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Three Lessons for Homebuyers

 The new year is here, and signs of the real estate recovery are evident in nearly every sector of the housing market: housing prices, which  bottomed early 2012, have been showing continued growth; housing inventory has been retaining its balance; and the new construction market has been finding its footing.

  There are three remnants of the post-boom housing market that you may want to revise:

 1. Lowball Offers– Remember what we just wrote about home prices finally bottoming, and even rising? That means that lowball offers are an increasingly unlikely strategy for prospective homebuyers. Though it must have been great in 2009 and 2010 to pick up properties for considerably less than the original asking price, those days are fast dwindling, and not just for conventional sales; even REO properties are not the steal that they used to be.

2. New Construction– The new construction market collapsed in 2007, and perhaps no sector of the housing market has been more battered in the post-boom marketplace; however, with distressed property inventories falling and more and more homebuyers entering the fray, homebuilders are beginning to pick up their efforts, and new home construction is poised to put up great numbers in 2012. So though new homes have been virtually non-existent, it may behoove homebuyers to be on the lookout for new developments and incentives.

 3. Don’t Dillydally !  Housing inventory levels have dropped by nearly a quarter from 2011′s levels, namely for one reason: home prices. Between home sellers waiting for better returns and underwater homeowners waiting for positive equity, inventory levels have been on the decline for much of 2012, which means that homebuyers can no longer dillydally when looking for residences. Though the lack of competition must have been nice in 2009, the scarcity of good housing in 2012 has put a premium on the best homes out there, so  buyers may have to show some initiative – and maybe even outbid the competitors – if they want that dream home.

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What's the difference between being preapproved and prequalified?

 First-time buyers frequently assume being pre-qualified and pre-approved for a mortgage are one and the same. This common mistake can lead many buyers to regard their applications with unrealistic expectations. Applying for a pre-approved mortgage will help you find the right home by giving you an idea of exactly how much money you have to spend, and give you the confidence to negotiate effectively. 

 Pre-qualification is a simple assessment of your income, debt and available capital, which is used to give you a rough estimate of your loan. Pre-approval, on the other hand, requires the evaluation of tax records, income statements, and other personal financial information to determine a much more accurate idea of what is available to you. Most realty professionals recommend going through the pre-approval process before shopping for a home, as knowing the details of your loan in advance will drastically increase the efficiency of your search.

                                       Email me at:  Jan@JanFlood.com    

  _If you're looking to sell your house during these tough economic times, take heart. Although you can't change the economic crisis our nation is currently in, you can be proactive and informed about what to expect, so your house can stand out from the others on the market. When attempting to sell your house, here are the most common obstacles you'll face: dropping home values, a record number of foreclosures, and a shortage of buyers due to the current credit crunch. At a time when you need every edge you can get, every little bit of extra effort helps.

Proper pricing is critical to selling your house in the kind of market we're in. And though it might be difficult, this means pricing your home for what it's worth - and that isn't necessarily the same price as what you paid for it or what you think it is worth. You'll also want to check with your mortgage lender to determine your mortgage balance (if there is one). Then you can just subtract your mortgage balance from your asking price (remembering to factor in closing costs) to determine how much money you stand to make on the sale of your home. If you're hiring a real estate agent, they'll be able to help you come up with an appropriate price for your house and also help you estimate closing costs and net proceeds. If you're not, check out the price listings for other comparable homes in your area, and consider your home's appraised value.

Stage your home effectively. Sometimes the difference between getting an offer and not getting an offer depends upon staging your home effectively. The basics of home staging are depersonalizing and de-cluttering: packing up personal photographs, family heirlooms, and everything else that will prevent the visitors touring your home from imagining it could be theirs. Focus on transforming your home back into a house; a product optimized for sale. For more help, hire a home staging expert.

Market your house as widely as possible: MLS listing, online advertising, newspaper and local magazine ads, open house, flyers, etc. Remember that the more leads you get out of advertising, the more likely you'll get the response you've been looking for.

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Steps to Prepare for Home Ownership

Find an experienced REALTOR® who can help you through the process.

Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

Develop a wish list of what you would like your home to have. Then, prioritize the features on your list.  

Select three to four neighborhoods in which you would like to live.  Consider items such as schools, recreational facilities, area expansion plans and safety.

Determine if you have savings sufficient to cover your down payment and closing costs. Closing costs, including taxes, attorney's fees and transfer fees average between two and seven percent of the home price.

Get your credit in order. Obtain a copy of your credit report. Determine how large a mortgage for which you qualify. Also, explore different loan options and decide what is best for you.

Organize all the documentation a lender will need to pre-approve you for a loan. This includes past income tax returns, recent pay stubs, etc. Do research to determine if you qualify for any special mortgage or down payment assistance programs.

Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.

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 Cleaning Outdoor Furniture Learn the secrets to great looking plastic, metal and wood outdoor furniture

Your outdoor furniture can last year after year, if you give it a good cleaning each season. Grime, pollen, bird droppings and sun exposure can all take their toll on outdoor furniture. Learn the basics to cleaning outdoor furniture and you will be able to maintain it for years. 

For plastic outdoor furniture, mix a little dish soap, some borax, and half a cup of peroxide into one gallon of water.  Let the mixture sit for 10 to 15 minutes and use it to scrub all your plastic outdoor furniture with a nylon brush before rinsing well.  Just test a small area first to be sure the peroxide does not react negatively with the furniture. Your plastic outdoor furniture should be periodically wiped down. Any cushions should be protected from the elements when possible. Store them away when not in use.   For metal outdoor furniture, use soapy water and elbow grease.  Remove any rust or stains with sand paper or a wire brush.  You can also repaint the entire piece with a rust prohibiting paint or a metal varnish.  And don't forget to periodically clean your furniture throughout the summer - don't let pollen or bird droppings sit on it and cover it up if you won't be using it for a while.   For wooden outdoor furniture, a durable finish is key. Many homeowners prefer the natural beauty of wooden outdoor furniture. Adirondack chairs, porch swings, gazebos, benches, side tables and picnic tables offer a natural and beautiful look that can add value to your home. And with proper care, even your outdoor wooden furniture can last for decades. Cleaning periodically with oil soap works well. But the best way to help outdoor wood furniture look great for years is the stain or finish you choose.    Remember that cleaning outdoor furniture properly will protect it so you can enjoy your outdoor space for years to come.

                                   Jan (Flood) Dowling Managing Broker/Owner

                      Janice Joy Ltd        847-650-1158           Jan@JanFlood.com