Real Estate Information Archive

While many buyers assume that spring and summer are the best times to purchase a new home, it's not entirely true.

Favorable weather can certainly make your house-shopping more enjoyable, and in cold climates you may not be able to see the yard because of snow, but there are plenty of advantages to searching for your new home in the winter.

For starters, it's a buyers' market. Potential buyers may put off home shopping in the winter because they're traveling, or are busy with the holidays. While there are still homes on the market, fewer people are looking at them and for you - the buyer - that's to your advantage. 

With less people looking, that means there's more time for your broker to spend time with you, as well. Instead of juggling a multitude of clients, they can focus on fewer potential buyers. And the typical winter buyer is a more serious buyer.

Winter is also a prime season to see how a house stands up to harsh weather conditions. Plumbing and heating systems, and roofs and gutters are tested hard in the cold. You may not be able to view all of the outdoor landscaping, but it's far easier to fix that than replace a major system such as a furnace or boiler several months down the road.

The winter season can also be a great time to find good deals, deals that are buyer-friendly because fewer people are looking. Even a small difference in price can mean big savings in the long haul. Also, if you're looking to buy a bank foreclosure you could potentially find a great deal because banks are anxious to get those loans off the books before the end of the year.

Even selling your home in the winter has its advantages. While it may be frightful outside, the warmth and cheer of a holiday-adorned home can charm prospective buyers.

Buying a home can seem overwhelming, especially if it’s your first. Taking advantage of favorable market conditions often means acting fast to evaluate many different properties in a short time.

Since you might look at dozens of potential homes in a month, it can be difficult to keep all the details straight. Weeks may pass during your search, making it hard to recall what you need to know to make a decision.

Before you visit your first property, it’s a good idea to develop a checklist to help you evaluate each one. Checklists allow you to get your thoughts about each property down on paper and compare them easily in the future.

A Checklist Helps You Find Your Ideal Home

Checklists are used in all kinds of situations, and have even been shown to reduce the potential for mistakes in the operating room! It makes sense, then, that you should consider using a checklist to see how potential homes stack up against your priorities.

The Department of Housing and Urban Development provides a free worksheet that allows you to quickly “check off” information about a home’s layout and condition, the neighborhood, nearby schools, and other community features.

This is a great place to start, but you might also consider making a customized checklist that reflects your own needs and preferences. Make sure that each checklist you use is identical and that you can “rate” different aspects of a home in a way that will make sense later.

Making Use of Your Checklist

Once you have your checklist all prepared, each member of the household should bring a copy to every property visit. While reviewing a potential home, it’s a good idea to take each item in sequence and do one thing at a time.

Your checklist will probably include details about the surrounding neighborhood, so be certain to make time to drive or walk around the area after you’ve seen every room of the property. Some features, such as schools and hospitals, might require online research to “score” accurately.

Be sure to save your completed checklists somewhere convenient so that you can compare them easily in the future. If multiple people will be evaluating each property, it’s a good idea to write each one’s name at the top of the checklists they filled out.

A checklist helps make the home buying process easier, faster, and more convenient. Don't forget it!

Selling your home can be one of the most stressful situations in you life. There are so many things to consider; you need to find the right real estate agent, you need to choose the perfect price to sell, there are potential buyers coming in and out of your house all the time. It’s enough to make you want to forget the whole thing and just stay where you are.

However, this is one thing that you can do that will relieve your stress and help you get a better price for your home. You need to get your home professionally staged.

Staging your home for sale is one of the most overlooked steps in the selling process and it could cost you a lot of money if you ignore it. The benefits of professionally staging your house are many.

What The Buyer Wants

Too many home sellers want to show off their individualism when they sell their house. And while that Moroccan rug may have a great story behind it the buyer probably doesn’t care. A professional home stager will know how to present your home to the widest possible audience. They will know what works and what doesn’t.

Return On Investment

Think of the cost of home staging as an investment. The money you spend will result in an overall higher selling price than you would get without staging your home.

Create The Vision

Most home buyers cannot visualize the potential of a home they are looking at. By having your home professionally staged you will be able to show them all the advantages it has to offer. It will also allow them to really see themselves living in your home. The staging will speak to their aspirations and once they become emotionally involved they are more likely to make a solid offer on your home.

Quick Sale

You want your home to sell quickly in order to get the most out of it. According to a study done by the National Association of Realtors , homes that sold within the first four weeks sold for 6% more than those sold after the first four weeks. By having your home professionally staged you have the best chance of selling quickly.

In addition to all these benefits, staging your home will relieve you of a lot of stress. When so much money is at stake seek the help of professionals.

Selling a house is no walk in the park. A tremendous amount of work is involved in staging a house to sell it, especially if you want to bring in the top dollar for your home. With a bit of cautious planning, you can make your home look amazing from the inside out in less than two weeks. Take these steps to prepare your house efficiently.

Step 1: Remember that it is just a house, not an extension of you.

If you never “let go” of the home, you will have trouble setting it up to be sold. Imagine yourself handing over the keys to the home and feeling happy about it. It is also wise to avoid potential distractions for buyers. Pack up personal photographs that might distract buyers. Your goal is for buyers to envision their own photos gracing the walls of the home.

Step 2: Eliminate the clutter.

You might not even realize how much “junk” you have out in the open. Box up, donate or trash those items that don’t add a positive, open vibe to the house. This includes books, knickknacks and anything taking up precious counter space. Don't have enough space? Consider renting a storage unit until you can sell the house.

Step 3: Make your house snoop-free.

You never know when buyers are going to take a peek in your closets and cabinets. Ensure that anything potentially embarrassing is hidden away, and take a few moments to clean out each cabinet. Get those spice jars in order and stack those bowls. Line up the shoes and hang up all those clean clothes on the floor.

Step 4: Remove any fixtures you aren’t leaving behind.

It would be difficult to tell a buyer that you are taking built-in appliances and fixtures with you once they have seen them. Remove the potential for nitpicking and heartbreak by removing these items, including chandeliers, window coverings and faucet handles, before you even show the house.

Step 5: Fix small problems around the house.

Notice cracked floor tiles? What about a hole in the wall or a leaky faucet? Fix those problems right away. You don’t want to give your buyers reason to remember your home as one with faults; leave a good impression instead!

No matter your goals for your home, taking time to prepare it for viewings will save you time, stress and money.

Lenders require everyone to purchase title insurance as part of the cost of your home loan. But loan title policies protects the lender, not you. For self-protection in the event of any unforeseen title issues, which could postpone closing indefinitely, buyers must purchase separate owner’s title insurance. Is it necessary and really worth the cost? is the question every buyer must answer for themselves. Here are some considerations:

Closing and Title

Before closing, the closing attorney runs a routine check on title to reveal any liens or title defects against the property. Should this check reveal any liens, these must be cleared before the parties can close. Mechanic’s liens are common, where a contractor performed maintenance or repairs on the home and wasn’t paid (or paid satisfactorily in his estimation) so he filed a lien against the property. You will need to pay the contractor or work out a resolution to remove the lien.

Hidden Title Defects

But liens of this sort are the “easy” or more common ones. What about hidden title defects or liens that don’t show up on a quick title search? What if a long lost relative or heir comes out of the woodwork claiming to have ownership rights to the property? Or what if was discovered an incorrect legal description existed on the property, making the contract, deed, and/or other documents void. In cases like this, title insurance would protect you from financial loss and defend you against claims.

Should I Pay for Title Insurance?

You are very wise to purchase a buyer’s title insurance policy to protect your interests. It’s a one-time fee paid at closing that should you need it because of any revealed title issues, will be worth the cost by leaps and bounds. Title insurance rates are typically between $500 and $1000, depending on loan amount. Like car or health insurance, it may not be needed, but if it is, it will be money well-invested. And the policy lasts as long as you and your heirs own the property.

Enhanced Title Insurance Policies

Ask about enhanced coverage policies too. For a few more dollars, aggravations like inaccurate surveys (which are nightmares in potential boundary disputes with your neighbors), building permit violations, some unforeseen violation of the restrictive covenants in the subdivision or city zoning laws are covered and problems that could derail closing for weeks, months, or years are avoided.

A house will be the single largest purchase most families will ever make. If you are going to make this purchase a good decision, you will want to be sure all your finances are in good order. These six steps will make your process of buying your dream home much simpler.

Build up some Savings-You probably know this, but it bears pointing out. When you purchase your house, you are going to be placing yourself in a great deal of debt. Make certain that you have the financial cushion to protect yourself if something goes wrong. Beyond that, be ready to make a sizable down payment, usually around 20 percent of the house' price.

Establish a Budget and Stick to It-Think about the terms of your loan. How will they interact with your other bills? If your house is larger than where you live now, your utilities will be higher. What kind of fees will you have with your home that you aren't paying now? Homeowner's association? Other features of the house? Make sure your budget will support you in good times and bad.

Think About Where You Want to Live-Don't stop when you've found a nice neighborhood. Look into its tax rates. If children are in your future, think about the schools. How will this location affect your travel to work?

Consider the Length of Your Home Loan-In general, you will have the chance to take out your home loan for either 15 or 30 years, though you may be able to work out a deal in between. The most important factor to consider is the difference in payments. A shorter loan will have a much lower interest rate, but will have higher payments than a 30 year loan. Be certain that the terms of the loan are going to work with your budget no matter your finances.

Pay Down Your Debt- Paying down your debt now will raise your credit score, potentially allowing you access to better rates on your loan. In addition, your mortgage will be a very large debt. You can make it easier by making your other commitments smaller.

Start gathering paperwork-Put together your financial records, student loan statements, credit card bills, anything your mortgage lender could conceivably want. Applying for a loan involves a lot of paperwork, and a little diligence in scouting it out now will save you a lot of trouble later.

The excitement of buying a new home can open up your imagination to a whole new world - from interior color schemes to planning your landscaping. Picturing yourself living in your new house is just part of the fun.

But be careful to remain practical before you buy the home. You'll first face the big step of getting pre-approved for a mortgage, and that comes with no guarantees.

Beware that actions you take before the lender agrees to fund your house loan can create obstacles that could potentially kill the deal.

That said, here are some things that you shouldn't do before contract and closing day.

Overuse Credit
Don't use plastic like it's going out of style. You need to keep your available credit as high as possible, and that means keeping low balances on your credit cards. Don't buy a house full of furniture before your loan closes.

You should be careful even with minor expenses. Any new payment is going to have an affect on your monthly debt-to-income ratio, and not necessarily in a good way. Banks will review your past use of credit to determine your interest rate.

Make Mysterious Deposits/Withdrawals
Lenders will keep close watch on your bank statements during the pre-approval process. They'll continue to do so during underwriting.

You'll need to have an explanation for any unusual deposits or withdrawals. The lender will want to know about an unexpected, large deposit to your account; they'll particularly want to be assured that you're not using gifts or unorthodox deposits to pay the bills.

Be Late With Bills
A late payment showing up on your credit report before closing can ruin your deal. Remember: Your payment history comprises about a third of your credit score. Many lenders will require 12 months of consecutive on-time payments to qualify for a home loan.

Co-Signing A Loan
Co-Signing on a loan can be a risky business whenever you make it. But making yourself financially liable for someone else's debt during the loan process is even riskier. Lenders will consider this another financial obligation as they determine your ability to pay a mortgage.

Change Jobs
Obviously, losing your job will create problems during the approval process. But even job-hopping can create hurdles, because lenders love to see stable, reliable income that's going to continue in the future. Even taking a new job in a different field can raise red flags.

Why Ignoring Curb Appeal Will Cost You

Homes with curb appeal sell for higher prices and typically sell faster. This doesn’t necessarily mean replacing main features of your home with expensive materials, it’s about maintaining and beautifying your house. If your home is attractively landscaped and well-maintained, it can add thousands of dollars to the value and decrease sell time. Adding small flourishes and doses of color can be what you need to bump up your curb appeal.

Tips:

Refinish Your Front Door

An old or outdated door, or one that is dull in color, can diminish the appeal of your home. It’s the focal point of a house, but with a simple stain or paint, it can be brightened up and create a welcoming feel for guests and people passing by.

Add Some Lighting

There are many ways to add decorative lighting touches to your home, walkway, or garden. These additions make your home feel as if you care about it, you put work into it, and that increases the curb appeal. Simply changing the fixtures or installing lamps along a pathway can make your home more attractive, and with many styles to choose from, you can stick to a set theme.

Build Window Boxes

Flowers are not only attractive, they are colorful, and they are a natural and easy way to add that touch of color that your home needs. You can build or purchase a window box and install it along your windows, and plant flowers or even herbs within them. They are inexpensive and can give your home a chic or rustic look.

Create a Walkway

Simple stepping stones can add appeal to your home, but a fleshed-out, fully functional walkway gives your home the appeal of safety and attractiveness. People will feel safer walking from the street to the door if the walkway is lined, and if it is artfully designed, the improvement is immediately noticeable.

Paint Your House

The easiest and most efficient way to spruce up your home is by painting it. A solid color with bright accents gives your home a brand new feel to it and makes it stand out from the rest of the houses on the street.

No matter what you choose to do, from major renovations to minimal additions, a few well-placed touches gives your home maximum curb appeal!

Thinking of making your home a little 'greener'? Updating your home to make it more environmentally friendly will also help make it more energy efficient, saving you money in the long run. However, up-front costs for most of those 'green' updates can be very daunting. This list, though, includes some energy efficient updates that you can do quickly and inexpensively that will begin to pay off right away!

1) Light bulbs: Simply changing your bulbs from 'regular' incandescent bulbs to the newer, money saving compact florescent light bulbs can easily save you over $40 per light, over the course of each bulb's lifetime. These bulbs last more than ten times longer than regular bulbs and use less energy, meaning your electric bills are lower, and you buy bulbs less often.

2) Faucet aerators: A faucet aerator can reduce your water usage by as much as 50%; saving you money on your monthly bill and saving the planet! The aerator fits on the head of your faucet and it works by restricting the water flow. However, you won't notice a weaker flow, instead, the flow actually seems stronger.

Aerators are for sinks, but you can also purchase shower heads designed save water. When you save water, you will also reduce your heating costs, because there is less water to heat, meaning less energy is used. Aerators typically cost anywhere from $3 to $10 and will pay for themselves quickly.

3) Ceiling fans: Turn a ceiling fan on when you walk into the room and allow it to circulate the air from the central air (both the cool air and the heat, as they have a switch to reverse direction). Ceiling fans draw the cool air down and distribute it around the room. These can really help lower your energy bills in both the winter and summer months.

4) New dishwasher: While it may seem like a big expense, replacing an old model with an Energy Star dishwasher could save you 10 gallons per wash. For most households, this means you will save nearly 3,700 gallons of water per year--great for your energy bill, your water bill and the environment!

5) New toilets: New toilets use only about a gallon of water per flush, where older models use almost four. This can save you over 7,000 gallons of water per person per year.

Your home is most likely one of your largest and most valuable investments, not to mention that it is where you and your family live. With this much importance, it is crucial that you obtain home owner’s insurance protection. This will protect both your home and your family in the event of an unfortunate event. However, it is equally important that you understand some insurance basics when looking for a policy.

1. Know What Is Covered

Most home owner’s insurance policies will cover the home structure and the contents within the home. In addition, it offers liability protection and will cover living expenses if you are displaced from your home. It is advised to cover your home’s structure 100%, while most policies will cap the value of your personal belongings at 50% the total home value.

2. What Is Not Typically Covered

In many cases, floods and earthquakes are not covered under a standard insurance policy. If you live in an area where these natural disasters are common, you will need to ask for a separate insurance rider to obtain the full protection. You may also need to obtain a separate rider for high-valued items, such as jewelry.

3. What Is the Deductible

Most insurance policies include a deductible, which is the amount you will need to pay out-of-pocket before your insurance will cover the rest. You must look at your personal finances when determining how much of a deductible will best meet your needs. However, keep in mind that the lower the deductible, the higher the premium.

4. Are You Getting the Best Rates

Always shop around for the right policy and the best rates. You should also ask the insurance company directly what you can do to lower your insurance premiums. For example, many companies will give a discount if you have multiple policies with them or if you include various safety features on your home, like an alarm system.

The most important thing is that you take the time to understand your policy. You should always know what is and is not included and keep a detailed list of all your personal belongings. This will protect you if you ever need to file a claim. You should also annually evaluate your policy to determine if it is still meeting your needs, and to ensure you are still getting the best rates.