August 15, 2013 rummy

The annual report I value most is the NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers. This report is packed full of useful statistics for agents and brokers who are looking to educate themselves about the sales process from the perspective of the Home Buyer and Seller. It clearly shows where agents should be focusing their marketing dollars (hint: not the newspaper) and also provides important details about the Buyers and Sellers experience during the sales transaction. Here are some highlights: 90% of consumers did online research before they bought their last home. 42% of buyers found the…

August 6, 2013 rummy

New reports are revealing that the number of existing home ownerspurchasing a house is beginning to increase. Some are moving up, some are downsizing and others are making a lateral move. Another study shows that over 75% of these buyers will, in fact, be in that first category: a move-up buyer. We want to address this group of buyers in today’s blog post. There is no way for us to predict the future but we can look at what happened over the last year. Let’s look at buyers that considered moving up last year but decided to wait instead. Assume…

August 1, 2013 rummy

Imagine having the perfect tenants in your rental property. Maybe you already have them now. What we really hope is that these perfect tenants will remain perfect. To continue doing all the right things and not doing any of the wrong things. We want them to obey the lease agreement religiously, take care of the property and pay the rent on time or early. Imagine a tenant who leaves the rental better than it was found. Is this idea from the The Twilight Zone or something you can really have? Most of the time, when we actually have a tenant…

July 30, 2013 rummy

Here are three great reasons to consider buying a home today instead of waiting. 1.) Prices Will Continue to Rise The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released last week projects appreciation in home values over the next five years to be between 12.3% (most pessimistic) and 32.8% (most optimistic). The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes any sense. 2.) Mortgage Interest Rates Are Increasing As reported by Freddie Mac,…

July 19, 2013 rummy

Good Neighbor Next Door (GNND) is the new name for an old program. Most of you may know it as Teacher Next Door or Officer Next Door. In 2005 the program was changed to include firefighters and emergency medical technicians (EMTs). Highlights: • Specifically for designated HUD homes in revitalization areas • $100 down • 50% discount (provided by HUD as “silent second”) • “Silent second” released after buyer occupies as primary residence for 36 months • Active Duty Military Deployment is not considered an occupancy violation • All equity/profit is buyer’s after initial 36-month period • HUD doesn’t pay…

July 3, 2013 rummy

When you are Returning the Security Deposit DO wait until the tenant has moved completely out before returning any deposit money. DON’T have a “walkthrough” with the tenant before moveout to determine the condition of the rental. Tenants like to do this to reassure themselves that they will get all their security deposit back. Instead of calling it a “walk-through”, I like to call it the “AMBUSH” because that’s really how it is when you are put on the spot. The tenant is still in possession of the rental and is insisting on getting the full deposit back. DO Obtain…

June 4, 2013 rummy

-Paying bills on time will improve my credit score – While it is definitely a good start, it is not the only thing that needs to be done. Since 35% of your score is based on your payments being on time, it is essential but it will only continue to raise your credit score slowly over time. Remember that if payment history only accounts for 35%, there is still 65% of your score that has nothing to do with missing payments. -Cancelling credit cards that you haven’t used in a while will increase your credit score – Cancelling unused credit…