Tag Archive: Buying a house



View is the one of the major factors that affects the resale value when buying homes. Buying homes with a pleasant view of a beach or the horizon often sell at a premium above similar homes without the view.

Though you may place a considerable dollar value on the view, future buyers may not be so like-minded. It may take you longer to find a buyer when it comes time to resell the house. Or you may end up dropping your price to more nearly match other sales prices in the neighborhood.

In short, if you are buying a house with a view, try to pay as little extra as possible. Otherwise, you might not get your money back.

Most real homes today are usually concentrated on the building itself but the lot is important too. Home with a good resale value should have lots that are as level as possible.

Assuming the property is in a typical neighborhood, the lot should be rectangular – no odd shaped lots or oddly situated lots.

Courtyard sizes are smaller in modern homes than in older homes, but there should still be a decently sized front and back yard.

Do not buy an over-landscaped property, either. You would normally pay a premium for that, which you may not be able to recover when you sell. You will get your best value if the house is moderately landscaped or under-landscaped for the area.

You can always perk up the landscaping during your ownership by humanizing the grass and adding bushes and trees. Just do not waste too much.

In each residential neighborhood, houses will vary in size and rooms, but they should not be too different. If resale value is an important consideration, you should not buy the largest model in the neighborhood.

When determining market value, the homes nearest to yours are most important. If most of the nearby houses are smaller than your house, they can act as a drag on appreciation.

On the other hand, if you buy a small or medium house for the neighborhood, the larger homes can help pull up your value. This is one of those times where determining your “wants” versus your “needs” can be extremely important.

Buying what you need in a more prestigious neighborhood may provide more financial reward than getting what you want in a less desirable neighborhood.

Three and four bedroom houses are the most popular among homebuyers, so if you can stick in that range you will have more potential buyers when it comes time to resell.

There ought to always be at least two bathrooms in a house, preferably at least two and a half. One bathroom with a place to wash up for day-to-day visitors, one for the master bedroom, and at least one to be shared by the other bedrooms.

Walk-in closets are extremely desirable for the master bedroom. For the rest of the house, just be sure there is ample closet space. Don’t disregard space for linens and towels.

Garages add to the resale value and you should always make sure to get at least a two-car garage. Lately, three-car garages have become desirable in some areas of the country.

The laundry facilities should be located somewhere convenient on the main floor of the house, but not in a place it will create an eyesore. Think about whether you want to walk up and down stairs when carrying loads of laundry.

Family activity centers on the kitchen, so this is the most important room of the house. Larger kitchens are better, and they should be provided with modern appliances.

Obviously, the dining room and breakfast nook should be located adjacent to the kitchen. In newer houses, the family room should also be extremely close to the kitchen.

There should be easy access to the back yard, as there will be occasions for barbecues and outdoor entertaining.

In addition, it should be a short trek between the garage to the kitchen so hauling groceries in from the car does not become a horrendous chore.

Swimming pools do not provide as much added value as they once did. Safety issues about families with younger children have become more publicized than in the past, so families with small children tend to avoid homes with pools.

As a result, having a pool may actually reduce the number of potential homebuyers when you try to resell the home.

Even though it’s not easy for everyone to buy a home, it is in fact easier than ever to get a home these days with most lending agencies and banks being more liberal than ever with providing home loans and mortgages.  Even if you don’t have a lot of capital or a lot of money to put down, you can still get the home of your dreams at a very affordable price.

A lot of us think that buying a home is a tough process, needing a large down payment, although this isn’t always the case.  Buying a home largely depends on your budget.  If you put a down payment on your home purchase, it will go towards your overall purchase.  The more money you put down on a home when you purchase, the lower your monthly payments will be.

Those of us who don’t own a home live in rental houses and apartments.  This can be a worthwhile solution, although your still paying money towards your housing that you could instead be putting towards a home of your own.  Owning a home is a dream for many of us, especially when it comes to that dream home that we all hope to own one day.  Apartments and homes are great to rent – although most these days will cost you just as much as a mortgage payment – which doesn’t make any sense at all.

Instead, you can easily convert your rental payments into monthly installments towards your own home.  All across the United States, you can find of lot of banks and lenders that offer easy to get loans for purchasing your own home or real estate property at low interest rates.  With a lot interest rate, you can get the home of your dreams and enjoy low monthly payments.

Keep in mind, you need to choose a loan plan that’s best for you.  You can go through bank, through a lender, or use a service online. There are many different ways that you can go, although real estate agents seem to be the most common now days.  Good real estate agents will be more than willing to help you get a great deal on the home, at prices that are right for you.  Anytime you buy a house, you should always plan ahead, get yourself a real estate agent, and then pursue your dream home.

If you plan your budget and take things one step at a time, you’ll be closer than you think to the home of your dreams.  If you choose to keep renting and pay money toward something you don’t own – the home of your dreams will continue to slip away.  Take action now and stop renting – find the home of your dreams and put your money towards owning it instead.

Tampa/Sarasota New Homes

If the house you’re living in doesn’t suit your needs, you may have either considered adding onto your home or building a new home. For many individuals, either adding on or building a home is the best bet for unique circumstances.

For example, you may be moving your mother in with you and want to provide her with an in-law suite. Because most homes on the market do not possess this unique feature, you will either need to build on or move on into a new home.

It is quite common when speaking of the San Antonio new home outlook 2011 for buyers to come to builders with unique requests and circumstances. Because building a home affords buyers the option of designing a home to fit their specific needs, many go this route. However, some homeowners decide to build onto their existing home to meet their needs.

If you find yourself in a unique situation regarding your home, you may want to consider both the advantages and disadvantages of building onto your existing home or building new San Antonio luxury real estate. Because the San Antonio new home outlook 2011 is looking quite positive, many homeowners are now considering building a home. Whatever you choose, here is both the good and the bad about either building new or adding onto your existing San Antonio residence:

Building On

•             Consider the cost effectiveness aspect. Some homeowners build additions to suit them, and that’s fine until the point comes to sell the home and they can’t recoup much of the costs associated with the addition. In other words, take into consider the length of time you will spend in the home and if you will price yourself out of the neighborhood by adding onto the home.

•             Consider the resale aspect of the home addition. Will the addition make your home stick out like a sore thumb in your neighborhood? Will you be able to add the extra space without compromising the curb appeal or aesthetic of the home? All of the questions must be taken into consideration when adding onto your existing home.

Building New

•             The San Antonio new home outlook 2011 looks quite promising, as more lenders are once again lending money to builders, developers and homebuyers. This could put you in a good situation, due to near historic-low interest rates.

•             A new home will allow you to choose everything about your home as you desire. A new home will afford you the opportunity to get exactly what you want, without trying to work within the confines of an existing home

•             Simply put, a new home for the San Antonio new home outlook 2011 is much more of a financial drain than a home addition. Make sure the market is in good enough condition to get you what you need to sell your existing home for in the San Antonio, Texas real estate market, and make sure you will be able to put at least 20 percent down on your new home.

If your property has been on the market for a long time and you have been unable to sell home fast, chances are you are not doing something right. You may have planned to sell your home in order to move into a better place or to improve your financial condition. In case of the latter, you may be considering a sell and rent back option. Whatever the case may be, you can take a few steps to ensure that your house gets sold quickly.

Tips to Sell Home Fast

Here are a few tips that can help you make your home more attractive to buyers:

Complete all repairs: Remember the squeaking door that drives you nuts, the broken screens that let sunshine through in the wee hours of the morning or the tap that leaks? You can no longer defer fixing these. It may be a good idea to walk through your home and take a thorough look at everything that needs repair and get them fixed.

Opt for a pre-sale inspection: A professional inspection has dual benefits. Firstly, it brings out problems that you perhaps would never have noticed. It also helps spread the word around if there are no major issues. An inspection report sends out a clear message to buyers that you have nothing to hide.

Clean up thoroughly: There are three aspects to cleaning:

  • Remove the clutter so that buyers can visualize themselves staying in the house. A cluttered room not only makes the property look less attractive, it also makes rooms look smaller.
  • Create a neutral and impersonal atmosphere so that buyers think of themselves and not you when they look through your house. However painful it may be for you, certain items like family photographs should be packed up.
  • Further cleaning in terms of scouring bathrooms, shining windows and banishing all kinds of smells that could turn buyers off are a must do.

Redecorate for maximum effect: Highlight the focal points of the rooms with the correct placement of furniture. Remove all unnecessary pieces and rearrange them elsewhere if necessary. Take special care of the floors. A clean floor is not enough. Look for cost-effective alternatives for stained or cracked floors.

Impress with a splendid curb: Many buyers make a decision even before they go into the house. As most buyers surf online before they visit the property, landscaping counts. The photos of the exterior of your house should be impressive. Beautiful flowers and neat hedges are a good start. Think up ways to spruce up your lawn, paint the front door and ensure that potential buyers get all the right vibes as they walk in.

Sell Home Fast with the Right Strategy

Apart from making your property look attractive to buyers, you can take the following steps to ensure a quicker sale:

Select the right agent: When making the choice, ensure that your agent:

  • Can really sell.
  • Is trustworthy.
  • Knows the locality well.
  • Is enthusiastic about your home.
  • Gets along well with other agents.

Fixing the price: Never test the market with too high a price tag. Buyers will not make an effort for someone they feel is unreasonable. Fix the price on the basis of other houses in the area. You may also take the advice of your agent, as they are more in touch with the market and prices than you are. You will be flooded with offers from people who are looking for fairly priced houses.

How can I sell my house fast? Has this question been bothering you? You are not alone. Most homeowners have this concern. Even if you are looking for a good sell and rent back offer, ensuring that your home is in good shape and selecting the right agent will help you to sell home fast.

Internet Homebuyers

You’ve tried to avoid it for years…a real estate agent website.  You figured word-of-mouth, newspaper, flyers and signage would cover your advertising for years to come. Well, if you haven’t crawled out from under your rock already, it’s 2010. We live in a digital world…where Facebook and BlackBerry addictions have supreme reign. Where blogging, texting and e-mails are our communication lines of choice. People use the Internet now to buy their groceries, rent a movie and order their favourite Chinese take-out. If your real estate business has yet to embrace the online age, where does that leave you? Probably miles behind your competition. So isn’t it time you capitalized on the Internet revolution?

Start by understanding that more and more people are relying on the web to learn about the entire real estate process. There has also been a shift in consumer from Generation X to Generation Y. First-time buyers from GenY will have different communication needs, purchasing behaviour and housing requirements than their earlier counterparts. Now more than ever, it’s vital for all real estate professionals to understand why the Internet is so crucial to today’s industry, and why choosing not to get involved would reduce their profits and competitive edge.

As today’s potential client has less time than ever before, they desire their information served on a silver platter. So why not deliver the information they want and make it available to them 24 hours a day? Give them a one-stop-online-real-estate-shop to help them buy their dream home? That’s what they’re looking for. Nowadays, they expect it.

So why are customers so apt to house-hunting online?

1.  Well first, it saves them time, and plenty of it. Who has the energy to flip through a mile-high pile of messy newspapers? Or make 20 preview appointments with a REALTOR®? Certainly not the urban jet-setters, soccer moms or suits of today’s world.

These Internet savvy buyers will take an average of 4.5 weeks to look for information on homes and neighborhoods before ever contacting a real estate professional, as compared to a traditional buyer that takes only 1.5 weeks. However, once the initial information gathering is complete, Internet buyers spend significantly less time with their agent and preview far fewer homes, spending 2 weeks, compared to 7 weeks for the traditional buyer.

2.  Online buyers also enjoy a greater sense of control. Real estate websites of today embrace a more user-friendly attitude than ever before. The Internet helps these buyers better understand the whole home buying process, and puts them in better control of that process. They can refine their needs and wants and comparison shop to paint a more detailed picture of their dream home for you. In the end it also helps save you time, so you can steer clear of what they don’t want, and deliver on what they do.

Just know that if they’re looking for a ‘4-bedroom, 3-bathroom raised bungalow with a salt-water outdoor pool and white picket fence, close to the highway yet nestled in a quiet community and close to a nature trail’…you’ll be the first to know.

3.  Internet buyers tend to be global risk-takers. They are more willing and able to relocate now more than ever. These buyers are looking to move to different parts of the country, and use the Internet to scope out the hottest trends. They want to settle into a new lifestyle and status, not just a new home. With it they’ll earn a trend-setting label among friends and colleagues, and a life experience they’ll never forget.

Internet buyers are expanding their families at a slower pace, having children significantly later than their baby-boomer counterparts. As a REALTOR®, you need to appeal to their sense of freedom, mobile lifestyle and ability to live in an exciting new place, whether on their own or with a partner.

4.  The information they need is available at the touch of a button, anytime, anywhere. Whether they’re searching for a home on their lunch break or at 2am, they have all the resources they need on their timetable. They don’t have to play phone tag to answer their questions. Everything they need is ready and waiting for them online.

Keep in mind that Internet homebuyers want as much detailed information as possible. Therefore, real estate professionals that offer websites with specialized, inside information and detailed listings including plenty of quality photos and virtual tours, will be more likely to capture these customers.

So, who exactly are these Internet savvy homebuyers, anyway? Let’s take a closer look at the Internet homebuyer profile and how they differ from traditional buyers.

They enjoy a controlled environment.The Internet empowers this type of consumer. They have control of the search process, by way of privacy and freedom. They can regulate the level of communication they choose to have with an agent or agency, and therefore feel less pressured and more comfortable in the decision-making process.

They are usually first-time buyers.The Internet buyer tends to be new to the real estate purchasing market, and is younger, wealthier, more likely to be married and better educated than a traditional buyer.

They want to be as informed as possible. These buyers want a complete understanding of what they’ll be jumping into. Not just listings and prices, they want information on the entire real estate transaction, from agent negotiations to legal procedures. They want all the real estate marketing tools wrapped into one complete package.

Internet savvy real estate professionals are at an advantage to fill in the gaps for these types of clients. Armed with this buyer profile and the proper real estate internet marketing tool, you can learn to better recognize and understand the requirements of this market niche. Think of real estate professionals like a GPS Navigation System for the Internet homebuyer. The Internet is their road map, but they still need detailed navigated directions to get to their destination; a guide to help them through the negotiation and transaction processes of home buying.

Remember, these Internet buyers will judge your competency based on your online perception. Establishing an online presence through a user-friendly real estate website and e-mail has become a benchmark of professionalism for all business. So, if you find your business is lacking in this department, keep in mind that valuable sales are being lost each passing moment. A website can therefore only compliment your role in the home buying process. Take action and get your real estate business online. Farming, referrals, sign calls and traditional advertising can only take you so far in the 2010 marketplace.

Read more: http://www.articlesbase.com/internet-marketing-articles/the-internet-homebuyer-reach-them-with-a-real-estate-website-519165.html#ixzz16767RIV2
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When you purchase of home foreclosures you can be saddled with tasks you know nothing about. From securing financing, to finding the ideal property, to closing the deal and all the little steps in between, this exercise should not be undertaken without proper information and preparation.

Distressed properties are not only about great discounts, there are also a lot of risks involved. But these risks can all be minimized if not completely eliminated if you purchase home foreclosures with caution and diligence.

What You May Not Know

There are some elements that are true of all foreclosures. One is that they are all sold as is and seldom will a seller shoulder the cost of repairs for the property. There are some foreclosures that have outstanding obligations other than the mortgage. Obligations in the form of back taxes, liens and other encumbrances are not part of the seller’s disclosure. Your offer for a foreclosed home will only be considered if you can show proof that you are able to pay for your purchase. For this, you will need to obtain a loan pre-approval from your bank or any other mortgage lender. This will require the submission of some personal documents for the lender to be able to assess your financial situation and gauge your ability to borrow funds and how much.

Reducing Your Risks

Make sure you are indeed financially prepared for a high ticket investment like when you purchase home foreclosures. You should consider several listings of foreclosed properties to find the one you like. Never forgo a professional home inspection of the property as well as a title search. You should also commission an expert to conduct a comparative home value analysis in the area where your home is located. Once you have completed your research base your offer on what you have uncovered and approach the seller or his appointed agent.

Read more: http://www.articlesbase.com/real-estate-articles/what-to-consider-if-you-want-to-purchase-home-foreclosures-3691582.html#ixzz15q9N5wWk
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This blog post is to be about mobile homes for sale and how the industry has changed over the last few years.

During the housing bubble burst what went under the radar in the news was the affect on the manufactured housing industry. Especially the manufactured housing lending and finance industry. Mobile homes for sale that needed financing in order for the new buyer to purchase the home almost became non-existant over the last few years.

Now the sellers in today’s market have to sell homes at a reasonable discount to find cash buyers. The only alternative for people with mobile homes for sale is to find a private investor to fianance the deal for their new buyer. This is very difficult to do given the stygma that surrounds mobile home financing today. The industry as a whole is changing rapidly and this “affordable housing” market has an unclear future.

Will mobile homes be manufactured at the same rate they have been over the last several years? Or will the bubble burst of the housing market drive single family home prices so low that the manufactured home is no longer able to be profitably mass produced.

Will people continue to buy mobile home at the same pace as they did in the beginning of 2000? When lending companies like Greentree and Conseco were selling of repo mobile homes people were buying them up at discount as quickly as possible.

My take is, there will always be a need for mobile home parks. The mobile homes for sale currently are not moving very quickly because of the lending environment. As long as manufacturers continue to increase the quality and value of homes using vinyl siding and tabbed roofing, this housing alternative should be around for a long time to come.

Read more: http://www.articlesbase.com/real-estate-articles/mobile-homes-exploring-their-future-and-possible-extinction-3688002.html#ixzz15ezIvO66
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Buying foreclosed homes has become popular amongst real estate investors and individual buyers. While these types of properties are normally priced below market value they generally require some level of repair. Those who do not carefully inspect foreclosure real estate could end up investing in a money pit.

Foreclosed homes can be purchased through public foreclosure auctions or banks. When properties are repossessed, banks first list them for sale through auction. Auction attendees submit bids and often compete against several buyers.

Individuals purchasing foreclosure real estate through auctions should have a thorough understanding of how the auction process works, as well as the foreclosure laws of the state where property is located.

Some states allow foreclosed property owners to buy their house back within 30 days after being sold through auction. This can be quite disruptive when buyers have invested money for repairs or paid off creditor judgments to clear the title. This can also slow down repair progress as buyers do not want to invest in renovation work if there is a possibility the evicted homeowner will reclaim their home.

When houses go unsold through foreclosure auction they are returned to the servicing lender. At this point they become bank owned foreclosures. Other common references include real estate owned or REO homes.

Banks negotiate with lien holders to clear creditor judgments or tax liens in order to sell the property with a clean title. Banks also engage in eviction action to remove property owners refusing to vacate the premises.

These activities cost the bank money, so REO properties are normally priced higher than foreclosures sold through auction. However, buyers can purchase the property without the burden of removing liens, judgments, evicting property owners, or worrying that the homeowner will reclaim their house.

Just as when buying any real estate; buyers should engage in due diligence. At minimum, buyers should review comparable sales reports to compare purchase prices of other homes in the area; obtain real estate appraisals to determine current market value; and home inspections to determine the types of required repairs.

Banks reduce foreclosed home prices to account for the cost of reported repairs. Banks rarely reduce the asking price of REO homes unless substantial damage is discovered during property inspections. Buyers should obtain repair costs estimates to determine the true cost of the home. If the purchase price and repair costs equate to more than the appraised value, it’s best to pass and look for a better deal.

Most banks require buyers to obtain prequalified financing prior to submitting offers on foreclosed homes. When buyers purchase foreclosure real estate through public auctions they normally must present full payment to the auction house within 24 hours upon bid acceptance.

Individuals unfamiliar with buying foreclosed homes through public auctions or banks may find working with a foreclosure specialist to be helpful. Realtors can help buyers locate the type of property they desire and assist them through the process of buying foreclosed real estate.

Buyers may also want to consult with real estate investors experienced in buying distressed properties. Numerous real estate clubs can be found via the Internet. Buyers can participate in online investment groups or locate local real estate investment groups within their hometown.

Those who take time to become educated about the process of buying foreclosure real estate can minimize financial risks, locate the best financing deals, and obtain the best price for the property.

Read more: http://www.articlesbase.com/real-estate-articles/foreclosed-homes-things-to-know-before-you-buy-3665853.html#ixzz15VxawlhQ
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Baby boomers, baby boomers, baby boomers; we all hear this term over and over again. So who are the baby boomers? Baby boomers are people in the United States who were born between 1946 and 1964. Approximately 78.2 million people fall into this category.

As a group, baby boomers comprise the largest population cohort in the history of the United States. The size of the group gives it vast influence over American politics, popular cultural, and of course, real estate. To evaluate the influence of the baby boomers on the future of real estate, the National Association of Realtors (NAR) conducted a study in 2006. The findings of the research were published in report entitled Baby Boomers and Real Estate: Today and Tomorrow. Below are some highlights from the NAR study.

AGE DISTRIBUTION

According to the NAR report, baby boomers now range in age from 42 to 60 years old. The typical baby boomer is 50 years old, and the oldest of the baby boomers turned 60 in 2006. About 46% of baby boomers are in their 40s, and about 25% are at least 55 years old.

HOUSEHOLD INCOME

As a group, baby boomers are in their peak earning years. In 2005, baby boomers had a household income of $64,700, and about 25% them had a household income of at least $100,000 per year.

HOME OWNERSHIP

About 78% of baby boomers own a home, which is higher than the national ownership rate of 69%. About 96% of baby boomers believe that home ownership is a good financial investment.

FUTURE REAL ESTATE PURCHASES

About 10%, or 7.8 million of all baby boomers, said they were likely to purchase additional real estate in the next 12 months. Of these potential buyers, two-thirds were planning on buying a primary residence, 26% want to buy land, 19% want rental property, 15% want a vacation home or seasonal home, and 14% want a commercial property.

WHAT FEATURES ATTRACT BOOMERS

When baby boomers were asked about what features are most important to them, 38% wanted a lower cost of living, 38% wanted to be near family, 38% wanted easy access to quality health care, 37% wanted a better climate, and 36% wanted to be near a body of water.

PREFERRED COMMUNITY AMENITIES

When baby boomers were asked about the type of community amenities that interest them most, about 18% wanted to be near cultural offerings, 9% wanted to be closer to their family, 4% wanted to be on a golf course, and 3% wanted easy access to educational facilities.

WHERE DO BOOMERS WANT TO RETIRE

When baby boomers were asked about where they want to retire, 33% of them want to retire in a rural area, 30% in a small town, 25% in a suburban area, and only 12% in an urban community.

BOOMERS AND THEIR REAL ESTATE AGENTS
Baby boomers consistently use the services of a real estate agent. Approximately 60% of home buyers and 79% of home sellers used a real estate agent in their last transaction.

SUMMARY

The baby boomers have had and will continue to have a significant impact on the real estate market. As the boomers near retirement, they continue to value real estate and will continue to invest in properties and land. Real estate agents would be well served to understand what baby boomers want in terms of their real estate investments, and design strategies that target the needs of this enormous population cohort. For more information, read the NAR report entitled, Baby Boomers and Real Estate: Today and Tomorrow

Read more: http://www.articlesbase.com/real-estate-articles/baby-boomers-will-drive-real-estate-growth-87235.html#ixzz0peKzrDs6
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