Central Florida Real Estate and Community News

June 29, 2016

No Room for a Home Office? Try These Clever Ways to Create One

As reported by Realtor.com 

Working from home used to be a last resort, mostly when a kid fell sick with the flu or if the cable man was coming at some unspecified, unknowable time within a five-hour window. But as of 2010, according to the U.S. Census Bureau, 13.4 million people telecommute regularly (at least once a week), an increase of 35% since 1997. And since modern technology makes the process easier and more effective than ever, this trend will continue to skyrocket.

If you’re thinking of joining the work-at-home crowd, you might be thinking, “Yikes, we don’t have room for an office.” Never fear—even if you’re short on space, there are plenty of ways to wedge a workspace into your kitchen, under the stairs, or even onto a wall. Here’s how to make that happen, and how to furnish it so it blends in with your home decor.

Ready to get to work? Here’s how to do it well at home:

Pick a prime spot to work:

The first step should be to consider how you’ll use this workspace, advises Anne Reagan, editor of the Seattle-based Porch.com: not just what kind of work you do, but also what kind of home responsibilities you need to monitor.

“If you plan to manage the household, choose a spot near the family gathering place, which is often the kitchen,” she explains. The space-saving home office here, tucked neatly into a built-in breakfront, allows you to work on a presentation while monitoring homework at the nearby island. This office also blends nicely, so that when your project is done for the day, the room reverts to “kitchen” status.

Sneak in a desk under the stairs No extra rooms on hand? An unused area can be transformed into a home office with a little creativity. A good-sized nightstand (minus all of those unread back issues of The New Yorker) doubles as a desk, or you could try setting yourself up on a few shelves under a staircase, as seen below.

“If your dining room is seldom used, designate the table as your desk and then carve out a space in the credenza or hutch to store your office equipment,” says Reagan. Hit the wall Not enough square footage as it is? Try a wall-mounted desk. Take measurements on an empty wall for a painted wooden option with side cubbies and a shelf for extra storage (this one’s both attractive and functional).

Create storage that doesn’t scream ‘office’ If you are extremely limited on space, look for stackable storage items or keep documents filed away in a closet, advises Kelly Richardson, an interior design expert in Santa Rosa, CA. Or have a drawer custom wired to hold a printer/scanner and other electronics. Additional storage solutions include crates for paperwork, filing cabinets that double as side tables, a blanket chest or foot locker for supplies, and, of course, using a laptop over a desktop (it can be slipped into a drawer).

Choose your seat

“If you need to sit and work for more than a few hours at your home office, an ergonomically designed chair is highly recommended,” notes Reagan. A good chair that conforms to your body, like this design in Italian leather ($300, in seven colors, houzz.com), has an adjustable seat and arms for maximum comfort. And the sleek look means it won’t be out of place if your office is in plain view, such as down the hall or in a bedroom.

Let there be light The glow from your computer is all well and good, but you’ll also need task lighting for other kinds of work. “It’s better for your eyes to have a light that you can easily move to highlight paperwork,” Reagan notes.

“Natural lighting is always preferred, but for a home office, I would choose a modern, sleek version of the traditional desk light,” Richardson suggests. This brushed satin finish and smooth teardrop design works well on a desk, kitchen counter, or bedside table.

Make it comfy If you have to strain or hunch to do your work, your home office will soon feel like a torture chamber. The solution? Smart, ergonomic details that help prevent work-related pain. For example, a keyboard that’s placed too high can put stress on your wrists (consider a drawer or platform that sits just below desk level). A footstool elevates the legs and eases pressure in the low back (choose one that tilts and adjusts to the height of your chair). And for extra lumbar support, test-drive some of the pillows you already own or seek out one specially made for this purpose (an ergonomic one fits the curvature of the spine).

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If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

Posted in General Posts
June 29, 2016

What is a Mortgage Pre Approval? Get an Edge When Home Shopping

As reported by Realtor.com 

If you want to stand out from the sea of other home buyers in a competitive housing market, one surefire way to do that is to get pre-approved for a mortgage. That means a lender has guaranteed to give you a loan before you’ve even made an offer—or even before you’ve seen a home you like! Granted, this may seem like a whole lot of prep work, but here’s why mortgage pre-approval matters, and how it can give you an edge when shopping for a home.

What is a mortgage pre-approval?

Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a certain loan amount—basically the stamp of approval that you have the money, credit history, and other credentials to buy a home up to that price.

“Lenders will do a full review of income, assets, and credit in order to issue a pre-approval,” says Sarah Valentini, president and co-founder of Radius Financial Group.

How to get pre-approved: The paperwork you need Be prepared to offer up a pile of paperwork to earn your pre-approval. In general, the paperwork you’ll need to assemble for your lender includes the following:

Pay stubs from the past 30 days showing your year-to-date income Two years of federal tax returns Two years of W2 forms from your employer 60 days or a quarterly statement of all of your asset accounts, which include your checking and savings, as well as any investment accounts such as CDs, IRAs, and other stocks or bonds Any other current real estate holdings Residential history for the past two years, including landlord contact information if you rented

Pre-approval vs. pre-qualification: What’s the difference?

Mortgage pre-qualification should not be confused with pre-approval. Pre-qualification is based solely on verbal information you tell a lender about your income and savings, says Valentini. So, it shows how much you could theoretically borrow, but it’s no guarantee—which means these buyers will have to get officially approved for a loan later on and cross their fingers it works out.

Pre-approval, on the other hand, means the lender has already done its due diligence and is willing to loan you the money. Plus, you’ve got an official letter from your lender saying so that will speak volumes to a seller.

How pre-approval helps you buy a home

When sellers accept an offer, they want the deal to go through. However, if the buyer isn’t pre-approved for a loan, this can put the whole deal in jeopardy—because if the loan doesn’t get approved, the buyer will likely be unable to follow through, says Chantay Bridges with TruLine Realty in Los Angeles.

A pre-approval provides that extra measure of security to a seller that you are both willing and able to buy the house. As a result, sellers will likely pick you as a buyer over someone without pre-approval since you’re a sure thing, and they won’t have to hold their breath that the deal might not go through.

Bottom line: While pre-approval is a pain, you’ll have to pony up all that paperwork sooner or later anyway. Why not do it on the early side and get a head start on the competition and shop for your dream home with confidence?

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If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation 

Posted in General Posts
June 29, 2016

What is PMI, aka Private Mortgage Insurance

As reported by http://www.realtor.com

If you don’t have enough to put down 20% on your mortgage, you will probably have to pay private mortgage insurance. So, what is it and how much does it cost?

What is PMI?

There are two types of mortgage insurance: private and government. If you have a government-backed loan, like an FHA loan, you pay mortgage insurance to the government. If your loan is not government-backed, you pay private mortgage insurance (PMI) to a corporate entity.

PMI pays benefits to your lender in case you default on your mortgage, but you pay for the coverage. Lenders typically require PMI of home buyers if they put down less than 20% of the home’s value. Lenders see buyers with less money invested in a property as more likely to go into foreclosure, so they’re trying to protect themselves against a default. It’s the trade-off for being able to buy a home with as little as 3% or 5% as a down payment.

PMI costs

Expect your PMI cost to range from about 0.3% to 1.15% of your home loan. The most common way to pay premiums is in monthly installments, but you may also be able to pay your PMI in an up-front cost at closing or roll it into the cost of the loan. Ask your lender for its PMI options. Then do the math for both the long term and short term and compare it to your homeownership plans.

Getting rid of PMI

Once you have at least 20% equity in your home, you can request your lender to cancel your PMI. Once you have 22% equity, the lender is required to automatically cancel the coverage. However, if you have an FHA loan, mortgage insurance premiums will last the lifetime of the loan. But they last that long only if you keep the loan through its entirety—you can still refinance out of an FHA loan into another PMI-free mortgage when you have at least 20% equity.

Avoiding PMI

If your loan isn’t government-backed, PMI is not necessarily an absolute. You may be able to avoid PMI by doing the following: Paying a higher interest rate. This is known as lender-paid PMI. Keep in mind this can’t be canceled and you’ll need to refinance to get a lower rate. Using a piggyback loan to cover all or part of the down payment. Piggyback loans come with a higher interest rate, so use caution and do the math. Reappraising your house if you think property values and updates have boosted your equity (be aware you’ll need to foot the appraisal bill). Finally, some lenders may not require PMI for certain loan programs even if the buyer has less than a 20% down payment. These loans usually require sterling credit and other requirements. Consult your lender for more details.

A note on PMI tax deductions

PMI has been tax-deductible since the Mortgage Forgiveness Debt Relief Act of 2007. The act was most recently renewed at the end of 2014, but it is set to expire once again at the end of 2015. If Congress does not renew it, and no other bills are set in place, PMI will not be tax-deductible. Congress has a habit of waiting until the very last few weeks of the year to renew the act, so you won’t know if your PMI is deductible until the end of the year.

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If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation 

Posted in General Posts
June 29, 2016

Could Soaring Home Prices Be Slowing Down?

As reported by http://www.realtor.com

There’s no doubt that home prices across the country are higher than they were a year ago, much to the delight of sellers everywhere—and the frustration of many buyers. But hold on: The pace of those price increases may finally be starting to slow down. The key word here is “starting.”

In April, home prices across the U.S. grew by 5% annually, according to the most recent data from the S&P/Case-Shiller Home Price Indices. However, that’s down slightly from a 5.1% rise in March.

“The home price increases reflect the low unemployment rate, low mortgage interest rates, and consumers’ generally positive outlook,” David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement. “One result is that an increasing number of cities have surpassed the high prices seen before the Great Recession.”

Those seven cities were Denver; Dallas; Portland, OR; San Francisco; Seattle; Charlotte, NC; and Boston.

The biggest annual price hikes were in three Western cities. Prices in Portland soared 12.3% in April compared with the same month a year earlier, according to the report.

“There’s just a lot of people moving here and the inventory of homes is very low and it’s driving prices up,” says local real estate agent Amanda Haworth of Living Room Realty. Builders are tearing down buildings and subdividing plots of land to put up new homes in Portland. But, still, they aren’t going up fast enough, she says.

“It’s a very desirable place to live. We have food, we have culture,” she said of the laid-back city’s do-it-yourself vibe. “Our tech industry is growing. And with more and more people being able to telecommute and work from here, it’s become very easy for them to come here.” But in a spot of good news for buyers, the Portland housing market began slowing down a bit this month, Haworth says.

“Before, you would get 13 offers, and now we’re seeing more like two to four. Before, it would be a good $50,000 to $75,000 over asking [price,]” she says. “Now [real estate agents] are pricing homes a little bit higher to avoid some of the craziness of the multiple offer situation.” Prices also rose 10.7% year-over-year in Seattle and 9.5% in Denver, according to the report.

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If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

Posted in General Posts
June 29, 2016

Thanks Brexit! Well Qualified U.S. Buyers Reap a Windfall

As reported by http://www.realtor.com on 6/28/16 by Jonathan Smoke

The surprise victory in Britain of the campaign to leave the European Union may be spurring panic across the Continent (and among some regretful British voters), but “Brexit” has left U.S. home buyers with a very definable windfall: mortgage rates that are now the lowest they’ve been in more than three years.

The average 30-year conforming rate on Monday was 3.46%, very near the lowest average rates recorded in late 2012.

Lower rates produce lower monthly payments and greater buying power—those who are well qualified can afford a home that’s 8% more expensive than at the beginning of the year. That’s more than enough to offset the rise in prices during that time. And that’s why Brexit has just increased the opportunity to lock in a low associated mortgage rate for a new home. And maybe added a bit of urgency to the proceedings.

Low mortgage rates were already driving a strong real estate market this year—right up there with pent-up demand from first-time buyers, move-up buyers, and retirement buyers. And more and more real estate players these days are individual investors. Those investors—mainly wealthier and older households—are looking at single-family rentals as a reliable alternative to more traditional financial investments that, frankly, are flat-out lousy right now.

Those low rates have a downside, though: They motivate lenders to be tougher on credit restrictions. As mortgage rates declined this year, we’ve seen that credit access has gone down, too. That’s because lenders have become more risk-averse as their profit margins have been whittled down by the double whammy of lower rates and higher origination and servicing costs. On the whole, lenders prefer refinances, which present less risk and will likely surge again to capitalize on the low rates.

The tighter credit environment limits the first-time buyer pool and favors those who can avoid financing altogether. Or those who have grade-A credit. Or maybe those who can afford to shell out 20% or more on a down payment. So all this gives individual investors an advantage over younger buyers.

But both types of buyers tend to look at similar, more affordable properties. And while some are chattering about whether the international economic tumult might push the U.S. Federal Reserve to cut interest rates at its next meeting, remember this: It doesn’t really matter what the Fed does.

What matters is the global movement of money. Got that? Bottom line: U.S. investment vehicles are becoming even more attractive to foreign investors. So as foreigners line up to buy the popular U.S. Treasury bonds, their prices go up but their yield (interest rate) goes down. The yield on the 10-year Treasury bond correlates with mortgage rates. Mortgage-backed securities are another investment whose popularity also pushes mortgage rates down. But before we all put up banners, hire marching bands, and hold parades to celebrate the United Kingdom’s bold move, let’s take a big pause. Brexit is not likely to be a boon to all parts of the residential real estate market.

The U.S. economy will now likely see a bit less growth than had been expected for the year, as the energy sector and manufacturing are affected by a lower price of oil and a stronger dollar. Likewise, the stronger dollar will dilute buying power for many international buyers (particularly the Brits), affecting such markets as Los Angeles, Orlando, New York, Miami, and Tampa. And in general, we’ll continue to see weakness at luxury price points as long as the financial markets react to the uncertainty with lower stock values. According to the 2015 Home Buyer and Seller Profile Report from the National Association of Realtors®, 20% of last year’s buyers sold stocks or used retirement funds for their down payment. Declines in portfolios will likely disrupt sales and closings, especially at higher price points. If we then see stock indices recover, the effect should diminish.

Those already winning in the real estate market are getting a bigger boost from Brexit. Sellers in the right locations and price points will continue to have the upper hand as investors and first-time buyers fight for limited inventory. Well-qualified buyers will be able to capitalize on historically low mortgage rates. And developers and builders should be able to take advantage of those lower rates to line up land and lots to fuel more inventory expansion down the road.

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If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

Posted in General Posts
June 21, 2016

6 Types of Home Loans: Which One Is Right for You?

As reported by http://www.realtor.com on 1/7/16 

If you’re shopping for a home, odds are you should be shopping for a home loan as well—and these days, it’s by no means a one-mortgage-fits-all model.

Where you live, how long you plan to stay put, and other variables can make certain home loans better suited to your circumstances, and choosing wisely could save you a bundle on your down payment, fees, and interest.  To learn about all your options, check out these common types of home loans and whom they’re suited for, so you can make the right choice.

Fixed-rate loan:

The most common type of loan, a fixed-rate loan prescribes a single interest rate—and monthly payment—for the life of the loan, which is typically 15 or 30 years.

Right for: Homeowners who crave predictability and aren’t going anywhere soon. You pay X amount for Y years—and that’s the end. The rise and fall of interest rates (like the nationwide increase that followed the Fed’s action in December) won’t change the terms of your loan, so you’ll always know what to expect. That said, they’re best for people who plan to stay in their home for at least a good chunk of the life of their loan; if you think you’ll move fairly soon, you may want to consider the next option.

Adjustable-rate mortgage:

ARM loans offer interest rates typically lower than you’d get with a fixed-rate loan for a period of time—such as five or 10 years. But after that, your interest rates (and payments) will adjust, typically once a year, roughly corresponding to current interest rates. So if interest rates shoot up, so do your monthly payments; if they plummet, you’ll pay less.

Right for: Home buyers with lower credit scores. Since people with poor credit typically can’t get good rates on fixed-rate loans, an ARM can nudge those interest rates down enough to put homeownership within easier reach. These loans are also great for people who plan to move and sell their home before their fixed-rate period is up and their rates start vacillating.

FHA loan:

While typical loans require a down payment of 20% of the purchase price of your home, with a Federal Housing Administration loan, you can put down as little as 3.5%.

Right for: Home buyers with meager savings for a down payment. These loans come with several caveats. First, most loans are limited to $417,000 and don’t provide much flexibility: Rates are typically fixed, with either 15- or 30-year terms. Buyers are also required to pay mortgage insurance—either upfront or over the life of the loan—which hovers around 1% of the cost of your loan.

VA loan:

If you’ve served in the United States military, a Veterans Affairs loan can be an excellent alternative to a traditional mortgage. If you qualify, you can score a sweet home with no money down and no mortgage insurance requirements.

Right for: Veterans who’ve served 90 days consecutively during wartime, 180 during peacetime, or six years in the reserves. That said, the VA has strict requirements on the type of home you can purchase: It must be your primary residence, and it must meet “minimum property requirements” (that is, no fixer-uppers allowed).

USDA loan:

USDA Rural Development loans are designed for families in rural areas. The government finances 100% of the home price—in other words, no down payment necessary—and offers discounted interest rates to boot. Right for: Families in rural areas who are struggling financially. These loans are designed to put homeownership in their grasp. The catch? Your debt load cannot exceed your income by more than 41%, and, like the FHA loan, you will be required to purchase mortgage insurance.

Bridge loan:

Also known as a gap loan or “repeat financing,” a bridge loan is an excellent option if you’re purchasing a home before selling your previous residence. Lenders will wrap your current and new mortgage into one payment; once your home is sold, you pay off that mortgage and refinance.

Right for: Homeowners with excellent credit and a low debt-to-income ratio, and who don’t need to finance more than 80% of the two homes’ combined value. Meet those requirements, and this can be a simple way of transitioning between two houses without having a meltdown—financially or emotionally—in the process.

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If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation 

Posted in General Posts
June 21, 2016

7 Things Your Home Inspector Wishes You Knew

As reported by http://www.realtor.com on 7/30/15 

No matter whether you’re buying or selling, the home inspection process can be somewhat terrifying: For sellers, it’s a stark reminder of the nagging issues you might have turned a blind eye to over the years. And for buyers, it’s a recipe for pure heartbreak—falling in love with a home that might just end up making no sense to buy. 

But don’t let the inspection stress you out. And remember, that’s not what your inspector wants either—all he or she wants is a comprehensive to-do list and a happy client.  So form a team with your home inspector to make the process easier and more effective. Knowledge is key! Here are seven essential things you keep in mind.

For sellers

1. Move your pets

We know your puppy is adorable—but even if your home inspector loves dogs or cats, pets running underfoot makes the job much more difficult.

Inspections often require opening exterior doors again and again, offering pets far too many opportunities to dash to freedom. When you leave the premises for the inspection—and many inspectors ask sellers to do so—take your pets with you. Please.  With animals out of the way, “every time I walk in or out, I don’t have to worry about losing a cat or a dog,” says Alan Singer of Sterling Home Inspections in Armonk, NY.

2. Don’t forget to clean

Whether you plan on being there for the inspection or not, make sure to clean up beforehand. No, you don’t need to scrub—an inspector won’t ding you because your stove’s grimy. But all that clutter? Yeah, that’s all got to go.

“It makes a huge difference when I walk into a house where everything’s put away,” Singer says. “It’s a game changer not just for me, but for the home buyer. ”Often, the inspection is the first time the buyers are (almost) alone in the house for an extended period of time.  “If it doesn’t feel like how it did before—if we’re trying to dig through items—it can sour their experience,” Singer says.

For buyers

1. Your potential home will have problems

Your home inspector will likely come up with a seemingly endless list of problems after the walk-through. Don’t panic!

“I’m on their side, but still, I’m judging the house fairly,” Singer says. “Even my home has problems, issues, maintenance things.”

Yeah, there are times when you should worry (we’ll get to those a bit later). But not every issue is mission-critical, and your inspector will know which problems you should tackle first.

2. Almost anything can be fixed

There are a few starkly frightening home inspection terms that seem to be in everyone’s vocabulary: mold, radon, and asbestos.

And yes, they’re scary—but no scarier than a roof that needs replacing, home inspectors say.

“People who write articles tend to scare homeowners about mold or radon,” Singer says.

So let us—your humble (and rather defensive) writers—take a moment to correct that assumption: Don’t worry so much about mold and radon!

Singer, who started his career in homebuilding, says, “everything is upgradable, fixable, or replaceable. You just need to have a list of what those things are.”

Not convinced yet? Check out this Washington Post article about a couple who got a discount on a four-bedroom Colonial because they weren’t terrified by mold.

3. One thing you should worry about is water

Here’s one problem we give you permission to stress out about (just a little): water. No, it’s not a deal breaker (remember that part where we wrote almost anything can be fixed?). But it’s important to address any water-related issues before the deal closes—or at least immediately afterward.  Make a note of issues such as puddles and leaky ceilings. And give special attention to the basement. Addressing water problems in the basement can be an expensive and difficult proposition, Singer says. “A wet basement can be hard to fix.”

4. Home inspectors can’t predict the future

You might want to know how many more years the roof will hold up—and while your inspector might be able to give you a rough estimate, he can’t give you a precise timeline. “People think that we as inspectors have a crystal ball,” Singer says. “Or that we have X-ray vision” to see through walls or examine the inner circuitry of your kitchen stove. Sorry, folks: They don’t, and they can’t.

“We can’t tell you how long it will last,” Singer says. “We can just tell you if it’s in good shape.”

5. Find the balance between your heart and brain

It’s easy to forget your love for the home when you’re counting the dollar signs and hours you might have to spend on repairs. But just remember to take a deep breath, think rationally, and consider whether it’s a smart investment in your future.

Singer empathizes: “The justification can sometimes be a horrible process, because our brains are all about money and time and (asking) ‘What kind of mistake am I making?’”

Barring any major renovations needed—such as a new roof or mold removal—your inspector’s visit will simply provide a to-do list. But not everything needs fixing immediately, so don’t let a long list dampen your love for the home. Just take things one at a time.

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If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
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Posted in General Posts
June 21, 2016

7 Hidden Costs of Selling a Home You Must Know

As reported by http://www.realtor.com on 5/11/16  

Ready to put your home on the market? You’re probably already picturing the dollars pouring into your bank account—after all, home prices are rising in many markets across the country, and odds are pretty good that your home has appreciated over the years. So it only makes sense that you’d stand to make a profit, right?

But what’s easy to forget is selling a home costs money, too—sometimes a lot of money. This is what’s known as a reality check. There are some obvious costs you’ve probably anticipated, like commissions to the listing and buyer’s agents (which typically amount to 5% to 6% of your home’s price). But there is also a variety of smaller expenses to factor in. Here’s where your money might go, how much you should expect to pay, and some real ways to curb these costs.

Repairs:

If you’ve let your home’s maintenance lapse, you may need to hire a handyman or a general contractor (depending on the nature of the work) to get your property ready to put on the market. This isn’t the time to cut corners. “If you cheap out, buyers are going to catch shoddy repairs during the home inspection and you’ll wind up paying more money than if you had used a good handyman the first time,” says Michael Lyons, a real estate broker in Hollywood, FL.

Walk through your home, and draw up a list of noticeable problem areas such as rotted wood, cracks in the ceiling, or chipped paint. These may seem like minor issues, but they’re worth fixing.

“If buyers see small issues, they could assume there are bigger problems beneath the surface,” Lyons explains.

In terms of making major repairs, you’re probably better off lowering the listing price—or giving the buyer a credit at closing—instead of doing the work yourself, says Lyons. Replacing a roof, for example, costs on average $20,142, but offers only a $14,446 resale value—meaning you’ll recoup only 72% of the cost, according to Remodeling magazine’s 2016 Cost vs. Value Report.

Professional photographs:

Four in 10 home buyers start their search by looking at properties online, according to the National Association of Realtors®’ 2015 Real Estate in a Digital Age Report. And photos are overwhelmingly viewed first, according to a study by Old Dominion University. Therefore, it’s worth paying for a professional photographer. Granted, it would be cheaper to let your agent take pictures; so, if your agent offers this, look at photos from her previous listings to gauge the quality of the work.

While the cost varies by area and the size of your property, you can expect to pay $500 to $1,000; to find a photographer in your area, go to smartshoot.com/real-estate-photography.

Landscaping:

Curb appeal is what gets buyers in the door—and improving your landscaping can raise your home’s value by up to 12%, according to research from Virginia Tech. While prices vary, the average cost of a full-on landscaping job—flower beds, plants, trees from scratch—is around $3,239, according to HomeAdvisor. That said, you can save on these costs by doing at least some of the work yourself.

“Go to your local Home Depot and pick up new mulch and seasonal flowers to give the exterior a pop of color,” Lyons recommends. Take the time to remove weeds, trim hedges, and (of course) mow the lawn.

Staging:

Buyers need to be able to visualize what it will be like living in the home. Hence, staging—where you hire a professional to arrange furniture and other items in a home to make it more appealing—is a good idea. If you’re selling a vacant home, Lyons says staging is a must.

Staging services and prices range widely, but a 2015 NAR survey pegged the median cost at $675—and one-third of buyer’s agents said they believe staging a home increases the price that buyers are willing to pay by up to 5%. Don’t have much left in the budget?  “Just introducing small items, like a bowl of fruit in the kitchen or towels and candles in the bathroom, can entice buyers,” says Lyons.

Utilities:

If you’ve already moved into your new home, you’ll want to pay to keep the electricity on while your property is on the market.

“No buyer wants to walk into a hot or cold house, or a house that’s pitch-black,” Lyons says. Also, if you turn off the air conditioning during the summer, you’re putting your home at risk for mold, says Lyons—and mold remediation costs on average $2,158, according to HomeAdvisor.com.

                                                      ##################

If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

Posted in General Posts
June 21, 2016

8 Critical Things to Do Before Buying a Home: How Many Have You Done?

As reported by http://www.realtor.com on 4/20/16 

So you’re finally ready to get serious and buy a house—chalk it up to the amazing spring weather, or maybe a precious bun baking in the oven, or that much anticipated promotion at work. Whatever the reason, you feel primed to start poring over listings and spending your weekends open-house hopping. Exciting!

Yet while you might feel prepared for this next giant step, just remember—there’s a lot of planning and prep work that goes into this purchase, even before you start to look at homes. So make sure you’ve got all your mallards in a row first! Use this checklist to figure out if there are any things you may have missed.

1. Crunch your numbers

First, ask yourself not if you’re ready emotionally—because it sounds like you are—but ready financially, says Kristen Robinson, senior vice president at Fidelity Investments. A perfect place to start is at our Home Affordability Calculator, where you can punch in your income, desired location, and other factors to see if your expectations jibe with reality. Good luck!

2. Know your credit score

Your mortgage’s interest rate—and, as a result, the size of your monthly payments—will be directly related to your credit or FICO score, essentially a summary of how reliably you’ve been paying off your debts. “If you’ve had too many problems or late payments leading up to the purchase of a home, your score could be lower, and you might get a higher mortgage rate,” says Ali Vafai, president of The Money Source, a national lender and servicer. Many major lenders require a score of at least 620 for a mortgage, but if you find out you’re below that or want to boost your score, now is the time to get started, since it can take months to take effect.

3. Amass a down payment

Most mortgage lenders require a cash down payment of 5% to 20% of the price of a home. For the U.S. median home price of $292,700, that’s anywhere from $14,635 to $58,540. If you don’t have this kind of cash lying around, it’s high time to start a saving goal for the next few months. You can start by putting off buying any big-ticket items, fancy vacations or other extravagances. This is a new home we’re talking about, remember? You can also explore other ways to come up with a down payment fast—like borrowing from your IRA or even getting a gift from your parents (lucky you).

4. Get educated 

The most important aspect of purchasing a home? Understanding the nuts and bolts of how it works. Consider taking advantage of local home-buying seminars, often offered by banks or nonprofits. Such resources will explain aspects of a home loan, like the criteria lenders use to evaluate a borrower, the documentation buyers will need to provide and what each portion of a mortgage payment goes toward. Even better: these seminars are usually free.

5. Interview at least three real estate agents

Just about everyone knows a real estate agent or five, which explains why 52% of home buyers find their agent through a friend. But don’t just settle for the first agent to cross your path—remember, a house is a huge purchase, the stakes are high. In the same way you’d want to thoroughly vet a surgeon before upcoming surgery, make sure to do the same here, too. Here are some questions to ask a real estate agent before deciding which one is right for you.  A real estate agent can also help in the education department, according to Christine Lutz, director of residential brokerage for Chicago-based Kinzie Real Estate Group. “An agent will often have relationships with lenders that buyers can work with to determine a budget and down payment percentage and get pre-approved for a mortgage.”

6. Go mortgage shopping

In the same way you wouldn’t buy the first house you set foot in, you shouldn’t commit to the very first mortgage you meet, either.  “Mortgages are not one-size-fits-all,” says Scott Haymore, head of mortgage pricing and secondary markets at TD Bank. He advises buyers to find a lender they trust and to discuss their financial situation. A lender will then help buyers “understand what financing options are available.”

7. Ballpark your closing costs

Buyers sometimes forget, amid their scramble to make a down payment and monthly mortgage fees, that that’s not everything they need to pay for. Another sizable chunk are closing costs, and they’re no small chunk of change, ranging from 3% to 6% of the purchase price thanks to taxes, transfer fees, and other expenses. So, make sure to budget for this expense too, just so you aren’t blindsided come closing time.

8. Ponder the future

Home buyers sometimes think of the purchase “inside a vacuum,” says Jeremy Hallett, CEO of Quotacy.com. That’s why he advises “making sure you have a will in place. Buyers should also consider a term life policy that runs at least 20 years and would pay off the home if something tragic happened—$20 a month buys a $500,000 policy.”

Robinson adds that before buying a home, you should have “an emergency fund established with enough money to cover three to six months of living in case you’re faced with an unexpected financial hardship. Considering your retirement savings is also important; you should continue making contributions towards your future.”

                                                          #############

If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

Posted in General Posts
June 21, 2016

10 Mortgage Numbers You Will Be Glad You Know

As reported by http://www.realtor.com on 6/1/16 by Daniel Bortz

At first glance, mortgages may look like an endless, roiling sea of numbers. And truth told, between interest rates and credit scores, it’s all enough to make most home buyers feel like they’re drowning.

But that doesn’t mean the math has to be a killer—all you need is our handy primer to help you decipher the main figures that you really should understand, at least as a starting point. We’re here to help!

25%

Percentage of first-time buyers who report being completely unfamiliar with the mortgage process, according to the Consumer Financial Protection Bureau’s National Survey of Mortgage Borrowers. Yikes!

A basic understanding of how a mortgage works can save you major money. So be sure to find a lender and Realtor® who are happy to answer all your questions, and study up online (realtor.com® has a ton of mortgage articles) and learn to make smart choices in order to save big.

$164,217

The average amount American homeowners owe on their mortgage.

77%

Percentage of borrowers who apply to only one lender, according to the CFPB survey. Here’s the thing: Not bothering to shop around can cost you. When buying a new car, most folks generally visit several dealerships to ensure they’re getting the best deal. The same is true when getting quotes from lenders.

So get loan estimates from at least three lenders, and look closely at the terms. And make sure you’re doing an apples-to-apples comparison before deciding which lender you want to use.

740

The credit score you typically need to qualify for the best interest rates on a mortgage. No question, this is a very strong credit score. Not sure if your own credit is in such good shape? Go to AnnualCreditReport.com, where you can get a free copy of your report every 12 months. Your report doesn’t include your credit score, though—you’ll have to pay a small fee for that.

If you’re a few points shy of the 740 mark, there are steps you can take to boost your score, including increasing the limits on your credit cards and getting errors on your credit report removed.

20%

Percentage in cash that borrowers must make for a down payment on a conventional loan. Can’t afford a 20% down payment? See our next point…

580

The minimum credit score you need to qualify for a Federal Housing Administration loan. FHA loans let borrowers qualify for a mortgage with a down payment as low as 3.5%. (The exception: People with credit scores between 500 and 579 are still eligible, but they must make down payments of at least 10%.) FHA loan limits vary by county; go to HUD.gov’s FHA mortgage limits database to learn more, and make sure you work with an FHA-approved lender.

13

Years the average buyer stays in a home, according to a study by the National Association of Home Builders. Your time horizon is one of the key factors to consider when deciding what type of mortgage to get.

                                                             ####################

If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

Posted in General Posts