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According to the Freddie Mac Primary Mortgage Market Survey, average fixed mortgage rates have held steady in recent weeks. For five weeks in a row, average rates on 30-year fixed-rate mortgages haven't increased over the 4 percent mark. At the same time last year, the average rate on 30-year FRMs averaged 4.46. While the 15-year FRMs held steady at an average of 3.3 percent from the week before, rates are down an average of 0.51 percent from the same time last year. Adjustable-rate mortgages, meanwhile, have also fallen to record lows.
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There are many benefits to owning a home, not the least of which are the financial advantages of home ownership. Homeowners can gain a number of tax benefits, and, combined with the Fed's indication to keep interest rates attractively low throughout the new year, home buying in 2012 is promising to be a financially astute plan. Consult with your accountant about which of the following perks you might enjoy.
Mortgage Interest Deductions (MID)
This deduction allows home owning taxpayers to reduce their taxable income by the amount paid in interest on their residential home loan.
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Although foreclosed properties can be good deals, the process of buying is rife with pitfalls. Here is what you must know:
1. Have you done your research?
A foreclosed property may have all sorts of clouds on its title, from multiple bank loans to tax and contractor's liens. Once you buy, you're responsible for all such balances. Be especially wary of the situation where one bank forecloses, but another still demands to be paid.
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In a buyer's market, pricing your home correctly is all-important. Price too low and you'll leave money behind. Price too high and you won't sell at all. Here is what you should know:
1. Your home is worth what a buyer is willing to pay.
Sellers may think they can dictate to the market. And in a period of rapidly rising prices, they might even get away with it. In a down market, however, it's counterproductive to think "I have to get what I paid."
2. Work closely with your real estate agent to price correctly.
Don't ignore valuable advice from someone who knows local market conditions. An experienced real estate agent knows what other homes have sold for and can give you a comparative market analysis to show you the reasoning behind a recommendation.
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• 10.7 million homes with mortgages were “under water” – that is, their mortgages exceeded the value of their homes (source: First American CoreLogic);
• Another 2.3 million homes were approaching negative equity (same source);
• Government programs designed to help homeowners stay out of foreclosure failed to help many do so and half of those who were helped went back into default;
If you're considering renovating your home to maximize sale profit, be aware that some renovations may not yield the returns you expect. The following five renovations are all projects that shouldn't be undertaken merely for resale profit.
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By Patrick Esposito
In today’s real estate market, many homeowners, as well as investors, are going down roads and using various tools that they would not have considered previously. When things are going well and the real estate market is hot, most people would believe that the good times are here to stay. Unfortunately, good times were at the peak of the roller coaster, and the market came down twice as fast as it went up. In many areas, prices fell back to where they were eight years ago, before the real estate frenzy started. When times are going well, we all know how to act. “Yippee, hurray, woopdedo, woopdedo!” When times get tough, that is when the real investor shows his true moxie.
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Q: How important is staging a home to sell?
A: Staging can really make a big difference. In selling your home, your main goal should be to get it sold as quickly as possible and for the best price. Staging goes a long way in helping your home in both of those areas.
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The Cypress Mill neighborhood pool provides HOURS of SUMMER FUN!!
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By Sonja Patterson
In addition to having good schools, affordable homes, and a wonderful location, the Cypress Mill subdivision has GREAT amenities. Come take a look at what Cypress Mill has to offer you and your family. You won't be disappointed!
By Bill LasarChampions Real Estate Group
Improving your home's resale value not only puts more money in your pocket when it's time to sell, but it also enhances your quality of life in the moment. Here are the top three ways to improve your home and add value.
1. Add Square
Footage
Square footage is one of the first things an appraiser
looks at when
determining the value of your home. If your home is
noticeably smaller
than others in the neighborhood, you should
definitely consider adding
square footage. Just be sure that you
conduct any remodeling according
to local building codes and
permits.
People don't generally think of year-end as the ideal time to buy or sell properties. Yet, that may be precisely the reason why the winter holidays can be a great time to do either!
Since springtime is a popular time to list homes for sale, there tends to be a glut of properties on the market during those months. While nice for buyers, this isn't so good for sellers. Because there's considerably less competition in the cool winter months, properties listed over the holidays will enjoy a greater significance within the pool of existing inventory.
Mortgage brokers and bankers are currently in the process of evaluating their originator's production levels. Say goodbye to part-time or low-volume mortgage originators. I estimate about 30%-40% of mortgage originators will be seeking new employment within the next 30 days, as each Mortgage Broker or Banker net-branch will be operated as a retail business. Low producers will be viewed as dead weight.
While housing prices in many communities have fallen, many local governments have failed to adjust their property tax valuations, meaning that many taxpayers still have homes with assessments based on the market’s peak in 2005 and 2006. Add that to the continued financial threat from a slow job market and stagnant pay raises, and expensive tax bills can put a considerable crimp in your financial picture.
by Michael J. McGroarty
If you own a home, then sooner
or later you are going to be ready to sell that home. Maybe you've
already sold a home or two. People tend to move more often than our
parents did.
There are a lot of things that go into getting the
best possible price for
your home, but the very first thing your
home needs is curb appeal. When a prospective buyer, or a realtor for
that matter, pulls up in front of your home, they immediately form an
opinion about your house. Fair or not, that's what people do. You can
have the most beautiful home in the city, but if prospective buyers
don't get a super positive feeling about your house the minute they
lay eyes on it, they are going to enter and view the rest of your
house with a negative impression.
By: O. Newell Cheatheam, CPBD, AIBD,TIBD, RID
President - Newell's Designs, www.newellsdesigns.com,
www.linkedin.com/in /newellcheatheam
PO Box 5254, Katy, Tx 77491.5254
281.392.3034
Thinking of having a custom home or commercial project designed? Will you use a building designer or an architect?
Both are involved in the design of custom homes and commercial buildings. But what's the difference?
by Paulette Blackwood Tate
My customers ask me why I am continually going to school and I tell them I attend the CRS classes because they are top notch courses and I really learn valuable information to pass along to my customers and it makes me a better Realtor. Most Realtors in this marketplace have 5 years or less experience and have never experienced the market we are having today.
