Google Plus Real Estate Articles April
Once a month we like to gather a collection of pertinent information from our Google network. These articles are designed to be beneficial to home buyers, home sellers, real estate agents and mortgage lenders.
This month we have an eclectic mix of content. We have some tips for sellers and buyers about working with real estate agents along with general information about buying or selling a home in the spring.
There is also a collection of articles about a specific kind of mortgage for the elderly and preparing for a purchase of a home in an affluent community.
Finally, there are some tips for home owners to spruce up their property.
Positives and Negatives of the Open House phenomenon
It is quite common to see lots of signs on the weekend that advertise an upcoming open house either in your neighborhood or a nearby neighborhood. This is a very common tactic used by real estate agents. However, if you are a homeowner, you should be aware of the possible risks of this selling strategy.
Although the goal here is not to scare you, we do want to provide realistic data that explains whether or not an open house is a viable way to attract a potential buyer.
First of all, there is the possibility that lazy criminals are looking for an easy way to gain access to your home and make off with whatever can be hid in their pockets.
Secondly, it is possible that predators use the possibility of an open house to find their next female victim.
While it is also possible that the person who buys your home only finds out about it through an open house, you should not rely on this as the only form of advertising your home.
Is Your Real Estate Agent Being Totally Honest With You?
Every profession is made up of a large number of honest, hardworking people that are genuinely trying to serve their customers with great service. However, a small percentage of bad people can ruin the whole profession for the rest of us.
There are a few ways that a real estate agent may try to win your business with less than ethical methods. It is not uncommon for people in the business of sales to fudge on their annual production numbers or pretend to be an expert in a specific area.
One of the simplest ways to check out a person’s claims is to ask for specific references who can verify specific claims made by the agent.
Why do People Avoid Working with a Real Estate Agent ?
If you are looking to buy a home you may frequently run across an ad or a sign that reads “for sale by owner.” See enough of these ads and you may start to wonder why people choose to refrain from working with a real estate agent to buy or sell a home.
Part of the reason is the lack of familiarity with the agents work. Since most people will only buy 2 or 3 homes in their life, they don’t have enough experience dealing with an agent to build up a firm level of trust.
However, as mentioned earlier, a few bad real estate agents ruin the whole industry for the rest of the hard working souls.
It is a good idea to sit down with a prospective real estate agent and have a thorough interview with them. Get as much information from them as possible as well as references not only to past clients but also from mortgage lenders. This will give you a full picture of how the agent works.
Advice for Purchasing a Home In the Spring
There are lots of things for prospective buyers to know about buying a home in the spring.
First and foremost, it is the busiest time of the year to purchase a property. This means you will likely be competing with multiple buyers on each home that you inspect.
Secondly, in order to be considered a serious buyer, you will need to get pre-approved for a home loan first. A letter from a lender that states you have the financial strength to buy a home will show sellers that you mean business.
Third, you need to investigate not only the home itself, but also the neighborhood and the surrounding area. There is much more to purchasing a property than just the roof and walls and home payment.
Being thoroughly prepared for the purchase will make the process easier for you and help you to get the right home.
Buying an Upscale Home
There are categories of homes in almost every market. There are brick homes, ranch style homes, single story properties, rustic home with a couple of acres and there are condos. Almost any of these homes can also be considered a luxury home if the property meets certain criteria.
Buying a luxury home, or a upscale property, will normally necessitate the use of a jumbo mortgage. This is a specific type of loan of an amount over $417,000 in most areas. These mortgages are different from other types of loans.
In a nutshell, a jumbo mortgage will require a higher down payment than other loans, may have a slightly higher interest rate, and may not allow you to have a fixed rate for 30 years.
Determining When it is Time to Replace your Roof
As a homeowner it is important to understand the value of regular maintenance. Certain items, like the plumbing system and the heating/air conditioning unit, can last for many years as long as the owner takes the time and effort to keep things running smoothly.
One of the most expensive replacement costs of owning a home is the price to upgrade or replace a roof. Therefore, it is wise for most homeowners to take some time to learn what to look for to see if their roof is in need of a simple repair, more expensive work or if they will need a new roof.
One simple method is to inspect a home on the outside. Be on the lookout for buckles in the roof as well as missing shingles. If you are willing and able you may also take a trip to your attic and look for signs of decay there as well.
For good reason, most people consult with professional roof contractors to do the inspection and any necessary work on their home.
Taking the Good with the Bad in Reverse Mortgages
A wise person once said that money is amoral. That means it is neither good nor bad. How we choose to use it determines the morality of the situation.
A reverse mortgage is a type of loan, and essentially, a way to get money. Therefore, there is no such thing as a good reverse mortgage or a bad reverse mortgage. However, it is possible for these loans to have positive and negative results for the homeowner. Here are just a few of the disadvantages and advantages of a reverse mortgage.
Advantage: relatively easy to meet qualifications. Most seniors that own a home and have significant equity can qualify for the home.
Disadvantage: The loan must be paid off in order to keep the home. In the event that the homeowners pass away and leave the property to their offspring as part of a will, the debt has to be completely paid in order to retain the home.
Advantage: The majority of reverse mortgages will not hinder any existing medicare or Social Security payments.
Disadvantage: The fees associated with a reverse mortgage are normally much higher than a regular mortgage.
While there are obviously more points to consider than these few, it is important to note how serious this can be for some people. Borrowing money should never be done without a complete plan for the repayment and this holds true for a reverse mortgage too.
Tips for Creating Amazing Bookshelves
Most homes have a variety of items that can be displayed in order to accent a room or merely show off the collection. This makes a eye catching bookshelves a necessity.
An attractive bookshelf can be a simple piece located in a hallway for a few pictures or it can be an elaborate piece of furniture used in the den to house books, artwork and plants. For this reason, it is a good idea to decide how you plan to use the shelves before you start to build.
Once you have determined the use for the shelves you will then be able to come up with the right size for them as well as the location.
Don’t forget that one-of-a-kind bookends can be used to add to the look or make the story more interesting.
In summary, we hope that you find this information helpful. We have provided tips that can be used for sellers and buyers as well as ideas for real estate agents to improve their relations with their clients in order to improve their service offerings.
Previous Google+ Real Estate Article Recaps
- Top Google Plus Real Estate Articles in March 2016
- Top Google Plus Real Estate Articles in February 2016
This article was written by Luke Skar of Inlanta Mortgage – Madison which serves Wisconsin, Illinois, Minnesota and Florida. Since 1993 Inlanta Mortgage has provided award winning customer service to clients who need to purchase a home or refinance an existing mortgage.
Luke serves as the Social Media Strategist for Inlanta Mortgage. His role is to provide original content for all of their social media profiles as well as generating new leads from his website MadisonMortgageGuys.com NMLS ID #1016