Monday, November 11, 2013
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.
Thursday, November 7, 2013
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.
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.
Friday, November 1, 2013
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
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