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Market Conditions : Nationwide Real Estate Advice

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  • Home Buying254K
  • Home Selling41K
  • Market Conditions26K

Activity 26,549
Anthony, Home Buyer in New York, NY
Sat Jan 14, 2017
Anthony answered:
Gary is the best place to buy and hold. Tenants will return lots of money now and the property will sell for more years from now when gary comes back alive. Houses are dirt cheap now in the city for purchase. Wake up yall ... more
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Diane Christ…, Real Estate Pro in Sarasota, FL
Thu Jan 12, 2017
Diane Christner answered:
Deed restrictions are limitations written into a deed to restrict the control, occupancy or use of a property. They are also known as restrictive covenants. Because these restrictions are written into the deed, they transfer with the property from the previous owner to the new owner when the home is sold.

Many subdivisions, especially newer ones, have deed restrictions to control the look and appeal of the neighborhood. The deed restrictions are recorded, usually by the original builder of the subdivision, so are available on line. They are typically called "Declaration of Covenants, Conditions, Restrictions and Easements."

There are also typically a set of by-laws for the association, which set up the rules for running the homeowners association. These usually cover definition of who are members, how voting will be done, rules for meetings, Board of Directors defined, powers and duties of Board of Directors members, rules for fiscal management of the association, parliamentary rules for meetings and rules for how amendments can be made to the deed restrictions.

Back to the deed restrictions. These contain the rules and regulations for land use and property standards for the homes in the community.

Typical restrictions would include how the property can be used. Here are some common items covered by HOA deed restrictions:

lots for residential use, no commercial activities on the property

what type of vehicles can be parked on the lot - often trailers, RV's, boats are restricted and cannot be parked where they can be seen

dwelling changes - you may have to have any improvements or changes to your home approved by the HOA architectural committee even if permits are not required by the county, such as changing paint colors or major landscaping changes

garages & parking - there are usually rules about not converting garages to living space, some have rules about no cars parked overnight on streets to driveways. Most have rules about commercial vehicles or vehicles with commercial signs not being parked on driveways overnight, they must be kept in garages.

accessory buildings - most have rules about adding sheds or other structures to the lot, ie what type are allowed (if any)

roof types - some HOAs have rules on what type of roofs you may install as they want to keep things uniform throughout the community

fences - some HOAs have rules on whether you can install fences and what type if allowed

Solar panel equipment, satellite dishes, clothes lines, window AC units - most have restrictions on if/how and where you can install these

Rentals - most newer HOAs have rules on how often you can rent a home, such as no unit may be rented more than twice a year and cannot lease for a period of less than 6 months.

These homeowner associations will also charge dues or fees on an annual, quarterly or monthly basis to maintain the common grounds and run the business of the HOA.

Some people hate deed restrictions, they feel they restrict what they can do with their property. Others like deed restrictions because they do give an overall standard for the subdivision that all homeowners must maintain, thereby keeping up the property values as a whole. Homes in deed restricted communities tend to sell for higher prices than homes in neighborhoods without deed restrictions.

Some people want to park their boat or RV on the side of their home, or their work van on the drive, hang their laundry on a line behind their home or park cars in their front lawn. Others find those things an eyesore and don't want to look at them on a daily basis.

The bottom line is, if you are looking at homes in a subdivision with a mandatory homeowner's association, be sure to get and read a copy of the deed restrictions and by-laws before you write an offer so you know what you will required to comply with should you purchase there. I'd also recommend getting a copy of the most recent budget and at least the past 3 months minutes of the Board of Director meetings so you can find out what issues they are discussing.
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Jonathan Lah…, Real Estate Pro in Potomac, MD
Thu Jan 12, 2017
Jonathan Lahey of The Lahey Group answered:
This was long time ago hope you did find what you need. Thanks!
0 votes 2 answers Share Flag
L. A. Swann, Home Buyer in Pahoa, HI
Wed Jan 11, 2017
L. A. Swann answered:
Old thread but I am replying! yes land is cheap here because it is raw land. You must plan well if you wan to buy land here in Hawaii. I have submitted 2 offers on 2 different parcels. One is side by side, but seller wants to sell both parcels, so he will probably no accept my offer. You must clear you land. You can hire a guy with a D9 and he is about $200 and hour. He can clear your land how you like it. Personally I would hand clear it to see if there are any native plants, you don't want to kill them. Once you buy, you get permitted for septic system about $4000 and set up your catchment tank. I am using a swimming pool since it is more affordable, yes it works great. Then I will put up what is called an Ag shed under 700 sq ft. This is non permitted. If you want permitted you will have to deal with code enforcement office and pay a lot of fees. It still is cost effective especially if your nice and patient with them. Homes 800 sq ft and over require permits and inspections too see if your up to code. Yes they will come out and check on you. ... more
0 votes 15 answers Share Flag
Robert Guth, Real Estate Pro in Cape Coral, FL
Mon Jan 9, 2017
Robert Guth answered:
Property taxes in Cape Coral are actually low in comparison to most of the nation. Forbes magazine ranked Cape Coral top 10 places to retire, and top 10 places to start a new business, strongly based on our affordable cost of living and lower taxes. We have no state or city taxes, so you get to keep more of your income, and property taxes here are less than half of the national average. One comment I hear often from northerners relocating here, is how "that same house if it were in New York would have triple the amount of taxes!".

Cape Coral the city, does not have HOA fees, but there are a handful of communities here that do. When looking at homes, a Realtor will share with you if there are HOA dues, and how much they are.

If you need more information on Cape Coral, visit:
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0 votes 1 answer Share Flag
Greentekfirst, Both Buyer and Seller in Dover, DE
Sat Jan 7, 2017
Greentekfirst answered:
Attached are some helpful real estate glossary terminology links explained in simple terms.

Hope this is helpful!
0 votes 3 answers Share Flag
Raymond Uffo…, Home Buyer in Lawrenceburg, TN
Mon Jan 2, 2017
Raymond Ufford asked:
Use: primary care clinic with nurse practitioner. There are some other vacant buildings among the businesses along this strip of highway in a small, rural town.
0 votes 0 Answers Share Flag
Craftylw13, Home Buyer in Olathe, KS
Sat Dec 31, 2016
Craftylw13 answered:
Hello, I rent an apartment at W 89th & Glenwood Ct in Overland Park KS and my rent goes up $25 every year and now there is going to be new complex next door which is being built right now. When I say next door I mean from my balcony it's location is about 100 feet away on the south side of W 89th st. It's going to be a 420 unit complex that is going to block out our south view and create more noise and traffic. Our landlord did not warn us of this new construction and we have been dealing with lots of dust and tons of noise. We pay $719 for a 2 bed 1 bath 825 sqft apartment plus $35 in water and that seems very high to me for this area. Will this new complex make our rent go even higher or will it force our rent down? Our units were built sometime between 1972 and 1975 and they don't get much upgrading unless something breaks and even then it's the cheapest option fix available. The location is great but the the fact that the rent keeps going up is not great especially now with the monstrosity being built next door! ... more
0 votes 6 answers Share Flag
Susie Kay, Real Estate Pro in Dallas, TX
Wed Dec 28, 2016
Susie Kay answered:
It varies. How big is the home? How much upgrades are you planning to do? I would suggest that you contact a couple general contractors and obtain bids from them.
0 votes 1 answer Share Flag
Mark McNitt, Real Estate Pro in Houston, TX
Fri Dec 23, 2016
Mark McNitt answered:
On you can look under "Search by Neighborhoods" to obtain general information about a particular community including average dollar per sqft on a yearly bases going back 20 years. Now this is not "Houston", but different areas of the city increase/decrease in value. Click on the web link provided to give you an example of a neighborhood called "Copper Lakes", a 1,600 home master planned area in northwest Houston.

I think you will find Houston, as the rest of the nation, has been on a upward trend in your time frame. Some downturns with recessions and oil bust, but Houston always bounces back. If your an investor, you want to look at rent trends as well and resale after a rehab of a home (know as a "flip"!). Let us know if we can assist you.

Mark McNitt, Bernstein Realty
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Steve Hanover…, Other/Just Looking in
Thu Dec 22, 2016
Steve Hanover, VA. answered:
Hi Morben.hc,

After October 4th, 2010, FHA requires you to pay the MIP until your loan balance reaches 78% of your original purchase price or 5 years, whichever is longer. On a typically 30 year amortization schedule it will take you 7-10 years to reach 78% if you never pay anything extra on your mortgage. It is important to note that FHA does not include appreciation in the 78% calculation.

Check your current balance and compare it to your original purchase price to see if your loan to value is at 78%. The easy way to do this is take the balance and divide by the purchase price to get your LTV or "loan to value".

If you are at 78%, contact your lender and tell them you want the PMI dropped. If they refuse, your only option will be to refinance you loan into a conventional loan.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Great Plains National Bank
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0 votes 2 answers Share Flag
Kathywithakb…, Home Buyer in New York, NY
Wed Dec 21, 2016
Kathywithakbrown answered:
My husband and I rented for 3 years here at Vasari, and we loved it so much that we bought here, as snowbirds. Unlike places we had rented before, we were treated very kindly, and could participate in everything but voting. Many of our friends rented here before buying here, too. We have now placed that condo on the market and moved to a more appropriate condo, since we live here full time.

The golf course is in amazing condition, and my friends and I played 9 on Tuesdayin 1 1/2 hours! 18 generally takes about 4 hours.

The food is fabulous, and there are so many opportunities for social activities that we have to be judicious in order to not get too busy.

We plan to live here until we need assisted living!
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0 votes 5 answers Share Flag
Derek Goude, Real Estate Pro in Portland, OR
Wed Dec 21, 2016
Derek Goude answered:
Hope you are well Ariel

I have not heard of a purpose built tool for the public to use. I have done hundreds and hundreds of valuations for different lenders. I have two valuations that I need to finish up later today. For a professional grade valuation of a specific property, it takes experience. The lenders understand this and require an agent to have been licensed for at least 2 years before they will even consider your application as a vendor. There needs to be a human involved to increase the accuracy of a valuation.

Experience has taught me that there are many characteristics of a property that a data dump doesn't measure. Location and condition in particular. For a simple example, two potential comparables are in east side of Eastmoreland with similar locations to your subject. Do you pick the comp with Duniway Elementary or Lewis with your subject having Lewis? If you pick the comp with Duniway what adjustment do you apply to the comp, if any? To compound it further, the comp with Duniway is on Cesar Chavez Blvd. Now what do you do?

For the majority of the lenders that I work with they have very broad criteria for acceptable comps. They then rely on you to pick the most applicable of potential comps to the subject. They are trusting your experience. Sometimes you have a list of 50 comps to choose 3 from. At other times you have 1 potential comp, but still need to choose 3. Which criteria do you choose to expand more than others?

If you would like a *.csv of potential comps for a particular address, send me an email. derekgoude at gmail. You could then extract the data for calculations. I have the tools and don't mind sharing.

Take care of yourself
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VWebDevelopm…, Other/Just Looking in Raleigh, NC
Tue Dec 20, 2016
VWebDevelopment asked:
Please let me know what is SEO and tool and what kinds of SEO tools.
0 votes 0 Answers Share Flag
David.tomko, Home Buyer in Las Vegas, NV
Mon Dec 19, 2016
David.tomko asked:
Ideally I'd like to be able to determine either per bedroom or per sq. ft. pricing it several markets around the nation.
0 votes 0 Answers Share Flag
Malcolm Laws…, Real Estate Pro in Annapolis, MD
Fri Dec 16, 2016
Malcolm Lawson answered:
Are you looking to rent or sell it? The best way to determine the sales price or rent price is to do a market analysis on your specific home to determine the value. I do these all the time. I compare the subject property to properties have recently rented or sold that are similar as possible to size, style age, ect. I typically try to go back no more then 6 months and try to find comps that are within a few miles. This same technique is what appraisers use to determine value.

I can do this for you for free if you are interested. Reach out to me at with your property address and what you are hoping to do with it.
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Customersurv…, Home Buyer in New York, NY
Fri Dec 16, 2016
Customersurveys87 asked: provides a powerful analytics and visualization tool to get fast insights into your data with the detailed reports and dashboards which is customizable to your own preferences.…
0 votes 0 Answers Share Flag
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