| |
monmouth county: Affordability is the Talk of the Town! - 04/02/12 07:33 AM
I am not sure if you heard, but the National Association of Realtors recently reported that its Housing Affordability Index reached a record high of 206.1 in January. This was the first month since the index began in 1970 that it has hit or surpassed 200.
To put it in perspective, houses are more affordable now than at any point in the last 42 years! What’s more, an index of 100 represents a median-income-earning family’s ability to exactly afford a median-priced, existing single-family home. Housing affordability is now double that.
Right now, all of these conditions are favorable for you if … (1 comments)
|
monmouth county: Is Your Credit Score a "Score" or a "Rank"?? - 01/25/11 09:03 AM
Apparently there is a misconception out there that your credit score is just that; a basis of how you handle your credit, pay your bills, and your effort to stay on top of things. With this new economy that we've been thrust unwillingly into, that has apparently changed. It's not more-or-less a ranking of how you fit in with the ever-changing credit scores of the general population. The actual quote from a financial article is, "Your credit score is not a rating of your credit worthiness, but rather a ranking of your credit worthiness compared to the rest of the … (0 comments)
|
monmouth county: It All Adds Up!! - 11/15/10 08:45 AM
As you search and tour homes that appeal to you, how can you be sure that the asking prices are in line with current values? Begin by asking your real estate agent to collect comparables and prepare a Comparative Market Analysis (CMA). This report indicates market trends by showing whether similar homes in the area are selling for above or below the asking price of the home(s) you've selected.
Using the comparables that your agent researched, you'll be able to figure the average cost per square foot for the area, and determine if the home you want compares favorably with those … (0 comments)
|
monmouth county: A Better Alternative... - 11/08/10 07:57 AM
Due to recent government incentives, short sales are becoming the darling of the distressed-property marketplace. A short sale keeps owners out of foreclosure, because the lenders allow the homeowners to sell their house for less than they owe. Banks have really sped up the process, hiring large numbers to serve the short sale specialty. In early 2010, one of the very largest banks had more than doubled the number of short sales it approved, sometimes as quickly as 24 days. Compare that to last year, when short sales stalled indefinitely or took more than six months to complete. The biggest roadblock … (0 comments)
|
monmouth county: Look Before You Leap! - 11/01/10 09:20 AM
If my recent column about the three types of foreclosures peaked your interest in making such a purchase, read on to learn a few of the common mistakes to avoid when you're ready to make an offer.
First, don't get caught up in a bidding frenzy. Banks may under-price their offering, hoping to generate multiple bids and sell quickly. Don't get overexcited - there's another foreclosure to bid on tomorrow!
Second, don't underestimate your repair costs. Carefully read the inspection report, and factor in an additional 10-20 percent of the purchase price for unexpected repairs.
Third, don't ignore the "comparables" for … (3 comments)
|
monmouth county: Salvaging Credit and Equity - 10/25/10 09:07 AM
The issue of pricing strategies was recently addressed here, particularly for facing moving deadlines or selling a home that's languishing on the market. But what if you're experiencing financial hardship or losing valuable equity in your home?
If you're facing mortgage default and want to avoid foreclosure, you're probably looking at a short sale, an agreement with your lender to sell your home for less than what you still owe. This pricing strategy is challenging, because you have to list high enough to satisfy the lender, but low enough to attract buyers.
First, complete a short sale application from your lender … (2 comments)
|
monmouth county: Multiple Choice!! - 10/18/10 09:51 AM
If you're looking for a bargain and considering purchasing a foreclosure, you'll first have to decide what kind of foreclosed property to pursue. The three categories are Pre-Foreclosure, Sherriff's Auction, and Repossession (or a bank-owned REO).
Pre-foreclosures are in the process, but have yet to be auctioned. Your offer will have to be negotiated with the lender as well as the owner, which makes the deal complicated and slow. Prices also tend to be highest in this category of foreclosures.
The lowest prices are found on properties that are being auctioned, but inspections are usually unavailable for these homes, and the … (0 comments)
|
monmouth county: Pricing Under Pressure... - 10/12/10 07:51 AM
Deciding on an asking price for your home is challenging enough these days, but you need specific pricing strategies for particular scenarios, especially if you're under pressure to move quickly or your home isn’t selling after being on the market for several months. Here are suggestions for both situations.
If you're facing a deadline due to job relocation or other reasons, then you need to price competitively, even more competitively than expected in today's market. You'll need to list at significantly less than your competition. Think 15% less. That may seem tough to stomach, but it’s better than continuing your monthly … (0 comments)
|
monmouth county: Smooth Sailing... - 10/04/10 08:43 AM
As a buyer, you want your offer to be accepted and your contract to close on schedule. However, in today's climate, you should expect some negotiation, and submit your offer with the following advice in mind.
The financing contingency in your offer will state your loan total and anticipated interest rate and approval date. Strongly consider locking in that rate with the lender, as rates are still very low, and you'll avoid any future fluctuations in the market.
Reserve funds now for your settlement costs at closing. Anticipate anywhere from 2% to 6% of the amount you're financing, plus your down … (1 comments)
|
monmouth county: Questions and Asnwers - 09/28/10 09:13 AM
We all know the mantra of real estate: location, location, location. The neighborhood is usually the most critical factor in determining a home’s value. When you begin your home search, you should create a list of criteria for the neighborhood in which you want to live, work, and play.
Ask yourself questions like how long is the commute to your workplace? Is an urban setting or a rural area more suited to your lifestyle? What is the crime profile for the neighborhoods that interest you?
How convenient is it to get to shopping centers, churches, schools? Speaking of schools, how is … (0 comments)
|
monmouth county: A Proactive Approach! - 09/20/10 12:42 PM
Typically, homeowners will spend weeks preparing their home for sale, rushing to repair the roof or drafty windows or electrical issues or old appliances (not to mention rushing to the bank to cover the costs of getting the home in model condition). However, there is another novel approach to making your home appeal to buyers, and it's called preventative maintenance.
In other words, starting from this day, look at your home as a prospective buyer would. If you would repair or improve certain features of your home for them, then why not for yourself?
Even new homeowners will one day find … (0 comments)
|
monmouth county: Open House 101 - 09/13/10 07:26 AM
No one's going to buy a home without taking a thorough tour, and Open Houses are an easy and convenient way to make the initial rounds. If you're going to visit one open house, you may as well plan to visit several in the area to get an overall impression and basis for comparison.
While you're “on the circuit,” observe a few points of etiquette. First and foremost, be sure to ask permission before taking the lens cap off your camera or video recorder. If the owners are still occupying the home, they may consider it an invasion of their privacy.
… (2 comments)
|
monmouth county: Auditioning for the Stage... - 09/07/10 02:48 PM
A "staged" home always makes an impression on buyers, and it's a marketing tool you should consider, particularly if you'll be moved out of your home while it's listed for sale. Your real estate agent may already have connections to staging professionals, but if you're going to conduct your own interviews, here are some points to cover.
First, it's an absolute must to meet in person and to see their portfolio. Many stagers often have specialties, so you'll want to know what experience they have preparing your type of home, and working with listings that are in your selling price range. … (0 comments)
|
monmouth county: The Impact of Escrow and PMI - 08/30/10 12:09 PM
As you plan to buy a home, seek pre-approval for financing so that you'll know how much home you can afford and how much to budget for monthly mortgage payments. Aside from the financed amount, some other regular expenses associated with homeownership will also impact your payment amount.
First is homeowner's insurance that provides protection against fire and theft. Flood insurance is another beast entirely, and may be required depending on your new home’s location. Remember that you can save money by carrying your auto and homeowners insurance policies with the same company.
Just like insurance, your lender also collects funds … (2 comments)
|
monmouth county: Adjust The Seasoning - 08/23/10 09:07 AM
There are three basic ingredients in the recipe for selling a home: location, condition, and price. Sellers have the most control over that final ingredient, price. If a home isn’t selling after a couple months, that element will likely need some adjustment.
Generally, if your home isn't selling in the average amount of time that others on the market are, overpricing is the probable culprit. Deciding how much to adjust your asking price will depend on a reevaluation of your local market.
Even if you're confident that you priced fairly and correctly from the beginning, you may find yourself overpriced if … (4 comments)
|
monmouth county: You Can't Go Wrong... - 08/16/10 09:58 AM
Want to see homes that are exactly what you can afford? Want the best possible terms for your mortgage? Want to show sellers that you're serious and capable? Then start with pre-approval, from several lenders.
Forget about "pre-qualification" - that's just a quick ballpark figure the banks will offer without even checking your credit history. “Pre-approval,” on the other hand, produces a Good Faith Estimate, which spells out the terms of your loan, like interest rate, loan type (fixed rate, adjustable, etc.), and closing costs.
You'll have to provide documentation (bank statements, paystubs, W-2's, etc.) and the lender will check your … (2 comments)
|
monmouth county: Promote and Protect... - 08/09/10 08:46 AM
In these days of Internet scams and credit card fraud, we're all a little more protective of our privacy. However, if you're selling a home, you also know that posting a virtual tour online and having your agent show your home are absolute necessities for successfully landing a buyer.
What can be done to protect your home against would-be thieves or burglars? You've already taken the first step by seeking representation by a trusted real estate agent, because your agent only shows your home to buyers who have been screened and qualified.
Still, when you know that your home is being … (1 comments)
|
monmouth county: Down Payment Solutions - 08/02/10 09:38 AM
One way to get the best mortgage terms is to make a down payment of at least twenty percent. That not only gets you a lower rate and monthly payment, but you'll also avoid additional PMI (private mortgage insurance) fees, and have "instant equity" in your home.
But what are your options if you can't manage twenty percent down? There are many federal, state and local programs that provide first-time homebuyers with assistance and great loan terms. One popular FHA (Federal Housing Administration) loan is the HUD 203 (b), which requires just 3% down and rolls the closing costs into the … (1 comments)
|
monmouth county: Short Sales Get a Tune-Up! - 07/26/10 12:21 PM
Federal foreclosure-prevention tactics have recently been expanded to encourage delinquent borrowers to avoid foreclosure by streamlining the short sale process. Cash incentives are also being offered to the homeowners, as well as to the lenders and the buyers.
Perhaps the best feature of the new legislation requires the lenders to advise the sellers what their minimum acceptable price is before listing the home for sale. Then if the sellers secure an offer for the agreed price, the lender must accept it within 10 days.
This speeds up the short sale process tremendously, since the lender is also required to consult with … (3 comments)
|
monmouth county: No More Surprises! - 07/19/10 11:11 AM
It used to be too common a story: you're excited about signing the paperwork, shaking hands, and grabbing the keys to your new home. But the day before closing, the lender advises that your closing fees are several hundred dollars more than their Good Faith Estimate listed. Suddenly, your excitement turns to pressure to just pay it and close the deal.
Now those days are over, thanks to the Mortgage Disclosure Improvement Act (MDIA). What was once the Truth In Lending Act has been rewritten with new rules to help consumers understand the loan costs and alert borrowers to changes in … (0 comments)
|
|
|
|
|
|
Michael Sinton, CRB, CRS, SFR, e-Pro
Jackson,
NJ
More about me…
Weichert Realtors
Address: 2110 West County Line Road, Jackson, NJ, 08527
Office Phone: (732) 370-4664
Cell Phone: (732) 904-3236
Email Me
 Listings
Links
Archives
|
;)
;)
;)
