5 Simple Real Estate Strategies To Help Buyers and Sellers

 1. Determine How Much House You Can REALLY Afford

This is a resolution you should make this year (and any year). Determine how much house you can really afford and stick to your price point. Trying to buy the most house you can with the least amount of money is so 2007! People who did this six years ago were really stuck when the bubble burst! Underwater homes, foreclosures, short sales – you name it. We all “want it all” when it comes to size, amenities, location, etc, but remember that your eyes may be bigger than your wallet. Even in this new market with tighter lending restrictions, just because a bank or lender is willing to lend you the money to buy a house, that does not mean you can afford it! You have to be realistic, do your homework first, and buy within your means.

2. Save Money For A 20% Down Payment

When you buy a new home, you should always put 20% down. Especially now, more than ever, with the new mortgage regulations being rolled out. (Click here if need more info on the new rules). Before the housing market downturn, people were getting accustomed to buying a home with little to no down payment if they qualified for a full-price loan, and now that things are starting to look up, it’s time to reiterate how important the 20% rule really is.  With 20% down, you’ll have a smaller monthly mortgage payment and a lower interest rate, which will save you thousands (if not tens of thousands) over the life of the loan.

3. Stop Deferring Maintenance – Make Small Improvements Now!

Tackle that “Honey-Do” list ASAP! Whether you’re looking to sell this year or five years from now, making small improvements to your home in 2014 will pay you back in spades. If you’re looking to sell soon, having your home in ship-shape will only make it more attractive to buyers and help you get top dollar. Small things like scuffed walls, dirty carpets,  outdated appliances and overgrown landscaping are often magnified in the eyes of potential home buyer and can chip away at the equity you’ve worked so hard to build in your home. Make these small improvements now and you’ll be golden when the for-sale sign goes up out front. Not quite ready to sell? Well, if you make these small improvements this year, you’re saving yourself the headache and high costs that deferred maintenance wreaks on homeowners. Keeping up with the to-do list ensures that when you’re finally ready to sell, you can move quickly.

4. Examine Your Mortgage – And Refinance ASAP! 

If you haven’t yet “refi”-ed, now would be a great time. Rates are at historical lows and likely won’t stay that way for long. If you have an adjustable, a teaser, or an interest-only loan – OR if your interest rate is over 5.5% – this may be your last window to get a better fixed interest rate.  Make it happen!

5. Tackle Your Credit And Pay Down Revolving Debt 

Get your credit in tip-top shape by closely reviewing your FICO score and fixing any errors. Good credit opens the door to success and bad credit will close it. With so many tighter restrictions on lending and mortgages in 2014, it is imperative that you have as close to perfect credit and scores as possible. If you want to get on that road to immaculate credit immediately, make 2014 the year you start to fortify your score by paying down your revolving debt and resolve to take on less credit debt by curbing any excessive spending.

Terry Naber, Realtor, RE/MAX Properties in Colorado Springs has been helping buyers and sellers for over 24 years make the right moves in real estate. Her dedication to service, expertise, and commitment to client satisfaction is unparalleled. Give Terry a call today for more information and to get all your questions answered, or just to see some homes in the area. Call 719-590-4796 or visit www.TerrySellsColorado.com 

courtesy of truliablog.com

5 Strategies Every House Hunter Should Know When Searching For Your Next Home

Buying a new home can be quite the undertaking, and in many ways, it’s a numbers game.

Here are five stats, numbers and percentages you’ll need to be familiar with – to give you that winning edge:

90% Of All Home Buyers Begin Their Home Shopping Online

Let your fingers do the walking. Did you know that today 90% of all buyers begin their house shopping online? It’s the best way to get familiar with the market, the houses, the prices, the neighborhoods and the current inventory, without leaving your home or office. With every click of that mouse, you become a more educated, smarter home shopper. And a smart buyer gets a better house – and pays less. You can search for properties compare similar properties, research the neighborhood, calculate commute times, rate schools and even pull up crime stats for you area. It’s so easy for anyone to get instant access to a property’s current value and even get a good ballpark idea of prices in each neighborhood. But most important, you will get an invaluable education about how much or how little your money will buy.

5-7 Years

Statistically, based upon the national rates of home appreciation and prices, most homebuyers should consider buying only if they plan to live in their home for 5 years, minimum.  Otherwise, financially it may not make sense. If you have to sell again relatively soon, you could lose money. Generally, a home is not a good short-term investment because the transaction costs are too high. Yes, you will have been paying down some of your mortgage monthly, but when you factor in paying an agent between 4-6% of the sales price and monthly costs, this can amount to more than the average long-term annual national home price appreciation rate. So, depending upon your metro area, if you have to sell after only a few years, it might made more financial sense to keep renting.

# of Days on Market

When house shopping, knowing how long a home has been on the market can help you gauge if it’s priced too high, has too many flaws or if something else is a factor. On TerrySellsColorado.com, you’ll find this important stat right under the photos of the for sale home. Great homes in the right neighborhoods that are priced correctly tend to spend the least amount of days on the market. Homes in fringe neighborhoods that may be overpriced compared to comps, or have major structural or cosmetic issues, tend to sit on the market much longer. These homes with long for-sale shelf lives aren’t all duds. Some of them may be slightly overpriced and just need a bit of TLC.  With a little imagination and the right guidance from an agent, this could be your dream home!

 $ Per Month

This is how much the home will cost you out of pocket every month: your mortgage and estimated taxes and insurance.  You can find this on Trulia on every for-sale home’s listing page. Having this “stat” right up front lets you tailor your shopping choices to those homes you can actually afford.

43% of Your Income

This is a very important stat and a new development in the housing market. Under the brand new    “Qualified Loan” mortgage rules", in general, the borrower’s debt, including mortgage payments, can’t total more than 43% of gross monthly income (although there are exceptions to that cap for the next several years). Also, points and fees are limited to 3 percent of the loan amount.

Call Terry Naber, RE/MAX Properties, Inc., at 719-590-4796 for advise, assistance, or to search for your new home.

TerrySellsColorado.com.

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5 Reasons To Buy a Home NOW Instead of Spring

Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five reasons purchasers should consider buying before the spring market arrives:

Supply Is Shrinking

With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.

Price Increases Are on the Horizon

Prices are projected to appreciate by over 25% from now to 2018. First home buyers will probably pay more both in price and interest rate if they wait until the spring. Even if you are a move-up buyer, it will wind-up costing you more in net dollars as the home you will buy will appreciate at approximately the same rate as the house you are in now.

Owning a Home Helps Create Family Wealth

Whether you are rent or you own the home you are living in, you are paying a mortgage. Either you are paying your mortgage or your landlord’s. The Fed, in a recent study, revealed that the net worth of the average homeowner is 30 times greater than that of a renter.

Interest Rates Are Projected to Rise

The Mortgage Bankers Association, the National Association of Realtors, Freddie Macand Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by the this time next year. That is an increase of almost one full point over current rates.

Buy Low, Sell High

We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’ compared to where it will be next year. It’s time to buy.

Call Terry Naber, RE/MAX Properties, Inc. in Colorado Springs at 719-590-4796 or visit www.TerrySellsColorado.com Today!

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RE/MAX Properties, Colorado Springs, Honors Terry Naber With Highest Level of Quality Service Award

Terry Naber of RE/MAX Properties has received the award of being granted the highest level of service achievement in the real estate industry, Quality Service Certified Platinum.  The award is in recognition of earning 100% client service satisfaction in 2013. 

 A Quality Service Certified (QSC) award status is the only recognition in the real estate industry based on independently validated customer satisfaction survey results.  After the conclusion of real estate transactions, clients of QSC agents receive a survey asking them to rate the agent on various aspects of the service process.  

 The surveys are administered and the results are received and compiled by LRDC.  Client feedback from the surveys becomes part of the agent’s credentials.  

 An overall satisfaction rating is displayed on the consumer websites - www.Quality Service.org and www.RatedAgent.com where buyers and sellers have the ability to select a professional based upon each agent’s validated record of service satisfaction.

 Congratulations Terry Naber of RE/MAX Properties, Colorado Springs!

Terry Naber

RE/MAX Properties, inc

1740 Chapel Hill Dr

Colorado Springs, CO. 80920

719-590-4796

terry.naber@wesellmore.net

www.TerrySellsColorado.com