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
Showing posts with label buyer's agent. Show all posts
Showing posts with label buyer's agent. Show all posts
Tuesday, April 22, 2008
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, November 7, 2007
Real Estate - The Current Market
I have written several times in this blog about the current market. People seem to think we are in a recession or homes are just not selling. That is not the case. Do you want to know what the real estate market is doing? The term that seems to fit best is a "correction" and even this correction is not taking place on a nationwide basis. Some parts of the country are up 8-10% in prices and sales for 2007.
Real estate is like politics, it is always local. In the Chattanooga, TN. market, it really does not matter what is taking place in the New York, Florida or California markets. Those markets were inflated as everyone already knows. In those markets, there had to come a slow down at some point. Now is that time. However, most of the Southeast United States (excluding parts of Florida) has never been overinflated. The prices in most of the Southeast are still below national averages. The Chattanooga area is one of the most affordable places to live in America.
The National Association of Realtors® (NAR) tells us that the final sales figures for 2007 should show sales of about 5.9 million existing homes. This is not a record, but is at the level recorded for 2002, the second year of our most recent housing boom. That means we are really still buying and selling at boom market levels. The figures for next year are predicted to be in the 6.2 million for number of existing home sales in America.
Currently, prices in the Chattanooga area are fairly stable. Sellers still want to sell their homes, so they can move up or down while the market is adjusting. That means buyers can take advantage of this "buyer's market" and maybe get the lowest prices they will ever see. Everyone (yes, even you) fully expects prices to again rise and probably very shortly as 2008 begins the thaw.
Realtors® are still bullish on our market, we work in the housing market everyday and we see the American Dream still being pursued and attained. Those who are buying now are stopping the rent cycle and beginning the homeownership/equity building phase of life. Those who buy now will be a step ahead of you, if your plan is to "wait this out."
Most folks will continue to pay housing costs in some form, either as rent or they will realize the American Dream. You know the economy goes through cycles and you know this current housing cycle will end. Are you going to act now and take advantage of a buyer's market or will you react later when everyone else is buying and it is again a seller's market?
In Chattanooga, TN. there is a great team of Realtors® ready to work with you to help you realize your dreams of the "white picket fence" (even if your version is quite different.) Dreams don't just go away! My team at UpwardRealty.com can and will help you realize your American Dreams.
Call us anytime at (423) 847-8001 or check out our company website at http://www.upwardrealty.com/ .
Our goal is to give you such good service, you will become our "client for life."
Copyright 2007
Real estate is like politics, it is always local. In the Chattanooga, TN. market, it really does not matter what is taking place in the New York, Florida or California markets. Those markets were inflated as everyone already knows. In those markets, there had to come a slow down at some point. Now is that time. However, most of the Southeast United States (excluding parts of Florida) has never been overinflated. The prices in most of the Southeast are still below national averages. The Chattanooga area is one of the most affordable places to live in America.
The National Association of Realtors® (NAR) tells us that the final sales figures for 2007 should show sales of about 5.9 million existing homes. This is not a record, but is at the level recorded for 2002, the second year of our most recent housing boom. That means we are really still buying and selling at boom market levels. The figures for next year are predicted to be in the 6.2 million for number of existing home sales in America.
Currently, prices in the Chattanooga area are fairly stable. Sellers still want to sell their homes, so they can move up or down while the market is adjusting. That means buyers can take advantage of this "buyer's market" and maybe get the lowest prices they will ever see. Everyone (yes, even you) fully expects prices to again rise and probably very shortly as 2008 begins the thaw.
Realtors® are still bullish on our market, we work in the housing market everyday and we see the American Dream still being pursued and attained. Those who are buying now are stopping the rent cycle and beginning the homeownership/equity building phase of life. Those who buy now will be a step ahead of you, if your plan is to "wait this out."
Most folks will continue to pay housing costs in some form, either as rent or they will realize the American Dream. You know the economy goes through cycles and you know this current housing cycle will end. Are you going to act now and take advantage of a buyer's market or will you react later when everyone else is buying and it is again a seller's market?
In Chattanooga, TN. there is a great team of Realtors® ready to work with you to help you realize your dreams of the "white picket fence" (even if your version is quite different.) Dreams don't just go away! My team at UpwardRealty.com can and will help you realize your American Dreams.
Call us anytime at (423) 847-8001 or check out our company website at http://www.upwardrealty.com/ .
Our goal is to give you such good service, you will become our "client for life."
Copyright 2007
Tuesday, September 4, 2007
Searching for a REALTOR®... Homebuyer's list.
Chattanooga/Hixson, Tennessee
Whether you are ready to buy your first home or you are moving up or down the property ladder, the right Realtor® makes all the difference. Before you start looking, give some thought to what you expect from your agent.
Here are some things to look for when searching for a Realtor®:
1. They must be full-time in the business. Only a full-time agent can keep up with the changing market. Sometimes the right house is only available for a very short time.
2. They must have experience - this is the person that will negotiate on your behalf in probably the largest purchase you will ever make. Their experience is IMPORTANT!
3. They must have contacts within the business. Your Realtor® will be the one person that makes sure all inspections and problems are worked out to get you to the closing table. Sometimes it really is who you know. No closing, no house.
4. They must be a REALTOR® - all real estate agents are not Realtors®. All Realtors® are trained on the Code of Ethics as part of their membership in the National Association of Realtors®. Realtors® are voluntarily held to higher standards. Realtors® take public service seriously.
5. They must belong to the MLS service in your area. That connection is your source to accurate information on the most timely basis. Agents who are not MLS members, often find out about the good deal after the deal is gone.
6. They must care about you. If you interview a Realtor® and your needs seem secondary to selling you a house - run! Most agents do truly care about you, but you can tell when you find one who is working only for the commission.
7. They must be trustworthy. This means they shoot straight with you, even if it means giving you advice you don't want to hear. If your Realtors® story seems to keep changing, you probably need to change Realtors®.
8. They must represent you. Having representation means your Realtor® is working on your behalf and for your best interest. You are assured that the first seven (7) attributes on this list come together here in #8. This requires a written agreement by Tennessee law, so ask questions about a Buyer's Representation Agreement in advance.
In the Chattanooga area, my team at UpwardRealty.com would love to make you our customer for life. We serve Southeast Tennessee and North Georgia.
Copyright 2007
Whether you are ready to buy your first home or you are moving up or down the property ladder, the right Realtor® makes all the difference. Before you start looking, give some thought to what you expect from your agent.
Here are some things to look for when searching for a Realtor®:
1. They must be full-time in the business. Only a full-time agent can keep up with the changing market. Sometimes the right house is only available for a very short time.
2. They must have experience - this is the person that will negotiate on your behalf in probably the largest purchase you will ever make. Their experience is IMPORTANT!
3. They must have contacts within the business. Your Realtor® will be the one person that makes sure all inspections and problems are worked out to get you to the closing table. Sometimes it really is who you know. No closing, no house.
4. They must be a REALTOR® - all real estate agents are not Realtors®. All Realtors® are trained on the Code of Ethics as part of their membership in the National Association of Realtors®. Realtors® are voluntarily held to higher standards. Realtors® take public service seriously.
5. They must belong to the MLS service in your area. That connection is your source to accurate information on the most timely basis. Agents who are not MLS members, often find out about the good deal after the deal is gone.
6. They must care about you. If you interview a Realtor® and your needs seem secondary to selling you a house - run! Most agents do truly care about you, but you can tell when you find one who is working only for the commission.
7. They must be trustworthy. This means they shoot straight with you, even if it means giving you advice you don't want to hear. If your Realtors® story seems to keep changing, you probably need to change Realtors®.
8. They must represent you. Having representation means your Realtor® is working on your behalf and for your best interest. You are assured that the first seven (7) attributes on this list come together here in #8. This requires a written agreement by Tennessee law, so ask questions about a Buyer's Representation Agreement in advance.
In the Chattanooga area, my team at UpwardRealty.com would love to make you our customer for life. We serve Southeast Tennessee and North Georgia.
Copyright 2007
When renting no longer works for you...
Chattanooga/Hixson, Tennessee
You may have heard paying rent is like "flushing your money down the drain" or "tossing money in the trash". But, renting sometimes is the only option you have. When young people are starting out, renting is their only option. Later, some of our best memories are the times we spent renting that first pad (I think you might call it a crib now.)
As we grow financially in our personal lives, most of us dream of owning our own home. "The American Dream" drives us in that direction. We desire a place that shows our individual character, white picket fence optional. A place to raise a family and find a new meaning for a "crib".
For many reasons, we may be hesitant to buy that first home. It can be a scary process when we have no experience with home ownership. Second home buyers are far less hesitant - once you have owned a home, you don't want to go back to renting.
But, are you financially able to own? In most cases, the answer is "YES!" ... Provided you have not absolutely wrecked your credit. Having paid your bills on time, including your landlord - you should be able to qualify for a mortgage... In our buyer's market, sellers are frequently eager to assist buyers with closing costs help, which can make a deal work for a first time buyer.
Owning a home allows you to build equity. Equity is the value you have in your home above the amount you owe. Simply put, if you own a home worth $150,000 and you owe $120,000 on your mortgage, you have built $30,000 in equity. The people in America that have wealth own something, they have equity. There are some sweet income tax advantages as well.
So, are you beginning to think that maybe it is time to consider home ownership? If so, what about the first step you should take. Mortgage lenders say start with them. However, Realtors® like me, know that we are your best first stop. A good Realtor® is worth their weight in gold. The right Realtor® will be able to connect you with multiple lending sources and help you evaluate the various options each lender offers. Your Realtor® is a valuable source in finding the right lender and avoiding the wrong mortgage.
Once you know your financing options, you will know your price range. Your Realtor® will then help you evaluate your needs, such as home size, schools, neighborhood features that appeal to you, and a myriad of other options that must all come together in the right home.
Realtors® are paid on a commission basis, but we don't live in a vacuum. We must compete in the real world. A career Realtor® cannot afford to work with one-time only clients. We must build solid relationships - happy homeowners. Only satisfied buyers become repeat clients. Unhappy clients don't recommend their Realtor® to friends and family members.
When renting is no longer working for you, start with a good Realtor and get ready to begin building equity. In the Chattanooga area, my team at UpwardRealty.com would love to make you our customer for life.
Get the details on what to look for in a BUYER"S AGENT by reading my September 4, 2007 post titled:
(There are a number of special programs for first time home buyers and I will address these in a future blog. Most lenders define a first time buyer as "has not owned real estate within the last three years." Check back for that posting.)
Copyright 2007
You may have heard paying rent is like "flushing your money down the drain" or "tossing money in the trash". But, renting sometimes is the only option you have. When young people are starting out, renting is their only option. Later, some of our best memories are the times we spent renting that first pad (I think you might call it a crib now.)
As we grow financially in our personal lives, most of us dream of owning our own home. "The American Dream" drives us in that direction. We desire a place that shows our individual character, white picket fence optional. A place to raise a family and find a new meaning for a "crib".
For many reasons, we may be hesitant to buy that first home. It can be a scary process when we have no experience with home ownership. Second home buyers are far less hesitant - once you have owned a home, you don't want to go back to renting.
But, are you financially able to own? In most cases, the answer is "YES!" ... Provided you have not absolutely wrecked your credit. Having paid your bills on time, including your landlord - you should be able to qualify for a mortgage... In our buyer's market, sellers are frequently eager to assist buyers with closing costs help, which can make a deal work for a first time buyer.
Owning a home allows you to build equity. Equity is the value you have in your home above the amount you owe. Simply put, if you own a home worth $150,000 and you owe $120,000 on your mortgage, you have built $30,000 in equity. The people in America that have wealth own something, they have equity. There are some sweet income tax advantages as well.
So, are you beginning to think that maybe it is time to consider home ownership? If so, what about the first step you should take. Mortgage lenders say start with them. However, Realtors® like me, know that we are your best first stop. A good Realtor® is worth their weight in gold. The right Realtor® will be able to connect you with multiple lending sources and help you evaluate the various options each lender offers. Your Realtor® is a valuable source in finding the right lender and avoiding the wrong mortgage.
Once you know your financing options, you will know your price range. Your Realtor® will then help you evaluate your needs, such as home size, schools, neighborhood features that appeal to you, and a myriad of other options that must all come together in the right home.
Realtors® are paid on a commission basis, but we don't live in a vacuum. We must compete in the real world. A career Realtor® cannot afford to work with one-time only clients. We must build solid relationships - happy homeowners. Only satisfied buyers become repeat clients. Unhappy clients don't recommend their Realtor® to friends and family members.
When renting is no longer working for you, start with a good Realtor and get ready to begin building equity. In the Chattanooga area, my team at UpwardRealty.com would love to make you our customer for life.
Get the details on what to look for in a BUYER"S AGENT by reading my September 4, 2007 post titled:
Searching for a REALTOR®... Homebuyer's list.
(There are a number of special programs for first time home buyers and I will address these in a future blog. Most lenders define a first time buyer as "has not owned real estate within the last three years." Check back for that posting.)
Copyright 2007
Thursday, August 30, 2007
It's a buyer's market. So why are you NOT buying?
Real estate news has been mostly negative for months now, but every story mentions that we are in a "buyer's market". So why are buyers sitting on the sidelines?
Let me speak to the buyer in you and lets think this through. Confusion and fear seem to be the key reasons you are not buying.
You are being told by the news that this is your market, but then you hear horror stories about the subprime mortgage market disappearing. But, is that you? Chances are very good that you have not abused your credit, at least not beyond repair, so you are probably not a candidate for a subprime mortgage anyway. IF this is true, then all the subprime news is NOT your news - it belongs to the other guy. You are not a subprime buyer!
Your news is very good, because you have maintained your credit. Interest rates on most mortgages are still low. Here at the end of August, most lenders are offering 30 year loans between 6% and 6.5% for your good credit. And good credit can actually have a couple of small blemishes, but not serious or numerous blemishes. So, you should be in a great position to get a very reasonable mortgage, at a fixed rate (not those scary adjustable rates).
Here is some perspective on interest rates. If you wait for a "better" market, you likely will be paying 7% or more for the same money. On a $100,000 mortgage, a 1/2% rate increase raises a 30 year mortgage payment by $34 each month. That means the 1/2% more would cost you an additional $12,240 over the life of the loan. That alone is a good reason not to wait.
You may then say, "but the TV news says home prices are going to continue to drop, so I should wait." That may be right, home prices are in a downward correction pattern at present. But, how far down are they going to go? Many markets have already made their major adjustments, so you may only be looking at a 2-3% additional drop. if so, then on a $150,000 house, a 3% drop is $4500 more it MIGHT go down. Unless you have cash, interest rates will need to stay at present level while you wait or you will pay a lot more in interest than you saved by waiting. At some point in time home prices will start to go up again.
Your decision to buy now or wait is very personal, but don't let the "gloom and doom" news stories make that decision for you. There are so many advantages to being a homeowner such as deducting your mortgage interest at tax time, or being able to paint a room the color you want, or making your own rules instead of following a landlord's rules. But the one that always seems to come out when talking with a new homeowner is that their dream has come true. Most people still have a deep desire to own their dream home.
A wise, very rich investor has been quoted as saying "when other people get scared, I get excited and when others get excited I get scared." If this is good advice, then now is the time to buy when others are afraid of the market. I'm sure you have heard the investment advice that "the time to buy is when everyone else is selling." For most of you, a home will be the biggest investment you make. Right now sellers want to sell but there are very few buyers, so sellers are negotiating. However, sellers are not giving their homes away, so don't expect to "steal" a house, but there are really good deals in the market.
So why are you NOT buying?
Copyright 2007
Let me speak to the buyer in you and lets think this through. Confusion and fear seem to be the key reasons you are not buying.
You are being told by the news that this is your market, but then you hear horror stories about the subprime mortgage market disappearing. But, is that you? Chances are very good that you have not abused your credit, at least not beyond repair, so you are probably not a candidate for a subprime mortgage anyway. IF this is true, then all the subprime news is NOT your news - it belongs to the other guy. You are not a subprime buyer!
Your news is very good, because you have maintained your credit. Interest rates on most mortgages are still low. Here at the end of August, most lenders are offering 30 year loans between 6% and 6.5% for your good credit. And good credit can actually have a couple of small blemishes, but not serious or numerous blemishes. So, you should be in a great position to get a very reasonable mortgage, at a fixed rate (not those scary adjustable rates).
Here is some perspective on interest rates. If you wait for a "better" market, you likely will be paying 7% or more for the same money. On a $100,000 mortgage, a 1/2% rate increase raises a 30 year mortgage payment by $34 each month. That means the 1/2% more would cost you an additional $12,240 over the life of the loan. That alone is a good reason not to wait.
You may then say, "but the TV news says home prices are going to continue to drop, so I should wait." That may be right, home prices are in a downward correction pattern at present. But, how far down are they going to go? Many markets have already made their major adjustments, so you may only be looking at a 2-3% additional drop. if so, then on a $150,000 house, a 3% drop is $4500 more it MIGHT go down. Unless you have cash, interest rates will need to stay at present level while you wait or you will pay a lot more in interest than you saved by waiting. At some point in time home prices will start to go up again.
Your decision to buy now or wait is very personal, but don't let the "gloom and doom" news stories make that decision for you. There are so many advantages to being a homeowner such as deducting your mortgage interest at tax time, or being able to paint a room the color you want, or making your own rules instead of following a landlord's rules. But the one that always seems to come out when talking with a new homeowner is that their dream has come true. Most people still have a deep desire to own their dream home.
A wise, very rich investor has been quoted as saying "when other people get scared, I get excited and when others get excited I get scared." If this is good advice, then now is the time to buy when others are afraid of the market. I'm sure you have heard the investment advice that "the time to buy is when everyone else is selling." For most of you, a home will be the biggest investment you make. Right now sellers want to sell but there are very few buyers, so sellers are negotiating. However, sellers are not giving their homes away, so don't expect to "steal" a house, but there are really good deals in the market.
So why are you NOT buying?
Copyright 2007
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