Real Estate Information

If you are selling your home it is important to remember the basics.  Selling real estate is tougher in a market that has a high inventory and you home needs to have a competitive edge to grab a potential home buyer’s eye.

One of the most important first steps in readying your home for sale is to remove yourself, both literally and figuratively. Take yourself out of the equation and look at your home from a stranger’s perspective.  Looking at your home with fresh eyes can help point out what needs to be repaired, cleaned, changed, or improved.  This is also when you take out your personal effects.  Family photos, family knick knacks and children’s art work can all personalize a space and make it hard for a potential buyer to see himself living in your home.  De-cluttering, organizing and maximizing the use of your home’s space will show -off its full potential.

Take a good, hard look at your home from the inside out.  As the say, you will never have a second chance to make a first impression, and grabbing a buyer’s attention the first time is an important first step to sealing a deal.

While the economic recovery shows ups and downs, the overall picture of the housing market shows more positive data than negative.  Looking at real estate data from the second quarter it is evident that home prices are stabilizing in more areas than not and home sales volume is up.  The second quarter was stimulated largely by the home buyer tax credit that was expiring and the historically low mortgage rates that continued to drop.

Home sales rose just over 9% in the second quarter of 2010, over a 15% increase in volume from the second quarter of 2009.  The affordability factor is playing a large role in the purchasing of real estate, with homes considerably more affordable than they were at the peak of the market.

Home values have stabilized in roughly 2/3 of the country, where they remain flat or are rising slightly.  The hardest hit areas displayed a bit of a drop in home values but the rate of decrease has slowed down.  Home values appear more stable as fewer distressed properties hit the market, but it will take time for home prices to truly increase.  The analysis of housing data displays that it is still a buyers market when it comes to real estate.

Click here to read a recent article from Realtor.org about real estate progress in the second quarter of 2010.

The home buyer tax credit may be gone but assistance is still out there.  Potential first time home buyers have options to explore when considering jumping into real estate.  One of the first hurdles when buying a home for the first time is often coming up with a down payment.  Even a good saver may have a hard time saving the thousands that can be necessary for a down payment.  Luckily there are options for help.

The Department of Housing and Urban Development (HUD) has many assistance and reference programs.  HUD’s website has links to Habitat for Humanity, rural housing, and a number of home buyer programs in your area.  The HUD website can be a great resource, offering a wealth of information on what is involved in purchasing a home.

The Federal Housing Agency (FHA) is another agency offering information and assistance.  The FHA helps buyers buy homes with both low interest rates and a small down payment. Where a standard down payment can be anywhere from 10 to 20%, an FHA loan can require as little as 3.5% down.  Standard loan fees can be wrapped into the loan through FHA as well.

If home ownership seems like a pipe dream, it doesn’t have to.  If you have a steady source of income then you have mastered one of your biggest hurdles.  Contact a real estate professional today to learn more about purchasing real estate in your area.

Click here to visit the HUD website.
Click here to learn more about FHA.

When it comes to real estate there are many bargains out there and if you are a home buyer this is your time to shine.  The benefit of being a home buyer today is that you can afford to be picky, after-all you are in charge.  You may be looking at five houses, which one is best for you?  Which one has the best schools, the best amenities, the best features?  Maybe two of them do, you can make offers with both and see which seller will give in more.  Today’s home buyer has the position of bargaining power.

Low mortgage rates, which are at historic lows and do not appear to be rising any time soon, high inventory and a continuing stream of foreclosures continue to keep homes prices at reasonable, if not bargain, levels.  Low mortgage rates alone help make the cost of buying a home more reasonable than in recent years.  High inventories are making home prices competitive and foreclosures, while they may have slowed, are still coming.

The bottom line is that it is possible to find a great real estate bargain today.  There are sellers that are motivated out there and if you are a buyer you have an opportunity to stand your ground and try to get the best deal that you can.

Click here to read a recent article from Realty Times regarding the real estate market and the deals that exist.

It is possible to save money at closing.  Whether you are buying a new home or refinancing one you already own, closing costs can often make the process more expensive than expected.  When refinancing closing costs can actually get in the way of making a change a poor financial decision.  What many borrowers may not realize is that cutting some of the fees out at closing can happen.

When researching a new loan check with your current lender first.  Chances are, if you are in good standing, they do not want to lose your business and will work with you to keep it.  Working with your current lender may avoid a new appraisal, application fees and other charges that come along with the loan process.

Find out what a lender’s fees are well ahead of closing so that you know what to expect.  By seeing the fees in writing you may also have an opportunity to do a bit of bargaining.  The better your credit rating, the more a lender will want to work with you and secure your business.

Finally, look into wrapping your closing costs, or at least a portion of them into your loan.  If it make financial sense it can save you money up front.  With mortgage rates currently hanging out below 5% wrapping a couple of thousand dollars into a mortgage does not make too big of an increase on the monthly payment.  Shop around and speak with a number of lenders before making your decision.

Click here to read an article from CNN Money regarding cutting costs at closing.