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Common red flags for home buyers Last year, before the subprime crisis hit, a home buyer was on the verge of purchasing his first home. His mortgage broker told him that qualifying for a mortgage would not be a problem.
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Is selling home in today's market worthwhile? Generally, existing-home sales have declined broadly over the past year. Some economists don't see a significant improvement in the home-sale market happening for perhaps another year or so. However, according to a report issued by the National Association of Realtors (NAR) in November 2007, home prices in most metropolitan areas rose or were stable in the third quarter of this year. Some markets even showed modest gains compared to a year ago.
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As home ages, some defects unavoidable Over time, many homes develop little nonstructural problem areas that need to be dealt with, and it seems like the older the house, the more of those little problems that occur. Here's some advice on fixing a few of the more common door and trim situations you might typically encounter.
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Genie Wise REALTOR®
The Real Estate Group 3655 Torrance Blvd. #420 Torrance,
CA
90503 310.792.5713 310.991.5488 Contact Me
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Don't wait until selling to make repairs Home maintenance ranks low on many homeowners' priority lists. When the washing machine breaks, you might fix it to keep from having to go to the Laundromat. But, if there's no pressing need, home maintenance chores are often put off.
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Green apps on the run Many people want to do a good turn for the environment but simply are overwhelmed by the flood of green data, products and services.
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Five ways to cut heating costs If you're thinking it's time to do something about your cold house and your high heating bills, here are five win-win suggestions that will help you do both.
1. REPLACE YOUR FURNACE FILTER
A clogged filter makes your furnace work harder to deliver the same amount of heat, which wastes energy by keeping the furnace on for a longer period in order to bring the house up to the requested temperature.
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Going solar: Is it right for your home? Just a short time ago, saving the planet took precedence over saving a dollar. Times have changed, but in today’s economy homeowners are still trying to find ways to do both. Just ask John Shipman, an energy analyst at Energy Efficiency Management (http://www.energyefficiencypro.com/) and a green home performance contractor with Energy Star (http://www.energystar.gov). Shipman states that his company’s "whole-house energy audits have increased three folds" since President Obama has taken office. The President’s stimulus package has made energy conservation a priority with initiatives that focus on energy-efficiency upgrades to homes and businesses.
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Multiple offers making a comeback In the current home sale market, it might seem ludicrous to make an offer on a listing if it means competing with another buyer. However, multiple offers are on the rise in some markets. But, it doesn't always mean that you need to pay a lot more than the asking price.
Sellers are ever hopeful of receiving multiple offers. These days, this is usually an unrealistic expectation. That is, unless the listing is a prime property in a high-demand neighborhood where few homes are being offered for sale.
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Is it worthwhile to fix a property up before selling? Buyers tend to want listings that are in move-in condition. For that reason, sellers often put a lot of time and money into prepping their homes for market to realize the largest profit possible from the sale. But, is it worthwhile to fix a property up before selling if it is in a dismal state?
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2010: year of the turnaround? A spurt in home sales in 2009, aided by low interest rates and the first-time homebuyer tax credit, has led some economists to forecast a turnaround in the housing market this year. Other forecasters feel this is too optimistic a projection.
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Tips for paying off mortgage early DEAR BENNY: I was reading in one of your columns about paying off your mortgage faster by making an extra payment each year. You said to make sure your coupon clearly indicates you are making an extra payment. I did this at the end of 2008, but didn't know whether it should go under an extra payment or payment on the principal. I paid it on the principal because otherwise it wouldn't show up until January as a payment.
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Backup offers give sellers a Plan B Every seller's dream is to receive offers from more than one buyer. Although multiple offers were scarce last year, in some markets and price ranges listings that are priced right are receiving multiple offers, particularly in the low-end foreclosure markets.
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Southern California Home Buyer's Fair March 13 and March 14 With interest rates at historic lows and home prices at affordable levels now is an ideal time to buy a home. Chances are you have many questions, ranging from how to find and qualify for a mortgage loan to what steps are required to get from finding a home to closing escrow and moving in.
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Pros and cons of linoleum flooring Q: Could you please tell me how linoleum scores in the same categories: virtues, detractions, and resale?
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Best payback on remodel Q: In your opinion, what home improvements (kitchen remodel, new front door, or wood floors) offer the best payback on investment when you are trying to sell?
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Tips for avoiding surprise defects A homebuyer in the hills above Oakland, Calif., recently closed on a home that matched her wish list almost perfectly, which is as good as it gets. Before closing, the new home was inspected and no major defects were discovered.
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Water conservation tips It seems you can hardly open a newspaper these days without reading the headline "Water is the new oil." But what does that mean exactly? In fact, water shortages may cause more severe problems than oil shortages: our lives literally depend on water, plus there are several alternatives to fuel but none really to water. We can technically "make" more water through techniques like rainwater catchment and desalination, but few individual homeowners have their own catchment tanks and even fewer are likely to rig up their own desalination plant. Even if such things were easy, it would still behoove us all to reduce our water usage first, not only because water is scarce, but also because we could all stand to shave a few dollars off our water bills. With that in mind we compiled the following tips to help you do exactly that.
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Home prices put to ZIP code test The wealth created by the housing bubble has been wiped out, according to Lawrence Yun, chief economist for the NATIONAL ASSOCIATION OF REALTORS®, who spoke at the group's annual conference in November 2009. Does this mean that if you bought your home in 2005 in an area that experienced rapid appreciation from 2004-2007, you'll lose money if you sell today?
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No capital gains tax on home exchange? DEAR BENNY: My husband and I built a townhouse in 1983 for $33,000. We lived there for a few years and then rented it out for 17 years, taking all the tax advantages such as depreciation, etc.
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Roller covers key to great paint job Painting is certainly one of the perennial favorite projects for do-it-yourselfers. You can transform a room in just a short time, and perhaps best of all, you need only a few basic tools.
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GFCI electrical outlets are lifesavers Q: What is a GFCI electrical outlet? Are outlets of this type required in all homes, and if so, where? --Allen D.
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Buying house? Think long term Now would seem like a rotten time to sell. The economy is in recession and many housing markets around the country have suffered serious downturns.
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