By Beth Braverman, CNNmoney.com
In a hurry to sell your home? Here's how to make sure you snag the best price in shortest amount of time.
Dec 30, 2009
Dec 25, 2009
Good Ol’ Waterford Lakes
Ah, good ol’ Waterford Lakes…you never let me down. $5,700,000 in home sales (31 transactions) in the past 60 days. Recession…what recession?
Waterford Lakes will always be the premier east Orlando community on any day in any market – people simply want to call Waterford Lakes home. It’s not the newest community or the community with the fanciest amenities; however, it is the most solid community around. Constant high demand, affordable, excellent location, quality look and feel, A-rated schools - solid. HOA is right about $40/mo depending on size of home.
As a realtor, I would refer buyers to Waterford Lakes any day of the week.
See available homes
Waterford Lakes will always be the premier east Orlando community on any day in any market – people simply want to call Waterford Lakes home. It’s not the newest community or the community with the fanciest amenities; however, it is the most solid community around. Constant high demand, affordable, excellent location, quality look and feel, A-rated schools - solid. HOA is right about $40/mo depending on size of home.
As a realtor, I would refer buyers to Waterford Lakes any day of the week.
See available homes
Dec 22, 2009
Woodbury Road Construction
Wondering about the who, what, where and when of the massive road construction project on Woodbury Rd? City of Orlando web site
Dec 17, 2009
Remember Condo Conversions?
Remember the condo conversion craze just a few years back? That’s when buyers wanted to buy anything and everything and numerous large apartment communities ‘went condo’. Condo conversions are still around; however, in the form of resales at less than half the original purchase price (ouch!). Like the single family and townhouse resale market, distressed sales (bank-owned and short sales) dominate.
That huge complex off 408 on Alafaya is Crest at Waterford Lakes. There were 13 sales in the past 60 days (not surprisingly, all distressed sales) taking an average of 80 days to close:
1 bedrm $41,000 avg sale
2 bedrm $52,000 avg sale
3 bedrm $60,000 avg sale
With incredibly affordable prices, this community is a great option for single buyers who work on the east side, for retirees wanting to be close to their kids who live and work on the east side, for parents of UCF students looking to buy a little place for their child to live in while attending school. However, monthly HOA is very expensive at right around $300/mo depending on size of unit.
See available condos
That huge complex off 408 on Alafaya is Crest at Waterford Lakes. There were 13 sales in the past 60 days (not surprisingly, all distressed sales) taking an average of 80 days to close:
1 bedrm $41,000 avg sale
2 bedrm $52,000 avg sale
3 bedrm $60,000 avg sale
With incredibly affordable prices, this community is a great option for single buyers who work on the east side, for retirees wanting to be close to their kids who live and work on the east side, for parents of UCF students looking to buy a little place for their child to live in while attending school. However, monthly HOA is very expensive at right around $300/mo depending on size of unit.
See available condos
Dec 13, 2009
Brisk Sales in Woodland Lakes
As a realtor, I take pride in introducing my buyer clients to communities in their desired location and budget that they’ve never heard of or normally wouldn’t consider.
Located 1/3 mile west of Alafaya & Curry Ford, Woodland Lakes is a new community (less than five yrs old) that I have found few buyers know of. It’s a nice alternative to the massive east Orlando communities of Avalon Park, Stoneybrook, Eastwood and Waterford Lakes, but has easier access to Alafaya and 408 because this community is not along the main artery of Alafaya. HOA is $100/mo for this gated community with community pool, cabana and playground.
In the past 60 days, there’s been 10 sales – six distressed sales at an average of $211,000 for 2,700 sq ft and four normal sales at an average of $237,000 for 1,900 sq ft.
See available homes
Located 1/3 mile west of Alafaya & Curry Ford, Woodland Lakes is a new community (less than five yrs old) that I have found few buyers know of. It’s a nice alternative to the massive east Orlando communities of Avalon Park, Stoneybrook, Eastwood and Waterford Lakes, but has easier access to Alafaya and 408 because this community is not along the main artery of Alafaya. HOA is $100/mo for this gated community with community pool, cabana and playground.
In the past 60 days, there’s been 10 sales – six distressed sales at an average of $211,000 for 2,700 sq ft and four normal sales at an average of $237,000 for 1,900 sq ft.
See available homes
Dec 11, 2009
$71,000,000 in East Orlando Sales
Heard about the resurgence in Orlando home sales? Well, the proof is in the pudding…check out these numbers! In the past 60 days alone, East Orlando has seen $71,000,000 worth of real estate sales. Since we essentially have two real estate markets running parallel of each other today (normal vs distressed), sales need to be reported as such.
Normal sales
- 152 single family homes sold for an average of $208,000 (115 days average to close)
- 13 townhomes sold for an average of $161,000 (123 days average to close)
- 5 condos sold for an average of $66,000 (163 days average to close)
Distressed sales (bank-owned or short sale)
- 202 single family homes sold for an average of $161,000 (149 days average to close)
- 23 townhomes sold for an average of $104,000 (170 days average to close)
- 42 condos sold for an average of $52,000 (82 days average to close)
Distressed homes came out an extreme discount for buyers – buyers of distressed homes bought at an average of 27% less than buyers of normal homes. However, these cost savings came at a price to homebuyers - additional time. Buyers of distressed single family homes took an additional 33 days to close and buyers of distressed townhomes took an additional 47 days to close on average.
An agent’s view on these trends: first and foremost, I am pleased to see inventory being cleared out, particularly distressed sales. These distressed sales that presently dominate our market depress everyone’s home value including mine. I want to see these distressed sales gone and closed, so we can get back on track to ‘normal’ home appreciation. This cannot happen until these stagnant, poor condition, low priced distressed sales are wiped out. Second, I would use this info to counsel buyers – do you want a cheap home, go for a distressed home. Do you want a quick home – go for a normal home. Cheap and quick don’t go hand in hand. If you want cheap, buyers will need to bide their time. If you want quick, buyers will need to pay a premium.
Normal sales
- 152 single family homes sold for an average of $208,000 (115 days average to close)
- 13 townhomes sold for an average of $161,000 (123 days average to close)
- 5 condos sold for an average of $66,000 (163 days average to close)
Distressed sales (bank-owned or short sale)
- 202 single family homes sold for an average of $161,000 (149 days average to close)
- 23 townhomes sold for an average of $104,000 (170 days average to close)
- 42 condos sold for an average of $52,000 (82 days average to close)
Distressed homes came out an extreme discount for buyers – buyers of distressed homes bought at an average of 27% less than buyers of normal homes. However, these cost savings came at a price to homebuyers - additional time. Buyers of distressed single family homes took an additional 33 days to close and buyers of distressed townhomes took an additional 47 days to close on average.
An agent’s view on these trends: first and foremost, I am pleased to see inventory being cleared out, particularly distressed sales. These distressed sales that presently dominate our market depress everyone’s home value including mine. I want to see these distressed sales gone and closed, so we can get back on track to ‘normal’ home appreciation. This cannot happen until these stagnant, poor condition, low priced distressed sales are wiped out. Second, I would use this info to counsel buyers – do you want a cheap home, go for a distressed home. Do you want a quick home – go for a normal home. Cheap and quick don’t go hand in hand. If you want cheap, buyers will need to bide their time. If you want quick, buyers will need to pay a premium.
Dec 8, 2009
Innovation Way Website
Here is Orange Co’s website about all things Innovation Way, the link between UCF and the airport.
Dec 1, 2009
Ease Short Sales?
The Obama administration laid out final guidelines yesterday that should make it easier for some financially troubled borrowers to sell their homes. Under the plan, borrowers will receive $1,500 from the government if they sell their homes for less than the amount of their mortgages. Mortgage-servicing companies will also receive $1,000 for each completed short sale.
Nov 27, 2009
An Even Playing Field For Foreclosures
Fannie Mae announced a program aimed at helping ordinary buyers compete with investors for foreclosed homes. Fannie’s program ‘First Look’ plans to consider offers only from potential owner-occupants during the first 15 days on market – not investor buyers.
Fannie would help owner-occupants acquire homes by reducing deposit requirements to as little as $500.
Fannie Mae has over 72,000 single family homes on its books.
Fannie would help owner-occupants acquire homes by reducing deposit requirements to as little as $500.
Fannie Mae has over 72,000 single family homes on its books.
Nov 24, 2009
Real Estate Intervention
The latest HGTV show that’s caught my eye is ‘Real Estate Intervention’ (airs Thu nights 10:30pm). It’s a timely, frank illustration of real families flailing in the sale of their home. The stories told on this show are as real as it gets – job loss, divorce, marriage, new baby.
Nov 21, 2009
Property Tax Discount
Homeowners, are you aware you can take a 4% discount on your property taxes for paying early? Property tax bills were mailed out in early Nov – look yours over and take advantage of the savings. Every dollar of your hard-earn money counts! Pay by:
- 11/30/2009 4% discount
- 12/31/2009 3% discount
- 1/1/2010 2% discount
- 2/28/2010 1% discount
- 3/31/2010 no discount
- 11/30/2009 4% discount
- 12/31/2009 3% discount
- 1/1/2010 2% discount
- 2/28/2010 1% discount
- 3/31/2010 no discount
Nov 19, 2009
OIA Expansion Towards Lake Nona
By Victor Manuel Ramos, orlandosentinel.com
The OIA aviation authority plans to expand the airport toward the east into an undeveloped area bordering houses and townhomes and is proposing large scale aviation uses that it considers key to its growth over the next decade.
The OIA aviation authority plans to expand the airport toward the east into an undeveloped area bordering houses and townhomes and is proposing large scale aviation uses that it considers key to its growth over the next decade.
Nov 13, 2009
$6,500 Tax Credit For Repeat Buyers
For homeowners who have lived in their home at least five years, there is a new $6,500 tax credit when purchasing a principal residence between 11/6/2009 to 6/30/2010 (must be under contract by 4/30/2010).
Nov 7, 2009
Orlando is Front Runner for JetBlue HQ
By Sara K Clarke & Scott Powers, orlandosentinel.com
JetBlue Airways is looking for a new headquarters and Orlando is on a very short list of potential locations. After an extensive review, the New York-based airline said it has decided to focus its search on just two destinations: the New York metropolitan area and Orlando.
JetBlue Airways is looking for a new headquarters and Orlando is on a very short list of potential locations. After an extensive review, the New York-based airline said it has decided to focus its search on just two destinations: the New York metropolitan area and Orlando.
Nov 4, 2009
Homestead Exemption
From Orange Co Property Appraiser www.ocpafl.org
New homeowners, be on the lookout for a packet from Orange Co Property Appraiser office approx four to six weeks after closing on the purchase of your home.
If you own your home, reside there permanently and are a Florida resident as of Jan 1, you may qualify for ‘homestead exemption’. Homestead can reduce the taxable value on your home as much as $50,000 - saving you approx $750 annually. Additionally, your assessed value used to calculate your property taxes cannot increase more than 3% annually after you are granted homestead exemption.
The deadline for applying for 2010 homestead exemption is 3/1/2010.
New homeowners, be on the lookout for a packet from Orange Co Property Appraiser office approx four to six weeks after closing on the purchase of your home.
If you own your home, reside there permanently and are a Florida resident as of Jan 1, you may qualify for ‘homestead exemption’. Homestead can reduce the taxable value on your home as much as $50,000 - saving you approx $750 annually. Additionally, your assessed value used to calculate your property taxes cannot increase more than 3% annually after you are granted homestead exemption.
The deadline for applying for 2010 homestead exemption is 3/1/2010.
Oct 31, 2009
Lake Nona ‘Medical City’
From Orlando Sentinel
Next month, officials will dedicate the Burnham Institute for Medical Research, crown jewel of the medical city emerging in southeast Orlando. Come spring, the new building for UCF’s College of Medicine will open there, too.
Next month, officials will dedicate the Burnham Institute for Medical Research, crown jewel of the medical city emerging in southeast Orlando. Come spring, the new building for UCF’s College of Medicine will open there, too.
Oct 26, 2009
Deed in Lieu of Foreclosure
For a homeowner who is in default and wants to avoid foreclosure proceedings, a deed in lieu of foreclosure is a deed instrument where the homeowner conveys all interest in their home to their lender to satisfy their home loan.
This kind of transfer offers several advantages to both the homeowner and the lender.
The principal advantage to the homeowner is immediate release from most or all of the personal indebtedness on their defaulted loan. Also, the homeowner avoids the public notoriety of a foreclosure proceeding, may receive more generous terms than in a formal foreclosure and may cause less damage to their credit than in a formal foreclosure.
The advantages to a lender include a reduction in time and cost of repossessing the defaulted home and lower risk of intentional property damage caused by the homeowner.
This kind of transfer offers several advantages to both the homeowner and the lender.
The principal advantage to the homeowner is immediate release from most or all of the personal indebtedness on their defaulted loan. Also, the homeowner avoids the public notoriety of a foreclosure proceeding, may receive more generous terms than in a formal foreclosure and may cause less damage to their credit than in a formal foreclosure.
The advantages to a lender include a reduction in time and cost of repossessing the defaulted home and lower risk of intentional property damage caused by the homeowner.
Oct 21, 2009
Halloween Events in East Orlando
Free Halloween events for your enjoyment…
Avalon Park Avalon Park Spooktacular Fri, Oct 30
Costume parade, haunted house, bobbing for apples, pumpkin carving contest, trick or treating Fri 5pm to 9pm
Haunted house Fri & Sat 6pm
Downtown Avalon Park, Orlando
more info
Waterford Lakes Haunted Halloween Sat, Oct 31
Mall-wide trick or treat activities 5pm to 7pm
Costume contest in front of Regal Cinemas 6:15pm
Waterford Lakes Town Center
413 N Alafaya Tr, Orlando
Lake Nona Trunk or Treat Spooktacular Fri, Oct 30
Trick or treat activities 5pm to 7pm
Costume contest 6:30pm
Lake Nona YMCA
9055 Northlake Pkwy, Orlando
Avalon Park Avalon Park Spooktacular Fri, Oct 30
Costume parade, haunted house, bobbing for apples, pumpkin carving contest, trick or treating Fri 5pm to 9pm
Haunted house Fri & Sat 6pm
Downtown Avalon Park, Orlando
more info
Waterford Lakes Haunted Halloween Sat, Oct 31
Mall-wide trick or treat activities 5pm to 7pm
Costume contest in front of Regal Cinemas 6:15pm
Waterford Lakes Town Center
413 N Alafaya Tr, Orlando
Lake Nona Trunk or Treat Spooktacular Fri, Oct 30
Trick or treat activities 5pm to 7pm
Costume contest 6:30pm
Lake Nona YMCA
9055 Northlake Pkwy, Orlando
Oct 19, 2009
New Avalon Park Security & Safety Center
From insighteastorlando.com
East Orlando has a new safety feature located in Avalon Park. The Security & Safety Center located in Avalon Park’s Founders Square is now open and will be used for meetings and briefings by law enforcement personnel as well as private community safety officials.
East Orlando has a new safety feature located in Avalon Park. The Security & Safety Center located in Avalon Park’s Founders Square is now open and will be used for meetings and briefings by law enforcement personnel as well as private community safety officials.
Oct 15, 2009
How to Land a Foreclosure House
From wsj.com
Buying a foreclosure home often is appealing to house hunters trying to stretch their dollars, but finding a good one can be a challenge.
Buying a foreclosure home often is appealing to house hunters trying to stretch their dollars, but finding a good one can be a challenge.
Oct 11, 2009
Alafaya Extension 'Road to Nowhere' No More
From Orlando Sentinel
A new one mile connector road will give residents a route south to 528/Beachline in about a year.
A new one mile connector road will give residents a route south to 528/Beachline in about a year.
Oct 7, 2009
Mail Away Closing
In a ‘normal’ market, buyer and seller come together for closing at one location – the local title company’s office. However in today’s market, it is now the norm for buyer, seller and the title company to be located in three different states - particularly with distressed home sales (bank foreclosures and short sales).
To accommodate this kind of closing, the title company will conduct a ‘mail away’ closing, which generally follows these steps:
- Title company prepares the closing documents one or two days in advance of the closing date.
- Closing docs are emailed to a local closing agent near the buyer/seller.
- Closing docs are printed by the closing agent.
- Closing agent arranges a time and location to meet the buyer/seller in person for signatures.
- Closing agent walks the buyer/seller through the closing packet and answers any questions.
- Closing agent overnights the original signed docs back to the title company.
Oct 3, 2009
Are Distressed Homes Worth It?
From wsj.com
Home buyers are finding that the battered real estate market offers just as many opportunities for headaches as for bargains.
Home buyers are finding that the battered real estate market offers just as many opportunities for headaches as for bargains.
Sep 30, 2009
The Reluctant Landlords
By M.P. McQueen
With housing prices still in the dumps, many are finding themselves in the uncomfortable position of landlord.
Some have been forced to relocate for a job and can't sell their houses. Others have moved, but are holding on to their previous homes hoping for prices to rebound before selling. Many are finding that rent checks don't come close to covering their mortgage payments.
With housing prices still in the dumps, many are finding themselves in the uncomfortable position of landlord.
Some have been forced to relocate for a job and can't sell their houses. Others have moved, but are holding on to their previous homes hoping for prices to rebound before selling. Many are finding that rent checks don't come close to covering their mortgage payments.
Sep 27, 2009
Is Buying Within Your Budget?
By Jean Chatzky
Like everything in life, there are pros and cons to consider in buying a home.
Like everything in life, there are pros and cons to consider in buying a home.
Sep 23, 2009
Impact of Interest Rate
With interest rates hovering around 5% all season, now is a great time to remind buyers that not only is 5% a historically low interest rate, but that it won’t be around forever.
Buyers sitting undecided about buying a home today because they believe home prices may continue to go down should give equal consideration to their interest rate. It is critical for buyers to keep in mind how their interest rate affects affordability – that is, what price range they can afford to buy in.
The lower the interest rate, the more home a buyer can afford:
5% = $266,000 purchase price
5.5% = $253,000 purchase price
6% = $241,000 purchase price
6.5% = $230,000 purchase price
7% = $220,000 purchase price
Example Buyer is interested in purchasing a $260,000 home today at 5%. Buyer delays making a purchase decision to see if home prices will drop more. However, in this market at this price range, prices are slightly increasing – multiple offers are now commonplace for affordable homes in the $200s.
Weeks pass and now interest rates are in the mid 6s. Buyer can no longer afford to buy this home - at 6.5%, buyer can afford up to $230,000 - the house they love is now out of their reach.
This calculation assumes $100,000 annual household income and 3.5% cash down.
Buyers sitting undecided about buying a home today because they believe home prices may continue to go down should give equal consideration to their interest rate. It is critical for buyers to keep in mind how their interest rate affects affordability – that is, what price range they can afford to buy in.
The lower the interest rate, the more home a buyer can afford:
5% = $266,000 purchase price
5.5% = $253,000 purchase price
6% = $241,000 purchase price
6.5% = $230,000 purchase price
7% = $220,000 purchase price
Example Buyer is interested in purchasing a $260,000 home today at 5%. Buyer delays making a purchase decision to see if home prices will drop more. However, in this market at this price range, prices are slightly increasing – multiple offers are now commonplace for affordable homes in the $200s.
Weeks pass and now interest rates are in the mid 6s. Buyer can no longer afford to buy this home - at 6.5%, buyer can afford up to $230,000 - the house they love is now out of their reach.
This calculation assumes $100,000 annual household income and 3.5% cash down.
Sep 20, 2009
Home Inspections 101
For any home a buyer is considering buying, it is strongly recommended that they get the home thoroughly inspected. This a cost to the buyer and is paid out of their pocket when the service is completed. Home inspections typically take place within a week of going under contract.
General Home Inspection Is a visual inspection of the home and its major components to identify unsafe conditions and items that are not functioning properly. The home inspector will provide buyer a written report of findings and recommendations for any repairs. Paid to a home inspector once the home is under contract. Cost is typically $200 to $300.
Termite Inspection Is a visual inspection of the home to identify the presence of wood destroying organisms (WDO) and conditions that could lead to future infestation. The termite inspector will provide buyer a written report of findings and recommendations for any repairs. Form NPCA-33 (a “termite letter”) is required by buyer’s lender. Paid to a termite inspector once the home is under contract. Cost is typically $100 to $150.
Mold Inspection Is a visual inspection of the home to identify the presence of mold. The presence of mold in a home is a known health concern. Paid to a mold inspector once the home is under contract. Cost is typically $125 to $175.
Some service providers can provide a “package deal” to provide all three inspections – home, termite and mold – for one flat fee. Cost is typically $300 to $400.
General Home Inspection Is a visual inspection of the home and its major components to identify unsafe conditions and items that are not functioning properly. The home inspector will provide buyer a written report of findings and recommendations for any repairs. Paid to a home inspector once the home is under contract. Cost is typically $200 to $300.
Termite Inspection Is a visual inspection of the home to identify the presence of wood destroying organisms (WDO) and conditions that could lead to future infestation. The termite inspector will provide buyer a written report of findings and recommendations for any repairs. Form NPCA-33 (a “termite letter”) is required by buyer’s lender. Paid to a termite inspector once the home is under contract. Cost is typically $100 to $150.
Mold Inspection Is a visual inspection of the home to identify the presence of mold. The presence of mold in a home is a known health concern. Paid to a mold inspector once the home is under contract. Cost is typically $125 to $175.
Some service providers can provide a “package deal” to provide all three inspections – home, termite and mold – for one flat fee. Cost is typically $300 to $400.
Sep 16, 2009
Benefits of Rate Lock
Interest rates are at historical lows today, but no one can say for certain what rates will be at the end of the week, next week or next month. Interest rates can and do rise, so to eliminate a buyer’s risk of market volatility, buyers should consider locking in their interest rate before close.
Rate locking is optional and at the discretion of the buyer. However, I believe it’s prudent to lock in as soon as possible in the loan application process. The home buying process is full of so many moving parts and variables up until the day of close. Solidifying a critical component such as interest rate is just one less thing to worry about.
Rate locking is optional and at the discretion of the buyer. However, I believe it’s prudent to lock in as soon as possible in the loan application process. The home buying process is full of so many moving parts and variables up until the day of close. Solidifying a critical component such as interest rate is just one less thing to worry about.
Sep 12, 2009
Time Running Out On Short Sales
For a first-time home buyer who wants to take advantage of the $8,000 tax credit, steer clear of short sales - there simply isn't adequate time to pursue this kind of home and close by the Nov 30 deadline.
Short sale homes take a considerable amount of time to close. There is a significant wait time in receiving a response on any offer, then even more time involved in actually closing on the home. Total wait time is unique to each home, but typically is several weeks to a few months.
As a smart alternative, focus on bank-owned homes or ‘traditional’ homes that can respond in a timely manner and can close within 30 to 60 days. You can then be certain that you will be able to take advantage of the $8,000 tax credit available to you as a first time home buyer.
Short sale homes take a considerable amount of time to close. There is a significant wait time in receiving a response on any offer, then even more time involved in actually closing on the home. Total wait time is unique to each home, but typically is several weeks to a few months.
As a smart alternative, focus on bank-owned homes or ‘traditional’ homes that can respond in a timely manner and can close within 30 to 60 days. You can then be certain that you will be able to take advantage of the $8,000 tax credit available to you as a first time home buyer.
Sep 7, 2009
Buying Incentives
How to stand out from the other 40 homes comparable to yours and snag a buyer? Consider offering a buying incentive – it could be just the ticket to make a buyer choose your home over the competition.
Closing Cost Assistance Closing cost assistance is the most appealing, practical incentive to buyers and will make your home stand out. With this incentive, your home will receive more showings and will ultimately sell faster. Closing costs on the buyer’s side are costly and offering assistance, say $2,500 or $5,000 at closing will catch the eye of every buyer.
Buy Down Interest Rate Buying down the interest rate on a buyer’s mortgage is an enormous incentive and provides long-term value and benefits to a buyer. Your buyer will enjoy significant savings per month in their monthly housing payment. One percentage point on a $200,000 loan is a one-time cost of $2,000 to the seller paid at closing and a monthly savings of $120 to the buyer for the life of their loan.
Pay HOA Paying HOA dues for the buyer for a fixed period of time, say six months or 12 months is a great value to buyers. This helps your buyer cover a new monthly expense for a period of time and allows them a little breathing room after closing to get back on their feet financially.
Bonus To Buyer’s Agent Another way to stand out in a market swamped with inventory is to incent the buyer’s agent. A $1,000 or $1,500 bonus to the buyer’s agent at closing will generate increased showings of your home, which will ultimately sell your home faster. If there are ten comparable homes available, but only time to view five of them, offering a bonus to the buyer’s agent is sure to get your home selected for viewing.
Closing Cost Assistance Closing cost assistance is the most appealing, practical incentive to buyers and will make your home stand out. With this incentive, your home will receive more showings and will ultimately sell faster. Closing costs on the buyer’s side are costly and offering assistance, say $2,500 or $5,000 at closing will catch the eye of every buyer.
Buy Down Interest Rate Buying down the interest rate on a buyer’s mortgage is an enormous incentive and provides long-term value and benefits to a buyer. Your buyer will enjoy significant savings per month in their monthly housing payment. One percentage point on a $200,000 loan is a one-time cost of $2,000 to the seller paid at closing and a monthly savings of $120 to the buyer for the life of their loan.
Pay HOA Paying HOA dues for the buyer for a fixed period of time, say six months or 12 months is a great value to buyers. This helps your buyer cover a new monthly expense for a period of time and allows them a little breathing room after closing to get back on their feet financially.
Bonus To Buyer’s Agent Another way to stand out in a market swamped with inventory is to incent the buyer’s agent. A $1,000 or $1,500 bonus to the buyer’s agent at closing will generate increased showings of your home, which will ultimately sell your home faster. If there are ten comparable homes available, but only time to view five of them, offering a bonus to the buyer’s agent is sure to get your home selected for viewing.
Sep 3, 2009
Boost Your Salability
Looking for ideas for some quick and inexpensive home improvements while your home is on the market? These improvements get the most notice and are most appealing to buyers viewing your home.
Curb Appeal A dirty and time-consuming job, but well worth the effort. Weeding, pruning, trimming, new mulch, transferring overgrown plants to larger locations, fresh plants and flowers are simple, quick ways to create instant impact from the moment buyers lay eyes on your home.
Paint Another time-consuming, but inexpensive improvement that will instantly improve the look and feel of any room. A freshly painted room will be noticed by every buyer. Also, wallpaper and wallpaper borders can be removed quickly and at no cost.
Organization Nobody has ever complained about too much organization and storage in a home. Check out the home organization aisle at any home improvement store – there’s an inexpensive, easy to install organizational product for any need from groceries to laundry and toys to pots/pans.
Ceiling Fans I’ve never met a buyer who didn’t love ceiling fans. Ceiling fans are typically the first thing a buyer will notice when entering a room - they’re practical and provide comfort in a home. Ceiling fans are available in every size, shape and style within every budget from $50 on up.
Curb Appeal A dirty and time-consuming job, but well worth the effort. Weeding, pruning, trimming, new mulch, transferring overgrown plants to larger locations, fresh plants and flowers are simple, quick ways to create instant impact from the moment buyers lay eyes on your home.
Paint Another time-consuming, but inexpensive improvement that will instantly improve the look and feel of any room. A freshly painted room will be noticed by every buyer. Also, wallpaper and wallpaper borders can be removed quickly and at no cost.
Organization Nobody has ever complained about too much organization and storage in a home. Check out the home organization aisle at any home improvement store – there’s an inexpensive, easy to install organizational product for any need from groceries to laundry and toys to pots/pans.
Ceiling Fans I’ve never met a buyer who didn’t love ceiling fans. Ceiling fans are typically the first thing a buyer will notice when entering a room - they’re practical and provide comfort in a home. Ceiling fans are available in every size, shape and style within every budget from $50 on up.
Aug 31, 2009
$8,000 Tax Credit Ends Soon
From CNNmoney.com
There's barely three months left before the $8,000 tax credit for first-time buyers ends - and it can take that long to close on your new home.
There's barely three months left before the $8,000 tax credit for first-time buyers ends - and it can take that long to close on your new home.
Aug 20, 2009
Aug 17, 2009
I Want a Deal
The best deals you’ll find today are bank-owned homes. Check out these listings available today, then check back every week for new bargain listings.
- bargain houses
- bargain townhouses
- bargain condos
- bargain houses
- bargain townhouses
- bargain condos
Aug 13, 2009
The Return of Multiple Offers
The multiple offers many sellers enjoyed in the 2005-2006 Orlando real estate boom are back, but only for select homes that show great. A great showing home is still a rare find; however, when they do pop on the market, there is a new trend growing as of this summer – multiple offers.
After two years of overpriced, poor condition homes on the market, this summer has had a sudden surge in multiple offers on homes that are priced right and show well.
Affordable homes priced below $200,000 are seeing the most interest. A $200,000 home purchased now at 5.25% (30 yr fixed) = $1,104 monthly payment. This is cheaper than renting a typical 2/2 rental home in east metro Orlando and why so many first-time buyers are jumping at the opportunity to buy.
This summer, I have seen homes in Avalon Park, Timber Isle and Sanctuary receive four to nine offers each! These were all bargain-priced bank foreclosures or short sale homes that showed very, very well and were in good condition. And multiple offers drive prices up…in fact, these homes ended up selling for $10,000 to $20,000 over list price.
After two years of overpriced, poor condition homes on the market, this summer has had a sudden surge in multiple offers on homes that are priced right and show well.
Affordable homes priced below $200,000 are seeing the most interest. A $200,000 home purchased now at 5.25% (30 yr fixed) = $1,104 monthly payment. This is cheaper than renting a typical 2/2 rental home in east metro Orlando and why so many first-time buyers are jumping at the opportunity to buy.
This summer, I have seen homes in Avalon Park, Timber Isle and Sanctuary receive four to nine offers each! These were all bargain-priced bank foreclosures or short sale homes that showed very, very well and were in good condition. And multiple offers drive prices up…in fact, these homes ended up selling for $10,000 to $20,000 over list price.
Aug 10, 2009
Rookie Home Buyer Mistakes
From wsj.com
Rushing to grab the tax credit and caught up in a bidding war over a distressed property, a first-time home buyer omits the basics.
Rushing to grab the tax credit and caught up in a bidding war over a distressed property, a first-time home buyer omits the basics.
Aug 6, 2009
Nab a First-Time Buyer
From wsj.com
A lived-in, maintained home is easier for buyers to imagine themselves living in than a vacant foreclosure. That has great appeal for someone buying a home for the first time, for practical and financial reasons.
A lived-in, maintained home is easier for buyers to imagine themselves living in than a vacant foreclosure. That has great appeal for someone buying a home for the first time, for practical and financial reasons.
Aug 3, 2009
Home Prices Vs Interest Rates
Price is the most important factor in buying a home, but keep in mind interest rates and how they will affect your monthly payment. Interest rates are historically low today, but no one can tell you what they will be tomorrow.
Considering waiting for home prices to drop further? Check this out:
- Buy today for $200,000 at 5.25% = $1,104 mo pymt
- Buy late 2009 for $180,000 at 6.25% = $1,108 mo pymt (30 yr fixed)
Aug 1, 2009
What I Like To See, Sellers
I understand why buyers today have such a hard time selecting a home. The majority of homes I show to prospective buyers blend in the crowd – there is nothing that sets them apart from any of the other hundreds of homes on the market in east metro Orlando.
As a realtor who views homes day in and day out, it’s a rare home that catches my eye. Let me share with you what I like:
Nobody Home I like when the house is empty a.k.a. “nobody’s home”. This is the only time a buyer will truly let their guard down and soak in your home. A typical showing lasts 15 to 20 minutes with the buyer walking aimlessly around your home taking in different angles and pathways. This simple activity will sell your home. When a seller chooses to remain at home, a buyer will spend maybe two minutes viewing your home and you’ve lost a shot at a buyer. Doesn’t matter if you’re on the front lawn, in the driveway or in the garage – as a seller, you need to make yourself scarce.
Light I like a home drenched with natural light. This means every window treatment open and every light on. This is a welcoming, warm greeting and just provides a good feeling all around. Everyone wants to feel at home, right? For evening showings, it’s even more important to turn on all exterior lighting. There’s nothing more welcoming than pulling up to a home with lights ablaze, window treatments open so you can see inside the home. It’s as if someone’s waiting up for us – it’s very welcoming and very appealing for buyers.
Spotlessly Clean I like a home to be spotlessly clean. There is nothing more exciting than a new home and imagining a new life there for your family. We all want to improve our lives and move forward and buying a new home is a major part of that. A spotlessly clean home sparks imagination and sets the stage for buyers to envision themselves in your home.
As a realtor who views homes day in and day out, it’s a rare home that catches my eye. Let me share with you what I like:
Nobody Home I like when the house is empty a.k.a. “nobody’s home”. This is the only time a buyer will truly let their guard down and soak in your home. A typical showing lasts 15 to 20 minutes with the buyer walking aimlessly around your home taking in different angles and pathways. This simple activity will sell your home. When a seller chooses to remain at home, a buyer will spend maybe two minutes viewing your home and you’ve lost a shot at a buyer. Doesn’t matter if you’re on the front lawn, in the driveway or in the garage – as a seller, you need to make yourself scarce.
Light I like a home drenched with natural light. This means every window treatment open and every light on. This is a welcoming, warm greeting and just provides a good feeling all around. Everyone wants to feel at home, right? For evening showings, it’s even more important to turn on all exterior lighting. There’s nothing more welcoming than pulling up to a home with lights ablaze, window treatments open so you can see inside the home. It’s as if someone’s waiting up for us – it’s very welcoming and very appealing for buyers.
Spotlessly Clean I like a home to be spotlessly clean. There is nothing more exciting than a new home and imagining a new life there for your family. We all want to improve our lives and move forward and buying a new home is a major part of that. A spotlessly clean home sparks imagination and sets the stage for buyers to envision themselves in your home.
Jul 26, 2009
Short Sale May Not Mean You're Home Free
From wsj.com
Financially troubled borrowers may think that foreclosure or a short sale of their home means their mortgage woes are over. Not necessarily.
Some homeowners are finding that when they sell their homes for less than the outstanding mortgages - a so-called short sale - their mortgage companies are going after them for some or all of the difference. Mortgage companies are also sometimes taking legal action to recover unpaid amounts after a foreclosure is completed.
Financially troubled borrowers may think that foreclosure or a short sale of their home means their mortgage woes are over. Not necessarily.
Some homeowners are finding that when they sell their homes for less than the outstanding mortgages - a so-called short sale - their mortgage companies are going after them for some or all of the difference. Mortgage companies are also sometimes taking legal action to recover unpaid amounts after a foreclosure is completed.
Jul 22, 2009
Tax Hits On Short Sales
From wsj.com
For a homeowner who is attempting to complete a short sale on the sale of their home, consider these examples of the tax consequences that you may experience.
For a homeowner who is attempting to complete a short sale on the sale of their home, consider these examples of the tax consequences that you may experience.
Jul 19, 2009
Focus & Refine Your Home Search
Too many choices - this is the problem buyers face today. Dozens upon dozens of homes that fit your general criteria may sound appealing at first. But having too many homes to choose from and viewing too many homes makes house hunting quickly become an overwhelming chore for a buyer.
When working with buyers, I guide them in continually focusing and refining their home search. That way, we spend our valuable time viewing only the very best homes for them. Ultimately, the only thing that matters in a home search is finding a great home at a great value. Here’s how we do it:
Price It’s never necessary for a buyer to max out on their purchase price. I am a firm believer in this. There are great homes to be had at all price levels and I advise buyers to select a great home that they can afford. There’s nothing good about having an incredible home and an empty wallet. Don’t push the upper limits of your price range – sticking to the bottom or middle of your price range will be one of the best decisions you’ll ever make.
Location Where do you want to be? East metro Orlando is probably the biggest “neighborhood” in the city. East Orlando is expansive and encompasses hundreds of subdivisions. As important as price, location needs to be decided up front. Do you want to be within five miles of work, within a certain school zone or near family? Even better - select the specific subdivisions you can see yourself living in.
Short Sales In Or Out? Short sales represent the bulk of homes available today. As a buyer, are you prepared to give a short sale offer the time and patience required? Don’t expect an answer back within a couple of days like you would with a “normal” sale. Responses to short sale offers take much time and patience – I’ve recently seen a two week response, but a longer wait is more typical. In my experience, the average homebuyer doesn’t have the patience to wait for a response. For those folks, I advise to eliminate short sales from their home search.
Amenities You want a pool, but could you live without one? You want a three car garage, but could you live with two? You want a new home, but could you live with a 10-year-old home? You want four bedrooms, but could you live with three? First-time buyers are especially demanding and expect every item on their wish list without exception. But an experienced buyer knows that they will likely find just a few items on their wish list and can work on the home once they move in.
When working with buyers, I guide them in continually focusing and refining their home search. That way, we spend our valuable time viewing only the very best homes for them. Ultimately, the only thing that matters in a home search is finding a great home at a great value. Here’s how we do it:
Price It’s never necessary for a buyer to max out on their purchase price. I am a firm believer in this. There are great homes to be had at all price levels and I advise buyers to select a great home that they can afford. There’s nothing good about having an incredible home and an empty wallet. Don’t push the upper limits of your price range – sticking to the bottom or middle of your price range will be one of the best decisions you’ll ever make.
Location Where do you want to be? East metro Orlando is probably the biggest “neighborhood” in the city. East Orlando is expansive and encompasses hundreds of subdivisions. As important as price, location needs to be decided up front. Do you want to be within five miles of work, within a certain school zone or near family? Even better - select the specific subdivisions you can see yourself living in.
Short Sales In Or Out? Short sales represent the bulk of homes available today. As a buyer, are you prepared to give a short sale offer the time and patience required? Don’t expect an answer back within a couple of days like you would with a “normal” sale. Responses to short sale offers take much time and patience – I’ve recently seen a two week response, but a longer wait is more typical. In my experience, the average homebuyer doesn’t have the patience to wait for a response. For those folks, I advise to eliminate short sales from their home search.
Amenities You want a pool, but could you live without one? You want a three car garage, but could you live with two? You want a new home, but could you live with a 10-year-old home? You want four bedrooms, but could you live with three? First-time buyers are especially demanding and expect every item on their wish list without exception. But an experienced buyer knows that they will likely find just a few items on their wish list and can work on the home once they move in.
Jul 15, 2009
Don’t Go It Alone
I recently met a young woman looking to buy her first place, a condo near downtown. She revealed to me she’s been actively looking for a place for over a year. She’s devoted every minute of her free time to viewing homes with the listing agent or at open houses, driving thru neighborhoods on her way home from work and scouring the internet at work and at home. Unfortunately, she’s reached the point of exhaustion and she’s about to give up on her home search.
I understand her dilemma – house hunting can be exhilarating at first, but without direction, focus and professional guidance can quickly turn house hunting in to a chore. And doing all this work alone – without a realtor – makes it even harder.
Realtors have the one and only source for real-time MLS listings. There is no other web site that compares, regardless of their claims. A realtor’s MLS program will automatically email you new listings and price reductions in your price range the moment they hit the market. Realtors schedule and coordinate showings at your convenience – only available after work, no problem. A realtor represents you in any offer you submit, negotiates on your behalf and gets you under contract quickly. Finally, a realtor guides you through the closing process including appraisal and home inspections and gets your home closed.
All the time and energy this buyer put in to her home search could have been offset by the services of a realtor. My best advice for any seller or buyer today - or in any market – is to work with a realtor every time. Don’t go it alone.
I understand her dilemma – house hunting can be exhilarating at first, but without direction, focus and professional guidance can quickly turn house hunting in to a chore. And doing all this work alone – without a realtor – makes it even harder.
Realtors have the one and only source for real-time MLS listings. There is no other web site that compares, regardless of their claims. A realtor’s MLS program will automatically email you new listings and price reductions in your price range the moment they hit the market. Realtors schedule and coordinate showings at your convenience – only available after work, no problem. A realtor represents you in any offer you submit, negotiates on your behalf and gets you under contract quickly. Finally, a realtor guides you through the closing process including appraisal and home inspections and gets your home closed.
All the time and energy this buyer put in to her home search could have been offset by the services of a realtor. My best advice for any seller or buyer today - or in any market – is to work with a realtor every time. Don’t go it alone.
Jul 10, 2009
Out Of Pocket Expenses For Buyers
Getting ready to buy a new home? Pulling together your down payment is a major undertaking on its own, but don’t forget other critical expenses you’ll need cash for.
The following items are considered “POC” items or Paid Outside Closing. This means these are expenses a buyer needs to pay for out of pocket before closing on their home purchase.
Appraisal Paid to an appraiser once the home is under contract. Cost is typically $250 to $350.
Home Inspection Paid to a home inspector once the home is under contract. Cost is typically $200 to $300.
Termite Inspection Paid to a termite inspector once the home is under contract. Cost is typically $100 to $150.
Mold Inspection Paid to a mold inspector once the home is under contract. Cost is typically $125 to $175.
Some service providers can provide a “package deal” to provide all three inspections – home, termite and mold – for one flat fee. Cost is typically $300 to $400.
Property Insurance Paid to your insurance agent before closing. Cost varies and depends on the kind of home you’re buying, age, construction and amenities.
The following items are considered “POC” items or Paid Outside Closing. This means these are expenses a buyer needs to pay for out of pocket before closing on their home purchase.
Appraisal Paid to an appraiser once the home is under contract. Cost is typically $250 to $350.
Home Inspection Paid to a home inspector once the home is under contract. Cost is typically $200 to $300.
Termite Inspection Paid to a termite inspector once the home is under contract. Cost is typically $100 to $150.
Mold Inspection Paid to a mold inspector once the home is under contract. Cost is typically $125 to $175.
Some service providers can provide a “package deal” to provide all three inspections – home, termite and mold – for one flat fee. Cost is typically $300 to $400.
Property Insurance Paid to your insurance agent before closing. Cost varies and depends on the kind of home you’re buying, age, construction and amenities.
Jul 6, 2009
Beanie Babies In The Window
There’s a vacant, abandoned and neglected house on my street that is an embarrassment to my community. It’s an enormous house sitting empty and neglected for over a year.
The original owners lost the house to foreclosure and the house went from a loved family home to an eyesore literally overnight. By the time the bank took the house over, a year had passed.
Just in the past few months, the house went on the market and quickly sold for an incredible price. On closing day, I saw the caravan driving thru the neighborhood to get to their new house – a uhaul truck and two cars filled to the brim. The caravan arrived at their new home, popped out of the car and straight to the front door. What a welcome sight – a family moving in!
From across the street, I could see piles of boxes and furniture packed in each room. Then I saw the sweetest thing…a row of beanie babies lining the window sill. The little boy who would now call this home had staked his claim.
The original owners lost the house to foreclosure and the house went from a loved family home to an eyesore literally overnight. By the time the bank took the house over, a year had passed.
Just in the past few months, the house went on the market and quickly sold for an incredible price. On closing day, I saw the caravan driving thru the neighborhood to get to their new house – a uhaul truck and two cars filled to the brim. The caravan arrived at their new home, popped out of the car and straight to the front door. What a welcome sight – a family moving in!
From across the street, I could see piles of boxes and furniture packed in each room. Then I saw the sweetest thing…a row of beanie babies lining the window sill. The little boy who would now call this home had staked his claim.
Jul 1, 2009
$8,000 Down Payment Assistance
From Orlando Sentinel.com
Starting today, Florida hopes to stoke its real estate market by becoming one of the few states to offer $8,000 in down payment assistance to qualified homebuyers so they can benefit upfront from a new federal tax credit.
Starting today, Florida hopes to stoke its real estate market by becoming one of the few states to offer $8,000 in down payment assistance to qualified homebuyers so they can benefit upfront from a new federal tax credit.
Jun 26, 2009
Guide To Avoiding Foreclosure
Whether you're in foreclosure now or worried about it in the future, HUD has information that can help.
Jun 21, 2009
What Is CDD?
Have you heard of CDD? Some of the general public knows a CDD means an additional tax on a home, but not much else.
The best way to understand a Community Development District is to look at a real life example. The best known example of this are the new homes in the Lake Nona area. Infrastructure needed to create a new community out of nothing was paid for by a CDD. The most visible amenities include roadways, sidewalks, parks, and police/fire stations.
The CDD may impose property taxes, assessments or both on a home and is entirely separate from county property tax or county assessments.
Typically, homeowners pay their CDDs annually over the course of several years - say 10 or 15 years.
The best way to understand a Community Development District is to look at a real life example. The best known example of this are the new homes in the Lake Nona area. Infrastructure needed to create a new community out of nothing was paid for by a CDD. The most visible amenities include roadways, sidewalks, parks, and police/fire stations.
The CDD may impose property taxes, assessments or both on a home and is entirely separate from county property tax or county assessments.
Typically, homeowners pay their CDDs annually over the course of several years - say 10 or 15 years.
Jun 17, 2009
Short Sales: The Shortcomings
From smartmoney.com
Dealing with the burden of owning a home that's underwater, or worth less than the underlying mortgage, can be financially devastating. Go into foreclosure and the blemish will stay on your credit report for the next seven years. Try to eke by and you put the rest of your finances in danger.
One solution some struggling homeowners turn to in hopes of limiting the financial damage is a short sale. Even though short sales are often frowned upon by lenders, the U.S. government is trying to make them more amenable to such transactions.
Dealing with the burden of owning a home that's underwater, or worth less than the underlying mortgage, can be financially devastating. Go into foreclosure and the blemish will stay on your credit report for the next seven years. Try to eke by and you put the rest of your finances in danger.
One solution some struggling homeowners turn to in hopes of limiting the financial damage is a short sale. Even though short sales are often frowned upon by lenders, the U.S. government is trying to make them more amenable to such transactions.
Jun 14, 2009
A Return To 2002 Home Values
With the continuing drop in home prices, have you considered that your dream neighborhood may now be within reach, buyers?
Take University Estates for example: a four bedroom, two bath 2,500 square foot house on a 1/3 acre lake lot recently sold for $252,000. The last time this house was available in the mid $200s was May 2002, when this same house sold for $244,000.
This is just one real life example that shows what great values are available to buyers today. If you’re considering a first-time home purchase or move-up home – now may be your ideal time.
Take University Estates for example: a four bedroom, two bath 2,500 square foot house on a 1/3 acre lake lot recently sold for $252,000. The last time this house was available in the mid $200s was May 2002, when this same house sold for $244,000.
This is just one real life example that shows what great values are available to buyers today. If you’re considering a first-time home purchase or move-up home – now may be your ideal time.
Jun 10, 2009
$8,000 Fast Cash For First-Time Homebuyers
From CNNmoney.com
There is one big obstacle for many first-time house hunters looking to take advantage of the market: cash for a down payment.
As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time when it's needed.
There is one big obstacle for many first-time house hunters looking to take advantage of the market: cash for a down payment.
As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time when it's needed.
Jun 6, 2009
Can You Handle A Short Sale, Buyers?
If you’re a buyer looking for a good value and have the time and patience needed to complete a short sale purchase, consider a short sale home in east metro Orlando. These homes represent the majority of available homes on the market, so there are numerous homes to choose from.
- single family under $200,000
- single family over $200,000
- townhouse
The majority of sales today are short sales. These homes were purchased by some hearty souls who chose to weather the ups and downs, the delays and the uncertainty of a short sale home - and they walked away with the prize - a good home at a great value. These buyers stuck it out, remained motivated and gave the transaction the time and patience needed. In other words, they rolled the dice and won.
Bear in mind that a typical short sale home requires quite a bit of elbow grease. The average buyer just isn’t cut out for a short sale, but if you’re the kind of person who likes to take on a project, it could work. A short sale home may be just what you’re looking for - something to sink your teeth into – cleaning, painting, yard work and general repairs. I call this “sweat equity”.
Purchase price = est. monthly payment (30 year, 5.375% fixed rate)
$150,000 = $840
$175,000 = $980
$200,000 = $1,120
$225,000 = $1,260
Jun 3, 2009
Incredible Value In Bank-Owned Homes
If you’re a buyer looking for an incredible value, consider a bank-owned home in east metro Orlando. These homes are the most affordable on the market today.
Bear in mind that a typical bank-owned home requires some elbow grease. If you can handle some cleaning, painting, yard work and general repairs in exchange for a great home at a great value…a bank-owned home may be just what you’re looking for.
A bank-owned home can close quickly – no waiting around for a response like in the case of a short sale home. Generally, a bank-owned home can close in 30 to 60 days.
Purchase price = est. monthly payment (30 year, 5.375% fixed rate)
$150,000 = $840
$175,000 = $980
$200,000 = $1,120
$225,000 = $1,260
Bear in mind that a typical bank-owned home requires some elbow grease. If you can handle some cleaning, painting, yard work and general repairs in exchange for a great home at a great value…a bank-owned home may be just what you’re looking for.
A bank-owned home can close quickly – no waiting around for a response like in the case of a short sale home. Generally, a bank-owned home can close in 30 to 60 days.
Purchase price = est. monthly payment (30 year, 5.375% fixed rate)
$150,000 = $840
$175,000 = $980
$200,000 = $1,120
$225,000 = $1,260
May 30, 2009
Vacant Homes Leave Neighbors Feeling Empty
From Orlando Sentinel
Here is an interesting article about the problem of vacant homes in metro Orlando.
Here is an interesting article about the problem of vacant homes in metro Orlando.
May 24, 2009
A Battle Plan for Refinancing Your Mortgage
From The Wall Street Journal
With mortgage rates holding below 5%, there has rarely been a better time to refinance your home. But with a one-two punch of tighter credit and falling prices roiling homeowners, the process has never been more difficult.
With mortgage rates holding below 5%, there has rarely been a better time to refinance your home. But with a one-two punch of tighter credit and falling prices roiling homeowners, the process has never been more difficult.
May 19, 2009
The Cost Of Waiting To Buy
Many real estate practitioners consider today to be a “perfect storm” for home buyers: numerous homes to choose from, affordable home prices, historically low interest rates and an $8,000 tax credit. What more could a buyer ask for?
There is ample opportunity for quality, affordable homes today and prices just seem to be getting better. However, another critical component of buying a home is your interest rate.
Today, we know where rates are at - and they’re incredible for buyers. However, no one knows where rates will be tomorrow, so have you considered your cost of waiting to buy?
Allow me to demonstrate the monthly payment on a $200,000 home (at a 30 year fixed interest rate):
4.75% = $1,043 per month (this is where rates are today)
5.25% = $1,104 per month (a $61 increase over today’s rate)
5.75% = $1,167 per month (a $124 increase over today’s rate)
6.25% = $1,231 per month (a $188 increase over today’s rate)
If you can buy a great $200,000 home today with a $1,043 monthly payment, why would you wait to buy that same home for a $1,231 monthly payment tomorrow?
There is ample opportunity for quality, affordable homes today and prices just seem to be getting better. However, another critical component of buying a home is your interest rate.
Today, we know where rates are at - and they’re incredible for buyers. However, no one knows where rates will be tomorrow, so have you considered your cost of waiting to buy?
Allow me to demonstrate the monthly payment on a $200,000 home (at a 30 year fixed interest rate):
4.75% = $1,043 per month (this is where rates are today)
5.25% = $1,104 per month (a $61 increase over today’s rate)
5.75% = $1,167 per month (a $124 increase over today’s rate)
6.25% = $1,231 per month (a $188 increase over today’s rate)
If you can buy a great $200,000 home today with a $1,043 monthly payment, why would you wait to buy that same home for a $1,231 monthly payment tomorrow?
May 14, 2009
Notable Trends
As an active participant in the east metro Orlando real estate market, the past month has revealed a couple of notable trends that I would like to share. These trends stand out to me because they’re one of few positive changes that have taken place in our area in the past couple of years.
Home Inventory Down I have seen a notable drop in home inventory levels. Sales are closing – including numerous short sales and bank-owned properties. Buyers still have dozens of similar homes to choose from; however, the only homes that are moving are ones that are priced in line with the market. Over-priced homes don’t stand a chance and quickly go stale with no showings and no potential offers.
Moderately Priced Home Sales Up I have seen a notable increase in sales of homes priced $250,000 and under. The majority of these sales are first-time homebuyers, second home purchases and investors. There are thousands of quality, moderately priced homes available today. I also think move-up buyers would benefit from today’s real estate market – get out there and find a great new home!
First-Time Home Buyer Galore I have seen a notable increase in first-time home buyers in the market. Many practitioners consider today to be a “perfect storm” for first-time home buyers: numerous homes to choose from, affordable home prices, historically low interest rates and an $8,000 tax credit. What more could a buyer ask for?
Short Sales Less Painful I have see a notable improvement in the short sale process. A year ago, a typical short sale offer didn’t even receive a response from the homeowner/lender. Now I am seeing short sale offers being responded to - and most importantly, approved by the lender - within a couple weeks max. For those buyers who have the patience, a short sale home could very well be worth your while.
Home Inventory Down I have seen a notable drop in home inventory levels. Sales are closing – including numerous short sales and bank-owned properties. Buyers still have dozens of similar homes to choose from; however, the only homes that are moving are ones that are priced in line with the market. Over-priced homes don’t stand a chance and quickly go stale with no showings and no potential offers.
Moderately Priced Home Sales Up I have seen a notable increase in sales of homes priced $250,000 and under. The majority of these sales are first-time homebuyers, second home purchases and investors. There are thousands of quality, moderately priced homes available today. I also think move-up buyers would benefit from today’s real estate market – get out there and find a great new home!
First-Time Home Buyer Galore I have seen a notable increase in first-time home buyers in the market. Many practitioners consider today to be a “perfect storm” for first-time home buyers: numerous homes to choose from, affordable home prices, historically low interest rates and an $8,000 tax credit. What more could a buyer ask for?
Short Sales Less Painful I have see a notable improvement in the short sale process. A year ago, a typical short sale offer didn’t even receive a response from the homeowner/lender. Now I am seeing short sale offers being responded to - and most importantly, approved by the lender - within a couple weeks max. For those buyers who have the patience, a short sale home could very well be worth your while.
May 9, 2009
Ideal Time To Sell: Holidays
As we approach Memorial Day, I am reminded of an odd experience I had working with a buyer over a “holiday” weekend.
I worked with an out-of-state buyer on Superbowl Sunday. They had a tight time frame, their checkbook and a pre-approval letter - they were there to buy. I attempted to schedule eight showings several days in advance. Still, five of eight sellers denied the showing request because “we are having a Superbowl party”. The buyer saw three of the homes on their list and made a full price offer on one of them the following morning.
There is an incorrect assumption that buyers don’t house hunt during the holidays; this could not be further from the truth. “Buyers take time off, too” and “everyone leaves town for such-and-such holiday” are seller misconceptions. In reality, any extended weekend - national holidays, federal holidays and school closings – is an ideal time to sell your home.
Buyers Have Time & Energy A ready, willing and able buyer wants to house hunt when they have the time and energy for it. A serious buyer will plan an outing with their agent well in advance. These buyers come armed with a good agent, their checkbook and a pre-approval letter. Isn’t this exactly the kind of buyer you’re looking for?
Minimal Competition There is a limited number of homes available for showing – and therefore, minimal competition - during the holidays. A majority of sellers “close up shop” during the holidays. Some sellers go out of town and choose to deny showings while they are away. And other sellers remain home, but choose to deny showings because they are at home with their families and don’t want to deal with the inconvenience of showings.
There are several federal holidays approaching that will provide many buyers with an extended weekend to house hunt and potentially buy your home.
- Mon 5/25/2009 Memorial Day
- Sat 7/4/2009 4th of July
- Mon 9/7/2009 Labor Day
I worked with an out-of-state buyer on Superbowl Sunday. They had a tight time frame, their checkbook and a pre-approval letter - they were there to buy. I attempted to schedule eight showings several days in advance. Still, five of eight sellers denied the showing request because “we are having a Superbowl party”. The buyer saw three of the homes on their list and made a full price offer on one of them the following morning.
There is an incorrect assumption that buyers don’t house hunt during the holidays; this could not be further from the truth. “Buyers take time off, too” and “everyone leaves town for such-and-such holiday” are seller misconceptions. In reality, any extended weekend - national holidays, federal holidays and school closings – is an ideal time to sell your home.
Buyers Have Time & Energy A ready, willing and able buyer wants to house hunt when they have the time and energy for it. A serious buyer will plan an outing with their agent well in advance. These buyers come armed with a good agent, their checkbook and a pre-approval letter. Isn’t this exactly the kind of buyer you’re looking for?
Minimal Competition There is a limited number of homes available for showing – and therefore, minimal competition - during the holidays. A majority of sellers “close up shop” during the holidays. Some sellers go out of town and choose to deny showings while they are away. And other sellers remain home, but choose to deny showings because they are at home with their families and don’t want to deal with the inconvenience of showings.
There are several federal holidays approaching that will provide many buyers with an extended weekend to house hunt and potentially buy your home.
- Mon 5/25/2009 Memorial Day
- Sat 7/4/2009 4th of July
- Mon 9/7/2009 Labor Day
May 1, 2009
Making Home Affordable Program
Homeowners who are having trouble making their monthly mortgage payments may be able to get some relief by modifying the terms of their loans.
But borrowers may have a difficult time determining if they qualify for a loan modification in large part because loan modification guidelines are not always widely available and busy lenders often have little time to explain them to customers.
The new Making Home Affordable program was released by the US Treasury to help up to seven to nine million US homeowners stay in their homes. This free service can help you find out if you may be eligible for mortgage relief under the MHA Program and if you can receive free credit counseling.
But borrowers may have a difficult time determining if they qualify for a loan modification in large part because loan modification guidelines are not always widely available and busy lenders often have little time to explain them to customers.
The new Making Home Affordable program was released by the US Treasury to help up to seven to nine million US homeowners stay in their homes. This free service can help you find out if you may be eligible for mortgage relief under the MHA Program and if you can receive free credit counseling.
Apr 28, 2009
Foreclosure Guide For Buyers
So you're looking for a bargain in a sea of foreclosures? It won't be easy. Buying a foreclosure is tricky, but if you do your homework and follow these steps, you can land a great deal on a home.
Apr 24, 2009
Apr 22, 2009
First-Time Homebuyers: $8,000 Tax Credit
A tax credit of up to $8,000 is available for qualified first-time homebuyers purchasing a principal residence this year.
Apr 16, 2009
Home Buying Checklist
For anyone considering buying a home, here is a helpful home buying checklist. This is a good tool for understanding the many details involved in buying a home.
Apr 14, 2009
The Return of Affordable Homes
For first time home buyers or move up buyers, the Orlando real estate market has brought a welcome return of affordable homes across east metro Orlando neighborhoods.
Throughout several quality neighborhoods, there are over 70 single family homes listed at $200,000 or less. There is a large array of homes to choose from and historically low interest rates – in a nutshell, it’s a fine to buy.
For example, on a $200,000 home purchase today, the monthly payment (including property tax, property insurance and HOA) is an estimated $1,267.
Throughout several quality neighborhoods, there are over 70 single family homes listed at $200,000 or less. There is a large array of homes to choose from and historically low interest rates – in a nutshell, it’s a fine to buy.
For example, on a $200,000 home purchase today, the monthly payment (including property tax, property insurance and HOA) is an estimated $1,267.
Apr 9, 2009
Tend Your Garden
From The Wall Street Journal
Preparing to put your home on the market means that you not only have to stage your home's interior to impress potential buyers, but you have to spruce up your yard, too.
Preparing to put your home on the market means that you not only have to stage your home's interior to impress potential buyers, but you have to spruce up your yard, too.
Mar 27, 2009
Typical Selling Expenses
By Tammy Stoner, FrontDoor.com
When selling your home, it pays to look at the complete financial picture so you are ready to deal. Make a list of the costs of selling your house including:
Realtor Commission There's a 4% to 7% commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5% and 6%, but it can go as high as 10% on vacant land deals. It's a considerable amount of money. If you sell your house for $300,000, the standard 6% cut for the agent will be $18,000.
Closing Costs These can add up to 2% to 5% of the purchase price and include title transfer, any county transfer taxes, escrow charges and other miscellaneous fees.
Property Taxes If you didn't pay all of your property taxes before you sell a house, a prorated tax amount will be included in closing costs. Note: If you pay out of an impound tax (that's an amount tacked on to your monthly mortgage), this does not apply, since your taxes will be paid up-to-date.
Home Warranty Often the seller buys a yearlong home warranty for the buyer.
Pest Inspection Don't worry, this doesn't include a judgment of your nosy neighbor. Just termites.
Repairs Although the buyer pays for the home inspection, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.
When selling your home, it pays to look at the complete financial picture so you are ready to deal. Make a list of the costs of selling your house including:
Realtor Commission There's a 4% to 7% commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5% and 6%, but it can go as high as 10% on vacant land deals. It's a considerable amount of money. If you sell your house for $300,000, the standard 6% cut for the agent will be $18,000.
Closing Costs These can add up to 2% to 5% of the purchase price and include title transfer, any county transfer taxes, escrow charges and other miscellaneous fees.
Property Taxes If you didn't pay all of your property taxes before you sell a house, a prorated tax amount will be included in closing costs. Note: If you pay out of an impound tax (that's an amount tacked on to your monthly mortgage), this does not apply, since your taxes will be paid up-to-date.
Home Warranty Often the seller buys a yearlong home warranty for the buyer.
Pest Inspection Don't worry, this doesn't include a judgment of your nosy neighbor. Just termites.
Repairs Although the buyer pays for the home inspection, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.
Mar 23, 2009
Saving Energy On The Cheap
From The Wall Street Journal
Looking for easy ways to save on your home’s energy costs? Little steps work reports this author who is on track to save $500 this year.
Looking for easy ways to save on your home’s energy costs? Little steps work reports this author who is on track to save $500 this year.
Mar 19, 2009
Rolling The Dice
From the buyers I’ve worked with who’ve attempted to snag a great deal on a short sale or bank owned home, nine out of ten of them ended up empty handed.
I am coming across more and more buyers who are turned off by the “great deals” that short sale or bank owned homes are reputed to have. This is due to the sales process of submitting an offer on a short sale or bank owned home – the waiting, hoping, delay upon delay and lack of communication. This is more than the average buyer can bear.
However, home sales continue today with the majority of transactions being short sales or bank owned homes. These homes were purchased by a few hearty souls who chose to weather the ups and downs, the delays and the uncertainty of a short sale or bank owned home - and they walked away with the prize - a good home at a great value. These buyers stuck it out, remained motivated and gave the transaction the time and patience needed. In other words, they rolled the dice and won.
I am coming across more and more buyers who are turned off by the “great deals” that short sale or bank owned homes are reputed to have. This is due to the sales process of submitting an offer on a short sale or bank owned home – the waiting, hoping, delay upon delay and lack of communication. This is more than the average buyer can bear.
However, home sales continue today with the majority of transactions being short sales or bank owned homes. These homes were purchased by a few hearty souls who chose to weather the ups and downs, the delays and the uncertainty of a short sale or bank owned home - and they walked away with the prize - a good home at a great value. These buyers stuck it out, remained motivated and gave the transaction the time and patience needed. In other words, they rolled the dice and won.
Mar 16, 2009
What Home Repair Novices Need To Know
From The New York Times
Think fast: where are your main water, electrical and gas shutoffs? If you know only one or two things about your home, it should be where these handles, valves or switches are and how to quickly turn them off if needed in the case of home repairs and serious weather.
Think fast: where are your main water, electrical and gas shutoffs? If you know only one or two things about your home, it should be where these handles, valves or switches are and how to quickly turn them off if needed in the case of home repairs and serious weather.
Mar 6, 2009
Home Improvements To Splurge On
As most folks plan to remain in their current home until the real estate market improves, they will want to continue to improve their home for their own enjoyment and financial return. What home improvements are worth your time, energy and money today that will be in demand by buyers tomorrow?
Kitchen The heart of a home and the room that weighs heaviest in a buyer’s purchase decision, every dollar you put in to your kitchen will come back to you and then some – at minimum, you can expect a 100% return.
Baths Just like the kitchen, baths are the strongest selling features of a home and an updated, contemporary bath will stand out in the mind of buyers. Over the top finishes and fixtures are not necessary – simple and classic never go out of style.
Hardwood Floors With a warm look and feel, hardwood floors are a stand out for buyers and are likely to be the deciding factor in their purchase decision.
Master Suite A master bedroom with an attached private bath has become standard issue for many buyers and many would not consider a home with it.
Storage Convenient, clean and accessible storage (no dark attics or dusty basements) is a premium buyers will pay for. Sneak in additional storage on the wall space above the washer/dryer; a kitchen pantry or lazy susan; a medicine cabinet; bedroom closet organizational systems.
Curb Appeal A neat, tidy and cared for exterior will stand out from the pack for any buyer. Homes with strong curb appeal will get the most showings, so every dollar invested will serve you well.
In-Law Suite A return to multi-generational households is becoming more prevalent in mainstream American culture. Living with family is option many older Americans enjoy in their healthy and strong golden years.
Kitchen The heart of a home and the room that weighs heaviest in a buyer’s purchase decision, every dollar you put in to your kitchen will come back to you and then some – at minimum, you can expect a 100% return.
Baths Just like the kitchen, baths are the strongest selling features of a home and an updated, contemporary bath will stand out in the mind of buyers. Over the top finishes and fixtures are not necessary – simple and classic never go out of style.
Hardwood Floors With a warm look and feel, hardwood floors are a stand out for buyers and are likely to be the deciding factor in their purchase decision.
Master Suite A master bedroom with an attached private bath has become standard issue for many buyers and many would not consider a home with it.
Storage Convenient, clean and accessible storage (no dark attics or dusty basements) is a premium buyers will pay for. Sneak in additional storage on the wall space above the washer/dryer; a kitchen pantry or lazy susan; a medicine cabinet; bedroom closet organizational systems.
Curb Appeal A neat, tidy and cared for exterior will stand out from the pack for any buyer. Homes with strong curb appeal will get the most showings, so every dollar invested will serve you well.
In-Law Suite A return to multi-generational households is becoming more prevalent in mainstream American culture. Living with family is option many older Americans enjoy in their healthy and strong golden years.
Mar 3, 2009
Bring Wildlife To Your Backyard
By Joel M Lerner, Washington Post
A natural garden can create a home for birds, butterflies, bees, chipmunks, rabbits, turtles, frogs, snakes, bats and more - all while requiring less pruning and preening. But it takes the right flora to get the fauna to appear.
When creating a natural garden, keep in mind the three requirements for all animals: food, water and shelter. A shrub or tree can provide shelter for offspring.
A pool with a shallow area is good for toads and turtles, while puddles on flat rocks give butterflies a chance to relax and have a drink. Chipmunks like tunnels, birds like safe nesting places, snakes like rocks (remember that as you lift one), and a host of wildlife will live in hollow logs and brush piles.
Here are some guidelines to make your property attractive to wildlife:
- Plant a variety of shrubs, grasses, flowers and trees that provide nectar, nuts, seeds and berries.
- Provide water. If you don't have room for a pond, a birdbath will do. Leave open space around it so birds can see predators coming and fly away.
- Reduce lawn space. Lawns are largely useless to wildlife - there's no food, no place to hide and no shelter.
- Provide a variety of materials useful to birds building nests, including thin twigs, short lengths of thread, feathers, dryer lint, short strips of fabric or dog hair.
Feb 27, 2009
The Realtor Difference: Comfort Zone
Many buyers find the home buying process intimidating and out of their comfort zone – that is why buyers chose to work with realtors (64% of metro Orlando buyers purchased their home through an agent/broker in 2007). A realtor can create an effective emotional buffer between buyer and seller and act as an objective party in negotiations to ultimately create a win-win purchase contract and to bring the transaction to an on time closing. The fact is buying a home is an emotional purchase. Few people buy or sell anything else as expensive as a home in their lifetime.
Feb 25, 2009
‘Neutral’ Doesn’t Have To Be Beige
Feb 20, 2009
Why Do I Need Homeowner’s Insurance?
Your home is your single most valuable possession and your biggest investment. Homeowner’s insurance protects that investment as well as you, your family members and your household possessions.
Homeowner’s insurance is protection against the uncertainties of day-to-day living. If you were to lose your home in a fire or a hurricane or have the contents of your home damaged or stolen, the average person could not afford to replace everything all at once. If your neighbor sued you for an injury that took place on your lawn, the cost of defending a lawsuit could run thousands of dollars in legal expenses.
All of these situations are covered by homeowner’s insurance. While it may be unpleasant to think about these uncertainties, unfortunately these events can and do happen.
Another key reason to buy homeowner’s insurance is that lenders require it. No lender will lend you a large amount of money on your home purchase without proper homeowner’s insurance in place to protect that investment.
Homeowner’s insurance is protection against the uncertainties of day-to-day living. If you were to lose your home in a fire or a hurricane or have the contents of your home damaged or stolen, the average person could not afford to replace everything all at once. If your neighbor sued you for an injury that took place on your lawn, the cost of defending a lawsuit could run thousands of dollars in legal expenses.
All of these situations are covered by homeowner’s insurance. While it may be unpleasant to think about these uncertainties, unfortunately these events can and do happen.
Another key reason to buy homeowner’s insurance is that lenders require it. No lender will lend you a large amount of money on your home purchase without proper homeowner’s insurance in place to protect that investment.
Feb 17, 2009
What Buyers Are Asking For
From CNNMoney.com
A rock-bottom price just isn't enough for buyers these days - it's a starting point. If the furnace is out of date, they'll demand a new one. Cracked driveways have to be repaved. Dirty carpeting torn out and replaced - all at the seller's expense.
A rock-bottom price just isn't enough for buyers these days - it's a starting point. If the furnace is out of date, they'll demand a new one. Cracked driveways have to be repaved. Dirty carpeting torn out and replaced - all at the seller's expense.
Feb 11, 2009
One In Six Homes ‘Under Water’
From The Wall Street Journal
The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on their mortgage than their home is worth, raising the possibility a greater increase in defaults.
Having more homeowners under water is likely to mean more eventual foreclosures because it is hard for borrowers in financial trouble to refinance or sell their homes and pay off their mortgage if their debt exceeds their home's value. A foreclosed home, in turn, tends to lower the value of other homes in its neighborhood.
The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on their mortgage than their home is worth, raising the possibility a greater increase in defaults.
Having more homeowners under water is likely to mean more eventual foreclosures because it is hard for borrowers in financial trouble to refinance or sell their homes and pay off their mortgage if their debt exceeds their home's value. A foreclosed home, in turn, tends to lower the value of other homes in its neighborhood.
Feb 6, 2009
Freestyle Your Home
Now is the time to think twice before spending, to be frugal and resourceful. So before spending another dime on home decor, consider a smart alternative - “freestyling”.
Freestyling is a creative process where you use what you already have in new, different and unexpected ways:
– swapping out a painting / rug / mirror / pottery / lamp for another from another room
- trying out your decor in an unexpected place, say your bathroom or hallway
- digging in the back of your closets for long-lost decor and putting it to use
- rearranging furniture within a room or to another room
- mixing styles
When I freestyle my home, the process typically gets in to some organizing, de-cluttering and general purging. I find freestyling to be a fun and satisfying process. It’s a great way to spend a lazy day at home. Highly recommended!
Freestyling is a creative process where you use what you already have in new, different and unexpected ways:
– swapping out a painting / rug / mirror / pottery / lamp for another from another room
- trying out your decor in an unexpected place, say your bathroom or hallway
- digging in the back of your closets for long-lost decor and putting it to use
- rearranging furniture within a room or to another room
- mixing styles
When I freestyle my home, the process typically gets in to some organizing, de-cluttering and general purging. I find freestyling to be a fun and satisfying process. It’s a great way to spend a lazy day at home. Highly recommended!
Feb 3, 2009
Make The Most Out Of Your Space
From McClatchy Newspapers
Make the most of your current home by finding extra space to utilize for living and storage.
Make the most of your current home by finding extra space to utilize for living and storage.
Jan 30, 2009
Your MLS Listing: What Not To Do
In the buyer’s market of 2009, it is a shame that many MLS listings continue to fall flat. These weak listings do not capture a buyer’s attention and actually detract from a home’s appeal.
Here are some of the most common practices of what not to do with your MLS listing:
One Photo Listings with one photo are an inconvenience to a buyer and they will easily lose any potential interest they may have in a showing.
Poor Quality Photos Listings with blurry or dark photos, and photos of furniture (not the actual room) are a hassle to a buyer and they will easily lose any potential interest they may have in a showing.
Missing Features Listings may have special features that are not readily known to a buyer such as “nature view” or “mature landscaping”. These kinds of features are desirable and should be disclosed.
Blank Listings with no descriptions are quickly bypassed without a second thought. No buyer will guess at what a home has to offer.
Too Much To List Listings with the phrase “too many upgrades to list” serve no purpose. This is the equivalent of a listing with no information – you’re not telling a buyer anything.
Subjective Adjectives Listings with so many subjective adjectives (lovely, gorgeous, perfect) that the objective facts are left off (three bedrooms, pool, square footage) don’t serve the home well. Let a buyer determine what’s “perfect” for them - a buyer may view your “perfect” master bath as their first remodeling project.
ALL CAPS Listings with descriptions in all capitalized letters are hard to read. After a few seconds of attempting to read, an average buyer will move on to the next listing.
Here are some of the most common practices of what not to do with your MLS listing:
One Photo Listings with one photo are an inconvenience to a buyer and they will easily lose any potential interest they may have in a showing.
Poor Quality Photos Listings with blurry or dark photos, and photos of furniture (not the actual room) are a hassle to a buyer and they will easily lose any potential interest they may have in a showing.
Missing Features Listings may have special features that are not readily known to a buyer such as “nature view” or “mature landscaping”. These kinds of features are desirable and should be disclosed.
Blank Listings with no descriptions are quickly bypassed without a second thought. No buyer will guess at what a home has to offer.
Too Much To List Listings with the phrase “too many upgrades to list” serve no purpose. This is the equivalent of a listing with no information – you’re not telling a buyer anything.
Subjective Adjectives Listings with so many subjective adjectives (lovely, gorgeous, perfect) that the objective facts are left off (three bedrooms, pool, square footage) don’t serve the home well. Let a buyer determine what’s “perfect” for them - a buyer may view your “perfect” master bath as their first remodeling project.
ALL CAPS Listings with descriptions in all capitalized letters are hard to read. After a few seconds of attempting to read, an average buyer will move on to the next listing.
Jan 27, 2009
The Value Of Title Insurance
Consider these two scenarios:
After four months on the market, you’ve accepted a strong offer from a buyer to close in 60 days. The transaction is moving towards closing when out of the blue, your agent informs you that the title company has discovered a cloud on title and your closing will be held up until the issue is resolved.
Your family has enjoyed living in your home for over ten years. One day out of the blue, you receive a letter from an attorney representing the previous owner’s adult child claiming they inherited the home from their mother – and they want you out.
Though rare, these situations can occur to any homeowner unexpectedly. This is precisely the reason a homeowner obtains title insurance when purchasing a home.
Title insurance is an insurance policy that guarantees your home’s title is free from hidden liens and claims on ownership.
A title insurance company provides title insurance and is responsible to search public records to determine if any liens or claims on title exist.
The one-time fee for title insurance customarily is included on the HUD (closing statement) and provides title protection to you indefinitely.
Potential hidden title problems a title insurance company may uncover include:
- Tax liens
- Mechanic liens
- Errors or omissions in deeds
- Mistakes in examining records
- Forgery
- Undisclosed heirs
After four months on the market, you’ve accepted a strong offer from a buyer to close in 60 days. The transaction is moving towards closing when out of the blue, your agent informs you that the title company has discovered a cloud on title and your closing will be held up until the issue is resolved.
Your family has enjoyed living in your home for over ten years. One day out of the blue, you receive a letter from an attorney representing the previous owner’s adult child claiming they inherited the home from their mother – and they want you out.
Though rare, these situations can occur to any homeowner unexpectedly. This is precisely the reason a homeowner obtains title insurance when purchasing a home.
Title insurance is an insurance policy that guarantees your home’s title is free from hidden liens and claims on ownership.
A title insurance company provides title insurance and is responsible to search public records to determine if any liens or claims on title exist.
The one-time fee for title insurance customarily is included on the HUD (closing statement) and provides title protection to you indefinitely.
Potential hidden title problems a title insurance company may uncover include:
- Tax liens
- Mechanic liens
- Errors or omissions in deeds
- Mistakes in examining records
- Forgery
- Undisclosed heirs
Jan 21, 2009
The Realtor Difference: Good Homes Priced Right Sell
A realtor will prepare a Comparative Market Analysis of your home to determine the strongest supported price to list your home at. A realtor will analyze the amenities and features of your home compared to similar active, under contract, sold and expired homes in your neighborhood and nearby area from the recent past. A realtor has current “in the trenches” experience with buyers and knows the strongest selling features that buyers want and will pay top dollar for. In order to sell your home for maximum dollars in minimum time with minimum hassle, your home needs to be priced right – that is, priced according to today’s market - not what your home was worth at its peak. In fact, overpricing your home is a sure way to deter prospective buyers – they won’t even request a showing.
Jan 15, 2009
When Your HELOC Freezes Over
From CNNMoney.com
Tens of thousands of homeowners have been shut off from their home equity line of credit (HELOC) as lenders try to stem losses from subprime mortgages.
Not all HELOCs will be frozen or downgraded, but you can be sure lenders will scrutinize every account - including yours.
Tens of thousands of homeowners have been shut off from their home equity line of credit (HELOC) as lenders try to stem losses from subprime mortgages.
Not all HELOCs will be frozen or downgraded, but you can be sure lenders will scrutinize every account - including yours.
Jan 9, 2009
Tools To Build Sweat Equity
From CNNMoney.com
Whatever happens to the housing market, one real-estate strategy is still recession-proof: do-it-yourself home improvements.
Building sweat equity costs a fraction of what you'd pay a contractor for the same job because you only need to buy materials and the right tools. Most weekend projects don't require specialty tools, just a few good multi-taskers.
Here are six low-cost and easy-to-use basics that can handle the toughest jobs on your to-do list.
Whatever happens to the housing market, one real-estate strategy is still recession-proof: do-it-yourself home improvements.
Building sweat equity costs a fraction of what you'd pay a contractor for the same job because you only need to buy materials and the right tools. Most weekend projects don't require specialty tools, just a few good multi-taskers.
Here are six low-cost and easy-to-use basics that can handle the toughest jobs on your to-do list.
Jan 5, 2009
Customize A Spec Kitchen
Turn a boring kitchen into a custom work of art with inspiration from these five creative remodels.
Jan 1, 2009
Remodel On The Cheap
From CNNMoney.com
Buy used – you will save a bundle and secondhand merchandise is often higher quality than you can get in a store. Here are four ways to save.
Buy used – you will save a bundle and secondhand merchandise is often higher quality than you can get in a store. Here are four ways to save.
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