How much should I offer on a house? This is a question that I get several times each week. It varies in form a little each time, but I am surprised how often it's asked without reference to any particular house. So whenever I hear someone ask... "How much should I offer on a house?"... my first thought is... which house? If this question does get rephrased it is usually … [Read more...]
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So How Is The Raleigh Real Estate Market?
How is the Raleigh real estate market doing? I get asked this question many times every day. I've tried the short answer. You know the ones... great... awful... better... up and down. But no quick answer really paints an accurate picture of the Raleigh real estate market. The best way for me to reply is probably, "why do you ask"? The Raleigh real estate market is actually made up of … [Read more...]
Filed Under: Buying a Home, Selling a Home Tagged With: market analysis
Flipping Houses Can Bring Profits And Problems
Flipping houses can be a profitable business. After all, there are people on HGTV and A&E with their own shows making it look easy, right. Well maybe. The basic strategy for flipping houses is to buy a distressed property at a price that is discounted far less that what it would take to cure the distress. In other words, if a house is worth $200,000 in top condition, and needs $30,000 … [Read more...]
Filed Under: Buying a Home Tagged With: investors
Who Is The Seller When It’s A Short Sale?
Short sale offers are many times delivered along with a good portion of misunderstanding. There seems to be quite a bit of confusion regarding who is actually the seller. Confusion exists even among some Realtors. I've listed a fair number of short sales. Every time I have had at least one offer presented where the real estate agent demands that the bank be notified at once of their … [Read more...]
Filed Under: Buying a Home, Selling a Home Tagged With: short sale
Will Interest Rates Go Up?
Generally speaking, when interest rates go up, that's bad for my real estate business. That's bad for any real estate business. That's bad for anyone who ends up having to pay more in finance charges. So I'm hoping, for my sake, the sake of my fellow Realtors, and for your sake that rates do not go up. But hopes and wishes aside, mortgage interest rates will probably increase soon. Why? … [Read more...]
Filed Under: Buying a Home Tagged With: closing costs, mortgage
Short Sales Take A Long Time
By now everyone probably knows what a short sale is. I wonder who decided on the name short sale? It definitely wasn't the Realtor, or the buyer. Or the seller for that matter. I know the name comes from the fact that the sale is "short" of the amount owed on the current mortgage. But by the time everyone is engaged in the process, we are all thinking we should call these things long … [Read more...]
Filed Under: Buying a Home, Selling a Home Tagged With: short sale
Buying A Home – Get A Survey
I've always been an advocate for getting a survey whenever you buy a home. I always do whenever I buy a home. I've written about getting a survey before on this blog. Doesn't matter if it's a new home or a home that's 50 years old, you still need a survey. Here's a quote from an addendum to the NC Standard Offer to Purchase And Contract that states it well: *NOTE REGARDING SURVEYS: … [Read more...]
Filed Under: Buying a Home Tagged With: closing costs, survey
Home Buyer Tax Credit Gets Expanded For 2010
A nice bonus awaits many home buyers in this new year. The Home Buyer Tax Credit has been extended and expanded to include many more potential home buyers. The Home Buyer Tax Credit actually began back in 2008 as a $7,500 credit only available for first time home buyers. And it had to be paid back at the rate of $500 each year over 15 years, or in total upon the sale of the home. In 2009 … [Read more...]
Filed Under: Buying a Home Tagged With: first time buyer, tax credit
Fed Cannot Keep Mortgage Rates Low Forever
When buying a home one very important component of the decision making process for most people is the mortgage rate. Lower rates mean you can afford more house for your money. As rates increase, typically home buyers must scale back their expectations and settle for less size and/or amenities in their home. Some home buyers are shut out of the market altogether as rates continue to … [Read more...]
Filed Under: Buying a Home Tagged With: mortgage
Mortgage Pre-Approval More Important Than Ever
To say that things have changed in the mortgage business would be a huge understatement. Qualifying is more challenging, down payment requirements have changed, and sources of income that once were allowed now are not. The rules have changed and it seems new guidelines continue to be put in place almost every month. Because of new mortgage loan underwriting guidelines, there is now more … [Read more...]
Filed Under: Buying a Home Tagged With: mortgage
