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Posts Tagged ‘syracuse’
Relocation Guide
With the economy still on shaky grounds, and unemployment still at record levels, more and more people are considering relocating for better work options and a lower cost of living. If you’ve been thinking about making a big move, either to or away from Syracuse, you realize the preparation and work stretching out before you. Don’t go it alone—this guide will walk you through the process.
Before you move, be prepared to do days of research. Unless you are moving for work, and you know exactly where you will be heading to, you’re first job is to find your new home. There are more than 35,000 towns and cities in the US; you have to narrow that down to one.
Is there an area you’ve always felt drawn to? Maybe the South, where life moves at a slower pace, or in the West, by the Ocean? Maybe you’ve always wanted to live in a small New England town, miles away from anything. Start your search there.
If you don’t have a preference, look for towns with a booming economy, low unemployment, below average housing costs, beautiful weather, great schools, or whatever is most important to you and your family. Make a list of what’s most important to you, and what is least important, and start your search there.
Once you have found the perfect town, look for employment options. If you can transfer within your current company, that might take a lot of the uncertainty out of the move. If not, look for opportunities in your current field. Search for companies, and then check their websites for employment opportunities. You can also usually access the local newspaper online, to check the help wanted ads. If you cannot find a job in the area you plan on moving to before you arrive, save up enough to cover a few months of expenses, in case you aren’t able to find a position right away.
Look at the cost of living next. There are a lot of cost of living estimators available online, and almost all list Syracuse in their comparison records. If you live outside of Syracuse, you might have to estimate. Cost of living tools can tell you the approximate difference between average expenses where you currently live and where you hope to be relocating to.
An important factor to consider when considering the cost of living is to look at housing costs. Look at the cost of apartments in the area, as well as the average cost of a home. Compare these prices to your current location. For example, a nice 4 bedroom, 3 bathroom, 3000+ square feet home in Syracuse might sell for around $275,000. In Owensboro, KY, you might find a similar property for $165,000. In Atlanta, that price might jump to $350,000 or more.
What community features are you looking for? Fantastic schools, a wild nightlife, or political associations? Maybe you want to several parks, an easy trip to fishing holes or a golf course, or mall within a few miles. If the town is mostly perfect, but there’s not much there for you to do, you won’t enjoy it. Find a community where you will fit in and have a good time.
Before you move, visit the new town. A place can sound great on paper, and then be a complete disappointment in real life. Your visit is also a good time to look for a job, or to go to a few interviews. You should also look for an apartment while you are there.
Why am I suggesting an apartment and not a home? This is a real estate blog, right?
Here’s why. Even if you visit the town and spend weeks or months researching the move, there are no guarantees. If you lose your new job (or can’t find one to begin with), if you can’t stand the locals, or if you are otherwise unhappy with your new home, it is easier to move out of an apartment than it is to sell a house. If you love the new town, living there for a few months will give you the chance to look for a home while living right there in the area.
If you will be selling your home before the move, start the process as soon as you know you’ll be moving. There’s nothing worse than waiting for a home to sell before you can get on with your planned move. The sooner you start, the sooner you can move into your new community.
Views: 40Foreclosures Slowing Pace a Bit
We have all heard and may have even been victims of the foreclosure crisis happening in some many areas because of the current state of the economy. However, there seems to be some new hope for this crisis because last Thursday, it was stated that the number of U.S. homes facing foreclosure in February grew six percent from a year ago and this is the smallest foreclosure rate increase in four years.
On state levels, there have been foreclosure declines on a monthly and yearly basis in the states of Nevada, Arizona, and California; however Florida is still being hit hard by increasing foreclosure rates. One in every four hundred and eighteen homes received a foreclosure-type notice according to the Irvine, a California-based foreclosure listing company. This was a more than two percent decrease from January. Banks also repossessed 79,000 homes in February which is ten percent lower than in January but still six percent higher than in February of 2009.
This does not mean however, that the foreclosure crisis is over or even close to being over. The number of borrowers who have missed a loan payment or are in foreclosure is still at fifteen percent. Also, 2.8 million homes were threatened by foreclosure in 2009 and is expected to rise to more than 3 million homes this year. This means that there are still many people facing serious debt and foreclosure problems. Many home loan and other programs set up by the Obama administration to help with these problems have failed to help that much if at all.
Many of us still face the fear of debt, bad loans, and foreclosure, but this seems to offer a glimmer of hope and should be viewed as a positive note for many homeowners. This may be the reassurance that so many of us need right now in these difficult economic times. We may not be out from underwater yet, but there is hope that we will get there in the future.
Views: 86Handling an Expired Listing
A listing agreement between a seller and a real estate agent typically lasts 90 days to a year. During that time, the seller and agent are a team, working together to get a property sold.
But what happens when that time is up, and the home is still unsold? If your home is still unsold, with no interested buyers, it is time to ask yourself a few questions.
How motivated are you to sell? If you’re not completely sure that selling your home is the best thing for you and your family, it’s going to be harder to sell. Take a few days and re-evaluate the sale. If you’re still sure you want to sell your home, great. If you’re not sure, take your home off the market for a while and take the time you need to decide.
The next question you need to answer is why the home isn’t selling. Is it priced competitively? Look at similar homes in your neighborhood that are for sale, or that have recently sold. Make sure that your home isn’t overpriced.
Is the home appealing to buyers? Take a long, close look at your property. Is the outside neat and clean? How is your curb appeal? Have you tried staging your home? If you don’t see any obvious problems, ask your real estate agent for advice; it can be hard to spot problems on your own. You may also ask some impartial friends or relatives to view the home, and then ask for their opinion. Sometimes you need an extra set of eyes to see what the buyers are seeing.
What is the real estate market like in your area? If most homes are selling within a month or two, but your home has been sitting for a year, something’s wrong. Find it, fix it, and try again. On the other hand, if the market has been sluggish and it has only been a few months, maybe the home just needs more time to sell.
How well was your home marketed? The job of selling a home isn’t entirely up to your real estate agent. You should be letting friends and family know that you are selling; they might know of someone looking for a new home. Your real estate agent does play a very important role in marketing the property, though. If you feel that your agent has dropped the ball, it might be time to find a Syracuse real estate agent who is better suited to your selling needs. Before you find a new agent, however, you should make sure that the prior agent was the reason the home wasn’t selling, as opposed to any other number of possible reasons.
It’s frustrating to wait for your property to sell, especially if you are in the process of buying your new home. Take the steps needed to get any problems fixed, then get your home back on the market.
Views: 29Buying a Previously Rented Home
Buying a home that has been a rental property for any length of time can create some special challenges. Knowing what to expect, and what steps you need to take to protect yourself, is essential.
There are a lot of reasons to consider buying a property that has been rented out for any length of time. They can be a fantastic deal, and the seller may be especially motivated. If the property has multiple units, you can rent out the additional units, which may pay for most of your mortgage payments. You can also convert the extra units back into one complete home, if you choose.
The first step is to learn how long the property has been rented out. Some sellers, if their home is not selling right away, may rent a property until they find a buyer. In that case, the property may have only been rented a few months. There would probably not be any major problems with this property caused by the tenant. Alternatively, if the home has been a rental for years, you need to really pay attention to the condition it’s in. Unfortunately, renters don’t always take care of a home the same way a buyer would.
Another potential issue with a rented home is that the current renters may not be enthusiastic about the sale. This is especially true if you are intending to live in the home yourself. When the property sells, they will be out of a home. It is not uncommon for a current tenant to exaggerate problems with the home, or to otherwise try to dissuade you from making the purchase.
If you are considering a previously rented home, it is essential that you hire and work with an experienced home inspector. You need to be aware of any damage that the property may have so that you can decide if the property is worth the extra work it may require. Make sure you are present for the inspection; the inspector will be able to explain any problems he or she comes across, and can tell you how serious the problem is.
It’s not always a bad thing to have several smaller problems in the inspection report. Small problems, while inconvenient, are easily fixed. Larger problems will require a little more thought. If there are major structural issues, you may be better off walking away from the property. If the problems can be fixed, ask for the current owner to either take care of it or to accept a lower purchase price that will make up for the time and expense of fixing it yourself. Your Syracuse real estate agent can help you determine a fair adjusted price for the home, and then can help you to negotiate with the sellers.
Views: 28Refinancing under Obama’s Plan
Many people have seen or read reports about new programs being set up under the Obama administration to help with the housing market crisis. One of these programs is that help is being given to people that have little or no home equity which may make it hard or even impossible to refinance their home and save more money now and in the future. This program is a good idea, but many may not know if their mortgages will qualify for it or not. Here are some basics to help you know if you qualify or not and what to do once you know. This way the whole process is a little easier for everyone.
Contact you real estate agent and lender
It is part of their job to know about all new programs that may benefit current or future homeowners. They may be able to answer questions that you have or provide you with information of someone who can. They are a good starting point.
Qualify if you owe 80-105% of your current mortgage
If you owe this much on your current mortgage then you will qualify for refinancing under Obama’s plan. If you owe more, like many homeowners in Florida or California, you will not qualify under this plan and may need to consider alternatives.
Loan backed by Fannie Mae or Freddie Mac
More than half of single family loans are backed by either Fannie Mae or Freddie Mac, but many people do not know this. If you are unsure who backs your loan, it is a good idea to contact your lender for details and further help.
Have Conforming Loan
This means having a loan under a certain amount. In many places, it is under $417,000, but in areas such as San Francisco, Boston, or Washington, D.C., it may be up to $625,500.
Fill out a loan request
If you are still unsure if you qualify, you can fill out a loan request, gather up your paperwork, be informed, and be patient. Many people are filling out these requests, so it may take time to process your own.
Many people are struggling because of the economy and the housing market crisis, but some programs under Obama’s plans may help. Now that you have more information, it is important to follow these steps and to continue to stay informed about any updates or changes that may help you and your family in the future.
Views: 51Simple Fixes for Your New Home
Finding the perfect home is tough. There are a lot of properties available in the Syracuse area right now, so there are a lot to choose from. What happens, though, when you finally find the perfect home, only to find that it’s not quite as perfect as you were hoping for? Do you walk away, or just accept the home as it is? What you need to do is figure out if the problems are fixable. Here are some common problems with simple fixes.
- Fleas, ants or other pest problems. Although this is more common in the warmer summer months, some homes have pest problems year round. The current owner should take care of the problem before you move in, but if they don’t (or if the problem returns) hire a professional exterminator. There are a lot of safe and effective ways to get bugs and rodents out of your home, and to keep them out, and a professional will be able to get it done quickly.
- No air flow. If the property has a closed floor plan, meaning that rooms are closed off with doors, it can be hard to get air moving between rooms. Stuffy rooms are no fun, especially when the weather heats up. Consider installing ceiling fans; it sounds a lot harder than it really is, especially if you already have overhead light fixtures. Alternatively, purchase some floor fans to keep air moving in and between the rooms.
- Dark and dingy. You love the home, but it feels like the bat cave. This is a really, really easy fix. Start by painting the rooms lighter colors, and putting up light-colored curtains that let in the light. Clean the windows, floors, walls and other surfaces really well. If the room is still dark, install extra lighting and use higher-quality light bulbs to give the room a more natural glow.
- Outdated… everything. Maybe the home looks like it fell out of a 1970’s Better Homes and Gardens magazine. Older homes, especially if they were owned by older couples, might be in need of a serious make-over. Tear out the shag carpeting and replace it with something more modern. Hardwood floors give the home a timeless look. Paint the walls and ceilings, and consider replacing any older fixtures. Kitchen cabinets can be transformed by a coat of paint and new handles. If you’re looking at new appliances, you might be able to get some great deals (and rebates) on Energy Star models, thanks to new green government initiatives.
If the home is almost everything you wanted, and there are no huge problems, don’t let a few small issues chase you off. Small problems can be fixed, usually with less of a hassle than you might first assume. Ask your Syracuse real estate agent for advice, or visit a local hardware store for information on how to handle the problem. Chances are, with a little bit of effort, the almost perfect home can be the home of your dreams.
Views: 40How to Get Top Dollar for your Home
Home prices are down. If you have lived in your home for several years, you might have a hard time getting back what you paid for the property originally. Fortunately, there are some things that you can do to improve the selling price of your property.
Start by cleaning. It sounds basic, but it can make a huge difference. Dust, scrub, wash the windows. Hire someone to come in and deep clean the carpets, and make sure the floors are mopped and waxed, if necessary. Don’t forget to organize cabinets and shelves, and to clear out any clutter and personal items (pictures, refrigerator magnets, ect.).
You also need to clean up the outside of your home. This is a little harder in the winter, but it still needs to be done. Shovel all walkways and clear off the deck. Knock down large icicles. Make sure any outbuildings (garage or storage sheds) are cleaned out and organized. If you have pets, don’t forget to clean up their droppings. Buyers don’t want to see, or step in, the remainder of what Fido had for breakfast. Remember that the outside of the home is the first thing the buyer will see. Make sure their first impression is a good one.
Once everything is clean, it is time to start staging. If cleaning makes your property presentable, staging is what gives it the finishing “wow factor” touch. There are two main parts to staging. The first is that every room has a purpose, and only one purpose. Move the office out of your bedroom, for example. Clear out “storage” rooms and give them a purpose. Put the office in there, or set up a den or spare bedroom. Your goal is to make buyers feel like they could make the property their own.
The second part of staging is that the home has to look neutral. Paint the walls a soft, neutral color, such as light green or an off-white. Take down heavy drapes and put up something lighter that lets in a lot of natural sunlight.
You also need to go through the home and make note of any repairs. Leaky faucet? Loose floorboard? Fix it. Taking care of these tiny problems will make your home look well-cared for. That’s going to assure the buyer that he or she is getting a great property, which can up their offer price.
A buyer will only pay what they think your home is worth. It is up to you to impress them, as soon as they pull up to the property and then again as soon as they step foot inside your home. Prove to a buyer that your home is a great buy, and they’re more likely to pay what the home is worth.
Views: 50Mistakes Every Home Buyer Should Avoid
We all know buying a new home can be a quite exciting as well as challenging, overwhelming, and even at times a bit stressful. That is why even people that have bought a house or two can end up forgetting certain things and making certain mistakes. Here are a few of the more common and sometimes easy mistakes of home buyers. This way you can add these to your check list when you go looking for the house of your dreams and avoid making simple mistakes.
Not using a real estate agent
Many people think that they can look for a house on their own and can save the money they would have to pay an agent. The truth is, the process is more challenging than most people realize and hiring a professional can save you time, money, and stress in the long run.
Not having a long term budget
If you do not plan for your future especially when buying a house, you may end up well over your head. It is important to plan for the unexpected such as family, repairs, and any changes in the housing payments or the housing market. This way you can be more secure in the future.
Not checking out the neighborhood
If you do not check out the neighborhood well, you may get a few unpleasant surprises when you move in. It may be noisy than you expected, there may be crime or sewage problems and more. Check the neighborhood well before buying any home.
Thinking you will get everything you want
This just is not realistic. A house may seem perfect in many ways, but there may be things that just aren’t exactly perfect but it may be the best house for your money. Be realistic when you go looking for a home.
Not choosing the best lender
If you do not thoroughly research and check out your lender, they could end up costing you more than necessary especially in the long run. It is important to ask as many questions as possible and to know exactly how things will go with your lender before deciding on one.
When making every decision, sometimes people make mistakes. When buying a house though, it is important to avoid making as many mistakes as you possibly can. This way you make sure you get the best home possible for you and your family and you can worry less and just enjoy your new future.
Views: 39Buying a Bank Owned Property
There are more homes in foreclosure right now than ever before. Homes that do not sell during the foreclosure process become the property of the bank that was holding the mortgage. These homes can be a great bargain, if you know where to look and what to look for.
A bank owned property (also known as REO- Real Estate Owned- property) can sell for as much as 20% off the actual value of the home, and the bank may allow a lower down payment, and discounts for repairs needed. They can be a great opportunity for investors or first time home buyers who don’t mind a challenge. With the help of a Syracuse real estate agent, buying an REO property can be a low-stress, easy way to achieve your home ownership goals.
Bank owned properties are sold “as is,” or in whatever condition the previous owners left it. Sometimes, the home is left in great shape; other times, you’ll be facing major repairs. If the bank will give you access to the property, make sure you hire a home inspector to give you a list of problems that will need repair. Keep these repairs in mind when making your offer to the bank. The bank will probably counter-offer with a higher price, and then you can either accept it, walk away, or try to reduce their asking price. You might be more successful with getting the price dropped if the home needs extensive work.
The bank will take care of all prior debts against the home, and evict the previous owners (if they haven’t already done so). If you have decided to buy the home, a contract will be drawn up. Review it carefully, and make sure you know exactly what you will be responsible for. Have your real estate agent or lawyer review the contract with you.
A bank owned property can be a great bargain, but you need to do your homework. Add up the cost of repairs, and get an accurate picture of the value of the home, both before and after the repairs have been completed. It is not unusual for a buyer to spend more on a bank owned property than they would have to buy a traditionally sold home. To avoid that, know what the home is worth, hire a great property inspector, work with a Syracuse real estate agent that will put the time into making sure your decision to buy a bank owned property is the right one.
Views: 47Fix 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.
Views: 48