When you’re looking for a real estate professional in Palmdale to help you, know that above all else, good agents put their clients first. This is your dream, and your agent is your advocate to help you make your dream come true.

A great real estate agent will:

1. Educate you about the current conditions of the market.
2. Analyze what you want and what you need in your next home.
3. Guide you to homes that fit your criteria.
4. Coordinate the work of other needed professionals throughout the process.
5. Negotiate with the seller on your behalf.
6. Check and double-check paperwork and deadlines.
7. Solve any problems that may arise.

Find out more about…..

Palmdale Real Estate

Becoming a Real Estate agent

First, what type of foreclosure do you want? You can decide between a Pre-foreclosure, a Sheriff’s Auction, or a Repossession (REO).

A foreclosure occurs when the owner of a home is unable to meet the mortgage payments, and owes more on the home than what the home is actually worth.

A pre-foreclosure is in the foreclosure process, but it hasn’t been sent to auction. Buying a foreclosure at this stage may be slower and more expensive than buying a foreclosure at a later stage.

At a sheriff’s auction foreclosures are at their lowest prices, but are also usually require a lot of updates and repairs, which can get expensive. If you are not in the market for a fixer-upper, it may be best to pass on these homes.

A repossession occurs if the home goes through a sheriff’s auction unsuccessfully and the bank gains possession of the property. Banks will typically make repairs to correct healthy and safety violations in the home (if necessary). Also, this is the stage at which a homebuyer has the best opportunity to get a home inspection before buying.

When buying a foreclosure,

• Research the Comparative Market Analysis (CMA) for the prices of comparable foreclosure homes in your area-this will give you a good idea of what you should be paying for the home

• Be sure that you aren’t caught up in the excitement of bidding, and overpay for the home

• Get a home inspection before buying (if at all possible)

• Take into account the cost of repairs for the home before you buy

• Don’t buy a foreclosure in a neighborhood/area that is full of other foreclosures if you are planning on moving in less than 5 years; you will probably end up losing money on the house when you try to sell

• Get a pre-approved mortgage/ get pre-approved for a home loan

Talk to a real estate agent who specializes in foreclosures to find foreclosures near you, and how to buy one.

1. Talk to a Lender

Start by talking to a lender and trying to get preapproved for a home loan. While getting pre-approved does not guarantee that you will be approved in the future for a loan, it can help to give you an idea (hopefully) of what type and amount of loan you’ll qualify for, which will help you set a budget for your housing search. You’ll also need to assess your finances on your own to determine how much you can afford to put toward a mortgage payment every month.

2. Make a list

Make a list of things you need, want, and don’t want in order to help you compare houses you come across during your search. It may be helpful to make a list of amenities and place them under the appropriate categories, then compare each home against this list. For example, under need you may have 2+ bedrooms, full bathroom, garage; under want you may have stainless steel appliances, jacuzzi tub; under don’t want, multiple story home. Use this list to rate each home you see on a scale from 1-10.

3. Know the area

You should also pay attention to the neighborhood and surrounding areas, not just the home itself. For example, do you need to live close to public transportation? What school district do you want to live in? Is there a lot of traffic in a certain area that you’d rather not deal with? These are things that future home buyers will be looking at as well, so having them on your checklist may be helpful when trying to sell your home later.

4. Take notes

Take notes and pictures of every home that makes it onto your “maybe” list. This will help you to remember what you liked and didn’t like about the home when you’re reviewing possible houses later. Use your checklist to assess all of the pros and cons of each home, based on facts, and this should be helpful to you when you’re making your final decision.

5. Choose an Agent

Your real estate agent is going to be your “right hand” during this entire process. Make sure you pick someone who is credible, knowledgeable, and who you feel comfortable with. Ask your friends and family for referrals and search the internet too.

If you are looking for an agent in Central Ohio, give me a call. I would love to be one of the agents you interview!

The belt straps may be loosening on new mortgage down payments.

Exciting news in the headlines this week if you are looking to buy, or sell, a home this year.  Lenders have reportedly loosened requirements on home loans as we move into the second quarter of 2013.

LendingTree, a national provider that connects consumers with multiple lenders, reports that nearly one in every five loans made through their services included downpayments of 10 percent or less – in contrast to the more typical industry standard of 20 percent down often required.

This trend could boost home sales going into the summer months, and continue to boost the overall real estate market.  Potential homeowners are still advised that strong credit and stable income are necessary for mortgage approvals, and a credit score of 740 or higher will result in the best mortgage rate.

But less stringent requirements will be welcome news to prospective buyers, and will help sellers move homes more quickly if more people can qualify for home loans.

While a 20 percent down payment has often been the ‘norm’, many may find the trade off of putting less money down up-front and choosing to pay mortgage insurance has a financial benefit for their own personal situation.  Mortgage insurance is required on loans until 20 percent equity has been invested in a property – either through a down payment or principal paid on the loan.

As the summer selling season heats up, be sure to reach out to your local Realtor and talk financing strategies.  Your Realtor is trained to offer advice on lending options and can refer to you to a mortgage provider should you need assistance.  I am always available to help as well – dana@cwrealty.org or (904) 566-8573

For the complete reprint of the USA Today article on the home loan trends, continue reading.

Lenders loosen up on home loans

CHARLOTTE, N.C. – April 17, 2013 – Lenders are warming up to home shoppers lacking big downpayments as the housing market improves, new data show.

In the first quarter of this year, 19 percent of conventional loan offers made by lenders on the LendingTree online exchange were for loans with downpayments between 5 percent and 10 percent, LendingTree says.

That was up from 6 percent of offers the same time last year and just 1 percent of offers two years ago, LendingTree says.

Meanwhile, the number of lenders quoting non-Federal Housing Administration loans with 5 percent to 10 percent downpayments on Zillow Mortgage Marketplace is almost double what it was two years ago, Zillow says.

The growth of the availability of low-downpayment loans is notable in that, following the housing bust, those consumers had little choice outside of generally higher-cost loans from the FHA. “For years, it’s been FHA or nothing,” for the low-downpayment borrower, says Guy Cecala, publisher of Inside Mortgage Finance. “This shift is a sign that mortgage origination is loosening up.”

But the industry is still a long way from the easy-lending standards that caused the housing bust. Borrowers now must show a strong credit history and documented income to get loans, Cecala says.

Several factors are driving more low-downpayment loans outside of the FHA, including:

• Higher FHA costs. While the FHA requires just 3.5 percent down, its annual insurance premiums have more than doubled in the past two years. The last increase took hold April 1.

The higher costs are “causing a shift back toward conventional loans,” says Cameron Findlay, chief economist at Discover Home Loans.

Following the latest rate increase, FHA applications for home loans fell by almost 14 percent for the week ended April 5 while applications for conventional loans rose more than 5 percent, the Mortgage Bankers Association says.

• A rebounding private mortgage insurance industry. Lenders generally don’t make loans that they can’t resell to mortgage giants Fannie Mae or Freddie Mac. While Fannie Mae will buy a loan with as little as 3 percent down, and Freddie Mac at 5 percent, loans with less than 20 percent down require borrowers to also get private mortgage insurance.

When the housing market crashed, the private mortgage industry lost billions and such insurance was tough to get. Now, the industry is on the rebound and the cost for insurance for borrowers with higher credit scores has dropped. As such, more home loan borrowers are finding it a better financial move not to put 20 percent down and instead pay for the insurance, says Matt Johnson, loan officer at Sterling Bank in Seattle.

Rising home prices have also helped lenders get more comfortable with low-downpayment loans.

The growth of lower downpayments is also reflected in Fannie Mae’s portfolio. In the first quarter of 2012, downpayments between 3 percent and 10 percent accounted for 15 percent of Fannie’s home purchase loan business. That rose to 18 percent in the third quarter.

The borrowers are still high quality. Last year, home loans acquired by Fannie Mae with less than 20 percent downpayments originated from borrowers with an average FICO score of 755, Fannie Mae says. Scores of 740 or higher are generally needed to get the best pricing on home loans.

Copyright © USA TODAY 2013

A mortgage calculator. We don’t recommend any one specific version (there are tons to choose from), but try a couple out (many are free), and it can help you make an educated decision on the mortgage you choose.

A real estate dictionary. Escrow? Deeds-in-lieu? Amortization? That’s like a different language to many people, so why not have a real estate dictionary on hand to help you translate the real estate lingo?

House Hunter. This is a personal favorite! This app has you pick out your needs and wants in a home and rate them on a 1-10 scale (you can even add photos for reference later!). Then, the app calculates a score for each home based on your input.

Walk Score. You can find this on many real estate sites, but it’s nice to have on hand. This app helps you determine how walkable a neighborhood is, and lets you know what’s within walking distance from your home. Good for pre-planners!

Home Search. There are a few apps that will help you search for homes on your own. Try downloading Realtor.com, Trulia, Zillow, Craigslist, Homes.com, and more. Although statistics and “zestimates” are not always correct, these apps will at least show you alot of the homes on the market today.

Here at Keller Williams Antelope Valley when you have closed enough transactions within a year you get to keep 100% of your commission. Anusha has helped several people sell a home and buy a home. She is very dedicated and loves what she does. We are glad to have her here at our office in Palmdale and we wish her much more success in real estate!

Keller Williams Antelope Valley

661.538.2800

http://antelopevalleykw.com/

Keller Williams 100% Commission

Selling a home or buying a home. Both are great milestones in someones life and you have helped them fulfill that. They say the first is always the hardest. We know you will have more listings and closed transactions here in Palmdale and Lancaster! Keller Williams is right there with you Miriam!

Wikihood

This app will help answer questions like….

What are the most important sights to see around me?

What do others find interesting here?

Is there a museum, a castle, a parc or church nearby?

What persons are related to this place?

If you do not know the area you are in when house hunting, use an app like this to help you figure out if this is where you want to live!Did a historic battle happen at this place?

Around.me

This is a great app to figure out what is around you when you are house hunting. If you are not familiar with an area, simply open this app and get to know it in minutes. Very cool!

Mortgage Calculator

Really, any mortgage calculator will do. When searching for a home you will be able to plug in the numbers to figure out if that home at that price with those taxes is something that you can afford.

Home Search

For this you can pick any app. I say, get them all off your phone! The only 100% accurate website to search for available homes for sale is the MLS and your real estate agent only has access to that, not you. The closest thing to the MLS is Realtor.com, they have their own app! Here are a few others: Zillow, Trulia, Homes.com, Craigslist, ForSaleByOwner.com, and more. Try out all of them to find the one you like best.

TIP: When you find a home on another 3rd party website, talk to your agent to make sure that it is still listed.

HomeSnap

Out driving around and see a home for sale? Use this app to snap a picture and it will identify it, it’s value, the price it last sold for, and the details of it’s amenities. Cool huh? It’s like your own personal house hunter assistant.

To learn how to determine what you can afford, watch the video below, the third in the Consumers ConnectU April home series.

1) Curb appeal is vital.  Buyers will form an opinion of your home within seconds of catching sight of your home – whether via pictures on the internet, or driving up to – or past the property.  Keep your landscaping neat and tidy and walkways and driveways clear of clutter.  Work to make the first impression a good one!

2) It often pays to paint the inside. Painting in a neutral color will help potential buyers envision their own decor in each area which makes it easier for them to envision themselves in the home.

3) Remove extra furniture and any clutter around your home.  This makes the spaces feel more open and larger.  It also can help to remove personal photos and memorabilia.  Again – this helps potential buyers envision the space as their own.

4) Make sure your real estate agent knows your neighborhood. They should know the value of comparable homes in the area in order to help you set a price that is attractive to buyers and also get you the best return on your real estate investment.

5) And in this seller’s market, it helps for seller’s to be patient. We are seeing multiple offers on many homes and so it could pay for sellers to wait a bit. There is less need to feel pressure to respond right away to the first offer.  Patience could allow time for multiple offers to come in which increases the chances of getting an offer at your asking price.

April 20-21

The National Association of Home Builders reported that building permits for new residential housing in the Oklahoma City area are up 38% as of Feb. 2013 over the last year. Tulsa has seen a 45% jump. With the interest rates at a 40 year low, Home Creations is excited to help more people start their journey towards homeownership. Check out a video about interest rates from CNN Money.

For the past 30+ years, Home Creations has helped people achieve their dream of homeownership through the construction of quality and energy efficient new homes across the Oklahoma City and Tulsa metro areas. Visit one of  our communities this weekend and learn about the value of a new home and the ways one may own a Home Creations home. The gallery below shows a sampling of move-in-ready homes in our communities across the Oklahoma City and Tulsa metro areas.

- Anita Brown, Director of Marketing and Sales

You might be surprised on what YouTube has in store for homeowners and those of you who are looking to purchase a home. Videos can hold a few perks when it comes to using it during the home buying process.

Here are a few ways videos can help you purchase your home…

1. Choosing a professional

More agents, lenders, and title companies are choosing video to generate that first impression. Especially now that so many buyers and sellers are looking online first before contacting an agent. You can get to know the person you might want to work with before even picking up the phone to contact them. Pretty cool!

2. Looking at homes

Let’s face it, real estate agents are not always the best photographers. Video will allow you to see the space and layout of a home as if you were standing inside. Some floorplans and layouts can not be justified by photos or videos but at least you will get a better idea of the home with a video. Some agents hire professional photographers who can make a room look bigger than it really is or even brighter than it really is.

3. Neighborhoods

Many cities have videos that include highlights of the neighborhoods, area, things to do, parks, convenience, and more. Do a quick YouTube search to see what you can find, especially if you are relocating or if you are looking to find out more about the city you are in.

4. Tips and Advice

The savvy professionals are creating videos filled with tips for home buyers. These tips may include…

• What is a Conventional Loan?

• Are there any tax deductions for first time home buyers?

• How to apply for a mortgage?

• What is an appraisal?

• What are closing costs?

Whatever questions you have, you can Google it or “YouTube it”. YouTube is for the visual learner, those who want to see what they need to do or see what they need to know.

As a homeowner, you always want to be prepared. Here are five home safety devices you should have:

1. Fire extinguishers. Put one on every floor of your home, plus an extra in the kitchen where the vast majority of home fires start. Multi-purpose A-B-C extinguishers put out all types of fires. Check and recharge when the pressure gauge drops. You’ll even get a discount from some insurers.
2. Upstairs escape ladders. Put one under a window in each upstairs bedroom. Practice deploying them.
3. Wireless water alarms. Place under sinks, behind the refrigerator, anywhere water will collect if there’s a leak.
4. Automatic shutoff valve for water heater. This cuts off the water supply as soon as it senses a leak.
5. Sump pump alarm. Alerts you to a rapidly rising water level that could mean a flood.

If a disaster hits, here are 10 key items for a home emergency kit. Keep them in a waterproof plastic bin in an easily accessible place.

1. Battery-operated lantern. Throws more illumination than a flashlight and is much safer than candles.
2. Radio/phone charger. Get one with a hand crank for charging.
3. Multi-tool. Make sure it includes a can opener and pliers.
4. Mylar blanket. This shiny silver sheet is remarkably warm, yet lightweight, and folds up compactly.
5. Nylon rope. Handy for tying down outdoor furniture and securing doors.
6. Fishing line. This is a very strong way to secure items when rope is too thick.
7. Duct tape. Nothing is as versatile for quick temporary repairs.
8. Vinyl tablecloth. Spread it out anywhere to create a clean zone.
9. Baby wipes. These are great for removing dirt and grime from your hands or almost any surface.
10. Work gloves. Use these to protect your hands during post-disaster cleanup.

HOME INSURANCE: TOO MUCH? TOO LITTLE? CHECK IT OUT!

Here are five steps to take to get the right insurance at the right price:

Step 1. Determine how much coverage you need. Don’t go by your home’s appraised value, which includes the land. Ask your local homebuilders association for recent per-square-foot replacement costs. If your area is prone to natural disasters, price out extended or guaranteed replacement policies to protect you from inflated labor and material costs after such events. With your home replacement taken care of, look at coverage for possessions, living expenses, and liability.

Step 2. Find out what’s NOT covered. Standard policies don’t cover damage from flooding, mudslides, and earthquakes. If you’re in a flood zone, you may have to buy supplemental flood insurance. Most standard policies exclude mold, broken water mains, and sewer backups, but you can buy extra coverage for them.

Step 3. Examine the deductible. Some insurers are changing their deductibles from dollar amounts to percentages, which may turn out to be higher deductibles. If that’s the case, check that the premium has been lowered. To reduce your premiums, you want to take the highest deductible you can afford.

Step 4. Focus on the premium. When you get your renewal, compare the new premium to last year’s. If it’s up more than 5%, ask for an explanation. Did your risk profile change, or the market? Try to lower your premium by bundling in auto insurance, installing a security system, storm shutters, or a new roof. But first check with your insurer.

Step 5. Keep records. Do a home inventory of everything you own. Add receipts, photos, or videos and store with all paperwork, including your insurance policy, in a fireproof box. As a backup, scan and store that info on a flash drive and keep it off-site.

Eric Fete

http://www.columbusleasetobuy.com

http://www.ohiosellhousefast.com

http://www.ohiocash4yourhouse.com