To begin you have to decide where to buy.  I like to suggest somewhere that is easily accessible to your home since you will want to enjoy it as much as possible for yourself.
Decide on a price point within your budget and prepare for cost that you would not consider when purchasing a primary home. After those decisions are made determine your short and long term goals especially if this will eventually be a retirement home. There are many vacation rental sites that can offer assistance to determine market value of seasonal rates for selected areas.
Owner expenses to consider:
Mortgage fees may be higher and a larger down payment may be required for a second home and real estate investments.
State and Local property taxes
Resort taxes
Tourism taxes
Parking permit fees
Homeowners association or Owners Regime membership dues
Property Insurance that may include flood and wind
Special assessments for compliance of exterior maintenance and architecturally approved appearance
Utility cost
Mandatory utility charges such as a community wifi and or cable company
Recreation use fees for yourself or your visitors
Permit fees for repair or remodeling contractors
Business license fees if you are going to use your property for short term rentals
Local taxes on the rental income you receive
Advertising cost for your rental
Cleaning and laundry fees

Reserve for replacing appliances and furnishings as needed
Rental management fees
Reserve for vacancies and cancellations

Not all of the above may apply but are noted to assist you in making an informed purchase

Owner benefits:

Collect the rent and pay the bills!

With good planning you’ll own a piece of your vacation paradise with no reservation required!

“Old Fashioned” way to sell still works

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Throughout the years techniques used to attract home buyers continuously changed with new trends coming in a old ideas never leaving.
Since real estate internet sites have now surpassed the “for sale sign” as the most effective way for a buyer to find a property listing a lot of effort is put into making the ad look attractive.
The use of photography has evolved from a front view placed in the newspaper, on to virtually tours and now the use of cameras on a drone to showcase a listing.
All of these methods are definite time savers for a buyer
and can easily shorten their “must see” list.
If you are the seller of a property keep in mind that whatever is photographed does not go to a limited audience. Once it hits the internet not only prospective buyers are looking at what you have to sell.  Co-workers, relatives, your neighbors, school friends, church friends and on and on will be able to step into your personal space.  Take the time to discuss this with your agent and consider areas of your home or property that you would not be comfortable with anyone other than a prospective buyer viewing.
Regardless of how the property is presented the one thing that never changes is the price being in balance with the value. A property that is priced in line with the current market values for the location and condition is the most effective way to have a successful sale in a reasonable amount of time.  Over priced properties will be a great challenge to sell for the asking price regardless of how many billboards, magazine ads, virtual tours, websites they are advertised on….

Advertised pricing based on the condition and location= sold!

Employing a real estate professional

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Once you have made the decision to buy or sell real property, the next step will be to find the right person to navigate the process for you.  Real estate professionals offer a specialized service, but not all are well rounded in every phase of the profession. The most commonly used services are:

Residential home Sales-At the top of the list for the most commonly used, the buyer and seller should use someone that is knowledgeable of the location they are interested in.

New home sales-Many builders will employ staff to handle the sale.  Can be beneficial and may save money for a buyer as long as you keep in mind the salesperson will not be representing your interest.

Commercial Sales-this is very specific and your agent should come with proven results of qualification in this field. You can search local real estate boards for agents in this alliance.

Land and farm-Another specialty market and I recommend using an agent with a proven resume of knowledge in this phase.

Resort properties-Some may offer onsite sales representatives that can be very helpful since these properties typically have ownership regimes, rules and limited financing options.

Real estate agents make a great effort to build a referral database of past customers and clients.  You may simply find the right agent just by asking family, friends and co-workers for a recommendation.

Always take the time to interview an agent or maybe three. Ask the agent to bring a business resume with references to the interview.  You may also ask for a marketing plan to sell, or a summary of their negotiating skills if you are a purchaser.  You should not base your decision to hire an agent based on the value they presented of a property unless a prepared analysis is reviewed.

During the interview you should discuss the fee for the service and the terms of your employment agreement. Fees are typically paid on a percentage of a sales price, but some brokerage firms offer a menu of services that are a set rate.  An example of a set rate service may be when a buyer or seller already has the negotiations done on a property but needs a professional to take it through the steps to a successful closing.

The relationship between you and your agent should be comfortable and trust worthy.  If it is not that way, you can almost be sure it is a mutual feeling.  Some folks just don’t click.

Real estate laws vary from state to state, and agents are likely to take required continuing education.  So whether the agent is new to the business or a seasoned professional you should be confident that they are keeping your best interest in mind.

Best wishes for selecting an agent that “gets people moving”