Real Estate Articles

Existing-Home Sales Slip, But Prices Stabilize

various writers — Wed, 20 Jul 2011 11:13:00 GMT

Existing-Home Sales Slip, But Prices Stabilize
Daily Real Estate News | Wednesday, July 20, 2011

Existing-home sales eased in June as contract cancellations spiked unexpectedly, although prices were up slightly, according to the National Association of REALTORS®....(Continued)...

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Foreclosures Post Biggest Drop on Record

various writers — Thu, 10 Mar 2011 15:51:00 GMT

Daily Real Estate News | March 10, 2011 |

The number of foreclosure notices filed in February declined 14 percent compared with last month, and foreclosure notices dropped 27 percent compared to last year at this time. That marks the largest year-over-year decline that RealtyTrac, a foreclosure tracking site, has ever recorded....(Continued)...

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Seller Information

various writers — Thu, 10 Mar 2011 13:29:00 GMT

Pet Odor Can Chase Away Buyers

Don't let pet odors derail your home sale. Read
Should You Move or Remodel?

When your house no longer suits you, you can move or remodel. Find out which big change is the right investment of your housing dollars. Read
Make Your House FHA-Loan Friendly

Know the basics of FHA loan rules and you stand a better chance of selling your house or condo. Read
7 Tips for Staging Your Home

Make your home warm and inviting to boost your home's value and speed up the sale process. Read
7 Tips for Short Sale Success

Have to sell your home for less than it's worth? Our seven tips will help you get the best price. Read

Visit houselogic.com for more articles like this.

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5 Factors That Decide Your Credit Score

various writers — Thu, 10 Mar 2011 12:52:00 GMT

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it ïs a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it is desirable to have more than one type of credit -installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

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Survey: Sellers Fare Better With Agents

various writers — Thu, 24 Feb 2011 10:31:00 GMT

Sellers have a better chance at getting their house sold by using a REALTOR® than opting for the do-it-yourself approach...according to a survey of 1,000 home owners by HomeGain.com, an online real estate resource. Nearly 60 percent of home owners who used a REALTOR® to sell their home were successful compared to 39 percent of FSBOs, the survey found.

In the survey, 83 percent of home owners said they used a REALTOR® to sell their home, whereas 17 percent said they tried to sell it themselves. This corresponds to results from NAR's 2010 Profile of Buyers & Sellers, which found 88 percent of sellers were assisted by a real estate agent. (Additionally, 83 percent of buyers bought their home through an agent.)

It is especially striking that home owners fare significantly better in selling their homes using a REALTOR® than selling on their own, says Louis Cammarosano, general manager at HomeGain. Due to that relative success, the level of satisfaction in the home selling process is also higher for home sellers utilizing the services of a REALTOR® than those who try to sell their homes on their own.

Among the findings in its For Sale by Owner vs. REALTOR® survey:

88 percent of home owners who sold their homes using a REALTOR® said they would use a REALTOR® again.
24 percent of FSBOs eventually contacted a REALTOR® to help sell their home.

Source: HomeGain Survey Finds Home Sellers Fare 50% Better in Getting Their Homes Sold Using a REALTOR® Than Selling on Their Own,HomeGain.com (Feb. 24, 2011)

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10 Questions to Ask Home Inspectors

various writers — Tue, 16 Feb 2010 16:49:00 GMT

Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. ...(Continued)...

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What You Can Do to Improve Your Credit

various writers — Tue, 16 Feb 2010 16:46:00 GMT

Credit scores, along with your overall income and debt, are big factors in determining whether youï¿½ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:

1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else's poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3. Don't charge your credit cards to the maximum limit.

4. Wait 12 months after credit difficulties to apply for a mortgage. You're penalized less for problems after a year.

5. Don't order items for your new home on credit, such as appliances and furniture, until after the loan is approved. The amounts will add to your debt.

6. Don't open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, Knowing and Understanding Your Credit, visit www.homebuyingguide.org.

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How Big of a Mortgage Can I Afford?

various writers — Tue, 16 Feb 2010 16:39:00 GMT

Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits which you can't take advantage of when paying rent.

The following calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too. Based on your current rent, use this calculation to figure out how much mortgage you can afford.

Rent: _________________________

Multiplier: x 1.32

Mortgage payment: _________________________

Because of tax deductions, you can make a mortgage payment, including taxes and insurance, that is approximately one-third larger than your current rent payment and end up with the same amount of income.

For more help, use Fannie Mae's online mortgage calculators.

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8 Tips to Guide Your Home Search

various writers — Tue, 16 Feb 2010 16:39:00 GMT

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you'd be willing to spend each month for housing.

2. Be realistic. It's OK to be picky, but don't be unrealistic with your expectations. There's no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can't afford.

4. Don't ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. Buyer's reps are usually paid out of the seller's commission payment.

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Real Estate Articles

Existing-Home Sales Slip, But Prices Stabilize

Foreclosures Post Biggest Drop on Record

Seller Information

Pet Odor Can Chase Away Buyers

Should You Move or Remodel?

Make Your House FHA-Loan Friendly

7 Tips for Staging Your Home

7 Tips for Short Sale Success

5 Factors That Decide Your Credit Score

Survey: Sellers Fare Better With Agents

10 Questions to Ask Home Inspectors

What You Can Do to Improve Your Credit

How Big of a Mortgage Can I Afford?

8 Tips to Guide Your Home Search