Tips for First Time Homebuyers

With a global network of over 80,000 sales associates you can bet our network has an amazing wealth of knowledge regarding First Time Home Buyers. Here are just a few tips from members of our “Gen Blue” network.

From Colby Culbertson, Regional Field Marketing Manager, Coldwell Banker Residential Brokerage Sacramento, Tahoe

1. Get Pre-approved (NOT PRE-QUALIFIED) BEFORE you start looking for houses. It makes absolutely no sense to start looking at houses until you actually know what you can afford. It will save you and your sales professional a lot of time.

2. Always get a home inspection, its well worth the investment.

3. Never buy more house then your lifestyle can afford. Too many buyers get in over their heads because they buy as much house as they can afford, and forget to calculate other living expenses such as utilities, vacation, hobbies, etc.

From Sean Carpenter, Director of Agent Development, Ohio NRT Companies

1. Meet with a full time Realtor who can help you clearly identify and then separate your wants and needs. These will include exploring where you are now and where you want to be once you have closed on your new house. A good agent will explore “why” you are seeking the specific features instead of just asking “what” you want to see.

2. Understand clearly what you are going to get for the money/price range you are looking in. Buyers moving from Omaha, Nebraska will be shocked at what $200,000 would get them in Chicago or San Francisco while buyers moving from Boston or LA to the Midwest would most likely be able to change their entire lifestyle (commute time, hobbies, schools, etc.).

3. Have an agent clearly explain the timelines involved with the process. Depending on how “selective” (i.e. “picky”) a buyer is, it could take a while to find the right home – especially with diminished inventories in most markets across the country. Finding the right house is just the start of the process and depending on the type of financing it could take anywhere from 30-60+ days to get to a successful closing.

We had to add in Sean’s final comment… “All the more reason to work with a full-time Realtor from Coldwell Banker, huh?”

From Andrea Geller, Broker Associate, Coldwell Banker Residential Brokerage Chicago, IL

Focus on if the space(home) and location works before getting wrapped up in anything else. If those 2 things aren’t right for you then you should move and not waste energy on it.

From Vance Anthony Hill, Founder, Seattle Luxury Group, Coldwell Banker Bain

1. Interview multiple agents – take the time to interview a few agents. Don’t base your decision strictly on friendship, family or length of time in the business. Those aren’t always the most qualified person to help you. This is the biggest financial decision you will make. Sometimes in your entire life. Would you hand over your savings account to your brother to invest your money, just because he’s your brother? Or would you hand that over to the BEST QUALIFIED person? Find out who will be helping you with this process. DO they meet YOUR qualifications to best suit your needs?

2. Buy Smart – Don’t buy a $400,000 house just because your lender says you can afford it. If there is a 200-300 house that suits your needs, buy that and save the mortgage payment for something else. Remember, statistics show homeowners move every 5-7 years. Why not use that information to your benefit? Buy what you need, not necessarily what you can so you can buy what you WANT later.

From Mike Bowler, Associate Broker, Coldwell Banker Hubbell Briarwood

When writing an offer in this competitive market, buyers should 1. Have a strong deposit (Stronger the deposit, stronger the offer) 2. Offer what you’re willing to pay for the house and indicate that you are FIRM. Low offers hoping for a counter offer lose homes for buyers to multiple offers from others. 3. Be prepared to look at new listings upon a moments notice, the good ones go fast.

From John Riche, REALTOR®, Coldwell Banker Pro Co,  St. John’s, NL, Canada.

Bring a golf ball on all appointments to test for level floors. I jokingly call mine the Titanium 1000 Levelometer. (We love this!)

Have more questions about buying a home? Visit coldwellbanker.com and contact an office near you. This post has been provided compliments of Coldwell Banker Blue Matter

The greatest lawn cutters on the planet earth work at Major League Baseball parks. The outfield grass at these pro stadiums is unbelievable. It glistens in the sun and has those perfect stripes in the grass.

As I watch baseball games from around the majors, with the exception of Colorado and Minnesota where apparently they like to still play April baseball in the snow, these fields look immaculate already and I wondered if there was a way to replicate some of their tactics on my own home’s lawn.

I did a little digging online and found this pretty entertaining and useful video from LawnCareMidwest.com. The video is relatively short and they share a pretty simple tip to enhance your lawn mower so that it can more easily create those great lawn stripes and patterns in your front lawn.

Take a look at the video above and let us know in the comments if you have some of your own tips and tricks to make your lawn look as good as a Major League Baseball outfield.

Coldwell Banker Blue Matter is the official blog of Coldwell Banker Real Estate LLC and was created in February of 2010 with the intent of providing additional insight and commentary on the real estate experience to benefit consumers.

In many cases, certain items that may be on display are not included when they actually buy the home. This can be disappointing for new owners, making it important to clarify what will stay and what will go after they have closed on the property.

Common features that are not included

There are several types of home features that sellers may forget to remove and store before showing a home. These include kitchen and bathroom fixtures, such as faucets, light coverings and even handles and door knobs, according to the Boston Globe. Most wall mounts and materials that are used to bolt other fixtures to a wall are also not included. In addition, most sellers do not plan to leave major appliances than they purchased, such as refrigerators, ovens, washers and dryers. Lastly, buyers should not assume that window coverings will remain in the home after the previous owner has sold the property.

All items should be included in a contract

Most sellers will remove items they don’t plan to include in the home sale prior to an open house. However, this is not always the case and if buyers have questions about what will remain in the home after the sale, they should not hesitate to ask their real estate agent. After these points have been clarified, they should also be listed in a contract to avoid confusion or disputes down the line.

Negotiations for items

It’s not uncommon for buyers to try to negotiate with sellers to leave certain items in the home. Buyers who are interested in the new kitchen fixtures that match the granite counter tops perfectly should not hesitate to at least throw out an offer to the seller. Buyers may also simply ask sellers where they purchased certain items and price them separately to determine if it would be more affordable to negotiate with the owners or purchase the features after the home sale.

Coldwell Banker Blue Matter is the official blog of Coldwell Banker Real Estate LLC and was created in February of 2010 with the intent of providing additional insight and commentary on the real estate experience to benefit consumers.

A longstanding member of our program has been Hedlund Plumbing who since 1939 has been the leader for all plumbing, bathroom, and kitchen needs in the Greater Lansing area.  Hedlund Plumbing has a complete staff of professional licensed plumbers to give you the quality workmanship you deserve. Plus, they provide “Same Day Service” for our clients and customers who may have a plumbing challenge or emergency.

As a third generation family-owned company, Hedlund takes great pride in the way they take care of their customers. They offer 100% customer satisfaction, which makes their service very attractive to each Coldwell Banker real estate agent who recommends the Concierge program on a regular basis.

Our Concierge gives you the personalized service you deserve. You don’t have to spend your precious time searching or getting recommendations from sources that may not be familiar with a vendor’s service record. We’ve already done the legwork. Concierge vendors are carefully reviewed for professional qualifications, responsiveness and quality of work.

Ask you Coldwell Banker Hubbell BriarWood REALTOR for one of our brochures explaining Concierge or just contact Linda VanAntwerp our Director of Concierge today at 517-492-3391

• FEMA Flood Plain Mapping
• Riparian Rights for Waterfront Property
• Michigan’s Public Land Surveying System
• Methods of Describing Real Estate
• Boundary Disputes: Deed vs. Occupation vs. Property Lines
• 3 Methods of “Dividing” Land in Michigan
• Division Rights under the Land Division Act

One take home I had right away was that FEMA’s verdict that a home is subject to the 100-year flood has been successfully challenged by thousands of homeowners across the nation. Wolverine offers a nice brochure that every REALTOR should have in their war chest for listings that may be in question.

Well, I had a refresher lesson today and even learned a few new things that I’ve either forgotten or just never heard before. Check out the photo attached for a little history. Special thank you to Greg for providing an interesting and informative 2-hour session. You can visit Wolverine Engineers & Surveyors, Inc. Website here for all your Surveying needs.

At Coldwell Banker Hubbell BriarWood we understand that purchasing a home is a large commitment – and investment – on your part. Our Agents are here to guide you through the many questions you may have as you carefully weigh the decision to purchase.  A survey is just one example.

Additionally, Coldwell Banker University® offers a wide variety of classes and continuing education programs that can be taken in person or online. CBHB is committed to you and we are focused on your success as a REALTOR® Innovation & technology remain on our agenda each month to keep our REALTORS informed.

If you are a goal-driven, service-oriented entrepreneur who is serious about taking your career to the next level, then joining a Coldwell Banker office is the right choice. Coldwell Banker Sales Associates are supported with access to leading education programs, systems and tools that will provide you and your customers an advantage throughout the real estate process. Here, you will be more than just a real estate agent, you’ll be a well-trained real estate professional. Contact Bill MacLeod, President, 517-706-2500 or billmacleod@cb-hb.com

Real Estate Provisions in “Fiscal Cliff” Bill

On Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill will be signed shortly by President Barack Obama.

Below is a summary of real estate related provisions in the bill:

Real Estate Tax Extenders

• Mortgage Cancellation Relief is extended for one year to Jan. 1, 2014
• Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
• 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012
• 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012

Permanent Repeal of Pease Limitations for 99% of Taxpayers

Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers.  These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000.  These thresholds have been increased and are indexed for inflation and will rise over time.  Under the formula, the amount of adjusted gross income above the threshold is multiplied by three percent.  That amount is then used to reduce the total value of the filer’s itemized deductions.  The total amount of reduction cannot exceed 80 percent of the filer’s itemized deductions.

These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years.  They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012.  Had we gone over the fiscal cliff, Pease limitations would have been reinstituted on all filers starting at $174,450 of adjusted gross income.

Capital Gains

Capital Gains rate stays at 15 percent for those in the top rate of $400,000 (individual) and $450,000 (joint) return.  After that, any gains above those amounts will be taxed at 20 percent.  The $250,000/$500,000 exclusion for sale of principle residence remains in place.

Estate Tax

The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax.  After that the rate will be 40 percent, up from 35 percent.  The exemption amounts are indexed for inflation.

Coldwell Banker Hubbell BriarWood was recently honored for its lifetime giving in a ceremony with Sparrow Foundation leaders.  The firm has raised money for the pediatric patients at Sparrow through an annual golf outing and other activities.

“We are proud to give Coldwell Banker Hubbell BriarWood this first-ever recognition for lifetime giving because it has been such an outstanding partner of the Sparrow Foundation. Its generosity has allowed the Sparrow Children’s Center to provide quality, compassionate care to our young Patients,” said Stella Cash, Sparrow Vice President of Fund Development and Strategic Partnerships.

“Good health care is critical to all of us in the community and nothing is more important than providing for the health and safety of our children,” said the firm’s President, Bill MacLeod, of East Lansing.

Sparrow is the first hospital in mid-Michigan to offer a dedicated children’s unit and is home to the region’s only full-service pediatric emergency department. As the region’s Children’s Miracle Network hospital, Sparrow is able to provide families the most advanced technology and treatment options in pediatric and neonatal care.

A special thank you to the generosity of our Coldwell Banker Hubbell BriarWood real estate agents and staff who raised this money through our annual company golf outing.