Winter Is Approaching … Is your Home Ready?

Winter Is Approaching … Is your Home Ready?





Autumn winds blow a chilly reminder that winter is fast approaching. Perform the following maintenance tips each fall to protect your property's value and prevent major repairs.

Roof, Gutters and Downspouts

Rain, ice, snow and wind can all cause damage to your roof and gutters. Now’s the time to trim back all tree limbs and vegetation away from the roof. You also should remove debris, such as leaves and sticks from your gutters and downspouts. Clogged gutters don’t allow water to properly drain away from the home, which can cause seepage in your ceilings and walls. You can also invest in gutter guards, a screen that prevents debris from entering the gutter and directs the flow of water away from the house and into the ground.
Water Heater

You don’t want to find out that your water heater isn’t operating properly when you need it most. So use this time to perform an annual inspection, which includes having your tank’s pressure and temperature relief valve checked. In addition, remove sediment from the bottom of the tank by draining two gallons of water to improve heat transfer and the efficiency of your heater.
Heating and Cooling System

If you have a forced warm-air heating system, you should check the exhaust vent and air shutter openings for dirt and dust. Clean any lint and dirt from the blower blades, motor and burner (if you have a gas heater). Vacuum air passages and check and replace, if necessary, fan belts. To prevent airborne dirt from circulating throughout your home, wash out your reusable filter or replace it if it’s disposable.
Doors and Windows

To help control heating costs, make sure your doors and windows are properly sealed. Now is the time to repair or replace weather stripping around door bottoms and jambs and window frames. Check for loose or missing glazing putty and caulking for deterioration. If you have storm windows, install them.
Water Pipes


Frozen or burst pipes can cause major damage to your home and be expensive to remedy. Before frigid weather hits, protect your pipes in unheated areas from freezing by adding insulation, which reduces heat loss from hot-water pipes and condensation on cold water pipes. This can be accomplished by wrapping the pipes with heating tape or blanket insulation and duct tape or by encasing the pipes with preformed plastic foam. In addition, examine your pipes for cracks and leaks.
Fireplace

Before you light the logs and get ready to settle in front of a cozy fire, make sure that your fireplace is in good working order. Clean the chimney flue and, if needed, have it inspected and repaired. Check the seal on your flue, which is designed to keep out drafts. Replace the seal if it is loose or damaged.
If you decide to perform the fall maintenance yourself, disconnect the power for any electrical or gas systems. In addition, before inspecting, cleaning or making any repairs refer to your owner’s manual for all equipment for proper instructions, which should be the final authority on any maintenance.

Outdoor Surfaces and Landscaping

Fall is also a great time to seal your driveways, wood patios and other hardscape surfaces. In addition, prune tree branches away from your home and electrical wires. Plant spring flower bulbs and move sensitive potted plants indoors.
Although this list is merely a guide, it can help you keep your home in good shape and have a winter free of major repairs.






Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Why Isn't My Home Selling

Why Isn't My Home Selling? Price is the No. 1 culprit If your answer is price, you’ll be right a good majority of the time. If your home isn’t selling, buyers think the value of your house is less than the price you want.For all the time and effort that goes into buying and selling, the economics of the process is relatively simple. Anything is only worth what a buyer is willing to pay and a seller willing to accept. This is the same whether it’s a pack of baseball cards or a $1 million house.Although the economics may be simple, arriving at that magic price is difficult. Just think of the cost, time and energy that companies put into pricing a product so it succeeds in the marketplace. It’s no different in real estate.If you’ve taken the time to educate yourself on the local market and are diligent in hiring a professional agent, and are willing to listen to her, you can get a lot closer to the magic number. But you are setting yourself up for disaster if you don’t do your homework and go with what you “feel” your house is worth. Worse yet, is interviewing agents and choosing one solely because she says she can get you more than what the other agents think the house will sell for.These are some of the most common mistakes sellers make when setting a price: Price based on need What you want to make from selling your home means absolutely nothing to buyers or the marketplace. So setting a price based on what you want so you can retire, move up, start a business, etc. will almost certainly fail. Price based on ego Your neighbor sold for $200,000 last year so you want $210,000 because you “know” your house is better. Regardless that the market dropped five percent since your neighbor sold. Nearly every owner thinks their house is the best on the block, or at least better than any of the ones that have recently sold or are on the market. Unfortunately for sellers, your opinion doesn’t carry any weight with buyers. Only their opinion matters. Price based on greed Even if it’s been shown that your house will likely sell for around $250,000, you insist on listing it for $275,000 because “you never know, someone could come along who just has to have it. Besides, if we don’t get any bites we can always lower the price later.” The problem is it won’t take long for buyers to realize your price is unrealistic and think you are, too, and won’t want to deal with you unless the house is “a steal.” The listing languishes, so you drop the price, but not enough, it sits even longer and pretty soon you have a listing that’s been on the market so long buyers decide there is something wrong and steer clear. The solution is to get the price right. This is done by using what is called a Competitive Market Analysis (CMA). If you’ve hired the right agent, this is the first folder out of their briefcase when you meet to list your home. A CMA breaks down the sales price of homes that are similar to yours in location, size, age and condition.Your agent will also consider the listing prices of homes on the market, but these are used more to identify the competition. Even with a strong agent and CMA, your price may not be on target. That’s because the market is always changing and your agent should be updating your CMA whenever anything comparable to your property sells.Not every reason your home isn’t selling will be the price, although they will be related to it. Here we have that value vs. price issue. If buyers perceive imperfections in your listing, they will want a discount, so if they’re not buying, your price is not discounted enough for buyers to believe the value to them at least equals that of your price.For example, if your lawn is brown and the landscaping worn, buyers will want a discount. The problem is that a seller will not consider this a major issue and attach a much lower discount than a buyer will accept.This is why it is imperative that sellers do everything they can to eliminate any issues buyers may have with their house before listing. Obviously, you can’t do anything about a bad location, such as being near railroad tracks, or that you have just one bathroom. But you and your agent should have factored these drawbacks into the listing price. Here are some of the most common reasons buyers are turned off by a particular house, so make sure these are addressed before lopping thousands of dollars off the asking price: Put on a good showThis is the second biggest reason a home isn’t selling. Buyers often talk of “connecting” to a house. This is not likely to happen if your house is not company-coming-over clean and ready to show like a model. This goes for the outside as well. If you don’t want to put the effort into doing this, then you’d better adjust your price to compensate because buyers will only consider your house because it’s a good deal, not because it “speaks to them.”Can’t buy what they can’t seeIf you make it difficult for people to see your property, then chances of a sale at the price you want drops considerably. Selling can be a nuisance, but it’s a necessary one. If you don’t allow a lockbox or require appointment-only showings, you are the culprit to the house not selling. Out of your handsIt’s not always the seller’s fault that a house isn’t selling. Sometimes the market changes and buyers disappear. Maybe a new home development has opened nearby and they are “stealing” the customers. Or maybe you’ve received bad advice from your agent. Any of these can affect whether your house sells, which means you need to consider the reasons and make the necessary adjustments. Great article by...Copyright © by Move, Inc. By Diana Lundin Posted by Joanne Genesio - PA REALTOR

FIRST TIME HOMEBUYERS FACE THE OPPORTUNITY OF A LIFETIME!!!!

First-Time Homebuyers Face the Opportunity of a Lifetime

Today’s first-time homebuyers are presented with the opportunity of a lifetime. Mortgage rates in early December stood near lows last seen during the Truman administration while home prices were well off their peaks of previous years. The combination made housing affordability, as measured by the National Association of REALTORS®, the highest since NAR® launched its Affordability Index in 1973. Housing inventory is also abundant in many markets, enabling first-timers to secure good homes and pave the way to their financial futures. Indeed, homes and their long-term virtues of shelter, wealth-building and personal and civic pride are available at bargain-basement prices that won’t, or can’t, last.
Naturally, first-timers have many questions about home buying, starting with costs. With research and the services of a licensed real estate professional, these consumers can demystify the process and place themselves on the fast track to homeownership.
Knowledge is power – Nine out of every 10 home searches today begin on the Internet. With just a few mouse clicks, you can peruse neighborhoods, search countless online listings and take virtual tours packed with detailed photographs. The process gives you working knowledge of home availability and pricing in your local markets so by the time you sit down with your real estate sales professional you’re well on your way.
Also visit informative websites such as www.ginniemae.gov, www.realtor.com and prudential.com, and check the local newspaper for homebuyer seminars.
Affordability – Costs involved in the purchase of a home – mortgage, down payment and closing expenditures – can be overwhelming to first-time homebuyers. By looking at your income and debt ratio, your real estate professional can help you calculate how much you can afford each month in mortgage payments. But before determining your price range, you should also take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, insurance, utilities and maintenance. And if your down payment is less than 20 percent of the cost of the home, you will be responsible for private mortgage insurance.
Mortgage payment – In today’s buyers market, you may face competition for your dream home. To establish your spending limit and gain the ability to move quickly on a home, get pre-approved for a loan before you start looking. The fact that your loan has already been approved is of great value to the seller because it shortens the purchase process, and there is less of a chance that the buyer will back out of the sale. This process will also help you identify any credit challenges you must address prior to your purchase.
If you don’t have a specific mortgage lender in mind, ask your sales professional for a recommendation.
Down payment – The down payment amount varies depending on the value of the home you choose and your mortgage lender. First-time homebuyers may also qualify for down-payment assistance programs and grants available through their states and municipalities. Contact your state housing finance authority, county housing and community development office for an application.
Closing costs must be factored in as well. These include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowner association fees. All told, buyers should spend no more than 28% of their income on housing costs, according to Fannie Mae. Your real estate professional will be able to explain your options.
Making offers – Make sure you visit several different homes to get a feel for the marketplace. Visit the ones you like again to see things you might have missed. Work with your real estate professional to get all of your questions answered before making an offer. And remember there are no silly questions. Make sure you understand and are comfortable with every aspect of the transaction.
Indeed, home ownership remains a sound financial decision for most and a key component of long-term financial planning. First-time buyers who seek homes for all the right reasons – a place to raise a family, build for the future and face life’s opportunities and challenges – can secure their dreams and build for their futures at some of the most attractive values in years.

Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial

AVOID FORECLOSURE WITH A SHORT SALE

A short sale is one of the common alternatives used to avoid a foreclosure. It can be an advantage to a homeowner facing foreclosure and who desires to avoid having a foreclosure on a credit record. Short sales are exactly what the term sounds like. When a home is sold for less than what is owed on it the difference between the amount the home sells for and the mortgage loan amount on the home is called a short sale. Thus, if a home's mortgage amount is $400,000 but is sold in a short sale for $200,000 the amount short is $200,000.Getting approval from a lender involves a process of filling out certain documentation and submitting it to the bank or lender's loss mitigation department for consideration and approval of the short sale. It is the bank that has the final say over whether the short sale is approved rather than the homeowner who is selling the property.

The first decision that should be made by a homeowner considering a short sale is whether a short sale is the best solution? If the homeowner simply wants to walk away from the home a deed in lieu of foreclosure may work better. The homeowner simply deeds the property back to the bank. In many cases the bank, in return for a deed in lieu of foreclosure, will pay the homeowner money called "cash for keys". This process allows the bank to avoid substantial fees and costs that would be involved in a foreclosure and provides the homeowner with money that can be used to assist with moving expenses or to begin to rebuild a financial standing. Follow the guidelines below in order to obtain the best results, if a short sale is determined to be the best solution in resolving a foreclosure problem.

1.GET THE BANK OR LENDER'S SHORT SALE PACKAGE.This can be done by simply going to the lender's website and finding it's criteria for submitting a short sale package. Download the package and fill it out. If the homeowner will be represented by a real estate agent, this function and the rest of the steps in this article will generally be handled by the real estate agent. If the homeowner chooses representation by a real estate agent, the homeowner should ensure that the agent is experienced in handling short sales.

2.SHORT SALE DOCUMENTATION.The short sale package should contain at minimum an authorization to release information authorizing the real estate agent to represent and speak on behalf of the homeowner; a completed financial statement, copies of the homeowner's last two years tax returns; the most recent two months bank deposit statements and a hardship letter written by the homeowner that clearly and accurately explains the homeowners' hardship circumstances that justify an approval for a short sale.Without hardship circumstances justifying a hardship it is unlikely the lender will be motivated to approve a short sale. The bank also generally requires the homeowner to submit an IRS Form 4506T which permits the bank to obtain copies of past tax returns. These documents generally make up the short sale package. Some banks or lenders may require additional documents in which case they should simply be provided.

3. MAKE THE SHORT SALE PACKAGE ATTRACTIVE FOR MAXIMUM RESULTS!Presentation of the short sale package is an important step. Appearance and perception of the package is crucial. The package should be submitted with a cover letter requesting short sale consideration with a table of contents and tabs separating the various documents. This presents a professional appearance and is helpful to the negotiator assigned to review the package and to determine whether to recommend approval or declination of the short sale.Take care to make the negotiator's job as easy as possible and not have to search for information within the package. Tabulation serves this purpose well and will be appreciated by the negotiator.Although not always required, it is also a good idea to wait until there is a bona fide offer from a qualified buyer before submitting the short sale package. The offer should also be accompanied with a HUD-1 statement also. A HUD-1 statement will show the bank what it can likely expect to receive as a final amount resulting in a short sale.An experienced real estate agent will know what to do in submitting these documents. If the homeowner chooses to handle it personally, help should be sought directly from an escrow company or closing agent who will usually be glad to assist in preparation of the HUD-1 in return for the fees in closing or handling the escrow.

4.ESTABLISHING AND MAINTAINING RAPPORT WITH THE SHORT SALE NEGOTIATOR.Once the short sale package is submitted to the bank's loss mitigation department a negotiator will be assigned. It is important to establish a good relationship with this person because the success or failure of the short sale rides on an approval recommendation from the negotiator.Be courteous and professional at all times and provide additional documentation when requested so long as it is reasonable and it makes sense. Most negotiators are professional and courteous and will be helpful when they perceive the same from the homeowner's side.

5.CLOSING THE DEAL AND WALKING AWAY.If all goes well the short sale will be approved. The homeowner will be able to walk away without a foreclosure on the record and to commence rebuilding a favorable financial record.

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Downsize Your Home - wikiHow

Downsize Your Home - wikiHow

Great tips on Downsizing your current home...