Why haven't you called?
#10. You enjoy calling agent after agent playing the old "Let's Swap Names" game.
#9. You think I'm going to bite.
#8. You just came from one of those "Real Estate Financial Seminars" and the guru told you that you needed to listen to all his tapes before you called anybody.
#7. You were going to but you forgot.
#6. You own a gas station so you can afford to pump tank after tank of unleaded in your car running around looking at houses that don't interest you.
#5. Your first aunt's second cousin's sister Marlene has a Real Estate license.
#4. Someone lied to you and told you we would charge you a commission.
#3. You want to pay too much for a house.
#2. Your dog ate your cell phone
#1. You didn't know we would be tickled pink to give you all the information you want (including the addresses) of all the properties you might be interested in.
No kidding, give us a call.
We'll give you all the information you need on any property listed in the area.
FREE. NO HASSLES. NO KIDDING.
Saturday, March 03, 2007
pricing your home
Why is it that some homes sit on the market for a year while others sell like hot cakes? Frustrated sellers will blame a bad market, while a good real estate professional will tell you that many times, a slow sale is often attributed to the listing price.
If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and “shows” better than the competition, it will have a better chance of being sold quickly.
The secret is perfecting a technique that’s as American as apple pie: comparative shopping.
Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it’s one of the best methods to use when determining a home’s market value.
A responsible real estate agent will effectively evaluate a home’s worth through a process known as Competitive Marketing Analysis (CMA). Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. Typically, the agent is able to recommend a realistic price range that will ensure you top dollar and a reasonably
However, factors such as the amount of time needed to sell your home can alter the agent’s price recommendation dramatically.
Typically, people should check with real estate agents in the community to determine the typical duration that listings are on the market. Sales associates will explain that the marketing “norms” vary with prices and properties. Based on this criteria, the agent feels confident that he or she will be able to sell it for a price that both you and the buyer will be happy with. However, if you’re under time constraints because of unexpected job changes or moving agreements you’ve made on another property, this will narrow your chances of selling the home for top dollar in the market.
Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.
The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer and other factors, such as the economy, could cloud your view of how much your home is really worth.
Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to shore with you.
A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you’ve picked is a good gauge of the home’s worth and won’t discourage qualified buyers.
Being open and honest about what you see as the home’s greatest strengths and biggest weaknesses will also help an agent get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you’re well on your way to a speedy and fruitful sale.
***
John Wall is a sales associate with Century 21 Results, and serves all communities in Long Beach and surrounding cities. He can be contacted via e-mail at teamresults@century21.com or phone at 562-531-7000.
If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and “shows” better than the competition, it will have a better chance of being sold quickly.
The secret is perfecting a technique that’s as American as apple pie: comparative shopping.
Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it’s one of the best methods to use when determining a home’s market value.
A responsible real estate agent will effectively evaluate a home’s worth through a process known as Competitive Marketing Analysis (CMA). Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. Typically, the agent is able to recommend a realistic price range that will ensure you top dollar and a reasonably
However, factors such as the amount of time needed to sell your home can alter the agent’s price recommendation dramatically.
Typically, people should check with real estate agents in the community to determine the typical duration that listings are on the market. Sales associates will explain that the marketing “norms” vary with prices and properties. Based on this criteria, the agent feels confident that he or she will be able to sell it for a price that both you and the buyer will be happy with. However, if you’re under time constraints because of unexpected job changes or moving agreements you’ve made on another property, this will narrow your chances of selling the home for top dollar in the market.
Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.
The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer and other factors, such as the economy, could cloud your view of how much your home is really worth.
Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to shore with you.
A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you’ve picked is a good gauge of the home’s worth and won’t discourage qualified buyers.
Being open and honest about what you see as the home’s greatest strengths and biggest weaknesses will also help an agent get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you’re well on your way to a speedy and fruitful sale.
***
John Wall is a sales associate with Century 21 Results, and serves all communities in Long Beach and surrounding cities. He can be contacted via e-mail at teamresults@century21.com or phone at 562-531-7000.
Friday, March 02, 2007
Easing into Homeownership
There’s no question about it: Buying a first home is a big financial commitment. In most cases, a home is the largest single purchase an individual or family will make in a lifetime. However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you’ll ever make.
Problem is, many would-be homeowners remain renters simply because they mistakenly believe mortgage lenders require that buyers come up with 20 percent of the purchase price as a down payment. While it’s true lenders feel it’s less risky to work with buyers who are able to bring a substantial down payment to the table, the standard 20 percent requirement is fast becoming a relic of the past. In recent years, lenders have become more flexible in working with first-time homebuyers by creating a variety of special programs that require only a small down payment. These programs, combined with the most favorable interest rates in two decades, have encouraged growing numbers of renters to consider the tremendous benefits of home ownership.
While the list of programs offered by individual lenders is too extensive to mention in detail, here are some common programs you are likely to come across as you work with your real estate agent to purchase your first home:
Federal Housing Administration (FHA): FHS mortgages allow homebuyers to purchase a home with as little as a 5 percent down payment, and to finance all non-recurring closing costs. The current maximum loan amount in most urban markets is $151,725. In addition, borrowers are allowed to use up to 41 percent of their gross income toward paying mortgage debt – well above the ratio allowed under most private programs.
Department of Veterans Affairs (VA): VA mortgages allow veteran or active service personnel purchase home with no down payment, up to the current maximum price of $184.000. However, there is no purchase price limitation for buyers able to make a down payment. Like the FHA program, VA borrowers can put up to 41 percent of gross income toward their mortgage debt.
Mortgage Revenue Bonds and Mortgage Credit Certificates: Mortgages funded with these instruments typically require a minimum of 5 percent down and have interest rates that are 1.5 to 2 percentage points below conventional 30-year fixed rates. These types of loans, offered by state and local housing agencies, are available only to first-time homebuyers. There generally are income and purchase price caps that vary, depending on where you plan to buy.
Private Mortgage Insurance: Most major lenders offer privately insured mortgages, which generally require a 10 percent down payment (although some lenders offer loans with a 5 percent down payment to buyers with exceptional credit). These loans typically are not limited by maximum loan amount or purchase price limitation.
Community Homebuyer Program: Through their networks of mortgage lenders, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) offer Community Homebuyer Program loans. These programs require a 5 percent down payment, 3 percent of which may be a gift. To further help buyers qualify, applicants may use 38 percent of their gross income. Currently, the maximum loan amount available through these programs is $203,150.
Clearly, there are a lot of options for first-time homebuyers. While lenders will be more than happy to share information about their own programs, you can save yourself a good deal of time by first selecting a professional real estate agent who is experienced in working with first-time buyers in the areas where you plan to buy. As agent who focuses on first-time buyers will know from experience which lenders in your area offer a low down payment program that will meet your unique needs.
Today, taking the first step toward owning your own home is easier than before. Your real estate agent is your best resource for finding innovative ways to help you come up with a down payment and qualify for financing. There’s certainly no need to wait until you’ve saved a 20 percent down payment!
For more information on low down mortgages or other real estate information, please e-mail teamresults@century21.com, or call 562-433-1914.
Problem is, many would-be homeowners remain renters simply because they mistakenly believe mortgage lenders require that buyers come up with 20 percent of the purchase price as a down payment. While it’s true lenders feel it’s less risky to work with buyers who are able to bring a substantial down payment to the table, the standard 20 percent requirement is fast becoming a relic of the past. In recent years, lenders have become more flexible in working with first-time homebuyers by creating a variety of special programs that require only a small down payment. These programs, combined with the most favorable interest rates in two decades, have encouraged growing numbers of renters to consider the tremendous benefits of home ownership.
While the list of programs offered by individual lenders is too extensive to mention in detail, here are some common programs you are likely to come across as you work with your real estate agent to purchase your first home:
Federal Housing Administration (FHA): FHS mortgages allow homebuyers to purchase a home with as little as a 5 percent down payment, and to finance all non-recurring closing costs. The current maximum loan amount in most urban markets is $151,725. In addition, borrowers are allowed to use up to 41 percent of their gross income toward paying mortgage debt – well above the ratio allowed under most private programs.
Department of Veterans Affairs (VA): VA mortgages allow veteran or active service personnel purchase home with no down payment, up to the current maximum price of $184.000. However, there is no purchase price limitation for buyers able to make a down payment. Like the FHA program, VA borrowers can put up to 41 percent of gross income toward their mortgage debt.
Mortgage Revenue Bonds and Mortgage Credit Certificates: Mortgages funded with these instruments typically require a minimum of 5 percent down and have interest rates that are 1.5 to 2 percentage points below conventional 30-year fixed rates. These types of loans, offered by state and local housing agencies, are available only to first-time homebuyers. There generally are income and purchase price caps that vary, depending on where you plan to buy.
Private Mortgage Insurance: Most major lenders offer privately insured mortgages, which generally require a 10 percent down payment (although some lenders offer loans with a 5 percent down payment to buyers with exceptional credit). These loans typically are not limited by maximum loan amount or purchase price limitation.
Community Homebuyer Program: Through their networks of mortgage lenders, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) offer Community Homebuyer Program loans. These programs require a 5 percent down payment, 3 percent of which may be a gift. To further help buyers qualify, applicants may use 38 percent of their gross income. Currently, the maximum loan amount available through these programs is $203,150.
Clearly, there are a lot of options for first-time homebuyers. While lenders will be more than happy to share information about their own programs, you can save yourself a good deal of time by first selecting a professional real estate agent who is experienced in working with first-time buyers in the areas where you plan to buy. As agent who focuses on first-time buyers will know from experience which lenders in your area offer a low down payment program that will meet your unique needs.
Today, taking the first step toward owning your own home is easier than before. Your real estate agent is your best resource for finding innovative ways to help you come up with a down payment and qualify for financing. There’s certainly no need to wait until you’ve saved a 20 percent down payment!
For more information on low down mortgages or other real estate information, please e-mail teamresults@century21.com, or call 562-433-1914.
Tenants in Common Ownership
Priced out of the real estate market? You’re not alone. Many hard working people just like you, can’t afford a median priced home by themselves either.
Don’t fret, there may still be a way. If you haven’t already considered doing so, think about buying with a trusted friend, colleague, or family member.
If you don’t, you may very well be resigning yourself to renting forever. Even though there is a possibility of conflict, you can easily limit these by crafting a well detailed contract defining each party’s roles and responsibilities.
When choosing your house partner remember, that you are probably making the largest purchase of your life and most likely taking yourself and your partner into debt for the next 30 years or more. So it makes sense that if your partner is already under a high debt load, your relationship may easily become strained. A clear credit record should be a priority when choosing any investment partner.
Of course its best if each of you has a credit score of 700 or more. If that’s not the case, you’re not out of luck yet. Just be aware that you’ll end up paying a little higher interest rate on your home-loan.
If scores are a bit on the middle to low end, it may be best to delay shopping for a new home for a little while, allowing time to pay down credit card debt, while paying bills on time. This should raise your score enough to score a more palatable loan.
Consulting an attorney regarding your partnership would be a very good idea too. You’ll need to begin make decisions about how to hold title to the house. This typically will be Tenants-in-common, where each of you owns a certain percentage of the property, usually 50%. Another option might be Joint Tenancy with right of survivorship. It is imperative that you each do some estate planning also. You’ll need to decide what will happen to the property if one or both of you should die. Depending on how you choose to hold title, one owner may sell his or her share of the property without your consent or knowledge. Also, if a family member inherits a portion of the property by will, you might end up co-owning with someone you wouldn’t otherwise choose.
A written agreement spelling out the terms of your co-habitation is immensely important for your own sake and peace of mind, also to establish procedures in case of a dispute or planned conversion of the property. It doesn’t always happen that both investors will live in the property, but since most people’s decision to buy a home is based on a roof over their head, it usually works out that way. If one of you is looking strictly for an investment vehicle, an agreement to rent, lease, or provide some other consideration for a partner’s share can compensate for not moving in.
In your written agreement, You’ll want to make sure you cover;
Expectations of each party
Terms of sale should either of you decide to sell
How each of you will contribute to the mortgage payment
Any other occupants, relatives, roommates, loved ones, etc.
Who will be responsible for maintaining various aspects of the property.
Most of all, make sure each of you can guarantee that you’ll be able to pay your share of expenses. Financial Guru, Suze Orman, recently suggested creating a joint checking account and for all housing costs and, setting up direct deposit so your share will always be in the account every month. At least once a month, sit down together on a set day, and pay the bills. Make sure each of you has ample emergency cash on hand (at least 3 months each) to handle any unexpected expenses.
Figure out ahead of time, how you’ll end the relationship. You know it will happen eventually, so why not spell it out, so there are no surprises. Plan for every aspect of your split. Will you buy out your partner, or vice versa? Will you sell and split the proceeds? These things should be in a written contract to avoid problems or misunderstandings.
If you plan ahead, choose your partner wisely, and follow some simple rules, you’ll end up a homeowner, build your wealth, and live happily-ever-after (probably).
Don’t fret, there may still be a way. If you haven’t already considered doing so, think about buying with a trusted friend, colleague, or family member.
If you don’t, you may very well be resigning yourself to renting forever. Even though there is a possibility of conflict, you can easily limit these by crafting a well detailed contract defining each party’s roles and responsibilities.
When choosing your house partner remember, that you are probably making the largest purchase of your life and most likely taking yourself and your partner into debt for the next 30 years or more. So it makes sense that if your partner is already under a high debt load, your relationship may easily become strained. A clear credit record should be a priority when choosing any investment partner.
Of course its best if each of you has a credit score of 700 or more. If that’s not the case, you’re not out of luck yet. Just be aware that you’ll end up paying a little higher interest rate on your home-loan.
If scores are a bit on the middle to low end, it may be best to delay shopping for a new home for a little while, allowing time to pay down credit card debt, while paying bills on time. This should raise your score enough to score a more palatable loan.
Consulting an attorney regarding your partnership would be a very good idea too. You’ll need to begin make decisions about how to hold title to the house. This typically will be Tenants-in-common, where each of you owns a certain percentage of the property, usually 50%. Another option might be Joint Tenancy with right of survivorship. It is imperative that you each do some estate planning also. You’ll need to decide what will happen to the property if one or both of you should die. Depending on how you choose to hold title, one owner may sell his or her share of the property without your consent or knowledge. Also, if a family member inherits a portion of the property by will, you might end up co-owning with someone you wouldn’t otherwise choose.
A written agreement spelling out the terms of your co-habitation is immensely important for your own sake and peace of mind, also to establish procedures in case of a dispute or planned conversion of the property. It doesn’t always happen that both investors will live in the property, but since most people’s decision to buy a home is based on a roof over their head, it usually works out that way. If one of you is looking strictly for an investment vehicle, an agreement to rent, lease, or provide some other consideration for a partner’s share can compensate for not moving in.
In your written agreement, You’ll want to make sure you cover;
Expectations of each party
Terms of sale should either of you decide to sell
How each of you will contribute to the mortgage payment
Any other occupants, relatives, roommates, loved ones, etc.
Who will be responsible for maintaining various aspects of the property.
Most of all, make sure each of you can guarantee that you’ll be able to pay your share of expenses. Financial Guru, Suze Orman, recently suggested creating a joint checking account and for all housing costs and, setting up direct deposit so your share will always be in the account every month. At least once a month, sit down together on a set day, and pay the bills. Make sure each of you has ample emergency cash on hand (at least 3 months each) to handle any unexpected expenses.
Figure out ahead of time, how you’ll end the relationship. You know it will happen eventually, so why not spell it out, so there are no surprises. Plan for every aspect of your split. Will you buy out your partner, or vice versa? Will you sell and split the proceeds? These things should be in a written contract to avoid problems or misunderstandings.
If you plan ahead, choose your partner wisely, and follow some simple rules, you’ll end up a homeowner, build your wealth, and live happily-ever-after (probably).
Thursday, March 01, 2007
MOVING ON: POWERFUL TIPS FOR SELLING YOUR HOME
Maybe you're moving to a larger home to accommodate a growing family, relocating for a new career opportunity, or purchasing a townhouse for retirement. Whatever the reason for the move, you'll need to take the necessary steps to sell your home for the best possible price, within a reasonable amount of time. Where do you begin?
If you're like most people, you'll start by seeking assistance from a professional. A local real estate sales associate, who knows your neighborhood, can help you determine a fair market price. The sales associate should also recommend the extent to which you should make repairs or improvements to your house.
In order to select a real estate professional who's right for you, ask family, friends and neighbors for referrals. Attend open houses and interview several sales associates to find out how professional or experienced they may be. Get a written outline of how they plan to market your property and the services they will offer you.
Once you've identified a qualified professional, the rest is chemistry. Is the sales associate someone with whom you would like to work closely? Do you feel comfortable with the sales associate as your partner, working with you to give you advice and acting as your representative? Does he or she practice a consultative selling approach, focusing on the long-term client relationship and on the importance of exceeding client needs and expectations or is he or she caught up in the proverbial 'hard sell?'
The brokerage firm that your agent is associated with is also important. Research the firm's success rate and commitment to quality service. Does it survey existing clients in order to ensure customer satisfaction? What are the results of those surveys? How in tune are they with consumer needs? Do they offer guidance with mortgages or any discounts for other home related or moving services?
Determining your home's fair market value is one of the most important decisions you'll make during the home-selling/buying process. Your sales associate can help you set a fair price based on local market conditions. For instance, she or he will provide sale prices and other statistics of homes similar to yours that have recently been sold. Prospective buyers will be comparing your home to others on the market. Therefore, setting a comprehensive price can determine if your property will or will not sell.
For the first offer made, it's rare that the prospective buyer matches the asking price. If the offer is reasonably close to the asking price, carefully consider the offer before you consider turning it down. Curiously, it's the first offer that can often be the best offer. If the first offer is unacceptable to you, it may in your best interest to have your sales associate respond with a counter offer. Whenever considering an offer, ask yourself if you would purchase the property for the amount being offered. Always be willing to negotiate, especially if the prospective buyer is pre-qualified for a mortgage.
Once you decide what terms are acceptable, let your sales associate negotiate with the prospective buyer to work out the best agreement for you. You'll need to be patient while the buyer arranges financing and as the real estate company compiles and prepares pertinent data.
Careful planning and sound advice from a real estate professional can make selling your home a very satisfying experience. For further information, please contact, John Wall, Century 21 Results, (562) 531-7000, or e-mail john.wall1@century21.com
If you're like most people, you'll start by seeking assistance from a professional. A local real estate sales associate, who knows your neighborhood, can help you determine a fair market price. The sales associate should also recommend the extent to which you should make repairs or improvements to your house.
In order to select a real estate professional who's right for you, ask family, friends and neighbors for referrals. Attend open houses and interview several sales associates to find out how professional or experienced they may be. Get a written outline of how they plan to market your property and the services they will offer you.
Once you've identified a qualified professional, the rest is chemistry. Is the sales associate someone with whom you would like to work closely? Do you feel comfortable with the sales associate as your partner, working with you to give you advice and acting as your representative? Does he or she practice a consultative selling approach, focusing on the long-term client relationship and on the importance of exceeding client needs and expectations or is he or she caught up in the proverbial 'hard sell?'
The brokerage firm that your agent is associated with is also important. Research the firm's success rate and commitment to quality service. Does it survey existing clients in order to ensure customer satisfaction? What are the results of those surveys? How in tune are they with consumer needs? Do they offer guidance with mortgages or any discounts for other home related or moving services?
Determining your home's fair market value is one of the most important decisions you'll make during the home-selling/buying process. Your sales associate can help you set a fair price based on local market conditions. For instance, she or he will provide sale prices and other statistics of homes similar to yours that have recently been sold. Prospective buyers will be comparing your home to others on the market. Therefore, setting a comprehensive price can determine if your property will or will not sell.
For the first offer made, it's rare that the prospective buyer matches the asking price. If the offer is reasonably close to the asking price, carefully consider the offer before you consider turning it down. Curiously, it's the first offer that can often be the best offer. If the first offer is unacceptable to you, it may in your best interest to have your sales associate respond with a counter offer. Whenever considering an offer, ask yourself if you would purchase the property for the amount being offered. Always be willing to negotiate, especially if the prospective buyer is pre-qualified for a mortgage.
Once you decide what terms are acceptable, let your sales associate negotiate with the prospective buyer to work out the best agreement for you. You'll need to be patient while the buyer arranges financing and as the real estate company compiles and prepares pertinent data.
Careful planning and sound advice from a real estate professional can make selling your home a very satisfying experience. For further information, please contact, John Wall, Century 21 Results, (562) 531-7000, or e-mail john.wall1@century21.com
Starting your search on the internet
A lot has been said about home buyers searching the internet for their next house. In March 2005, we were talking about it. [see March, 2005 post here]
More and more people are using the internet as a launchpad for their home search and we support that. Its important to note however that homes that are listed on the internet are frequently old listings. The status of each property is not always (rarely) posted online so, if there is already an open escrow - searchers end up with false hope.
My advice is to use the internet as a tool in addition to traditional homesearch methods. Its our experience is that websites are best used to elimate possible homes, not find them. Realtors are not photographers or talented writers; the descriptions posted on a listing often fail to tell the whole story and important information might be excluded that a buyer would have strong views on. Photos of properties aren't always the best. Sure, you can see what a house looks like and those 2 big trees in the front yard - but do they show the sedan sized hole in the living room wall?
If you want a 2 story house and you're looking at photos of one story homes, you know that you wont be interested in them and can eliminate those properties from your tour list. When you find a photo of your dream home, call your Realtor and find out if its still available and when you can see it. You'll gain more from using the internet as an addition to your home searching tool kit rather than your sole source of possible houses.
A fantastic use of the internet and something we recomend all clients do is educating yourself about neighborhoods, businesses, demographics, histories, etc in the areas you are looking at moving to. There are thousands of websites that will tell you where the best schools are, quiet parks, shopping centers, and more. You can also find out who your possible neighbors will be. If you're looking for a small town feeling - that dream home you found probably wont suit you if its in an urban city with half a million people.
Remeber, the internet is good - use it to the best of its abilities; but don't rely on all that you find. Trust your agent & if you find something your agent hasn't seen - let them know... They have AOL too.
More and more people are using the internet as a launchpad for their home search and we support that. Its important to note however that homes that are listed on the internet are frequently old listings. The status of each property is not always (rarely) posted online so, if there is already an open escrow - searchers end up with false hope.
My advice is to use the internet as a tool in addition to traditional homesearch methods. Its our experience is that websites are best used to elimate possible homes, not find them. Realtors are not photographers or talented writers; the descriptions posted on a listing often fail to tell the whole story and important information might be excluded that a buyer would have strong views on. Photos of properties aren't always the best. Sure, you can see what a house looks like and those 2 big trees in the front yard - but do they show the sedan sized hole in the living room wall?
If you want a 2 story house and you're looking at photos of one story homes, you know that you wont be interested in them and can eliminate those properties from your tour list. When you find a photo of your dream home, call your Realtor and find out if its still available and when you can see it. You'll gain more from using the internet as an addition to your home searching tool kit rather than your sole source of possible houses.
A fantastic use of the internet and something we recomend all clients do is educating yourself about neighborhoods, businesses, demographics, histories, etc in the areas you are looking at moving to. There are thousands of websites that will tell you where the best schools are, quiet parks, shopping centers, and more. You can also find out who your possible neighbors will be. If you're looking for a small town feeling - that dream home you found probably wont suit you if its in an urban city with half a million people.
Remeber, the internet is good - use it to the best of its abilities; but don't rely on all that you find. Trust your agent & if you find something your agent hasn't seen - let them know... They have AOL too.
HOW TO SPOT A GOOD BUY
Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.
However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.
The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?
Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.
Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.
Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.
Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.
Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.
Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern east-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.
Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.
Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.
Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.
You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. I can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.
However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.
The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?
Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.
Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.
Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.
Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.
Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.
Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern east-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.
Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.
Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.
Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.
You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. I can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.
HOW TO SPOT A GOOD BUY
Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.
However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.
The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?
Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.
Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.
Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.
Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.
Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.
Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern east-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.
Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.
Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.
Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.
You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. I can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.
However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.
The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?
Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.
Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.
Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.
Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.
Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.
Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern east-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.
Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.
Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.
Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.
You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. I can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.
Sunday, February 25, 2007
Thinking of buying a foreclosure?
What you should know about Foreclosures
Buying a Foreclosure property is not for the faint of heart and not recommended for first time home buyers. There are many drawbacks you need to be aware of.
Often times, buyers at foreclosure auctions don’t get the opportunity to inspect the property that they are bidding on. You wont know the condition of the property or if there are major defects.
The buyer might need to evict the occupants who can be the previous owners, a tenant or squatters. This will require the services of an attorney experienced in evicting people.
Occupants rarely leave peacefully and frequently cause as much damage as possible before they are forced to move.
When buying a foreclosure property at auction you generally need an all cash payment or sizeable deposit which can easily deplete your cash on hand needed for repairs or other costs.
If you haven’t purchased a foreclosure before, or are inexperienced, you’ll need to be aware that you are bidding against seasoned professionals who have some advantage over you. It could be advanced knowledge of the property and its current state or simply a stronger financial position which allows them to out-bid others, even if they take an initial loss after purchase.
The upside of buying a foreclosure property is that it is possible to acquire a nice home at a less than market price. Sometimes you can acquire a property that only needs minor cosmetic upgrades in order to turn a profit on sale later (ask us for information on flipping).
There is a better way of buying a foreclosure property and that is to have an agent present an offer directly to the owner before foreclosure takes place. At Team Results, we closely monitor foreclosure and pre-foreclosure activity in Long Beach and surrounding communities in order to do just that.
Homes go into foreclosure for many reasons but, frequently its because of an unforeseen problem like loss of job, divorce, medical emergency, etc. and, the owner can no longer afford their monthly housing payment. These are owners that are in distress and often can’t think clearly or try to ignore the problems they’re facing. An experienced agent knows how to consult these types with sincerity and compassion, while delicately offering solutions that solve their problem by alleviating their financial burden and getting you into ownership by paying less and avoiding the pitfalls of buying at foreclosure auction.
Team Results will work with you to create a buying strategy that puts you into homeownership and saves you money. Just call on us, we’ll be happy to give you all the information you need before you make your buying decision.
Buying a Foreclosure property is not for the faint of heart and not recommended for first time home buyers. There are many drawbacks you need to be aware of.
Often times, buyers at foreclosure auctions don’t get the opportunity to inspect the property that they are bidding on. You wont know the condition of the property or if there are major defects.
The buyer might need to evict the occupants who can be the previous owners, a tenant or squatters. This will require the services of an attorney experienced in evicting people.
Occupants rarely leave peacefully and frequently cause as much damage as possible before they are forced to move.
When buying a foreclosure property at auction you generally need an all cash payment or sizeable deposit which can easily deplete your cash on hand needed for repairs or other costs.
If you haven’t purchased a foreclosure before, or are inexperienced, you’ll need to be aware that you are bidding against seasoned professionals who have some advantage over you. It could be advanced knowledge of the property and its current state or simply a stronger financial position which allows them to out-bid others, even if they take an initial loss after purchase.
The upside of buying a foreclosure property is that it is possible to acquire a nice home at a less than market price. Sometimes you can acquire a property that only needs minor cosmetic upgrades in order to turn a profit on sale later (ask us for information on flipping).
There is a better way of buying a foreclosure property and that is to have an agent present an offer directly to the owner before foreclosure takes place. At Team Results, we closely monitor foreclosure and pre-foreclosure activity in Long Beach and surrounding communities in order to do just that.
Homes go into foreclosure for many reasons but, frequently its because of an unforeseen problem like loss of job, divorce, medical emergency, etc. and, the owner can no longer afford their monthly housing payment. These are owners that are in distress and often can’t think clearly or try to ignore the problems they’re facing. An experienced agent knows how to consult these types with sincerity and compassion, while delicately offering solutions that solve their problem by alleviating their financial burden and getting you into ownership by paying less and avoiding the pitfalls of buying at foreclosure auction.
Team Results will work with you to create a buying strategy that puts you into homeownership and saves you money. Just call on us, we’ll be happy to give you all the information you need before you make your buying decision.
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