Adapting to selling houses during the Coronavirus pandemic.

First and foremost we hope all our readers are staying safe.  The information surrounding the Coronavirus changes quickly, please stay informed from your news outlet.

Some REALTORS are going out with masks and gloves to look at houses with clients.  One first time home buyer said she is excited and wanted to make the most of her time working at home during the pandemic.

Many REALTORS thought buyer interest might slow as the coronavirus spreads across the country, as governments tell residents to stay home.

Many people at home want to take advantage of the low mortgage rates, one lender says they’ve actually seen an uptick in applications.  This is a great time to buy a home.  It seems like that wouldn’t be so, but it is a very good time to buy a home.

Before the pandemic started, people had plans to move – for a job, a bigger house, or a new lease, and those plans are moving forward as best as they can.  What is usually the busiest season of the year, the industry faces new challenges in the form of government orders that restrict business and the number of people allowed to gather in one place.

Thankfully, our Mayor has deemed the real estate industry essential and agents are conducting business over the phone and online.  Closings, which had been taking place from the six-foot distance health officials recommend, now are done remotely.  In-person showings are becoming rare, and open houses aren’t happening.  Agents are using technology any way they can to keep the ball rolling.  REALTORS are a creative group of people and will adapt to how they do their business and will work with clients to keep transactions moving. Supply and demand has not changed, just the way we do business.

 

 

 

St. Patrick’s Day Ideas For Family Fun

St. Patrick’s Day is an Irish holiday that is celebrated every year in March, but it’s not just the Irish that enjoy this festive occasion.  In fact, people around the nation celebrate St. Patrick’s Day with parades, green attire and even parties that bring family and friends together.  Speaking of family, there are a number of ways that you can make St. Patrick’s Day a festive and fun-filled family holiday.

Take Part In a Parade

Whether you are involved directly or simply enjoy watching a St. Patrick’s Day parade from the sidelines, make sure that you attend at least one.  These festive events include everything from music to floats and local residents coming together to celebrate this annual holiday.  You can enjoy a parade with your family by participating together, or simply by watching from afar.

Dress The Part

One of the longest standing traditions for St. Patrick’s Day is the requirement of green attire.  Whether it’s a shirt, shamrock pin, pants or even a jacket, not wearing green often means you get pinched from good-natured family and friends.  If you want to join in on the celebration as a family, make sure that everyone is wearing green before leaving the house.

Have A Party

If you really want to celebrate St. Patrick’s Day, do so by hosting a party in your home.  You can invite family, friends, neighbors and other local residents who share in your festiveness.  Because the color green is so commonly associated with St. Patrick’s Day, it’s only natural that you would want to serve lime JELL-O, ice cream and even green KOOL-AID to your guests.  Don’t forget to decorate with the green theme in mind by using holiday plates, cups and napkins, table coverings, streamers and even balloons.

Festive Dining

For Thanksgiving, many families eat turkey.  For St. Patrick’s Day, many families eat cabbage because, well, it’s green.  Green beans, vegetables, spinach, fruits and other green foods also remain popular choices for those looking to dine with the green theme in mind.

Look For Luck

When it comes to luck, the four-leaf clover is a very common symbol and it is also associated with St. Patrick’s Day.  This means that one of the best ways to enjoy family fun on this festive holiday is to go out in search of four-leaf clovers.  Children especially love this and they feel a great sense of accomplishment if they locate the rare find.  One of the greatest places to start looking is in your own backyard.

Buying A Home Long Distance

The process of purchasing a home can be a complicated and stressful experience, but if you have to purchase a new home in another city the experience can become even more complicated.  Whether you are relocating for a job, retiring to a dream location, or are just looking for a change, purchasing a home long distance has a whole separate to-do list on top of the already long list of things that need to be done to purchase a new home.  Here are some tips to make purchasing a home long distance a little easier, and still get the home of your dreams!

The Internet Is A Powerful Tool!

The internet is a powerful research tool for learning more about virtually any topic, and purchasing a home is no exception.  From finding a REALTOR® to searching properties, the internet is a great aid in finding a home.  It is also a great resource for finding information about potential lenders, home inspectors, and all the other extras involved in buying a home.  Though the internet is a great resource in the real estate market, like any information you find online, it is always important to be sure it is coming from a reputable source.  Finding Web sites that are run by professional REALTORS® or real estate organizations is your best bet for reliable information.

Hire A Local REALTOR®

Your best approach is to be sure you have an agent in your prospective area on your team early on.  They can certainly direct you to some great online resources and help you determine which are accurate and up-to-date.  They are also a great resource for finding out which neighborhoods would be a good fit for you and your family, and the local amenities that are available to you.

In general, buying a home long distance can have its obstacles, but with a little research on your part and the help of a professional REALTOR®, you can make the transition to both a new home and a new city easier and stress free.

 

Sell Your Home Fast: Five Tips To Get A Fast Sale!

The process of selling your home can be a stressful and time-consuming event.  Getting a quick sale at the right price is the goal of any homeowner.  Here are a few simple tips to getting that sale fast and at the price you want.

Hire A Real Estate Expert—This may be obvious, but many people still need to be convinced that hiring a professional to handle the sale of their most valuable asset is important.

Get The Price Right—Knowing the fair market value of your home and getting advice on pricing it right will pique buyers’ interest will net you a faster sale.  Again, a qualified agent can help make this determination.
Have A Marketing Plan—Knowing how to effectively market your property means more people will see your home, and so you increase the potential of attracting that perfect buyer.

Consider Offering Incentives—Offering incentives can be just the drive a potential buyer needs to select your property over the competition.  Incentives may include major appliances, an allowance for worn carpet or paint, or paying some of the buyer’s closing costs.

Clear the Clutter—A neat, tidy, and well-presented home is always more appealing to buyers.  It is also a great way to get rid of items you don’t want to take with you to your new home.

These simple tips can get your home sold quickly, easily, and at the right price.  A real estate professional can help you with each one of these tips and can make the process of selling your home a more pleasurable one.

Buying A Fixer-Upper: Are You Ready For The Work

Always dreamed of renovating a home exactly to your specifications, or have you found an older house that is structurally sound but needs a lot of work inside?  Perhaps the price is right and you can’t resist all that house you can get for your money.  Whatever the reason, buying a fixer-upper can be both an exciting and rewarding purchase or a financial and time consuming disaster, depending on whether you are prepared for what you have gotten yourself into.  So what should you know before buying a home that requires a little or a lot of tender loving care?

The Benefits

The benefits of purchasing a fixer-upper are obvious.  The price is usually right, and if the seller wants a quick sale because of decreased interest in the home, you may be able to negotiate a really great price.  Also, if you intend to flip the home after the renovations, the profit for the money and time you have invested can be quite considerable.  The trick to getting these benefits, however, is knowing what type of property to look for, as well as having an accurate idea of the associated costs, and realistic expectations of the time and labor it will take.

What Makes A Great Fixer-Upper?

There are several features that may make for a great fixer-upper.

Location—Buying a home in a desirable neighborhood is always a smart idea, particularly with homes that require a lot of work. Purchasing a house in a sought after area can mean a greater profit margin for resale value.

Layout And Configuration—This is especially important if you plan to sell the home after the renovations are finished.  Selecting a home that will appeal to the greatest number of buyers will get you the best price.  Also, choosing a home with a layout that flows may save you a considerable amount on the actual renovation costs because you are less likely to need custom installations and work.

Condition—Ultimately the most important consideration is the actual condition of the home. Choosing a fixer-upper with only cosmetic problems such as damaged flooring or old fixtures and appliances, and in need of only a new paint job, can often have the greatest profit margin and require much less money and time.

Overall, when purchasing a home that needs work, getting a qualified home inspector’s advice and getting estimates of the cost of work to be done before making your offer can make all the difference.

 

Buying Verses Renting A Home

When it comes to a home, you have two options: buy or rent.  What is right for one person may not be right for another, which is why it’s important to know which is the best option for your individual situation.

Why People Rent

There are a number of reasons why someone may either choose or be forced to rent, including sporadic or unpredictable income, a high debt-to-income ratio, a bankruptcy or foreclosure within the last six months, unpaid collection accounts or judgments, frequent relocating for employment or the inability to save enough money for a required down payment on the purchase of a home.

Maintenance Matters

As a homeowner, you will be responsible for any maintenance or repair issues that arise.  This is a big consideration when choosing whether to rent or buy.  When you rent, the property owner is responsible for repairs and it may not always be obvious that these issues can be very costly.

How To Know When It’s Time To Buy

If you have steady income with a good employment history, can provide a down payment of at least 5-10 percent of the purchase price and are current with all debts, it may be time to consider buying a home instead of renting.  In some cases, the cost of rent may even exceed that of a typical mortgage payment.

When deciding to buy, job stability is a big factor.  If your job does not require frequent relocation and you plan to live in the home for at least 5-10 years, you may want to consider making the purchase.  If you need to relocate after that, you may have enough equity from the sale to use as a down payment on another home.

Home Buyer’s Checklist 

If you can answer yes to the following questions, you may be ready for home ownership.  Your REALTOR® can help you to find the perfect home based on your individual needs.

Have you been steadily employed for at least one year, but preferably two years?

Do you plan to live in the home long enough to build equity?

Can you provide a down payment and still have enough money left to pay for closing costs, utilities and home furnishings?

Are you current on all debts, including auto loans, credit cards, etc.?

In addition to any current debts that you may have, can you afford a monthly mortgage payment which will likely include property taxes and insurance?

Do you have the time to devote to shopping for a home and comparing interest rates from various lenders?

Have you checked your credit reports for inaccuracies and disputed anything that needs correction with each of the three major credit reporting agencies?

The decision to buy or rent is a very personal one that can only be determined after a careful evaluation of your situation. A REALTOR® can show you the perfect home and a lender can tell you whether or not you can afford it, but it’s up to you to make the choice as to whether or not you are ready to make the move.

 

How Much House You Can Afford

There are a number of factors that can contribute to the affordability of a house and, as a potential homebuyer, it’s important that you know what type of mortgage payments are within your budget.

Debt-To-Income Ratio

As a homebuyer, your first consideration will be the amount of your monthly mortgage payments.  If you owe a lot of debt, lenders may consider you to be a high credit risk, which makes debt-to-income ratio a leading factor in determining how much of a house you can afford.

Most lenders will discount any loans that you will have paid off within one year when determining how much of a home you can afford.  As a general rule, your mortgage payment should not exceed 25-30 percent of your monthly take-home pay.

Loan Term

Although you will end up paying more interest in the long run, you will find that you can afford a more expensive house if you request a loan term of 25-30 years, compared to a shorter term of 15 years.

Interest Rates

When you look at an interest rate, all you see is a number.  Hopefully, it’s a single digit that’s comparable with current market rates.  Most homebuyers already know that their interest rate affects their monthly payment which, in turn, is determined by the borrower’s income.  Lower interest rates mean that you can afford a larger principal loan amount, which means a more expensive house.

Credit History

Because your past credit history will play a large role in determining your interest rates, it will also impact the affordability of a house.  For instance, a buyer who pays six percent interest will save a considerable amount of money over a buyer who pays eight percent interest on their home loan.  It may not seem like much now but, when averaged over time, the savings could be tremendous.

Down Payment Amount

Believe it or not, the amount of your down payment will not only show the lender how serious you are about buying a home, but it will also affect your ability to afford a particular house.  For instance, if you were to qualify for a home loan of $200,000, but your dream home was currently listed for $250,000, a down payment in the amount of $50,000 would get you into the home.

The above scenario is just an example, but it does show how a down payment can affect the price of the home that you are able to afford.  Some lenders may only require a five percent down payment, but you are free to pay as much above that as you wish.  A larger down payment can also reduce the principal loan amount, which thereby reduces the monthly mortgage payments.