Clustrmaps
Archive for February, 2010
Green Home Improvements to Consider
These days saving the planet and saving money seem to be the best way to go. This is also true when considering home improvements to make in your home. These home improvements may cost more now but they will save you money later on and if you consider selling, they will greatly improve the value of your home. Here are a few green home improvements to consider in your home.
Make sure your home is tightly sealed
By making sure your home is tightly sealed, you safe more energy and your heat and electric bills will not be as high. Make sure to seal up any leaks that may be by doors, windows, or in basements. Some sealing materials may even qualify for a federal tax credit.
Insulate your upstairs
Many homes are not as well insulated as they could be, especially upstairs. Have an inspector or other home professional check the insulation on your home and make sure it is properly insulated. This will keep your home comfortable and keep your bills lower.
Get a Programmable Thermostat
These help save on energy and cost because they can be set to only go on and off when the thermostat reaches a certain temperature. They can save you tons of money each month so they will pay for themselves.
Add storm doors
These are quick and easy and will help you avoid a whole window or door repair in the future. They also will keep energy costs low and keep the house comfortable despite any bad weather conditions.
Efficiency Water Heaters
These can save up to twenty-five percent in heating water costs. Some of them also qualify for a federal tax credit. They keep the water warmer longer than traditional water heaters would.
If you decide to make improvements to your home, it may be well worth it to make them green home improvements. They will save you money on bills, keep your home comfortable and nicer to live in all year round and will increase the value of your home in the future. It is a win win situation all around.
Demographic Trends that May Affect the Housing Market
When trying to sell any product or service, it is important to know not only who buys the product or service but why they do or do not and to keep an eye out for any changes. This is also true in the housing market. Older couples want different features in a house than a younger couple does and it is important to know why. Here are some demographic trends that may affect the housing market in the future.
Ask a Syracuse real estate agent for advice
It is a real estate agent’s job to know about demographic and other trends that may affect the housing market. If you have any questions, they are an excellent first resource.
Older baby boomers (55-64)
Many older baby boomers are stuck where they live now because they may owe more in payments than their house is worth. Many older people are also choosing retirement places closer to family and friends. They also may choose not to move because they feel a sense of pride for their home.
Younger baby boomers (46-54)
Many of these people are finding it hard to sell their homes to the younger generation. This restricts options and forces many of these people to consider home improvements and building on to their current home instead of buying a new one. Many are also buying smaller second homes than they were before.
Generation Y (late teens-early 30s)
Many of the people in this generation are seeing their loved ones and friends lose homes to foreclosure. They are willing to rent homes or buy smaller ones to afford the lifestyle they desire. They want to be close to friends, family, and services.
Immigrants
Many of these people have moved to central cities and may move to larger suburban homes in the future when prices for these homes are reduced. They tend to like to be close to family and friends.
In the future, when you might be considering buying a new home or selling yours and moving on, it is important to consider these demographic trends. What people want and why they want it may change and it is important to know all the information. This way you can make a well informed decision when you buy or sell a home.
Ask a real estate agent for advice
It is a real estate agent’s job to know about demographic and other trends that may affect the housing market. If you have any questions, they are an excellent first resource.
Older baby boomers (55-64)
Many older baby boomers are stuck where they live now because they may owe more in payments than their house is worth. Many older people are also choosing retirement places closer to family and friends. They also may choose not to move because they feel a sense of pride for their home.
Younger baby boomers (46-54)
Many of these people are finding it hard to sell their homes to the younger generation. This restricts options and forces many of these people to consider home improvements and building on to their current home instead of buying a new one. Many are also buying smaller second homes than they were before.
Generation Y (late teens-early 30s)
Many of the people in this generation are seeing their loved ones and friends lose homes to foreclosure. They are willing to rent homes or buy smaller ones to afford the lifestyle they desire. They want to be close to friends, family, and services.
Immigrants
Many of these people have moved to central cities and may move to larger suburban homes in the future when prices for these homes are reduced. They tend to like to be close to family and friends.
In the future, when you might be considering buying a new home or selling yours and moving on, it is important to consider these demographic trends. What people want and why they want it may change and it is important to know all the information. This way you can make a well informed decision when you buy or sell a home.
Fix it Up, or Sell As Is?
Not every home is ready to be sold when a seller decides to put it on the market. If your home needs repairs, you have a choice to make. You can fix it up yourself, or sell the home as it is, and let the buyer worry about fixing it up.
How do you decide? There are a few things to consider. For starters, realize that buyers will expect a lower price to make up for the time and expense of taking care of the repair. For example, your home is worth $150,000 after repairs. Repairs will cost $20,000, but you will probably get offers closer to $120,000, if not less. If you do take care of the repairs yourself, you’ll be able to bring in the full $150,000.
What needs to be done? Smaller projects, such as replacing a sink fixture or patching up an interior wall, are going to take less from the sale price than a new roof or water heater. The less expensive and inconvenient a repair is, the better chance you have of getting offers close to the actual value of the home. Again, you pay for the convenience of not worrying about a repair yourself; the factor to consider is how much that convenience will end up costing you.
The more economical choice is obviously to take care of the repairs yourself. Even if you choose to leave major repairs, taking care of smaller projects can have a huge affect on what your home sells for. Clean up the property, put a fresh coat of paint, in a neutral color, on the walls. As you go along, make a list of anything that is broken, worn out, or otherwise in need of repair or replacement. If you have to choose between repairs, pick the ones that will yield the most value for the smallest price. Kitchens and bathrooms will almost always improve the sale price, sometimes drastically.
Even if the home needs repairs, you should still try to make the property look well cared for. Replace worn or stained carpeting, fix broken windows, and scrub until the home shines. If a home looks like it hasn’t been taken care of, buyers will be more likely to wonder what else could be wrong with the property, and you won’t get as high of an offer.
The decision to fix a home up, or to sell it as is, is one that you should put some thought into. Even hiring someone to do the repairs for you will cost less than leaving them for the buyer to handle, but if you don’t have the money for repairs immediately available, or if you are in a hurry to move, it might be more practical to accept the home selling for less.
Ways to Get the Most Out of Home Improvements
Many sellers are finding out that it is harder than ever to sell their homes these days. With the economy the way it is many housing markets are suffering, making this a buyers’ market. This means that if buyers do not see what they like, they will pass up a home without even considering it. Here are some ways to get the most out of your home improvements. This way not only the buyer will be happy, but you will be too.
Ask your Syracuse real estate agent for advice
It is a real estate agent’s job to know what buyers are looking for and what they will just pass by. They are a great first resource and can help you as you get started on home improvements.
Focus most on repairs
These will get the biggest return for your investment. Many buyers may want hot tubs or stainless steel appliances, but if you have a leaky roof or faucets, they will not even give your home a second glance, so fix these first.
Remodeling may be more effective than adding on
Many people want a room they can use for multiple reasons, so instead of adding on to your home, maybe use the space you have and consider redesigning it or remodeling it, to get the most for your money and to impress buyers.
Get your house wired for technology
Instead of installing technology that will just become outdated in a few months or years, make sure your home as the capability to support new technological advances. Buyers will appreciate this and you may get more money for your effort.
Know what is going on in your neighborhood
In order to sell your house for a good price, it is important to know what you have that the neighbors may not, and vice versa. This way you can make sure you are in a competitive market and get the most money for your time and energy.
Many sellers may be afraid to update their homes because they do not want to put money into a home they are going to sell or they do not want to lose money. By following these simple tips you can increase your chances of selling your home for a good price and get the most for your time and effort. This way everyone wins and is happy.
Basics of the Closing Process
Many of us know what goes into looking for a home and even getting the sellers to sell their home to you, but when it comes to the actually closing process, many of us turn to our real estate agents and other professionals for help. Well, if you are tired of being lost and confused while closing on the house of your dreams, there is something you can do. Here are some simple basics of the closing process to get you started so you will know exactly what it is you are doing and will be less confused now and in the future.
Ask your Syracuse real estate agent for advice
If you have any questions about any part of the closing process, do not be afraid to ask your agent. It is their job to know all about the closing process and how to help possible buyers and clients through the process.
Offer to purchase
This is when you make an offer to the seller to buy their home. It is best to move fast and maybe ask eight to ten percent below the asking price depending on the area and market. It is okay to ask your real estate agent for help if needed.
The Deposit
This is money of good faith and commitment given to the seller by the buyer. It usually includes one percent of the purchase price of the home and lets the sellers know how serious you are about purchasing their home.
The Contract
This is the acceptance of an offer by the seller and it is legal and obligates the buyer to purchase the property. It also outlines all the details of the transaction, including price, closing date, possession date, and more.
Final arrangements
Before you can take possession of and move into your new home, you need to make arrangements about the payment of utilities and the first mortgage payment.
These basic tips will help you to know and better understand what is going on during the closing process of your new home. This way you can make sure you understand everything about your new home and future and will avoid confusion and worries in the future. This will help you be free to relax and enjoy your new home for years to come.
Mortgages 101
A mortgage is loan offered by a lender for the purpose of buying property. The word comes from the old French word ‘mort’, which means deed, and ‘gage’, the old English word for pledge. A lender provides the money for your home purchase after you sign several documents stating that you will pay the lender back, plus a hefty amount of interest. If you fail to pay, the lender gets your home in exchange for the amount you still owe.
There are several types of mortgages, but most fit into one of two categories. Adjustable rate mortgages start off with a low interest rate; this rate might stay the same for the first six months to a year or two, depending on the terms of your mortgage. After that, you’ll be paying interest rates based on whatever the current market rate is. It might start out low, at 4% or even less in some cases, but can go up to three or four times that amount during the course of the loan. It depends entirely on what the current interest rates are at any point and time.
With a fixed rate mortgage, the rate you sign up for is the rate you have throughout the length of your loan. If you sign up now at 5.5%, you will be paying that same rate 20 years from now, as long as you don’t refinance your loan. If you are staying in your home for longer than five years, a fixed rate mortgage is often your best option.
Most lenders want 20% of the home’s purchase price as a down payment, not counting fees and closing costs. If you cannot provide that amount, you will have to pay private mortgage insurances (PMI) until you have paid that 20%. If you have good credit, you may qualify for an FHA loan with only 3.5% down. Buyers with poor credit will be asked to pay 10%.
When you refinance a loan, you are taking out a second mortgage to pay back the first. Refinancing a mortgage allows you access to your equity; it also gives you a chance to get a better interest rate. If interest rates have dropped significantly since you took on your mortgage, or if your credit rating has greatly improved, refinancing might be a good way for you to lower your monthly payments.
When you first take out a mortgage, most of your monthly payments are paying off interest. As you continue to make payments, the amount of interest paid drops down, and by the end of your loan, you are paying almost entirely on the home itself, known as the principle. This is known as amortization. It’s frustrating to see the amount you owe on the home barely decreasing as you make your first several payments, but you will eventually pick up speed (as principle payments go up and interest payments go down) and start seeing a sizable dent in the amount you owe.
Mortgages can be very confusing, especially for a first time home owner. Make sure you are working with a lender that will happily answer all of your questions, in a way you can understand, and don’t hesitate to ask. It’s always better to ask too many questions than to walk away confused and unsure of what you’re agreeing to when you accept a mortgage.
Bank Program to Help Some Homeowners
Many homeowners because of the economy, and loss of jobs, or a different financial situation are facing foreclosure on their homes. In a typical foreclosure situation, a lender would take over the deed to the property and evict the homeowners. Since it is hard for many victims of foreclosure to find a new and affordable place to live, some banks are coming up with other foreclosure programs to help some homeowners.
One of these programs is called “Foreclosure Alternatives” and this program allows those homeowners in Texas, Florida, Illinois, Michigan, New Jersey, and Ohio who used Citi as their lender to stay in their foreclosed home for six months if they turn over the deed to the property. This helps the borrower’s credit score to avoid being hit so hard and allows homeowners more time to figure out their financial situation and living arrangements. This program will help at least 1,000 homeowners and may be expanded nationwide.
Other programs and lenders are extended the time it takes to complete a foreclosure in an effort to help homeowners as well as lenders. Many people feel that if they owe more than current home’s value, they should not even considering buying another home and this is also hurting the housing market. This program and others like it are attempting to help fix this problem and hopefully increase the housing market and financial situations for many in the future.
This program will also help homeowners with relocation and other costs to get them started, although the homeowner will still need to pay utility bills and costs. This program will also help those homeowners that may not qualify for a short sale or mortgage modifications. This will hopefully help not only homeowners, but lenders, and the whole housing market in general.
New Cities in a Housing Crisis
We all know that the housing market has been suffering across the country for a long time now. We have heard it on the news, on the internet, in the newspaper and we have seen it for ourselves as well. We have heard about the ups and downs and the hope for the New Year. Well, now there are some new cities being hit by the housing crisis that may not have been touched before. Some new places that real estate agents, home buyers, and home sellers need to watch out for include:
Money Cities
Cities that contribute much of their income to financial services are now being hit by the housing market. It has affected Charlotte, NC, which is the headquarters of Bank of America and other financial institutions. Another city feeling the housing market crisis is San Francisco where the housing prices are among the highest in the whole country.
Resort Areas
Travel destinations and resort areas are also feeling the effects of the housing market. This means that expensive second or vacation homes are not doing or expected to do very well. One destination is Napa Valley, CA were housing prices are being to drop now more than before over the last few years. Places such as Denver, Dallas, and Austin are not doing as bad yet, but their housing markets should be carefully watched for sudden changes.
This does not mean the housing market is forever doomed and that real estate agents, home sellers, and buyers should just give up. This just means that is now more important than ever to watch markets as closely as possible and to put in all the effort you can to improve housing markets in your areas and in others as well.
Childproofing and Staging
Your children’s safety is important. If you have young children running around your home, then you probably also have toilet seat and refrigerator locks, safety gates, cabinet latches, and several other types of childproofing gear.
What do you do with these items when you’re getting ready to show your home to potential buyers? Removing all of the safety devices is unpractical—you (and your children) are still living there, after all. On the other hand, you want to present your home and make sure buyers can see how special it is, and that’s hard to do if the buyers can’t figure out how to get past the gates or how to open closet doors. You need to find a balance.
If possible, find a friend or relative to babysit your children the morning of the open house or viewing. If that isn’t an option, dedicate one room for the children to stay in, to keep them away from potential dangers, while you get your house ready. Go through the home, and remove any childproofing gear that is easy to put back on. This would include the knob covers, and any gates that can easily be lifted up and out of the way. Outlet plugs can stay; they’re unobtrusive and won’t affect how the home shows. Most real estate agents prefer if the owner of a home isn’t home while they show the property (it makes some buyers uncomfortable), so you won’t need to worry about keeping your children safe in the un-childproofed home.
Safety gear that would need to be removed with tools, or that is securely fastened on, should stay. It’s impractical to remove all of the cabinet latches or fridge locks, and then try to put everything back a few hours later. Buyers will understand the importance of child safety, and probably won’t even mention it. Worry about removing all of the more complicated devices before you move out. However, if the device can be unhooked or disabled for a short amount of time, do so.
If you do have childproofing equipment that can’t be removed, show your real estate agent how they work. Some of the more sophisticated gear is a challenge to figure out. This allows your agent to open areas that might otherwise be difficult for potential buyers to get into. If buyers (and your agent) can’t get past the complicated fence at the bottom of the stairs, it will make it much harder to sell your home.
Unless you are selling your home to a family that is interested in keeping the home childproofed, you will want to remove all of the safety gear before you move out. Patch up any holes that might be left in the walls or cabinets, and remove all of the electrical outlet guards.
Showing a home that has been childproofed shouldn’t be an issue. Let buyers know that the safety gear isn’t permanent, and that you will have it removed before you move out, and that any damage the gear caused will be patched up. That should be more than enough to convince buyers to look past the safety gates and see the beautiful property you’re selling.
Home Selling: Must Have Features
In this economy, the housing market is not doing so well, but this has not been stopping buyers from wanting updated appliances, more space, and more features. Homes without these features or without the ability to have these features are finding it very hard to sell their homes. Here are some must have features that home sellers should know about when trying to sell their home. This way they can get the best price possible for their home.
Ask your real estate agent for advice
It is part of a real estate agent’s job to know which home features buyers are looking for and which features are not selling as well. It is a good idea to start here first when thinking about updates. They are an excellent first resource.
Large Kitchens with Island
If you have to make updates but need to save some money, it is best to make them the most where people want them the most and one of these places is with the kitchen. People love big open kitchens with plenty of cooking and entertaining space.
Energy Efficient Appliances
These days many people want to save money and one way to do this is by saving energy. They also want appliances that are better for the environment and work with them not against them.
Home office Space
Many home buyers now prefer to have this space over a formal dining room or other updates. This gives them room to work and a place that is just their own where they can relax and have peace of mind.
Master Suite on Main Floor
People now prefer to have a large master suite on the main floor of the home. This may be because they just want to relax after a hard day and not have to climb all those stairs. These master suites are also popular if they include a bathtub to soak in.
These are just some of new and most popular features to home buyers today. So if you are a home seller on a budget, update the big things first or things that would be most important to a possible buyer and do not be afraid to ask your agent for some help. This way you can relax and have peace of mind that your home will be sold for the best possible price.