6 LITTLE KNOWN FACTS THAT CAN HELP YOU BUY YOUR FIRST HOME

It’s a dream we all have - to own our own home and stop paying rent. But if you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours. How could it when you’re not even permitted to bang in a nail or two without a hassle? You feel like you’re stuck in the renter’s rut with no way of rising up out of it and owning your own home.

Well, don’t feel trapped anymore! It doesn’t matter how long you’ve been renting, or how insurmountable your financial situation may seem. The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner. With this information, you will begin to see how you really can: - save for a down payment- stop lining your landlord’s pockets, and- stop wasting thousands of dollars on rent.

The problem that most renters face isn’t your ability to meet a monthly payment. Heaven knows you must meet this monthly obligation every 30 days already. The problem is accumulating enough capital to make a down payment on something more permanent. But saving for this lump sum doesn’t have to be as difficult as you might think


Today will be the first in our series of these little known facts that can help you purchase your first (or more) home.




Point #1:
You can buy a home with much less down than you think. There are some local or federal government programs (such as 1st time buyer programs) to help people get into the housing market. You can qualify as a first time buyer even if your spouse has owned a home before as long as your name was not registered. Ensure your real estate agent is informed and knowledgeable in this important area and can offer programs to help you with your options.


If you would like to sit down and see how this information can apply to your specific situation, please call me at 615-957-4446 with any questions you may have. I can put you in contact with the people who can help you with your dream.

Look Out!!!

Thanks to RealEstate.com for this article.

Red Flags When Buying a Home

Watch out for these signs that something might be amiss with the house you're interested in.

It’s exciting to shop for a new home, and even more exciting to find one you love. But don’t let that blind you to the little signs of potential problems that could haunt you long after the excitement of moving into a new home has worn off.

So what kinds of situations should send up red flags when you’re house hunting? Some are more obvious than others.

“The first thing we look at is the overall condition. If the house is just a total wreck when people are showing it, it’s probably not been cared for overall. There may be a lot of deferred maintenance,” said Curt Johnson, a REALTOR® with Century 21 Award in San Diego, Calif., a member of the RealEstate.com broker network.

Johnson said cracks on both sides of a wall, such as on either side of a door, can indicate a cracked slab or shifting foundation. So can doors or windows that do not open or close properly. It’s worth further investigation, he said. And that’s not all.

“Any time there is a musty smell, or just a sense of moisture in the property, it is a huge red flag,” he said. “We’re always concerned about mold issues.”

Also look for signs of water damage in the ceiling, which can indicate a roof leak.

Sometimes the red flags aren’t in the house itself but in the neighborhood.

A lot of For Sale signs can be a red flag that the neighborhood is in decline and property values are falling, said Sandy Guralnik, a REALTOR® in Charlotte, N.C., with Coldwell Banker United, a member of the RealEstate.com broker network.

Other neighborhood red flags include a lot of investment properties, or rentals, which might not be maintained as well as owner-occupied homes, she said. Additionally, a lot of foreclosures are likely to bring down property values and can signal a neighborhood in distress.

Other red flags experts say to watch out for when buying a home:

• Signs of termite infestation. Be sure to have the home inspected for termites before buying.
• Moisture in the basement. Correcting seepage problems can be expensive and time-consuming.
• Signs that the home is settling beyond what would be expected for its age. Horizontal cracks can be an indicator of serious foundation or structural problems.
• Roof gutters rusting or pulling away from the structure. Water leaks can damage the home, and gutters pulling away from the home can be a sign of wood rot in the fascia.
• Land sloping toward the home. This is a recipe for water damage.

One of your best defenses is to have the home inspected before closing. Qualified home inspectors are trained to spot structural and system problems the average person wouldn’t notice. The inspector also can advise you on whether those problems raise serious red flags or are typical for the age and location of the house.

An inspection also can tell you how long the heating and air conditioning is expected to last, or whether you’re likely to need a new roof in a couple of years. If you proceed with the purchase, you’ll know to budget for those repairs.

Mortgage Rates at a Low!! ACT NOW

Mortgage rates currently sit at 5.88 percent, and analysts say they are unlikely to fall any further for the rest of the year. Interest on 30-year fixed loans is only down a quarter of a point, as the credit markets have cut the link between it and yields on 10-year Treasuries; and while skittish investors have moved to Treasuries to trim the yields, mortgage lenders have not eased lending standards.

Mortgage rates are likely to close 2008 at about 6 percent as investors in bonds focus on rising inflation and drive interest rates higher.

Long-term rates will also increase due to the additional supply of Treasuries as Congress borrows to raise money for the growing federal budget deficit.

[SOURCES: Information, Inc.; Kiplinger.com]

If you would like to buy or sell your home, please contact me!!! andrew@andrewlael.com

Some Spring Cleaning Tips

Spring Cleaning Checklist

With spring selling season arriving, take the time now to polish your home to perfection.

1. Let the sun in. Make any room look brighter with clean blinds and windows. Mix a solution of one part white vinegar to eight parts water, plus a drop or two of liquid dishwashing liquid, for a green window cleaner. Spray on and wipe with newspaper to avoid streaks. (Washing on a cloudy day also reduces streaking.)

Showing tip: Replace heavy drapes with lightweight shears during warmer months to give a room a brighter, lighter feel for prospective buyers.

2. Sniff out smells. Check the drip tray underneath your refrigerator and wash out any standing water from defrosting. Remove inside odors by washing the inside of the fridge with a baking soda and water solution. Boil lemon juice in your microwave and add it to your dishwasher to eliminate bad smells. Also, put the lemon rinds down the disposal. Add activated charcoal in the fridge to keep odors at bay.
Showing tip: Make the fridge smell fresh instantly with cotton balls soaked in vanilla extract or orange juice.

3. Make your bed better. Vacuum mattresses and box springs, and then rotate and flip over. Do the same for removable furniture cushions. This is also a great time to wash or dry-clean the dust ruffle and mattress pad.

Showing tip: Add new loft to a lumpy comforter by having two people vigorously shake the quilt up and down to redistribute stuffing.

4. Clean those coils. Improve energy efficiency by vacuuming grates, coils, and condensers in your furnace, stove, and refrigerator (either underneath or in back). If a vacuum won’t reach, try a rag tied to a yardstick.

Showing tip: Shut some air conditioning vents on the first floor or basement so that more air will reach and cool the second floor. Reverse the process in winter for heat vents.

5. Wash the walls. Grease, smoke, and dust can adhere to walls and make even the best decorating look dingy. Wash walls using a general-purpose cleaner with hot water. Start at the top of the wall to avoid drips and in a corner so that you wash one wall at a time. Rinse the mop head frequently in clean water. And don’t press too hard because flat latex paint won’t absorb too much water.

Showing tip: Resist the temptation to spot-clean walls since it will make the rest of the wall look dingy.

Purchasing a New Home? Here are some guides!

“THE HOMEBUYER'S GUIDE TO NEW HOMES”

10 tips to save you time and money!

Dear Home Buyer,

When you're buying new construction, there are many important issues, large and small, that you should be aware of to make the best possible decision. It is essential to be as informed as possible in order to properly prepare yourself in the process of buying a home

Because there are many issues to consider, your first step is to consider choosing reputable and experienced professionals to represent your interests. When selecting your real estate agent, ensure you find someone who has extensive experience with the process. They should also refer you to a local real estate lawyer who can ensure your interests are protected.

When shopping for your home, you'll discover that most homes on the market are resales. Yet, one out of four homebuyers purchases a new home. Both new homes and resales offer advantages. Before you make a decision, let's compare the two:

NEW HOMES

Offer innovative use of space and style;

Greater energy efficiency;

A choice of options and upgrades;

Everything is new, and modern.

VERSUS

EXISTING (RESALE) HOMES

On the average they are less expensive;

Often they are in established neighborhoods with mature landscaping;

Homes have already settled, eliminating possible problems that arise from this happening after the purchase of home.

As you can see, there are advantages to both. Most people consider both new and existing homes before they decide to purchase. Should you be thinking about buying a new house, here are 10 points to consider before you visit your first model home.

10 TIPS TO SAVE YOU TIME AND MONEY

Tip #1: Get in Touch with Your Agent.

Before you visit your first model home, sit down with your agent and do your homework. You'll want to be prepared so that you can determine a comfortable price range for your new home.

Determine a Comfortable Price Range - If you own a home, you'll first need to know the net proceeds from its sale in order to determine how much cash you'll have to work with. Don't simply estimate this but carefully calculate every possible selling cost. If you're a first time buyer, you'll need to first qualify your income. Determine the size of your down payment, then work out a monthly debt load so you can determine a comfortable price range.

Tip #2: Sellers' Agents Versus Buyers' Agents.

Here's a good point to remember. The sales agent in the model home represents the builder, not you. They are known as sellers' agents. As a buyer you can work with a buyers' agent at no additional cost. It's his/her business to best represent your needs by being knowledgeable about home construction, warranties, financing, differences in pricing, quality, even lot selection so that you get the best value for your money.

Tip #3: A Builder For All Reasons.

Like all tradesmen, builders vary in their fields of expertise. For example there are builders who specialize in craftsmanship, others who are known for their innovative use of space, and those who offer below-market financing or customer attention during construction and after move-in. Determine your own specific needs or preferences then shop around for a builder that will best address your requirements.

Tip #4: Get the Facts About Your Builder.

Before making a final decision, it is wise to check out the reputation and financial strength of the builder. Get "spec sheets" on home features covering everything from floor plans to energy efficiency, including lot availability and delivery of your home. (And see below for information about Immediate Delivery of homes.)

Tip #5: Check Out the Neighborhood.

Learn as much as you can about the community.

Discover what amenities it has to offer.

· Investigate if financial reserves have been set aside to build or replace major amenities like schools or community roads.

Find out from local land-use officials what else is planned or could be constructed in the area, especially where vacant land is applicable.

Review the rules for the homeowner's association, or find out if one will be set up.

Think of how you will be affected by commuting routes and times.

Tip #6: Choosing Options and Upgrades.

The least expensive the base price of the house is, the more options and upgrades you can add without fear of overpricing it for the neighborhood. Options are items the builder installs during construction, such as adding usable space like a sunroom or a powder room. These features can add the most to the resale value of your home. Upgrading means selecting quality above "builder standard" such as carpeting, ceramics, detailing, kitchen fixtures and appliances.

Be sure to take advantage of builder incentives that offer free upgrades or credit off the sale price.

And remember, you can add a deck, finished basement or landscaping later and sometimes for less money.

Tip #7: Negotiations.

Often buyers don't realize that there may be room for negotiating price, upgrades or options. For example, you have some scope for negotiating with the builder if s/he has a completed a home but hasn't sold it. Also some "premium lots" are priced higher and are sometimes saved to be sold last. Keep in mind that typically, all lots cost the builder the same, so be sure to enquire about lot pricing. Builders may offer discounts or special financing to help close a sale.

Tip #8: Be Sure the Contract Works in Your Favor!

When spelling out the particulars of an agreement with your builder, ensure you protect yourself by having safeguards written into the agreement, such as:

• placing your deposit in escrow;
• detailing your upgrades;
• allowing you access to the construction site to check on progress;
• a 30-day advance notice of the closing date.
• an explanation of what the fine print means in the warranties of the builder and manufacturer.

Tip #9: Financing - What's Best for You?

Some builders, especially in high-volume communities that place large numbers of loans, can offer special financing packages. However, because "home loan" lending is highly competitive, you have many financing choices other than those being offered by the builder. Shop around for everything, from rates to lender fees. Appraisals, inspections, surveys, attorneys and closing fees can vary as well.

Tip #10: Just Because it's New - Doesn't Mean it's Perfect.

Yes, it's new and typically it's built with modern materials that are durable, low maintenance, stronger, quieter, and safer. But because nothing is perfect, even if it's new, consider hiring a reputable, licensed home inspector. Then create a builder "punch-list" from what you've learned, to address any problems before closing. Consider budgeting for items to be modified or added later on.

Many new homebuyers use a real estate agent to help them negotiate the best price and terms with the builder.

Bonus Tip!!

IMMEDIATE DELIVERY ON NEW HOMES

Buyer Advantages Your Builder May Not Reveal!

Here's a fact that you may not be aware of. Some builders have newly-constructed homes available for immediate delivery. Usually these homes are ready to move into within 30 days. Even if some builders are eager to sell, they'll probably keep that knowledge to themselves.

Immediate delivery homes are often available for various reasons:

• the community, where new homes are being constructed is nearly complete, so the builder proceeds to have the on-site contractors build "spec" homes (homes built on speculation for sale) on the last lots;
• the model home is for sale;
• the contract on a home has fallen through;
• builders include constructing homes for immediate delivery for buyers who are relocating or who have sold their previous home and need one to move into quickly.

Immediate delivery homes may be more desirable, because sometimes builders offer financing incentives or free options. This may be done in place of chopping prices to appeal to buyers purchasing later in the building phase.

An immediate delivery home is an advantageous way to purchase a home if you need to move in quickly, or need a physical space to walk through and see before you sign a contract. Be sure to enquire.

To sum up, by being aware of these and other issues, and by seeking advice from an experienced real estate professional and obtaining legal counsel, you can protect yourself against potential mistakes.

If you are in the market for a new home, or an existing residential home, I would be happy to help! Feel free to call or e-mail me! My phone is 615-957-4446. E-mail: andrew@myagentandrew.com

This material came from Keller Williams vast library of helpful information. If you are considering a career in Real Estate, or are already involved, just not happy, please contact me! I would love to introduce you to KW!

A New Home!!!

Sticks and Stones Now has a new home.

Due to some technical issues with my previous site, I have switched here to blogger. They have provided excellent service for my other blog.

I am so glad you have made the move with me. On that note, if you are thinking about moving and need to sell your current home or find a new home, please contact me. I have the knowledge, skills, and support to make the whole process go smoothly.

I can't wait to help you and provide you with excellent customer service. If you need anything at all, please call me at 615-957-4446 or e-mail me at: andrew@myagentandrew.com