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Reducing the stress of buying or selling a home
Buying or selling a home ranks high on the list of stress-provoking situations.
Here's some advice for making things a little easier.
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How much work should you do before selling?
Recently a couple that owned a home in Berkeley, Calif., decided to move to neighboring Piedmont. They started their search by visiting Sunday open houses.
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What if I get a bad inspection report?
June and Fred Black were diligent about getting their home ready for sale. For example, they ordered a pre-sale termite inspection report.
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Bright alternatives for kitchen lighting
If you're looking for ways to brighten up your kitchen, there are some interesting alternatives for kitchen lighting that go well beyond the standard ceiling light.
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Fixer-uppers need inspections too
Dear Barry,
Should we have a home inspection on a house that requires major renovation? Our agent says, "Don't bother, you're
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How can I buy if I have a home to sell?
The recent rise in interest rates is causing many homeowners who have outgrown their current home to seriously consider making a move. Some own a home that's too small; others have school-age children and want to move to a better school district. Whatever prompts the desire to move, the goal is the same: make the move before interest rates increase further.
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How can I improve my real estate purchase offer?
Few failed endeavors can match the frustration of losing out in a multiple-offer competition. But, almost as disappointing is making the only offer—and a strong one—and having the seller outright reject it. Here are a few tips on how to sweeten your offer without jeopardizing your financial security.
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Does home remodeling always pay off?
Perhaps you've heard stories about homeowners who've greatly improved their net worth by remodeling homes and selling them. But, while remodeling can add value, there's no guarantee that a future buyer will pay you enough to recoup your investment.
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Planning your big move
Planning your move is the last big task to complete before you own the home you're buying.
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Basic questions about home inspection
Dear Barry,
Now that I'm preparing to buy a home, I have three basic questions regarding home inspection: When should a home
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What is an "as is" sale?
Occasionally, listings are advertised as "as is" sales. To some buyers this signals a potential bargain property. For others, an "as is" sale carries a negative connotation. It suggests that the property might be tainted. Often, neither perception is accurate.
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Should sellers repair defects before selling?
After years of living in a home, it's easy to fall into a habit of overlooking home maintenance chores. If there's no urgency, many homeowners procrastinate. Often problems don't get fixed until a major disaster occurs like a roof leak in the middle of a monsoon.
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Are interest-only mortgages a good deal?
Many home buyers are turning to mortgages with interest-only payment schedules so they can afford to buy a more expensive home. These mortgages have lower monthly payments, which makes qualifying easier. But the lower payments don’t last forever, and interest-only loans aren’t for everyone.
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Patching holes in walls
Got a hole to patch? Whatever the material in whatever the location, you can rest assured that there is patching material designed specifically for that use. The trick is knowing which filler works best for which application. Here are a few of the more common ones.
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Make your home lighter and brighter
Domed acrylic skylights are less expensive than glass, and their convex shape tends to let the rain wash accumulated dust and d
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What size mortgage do I qualify for?
Lenders look at a number of variables when they're considering whether to approve a mortgage. Among those variables is the amount of cash the borrower has available for a down payment and closing costs. Also important are the borrower's employment and credit history, and debt-to-income ratios. If a borrower's debt-to-income levels don't fall within certain guidelines, the mortgage might not be approved.
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What don't home inspections cover?
Most buyers understand the importance of doing inspections before completing a home purchase. Many buyers, however, are not aware that inspections might fail to reveal issues that could affect their use and enjoyment of the property.
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How can I reduce my closing costs?
Often it's easier for buyers to qualify for a mortgage than it is for them to scrape together enough cash for the down payment and closing costs.
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Helping your loan chances
When it comes to mortgage lending, strength is not necessarily in numbers.
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Should I ask the seller for a credit?
Most purchase contracts include an inspection contingency. Sometimes, the buyers remove this contingency without asking the seller to make any repairs. But if the buyers ask the seller to remedy a defect, the resolution often takes the form of a credit from the seller to the buyer that is applied toward the buyers' nonrecurring closing costs.
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How much is your real estate appreciating?
The southern California housing market is hot. So hot, that in January 2004, the median home price in Malibu was up 106.7 percent from a year ago. Did Malibu homeowners actually see the price of their homes double in just one year?
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Home seller credit could save real estate deal
No one likes to give money away, but a monetary credit from the seller to the buyer can solve a problem that might otherwise derail a home-sale transaction. Here's a typical scenario where a seller credit could save the deal.
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Time to prepare for those high winter energy bills
It happens every year. Summer turns to fall and we're never ready for the change -- and neither are our homes. The coming winter seems to be promising higher fuel costs across the nation, so this year it's really going to pay to grab a weekend and concentrate your efforts on ways to keep your house warmer and your utility bills more affordable. Here's a checklist to help you get started.
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Creating a home buying strategy
If you want to buy a house, start by estimating what you can afford and making a budget to buy.
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What should I consider before remodeling?
So, you're thinking about remodeling instead of moving...
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Don't let noncompliance take you down in flames
Homes come in all shapes and sizes, as do homeowners and their families. But no matter how big, how old or what architectural s
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Is home defect disclosure really necessary?
By: Dian Hymer
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What are garbage fees?
Homebuyers are all too often surprised at the end of the deal when they discover they must pay new, unanticipated fees.
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Non-recurring closing costs
Is it really a full-price offer if the buyers ask the sellers to pay for some of their closing costs? Not exactly.
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How to profit from home appreciation
There are many ways to save money, but taking advantage of a run-up in home prices isn’t usually on any financial planner’s list. However, appreciating property values can offer at least two ways to save money.
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Are you ready to be a do-it-yourself-er?
While relaxing in the yard, sipping a cold one, your mind may start to visualize that big new deck you've been wanting, or an addition to the family room...
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Sell first, then buy - Tips for a smooth home purchase
Most homeowners need the equity from their current home to use for a down payment on the next home. Even when the cash down pay
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Contingent sale offers: how to keep everyone happy
As the home sale market turns from a strong seller's market to a more normal market, we're bound to see an increase in offers that are contingent on the sale of another property.
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How to choose the right contractor
For anyone who owns a home, do-it-yourself projects are a fact of life. Being able to undertake a project with your own two hands has a number of advantages.
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Proper exits are essential for a safe home
Homes come in all shapes and sizes, as do homeowners and their families. But no matter how big, how old or what architectural style a house is, there is one common denominator between all of them—when there's a fire, everyone in the home needs to be able to get out. Fast.
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Pre-approval vs. pre-qualification
Is pre-approval a general endorsement by a bank?
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How do I decide which purchase offer is best?
The home-sale market picked up recently following a hike in mortgage interest rates. This typically happens as buyers accelerate their home-buying activity in hopes of buying before rates climb further. Some sellers—in certain areas, and in certain price ranges—are receiving more than one offer. Multiple offers often result in higher prices. But, the highest priced offer is not always the best one.
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Should I remodel or move?
Most homeowners will sooner or later give serious thought to remodeling. Recently, a homeowner contemplated doing a costly renovation to a small, two-bedroom home. The major expense was the kitchen, which was only marginally functional. For more space, walls had to be knocked out. The engineering that was required to do this ran the cost of the kitchen up to $100,000. Does it make sense to make such costly renovations if you don't increase the square footage of the house in the process?
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How do I decide which home to buy?
Finding a home to buy is rarely easy. Some buyers look for months, even years, before finding the right house. When you do find the right house, a mixed bag of emotions can cloud your good judgment. You'll probably wonder if you're making the right decision.
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Strategies for changing real estate markets
It appears that the home sale market in some areas may be changing from a hot seller's market to a more balanced market. A balanced market is one in which neither the buyer nor the seller has the upper hand.
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Why an accurate value is so important
Before the torrid real estate market of recent years, a common pricing strategy was to list your home for between 2.5 to 5 percent more than the expected sale price. This way, you would have room to negotiate with the buyer.
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How can I protect myself selling a home?
Here are a few guidelines for protecting yourself when you sell your home.
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Questions every buyer should ask
Take this checklist along when you visit a home and talk to the listing agent.
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Pros, cons of contingent sale offers
By: Dian Hymer
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Should I hold out for a higher price?
It's not unusual for sellers to have an over-inflated opinion of the value of their home. Often this comes from pride of ownership, which is not a bad thing. Homeowners who take pride in their homes usually keep them well maintained. This preserves the value of the property. Sometimes, however, pride of ownership can get in the way of making a rational business decision.
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Should I fix up my home or just sell it?
Making the decision to sell your home is always a tough one. There are financial and emotional decisions to make, and any number of factors that can tip the balance one way or the other. The emotional decisions are ones that only you can answer, but as to the financial side of things, there are some common sense questions that may make the decision a little easier.
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Building permits pay off for sellers
Curing deferred maintenance before selling usually improves a home's overall appeal, which can attract more buyers for a quicker sale at a higher price.
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When is the right time to buy?
Some buyers will tell you that the best time to buy is during the winter holiday season. Is this good advice?
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A purchase contract primer
It's important to ask questions when you're drafting the terms and conditions of your offer in the purchase contract, whether you do it yourself or with an agent or attorney.
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Shopping for a good home deal
Everyone wants a good deal. But, good deals are few and far between in the many low-inventory markets around the country.
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Plan ahead for closing day
Finding a home to buy and negotiating the purchase contract are the toughest parts of the home buying process for most people. But, if you don't plan ahead, and carefully monitor your home purchases transaction, you could find could find trouble ahead.
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What title issues should I be concerned with?
Home purchase contracts often include a clause that requires the seller to provide clear title to the property. Generally, this means that when the buyers take title to the property, there aren't any defects that might impair their ability to resell the property to another buyer.
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Realty Tax Tips
It's difficult for most of us to get very excited about income taxes. But when it comes to earning up to $250,000 tax-free (up to $500,000 for a qualified married couple), have I got your attention yet?
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