Thursday, April 5, 2012
98 of the top 100 metro areas...
This figure of home ownership vs. renting keeps going up. Maybe, just maybe, Honolulu and San Francisco will make the list one day... :)
Tuesday, March 13, 2012
Things You Need to Know Before you Buy a Condo!
The Tip:
Make sure you're asking the right questions—and getting straight answers—before you decide to buy a condo.
Owning a condominium can be great alternative to single-family home buying. You can often get more bang for your buck in square footage and features, and you're not solely responsible for maintenance and upkeep.
Here are some of the issues to look out for while you shop for your condo;
HOA Dues
Most condo developments operate with a Homeowners Association (HOA), a group of residents who enforce community rules and collect monthly or annual dues. Real estate agents usually advise buyers to always find out how much the dues are and what they cover. Association fees usually cover insurance on the exterior of the building, but coverage can differ. Utilities are always a question. Ask if any of them are included in the fees. You also need to know the last time the HOA dues were raised. If it's been several years, you can bet a hike is coming soon.
FHA Approval
Even if you're paying all cash or getting a conventional mortgage to buy your condo, you'll want to buy in a development that's approved by the Federal Housing Administration (FHA).
An FHA-approved condo will have a stable community and HOA that operates on a budget with healthy cash reserves. It also means their rental-to-occupant ratios are normal and everyone is up-to-date on their dues.
You can look into these issues too. An HOA shouldn't have a problem allowing a potential buyer to review its books or answering your questions. If they do, this isn't the condo for you.
Assessments
Periodically, condo residents are required to share the costs for assessments—development-wide improvements like new roofing or road maintenance
A buyer will want to know if there are any upcoming assessments before they buy... Who wants to buy a condo and then get hit with a $2,500 roof assessment?
Make sure you're asking the right questions—and getting straight answers—before you decide to buy a condo.
Owning a condominium can be great alternative to single-family home buying. You can often get more bang for your buck in square footage and features, and you're not solely responsible for maintenance and upkeep.
Here are some of the issues to look out for while you shop for your condo;
HOA Dues
Most condo developments operate with a Homeowners Association (HOA), a group of residents who enforce community rules and collect monthly or annual dues. Real estate agents usually advise buyers to always find out how much the dues are and what they cover. Association fees usually cover insurance on the exterior of the building, but coverage can differ. Utilities are always a question. Ask if any of them are included in the fees. You also need to know the last time the HOA dues were raised. If it's been several years, you can bet a hike is coming soon.
FHA Approval
Even if you're paying all cash or getting a conventional mortgage to buy your condo, you'll want to buy in a development that's approved by the Federal Housing Administration (FHA).
An FHA-approved condo will have a stable community and HOA that operates on a budget with healthy cash reserves. It also means their rental-to-occupant ratios are normal and everyone is up-to-date on their dues.
You can look into these issues too. An HOA shouldn't have a problem allowing a potential buyer to review its books or answering your questions. If they do, this isn't the condo for you.
Assessments
Periodically, condo residents are required to share the costs for assessments—development-wide improvements like new roofing or road maintenance
A buyer will want to know if there are any upcoming assessments before they buy... Who wants to buy a condo and then get hit with a $2,500 roof assessment?
Wednesday, March 7, 2012
FHA Improvements! Mega Savings for Many!
The White House has announced that they are reducing the FHA fees on streamline refinance transaction. This will be HUGE for a lot of clients, BUT there are some restrictions. If you have an FHA loan, and are curious about the details... Click on the right to call me, or set up an appointment!
If you fit in this category - June 11th is the day we can begin your loan process!
If you fit in this category - June 11th is the day we can begin your loan process!
Wednesday, February 29, 2012
Monday, January 16, 2012
Should You Buy or Sell in 2012?
Depending on who you ask, 2012 could be the year the housing market finally, but slowly, starts climbing back. Or, we could see more of the same—foreclosures and falling home values. Either way, homebuyers and sellers have a lot to consider before they make a move this year.
Buyers: Time for a Commitment
It's been a buyer's market for several years, and 2012 won't be any different. Homes are affordable and mortgage interest rates have never been better. Once the market picks up, though, prices and rates will start to rise—slowly. So while there's no need to rush into a home purchase, there's no need to wait for prices to fall further either.
If you're planning to buy a home, it's important to understand that values will probably rise much more slowly than they did in the boom markets 10 and 20 years ago. Only buy a home if you're willing to stay there for several years. Remember, this is your home, not a short-term investment.
You'll have to comb through a lot of available homes to find one you'll want to stick with for that length of time. A real estate agent can walk with you through that process and help you negotiate a great deal when you're ready to buy.
Sellers: Time to Turn a Corner?
On average, home prices have fallen 31% since 2006. While the decline has been painful for homeowners, it means homes are now more affordable. Home ownership is now within reach of about 2 million boomerang kids and couples who delayed buying a home the last few years.
Pricing will be the key to getting your home sold in 2012. There will still be plenty of foreclosures to compete with, and buyers are looking for deals. Homeowners are not usually good at judging their home's worth, so consult an experienced real estate agent to get the pricing right.
Buyers: Time for a Commitment
It's been a buyer's market for several years, and 2012 won't be any different. Homes are affordable and mortgage interest rates have never been better. Once the market picks up, though, prices and rates will start to rise—slowly. So while there's no need to rush into a home purchase, there's no need to wait for prices to fall further either.
If you're planning to buy a home, it's important to understand that values will probably rise much more slowly than they did in the boom markets 10 and 20 years ago. Only buy a home if you're willing to stay there for several years. Remember, this is your home, not a short-term investment.
You'll have to comb through a lot of available homes to find one you'll want to stick with for that length of time. A real estate agent can walk with you through that process and help you negotiate a great deal when you're ready to buy.
Sellers: Time to Turn a Corner?
On average, home prices have fallen 31% since 2006. While the decline has been painful for homeowners, it means homes are now more affordable. Home ownership is now within reach of about 2 million boomerang kids and couples who delayed buying a home the last few years.
Pricing will be the key to getting your home sold in 2012. There will still be plenty of foreclosures to compete with, and buyers are looking for deals. Homeowners are not usually good at judging their home's worth, so consult an experienced real estate agent to get the pricing right.
Thursday, January 12, 2012
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