Kathy Riggs June 12th, 2011
You can’t escape it anywhere – turn on the TV and the talking heads are telling us how bad things are.
The economy is tanking and the American Dream has become a nightmare for many people.
The newscasters fail to remind you – like politics – all real estate is “local.” Markets vary greatly within states and counties.
But two factors say it’s a great time to buy a home and quit putting rent money down the drain.
Home prices have dropped almost everywhere and interest rates remain at historic lows. As of this post I know one lender that’s offering loans to buyers with less than 620 credit scores, but a higher down payment is required. (Disclaimer: lending regulations can change quickly and a trip to a mortgage counselor should be the first step a buyer takes.)
So how do you know if you should buy vs. rent? Ask yourself the following questions because buying is a financial, emotional and mental commitment.
1. Do you feel secure about your employment situation?
2. Can you financially commit to the loan payment (principal and interest), the property taxes and insurance?
3. Can you afford the maintenance or are you able to do it yourself?
4. Can you predict your lifestyle and family needs for the next four or five years?
If you can answer yes to the above questions now is a good time to buy or upgrade. Interest rates have been low for a long time and if you wait until they inch up, you will be paying more out of pocket in the long run.
If the time right for you to buy, the time to start looking is now, while the summer days are long and remember the time between contract and closing is between 40 and 45 days. So, if you want your family settled by fall, call a Realtor today.
Housing Tip for June…
Clean refrigeratior and freezer coils. Checks for leaks behind dishwasher toe panel. Replace cracked washing machine hoses. Clean filters then reattach hoses.
SHAMELESS PLUGS
Nine of 10 buyers begin their housing search online. Call me at 252-939-2432 and let me help place your home on the world wide web.
Kathy Riggs April 10th, 2011
Bet that heading caught your eye.
As listing agents REALTORS are always telling their sellers they need to remove cutter and create a light and airy atmosphere in their homes.
But when it comes to files regarding the closing on your current home or anything related to taxes, it might be time to be a pack rat.
When you closed on your current house, the attorney sent you home with copies of documents that you signed. Also, some things such as the original deed from the previous owners to you and your title insurance policy may have arrived later in the mail. Keep all of these documents in a safe and secure location. Any charges that were relative to the transaction should be documented on the HUD-1, the settlement statement. Among the charges you will see on the settlement statement are the payoff of liens on the property, attorney fees, recording fees, proration of taxes, loan and escrow fees and charges for any repairs or inspections that were made before closing.
You may never need these papers again, but sometimes they are needed for reference. For example, if you sell your home six or seven years later and a title search indicates an outstanding lien, the HUD-1 statement documenting the payoffs will help solve any questionable issue.
Any if you are thinking of buying, lenders are asking for more and more income documentation. Your lender will need a year-to-date pay stub, W-2 forms for the past two years, two months of banks statements. The required documentation from people who are self-employed will need to be addressed in another post.
Just remember, when you are spring cleaning and you run across the files of a transaction that closed several years ago…don’t toss…be a pack rat.
Housing Tip for April…
Buyers always want to know the age of the roof. An asphalt roof should last 20 years, but you can’t ignore it. April is a good time to clean leaves from the roof and wash mildew and moss from the shingles.
SHAMELESS PLUGS
More than 90 percent of buyers start their housing search online. Call me at 252-939-2432 if you have found several houses you wish to see and we’ll start house hunting. Just because it doesn’t have my firm’s sign as the listing firm does not mean I can’t help you get in the door.
