There are many factors one must consider when deciding between the purchase of a new or re-sale home.
To help you make the right decision, we have listed the most relevant factors below:
SAFETY AND PEACE OF MIND
Newer homes must adhere to up-to-date standards for structural stability, energy conservation and general safety, especially with regard to electrical systems, fireplaces and heating equipment. Also on the plus side are the lack of general wear, modern design features, contemporary conveniences, and of course, the builder's warranty.
APPRECIATION
Newer homes are often (but not always) found in upcoming and developing areas, where value appreciation may be more pronounced than in localities where older homes are found. Thus, in many cases, there can be investment advantages with a new or relatively new residence.
ENERGY EFFICIENCY
With rising utility costs, lack of energy efficiency in an old home is also a major consideration, and upgrades in this area can be cost prohibitive. Insulation in ceilings, walls and floors is often substandard or nonexistent, and old-style windows waste heat almost as badly as if they were open. Old heating equipment is typically not designed for efficient use of fuel, requiring more money to produce a given amount of heat. Furthermore, with old heaters, safety problems are more likely to occur.
CRAFTSMANSHIP
People often assume that workmanship in past generations was superior to what is practiced in today's workplace. Given the value denigration in much of our culture, this is probably true in a general sense. But to apply this as a blanket condemnation of current construction quality would be a grave mistake. Good and bad craftsmanship have had their place in every era, and builders with skill and integrity are by no means an extinct species.
AFFORDABILITY
Generally, re-sale homes are more affordable that their newer counterparts. This is simply a function of supply and demand, and the economic realties of the real estate market. It should be noted, however, that the short-term savings in the purchase of an existing home may be lost over time when repairs, renovations, pest control, and lower appreciation are taken into account. These issues are much less likely to concern new home buyers.
OTHER
With many older homes, there are additional advantages, such as proven stability, established landscaping, ambient character, and antique design features. But here also, there is a list of down-side considerations. There are many issues involving deterioration, wear and obsolete design. Many older homes have been upgraded to offset these disadvantages, but such improvements are not always the work of qualified persons, nor is such work always done with a permit.
In many respects, the choice between a new or old home hinges upon individual considerations, such as personal likes and dislikes, long-term objectives, available time and capital for home improvements, do-it-yourself skills, age and season of life, etc. When all factors are considered, the choice should be the one that is most consistent with your practical needs, desires and finances. And as always, it should include the disclosure advantages provided by a well-seasoned, qualified home inspector.
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=156
Friday, September 21, 2007
Wednesday, September 19, 2007
Home Buying Wisdom - 10 Things You Must Do Before Buying a Home
Buying a home is often the largest personal finance transaction a person makes in his or her life. So it's critical that you make the right preparations and do the proper research. Regardless of unique situations and special circumstances, there are ten things you must do before buying a home.
1. Study the home buying process.
This will allow you to make better decisions and act confidently. Home buying lingo is a big part of this, so be sure to read through a few home-buying glossaries before you get into the thick of things.
2. Obtain your credit report.
Get a copy of your credit report and review it for errors. You can get copies from all three credit bureaus at once by visiting www.AnnualCreditReport.com. Mortgage lenders will review your credit with a fine-toothed comb, so you should do the same ... before they review it.
3. Fix credit errors quickly.
If you find an error on your credit report, go to the company's website where the report came from (TransUnion, Equifax or Experian) to contest it. It can take time to clean up an erroneous credit report, so get started as soon as you spot the error.
4. Check your debt-to-income ratio.
Mortgage lenders like to see a borrower's debt at (or below) 20% of net monthly income. If your debt exceeds 20% of your net monthly income, try to pay it down for applying for a mortgage loan. You'll have an easier qualification process and will likely qualify for a better rate.
5. Determine your budget.
Use an online mortgage calculator to get an idea of how much you can afford to pay each month, and what that equates to in terms of a home price. This will give you a budget to work from, which will help you weed out the homes that are beyond your comfort zone.
6. Start saving your cash.
This is one of the best things you can do before starting the home buying process, for a couple of reasons. First of all, mortgage lenders like to see that you have some cash reserves on hand. Secondly, you'll need cash reserves for any unexpected fees or costs that might arise (which is common).
7. Get pre-approved for a loan.
During pre-approval, a mortgage lender will review your credit, finances, debt, etc. and conditionally qualify you for a certain amount of mortgage. Sellers will take you more seriously if you have a pre-approval letter, and the process also helps identify any problems with your credit or other qualifying factors.
8. Avoid new lines of credit.
Try to keep your financial situation as "stable" and favorable as possible. It's a good idea to pay down some debt (see item #4 above) and to save up some cash. But the worst thing you can do is take out a new loan / line of credit. At best, this could make the qualification process take longer. At worst, it could tip the debt scales into the "greater than 20%" zone, which will make it harder to get a loan.
9. Validate the asking price.
It's called an "asking price" for a good reason. No asking price is set in stone, and everything in real estate negotiable. So don't accept an asking price as being reasonable until you validate it through careful research. Compare the home / price to recent sales in the area. Your real estate agent can provide a comparative market analysis (CMA) to help you with this step.
10. Get a home inspection.
It is never -- I repeat, never -- wise to skip the home inspection. A house is a sizable investment, and the last thing you want is to find a bunch of things wrong with it after you've taken ownership. Home inspections are very affordable, and you cannot put a price on the peace of mind you'll have as a result of your inspection.
Article Source: http://EzineArticles.com/?expert=Brandon_Cornett
1. Study the home buying process.
This will allow you to make better decisions and act confidently. Home buying lingo is a big part of this, so be sure to read through a few home-buying glossaries before you get into the thick of things.
2. Obtain your credit report.
Get a copy of your credit report and review it for errors. You can get copies from all three credit bureaus at once by visiting www.AnnualCreditReport.com. Mortgage lenders will review your credit with a fine-toothed comb, so you should do the same ... before they review it.
3. Fix credit errors quickly.
If you find an error on your credit report, go to the company's website where the report came from (TransUnion, Equifax or Experian) to contest it. It can take time to clean up an erroneous credit report, so get started as soon as you spot the error.
4. Check your debt-to-income ratio.
Mortgage lenders like to see a borrower's debt at (or below) 20% of net monthly income. If your debt exceeds 20% of your net monthly income, try to pay it down for applying for a mortgage loan. You'll have an easier qualification process and will likely qualify for a better rate.
5. Determine your budget.
Use an online mortgage calculator to get an idea of how much you can afford to pay each month, and what that equates to in terms of a home price. This will give you a budget to work from, which will help you weed out the homes that are beyond your comfort zone.
6. Start saving your cash.
This is one of the best things you can do before starting the home buying process, for a couple of reasons. First of all, mortgage lenders like to see that you have some cash reserves on hand. Secondly, you'll need cash reserves for any unexpected fees or costs that might arise (which is common).
7. Get pre-approved for a loan.
During pre-approval, a mortgage lender will review your credit, finances, debt, etc. and conditionally qualify you for a certain amount of mortgage. Sellers will take you more seriously if you have a pre-approval letter, and the process also helps identify any problems with your credit or other qualifying factors.
8. Avoid new lines of credit.
Try to keep your financial situation as "stable" and favorable as possible. It's a good idea to pay down some debt (see item #4 above) and to save up some cash. But the worst thing you can do is take out a new loan / line of credit. At best, this could make the qualification process take longer. At worst, it could tip the debt scales into the "greater than 20%" zone, which will make it harder to get a loan.
9. Validate the asking price.
It's called an "asking price" for a good reason. No asking price is set in stone, and everything in real estate negotiable. So don't accept an asking price as being reasonable until you validate it through careful research. Compare the home / price to recent sales in the area. Your real estate agent can provide a comparative market analysis (CMA) to help you with this step.
10. Get a home inspection.
It is never -- I repeat, never -- wise to skip the home inspection. A house is a sizable investment, and the last thing you want is to find a bunch of things wrong with it after you've taken ownership. Home inspections are very affordable, and you cannot put a price on the peace of mind you'll have as a result of your inspection.
Article Source: http://EzineArticles.com/?expert=Brandon_Cornett
The Home Buying Process
Many a home buyer has wondered in the midst of their looking chaos- Is this how it is done because this is exasperating? Well to help buyers figure out that the information overload age need not apply to them when looking for and in buying a house, we have detailed the Buying Process for better peace of mind and less chaos. We will assume for the purposes of this article that you are buying a home, but much of the same advice might apply for any kind of property. This article is written in a state where real estate agents handle real estate transactions, so realize that in some states or counties an attorney is required. Check with you local state officials for any differences that may pertain. Information in this article is not guaranteed to be reliable regarding differences that may exist in different states.
1. Become Educated
If you don't contact a realtor first, do at least take time to get educated both about the real estate values by shopping online and about getting pre-qualified with a mortgage lender. Maximize your opportunities to find the right home by eventually sharing your property wants/needs and timeframe with a realtor.
Your realtor can:
Direct you to competent and reputable mortgage professionals to establish your comfortable home buying price range.
Help with advanced search methods or tools.
Help you to understand neighborhoods and home features and their value in today's market, as well as relevance to your buying needs.
Conduct information gathering and research on specific properties for you.
Create a venue for home buying advice and counseling.
Discuss current market conditions.
Commit to your agent of choice for the best professional service because commitment reciprocates commitment and genuine service, which is maximizing your opportunities.
2. Get Pre-Qualified
Finding the right mortgage lender or bank can be trying. Often times a good realtor will give the best recommendation. While finding a reputable lender to help you establish a comfortable shopping range is always a first recommended step, you do not have to settle on a mortgage lender or bank just yet. But the sooner you know just how much house you can buy, the less time it will take to pinpoint homes that truly meet your needs and budget!!! Also, don't forget the energy and possible long hours saved from shopping around for homes that don't meet your needs and budget. Everyone that is sensitive to an economy based on effective use of time and information has experienced getting the 'food yanked out of their mouth'- this may be no less painful if you completely go it on your own. Insist actually on a pre-approval to include some of the items in #4 below.
Your lender will:
# Check your credit.
# Determine your debt to income ratio.
# Discuss which mortgage product best fits your situation.
# Provide a Good Faith Estimate, showing you what your closing costs would be.
# Determine what purchase price you qualify for.
# Write a "Pre-Qualification" (Pre-Approval if you take extra steps) letter that strengthens your offer on a home or property.
3. Find Your Dream Home
After becoming pre-qualified or pre-approved with a lender, it is time to find a home that truly meets your needs and budget.
Use a local realtors office or internet property search solutions to access "All the Listings". You can do this by typing into the internet the name of the city (and state, if needed) followed by the words "real estate". Most local county boards will control how much data gets released onto the internet. Most realtor sites will "serve up" some version of the local Multiple Listing Service containing all the listings. There are also some bigger 3rd party conglomerates that are competing to serve up the data more centrally because of how the information gets withheld or released and based off referral power revenue (to agents) that can be generated. Occasionally, the question of reliability in which the 2nd or 3rd party data gets delivered up, will leave that property search less desirable. Typically, these entities get property data either direct or in a "feed" from the local Board of Realtors in that County. If it's a direct line, then data can be deemed "real-time". If not, usually a day or two lag time of new listings going on will be rendered at your interface point of contact search solution. Also, many entities that serve up the data do not have a very friendly search interface console. Most people search until they can find one or two solutions they like. The bigger conglomerates compete with how you as the end user will eventually be connected up with which realtor. Both realtor and conglomerate may compete with the need to withhold enough information to still be able to entice you enough to get your contact information. Often times an individual realtor's site will give out more data on listings than the big conglomerates because they already have some security of possible representation of business. Each may be earning some of your business and this is how they hope to get to be the ones to represent your real estate interests.
Get set-up on Email Updates if that area has them. Email updates are when a new listing comes onto the market matching your criteria and you get a reference to that listing freshly emailed to you with all pictures and data relative to that new listing.
Select those homes or properties that are of interest.
If possible drive-by the listings to become accustomed to the neighborhoods, styles and curb appeal of your preference homes.
Let your realtor know which ones that you would like to see or know more about and he/she will research the homes you have selected and set appointments for those you are interested in. Please note that the realtor will have showing instructions on each listing you select, which may or may not accommodate your desires of seeing it "right now". Depending on areas, sometimes a Key-Box will be attached to the home as a way for your realtor to access the home when an appointment was not able to be secured. If this is the case, there is usually still a courteously call to the Seller that is appreciated protocol, so give your realtor some ample time a day or two, if you can, to line things up. If in an area, likelihood abound that many homes of the homes selected are on Key-Box, then less time is required and in some cases immediate showings can be arranged.
Now, your realtor should be competent enough to guide you through getting an offer written and accepted, after which you may need to immediately start on getting a loan.
4. Getting a Loan
Since, the market has been hit hard by the sub-prime market, many people and even Lenders are in a quandary over what is going to surface as the "real deal" in Lending money. Can you look far enough forward and perhaps think about becoming pre-approved, which is stronger than pre-qualified, even before you go shopping? I hope so, because the below is what you are looking at and why do this after all that house hunting work, only to find out you have wasted everybody's time. Not the least to mention is the seller having had to take their house off the market with no compensation… when you may have been able to save yourself and your realtor all that running around by figuring out first, if you can really get a loan. These are some of the basics you will need in order to obtain financing.
# Proof of Income
# Employed - 2 year tax returns or W-2, 1 month pay stubs
# Commissioned -2 year tax return including 1099 or W-2 and pay stubs
# Self Employed - Federal tax return, profit and loss statement, 2 years balance sheet
# Retired - social security awards letter
# Other income
# Rental property - copy of lease
# Alimony or Child support - copy of Divorce decree
# 2 months bank statements
# Driver's license
# Social security card
# Home Owners insurance information
# Bankruptcy information
# Proof of Earnest money check
Your lender will:
Verify your information meeting the criteria for the loan
Prepare all the required documents and verifications
Upon a valid contract, submit your package with the appraisal to the underwriters (who re-verify and give approval to release funds for this transaction)
Handle last minute conditions from the underwriters
Once all conditions have been met, the loan is released from Final Underwriting and the true lender is committed to funding the loan.Your realtor or attorney can be checking in with your mortgage lender or bank as performance dates grow close. Such dates might include making sure ny appraisal condition or loan denial deadline is on schedule to be met. Thus, you, your realtor and lender should be working hand-in-hand to ensure that the loan details are being handled and remedied as needed.
Many a home buyer can breathe a sigh of relief knowing that if you follow the "yellow brick road", along the home buying process that it will land you a home… and there is no place like home!
Brian Habel is an active full time real estate agent with RE/MAX First Realty in St George Utah- the fastest growing community in the U.S. for over a 5 year period of 2000-2006. His background includes both construction and paraprofessional work as a Child & Family Counselor making for good people skills, sales skills, and housing knowledge. He specializes in cutting edge service and technologies for both finding and selling St George Utah Real Estate. Check out Brian's blog at St George Utah Real Estate Blog
Article Source: http://EzineArticles.com/?expert=Brian_Habel
1. Become Educated
If you don't contact a realtor first, do at least take time to get educated both about the real estate values by shopping online and about getting pre-qualified with a mortgage lender. Maximize your opportunities to find the right home by eventually sharing your property wants/needs and timeframe with a realtor.
Your realtor can:
Direct you to competent and reputable mortgage professionals to establish your comfortable home buying price range.
Help with advanced search methods or tools.
Help you to understand neighborhoods and home features and their value in today's market, as well as relevance to your buying needs.
Conduct information gathering and research on specific properties for you.
Create a venue for home buying advice and counseling.
Discuss current market conditions.
Commit to your agent of choice for the best professional service because commitment reciprocates commitment and genuine service, which is maximizing your opportunities.
2. Get Pre-Qualified
Finding the right mortgage lender or bank can be trying. Often times a good realtor will give the best recommendation. While finding a reputable lender to help you establish a comfortable shopping range is always a first recommended step, you do not have to settle on a mortgage lender or bank just yet. But the sooner you know just how much house you can buy, the less time it will take to pinpoint homes that truly meet your needs and budget!!! Also, don't forget the energy and possible long hours saved from shopping around for homes that don't meet your needs and budget. Everyone that is sensitive to an economy based on effective use of time and information has experienced getting the 'food yanked out of their mouth'- this may be no less painful if you completely go it on your own. Insist actually on a pre-approval to include some of the items in #4 below.
Your lender will:
# Check your credit.
# Determine your debt to income ratio.
# Discuss which mortgage product best fits your situation.
# Provide a Good Faith Estimate, showing you what your closing costs would be.
# Determine what purchase price you qualify for.
# Write a "Pre-Qualification" (Pre-Approval if you take extra steps) letter that strengthens your offer on a home or property.
3. Find Your Dream Home
After becoming pre-qualified or pre-approved with a lender, it is time to find a home that truly meets your needs and budget.
Use a local realtors office or internet property search solutions to access "All the Listings". You can do this by typing into the internet the name of the city (and state, if needed) followed by the words "real estate". Most local county boards will control how much data gets released onto the internet. Most realtor sites will "serve up" some version of the local Multiple Listing Service containing all the listings. There are also some bigger 3rd party conglomerates that are competing to serve up the data more centrally because of how the information gets withheld or released and based off referral power revenue (to agents) that can be generated. Occasionally, the question of reliability in which the 2nd or 3rd party data gets delivered up, will leave that property search less desirable. Typically, these entities get property data either direct or in a "feed" from the local Board of Realtors in that County. If it's a direct line, then data can be deemed "real-time". If not, usually a day or two lag time of new listings going on will be rendered at your interface point of contact search solution. Also, many entities that serve up the data do not have a very friendly search interface console. Most people search until they can find one or two solutions they like. The bigger conglomerates compete with how you as the end user will eventually be connected up with which realtor. Both realtor and conglomerate may compete with the need to withhold enough information to still be able to entice you enough to get your contact information. Often times an individual realtor's site will give out more data on listings than the big conglomerates because they already have some security of possible representation of business. Each may be earning some of your business and this is how they hope to get to be the ones to represent your real estate interests.
Get set-up on Email Updates if that area has them. Email updates are when a new listing comes onto the market matching your criteria and you get a reference to that listing freshly emailed to you with all pictures and data relative to that new listing.
Select those homes or properties that are of interest.
If possible drive-by the listings to become accustomed to the neighborhoods, styles and curb appeal of your preference homes.
Let your realtor know which ones that you would like to see or know more about and he/she will research the homes you have selected and set appointments for those you are interested in. Please note that the realtor will have showing instructions on each listing you select, which may or may not accommodate your desires of seeing it "right now". Depending on areas, sometimes a Key-Box will be attached to the home as a way for your realtor to access the home when an appointment was not able to be secured. If this is the case, there is usually still a courteously call to the Seller that is appreciated protocol, so give your realtor some ample time a day or two, if you can, to line things up. If in an area, likelihood abound that many homes of the homes selected are on Key-Box, then less time is required and in some cases immediate showings can be arranged.
Now, your realtor should be competent enough to guide you through getting an offer written and accepted, after which you may need to immediately start on getting a loan.
4. Getting a Loan
Since, the market has been hit hard by the sub-prime market, many people and even Lenders are in a quandary over what is going to surface as the "real deal" in Lending money. Can you look far enough forward and perhaps think about becoming pre-approved, which is stronger than pre-qualified, even before you go shopping? I hope so, because the below is what you are looking at and why do this after all that house hunting work, only to find out you have wasted everybody's time. Not the least to mention is the seller having had to take their house off the market with no compensation… when you may have been able to save yourself and your realtor all that running around by figuring out first, if you can really get a loan. These are some of the basics you will need in order to obtain financing.
# Proof of Income
# Employed - 2 year tax returns or W-2, 1 month pay stubs
# Commissioned -2 year tax return including 1099 or W-2 and pay stubs
# Self Employed - Federal tax return, profit and loss statement, 2 years balance sheet
# Retired - social security awards letter
# Other income
# Rental property - copy of lease
# Alimony or Child support - copy of Divorce decree
# 2 months bank statements
# Driver's license
# Social security card
# Home Owners insurance information
# Bankruptcy information
# Proof of Earnest money check
Your lender will:
Verify your information meeting the criteria for the loan
Prepare all the required documents and verifications
Upon a valid contract, submit your package with the appraisal to the underwriters (who re-verify and give approval to release funds for this transaction)
Handle last minute conditions from the underwriters
Once all conditions have been met, the loan is released from Final Underwriting and the true lender is committed to funding the loan.Your realtor or attorney can be checking in with your mortgage lender or bank as performance dates grow close. Such dates might include making sure ny appraisal condition or loan denial deadline is on schedule to be met. Thus, you, your realtor and lender should be working hand-in-hand to ensure that the loan details are being handled and remedied as needed.
Many a home buyer can breathe a sigh of relief knowing that if you follow the "yellow brick road", along the home buying process that it will land you a home… and there is no place like home!
Brian Habel is an active full time real estate agent with RE/MAX First Realty in St George Utah- the fastest growing community in the U.S. for over a 5 year period of 2000-2006. His background includes both construction and paraprofessional work as a Child & Family Counselor making for good people skills, sales skills, and housing knowledge. He specializes in cutting edge service and technologies for both finding and selling St George Utah Real Estate. Check out Brian's blog at St George Utah Real Estate Blog
Article Source: http://EzineArticles.com/?expert=Brian_Habel
Tuesday, September 18, 2007
6 Great Reasons To Buy A House Now!
Everyone dreams of owning a new home. Having been a builder for 23 years, I’ve watched the market in its ups and downs. Here are some tips for today’s market.
1) This is a buyers market. The supply is greater than the demand which means there are more homes on the market for sale then the normal amount. This is good for the purchaser because there is more to choose from. The sellers are more eager to sell which means you get the best deal for your money.
2) Interest rates are at historic lows. Since July of 1973 till 1981, fixed interest rates have been between 8.5% and 18.5%. In 2001, they dropped to about 7% and even dropped to 5.25%! Today, the rate is about 6.5%. These rates give the buyer more purchasing power which enables you to buy more for less.
3) Within a year, the market will increase significantly. With inventory shrinking and new homes start decreasing, it makes for a tricky situation. With jobs and population increasing, it will only be a matter of months before the supply runs low and demand increases. This is a sign that prices are at the bottom and it is best to buy right now.
4) You will find a better bargain in the winter months- when the market is slower. Winter time is notorious for being slower for builders and home sales. Builders are trying to keep their crews busy, while sellers are trying to keep land moving.
5) Wages are increasing- according to the Department of Commerce. With real wages increasing and the stock market roaring, the new job market will increase and the idea of owning a new home becomes real for a lot of people. With low interest rates, this enables buyers to buy better quality single family homes at low monthly payments.
6) There is only a two year supply of lots available- in most markets, causing the market to become very competitive. This is a most interesting phenomenon in the market. With the interference of the government and slow growth publicity, there is about a 2 year supply of lots in the market. From 1989-1990, there was over a ten year supply of lots which made for a long recovery. This time with a two year supply, this will intensify the recovery time. In other words, by years end, there will be significant pressure on the market place to increase. You should gain the most appreciation on your property in the next few years.
The market is full of ups and downs, and there are defiantly better times to buy and sell. This is a buyers market, take advantage of it. This is a great time to buy a house and make it your home.
http://www.content.onlypunjab.com/Article/6-Great-Reasons-To-Buy-A-House-Now-/4200320092003369996
1) This is a buyers market. The supply is greater than the demand which means there are more homes on the market for sale then the normal amount. This is good for the purchaser because there is more to choose from. The sellers are more eager to sell which means you get the best deal for your money.
2) Interest rates are at historic lows. Since July of 1973 till 1981, fixed interest rates have been between 8.5% and 18.5%. In 2001, they dropped to about 7% and even dropped to 5.25%! Today, the rate is about 6.5%. These rates give the buyer more purchasing power which enables you to buy more for less.
3) Within a year, the market will increase significantly. With inventory shrinking and new homes start decreasing, it makes for a tricky situation. With jobs and population increasing, it will only be a matter of months before the supply runs low and demand increases. This is a sign that prices are at the bottom and it is best to buy right now.
4) You will find a better bargain in the winter months- when the market is slower. Winter time is notorious for being slower for builders and home sales. Builders are trying to keep their crews busy, while sellers are trying to keep land moving.
5) Wages are increasing- according to the Department of Commerce. With real wages increasing and the stock market roaring, the new job market will increase and the idea of owning a new home becomes real for a lot of people. With low interest rates, this enables buyers to buy better quality single family homes at low monthly payments.
6) There is only a two year supply of lots available- in most markets, causing the market to become very competitive. This is a most interesting phenomenon in the market. With the interference of the government and slow growth publicity, there is about a 2 year supply of lots in the market. From 1989-1990, there was over a ten year supply of lots which made for a long recovery. This time with a two year supply, this will intensify the recovery time. In other words, by years end, there will be significant pressure on the market place to increase. You should gain the most appreciation on your property in the next few years.
The market is full of ups and downs, and there are defiantly better times to buy and sell. This is a buyers market, take advantage of it. This is a great time to buy a house and make it your home.
http://www.content.onlypunjab.com/Article/6-Great-Reasons-To-Buy-A-House-Now-/4200320092003369996
Your Guide to Buying a Home in Arizona
The Arizona housing market continues to look sluggish but there does appear to be a few rays of sunshine on the horizon. Phoenix and Tucson, in particular have seen prices stabilizing and this is good news for prospective buyers. The days of frenzied buying activity, multiple bids are over as people are not willing to jump onto the property ladder at any price. Realism has entered the market. Home sales are down and the number of days a property is on the market has increased.
Confidence is returning to the market as the nightmare scenario predictions for 2006 failed to materialize. The market didn’t crash and the economy remains strong. People who were putting off their purchases feel that this is the right time to make their investments. Sellers have to remain patient as houses which are correctly priced and are attractive are still selling. Arizona realtors are positive about the outlook for 2007 and although we won’t see double digit growth rates, there will be increased activity in 2007.
Some tips for sellers
Price – Perhaps the most important factor when trying to sell your home. Accept that the market has entered a new phase and that you’re not going to get the prices that were standard a few years ago. There are less buyers around and more choice for them. Homes which are priced sensibly will still sell but be aware that buyers are more likely to negotiate hard now.
Curb Appeal – First impressions are key and people usually make their first impressions within the first 30 seconds. Spruce up the front of your house and garden. Spend a little extra time on planting new flowers, painting the front door and clearing any rubbish that may be lying around.
Home Improvement – Nowadays, buyers are less likely to want a ‘fixer-upper’ so finish all those little jobs that you’ve been meaning to get around to and spend a little time to make small improvements to your home.
Clutter – Most people do not want to see piles of CDs or books so tidy them away and give your home a good clean as this will give a very good impression of your living spaces and make them look more spacious
Sellers will need to be patient and work that bit harder for a sale but remember that Arizona realtors are reporting that, realistically priced homes are still selling.
http://www.content.onlypunjab.com/Article/Your-Guide-to-Buying-a-Home-in-Arizona/4200320092003369584
Confidence is returning to the market as the nightmare scenario predictions for 2006 failed to materialize. The market didn’t crash and the economy remains strong. People who were putting off their purchases feel that this is the right time to make their investments. Sellers have to remain patient as houses which are correctly priced and are attractive are still selling. Arizona realtors are positive about the outlook for 2007 and although we won’t see double digit growth rates, there will be increased activity in 2007.
Some tips for sellers
Price – Perhaps the most important factor when trying to sell your home. Accept that the market has entered a new phase and that you’re not going to get the prices that were standard a few years ago. There are less buyers around and more choice for them. Homes which are priced sensibly will still sell but be aware that buyers are more likely to negotiate hard now.
Curb Appeal – First impressions are key and people usually make their first impressions within the first 30 seconds. Spruce up the front of your house and garden. Spend a little extra time on planting new flowers, painting the front door and clearing any rubbish that may be lying around.
Home Improvement – Nowadays, buyers are less likely to want a ‘fixer-upper’ so finish all those little jobs that you’ve been meaning to get around to and spend a little time to make small improvements to your home.
Clutter – Most people do not want to see piles of CDs or books so tidy them away and give your home a good clean as this will give a very good impression of your living spaces and make them look more spacious
Sellers will need to be patient and work that bit harder for a sale but remember that Arizona realtors are reporting that, realistically priced homes are still selling.
http://www.content.onlypunjab.com/Article/Your-Guide-to-Buying-a-Home-in-Arizona/4200320092003369584
Home Buyers--What is the Closing and How Can I Prepare For It?
So you’ve survived most of the escrow process with very little wear and tear, you are now in the final stages of escrow and the purchase of your house is soon to close. What exactly occurs during closing and what can you do to prepare? There are several things you should do to be certain that your real estate transaction will close on time, and that everything will go smoothly.
Double-Check All Monies and Financial Calculations
A day or two before closing, you should review your final closing statement or HUD-1 Statement, whichever is used in your area of the country. You should take the time to examine all calculations and be certain that you are given credit for all your deposits and any other credits due to you from the seller or for other items agreed upon between yourself (the buyer) and seller on your purchase contract. Go over all the lender, title, escrow and additional fees, to be sure that they are what you had been told and that you had agreed to them. Check the math calculations on the closing statement. This is the time to catch any errors, as they do occur and get them corrected as soon as possible.
Review All Paperwork and Closing Documents
Carefully review the preliminary report or the guarantee of title insurance, to verify the exact legal description of the property and any liens, encumbrances or other items which may have been discovered on the property. Make sure that all items are removed that you did not agree to in writing. Verify that the title or escrow agent has your correct vesting, or in other words, has correctly identified the way you want to take title to the property, and it is reflected in these documents. It is can be extremely time consuming to correct these documents after the fact. Keep in mind that these are legally binding documents and they are worthy of your careful review.
Make Sure You Inspect the Property During the Final Walk-through
Just before closing you will be required to re-inspect the property which is often referred to as the final walk-through. In all fairness to the seller, don’t use this step as the time to bring up unnecessary issues that had never been addressed in your purchase contract. By the same token, you should not view this as a mere formality and fail to make sure that the house is in the condition that you have been promised. Ask yourself the following questions: Is everything the way you expect it to be? Have all the necessary repairs or other corrective work that was promised or had been stipulated in your purchase contract been completed? Expect to spend some time during the final walk-through and allow yourself enough time to really pay attention and diligently check on things. Usually the whole process will take an hour to an hour and a half. This step is important so that you don't arrive at your new house and find unexpected surprises that will be difficult to take care of after the fact.
Double Check all Closing Documents Before You Sign Them
The most important thing to remember is that before closing you want to be certain that all the conditions of the purchase contract have been met. You want to make sure that all instructions have been completed. Before signing your name to any closing documents, take the time to check and double check that everything is correct-- interest rate, fees charged and condition of the property.
Most likely the whole process will run smoothly; but, if not, this is the time to catch any problems and proactively resolve them.
http://www.content.onlypunjab.com/Article/Home-Buyers--What-is-the-Closing-and-How-Can-I-Prepare-For-It-/4200320092003369046
Double-Check All Monies and Financial Calculations
A day or two before closing, you should review your final closing statement or HUD-1 Statement, whichever is used in your area of the country. You should take the time to examine all calculations and be certain that you are given credit for all your deposits and any other credits due to you from the seller or for other items agreed upon between yourself (the buyer) and seller on your purchase contract. Go over all the lender, title, escrow and additional fees, to be sure that they are what you had been told and that you had agreed to them. Check the math calculations on the closing statement. This is the time to catch any errors, as they do occur and get them corrected as soon as possible.
Review All Paperwork and Closing Documents
Carefully review the preliminary report or the guarantee of title insurance, to verify the exact legal description of the property and any liens, encumbrances or other items which may have been discovered on the property. Make sure that all items are removed that you did not agree to in writing. Verify that the title or escrow agent has your correct vesting, or in other words, has correctly identified the way you want to take title to the property, and it is reflected in these documents. It is can be extremely time consuming to correct these documents after the fact. Keep in mind that these are legally binding documents and they are worthy of your careful review.
Make Sure You Inspect the Property During the Final Walk-through
Just before closing you will be required to re-inspect the property which is often referred to as the final walk-through. In all fairness to the seller, don’t use this step as the time to bring up unnecessary issues that had never been addressed in your purchase contract. By the same token, you should not view this as a mere formality and fail to make sure that the house is in the condition that you have been promised. Ask yourself the following questions: Is everything the way you expect it to be? Have all the necessary repairs or other corrective work that was promised or had been stipulated in your purchase contract been completed? Expect to spend some time during the final walk-through and allow yourself enough time to really pay attention and diligently check on things. Usually the whole process will take an hour to an hour and a half. This step is important so that you don't arrive at your new house and find unexpected surprises that will be difficult to take care of after the fact.
Double Check all Closing Documents Before You Sign Them
The most important thing to remember is that before closing you want to be certain that all the conditions of the purchase contract have been met. You want to make sure that all instructions have been completed. Before signing your name to any closing documents, take the time to check and double check that everything is correct-- interest rate, fees charged and condition of the property.
Most likely the whole process will run smoothly; but, if not, this is the time to catch any problems and proactively resolve them.
http://www.content.onlypunjab.com/Article/Home-Buyers--What-is-the-Closing-and-How-Can-I-Prepare-For-It-/4200320092003369046
San Diego Real Estate - A Home Buyer's Guide to San Diego
San Diego is one of the most popular places to live in California. There's plenty of culture and outdoor activities, beautiful beaches, and great weather practically year-round. So if you're considering buying a home in San Diego, you'll have plenty to support your decision.
San Diego's Geography
If you plan to buy a home in San Diego, California, you'll need to be familiar with the basic geography. In San Diego County, you could have a home by the ocean, a home in the mountains, or a home in the desert without going too far in any one direction. There's no shortage of geographical diversity in San Diego!
San Diego sits on the coast of Southern California, just a few miles north of the Mexican border at Tijuana. When looking at a map of the U.S., you'll find San Diego in the extreme southwestern corner of the map.
San Diego's Population
San Diego is the second-largest city in California, and the 8th largest in the United States. In 2005, the city of San Diego had a population of 1,255,540, and San Diego County had a population of 2,933,462. San Diego's continues to grow steadily, as people pour into the city for its beautiful weather and lifestyle.
San Diego's population growth shows no signs of stopping. Whether that's a good or bad thing depends on who you ask. But if you're buying a home in San Diego, it's something you need to keep in mind.
Home Builders in San Diego
Because of the city's consistent growth, you'll find a large variety of home builders in San Diego, California. As with home builders in any other state, you should carefully review the credentials and past work of a San Diego home builder before choosing one. If at all possible, try to talk to a homeowner who worked with the builder in the past.
San Diego Schools
The quality of schools is important for all San Diego home buyers, regardless of whether or not you have school-aged children. Schools have a direct impact on home values. So before buying a home in San Diego, you need to do a bit of homework on the school situation.
Most public schools in San Diego fall under the San Diego Unified School District (SDUSD), the second-largest school district in California, serving nearly 133,000 students. As for colleges and universities, San Diego is home to the following:
* University of San Diego
* University of California, San Diego
* San Diego State University
* Platt College (Design, multimedia, etc.)
* A variety of technical, vocational and art-related schools
San Diego Real Estate Agents
When buying a home in San Diego, it's a smart idea to have a real estate agent assist you. After all, San Diego real estate can be pretty expensive -- the last thing you want to do is make a costly error during the home buying process.
If you have a friend or family member who has bought a home in San Diego recently, ask if they would refer their agent. Otherwise, you can search online or check the San Diego Association of Realtors website.
It's best to choose an experienced agent who was been part of the San Diego real estate scene for some time. The San Diego real estate market moves quickly, and the average home price is higher that the national average, so you'll need an experienced pro in your corner.
http://www.content.onlypunjab.com/Article/San-Diego-Real-Estate---A-Home-Buyer-s-Guide-to-San-Diego/4200320092003369044
San Diego's Geography
If you plan to buy a home in San Diego, California, you'll need to be familiar with the basic geography. In San Diego County, you could have a home by the ocean, a home in the mountains, or a home in the desert without going too far in any one direction. There's no shortage of geographical diversity in San Diego!
San Diego sits on the coast of Southern California, just a few miles north of the Mexican border at Tijuana. When looking at a map of the U.S., you'll find San Diego in the extreme southwestern corner of the map.
San Diego's Population
San Diego is the second-largest city in California, and the 8th largest in the United States. In 2005, the city of San Diego had a population of 1,255,540, and San Diego County had a population of 2,933,462. San Diego's continues to grow steadily, as people pour into the city for its beautiful weather and lifestyle.
San Diego's population growth shows no signs of stopping. Whether that's a good or bad thing depends on who you ask. But if you're buying a home in San Diego, it's something you need to keep in mind.
Home Builders in San Diego
Because of the city's consistent growth, you'll find a large variety of home builders in San Diego, California. As with home builders in any other state, you should carefully review the credentials and past work of a San Diego home builder before choosing one. If at all possible, try to talk to a homeowner who worked with the builder in the past.
San Diego Schools
The quality of schools is important for all San Diego home buyers, regardless of whether or not you have school-aged children. Schools have a direct impact on home values. So before buying a home in San Diego, you need to do a bit of homework on the school situation.
Most public schools in San Diego fall under the San Diego Unified School District (SDUSD), the second-largest school district in California, serving nearly 133,000 students. As for colleges and universities, San Diego is home to the following:
* University of San Diego
* University of California, San Diego
* San Diego State University
* Platt College (Design, multimedia, etc.)
* A variety of technical, vocational and art-related schools
San Diego Real Estate Agents
When buying a home in San Diego, it's a smart idea to have a real estate agent assist you. After all, San Diego real estate can be pretty expensive -- the last thing you want to do is make a costly error during the home buying process.
If you have a friend or family member who has bought a home in San Diego recently, ask if they would refer their agent. Otherwise, you can search online or check the San Diego Association of Realtors website.
It's best to choose an experienced agent who was been part of the San Diego real estate scene for some time. The San Diego real estate market moves quickly, and the average home price is higher that the national average, so you'll need an experienced pro in your corner.
http://www.content.onlypunjab.com/Article/San-Diego-Real-Estate---A-Home-Buyer-s-Guide-to-San-Diego/4200320092003369044
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