Showing posts with label Search MLS For Homes For Sale. Show all posts
Showing posts with label Search MLS For Homes For Sale. Show all posts
Thursday, March 29, 2012
Sunday, April 17, 2011
10 Ways to Protect Your Family From Fires
10 Ways to Protect Your Family From Fires
According to the National Fire Protection Association (NFPA):
In 2009 there were 1,348,500 fires reported in the U.S., resulting in over 3,000 deaths, 17,050 injuries and property damage of $12.5 billion. One home fire was reported every 87 seconds. Households can expect to average a home fire every 15 years, or five fires in an average lifetime.
Pretty sobering statistics, which suggest it’s just a question of time before the average household is faced with the task of dealing with fire. The good news is that fire deaths have slowly declined over the past decade, due in large part to greater fire prevention awareness. In case of fire, the difference between death and survival is often simple preparedness and practice.
Here then are 10 ways to protect your family from fires:
Fire Prevention Equipment
Install smoke detectors on every floor, place one outside each sleep area.
Check smoke detector batteries every 6 months, at the same time you’re re-setting your clocks for daylight savings.
Another option is hard-wired smoke detectors. The advantage of these is that you will hear the alarm throughout the house regardless of which individual unit detects smoke or fire.
Purchase several ABC- class fire extinguishers for various locations such as the kitchen, utility room, hallway, and garage.
Train each family member in their proper operation, and when to use them.
Residential fire sprinkler systems have become very affordable, and can enhance the market value of your home considerably. Check out some other advantages at FEMA.
Fire Escape Planning
Draw an escape plan for your home.
Discuss with each family member where the escape routes are.
Identify two exits for every room in your home.
Practice fire escapes, in daylight and at night, at least twice a year.
Establish a meeting place near the home for the family to gather after evacuating.
Have the phone numbers for emergency personnel and nearby contacts programmed into your home and cell phones. Make sure every family member knows who to call, and how to call them.
Home Heating Precautions
Have chimneys and wood stoves inspected and cleaned at least once a year.
Wood stoves should be installed near walls made of fire-resistant material.
Fireplaces equipped with glass doors should burn with doors open to avoid creosote buildup in chimney. Close doors when fire is out.
Stack firewood away from house.
Space heaters should be placed away from all objects, and have a tip-over shut-off switch.
Kitchen Safety
Never leave cooking unattended. This is the leading cause of fires in the kitchen.
Keep flammable items like oven mitts and potholders away from the stove top.
Avoid wearing clothing that can come into contact with cooking surfaces (long sleeves, loose-fitting clothes).
Never use metal objects or aluminum foil in microwave ovens.
If fire erupts in your microwave oven, unplug it and leave the door closed.
Stay Plugged-in (Electrical Issues)
Discard extension cords or electrical devices which have frayed or damaged wiring or plugs.
Install safety covers over electrical outlets in households with small children.
Never bypass or remove the grounding terminal on three-prong plugs.
Be aware of the maximum current rating for each circuit in your home; never exceed their limits.
Do not run electrical cords in traffic areas or under rugs.
Smoking Savvy
If you must smoke, take it outside.
Use ashtrays that are sturdy and deep-sided.
Consider switching to fire-safe cigarettes, which are made with paper that burns slower.
Try using ashtrays or buckets filled with sand to ensure those butts are extinguished, and
Make sure they are before emptying those trays.
Put Your Worries to Bed
Keep bedroom doors closed at night. In the event of fire, they offer protection and help limit the spread of fire.
Check that electric blanket for faulty wiring. Make sure it’s UL-approved.
Pre-2007 mattresses should be replaced with newer ones meeting the 2007 Federal Mattress Flammability Standard.
Candles in the Wind
Never leave burning candles unattended.
Candles should be placed in sturdy, non-flammable holders and positioned where they won’t be easily knocked over.
Keep matches out of children’s reach.
Keep candles away from drapes, which can blow into the flame or knock the candle over.
Car Care
Check vehicles regularly for fluid leaks or faulty wiring.
Examine exhaust system for excessive smoke plumes or leaks.
Avoid smoking in vehicles.
Keep a fire extinguisher in each of your vehicles.
Stormy Weather
Unplug electrical appliances during a storm.
Turn off air-conditioners.
Stay off corded phones.
Ensure outdoor antennae, electrical lines are properly grounded.
As you can see, fire prevention is 90% common sense. Preparedness, the other 10%, is really nothing more than putting that common sense into practice. Knowing what causes fires, or even how to prevent them, is a good start; but the difference between knowing and putting that knowledge to work, could be the difference between surviving and becoming another statistic.
According to the National Fire Protection Association (NFPA):
In 2009 there were 1,348,500 fires reported in the U.S., resulting in over 3,000 deaths, 17,050 injuries and property damage of $12.5 billion. One home fire was reported every 87 seconds. Households can expect to average a home fire every 15 years, or five fires in an average lifetime.
Pretty sobering statistics, which suggest it’s just a question of time before the average household is faced with the task of dealing with fire. The good news is that fire deaths have slowly declined over the past decade, due in large part to greater fire prevention awareness. In case of fire, the difference between death and survival is often simple preparedness and practice.
Here then are 10 ways to protect your family from fires:
Fire Prevention Equipment
Install smoke detectors on every floor, place one outside each sleep area.
Check smoke detector batteries every 6 months, at the same time you’re re-setting your clocks for daylight savings.
Another option is hard-wired smoke detectors. The advantage of these is that you will hear the alarm throughout the house regardless of which individual unit detects smoke or fire.
Purchase several ABC- class fire extinguishers for various locations such as the kitchen, utility room, hallway, and garage.
Train each family member in their proper operation, and when to use them.
Residential fire sprinkler systems have become very affordable, and can enhance the market value of your home considerably. Check out some other advantages at FEMA.
Fire Escape Planning
Draw an escape plan for your home.
Discuss with each family member where the escape routes are.
Identify two exits for every room in your home.
Practice fire escapes, in daylight and at night, at least twice a year.
Establish a meeting place near the home for the family to gather after evacuating.
Have the phone numbers for emergency personnel and nearby contacts programmed into your home and cell phones. Make sure every family member knows who to call, and how to call them.
Home Heating Precautions
Have chimneys and wood stoves inspected and cleaned at least once a year.
Wood stoves should be installed near walls made of fire-resistant material.
Fireplaces equipped with glass doors should burn with doors open to avoid creosote buildup in chimney. Close doors when fire is out.
Stack firewood away from house.
Space heaters should be placed away from all objects, and have a tip-over shut-off switch.
Kitchen Safety
Never leave cooking unattended. This is the leading cause of fires in the kitchen.
Keep flammable items like oven mitts and potholders away from the stove top.
Avoid wearing clothing that can come into contact with cooking surfaces (long sleeves, loose-fitting clothes).
Never use metal objects or aluminum foil in microwave ovens.
If fire erupts in your microwave oven, unplug it and leave the door closed.
Stay Plugged-in (Electrical Issues)
Discard extension cords or electrical devices which have frayed or damaged wiring or plugs.
Install safety covers over electrical outlets in households with small children.
Never bypass or remove the grounding terminal on three-prong plugs.
Be aware of the maximum current rating for each circuit in your home; never exceed their limits.
Do not run electrical cords in traffic areas or under rugs.
Smoking Savvy
If you must smoke, take it outside.
Use ashtrays that are sturdy and deep-sided.
Consider switching to fire-safe cigarettes, which are made with paper that burns slower.
Try using ashtrays or buckets filled with sand to ensure those butts are extinguished, and
Make sure they are before emptying those trays.
Put Your Worries to Bed
Keep bedroom doors closed at night. In the event of fire, they offer protection and help limit the spread of fire.
Check that electric blanket for faulty wiring. Make sure it’s UL-approved.
Pre-2007 mattresses should be replaced with newer ones meeting the 2007 Federal Mattress Flammability Standard.
Candles in the Wind
Never leave burning candles unattended.
Candles should be placed in sturdy, non-flammable holders and positioned where they won’t be easily knocked over.
Keep matches out of children’s reach.
Keep candles away from drapes, which can blow into the flame or knock the candle over.
Car Care
Check vehicles regularly for fluid leaks or faulty wiring.
Examine exhaust system for excessive smoke plumes or leaks.
Avoid smoking in vehicles.
Keep a fire extinguisher in each of your vehicles.
Stormy Weather
Unplug electrical appliances during a storm.
Turn off air-conditioners.
Stay off corded phones.
Ensure outdoor antennae, electrical lines are properly grounded.
As you can see, fire prevention is 90% common sense. Preparedness, the other 10%, is really nothing more than putting that common sense into practice. Knowing what causes fires, or even how to prevent them, is a good start; but the difference between knowing and putting that knowledge to work, could be the difference between surviving and becoming another statistic.
Tuesday, January 4, 2011
Thursday, September 23, 2010
Home Not Selling....It's Probably Price...
Home sellers face a new reality as they look to move up, down, in or out of their American dream in today’s market. Consumers, particularly those who purchased their homes within the last five years, often find their options limited by a lack of equity. Those who can sell are sometimes numbed by deflated home prices and find it difficult to justify yesterday’s valuations with today’s reality. Many home sellers have dug in on price hoping to lose no additional ground. Others seem to have taken this market personally, letting emotions override analysis when setting price. Buyer sentiment has shifted as well, centered on maximum value with abundant amenities – resulting in stalemates and homes languishing on the market. Both sides should be realistic as comparable sales and local-market dynamics still determine fair-market value. And there are compelling reasons to be realistic and make a move now. Sellers, assuming their objective is to buy another home, can capitalize on some of the lowest mortgage interest rates on record and an inventory of homes at attractive prices. So while they will sell for less, they will also buy for less and with significantly cheaper borrowing costs. Of course, professional sales representation is essential this transitioning market or any other. The Prudential Real Estate Network, recently recognized for “Highest Overall Satisfaction for Home Sellers Among National Full Service Real Estate Firms” in J.D. Power and Associates’ 2010 Home Buyer/Seller StudySM, is composed of true, local-market experts whose experience, analysis and consultation generate results in all market conditions. As the local experts, they’ll help set fair-market prices using factual reference points, such as an appraisal, comparables sales and personal knowledge to help estimate market value. Today, a house priced at or slightly below market value will attract the interest of real estate professionals and buyers, while overpricing chases them away. Even if the sellers adjust their prices later, it’s difficult to recapture buyer interest. Sales professionals develop comprehensive marketing strategies to sell a home. They generally use open houses, yard signs, Internet exposure, MLS, newspaper ads, brochures and other means to market properties. Beyond that, they counsel sellers on other conditions that may keep sellers’ homes on the market, including:
• Condition and appearance. Sellers shouldn’t rely on buyers to use their imagination; they need to capture it. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious, and the most cheerful. This invariably means rearranging and eliminating furniture, removing excess knickknacks and so on, to create an open, uncluttered look. Outside, do a visual check of the front of the house from across the street. Does it have curb appeal? It should look inviting, with a trimmed lawn and a freshly painted front door. A real estate professional can offer some guidance in this area.
• Terms/conditions. Even if the home is accurately priced, and the buyer is delighted with what he or she sees, if the buyer can’t live with the terms of the sale, he or she may walk away. Keep an open mind on terms and conditions and evaluate how they may affect a potential sale.
• Incentives. Offering incentives can be just the impetus a potential buyer needs a buyer needs to choose your property over others. Consider offering a carpet or paint allowance. If the buyer knows up front there is allowance for the worn carpet or paint, then may overlook those cosmetic flaws. You could pay for a professional home inspection or a home warranty, or pay closing costs.
Indeed, real estate opportunities abound for sellers and buyers who can come to terms with today’s market conditions. A qualified real estate professional will help you navigate the market, protect your interests and keep you moving toward your housing dreams.
• Condition and appearance. Sellers shouldn’t rely on buyers to use their imagination; they need to capture it. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious, and the most cheerful. This invariably means rearranging and eliminating furniture, removing excess knickknacks and so on, to create an open, uncluttered look. Outside, do a visual check of the front of the house from across the street. Does it have curb appeal? It should look inviting, with a trimmed lawn and a freshly painted front door. A real estate professional can offer some guidance in this area.
• Terms/conditions. Even if the home is accurately priced, and the buyer is delighted with what he or she sees, if the buyer can’t live with the terms of the sale, he or she may walk away. Keep an open mind on terms and conditions and evaluate how they may affect a potential sale.
• Incentives. Offering incentives can be just the impetus a potential buyer needs a buyer needs to choose your property over others. Consider offering a carpet or paint allowance. If the buyer knows up front there is allowance for the worn carpet or paint, then may overlook those cosmetic flaws. You could pay for a professional home inspection or a home warranty, or pay closing costs.
Indeed, real estate opportunities abound for sellers and buyers who can come to terms with today’s market conditions. A qualified real estate professional will help you navigate the market, protect your interests and keep you moving toward your housing dreams.
Monday, August 16, 2010
Make One Final Inspection
Make One Final Inspection
In the sales contract, the sellers of your new home agreed to leave the custom blinds, refrigerator, built-in entertainment system and those fine cabinets and workbench in the garage. But when you show up on moving day, all of those amenities are long gone. Moreover, the lock on the back door is broken; there is a huge gouge in the drywall near the front bathroom.
Although these circumstances are extreme, they could happen, which is why it is important to have a final inspection of the home you are purchasing before the closing. A pre-closing inspection gives you, one last opportunity to verify that you are getting all that was promised in the sales contract. Although buyers still have legal recourse if they discover—even after closing—that the condition of the home is not as it should be. Of course, the best time to identify problems is before closing when the seller will be motivated to correct any deficiencies to close the transaction.
Typically, a buyer takes possession of a property one to three months after signing the sales agreement. And a lot can happen before the actual move-in. Appliances and fixtures can break, and walls, carpets and doors can be damaged during the seller’s final weeks in the house, particularly during move-out. Sometimes the seller will simply have forgotten that he or she has agreed to leave the refrigerator or window coverings with the house. Whatever the reason, problems identified before the closing have the best chance of being remedied.
If possible, schedule the inspection right before the closing, such as the day before. Ask your real estate professional to attend the inspection with you. Here’s what to do:
Using a copy of the sales contract as a checklist, first make sure that all items that should be in place (appliances, built-in furniture, window coverings, fixtures, etc.) are there.
Test each appliance to make sure they work properly. Bring along an electrical clock or radio to test each electrical outlet. Test all electrical switches and the garage door opener. Run the garbage disposal and turn on every water faucet, checking under the sinks for leaks. Flush the toilets. Inspect the floors, carpets, walls and doors for recent damage.
If you discover that something is damaged or missing, make a note of it and inform your real estate professional immediately. In most cases, the seller is usually able to take care of small problems immediately, either by making a needed repair or offering compensation to handle it. And, if there are major problems, the seller can even sign a statement acknowledging the deficiency and agree to correct it. Although pre-closing inspections take time and may be inconvenient, they are important and well worth the buyer’s time.
In the sales contract, the sellers of your new home agreed to leave the custom blinds, refrigerator, built-in entertainment system and those fine cabinets and workbench in the garage. But when you show up on moving day, all of those amenities are long gone. Moreover, the lock on the back door is broken; there is a huge gouge in the drywall near the front bathroom.
Although these circumstances are extreme, they could happen, which is why it is important to have a final inspection of the home you are purchasing before the closing. A pre-closing inspection gives you, one last opportunity to verify that you are getting all that was promised in the sales contract. Although buyers still have legal recourse if they discover—even after closing—that the condition of the home is not as it should be. Of course, the best time to identify problems is before closing when the seller will be motivated to correct any deficiencies to close the transaction.
Typically, a buyer takes possession of a property one to three months after signing the sales agreement. And a lot can happen before the actual move-in. Appliances and fixtures can break, and walls, carpets and doors can be damaged during the seller’s final weeks in the house, particularly during move-out. Sometimes the seller will simply have forgotten that he or she has agreed to leave the refrigerator or window coverings with the house. Whatever the reason, problems identified before the closing have the best chance of being remedied.
If possible, schedule the inspection right before the closing, such as the day before. Ask your real estate professional to attend the inspection with you. Here’s what to do:
Using a copy of the sales contract as a checklist, first make sure that all items that should be in place (appliances, built-in furniture, window coverings, fixtures, etc.) are there.
Test each appliance to make sure they work properly. Bring along an electrical clock or radio to test each electrical outlet. Test all electrical switches and the garage door opener. Run the garbage disposal and turn on every water faucet, checking under the sinks for leaks. Flush the toilets. Inspect the floors, carpets, walls and doors for recent damage.
If you discover that something is damaged or missing, make a note of it and inform your real estate professional immediately. In most cases, the seller is usually able to take care of small problems immediately, either by making a needed repair or offering compensation to handle it. And, if there are major problems, the seller can even sign a statement acknowledging the deficiency and agree to correct it. Although pre-closing inspections take time and may be inconvenient, they are important and well worth the buyer’s time.
Sunday, August 1, 2010
Wednesday, June 23, 2010
EXPIRED REAL ESTATE LISTINGS
What Should You Do If Your Listing Has Expired?
Sellers find it difficult to be optimistic after a listing has expired. Most are excited and nervous when that listing agreement is first signed, hoping that the home sells quickly and for a big profit. It's frustrating to wait week after week for a purchase offer when that offer never arrives.
Regardless of the length of listing -- whether the agreement was for a term of 90 days, 180 days or a year -- when the listing has expired, the broker / seller relationship has come to an end (more or less). This is when sellers often ask whose fault is it that the home isn't selling?
Check Motivation
The first step is to review your reasons to sell. If you are not motivated to sell, you are not a seller. You're a home owner with a sign in the yard. Without motivation, you've got about as much hope for selling as an owner with a sign that reads, "Keep Off the Grass."
Review Marketing
Where is the business plan to sell your home? Review the marketing with your agent, step-by-step. Did your agent drop the ball? Did you? What worked, what didn't pull ad calls or showings? Did you have a virtual tour, send out direct mail, put a lockbox on the property?
Consider Condition
Go out and look at other homes on the market to determine if your home is in the same condition as those actively for sale. Perhaps you need to do repairs before selling. Maybe your home needs to be staged. Does your home scream curb appeal?
Look Again at Buyer Objections
What have buyers said about your home? Review buyer feedback, which your agent should have obtained for you when your home first went on the market. Is there validity to what buyers were saying? How can you compensate for those objections?
Discount Sudden Activity
You won't have to look too far to find agents because they'll all come crawling out of the woodwork when your listing expires. Realtors are prevented from soliciting a seller when the listing is active in MLS. But you're fair game when the listing has expired.
You may wonder why your listing, now that it has expired, is so popular. Many agents specialize in contacting expired listings because they want the listing. Period. Moreover, realize that some agents will take an overpriced listing just to get signage.
Contact Several Listing Agents
Interview agents. Ask the hard questions to determine if the agents are giving you the right answers. Find out what another agent might do differently. If another agent offers substantially more service than your existing agent, list with that agent.
Talk to Your Existing Agent About Why the Listing Expired
If your agent has fulfilled the marketing plan, worked diligently to sell your home, and the market is not answering the ring to your dinner bell, then you might need to conform to the market. This means a price reduction. Ask your existing agent to prepare another comparative market analysis to determine if your home is priced to sell.
If you respect and value your agent, relist with that agent. Adjust your price accordingly and follow your agent's suggestions, even if it means making repairs or improvements you'd rather not do. If your agent is spending money on your listing through advertising, aggressive marketing and networking that listing, that agent deserves your loyalty.
Elizabeth Weintraub, About.com
Sellers find it difficult to be optimistic after a listing has expired. Most are excited and nervous when that listing agreement is first signed, hoping that the home sells quickly and for a big profit. It's frustrating to wait week after week for a purchase offer when that offer never arrives.
Regardless of the length of listing -- whether the agreement was for a term of 90 days, 180 days or a year -- when the listing has expired, the broker / seller relationship has come to an end (more or less). This is when sellers often ask whose fault is it that the home isn't selling?
Check Motivation
The first step is to review your reasons to sell. If you are not motivated to sell, you are not a seller. You're a home owner with a sign in the yard. Without motivation, you've got about as much hope for selling as an owner with a sign that reads, "Keep Off the Grass."
Review Marketing
Where is the business plan to sell your home? Review the marketing with your agent, step-by-step. Did your agent drop the ball? Did you? What worked, what didn't pull ad calls or showings? Did you have a virtual tour, send out direct mail, put a lockbox on the property?
Consider Condition
Go out and look at other homes on the market to determine if your home is in the same condition as those actively for sale. Perhaps you need to do repairs before selling. Maybe your home needs to be staged. Does your home scream curb appeal?
Look Again at Buyer Objections
What have buyers said about your home? Review buyer feedback, which your agent should have obtained for you when your home first went on the market. Is there validity to what buyers were saying? How can you compensate for those objections?
Discount Sudden Activity
You won't have to look too far to find agents because they'll all come crawling out of the woodwork when your listing expires. Realtors are prevented from soliciting a seller when the listing is active in MLS. But you're fair game when the listing has expired.
You may wonder why your listing, now that it has expired, is so popular. Many agents specialize in contacting expired listings because they want the listing. Period. Moreover, realize that some agents will take an overpriced listing just to get signage.
Contact Several Listing Agents
Interview agents. Ask the hard questions to determine if the agents are giving you the right answers. Find out what another agent might do differently. If another agent offers substantially more service than your existing agent, list with that agent.
Talk to Your Existing Agent About Why the Listing Expired
If your agent has fulfilled the marketing plan, worked diligently to sell your home, and the market is not answering the ring to your dinner bell, then you might need to conform to the market. This means a price reduction. Ask your existing agent to prepare another comparative market analysis to determine if your home is priced to sell.
If you respect and value your agent, relist with that agent. Adjust your price accordingly and follow your agent's suggestions, even if it means making repairs or improvements you'd rather not do. If your agent is spending money on your listing through advertising, aggressive marketing and networking that listing, that agent deserves your loyalty.
Elizabeth Weintraub, About.com
Saturday, May 8, 2010
Buy or Sell First????
Consumers Are Returning to the Real Estate Market with an Age-old Question: Buy or Sell First?
Residential real estate is gaining stability in concert with the recovering U.S. economy. Consumers, drawn by one of the most attractive buyers’ markets on record marked by historically low interest rates and lower home prices in many areas, are returning to the market to move up, trade down, improve location and otherwise enhance their share of the American Dream.
When it comes to home buying, the ideal situation would be to find a new home, just as you receive an offer on your existing home. You would then be able to close concurrently and move into your new home a few days prior to closing on your previous home. This does happen more often than not, but anyone looking to buy a new home needs to consider all the possible scenarios.
Should you buy or sell first? There are many schools of thought on this subject. Ultimately, it depends on you and your situation. For instance, can you afford to pay two mortgages in the event your previous home does not sell by the time you move? Would you consider a bridge loan (a short-term, high-interest loan that lets you borrow against the value of your old home to covers the bills until you secure the new, larger loan)? Are you willing to move twice to find the home of your dreams if you sell first and can't find the dream home fast enough?
This is where the advice of a real estate sales professional is invaluable. Real estate sales professionals know the current market conditions. They are trained and experienced in working with home buyers and sellers to determine an ideal time to buy and sell.
It is generally less stressful to sell your home first, because you won't have to worry about owning two homes at one time. The market will dictate how long it will take for your home to sell, as will the property’s location and the time of year. As a rule of thumb, it is a good idea to put your home of the market as far in advance as possible when purchasing a new one. But, since interest rates are low and confidence is returning to the market, there’s a good change your home will sell faster if priced properly. (Again, your real estate professional’s advice is critically important here.) In that case, you may want to purchase a new home first.
What if your present home sells before you find a new one, putting pressure on you to find the right house more quickly? You may then decide to make an interim move or request to rent back your home for a specified amount of time as you continue to look for your new home. Those may be worthwhile options if you have your heart set on a specific location or type of home or if you are purchasing a home that is under construction.
If you buy a home before selling your present home, you may end up with two mortgages. Under those circumstances, you may be able to apply for a bridge loan to assist you in making two mortgage payments until you sell your first home. Your real estate sales professional can assist you in finding a lender.
So should you buy or sell first? This is a challenging question regardless of real estate cycles, yet your own circumstances and a knowledgeable real estate professional will help you make the right decision.
Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Residential real estate is gaining stability in concert with the recovering U.S. economy. Consumers, drawn by one of the most attractive buyers’ markets on record marked by historically low interest rates and lower home prices in many areas, are returning to the market to move up, trade down, improve location and otherwise enhance their share of the American Dream.
When it comes to home buying, the ideal situation would be to find a new home, just as you receive an offer on your existing home. You would then be able to close concurrently and move into your new home a few days prior to closing on your previous home. This does happen more often than not, but anyone looking to buy a new home needs to consider all the possible scenarios.
Should you buy or sell first? There are many schools of thought on this subject. Ultimately, it depends on you and your situation. For instance, can you afford to pay two mortgages in the event your previous home does not sell by the time you move? Would you consider a bridge loan (a short-term, high-interest loan that lets you borrow against the value of your old home to covers the bills until you secure the new, larger loan)? Are you willing to move twice to find the home of your dreams if you sell first and can't find the dream home fast enough?
This is where the advice of a real estate sales professional is invaluable. Real estate sales professionals know the current market conditions. They are trained and experienced in working with home buyers and sellers to determine an ideal time to buy and sell.
It is generally less stressful to sell your home first, because you won't have to worry about owning two homes at one time. The market will dictate how long it will take for your home to sell, as will the property’s location and the time of year. As a rule of thumb, it is a good idea to put your home of the market as far in advance as possible when purchasing a new one. But, since interest rates are low and confidence is returning to the market, there’s a good change your home will sell faster if priced properly. (Again, your real estate professional’s advice is critically important here.) In that case, you may want to purchase a new home first.
What if your present home sells before you find a new one, putting pressure on you to find the right house more quickly? You may then decide to make an interim move or request to rent back your home for a specified amount of time as you continue to look for your new home. Those may be worthwhile options if you have your heart set on a specific location or type of home or if you are purchasing a home that is under construction.
If you buy a home before selling your present home, you may end up with two mortgages. Under those circumstances, you may be able to apply for a bridge loan to assist you in making two mortgage payments until you sell your first home. Your real estate sales professional can assist you in finding a lender.
So should you buy or sell first? This is a challenging question regardless of real estate cycles, yet your own circumstances and a knowledgeable real estate professional will help you make the right decision.
Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Monday, April 26, 2010
Find Out the Difference in a Buyers Agent and a Sellers Agent
Find Out the Difference in a Buyers Agent and a Sellers Agent
In every real estate transaction - whether the transaction involves condos or other starter homes, luxury properties, or even commercial properties - there are buyers and sellers as well as real estate professional who represent them throughout the transaction. These are the buyers agent and the sellers agent - and each play a very different role throughout the sale.
Clearly, a buyers agent is the real estate professional who works with the buyers. These agents will focus on listening to what a buyer is looking for in a home, identifying the buyer's budget, providing information about different neighborhoods and school systems, and searching through lists of available properties that will meet their clients' needs. Buyers agents can work with their clients to find financing for their home purchase and will schedule times when the buyers they are working with can see available properties for themselves. Finally, the buyers agent will help to negotiate the price of the home and work to complete the transaction.
Similarly, the sellers agent - as you might expect - works with property owners who need to sell a home that they own. Whether the seller is looking for a larger or smaller home, leaving the area for the sake of a job, or is responsible for selling a home that was left to them as a part of a loved one's estate, the sellers agent takes the lead during the sale process. From helping the seller understand what's involved in selling a home to staging the property before prospective buyers see it to negotiating the final sales agreement, the sellers agent will focus on making sure the transaction goes smoothly for the seller.
Though the buyers agent and sellers agent will work together, each represents a very different interest throughout the property.
Article Alley
In every real estate transaction - whether the transaction involves condos or other starter homes, luxury properties, or even commercial properties - there are buyers and sellers as well as real estate professional who represent them throughout the transaction. These are the buyers agent and the sellers agent - and each play a very different role throughout the sale.
Clearly, a buyers agent is the real estate professional who works with the buyers. These agents will focus on listening to what a buyer is looking for in a home, identifying the buyer's budget, providing information about different neighborhoods and school systems, and searching through lists of available properties that will meet their clients' needs. Buyers agents can work with their clients to find financing for their home purchase and will schedule times when the buyers they are working with can see available properties for themselves. Finally, the buyers agent will help to negotiate the price of the home and work to complete the transaction.
Similarly, the sellers agent - as you might expect - works with property owners who need to sell a home that they own. Whether the seller is looking for a larger or smaller home, leaving the area for the sake of a job, or is responsible for selling a home that was left to them as a part of a loved one's estate, the sellers agent takes the lead during the sale process. From helping the seller understand what's involved in selling a home to staging the property before prospective buyers see it to negotiating the final sales agreement, the sellers agent will focus on making sure the transaction goes smoothly for the seller.
Though the buyers agent and sellers agent will work together, each represents a very different interest throughout the property.
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Tuesday, December 1, 2009
Owning a Home Has Its Benefits
By Joanne Genesio
Prudential Fox & Roach
Opportunity is knocking for those considering homeownership for the first time. Historically low interest rates, lower home prices in most markets and the first-time homebuyer tax credit – part of the American Recovery and Reinvestment Act of 2009 – brought first-timers to the market in droves throughout the year.
In fact, these consumers represented about half of home sales logged during 2009, according to the National Association of REALTORS®, a significant increase from historic levels. And the favorable conditions that prompted many of these first-time buyers are likely to continue. President Obama in early November signed into law a five-month extension of the first-time homebuyer tax credit of up to $8,000, as well as a new tax credit of up to $6,500 for existing homeowners who want to purchase a home to be their primary residence (see your real estate professional and tax advisor for details). Both credits will be available through April 30, 2010.
Today’s opportunities aside, here are eight time-honored reasons why those considering homeownership for the first time should make their move.
1. Pride of Ownership Owning your own home adds to your own sense of self-esteem and personal pride. The satisfaction that comes from feeling connected to the land you occupy and the home in which you live is ages-old.
2. Security of Tenancy
With homeownership comes stability. When renting, you never know when you may have to move because of new ownership, rent increases or other changes. As a homeowner, you decide when and if you want to move.
3. Privacy
While there are usually some limits on the access landlords have to property, almost all landlords can access your property for necessary inspections and maintenance. For many renters, this lack of privacy is a significant discomfort. Homeowners on the other hand generally have much stronger property rights and experience an increase in perceived and actual privacy.
4. Decorating
Homeowners are free to decorate, remodel and accessorize a home any way they want. Not only do you have the right to make improvements, but the value of those improvements becomes yours as well. Having your living space and exteriors just the way you want them can significantly increase your satisfaction with your living environment.
5. Financial Predictability
When you buy a home with a fixed-rate mortgage, you have more predictability over future housing costs. Because your interest rate never changes, the amount of your payment never changes. Financial planning and credit are more easily managed with a fixed-rate mortgage compared to renting.
6. Building Equity
When you own your own home, you pay rent to yourself instead of a landlord. Most homeowners pay for their purchase by obtaining a mortgage. As you pay off that mortgage, your equity builds and you gain an increasingly larger share in a valuable asset. Over time, that asset can work for you in many ways, such as home equity lines of credit. And of course, a home is a wonderful asset to pass along in an estate.
7. Investment Appreciation
There are certainly no guarantees of property value appreciation. In the long-term, however, real estate valuations almost always increase. This means that when you decide to sell your home, its value may be significantly higher than when you purchased it. The difference in value is called appreciation. You can reinvest that appreciation in other real estate or you may wish to downsize and keep the value of that appreciation for retirement or other purposes.
8. Tax Benefits
In the United States, the cost of home mortgage interest and property taxes are usually tax-deductible. Depending on your circumstances, thousands of dollars in taxes can be saved each year. These tax savings are not limited to federal taxes either. Many states and localities either base their tax system on the federal system or offer similar incentives to homeownership. Some additional benefits are designed specifically for first-time homebuyers. (See your tax advisor for additional information.)
If you still have doubts, contact a real estate professional in your community. He or she can answer questions you may have about homeownership and explain the buying process to you.
Joanne Genesio can be reached at (215) 641-2413. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Monday, November 2, 2009
Extending the First Time Home Buyer Credit?????
Extending the Credit — Almost There
The extension and expansion of the homebuyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill that has not yet gone to a vote, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits. Other provisions in the bill include expansion of the net operating loss carryback rules, new requirements for some tax return preparers and noncontroversial provisions that "pay for" these changes.
The agreement on the extension and expansion of the credit is as follows:
Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
New anti-fraud limitations are imposed.
The White House has indicated that President Obama will sign the legislation.
Call Your Senator
Take Action
Visit www.realtor.org/2009housingtaxcredit
The extension and expansion of the homebuyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill that has not yet gone to a vote, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits. Other provisions in the bill include expansion of the net operating loss carryback rules, new requirements for some tax return preparers and noncontroversial provisions that "pay for" these changes.
The agreement on the extension and expansion of the credit is as follows:
Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
New anti-fraud limitations are imposed.
The White House has indicated that President Obama will sign the legislation.
Call Your Senator
Take Action
Visit www.realtor.org/2009housingtaxcredit
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