It takes hard work to achieve the American Dream of homeownership. Everyday people work to save for a down payment and build a good credit score. When you turn the key to your first home or dream home, the sweat equity feels well worth it. But the hard work of buying a home continues long after hanging family photos and hooking up a big-screen TV. There are challenges that property owners are unprepared to handle. These are three of the more common ones you may want to be ready to manage. Leaking Pipes Plumbing does not last forever and at some point, it will begin to leak. For people who have … [Read More...]
Last week's scheduled economic news was slim last week. The Federal Open Market Committee of the Federal Reserve issued its post-meeting statement, weekly readings on average mortgage rates and first-time jobless claims were also issued. FOMC: Fed Target Rate Unchanged, but Expected to Rise in December The Federal Open Market Committee of the Federal Reserve announced that it did not raise the target federal funds rate but set the stage for raising the benchmark rate n coming months. The current range for the Fed rate us 2.00 percent to 2.00 to 2.25 percent. The Fed expects to increase … [Read More...]
You just found your perfect home, and you feel like everything is right including the price. But, what could be wrong with your ideal home? Maybe, it is being sold as a short sale, and that could present a major challenge if you want to become be the eventual homeowner. Short sales are different from other conventional real estate transactions since the property in question is usually listed at a price that is much lower than the amount of the outstanding mortgage debt. Unlike a regular sale, the homeowner must obtain permission from the lender before proceeding with the transaction. Whether … [Read More...]
Winter typically isn't one of the busier home buying seasons - those seasons are reserved for spring and summer. But to think that you can't sell your home at market value during the winter months is being naive. In fact, you can even use some of the characteristics that define the season to your advantage. For instance, because winter isn't a hot selling season, there's typically less inventory during this time of year. That said, if your home stands out in the listings, you have a better chance of getting on that coveted "short list" of buyers. Here's a look at some tips on how to do it: … [Read More...]
Many home sellers are confused about how to price their home to sell. It's definitely challenging to try and find that sweet spot between pricing it low enough so it flies off the market without undercutting the home's value. Emotions play into the decision, too. If the seller has a lot of sweat equity in the home, or the property is the only place the children have ever called home, owners may tend to place a higher value on the house. Here's how to correctly price a home to sell in any market. Rely On Your Real Estate Agent Your Realtor is an expert in all matters related to home buying and … [Read More...]
Last week's economic news included readings for Case-Shiller Home Price Indices, Commerce Department readings on construction spending and the University of Michigan's reading on consumer confidence. Labor sector reports on jobs growth and the national unemployment rate were posted along with weekly readings on mortgage rates and first-time jobless claims. Case-Shiller: Home Price Growth Lowest in 20 Months; Construction Spending Falls Home price growth hit its lowest pace in 20 months according to Case=Shiller's 20-City Home Price Index for August. Home prices grew by 5.80 percent … [Read More...]