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How Much House Can You REALLY Afford?

Just because a lender approves you for a mortgage doesn’t mean you can comfortably afford it. It doesn’t matter if you’re searching homes for sale in Fort Lauderdale, FL, or Philadelphia, PA. Type “how much house can I afford” into a Google search and you’ll come up with a number of online tools and mortgage calculators to help you figure the answer to your query. You might also see rules of thumb that state things like “your mortgage payment shouldn’t take up more than 35% of your monthly income.” But it’s important to make sure you understand how the pieces all fit together, and that you take your personal financial situation into account. Here’s why. Financial rules of thumb may not apply to you Every person’s finances are just as individual as they are. So while it may be a good reference point to know that your mortgage payment shouldn’t be more than 35% of your monthly income, that figure could vary a lot depending on things such as debt and other monthly payment obligations, not to mention how much you’ve saved for a down payment. Online mortgage calculators such as this one from Trulia are great at giving you a clearer starting point for mortgage shopping. You’ll get a much better sense of what your price range might be instead of a blanket rule of thumb. But they’re only as accurate as the information you provide, so if you forget to add regular budget line items such as food, day care, or gas costs, you won’t get a complete picture. Your lender may approve you for more than you can realistically afford Lenders are now legally required to ensure borrowers can “reasonably afford” to repay a loan before they approve a new mortgage. But there’s a difference between being able to reasonably afford something and being able to realistically afford something. When looking at what’s reasonable, lenders can account for your income and any current debts that you need to repay each month. If you make $5,000 per month after taxes and need to pay $500 toward your car loan each month, a mortgage payment of $1,500 may seem perfectly reasonable. In this (extremely simplified) example, you’d have about $3,000 per month left over to handle all your other expenses. And perhaps you can afford your living expenses on this budget. But what about the other goals you want to achieve? What about saving for retirement or investing for your future? If you commit to a large monthly mortgage payment, you may find yourself squeezed to make your remaining money cover your living expenses, plus monthly bills and loan repayments. While a lender can give you a mortgage you can reasonably afford, it comes with the consequence of not being able to handle other financial priorities. In short: Even though you may qualify for a large mortgage, that doesn’t mean you should max out your house budget. You’re the only one who can determine what’s comfortable Only you can examine your life and your values to determine what you might be willing to give up to make room in your budget for a mortgage — and what you’re not. You might be perfectly happy to take on a larger monthly mortgage payment in exchange for reducing meals out, cutting back on luxury vacations, or sticking with your old phone instead of going for the upgrades just because you can. Or you may decide that renting makes more sense for yourenting makes more sense for you because you can mitigate costs, take on less financial responsibility, and enjoy more flexibility. Either way, you need to determine what you feel comfortable with. You need to decide what works within both your budget and your long-term plans to reach goals that matter to you. Consider these factors to decide how much house you can really afford Once you set your financial priorities, here’s where you’ll need to do the math: What’s your current income? What are your basic living expenses? What are your fixed costs? How much do you want to put away each month into savings or investments? How much will it cost to maintain your new home? What kind of down payment will you have? (The more you put down, the smaller your monthly mortgage payment will be.) Now you can factor a mortgage into all of the above, and see how much you can really afford. When doing so, don’t forget to count both the mortgage principal and interest — along with property taxes, homeowners’ insurance, and other extras such as HOA fees. Source: Trulia Article

Brandon Farber

Brandon Farber

 

Should Millennials Rent or buy?

A tougher call for younger house hunters, especially in California, if mortgage rates rise Buying a home is 23% cheaper than renting nationwide for millennials and now is the best time to buy since 2012 when interest rates were a tad lower. Trulia’s Rent vs. Buy Report has traditionally assumed a 30-year fixed rate mortgage with a 20% down payment for households moving every seven years. With these assumptions, buying is 36% cheaper than renting on a national basis, based on September home prices. That’s the best differential since 2012 when it was 38% cheaper to buy than rent. Buying is also cheaper than renting in each of the nation’s 100 largest metros. However, using the Census’ 2014 American Community Survey and a new Trulia consumer poll, we’ve found that the math is different for young households (ages 25-34), who tend to move every five years (*) and can only afford up to a 10% down payment (**). This edition of Rent vs. Buy crunches the numbers for these prospective home buyers. To compare the costs of owning and renting for young home buyers, we also assumed a 3.85% mortgage rate on a 30-year fixed-rate loan, itemized federal tax deductions and a 25% tax bracket. With those assumptions, buying is not only 23% cheaper than renting nationally, it is also only cheaper than renting in 98 of the nation’s top 100 markets. But personal choices aside, here are the current economic conditions that influence today’s market. Nationally, home price growth has outpaced rent growth since 2012. That favors the rent side of the buy vs. rent equation. However, interest rates have returned to near historic lows, now at about 3.85%, after climbing to 4% or higher in 2013 and 2014. In October 2012, rates were about 3.4% for a 30-year-fixed rate mortgage. In that year, young households found that it was 28% cheaper to buy than rent. Cheaper to Rent in Honolulu and Silicon Valley
The rent vs. buy gap differs vastly across metros, largely because home prices and rents, property taxes, and home-price appreciation differs by metro. Taking these factors into account, young home buyers in the nation’s 100 markets would find that buying a home ranges from being 5% more expensive than renting in Honolulu to being 46% cheaper to buy a home in Houston. The only other metro in the top 100 where buying is more expensive than renting a home for young buyers is San Jose, where they’d pay 2% more to buy a home than to rent. Rounding out the top 10 is New York, where buying is now 11% cheaper for younger consumers than renting. Our rent vs. buy metric is especially tight for young prospective buyers in California. Of the 10 markets nationwide where buying vs. renting is a tougher call, seven are in the Golden State: San Jose, Orange County, San Francisco, Oakland, Sacramento, San Diego, and Ventura County. Where Renting Beats Buying (and Where It’s a Tough Call) # U.S. Metro Median Home Price, Sept 2015 Median Rent, Sept 2015 Cost of Buying vs. Renting (%), Sept 2015 1 Honolulu, HI $612,642 $2,500 5% 2 San Jose, CA $907,806 $3,500 2% 3 Orange County, CA $639,129 $2,800 -5% 4 San Francisco, CA $1,100,000 $4,400 -7% 5 Oakland, CA $617,357 $2,800 -7% 6 Sacramento, CA $326,910 $1,650 -8% 7 Newark, NJ-PA $326,045 $2,200 -10% 8 San Diego, CA $488,959 $2,325 -10% 9 Ventura County, CA $514,053 $2,500 -11% 10 New York, NY-NJ $437,834 $2,350 -11% Note: Positive numbers mean that buying costs more than renting. Click here to download the full Rent vs. Buy cost considerations for the 100 largest U.S. metros.   Southern, Midwestern Housing Markets Great for Young Buyers
Buying is clearly a better deal in many Southern markets. Metros in Texas, Florida and Louisiana dominate the top ten list of places where young households will find buying an easier call. In No. 1 Houston, for instance, it is 46% cheaper for younger buyers to buy than rent. Where Buying a Home Beats Renting # U.S. Metro Median Home Price, Sept 2015 Median Rent, Sept 2015 Cost of Buying vs. Renting (%), Sept 2015 1 Houston, TX  $162,784  $1,550 -46% 2 Baton Rouge, LA  $154,940  $1,395 -45% 3 Syracuse, NY  $118,999  $1,375 -44% 4 Fort Lauderdale, FL  $200,734  $1,750 -44% 5 Miami, FL  $241,740  $1,955 -43% 6 New Orleans, LA  $169,688  $1,500 -43% 7 Tampa, FL  $151,974  $1,300 -42% 8 Oklahoma City, OK  $130,095  $1,195 -42% 9 Detroit, MI  $60,465  $850 -42% 10 San Antonio, TX  $141,907  $1,295 -42% Note: Negative numbers mean that buying costs less than renting. Click here to download the full Rent vs. Buy cost considerations for the 100 largest U.S. metros.   Rising Prices, Rents in Some Markets Spur Big Swings in Rent vs. Buy Math
Many metros have seen drastic swings in our rent vs. buy metric since 2012 when the housing market first started to turn around. That’s largely because of rebounding home prices and swings in how much prices rise relative to rents, and vice-versa. In Las Vegas, for example, it is now 20% cheaper to buy than rent. In 2012, it was a whopping 43% cheaper to buy than rent in that metro. Much of this change is due to the fact that price increases outpaced rents in Las Vegas. The median cost of a Las Vegas home has soared to $194,789, up from $124,575 in 2012. Median monthly rents, meanwhile, have risen just $100 in the same period to $1,250. This difference led to an almost 23 percentage point drop in the advantage of buying vs. renting. Where House Hunters Should Have Bought in 2012 # U.S. Metro Cost of Buying vs. Renting (%), Sept 2012 Cost of Buying vs. Renting (%), Sept 2015 Point Difference in Cost of Buying vs. Renting, 2012-2015 1 Las Vegas, NV -43% -20% +23% 2 Riverside, CA -41% -21% +20% 3 Bakersfield, CA -46% -26% +20% 4 Sacramento, CA -27% -8% +20% 5 Phoenix, AZ -41% -23% +18% 6 San Diego, CA -27% -10% +17% 7 Fresno, CA -38% -22% +16% 8 Ventura County, CA -27% -11% +16% 9 Warren–Troy–Farmington Hills, MI -45% -29% +15% 10 Orange County, CA -21% -5% +15% Note: Negative numbers mean that buying costs less than renting. Click here to download the full Rent vs. Buy cost considerations for the 100 largest U.S. metros. In some markets, rent growth has outpaced home price growth. That has made home buying an even better financial choice vs. renting in those markets now than in 2012. However, the changes haven’t been as drastic as in Las Vegas. For example, in San Antonio—which tops the list of 10 metros where buying a home is an even better deal vs. renting now than it was three years ago—younger home buyers would find buying now almost 42% cheaper than renting, up from 33% cheaper in 2012. That makes for an eight-percentage point difference in our buy vs. rent metric. Where Buying is Much Better Than Renting Today # U.S. Metro Cost of Buying vs. Renting (%), Sept 2012 Cost of Buying vs. Renting (%), Sept  2015 Point Difference in Cost of Buying vs. Renting, 2012-2015 1 San Antonio, TX -33% -42% -8% 2 Akron, OH -25% -31% -6% 3 Long Island, NY -16% -21% -6% 4 New York, NY-NJ -6% -11% -5% 5 Greenville, SC -35% -39% -4% 6 Albuquerque, NM -21% -25% -4% 7 Birmingham, AL -34% -37% -3% 8 Cincinnati, OH-KY-IN -31% -34% -3% 9 Kansas City, MO-KS -31% -34% -3% 10 Houston, TX -44% -46% -3% Note: Negative numbers mean that buying costs less than renting. Click here to download the full Rent vs. Buy cost considerations for the 100 largest U.S. metros.   Higher Mortgage Rates Could Spur Renting in California
Many economists predict that the Federal Reserve Bank will raise interest rates, now near historic lows, by the year’s end. Nationally, rates would have to nearly double to about 6.5% to equalize the buy vs. rent equation for young buyers. Still, an increase of 25-50 basis points could push mortgage rates to 4.15% – 4.4%. That would make the costs of renting about the same as buying in some large California markets.   Mortgage Rate Tipping Point # U.S. Metro Mortgage Rate Tipping Point When Renting Becomes Cheaper Than Buying Point Increase Needed to Reach Tipping Point 1 Orange County, CA 4.40% +0.55% 2 San Francisco, CA 4.50% +0.65% 3 Oakland, CA 4.60% +0.75% 4 Sacramento, CA 4.70% +0.85% 5 Ventura County, CA 4.90% +1.05% 6 San Diego, CA 4.90% +1.05% 7 Los Angeles, CA 5.00% +1.15% 8 Newark, NJ-PA 5.10% +1.25% 9 New York, NY-NJ 5.10% +1.25% 10 Seattle, WA 5.20% +1.35% Note: Assumes current mortgage rates of 3.85%. Click here to download the mortgage rate tipping point for the 100 largest U.S. metros. Orange County, San Francisco, and Oakland are the most vulnerable markets. An increase of interest rates of half a basis point (0.5 percentage points) would make the costs of buying in those markets about the same as renting. In other vulnerable markets, the rate increase would need to be closer to 1.00-1.35 percentage points.  However, home buyers in these metros don’t need to panic. The Fed hasn’t increased rates by more than 25 basis points at a time since the Fall of 1988.     FULL RENT VS. BUY METHODOLOGY
Trulia calculates the costs of buying and renting by: We use our quality-adjusted measure of home prices and rents, which allows an apples-to-apples comparison between rental and owner-occupied housing units. We looked at median home value and rent in September 2015 in each of the largest 100 metros. We calculate the initial total monthly costs of owning and renting, including mortgage payments, maintenance, insurance, and taxes. We calculate the future total monthly costs of owning and renting, taking into account expected price and rent appreciation, as well as projected inflation. We factor in one-time costs and proceeds, including closing costs, down payment, sale proceeds, and security deposits. We calculate net present value, which reveals the opportunity cost of using money to buy a house instead of investing it. Net present value is the worth in today’s dollars of a future stream of payments and proceeds, taking into account expected interest rates. Trulia’s Rent vs. Buy Calculator lets you compare renting and buying costs using other assumptions about prices, rents, and other factors. It uses the same math that powers our interactive map and this report. You can read our extended methodology here. (*) 2014 American Community Survey Data shows that Americans aged 25-34 move approximately every five years. (**) When asked how much their household would be able to put down as a down payment, if they were in the market for a home, 62% of Americans between the ages of 25 and 34 said they could only afford a downpayment of 10% or less on a home purchase. This survey was conducted online within the United States between October 13th and 15th, 2015 among 2,009 adults (aged 18 and over) of whom 383 are 25-34 by Harris Poll on behalf of Trulia via its Quick Query omnibus product. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online. All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, the words “margin of error” are avoided as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal. Respondents for this survey were selected from among those who have agreed to participate in our surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in our panel, no estimates of theoretical sampling error can be calculated. Source: Trulia Article

Brandon Farber

Brandon Farber

 

5 Surprising Things Covered by a Home Warranty

Ceiling fan on the fritz? Don’t hunt down DIY repair tips until you’ve checked your home warranty coverage. Whether you sign up for one yourself or get one when you buy your new home, a home warranty typically covers problems with the big systems in your home (think electrical, plumbing, and HVAC). Major appliances are also typically included. But you might be surprised by some of the more unusual items a home warranty can cover. Of course, not all policies are the same, but if you’ve got a home warranty and these things break, you’ll know whom to call before you go the DIY route. 1. Ice makers Let’s have a show of hands for those of us who have had a built-in ice maker stop working. Since the ice maker is part of the refrigerator, it’s pretty standard fare in most home warranty policies. The next time you need a random cube for your bloody mary, don’t fret — you’re covered. 2. Spoiled food Likewise, if your refrigerator stops working, you may be able to claim the cost to replace the resulting spoiled food. The really fun part is going to the grocery store and making a detailed price list! This coverage comes in handy if it’s days before the Fourth of July and you have three racks of ribs chilling in your now-defunct refrigerator. 3. Ceiling fans Ceiling fans are important fixtures in our houses — and they are also sometimes deemed worthy of warranty coverage (assuming they were correctly installed). So whether the light won’t turn on or the fan blades are no longer churning, call your home warranty company. If all the fans in the house are of similar age, it might be worth having the technician inspect all of them — especially if you’ve had to pay a service fee. Get your money’s worth! 4. Permit fees and code violations It’s the accumulation of ancillary fees that can make a home repair project expensive. Specifically, city permitting fees add up quickly and can take a chunk out of your budget. Did your service technician uncover a code violation when trying to repair/replace an item? In some cases, that’s covered by a home warranty policy as well. 5. Garage door opener We usually think of the garage as outside of the house and therefore not covered in a home warranty policy. When it comes to home warranties, this is one that could go either way. (Note: If the garage isn’t included standard, it could be added with an extra fee — just ask.) And the garage door opener, that seemingly simple motor that makes our coming home and pulling our car into the garage so convenient, can be surprisingly pricey to replace. If you choose to invest in a home warranty policy or if it came with the new home you just purchased, familiarize yourself with your specific coverage. You may be pleasantly surprised by the number of items covered. And that just might help keep some cash in your pocket. Source: Trulia Article

Brandon Farber

Brandon Farber

 

What's Included in a Builder's Warranty

Want to know what is (and isn’t) covered? This list will help. The allure of buying a new-construction home is obvious: It’s new, it’s never been lived in, and it oftentimes comes with all the bells and whistles that go hand in hand with new construction. New homes also usually boast a builder’s warranty, which, for many homeowners, are the proverbial icing on the new-construction cake. Those warranties, though, can be tricky when it comes to navigating what is (and what isn’t) covered. “Building warranties are definitely something to take note of,” says Josh Altman, a Los Angeles–based real estate agent and author of It’s Your Move. “Much like anything else in the world, these warranties vary across the board.” Here are the top things you need to know about builders’ warranties, whether you’re shopping for new homes for sale in New York, NY, or Santa Fe, NM. The difference between long- and short-term warranties “Long-term [usually 10 years] is where you should have a structural foundational warranty,” says Altman. “So if anything [very bad] goes wrong, you are covered. Short-term [generally one to two years] may include things like stucco and drywall but may not include things like appliances that would not be a result of improper workmanship.” But you’ll very likely have more than just two warranties “In many cases, the builder will offer a one-year bumper-to-bumper warranty,” explains Keith Thompson, a real estate broker with Berkshire Hathaway HomeServices Carolinas Realty in Charlotte, NC. “This generally covers everything in the home with the exception of cosmetic, such as if the homeowner damages a wall while moving in. Beyond this, you’ll have coverage ranging from two to five years on mechanicals such as plumbing, electrical, HVAC.” In a newly constructed home, you will also have separate manufacturers’ warranties if things such as your windows, shingles, or appliances fail, adds Thompson. The last is a structural warranty: “Some states require the builder to provide a warranty for a particular number of years. These warranties are usually 10 years, but John Wieland Homes, for example, has offered a 20-year structural warranty for as long as I’ve been selling real estate,” says Thompson. In Florida, adds Sharon Voss, president of the Orlando Regional Realtor Association, “a builder’s 10-year structural warranty is not only included, but required by state law.” Your warranty usually covers a punch list of repairs In most cases, as part of the warranty process, builders will “set up a meeting after closing but before the one-year warranty expires to go through the house and fix anything that is covered,” says Thompson. “Some builders will do this twice — once at 30 days postclosing and again at 11 months — while others will allow the buyer to decide when the meeting will be during the one-year period.” Buyer beware: Builder-backed warranties are worthless if your builder goes under When the 2008 recession hit, many builders went out of business — and that meant homeowners with builder-backed home warranties were really out of luck. “You have to be cautious of builder-backed warranties, because if the builder goes out of business, your warranty may become worthless,” explains Rachelle Schreiber, executive regional manager of Realty Group International. Try to address as many issues as possible at your 30-day postclosing walk-through, as opposed to waiting until the one-year follow-up. That way, you can breathe easy if your builder does go under. It might not be transferable If you purchase a home from the original owner and it’s still within the first year of the warranty, you may — or may not — be covered by that same warranty, explains Voss. Be sure to find out from the builder whether the warranty is transferable from the seller to the new buyer. Source: Trulia Article Want to know what is (and isn’t) covered? This list will help. The allure of buying a new-construction home is obvious: It’s new, it’s never been lived in, and it oftentimes comes with all the bells and whistles that go hand in hand with new construction. New homes also usually boast a builder’s warranty, which, for many homeowners, are the proverbial icing on the new-construction cake. Those warranties, though, can be tricky when it comes to navigating what is (and what isn’t) covered. “Building warranties are definitely something to take note of,” says Josh Altman, a Los Angeles–based real estate agent and author of It’s Your Move. “Much like anything else in the world, these warranties vary across the board.” Here are the top things you need to know about builders’ warranties, whether you’re shopping for new homes for sale in New York, NY, or Santa Fe, NM. The difference between long- and short-term warranties “Long-term [usually 10 years] is where you should have a structural foundational warranty,” says Altman. “So if anything [very bad] goes wrong, you are covered. Short-term [generally one to two years] may include things like stucco and drywall but may not include things like appliances that would not be a result of improper workmanship.” But you’ll very likely have more than just two warranties “In many cases, the builder will offer a one-year bumper-to-bumper warranty,” explains Keith Thompson, a real estate broker with Berkshire Hathaway HomeServices Carolinas Realty in Charlotte, NC. “This generally covers everything in the home with the exception of cosmetic, such as if the homeowner damages a wall while moving in. Beyond this, you’ll have coverage ranging from two to five years on mechanicals such as plumbing, electrical, HVAC.” In a newly constructed home, you will also have separate manufacturers’ warranties if things such as your windows, shingles, or appliances fail, adds Thompson. The last is a structural warranty: “Some states require the builder to provide a warranty for a particular number of years. These warranties are usually 10 years, but John Wieland Homes, for example, has offered a 20-year structural warranty for as long as I’ve been selling real estate,” says Thompson. In Florida, adds Sharon Voss, president of the Orlando Regional Realtor Association, “a builder’s 10-year structural warranty is not only included, but required by state law.” Your warranty usually covers a punch list of repairs In most cases, as part of the warranty process, builders will “set up a meeting after closing but before the one-year warranty expires to go through the house and fix anything that is covered,” says Thompson. “Some builders will do this twice — once at 30 days postclosing and again at 11 months — while others will allow the buyer to decide when the meeting will be during the one-year period.” Buyer beware: Builder-backed warranties are worthless if your builder goes under When the 2008 recession hit, many builders went out of business — and that meant homeowners with builder-backed home warranties were really out of luck. “You have to be cautious of builder-backed warranties, because if the builder goes out of business, your warranty may become worthless,” explains Rachelle Schreiber, executive regional manager of Realty Group International. Try to address as many issues as possible at your 30-day postclosing walk-through, as opposed to waiting until the one-year follow-up. That way, you can breathe easy if your builder does go under. It might not be transferable If you purchase a home from the original owner and it’s still within the first year of the warranty, you may — or may not — be covered by that same warranty, explains Voss. Be sure to find out from the builder whether the warranty is transferable from the seller to the new buyer. - See more at: http://www.trulia.com/blog/whats-included-in-new-home-warranties/?ecampaign=con_cnews_digest&eurl=www.trulia.com%2Fblog%2Fwhats-included-in-new-home-warranties%2F#sthash.gdJVw0or.dpuf Want to know what is (and isn’t) covered? This list will help. The allure of buying a new-construction home is obvious: It’s new, it’s never been lived in, and it oftentimes comes with all the bells and whistles that go hand in hand with new construction. New homes also usually boast a builder’s warranty, which, for many homeowners, are the proverbial icing on the new-construction cake. Those warranties, though, can be tricky when it comes to navigating what is (and what isn’t) covered. “Building warranties are definitely something to take note of,” says Josh Altman, a Los Angeles–based real estate agent and author of It’s Your Move. “Much like anything else in the world, these warranties vary across the board.” Here are the top things you need to know about builders’ warranties, whether you’re shopping for new homes for sale in New York, NY, or Santa Fe, NM. The difference between long- and short-term warranties “Long-term [usually 10 years] is where you should have a structural foundational warranty,” says Altman. “So if anything [very bad] goes wrong, you are covered. Short-term [generally one to two years] may include things like stucco and drywall but may not include things like appliances that would not be a result of improper workmanship.” But you’ll very likely have more than just two warranties “In many cases, the builder will offer a one-year bumper-to-bumper warranty,” explains Keith Thompson, a real estate broker with Berkshire Hathaway HomeServices Carolinas Realty in Charlotte, NC. “This generally covers everything in the home with the exception of cosmetic, such as if the homeowner damages a wall while moving in. Beyond this, you’ll have coverage ranging from two to five years on mechanicals such as plumbing, electrical, HVAC.” In a newly constructed home, you will also have separate manufacturers’ warranties if things such as your windows, shingles, or appliances fail, adds Thompson. The last is a structural warranty: “Some states require the builder to provide a warranty for a particular number of years. These warranties are usually 10 years, but John Wieland Homes, for example, has offered a 20-year structural warranty for as long as I’ve been selling real estate,” says Thompson. In Florida, adds Sharon Voss, president of the Orlando Regional Realtor Association, “a builder’s 10-year structural warranty is not only included, but required by state law.” Your warranty usually covers a punch list of repairs In most cases, as part of the warranty process, builders will “set up a meeting after closing but before the one-year warranty expires to go through the house and fix anything that is covered,” says Thompson. “Some builders will do this twice — once at 30 days postclosing and again at 11 months — while others will allow the buyer to decide when the meeting will be during the one-year period.” Buyer beware: Builder-backed warranties are worthless if your builder goes under When the 2008 recession hit, many builders went out of business — and that meant homeowners with builder-backed home warranties were really out of luck. “You have to be cautious of builder-backed warranties, because if the builder goes out of business, your warranty may become worthless,” explains Rachelle Schreiber, executive regional manager of Realty Group International. Try to address as many issues as possible at your 30-day postclosing walk-through, as opposed to waiting until the one-year follow-up. That way, you can breathe easy if your builder does go under. It might not be transferable If you purchase a home from the original owner and it’s still within the first year of the warranty, you may — or may not — be covered by that same warranty, explains Voss. Be sure to find out from the builder whether the warranty is transferable from the seller to the new buyer. - See more at: http://www.trulia.com/blog/whats-included-in-new-home-warranties/?ecampaign=con_cnews_digest&eurl=www.trulia.com%2Fblog%2Fwhats-included-in-new-home-warranties%2F#sthash.gdJVw0or.dpuf

Brandon Farber

Brandon Farber

 

Advice On Selling A House

Maybe you've read lots of advice on selling a house. But do you know the biggest mistake many people make when selling a house? Not understanding real estate value. You see, it doesn't matter what you think your home is worth. It doesn't matter what youdid to make in nicer for your family. The value of your home is determined by buyers. What you enjoyed about your house may be irrelevant when it's time to sell. Think in terms of what buyers want, and use some of the following advice on selling a house.  1. Know the market. What other similar houses have sold for? Have those examples ready to show potential buyers.  2. Decide on a minimum price - the price below which you just won't move. Don't tell your agent what this minimum is, but negotiate with any buyers who make an offer near or above it.  3. Concentrate on the visible things first. A new mailbox is often a good idea. When buyers fall in love with the house before they even enter it, they forgive a lot of problems.  4. Clean the neighborhood. If a neighbor's yard is a mess, give their kids $10 to pick up the yard. Spend $20 to put flowers in any common-areas, and buyers will have a better first impression of the neighborhood.  5. If you or your agent aren't getting many calls, try something new. Is more advertising necessary? Is the price too high? If price is the problem, drop it fast. That perfect buyer might pass on by while the the home is still over-priced.  6. Listen to prospects. They'll be more objective than you. If you hear several times that the kitchen is dark, get out the white paint.  7. Find the average sales time for your area. If your house is taking longer than average to sell, there's a problem, and usually it's the price.  8. Ask your real estate agent what she plans to do - before you sign a listing agreement. Write down what she says, and hold her to her promises.  9. If there are known problems, such as an old roof, get an estimate for repairs. The sellers may want a $7,000 allowance for a new roof - until you show them your $4,000 estimate.  10. Do improvements that can realistically get you at least a two-to-one return on investment. If $300 to seal the driveway is likely to add $600 to the sales price of the home, do it. Always consider first those things that are most visible. There are dozens of things you can do to sell your house faster, and get a better price. Start with the ones that will get the most "bang for your buck." Also, read and USE good advice on selling a house.  

Brandon Farber

Brandon Farber

 

Choosing a REALTOR

The ideal agent is not always the one with the most sales under his or her belt, or the most years on the job. The ideal agent is one who listens to you, is easy to get along with, and has the tools and skills to address your unique situation. Every home buyer is different. Some have credit issues. Some are buying from out of state. Some need help selling their current home in addition to buying a new one. Just as buyers have different needs, real estate agents have different skills and specialties. Here's how to find the agent who's right for you: 1. Ask friends and family for agent referrals.
Nobody knows you as well as your friends and family do. So they're often in the best position to recommend an agent who is well-suited for your needs. You can also trust a referral from friends or family more than one that comes from a stranger. 2. Talk to multiple agents.
I once saw a statistic that 84% of home buyers choose the first real estate agent they contact. This means one of two things. Either most people are choosing wisely the first time, or they're just rushing into things without shopping around. Probably a little of both. You don't have to exhaust yourself interviewing agent after agent, but at least talk with two or three to see who you're most comfortable with (which leads to the next point). 3. Consider the vibe factor.
Professional expertise is an important criterion when choosing a real estate agent. But interpersonal skills are equally important. After all, you'll be working with this person anywhere from 2 to 12 months, so it helps to get along with them. We all have unique personalities, and that's the way it should be. But when working with someone professionally, if helps if their personality "meshes" well with your own. 4. Ask how they hunt.
When deciding on a real estate agent, ask how they search for homes. Some agents have their own preferred listings that they favor. But you want what's best for you, not what's best for your agent. You're paying them, right? So make sure the agent is willing to search high and low to find the best home for you. That includes using the Multiple Listing Service (MLS) as well as their own personal network. 5. Read paperwork carefully.
This advice is heavily used for a reason. It's critical that you examine all documents during the home buying process, and that includes your agent agreement. At some point during the relationship, your agent will probably ask you to sign an agent agreement. Basically, it just means that if the agent shows you a particular property, your purchase of the property should be credited to that agent. In most cases it's a simple, just be sure to read it carefully and ask questions.  

Brandon Farber

Brandon Farber

 

Advertising Your Home

Have you ever wondered why that beautiful and well-kept house at the corner is still up for sale after almost six months? You’ve been there, asked around (no murders there), found the price reasonable, and yet … they have not received an offer to sell. You look around, and you notice nothing. A house, no matter how beautiful or how ideal it is, will definitely not sell if it is not properly advertised. If you are selling your home through an Agent, the Agency will handle most (if not all) of the advertising and marketing needed to sell your home. If you are doing everything by yourself, you have to make sure that no stone is left unturned. This doesn’t mean that you have to spend an entire fortune on advertising alone; you just have to know which advertising methods will bring the maximum media mileage for your property at a cost that is agreeable to you. The easiest and most economical way of advertising your house is to put up a “For Sale” sign in your yard and putting up posters in areas that generate a high volume of foot traffic (supermarkets, post office, etc). However, even if you put several posters in several key places, you will most likely, not reach the right market. Mind you, there is a chance that you will, but it will be very small. Putting up an on-line ad is another fast, easy and fairly economical way of marketing your home. For a small amount, your home and some photos can be uploaded onto the World Wide Web for a specific amount of time for everyone to see. Unfortunately, since it is available on the net, you are most likely to attract a wide range of people. It may take time before you can sift through all the inquiries your ad has generated. Placing an advertisement in a newspaper or a magazine that specifically dedicated to homes may be old fashioned, but it still is still one of the most effective ways of marketing your home. You have the option of putting a photo and you can lure buyers in by writing an interesting description about your home its features and amenities. You are not limited to just one form of advertising method. You can use just one kind, or all three. It really depends on you and your budget. In addition to the marketing effort, you should also prepare a Fact Sheet about your home. The fact sheet should contain all the pertinent details about your home. Don’t just put the number of rooms and toilets in your abode; make sure that you include the year the home was built, and the year when the last renovation was made.  

Brandon Farber

Brandon Farber

 

Advertising Rental Property

There are many different ways a landlord can advertise his / her rentals property. The kind of advertising that works best depends on numerous factors that include property characteristics, location, landlord’s budget, and whether he / she is in a hurry to rent. There are many combinations of advertising methods landlords and property managers use to achieve the best results, some of which are as under. 1. ‘For Rent’ Signs The most common method of advertising is the putting up of a ‘For Rent’ sign, either in front of the building, or in one of the windows. A relatively cost-free method, it works best if a lot of foot and motor traffic goes past the building. It also helps if the building is as attractive as the rental unit. 2. Advertising in the Newspapers As much of a tradition as ‘For Rent’ signs, newspaper ads are also available online, if the paper has an online version. Many potential tenants begin their search for a place to rent by scanning the classified ads in newspapers, while, out-of-towners can log on online to the local paper from wherever they are. Ads should always be placed in papers having many residential listings, as it has been found they work best. And, they should be targeted to produce the right kind of prospective tenants i.e. if a landlord primarily rents out to college students, the best bet is to advertise in the campus newspaper or put up a ‘For Rent’ sign in the housing office. To play it safe, it is also a good idea to list the rental in a general newspaper, as well. 3. Neighborhood Flyers As well, a landlord can post ads on neighbor hood public bulletin boards to be found at grocery stores, Laundromats or coffeehouses, complete with tear-off strips listing their phone number. However, if the property is upscale, this is not the best way to advertise for it, though there might be takers at the high-end gym down the street. 4. Listing Online Online rental services have mushroomed like crazy in recent years, from national in scope, to regional. After finding a residential rental listing for your area, you can add your property to it. 5. Home Or Apartment Finding Services Home or apartment-finding services are very popular in some areas, with landlords paying to list their properties, though sometimes it is the tenants themselves, who pay the fee when the unit is rented. 6. Spreading the Word Small-time landlords instead of advertising widely and screening potential tenants, find it easier to market their rentals through word-of-mouth i.e. telling friends, colleagues, neighbors, and current tenants. After all, people already living on your property will invite decent neighbors. So, when a property becomes vacant, simply send a note around to every one, asking them to tell friends or relatives about the available apartment. 7. Real Estate Offices Many real estate offices handle rentals, but of course, there is a fee involved. 8. Property Management Firms Going through a property management firm is the easiest way to do it. They handle advertising, showing tenants around, as well as, selecting tenants, collecting rents, and interacting with residents during tenancies (handling repairs, etc. etc.). A paid service, it is for landlords with large rental properties and no time to spare. Next Steps Once, the advertising has been done, the next step is to create a rental application and select a tenant. When advertising vacancies and selecting and rejecting applicants, read up on the Fair Housing Act, so as to avoid any inadvertent lawsuits. Evaluate prospective tenants by thoroughly checking out their rental applications, legal residency forms, and tenant consent forms for contacting references, performing credit checks and criminal and background checks. The only way to avoid unnecessary litigation is by screening prospective tenants and conducting background checks. Simply visit www.e-renter.com for tenant screening and background check services.  

Brandon Farber

Brandon Farber

 

Adverse credit mortgages - real estate borrowing with less than perfect credit

How far can you go to get the right thing? You would not mind making an extra effort in order to get it. Same is true with mortgages. And especially with mortgage for adverse credit. It takes time and patience to get the right one. Adverse credit mortgages are meant for those mortgage people who are struggling with the aftermaths of having adverse credit. Some lenders specialize in adverse credit mortgages. They are not uncompromising with qualifications for adverse credit mortgages. Having adverse credit would not reduce your chances of finding a mortgage. If you have adverse credit, you should start by checking your credit score. Credit score is easily available at the three credit reporting agencies - Experian, Equifax and Trans Union. Or you can get your latest FICO score. A credit score will provide the lender with the information about the credit risk you are as a borrower. Knowing your credit score will tell you where you stand as an adverse credit borrower. Also this will prevent you from getting duped by lender. Lenders might charge more interest rates for adverse credit than applicable.   For an adverse credit mortgage borrower accurate credit score will carry a lot of value. The credit score varies from 500-720. Since you have adverse credit your credit score might be below 580. Adverse credit borrower will have one of the following on their credit history.   Late payments: Timeliness of payments holds the maximum points in your credit score. Your credit score decreases by 15-40% with thirty day late payments. Outstanding credit: You may have no late payments yet adverse credit score. This is because you have outstanding debt. This may be because you have drawn over your credit limit. Try to distribute this overdrawing and you will find that you have improved your credit score in just a few weeks. Bankruptcy – bankruptcy will result in adverse credit. For an adverse credit mortgage, it will be more beneficial if you have a chapter 13 bankruptcy rather than a chapter 7. Foreclosure – A foreclosure stays on your credit report for 7-10 years and will mean adverse credit if you want a mortgage. CCJ – County Court Judgments or any court judgment will imply that you need to apply for adverse credit. Credit checks – Many credit checks could also result in adverse credit. Mortgage lenders are doubtful if there are many credit checks. Mortgage lenders are usually acceptable of adverse credit. This is because mortgage means you are giving your home as security for the loan amount. A home has a lot of latent equity. A good stable income, good equity and down payment will help you overcome the reverberations of adverse credit. The down payment for adverse credit mortgage is 10-20%. Different mortgage lenders have different criteria for adverse credit mortgage. This will mean that you will have to travel far and wide on the web space to find a lender has lending terms that suit you.   Just stop making any credit mistakes when you apply for adverse credit mortgages. •    Do not delay payments on your adverse credit mortgage.
•    Don’t close accounts.
•    Do not neglect revolving accounts like credit cards. Restrict the use of credit cards to the minimum.
•    Do not disregard your credit limit.
•    Do not ignore any negative information on your credit card. Try clearing it; it will cost you a lot if it stays.
     
Adverse credit mortgage is linked to high interest rates. However, that may not be the case with you. Remember that once you have taken adverse credit mortgage and start making regular monthly payment, in due course you will have a new improved credit history. So what if you don’t conform to the traditional mortgage rules.  If you have been told that you can’t get mortgage for adverse credit, it is simply not true. And if you are told you can’t be helped then start helping yourself with research. Shopping around for adverse credit mortgage will make you aware of what you can get with adverse credit mortgages at your terms. A smart shopper keeps on looking around till he finds the right thing. So, how far can you go to get the right thing?  

Brandon Farber

Brandon Farber

 

Adventures In The Real Estate Maze

Buying a house can be quite an adventure. This is what I realized when my wife and I went out to buy our own first house. We started with our own ideas of what we wanted in a house. We then consulted some real estate brokers to help us find the perfect house. Most of the houses that we saw were nice in their own way. However, they did not match up to the perfect house that we had in mind. Moreover, we were in no hurry to spend that kind of money on a house that was not up to the standards that we had set for it. So we looked around some more, and finally found the perfect house. And that was just the beginning of our adventure. Buying the house without external help was out of the question. So we went to a loan provider to check out the available home loan deals. Then we went to another loan provider, and then to another and another. After making innumerable rounds of loan providers, we finally found one who would give us a great deal. After all, we did not want to end up stone broke and live in an empty house with no furniture or electricity for all eternity. It felt great to finally find a loan that would suit our budget and which would also enable us to buy our ideal house. While on our house buying journey, we learned a lot of things. One was that real estate agents often quote really high prices. A lot of hard bargaining has to be conducted between you and the agent, and finally between you and the owner before everyone involved can be satisfied with the deal that was made. Once you have finished haggling on the price, finding the best home loan for your needs can be quite troublesome. In fact, these days, the problematic nature of getting at the right loan has been multiplied several times. The sheer numbers of home loans available make it difficult for someone who is new to the house buying business to make a smart and objective decision. A great deal of patience has to be cultivated by you if you want to sheaf through the scores of potential home loans that you could avail of. The Internet makes a lot of great home loan providers available at your fingertips. It is also not a bad idea to consult a broker who will have access to even more loans. Ultimately, just do whatever works best for you.  

Brandon Farber

Brandon Farber

 

Advantages to Shopping for Real Estate Online

The real estate market is one of the most complex markets in the entire world due to the fact that it is in a continuous change, thus making it a very dynamic market. The internet has a lot to offer consumers regarding real estate and as a result it is a great place to start shopping. Some of these advantages are: - It is inexpensive, if not free to list your home in an online property listing service. - It is a quick and easy method to advertise your property that is for sale/lease or if you would like to buy a property. - The buyer and seller have direct access to information about the property in question. This makes other forms of communication between the buyer and the seller obsolete. The internet is easy in comparison to the old-fashioned method of answering dozens phones calls or setting up numerous meetings. - Many websites that deal with real estate allow you to include up to 5 photos of your property. This is a lot more in comparison to a regular newspaper and you have complete control over the photos’ quality.  In addition you can highlight specific features about your property with the potential buyers. This can be very helpful if you are working to attract buyers from outside your local geographic area whom potentially need more explanation of certain elements. - Once listed, your home is available until you will sell the property. This is a big advantage if you consider that for a newspaper ad you will systematically have to pay a fee week after week. - These online real estate listing services have a nation-wide audience which will make your ad visible to the entire country; - Searching for the right house is very easy as these websites have filters which will allow you to only see the houses that meet your specific requirements. Therefore you can spend time looking only out houses that meet your needs without having to waste time looking at houses you aren’t interested in. Using the Internet for real estate will make you your own real estate agent without having to pay a great sum of money to an agent and also you will have full-control of the entire activity. Whether you are a home buyer or seller, it is very easy to search for the perfect house as the online offers are endless. Or, if you would like to sell a piece of real estate, there is no safer and quicker way to do it. Online real estate has become popular and is consuming are looking to the internet more each day as an easy place to get good information. As a matter of fact, more than 5 million people use the internet for real estate issues every month. With numbers like this it is easy to see how the internet can improve your chances for selling or buying a home. Another major advantage of real estate moving to the internet is that you won’t need a real estate agent to start your search. This is very important because we all know that real estate agents are of value but sometimes you just want to look. All in all, there is no better, safer and easier way to search for a home or to sell one than online as the internet has a lot to offer in the real estate market and it is rapidly developing, gaining more and more consumers everyday and thus improving your chances for a profitable buy/sell.  

Brandon Farber

Brandon Farber

 

Holiday Open House - Bring Friends and have a fun night out!

Come and enjoy a catered holiday open house at 111 Wheatland Court Lynchburg VA 24503. This home is all new construction and has all the bells and whistles. Offering a private pond and estate like lot setting up on top of a majestic hill overlooking one of Boonsboro's newest subdivisions, Ivy Creek Park . This home is truly a must see home - so invite some friends and stop on by for light hors d'oeuvres and cocktails. Door prizes include: Enjoy a free wine and cheese platter for two at Dish - downtown main street Cavalier gift certificate  A Holiday gift basket full of goodies for you to enjoy!   Date: December 3rd 2015 Location: 111 Wheatland Court Lynchburg VA 24503 Time: 5:30 to 7:30 Call or Text 434.879.3275 for more information, questions, or to RSVP

Katherine Farber

Katherine Farber

 

Acting Into Appraisals

Investments, terms for loans, processes, and other parts of real estate can often be overwhelming to someone who hasn't received a degree in real estate.  If you are looking for definitions and actions behind those definitions, then don't forget about getting the right appraisals.  This will help you if you are looking for the right market for your home. An appraisal consists of a professional opinion that is made about a property.  Included in this opinion are several factors that allow for this statement to be made.  Overall, the appraisal will lead to the conclusion of what the market value is.  If the market price can not be defined easily, then someone can look at the different parts of the property and determine what they believe the market price should be.  Usually, this will be done by an inspector looking at the various mechanics that may have been swept underneath the rug.   An appraisal is a necessary requirement when one is looking into selling a home or having the property insured or financed.  It may use several external resources and definitions of what market value may include in relation to the opinion being made in order to determine the price value of a home.  When getting an appraisal, you can expect that the estimates will be based around the various factors that are related to the market at the time.  Instead of just examining the parts of the property, an appraiser will also examine the neighborhood and see what everything else is worth in relation to the property.   By appraising a property, you will know how much the home is worth in relation to your own needs on the property and in relation to everything around it.  By observing the standards that are set both inside and outside, you will have the ability to know when the timing is right to get involved with your piece of real estate.    

Brandon Farber

Brandon Farber

 

Lindenshire Dr - Farmington Forest VA 24551

For more information you can send a text message to 54561 and put P25302 in the message field New Construction - Maintenance Free Living! Originally designed as the model home in our exclusive community, The Retreat at Farmington, this plan has been adapted for a variety of applications. With approximately just under 2700 finished square feet the open floor plan, spacious kitchen and living area complement any lifestyle. The design features both a main level master and a second flexible main level bedroom that can be used as either a bedroom, office, or craft area. Additionally, a 3rd bedroom and a full bath on the belowgrade level create a separate living space for guests and children. Offering a den and bar area. It's completely up to you. This home can be built either on a slab or basement foundation. Call your Realtor for more information about this great home and community and be sure to schedule your private tour. Floor plans are available along with other lots! More photos coming soon! - See more at: http://search.thelynchburgteam.com/idx/details/listing/a331/294476#sthash.UVyjx9jV.dpuf http://search.thelynchburgteam.com/idx/details/listing/a331/294476    

Katherine Farber

Katherine Farber

 

Cash flow ready townhome - calling all investors

http://search.thelynchburgteam.com/idx/details/listing/a331/293967 FOR MORE INFORMATION you can send a text message to 54561 and put P24723 in the message field. Calling all investors - this is a great rental property. Tenants already in the property and just signed a new lease for the year. Great location! Schedule your private showing today! - See more at: http://search.thelynchburgteam.com/idx/details/listing/a331/293967#sthash.oR1kAhol.dpuf

Katherine Farber

Katherine Farber

 

About Rental Insurance

Many renters don’t stop to think about what happens if there is a fire, someone breaks in and steals their new TV or stereo, or a visitor slips and falls on their property. The sad truth is; you will be responsible! While your landlord has
insurance that covers the actual building, that coverage does not include your personal property or liability for injuries which occur in the space you rent ~ be it an apartment or a house and yard. If a fire should destroy or damage your home, your landlord’s insurance will cover the structure. It won’t cover damage or loss of your belongings. Neither will it provide for the cost of temporary housing for you and your family. You may think you don’t own enough personal property to make the cost of insurance worthwhile. You’re probably wrong! If you sit down and add up the cost of everything you own, you may be in for a big surprise. Consider what you have invested in such things as: • Furniture and accessories
• Electronics like TV, stereo, computers
• Small appliances like microwaves, toaster ovens, etc.
• Clothing
• Art work like paintings or prints
• Dishes, silverware and cookware
• Sporting equipment
• Books
• Jewelry Could you afford to replace all of these things? Even worse, what would you do if a friend is injured on your property and decides to sue you for medical costs and more? It’s a scary thought, isn’t it? Are you beginning to see why rental insurance may be a very wise investment? The cost of rental insurance is based on several factors: • The dollar amount of your coverage • Deductibles • Whether you choose to be reimbursed for Actual Cash Value or Replacement Costs (more about that in a minute) • Where your rental property is located and the number of previous claims made, not only by you, but by others living in the same area. Let me explain the difference between Actual Cash Value (ACV) and Replacement Costs. ACV is the value of your property at the time a loss takes place. For example, if your television set is five years old, it’s valued at much less than if it were brand new. The lesser amount is what you are reimbursed. However, if you opt for Replacement Cost, you’re paid whatever it costs to go out and buy a new TV with similar features. Insuring for replacement cost raises the amount of your premium so it’s a good idea to get quotes for both ACV and Replacement Cost policies. Then you can decide which option fits your needs and budget. Another thing to keep in mind is that jewelry, valuable collections, and guns are usually covered under a separate policy or “rider”. If you own these kinds of items, be sure to tell your insurance agent. You don’t want to find out after disaster strikes that they aren’t covered or that they aren’t covered for their true value.
One way you can reduce the cost of your rental insurance is to check with whichever company insures your car. If they provide rental insurance you may be eligible for a multi-line discount. Rental insurance may be worth the investment just for the peace of mind it offers you.  

Brandon Farber

Brandon Farber

 

Cornerstone luxury townhomes

http://search.thelynchburgteam.com/idx/details/listing/a331/294464 FOR MORE INFORMATION you can send a text message to 54561 and put P25716 in the message field. New Construction- Beautiful luxury townhome located in the cornerstone development! Looking for maintenance free living? Love the convenience of living in a townhome but need more space - Meridan street is the place for you then! This luxury townhome offers top of the line fixtures, stainless steel appliances, recessed lighting throughout, hardwood flooring throughout main living space. Large main level master suite, laundry room, garage, patio, rocking chair front porch, sidewalks with street lights, swimming pool, and so much more - the storage is unbelievable. Choose your lot now and design your own space the way you want! Call your Realtor today for a private tour of this great property and be sure to take a drive to see all the activity going on in this community. - See more at: http://search.thelynchburgteam.com/idx/details/listing/a331/294464#sthash.P53hJRzT.dpuf    

Katherine Farber

Katherine Farber

 

LAND FOR SALE Bedford, VA 5acres

http://search.thelynchburgteam.com/idx/details/listing/a331/293279 FOR MORE INFORMATION you can send a text message to 54561 and put P25376 in the message field Welcome to your building site! All you need to do is pick what floor plan you want your dream home to be - Incredible Mountain Views. Beautiful Estate Lot. No other views like this. All cleared and ready to build. - See more at: http://search.thelynchburgteam.com/idx/details/listing/a331/293279#sthash.U3MtmqXB.dpuf

Katherine Farber

Katherine Farber

 

home for sale Concord/Appomattox virginia

http://search.thelynchburgteam.com/idx/details/listing/a331/295260 For more information about this home  you can send a text message to 54561 and put P25302 in the message field This home has so much to offer and qualifies for 100 % financing! All one story living situated on almost a 1 acre lot. Perfect for your growing family! Convenient to 460 for easy access to both Appomattox and Lynchburg. Large 2 car garage attached to home, call your agent today to schedule your private showing - more pictures and virtual tours to come next week. - See more at: http://search.thelynchburgteam.com/idx/details/listing/a331/295260#sthash.gh6DdxeO.dpuf

Katherine Farber

Katherine Farber

 

Get Offers When Showing Your House

You are in the process of trying to sell your house and have your marketing up and running. So, how do you convert callers into offers? Here is one method. A Tip On How To Get Offers When Showing Your House Once you have decided to sell your home, there are a couple of steps you have to take. The first is to get the home ready to show by doing repairs, landscaping and so on. Once you are ready to go, you have to start marketing the home. Assuming you have done all of this, the house is in good shape and you are competitively priced, you should start getting calls from potential buyers. These calls then turn into appointments and buyers come to see your home. At this point, you probably expect that I will start writing about how to negotiate or accept offers. Wrong. The next step in the process is often one of frustration. The frustration arises from wishy washy buyers. They come and see the home, but leave without making an offer. They may come back a couple of times, but they simply never get around to doing the deed as they say. Simply put, this is because you have failed to address the issue of motivation. Buyers need to be motivated to take action. The more motivated they are, the faster they will move. For instance, consider the holiday shopping season. Nobody, and I mean nobody, is out browsing in the malls. Why? The buyers are highly motivated to buy because there is a deadline and they probably have more than a few people to shop for. Simply put, they are highly motivated to do the deed. Returning to our scenario above, what motivation do the buyers have to make an offer? Do they feel any pressure to do so? Unless there is something particular to their personal situation, the answer is that they do not. You must provide the motivation. Here is how. One of the complaints of sellers is that they feel like they are constantly showing their homes to potential buyers without getting an offer. They may show the property three, four or even ten times a week. If this is your situation, you are doing it wrong. The way to motivate buyers to make an offer on your home is to show it only once a week or two weeks if the market is slow. Set aside an hour or so on a particular day and make all the potential buyers come at the same time. By putting buyers together, you create the motivation that simply does not come with individual showings. In such situations, buyers are much less likely to be wishy washy. If they like the property, they inherently worry about one of the other buyers making an offer. You now have motivation and a perceived time limit. If you have are getting interest in your property, but no offers, give this a try. You might be shocked how much of a difference it makes.  

Brandon Farber

Brandon Farber

 

Log cabin home for sale, gorgeous views, close to Liberty University

For more information you can send a text message to 54561 and put P24809 in the message field http://search.thelynchburgteam.com/idx/details/listing/a331/289959   Beautiful A-framed log cabin with panoramic views. This home sits on 4.14 acres surrounded by mountain laurel shrubs and countless fruit trees; fig, peach, apple, cherry, plum, pecan, and walnut. This property also has 3 fenced-in gardens along with 2 sheds.This house has 3 bedrooms, 2 full baths along with a loft and wine cellar. Other features include: rockwall fireplace, fire/security alarm system, two wrap-around decks, architectural shingle roof, K-Guard gutters along with a pond and retaining wall. - See more at: http://search.thelynchburgteam.com/idx/details/listing/a331/289959#sthash.9d2noQJt.dpuf

Katherine Farber

Katherine Farber

 

Moving Checklist

MOVING! The very thought of it can send chills down our spine and can cause us to break out into a cold sweat. Experts say that any kind of "change" creates "stress". Moving, (and especially if we are relocating to a new city or state), represents a huge change and naturally brings a great amount of stress along with it. This can be a double whammy, because stress can lead to a lack of energy and motivation. Many of us tend to procrastinate during stressful periods of our lives. This is one time, though, when we must rise above that. When preparing for a move we need to put the pedal to the metal and get a lot of things done. This checklist contains many suggestions that may seem like "no-brainers". However, the very act of printing out these simple suggestions and reminders can become a significant security blanket as the dreaded time approaches. Moving and relocating calls for being proactive, grabbing the bull by the horns and actually completing certain chores well in advance of their deadlines. Hopefully this little paper will help you to accomplish that. In this particular article we are leaving out the "big things" such as finding the best moving company, researching your new neighborhood's transportation, parking, employment, etc. Those are for other articles on another day. Today we are concentrating on the basics of planning and preparation. Get rid of what you don't need. Many of us are "pack rats". One thing that we can accomplish immediately is going through all of our "stuff" and getting rid of what we don't need anymore. Moving unwanted clothing and bric-a-bracs from one place of residence to another is a great waste of time and effort. It is surprising how much more in control we feel once we start narrowing down our "inventory" to what we actually need to keep. Getting rid of the unwanted items can be done by having a garage sale long before moving time and then donating the leftovers to the Salvation Army or other charitable groups. Get all important papers and documents together and secure them. Since moving is hectic, to say the least, we need to be aware of the exact location of all of our important items. Things that we absolutely must not lose or misplace should certainly be hand carried, not put in a box for the movers: Address Books, Birth Certificates, Bank Statements, Checks, Credit Cards and Statements, Home Movies, Irreplaceable Memorabilia, Insurance Policies, Marriage Records, Medical and Dental Records, Military Records, Passports, Photos and Photo Albums, Resumes, School Records, Stock Certificates, Tax Returns, Telephone Numbers, Valuables, Vehicle Documents, Wills. Prepare well in advance for living at your new location. There are many things that we can do at our new location well in advance of our move that will help smooth out the bumps and grinds of our relocation process when the actual event occurs: Open up new bank accounts. Open up a new Safe Deposit Box. Contact the new area utility companies and arrange for your new services. These can include Cable TV, gas, electric, oil, telephone, water and Internet access. Arrange for new medical providers. If you are moving to a new state, contact the DMV and get forms necessary to re-register your vehicles. Contact your insurance companies and find out if your car insurance, homeowner's insurance, etc. can be transferred. If not, find an Insurance Broker in your new area and discuss your needs and requirements for new policies. Go to the post office and get a moving kit. Prepare change of address forms for all of your correspondents; credit card companies, other credit accounts, banks, insurance companies, current utility companies for final statements, magazines and other subscriptions, family, friends, and any other persons or businesses that you correspond with on a regular basis. As the time approaches, get a nice new legal pad. As moving day approaches and when the moving process actually begins, you don't want to be hunting for phone numbers in wallets, purses, or address books. Have a nice new legal pad ready with all important phone numbers written clearly and legibly for both your old and new contacts: Banks, Doctors, Emergency contacts, Family members, Friends, Landlords or Real Estate Brokers, Movers, Pharmacies Schools, Storage Facilities, Utilities. With proper planning and preparation the moving process, though never fun, can at least be sane. With proper planning and preparation the utilities at your present address can be disconnected the day after you move and the utilities at your new address can be connected the day prior to your arrival. With proper planning and preparation you will not be frantically searching for a new doctor or pharmacy, if that unfortunate need arises. With proper planning and preparation you will have all of your important documents at the tip of your fingers at all times. With proper planning and preparation your mail will start arriving the day after you move in to your new abode and your life will endure a minimum of chaos and clutter. Good luck with your move and good luck in your new home or apartment.  

Brandon Farber

Brandon Farber

 

Calling first time home buyers and/or investors

http://search.thelynchburgteam.com/idx/details/listing/a331/293888 For more information you can send a text message to 54561 and put P26245 in the message field. Don't miss out on this great property. Perfect for your first home or as an investment property. Convenient location, lots of storage and well maintained home. This home offers great outdoor space, ideal for you children and dog! More Pictures to come next week - schedule your private showing today with your Realtor! - See more at: http://search.thelynchburgteam.com/idx/details/listing/a331/293888#sthash.MD53T7qS.dpuf 

Katherine Farber

Katherine Farber

 

Home for sale in Boonsboro NEW CONSTRUCTION

For more information you can send a text message to 54561 and put P24763 in the message field http://search.thelynchburgteam.com/idx/details/listing/a331/288366 New construction nestled just off one of the City's most desirable streets! 4 bedrooms, 3.5 baths, huge bonus room, screened porch plus deck. Overlooking pond. Huge walk-in closets. Main level master and 2 bedrooms plus 2 full baths. Two-car garage. Full unfinished basement allows room for expansion and already features a roughed-in bath. This home has all the upgrades throughout including granite or marble on all counter tops and hardwood floors. Fireplace in living room. Very desirable school district. Home is now complete (the driveway has just been installed), move-in ready and beautifully landscaped. - See more at: http://search.thelynchburgteam.com/idx/details/listing/a331/288366#sthash.G8nzK9zU.dpuf  

Katherine Farber

Katherine Farber

 

3 bed 2 bath Home for sale in Boonsboro Lyncburg VA 24503

http://search.thelynchburgteam.com/idx/details/listing/a331/293490 For More information you can send a text message to 54561 and put P24465 in the message field BRAND NEW ROOF! Seller is offering $2,000 in concessions with acceptable offer. A bright and cheerful home wonderfully updated by owner. Entirely new kitchen opens to a casual breakfast area which leads to the deck and level near lawn - perfect for children and their friends and your pets. This charming home offers the perfect American dream setting. Just a short stroll to Bedford Hills Elementary and Peakland Swim Club - See more at: http://search.thelynchburgteam.com/idx/details/listing/a331/293490#sthash.IvPvqrGt.dpuf

Katherine Farber

Katherine Farber

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