Real Estate Information

How Much Is Your Real Estate Worth?

Posted: 14 Apr 2010 09:11 PM PDT

Technically a home is only worth what someone is willing to pay for it, when you are trying to price your home to sell you may want more specific guidance however.  Comparative market analysis (CMA) is a standard way to price real estate to sell.  When doing a CMA to price a home a broker or individual will examine the current real estate market, evaluating what is selling for what and averaging the price per square foot.  Of course certain factors can affect the price of a given home, its condition, neighborhood, and upgrades to name a few.
During a hot market, when demand is high and inventory is low, a house could very easily sell for more than its value.  When the market is suffering, demand is low and inventory is high, houses stay on the market longer and often go for below asking price.  In any market, if you want to sell your home the best bet is to price it fairly and in accordance with current market conditions.  A qualified real estate professional is the best bet for pricing your home appropriately, but in the end it will come down to what someone is willing to pay.

Spring Selling Season is Here!  Time to Clean

Posted: 20 Apr 2010 11:17 AM PDT

When it comes to real estate, Spring selling season is here and luckily it coincides with Spring cleaning.  Spring represents growth and a fresh start, a time when many people clean out the old and start anew.  With the recession subsiding and real estate sales picking up it is more important than ever to give your home a fresh, clean look.  Where to start?  The windows are a great place to begin.
Cleaning windows can be done with Windex and a cloth (or paper towels) or with a squeegee and soapy water.  The squeegee method can be a bit messier, easier on the outside of the house, but significantly less time consuming.  When cleaning the windows don’t forget your screens.  Take them in the back yard and hose them down.
Other great areas to clean are the refrigerator and other appliances, like the stove and oven.  Most people will open the refrigerator and take a look, so empty it out and clean the walls and shelves.  A self-cleaning oven makes cleaning it a snap.
Clear out your cabinets and clear off your counters.  Look around your home and try to see it through a potential buyer’s eyes.  The cleaner your home appears, the more appealing it will be.  Spring is here, time to start fresh.

Buying Real Estate? Location, Location, Location

Posted: 22 Apr 2010 08:15 AM PDT

If you are thinking about buying real estate there are three things to remember, location, location, and location.  Location is a key factor in the value of your new home and how easy it will be to sell when the time comes to do so.  Whether you are in a city, suburb, or country area, location really does matter.  Every area has its desirable locations within it, and a more desirable location will always sell more quickly than a less desirable one.
Want to know what to look for?  The most desirable neighborhoods have good schools, an attractive appearance, convenient accessibility and a variety of amenities.  When looking at real estate in an ideal neighborhood you will choose a home with a nice location within it.  If you choose a home that backs up to commercial space know that it will not appreciate as much as a home at the end of a quiet street.
If you don’t have children and don’t plan on having children a good school district is still key.  Schools matter to most people who are looking for homes and the better the school district, typically the more stable the home values will remain.
Buying a home is one of the biggest investments a person can make, so do your research.  Everyone is looking for different things from a home but we all want our home to retain its value.  Look around at the areas that never dropped, or rebounded faster, and you will probably learn something about your local real estate market.

Remodeling Your Home? Don’t Forget Your Outdoor Living Space

 
Posted: 25 Apr 2010 04:03 PM PDT

If you are considering remodeling your home, don’t forget about your outdoor living space.  The exterior of your home contains valuable outdoor  space and making certain changes or additions can help ad value and appeal to your real estate investment.
Improvements to the exterior of your home can involve something as simple as new patio furniture and a fire pit, adding a patio or deck, or installing an outdoor oven.  An attractive and usable outdoor area appeals to family living as well as entertaining.
Landscaping additions can involve making an area more green by the addition of low maintenance plants that use less moisture.  Landscape architects are more and more adept at making more sustainable environments.
Other appealing elements can include fountains, swimming pools, solar lights, tennis courts and the like.  Realize that much of what you put into the space that surrounds your home will enhance its value and catch the eye of a potential buyer. Often an investment to the outside living space gives a better return than interior improvements to your home.

When It’s Right to Buy a Bigger, Better Home

Posted: 27 Apr 2010 07:23 PM PDT

It is not uncommon for homeowners to outgrow a home, but knowing when it makes sense to trade up to a bigger home is important when making such a move.  Of course the biggest questions involve finances.
Does your current home have enough equity built up in it to make sense?  If you can sell your current home for a nice profit and have extra money to put down on your new home it will make your entire transition and easier one.
Can you afford the mortgage on your new home?  If you can take the equity from your current home and put down a nice down-payment, your new mortgage could be similar to your current home’s mortgage which would make the entire transition more affordable.  If your new mortgage is going to be a larger one make sure that your income has increased enough to afford it.
Analyze the market you are in.  If your current home will sell quickly and for asking price or greater, will the new home you choose be more expensive as well?  Look at the neighborhood you want to move to and know what homes are selling for.
There are a lot of factors that come into play when deciding to buy a bigger, better home but remember that the grass is not always greener.  A bigger home will cost more to run and take more to upkeep.  Take a good hard look and make sure that the decision is in your best interest for a solid financial future.

Mortgage ABCs

Posted: 30 Apr 2010 01:02 PM PDT

Buying a home is a very big financial decision and being prepared is of the utmost importance.  Before looking for a new home a potential buyer should pre-qualify for a loan as well as examine his finances to be certain exactly what he can afford.  When finding the ideal house for the ideal price the next step is acquiring a mortgage.  There are a few different types of mortgages and it is important to understand the differences between them and choose the one that best suits your needs.
ARM An ARM is an adjustable rate mortgage, ideal for those who are only planning to be in their house for two to three years.  An ARM typically starts at a very low interest rate and keeps it low for the period of time it is set for, typically 2, 3 or 5 years.  The danger of this type of loan is that it is an interest only mortgage for the specified time period and then it increases dramatically when the period is up.
FIXED RATE A fixed rate mortgage locks in a t a specified interest rate and is usually set for a period of 15 or 30 years.  A 15 year loan would have higher payments than a 30 year loan, subsequently you would end up paying less interest as well but the lower payment of a 30 year loan could make more sense for your monthly expenses.
Regardless of the type of loan you decide to go with, researching your best option is very important, after-all, you are always your own best advocate.

Looking For An Interest Only Loan? It’s About To Get Tougher

Posted: 03 May 2010 07:19 PM PDT

Trying to acquire an interest only loan is about to get tougher.  Fannie Mae is changing the rules to make qualifying for interest only loans a more stringent process.  The biggest difference will be the percentage that a home buyer will have to put down on his real estate transaction.  Under the new rules a borrower will have to put down 30% of the home’s value to qualify for a Fannie Mae-backed interest-only mortgage.
Fannie Mae does not issue mortgages but buys them from lenders who do.  If Fannie Mae doesn’t like what it sees it will not purchase the mortgages.  The goal behind the qualification changes is to make sure that borrowers can afford to pay their mortgages.  The bursting of the housing bubble has created the need for security, to avoid any repeat performance in the future.

Remodeling Trends Have Changed

Posted: 05 May 2010 10:51 AM PDT

When it comes to home ownership the remodeling trends of the recent past appear to have changed.  The recent recession has left a permeating lifestyle change, one that has swapped over-indulgence with down-to-earth necessity.  In other words, if it isn’t a necessity many people won’t do it.
It is a buyer’s market out there which means that the buyer is in control.  A seller can no longer pass off a roof in poor condition or a faulty wiring system.  If a homeowner wants to sell he will either have to make necessary repairs to his home or credit the buyer at closing.
Remodeling is on the upswing and for the first year since the height of the real estate market, the amount of money spent on remodeling is expected to increase.  The only difference is what kind of remodeling is occurring, in other words if it needs fixing it is going to be fixed.
The days of bigger and better have passed, being replaced with the motto of living within one’s means and embracing the basics, and real estate is no exception to this rule.

Selling a Home in A Buyer’s Market

Posted: 09 May 2010 09:56 AM PDT

It is no secret that it is a buyer’s market out there, great news for buyers, not so great for sellers.  Sellers are no longer in a position to dictate the rules of the game and have to be careful how they respond and counter to offers, due to the fact that if a buyer doesn’t get his way he might just move on to the next seller, and there are a lot of sellers out there.
There are a few difficult things about being a seller today.  A seller doesn’t know how long it will take to sell his home and when he gets a contract he can’t guarantee whether another one will come or not.  What this means is that if a seller has to sell his home then he has to be wary of scaring the buyer away.
The inspection is one aspect of a contract where a seller can lose his shirt.  If trying to sell your home it is a wise idea to have your home inspected before listing your home.  This way you can make the necessary improvements and will avoid being surprised by unexpected requests.  Because sellers are not in a position to capitalize on their real estate investment it is more important than ever to be on top of things, in order to retain as much value as possible.
An experienced Realtor is incredibly helpful in maneuvering a tricky real estate market, enabling a seller to evaluate his home, price it appropriately and sell it in a reasonable amount of time.

Look Carefully, Buying A Home is A Big Purchase

Posted: 18 May 2010 05:42 PM PDT

Looking for a new home is not like shopping for a new pair of shoes, it is one of the most important purchases that a person will make in his life and should be approached with an examining eye.  While it is true that it is easy to see a home and fall in love with it on your own, the benefits of using a Realtor are many and can save a person much unwarranted pain in the long run.

There are a things to realize and remember as a both a first time home buyer and a veteran home buyer.  A Realtor will not only help you negotiate a price for a home but will also help you along every step of the process which will include an inspection, financing and the title process among other things.
While a buyer may have his or her heart set on a property a good Realtor will make sure that the buyer is seeing everything and knows exactly what he is buying so that there are no surprises come closing day.
Click here to read an article from Realty Times on the top ten home buying mistakes that people make.