These are exciting times. You've finally outgrown apartment life or living with your parents or sharing a place with waaaaayyyyy too many roommates, and you're ready to take the leap to homeownership. Now it's time to prepare. As you embark on this journey, beware of six important don'ts that could potentially derail your purchase.
Don't think it's too early to get prequalified
So, you're just going to go out "looking" at houses, you say? The time when you just expect to drive around a little and maybe visit an open house or two is obviously the time when you're going to fall in love with a house and want to make a move on it right away. If you're not already prequalified with a lender, you may not have a chance at it. Competition is fierce
As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview.
A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament.
On the buyer side, short sales typically take three to four months to complete and many of the closing and
Real estate professionals are a brave bunch. You walk into unfamiliar homes every day, prepared to deal with whatever lurks inside. Hopefully, the scariest thing you find is a seller’s outdated sense of style. But some properties have more insidious issues that staging can’t fix.
No strangers to haunted houses, many practitioners have real-life horror stories of dealing with creepy, ghostly circumstances in the course of their daily work. With Halloween around the corner, REALTOR® Magazine asked its readers to share their most frightening experiences in the field. From paranormal occurrences during showings to apparitions in listing photos, read on ... if you dare.
It is common for home sellers to need to hire someone to do maintenance or corrective work in order to facilitate a sale. Sometimes such work will be done in order to prepare a house to go on the market. Sometimes it will be done in response to a buyer's "fix-it" list, and sometimes it will be performed in order to meet contractual requirements such as doing what is needed in order to obtain a structural pest control clearance.
When the work is hired out, as opposed to being done by the homeowner himself, attention should be paid to determine whether or not the person doing the work is required to have a contractor's license. A project whose price totals less than $500 is considered "… of casual, minor, or inconsequential nature," and can be
You? Buy a home? If that prospect sounds as unlikely as your becoming the next U.S. president—well, this campaign season has shown us that anything can happen.
Sure, amassing the funds and slogging through the necessary paperwork for your own piece of the real estate pie can be daunting, especially if you’re a less-than-stellar loan candidate. Still, if you just assume there’s no way you could buy a home, without doing any research, you could be missing out.
Here are some oft-cited reasons people don’t buy a home, and the reality checks showing why they shouldn’t give up hope.
Reason No. 1: ‘I don’t have enough money for a down payment’
This is probably the most common justification for not making the leap into homeownership.
The South Sound real estate market showed no signs of a seasonal slowdown in December as sales once again jumped by a double-digit margin in Pierce and Thurston counties. And the lack of inventory continues to drive the market, according to Northwest Multiple Listing Service data released Wednesday.
Pierce County months of inventory — the amount of time it would take to exhaust the number of single-family residences for sale — fell below two months to end the year at 1.78 months. In Thurston County, it was 2.4 months. A healthy supply of single-family residences that doesn’t favor either the buyer or seller is thought to be around six months.
But with little to choose from, combined with buyer demand (mortgage interest rates are still low and the
May 20 is the deadline to nominate projects, plans and programs for the VISION 2040 Awards, a program of the Puget Sound Regional Council. Any individual, business, agency, organization or jurisdiction may submit a nomination.
The awards recognize projects, programs or plans in King, Kitsap, Pierce or Snohomish counties that help achieve the region's growth, economic, and transportation strategy. The projects may be developed in the public or private sectors, or through public/private partnerships.
PSRC said examples of programs and plans include comprehensive or subarea plans, economic development plans, design guidelines, outreach/education efforts, transportation demand management programs, and other similar
Home sales in the top 50 master-planned communities during 2015 jumped 14 percent from the volume reported for 2014, according to John Burns Real Estate Consulting. The 23,263 sales in the latest report accounted for an estimated 4.7 percent of all new home sales nationally and marked the highest volume in the six years the masterplan list has been compiled.
Commenting on their findings, the consultants from the John Burns team credited "historically low mortgage rates, solid job growth, low levels of resale competition and outstanding execution by the developers" as factors that drove demand.
One community in Washington state, Tehaleh, made the list. The 271 sales it experienced earned that project 46th
Homeownership as a wealth-building strategy was the subject of a paper The Harvard Joint Center for Housing Studies presented at a 2013 symposium. Now, the authors of that report revisited the topic using more recent data and lessons learned from the housing crisis.
Researchers report their updated analysis "upholds the bottom-line result from the earlier paper: that homeownership was associated with significant gains in household wealth, even when viewed across the tumultuous housing crisis period of 1999-2013."
In the earlier paper covering the 1999-2009 time period (before the downturn), the authors reached three key conclusions:
Even during a time of excessive risk taking in the mortgage market
The following article is a re-post from Realtor.com. Very insightful look at today's home selling market and what to do to help our home sell fast and for the most amount of money.
"Fasten your seat belts, it’s going to be a wild year in real estate! Our chief economist, Jonathan Smoke, has predicted that 2016 will be a true seller’s market, and it’s already galloping out of the starting gate.
Of course, not all homes are equal, and they don’t sell equally well, either. Most homes are a unique mosaic of attractive features (sparkling new granite counters!) and sometimes frustrating flaws (hey, what’s with the dilapidated porch?). Which part of that equation comes out on top will help determine what how quickly your place will move.