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August 24th, 2010

What Do You Want When Buying a New Home?



Buying a new home is probably the largest financial commitment anyone makes in their life. It stands to reason, then, that people want the home to provide as much benefit as possible. When you purchase your home make sure that it benefits you both personally and financially in the long term.

It’s a very good idea to write down what you are looking for when buying a new home. It will help tremendously to have this list when you go house hunting. All too often when people go searching for their new home, excitement overtakes their sensibilities and the buyers end up with a home that is short on what is really important to their family needs. With a list, at least you can keep track of the pros and cons of each home that you visit.

Another good idea is to ask your friends and family ideas of what you should be looking for in a new home. Something as simple as the air filtration system can end up costing you a lot of money if not included in your list. For example, if the house has separation air units for each room, as opposed to central air, you could end up fixing a lot of small systems, rather than one central system that may have a better unit.

Bonus rooms are often overlooked because generally people tend to seek out bedrooms and bathrooms. A room is considered a “bedroom” if it has a closet. In many cases, some of the bonus rooms can be converted to a “bedroom” by a simple addition of a small closet. This will tremendously help the resale value of your home when you go to sell. When buying a new home, many buyers do not tend to look at bonus rooms as an extra bedroom sometime in the future.

What about the dining room? You should think about how often you will entertain and have family and friends over. In many cases, people tend to think of their immediate family needs only. Then when a special holiday comes and more people show up then you can ever imagine things get a little stressful and crazy.

It’s not a bad idea to create a spreadsheet template for your house hunting needs. For example, you can list on the left side all of the features you want your new home to have. At the top, list out each property that you’ll be visiting. And, check off each item as you go along. It will be so much simpler than to try to remember all of these features at the end of the day.

Another question to ask yourself is do you want a fixer upper or one that has already been renovated. This is an important question that should be asked BEFORE house hunting. Of course fixer uppers will generally be a lot less expensive than homes that have already been renovated. But, by how much is the question? And, can you afford the higher price for a house that’s already been renovated?

There are hundreds of more tips in my book that I share in my book House Buyers Boot Camp. These secrets include information that some people don’t want you to know.

By admin • Posted in Moving Relocating • No Comment
February 4th, 2010

Strategies For Buying Real Estate In A Slow Market



The real estate market tends to be cyclical with some periods favoring buyers and other periods favoring sellers. As with other free markets, the pricing and availability of real estate is directly related to the forces of supply and demand. While many real estate markets in the United States are experiencing a substantial slowdown, other markets remain robust, and some even continue to grow. What makes the situation even more complicated is that even within a particular city or county, there may be some areas that are hot and others that are cold.

In regions of the country in which the real estate market is slowing, there are some things homebuyers can do to increase their chance of getting the property that they want on terms that are favorable. Below are some strategies to consider:

1. Clarify What You Want. Be sure to understand what kind of property you want (e.g. bedrooms, bathrooms, size, yard, location, etc.). Identify items that you “must have” and items that you would be willing to forego if your other priorities were met.

2. Consult Experts. You’ve no doubt heard the saying that “all real estate is local,” so arm yourself with the best information available. Consult a local real estate expert who can guide you about what communities are hot and which ones are not. Obviously, you are more likely to find deals in communities that have excess supply and limited demand than vice versa.

3. Understand Market Data. Obtaining and evaluating data can be one of the most powerful tools in your arsenal. Identify communities that you find desirable and ask your real estate agent to provide you relevant sales statistics. For example, your agent can provide you:

a. A summary of how many properties are available in communities that you deem desirable.

b. How long properties are taking to sell this month, last month, last quarter, last year, etc.

c. How many properties have sold this month, last month, last quarter, last year, etc.

d. Changes in the median and average price of properties for a community this month, last month, last quarter, last year, etc.

e. Data on the sales price to list price ratio (SP: LP). This ratio provides information about how much, on average, sellers are reducing their price.

f. Detailed data on properties that are similar to the type of property you desire (often known as “comparables” or “comps”).

4. High Inventory Communities. Identify, or ask your agent to identify, communities that appear to be particularly slow, and that have an unusually large inventory of homes. You will have a broader variety of options in these communities, and you may increase the likelihood of finding a better deal.

5. Loan Pre-Approval. Be sure to consult with your bank or mortgage broker and obtain a loan pre-approval document. This not only let’s you know how much you can afford, but it also demonstrates to sellers that you are a serious buyer and that your offer is worthy of serious consideration.

6. Seller’s Motivation. While information about why a seller is selling is usually confidential, there are situations in which the seller will allow their agent to disclose important factors regarding their personal situation. Be sure to ask your agent to inquire about any information that the seller has disclosed to his/her agent that can be conveyed to your agent. This information may help you decide on making an offer on a property and the price you wish to offer.

7. Home Inspection. A home inspection conducted by a qualified inspector can provide you valuable information about the condition of a property. Moreover, if there are items that need repair or replacement, you can use this information to modify your offer price or terms.

8. Expand Search Scope. As mentioned above, even within a particular city or county, there may be some areas that are hot and others that are not. Be sure to provided detailed information about what you want to your agent, so that he/she can provide you a variety of community options.

9. Be Patient. Time is on your side when there is excess supply and insufficient demand. Try not to “fall in love” with a house so much that you cannot be objective. It may be that multiple offers and counter-offers occur before you either get the property you want or decide to walk way from a deal. You may also want to look at more properties than you normally would, so that you are exposed to a variety of options.

While the above is not an exhaustive list of strategies, it is a good starting point of issues to consider when buying real estate, particularly in a market that favors buyers. Obtain the services of a knowledgeable Real Estate agent who can provide you with additional strategies to help you reach your real estate objectives.

By admin • Posted in Real Estate Market • No Comment
June 26th, 2009

Mobile Foreclosures – Buying Homes in Alabama



Imagine owning a home with 4/2 beds and bathrooms. Many of the people in the world find it difficult to pay for a one bedroom home let alone a 4-bedroom home with two baths. The fact is since the economy has hit rock bottom many people now can own this kind of home and all they have to do is to look in the Mobile foreclosures listings. Right now, you can buy a four bedroom home with two baths for as little as $50,900.00, and pay as little as 4.61 percent interest rates on that loan.

Mobile foreclosures are easy to find. The Internet is saturated with foreclosed listings, bank foreclosures, federal and government homes, HUD homes, and so forth. At this time, the unemployment rate in Mobile, Alabama is 7.3 percent, which compared to national average that is 6.9 percent.

Mobile, Alabama is the third most famous city in the United States and is the seat of Mobile County. In 2006 more than 190 thousand people were living in the area but since then the number has increased. Mobile Alabama provides the only saltwater port into Alabama foreclosures and it is located on the Mobile Bay. The city’s origin made it the Capital of the Colonial French Louisiana in the 1700s. More than 300 years later, Mobile expanded and now they have a record of officially flying six flags, which include Britain, France, Spain, and the Republic of Alabama’s Confederacy, as well as the United States.

The economy over the past five years has undergone major expansions. There is several local and national in addition to international corporations there that has funneled more than nine billion dollars into Mobile. This brings it to a GMP rate of over 20 billion and it has the potential of going well over 200 billion. Thus, Mobile then is one of the top 10 most prosperous cities in the United States.

Job growth in Mobile has exceeded to 22 percent in the last five years and it is projected to increase to over 32 percent within the next three years. This is mostly because of the ThyssenKrupp Steel Plant and the State Dock growth. There was a notable surge of average wages at 30 percent, but this was due to the Katrina disaster. Since then things have improved for Mobile residents, which means that the job place is lucrative. Thus, moving to Mobile, Alabama may be a good idea right now. So be sure to look on the Mobile foreclosures list to find a home.

By admin • Posted in Foreclosures • No Comment