It all Depends on Location, Right?

Most of my clients and property inquiries have for the most part decided what areas they are interested in living.  They come with their shopping list of homes that they have driven by and decided that they would like to pursue further investigation.

Some know the areas and the prices and others are hoping to make their budget work for the neighborhood that has sparked their interest.  When showing buyers the homes they have chosen, it sometimes becomes very apparent from the start that pricing may make them take a second look at the listings they have place great importance.

Here is where it makes the value of a Realtor abundantly apparent.  Sitting down with your Realtor from the start will save you time and heart ache.  Relocation buyers are different from the home grown folks that have an idea of what purchases in certain areas make on the ol pocket book. 

If you work with a real estate professional that has grown up in the area you will better know the values of the areas.  What affects the bottom line?

Here are some of my thoughts that the buyers must take into account above and beyond the scope of what they want their monthly payment to address.

Ø  Was the home a rental? If it was an investment property the taxes are going to reflect a cost and increase of the monthly mortgage for is some cases up to a year until the owner exemption kicks takes effect.

Ø  What taxing districts do you have?

Ø  If you are in a historic district you will have to adhere to the districts restrictions. 

Ø  The age of the home may require new fixes that need to be addressed on sale.

Ø  Some of the higher priced homes may not have a lot of square footage, these needs to be taken into consideration if you have a family. 

Ø  Cars and parking may have rules as to the number that can be parked.

Probably half of the clients that come to me decide on a different location than where they began their search.  This takes time to decide this point and communication is very important so they get the full use of your time to show the correct location for their family and pocket book.

Boise Home Shop and Acreage

8210 Gantz Ave  Boise, ID 83709

6 Bedrooms
4.00 Bathrooms
2704 sq. ft.
MLS #: 98515109
Offered at: $369,900.00
Type: Single Family w/ Acreage
Community

Planning for your retirement home

Growing up for the teenage years in Boise Idaho, I lived in the home that my parents purchased in 1972.  It was a well-constructed two story 4 bedroom home that sat on a half-acre.  I have lots of memories that date from junior high though high school.

The house served its purpose and gave our family shelter and holiday memories of my parents welcoming all of the new family members.  The home was not exceptionally large; in fact it was only about 1900 square feet.  It did however give the feeling of not being crowded. 

As I moved out of the home on my own my parents lived in the home by themselves with frequent family visitors.  My father’s retirement lasted over 30 years.

As the years went on my mother and father became elderly and it was frequently discussed to move to a more senior friendly home.  This met with a brick was with my mother and as they approached their 80s and 90s it was a noted more difficult job to get up stairs and take care of the big yard. 

My parents both died in the last couple of years, but it brings back thoughts of what should be planned for getting elderly.  When you get older you slow down and really don’t want to or don’t feel like doing the same house cleaning and yard maintenance.

Make a plan for retirement to include downsizing and ease.  Get into a single level home, townhome or condo.  Making the plan will ease the thoughts of seniors not have the family memories get in the way of safety and comfort.  Have the talk with your parents and family, above all makes this your parent’s decision.

Thoughts of those that lost so much!

As we go into the Memorial Day weekend, my thoughts are with all that have lost so much even in the last year.  Oklahoma is crawling from the devastation as we speak, yet it isn’t all doom. 

 You see the interviews on the TV and all of the news media coverage, but just think in another couple of weeks it will only be a side note except for those living the disaster.

Stop and think about what we have and send your prayers and thoughts to all of the people of the Midwest and east coast and all of the man caused terror outbreaks.  Most of all pray for our broken government and all that we elect, their damage will only be noted in paper!

New or Used What do I do?

Now that home sales are fast and furious deciding what to purchase either a re-sale, new or to be built.  The choice will probably be made with your pocket book. 

Having a brand new home is a feeling of accomplishment and ego booster.  That feeling is generated with all types of homes whether you build or buy used.  The decision will probably come down to what you are willing to pay for the same home that has either been lived in or still has the new home smell.

Looking for a used home will generally suffice for most.  They are already established have yards of varying degree and have been proven.  Most sellers of re-sales will more than likely keep up on all maintenance and upkeep, if they don’t they will pay with the bottom line dollar at sale.  Re-sale of a used home will have the kinks worked out and for the most part be a great home for most buyers.  Just remember Re-sales are not new homes and shouldn’t be considered new. 

Buying a home brand new not lived in will have all the perks of no repair and can just move in. Costs for a un-lived in home could be slightly higher than its used counterpart depending on the builder.

Having a home built is for the owner that wants to have control of every aspect of the purchase including the lot, style, size and accessories.  Building or having a home built will probably cost you more in the long run do to building cost going up.  The cost will be included in the final price.

In the end it just all depends on your personal taste and pocketbook!

What have you heard?

I have my listening ears on and the talk of the community is that our Real Estate market is doing very well.  What are some of the thoughts I hear?

First of all the buyers out there are still looking for a great deal on the home and interest rate.  The competition of the buyer pool is very intense since there are not enough listings to go around.  I still hear from those that are waiting for the next bubble to burst.  I have come to the conclusion that no-one knows what is going to happen in the game of Realty.

Home starts are up, resale’s have a very short time on market and unless you have priced your home very high you can depend on multiple offers within a couple of days.  What can you do to purchase a home without multiple rejections?

• Make sure you are qualified for your loan with a qualification letter in hand
• If the home meets your criteria then offer the market value (don’t lowball)
• Be alert to what is on the market, if you pick up on a great home two days late you are not in the ball game.
• Make sure you and your real estate professional are on the same page.  Tell them everything you are looking for in a home.
• Buying a resale home is a second hand home, it is not new make your vision to adapt and understand the seller is not going to make the home new.

The bottom line is be proactive don’t let your dream home pass you by.

HUD Buying Made Simple Part 3

The final part of buying a HUD is what to do after you have been chosen and your bid won the process.  Usually HUD has at least a 45 day close period so you can get everything done that needs to be done.

The work begins with getting the inspection completed.  HUD just as any other bank owned or short sale will not pay for any fixes.  The inspection is for your information only to determine if you want to go through with the sale.  It is up to the buyer go get all of the utilities turned on in order to get the complete picture.  The buyer pays for everything including the turning on and turning off.

Once the inspection is done, and you are going to continue with the sale, you must follow all the regular processes for a real estate sale.  Make sure you keep up with any questions that the BLB asks of your clients.

Buying a HUD is not hard, but it is a lot of work.  Knowing what your bid price should be is something that you and your Realtor need to determine if there is any bid up amount.   

HUD Buying Made Simple part 2

Working with HUD offers are the same process as a normal purchase at first.  The difference in the process is the way that the offers are written and submitted.

HUD homes come on the market at different levels as I stated in the first part on this blog.  The homes are brought on with a 10 ten day viewing time to give the buyers time to review the homes and determine if it is the right property for them. It is then a silent bid process submitted online. 

The Earnest Money amount the any HUD home is $1000.00 (one thousand dollars).

Having a Realtor that has done HUD bids is defiantly an advantage.  Knowing what to write and how to write it is a must or the buyer faces rejection from the start. 

Enlisting the help of an experienced Realtor is a “need to” factor at least the first one.  Have your Realtor contact one of the HUD listing agents for their advice.

Now if your offer is accepted, you must have all of your paperwork ready to mail to the HUD BLB (the HUD contractors that do the work) within 24 hours. 

We will get into what happens when your offer is accepted in part 3.

HUD Buying Made Simple part 1

Purchasing a home that is government repossession is about the same as buying a “Fair Market” home. Fair market home is a sale that is not a bank owned short sale or anything other than the way it used to be.

First of all what is a HUD Home.  HUD stand for Housing and Urban Development, this is the government backed home loan backer.  When buyers get an FHA loan it is backed by HUD.

When a HUD home comes out on the market they are given to several different Broker agencies.  These are real estate companies that have relationships with the agency. They go through a process to bring them on the market and they are then listed. There are several ways the homes are listed:

·         As an Owner Occupied only (buyers that are going to live in the home)

·         Good Neighbor (only buyers that are certain employment types such as Fire, Police or teachers)

·         Municipality owners (cities or non-profits can buy to renovate for resale or rental programs for sometimes low income.

·         Finally if the homes are not sold within the first month or so they are opened up to investors

HUDs goal is to make the homes available for owner occupation.  They are not like short sales or bank owned homes that most of the time sells below market value.  They are in fact listed and sold usually at market value taking into consideration the condition of the home.

Part 2 will take you through the offer process.

Display your home

Thinking of selling? Most homes listed will only last on the market for a short time.  In most cases you get multiple offers within the first week of placing your house on the MLS.

What are the factors that will determine a quick sale for the most money?

ü  Get the price correct; make sure you have your price set at the optimal point!

ü  Make your marketing plan work for you; ask questions what services will be offered to sell your property!

ü  Increase your curb appeal; fix the things on your home that you have put off!

ü  Hire a professional to market your investment!

These very simple easy tasks may be the difference in getting into the multiple contract zone.  Be pro-active with your marketing along with your Realtor.

Nampa Home Progam

New Home... Turn Key ready! All the work is done with full fence, full sprinklers, and full sod. Great single level floor plan with bonus room. Auto garage door opener with epoxy garage floor. Buyer income guidelines/restrictions apply.

Ask about the Home Program