14 Things to Consider Before Buying a Home

What should you consider before buying a home?

Whether you are a first time home buyer or looking for a new dream house, there are several things to keep in mind. Most of which are included in an article (link below) I have come across on Realtor.com. Included is a list of "14 Things to Consider Before Buying a Home". Please read, as the information is most of which I tell my buyers. It is important to not let emotions get fully in the way of decision making.

I want to make sure your new house feels like home. For more information about buying a house or tips for finding your dream home, feel free to give me a call, send me an email or visit my website. Please find my information below.

14 Things to Consider Before Buying a Home

Debbie Mignogna 

Cell: (267)-640-1120

E-mail: damignogna@comcast.net

Website: pa-dreamhomes.com

Homes Sales Slipped In September

Home Sales Slipped In September

Mortgage 101
Amber Nelson on October 31st 2013

Sales and prices of existing U.S. homes fell in September from August, according to the National Association of Realtors, but both continued to rise on a yearly basis.

Existing-home sales slumped 1.9 percent last month to seasonally adjusted annual rate of 5.29 million, down from 5.39 million in August, but rose 10.7 percent from September 2012’s pace. Sales have now increased on a year-over-year basis for 27 consecutive months.

Meanwhile, the median price for an existing-home dropped to $199,200 in September, down from $209,700 the month before. Yet compared with the previous year, the price is 11.7 percent, marking the 10th straight month of double-digit annual gains. And that could spell trouble for buyers.

“Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” said Lawrence Yun, NAR chief economist in a press release. “Expected rising mortgage interest rates will further lower affordability in upcoming months. Next month we may see some delays associated with the government shutdown.”

Freddie Mac reported that the average rate on a 30-year conventional, fixed rate mortgage grew to 4.49 percent last month, the highest average in over two years, and up from 4.46 percent in August.
Distressed properties made up just 14 percent of all sales in September, up from 12 percent in August, but far below the 24 percent from a year earlier. The dwindling inventory of foreclosures and short sales is part of the reason prices are increasing. For example, Detroit, an area that was hit hard by the housing bust, has now cleared out enough foreclosure inventory that home prices were able to rise 44.6 percent in September form the year before. Similarly Las Vegas home prices gained 30.7 percent and Sacramento prices jumped 28.9 percent.


With the Federal Reserve decided this week to continue as planned with their bond purchases, interest rates may remain stable at least through the rest of this year and prices may not climb quite as fast through the holiday season.

Questions to Ask Real Estate Agents When Selling Your Home

Questions to Ask Real Estate Agents When Selling

Your agent can help sell your house

By Gilan Gertz

www.realtor.com

The real estate agent's role is to smooth the home sale process, from setting the price to closing the deal. Before hiring a specific real estate agent, interview several and ask the right questions to determine the agent's suitability for your transaction. The real estate agent whom you hire should be a good match for your style, your neighborhood, and the buying population you are trying to target. Once you have chosen an agent, he or she will help you determine your home's asking price. Knowing how much comparable homes in the neighborhood have sold for is important. Your real estate agent will also advise you about improving your house to bring you a higher selling price.

Find the best agent

Start your process by getting recommendations from friends and family. Ask them if the agent was attentive, answered their questions, and pursued all leads to help them sell their houses. Next, peruse local newspapers for advertisements. Those who sell in your immediate neighborhood are a good choice. Arrange interviews with three of four real estate agents. Important questions to determine suitability include:

• What are your credentials? At the very least, the agent you choose should have a state license. A higher level of reassurance comes from those who belong to the National Association of Realtors®, which requires ethics training and adherence to a code of ethics.
• How many sales did you make last year? Choose someone with a strong history of success. This does not guarantee your home's successful sale, but heads you in the right direction.
• Where do you usually work? Someone who sells in your neighborhood is likely to understand the target buyer, and market your house appropriately.
• Do you have a sales plan? The agent you choose should be able to provide a written marketing plan, including where the house will be advertised, and how the agent will help you prime your house for sale.
• Are commissions negotiable? Usually, the real estate agent takes a 3 percent commission from the seller. Ask each agent you interview about willingness to reduce the price. How often will you communicate? Your agent should update you just about every day.

Ask your agent how to sell your home

Once you have chosen a real estate agent, take advantage of his or her knowledge about houses and the market. Ask questions about your planned sale, such as: Is the home ready to be sold in its present condition, or are improvements absolutely necessary? How much have comparable homes in the neighborhood been selling for? Is now a good time to sell, or should I wait for the seasons, or the economy, to turn? Once I put the house on the market, how long can I expect to wait to sell? What is the home's current worth? What is the asking price that I should set? 

Question your real estate agent about upgrading your home

Your real estate agent's expertise will guide you to make the home repairs that bring the most bang for your buck. Ask the following:

• Which upgrades and repairs are absolutely necessary, and which would not make a big difference in the house price?
• Which upgrades are considered standard in your area's housing market? For example, is gutting and redoing your bathrooms necessary?
• Which home improvement jobs cost little, but improve a home's cachet?

Some experts say that a remodeled kitchen is always a draw, but ask your agent whether that's the case in your neighborhood. 

Inquire about staging

Before showing your house, ask your real estate agent about how best to stage your house. The agent will advise you about minimizing clutter, arranging furniture and infusing it with pleasing scents. Ask your agent what items you should get rid of, or hide, before potential buyers come to view your home.

Sell your home successfully

Proper preparation for a home sale is essential. If you choose the right agent, and ask the right questions, your home should sell quickly and smoothly, and for the right asking price.

Call Debbie Mignogna - 267-640-1120

To  help you sell your home 

5 Questions You Should Ask Before Buying A Home

            

Fox Business

Five Questions You Should Ask Before Buying a Home

By Andrea Murad

Published July 24, 2012

FOXBusiness

The housing crash has changed the rules for home buying.

The 2008 financial crisis that caused the housing bubble to burst still has markets reeling and slowly digging their way out of depressed home values, foreclosures and shadow inventory. But other markets have been able to bounce back more quick and bidding wars are breaking out.

When it comes to trying to time the housing markets, experts wish you luck. “The rear-view mirror is the only place to see peaks and valleys,” says Larry Foster, senior vice president and regional manager at Long & Foster. “Real estate is a hyper local thing—some places are suffering and may not have hit bottom.”

In some markets houses are cheap and rents are high because residents are more interested in renting than owning and there’s a shortage of inventory. If you’re trying to determine if you should rent or buy in the current economic climate, experts suggest evaluating your financial situation and your long-term goals and career plans.  

Record-low interest rates are attracting homebuyers, with Freddie Mac reporting a 30-year fixed mortgage rate sitting at 3.53% as of July 19, 2012.

Beyond evaluating your finances and long-term goals, experts say why you want to buy a home is also important. Don’t just buy a home because you expect it to appreciate, warns Daren Blomquist, vice president at RealtyTrac, buy because you want to put money you would have spent on rent into a home. “We’re reverting back to old-fashioned sensitivities on why you should buy a home. You need more money, and it’s not a get-rich-quick venture that we saw in the bubble years.”

Before purchasing a new home, experts recommend considering these five questions before making the leap.

Question No.1: Do you have at least 20% saved for a down payment?

Experts agree that buyers should put 20% down on a home purchase. “The new rules for the new market—these are the old rules we used to follow in the 70s and 80s,” says Michael Corbett, Trulia's real estate expert. “You put 20% down, you hold the property longer term, and you don’t overspend.”

Your down payment will determine the size of your mortgage and the amount of your monthly payment. “You really want to put down enough [money] to manage a payment,” says Michael Goodman, certified public accountant and president at Wealthstream Advisors, Inc.

Question No.2: How long am I planning to live in this house?

Don’t buy unless you’re planning to stay in the property for five to seven years, says Corbett. “Really, we don’t have a lot of concrete stability yet. You want to give yourself a little bit of a safety net.”

The longer you live in your house, the more likely its value will increase. Foreclosure prices are still trending downward in some markets, says Blomquist. It’s a good sign when foreclosure prices increase since other home prices will be trending higher as well. “We’re getting close to a bottom in many markets, but [we’re] not quite there yet on a national level. We’re not going to see sustainable home price appreciation for another couple of years.”

Home price appreciation will help you recoup your initial investment when you sell. Since buying has a lot of upfront costs, to include a 7% commission to the real estate agents, in order to break even, your house value would have to increase at least 7% by the time you sell, says Corbett.

Question No. 3: What are the true monthly costs for owning a home?

The cost of owning a home extends far beyond the monthly mortgage payments. “Add in about 30% more to cover the full price—taxes, insurance, hazard insurance depending on where you live, HOA fees for condos and general maintenance that you wouldn’t have when you’re a renter,” says Corbett.

Other expenses to consider are whether you’ll have increased commuting costs and, if you have children, whether they’ll attend private or public schools, adds Goodman.

How much you spend on your mortgage payment depends on what else you want to achieve in life, such as long term savings goals like retirement and discretionary savings goals like vacations.

Depending on your salary and goals, Goodman suggests keeping housing payments between 25% and 50% of your income, with a higher percentage of income for when your only goal is your house. When you have a larger monthly payment, find places to make cuts in your budget, he says. Even though you may want to spend more of your income on your mortgage, you still need to qualify with a lender for that payment.

There are benefits to owning that will affect your tax liability and, ultimately, your budget. “The tax impact is huge,” says Goodman. Look at your tax incentive to buy and, if you have difficulty reviewing these on your own, consider seeing an accountant to understand how your tax liability will change.

Question No. 4: Do you have an emergency fund on top of what you’ve saved for a down payment?

Goodman suggests having about six months of expenses saved before buying a home. If you have a steady income, a slightly smaller reserve would probably be sufficient with a larger reserve of more than six months of expenses being more suitable for people with unpredictable incomes.

“Your emergency reserve shouldn’t change if you buy or rent but should match expenses,” says Goodman. “You have new expenses that come up when you buy, and you have to factor all those into your budget.” As well as having a down payment and emergency fund, Goodman suggests having additional cash for renovations, projects, and moving costs.

Question No. 5: Do you have job security?

Experts suggest renting if you don’t have job stability. “The nice thing is that we’re in a safer buying environment with much more stringent lending practices,” says Corbett. “Banks have to qualify someone for worst case scenarios.”

Even though buying may be attractive at the moment, renting does have some incentives. “If you have a [rental] deal that’s so good, stay in your rental but take the difference and save it so if your deal goes away, you have savings,” says Goodman.

Buying a home is a big decision. “There are a lot of markets where it’s cheaper to buy versus rent assuming you have the capacity to qualify,” says Blomquist. “Homeownership isn’t the American Dream for everybody, and it’s okay to rent.”

Fall Decorating Ideas

 Happy Fall! Today it actually feels like fall! As we enter the season of falling leaves, pumpkins, apple cider and holidays, are you feeling that your home needs some new decorations? See below for some fall decor that I have come across and fell in love with... Happy Decorating!

Fall Foliage Arrangement: Beautiful collection of reds, oranges, greens and browns. 

Lined Steps: Etch the pumpkins or gourds with a message or your address!

Painted Pumpkins: Metallic paint will spice up any room for the fall!

The Photos Featured Above are from: www.southernliving.com

Get the Most Bang for Your Buck on Home Improvements

 by Ed Condran

Conventional wisdom says renovating your kitchen always improves your home’s value, but what if your budget is more like $1,000 rather than 27,000, which is the national average kitchen renovation cost.

Don’t despair! These modestly-priced changes can transform your house from out-of-date to fresh-faced.

Repaint in neutrals. “I would repaint at least two rooms, especially if you’re thinking about selling your house,” Boston-based Prudential Unlimited Realtor Melony Swasey said. “It’s a wild market here in Boston. Many people looking here are shopping by photos and you need to have 'clickability'. Adding a fresh coat of paint can help your house pop and look crisp. Put up a nice gray palette and all of a sudden it’s a different place.” According to Bankrate.com, a gallon of paint ($25) is worth $500 in terms of what it does for a space. The key to saving here? DIY.

Insulate your home. Keep the heat inside and the dollars in your pocket by insulating your home. “A lot of people forget about or ignore insulation,” Atlanta-based contractor Tom Semelsberger said. “It’s an inexpensive way to save a lot of money that you’ll see early and it’s something that will pay in the long term. Buy some weather stripping and get to work.” 

You also can reduce future energy bills by 40 percent with proper insulation.

Go contemporary. “Replace the vanity or the medicine cabinet by going to a reasonably priced reliable store,” San Francisco-based realtor Ilonka Edwards at McGuire Real Estate said. “It’s a good idea to go the contemporary route even if you live in a traditional, older home. Spruce it up by visiting IKEA. I recently sold a million dollar house, which was full of IKEA furniture. You can get a lot for $1,000 at IKEA and any house will benefit from it.”

Choose knobs, not appliances. “Don’t put an expensive new stove in a kitchen,” Chicago-based contractor Ken Baker said. “Put on new knobs on cabinets and drawers. If you change all of those and spend some money on say a kitchen backsplash, you’ll spice up your house and spend little money. You just have to spend wisely. If you buy knobs, they’re only about $7 each. Just buy enough for every cabinet because sometimes styles are discontinued.”

Call me about all your Real Estate needs!!

Debbie Mignogna

(267)-640-1120

damignogna@comcast.net

pa-dreamhomes.net

What to Expect From A Real Estate Agent..

What should you expect from a Real Estate Agent? Read below for some of my thoughts on agents' duties and qualities critical in the housing market today.

Your Buying Agent Should:

• Discuss with you particular home features you are looking for, to learn which ones are musts and which ones you would be willing to compromise on
• Share with you knowledge of the neighborhoods you are interested in
• Be actively looking for houses and send all new listings you might be interested in
• Not waste your time showing houses that do not meet your stated criteria
• Arrange tours of homes for you and accompany you on them
• Analyze the comparative markets for price advice
• Organize and create offers to buy a house
• Negotiate with the seller's agent
• Schedule inspections and all other appointments if needed
• Accompany you during the close of the sale

Your Selling Agent Should:

• Have regular conversations with you on the progress and activity of the sale of the home
• Be responsive and available to help with your needs
• Be honest and trustworthy
• Provide summaries of marketing efforts and who's interested in the home
• Offer advice on how to differentiate your house from the rest on the market
• Create flyers and advertisements detailing the great qualities of your home
• Upload details of your home to real estate websites and social media portals
• Provide great quality photos to accompany your home's listing online and all marketing vehicles
• Hold broker's open houses as well as public open houses
• Discuss with wide ranged network including realtors about prospective buyers for the property
• Evaluate agents and prospective buyers'  feedback for features of the house might be lacking
• Be a counselor to you during situations of staging, reducing the price or other needed improvements

Looking to begin your journey through the housing market? Allow me to guide you along the way. I can help you find your dream home!

Debbie Mignogna

(267)-640-1120

damignogna@comcast.net

pa-dreamhomes.net

Ambler Oktoberfest - Main Street - October 5th

Happy October Everyone! 

Looking for a great fall activity for you and the family? What better way to spend the first weekend in October than on Main Street in Ambler! 

This Saturday, October 5, Ambler is having their 22nd Annual Oktoberfest from 10AM to 5PM.

The day will be filled with great music and activities for all ages. Restaurants will be offering samplings of their finest foods and artists will be showcasing their artwork or hand crafted items. There will even be rides for the kids! And for all those beer connoisseur's out there, make your way to the beer garden! You will be able to taste a large variety ales, IPAs, Lagers etc.

I am hearing that this year will be the biggest festival Ambler has seen yet! I don't know about you but, great food, music and shopping sounds like a great day to me!   

Fireworks: Centre Square Fire Expo - Celebrating 100 Years of Service

Centre Square Fire Expo - Celebrating 100 Years of Service - October 04, 2013

When: Friday, October 4, 2013

Time: 6pm to 9pm
Location: Wentz Run Park, 1000 Anvil Lane, behind the Whitpain Township Building.

The Centre Square Fire Company is celebrating its 100 years of service! Please join them in celebrating this Friday at the Fire Expo at Wentz Run Park. There will be activities, fire prevention displays and opportunities to meet those that serve the community. This fun filled night will conclude with a display of fireworks at 9pm! Food and drinks will be available as well.

The main parking area will be at the Whitpain Township Building. To accomodate the large amount of people anticipated to attend this event, the township has organized shuttle service from the Montgomery County Community College Cathcart Road lot, Blue Bell. You will be able to park in the lot and then take the bus to and from the fire expo throughout the night.

It's Flu Season Again...Free Flu Shots In Your Area

Free Flu Shots Offered in Montgomery County

I have recently learned from the Health Department that there will be ten places throughout the county offering flu shots for free! If you have not already received your flu shot, take a look at the dates below. Make sure you do so before it's your time for the fever, chills, aches or sore throat.

Click Here For The Link To The Health Department's Announcement 

Site Hours: 10 a.m.-1 p.m (Upper Merion Township Builiding: 3-6 p.m)

• Thursday, Oct. 3 - Norristown Public Library, 1001 Powell St., Norristown
• Tuesday, Oct. 8 - Upper Merion Township Building, 175 West Valley Forge Road, King of Prussia
• Thursday, Oct. 10 - Congregation Beth Or, 239 Welsh Road, Maple Glen
• Saturday, Oct. 12 - Montgomery County Community College, 340 DeKalb Pike, Blue Bell
• Saturday, Oct. 19 - Abington Junior High School, 2056 Susquehanna Road, Abington
• Friday, Oct. 25 - Sunnybrook Ballroom, 50 Sunnybrook Road, Pottstown
• Saturday, Nov. 2 - Upper Perkiomen High School, 2 Walt Road, Pennsburg

House Showings - Do's and Dont's

SHowing your house? 

Read below for several dos and don'ts when realtors and their clients visit your house. I have put together some of my recommendations and experiences for consideration during a house showing. You will want your visitors to feel comfortable walking into your home and be able to take a tour as they choose. Following the list below will increase your chances of selling your home. 

Do's:

• Clean Like Crazy
  
• Remove All Clutter
• This will make your house look bigger
• Turn All Lights On
• Have All Residents Leave the House Before Visitors Arrive

• For example, go for a walk or on an errand for the full duration of the showing
• Put Away Most Kitchen Counter Items
• Remove very visible pictures of you and your family

Dont's:

• Forget About Curb Appeal
• This is the first impression that buyers receive when visiting your house
• Sit Outside in Your Car Watching Visitors
• Leave Any Pets in the house, regardless if they are in a cage
• Display Toiletries in Bathrooms - looks like clutter
• Burn Candles - the house should not have any significant smells

Extra Recommendations:

• Hire a Home Stager
• Remove Bulky or Unnecessary Furniture
• Begin to Pack Early - You'll have the clutter out of sight

Montgomery County Community College - Drive-In Movie - Sept. 20

Happy Friday!

Drive-In movie right in your neighborhood! 

Location: MCCC Cathcart Road parking lot, 340   DeKalb Pike, Blue Bell.

Cost: 5$ per car

Tonight is family night or date night for you at Montgomery County Community College (MCCC). If you are in need of plans for your friday evening, join in on the fun! The featured movie is "Man of Steel" which will begin at dusk this evening. It is an action movie where a young boy learns of his extraordinary powers. His journey allows him to realize where he came from and the reason he is on Earth, meanwhile he has to find a way to save the world! You can even bring your own snacks! Make sure you also remember blankets, as it will get a bit chilly when the sun goes down. Relax, and enjoy the movie and the beautiful night!

Note: If you are a student at MCCC, your admission is free with valid ID!

Fall Renovation Ideas

As the weather is getting colder, you might be churning ideas of fall renovations. See below for three ideas on how to reinvent your kitchen.

Kitchen Cabinets

The newer homes that I have seen have kitchens with a clean simplistic feel. New cabinetry is very pricey. Instead, look for ideas for refinishing or facing your cabinets. You will be able to change the entire look of your kitchen without breaking a budget. 

Stylish Sinks

The trend this fall is to get rid of your double sinks and say hello to deep sinks with one bowl. There are great designs available that will serve as a great focal point in the space. The bigger sizes have benefits of fitting large cooking tools such as roasters and baking sheets. They are also very durable which save you money in the long run. 

Backsplash Tiling

What an interesting way to bring in color to basic kitchen. The tiles are cheaper than you might think and easy to install too! I recently have trimmed my tile backsplash In just a few hours. It makes such a difference.

Tips For Buying Your Dream Home

5 Tips You Will Need To Know Before Buying Your Dream Home!

1. Begin cleaning your Credit History.

Whether a first home buyer or not, chances are a mortgage will be needed to buy the home. The first step in the house hunting process is reviewing copies of credit reports. Make sure the information is correct to avoid problems during the housing transaction.  

2. Make sure you can afford the house.

I tell my clients that a home is affordable for them if the price is around 3 times their annual salary. This seems to have been the buying rule of thumb for years. Remember there are many resources online that can help to pinpoint what is affordable. Remember, realtors are also a great source of advice.

3. Is the house in a good school district? Good idea!

For families with children looking for homes, my advice is to target areas with schooling that has a great reputation. Not only will this benefit your children's education and future, this aspect of a home increases future selling potential and property values.

4. Refrain from buying, if you won't stay.

If you think you've found your dream home, picture yourself in a few years. If you do not think you will be still living there, keep looking. The transactions costs of selling your current house an buying a new one rack up. You and your wallet will be happy to find a home you can remain living in for years. 

5. Professional assistance is a must. 

I am not offering this advice because I am a Real Estate Agent. I believe in this statement. You might be able to obtain from the internet, all the information you need to find a home or sell yours,  however, you will benefit from professionals in this industry. They have vast knowledge of the homes in the areas you are interested in. If they have the ability to get you know you, and have an understanding of your needs, they can keep your best interests at heart.

Thought You'd be Interested

Thought You'd be Interested

Carriage Home "For Sale" in Foxcroft of Blue Bell PA 19422

Carriage Home "For Sale"

Foxcroft of Blue Bell

573 Fawnview Circle

Blue Bell, PA 19422

Blue Bell, PA 19422

Welcome to this Impeccable Carriage Home in Foxcroft of Blue Bell. This 4 bedroom 3.2 bath shows better than a model home. Bright & Open Floor plan boasts an expansive Kitchen w/ spacious breakfast room w/ access to rear patio, tumbled tile back splash, granite counter tops, island, upgraded 42" cabinetry, newer appliances, two wall ovens, 5 burner GE Gas Stove & recessed lighting. Flowing easily from the kitchen is the beautiful family room w/ marble gas fireplace & surround sound. Elegant living room is blended into the formal foyer entrance. Formal dining room adorned w/ both chair rail molding & elegant tray ceiling. Upstairs you'll find 3 generous bedrooms, all with walk-in closets with built-in shelving & 3 full baths. The Master Suite offers a spacious sitting room with formal fireplace and wall to wall carpet. The basement offers a movie theatre, media screen, projector and surround sound, half bath and plenty of room for entertaining. Fin 3rd floor has add'l Bedroom w/Full Bath. Cul-de-sac street.

Call Debbie Mignogna at 267-640-1120

for a private showing