Lake Tahoe Real Estate. Lake Tahoe NV Living.

Working with a real estate agent effectively to buy a home

noreply@blogger.com (Alvin Steinberg) — Mon, 16 Dec 2013 17:48:00 +0000

A good real estate agent can support and assist his clients, but how they handle the process of searching for and buying a home will affect how helpful he or she can be.

Taking advice

People may find it hard to trust in their agents' judgment, since they are the ones who will be buying and living in a home once the decision is made. However, agents are professional experts who commonly have years of experience, not just in their job but in a specific housing market.

Talking over what the buyers want and walking through homes that are not quite right may require patience, but ultimately can help the agent and buyers refine their search so that they know what to look for. Once agents have a specific concept of the type of home to find, they can better serve buyers.

Sometimes, buyers may be attracted to characteristics of a home that does not meet their needs. If an agent's advice conflicts with their own instincts, buyers may wish to re-evaluate what they are looking for and ask themselves whether the property has those characteristics. If not, the agent may have saved them from making a mistake.

Trusting an agent

Trust applies not only to judgments on whether a property is right, but also on price and other factors. By the time negotiations are beginning, the homebuyers should have had a chance to develop trust with their agent.

When the time comes to make offers, homebuyers should remember that their agent has experience in both the negotiation process and, generally, the local real estate market. This makes him or her better suited to evaluate what is a fair price than most consumers. While the agent cannot make all negotiation decisions for his or her client, the point of hiring an expert is to benefit from his or her advice.

Written by Coldwell Banker

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

2013 Strategies For Softer Housing Markets

noreply@blogger.com (Alvin Steinberg) — Wed, 11 Dec 2013 17:29:00 +0000

Across the U.S., housing is currently at a five-month supply. That's considered a healthy seller's market.

But when supplies build to seven months or more, the advantage moves to the buyer.

If you're a seller in a market that was hot but now not, you may be wondering what went wrong. Should you pull your home out of the race? Not if you want to sell.

Markets are constantly in motion even when they appear to be resting. The retreat in sales volume or sales prices may be short or it can last for a long time.

Most factors that impact housing are out of your control. You can't influence mortgage interest rates or create jobs that bring down the unemployment rate. But there are things you can do to help your home sell in a softer market.

Don't panic

Ask your real estate agent to give you a market analysis that will help you understand three-month to six-month trends. You'll be better prepared if you know that it may take longer to find a buyer.

Compete on condition

The closer to move-in ready you can make your home, the better. Put your home in clean, white-glove condition and stage it attractively to show off its best features.

Plan for demanding buyers

Buyers may ask you to pay closing costs, or to provide a home warranty, or make other concessions. Your real estate agent should be able to tell you which incentives may work with your listing. So be prepared to leave the washer/dryer, stainless fridge or your favorite chandelier.

Price reasonably

If you want a quick sale, price below current comparables. If you can afford to wait longer to sell, price at current comparables. Whatever you do, don't price above the market.

Expect low-ball offers

No matter what price you put on your home, you are bound to get ridiculously low offers. That's the culture we live in. Encourage your agent to answer politely and to provide a copy of the comparables so the buyer can see you've priced to be competitive in the current market.

One thing you can count upon is that a softer market will get firmer. All it takes is home buyers willing to invest. By giving them a great home at a great price, you'll make it easy for buyers to say yes.

Written by Blanche Evans

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

What You Need to Know About Buying a Home During the Holiday Season

noreply@blogger.com (Alvin Steinberg) — Mon, 09 Dec 2013 18:15:00 +0000

If you’re house hunting over the holidays, you’re likely a serious buyer with an immediate need. Perhaps you have to relocate for a new job opportunity, or there’s been a change in your personal life? Regardless, while you may assume it’s not an ideal time to be looking — namely because there isn’t much to look at — there are some advantages to buying this time of year.

Less competition
Let’s start with the obvious one: less competition. This lowers the chances of multiple offers and bidding wars (something we saw a lot of last spring/summer), and should translate into a bigger discount for you. Know your market! This is where sites like Zillow come in handy. Start your research below for comps in your area and to see what homes are selling for.

http://www.livinglaketahoe.com/

Serious home sellers
Why would sellers pick such an inconvenient time — while everyone is busy entertaining family and friends and enjoying the spirit of the holidays — to list their properties? Probably because they need to sell and may feel compelled to do so before the end of the year for tax purposes. What this means for you: less hassle when it comes to negotiating; a greater willingness, on the part of the seller, to agree to concessions; less chance of the seller waffling; and greater respect for your offer, even if it’s a little lower than the seller was perhaps expecting.

Faster mortgage approval
Lenders aren’t as busy this time of year, and less volume could mean faster approval. Some lenders might even be willing to reduce fees during the off-peak season in hopes of gaining your business. Regardless, don’t just go with the first lender who comes along. It pays to shop around. Get multiple quotes and check out lender reviews on Zillow Mortgage Marketplace.

Greater affordability
Sure, home prices have been rising, but they’re typically lower in December than during any other month (so you don’t have to be as aggressive with your initial first offer, compared with buying during peak to high season). Zillow’s third quarter Real Estate Market Reports showed home value appreciation slowing. As we enter the slower home shopping season many overheated markets are moving away from bubble brink and ultimately becoming more affordable than they have been historically. If you want to take advantage of low interest rates, the time to act is now.

Written by Vera Gibbons

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

noreply@blogger.com (Alvin Steinberg) — Fri, 22 Nov 2013 20:03:00 +0000

Benefits Of House-Hunting During The Holiday Season

When you're writing out the holiday shopping list, maybe it's time to put your name on it and a home as the gift. If you've been considering buying a home, here are a few reasons why shopping for one during the holiday season can benefit you.

Yes, it may involve you really prioritizing your time; the holiday season is a busy time. But if you can make time to house-hunt and you have already been pre-approved so you know how much home you can afford, then this could be a very good experience. And it may lead you to a new home in time for Christmas!

Like many businesses, the holiday season can cause things to slow way down. That's often the case for real estate. However, that doesn't mean you won't find eager sellers hoping you'll make an offer on their homes. Even though there are parties, kids' social activities and end-of-the-year work commitments, real estate sellers are still ready to let you step inside their homes to see if you'll find one is a good fit.

When real estate slows down, that means mortgages slow down. So this is a good time to get a mortgage. There's a chance your loan will move through the process faster. That doesn't mean you will have lax guidelines, rather it means that if there are fewer loans to process, yours can move along faster.

Some say that you have fewer options because inventory drops during the holiday season. While that may be true, it doesn't mean that every seller takes their home off the market. Sellers with their homes on the market during the end-of-the-year months are typically serious sellers. There may be tax reasons motivating a seller to sell before the end of the year which could create greater opportunities for negotiation. There's likely a sense of urgency on the seller's side.

Often home prices are lower in December than in other months. If you wait until the spring, you're likely to wish you'd, at least, done some house-hunting. Industry reporting services often show home appreciation slows in the fourth quarter, making homes more affordable.

Since it is a busy time of year, you may find that there aren't many buyers shopping for homes, which is exactly why this may be a good time to house-hunt. Fewer buyers could mean a great opportunity for you to make an offer and negotiate a favorable price. However, fewer homes to choose from could mean you have more difficulty finding precisely what you're looking for. But too many homes can also create a no-win situation by confusing and overwhelming you.

Shop smart by making a list of the "must-have" and the "really-would-like" items. Carry the list with you or use a home-buyers' app to keep it on your smartphone. It's much like a holiday gift shopping list - better to know who you're buying for, how much you want to spend, and, at least, an idea of what you'd like to get that person. Same goes for a home.

Simplify the house-hunting process by having some written notes about what you intend to buy. Of course, things do change, so be open to discovering that dream home that has something on your list you never knew you needed or wanted. Your list will just help you evaluate and prioritize which things in a home are most important to you. Then instead of unwrapping this holiday season, you might be wrapping up and packing up your belongings!

Written by: Phoebe Chongchua /Realty Times
November 22, 2013

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Home buying in Fall | Keys to Negotiating the Autumn Housing Market

noreply@blogger.com (Alvin Steinberg) — Wed, 20 Nov 2013 19:51:00 +0000

So, you’re finally off the fence and ready to buy a home before prices — and mortgage rates – rise any further. Here’s what you need to know about jumping into the market at this time of year.

Know Your Market: The bottom line is that different markets behave differently during the fall. According to Zillow’s August Real Estate Market Reports, national home values rose 0.4 percent from July, marking the third consecutive month in which monthly home values rose more slowly than the month prior. However, markets in California, Las Vegas and Minneapolis are still seeing an extremely brisk pace of home value appreciation (2 percent or higher). As we exit 2013′s selling season, we will start to see a slowdown in home value appreciation.

Selection Is Limited: Many frustrated sellers who weren’t able to unload their properties during the busy peak spring/summer buying season may take their homes off the market, particularly as the holidays approach and the action comes to a screeching halt. This means you can expect the selection to be even more limited than it currently is in some markets.

There’s Room to Negotiate: Was there a home you saw and loved a few months ago? Is it still on the market? If it hasn’t sold after one of the hottest real estate summers since the economic downturn, you likely have room to negotiate. While some buyers will pull their homes off the market, others who have been holding out for the best possible price may now be ready to come down. While some homeowners are determined to get a set price, others may simply want out at this juncture.

Check Maintenance Areas: Fall is the ideal time to check things such as gutter drainage and the general upkeep of the yard. How does everything look? Does anything need repair? Visit the home on a rainy day and see for yourself. Then go inside and check out the furnace, looking for drafts, leakage issues and other possible structural/maintenance problems. If they’re apparent, determine how much money it’s going to take to get everything up to snuff and factor that into your offer, adjusting your price accordingly.

Written by Select Group Real Estate

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Market Conditions for Incline Village, Nevada

noreply@blogger.com (Alvin Steinberg) — Fri, 15 Nov 2013 17:07:00 +0000

Market Conditions for Incline Village, Nevada

Reported by Alvin Steinberg, CRS, Broker/salesman

As of November 13, 2013.

Current Market Rating: 4

1	2	3	4	5
Buyer's			Seller's

Current Price Trend: 4

1	2	3	4	5
Falling			Rising

WELCOME TO INCLINE VILLAGE!
As of late, Incline Village is now experiencing a strong Seller's market with prices going up 2% per month so far...
The median sold price for a single family home has risen to $928,000. We now have a 7 month supply of inventory.
The median price for condominiums is $407,000.

January 1, 2013 as become a Sellers market. Homes are now selling at asking price and sometimes maybe 3% off asking price.So, don't hesitate, please come to Lake Tahoe and make your investment before prices even go higher. Now November and sales are continuing on a steady basis.With interest rates still very low, now is a fantastic time to buy. Don't miss out !

We expect even a better year for 2014.

Please feel free to call me anytime at 1-800-666-4718.

Thanks!

ALVIN

P.S. We embrace and live the Values and High standards of honesty, integrity and always doing the right thing.

Location Characteristics: The most exciting place to live is Lake Tahoe NV. Lake Tahoe offers practically every sport you can think of from Golf, Tennis, Snow Skiing, Sailing, Water Skiing, Hiking and many other sports. We are the only planned community around the Lake. We also have a recreation center with an indoor pool and a workout area. Movie theater with first run movies.We have only approximately 9000 full time residence. Very low crime, only 40 minutes to Reno International Airport.

A Certified Residential Specialist, Top 4% of all real estate agent earned this designation in the nation's REALTORS®, Alvin has the necessary experience, in-depth knowledge, and negotiating skills to carry out smooth transactions that are mutually beneficial for both the buyer and seller.

Please go to my web site for more details or call me for a complete package. www.LivingLakeTahoe.com

About Alvin Steinberg, CRS:
Alvin Steinberg has been in Real Estate since 1972 and carries a CRS (Certified Residential Specialist) in both California and Nevada. Alvin and his team are dedicated in providing you professional service whether you are buying or selling property in beautiful Lake Tahoe. One call does it all Call Alvin’s Team.

Buying or Selling: Now May Be the Time

noreply@blogger.com (Alvin Steinberg) — Wed, 06 Nov 2013 17:26:00 +0000

As we enter the winter months, many expect the real estate market to begin to slow down. However, this winter there are many reasons that both buyers and sellers should consider moving forward with their real estate goals instead of waiting until the spring.

BUYERS
Waiting until the spring will probably mean increases in the two elements that determine the cost of purchasing a home: home prices and mortgage rates.

SELLERS
A seller will get the best price when demand is high and inventory is low. Demand will remain strong throughout this winter (see above) while inventory historically shrinks this time of year.

Ask Your Real Estate Agent for your Valuation

Real estate agents are experts at estimating the value of homes. Some of that expertise comes from being educated about the market, and some of it is instinct. Agents often view or show hundreds of homes in your area every month, so they have a good idea of the going rate for a home like yours. A qualified real estate agent can prepare a valuation report to give you a rough estimate of the value of your home.

Written by The KCM Crew

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Home Buyers Guide in Beautiful Lake Tahoe!

noreply@blogger.com (Alvin Steinberg) — Wed, 30 Oct 2013 17:38:00 +0000

Our website is your Buyer's Guides and is here to help you find the best property you can in today's Lake Tahoe real estate market. There are many ins and outs to completing a real estate transaction, so it's important to stay patient, have an open mind and ultimately, be satisfied.

Buying should be an exciting experience, particularly on the lake! With the proven success of the Alvin's Team and Coldwell Banker on your side, you can be sure to find just the kind of property you seek.

Click Below:
http://livinglaketahoe.com/featured_properties1

Investing

Buying property in Lake Tahoe is a proven wise investment. It's a world-reknowned, high-elevation mountain community that provides year-round recreation against breathtaking nature and scenery. Its limited real estate and environmental growth makes the market incredibly strong, as most property consistently holds its value.

Tahoe offers an impressive stock of valuable land and real estate from affordable existing and new-construction homes to the staggeringly luxurious. And with the neighboring Silicon Valley, San Francisco Bay Area and Reno economies, Tahoe offers a quick getaway for those seeking a paradise escape from the hustle and bustle of the busy city.

Upon close consideration, it's inherently clear that Lake Tahoe real estate brings an abundance of prosperity and enjoyment for those looking to invest.

Vacation Homes

Buying a vacation home is a sound investment, especially in Lake Tahoe. With one of the world's greatest natural lakes, Tahoe is a hotspot for winter sports and summer activities alike.

Alvin Steinberg and his Team have the network, experience, and knowledge it takes to help you get the most from your purchase.
There are many factors to weigh when buying. It's important to find a property with the most return and working with the right agent definitely makes or breaks the purchase.

We are here to help you purchase your home, rather it’s your dream vacation home, full time residents, or you’re a first time buyer.

Please contact Alvin's Team today!!!

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Tahoe seeing strong home price improvement

noreply@blogger.com (Alvin Steinberg) — Mon, 28 Oct 2013 17:56:00 +0000

Even a slight spike in interest rates toward the end of summer hasn't slowed down the market around Lake Tahoe, according to real estate industry members in the area.
The volume of home sales rose 60 percent, and by 293 percent for homes selling for less than $1 million in the third quarter.

Passage of higher taxes on the wealthy in California last year has definitely spurred some buying in Nevada, but both sides of lake are seeing improved sales.

The other issue is the record low interest rates, even though they went up a bit, We are sensing an overall uptick in positivity about the economy. Especially in the first eight or nine months of the year, though it’s come down a bit lately.

Comparing the first three quarters of 2013 to the same period a year earlier, the percentage of homes selling for more than a million rose by 78 percent in Tahoe. Overall median home values have risen by a third so far this year, to $444,000.

Though most of the activity was in Incline Village, where the volume of home sales rose by 139 percent this year, all areas saw gains, including Truckee, where volume was up 41 percent, and Tahoe City, where the median price rose 18 percent, to $100 short of half a million.

There’s no reason to think Tahoe-area prices won’t continue to appreciate.
It all gets back to supply and demand. There’s some stabilization happening with prices.

Written by Staff Writer- Sacramento Business Journal

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Why Location Matters in Real Estate

noreply@blogger.com (Alvin Steinberg) — Fri, 25 Oct 2013 18:42:00 +0000

Ask just about any real estate agent to list the three most important things a property should have, and you’ll likely hear: “location, location, location.” That phrase has been in use at least since 1926, according to The New York Times, and is just as relevant now as it was then.
But why does location matter so much? For starters, you can’t move a home — at least not easily or inexpensively. When you buy a home in a good location, it’s usually a solid long-term investment.
Real estate agents often advise their clients to buy the worst house — a property that could use some TLC — on the best block. Why? Because fixing up a home in a great neighborhood will give you the best return on your investment. Quite simply, it will be easier to sell later on. Conversely, you can buy a beautiful home that doesn’t need any work. But if the block is sketchy or just plain bad, you could have a hard time selling the property at a decent price.
So if “location, location, location” is so important, what makes a location good? Here are five characteristics to look for when buying a home. If you can get all five, chances are the home’s a great investment.

1. A safe neighborhood

People want to live where there’s little or no crime. Naturally, they want to feel safe in their homes and will pay extra for it. A safe neighborhood means people will feel free to walk around, be outdoors and interact with their neighbors. Communities still exist today where people don’t lock their doors, and they know their neighbors are there for them in a pinch.

2. Good schools

Being in a good school district is important, even if you don’t have school-age kids and never plan to have any. Fact is, young families always will be buying their first or second homes. They will do their home search based on location in general and good school districts in particular. The better the school district, the higher the values of the surrounding homes can be.
Found a home you love but the school district is subpar? Be aware of that issue for resale down the road. Bottom line: When you buy a home, you should always think like a future seller.

3. Convenient access to popular places, shops and restaurants

Everyone wants to be near the best commercial districts. The closer to the hubbub of a particular town or the best parts of a city, the better the location — and the more someone is willing to pay for a home. In beach communities, the closer to the beach, the more valuable the property.

4. Water access and views

No matter which town or city, someone will always pay for a great view or to be on or near the water. Put a home right on a waterway or on a hill with panoramic views and you’ve got a great location.

5. Access to public transit and/or freeways

In major cities, the farther you live from the bus, subway or other types of mass transit, the less valuable the home. A good location means being very close, and having easy access, to public transportation. Being near a train or bus can get you anywhere in a short amount of time. In some towns, where a commute by car is inevitable, easy access to the freeway makes for a good location. Adding 20 minutes to a commute just to get to the freeway never helps a location.

What makes a bad location?

There are some common characteristics that make a location “bad,” no matter where you are.
Ever see a home with a backyard that faces the freeway? Whether the home is in Denver, Dallas or Dubuque, such a location is likely always going to be considered undesirable. Is the home on a busy intersection or a four-lane road? Again, it’s probably considered a bad location, no matter which town it’s in or what the nearby neighborhood is like.
Other factors that can make for a “bad” location: very close proximity to a fire station (good if your house is on fire, not so good if you’re trying to sleep); a hospital (frequent ambulance sirens); an airport (sounds of jet engines 18 hours per day) or a school (traffic from buses or parents dropping off children or kids yelling and playing).
Some “good” and “bad” qualities simply vary by community. If you know your local community, you know which parts of town are less or more desirable. It’s always smart to rent in a new community before committing to a home purchase. Renting allows you time to become familiar with the location.
All these things matter when you’re considering the location of a home for sale. But never lose sight of what matters most to you about the location. If you’re crazy about baseball, for instance, you might love owning a condo near your city’s professional baseball team ballpark. Someone who doesn’t like baseball, on the other hand, would probably not want to live near all the commotion.
Location, location, location really does matter — a lot. But as always, the most important thing is to buy the right home for you, at the right time

Written by Brendon DeSimone

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Buyers: Window of Opportunity Still Open

noreply@blogger.com (Alvin Steinberg) — Wed, 23 Oct 2013 17:39:00 +0000

The Fed recently announced they would continue their current pace of purchasing bonds until the economy was stronger. This bond purchasing program is the reason that mortgage interest rates are at historic lows. Rates began to increase over the last several months just on the anticipation that the Fed would announce that they would be reducing the level of bond purchases last month. When that didn’t happen, rates actually decreased (4.50 to 4.37).

That was great news for any buyer in the process of purchasing a home. However, this window of opportunity is expected to close in the very near future as most experts expect the Fed to taper the bond purchasers in December. Even Ben Bernanke, Chairman of the Fed, suggested that the Fed could still scale back the stimulus this year. He stated:

"If the data confirms our basic outlook, then we could move later this year.”

Where will mortgage rates head in 2014?

The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors have each projected that the 30 year fixed rate mortgage will have interest rates in excess of 5% by this time next year. The average of their four projections is 5.3%. The table below shows the impact this will have on the monthly principal and interest payment on a $250,000 mortgage:

A buyer should take advantage of the current window of opportunity before it is too late.

Written by The KCM Crew

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Why Do We Buy Real Estate?

noreply@blogger.com (Alvin Steinberg) — Mon, 21 Oct 2013 16:35:00 +0000

Why do you own your home? Why do you want to buy a home? According to Fannie Mae the top five reasons people buy a home or aspire to buy a home are: To have a better place to raise their children; A place where their family can feel safe; To have more space; Freedom to renovate to their own taste; and Owning is a better investment. Does this hold true for you? How about for a friend or family member you are close to? I know that all five reasons were a factor in my personal decision to own a home rather than rent. While I do think that sometimes for some people it is better to rent than own (or possibly it is the only option), the vast majority of the time there is no question it is better to own than rent.
The reasons we buy a home have stayed constant throughout the recovery of our real estate market and are strengthening all the while.

Freedom
People have to live somewhere and at least in the United States, people want to own where they live. It has a lot to do with freedom. We are a free nation with citizens who strive for financial freedom, enjoy their religious freedom, freedom to say what we want, etc. Something about owning your home gives you freedom.
Every day I work with people who are buying a home and they all have their own unique set of circumstances. Some are newly married and are ready to start their life together. Some need more space. Some have the means to buy a home in a special location to enjoy the beauty of the oceans or mountains. Either way the drive to own is strong.

Recovery
Let’s face it; we have been through tough economic times in the past several years. Many of us have been caught in the midst of short sales, foreclosures and even bankruptcies. The first question I’m asked by someone who has been through a tough time is “how long do I have to wait before I can buy another house?”

The American Dream
In 1931 the phrase “The American Dream” was defined by James Truslow Adams, historian and author, in his book Epic of America- “…life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement”. Homeownership is a very strong part of the American Dream.
We have all read books, seen movies and heard stories about immigrants who have come to America in pursuit of a better life in a society that allowed them to better themselves based on their own ability and achievement. Most of these people were coming to America from a society that was without opportunity because the class structure did not allow for significant achievement…you pretty much stayed in the class in which you were born.
In America that is not the case, every day we have the freedom to make better choices, work smarter, work harder, take risks, etc. all in pursuit getting to a better place than we came from.

Financial Strength
Owning a home is one of the best ways to better yourself as judged in financial AND non- financial terms. For example, according to the Federal Reserve (2012), on average, Homeowners have a total net worth over thirty times greater than those who rent their home. For most of us the equity in our home is the biggest asset on our balance sheet.

Other Factors
Some of the non-financial related ways we are better off owning a home versus renting include having more room for our growing family by way of buying a bigger house or adding on to our current house… if you rent, your landlord is not likely to allow you to knock down walls and add on to your apartment.
Another way we are better is by having the ability to choose where we want to live. Location is the single most important variable that affects the value of real estate, there is good reason for this…if the location is unsafe, polluted, noisy, high-traffic, prone to flooding, etc. then it less valuable than a location which is safe, quiet, convenient, dry, etc.
Achieving the American Dream is a noble pursuit. I would argue that owning your own home is one of the very best ways to live that Dream. It isn’t the only way but it is so important psychologically and financially that it helped make the USA the wonderfully free and prosperous nation it is and will be.
Why do you own your home? Why do you want to buy a home? Go out and achieve the American Dream!

Written by Ashley Garner

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

How Much Home Should You Buy?

noreply@blogger.com (Alvin Steinberg) — Wed, 16 Oct 2013 16:39:00 +0000

To buy the home that's right for you and your household, you may already have a dream home in mind. Then comes "what if we had a…..?" Reality sets in - you've got McMansion tastes on a starter home budget.

That's when it's time to face the question - how much home do you really need?
Nearly every buyer compromises on something. Maybe you get a fixer upper instead of a new home. Or, you buy a smaller home in a more expensive neighborhood. Or, you get a larger home in a suburb and compromise on the commute.
Here's a better way to set your shopping parameters. Ask yourself these questions:

How long will you likely live in the home?
How large is your household? Is it likely to grow?
Where do you want to live - near work, near family, in a certain school district?

You should have a fairly good idea of the number of bedrooms, baths and living areas you want as well as other features you want your home to have. But the trick with buying a home is getting as much as you can on your wish list without becoming "house poor."

House poor means you can afford your house payments but you can't afford to do much else. That's why you should begin your search for a home with learning what you can comfortably afford.

Lenders have a conforming loan standard that they use as a benchmark for prequalifying you as a borrower. To qualify you, lenders use two ratios - income to mortgage debt, and income to total debt.

To qualify for a 30-year fixed rate conforming loan that is federally insured, your income to mortgage debt can be no higher than 29% of your gross annual income, and your debts plus mortgage payment can be no higher than 41% of your gross monthly income, according to FHA.com. (see: http://www.fha.com/debt_to_income_ratios.cfm. )

That means that if you make $3000 gross income per month, under a conforming loan standard, your house payment (principal, interest, insurance and taxes) should be no larger than $870.00.

If you're carrying credit card debt, student loans, or pay child support, the monthly debt service must be accounted for. To get the income- to-debt ratio, multiply your monthly income by 41%. If you make $3000, your total debt including your house payment can be no larger than $1,230.00. That means to qualify for a $870.00 house payment, your debt service can be no higher than $360 per month.

This formula is time-tested, and it's designed to help you minimize the risk of home buying by making sure you can afford your payments over time.
Once you know how much home you can afford, you'll find it much easier to decide how much home you really need, keeping in mind whether you'll need more space for the future. Having a price in mind will quickly sort out which neighborhoods are affordable, which homes are most suitable and most likely to serve your needs.

Written by Blanche Evans

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3 Reasons to Buy that House NOW!

noreply@blogger.com (Alvin Steinberg) — Mon, 14 Oct 2013 17:19:00 +0000

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, interest rates for 30-year fixed-rate mortgages have risen about one full percentage point over recent historic lows.
The National Association of Realtors, the Mortgage Bankers Association, Freddie Mac and Fannie Mae, in their July forecasts, have all projected 30-year-fixed mortgage interest rates to be between 4.8 and 5.1% by this time next year.
An increase in rates will impact YOUR monthly mortgage payment. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3.) It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Written by The KCM Crew

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What to Consider When Buying a Second Home

noreply@blogger.com (Alvin Steinberg) — Fri, 11 Oct 2013 17:42:00 +0000

Sooner or later you may reach a point in your life where you are financially stable and plan to purchase a second home. For the most part, people who look to buy a second home are either looking at it as an investment or somewhere to vacation. It is important to become familiar with the process when looking for and making the decision to purchase a second home.

Purchasing a second home is similar to the purchase of your first home, but there are also some important differences that you may not be aware of. Two of the most important things to consider when buying a second home are to know what you’re looking for and how much you can spend before beginning the process.
When considering buying a second home, timing is a big aspect of the purchasing decision. If you are in the middle of your career or ready to retire, you need to ask yourself what is the point of buying a second home. Many homeowners will ask themselves “Do I want to use this home as a personal retreat or as a rental property?” Another question often asked is “Can I afford this?” You may have to wait 6 months or a year, but having a good understanding of the current market and knowing when you are planning on making the purchase, will get you what you want.

Get Help
One step that will benefit you when looking for a home, is hiring an agent. Most people find their agents through friends, family members or colleagues. The agent’s job and expertise is in helping guide you down the correct path and being there to answer whatever questions you may have.

Do Your Research
Your second home can be whatever you want it to be, but one thing to keep in mind is that the location and property need to be a good fit with your current lifestyle. A good idea for buying an investment property is to make sure that it is somewhat near your current home, in order to be close to it in case of an emergency. When considering a vacation home, especially one that is far away, it is a good idea to talk to the locals who live there to get their prospective on the area. This is important because you will not be at the house year round; and you need to see yourself enjoying living there.
Whether you have planned to purchase a second home for years, or have finally started considering it, it is extremely important to make sure all of your finances are in order. It is a good idea to know exactly what is needed financially to get your plan into motion. When applying for a second mortgage, there will be stricter lending and mortgage requirements, especially if you will not be living in that home.

Be Prepared
Another aspect to take into consideration is your taxes, which will be based on the use of your second home. The IRS has declared “if you live in your home for more than 14 days, or more than 10% of the time you rent it out in a year, then it is considered your personal residence”. If these conditions are not met, your home will be considered a rental property and you must report all rental receipts as income.
When the time comes to finally figuring out how to purchase your home, weighing your options are important. It’s good to know that buying an existing home is far cheaper than buying land and building. Many people with second homes have made financial mistakes with their home and are looking to sell quickly to cut their losses and move on. This fact could help a buyer if the house is similar to what they are looking for, as it can be had for a cheaper price.
A mortgage on a second home will have a higher interest rate than one on a first home. It might be a good idea to consider a home equity line of credit (HELOC). A HELOC allows the buyer to tap into their existing home’s equity so that you can provide a bigger down payment.

Protect Yourself
If the time ever comes where you decide you would like a second home, make sure that you do your research. Being aware of what you are getting into is always smart before diving in. There are various differences between the ownership of a primary home compared to a secondary home and knowing these differences will help out immensely. However you decide to use it, those who pursue the ownership of a second home will have to take extra precautions in protecting their investment.

Written by Mark Scheets

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Should you use a Real Estate Agent to buy or sell your home?

noreply@blogger.com (Alvin Steinberg) — Wed, 09 Oct 2013 17:30:00 +0000

Many people ask us whether they should hire an agent to sell or to buy their home or whether they should first try as a For Sale by Owner (FSBO). In today’s market, we believe this is an easy decision: you need an experienced professional!

You need an expert guide if you are traveling a dangerous path
The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a buyer ready, willing and able to pay fair market value for your home at a time when lending standards are so stringent is not an easy task. Finding reasonable financing can also be tricky when interest rates are volatile like they have been over the last several months.

You need a skilled negotiator
In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible re-negotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.
Realize that when an agent is negotiating their commission with you, they are negotiating their own salary; the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family? If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer or seller in your deal.
Bottom Line

We believe that famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

Written by KCM Blog

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Advantages to Buying a Home With Cash

noreply@blogger.com (Alvin Steinberg) — Mon, 07 Oct 2013 17:32:00 +0000

Buying a home with cash has definite advantages in today’s market. National Association of Realtors® research on cash sales shows that about 30 percent of residential sales are cash transactions. Among investors and international buyers, more than 70 percent of properties are bought outright. If you can afford to buy up front, the advantages are many:

Sellers are likely to favor buyers who can pay in cash.
The home price may be reduced for those who pay in full up front.
All-cash purchases streamline the home-buying process: No loans means less paperwork and no delays for mortgage approval.
Cash buyers can save money on closing costs, bank appraisals, mortgage applications and fees, title insurance, and so on.
Cash purchases eliminate the risk of loan denial.
Cash buyers pay much less for their homes in the long run: No loans means no interest.
Cash buyers never have to worry about losing their homes because they can’t afford to repay their mortgage loans.
Cash buyers gain full, immediate equity in their home.

Financially and emotionally, paying with cash benefits the home buyer.
Sellers prefer cash buyers
Home sellers generally prefer quick, smooth sales. They know that even buyers who have been preapproved for mortgages might be denied by the lender later on. For example, a buyer who is an independent contractor might have difficulty proving two years of regular employment, or a buyer depending on a family member for a personal loan might later opt out (or the relative might). Therefore, when possible, sellers prefer to steer clear of buyers who have to apply for a mortgage. If you are buying with all cash, you have greater negotiating power on price, closing time, repairs, and more. Sellers are often willing to reduce the house’s price for cash buyers.
Cash purchases avoid the risk of low appraisals
Home appraisals are notoriously fickle. Lenders determine a home’s worth by weighing it against comparable sales — other homes in the neighborhood that may have sold at low prices for unknown reasons. A low appraisal could lead the lender to reduce the amount of the loan offer, even after seller and buyer have agreed on a price. If the loan amount comes up short, the buyer often cannot afford to buy the home. All-cash buyers sidestep mortgage applications, avoiding the need for a potentially deal-breaking home appraisal.
Cash purchases save money and time
Indisputably, cash purchases carry lower costs. Mortgage interest on a 30-year loan can double or triple the original purchase price. Additionally, closing costs are significantly lower when purchases are made with cash. Cash purchases also save buyers valuable time, eliminating the need to gather elusive documents and search for the optimal lender.
Peace of mind is priceless
Most importantly, all-cash purchases bring an inviolable sense of security. Owning your home outright means never having to worry about covering your mortgage. In the face of disaster, such as job loss or injury, full ownership eliminates the risk of losing your home to foreclosure. Moreover, if you have paid cash, you will have excellent equity in the house. In case of financial emergency, you can draw on that equity for quick cash.
Figure out how to pay in cash
Buying your house with cash might seem like an impossible dream. Here are some tips to help you achieve it:

Set aside unexpected windfalls, such as work bonuses or inheritances.
Lock money in a long-term CD to earn interest.
Once you have accrued cash, look for a house you can afford without borrowing extra money.
Consider moving to a less populated area, further from a big city, where home prices are likely to be lower.
Avoid the temptation to waste money. Tell your friends and family about your goal of buying a home; they will help keep your spending on track.

Written by Gilan Gertz

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Tips for Buying a Home in the Fall

noreply@blogger.com (Alvin Steinberg) — Fri, 04 Oct 2013 16:15:00 +0000

So, you’re finally off the fence and ready to buy a home before prices — and mortgage rates — rise any further. Here’s what you need to know about jumping into the market at this time of year.

Know your market
The bottom line is that different markets behave differently during the fall. According to Zillow’s August Real Estate Market Reports, national home values rose 0.4 percent from July, marking the third consecutive month in which monthly home values rose more slowly than the month prior. However, markets in California, Las Vegas and Minneapolis are still seeing an extremely brisk pace of home value appreciation (2 percent or higher). As we exit this year’s selling season, we will start to see a slowdown in home value appreciation.

Selection is limited
Many frustrated sellers who weren’t able to unload their properties during the busy peak spring/summer buying season may take their homes off the market, particularly as the holidays approach and the action comes to a screeching halt. This means you can expect the selection to be even more limited than it currently is in some markets.

There’s room to negotiate
Was there a home you saw and loved a few months ago? Is it still on the market? If it hasn’t sold after one of the hottest real estate summers since the economic downturn, you likely have room to negotiate. While some buyers will pull their homes off the market, others who have been holding out for the best possible price may now be ready to come down. While some homeowners are determined to get a set price, others may simply want out at this juncture.

Check maintenance areas
Fall is the ideal time to check things such as gutter drainage and the general upkeep of the yard. How does everything look? Does anything need repair? Visit the home on a rainy day and see for yourself. Then go inside and check out the furnace, looking for drafts, leakage issues and other possible structural/maintenance problems. If they’re apparent, determine how much money it’s going to take to get everything up to snuff and factor that into your offer, adjusting your price accordingly.

Written by Vera Gibbons

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Should You Buy a Condo? A Breakdown to Help You Decide

noreply@blogger.com (Alvin Steinberg) — Wed, 02 Oct 2013 16:22:00 +0000

Is a condo a good home purchase? That, say most real estate agents, depends on your lifestyle and wish list.
From cost to negotiating with neighbors, here are a few factors to keep in mind when considering whether to purchase a condo.

Condo advantages
As the housing market rebounds, condos are a strong purchase choice, says real estate agent Monte Levin of Coldwell Banker Previews International, especially in the Boston real estate market, where he works.
“The real estate markets in the central neighborhoods of Boston were not as badly affected by the recession as many other areas of the country,” Levin said. “That being said, we have been experiencing very strong demand and low supply, and prices have been moving up steadily.”
Many of the homes in those central Boston neighborhoods — Back Bay, Beacon Hill and South End — are condos. It’s in these largely urban areas of big metros that the resale value of condos is strong, Levin says.
“Empty nesters who are leaving the suburbs for the city to enjoy all that the city has to offer,” are a significant factor, Levin said. “These buyers are usually scaling down from large suburban homes and are trading size for the convenience of a condominium in the city.”
It’s this convenience, says Madison Hildebrand of Coldwell Banker Previews International in Malibu, that appeals to buyers.
“Condos give an opportunity to those looking for a second home or vacation home who are not interested in the maintenance of a single-family home,” said Hildebrand, star of Bravo TV’s “Million Dollar Listing.”
“Areas like Marina del Rey, a beach community but located conveniently to the city, are perfect getaways for those traveling from other states or even from abroad.”
More than anything, however, condos also are appealing for their low cost. Even with homeowners association (HOA) fees, a condo can be a great investment for first-time home buyers, both agents agreed.
“Condos can be a great stepping stone for first-time buyers,” Hildebrand said. ”Expenses are shared between condo owners for maintenance of the property.”

Condo disadvantages
If there’s anything that concerns potential homeowners most, it’s the possibility of HOA fees, which vary greatly from building to building, says Hildebrand.
“When purchasing a condo, one must consider the taxes, insurance, mortgage and HOA fees, making sure it fits in their monthly budget,” he said.
The fees are typically non-negotiable and can change at any time, but with these fees comes the convenience of living in a low-maintenance property.
Shared walls and having to deal more closely with neighbors are also drawbacks for some buyers.
“If you like to be in greater control of your ‘destiny’ and don’t want the physical proximity of other people, condo living probably isn’t [for you],” Levin said. “In condo living, one has to negotiate with other condo owners in their association on improvements, added services and condo owner rules.”

Condo or single-family?
Ultimately, says Levin, it’s more about the location and the design of the home than whether it’s a single-family dwelling or condo.
“If you buy well to suit your lifestyle, you should benefit from a sound investment, be it condo or single-family,” he said.

Written by Erika Riggs

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Finding and Using Your Own Realtor

noreply@blogger.com (Alvin Steinberg) — Mon, 30 Sep 2013 16:37:00 +0000

Actually, the best thing for you to do when you see an advertisement in the paper is to call your own Realtor and tell them about the ad. Since addresses usually do not appear in advertisements, your Realtor will call the listing agent and find out the MLS number for the property. If the listing is on the internet, it probably already provides the MLS number.
The MLS number allows the agent to access the listing directly on the Multiple Listing Service. That reveals a lot more information than what is available to you on the web.
The house may turn out to be a great home for you, but it may also be a property the Realtor has already disregarded because it backed up to a busy noisy street and you have told your Realtor you wanted a quiet neighborhood.

You Have to Find an Agent. How do you do that?

If you're reading this, you're probably on the Internet. One key to a successful relationship between a real estate agent and their client is that, in addition to representing your interests competently, they educate you about the process as it unfolds. So don't simply look for property on the web - look for an agent that informs you about the process.
Referrals are always a good way to go. Perhaps a friend, co-worker, or family member recently bought a house in the same community and had a good experience. However, if they bought a house twenty miles from where you want to move, it may not be a good idea to use the same Realtor.
You want an agent who knows the area in detail and has already previewed many of the homes available for sale in that community. Community knowledge should be important to you because you are not just buying a house. You are buying a home in a local neighborhood in a specific community.
Every Realtor can show you every property available for sale in the Multiple Listing Service. Since that is true, you can call any real estate office and find a Realtor willing to show you houses for sale. The problem is that you do not know if you are talking to an excellent Realtor or a lazy inactive one.

By Unknown

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Buyers in a Hurry to Lock in Rates

noreply@blogger.com (Alvin Steinberg) — Mon, 23 Sep 2013 16:22:00 +0000

As mortgage rates move up, buyers are moving in to secure interest rates before they're priced out of the market. Most lenders offer buyers a loan lock-in period of 30, 45, 60, or 90 days. Lenders then are obligated to offer the home loan at that lock-in rate, even if rates have risen during that time. Some lenders lately have even revived “lock and shop” programs, allowing buyers to lock in an interest rate for an unlimited time before they even find a property to purchase.

Lawrence Yun, chief economist for the National Association of REALTORS®, called August’s surge in home sales likely the “last hurrah” for the next year to 18 months as mortgage rate increases and rising prices likely dampen affordability and sales in the coming months. Sales of previously-owned homes rose in August to the highest level in more than six years.

“Rising mortgage rates hurried some people into making the decision” to close on a deal, Yun says.
Mortgage rates have been on the rise since May when the Fed indicated that it would soon be winding down its $85 billion monthly bond purchases, which had helped keep mortgage rates near all-time lows.
Mortgage rates have moved up more than a full percentage point since May. The Fed announced last week it would delay its taper, which temporarily brought mortgage rates down last week from yearly highs. The 30-year fixed-rate mortgage fell to 4.5 percent last week, according to Freddie Mac.
PulteGroup said it expects the increase in borrowing costs to affect consumer segments differently.

For example, James Zeumer, head of Pulte’s investor relations, says that a half-percentage point rise in interest rates could mean that some first-time buyers “will be out of the game.” Move-up buyers, on the other hand, may “have a little bit more flexibility.”

Written by Realtor Mag

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Take the Stress Out of Homebuying

noreply@blogger.com (Alvin Steinberg) — Wed, 18 Sep 2013 16:32:00 +0000

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.
Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.
Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.
Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.

Written by Realtor Mag

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Lucky Numbers & Other Real Estate Superstitions

noreply@blogger.com (Alvin Steinberg) — Fri, 13 Sep 2013 18:26:00 +0000

Superstitions never seem to die, which is why a lot of people still believe Friday the 13th is an unlucky day.
When it comes to real estate, some superstitions are passed down through generations, especially in certain cultures. The thinking goes that if you follow these superstitions, you’ll increase your luck and sell your home quickly for a good price.
Of course, superstitions won’t sell a home. But if they did, here’s how you’d get lucky in real estate.

Pay attention to numerology
Superstition around specific numbers can play a role in how people price their homes, which homes they won’t buy and even how builders name the floors of a high-rise condo building.
In some cultures, real estate luck is often attributed to the last nonzero digit in a sales price. In Chinese culture, for instance, the number 8 is considered lucky because it’s pronounced similarly to the Chinese word for wealth and prosperity. It’s not unusual, therefore, to find homes in heavily Chinese neighborhoods priced at, say, $368,000. You might even see a home in a more expensive neighborhood priced at $888,888.
At the same time, the number 4 is considered unlucky in Chinese culture because it sounds like the Chinese word for death. So if you want good luck, stick an 8 in your sales price and forgo the 4.
Or you may want to put a 7 before the zeroes in your price. In Vegas and many other places, 7 is seen as a lucky number.
The number 13, of course, is considered unlucky. Some people just won’t buy a house or condo with the number 13 in the address.
Many high-rise condo builders skip the 13th floor entirely. Even though research shows most people don’t believe the number 13 is unlucky, less than 5 percent of high-rise condo buildings in New York City have a 13th floor, according to a recent report in the Wall Street Journal. The floors instead jump from 12 to 14. Developers reason that it’s only numbers, so why risk alienating buyers who might be superstitious?

Bury a statue of St. Joseph in your yard

St. Joseph is the patron saint of real estate. Many people believe burying a statue of the saint in their yard will help sell their home. In fact, some agents bury a St. Joseph statue as soon as the “For Sale” sign goes up. There are tales of homes that go for months without an offer — and then someone buries St. Joseph on the property and the offers come. It’s superstition, of course, but it endures.

What’s luck got to do with it?
You can’t depend on superstitions to help you get lucky in real estate. If you’re a buyer, focus on finding the right home for you, at the right time. If you’re a seller, get a good agent, show your property at its best, know your market well and price your home right. It’s these things — rather than specific numbers or burying a statue — that will bring you good luck in the end.

Written by Brendon DeSimone

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Top 5 Mistakes Home Buyers Make — And How to Avoid Them

noreply@blogger.com (Alvin Steinberg) — Wed, 11 Sep 2013 17:03:00 +0000

From the beginning of your home search through closing escrow, there’s an awful lot to think about and do. It’s not unusual to make a mistake along the way. But with the financial stakes so high, a false move can end up costing you a lot of money.
Here are five common home buyer mistakes, with tips on how to avoid them.

You expect to get the price down after making an offer
The real estate market is heating up across the country. In many markets, homes are selling for more than asking price. Some buyers win the bidding war by going over asking — only to try to negotiate the price down by asking for credits during escrow.
This strategy may work sometimes, especially in a weak seller’s market. But we’re in a competitive market for buyers now, so don’t count on it. The seller most likely will have a backup offer from another buyer who really wants the home — and who is hoping your deal falls through. If you start asking for unwarranted credits, the seller may simply go with the backup offer, leaving you out in the cold.
A better strategy: Make your best offer, and don’t assume you can negotiate it down later.

You wait until the eleventh hour to ask for credits
In Houston, a seller had put his house on the market with full disclosure that it had termites. A buyer made an offer and went into contract with the seller. After further inspections, and at the eleventh hour, the buyer demanded an unreasonable amount be deducted from the sale price. The buyer assumed that the seller, not wanting to put the house on the market again, would agree, just to close the deal. But that’s not what happened. The seller agreed to reduce the price, but not by the full amount the buyer wanted.
The buyer ended up walking away from the deal. The house sold soon after at a higher price than what was negotiated with the first buyer.
Of course, you should ask for credits if an inspection turns up potentially costly repair work you didn’t know about when you made your offer. But even in a buyer’s market, don’t assume you can get sellers to cave in to unreasonable demands at the last minute.

You chase a deal at all costs
Everyone wants to save money, especially on a high-ticket item such as real estate. Unfortunately, this causes some would-be buyers to make lowball offers in hopes of getting a “deal.” Or, potential buyers lose out on homes they might have been able to get otherwise, which ends up costing money in the long run.
For example, a renter in San Francisco spent three years looking for the best “deal” she could possibly get, passing up many good opportunities. Eventually, her landlord wanted to sell the place she was renting. This forced her to finally buy, but under pressure. She ended up buying at the top of the market. If she hadn’t held out for so long in hopes of scoring an amazing deal, she’d have saved herself a lot of money and time. She’d even have built up some equity in a home over those three years.
In a strong real estate market, the deals are in homes that have been overpriced and haven’t sold as a result, and/or properties that don’t show well because they need work. If the home you want is well-priced, in a good neighborhood and doesn’t need much work, the best strategy is to make a solid offer and be prepared to go over asking if necessary.
You think you can do it all yourself
With so much information about homes available online today, many people, such as tech-savvy Gen X and Gen Y home buyers, may assume they can buy a home without a real estate agent’s help.
But this strategy often backfires. First of all, the real estate agent’s role isn’t just about finding listings. With Internet access, buyers can easily find listings themselves. The agent’s role today is more about presenting your offer to the seller’s agent in a way that will help get it accepted and making sure it sticks through an escrow.
A savvy agent knows the ins and outs of the local market better than an uninformed buyer with a full-time job and family. A good agent will know the back-stories behind the comps, for example. He or she will know that a comparable home sold for 5 percent less (than the home you’re considering) only because the sellers were divorcing, or the property had a retaining wall problem. Without an agent, you’d simply see that the comparable home sold for 5 percent less. You might ask the seller of the home to match that 5 percent reduction — and you’d be surprised when the seller says, “No thanks.”
Also, experienced agents have a strong network in the local market, which can give you an added edge. Good agents like to work with other good agents. And if nothing else, keep in mind that a listing agent might not even consider working with an unrepresented buyer.
Finally, the seller pays the buyer’s real estate commission, so having an agent for your home search costs you nothing anyway. Most importantly, there’s bound to come a time during the complicated real estate transaction when you have serious doubts or big questions. Your agent can be the trusted adviser you need to walk you through the maze.

You don’t think like a seller
Most likely, at some point in the future you’ll need to sell the home you’re about to buy. That’s why it’s important to think like a potential seller as well as a buyer.
Case in point: In 2005, a buyer in San Francisco bought a home with no garage. The house was on multiple transit lines, he used his bicycle to get around and he knew he’d have access to a leased garage space if he needed it. So he felt he didn’t need a garage.
Three years later, the market was slower, but the owner had to sell. He didn’t feel his home should be priced less than a comparable property with a deeded garage because his house was so centrally located. Plus, he had that leased garage space to offer. The problem was, many buyers drive to work, and they don’t want to risk losing a leased garage space. The result was that many buyers wouldn’t even look at his home’s photos online, let alone go to the open house — because it lacked a garage.
So when you’re buying a home, put yourself in a potential seller’s shoes. The last thing you want is to buy a dream home that becomes a nightmare when it’s time to sell.

Written by Brendon DeSimone

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Things You Should Be Aware Of When You Are In The Market For A Home

noreply@blogger.com (Alvin Steinberg) — Mon, 09 Sep 2013 16:32:00 +0000

Although you may already know a lot about investing in real estate, there’s still more for you to learn. Because the real estate market is constantly changing, there is always something new to learn. The following article will give you the information you need when buying real estate.
When negotiating with real estate purchases, always use a moderate approach. Some people feel as though they should be aggressive in order to get the best price; this can backfire on them. Be firm in what you want, however, let your Realtor and lawyer go at the negotiations since they are used to fighting those battles.

TIP! Each agent should connect with former clients on special occasions to maintain the relationship. When they hear from you again, they will know that they helped during your buying selling experience.

Look for a new home that has enough room if you plan on starting a family or already have children. Steep stairs or swimming pools are items to closely examine if you have children in the home. By purchasing a home whose previous owners had children, it should be guaranteed to be safe.
If you’re going to relocate, research the prospected neighborhood of the desired property online. Whether you’re moving to a large city or a small town, there is a good deal of valuable information that you can find on the internet. You can find out about the population, local schools and salary ranges compared to other locations.
Should a seller decline your offer on their home, don’t fret, because they do want to sell, and they might be creative enough to manifest an opportunity to make the price affordable to you. Explore options such as incorporating closing costs into the deal or asking for improvements to the home, prior to purchase.

TIP! Be flexible when you are making choices. You may have to sacrifice some of your expectations in order to live in the neighborhood of your choosing, or vice versa.

Homes that need multiple improvements or updates are sold at a reduced price. You will save money on the purchase, and you can use that money to repair and upgrade the home as you wish. You will be able to design the home you have always dreamed of and significantly enhance the value of your property. So always consider a home’s potential, rather than just focusing on the negatives that you can see. You never know, your dream house could be hiding behind warped floorboards or outdated paneling.
Make sure to look towards the future whenever you are in the market for a new house. Even if you currently do not have children, if you are planning to have kids in the future, it is a good idea to find out if the area schools are of high quality.
If you want to increase the value of real estate that you own, do some remodeling or repairs to the property. The good thing is that you will get a good profit from your investment when you repair a fixer. Sometimes your value will go up more than what you invested.

TIP! It is a good time to get invested in real estate. Property values are very low now because of the crash in the housing market.

You may have to be flexible in order to close on a home. You might not have the financial resources to buy your dream house in your dream neighborhood, but you might have enough to choose one of the two. If you can’t find a home in the perfect neighborhood with all your amenities, find one with the amenities in a different neighborhood.
Request a checklist from your Realtor to put yourself in the best position before buying. It is common for Realtors to have a compiled list of every consideration, including how to locate your dream home, financing based on your ability to pay and closing the deal. Such a document is a great way to ensure that all details of the transaction are addressed.
The asking price for a home is the beginning point. You need to give a lot of thought to the price you want to actually offer. If your seller is helpful, it should be fairly easy to decide on a final purchasing price that you’re happy with.

TIP! Before choosing a neighborhood to settle down in, check the national data base for sex offenders living in that area. Even though data on sex offenders is publicly available, don’t be so sure that real estate agents and home sellers will feel obligated to give this information to potential buyers.

You can request that the seller help out with closing costs or sweeten the deal with other financial incentives when you make your offer on the house you have in mind. One common incentive is to request that the seller “buy down” your loan’s interest rate for the first one to two years. Some sellers may be more willing to negotiate on these types of incentives instead of their selling price.
Before buying a home, get an inspector to examine it. If you purchase without an expert’s evaluation of the house, you could be facing the cost for major repairs. In addition to the expense of making renovations, you might be forced to vacate your home during the construction period.
It is pretty common and well advised to have an inspector examine the location before you purchase any realty that’s held your attention. Otherwise, you could find yourself in a home that needs complete renovation from the ground up when you weren’t expecting it. Not only will this cost a lot, you might need to change your living situation until it’s fixed

One of the most critical steps in finding a home is being pre-qualified for a loan. You will have a better idea of your price range before you make up your mind about buying a home. In addition, the application and qualification processes for obtaining a loan can take a long time, and it is inadvisable to put it off for too long.

Wheather its your first home or second home, it's a great time to invest!

Written by Unknown

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com