Real Estate 2011: 10 Tips

 

As far as the real estate market is concerned, it seems the worst may be behind us.  Yay!  However, it is still a different market out there than it was a few years ago, and there are “special” circumstances  to be considered when buying or selling a home in the current or any market.  Steve McLinden’s article for Bankrate.com, 10 resourceful real estate tips for 2011, has some great advice and is one of the better “reality check” articles for buyers and sellers that I have read lately.

~ Rosemary Thompson James, Atkinson-Thompson Group

Mortgage Interest Rates: Now Is The Time!

Yes, the first-time and previous home buyer tax credits are a perk of the past.   However, there is another terrific incentive for  purchasing a home right now…interest rates so low that they haven’t been seen in half a century!  The housing market is not all doom and gloom!  

Can there be obstacles to moving up to a new home if you already own one?  Yes, there can be, mostly due to the fall of home values over recent years.  If you are upside down in your mortgage (what you owe vs. what you can sell you home for), moving up to a new home may not be feasible right now.  However, housing prices are creeping back up in our area, and Betsy and I sell homes every day for people who thought they might be upside  down in their mortgage, but weren’t…due to their equity, due to a great location in which housing prices didn’t take too much of a hit, etc.  Don’t just assume!  We can do the research for you and assess for what price you can most likely sell your home.  Then you’ll know your options based on what you owe on your current home.  After an assessment of your home’s value, if things look promising your next stop should be to see an honest loan officer at a reputable lending institution, and we have several that we can confidently recommend.  A loan officer will be able to assess what price home you can afford and provide you with a detailed good faith estimate of closing costs/pre-paid costs and a loan pre-approval with which to shop for a new home.

And you first-time home buyers?  Strike while the iron is hot!  You can get a great deal on a home in this market.  Additionally, you have the luxury of not having to sell a home before you make your move.  We have put many first-time home buyers into great homes, homes that they now own for less than or equal to the rent they were paying before.  Plus, they now have a tax write-off that they didn’t have before.  Your first step?  Consult with us, and we can guide you to several honest, respected loan officers at reputable lending insitutions.  A loan officer will  be able to provide you with a detailed good faith estimate of closing costs/pre-paid costs and provide you with a  pre-approval for a home loan, a document that states what price home you can afford.   Once you know what price home you can afford, we can start searching for homes for you to view!  You can own your own home and have an interest rate to shout about!

For both first-time and previous home buyers, we sell homes every day to clients that have less-than-stellar credit.  And you don’t have to have 20% to put down on a home.  There are several down-payment options out there.  Talk to a loan officer about  the ever-more-popular FHA loan, which can provide you with a great interest rate and a low down payment.  Trust me, FHA loans are back in a big way!  Check out tomorrow’s blog for some great information on FHA loans; you’ll find it quite eye-opening!

Let us assist you in exploring your possibilities~  Rosemary 

House Hunting: Keeping Your Emotions In Check!

In our profession, Betsy and I often see lots of emotion on the part of buyers and sellers.  Ahhh, although completely understandable and common, it is best to be as pragmatic as possible when searching for a home…just not always easy!  As professionals, Betsy and I  advise our clients when we see too much emotion creeping into the decision-making process, and I recently came across a great article on avoiding the emotional pitfalls that can be involved in searching for a home.  I’m considering giving a copy to each buyer with which I work!  Click here to read some very wise words from Amy Fontinelle for Investopedia…Top 8 House-Hunting Mistakes.  This is a good read not only for house hunters, but for the realtors that guide them in their hunt!

Happy (and wise!) house hunting~  Rosemary

Spring Spruce-Up

If you’re contemplating putting your home on the market come spring, now is the time to start getting your home ready.  Yes, I know there is still snow on the ground, but in the world of real estate, spring is upon us!  The experts are saying this could be a banner year (considering the last three!) for home sales.  Betsy and I have three listing appointments scheduled for just the next week!  Click here to read a very helpful article by Luke Mullins of USNews.com on 10 projects that you can undertake relatively cheaply to increase the appeal of your home, inside and out. 

Curb appeal, folks, is sooooooo important, and this article addresses that aspect in suggestions No. 1 and No. 2.  You want buyers to drive up to the front of your home and say, “Oh, I love it; I want to live here!”  You want to draw them inside!  The front of your home is a buyer’s first indication of how the home has been cared for; don’t let them just drive on by!  So, time to get a jump-start; don’t make yourself  crazy by trying to accomplish everything in a two-week time span! 

Best~  Rosemary 

House Selling Tip

I will share home selling tips from time to time and I thought this one was perfect! It is probably the most important and certainly the hardest.

Disassociate Yourself With Your Home

1. Say to yourself, “This is not my home; it is a house — a product to be sold much like a box of cereal on the grocery store shelf.
2. Make the mental decision to “let go” of your emotions and focus on the fact that soon this house will no longer be yours.
3. Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners!
4. Say goodbye to every room.
5. Don’t look backwards — look toward the future.

Stay tuned for more!

-Betsy