Energy Home Improvements to Increase Property Value
Posted on | June 13, 2011 | No Comments
If you’re a homeowner, you can easily appreciate the value in many home improvements that can boost the energy efficiency of your home. There are many home improvements you can make that can improve your energy usage, as well as the overall value of your home.
One of the most straightforward improvements is to update the windows in your home. Updating your windows to more energy efficient windows can help lower the amount of energy used in your home, which will increase its value. Other homeowners recommend installing Energy Film in your home, which can keep the sun out of your home during the summer, and prevent energy loss during long winters. Make sure all the caulked areas in your home are up to date to also prevent air from escaping or entering your home. You can also invest in Energy Star products and appliances throughout your home. Not only will these improvements save you money on your energy bills, but potential homebuyers will also see the value in these improvements, which can increase the overall value of your home.
Selling your Home Without a Realtor
Posted on | June 6, 2011 | No Comments
Yes, it’s possible to sell your home without a realtor. While you may not have all the expertise to sell your home quickly, or for the best price, you can have a successful home sale without use a licensed realtor.
The first step to selling your home is doing your research. You must understand the legalities of your real estate transaction, in order to complete the necessary steps to legally sell your home. Being within the legal confines of selling your home is the most important step. Next, you should research the real estate market in your neighborhood, so you understand who you are potentially selling your home too. This will make marketing your home more successful. Next, properly prepare your house for open houses and showings. Update any outdated parts of your home, and tidy up the paint inside and outside of your house. Keep things neutral, simple, and uncluttered. Carefully price your home by comparing it with home sales in your area from the last six months. This will help you avoid pricing your home too high, or too cheaply. Market your house according to the demographic you are selling to using newspapers, websites, and fliers. Selling your home without a realtor can be successful, but it’s up to you to take the necessary steps to guarantee success.
Understanding the Home Offer
Posted on | May 30, 2011 | No Comments
Many homebuyers admit that making an offer on the home of their dreams was one of the most stressful experiences of their life. This is especially true if another family makes an offer on the home you are interested in. Understanding the home offer, or sales contract, is the first step in expanding your knowledge about the home buying process.
A well-constructed home buying contract will include the sale price of the home, as well as the financial terms according to the seller. The contract will also include the seller’s binding promise to provide the title of the home. Remember, sales contracts are to protect the buyer and the seller. Information about the deed, target closing date, and clarification about who will pay to insure the title, survey the property and the closing costs are also included in a thorough home offer. The home offer section outlining buyers and sellers is often considered the most important part of the contract, so if you have any concerns or doubts about this section, be sure to go over it with your mortgage lender. Ask any questions and alleviate any worries before signing the home offer to be sure you are getting into a situation you feel comfortable with.
Refinancing That Makes Sense
Posted on | May 23, 2011 | No Comments
If you’re looking to refinance your existing home mortgage, there are several basics that should be looked at before you sign on the dotted line. Speak with your mortgage lender to find out the best options for you.
If you’ve been in your home for 5 years, you may want to consider refinancing. Think of your refinanced mortgage in terms of 15 or 30-year increments because most banks refinance in these time allotments. If you are looking to lower your monthly payments, this can better prepare you for a financial emergency, as it will allow wiggle room for you to build up a savings each month. Keep in mind this will mean you will be paying off your mortgage longer. On the other hand, if you’re anxious to pay off your mortgage and can handle an increase in monthly payments, consider a 15-year refinanced mortgage that will allow you to pay off your loan more quickly. Examine your finances and think of what you can realistically afford when deciding on how to refinance your home mortgage.
Don’t Become House Poor
Posted on | May 16, 2011 | No Comments
We’ve all heard the term house poor before, but what exactly does it mean? Being house poor means that all your income and earnings go to your mortgage, home taxes, and home repairs. Being house poor is a situation that no one wants to be in, and that everyone can avoid.
Speak with your mortgage lender and discuss your finances openly. Now is not the time to stretch or exaggerate your earnings. Instead, work with your lender to get approved for a mortgage you can actually afford. If you are not honest about your finances, and you are approved for a mortgage that you cannot necessarily afford there is not feasible way you can pay your mortgage bill, utilities, and other necessary home costs. This will inevitably create a situation where you become house poor, and your finances will be drained into your house, leaving you without much else. Avoid this, and the potential of foreclosure by doing your research, organizing your finances and approving yourself for a mortgage that you and your family can reasonably afford.
Rent versus Own: Cheaper in Big Cities
Posted on | May 9, 2011 | No Comments
If you’re debating whether to rent or own your next home, the decision may have gotten a little bit easier for you. In a recent study it has been revealed that buying a home in a larger city may actually be cheaper than currently renting. This may be good news for first time homebuyers.
Statistics show that in 80 percent of America’s largest cities it is cheaper to own a home than buy. The study was conducted by comparing the monthly cost of renting a home versus owning. Cities most affected by this trend include Phoenix, Las Vegas, and Fresno, California. If you live in these areas, or close to these areas check out the housing market in your area. You may be paying a fortune to rent a home when you could reasonably buy your first home. Keep in mind, this trend could be because of lowered property values, so you want to be sure you’re getting the best deal for your money. Check out the housing market in your area and decide if buying a home is right for you.
Homeownership not as popular
Posted on | May 1, 2011 | No Comments
According to recent statistics, homeownership is not as popular as it was 15 years ago. In fact, homeownership is down to rates that were once seen in 1998. So far in 2011, homeownership has dropped by almost 67 percent.
The housing boom occurred in the mid-200s, and that is when we saw a peak in homeownership, when people felt good about buying and owning a home. Programs like the homebuyer tax credit have helped lift the rate of ownership slightly, but not enough to pull us out of the housing slump. Since then, the biggest peak was in 2005, when the homeownership rate was at 69.1 percent. Rental rates have also declined too, in a frightening statistic that reveals that US economy is still on its long road to recovery. It’s important for Americans to feel good about buying their own homes, and to have a sense of ownership that comes with that decision. However, with the shaky economy keeping Americans cautious about taking on more debt, the housing market continues to loom in a state of uncertainty.
Home Loans with Bad Credit
Posted on | April 25, 2011 | No Comments
If you have bad credit, or no credit you may feel that buying a home is completely out of your reach. While being approved for a home loan is much easier if you have good credit, obtaining a mortgage is not impossible with less than impeccable credit scores.
If you have bad credit, but have other assets like life insurance or a 401K, these may help you get approved for a home loan. Lenders will see that if you are in a situation where you can’t pay your mortgage payment, you do have assets that can cover the costs. Job stability can also help get you approved for a home loan. If you’ve been with the same company for more than five years and can prove that you have received regular raises, this will fare well with the banks. Explaining that you plan to stay in your home for ten years will also improve your chances of getting approved for a home loan, because it shows your commitment to the home, as well as to your mortgage. Lastly, by increasing your down payment you can also increase your chances of getting approved for a home loan. Instead of ten percent, try to put down twenty percent of the cost of the home as a down payment. It’s possible to get approved for a home loan with bad credit.
Foreclosure Status in America
Posted on | April 18, 2011 | No Comments
The amount of homes in foreclosure is declining in America, but that doesn’t necessarily mean the foreclosure crisis is gone for good. Recovery for our country has been a long process, and will continue to be and will continue to affect the housing market.
Foreclosures are currently down 14.8 percent this quarter, compared to statistics of last quarter. However, this may not mean the housing market is on the up and up. Currently, the demand for housing, declining prices, and lack of credit for most Americans are all affecting the housing market negatively. So, even though less houses are being foreclosed, the American economy is continuing to affect how many houses are being bought and sold in today’s real estate market. While less homes in foreclosure is a good sign for our housing market, it may not be enough to pull us out of the housing slump for good. Housing trends are affected by a variety of external factors, and it’s important for Americans to remain optimistic, yet realistic about their current financial state and the state of the housing market.
Mortgage Tax Deductions
Posted on | April 11, 2011 | No Comments
Hundreds of thousands of Americans took advantage of the homebuyers tax credit of the last three years. Many mortgage lenders feel this government sanctioned tax credit for first time homebuyers was a true success, and allowed people to purchase homes more affordably.
Unfortunately, the first time homebuyer’s tax credit has not been extended, unless you are a member of the military. The other exception is if your home is in contract to be purchased by April 30, 2011 and you have filed for an extension. If this is not the case, and you have missed out on this wonderful government program, there are still tax deductions you can take advantage of. The interest you pay on your mortgage is tax deductible, but there are limits to this tax exemption depending on whether or not you and your spouse are filing jointly. Speak with an accountant, or your trusted mortgage lender to make sure you are reaping all the benefits of the mortgage tax deduction. If you are a first time homebuyer, your best bet is to save for a sizeable down payment for the home of your dreams.