Tuesday, July 24, 2007

Is Your Home Priced to Sell?

Selling a home is a major life decision. You have put a lot of money and hard work in caring for and maintaining your home. When setting the asking price for your home it can be emotional and complicated. Unless you have your home appraised there will be a little guess work and research on your part to set the asking price. Most people don’t have their homes appraised because it cost a few hundred dollars and the bank will require their appraisers to visit after the sale of the home anyhow.
The best way to determine the asking price for your home is to look at properties that have sold over the past few months, look at current homes for sale that are similar to yours in the same area, look at pending sales, and look at expired listings. By analyzing this information you will be able to determine a price range for your home. The best way to get this information is to contact a professional real estate agent and ask them for a CMA on your home. He/she will come out and look at your home, take notes, and gather the required information. Typically, you will get a well-formatted report that details all the necessary information needed to make an educated decision on pricing your home.
By choosing the correct asking price your home will sell much faster because it will attract more attention and potential buyers. Also, real estate agents that are familiar with the local market will be more inclined to view and show your home because they know that it is priced correctly and it won’t be a waste of time for their clients.
If the real estate market is strong in your area homes that are introduced to the market should draw a lot of interest in the first couple of weeks, especially if they are priced at the market value. If the price of the home is too high then potential buyers could be left out because the price was outside their range. In the end it is the buyer who sets the selling price, not the real estate agent and not you. Your home is only worth what someone is willing to pay for it so price it right and it will sell in a reasonable amount of time.
Visit Jason Deines's website for more information on http://boiserealestateinfo.net/. There you will also find statistics on the Boise Idaho Real Estate Market.

Tuesday, July 10, 2007

Make Home Buying Lemonade Out of Sub-Prime Lemons

Over the last two years many consumers became home owners by agreeing to interest-only or zero down payment mortgage loan terms. This was a great way for many people to purchase a house while keeping their monthly payments at an affordable level for the short term.

Unfortunately, many of these home owners today are unable to keep up with the costs of homeownership. As a result, foreclosures are high in some parts of the country, while many other homeowners with these loans are concerned this fate may await them in the future.

Being a little conservative when making a home purchase might be a good thing for you. Here are a few tips on what you can do to avoid being in the same situation as those who thought sub-prime loans were their ticket to homeownership, and who now may find themselves in a difficult financial situation.

  • Buy only as much home as you can afford now.
    • You may be willing to be cash-strapped for a couple of years because of a high mortgage payment until your monthly income increases, but if your salary doesn't grow as you expect, you may find yourself cash-strapped for longer than you want.
    • Consider your lifestyle when determining how much home to buy. If you like to spend money eating out every night or traveling around the world, be sure to buy a home that leaves you with enough monthly cash to do these things.
  • Expect the unexpected. Even if you're not buying a fixer-upper, you'll still have expenses arise at inconvenient times that are unavoidable, like the cost of a new water heater. If you don't plan for these costs you may find yourself going further into debt to pay for the repairs, or you just might have to learn to live with cold showers.
  • Get a loan that is built for the amount of time you expect to live in the home. If you're going to move within 5-7 years, an ARM loan might save you money. If you're going to be there longer, a fixed loan might be more cost-effective. Compare both the short-term and long-term costs of each type of loan to determine which is best for you.
  • Find out which lenders your friends used. Research lenders on the internet. Meet with those with whom you're comfortable and who you trust.
  • Find a real estate agent who is intimately familiar with the area in which you'd like to buy. Interview several agents and ask them for customer references before selecting the one who most wants to help find the right home for you.

You may not be able to completely avoid the financial risks of buying and owning a home, but with thorough research, planning, and by living within your means, you can be more assured that buying a home that won't result in your selling it out of necessity instead of out of choice.

By Barry James Copyright © 2007 HomeGain.com, Inc.

Wednesday, July 4, 2007

Happy Independence Day!


1) The secret of happiness is freedom, and the secret of freedom, courage. – Thucydides

2) Freedom is the last, best hope of earth. – Abraham Lincoln

3) Give me the liberty to know, to utter, and to argue freely according to conscience, above all liberties. -John Milton

4) By liberty I mean the assurance that every man shall be protected in doing what he believes is his duty against the influence of authority and majorities, custom and opinion. – Lord Acton

5) Liberty cannot be caged into a charter or handed on ready-made to the next generation. Each generation must recreate liberty for its own times. Whether or not we establish freedom rests with ourselves. -- Florence Ellinwood Allen

6) Those who deny freedom to others deserve it not for themselves. – Abraham Lincoln

7) God grant that not only the love of liberty but a thorough knowledge of the rights of man pervade all the nations of the earth, so that a philosopher may pervade all the nations of the earth, so that a philosopher may set his foot anywhere on its surface and say:" This is my country." – Benjamin Franklin