Tag Archives: first time homebuyers

10 Amenities to Look for When Buying a Home

Now that spring is here, buying and selling homes is an objective for many of you, who have waited patiently all winter to start your home search. Whether this is your first home or you are a veteran, there are amenities that you should keep an eye out for when looking to buy a home. While many people can stage and make a house look good, remember once their belongings are taken with them, the house will remain. Therefore, look at these 10 amenities when considering buying a home, to help assure you of getting a worthwhile investment.

1. Look at the kitchen appliances: One of the most expensive parts of homes are the appliances. The age, care, and condition of the kitchen appliances in the home will have a direct impact as to whether you will need to buy new ones, or if they will need to be serviced anytime soon. Go ahead… open the refrigerator!

2. Finishes and materials: Once you know your price range, know what finishes are expected in your price point. Less expensive home will use vinyl flooring, lower end carpet and possible plastic laminate counters in kitchen and baths. While higher end homes may use more resilient flooring such as tile and wood, and solid surfacing in kitchens, such as granite or slate. Knowing what is expected in your price category will help you determine if the home you’re looking at is a deal or not.

3. Pay attention to the ceiling: The ceiling is a telltale place for water spots to show from possible leaks and cracks from structural damage. Pay attention to cracks in drywall, wall surfaces, and where the ceiling meets the wall for warning signs.

4. Outdoor areas of the home: Don’t forget to look at the roof, gutters, downspouts, and inspect the outdoor condition of the home. Especially older homes, try to find out from your Realtor or the previous homeowner when maintenance or replacements have been conducted in the past.

5. Look at the neighborhood: Yes, your house is important, but the safety, location, and proximity to several amenities should be considered as well. Research nearby schools if you have children, as well as travel time to work, stores, and how your neighborhood is laid out. Feel just as comfortable with your neighborhood as your house.

6. Upgrades versus standard amenities: If you are purchasing a brand new home from a builder, know what are upgrades versus standard amenities when looking at homes. Most model homes will have quite a few upgrades to show the homes in their “highest quality” state. While upgrades don’t mean the home is built any better or worse than homes with less upgrades. Once again, this information will help you be an informed home buyer. Don’t allow yourself to buy a more expensive home than you budgeted for because of upgrades. Knowing your price point will keep you disciplined.

7. Bathroom amenities: Similarly to the kitchen, look at the bathroom plumbing fixtures, shower/tub to see what condition these amenities are in. For older homes, if you know you will need to do a remodel or renovation in the future, you should be prepared to know this reality when looking at the home, not after you move in.

8. Major systems: Take a look at the heating/air conditioner unit, hot water heater, and other major systems in the house when looking at homes. These systems can be costly if they are left in disrepair for too long. While you may not need to look at these until you are settling on one specific house, its good to keep on your checklist.

9. Homeowner added amenities: For resale homes, many homeowners have already upgraded the home on their own. From adding a swimming pool and deck in the backyard to crown molding and built in cabinets in the living room. Most homeowners will state what upgrades they have put into the house, and what the approximate cost it was to upgrade. Use this information when comparing like properties in a similar neighborhood, city, etc…

10. Look for a paper trail: Especially when buying a resale home, seek a paper trail, or a list of receipts and/or documents of repairs, upgrades, and services added to the home over the years. Similarly to buying a used car, the more informed you are, the more ideal buying a home from that individual will feel. Amenities in a home can be attractive, but if the homeowner can’t tell you who upgraded it and when, you may want to move on to the next house.

Looking for a new home can be exciting, and at times nerve racking! Even though it can be both of these, looking for a home is an essential part of life, and believe it or not, it is the best investment you can ever make. Decide what amenities you have to have, and which ones you’d prefer, but don’t have to have. Use this 10 amenities list to help you know what to look for when looking for the perfect home.

4 Red Flags That Send Buyers Running

How you present a listing online and the words you choose to describe it may be turning off some buyers. Bankrate.com recently asked real estate professionals to weigh in on what listing red flags are turning off their buyers.

1. No photos. “One red flag in many buyers’ eyes is the lack of photos for a listing,” says Don Tepper with Long & Foster in Burke, Va. “There can be some legitimate reasons for few (or no) photos in a listing: The sellers want privacy, or they have valuables they don’t want in the photos. But many would-be buyers–rightly or wrongly–assume that there’s something wrong.” Tepper recommends about a dozen photos for listings and photos that match the home’s description and showcases its best features.

2. Outlandish claims. Referring to the listing as the best property on the market might not be a good idea, says Ziad Najm, a broker at Cedar Real Estate in Mission Viejo, Calif. “Some buyers may be turned off to begin with and some will inevitably be disappointed if the claim doesn’t live up to their expectations,” Najm says. Instead, Najm recommends focusing on adjectives that are flattering to the property but leave some room for interpretation.

3. Priced too low. You want to price the property competitively but pricing too low may make some buyers suspicious or attract unqualified buyers. “Typically, multiple buyers will be attracted to the low asking price and eventually the sales price will climb close to market value as competing offers bid up the price,” Najm says. “However, the strategy is not without risk in that some buyers will be alienated by a potential bidding war.”

4. Listing a property “as is” in the description. That’s not a deal breaker but when you see “as is” in a listing, buyers might be cautious, says Diane Conaway, a San Diego broker with RE/MAX United. Some buyers take the “as is” phrase as the “previous owners stole everything including the kitchen and bathrooms,” Conaway says. “Our contract states ‘as is’ anyway, but some agents restate that in the listing, which is a disservice to their sellers.”

How to Prepare your Home for Sale Before the Spring

Before you know it, spring will be here. Spring time is the ideal time for home buyers and home owners to buy and sell homes. In the winter, homes sales slow down and people focus on the holidays. Once spring hits, your home can shine its brightest. To prepare your home for sale before the spring hits, here are a few tips. Use them to help you prepare mentally as well as to help you budget your time and money, you will be glad you did.

Spruce up your curb appeal: The first part of your home that buyers will see is your yard. Believe it or not, buyers will make up their mind whether they like your house from your curb appeal. Take the time and tidy around plant beds with new mulch, cut and trim your lawn and remove unsightly plants and debris. Clean up your front entry, porch furniture and beautify with fresh potted plants to ensure your front entry area is ready to welcome guests.

Start upgrading now: if you are trying to get the most return on your investment (ROI), look at your home to see if any upgrades are necessary. Upgrades can mean repairing and restoring finishes and appliances or it can mean taking your existing finishes and purchasing higher quality ones. A vinyl floor upgraded to wood or a standard refrigerator upgraded to stainless steel are examples of well worth it upgrades, that you will see a positive return on your investment.

Do your homework: Research what other homes in your neighborhood that have recently sold or are currently up for sale are offering. Compare their sale prices, home area, amenities and how long their home has been on the market. This will give you an idea of how much to ask for, for the sale of your home, as well as what upgrades your competition offers(ed). This is important, to help you determine how much money you will need to spend to be competitive as well as gauge what home buyers are looking for. Your home is guaranteed to stay on the market longer if it’s considerably over or under the competition, so get armed with the information now. Being well informed will also help you for your next home.

Budget your money and time: Preparing your home for sale can be expensive and time consuming if you aren’t prepared. Take the time to thoroughly assess what parts of your home you are going to tackle first. Hiring a Realtor to help you prioritize may help if you’re getting overwhelmed. Keeping yourself sane during selling your home is often a challenge. By planning how much money and time you can dedicate to your home renovations, and preparations will help. The better you can do this, the more enjoyable the home selling process will be.

The spring is the ideal time to prepare your home for selling. While the weather is still mild, start preparing your home for sale now. For specific items to tackle in your home have a professional appraisal as well as a home inspection performed. Both of these will these provide valuable information to prioritize and plan your home selling checklist. Also remember, a professional Realtor can also help you make many of these key decisions and may save you time and money in the long run.

Debunking Your Credit Score

Reposted from Zillow BlogBy: Vera Gibbons, Zillow Contributor | March 2, 2011

If you’re considering buying a home, one of the first things you need to do — in addition to figuring out how much home you can afford — is take a look at your credit score. Seen as an indicator of your overall dependability and financial prudence, this all-important three-digit number, which ranges from 300 to 850, has literally become an outright measure of character.

Here’s what else you need to know:

720 is the new black
Prior to the housing collapse, a credit score of 620 or more qualified you for the best mortgage rates. Until recently, a credit score of 680 was something to be proud of. Today, our analysis of more than 25,000 loan quotes and purchase requests shows that you need a score of 720 or above to get the best rates.

620? Forget about home ownership
Nearly one-third of all consumers have a credit score of about 620, according to myFICO.com. What kind of interest rate does that get them? None — they’re unlikely to receive any loan quotes, even if they offer a relatively high down payment of 15-25%.

It’s your life’s report card
Lenders aren’t the only ones looking at this three-digit numerical summary of how much you owe and how promptly you pay your bills. In addition to landlords, cell phone, insurance and utility companies, hospitals and health-care institutions are also starting to check this number, as are an increasing number of employers. In fact, about 35% of them do, according to the Society for Human Resource Management. Why? Bad credit can be a signal of irresponsibility. Employers want someone who is going to focus on the job, not worry about their financial woes.

Just boost it!
While you probably have a basic understanding of how a credit score is calculated — your payment history is the most important factor, accounting for 35% of your score — Fair Isaac does not reveal the exact formula used. Regardless, with so much at stake — mortgages, insurance policies, car loans and more — know that the easiest way to improve your score is to pay your bills on time, pay down your debt, and watch the credit card spending, utilizing no more than 30% of your available credit; ideally, just 10%.

Vera Gibbons is a financial journalist based in New York City and is a contributor to Zillow Blog. Connect with her at http://veragibbons.com/.

NBC 33 Interview – First Time Home Buyer Tax Payback

With the tax season looming over us all, those who took advantage of the first-time home buyer tax credit may be in for a rude awakening. Many buyers didn’t realize that the credit they received in 2008, must be paid off over 15 years. Those who cashed in on the 2009 and 2010 credit were luckier in that they don’t have to repay it, however, if they sell within 3 years of their purchase, they have to pay the credit back IN FULL. Also, if the home is foreclosed on, the owner must pay back what credit is owed. Kelsey Scram with NBC 33 interviewed Janet on consumer’s reaction to having to pay back their tax credit. Click the link below for the video and article.

NBC-33 and Janet Anderson talk First Time Homebuyer Tax Credit

Make Some New Year’s Resolutions for Your Home

from Styled, Staged & Sold by Melissa Tracey Charlene

The holiday season is over for another year, and many of us use this time to make personal resolutions for the year ahead — such as promising to lose weight, spend less money, make more time for ourselves and our families, and the list goes on. If you’re like me, it’s a rolling list that gets carried over from year-to-year, yet never seems to get accomplished.

This year, I decided not to do that. Instead, I’ve made a list of resolutions for my home.

Have you made a home resolution list for this year? If not, give it a try, especially if you plan on selling your home in the not too distant future. It’s never too early to get your home looking its best for potential buyers.

Here are a few items that are on my list in random order:

Tackle the basement storage area. Items that have stayed in boxes since our move five years ago are obviously items I can live without. If I haven’t used them or missed them in that time period, chances are I won’t yearn for them if they are given away. The key for me will be to not look inside the boxes. If I do, I know I’ll find an excuse to still hang onto each and every item. Maybe I’ll get my hubby to take a peek inside each box before they “exit the building” though (just in case).

Sort through all my old decor and design magazines. Recycle any magazines that are older than July of 2009. Then by July of this year, I’ll set out to recycle any 2009 magazines that are still left on the shelves. If I keep a rolling one-and-a-half year subscription on hand of the many magazines that I subscribe to, it will be more manageable and take up less space. I’ve bought magazine holders to store them in so that they’ll be much easier to get to if I want to refer back to a particular issue.

Cleanse clothes closets. This is a particularly tough one for me. I have a hard time parting with any of my wardrobe. You just never know when that certain outfit will become trendy again. Logic tells me though that by the time a particular outfit comes back into style, I’ll be way too old to pull off the look anyway, so it’s best that I listen to my head and not my heart and/or ego.

The toughest to let go of: the ‘Remember When Collection’. You probably have a few pieces from the same collection – a.k.a. the “remember when this used to fit me” collection. You know the ones that you hang onto for when you drop those few pesky pounds. If you haven’t worn it in one year, it’s time to let go. If you’re planning on selling your home, remember that people will look inside your closets.

Go through the china cabinet and donate items that are never used. After all, how many of my grandmother’s non-matching china teacups and saucers do I really need to keep? Right now, they’re jammed into the cupboard below my cabinet teetering precariously every time I open the door. It’s a good thing we don’t live on an earthquake fault line!

But to justify their purpose: I vow to use my good china and silverware more often and not just saving it for special occasions. In fact, I’m going to make a four-place setting of “my good stuff” more accessible by keeping it in one of the kitchen cupboards. That way, I can use it whenever I want. In the end, who is going to want any of it anyway once I’m no longer around? I know that our kids won’t be interested in anything that can’t go in the dishwasher. And if I get dish pan hands from using them, so what — I’ll treat myself to a manicure!

These are just a few items on my home resolution list, but I’m sure that as the year goes on and I work through my list, I’ll come up with other items to add as fast as I tick these ones off. But hey, even if I strike a few of them off the list, I’ll be ahead of other years.

5 Tips for Marketing Your Home in Winter

from Zillow Blog – Real Estate Market Stats, Celebrity Real Estate, and Zillow News by Whitney Tyner

Spring is traditionally regarded as the season when eager home sellers spruce up their homes and put them on the market, increasing inventory levels for potential buyers. This year, however, the depressed state of the housing market has left a glut of unsold inventory lingering.

If you are one of the 4 million homeowners with a property listed for sale on Zillow, consider giving your home a winter face-lift. There’s a ton of competition in the marketplace and your listings need to be in tip-top shape — regardless of unruly weather conditions and winter holidays.

5 Tips to Marketing Your Homes This Winter

1. Remove snow and ice.

If a buyer can’t easily park and access your property, it won’t sell. Shovel, salt, and tidy your walkway and driveway on a daily basis. If the home is vacant or you don’t have time, hire someone to do this on your behalf.

2. Create a warm atmosphere — and turn on the heat.

If you know a buyer is coming through, turn up the thermostat. It’s tempting to skim on heat to save a few pennies, but buyers who come in and aren’t comfortable (aka: cold) won’t stay long. To create additional ambiance during an open house, throw a log on the fire or turn on the gas fireplace.

3. Light it up.

Use timers and technology to your advantage to make the home feel lived in. Install motion sensors to light up a driveway in the evening, and program indoor lamps to automatically turn lights on in the evenings. Another trick to create an instant mood is to tune the radio to the local classical station. The soft music is welcoming and soothing to buyers.

4. Limit seasonal decorations.

When it comes to decorating, there’s a fine line between festive and tacky. A few tasteful winter wreaths and dried arrangements are OK, but an inflatable Santa in the yard mid-February is not. Decorating not your thing? Hire a home stager and remember the golden rule, “less is more.”

5. Showcase seasonal listing photos

Since buyers won’t be able to fully appreciate your landscaping or outdoor pool during the winter, show them an album of photographs taken during the warm months when everything is in full bloom and the pool looks enticing. If all your listing photos are taken during the snowy winter months, swap them out with a fresh set come spring.

The Most Desired Home Size

By Melissa Dittmann Tracey, REALTOR® Magazine

The “small home” craze continues as buyers say they find less square footage more desirable. Nearly half of Americans say their ideal home size would range from 1,000-1,999 square feet, according to a recent survey by Relocation.com of nearly 1,500 home owners and buyers.

Just five years ago, the National Association of Home Builders reported the average home size to be 2,400 square feet — that’s 400 square feet larger than what buyers say they now want.

So what’s to happen to all the McMansions out there from just a few years ago when big homes were in their heyday?

Naturally, you would assume that the cost of home ownership has gotten buyers thinking smaller. But according to this survey, when asked whether cost was a main deciding factor in choosing a home, most respondents said it wasn’t very important. In fact, only 29 percent of survey respondents said that living costs was the most important reason when considering a move.

So why have buyers gotten so practical with their home buying decisions?

“As home owners rethink how much space they need, I think we’ll continue to see more innovative approaches to living well and sustainably within a smaller footprint,” said Sharon Asher, Relocation.com chairperson and founder, in a public statement about the survey results.

Other notable findings among the survey results:

Sububia reigns: The Relocation.com survey also found that 54 percent of Americans continue to find a home in the suburbs the most desirable. They want to live near the city but prefer the peace and quiet of the suburbs. Urban and rural neighborhoods were only preferred by 24 percent and 22 percent, respectively.

Main priorities in selecting a home: Neighborhood safety was an important factor in choosing a home. Buyers judged neighborhood safety by the upkeep of homes and front lawns in the neighborhood, word of mouth reputation, and local crime reports and statistics. Besides neighborhood safety, respondents also ranked proximity to decent shopping and having a large backyard as important factors in selecting a home.

Most sought-after features: Survey respondents said the most desirable features of a new residence are central air conditioning (87 percent); custom, walk-in closets (50 percent); and “top of the line” dishwasher and/or refrigerator (43 percent).

Least sought-after features: The least desirable home features were custom window coverings, followed by an in-ground pool or spa.

Appraisal 101 – 4 Part Series on Appraisals and What is Inside Them

Appraisal is probably a word that was brought up when you were buying your home or refinancing. You dug into your pocket and paid $300 or $400 but you probably have never seen your home appraisal. You paid for it, you own it, you have a right to a copy of your home appraisal, but to get a copy, a homeowner usually must request it from the mortgage company – in writing. Between the goings on of day to day life, someone is not likely to place a written appraisal request high on their priority list.

Most homeowners really don’t care about the appraisal. As long as the conclusion was the house was worth enough to justify the mortgage, homeowners are happy and, by the time the ink is dry on the closing documents, have forgotten they were ever required to spend the money.

Still, an appraisal is interesting and, in the future, might help you track your home appreciation in light of other sales in your neighborhood. Make the effort, you can probably request a copy by email, read it, then save it for future reference.

In the next week we will cover the basics of appraisals such as what goes into a Comparative Market Analysis (CMA), what is a Broker’s Price Opinion (BPO), and how an appraiser estimates your home’s value. Stay tuned! And for more information on appraisals or to get a referral for an appraiser in your area give us a call at 225-368-3237

Is it the Right Time for You to Buy?

Here at Janet Anderson & Company, we always think it is a great time to buy. Jill Simmons at the Zillow Blog just wrote a great article with some tips for those of you who may be curious as to whether now is a good time for you to purchase your dream home.

Reposted from Zillow Blog, By: Jill Simmons, Zillow PR Manager | September 1, 2010

It seems like a great time to buy a house (if you don’t have to sell), values are down (so affordability is up), interest rates are at all-time lows, and high levels of inventory are languishing on the market. It all adds up to buyers who have negotiating power. Yet, the latest housing reports are undoubtedly making many home buyers skittish about entering the market. Here are just a few tips for people trying to figure out if now is the time to buy:

Set realistic expectations about home value appreciation. Zillow is expecting minimal appreciation in most markets over the next few years, so the first thing any buyer should do is figure out how long they are planning on staying in the home. If it’s not at least five years in most markets, consider renting a home, instead of buying.

Don’t try to time the bottom, you’ll never get it exactly right. While some markets have further to fall, the steep drop in values are most likely behind us. Some markets like San Francisco and San Diego are already seeing 5% appreciation year-over-year. If you are planning to buy within the next year or so, you should definitely start shopping.

Research your loan options. Yes, interest rates are at historic lows, but it’s hard for many potential buyers to get financing let alone a super low rate. Increase your chances of finding the lowest rate available to you by shopping around. Shameless plug: Zillow Mortgage Marketplace allows you to get custom rates from a variety of banks (national and regional) and brokers. Don’t worry, you can compare rates and lender reviews without sharing any personal information. You call the lender if you are interested, not the other way around.

Art of Home Selling Real Estate, Homes for Sale in Baton Rouge

Art of Home Selling Real Estate