Real Estate Brokers Review

If you have a real estate agent to sell your home, he’ll do a comparative market analysis for your home. While this might seem pretty involved and something that only agents can do, that’s not true. You can do an analysis yourself. A comparative market analysis is simply a collection of information about your house. It takes into consideration all the selling points – such as the square footage of your house, the number of bedrooms, bathrooms, and where the home is located. Then it looks at other homes that are like yours. This analysis looks at which homes sold and how long they were on the market. The purpose of having an analysis done is so that you can get an idea of the marketability of your home. 

You’ll see how well other homes like yours have fared. In this analysis, you’ll see what the owner asked as the selling price of the home and what it actually sold for. This lets you see what you can price your own home at and what you’ll most likely end up getting. You can get your own analysis from an online site that offers the information. While there are plenty of sites that will charge you for this information, it is available without cost. If you want a more in depth one that will do some of the work for you, then you can use a site that will compare your home to others that are sold in the area where you’re located. 

Be careful using an analysis on a site that lists homes for sale because these are not always accurate. You can look at what the appraisal was on your home when you originally bought it to get a starting ballpark figure. 

You can also have your home appraised as it currently is. Getting an analysis on your home can improve your ability to sell it because you’ll know what the market is like. You’ll know how to price your home to get the most bids. You’ll be able to price more competitively with an analysis than without one. You can search other places related to homes to help you get a good analysis as well. 

You can check with the FHA’s data on homes as well as check the tax records for your area. You can do this online and it’s a free resource. Just go to your county’s website. You want to do an analysis because it gives you more knowledge when it comes to selling your home. A seller who knows the true value of his home can end up making more money when he puts it on the market.

So you’ve found your dream house.  You’re ready to make an offer, negotiate a little if necessary, then close the deal and move in.  But what if there are problems with the home that you are unaware of?

A home inspection can alert you to trouble spots that you may not know about.  Most homebuyers simply do not have the extensive knowledge required to find hidden problems or areas of concern.  That is why it is important to have a professional home inspection done before going forward with your purchase.

Too often, buyers confuse a home inspection with a pest inspection.  The pest inspection is required by many lenders before they will lend you the money to buy the home.  But there are many more issues that should be addressed before you close the deal, and a home inspector has the experience and expertise to find most problems or potential problems.

A home inspection usually includes the necessary pest inspection, so you don’t have to hire two separate inspectors.  The inspector will also look for other issues that could affect the structure of the home, such as improper building materials and techniques.  He will check the roof for potential leaks or other problems, and the basement for signs of leakage or weakness.

The home inspector will also look for possible safety issues.  He will test for carbon monoxide and problems that could potentially cause leakage of the gas in the future.  Electrical systems will be checked for functionality and fire hazards.

The inspector will check the plumbing to make sure it works properly, and test the heating and cooling systems.  If there is a private well or septic system, those will also be inspected for proper capacity and functionality.

It is important to know about problems with these things before you consider buying a house.  Problems that are not readily apparent could turn into major nuisances, or even cause serious damage to your home, in a few months or years.  Safety issues might not show themselves until someone has been injured or had a close call.  Knowing about these things ahead of time gives you the opportunity to have them resolved before buying.

You can have a clause added to your purchase offer stating that closing is contingent upon the home passing inspection.   Some, but not all, real estate agents automatically include this.  Making sure it is there gives you the option of negotiating with the buyer to have repairs made or the price lowered, or backing out if necessary.

Having a home inspection done can help you avoid buying a home that needs a lot of work.  Even if you plan to purchase anyway and do the repairs yourself, the inspection can help you decide which repairs are the most important.  A home inspection can save you enough money and trouble to make it well worthwhile.

The process of looking for a new home for yourself and/or your family is sometimes excruciatingly emotional – and always tiring. After you sign on the dotted line and the house is yours, it’s time to be happy and feel settled, even if there are still boxes stacked to the ceiling. Even though you’re excited about the move to your new home, the first days and weeks may feel overwhelming and you may be a little disoriented. A few things that will make your house a home is planning a birthday party or decorating for and celebrating holidays. Memories you’ll create will make a difference.

Most home experts agree that the closets are where you should begin to make your house feel like a home. Kids may have school and you and your spouse may have to get up and go to work the day after you move in. If your closets are organized the future days will go much easier if you don’t have to rummage through boxes to get to your clothing and other necessities. Be sure to prioritize the kids’ rooms and make it their own as soon as possible. If old enough, let them unpack and organize things as they see fit.

One word of advice – wait to hang your artwork. Give yourself a chance to get to know the house before you decide where each piece belongs. Meanwhile, you can lean them against walls or other areas so you can see them while thinking about what you’re going to do.

Make yourself comfortable. Put clean bedding on the bed and be sure you include throws, pillows and anything else that will help you sleep soundly that first night in your new home.

Arrange the bathroom items. No one is comfortable in a shower without a curtain or a bath mat to step on when you emerge from the shower. Be sure there’s plenty of toilet paper and soap – and don’t forget the towels.

There’s nothing like familiarity of sounds and surroundings to make a house feel like a home. Clocks, chimes, favorite music and whatever else you can think of can take the newness off the home and promote feelings of comfort.

Pets are often ignored during a moving process, but they’ll feel and behave much better if you walk them around the neighborhood, set up their water and food bowls in a place they can easily access and set up the beds for them. Be sure to include their favorite blankets and toys too.

The stress of moving can be somewhat eliminated by sticking to your usual routine. If you have kids that come in from school and are used to hanging their coats on a rack as they enter the room, try to accommodate them with a coat rack in the new home. The routine doesn’t have to change along with the move.

Buying your first home can be an intimidating experience.  There are numerous things to take into consideration, from finding the right house to financing.  But, being a first time homebuyer does come with some advantages.

First time homebuyers often have access to special loan programs that can assist them in getting into a home more quickly and less expensively than those who have purchased homes previously.  These programs offer first time buyers benefits such as low down payments, subsidized interest, and a limit to the fees that a lender may charge them.

Lenders usually expect homebuyers to pay a down payment of as much as 20%.  This can be prohibitive for those who are trying to purchase their first home.  But first time homebuyer loans often offer a reduced down payment of anywhere from nothing to 3%.  A down payment that low makes buying a first home much more accessible.

First time homebuyer loans may also feature a limit on the fees that the lender may charge.  Like the reduced down payments, this is made possible by government mortgage insurance available to new homeowners.  For an annual premium, HUD insures your mortgage, reducing the risk to the lender.  This results in the ability to charge lower fees and down payments while remaining profitable.

Low-income first time homebuyers may qualify for subsidized interest programs.  This means that a third party pays the interest on your loan.  These programs can make your mortgage payments more affordable and enable you to pay off the mortgage more quickly.  While the government is one of the most frequent subsidizers of loans, they can also be subsidized by charities, organizations, or even individuals.

First time homebuyer programs are generally available only to people who are going to live in the home they purchase as their primary residence.  The home will also have to be in good condition with no safety hazards present.  And due to the fact that these programs are designed for those in need, there is a limit on the value of the homes you can purchase through these programs.

First time homebuyers can take advantage of numerous programs to assist them in owning their first home.  From lowered down payments to subsidized interest, first time homeownership has become much more affordable.  There is no time like the present to make your dream of owning your own home a reality.

Buying a new home can be overwhelming! There is so much to consider and so many things to remember. And then of course there are the emotions attached to new home ownership. Here’s a handy checklist to use before you make a real estate investment.

Before you begin looking for a home, make sure you have help. Find a real estate agent you trust, or a broker. Get family and friends who are knowledgeable or whom you trust to give you solid advice to help. 

Make sure you’re ready to buy a home. You should have a steady source of reliable income, a good credit score, money saved for a down payment and the willingness to manage a long term debt.

Create a checklist of things that are important to you in a home. It’s so easy to fall in love with a home and have it not really be the home that best fits your needs. If you approach the home buying process strategically by making a list of what you want it to have, you’ll make a better buying decision.

Consider taking a camera with you so you can keep track of the details of each home. Definitely take along a notebook and your checklist so you can compare homes.

If schools are important to you, make sure to only look at homes that are in acceptable school districts. Don’t waste your time and the time of sellers and agents by looking at homes outside of areas you’re not going to buy in.

Consider getting pre-qualified before you begin the house hunt. This helps you know how much you can afford and it makes the negotiation process go more smoothly. The seller has a high degree of confidence that the deal is going to go through.

Stick to what you can afford. There is always going to be a bigger, better, nicer house to buy. Instead of looking at what you can’t afford, stick to looking at homes in your price range. This also means knowing in advance what you can and want to afford. A bank may tell you that you can afford more than you think you can. Trust your judgment and your personal budget. Remember there are closing costs, taxes, insurance, and maintenance expenses to owning a home.

Research areas and home styles you like before you contact an agent. This will help narrow your home search and help you find what you want more quickly.

Remember that while you have a checklist to use to compare homes, no home is going to have exactly what you want. Nothing is perfect. Find a home you can be happy with and be willing to give and take a little.

Always get every agreement in writing. Make sure to get an inspection and to make purchasing the home contingent on it passing an inspection. The last thing you want to do is buy a home that’s full of unexpected problems and needs repairs.

Buying a home is a fun and exciting process. Take it slowly, evaluate your options and make decisions that are right for you. Happy house hunting!

The idea of real estate and property is much more than just finding a home.  There are categories of homes and business properties as well as divisions in the types of real estate that are available to others.  If you want to make a different type of investment in something that you know you can make a profit out of, then knowing the different types of real estate investments can help.  

Real estate investments begin with two major types; business and residential.  Each of these has specific guidelines set with them which will make a difference in the functions of the real estate.  After you have determined what type of real estate you will be looking at, you can divide up what is available to you.  

If you are looking at pure residential areas, then the real estate will be divided by the size of the home.  Typically, this will be known as a single family or multi-family home.  If you are looking at a multi-family unit, you can expect to have neighbors sharing the same wall as you, such as condos or townhomes.  A single family home will be completely independent and will usually be shaped differently because the neighbors can’t cross the yard.  

Business real estate is also divided into several categories.  These will also often be referred to as commercial properties, and will range from office buildings to manufacturing sites.  The difference between a business building and a residential building is that it will change the approach towards regulations.  Most likely, there will be zoning rules and the lease will have different divisions for things such as taxes and insurance.  

If you are in the right area, you might have the opportunity to have both a commercial and residential area in one.  Things such as land investments or areas that have been zoned for commercial purposes may have these types of regulations.  With this, you can also consider renting a property.  If you want to have a business from home or want to expand into a business, this might be something to consider.    

The investment that you decide to make can be more than your home.  It can also be something that will bring you back profit for the investment.  If you are interested in finding a space that is much more than cozy, then knowing the different types of real estate to invest in is the place to begin.

There is a lot involved in buying a home.  First you must browse listings and find places that you are interested in.  Then you narrow the list down to those that best meet your needs and price range.  Once you have settled on something, you go through negotiations until you find a price that is agreeable with you and the seller.  Then you have to get a mortgage.

The thoughts of getting a mortgage make a lot of people cower in fear.  That’s because if you’ve never been through the process before, there is much that you probably do not know or understand.  One of the most common questions is whether one should get a fixed or adjustable rate mortgage.

A fixed rate mortgage is one that has an interest rate that remains constant for the life of the loan.  That means that your payment is the same each and every month.  This type of mortgage is easy to understand and makes budgeting more predictable. The downside to fixed rate mortgages is that if interest rates are high when you get your mortgage, your interest will remain high as long as you keep the original loan.  If you wish to take advantage of lower interest rates in the future, you will have to refinance.  That means more paperwork and additional costs.

Adjustable rate mortgages, or ARMs, feature rates that start out low, then are adjusted according to current interest rates after a specified amount of time.  The initial rate can be good for anywhere from a month to 10 years, after which it may be adjusted monthly, yearly, or at any other frequency specified in the mortgage agreement. The biggest advantage of adjustable rate mortgages is the low initial interest rate.  This generally means that one can get a larger loan due to the lower payments.  ARMs also allow you to take advantage of falling interest rates without having to refinance. The bad thing about ARMs is their unpredictability.  Depending on the mortgage’s terms, the interest rate (and your payment) could nearly double in just a few years.  This would leave you with a much higher payment than you started out with, and possibly a higher payment than you would have had with a fixed rate mortgage.

Which type of mortgage you should get depends largely on your situation.  How long you plan to keep the home and whether your income is likely to stay the same or increase over the coming years are two important things to consider.  If you only plan to keep the home for a few years, an adjustable rate might work to your advantage.  And if you need low initial payments, an ARM may be the way to go.

If you’re looking for a payment that stays constant from month to month, a fixed rate mortgage would be your best bet.  If you can get one when interest rates are low, it could save you money compared to an adjustable rate in the long run.

You may be so enamored with the house that you fail to observe what’s going on in the surrounding area. It’s important that you take notice of the neighborhood you’re considering and determine if it’s the right fit for you and your family.

Purchasing a home is an investment – usually for the long term, so take time to notice the pulse of the community. Talk to neighbors if possible and note if the area is perhaps in transition from being a bad neighborhood to an up-and-coming one – or has it already made the transition.

One way to determine if the price of the home you’re considering is fair for the neighborhood is to research home values and foreclosures in the locality. Homes in transitional neighborhoods may be a good investment, but it could take time for that to happen.

Considering the school system in the area is a major decision factor if you have children. You can get grades and ranks of schools in the area at some online sites. Your home will maintain or increase its value if it’s in the area of high-ranking schools.

Buying a home in the thick of restaurants, stores and “action” may seem exciting, but are you sure you’re ready to put up with the noise and traffic associated with it? Even neighborhoods that aren’t in downtown may be noisy, so it’s a good idea to visit the area at various times of the day. Pay attention to traffic patterns at rush hour, weekends, the buzz of planes from an airport, a church that takes all the parking spaces on Sunday morning and does the neighborhood appear more dangerous at night?

Notice the condition of the roads around the neighborhood. Are they clean and smooth or are there potholes and trash on the curbs? Also note if there are sidewalks, public transportation and nearby fire and police stations.

If you’re not comfortable with the appearance of the neighborhood, the future value and appreciation of your home may be affected and the enjoyment of your time there may be compromised.

Finally, consider the proximity of a new home to work and the things you love. Stores and schools are also important in the scheme of things and your commute may be longer than you want it to be.

Proximity to work can become critical when you have to spend an hour or more in the car, morning and evening, and don’t get to enjoy the house as much as you could if you lived closer. Mass transportation might be the answer and can also have a good effect on your home’s value.

A neighborhood with walkways, neighborhood watch and no vandalism indicates you’ve chosen a safe neighborhood. Your realtor can help you in this quest and you can also search crimes in this neighborhood.

Walking into your first home is a large step to take.  It is an entirely different process that you will follow, with an entirely new set of rules to begin learning.  Because of the large changes that occur with buying a first home, there are always those who walk into a deal over their head.  Making sure that you don’t get the wrong options presented to you will help you to invest right the first time.  

The major factor that you will need to consider when deciding on your first home is where you will stand with the search.  One of the largest mistakes that people make is deciding that they like a specific home then only investing in that home by becoming emotionally attached to it.  This can cause several problems.  The first is that you may not be able to get the home because of something happening in the process.  This can be disappointing and tiring.  The second mistake is that you will offer a price that is too high or too low.  Make sure that you know exactly what the house is worth and how it fits into your needs before becoming attached.  

Not only will you need to shut off emotions in order to find and compare homes, but you should also do this after you have chosen a home.  Even if you have signed a contract for your first home, the process isn’t over.  You will have to find a mortgage and inspections will have to be made.  If there is a large problem with the home that needs to be prepared, or if something goes wrong in the process of the loan, you will have to start over again.  If you are prepared and detached until you set foot in the house for the last time, it will make the entire process much easier.  

From here, you can decide exactly what you can afford and how you will get there.  The best place to start is with your credit history.  By knowing your score, you will also be able to estimate the type of loan that you will be able to get.  You will want to make sure that your bank statements are stable and secure.  There is nothing like walking into your first home and not being able to pay the mortgage from the beginning.  

By staying detached and logical about your new home, you will have the ability to find the best.  Preventing the mistakes in the beginning will save you hours and days of time, as well as stop years of hassle that may occur.  Being prepared and honest about what you are looking for is an easy way to help with the process.

Home mortgages are a part of buying a home and they can be the most confusing and stressful aspect of buying a home. What option is right for you?  Which one meets your budget and your long term needs? Which one will you qualify for?

Let’s take a look at your options so you can make an educated decision when the time comes.

The most common type of mortgage, particularly after the past few years of mortgage scams and subprime mortgage crisis, is a fixed rate mortgage. This is the traditional mortgage and it’s here to stay because it is a reliable and less risky type of mortgage. There are essentially four types of fixed rate mortgages. They include:

• 30-Year Fixed Rate Mortgages
• 15-year Fixed Rate Mortgages
• Biweekly Mortgages

The fixed rate is called such because you lock in your interest rate and it doesn’t change – it’s fixed. They’re a good bet for buyers because you know what your mortgage payment is going to be for the life of your loan. It won’t change based on fluctuating interest rates or fluctuating loan terms.

A 30 year fixed rate means your payments are spread out over the course of 30 years. The 15 year fixed rate means your payments will be spread out over 15 years. Biweekly means instead of paying a monthly payment, you pay every other week. That cuts your mortgage duration to around 19 years rather than 30. 

The faster you pay off your mortgage, the less you pay in interest. That’s the benefit of 15 year and biweekly mortgages. However, if you’re on a strict budget, a thirty year may be the best bet because the monthly payment will be lower even though you’ll be paying over a longer period of time and paying more in interest.

Fixed Rate Adjustable Mortgages

A fixed rate adjustable mortgage offers a tiered system. For a predetermined number of years, generally two, five or seven years, a person pays a fixed rate. Then the rate adjusts to meet the present interest rate. There are usually caps on how high the interest rate can adjust as well. Often no more than two or three points. 

Some of these fixed rate adjustable mortgages may adjust more than once. Meaning after two years for example, they adjust to the current prime interest rate plus a few points which is agreed upon during the mortgage process. Then a few years later the mortgage interest rate adjusts again. 

The benefit of these types of mortgages is that you’ll generally begin the mortgage with a very competitive, and generally lower than standard interest rate. However, the interest rate will climb over the years which if you’re staying in your home can be more than you expect for a monthly payment. 

If you’re considering only staying in your home for a few years, however, this is a great mortgage option that will save you money in interest. 

Adjustable Rate Mortgages

Adjustable Rate Mortgages also called ARMS have become quite popular. Because like fixed rate adjustable mortgages, borrowers are able to buy at a lower rate. It helps new home buyers get into a home for less. However, as rates increase and the ARM adjusts, the interest rates will increase and this can be a problem for some if life hasn’t gone as expected. Generally, there are caps on how high an interest rate can go and the mortgage term periods are fixed so borrowers know what to expect.

FHA/VA Mortgages

VA loans are restricted to individuals qualified by military service. FHA loans are open to qualified borrowers and there are some qualifying restrictions. However, they’re generally open to most borrowers. 

If you’re buying a home, take some time to research your options and then find a qualified and trusted lender to consult with. Buying a house is a fun and exciting time.  Know the facts and buy with confidence.