Archive for the 'Buyers' Category
5 Good Reasons to buy that home now!
March 30th, 2010 categories: Buyers, Real Estate News
If you are considering whether or not to purchase a home in the near future, let us discuss why this might be the optimal time to do so. There are five excellent reasons to buy a home now instead of waiting until later. Let’s go over them quickly in this post. Read the rest of this entry »
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5 Reasons to see your Lender first
March 24th, 2010 categories: Buyers
I talk to potential buyers every day. Most of them give me a call about a specific property they have seen on the Internet that they want to see right away.
At some point in the initial conversation, I ask if they have talked to a lender about prequalification. Most admit that they have not, but indicate that they have excellent credit and have purchased many homes in the past.
Often, when I try to tell them that the criteria for obtaining a loan are much more stringent these days, they feel like I just don’t want to show them the property. That is only partially true. I don’t want to show them property until they talk to a lender.
There is nothing worse than having a buyer fall in love with a property that they later discover that they cannot purchase. It is morally devastating and a frustrating waste of time and effort.
It is much better start the process correctly, and to have a preapproval letter in hand, ready to attach to an offer to purchase. No time is lost, and the offer is much more appealing to the seller.
And even more importantly, it is better to discover potential stumbling blocks early in the game, when they can be addressed and corrected.
So when I ask a buyer to speak to a lender, I am not putting them off unnecessarily. I am only doing my job as a professional to serve them better.
And to help you get the best deal on your next home purchase.
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Short Sales and Foreclosures, Buyer beware.
August 13th, 2009 categories: Buyers
Many economists now say that the worst of the housing recession is over, though foreclosures are expected to rise over the next year . . . Click here for the whole story.
If you’re seriously thinking about putting a bid on that short sale or foreclosure, read this first!
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Is the Housing Market at the Bottom?
August 5th, 2009 categories: Buyers, Market Updates
This week’s housing market data was generally positive. June New Home Sales jumped 11%, the third straight month of increases. Inventories of unsold new homes fell to an 8.8 month supply from a 10.2 month supply in May. The May Case-Shiller index of home prices in 20 Metropolitan areas rose 0.5% from April, following 34 straight months of declines. While the results vaired greatly in different parts of the country, the increase in average prices provided support for the analysts who believe that the housing market has bottomed.
Copyright @2009 MBSQuoteline
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Biltmore Park Town Square
March 9th, 2009 categories: Buyers, Neighborhoods
Last week I had the opportunity to visit the new condominiums at Biltmore Park Town Square in Asheville. If you haven’t been to visit this new town center, it’s quite impressive! Based on the premise of the old european town square living, it has a place for everything you need and a great array of merchants such as: YMCA, REI, HILTON HOTEL, BARNES & NOBLE, a stadium-seating movie theater, and carefully chosen shops and restaurants including P.F. Chang’s. This location is also just a few miles from the Asheville airport, making coming & going very convenient. Click here for SITE PLAN.
The Town Square condominiums and townhomes have access to a private pool and sun deck, as well as a landscaped entertaining area with a grill and plentiful seating, and a workout/gym area.
Hard hats donned, we headed out to visit four floorplans in building B. At this stage, none of the units are fully finished. What we saw was the basic outline of the units just sheetrocked, kitchen & bathroom cabinets and granite countertops. We had to rely on our imaginations on the finishing touches. The details they offer in these units are: Balconies, granite countertops, hardwood flooring, crown and base molding, arched openings, water-saving fixtures, dual-flush toilets, Energy-Star stainless steel appliances, large windows for natural light and plush carpeting. All this and completely maintenance free! By the way, monthly maintenance fees are extremely reasonable and based on square footage.
The condo’s range from 1-3 bedrooms, 819 - 1,621 square feet, Prices – Low $200’s – High $300’s. CLICK HERE for a sample floorplan. Townhomes range 1,414 – 1,544 square feet, Prices Mid to High $300’s – CLICK HERE for a sample floorplan
I really like the concept they’re putting together. To put it in simple words, it’s like living in an upscale downtown without being downtown, make sense? Built by Biltmore Farms, they have a long history of successfully creating people-focused, pedestrian-friendly communities. They have a reputation of developing desirable, award-winning master-planned communities.
Complete information packets are avaiblable at no cost, simply email me your address and I’ll get one out to you right away!
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It’s here! $8,000 for 1st time Homebuyers
February 20th, 2009 categories: Buyers
Although the $15,000 homebuyers credit didn’t get passed, a better version of last summers tax credit did emerge. An $8,000 tax credit, or 10% of the homes value to 1st time home buyers. One thing I want to emphasize: To cash in on this tax credit you must buy a home between Jan.1, 2009 and Nov. 30, 2009. It won’t last very long, so to say the least – TIME TO BUY!
I found an excellent article than explains the basics and addresses a few scenarios on how this all works. $8,000 Tax Credit
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How long do housing materials last?
February 16th, 2009 categories: Buyers
When you’re considering buying a home and are evaluating the possible replacement of roofing, appliances or windows, it can be an expensive proposition and you may need to factor in replacement costs in your offer. Now, a new study by the National Association of Home Builders provides some insight on the average useful life of more than 100 household appliances and materials.
The true longevity of any household material depends on maintenance, use, quality or installation and climate conditions, so use these averages as a general guide.
100 YEARS OR MORE
Brick siding: Lifetime of the home. All wooden floors: Lifetime of the home. Cellulose insulation material: 100-plus years
50 – 100 YEARS
Slate copper and clay and concrete roofs: 50+ years. Copper gutters: 50+ years. Kitchen cabinets: Up to 50 years. Modified acrylic kitchen sinks: 50 years. Vinyl floors: 50 years.
30 -50 YEARS
Thermostats: 35 years. Wooden windows: 30 years. Wood shake roofs: 30 years. French interior doors: 30-50 years.
10 – 20 YEARS
Built-in audio system: 20 years. Aluminum windows: 15-20 years. Asphalt shingle roofs: 20 years. Faucets, kitchen sinks: 15 years. Gas ranges: 15 years. Cultured marble countertops: 20 years. Dryers and refrigerators: 13 years. Air conditioning units: 10-15 years. Lighting controls: 10+ years. Interior and exterior paints: 15+ years. Electric or gas water heaters: 10 years. Furnaces: 15-20 years.
5 - 10 YEARS
Security systems: 5-10 years. Heat and smoke detectors: 5-10 years. Dishwashers: 9 years. Microwave ovens: 9 years. Carpet: 8-10 years.
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Asheville – Get Ready, Set, BUY!!
February 9th, 2009 categories: Buyers
I have the best news I’ve heard in at least two years – the Senate approved a subsidy for home buyers of up to $15,000 for all home purchases. The new credit, which still needs to pass the House works like this: Buyers would get 10 percent of the purchase price of any home, up to $15,000, applied to their tax bill. Buyers would also be allowed to spread out the credit over two years for those who pay less than $15,000 in taxes to benefit.
But here are a couple very important details to this wonderful and much needed credit. You must buy a house within 1 year of the bill’s signature to qualify. Buyers must occupy the house as their main residence for at least two years.
You may have heard about the tax break passed last summer which provided a $7,500 credit to first-time buyers. But that must be repaid over 15 years. This new tax credit blows last summers tax credit out of the water, and from what I know so far, you don’t have to be a first-time buyer for this new tax credit.
The stars, moon and sun are all in align, the age of Aquarias is here to all the buyers out there! But REMEMBER: this tax credit is TEMPORARY. If you’re waiting for the best time to buy your next house, I don’t see how it could get much better. Stay tuned later this week when I find out when the tax credit has passed (I’m the optimistic type).
5 REASONS TO GET OUT THERE AND START LOOKING!
Rates are low, between 5-6%,
Prices have adjusted downward considerably.
Inventory is plentiful.
An excellent possibility of a $15,000 tax credit.
Historically, when interest rates are low, prices start going up.
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Do you know the difference between Modular vs. Manufactured Homes?
February 4th, 2009 categories: Buyers
When you think of modular or manufactured homes, you may picture aluminum trailer homes in a trailer park community. But the truth is, modular homes are quite different from manufactured homes. What are the differences between manufactured and modular housing?
Modular Homes
Modular and manufactured homes are both factory-built. With modular homes, individual modules are up to 90% complete when shipped from the factory to the home site. All walls, flooring, ceilings, stairs, carpeting, and even wall finishes are completed in the factory before shipment.
Contruction of modular homes is efficient, primarily because work is never delayed by weather, subcontractor no-shows or missing materials. Many modular home manufacturers give purchasers the option to design their own floor plans, similar to the experience of a site-built home.
A modular home is places onto a transporter when it needs to be carried from the factory to its permanent site. It then must be lifted off the transport trailer by a crane and set upon a permanent foundation. Unless you were there to see the house delivered and assembled, you might not guess it’s a modular home.
Modular homes are governed by both local and state codes. They are often indistinguishable from site-built homes, and rarely have restrictions on their placement in the community. Modular homes are permanent in nature and once in place are never moved. Therefore, they are typically located on private property. Financing is also the same as a site-built homes, so you can take advantage to todays low rates.
Manufactured Homes
Simply put, a manufactured home (i.e. mobile home) is a building that is constucted in a factory and remains on its transport frame throughout the course of its use. A truck easily backs into a designated site, unhooks the home and drives off. Most sections of these homes are 14 and 16 feet wide, and 54 to 80 feet in length. Manufactured homes do not require any foundation or substructure. They sit up off the ground, with skirting used around the base to hide the wheels and jacks.
Manufactured homes are subject to federal Housing and Urban Development (HUD) codes. They are often located on property owned by private individuals or companies, such as mobile home parks, and the land where the home is installed is normally leased by the property owner. Financing is limited on manufactured homes, typically 10-15 years in length and at a higher rate than conventional rates.
There are some really good manufactured homes that are hard to tell from modular or site-built homes. Make sure to check your MLS sheet for type of home, “Off-Frame” is a modular home, “On-Frame” is a manufactured home.
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Should you buy now? Absolutely!
June 30th, 2008 categories: Buyers
There seems to be a tiny bit of buyer hesitation because some buyers don’t think the bottom’s here yet. If you’re a ready and willing and able buyer, but aren’t quite sure when to make your move, here are some important things to consider:
1. The cost of waiting. Interest rates are now beginning to creep up again. To show you how expensive even a 1-point interest rate can be, on a $200,000 loan, and increase from 6 to 7 percent costs an additional $131 per month and $47,340 over the life of the loan. On a $400,000 loan, the same increase costs buyers and additional $263 per month and $94,680 over the life of the loan.
2. There are bargains out there!  The inventory is wonderful for buyers right now, and prices have come down considerably. If you were looking at a 2,000 square foot home before, it’s very likely you now could go into a 2,500 sq ft home for the same price range. Or, the opportunity may be there to get in a particular neighborhood that was unobtainable before.
3. Everyone can be creative! If there’s a problem going forward to buy the home you love, think creatively. For example: I had some buyers that were stuck in a lease for six more months. When I explained to the sellers agent the situation, she proposed (with the sellers permission) that the sellers buy out the lease. That was the magic that made it happen! The sellers got a full-price offer minus about $12,000 to cover the lease buyout, which shaved about 4 percent from the seller’ list price. Everyone was happy and everyone was able to move on. This is just one example sellers and buyers can help each other. Don’t be afraid to think outside of the box!
4. Market conditions can change quickly. In the Asheville area, the market slow down began about 2 years ago. This is a window of opportunity to buyers, and usually this kind of opportunity won’t last very long in this area. There can be a huge swing in interest rates at any point and even the smallest increase in rates can shut out many buyers. If you’re looking for a deal, and don’t think the bottom’s here yet, you just might miss the mark. I have always explained to my clients that real estate is like the stock market – when other people are sitting out, that’s the time the deals are happening, that’s the time to buy. Have you ever tried to time the stock market? It can’t be done.
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