When carefully used, a home equity loan (line of credit that allows you to borrow against your home) can be a better way to carry credit. That’s because home equity lines can have lower interest rates and are also deductible whereas typical credit card interest is not.

Owning your own home gives you more freedom and the opportunity to create a living environment exactly how you want it. There’s no consulting with landlords to see if you can do something to the home or who will pay for the change. Of course, that means when you buy a home you should consider what additional changes you plan to make, so that you can appropriately budget. Also, keep in mind that with homeownership come unexpected expenses for repairs and maintenance. While that may sound like a reason not to buy, it shouldn’t be. Think about owning a car. There are maintenance issues and expenses but most people still like to own their own vehicle.

Homeownership provides a sense of stability and security. Instead of wondering when the landlord might decide to sell the home, you are in control of that decision. Additionally, homeownership provides immeasurable values of belonging to a social community. Also, as a homeowner, you’ll have a greater influence on community affairs. Renters, being usually more transient, have less influence on policymakers.

via Cornerstone Real Estate ‘s Real Estate Update.

Fortunately, our washing machine is in the basement, and had a minimal spill zone, so it just did a number on our carpets in the room next to the Laundry room, and a Hallway. We did the best we could to clean it up, but it was apparent that the water had gotten under the Carpet, so we called ARS and they did the rest. I have no idea how much it will cost, but it could have been a lot worse.

Many of the Logan houses I have shown have Laundry Rooms upstairs. While its convenient to have Laundry rooms near bedrooms, in the event that a hose pops out and water magically gets everywhere, the damage could be pretty severe.

Washing machines leaking is not an uncommon thing, so when you’re shopping for your next Logan Ut Real Estate, consider where the Laundry Room is located, and how big the “spill zone” will be for when it does actually leak.

via Alan Barkers Rants, Thoughts and Life.

How to Recognize a Buyers Market

Are you on the search for a new home? Are you a first-time home buyer ready to enter the market? Then a buyers market is right where you want to be!

How can you tell if you are living in an area experiencing a buyers market? Key Indicators include:

# More than six month’s worth of inventory on the market

# Median sales price is down

# Fewer buyers on the market

# Relative large supply of homes and relative low prices

All of the market indicators translate into more choice for buyers. Prices become more negotiable. You have more homes to choose from.

One of your first steps is to hire a REALTOR®. They can supply you with market statistics, including days on market, pricing, and neighborhood comparables. They can also direct you to home listings on the MLS.

With such economic uncertainty today, buyers are scared to venture into the market. They fear prices may drop after they buy, leaving them upside down in a home. They fear the market will not pick up for years, leaving them stuck in a home. That fear works in your favor, should you choose to buy. Interest rates are at historic lows. And buyer fear actually translates into more homes for you to choose from. It means sellers may be more willing to drop their price to make a sale.

Deciding when to buy can be a big decision, but buying during a buyers market can give you many advantages over other markets.

via Cornerstone Real Estate ‘s Real Estate Update.

Property taxes are a major expense, one which often totals thousands of dollars per year. But property taxes are not the same for like properties or for every owner.

Property taxes provide much of the revenue used to fund local and state governments. As property values go up, property tax collections also rise which means additional dollars are available for more public services — and perhaps even for tax refunds. Alternatively, if property values decline, then government programs tend to be squeezed or there is pressure to raise income and sales taxes to make up for short-falls.

How much you pay for property taxes depends on the value of your home and also local tax policies. In the usual case, a property value is established by government assessors. Once a value is set the tax rate is then applied. For instance, if the rate is $1.50 for each $100 in value, then a home worth $100,000 would have an annual tax bill of $1,500 or $125 per month.

The road from the tax assessment to a bill for property taxes is rarely straight, however. There are often complications, so it pays to ask questions:

# What value is used to assess taxes? You might think that a home’s current market worth would be used to establish a value for tax purposes, but that’s not always the case. In many areas under circuit breaker programs annual tax increases are limited so the tax can be less than current market values might allow. Another approach is to apply the tax rate to a portion of the assessed value and not the full worth of the property.

via Cornerstone Real Estate ‘s Real Estate Update- Understanding Property Taxes.

If you are going to spend top dollar for a house, you want a golden goose and not a turkey.

Now, that doesn’t mean the house has to be perfect. You are going to spend some money after you move in — industry experts say an average of $6,000 within the first six months — but wouldn’t you rather focus on new curtains, paint and additional storage than on a furnace or a new roof?

Although sellers cringe merely at the mention of it, and some residential builders continue to set up obstacles to it, you should not forgo a professional home inspection by a reliable inspector.

By reliable, we are talking about inspectors who belong to associations that establish strict requirements for membership, including professional experience, as well as standards for inspection.

via Cornerstone Real Estate ‘s Real Estate Update.

via feelathome’s posterous – Home.

1. Pre-approval: Be sure to start your home buying process by getting pre-approved for a mortgage. This will prove to your potential seller that you are ready, willing, and able to buy their home. A pre-approval will also give you an exact number of how much money you can borrow, and thus spend.

2. Be ready to buy: There can be no hesitation during a sellers market. There will be other buyers waiting to to grab up the same deal you just found. If the numbers work out in your favor for a home you like, then be ready to put in a strong offer.

3. Know your budget: You may be approved for a loan of up to $300,000, but you only want to spend $250,000 as your max. Be sure to know ahead of time what your budget really is.

4. Make a strong offer: In a sellers market, homes can expect to receive nearly if not all of their asking price. And in many cases, you may even find a home sells for more than the asking price. So, in order to make both a good impression on the seller so they take your interest seriously, as well as to beat out the competition, be sure to present a strong first offer.

5. Be willing to negotiate terms: This means if a seller needs 60 days until closing, do what you can do accommodate them. Or maybe they are unwilling to make a repair before you move in, but are willing to pay you the repair costs instead. Be willing to work with a seller, if it means getting the home you desire.

via Cornerstone Real Estate ‘s Real Estate Update.

1. The time of day when you first lay eyes on a prospective house can affect your impression of the neighborhood, so visit at various hours.”A neighborhood can be totally different at night,” said Gray, who has blogged about factors affecting neighborhood choice at Escapesomewhere.com, the website of his brokerage, Vox Real Estate. “If you go somewhere at 1:30 p.m., it may seem OK, but if you go back at night, it could seem a bit more sketchy.”The same can be said for neighborhood traffic congestion, which can change dramatically at rush hour — or traffic on a Saturday can be a different story than on a Tuesday, he said.

2. Neighborhood choice can be a pocketbook issue, and not just because of house prices and property taxes. Commuting costs — of both time and money — are critical.”I’m a Realtor, but we also do a lot of investing, so we move around a lot,” Gray said. “I always calculate in a buying decision how much I’m going to spend on gas when I’m commuting.”I’ve had clients say, ‘This house is $10 cheaper on the mortgage than another house,’ but I’ve had to tell them, ‘Yes, but this one is going to cost you $80 more in gas.’ “

3. Ask questions of people who already live there.

Read More at 5 tips for choosing a neighborhood | Inman News.

1. Major appliances: Be sure that any items that were to remain in the home are still there, and that they are in good working order.

2. Major systems: Do the air conditioning, heat, and plumbing still function?

3. Walls and floors: Has any damage occurred to the floors or walls during the sellers move? Were rugs, artwork, or carpets covering water damage that was not disclosed?

4. Repairs: As part of your purchase contract, the seller may have been required to make specific repairs. Be sure that these have been completed, or that the seller has a written timeline for when the repairs will be done.

5. Screens and Storm Windows: If it is the season for these items to be in storage, be sure they have been left behind and that they are in good shape.

6. Remotes: Garage doors, alarms, sound systems, and the like all use remotes, some of which can be very expensive. If any of these components were part of your agreement, be sure they have been kept with the house.

7. Cleanliness: The home should have been cleaned and all debris removed. You don’t want to spend the first week living in your new home cleaning up other people’s junk.

8. Landscaping: It may seem ridiculous, but yes, some sellers may try to run off with your shrubs and plants. Refer back to your contract to see what should have stayed. If plants were taken, let your agent handle the situation.

9. Fixtures: Light fixtures, curtains, and other items that were agreed upon should still be in the home. If they are not, let your agent address the conflict.

10. Exterior: Has there been any damage to the home since your inspection or first visit? If there have been storm with high winds or hail, be sure to visually inspect the exterior of the house for damage. Once you have signed on that dotted line, the house is yours. Hail damage and all.

via Cornerstone Real Estate ‘s Real Estate Update Realty Times, and Homes for Sale in Kennesaw GA

1. Understand What the Real Estate Market is Doing

2. Understand Who Has Leverage

3. Pay Attention to ALL the Contract Details

4. Buyers Need to REALLY be able to get Financing

5. Use Experts

Whether you’re a buyer or a seller you want to succeed in the realty marketplace. That’s natural and reasonable, but what are the steps you need to triumph?

Negotiations are a complex matter and all transactions are unique. Both sides — buyer and seller — want to feel that the outcome favors them, or at least represents a fair balance of interests. In the usual case there is a bit of bluff, some give-and-take, and neither party gets everything they want.

via Cornerstone Real Estate ‘s Real Estate Update.