It’s no secret that interest rates are climbing steadily – or in some cases, even appearing to skyrocket.
What impact will this trend have on the nicely-recovering real estate market? Will it cause recent enthusiasm to die down as prospective Buyers decide they can’t afford a mortgage after all?
Below are some interesting comments from market experts giving their perspective on how rising interest rates might impact the real estate market as we move forward.
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Home values– Unless you want to gamble with the possibility of losing a significant amount of money, you must find out your home’s true value in relation to the current market. Just as you would love to sell your home there are people who would love to buy it, however you will soon learn that it all comes down to the numbers! If the price is too low, you will leave money on the table, too high and the house doesn’t sell. To ensure that you are getting the most value throughout the transaction be sure to avoid the mistake of looking for your homes value on county tax appraisals, Truila, or Zillow. So how do you figure out what your home is worth? A real estate agent can provide you with comparable properties that have recently sold, as well as, market trends relating to your home and area. These are the only two things that determine the price for…
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Some home improvements have better resale value than others. Here are some of the best home improvements from Norada Real Estate Investments:
Kitchen
People spend a lot of time in the kitchen, so upgrades in that area are both visible and valuable. It’s not just aesthetics. A kitchen has many working parts, like a refrigerator with a water and ice dispenser, a built-in microwave and a double oven. But it doesn’t have to be an all-or-nothing deal. If your counter top is scratched and stained, but the cabinets are still in good shape, just replace the counter top, and maybe add new cabinet hardware. And new appliances by themselves add both utility and sparkle to your kitchen. Rule of thumb: Expect to recoup about three quarters of the cost of a kitchen remodel when you resell your house.
Bathroom
People like big, expansive bathrooms, so any fix-up that adds…
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This is part three of Digital Mind Shift. Also read part one and part two.
The first two articles in this series were designed to wet your whistle with respect to online lead generation. I offered statistical trends to demonstrate the potential that exists for real estate companies. As a result, I’ve been getting lots of messages from people asking for a common-sense outline to start catching more fish (see part two to read the fish analogy).
For those seeking to take online lead generation seriously, consider the following process and fundamentals to start building a strategy:
For any relationship to begin, two people must first become aware of each other. It might take place at a grocery store or the local coffee shop. Regardless of how it happens, each will have to enter the mental radar of the other. The same is true when…
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Wood floors (like people) look best with regular TLC. Aside from daily cleaning, sensitive wood floors require occasional in-depth maintenance that goes beyond a sweep or vacuum. Think of tired professionals and run-down moms. What do you do to revive their dull pallor? You send them to the spa to experience the health benefits of a massage, exfoliating body wrap, or facial. Then, voila – spa-goers come home revived!
To maintain a healthy glow, a hardwood floor has its own menu of spa treatments that must be followed regularly. For starters, after they’ve been in use for some years, wood floors needs to be sanded and finished afterwards by a protective sealer that will give them a natural sheen. Other wood floors may require patching in spots that undergo intense damage. Some wood floor owners also choose to have their wood floors stained to change their color.
But a “screen…
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Most sellers concentrate on getting the inside of their homes ready for visiting buyers. While this is, of course important many miss the most important moment in the presentation of their home: The so-called “windshield effect.”
By the time buyers enter a home they already formed opinions. They already have emotional imprints and reactions. The property, including your seller’s “stuff” spread around the outside of the home, gives them clues about the sellers and, most importantly, their motivation for sale.
I always tell my client sellers: Daily living and presenting a home are two very different experiences. We are all bound by our habits. However, a buyer sees a home for the first time with fresh eyes and as a visitor.
Have your seller ask themselves these five questions:
• What story does your home tell a visitor right now? What story do your home want it to tell?
• When you…
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In 2012, the housing market got a boost from the long-term stability of mortgage rates. The Federal Reserve’s stimulus measures helped keep borrowing costs near record lows for much of last year, and through the first few months of 2012.
Low rates helped bring home buyers off the sidelines and into the market, driving home prices north across much of the country.
But mortgage rate trends shifted significantly in May 2013. That’s when Federal Reserve officials met for one of their Federal Open Market Committee (FOMC) meeting.
These meetings are a regular occurrence, taking place eight times a year. But the event that took place on May 1 sent waves through the stock market and the broader economy. That was when Fed officials said they could begin winding down their bond-buying stimulus program known as quantitative easing.
Shortly after that seemingly innocuous statement, the 10-year Treasury yield rose sharply. Mortgage…
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Have you been wondering “Where can I get money to invest in Real Estate“?
The five money sources listed below are the most common areas that our investors look to borrow. Keep in mind that there are many options available, here are just a few to help you get started.
1.) You can apply for aninvestment loanto buy real estate at your local financial institution. They will typically require you to have a down payment of at least twenty percent of the value of the loan. You have to apply and qualify for the loan, but because of the low interest rates associated with this type of loan, it is a very strong option.
2.) Using money that is currently sitting in your retirement accountis another great option, this is also a good way to get better returns on your money. Of course, we advise you to consult your…
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Depending on the seller’s situation, there are many options to consider before attempting a short sale.
Discuss your situation with the lender:
The lender should contact their lender as soon as trouble arises. A lender may be willing to make accommodations if a borrower finds himself or herself in a difficult financial situation, particularly if it is temporary. The key is to let the lender know up front, before the problem becomes too serious to work out with the lender. Lenders may allow borrowers to:
If payments cannot be made in a timely fashion, lenders may extend the “grace period”and work with the borrower. Lenders may even agree to delay filing a Notice of Default if, among other things, they feel they are informed about the borrowers intentions. This may make it easier to sell the property, and may preserve the borrower’s credit.
Turn the home into a rental:
Is there the possibility of renting the property and paying the difference between the rent and the mortgage payment while looking for other living options for the borrower?
Deed in Lieu of Foreclosure:
The borrower voluntarily delivers title to the lender and the lender accepts it in full satisfaction of the debt. The lender then owns the property and can dispose of it as it sees fit. This effectively avoids the whole foreclosure process and if the lender agrees to this, the homeowner would have to vacate the property and again, there could be significant tax implications to the homeowner as their credit being compromised.
File Bankruptcy:
If the borrower declares bankruptcy, the foreclosure process is temporarily put on hold. However, the lender may request the bankruptcy court to lift the automatic stay with respect to the lender’s loan and resort to its remedies under state law, including foreclosure, if the lender can show justification to proceed. Some borrowers think bankruptcy offers the best way out, but the borrower’s credit may be seriously impacted for many years.
Stop Making Payments:
Stay in the property until the property goes through the foreclosure process. The timeline can vary, but generally, the timeline does not begin until the lender feels they have exhausted all avenues for curing the payment delinquency. Normally, this happens after the borrower has missed three monthly mortgage payments and the Notice of Intent to Foreclose has expired.
The borrower has probably been contacted by the lender several times prior to beginning the foreclosure process. The official foreclosure process then begins by the lender contacting a trustee and instructing them to file a Notice of Default. This could take anywhere from 6-9 months, possibly longer. Once the NOD has been recorded it takes 120 days to complete the foreclosure process. The homeowner’s credit will be severely affected, however, they may have been able to stay in the house for many months saving their money by not making the mortgage payment to prepare for relocation once evicted.
Listing the Property:
Get an offer and negotiate the short sale with the lender(s). There is no guarantee that this will be successful and no guarantee how much time and energy will be put into the process. If this is the choice that is determined to be the least disruptive and the lesser of all other choices, then contact a REALTOR who is a Short Sale Specialist to move forward.
Judy and Company 