1. Look up local listings to see what price range houses are going for. Follow this link to Realtor.com.
2. Check to see if you can afford a monthly payment by using a mortgage calculator. Follow this link to a mortgage calculator.
3. To see if you can afford this mortgage payment use an affordability calculator. Follow this link to an affordability calculator.
4. Find a buyers agent to represent you. You will need help you through your home search, the ins and outs of finding something in your budget that suits your needs, going through the offer, inspection and closing steps that are involved. If you don't get a buyers agent to represent you the agent is automatically working for the seller.
5. Get pre-approved!!! Never start out your search not knowing if you can even get a loan or not, this will also make your offer to a seller more appealing.
6. Start saving!!! The more earnest money you can put down on a contract the more serious your offer will seem to a seller.
7. Ask about title insurance fees, survey charges, escrow fees, and loan origination fees, all of this may be due at closing so it’s good to know ahead of time what you’ll be paying for.
Wednesday, January 20, 2010
Tuesday, January 19, 2010
5 Common First Time Home Buyer Mistakes
First time home buyers, more commonly known as “property virgins”, are characterized for having unrealistic expectations on buying real estate.
They want everything for a next to nothing price.
The average first time home buyers are ages 24-34 and this is the first real investment they have ever made.
Now with the market leaning more in their favor, opening the door to many who 3 years ago could never have afforded a home, they face a new struggle of competing against investors on getting that great deal on a house.
Investors have spent more time researching the market, have more money to put down and don't take as long to make a decision on to buy or not to buy.
Below I have attached a list of the 5 most common mistakes first time home buyers make, provided by Real Estate Checklists and Systems.
To help you avoid making a "property virgin" mistake call a local Realtor.
To contact me: e-mail EmilyLeeRealty@yahoo.com or call 606-499-7836
5 Common First Time Home Buyer Mistakes
1. They don’t ask enough questions of their lender and end up missing out on the best deal.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right agent who’s willing to help them through the home buying process.
4. They don’t do enough to make their offer look appealing to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Source: Real Estate Checklists and Systems
Click here to visit my personal website
They want everything for a next to nothing price.
The average first time home buyers are ages 24-34 and this is the first real investment they have ever made.
Now with the market leaning more in their favor, opening the door to many who 3 years ago could never have afforded a home, they face a new struggle of competing against investors on getting that great deal on a house.
Investors have spent more time researching the market, have more money to put down and don't take as long to make a decision on to buy or not to buy.
Below I have attached a list of the 5 most common mistakes first time home buyers make, provided by Real Estate Checklists and Systems.
To help you avoid making a "property virgin" mistake call a local Realtor.
To contact me: e-mail EmilyLeeRealty@yahoo.com or call 606-499-7836
5 Common First Time Home Buyer Mistakes
1. They don’t ask enough questions of their lender and end up missing out on the best deal.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right agent who’s willing to help them through the home buying process.
4. They don’t do enough to make their offer look appealing to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Source: Real Estate Checklists and Systems
Click here to visit my personal website
Monday, January 18, 2010
Measuring The Benefits Of Home Ownership
Thinking about getting into Home Ownership???? Now is the best time to jump into this lifelong investment! With the first time homeowner’s tax credit of $8,000 and the market back on the rise…. all waiting around will get you is a larger mortgage payment…..
Why should you buy?
When you purchase a home instead of rent you are making an investment into your future, whereas with renting you are just giving someone else your money. When you own a home you can deduct your mortgage loan interest cost from you federal income taxes and your property taxes as well.
How can you get a loan if you can’t afford a large down-payment or have bad credit?
There are many federal mortgage programs that offer loans to people just like you! They offer low down payments or even 100% financing with low monthly payments.
Can you afford a mortgage payment if you’re a single parent?
YES!!! The government offers homeownership grants or special programs to single parents just like you! The key is getting with an agent and getting pre-qualified before you start your home search.
What is the first thing you should do when you’re thinking about home ownership?
Contact a local Realtor!!! They can lead you in the right direction from Step 1 until closing day. Chose a realtor who has your best interest at heart and are willing to help you work through all the steps from getting pre-qualified to choosing the right home for you. To contact me :
send me an e-mail at EmilyLeeRealty@yahoo.com or call me at (606) 499-7836
Below I have attached a link to a article that contains a wealth of information to those considering buying a home, Check it Out!
Measuring The Benefits Of Home Ownership
Why should you buy?
When you purchase a home instead of rent you are making an investment into your future, whereas with renting you are just giving someone else your money. When you own a home you can deduct your mortgage loan interest cost from you federal income taxes and your property taxes as well.
How can you get a loan if you can’t afford a large down-payment or have bad credit?
There are many federal mortgage programs that offer loans to people just like you! They offer low down payments or even 100% financing with low monthly payments.
Can you afford a mortgage payment if you’re a single parent?
YES!!! The government offers homeownership grants or special programs to single parents just like you! The key is getting with an agent and getting pre-qualified before you start your home search.
What is the first thing you should do when you’re thinking about home ownership?
Contact a local Realtor!!! They can lead you in the right direction from Step 1 until closing day. Chose a realtor who has your best interest at heart and are willing to help you work through all the steps from getting pre-qualified to choosing the right home for you. To contact me :
send me an e-mail at EmilyLeeRealty@yahoo.com or call me at (606) 499-7836
Below I have attached a link to a article that contains a wealth of information to those considering buying a home, Check it Out!
Measuring The Benefits Of Home Ownership
Friday, January 15, 2010
ZipRealty Reports Inventory Declines
ZipRealty Reports Inventory Declines
ZipRealty reported that the number of homes for sale nationwide declined by nearly 5 percent in December. Markets with the largest inventory declines compared to November included Boston, down 13.3 percent; San Francisco Bay Area, down 12.1 percent; Denver, down 9.2 percent; Minneapolis-St. Paul, down 9 percent; and Seattle, down 7.9 percent.The data was compiled from multiple listing services in the markets where the real estate brokerage does business."Seasonality and the heavy activity by first-time home buyers in October and November, who were rushing to take advantage of the tax credit, impacted housing inventory in December," ZipRealty CEO Patrick Lashinsky said in a statement.
Source: Reuters News, Julie Haviv (01/13/2010)
ZipRealty reported that the number of homes for sale nationwide declined by nearly 5 percent in December. Markets with the largest inventory declines compared to November included Boston, down 13.3 percent; San Francisco Bay Area, down 12.1 percent; Denver, down 9.2 percent; Minneapolis-St. Paul, down 9 percent; and Seattle, down 7.9 percent.The data was compiled from multiple listing services in the markets where the real estate brokerage does business."Seasonality and the heavy activity by first-time home buyers in October and November, who were rushing to take advantage of the tax credit, impacted housing inventory in December," ZipRealty CEO Patrick Lashinsky said in a statement.
Source: Reuters News, Julie Haviv (01/13/2010)
Thursday, December 10, 2009
"Cash for Caulking"
REALTOR® Magazine-Daily News-Obama Proposes Cash for Caulking
President Obama proposed a program Tuesday that would reimburse home owners for installing energy-efficient appliances, windows, and insulation.Under what has been dubbed “Cash for Caulking,” home owners would get a 50 percent rebate on items like energy-efficient air conditioners, heating systems, washing machines and dryers, refrigerators, replacement windows, and insulation up to $12,000, meaning a household could spend $24,000 and get $12,000 back. There will likely be no income restrictions.Steve Nadel, director at the American Council for an Energy-Efficient Economy, who is helping to craft the legislation, says they are contemplating having contractors or retailers pay part of the cost upfront to ease the need for home owners to come up with lots of cash.
Source: CNNMoney.com (12/08/2009)
President Obama proposed a program Tuesday that would reimburse home owners for installing energy-efficient appliances, windows, and insulation.Under what has been dubbed “Cash for Caulking,” home owners would get a 50 percent rebate on items like energy-efficient air conditioners, heating systems, washing machines and dryers, refrigerators, replacement windows, and insulation up to $12,000, meaning a household could spend $24,000 and get $12,000 back. There will likely be no income restrictions.Steve Nadel, director at the American Council for an Energy-Efficient Economy, who is helping to craft the legislation, says they are contemplating having contractors or retailers pay part of the cost upfront to ease the need for home owners to come up with lots of cash.
Source: CNNMoney.com (12/08/2009)
Wednesday, December 9, 2009
The American Clean Energy and Security Act
The U.S. House of Representatives approved H.R. 2454, the American Clean Energy and Security Act by Reps. Waxman (D‐CA) and Markey (D‐MA). Following NAR’s long‐standing policy to only take a position on legislation, or provisions within legislation that have a direct affect on real estate, NAR worked with our Congressional allies to strip the Energy Bill of provisions that would have adversely affected our industry.
After multiple consultations with the NAR Climate Presidential Advisory Group, the NAR Land Use, Property Rights and Environment Committee, and state associations who had dealt with energy audit legislation at the state level, the Land Use, Property Rights and Environment Committee directed NAR staff to concentrate on the real estate provisions in the bill. As a result, NAR issued calls for action and made this a talking point for Capitol Hill visits during its recent Midyear meeting.
Overall, REALTORS® succeeded in making a number of positive changes affecting the real estate provisions of the bill. The House‐approved bill:
Does not create a federal energy audit requirement for real property;
Exempts existing homes and buildings from any federal guidelines for new construction energy efficiency information labels.
Prohibits the implementation of any labeling during a sales transaction.
Leaves the decision to states as to whether to require energy audits, disclosures, etc.
Provides property owners with significant financial incentives, matching grants and tools to make property improvements and reduce their energy bills;
Prohibits the Environmental Protection Agency from regulating residential and commercial buildings under the Clean Air Act;
Eliminated an early proposal to allow citizens to sue over minor climate risks under the Clean Air Act; and
Establishes green building incentives for HUD housing, including a loan program for renewable energy, block grants and credit for upgrades in mortgage underwriting.
For more information about the American Clean Energy and Security Act, see NAR's Information Pack.
What's Next?
The Senate must still pass its version of an energy and climate bill. If this occurs a House–Senate conference committee will be held to reconcile differences between the House and Senate bills.
Click here for the Original Source
After multiple consultations with the NAR Climate Presidential Advisory Group, the NAR Land Use, Property Rights and Environment Committee, and state associations who had dealt with energy audit legislation at the state level, the Land Use, Property Rights and Environment Committee directed NAR staff to concentrate on the real estate provisions in the bill. As a result, NAR issued calls for action and made this a talking point for Capitol Hill visits during its recent Midyear meeting.
Overall, REALTORS® succeeded in making a number of positive changes affecting the real estate provisions of the bill. The House‐approved bill:
Does not create a federal energy audit requirement for real property;
Exempts existing homes and buildings from any federal guidelines for new construction energy efficiency information labels.
Prohibits the implementation of any labeling during a sales transaction.
Leaves the decision to states as to whether to require energy audits, disclosures, etc.
Provides property owners with significant financial incentives, matching grants and tools to make property improvements and reduce their energy bills;
Prohibits the Environmental Protection Agency from regulating residential and commercial buildings under the Clean Air Act;
Eliminated an early proposal to allow citizens to sue over minor climate risks under the Clean Air Act; and
Establishes green building incentives for HUD housing, including a loan program for renewable energy, block grants and credit for upgrades in mortgage underwriting.
For more information about the American Clean Energy and Security Act, see NAR's Information Pack.
What's Next?
The Senate must still pass its version of an energy and climate bill. If this occurs a House–Senate conference committee will be held to reconcile differences between the House and Senate bills.
Click here for the Original Source
Extended Home Buyer Tax Credit 2009/2010
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Published by Realtor.org
For the rest of this post and information on:
Who Qualifies for the Extended Credit?
Which Properties Are Eligible?
How Much Is Available?
How is a Buyer's Credit Amount Determined?
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Will the Tax Credit Need to Be Repaid?
Visit: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Published by Realtor.org
For the rest of this post and information on:
Who Qualifies for the Extended Credit?
Which Properties Are Eligible?
How Much Is Available?
How is a Buyer's Credit Amount Determined?
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Will the Tax Credit Need to Be Repaid?
Visit: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
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