Just like all the other issues, the government shutdown is affecting the buying and selling of homes. I'm not saying it won't happen, I'm just giving a little 'heads up', that your closing date may not be the day you sign your closing papers. Â Talk to your mortgage professional. Â They will have all the latest information for you!
Updating the outside of a home pays off, according to this yearâ€™s Cost vs. Value Report. Real estate professionals ranked exterior improvement projects as winning the buyersâ€™ eye and providing sellers with the most return on investment.
According to the 2013 Cost vs. Value Report, exterior replacement projects are among the most valuable home improvements that sellers can currently invest in, starting with the front door.Â A steel entry door topped this yearâ€™s survey with an estimated 85.6 percent of the costs recouped at resale. The steel door replacement is also the least expensive of the 35 midrange and upscale remodeling projects included in the survey, costing $1,137 on average.Â When buyers are shopping for a home, the exterior can make (or break) the first impression.Â
This is the 15th year thatÂ RemodelingÂ magazine â€” in cooperation with REALTORÂ® Magazine â€” has released the Cost vs. Value Report. This yearâ€™s survey included more than 3,900 appraisers, sales agents, and brokers across the country who provided their opinions and estimates.
I had a great conversation with a lender that stopped by my office today. Â Wells Fargo Home Mortgage has a new conventional loan product on the market! Â It's called a the "Purchase & Renovate Loan", which seems to be similar to the FHA 203K product.
Buyers will still need a minimum of a 5% down payment, but the repair or improvement price is added to the purchase price and the appraisal is based on the Improved Value, rather than the "as-is" value. Â
That means, if you like the house, but there is no garage, you might be able to add one! Â Or, if you'd make an offer but you HATE the carpet, you could make that work too! Â Are the windows old and drafty? Â Does it need a new furnace? Â My goodness, think of the benefits. Â :-)
Obviously, everything is based on your good credit, contractor bids, appraised value, etc., but this is great news and a wonderful opportunity for our market. Â Call your Wells Fargo Home Mortgage Rep for more information, then give me a call so we can start looking for your new home...
*** I am not a Lender, and do not claim to know everything there is to know about this loan program. Â Availability and rules could be subject to change - please consult with the experts
Most of the time, if a house is for sale, it is not also for rent. Â Even if the house is vacant, most home owners are not willing to become landlords.
The best way, in our area, to find a rental is to contact a reputable property management company. Â Sometimes you can get lucky and see a "for rent" sign in a yard or window, but they go fast. Â Be prepared with your security deposit and maybe even a copy of your credit report. Â
Oh and don't fall for any Craigslist Scams. Â I love Craigslist, but you have to be careful. Â Realtors do not leave their signs in people's yards when the house is taken off the market. Â Realtors do not have every key to the house... DO NOT SEND ANYONE MONEY BEFORE YOU GET TO SEE THE HOUSE OR APARTMENT! Â DO NOT SEND MONEY BEFORE YOU SIGN A LEASE AGREEMENT. Â Real landlords or property managers will not ask questions regarding familial status. Â It is against the law to ask if you are married, single or divorced. Â Plus many other things... Please refer to the Fair Housing Act for more information.
After talking with one of our local lenders this week, I found out that FHA is upping their fees.Â That means if you're planning on using FHA financing, your upfront mortgage insurance and monthly insurance premium is going up on 4/1/2013.Â This is no April Fools!Â The cost of home ownership with FHA is rising.Â If you're thinking about buying in the near future, contact your lender for more information.Â And ask about Conventional financing while you're there!
The company I work for, Dahlquist Realtors, had a great 2012 and we're gearing up for an even better 2013.Â Dahlquist'sÂ sales numbers wereÂ just underÂ our record year of 2006!Â If you are looking at selling your home, please note that DahlquistÂ agents are involved inÂ 25%-30% ofÂ all transactions completed in our area!Â I'm proud to be part of a locally owned company that is on the cutting edge of technology to better market your home.
ItÂ suprises me how many people still think they MUST HAVE 20% down to get a mortgage.Â Obviously, everything depends on the individual's credit score, but in most cases 5% down is only needed for a conventional loan.Â That is a big difference!Â You can put more down if you'd like, but the rule is 5% minimum.Â On a VA Loan, our verterans aren't required toÂ put any money down... and for an FHA loan the minimum is 3.5%.Â While that may sound better than conventional, talk to your lender about which one makes for sense for you.Â You might be surprised!Â And that is why is so important to get pre-approved before you start shopping for your new place.