If you have an interest in buying foreclosures in the Chattanooga, Tennessee or surrounding areas, I have a service for you. Each week my company prepares a list of the foreclosures available in the City of Chattanooga, the surrounding counties of Southeast Tennessee, and Northwest Georgia. The list is designed to be sent to local investers by e-mail.
If you would like to receive this list, please send an e-mail to foreclosures@UpwardRealty.com and include your e-mail address and your first name. We will send you an e-mail that will include the current list with information about each property for sale, including the address, some home features, and the asking price. You can then check out the ones that are of interest to you. Once you narrow the list to the homes you might want to buy, contact me for a private viewing.
As you prepare to take advantage of the deals currently available in our local market, you need to line up your funds or needed financing. Some of these properties will require repairs ranging from minor cosmetic fixes up to major structural needs. Unless you are a contractor or at least experienced in home repairs, you should also line up contractors in advance who can assist you with your property evaluations.
These houses also make great investments as your personal home and often are eligible for FHA/VA loans or first time home buyer programs. FHA even has a loan program that allows you to borrow repair money for homes that are not quite perfect. Ask you lender about FHA 203K financing. Don't be discouraged by the news reports, there is mortgage money available in the market right now!
The market has a more than ample supply of distressed properties right now, so there are some bargains to be had. Just start by getting the list at foreclosures@UpwardRealty.com.
You can also search the current HUD Homes listings here.
© 2008 UpwardRealty.com
Tuesday, December 16, 2008
Sunday, September 21, 2008
A House is Not a Piggy Bank!
In our country, we refer to owning a home as the "Great American Dream." But do most Americans still feel that is true? The current market says "no" because many dreams are available at very reasonable prices with great financing and buyers are not buying them.
If owning a home is OUR dream, then we should be doing everything possible to obtain that dream right now. We absolutely may never see another market like we presently are experiencing. Perhaps our logic has been skewed by a changing thought processes in recent years. With all the "get rich quick" shows about making our fortune by flipping houses, maybe many Americans now look at a home like a savings account. Expecting our homes to make us independently wealthy has caused us to lose our "American Dream" mentality and we have become a bit greedy.
When we hear our home may be worth 10-25% less today than two years ago, we tend to become afraid. Much like we do when we see our 401k statement has gone down. The right logic we should use here is that unless we need to sell our home right now, it really doesn't matter what someone else thinks our home is worth. It is still our home! We should have bought the home to have a safe haven for our family, a place to go when the world outside is not so pleasant. What price can we put on such feelings? What does the ideas of a talking head on TV have to do with the true value of our home?
When we want to remodel the kitchen or paint the living room or change the carpet in the den, that should not be a decision we weigh financially. However, more and more we seem to evaluate "home improvements" as investments that should have an expected return on investment. If we want (or need) a new stove, we should think about features for using it for family lunch on Sunday or baking the turkey for Thanksgiving - not getting our money back when we sell the house someday.
Our "investment" mentality has caused us to be afraid of pursuing our "Great American Dream" because if our house is just a Piggy Bank, then we need to make a cold, well calculated, buying decision based on some investment formula.
However, if it truly is a dream - then we should buy our family a home. Live there for the next 20 years, have babies, get a dog, grow some flowers, plant a tree, and build some memories. We don't write poetry, tell sappy stories, and create emotional attachments to honor our investments. Or do we?
© 2008 UpwardRealty.com
If owning a home is OUR dream, then we should be doing everything possible to obtain that dream right now. We absolutely may never see another market like we presently are experiencing. Perhaps our logic has been skewed by a changing thought processes in recent years. With all the "get rich quick" shows about making our fortune by flipping houses, maybe many Americans now look at a home like a savings account. Expecting our homes to make us independently wealthy has caused us to lose our "American Dream" mentality and we have become a bit greedy.
When we hear our home may be worth 10-25% less today than two years ago, we tend to become afraid. Much like we do when we see our 401k statement has gone down. The right logic we should use here is that unless we need to sell our home right now, it really doesn't matter what someone else thinks our home is worth. It is still our home! We should have bought the home to have a safe haven for our family, a place to go when the world outside is not so pleasant. What price can we put on such feelings? What does the ideas of a talking head on TV have to do with the true value of our home?
When we want to remodel the kitchen or paint the living room or change the carpet in the den, that should not be a decision we weigh financially. However, more and more we seem to evaluate "home improvements" as investments that should have an expected return on investment. If we want (or need) a new stove, we should think about features for using it for family lunch on Sunday or baking the turkey for Thanksgiving - not getting our money back when we sell the house someday.
Our "investment" mentality has caused us to be afraid of pursuing our "Great American Dream" because if our house is just a Piggy Bank, then we need to make a cold, well calculated, buying decision based on some investment formula.
However, if it truly is a dream - then we should buy our family a home. Live there for the next 20 years, have babies, get a dog, grow some flowers, plant a tree, and build some memories. We don't write poetry, tell sappy stories, and create emotional attachments to honor our investments. Or do we?
© 2008 UpwardRealty.com
Friday, September 5, 2008
Down Payment Assistance Disappearing
For years, there have been programs that buyers with no savings could use to buy a house with cooperation from the seller. These programs allowed the seller to pay the money into a charitible organization and then the money would be used to assist the buyer with closing costs and down payment funds needed to close the sale.
These programs had names like Nehemiah, Quickdown, AmeriDream, etc. and owners would have to sign a couple of extra forms during the underwriting of the loan. Then needed funds would go from the owner's side of the closing statement to one of these organizations and then back to the buyer's side as funding assistance.
At present these programs are still available and work great with FHA financing, but you are running out of time very quickly. Some lenders are saying they need the loan in underwriting before the deadline - others are saying they will only do these if the loan closes by September 30, 2008. Either way, there is no time to spare. So you better find a house fast, if you need such assistance.
Effective October 1, 2008 all of these programs will disappear. They are going, going, and will soon be gone.
© 2008 UpwardRealty.com
These programs had names like Nehemiah, Quickdown, AmeriDream, etc. and owners would have to sign a couple of extra forms during the underwriting of the loan. Then needed funds would go from the owner's side of the closing statement to one of these organizations and then back to the buyer's side as funding assistance.
At present these programs are still available and work great with FHA financing, but you are running out of time very quickly. Some lenders are saying they need the loan in underwriting before the deadline - others are saying they will only do these if the loan closes by September 30, 2008. Either way, there is no time to spare. So you better find a house fast, if you need such assistance.
Effective October 1, 2008 all of these programs will disappear. They are going, going, and will soon be gone.
© 2008 UpwardRealty.com
Friday, August 22, 2008
USA Today Says Buyers "Get a Lot of House for Their Money" in Chattanooga
A March 2008 article in USA Today says Buyers "Get a Lot of House for Their Money" in Chattanooga. This was even before Volkswagen committed to build a new assembly plant in our scenic city.
Chattanooga, Tennessee is a great place to work and live. If you are considering our town as possibly your next home, read the USA Today article and check out my previous blog entry of August 14 titled "Chattanooga a "Not So" Well Kept Secret" which links to many accolades from other major magazines. This will be a fun and informative research activity. Then come visit...
We have everything you want from recreation to arts to a growing job market.
© 2008 EUpwardRealty.com
Chattanooga, Tennessee is a great place to work and live. If you are considering our town as possibly your next home, read the USA Today article and check out my previous blog entry of August 14 titled "Chattanooga a "Not So" Well Kept Secret" which links to many accolades from other major magazines. This will be a fun and informative research activity. Then come visit...
We have everything you want from recreation to arts to a growing job market.
© 2008 EUpwardRealty.com
Thursday, August 14, 2008
Chattanooga a "Not So" Well Kept Secret
Chattanooga, Tennessee is garnering all kinds of accolades from the outside world. National magazines are putting us at the top of the "Best of the Best" lists. Here are few articles that you might find interesting.
The September issue of National Geographic's Adventure magazine lists Chattanooga as one of The 50 Next Great Adventure Towns: Where to Live & Play Now . Check out this article.
Forbes Magazine recognized us in their April 7, 2008 magazine as one of the Great Places for Business.
In June of this year MSN Money called Chattanooga a "New Hot Retirement Spot."
Relocate America named Chattanooga as the third best place to live in the U.S. just behind Charlotte, NC and San Antonio, TX.
The Chattanooga Area Chamber of Commerce and all of our citizens have a lot to be proud about. We are proud of our town - now it seems the rest of the world is finding out about the place we call home.
There are a number of links in this blog entry - please take a few minutes and become more familiar with the Scenic City of the South. In the top right hand corner of this blog you will find more links to Greater Chattanooga Area information.
© 2008 UpwardRealty.com
The September issue of National Geographic's Adventure magazine lists Chattanooga as one of The 50 Next Great Adventure Towns: Where to Live & Play Now . Check out this article.
Forbes Magazine recognized us in their April 7, 2008 magazine as one of the Great Places for Business.
In June of this year MSN Money called Chattanooga a "New Hot Retirement Spot."
Relocate America named Chattanooga as the third best place to live in the U.S. just behind Charlotte, NC and San Antonio, TX.
The Chattanooga Area Chamber of Commerce and all of our citizens have a lot to be proud about. We are proud of our town - now it seems the rest of the world is finding out about the place we call home.
There are a number of links in this blog entry - please take a few minutes and become more familiar with the Scenic City of the South. In the top right hand corner of this blog you will find more links to Greater Chattanooga Area information.
© 2008 UpwardRealty.com
Tuesday, August 12, 2008
Housing and Economic Recovery Act of 2008
In late July, President Bush signed the Housing and Economic Recovery Act of 2008, also know as H.R. 3221. But what was included in this new bill? I will try to give you a brief overview in this blog entry.
First, the bill permanently increased the maximum conforming loan limits to $625,500. This raises FHA, Freddie Mac, and Fannie Mae limits. FHA limits are now the higher of $271,050 or 115% of an area's median home price up to the new $625,500 limit. For Fannie and Freddie, the new max is the higher of $417,000 or 115% of the area's median price to $625,500. These are the new pemanent figures. (You may remember that in February there was a temporary increase to a max of $729,750 and that amount is still the upper limit until December 31, 2008.)
The new legislation allows about 400,000 homeowners facing foreclosure to refinance with a new FHA backed loan.
Another super feature that should help in the recovery of the home sales market is the First-time home buyer tax credit. which allows first-time home buyers to receive a tax refund for up to 10 percent of a home’s purchase price, the maximum credit is $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years. You can discuss this program with your tax adviser to see if it is good for you. Remember, this is for the first time homebuyer.
There are a lot of detailed features in this housing bill - if I just did a list of bullet items, there would be 10+ bullets to follow below. I think I would probably lose 90% of the audience...
The good news is that this should help the real estate market in the recovery process and that should boost the entire economy. If the economy begins to recover, the current low prices will begin to rise as demand increases for the current supply. NOW is the time to start looking for your new home, before everyone else jumps in and starts bidding up the prices again.
Check out my company web site to find a full-service Realtor that can help you find your next home... we are very good at selling homes, too.
© 2008 UpwardRealty.com
First, the bill permanently increased the maximum conforming loan limits to $625,500. This raises FHA, Freddie Mac, and Fannie Mae limits. FHA limits are now the higher of $271,050 or 115% of an area's median home price up to the new $625,500 limit. For Fannie and Freddie, the new max is the higher of $417,000 or 115% of the area's median price to $625,500. These are the new pemanent figures. (You may remember that in February there was a temporary increase to a max of $729,750 and that amount is still the upper limit until December 31, 2008.)
The new legislation allows about 400,000 homeowners facing foreclosure to refinance with a new FHA backed loan.
Another super feature that should help in the recovery of the home sales market is the First-time home buyer tax credit. which allows first-time home buyers to receive a tax refund for up to 10 percent of a home’s purchase price, the maximum credit is $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years. You can discuss this program with your tax adviser to see if it is good for you. Remember, this is for the first time homebuyer.
There are a lot of detailed features in this housing bill - if I just did a list of bullet items, there would be 10+ bullets to follow below. I think I would probably lose 90% of the audience...
The good news is that this should help the real estate market in the recovery process and that should boost the entire economy. If the economy begins to recover, the current low prices will begin to rise as demand increases for the current supply. NOW is the time to start looking for your new home, before everyone else jumps in and starts bidding up the prices again.
Check out my company web site to find a full-service Realtor that can help you find your next home... we are very good at selling homes, too.
© 2008 UpwardRealty.com
Saturday, July 19, 2008
Chattanooga Welcomes Volkswagen
Unless you have been in a coma or visiting another planet since last Tuesday (July 15, 2008), you should know that Chattanooga has been selected as the site for a new $1 Billion VW production plant to be built. A lot of local folks are shaking their heads in amazement - but they are still smiling.
Everyone in the area knows this is big news, but most of us have yet to realize just what this means for the Southeast Tennessee and Northwest Georgia areas. In fact, Northeast Alabama and the Western regions of the Carolinas are going to benefit as well.
This is fantastic economic news for our area - especially at this time when we are seldom hearing even good economic news. Every area of the community should reap major, long-term economic growth and some stability to soften the natural ups and downs of the economy.
As a Realtor®, you know I have to look at the changes that are expected in the local housing market. While the changes will begin slowly and expand more quickly with time, you can and should expect not only to recover any property values lost over the last two years - you should expect price increases for the entire region. There will be a tremendous increase in the local payroll with VW and with the support businesses that move to the area. More money will be chasing a housing market that will have to expand to meet the demand. That means you will pay more for housing in the region.
If you've been sitting on the sidelines listening to the "Network Naysayers" (Network Nitwits), you might want to start thinking about YOUR future beyond the next 3-6 months. NOW IS THE TIME TO BUY A HOME! This is the best buyer's market Chattanooga has seen in probably 15 years or more. YOU may not see this kind of market again ever when the Rabbits start to multiply around here. Do you want a house? Yes, THEN GET OFF THE FENCE while you can afford a home.
When someone in New York (who sells stock on Wall Street) tries to give you real estate advice for Chattanooga, Tennessee, be very suspect about the value of that advice. (Stock brokers don't like real estate anyway, they like for you to pay them big fees then they lose your money for you.) Like politics, all real estate is local. And you know that local for us is promising - not the NY gloom and doom.
If you don't know where to start, contact me. My sales team and I live here in the Chattanooga area - we market this area all day - everyday, and we will still be here in a year or five years from now. We know a great place to live and we want to share it with you.
Here is a link to my company web site: http://www.upwardrealty.com/.
© 2008 UpwardRealty.com
Everyone in the area knows this is big news, but most of us have yet to realize just what this means for the Southeast Tennessee and Northwest Georgia areas. In fact, Northeast Alabama and the Western regions of the Carolinas are going to benefit as well.
This is fantastic economic news for our area - especially at this time when we are seldom hearing even good economic news. Every area of the community should reap major, long-term economic growth and some stability to soften the natural ups and downs of the economy.
As a Realtor®, you know I have to look at the changes that are expected in the local housing market. While the changes will begin slowly and expand more quickly with time, you can and should expect not only to recover any property values lost over the last two years - you should expect price increases for the entire region. There will be a tremendous increase in the local payroll with VW and with the support businesses that move to the area. More money will be chasing a housing market that will have to expand to meet the demand. That means you will pay more for housing in the region.
If you've been sitting on the sidelines listening to the "Network Naysayers" (Network Nitwits), you might want to start thinking about YOUR future beyond the next 3-6 months. NOW IS THE TIME TO BUY A HOME! This is the best buyer's market Chattanooga has seen in probably 15 years or more. YOU may not see this kind of market again ever when the Rabbits start to multiply around here. Do you want a house? Yes, THEN GET OFF THE FENCE while you can afford a home.
When someone in New York (who sells stock on Wall Street) tries to give you real estate advice for Chattanooga, Tennessee, be very suspect about the value of that advice. (Stock brokers don't like real estate anyway, they like for you to pay them big fees then they lose your money for you.) Like politics, all real estate is local. And you know that local for us is promising - not the NY gloom and doom.
If you don't know where to start, contact me. My sales team and I live here in the Chattanooga area - we market this area all day - everyday, and we will still be here in a year or five years from now. We know a great place to live and we want to share it with you.
Here is a link to my company web site: http://www.upwardrealty.com/.
© 2008 UpwardRealty.com
Monday, June 2, 2008
Buy a House for $100 down...
With the recent changes in the mortgage market, 100% loans have dried up. If you are a military veteran, you can still get 100% financing under the VA program, but everyone else needs a down payment.
If you have good credit but limited funds or you want to use the funds you have for decorating your new house, there may be some good news for you. Take a look at my post from May 28, 2008 titled "Buying HUD Homes with FHA Financing" (you can scroll down to it).
You should find this program interesting. If so, you can call me at 423-847-8001 for more information or to start your search. Or click on my website at www.UpwardRealty.com. Remember, HUD can take this program away at any time, so the sooner you get started, the sooner you get to move in!
© 2008 UpwardRealty.com
If you have good credit but limited funds or you want to use the funds you have for decorating your new house, there may be some good news for you. Take a look at my post from May 28, 2008 titled "Buying HUD Homes with FHA Financing" (you can scroll down to it).
You should find this program interesting. If so, you can call me at 423-847-8001 for more information or to start your search. Or click on my website at www.UpwardRealty.com. Remember, HUD can take this program away at any time, so the sooner you get started, the sooner you get to move in!
© 2008 UpwardRealty.com
Thursday, May 29, 2008
Right Time - Right Market
The Chattanooga Association of Realtors® (CAR) has begun a new campaign to help the community understand our current real estate market. The project includes billboards that will be popping up around town with testimonials from real people who are now homeowners in Chattanooga, Tennessee.
The campaign is called Right Time - Right Market. Chattanooga and the surrounding area is a great place to live and CAR is sharing this good news with everyone.
CAR has also created a new website that will help potential buyers and sellers learn more about the Greater Chattanooga Area and the benefits of buying a home. There are a lot of links at the new site, so you can research not only the City of Chattanooga, but the surrounding areas of Southeast Tennessee and Northwest Georgia. Here is quick link to the new website: www.RightTimeRightMarket.com.
Let me know what you think of the site by leaving comments on this blog. If you visit the site and find this is truly is the Right Time - Right Market for you, contact me and we will get to work. I can be found by calling 423-847-8001 or click on www.upwardrealty.com/.
© 2008 UpwardRealty.com
The campaign is called Right Time - Right Market. Chattanooga and the surrounding area is a great place to live and CAR is sharing this good news with everyone.
CAR has also created a new website that will help potential buyers and sellers learn more about the Greater Chattanooga Area and the benefits of buying a home. There are a lot of links at the new site, so you can research not only the City of Chattanooga, but the surrounding areas of Southeast Tennessee and Northwest Georgia. Here is quick link to the new website: www.RightTimeRightMarket.com.
Let me know what you think of the site by leaving comments on this blog. If you visit the site and find this is truly is the Right Time - Right Market for you, contact me and we will get to work. I can be found by calling 423-847-8001 or click on www.upwardrealty.com/.
© 2008 UpwardRealty.com
Wednesday, May 28, 2008
Buying HUD homes with FHA financing
Are you in the market for a house and want to save some money? The Department of Housing and Urban Development (HUD) has some homes on the market that you might need to consider. These are repossessed homes that were originally financed with an FHA loan, but have been taken back by HUD.
Yes, some of these homes do have significant problems, but you can find HUD homes that need just a little work such as some cosmetic attention and you can find HUD homes that need to be gutted and rebuilt. But you do get to inspect the houses before making an offer and you can do a full home inspection during escrow. HUD also has a "Property Condition Report" on line for each house that can be very helpful - but this does not replace a home inspection.
Many of these homes are eligible for FHA insured financing again, and HUD may help you with some incentives. If you are the winning bidder for one of these homes, HUD offers closing cost help as well as help with financing. Your agent will need to request all incentives when your bid is placed. You will need to live in the home you purchase, if you are looking for FHA financing help. Investors can also buy these home, but more traditional financing will be needed.
At present, there is a program called "Buy HUD with FHA" and it is a great option for qualifed buyers on a budget. Under this program, HUD is offering FHA financing with $100 down. The usual down payment for an FHA insured loan is 3%. So, on a $100,000 house, you would pay down $3000 on a regular FHA loan, but with this program, you pay down $100.
There is a catch, HUD says "PLEASE NOTE: These incentives are being offered for a limited time and may expire without notice." So, you need to get going if you want to take advantage of this program.
If you are interested in pursuing a program like this, you will need to work with a HUD approved broker who will have the keys to gain access to these properties. Any licensed real estate agent who has registered and been approved by HUD can help you. Of course, I would hope you would use me or one of my agents. I have helped a number of buyers purchase a HUD home over the years. You can find me at www.upwardrealty.com/ or call me at 423-847-8001. But whoever you select as your agent, ask them some questions and make sure they know the process and have experience assisting buyers with the HUD process.
In any case, if you think you are interested in this program, don't waste time thinking about it, get moving! Remember that bold warning from HUD and contact me or another approved HUD broker today.
You can look for HUD homes and more information on buying HUD homes at http://www.HudHomestore.com. If you have more questions, and you know you will, please don't hesitate to contact me, or you can post comments to this blog.
© 2008 UpwardRealty.com
Yes, some of these homes do have significant problems, but you can find HUD homes that need just a little work such as some cosmetic attention and you can find HUD homes that need to be gutted and rebuilt. But you do get to inspect the houses before making an offer and you can do a full home inspection during escrow. HUD also has a "Property Condition Report" on line for each house that can be very helpful - but this does not replace a home inspection.
Many of these homes are eligible for FHA insured financing again, and HUD may help you with some incentives. If you are the winning bidder for one of these homes, HUD offers closing cost help as well as help with financing. Your agent will need to request all incentives when your bid is placed. You will need to live in the home you purchase, if you are looking for FHA financing help. Investors can also buy these home, but more traditional financing will be needed.
At present, there is a program called "Buy HUD with FHA" and it is a great option for qualifed buyers on a budget. Under this program, HUD is offering FHA financing with $100 down. The usual down payment for an FHA insured loan is 3%. So, on a $100,000 house, you would pay down $3000 on a regular FHA loan, but with this program, you pay down $100.
There is a catch, HUD says "PLEASE NOTE: These incentives are being offered for a limited time and may expire without notice." So, you need to get going if you want to take advantage of this program.
If you are interested in pursuing a program like this, you will need to work with a HUD approved broker who will have the keys to gain access to these properties. Any licensed real estate agent who has registered and been approved by HUD can help you. Of course, I would hope you would use me or one of my agents. I have helped a number of buyers purchase a HUD home over the years. You can find me at www.upwardrealty.com/ or call me at 423-847-8001. But whoever you select as your agent, ask them some questions and make sure they know the process and have experience assisting buyers with the HUD process.
In any case, if you think you are interested in this program, don't waste time thinking about it, get moving! Remember that bold warning from HUD and contact me or another approved HUD broker today.
You can look for HUD homes and more information on buying HUD homes at http://www.HudHomestore.com. If you have more questions, and you know you will, please don't hesitate to contact me, or you can post comments to this blog.
© 2008 UpwardRealty.com
Tuesday, April 22, 2008
FREE Homebuyer's Seminar
What: FREE Homebuyer's Seminar
When: Thursday - May 22nd
Where: UpwardRealty.com, 6726 Hixson Pike, Hixson, TN 37343
What time: 7:00 to 9:00 P.M. EDT
Who is invited: Everyone planning to buy a first home, a move-up home, or a downsize home.
Why: Because the real estate world has changed!
Register at: 423-847-8001 or on-line at: www.upwardrealty.com/
You are invited to join us for a special seminar for buyers in a changing market. Over the last year, and especially the last 2-3 months, the real estate market has changed drastically. Most of the changes have taken place in the mortgage part of the business. However, those changes have also made other areas adapt to new ways of operating.
If you are planning to buy a home anytime soon, you need to be up to date on the current market. We will cover the homebuying process from when you start to look upto the closing table and beyond!
We have gathered a number of industry professionals and we will be meeting to share with you. Check out this list of local sponsors for this event!
Agap'e Home Inspection
Community Mortgage Corporation
Covington Consulting & Appraising
UpwardRealty.com
Northgate Title Escrow, Inc.
Register at: www.upwardrealty.com/
© 2008 UpwardRealty.com
When: Thursday - May 22nd
Where: UpwardRealty.com, 6726 Hixson Pike, Hixson, TN 37343
What time: 7:00 to 9:00 P.M. EDT
Who is invited: Everyone planning to buy a first home, a move-up home, or a downsize home.
Why: Because the real estate world has changed!
Register at: 423-847-8001 or on-line at: www.upwardrealty.com/
You are invited to join us for a special seminar for buyers in a changing market. Over the last year, and especially the last 2-3 months, the real estate market has changed drastically. Most of the changes have taken place in the mortgage part of the business. However, those changes have also made other areas adapt to new ways of operating.
If you are planning to buy a home anytime soon, you need to be up to date on the current market. We will cover the homebuying process from when you start to look upto the closing table and beyond!
We have gathered a number of industry professionals and we will be meeting to share with you. Check out this list of local sponsors for this event!
Agap'e Home Inspection
Community Mortgage Corporation
Covington Consulting & Appraising
UpwardRealty.com
Northgate Title Escrow, Inc.
Register at: www.upwardrealty.com/
© 2008 UpwardRealty.com
Wednesday, April 2, 2008
It's Spring. Do you have a yard to play in?
Spring is finally here. We can get outside again and enjoy the flowers, the sound of birds, and we can spend time in our yard. I know, by June, that will be more like work, but right now it is an enjoyable way to relax for most folks. Unless, you don't have a yard.
The yard is a very important feature to home buyers when they begin the home search process. Families that have children place the importance of the yard on a level almost equal to the number of bedrooms, or the schools they wish to attend. However, most buyers can only describe what they are looking for as "Well we would like a fairly level lot" or "We'll know it when we see it."
If you are going to be buying soon, you should start really thinking seriously about the features you would enjoy in the new yard.
The yard is a very important feature to home buyers when they begin the home search process. Families that have children place the importance of the yard on a level almost equal to the number of bedrooms, or the schools they wish to attend. However, most buyers can only describe what they are looking for as "Well we would like a fairly level lot" or "We'll know it when we see it."
If you are going to be buying soon, you should start really thinking seriously about the features you would enjoy in the new yard.
- If you are a minimalist, wanting only to cut the grass and sit on the deck, then you probably don't want to buy a home that has been owned by a master gardener. You are probably more of a candidate for a fairly level "postage stamp" lot.
- However, if you are the master gardener, then you probably need no landscape advice, but you do need to be thinking about how you will want to use your new yard and how it should lay. Every gardner does not want a level yard. Do you want a landscaped yard that you can maintain, or do you want to start from scratch?
- How big do you want the new yard to be? If you want a large lot, tell your agent so you don't waste your time looking at homes on a quarter acre lot.
- If you want acreage with your new home - the really big yard, then you need to think about how you will use the land. If you want to mow 2-5 acres or you need pasture land, you don't want mountain acreage. However, if you want woods around (so you can become a hermit), then a level tract of land is not as important, in fact some steep grades might better serve your privacy purposes.
- If you want a home with a water feature, do you have the time needed for proper upkeep of the plants, fish, etc.? Are you willing to spend the money needed to maintain the function and beauty of the feature?
- If you really want an in-ground pool in the future, you need to evaluate the yard as to how well suited the space is for a pool. Will it cost a lot of money to level the lot, build retaining walls, move septic tanks or sewer lines? Just because there is a "good spot" for a pool, doesn't mean it will be easy to install. You might consider having a pool contractor do an evaluation of the property before you buy (or make his evaluation a contingency in your offer.) This is not a job for your home inspector!
- If you need a fenced backyard, don't limit yourself to only houses with fences. The right home for you may require that you add the fence. Make the fence "a plus" if it is already there and usuable, but don't eliminate the right house because there is no fence yet.
- Trees should be evaluated carefully. Mature trees are valuable for their shade and beauty. However, a tree in the wrong place, such as too close to the house, can be very expensive to remove. A diseased tree is costly to treat, prune, or remove. A professional opinion in advance may save you money and heartache later. Again, this is not a job for your home inspector.
- When you find a possible new home, consider carefully the drainage around the foundation of the structure. Water is the number one enemy of a home. The grade of the lot, landscaping, gutters and even soil absorbency all play a part in keeping water from entering the structure. Water needs to always drain away from the house, never allow water to drain against the foundation or run down the siding. Pay attention to the flow of water around the house, before it becomes your house.
Make your new home more enjoyable by considering the yard before you own the yard. There is an old saying "If money can fix it, it is not a problem" but most new homeowners don't have the extra money to fix something they could have avoided with a careful evaluation before making the offer. A top notch Realtor® can help you successfully negotiate a purchase that gets you into the right home, addresses all your concerns, including professional inspections, which allows you to enjoy the new home and the new yard for many years.
Your comments are always welcome, so if you have a success (or horror) story you want to share with others, please feel free to enter your comments and read those of others who have responded to this blog. I will respond to your questions and comments.
When you are ready to start looking, my experienced team of Realtors® is ready to WOW you with service that is second to no one... you can start here: UpwardRealty.com.
© 2008 UpwardRealty.com
Wednesday, March 5, 2008
Tax Refunds & Rebate Checks!
Congratulations, if you are one of the fortunate Americans that will be receiving an Income Tax Refund. Hopefully, it is a nice BIG check and you can do something special for you and your family.
If you have been considering the purchase of a home, then perhaps your tax refund would be best invested into a new family homeplace. If you have been "sitting on the fence" while waiting for the current buyer's market to bottom out, you might want to hop down real quick.
Most Realtors® I am talking with (and I talk with lots of Realtors®...) are saying their activity has picked up and they are showing property more than over the last few months. NOW is the time to get ahead of the Spring buying crowd. As people start to buy again, the competition will start to drive prices back up.
You could wait for your Tax Rebates that are coming, but it could be May or even early Summer before you see that money. Since interest rates have been climbing over the last couple of weeks, you could be paying a lot more interest if you wait for that Rebate check. Even a small rate change could mean thousands of dollar$ in interest over the life of the loan.
Of course, a home will still be a great investment this Summer, but it would be an even better investment at current interest rates!
When you are ready to start looking, check out my website and let my team get started wowing you with great service. We can make it happen for you! http://www.upwardrealty.com/.
Copyright 2008
If you have been considering the purchase of a home, then perhaps your tax refund would be best invested into a new family homeplace. If you have been "sitting on the fence" while waiting for the current buyer's market to bottom out, you might want to hop down real quick.
Most Realtors® I am talking with (and I talk with lots of Realtors®...) are saying their activity has picked up and they are showing property more than over the last few months. NOW is the time to get ahead of the Spring buying crowd. As people start to buy again, the competition will start to drive prices back up.
You could wait for your Tax Rebates that are coming, but it could be May or even early Summer before you see that money. Since interest rates have been climbing over the last couple of weeks, you could be paying a lot more interest if you wait for that Rebate check. Even a small rate change could mean thousands of dollar$ in interest over the life of the loan.
Of course, a home will still be a great investment this Summer, but it would be an even better investment at current interest rates!
When you are ready to start looking, check out my website and let my team get started wowing you with great service. We can make it happen for you! http://www.upwardrealty.com/.
Copyright 2008
Thursday, January 31, 2008
ALERT...Mortgage rates at 3 year low!
Interest rates over the last week have been L-O-W! We are talking the lowest in about 3 years.
One client building a new home locked in his interest rate at 4.5% for a 30 year fixed rate. This happened on January 22, 2008, the morning after the 3/4% cut by the Federal Reserve. Rates did rise later that day, but 5.5% or less has continued to be available.
It is time to buy a house! What are you waiting for, a rate increase?
One client building a new home locked in his interest rate at 4.5% for a 30 year fixed rate. This happened on January 22, 2008, the morning after the 3/4% cut by the Federal Reserve. Rates did rise later that day, but 5.5% or less has continued to be available.
It is time to buy a house! What are you waiting for, a rate increase?
Friday, January 18, 2008
Market Report - Time to buy!
If you have been waiting for the "bottom of the buyer's market" so you could get the best deal, you may be limiting the future success of your investment. Right now, real estate prices are the lowest they have been in years and we may already be at the bottom of this current cycle.
"Timing is everything" is one of those old sayings we live by, but recognizing the right time to buy is not an easy task. If you are waiting to buy a home for your family, waiting means continuing to pay rent, rent which pays you no return. The sooner you buy, the sooner you begin to build equity.
Today's mortgage interest rates are very low, too low to dismiss. You must give consideration to buying while the current rates are available. Think about this on a $150,000 mortgage at 6.5% you will pay $948 per month for principal and interest. If you wait, hoping to save $5000 and get the same house with a $145,000 mortgage you might be successful. However, if the interest rate goes to 7% (a 1/2% increase) while you are waiting, your payment will be $966 on the same 30 year mortgage. You saved $5000 up front, but have a higher house payment? You will be paying $18 more per month, that comes to $6480 additional over the life of the loan. Maybe not too big a gamble, but...
Another consideration is that if now is the bottom of the market and you have to pay $5000 more for that house later and the interest rate is 7%, your costs will be a lot higher. A $155,000 mortgage at 7% has a monthly payment of $1032.30 or $84.30 per month more than our first example. That is $30,348 more you would pay over the life of a 30 year loan. I can think of a lot I could do with an extra $30,000 - can't you?
If you want to know the facts and "just the facts" about the housing market? Here is a link that you might enjoy. This site is sponsored by the National Association of Realtors®: http://www.housingmarketfacts.com/. Enjoy your visit there, but don't forget to return to this blog and read more articles written over the last few months about the current market.
When you are ready, my team of professional Realtors® would love to help you find your next home. If that means helping you sell a current home, we can help with that as well. You can find out all about us at UpwardRealty.com.
Copyright 2008
"Timing is everything" is one of those old sayings we live by, but recognizing the right time to buy is not an easy task. If you are waiting to buy a home for your family, waiting means continuing to pay rent, rent which pays you no return. The sooner you buy, the sooner you begin to build equity.
Today's mortgage interest rates are very low, too low to dismiss. You must give consideration to buying while the current rates are available. Think about this on a $150,000 mortgage at 6.5% you will pay $948 per month for principal and interest. If you wait, hoping to save $5000 and get the same house with a $145,000 mortgage you might be successful. However, if the interest rate goes to 7% (a 1/2% increase) while you are waiting, your payment will be $966 on the same 30 year mortgage. You saved $5000 up front, but have a higher house payment? You will be paying $18 more per month, that comes to $6480 additional over the life of the loan. Maybe not too big a gamble, but...
Another consideration is that if now is the bottom of the market and you have to pay $5000 more for that house later and the interest rate is 7%, your costs will be a lot higher. A $155,000 mortgage at 7% has a monthly payment of $1032.30 or $84.30 per month more than our first example. That is $30,348 more you would pay over the life of a 30 year loan. I can think of a lot I could do with an extra $30,000 - can't you?
If you want to know the facts and "just the facts" about the housing market? Here is a link that you might enjoy. This site is sponsored by the National Association of Realtors®: http://www.housingmarketfacts.com/. Enjoy your visit there, but don't forget to return to this blog and read more articles written over the last few months about the current market.
When you are ready, my team of professional Realtors® would love to help you find your next home. If that means helping you sell a current home, we can help with that as well. You can find out all about us at UpwardRealty.com.
Copyright 2008
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