Posts for Syndication

You may have been talking with a neighbor or simply heard a snippet on the radio or television, but suddenly you are aware that right now is a “seller’s market.” Thoughts of an instant million dollar sale of your home or timing the selling of your home may be coursing through your brain and if so, you should consult with a knowledgable real estate agent to get the inside scoop. Many areas are experiencing low home volume and high demand which could place your home for sale in prime position.

As a home owner, you may not understand the technicalities behind multiple offers and so working with a local real estate agent can provide you with the much needed guidance you’ll require to navigate your home sale. There are some simple steps that can aid you in getting multiple offers and the basics are outlined below.

Sell Your Home For More Money

• Stage Your Home for Sale – In a “seller’s market,” potential buyers know they need to act fast to put in an offer on the house (or houses) they like. Make sure yours is on that list by tending to every detail, cleaning is a big part of it, so don’t forget to clean every single spot, if necessary hire the pressure washing service in Katy TX for an more intense cleaning.
• Spread the Word – From hosting a Broker’s Preview to the open house and other advertising, make sure that your home for sale is being properly promoted. Attention must be drawn to your home in order for it to be seen and offers to be submitted. Give your home the promotion it needs or find a real estate agent who will, so you can wait for the offers to roll in.
• Ask for a Lockbox – To have multiple offers, multiple people need to view your home (in staged condition) at all times. Realize that getting your home sold quickly will likely mean a bit of inconvenience for you in the short term. The sooner you accept an offer, however, the less time you’ll need to spend adjusting your lifestyle.

If you need more advice or simply want a real estate agent you can trust with your home, please don’t hesitate to call.  I’d love to get you multiple offers!

Buying a home starts with determining how much house you can afford. While it’s important to be careful of buying more house than you can afford, changes in the mortgage industry make doing that nearly impossible these days.

Recent restrictions on debt to income ratios, required documentation, and loan to value amounts have established industry standards that aid in preventing homeowners from buying more home than is affordable. While restrictive, these requirements can put your mind at ease as a homeowner, knowing that you are not in over your head in the purchase of your home.

With that in mind, the key in home buying is to buy as much home as you can afford! Interest rates are at their lowest in decades and home values are still in question in many areas, allowing you to enter low on both counts and possibly purchase your home for much less of a monthly payment than you would normally expect. As values begin to return, interest rates may start to increase, too, allowing you less home for the same monthly amount.

According to West Coast-based Mortgage Banker Ken Starks, “At this point in the market cycle, interest rates are as low as they EVER have been, and real estate values appear to have fallen all they will fall in many markets across the country.” Starks added, “These two factors alone combine to create the buying opportunity of a lifetime with the possibility of excellent long term real estate gains and long term low payments.”

As a potential home buyer researching loan products, there really are not many options commonly chosen these days. Most home buyers choose a fixed rate 30 or 15 year mortgage. This week’s average rates for both fixed rates are under 3.5%, according to the Freddie Mac Primary Mortgage Market Survey®.  Specialty products and adjustable rate mortgages are still offered at times, but generally only to individuals with high net worth and disposable income (who really don’t need the loan).

Many new home buyers turn to FHA loans as they allow more flexibility on down payments, credit scores, and debt to income ratios. While FHA loans may initially seem to have more fees, a good mortgage company will work with you and often absorb that cost to get you the right loan, so don’t be afraid to compare rates when buying your home.

Guides For Buying Your Home

If you are considering buying a home, consider the additional guides below when determining your price point and work with an agent who knows your area, to find you the best home that delivers value, in your budget and in the best location.

• Stay within the income guidelines, having only 30% of your income being related to housing costs (including HOA fees if applicable).
• Keep your TOTAL debt under 40%.
• Read the fine print. If you are withdrawing from a savings plan (such as a 401K or IRA) for your down payment, be aware of any penalties or restrictions before you count on the money and plan accordingly.
• Plan on something going wrong and maintain some savings. Many new homeowners find themselves challenged when disaster strikes. Whether the trouble results from a natural disaster or one that’s man-made, reserving at least 3 months of expenses in a savings account, will help you to weather the storms of life, and enjoy your home long-term.

Valentines Day is fast approaching and love is in the air.  Share a little extra love with your home for sale this week and you may find a buyer sooner than you thought!  Buying a home is largely an emotional decision.  Buyers may try to rationalize, set limits, make T-charts, and even compromise when searching for a home, however typically the sale is made when a potential buyer “falls in love” with your home for sale.

As a home seller, you may feel challenged in trying to anticipate what you can do to make your home more inviting and attractive to a prospective buyer.  However, the following easy steps can welcome your buyer instantly and help them to feel as though they are “coming home” when they enter your property, so read on.

First, look out your windows.  Are they clean and inviting?  Do you have a pleasant view or can you camouflage it with some temporary plants just outside the window?  Whenever you leave or anticipate a home showing, remember to leave the window coverings open so natural lighting can show off your property.  The more light the better, so evaluate whether additional room lighting should be left on,  as well.  If the weather is nice and the outside noise quiet, consider leaving a window open to create a slight breeze.

Is your home comfortable looking?  Is the temperature moderate and the ambiance set without being overdone?  Soft music, flowing water from a fountain, or fresh flowers can leave a lasting impression about the “feel” of a home.

Your goal is to intrigue the senses throughout your home.  Whether it’s a soft blanket or an antique desk; if you have an unusual and beautiful showpiece, show it off.  Creating a lasting impression through touch or evoking a memory, since these are often reasons later given for why a particular home was chosen.  The sense of smell is very powerful, too, so keep in mind that baking cookies REALLY can help in the sale of your home.  If you do have the smell of baked goods lingering in your home, please make sure the cookies are available for potential buyers so disappointment does not cloud their view of your property.

Lastly, leave the house.  That’s right – let the potential buyer have a chance to feel that the house is theirs – if even for 15 minutes.  Your home buyer needs to feel as if they are in their new home.  For this reason, many professional home stagers recommend eliminating personal effects and photos when a home is being shown.  Remember, your main job as a home seller is to prepare your home so potential home buyers feel a sense of ownership and an urgency to make it theirs before they leave.

[catlist id_14 content=yes]

Is it time to sell your rental property, but you’re not sure how to deal with the current tenants? If you’re a landlord, selling a home that is currently occupied is not as straightforward as a traditional sale. It’s important to consult a landlord attorney to know what a tenant’s rights are, and how best to handle the transition. Here’s a rundown of what you need to consider.

The type of lease your tenant signed

If your tenant is on a month-to-month lease, check state law to determine how much notice you need to give them to vacate. Typically it is 30 to 60 days. Next, send a letter to your tenant advising them of your intent to sell and the date their lease will end.

Conversely, if your tenant signed a fixed-term lease, you are obligated to let them live out the term of the lease. The lease can only be terminated early if it is stipulated in writing, or if the tenant has violated any terms of the lease.

Showing the property

If you have a difficult tenant, it may not be in your best interest to show the property while it is still occupied. An unhappy tenant likely won’t do you any favors, least of all getting the home clean and ready for a showing. If your home doesn’t look its best to potential buyers, it could impact the number and quality of the offers you receive. But if your tenant recently just moved out but the place still needs some cleaning, you should immediately hire the best move-out cleaning services to greatly improve your selling points.

On the other hand, if you have an agreeable tenant, you may be able to work out a situation where you can show the property while it’s occupied. It’s easier for potential buyers to imagine themselves living in a home that is occupied, as opposed to one that is vacant. Be aware that you need to give proper notice to your tenant before you, an agent or potential buyers stop by. This is typically at least 24 hours.

Selling to an investor

If you’re interested in selling your property before your tenant vacates, you might consider selling to an investor. In most cases, investors will be thrilled to know that the unit is already rented. The new owner is obligated to honor the current tenant’s lease, so you won’t have to worry you’re kicking anyone to the curb, although if he does decide to move because of this, maybe he can get help from a denver relocation specialists who are great at getting rental or buying choices for this

Selling to the tenant

If your tenant is quite happy living in the home, it’s possible that they would be interested in buying it. This can be a win-win situation for everyone. But what happens if your tenant doesn’t qualify for a mortgage? In that instance, you could offer seller financing, where the new owner makes payments to you instead of the bank.

When all else fails

If you find yourself in a position where your hands are tied, you do have other options. First, you can offer a discount on rent to get your tenant to cooperate about showings. A little break on their monthly expenses might encourage them to be amenable to interruptions and to keep the home clean. Second, you can offer to pay your current tenant to leave by essentially buying them out of their lease. You can also offer to pay their moving costs and security deposit at their next place.

Compliments of Virtual Results

Any major purchase requires analysis and thought, and home buying isn’t any different. Specifications on location, bedroom and bathroom quantity, and yard size may come more quickly to mind, but there are many other considerations to be aware of, as well. Did you know that you can compare prices on mortgage rates and lender options? That’s right – not every broker will offer the same programs – and you can save a lot of money through a little comparison shopping.

The last five weeks have brought mortgage rates to historic lows according to Freddie Mac, with many averaging below 4%. That means more buying and bargaining power for you, the home buyer. In fact, according to last Thursday’s Primary Mortgage Market survey by Freddie Mac, the average rate for a 15 year mortgage was 3.16% with fees and points averaging .8 and the average rate for a 30 year mortgage was 3.89% with fees and points of .7.

Keeping those stats in mind, it’s always wise to do your homework and ask your lender for a list of current rates and determine if those are lowest for that day or week and if the rate is fixed or adjustable, as that answer will affect your payment significantly. Keep in mind that the APR (annual percentage rate) considers all fees, including points and other charges such as origination, underwriting, or closing costs fees, so it may be advantageous to use in comparisons. In a constantly evolving real estate market, it’s always wise to educate yourself and shop around, listen up, and be ready to make the best deal you can on your home purchase and your lending costs.