Having the Nicest Home on the Block a Challenge
Home buyers are wise to take careful note of the houses around them before they make an offer on that picture-perfect home. Buying the most expensive house in the neighborhood isn’t always the best strategy. Sure, they’ll have bragging rights, but your buyers may need to be informed about some challenges during resale. After all, unloading the priciest home on the block and seeing an increase in equity isn’t easy. “A lot of buyers forget a home is an investment,” says Brendon DeSimone, a real estate expert and author of “Next Generation Real Estate.” “The world changes. Things happen fast. People transfer, people lose their jobs. Now imagine yourself as the seller of that home.” With the nicest home on the block, home owners who do any upgrades – even minor – may be doing a larger mismatch between their home and the surrounding homes. By considering the home as an investment, buyers will look at homes that leave some room for improvement and that will allow them to build equity and hopefully even pay it off when they do sell. DeSimone actually recommends to his clients buying the worst house in the best neighborhood. “You can add value on your own,” he says. “If you’re choosing between an awesome house in a crappy location and an awful house in a great location, I would choose the latter.” Improvement doesn’t need to entail a total renovation either. DeSimone says just regular maintenance, refreshing the paint, and making minor repairs that the previous owner ignored could add to the home’s value. Source:...Fannie Mae Survey Reveals Consumers Unaware of Requirements to Qualify for Mortgage
A recent survey performed by Fannie Mae on a significant number of consumers revealed there is large gap in consumer knowledge when it comes to qualifying for a mortgage loan. Of the consumers interviewed, 40% did not know the minimum down payment required to qualify for a loan, 54% did not know the minimum credit score required and 59% didn’t know the maximum back-end debt to income ratio. “There is a significant lack of understanding about minimum mortgage qualification criteria not only among consumers in general but, more importantly, among renters who plan to purchase a home within the next five years” according to Fannie Mae. It is extremely important to know the guidelines and requirements when looking to get financing, or are working towards improving your situation for financing in the future. If you don’t know the correct guidelines today, how can you know how to prepare for the future? Call us today so we can answer any questions you may have about the mortgage loan process and help you get on the right...Market Recovery Double-Edged Sword
Most real estate and mortgage professionals realize that the housing recovery has been extremely good since the low in 2012. In November the Fannie Mae Home Purchase Sentiment Index indicated that consumers aren’t as optimistic about housing prospects for the future. Fannie Mae concludes that the decrease in the sentiment index was mainly due to two things; Expected decrease in supply and affordability. With current interest rates near an all-time low affordability is still high, but higher interest rates could derail consumer...Foreclosure and Short Sale Information
The recent prolonged recession had a negative effect on the majority of Americans. Many lost their jobs and were no longer able to make mortgage payments so they either worked out a short sale with the company holding their mortgage or were forced into foreclosure. Many of these same people have been able to get back on their feet and are now interested in purchasing a home again. If you are one of those people you need to know when you will be eligible to qualify for a mortgage. The most important date to know is the date the title transferred out of your name and into someone else’s. The foreclosure proceedings could have started in 2008, but if the property wasn’t transferred until 2013 that is the time the clock starts ticking for mortgage qualification. Please feel free to contact me to help find out if you are eligible for a mortgage or when you may become...FHA Approved Condos in Lee County
Below is a list of approved FHA Condos in Lee County. This is a great option for borrowers interested in purchasing a condo with less out of pocket expenses. Condo Name Expiration Date Carriage Homes at Bell Tower 9/6/2015 Casa Di Fiori 7/18/2014 Eagle Ridge Lake I 10/31/2015 Estero Beach Club East 8/8/2014 Heatherton Manor 11/18/2015 High Point Place 1/15/2016 Oaks at Whiskey Creek II 11/12/2015 Pavilion Club 9/6/2014 The Moorings at Cape Coral 9/12/2015 Valencia at Miromar...Connect With Us
