Juggling a Sale and a Purchase

When homeowners decide to sell their existing homes and buy new homes at the same time, experts suggest that they should always prefer to sell first; then buy later. According to Boston.com, some of the points that homeowners should note while selling first include considering the timing; with spring and early fall being the best, carrying out comparative market analysis, estimating the minimum amount of cash expected from the sale and getting pre-approved for a loan. In cases where they buy first, the important points include structuring the buying offer to include a long escrow or making the purchase contingent on the sale of your current home, and focus on selling your house. [ Boston.com, 2006]

Take Time When Buying a House

Prior to buying a house, prospective buyers need to give themselves more time before they come to any home buying conclusions. In this article from The Detroit News, the author wants buyers to pay attention to these five secrets to buying the best house for their money. Prominent among these are getting pre-approved for the mortgages rather than being pre-qualified, selling your current abode, then buy a new one, making a list of things you want in the new place and checking it twice, looking for traffic noise, power lines, community lawsuits, anything that might make an abode less desirable than it appears to be. Further the author adds that if someone promises you a great deal be wary and ask lots of questions. [Lynne Schreiber, The Detroit News, May 26, 2006]

Truths on Remodeling

Remodeling your home can be an exciting experience, but it is one that you must prepare for and do your homework before embarking. Home remodeling is the best way to protect what is for many their largest investment. In this article from The Washington Times, the author cites the best and effective ways of proper remodeling. Prominent among these are proper planning, looking over other people’s remodeling job an try getting a proper view of remodeling done, getting professionals help that would include landscapers, construction artists and interior decorators, anyone who can take your concepts to fruition, picking up the right contractors for the right job, getting bids in writing from contractors for all the work they would be completing, using storage place to the maximum. [Chris Sicks, The Washington Times, May 12, 2006]

Which Home Improvements Pay Off?

Home improvements add up to constitute a critical task for homeowners seeking to enhance the market value and consequently help them strike better resale deals. According to Smartmoney.com, though the exact value could be affected by factors like value of homes in the neighborhood, prevailing trends in the housing markets, and the time of sale, homeowners would do well to focus on specific areas where improvements could be carried out that would invariably assist in augmenting its value from the long-term perspective. Prominent focus areas that were found to contribute to its value included kitchen-remodeling, exploring ways to increase functional space within the house, adding extra bathrooms, installing decks and replacing windows, while swimming pools and the gardens were best left alone. [ Smartmoney.com, 2006]

How to Price Property is Seller's Top Challenge

The challenge for sellers in today’s market is how to price the property because they cannot expect to get the price that they might have gotten a year ago. According to The Washington Times, the author cites that pricing is the key for selling and there are only a few ways to price a home for sale. Sellers need to use the accepted modes of pricing. The first model is probably the most popular, the comparable. And another way to price your home is to come up with a tax assessment model. This one takes a little bit more homework and data mining. The author reminds that if your agent provides feedback from colleagues that your house is overpriced, move from denial into acceptance and price the house right. Seller should remember, the goal here is not to price the property as high as possible, but to sell the house. [M. Anthony Carr, The Washington Times, March 17, 2006]

I LOVE New Technology!

"RIM: Web Services Will Trump Mobile Browsers"eWeek (Maryland Association of Realtors E-Newsletter 03/01/06) ; Hines, Matt
Though Research In Motion's (RIM) days may be numbered due to litigation over BlackBerry handhelds, senior product manager David Heit believes he has found the key to the future of mobile application delivery for businesses in the design of new Web services-based tools to build new applications and not mobile browsers, as are being pushed by many in the industry. "The assumption is that the mobile browser experience should be the same as the desktop experience, but we believe that the usage patterns are different than when you're sitting at your desktop, versus when you're working with a mobile device," says Heit. "The mobile experience is much more about immediacy and having information available when you need it. Web services represent a third development model beyond browsers and something like Java, and they will greatly increase our ability to extend applications onto the handheld." In accordance to this belief, RIM has launched the Blackberry MDS Studio, a visual platform design and assembly tool that allows software developers to more quickly build applications for mobile devices using the drag-and-drop method. The technology has gained a following: Real estate specialist JJ Barnicke, for example, has built a field sales automation tool for its agents. But analysts say if such technology is to gain a greater foothold, wireless carries will have to embrace it first. "At the end of the day, the U.S. market is all about control by the carriers, and from their perspective pushing Web services through their portals gives them a lot more control, so there could be some resistance," says Current Analysis analyst Brad Akyuz. "I don't think that there's much question that someday the predominant way for delivering applications to mobile handsets will be push-based services built on Web services," he notes. "But the manner in which carriers embrace all of this, which mostly remains to be seen, will have a significant impact on where and when we see these types of applications showing up."

10 Ideas Can Add Up To Success For Sellers

When buyers gain advantage in a housing market, sellers must try to approach with a favorable outcome enticing buyers to their homes, then to lock in their asking price. In this article from The Washington Times, the author cites 10 different ideas that can help sellers sell their house, if not at their price, at least a little closer to it than what they might have gotten otherwise. Prominent among these are finishing recreation room, decorating allowance, buying down payments to lower the interest rates, paying off bills, paying closing costs up to mortgage program limit. [M. Anthony Carr, The Washington Times, February 17, 2006]

Cancellation of Private Mortgage Insurance: Federal Law May Save You Hundreds of Dollars Each Year

Private Mortgage Insurance, PMI, refers to insurance provided by non-government insurers that protects lenders against loss if a borrower defaults and usually comes into force when homebuyers make a down payment less than 20% of the home's purchase price. According to the Federal Trade Commission, The Homeowners Protection Act of 1998 establishes rules for automatic termination and borrower cancellation of PMI on home mortgages. The article highlights details wherein homebuyers can avail of benefits on home mortgages signed on or after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. [ Federal Trade Commission, 2006]

Six Key Negotiation Tips For Home Buyers And Sellers

Success in a slowing real estate market requires paying greater attention to negotiation skills. According to SouthCoastToday.com, there are six key questions for home buyers and sellers to get answered for a successful home sale negotiation. Few of them are why is the seller selling this lovely home, what was the home seller’s purchase price, what is the buyer’s motivation to purchase my home, has the sellers obtained a professional home inspection report. When negotiating a home sale, sellers and buyers cannot ask too many questions to enhance their negotiation position. The prime reason is to determine how motivated the other party is to buy or sell. However, if the other party is highly motivated, then you are in a strong circumstance to negotiate your strongest price and terms. [Robert J. Bruss, SouthCoastToday.com, 2005]

8 Big Mortgage Mistakes And How To Avoid Them

Among the many services Maggie provides her clients, making sure her buyers have the right financing for their situation is at the top of the list. The process of applying for a mortgage involves not just being aware of the required documentation procedures but also in getting familiar with a whole array of rules, regulations, and terms that may appear complicated to grasp in its totality for prospective buyers. According to the author, when confronting such a situation its all too easy for applicants to commit errors and to this end points out the leading mortgage mistakes that buyers should heed to in advance, prior to purchase. Prominent mistakes include not checking individual FICO scores six months in advance, overlooking state-sponsored first-time homebuyers programs, borrowing in excess of their ability to repay, and paying wasteful junk fees, amongst others. [Liz Pulliam Weston, MSN Money, 2005]

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Which Home Improvements Pay Off?

The critical task of home improvements can easily add up for homeowners seeking to enhance the market and resell value of their home. According to Smartmoney.com, the exact value could be affected by factors such as the value of existing homes in the neighborhood, prevailing trends in the housing market, and the time of sale, homeowners are advised to focus on specific areas where improvements will increase the long term value of the home. Prominent focus areas, those that would see the greatest return on investment, included kitchen-remodeling, an increase of functional space within the house, adding extra bathrooms, installing decks, and replacing windows, while areas to avoid include gardens and the addition of a swimming pool. [ Smartmoney.com, 2005]

Questions Every Buyer Needs to Know

When you are buying a home, there are many problems that the seller is forced to disclose, but, these disclosures do not always show the entire picture of the home. According to Daily Herald, there are six questions buyers may want to ask that can offer additional insight about the prospective home before they make a final decision. Some of these questions highlighted are how much did the seller pay for the home, has the seller had any problems with the home in the past, why is the seller selling the house. The article adds that knowing all buyers can about a prospective home, not only helps them decide if it’s the home of their dreams, but what offer to make as well. Buyer’s real estate professional can help them get their key questions answered and give them advice on how to evaluate their findings. [ Daily Herald, November 13, 2005]

What Makes Buyers "Bite"?

Today's buyers will “bite” on a home that appeal to their senses, which includes the home’s curb appeal, the first impression they have as they drive by the house. In this article from Jacksonville.com, the real estate experts reveal that location and the view from a home are two of the most important features that make buyers bite. Another important tip to make buyers bite is to keep surfaces painted in neutral shades. The experts add that one way to impress buyers from the beginning is to create a foyer space upon entry. While every buyer in every price range has different items he or she looks for in a home, there are certain features that continuously please a majority of people. Overall, maximizing all of the home's positive features is the way to go. [Jill Zehler, Jacksonville.com, October 22, 2005]

Six Mistakes Homebuyers Should Avoid

In the quest to purchase a house or condo, many home buyers get caught up in the thrill of acquiring a new home and they make potentially costly mistakes. In this article from Bradenton Herald, the author mentions the top six home buyer mistakes that should be avoided during any time of the year. Shopping for a home before homebuyers shop for a mortgage, rushing to buy a house or a condo without carefully researching the local home market in their price range, forgetting to include the two key contingency clauses, buying a home without their own buyer’s agent, not insisting on a comparative market analysis (CMA) before making a purchase offer are some of the mistakes that buyers should avoid. [Bradenton Herald, Robert J. Bruss, October 23, 2005]

National Association of Realtors Trends Report

The National Association of Realtors (NAR) has revealed trend statistics on the real estate market. The number of U.S. households owned by minorities jumped from 17 percent in 1980 to 26 percent in 2000. The number is expected to increase to a whopping 34 percent by 2020. NAR also reported that 77 percent of American home buyers use an agent or broker, whereas 12 percent buy directly from a builder. It also reports that 66 percent of home buyers were so satisfied with their agent that they would likely use him/her again. [Lynne Schreiber, The Detroit News, September 30, 2005]

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A Cooler Seller's Market

In this article from The Washington Times, the author states that by the last day of August, more than 21,000 homes were still sitting on the market. Today's buyers will find more homes to choose from, so they can slow down a bit and think. Time to think had been a luxury buyers could not afford in this market, particularly in fast-moving communities. But the current sales climate will mean that prices should not jump as dramatically. The author has warned buyers to be sure to get a good assessment of a home's value from their real estate agent before they make an offer, because some sellers might be overpricing their homes on the assumption that prices are still rising as quickly as they were in the spring. [Chris Sicks, The Washington Times, September 23, 2005]

Get finances in order before looking for home

According to the Auburn Journal, an important early step in purchasing a home is to obtain a lender's "pre-qualification" for financing. Buyers will then know how much home they can afford before stepping foot into an open house. Another step to take before buyers talk to the lender about pre-approval is to get copies of their credit report and review them thoroughly. The article recommends homebuyers to get a copy of their credit report a couple months before they start looking at homes. Buyers need to verify thoroughly that the debts are correct and belong to them. Buyers will be amazed to see how many doors are opened for them with a clean credit report. [ Auburn Journal, September 16, 2005]

Didn't this house come with a washer & dryer?

The contract to purchase a home needs to say what stays and what goes. In this article from The Washington Times, attached items in a house are, indeed, personal property. Although they can be removed, they generally go along with the sale of the house to the purchaser. This property is defined as “chattel”, an item of personal property which is movable. As the purchaser fills out the contract, the buyer agent will check off the items seen in the house. The seller should check over this list very carefully, in order to make sure they agree with what the buyer believes he's getting with the house. The biggest thing about chattel is that everyone needs to know what's staying and what's being removed. [M. Anthony Carr, The Washington Times, September 16, 2005]