Wednesday, December 22, 2010
Joyeux Noel! Merry Christmas!
For more information please contact me at 818.269.5550. You may also visit my wesbite: http://www.caroledelacruzrealty.com or email me at: carole@caroledelacruzrealty.com
10 Real Estate Predictions for the New Year
The start of a new year is often a time of reflection, as well as a time of anticipation for the future. It’s no different for real estate professionals, many of whom have weathered the recession and are now optimistic about 2011. From the return of new construction to the creation of healthier homes, the following are 10 residential real estate trends they see for the coming year:
1.) Building is back: Slowly but surely, homes are selling and new properties are breaking ground.
2.) Apartments continue to thrive: If there has been one bright spot over the past few years in the real estate industry, it has been the rental market.
“People have realized the many benefits of renting, from having more flexibility with your housing commitments to a higher level of finishes and amenities.
3.) Opting for established: The mega-communities in the exurbs are a thing of the past, said Brian Brunhofer of Meritus Homes. Instead, 2011 will see builders move toward smaller neighborhoods or pockets of homes in established communities. “Close-knit communities with respected homeowner associations, mature landscaping and neighbors waiting to greet you – that attractive quality of life is going to appeal to buyers much more in 2011.”
Seconding the movement toward established communities is Jeff Benach of Lexington Homes. “Buyers are looking for a safer investment for their home purchase,” he said. “We won’t see them roll the dice like in the past on a fast-growing town in a far-out suburb. They want a proven area with access to retail development and employment corridors. They don’t want to wait for the surrounding area to be built. They want everything already in place,” he said.
4.) Make it modern: Ray Hartshorne, principal of Hartshorne Plunkard Architecture, agrees. “From the single-family side, our clients are gravitating toward modern design instead of strictly traditional, that is simple, clean line exteriors and open floor plans that are comfortable for the family and versatile for entertaining,” he said. “In the multi-family sector, now more than ever, we are seeing an interest in contemporary-themed and luxurious interior design for lobbies and common areas.”
5.) Buying for the long term: The Census shows the average person moves about 11 times, but Jim Chittaro, president of Smykal Homes, predicts that number will slowly decrease. “Thankfully, the idea of a home as a short-term moneymaker is essentially gone, so when people do buy, they’ll do it with the intention of staying put for closer to 10 years rather than two to three,” he said
This means people will be studying floor plans more closely, to ensure the home will grow with them, Chittaro continued. “Buyers want to be sure the home will suit their needs not only now, but down the road, whether they plan to expand their family or prepare for kids to leave the nest,” he said. “Floor plans that can adapt to lifestyle changes with flexible features like second family rooms should do well in 2011.”
Brunhofer agrees that more buyers will be looking for a home for the long haul. “It’s not just floor plans that buyers are going over with a fine-tooth comb,” Brunhofer said. “Our buyers are very careful about school districts. They want to know they can send all of their children to a school with a proven track record and not have to relocate a few years down the road to ensure a good education.”
6.) Upping the ante on amenities: In 2011, developers will continue to create new and exciting amenities to differentiate their properties and keep them relevant in the marketplace, said Tony Rossi, president of RMK Management Corp. “Renters are looking for something special, like an outdoor grilling area or special events like dance lessons,” he said.
But it’s not just enhanced outdoor spaces in apartments that will matter in 2011. Benach thinks condo and townhome buyers will also place a higher importance on outdoor space in the coming year, especially those who live in an urban setting.
“People may realize they don’t need to live with as much square footage inside their home, so to compensate they’ll want a place to call their own outside their home,” said Benach.
7.) High-tech takes over: Running your home entertainment system, appliances and lighting from a centralized control panel is old news. Going forward, we’ll see more homeowners want a smart phone app that can control their residence remotely, noted Goldberg.
“Each year, the demand increases for home technology that makes homeowners’ lives easier,” he said. “We’ll get to a point, and some of our clients are almost there, where homeowners can leave work and by activating an app on their phone have all of their home electronics queued up when they walk in the door – the oven is preheated, lights come on and a TV show turns on when motion sensors recognize they’ve walked into the room. It may sound like a movie, but some of this technology we can build into homes now.”
8.) Smaller homes stay the course: The average size of a new home decreased for the first time in decades from 2008 to 2009, and that trend will continue into 2011, said Benach.
9.) Green and gorgeous: As the green movement continues to grow, high-end builders and developers have found ways to make homes both green and gorgeous. “The old mind set was that a green home couldn’t also be stylish and sophisticated. It was as if the two concepts were mutually exclusive,” said Hartshorne. “But new products and forward-thinking design have proved that today’s homeowners can have both. Also, building a green home doesn’t have to break the bank. We are constantly being introduced to attractive, sustainable building materials that are more cost effective than in the past.”
10.) Healthy homes: When you consider a study by the National Institutes of Health that found the number of people with allergies is as much as five times higher than 30 years ago, the trend toward building homes with a healthier environment will also gain ground in 2011, said Goldberg.
“Indoor air quality, low VOC paints and adhesives, and all-around healthier materials are becoming more and more of a concern for people building homes – especially for those with children,” he said.
Rick Croce, from Wheaton-based Smykal Renovations, said this trend applies to existing homes, too. “Due to the economy, many people have decided to stay put in their existing home, which means they’ll be investing in changes to make it look better and live healthier,” he said. “We expect to be pricing out more jobs that include installing HVAC systems with better filtration, using low-VOC materials and even replacing old doors and windows to safeguard against exterior pollutants.”
For more information please contact me at 818.269.5550. You may also visit my wesbite: http://www.caroledelacruzrealty.com or email me at: carole@caroledelacruzrealty.com
1.) Building is back: Slowly but surely, homes are selling and new properties are breaking ground.
2.) Apartments continue to thrive: If there has been one bright spot over the past few years in the real estate industry, it has been the rental market.
“People have realized the many benefits of renting, from having more flexibility with your housing commitments to a higher level of finishes and amenities.
3.) Opting for established: The mega-communities in the exurbs are a thing of the past, said Brian Brunhofer of Meritus Homes. Instead, 2011 will see builders move toward smaller neighborhoods or pockets of homes in established communities. “Close-knit communities with respected homeowner associations, mature landscaping and neighbors waiting to greet you – that attractive quality of life is going to appeal to buyers much more in 2011.”
Seconding the movement toward established communities is Jeff Benach of Lexington Homes. “Buyers are looking for a safer investment for their home purchase,” he said. “We won’t see them roll the dice like in the past on a fast-growing town in a far-out suburb. They want a proven area with access to retail development and employment corridors. They don’t want to wait for the surrounding area to be built. They want everything already in place,” he said.
4.) Make it modern: Ray Hartshorne, principal of Hartshorne Plunkard Architecture, agrees. “From the single-family side, our clients are gravitating toward modern design instead of strictly traditional, that is simple, clean line exteriors and open floor plans that are comfortable for the family and versatile for entertaining,” he said. “In the multi-family sector, now more than ever, we are seeing an interest in contemporary-themed and luxurious interior design for lobbies and common areas.”
5.) Buying for the long term: The Census shows the average person moves about 11 times, but Jim Chittaro, president of Smykal Homes, predicts that number will slowly decrease. “Thankfully, the idea of a home as a short-term moneymaker is essentially gone, so when people do buy, they’ll do it with the intention of staying put for closer to 10 years rather than two to three,” he said
This means people will be studying floor plans more closely, to ensure the home will grow with them, Chittaro continued. “Buyers want to be sure the home will suit their needs not only now, but down the road, whether they plan to expand their family or prepare for kids to leave the nest,” he said. “Floor plans that can adapt to lifestyle changes with flexible features like second family rooms should do well in 2011.”
Brunhofer agrees that more buyers will be looking for a home for the long haul. “It’s not just floor plans that buyers are going over with a fine-tooth comb,” Brunhofer said. “Our buyers are very careful about school districts. They want to know they can send all of their children to a school with a proven track record and not have to relocate a few years down the road to ensure a good education.”
6.) Upping the ante on amenities: In 2011, developers will continue to create new and exciting amenities to differentiate their properties and keep them relevant in the marketplace, said Tony Rossi, president of RMK Management Corp. “Renters are looking for something special, like an outdoor grilling area or special events like dance lessons,” he said.
But it’s not just enhanced outdoor spaces in apartments that will matter in 2011. Benach thinks condo and townhome buyers will also place a higher importance on outdoor space in the coming year, especially those who live in an urban setting.
“People may realize they don’t need to live with as much square footage inside their home, so to compensate they’ll want a place to call their own outside their home,” said Benach.
7.) High-tech takes over: Running your home entertainment system, appliances and lighting from a centralized control panel is old news. Going forward, we’ll see more homeowners want a smart phone app that can control their residence remotely, noted Goldberg.
“Each year, the demand increases for home technology that makes homeowners’ lives easier,” he said. “We’ll get to a point, and some of our clients are almost there, where homeowners can leave work and by activating an app on their phone have all of their home electronics queued up when they walk in the door – the oven is preheated, lights come on and a TV show turns on when motion sensors recognize they’ve walked into the room. It may sound like a movie, but some of this technology we can build into homes now.”
8.) Smaller homes stay the course: The average size of a new home decreased for the first time in decades from 2008 to 2009, and that trend will continue into 2011, said Benach.
9.) Green and gorgeous: As the green movement continues to grow, high-end builders and developers have found ways to make homes both green and gorgeous. “The old mind set was that a green home couldn’t also be stylish and sophisticated. It was as if the two concepts were mutually exclusive,” said Hartshorne. “But new products and forward-thinking design have proved that today’s homeowners can have both. Also, building a green home doesn’t have to break the bank. We are constantly being introduced to attractive, sustainable building materials that are more cost effective than in the past.”
10.) Healthy homes: When you consider a study by the National Institutes of Health that found the number of people with allergies is as much as five times higher than 30 years ago, the trend toward building homes with a healthier environment will also gain ground in 2011, said Goldberg.
“Indoor air quality, low VOC paints and adhesives, and all-around healthier materials are becoming more and more of a concern for people building homes – especially for those with children,” he said.
Rick Croce, from Wheaton-based Smykal Renovations, said this trend applies to existing homes, too. “Due to the economy, many people have decided to stay put in their existing home, which means they’ll be investing in changes to make it look better and live healthier,” he said. “We expect to be pricing out more jobs that include installing HVAC systems with better filtration, using low-VOC materials and even replacing old doors and windows to safeguard against exterior pollutants.”
For more information please contact me at 818.269.5550. You may also visit my wesbite: http://www.caroledelacruzrealty.com or email me at: carole@caroledelacruzrealty.com
Sunday, September 19, 2010
Fall is Great Time to Examine Your Home
Fall is a great time to examine the exterior of your home in order to prepare it for Winter weather. A great first place to start is with your landscaping. Winter means the onset of most plants’ dormant phase, almost like hibernating for the botanical world, and Fall is a great time to cut back plants, trim trees and shrubs, and get everything ready for new growth in the Spring. Not only will this neaten up the appearance of your landscaping but it is also an essential element of boosting healthy growth in the future.For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Saturday, September 4, 2010
Do You Have Enough Storage in Your Home?
Do you have enough storage in your home? You may have when you first moved in to your home, but a few years later you may have expanded your family or your interests and accumulated more possessions along the way. To keep your home clutter-free everything needs a place and adding storage may not be as difficult as you think.
Storage areas can come in all shapes and sizes. Take a good look at your home and try to search out areas that are not being used. Do you have stairs? Often the space underneath is not used and can make ideal storage. In addition furniture can add storage space. A built-in window seat can double as a storage bench.
Closets are another area that are not always organized as well as they could be. Closet organizers can be simple and purchased at stores like Home Depot and Target or can be custom built by a builder.
A larger home does not mean more storage so whether you have a small home or a large one make the most of what you have and get creative to maximize your storage and minimize your clutter.
For more information please contact me at 310-741-0372.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Want To Buy A Real Estate Bargain? Know What You Are Doing
If you want to buy a real estate bargain it is of the utmost importance to know what you are doing. No matter how inexpensive the property is, real estate is still a big investment and a big responsibility, so do your research, be aware of the downsides, and know the procedure of buying f oreclosure real estate.
The term “deal” is all relative. It is easy to hear of people buying property for little to nothing but we all know that nothing that inexpensive comes easy. Buying a foreclosed property at an auction for $1 or $100,000 sounds good but the property may come with additional fees, maintenance and problems that are not mentioned or advertised.
A couple of possible complications that may arise include:
- Association fees that may have to be paid by state law (for example in Hawaii up to 36 months in association fees must be paid by the buyer of foreclosed property).
- Major issues with the home that are not able to be seen without an inspection (broken pipes, faulty wiring, termites, etc.).
Buying foreclosed property can be a great investment but it can also be similar to throwing money into a sinking ship. The old saying “something too good to be true” should constantly be in your head. Find out what you can about any particular property by talking to Realtors who may have seen it, county records and any other resource you can find. There are quite a few Realtors out there who have experience with buying and selling distressed property, working with one could help save you quite a bit of trouble.
For more information please contact me at 310-741-0372.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Windows, An Important Asset To A Home
Windows are an important asset to a home. There are many steps in the process of buying real estate, the least of which is the inspection process. A home inspection brings to light many details and items that might need repairing or replacing and windows are just one of the many aspects of a house to examine. There may not be an issue with the windows in your new home but it is still a good idea to know more about them.
Windows come in a number of styles: single pane, double pane, double hung, leaded glass, and seeded glass are just a few. In addition windows come framed in wood, aluminum, steel and more. Many of today’s windows are built to be more insulating by offering both double panes and huge quality framing. While the original windows of historic homes hold their charm, they also can fail to hold in the heat during winter. Windows are a focal point of most homes and can go a long way to making them more energy efficient.
It is easy to look through a clean pane of glass and just see the view outside, a closer look could prepare you for potential insulation issues. If you are buying or selling a home get to know more about the glass that you look through every day.
For more information please contact me at 310-741-0372.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Friday, August 27, 2010
Real Estate: There is Good With the Bad
When it comes to real estate there is good news with the bad news. Reports came out this week that showed a significant drop in real estate sales volume. The increase in sales volume due to home buyer tax credits was bound to be followed by a drop, as most surges are. The tax credit was in full swing during the summer of 2009 and packed a bigger punch when it was extended and expanded to include existing home owners along with new home buyers.
The last extension of the home buyer tax credit expired at the end of June, with some leeway for those who were already under contract but unable to close yet. There is no more tax credit revving up real estate sales, therefore it can be no huge surprise that the month following its expiration took a dip. The recession has brought about a climate of caution, aided by the nation’s employment picture.
The good news when it comes to real estate is that, on average, home values have increased, if ever so slightly. While sales may have been down in July, prices appear to be stabilizing. The dropping mortgage rates and increased inventory make it an ideal time to look at buying a home, for those who can qualify for a mortgage.
In a nutshell, real estate sales figures may not appear great but prices appear to be stabilizing. Once a prettier picture is painted as far as employment goes then we will be on a more stable road to recovery.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Tuesday, August 24, 2010
Overall A Positive Outlook on Real Estate
While the economic recovery shows ups and downs, the overall picture of the housing market shows more positive data than negative. Looking at real estate data from the second quarter it is evident that home prices are stabilizing in more areas than not and home sales volume is up. The second quarter was stimulated largely by the home buyer tax credit that was expiring and the historically low mortgage rates that continued to drop.
Home sales rose just over 9% in the second quarter of 2010, over a 15% increase in volume from the second quarter of 2009. The affordability factor is playing a large role in the purchasing of real estate, with homes considerably more affordable than they were at the peak of the market.
Home values have stabilized in roughly 2/3 of the country, where they remain flat or are rising slightly. The hardest hit areas displayed a bit of a drop in home values but the rate of decrease has slowed down. Home values appear more stable as fewer distressed properties hit the market, but it will take time for home prices to truly increase. The analysis of housing data displays that it is still a buyers market when it comes to real estate.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Home sales rose just over 9% in the second quarter of 2010, over a 15% increase in volume from the second quarter of 2009. The affordability factor is playing a large role in the purchasing of real estate, with homes considerably more affordable than they were at the peak of the market.
Home values have stabilized in roughly 2/3 of the country, where they remain flat or are rising slightly. The hardest hit areas displayed a bit of a drop in home values but the rate of decrease has slowed down. Home values appear more stable as fewer distressed properties hit the market, but it will take time for home prices to truly increase. The analysis of housing data displays that it is still a buyers market when it comes to real estate.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Mortgage Rates Drop Once Again
Mortgage rates have once again hit record lows in an effort to spur real estate sales nationwide. Poor reports on job creation and high unemployment figures are spurring the lowering of rates, meant to improve the housing sector of our economy.
The current average rate for a 30 year fixed rate mortgage is 4.44%, a year ago it was 5.29%. A 15 year fixed rate mortgage is averaging 3.92%, down from 4.68% a year ago. A five year adjustable rate mortgage is averaging 3.56%, down from 4.56% a year ago.
Low mortgage rates appear to be doing the job of increasing home sales. While real estate sales are in no way booming, they are improving. The National Association of Realtors (NAR) tracks 155 metro areas across the country and has seen improvements in real estate sales in more than 60% of these areas.
The historically low rates are creating an ideal borrowing climate for those who have a steady source of income, the money for a down payment and good credit. It is a prime buyers market when it comes to real estate. The low home values and low mortgage rates combine to make it more affordable to buy a new home than it has been in years.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Some Home Improvements Offer More Return Than Others
There are many improvements that a person can make to a home, many offering more of a return than others. There are some home improvements that can actually hurt a home’s investment potential. Some improvements limit the number of future potential home buyers due to the uniqueness of the improvement, for example not everyone wants a home spa, sauna, full workout room, etc. In essence it is important to make sure that home improvements and additions be well-planned and then well-executed.
Historically, the best improvements are kitchens, bathrooms, and decks. These renovations and/or additions offer the best return for the dollars spent, being that they are completed reasonably and not over-the-top. The simpler the project, the better.
Most people want to get their money back when they sell a home, but many will not. One key element to remember is to keep your home in line with the neighborhood. If every home on your block is similar and you add a huge garage, fancy finishes and ornate touches that do not exist in your neighborhood you probably won’t get your money back. Of course, if you don’t care about the return that you will get on your home then you can feel free to throw caution to the wind.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Historically, the best improvements are kitchens, bathrooms, and decks. These renovations and/or additions offer the best return for the dollars spent, being that they are completed reasonably and not over-the-top. The simpler the project, the better.
Most people want to get their money back when they sell a home, but many will not. One key element to remember is to keep your home in line with the neighborhood. If every home on your block is similar and you add a huge garage, fancy finishes and ornate touches that do not exist in your neighborhood you probably won’t get your money back. Of course, if you don’t care about the return that you will get on your home then you can feel free to throw caution to the wind.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Financing May Be Tougher But It’s Not Impossible
Financing for real estate may be tougher these days, but it is not impossible. When it comes to buying a new home it is more important than ever to be prepared when qualifying for a new loan. Times have changed. The days of securing no-do c loans or loans with no money down are in the past. To get a loan today it is commonplace to put a minimum of 20% down. If you have the down payment money for a loan on a new home, that is the first step.
Qualifying for a mortgage involves stating a steady source of income, a good credit history, and a reasonable amount of debt. Similarly what will work against you is poor credit, unemployment, no down payment funds and lying on a loan application. In addition if you are self-employed you should expect to jump through some pretty big hoops.
If you want to buy a home do not despair. If buying a home is in your budget you will be able to work it out. If its not in your budget at the moment it is probably best that you wait until it is.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Tax Credit May Be Gone But Assistance is Still Out There
The home buyer tax credit may be gone but assistance is still out there. Potential first time home buyers have options to explore when considering jumping into real estate. One of the first hurdles when buying a home for the first time is often coming up with a down payment. Even a good saver may have a hard time saving the thousands that can be necessary for a down payment. Luckily there are options for help.
The Department of Housing and Urban Development (HUD) has many assistance and reference programs. HUD’s website has links to Habitat for Humanity, rural housing, and a number of home buyer programs in your area. The HUD website can be a great resource, offering a wealth of information on what is involved in purchasing a home.
The Federal Housing Agency (FHA) is another agency offering information and assistance. The FHA helps buyers buy homes with both low interest rates and a small down payment. Where a standard down payment can be anywhere from 10 to 20%, an FHA loan can require as little as 3.5% down. Standard loan fees can be wrapped into the loan through FHA as well.
If home ownership seems like a pipe dream, it doesn’t have to. If you have a steady source of income then you have mastered one of your biggest hurdles. Contact a real estate professional today to learn more about purchasing real estate in your area.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Selling Your Home? Think Like A Buyer
If you are trying to sell your home, consider thinking like a home buyer. Walk around your home, what features do you like? What parts of your home need work? From the color of the paint on your walls to how clean your carpet appears, the details are important and the details are what will either attract or repel potential home buyers.
When it comes to paint choose a neutral color. This doesn’t mean a home has to be painted white but a living room certainly shouldn’t be painted hot pink or orange. Taste is subjective and leaving color basic is always best.
The flip side of improving your home for sale is that a recent psychological study shows that new features like new carpet, fresh paint, new cabinets, and the like signal a Band-Aid approach when listed in ads. By all means spruce up your home but point out the great features of your home without using words like “new”, “newly” and the like. Apparently some home buyers see these words as bandages covering a deeper wound. Attention to detail will help sell your home in a more timely manner.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Selling Your Home? Remember the Basics
If you are selling your home it is important to remember the basics. Selling real estate is tougher in a market that has a high inventory and you home needs to have a competitive edge to grab a potential home buyer’s eye.
One of the most important first steps in readying your home for sale is to remove yourself, both literally and figuratively. Take yourself out of the equation and look at y our home from a stranger’s perspective. Looking at your home with fresh eyes can help point out what needs to be repaired, cleaned, changed, or improved. This is also when you take out your personal effects. Family photos, family knick knacks and children’s art work can all personalize a space and make it hard for a potential buyer to see himself living in your home. De-cluttering, organizing and maximizing the use of your home’s space will show -off its full potential.
Take a good, hard look at your home from the inside out. As the say, you will never have a second chance to make a first impression, and grabbing a buyer’s attention the first time is an important first step to sealing a deal.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Tuesday, August 10, 2010
Borrowing for Luxury Real Estate Just Got Cheaper
Borrowing money for luxury real estate just got cheaper. Typically money borrowed for luxury real estate is considered a jumbo loan, a loan of more than $729,750. Jumbo loans t raditionally hold higher interest rates and are not backed by government sponsored agencies. The current interest rate for a jumbo loan is 5.48%, rivaling those of traditional 30 year fixed rate mortgages.
The low rates for jumbo loans make purchasing luxury real estate much more affordable than in recent years. Currently luxury home values are lower than they have been, combine that with the low interest rates and thousands, if not hundreds of thousands, of dollars can be saved over the lifetime of a loan, adding to the affordability level.
The housing recovery has focused on the lower end of real estate, through tax credits and low mortgage rates. The new low rates for jumbo mortgages should give the higher end a well-needed boost. The luxury real estate market is certain to get a lift from the newly reduced interest rates, luring both buyers and lenders.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Real Estate: What’s Going On?
When it comes to real estate it is easy to wonder what’s going on. One report is gloomy while another is bright. The reality is that real estate is improving, how much so being localized to any given area.
Before the recession hit real estate markets nationwide were gaining at unrealistic paces, hence the housing boom and subsequent bust. It is important to remember that the modest improvements being seen are more realistic and if huge jumps were being made we might return to the same boat.
Overall home prices have started a modest recovery, with slight increases across the board, but the areas hardest hit by foreclosures are where values have yet to show much of a rebound. The historically low mortgage rates are increasing mortgage applications as well, adding to the real estate sales volume.
While overall, unemployment levels will continue to affect the economy as a whole, it is impossible not to look at real estate data and see an improvement. Small steps are definitely being made in the right direction.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Buying A Home? Some Important Things to Think About
If you are buying a home there are some important things to think about. While there are people out there who do not believe that a person’s primary residence should be looked at as an investment, the reality is that a home is probably one of the most expensive purchases in a person’s lifetime and, as such, is a very important investment. That being said, buying real estate is a big deal and should be approached with thought and caution.
There are two main factors when buying a home, one being financial, the other being physical. Financially it is of the utmost importance to buy within your means. Know your budget, what you can afford now, and do not go beyond it. Before even looking for a home go through the pre-qualification process of acquiring a mortgage. Lastly, remember that you are your own best advocate, do your research and know what expenses will be coming at you upon closing so that you are not caught off guard and forking over extra, unexpected money that you cannot afford.
When it comes to the physical attributes of your house hunting, it is a good idea to look at everything available in your price range in the area that you want to move to. Realize that there is a good chance that you will be attracted to real estate that is above your price range but remember to be realistic, you need to stay within your budget.
When it comes to real estate it is a great time to be a buyer. Contact Carole De La Cruz with a solid reputation and see what you can find.
Homebuyers mistakes
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Wednesday, July 21, 2010
Real Estate Update: There Are Many Bargains Out There
When it comes to real estate there are many bargains out there and if you are a home buyer this is your time to shine. The benefit of being a home buyer today is that you can afford to be picky, after-all you are in charge. You may be looking at five houses, which one is best for you? Which one has the best schools, the best amenities, the best features? Maybe two of them do, you can make offers with both and see which seller will give in more. Today’s home buyer has the position of bargaining power.
Low mortgage rates, which are at historic lows and do not appear to be rising any time soon, high inventory and a conti nuing stream of foreclosures continue to keep homes prices at reasonable, if not bargain, levels. Low mortgage rates alone help make the cost of buying a home more reasonable than in recent years. High inventories are making home prices competitive and foreclosures, while they may have slowed, are still coming.
The bottom line is that it is possible to find a great real estate bargain today. There are sellers that are motivated out there and if you are a buyer you have an opportunity to stand your ground and try to get the best deal that you can.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Saturday, July 17, 2010
Price Matters
When it comes to real estate price matters. Most real estate professionals will aim to price your home at fair market value at the onset and some sellers are on board, others are not. It has been a rough realization for many to acknowledge that it is a buyers market out there. It has been an unknown in recent months as to whether home values will continue to drop, stabilize or improve and every market is different. Regardless of what is going on, if your home isn’t selling then you may want to reduce its price.
Whether your home is seeing a lot of potential home buyers or very few, if you haven’t had an offer there could be a few factors. What is your home lacking? Can you fix what your home is lacking? Chances are that if your home is on the market for sale, you are ready to sell it and you are not going to make any large changes to it. The one change you can make is lowering the price. Money matters, more today than ever. If someone sees a home for sale at what they see as a bargain price then they are much more likely to make an offer.
Can you afford to hold on to your home until prices start appreciating again? If so keep your price where it is. If you need to sell then lowering the price could be the key to selling it now.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Thursday, July 15, 2010
Save Money At Closing
It is possible to save money at closing. Whether you are buying a new home or refinancing one you already own, closing costs can often make the process more expensive than expected. When refinancing closing costs can actually get in the way of making a change a poor financial decision. What many borrowers may not realize is that cutting some of the fees out at closing can happen.
When researching a new loan check with your current lender first. Chances are, if you are in good standing, they do not want to lose your business and will work with you to keep it. Working with your current lender may avoid a new appraisal, application fees and other charges that come along with the loan process.
Find out what a lender’s fees are well ahead of closing so that you know what to expect. By seeing the fees in writing you may also have an opportunity to do a bit of bargaining. The better your credit rating, the more a lender will want to work with you and secure your business.
Finally, look into wrapping your closing costs, or at least a portion of them into your loan. If it make financial sense it can save you money up front. With mortgage rates currently hanging out below 5% wrapping a couple of thousand dollars into a mortgage does not make too big of an increase on the monthly payment. Shop around and speak with a number of lenders before making your decision.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Wednesday, July 14, 2010
Buying A Home is An Investment
Buying a home is always an investment and choosing the best bang for your buck is important. Whether a home is big or small, choosing the home that will have the best return on your investment is key. Schools, low crime rate, amenities and w alkability all affect the resale value of a home.
Key elements that attract home buyers to a neighborhood or specific home have historically included the quality of available education, the safety of the area, the parks and open space nearby, and the shops and restaurants in the area. Choosing a home in a walkable location can add value to a home as well. The ability to walk to a restaurant or a store is a huge draw for many people. Not everyone wants to hop in a car to pick up a gallon of milk or meet a friend for lunch.
While it is often hard to find a home that has it all, it is important to choose a home that has what you are looking for. In the end if a home has what you are looking for it will most likely have what someone else is looking for when it comes time for you to sell.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Self-Employed? Be Prepared to Acquire A Mortgage
If you are self-employed and are considering purchasing a home it is important to be aware of the changes that have occurred in order to obtain a loan. As everyone is well aware, getting a loan is not nearly as easy as it used to be. Those who are self-employed are having a more difficult time borrowing money and must provide documentation that shows their income. The IRS is being contacted for verification by many lenders and any fraudulent income claims are being dealt with.
In a nutshell, if you are self-employed and applying for a mortgage loan, be prepared.
Line up all of your documents showing your income before going to apply for a loan.
Check your credit and do what you can to improve your credit score.
Pay your bills on time.
Most importantly, tell the truth, misrepresentation can cost you.
Many lenders, Chase being one, are hiring more loan officers, convinced that the low rates are going to bring many more new loans and refinance loans in the next 18 months or so. Mortgage rates have been decreasing since April, closely tied to the unsteady economy, where wary investors are putting their money in safe investments like Treasury Bonds. As these yields go down interest rate goes down as well.
In other words, the unsteady global economy equal good news for home buyers acquiring a mortgage and home owners who are refinancing their home loans. If you are self-employed and can provide decent and accurate documentation there is no reason you shouldn’t be able to secure a home loan.
In other words, the unsteady global economy equal good news for home buyers acquiring a mortgage and home owners who are refinancing their home loans. If you are self-employed and can provide decent and accurate documentation there is no reason you shouldn’t be able to secure a home loan.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Buyers Are in Charge When It Comes To Real Estate
Buyers are in charge when it comes to real estate these days. Sellers don’t like this piece of news, and who can blame them, after-all no one likes to be on the losing end of a game. This means that it is a great time to be a home buyer, even better if you don’t have to sell a piece of real estate to buy a new one. What makes it such a great time to be a buyer? Mortgage rates, home prices and inventory. That’s right, these three items add up to create prime buying power.
Mortgage rates are low, averaging just over 4.5% for a 30 year fixed rate mortgage, and they don’t appear to be heading up any time soon. If you have a job and a steady source of income as well as good credit, there couldn’t be a better time to buy a new home.
Home prices are down. While there are some areas of the United States that appear to have reached bottom, few areas are rising but merely stabilizing. Some parts of the country are still dropping and bargains abound.
Inventory of homes for sale is high. A high inventory means more bargaining power for buyers. There aren’t a lot of home buyers out there and sellers who are lucky enough to receive contracts don’t want a potential home buyer to get away.
In a nutshell, if you want to buy a home get out there and start looking!
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Tax Credit Extension Close to Passing
An extension for the tax credit appears close to passing after being approved by the House of Representatives on Tuesday, June 29th. The tax credit is for those who put homes under contract on or before April 30th. The original deadline for closing is today, June 30th. The extension is currently up for approval by the Senate, who will hopefully act fast.
An extension of the tax credit will allow more time to close for those who are currently under contract to purchase a home. This is especially helpful for new homes which may not have met completion by the June 30 deadline. The extension is also helpful for those who are having a difficult time securing a loan, a process that has become much more difficult since the impact of the recession that has crippled so many parts of the United States.
Approval of the tax credit extension displays the government’s willingness to help those who want to close on a new home but need a bit more time to do so. The extension will not, however, help prospective home buyers who have put a home under contract after April 30.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
An extension of the tax credit will allow more time to close for those who are currently under contract to purchase a home. This is especially helpful for new homes which may not have met completion by the June 30 deadline. The extension is also helpful for those who are having a difficult time securing a loan, a process that has become much more difficult since the impact of the recession that has crippled so many parts of the United States.
Approval of the tax credit extension displays the government’s willingness to help those who want to close on a new home but need a bit more time to do so. The extension will not, however, help prospective home buyers who have put a home under contract after April 30.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
Monday, June 28, 2010
Lower Costs Make Reverse Mortgages A Possible Lifeline
Reverse mortgages are costing less these days, making them possible lifelines for those trying to find ways to stay in their homes. What is a reverse mortgage? A reverse mortgage is a loan, or line of credit, available to people aged 62 and older who either do not have an existing mortgage on their homes, or have a great deal of equity built up on their homes.
Reverse mortgages used to be criticized for their large, upfront fees. Recently, however, the fees for reverse mortgages have lowered, making the loan more appealing in the process. Borrowing money has enabled many home owners to pay their medical fees, monthly expenses and more. In a tough climate, where many of retirement age have lost the bulk of their money, reverse mortgages have allowed people to stay in their homes and sustain their monthly bills and expenses.
At one time a home owner could depend on selling his property, today, with the real estate market on shaky ground, selling a home is more difficult and will most likely yield quite a bit less money than a few years ago. Reverse mortgages have the opportunity to help some people out of a sticky situation.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Acquiring & Keeping Financing For Real Estate
Acquiring financing for real estate has gotten tougher, there is no disputing this fact, however it is possible to secure a mortgage for buying a home. If you have a steady source of income and good credit you should have no problem getting a mortgage, but there are a few things to consider so that the financing comes through when you need it.
Many people believe that if they are approved for a loan then they are guaranteed their money at closing, this is not necessarily true. Nothing is guaranteed these days, especially when it comes to money, and it is very important not to affect your credit before closing.
If you have secured a mortgage for a home purchase do not go out and increase your credit card spending, do not go out and buy a new boat or car, do what you can to be conservative and keep your finances the way they were when you were approved, or better. Significant changes to your credit could end up canceling out your loan at closing time. Keep things copasetic financially and the closing should occur without any drama.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Tuesday, June 22, 2010
Tax Credits Gone, What’s in Store For Real Estate?
While it is true that the home buyer tax credits spurred real estate sales during the past 12 months or so, it is also true that that is exactly what the tax credits were designed to do. There is an old saying, “all good things must come to an end”, the tax credits could not last forever but just because they are gone does not mean that recovery is not occurring.
What does the real estate market have going for it now? Two very important things: low mortgage rates and low home prices. While a tax credit may be helpful up front, low mortgage rates can save much more than a tax credit over the length of a loan, diminishing the overall cost of a home by thousands of dollars.
Real estate is recovering at a steady pace. While impatience may create a doubt about the reality of recovery it is important to remember that it is a boom that created the bust in the first place, and a slow approach is more likely to be a secure step in the right direction.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Is Now the Right Time to Upgrade a Home?
Headlines touted the infamous line once again Friday that mortgage rates are at historic lows, inciting the b urning question, “Is now the right time to upgrade my home to a bigger, better one?” Affordability is at an all-time high at many places throughout the Country and if one has the ability to acquire and secure a mortgage, the cost of buying a home is better than it has been in years. That being said, wanting to move up and being able to move up are two different things, and it is a great time to take a hard, honest look at what makes sense for your particular situation.
Finances. If your current mortgage is a stretch financially then you should hardly consider taking on more. If you have a solid steady income and can afford more, it is a great time to start looking for a housing upgrade. Affordability is seen as housing costs taking up 30% of a household’s monthly income, if a new mortgage will keep you there a new home makes sense.
Current home. Do you need to sell your current home to buy a new one? If you can hold on to your current home and rent it until the market is fully recovered, your investment can be sold at a bigger profit. This is especially wise if your current home can be rented for more than the mortgage payment every month.
It is not a wise idea to upgrade to a new home if it does not make financial sense for your future. If it does make financial sense there could never be a better time to jump into a new home. It is a great time to discuss a possible move with a financial advisor or a qualified real estate professional.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Friday, June 11, 2010
Remodeling Your Home? Don’t Forget Your Outdoor Living Space
If you are considering remodeling your home, don’t forget about your outdoor living space. The exterior of your home contains valuable outdoor space and making certain changes or additions can help ad value and appeal to your real estate invest ment.
Improvements to the exterior of your home can involve something as simple as new patio furniture and a fire pit, adding a patio or deck, or installing an outdoor oven. An attractive and usable outdoor area appeals to family living as well as entertaining.
Landscaping additions can involve making an area more green by the addition of low maintenance plants that use less moisture. Landscape architects are more and more adept at making more sustainable environments.
Other appealing elements can include fountains, swimming pools, solar lights, tennis courts and the like. Realize that much of what you put into the space that surrounds your home will enhance its value and catch the eye of a potential buyer. Often an investment to the outside living space gives a better return than interior improvements to your home.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Wednesday, June 9, 2010
Economy Improving Slowly
The last couple of years have been tumultuous, the economy taking its toll, and the majority of Americans are looking forward to moving on and putting the recession behind them. 2010 is off to a better start, yet we have suffered a few dips in the past couple of months that have been reminiscent of the depths that we are all looking to forget. It is important to remember that the dips are just that, small divots in the road of recovery, according to those in the seat of knowledge.
Federal Reserve Chairman Ben Bernanke has been quoted as saying, “The economy … appears to be on track to continue to expand through this year and next,” music to many ears. Bernanke has also said that the European debt crisis will have only a “modest” effect on the US economy.
People and businesses have increased spending and the Federal Reserve System has committed to keep interest rates low. The economy is improving. While recovery remains modest and many are anxious to recover at full speed, it is important to remember that slow and steady wins the race.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Buying A Home? Secure A Mortgage First
People love to say that there is more involved with buying a home than just money, and while this is indeed true, you cannot buy a home without it. When thinking about real estate and purchasing a new home an important first step is securing a mortgage. Before even stepping foot in a lender’s office take a good hard look at your finances.
Examine your household’s income and expenses and determine what you are capable of paying each month. Affordability has been calculated at a mortgage being 30% of your monthly income and a mortgage that swallows up over 35% of your monthly income is seen as unaffordable.
Be prepared when you approach a potential lender and check with at least three different lenders. Not every lender will offer the same deal. It is important to read between the lines and look at other costs involved. There might be closing costs, points to pay down, hidden fees, etc., do some research and read the fine print.
The more traditional mortgages are 15 and 30 year fixed rate loans. A 15 year loan will typically have a lower interest rate and obviously a shorter time to pay off the loan but will involve higher monthly payments. A 30 year fixed loan spreads the payments over twice the number of years and will have a higher interest rate but lower payments. If a traditional loan doesn’t fit the bill there are many creative financing options available, many unique to a particular situation.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Examine your household’s income and expenses and determine what you are capable of paying each month. Affordability has been calculated at a mortgage being 30% of your monthly income and a mortgage that swallows up over 35% of your monthly income is seen as unaffordable.
Be prepared when you approach a potential lender and check with at least three different lenders. Not every lender will offer the same deal. It is important to read between the lines and look at other costs involved. There might be closing costs, points to pay down, hidden fees, etc., do some research and read the fine print.
The more traditional mortgages are 15 and 30 year fixed rate loans. A 15 year loan will typically have a lower interest rate and obviously a shorter time to pay off the loan but will involve higher monthly payments. A 30 year fixed loan spreads the payments over twice the number of years and will have a higher interest rate but lower payments. If a traditional loan doesn’t fit the bill there are many creative financing options available, many unique to a particular situation.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Heat of Summer, Time to Cut Back on Water
The heat of summer means barbecues, water fights, trips to the pool and lots of outdoor fun, it also means higher than normal water usage. In most parts of the country water is a precious commodity and an increase in usage can not only hurt your wallet but your environment as well. Here are a few ways to cut back on water consumption.
When it comes to the outside attempt to plant flowers, shrubs and plants that require less water than others. Xeroscaping can be beautiful and conserve water at the same time.
Examine your sprinkler system and if it is on a timer system set it for once a day, every other day, preferably at night when the water won’t evaporate in the heat of the sun. If your sprinkler is a manual one, turn it on after the sun goes down.
Inside your home make sure that your appliances, like dishwashers and washing machines, are energy star compliant. It is also a good idea to wash full loads whenever possible to make the most of your water consumption.
Do your part to pay attention to your water consumption and cut back where you can. It is important to conserve water for both your community and your bank account.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Sunday, May 30, 2010
When it Comes to Real Estate, What is Affordable?
When a potential home buyer is considering purchasing real estate one of the first questions he will ask is, is this home affordable? There has been a great deal of talk about housing affordability over the past couple of years and for the most part affordability is at an all time high throughout the United States.
Affordability is a simple calculation involving income and expenses. When the expense of owning a home equals 30% or less of a household’s monthly income then it is considered affordable. Affordability levels have been high for over a year now, indicating that it is a great time to buy a home, after-all it is wiser to buy real estate when it makes financial sense.
Buying a home that exceeds a household’s budget is a tough mistake to make. Let’s face it, money matters and anyone would rather buy an affordable home than one that isn’t.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Appliance Buying Guides
Appliance Buying Guide: Clothes Dryers
When deciding on a new clothes dryer, here’s what you’ll need to know about features, style, price, and performance. Read
Appliance Buying Guide: Ranges
When deciding on a new range, here’s what you’ll need to know about features, style, price, and performance. Read
Appliance Buying Guide: Dishwashers
When you buy a dishwasher, hone in on the model that’s right for you by considering your needs: size, fit, features, and performance. Read
Appliance Buying Guide: Refrigerators
When you buy a new refrigerator, arm yourself with the facts, so you’ll be sure to make the right decision for your budget and space needs. Read
Appliance Buying Guide: Washing Machines
Confidently purchase a new washing machine that makes sense for your particular budget and level of green-mindedness. Read
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Global Upheaval Equals Low Mortgage Rates
The upheaval of the global financial market has produced one positive side effect: historically low mortgage interest rates. For the past year or so we have been hearing about historically low interest rates, repeatedly being told that the rates are the lowest that they have been in 30 years, since the tracking of interest rates began. This week the headlines have been blaring the same news again, with interest rates even lower than they were the last time that they were at 30 year lows just a few months ago.
Currently a 30 year fixed rate mortgage can be locked in for a 4.87% interest rate. Even jumbo loans have fallen, with an interest rate of 4.5%. While there is much hype about the tightening of the financial market and the hoops a borrower has to jump through to secure a loan, there couldn’t be a better time to refinance or purchase a new home.
It’s a great time to either own a home or buy a home. Low interest rates can shave a great deal of money off of the cost of a home over the lifetime of a loan. If you have good credit, a steady source of income and have been thinking about purchasing real estate then you owe it to yourself to get out there and start looking, unless of course you can afford to wait another 30 years or so.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Currently a 30 year fixed rate mortgage can be locked in for a 4.87% interest rate. Even jumbo loans have fallen, with an interest rate of 4.5%. While there is much hype about the tightening of the financial market and the hoops a borrower has to jump through to secure a loan, there couldn’t be a better time to refinance or purchase a new home.
It’s a great time to either own a home or buy a home. Low interest rates can shave a great deal of money off of the cost of a home over the lifetime of a loan. If you have good credit, a steady source of income and have been thinking about purchasing real estate then you owe it to yourself to get out there and start looking, unless of course you can afford to wait another 30 years or so.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Wednesday, May 26, 2010
Determining A Home’s Value
When selling a home one of the most important pieces of the puzzle for both the seller and the buyer is price, and let’s face it, price matters. The seller without a doubt has a value in mind when he decides to sell his home. A Realtor will condu ct a Current Market Analysis (CMA), comparing homes that have sold in the area, both what similar homes have sold for and what has sold recently. Conducting a CMA should reveal what is a fair price to list a home at, however certain features can tweak the price per square foot value of a home, such as a home’s finishes, upgrades, and assets.
When a home goes under contract a professional appraiser will appraise it. The appraised value is similar to a CMA, it is based on the local real estate market, sales of comparable homes, the condition of the home and a few other criteria.
While the value of a home is first determined by the seller it ultimately is the buyer who sets the price, this is known as Market Value in real estate. Market Value is what a home actually sells for and can be higher or lower than asking price. A Realtor is a valuable tool in the selling of a home because pricing it right can designate how long it takes to sell.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Creative Financing, Wraparound Loans
There are a variety of ways to finance a home, some being more traditional while others are lumped in the creative category. One form of creative financing is called a wraparound loan. A wraparound loan, also called an all-inclusive mortgage, enables a home buyer an alternative when he/she is unable to secure a more traditional mortgage.
A wraparound loan is, in effect, a second loan on a home, being placed below an original mortgage it will include the unpaid balance of the original mortgage as well as whatever additional money is necessary for the buyer to purchase the home.
A wraparound loan benefits both the seller and the buyer, enabling the buyer to acquire a new home without qualifying for a loan and allowing the seller to choose a higher interest rate. This is a viable option for a home buyer who is unable to get a home loan on his own.
The tightening of the financial market coupled with stricter lending policies has created the basic need for alternative methods of lending. A wraparound loan is not always feasible but can offer a home buyer a unique financing opportunity in the right situation.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
ABCs of Home Inspections
Home inspections are a very important step when buying a new home and it is important to understand the basics before entering the process. After choosing a home to purchase and going under contract one of the first steps is setting up a home inspection. A qualifi ed Realtor will undoubtedly know an experienced home inspector but it doesn’t hurt to do some research on your own and locate an inspector with an excellent track record and references.
Don’t get hung up on the cost of your home inspection. Inspections can vary by the size of a home but typically average somewhere in the three to four hundred dollar range. Choosing an inspector based on price could hurt you in the long run and the inspection is one expense you do not want to skimp on.
A written inspection report is a key element in the home inspection process, allowing you to see what needs repair. A good inspector should be able to provide you with estimates for the needed repairs or at the very least be able to recommend where you can get them.
A home inspection is an important piece of the home purchasing puzzle. Take your time and use your Realtor to help you through the process.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or
email me at: carole@caroledelacruzrealty.com
Look Carefully, Buying A Home is A Big Purchase
Looking for a new home is not like shopping for a new pair of shoes, it is one of the most important purchases that a person will make in his life and should be approached with an examining eye. While it is true that it is easy to see a home and fall in love with it on your own, the benefits of using a Realtor are many and can save a person much unwarranted pain in the long run.
There are a things to realize and remember as a both a first time home buyer and a veteran home buyer. A Realtor will not only help you negotiate a price for a home but will also help you along every step of the process which will include an inspection, financing and the title process among other things.
While a buyer may have his or her heart set on a property a good Realtor will make sure that the buyer is seeing everything and knows exactly what he is buying so that there are no surprises come closing day.
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com or
email me at: carole@caroledelacruzrealty.com
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