Real Estate Tips and Flips- Local Madison County Photography

Hay Makin Time in Madison VA

2011-06-13T18:33:00.000-07:00

See my new listing at www.MadisonVaRealEstate.com by going to the "Patti's Listings" link on the right side of the home page.

Cows feeling right at home !!

2011-05-15T17:27:00.000-07:00

Enjoying the Buttercups in beautiful Madison County

Spring Beauty in Madison

2011-05-10T19:48:00.000-07:00

Another beautiful spring day in Madison
These photos were taken near Aylor VA

Live like the Waltons

2011-05-03T08:14:00.000-07:00

1890's Home on 47 mostly wooded acres at the foot of Old Rag Mountain in Madison VA

Land Listing at the foothills of Old Rag Mountain

2011-05-03T08:11:00.000-07:00

This is the scene from Rt 231 and Nethers Road on the way to the 47 acres on the parkline

47 Acres Bordering the National Park

2011-05-03T08:08:00.000-07:00

Mountain Land with level areas for Building- bordering the Shennendoah National Park

Beautiful home in Madison County

2011-04-30T12:07:00.001-07:00

To View a Virtual Tour, visit Patti's Listings at www.MadisonVaRealEstate.com

2011-04-11T06:05:00.000-07:00

These spring shots were taken from the yard of a new listing I will be posting soon in Earlysville, Va . See my current listings by clicking on "Patti's Listings" at www.MadisonVaRealEstate.com

2011-04-11T06:00:00.000-07:00

Spring in full Bloom again !

Mother Nature is Confused

2011-03-27T08:01:00.000-07:00

March is a confusing month for Mother Nature- with trees and flowers blooming -- she still wants it to snow! Maybe she's having a mid-life crisis !!

Looking for a Fixer-Upper ??

2011-03-19T06:46:00.000-07:00

Well..... you don't want this one !! Search more listings at www.MadisonVaRealEstate.com

Beautiful Home in Earlysville

2011-03-19T06:31:00.000-07:00

For a virtual tour of this home and land, visit "Patti's Listings" at www.MadisonVaRealEstate.com

2011-03-11T06:53:00.000-08:00

2011-03-11T06:50:00.000-08:00

Listing at Old Rag

2011-02-21T11:21:00.000-08:00

This farm house and 47 Acres for sale near Old Rag Mtn in Madison
for more information go to www.MadisonVaRealEstate.com to "Patti's Listings"

Land for sale in Etlan

2011-02-15T13:50:00.000-08:00

25+ Beautiful Acres for sale near Etlan in Madison County
for more information visit my listings at www.MadisonVaRealEstate.com

Madison Snow Scene

2011-02-15T13:39:00.000-08:00

Snow scene from my listing on 1646 Ruth Road

To View My Listings go to www.MadisonVaRealEstate.com

Looking down the Hebron Valley

2011-02-14T12:46:00.000-08:00

Another View taken from the Hebron Valley
in Madison County

Farms in the Hebron Valley of Madison

2011-02-14T12:36:00.001-08:00

This photo was taken in the Hebron Valley,
which is one of the most scenic areas in Madison County.

Farms in Madison County Virginia

2011-02-14T09:57:00.000-08:00

This was my grandfather's dairy farm where my father was born
This was taken from Lillard's Ford Rd in Madison

2009-10-23T19:53:00.000-07:00

2009-10-23T19:51:00.001-07:00

All of us often turn to professionals when we need critical services performed or important guidance offered. You may need to choose a real estate appraiser when selling or purchasing property.

Your lender uses an appraisal report to confirm a property's value before approving financing. In that case, the lender usually chooses the appraiser. Sometimes, either the buyer or the seller will order an appraisal in order to secure an independent opinion of said value. If you hire an appraiser, be sure he or she is licensed and certified.

Once you've ordered an appraisal, there are ways to check its accuracy. If your appraisal figure is much lower or higher than the price of similar homes recently sold in your area, you may have reason to seek a second opinion.
Your appraiser will provide a detailed report of the information that went into the appraisal.

A Realtor can provide you with a Competitive Market Analysis (CMA). This market analysis is not as precise or detailed as an actual appraisal, but can add extra support for the pricing. Call me for more information on the tools that can be used to determine a property’s value .

MadisonVaRealEstate.com

2009-09-21T05:38:00.000-07:00

Banks that own foreclosed properties are anxious to get them off their hands. After all, their business is lending, not property management. Banks work almost exclusively with real estate professionals to list and market the property for them.

If you are considering purchasing an “REO,” or Real Estate Owned property, your real estate agent can do some research for you and offer advice. They can perform a search of bank owned properties and do a price comparison with other properties on the market. Banks don’t usually have the properties priced much lower than they are willing to accept, but a property that has been on the market for 90 days or longer may be more open to a price negotiation.

There are also potential hidden costs associated with foreclosed properties.
Owners who vacate a foreclosed home may have left plenty behind in need of repair. Be sure to perform a thorough inspection - with electrical and gas systems operating - and ask your real estate representative to factor repair costs into your offer.

Call me for more information on REO properties in this area.

2009-08-17T18:28:00.000-07:00

2009-08-17T18:27:00.000-07:00

Like today's stock market provides excellent opportunities for investors in it "for the long haul," today's real estate climate appeals to buyers with long-term expectations. The more buyers take advantage of current conditions, the more prices will eventually begin rising again.

Areas where buyers are entering the fray again are well poised for recovery, and it's possible that the prices are finally bottoming out. The recently enacted housing stimulus bill is helping too, as over two million first-time buyers are predicted to take advantage of the new tax credit.

In 2009, those markets with affordable housing combined with healthy local economies will continue to see growth. We won’t know when the market has hit bottom until we look back as prices are rising. The signs of recovery will include a reduced number of houses for sale, a shorter number of days that a property is on the market before going under contract, and a reduction in the difference between the list price and the actual sales price.

Call me for more information on our local market statistics.

2009-07-20T05:37:00.000-07:00

Over Pricing

2009-07-20T05:34:00.000-07:00

Many sellers are having a hard time facing the realities of today's markets. Of course it’s difficult to make a pricing concession, but an overpriced home simply will not sell.

Sellers may argue that they really need the money, but then what will they do for money if the home doesn't sell. Maybe they figure that they can shoot for the moon now and reduce the price later if they must. However, the longer a property remains unsold, the more likely it is that even more price reductions will follow.

Some sellers might suggest trying a higher price just for the first two weeks, but that's when the interest of serious buyers is always greatest. Those buyers usually look within a certain range, and won't even make an offer at all on an overpriced property. Most importantly, if the sellers need to buy another home, time is of the essence. If the sale takes too long, they'll be buying at a time when prices and interest rates may begin climbing again.

If you are considering selling your home, call me for a free Competitive Market Analysis of your home’s value in today’s market

2009-04-29T17:43:00.000-07:00

Spring in Full Bloom

2009-04-29T17:37:00.000-07:00

WHAT’S YOUR ESTIMATE?
No one expects you to be able to appraise a home. It's a professional's responsibility to provide an independent estimate of either your home's value, or the value of a home you are interested in purchasing.
While the bank uses the appraisal to guarantee your home's tangible value against the mortgage, such documentation also ensures that you're not overpaying for your home. While your lender usually selects the appraiser, be aware that federal law guarantees you a copy of the report.
When selling your home, a professional appraisal will validate your list price, and assure you that you are getting what your home is worth. It’s a good idea to produce receipts for septic or roof repairs, or work on your heat and air conditioning. This proves your responsibility and pride-of-ownership, adding real and perceived value to your home.
If you're suspicious of an appraisal, ask a realty professional to provide a Competitive Market Analysis based on the most recent closings in your area. Sometimes another opinion is all you need to put your mind at ease.
www.MadisonVaRealEstate.com

2009-03-21T12:10:00.000-07:00

2009-03-21T11:55:00.000-07:00

Buying or selling a home requires the services of several professionals. Your accountant can explain the tax implications and an attorney researches the title to the property you are purchasing so that you receive a good and marketable title.You may also need a surveyor if your lender requires a physical survey of a property's boundaries. They ensure that you receive title to the exact property for which you contracted.

Realtors also play an important role in your transaction. They act as a marketing agent for sellers, developing strategies to identify and attract likely buyers for the property.

Realtors provide buyers a variety of services: suggesting lenders, researching available homes, scheduling showings, and writing contracts. They oversee the closing activities and coordinate the roles of the other professionals involved.

Real estate agents will not give you legal or accounting advice, nor attempt to survey your property, but they will provide a wide range of services to those planning to buy or sell real estate.

Visit my web site at : www.MadisonVaRealEstate.com

2009-03-13T18:20:00.000-07:00

Early Morning Snow Scene

2009-03-13T18:18:00.001-07:00

Madison County Virginia

www.MadisonVaRealEstate.com

2009-03-13T18:13:00.000-07:00

Being Reasonable

2009-03-03T18:31:00.000-08:00

Rising real estate inventories are presenting buyers with more options and sellers with more competition. If you price a home reasonably, buyers will buy. If buyers make a reasonable offer, sellers will sell. For sellers, pricing is still the biggest factor in a listing's success or failure. Sellers, buyers and real estate agents all stand to lose from an overpriced property.

A buyer’s negotiating skills are critical. Contrary to widespread media reports of sellers panicking under the weight of foreclosure, most sellers are in fact in good enough shape to wait for a fair offer.

Buyers and sellers are still coming together in record numbers that would have been unthinkable just ten years ago. Most home sales are taking place due to traditional reasons: job relocation, growing families, retirement, or downsizing.

Your best insurance for a satisfactory sale or purchase is with the knowledge and skills of a professional representative. If you're unsure about our local market, schedule a cost-free, obligation-free consultation with an agent you know and trust. Then move with confidence!

To search the MLS visit my site ! www.MadisonVaRealEstate.com

2009-02-17T11:51:00.000-08:00

Scenes from Etlan VA

2009-02-17T11:37:00.000-08:00

Long term advantages

2009-02-17T11:28:00.000-08:00

You've been reading negative stories about the housing market, and while some are experiencing a slowdown, you can still pursue the American Dream. Remember that housing is a long-term investment. Some people tried to create high yields over the short term, and that's part of the reason so many markets are experiencing readjustments now. Regardless of whether housing is up or down, individuals and families will always have a need to buy or sell. Interest rates and prices are at historical lows, creating an excellent atmosphere for qualified buyers. When reading the gloom and doom about foreclosures, it's important to keep the reports in perspective. Most defaults are associated with sub-prime lone, which account for less than 10% of all mortgages. Turn to the advice and guidance of a trusted local real estate professional, and take advantage of positive forces in the current housing market.

web site: www.MadisonVaRealEstate.com

2008-09-27T18:30:00.000-07:00

What's Your Estimate?

2008-09-27T18:27:00.000-07:00

No one expects you to be able to appraise a home. It's a professional's responsibility to provide an independent estimate of either your home's value, or the value of a home you are interested in purchasing.
While the bank uses the appraisal to guarantee your home's tangible value against the mortgage, such documentation also ensures that you're not overpaying for your home. While your lender usually selects the appraiser, be aware that federal law guarantees you a copy of the report.
When selling your home, a professional appraisal will validate your list price, and assure you that you are getting what your home is worth. It’s a good idea to produce receipts for septic or roof repairs, or work on your heat and air conditioning. This proves your responsibility and pride-of-ownership, adding real and perceived value to your home.
If you're suspicious of an appraisal, ask a realty professional to provide a Competitive Market Analysis based on the most recent closings in your area. Sometimes another opinion is all you need to put your mind at ease.

2008-03-06T17:28:00.001-08:00

Chalet For Sale on Beautiful Ruth Road Madison

For More Information visit : www.MadisonVaRealEstate.com

From Renter to Owner

2008-03-06T17:18:00.000-08:00

Today's real estate market provides an excellent opportunity for renters to turn their monthly payments into equity. While rising slightly, interest rates now are still much lower than in the past ten to twenty years, and home prices in many areas are adjusting back down to reflect reasonable levels of appreciation.

It's critical to begin taking those first steps towards home ownership, and here are some reasons why.

Money paid for rent goes into the pocket of the landlord, while money paid for a mortgage goes toward equity in the home. In other words, you keep the money you pay for your home, as its investment value increases with every payment.

Over the last decade, the cost of rent has increased an average of 3% each year. At that rate, payments of $1,000 per month would total $137,567 over ten years, with no accumulation of equity or wealth.

If you could put $10,000 down on a $210,000 home today and pay $1,100 per month, your equity would total $138,521 over that same ten-year period. That's your money! This calculation assumes a 30-year fixed rate loan at 6.5% and an annual appreciation of 4.5%.

So sit down and do the math, and then contact a local real estate agent to discuss your best options for home ownership. It’s never too late to start building your future!

For More Information on Area Properties visit my site at : www.MadisonVaRealEstate.com

Financing for Renovations

2008-02-14T11:05:00.000-08:00

There are all sorts of loans for all types of homes, including "fixer uppers". Lenders can offer attractive terms to buyers who want to renovate their purchase. One well-known lender offers three different types of renovation loans. The most popular requires a down payment of only five percent.

When applying, borrowers submit architectural drawings of the proposed improvements. A completed home value is determined and financing terms are offered, with interest rates usually coming in just above those on conventional loans.

Payments can be separated into six parts during the renovation, with disbursements issued at the completion of each stage of the project, similar to a construction loan. Some lenders will even roll the first six months of interest into the total loan amount, freeing you from making payments while you're heavily involved in your improvement project.

With so many financing options out there, start the discussion with a real estate agent who is experienced in matching homes to buyers and buyers to loans!

Advantages of using and Agent

2008-02-14T11:02:00.000-08:00

If you expect top dollar in today's market, you can count on a real estate professional to provide services critical to successful marketing, such as putting your home on the Multiple Listing Service and other web sites.

The agent handles all aspects of the sale, from preparing your home to attract buyers, to negotiating the purchase offer. Your property can be marketed effectively through online advertising, targeted mailings, print ads and personal networking,

When the purchase offer comes in, other experts in the office do their part to help the entire process move along smoothly to a satisfying conclusion. Your agent will want to sell your home for the highest price possible in the shortest time possible. A listing that stays on the market too long can get stale and not bring the desired price.

Price your home competitively from the start, present it in the finest manner possible, and market it through the expertise of a professional supported by a network of experts.

2007-10-25T18:25:00.000-07:00

This poperty was sold on
10/24/07
Find more pictures of Madison by Patti at
www.MadisonVaRealEstate.com

2007-10-25T18:23:00.000-07:00

Know The Score

2007-10-25T06:57:00.000-07:00

You hear it everywhere: exotic loans, FICO scores, default risks, rising interest rates. Sounds like a lot of gloom and doom, doesn't it? While lenders are generating hot and heavy business, the truth is that it's still an excellent time to purchase a home. It's also time to educate your self about the economics behind securing a home loan.

The rate you are offered on a mortgage is largely based on your FICO score. What is FICO? It simply stands for Fair Isaac & Company, who developed our modern credit scoring models. The highest possible “score” is 850, and you'll need a rating of 620 or above to be considered for the best interest rates.

Higher income does not necessarily generate a higher score. Your payment history does have significant impact, however. If you have a higher credit score, you're probably in a position to accept a “prepayment penalty,” which is imposed when a loan is repaid early. But many borrowers who accept this “penalty” will end up paying a lower interest rate.

Be cautious out there - with so many types of loans available, you'll find some are a good fit for you and some are downright unwise. Real estate agents and mortgage specialists work together to determine the best avenue for you to follow, leading right up to the front door of your new home!

www.MadisonVaRealEstate.com

Remodeling Dollars and Sense

2007-10-25T06:55:00.000-07:00

REMODELING: DOLLARS & SENSE

Many homeowners remodel not just to improve the condition of their biggest asset, but also to improve the salability of said asset. Experience proves that some projects are better for improving your bottom line than others.

DO upgrade kitchens and bathrooms, as these rooms are most likely to get scrutinized by potential buyers. New countertops and appliances and sparkling fixtures will be a memorable aspect of your showings.

DO improve exterior features, too - first impressions count! Some of the most valuable work you can do is to add new siding, or to pressure clean or replace old dingy siding. Another outdoor biggie: decks. Most everyone loves relaxing outside, so adding or improving this amenity not only adds style to your lifestyle right now, but also increases your home's real and perceived value.

DO realize that the biggest return on your remodeling investment will come from more costly repairs, such as replacing windows or installing new air and heating units. If your home is in need of such improvements, it makes sense to do it now, before it costs more later.

Finally, DON'T turn your home into the neighborhood's priciest palace. You'll end up turning off potential buyers who will see other homes around the block offering more affordability. It's a delicate balance, but your home should offer the greatest value when compared with similar offerings.

www.MadisonVaRealEstate.com

2007-07-09T16:29:00.000-07:00

2007-07-09T16:20:00.001-07:00

Rubbing Elbows

At some point in your life you're likely to find yourself either buying or selling a home. When that time comes, you might want to ask yourself some questions.

Can I figure like an accountant? Can I measure like a surveyor? Do I understand "legalese" like an attorney? Can I spot defects like an inspector? Can I speak like an auctioneer? Do I understand zoning, building codes and taxes like a city or county employee? Do I understand human motivation like a psychologist?

Chances are you'll be hard pressed to answer all those questions with a "Yes," unless you're a real estate professional. Why, you ask, would an agent be different? It has to do with "rubbing elbows."

The daily routine of an active, highly committed real estate broker or agent is an exhausting one. During any 24 hour period, such a professional will likely have contact with loan officers, lawyers, tax collectors, land surveyors, insurance company representatives, mortgage lending officers, accountants, auctioneers, courthouse personnel, local businessmen and - most importantly - buyers and sellers.

Working at least six days a week, can you imagine how many individual contacts would be made in a year's time? Such an active individual can mean the difference between winning or losing at real estate. After all, it's who you know, and now you know the benefits of representation.

2007-07-09T16:20:00.000-07:00

AN OUNCE OF PREVENTION!

What does the phrase "title search" mean to you? Aside from an activity at the local library, its purpose is critical to the successful sale of a home. A title search is performed by an attorney in order to guarantee that there are no unknown liens on or claims to a property.

Because title searches are often ordered only after a purchase contract is on the table, problems can suddenly turn up at the eleventh hour, causing delays in the closing. That's why it may be advisable for the sellers to request a title search before even listing their property for sale.

What sort of problems might a title search unearth? There might be an "unreleased mortgage," which happens when a previous refinance is paid off, but the lender fails to file a release on the old mortgage. Property taxes may appear to be unpaid until filing errors are discovered. A divorce or death in the family may not be properly reflected in the ownership structure. Sometimes property records are fraudulently used to commit identity theft.

This is not to say that these errors are common, but they are increasingly prevalent among properties that have changed hands several times over these last few years of frenzied real estate activity. Speak with an agent before listing your home to determine whether a title search is appropriate.

2007-06-06T11:58:00.000-07:00

2007-06-06T11:48:00.000-07:00

2007-06-04T15:46:00.000-07:00

MAKING IT STICK!

The Multiple Listing Service is a convenient way to locate most homes for sale, and access to that data has created a buyer who expects a high level of service from real estate professionals.

Nearly 3 out of 4 buyers are searching the Internet for homes. Locating a suitable property has become easier, but the real estate agent shows the property and critiques its value. Their ability to negotiate an accepted Offer To Purchase becomes paramount, especially if the seller is entertaining other offers.

Once the offer is accepted, the agent organizes the steps needed to bring the transaction to a successful close, such as arranging inspections, guiding the mortgage process, tracking contingencies, arranging the closing, ect.

The Internet provides a wide access to real estate data and has improved the buyer’s knowledge, but they still benefit from the experience of a professional. An agent representing the buyer is usually paid from the commission paid by the seller, with no charge to the buyer.

2007-06-04T15:44:00.000-07:00

IT’S MORE THAN A “SALE”

The label “For Sale By Owner” is a bit misleading. All homes are for sale by owner, since the homeowner holds the title. In most cases, real estate professionals are employed to facilitate the sale, but do much more than just “sell” the home. They represent the seller and market the property.

“ For Sale By Owner” really translates to Unrepresented Seller, and it’s not good to be unrepresented in a competitive industry. Most buyers seek the services of an agent for their expertise. The seller is at a definite disadvantage if not armed with the same representation.

Unrepresented sellers report that the most difficult aspects of going it alone are: pricing correctly: preparing the home effectively: marketing the property: and understanding the paperwork. Unrepresented sellers face more liability issues and lower sales prices than their represented counterparts. If you are considering selling your own home, consult a real estate agent first and let them explain how they can benefit you.

2007-06-04T15:43:00.000-07:00

JUST DO IT!

Thinking of buying a home, but feel bewildered by conflicting reports about the real estate market? Whether or not real estate is up, down or sideways, most people make their purchase decisions based on lifestyle and need rather than market conditions.

A home is a “durable good,” similar to a washing machine. When you need a new washer, you search for a machine that offers good value and service. You don’t think about whether the price of washers will be going up or down in the coming months or years.

You can have greater peace of mind when your purchase is made out of necessity and not just out of a desire to turn a profit. You get the greatest value out of your home by simply living in it, and as long as you can continue to make mortgage payments, you run little risk of losing on your investment.

2007-03-04T07:00:00.000-08:00

Capitol Gains Tax

2007-02-17T08:58:00.000-08:00

You can avoid capital gains taxes on the sale of your home if it was your primary residence for at least two of the five years prior to its sale. Individuals may qualify for a $250K tax exemption, and married couples up to $500K.

If you've moved into your "forever home," and suddenly get laid off from your job, or need to move unexpectedly, you will not completely lose your exemption even though you couldn't remain in your home for two years.
Even the IRS understands unforeseen circumstances. Under Internal Revenue Code 121, you can get a partial credit for the time you've lived in your home.

Your exemption is based on the number of months that you remained in your principal residence. If you have to sell after 18 months, you will qualify for 18-24ths, or 75% of the total exemption.

The rules may seem complicated, but with the assistance of your tax adviser and a real estate professional, you can maximize your savings and locate your next home with a minimum of aggravation.

Renting to Purchasing

2007-01-28T08:40:00.000-08:00

Today's real estate market provides an excellent opportunity for renters to turn their monthly payments into equity. Interest rates are still lower than in the past ten to twenty years. Home prices in many areas are adjusting back down to reflect reasonable levels of appreciation.

Money paid for rent goes into the pocket of the landlord, but money paid for a mortgage goes toward equity in the home. You keep the money you pay for your home, as its investment value increases with every payment.

If you could put $10,000 down on a $210,000 home today and pay $1,100 per month, your equity would total $138,521 over a ten-year period. This calculation assumes a 30-year fixed rate loan at 6.5% and an annual appreciation of 4.5%. Of course your income and credit rating determine whether or not you qualify for a loan.

So do the math, and then contact a local real estate agent or a lender to discuss your eligibility for home ownership. It’s never too late to start building your future!

For more information about living in central Virginia please visit my website at
www.MadisonVARealEstate.com

Sellers/Buyers Market

2007-01-25T06:10:00.000-08:00

Are we currently in a “buyers market” or a “sellers market”?
The basic concept behind a "buyers market" is that there are more residential properties for sale in an area than there are qualified buyers. This creates increased competition among the sellers for those fewer buyers, putting the buyers in the “driver’s seat” when it comes to negotiation.

A "sellers market" occurs when there are more prospective buyers than there are homes for sale. Buyers then compete against each other for available properties, often to the benefit of the seller.

Many areas across the country have enjoyed a sellers market for the last few years. Mostly because interest rates have been so low that many more buyers qualified for financing. We are currently experiencing more of a “buyers” market, since interest rates are slowly creeping up and there are more houses for sale.

Regardless of which hat you’re wearing, consult a professional for advice on getting the most out of your real estate experience.

2007-01-22T12:26:00.000-08:00

2007-01-22T09:26:00.000-08:00

Pricing Your Home

2007-01-21T16:14:00.000-08:00

As most markets experience an "adjustment" period, buyers are fewer and farther between. Sellers usually ask their listing agent for a Comparative Market Analysis (CMA) to properly gauge their asking price in these dynamic conditions.

But as a buyer, how can you be sure that your offer is a reasonable one? Some sellers simply ignore current market conditions, expecting to fetch the same prices as a year ago. You may need some assurance. Particularly, you need to know how many homes are on the market now vs. a year ago, and how the average sales times compare. Ask a real estate pro to provide you with the very same CMA that the sellers request!

Once you've located a home you're excited about, a CMA report will compare it with similar properties, and give you a very good indication of whether the asking price truly reflects its value. Such a report costs you nothing, yet gives you the peace of mind that your offer is a solid one, and you're not risking one penny more than you should!

Tax Incentives

2007-01-21T16:12:00.000-08:00

Millions of people each year move from one state to another. The financial and personal impact of buying and/or selling a home can be enormous. You should fully understand the tax implications before moving. You should legally change your state of residence and determine how that affects taxes on income, property, and your estate.

Once you’re a legal resident of your new home state, you can apply for incentives like homestead exemptions (if available). Make sure you’ve updated the address on your credit report. Investigate how the enforcement of certain legal documents like wills and powers of attorney might be affected.

Making your move early in the year may minimize the impact. Tax returns can be confusing when you’re claiming part-time residency in two different states during the year you move. Trust a real estate professional to help with selling, buying and moving, and seek advice from a tax consultant about the financial implications.

Reverse Mortgages

2007-01-21T16:11:00.001-08:00

Reverse mortgages have existed for years now, but are often misunderstood.
A reverse mortgage is still a loan, but is not paid back until the last owner/co-owner dies, or the home is sold or left unoccupied for one year. You may receive an equity line of credit, borrowing money as needed, or receive monthly checks for the rest of your life, like an annuity.

While the loan amount is based on your age(62 and over) and your home’s value, lenders don’t loan the full value of your home. A reverse mortgage provides a low-risk option that allows seniors to remain in their home for the rest of their lives, however, other investments should be depleted before giving it consideration. Your home’s equity should be tapped as a last resource.

When the loan becomes due, the home is sold and you (or your heirs) would receive any money left over. If the house sells for less than the loan amount, the lender eats the loss. Again, this is a great option for many, but not all qualified borrowers. Give it thorough investigation.

Information Overload

2007-01-21T16:09:00.000-08:00

The growth of information technology in real estate has provided benefits to both agents and consumers. Buyers and sellers are better informed and real estate agents are able to offer a higher level of service. Access to all that information can not replace the need for representation in the sales transaction. In the real estate industry, the number of agents, the use of technology, and economic growth have all increased together over the years.

Now consumers can view listings online, research neighborhood demographics, and even find a lender after shopping around for the best rates. All of this creates a more educated homeowner or buyer, who understands the benefits of representation.

The consumer can experience “information overload”. A real estate agent’s roll is to translate all the input, as well as assist with complicated matters like title insurance, inspections, legal documents, and contract negotiations. Technology can never replace good customer service that an agent can provide.

Make Your Home Stand Out

2007-01-21T16:05:00.000-08:00

In today’s market where houses for sale are plentiful, there is a lot of competition for buyers. If you’re getting ready to sell your home, there are steps you can take to make it stand out from the others.

Make your home look more spacious by using neutral colors on the walls and carpeting. Far from appearing boring, the neutral scheme will actually allow buyers to better visualize their own decorating plans. Along those same lines, get organized and reduce the clutter around the home.

This also means rearranging furniture, or even putting some furniture into storage, if it will help your rooms “breathe.” After all, you want buyers to be able to picture their own furniture and belongings in your home. It will be easier for them to imagine moving in if you’ve already taken steps to clear the space a bit.

Details like door handles, cabinet hardware, and faucets can be inexpensively updated to show pride of ownership in your home. Now you’re ready to successfully compete for those buyers!

The Home Inspection

2007-01-17T13:08:00.000-08:00

When buying or selling a home, you will probably encounter “the inspection”. Disclosure and awareness are the most important issues. A recent survey of the National Association of Home Inspectors suggest that sellers need to address any problems before listing their home. Buyers should be aware of the following survey results.

The four most common major problems are as follows: Improper drainage around the house can allow water to penetrate the foundation. Roofing can reflect damage in the form of worn materials or improper flashing.

In older homes, particular attention should be paid to the electrical system, which might have inadequate overload protection, “suspicious” wiring, or insufficient power. Also inspect the heating and air conditioning systems, especially if managed with an older thermostat or other controls.

Even though most homes will not have major problems, these are the most common. Trust your agent to prepare you for anything, whether selling or buying.