What?s Your Game Plan for Buying a Home?

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4794605518 fc82af33ea m What?s Your Game Plan for Buying a Home?
by TBC21

Getting a Mortgage

Most home buyers don’t have a stash of cash waiting nearby to buy a home without a mortgage.  So to figure out what price you can pay for a home, you need to find out what size loan you will qualify for.  The mortgage prequalification is an introduction to the loan qualification process that involves a brief, informal meeting with a loan agent or broker to establish what size loan a lender is likely to give you.  This loan amount, plus the cash you have for a down payment and closing costs, will determine what price home you can afford.  You should get yourself pre-qualified before you start looking at property.  This saves time and avoids the frustration of looking at homes that are way out of your price range.

Make an appointment for a prequalification interview and be prepared to discuss the intimate details of your financial situation.  Take information with you about your income, length of time at your job, assets and debts.  Be completely candid with the loan agent. 

Lenders can be sticklers for good credit, so the mortgage broker will want to run a credit check on you.  Many people are more inclined to wait until they are about to lock into a contract to have their credit checked, but it is better to know in advance if there is anything on your credit record that could prevent you from being approved.  Additionally, the loan agent will be able to advise you what to clean up on your credit record if needed.  Or, he/she may be able to direct you to a lender who may be willing to give you a loan even though your credit report has some blemishes.

Ask the loan agent or broker to write a pre-qualification letter indicating that you have been pre-qualified for a loan.  Sellers are very receptive to offers from buyers who have a pre-qualification letter from a lender or mortgage broker.  This can work in your favor if there are other buyers bidding against you for the property.

What’s your ideal price range?

Most buyers have a notion of how much they would like to spend per month for a home.  This amount is often based on what they are currently paying for rent.  Although it is not wise to stretch yourself too think where finances are concerned, you should take the tax advantages of home ownership into account when determining your ideal price range. Considering the tax savings, you can probably afford to pay about 25 percent more for a home than you might think you can.

Suppose you want to pay no more than ,100. per month for a home.  This must cover the cost of your principal and interest, property taxes and hazard insurance.  Property taxes and insurance vary from one location to the next.

Here’s an Example to figure out your payment: If your property taxes and insurance make up about 15 percent of your PITI (principal, interest, taxes and insurance).  If you subtract 15 percent (5.) from ,100, this leaves you with 5. per month to use for a mortgage payment.  If you get an adjustable rate mortgage with a starting rate of 7.5 percent, 5 per month will buy you a loan in the amount of approximately 3,750.  If you have enough cash for a 10 percent cash down payment, your budget will allow you to buy a home for approximately 9,000.

The limit to your ideal price will be determined by the maximum home price you can qualify for as determined by lender underwriting guidelines. Even when approved, many buyers will choose to pay less than the maximum they can afford.  Establishing your ideal price is a personal decision that will depend on various factors.  Your present and anticipated income stream is one important consideration.  If your income is rising rapidly, you may want to stretch and buy a more expensive home now rather than have to move again soon. 

Other considerations are: Do you have any long-term debts you have to pay off?  Do you have enough cash reserves to take care of an unanticipated crisis, as well as predictable home maintenance expenses?  How much disposable income do you have?

Some prospective home buyers find it useful to prepare a financial statement and monthly operating expense budget.  This will help you determine just how much cash it takes for you to survive each month.

Figuring out where home ownership fits into your long-range financial plan can be complicated.  If the decision making process seems baffling, consult your realtor to discuss your options.  It will be well worth the headache to become prepared before diving head first into the home buying process. For more info go to http://RalphandTricia.com

Written by Ralph Bredahl
Associate Broker

Design a Successful Real Estate Website for a Realtor Broker or Real Estate Agency

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One of the most important elements of design for a real estate website will be the content of the pages that are included in the website layout. Listings that have descriptions, excellent photographs and detailed information is important and essentially needed to be included in the content of a real estate related site. This can come from the customer themselves or it can be content that comes from adding a multiple listing system database connection to the website. Each database provider of each MLS will have a contract agreement that must be agreed upon and signed by the real estate company and also the website provider.

The other content of a real estate website that is designed well will include information and lots of it. This information may need to include community and area information, information about mortgages, insurance, finances, home inspections, home loans and other subjects. It will also need to feature a page dedicated entirely to the credentials, education and history of the real estate company, broker or realtor, whichever the case may be. Photos are important and need to be included on that page also.

School information relating to the local area is a great addition for content. Visitors looking to sell or buy a home are interested in learning more about the area. The information on taxes, utilities, and recreation and entertainment areas nearby will be appreciated by visitors also.

One more important addition of content needed for a real estate website is the realtor, broker or real estate company’s contact information. This should be placed where it can be found almost instantly and included on every page. Placement for that contact information should be at the top of each page, on the side and also at the bottom of every page on the website. Remember that getting contacts is the purpose for the website. This cannot be underestimated.

List the credentials of the associated realtors, their success and groups and clubs they belong to. Addition of a page dedicated to their information is a must. Adding their photo is a plus! Detail the information about any awards that they may have been awarded. Keep it business but do not create it where there is no personalization.

Including forms where mortgage payments can be calculated and other calculations can be made concerning the selling or buying of homes and properties is real helpful also. The real estate company, broker, realtor or agent that you are designing for can offer you much of this content, but if you have access to information on your own, you can offer it to them for use on the website and they will appreciate it because they are very busy professionals.

The layout and navigation ability of a website is also very important. Keep the links out there where they can be found without searching for them.  Do not use lots of moving flash items, or large photos that will slow your site down. Remember to resize down to smaller if needed. Visitors are usually in a hurry when visiting online and you need to have all of the information out there where they can go straight to it without too much confusion.

Using simple fonts with plain black ink is always best for the print. After your website has been approved and is online, do your customers a favor and promote it to the search engines for them. They will tell others and you will gain more business as a real estate web designer. Let your customers know that you can be reached promptly and answer as soon as possible to their emails so that they know you take their website seriously. Remember to make your customers happy and they will spread the word for your business.

Written by oterri
writer, composer, web designer,

One of the most important elements of design for a real estate website will be the content of the pages that are included in the website layout. Listings that have descriptions, excellent photographs and detailed information is important and essentially needed to be included in the content of a real estate related site. This can come from the customer themselves or it can be content that comes from adding a multiple listing system database connection to the website. Each database provider of each MLS will have a contract agreement that must be agreed upon and signed by the real estate company and also the website provider.

The other content of a real estate website that is designed well will include information and lots of it. This information may need to include community and area information, information about mortgages, insurance, finances, home inspections, home loans and other subjects. It will also need to feature a page dedicated entirely to the credentials, education and history of the real estate company, broker or realtor, whichever the case may be. Photos are important and need to be included on that page also.

School information relating to the local area is a great addition for content. Visitors looking to sell or buy a home are interested in learning more about the area. The information on taxes, utilities, and recreation and entertainment areas nearby will be appreciated by visitors also.

One more important addition of content needed for a real estate website is the realtor, broker or real estate company’s contact information. This should be placed where it can be found almost instantly and included on every page. Placement for that contact information should be at the top of each page, on the side and also at the bottom of every page on the website. Remember that getting contacts is the purpose for the website. This cannot be underestimated.

List the credentials of the associated realtors, their success and groups and clubs they belong to. Addition of a page dedicated to their information is a must. Adding their photo is a plus! Detail the information about any awards that they may have been awarded. Keep it business but do not create it where there is no personalization.

Including forms where mortgage payments can be calculated and other calculations can be made concerning the selling or buying of homes and properties is real helpful also. The real estate company, broker, realtor or agent that you are designing for can offer you much of this content, but if you have access to information on your own, you can offer it to them for use on the website and they will appreciate it because they are very busy professionals.

The layout and navigation ability of a website is also very important. Keep the links out there where they can be found without searching for them.  Do not use lots of moving flash items, or large photos that will slow your site down. Remember to resize down to smaller if needed. Visitors are usually in a hurry when visiting online and you need to have all of the information out there where they can go straight to it without too much confusion.

Using simple fonts with plain black ink is always best for the print. After your website has been approved and is online, do your customers a favor and promote it to the search engines for them. They will tell others and you will gain more business as a real estate web designer. Let your customers know that you can be reached promptly and answer as soon as possible to their emails so that they know you take their website seriously. Remember to make your customers happy and they will spread the word for your business.

Choose a realtor, broker or real estate agency before you select a home to purchase or before you put a home on the market for sale. You should try to chose a broker before choosing a realtor if at all possible. Interview several brokers and then make a selection. You will then be able to select a realtor or agent from their company.

Select an agent that specializes in the property type that you have an interest in or that you are putting on the real estate market. You need a broker that is willing to listen, to answer your questions and that can take charge without being overly aggressive.

Take your time and select the best agent for the job. You should obtain references from friends, acquaintances or relatives that have had experience with using an agent. The real estate agent will be very important and will represent you and your interests during the process.  They will take charge of the paperwork, documentation, opening, offers and closing of the real estate transaction.

You should meet the realtor, broker or real estate agent before making a selection. Interview each one and see if you feel comfortable around the agent. Make sure that you feel that the agent will represent your interests and not their own. Ask for their credentials, their license and their experience references.  The agent should be professional, yet courteous. 

Putting time and thought when selecting your future real estate agent or real estate business will pay off for you later. It will make a difference in your success at buying or selling your property or home.

Written by oterri
writer, composer, web designer,

Just Three Phone Calls Later, he Landed The Job??

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Networking is the backbone of any job search. Without networking, how will you ever find out about the available pharmaceutical or medical sales jobs in your area? Sure, the internet has made it so you can look for jobs in your pajamas, but I know you are going to miss out on a lot of opportunities if all you are doing is sitting in front of your computer and sending out resumes. If it was that easy, everyone would be working in this industry! I teach my candidates not only use the internet job search sites more effectively, but how to conduct a thorough job search using everything from recruiters to what I call “self-marketing.” After all, you are selling yourself, and you have to cover all your bases!

Here is just one of many ideas for “outside the box” networking that anyone can use to find their dream job in pharmaceutical or medical sales. Every medical specialty, from optometry to cardiology, has annual conventions. At these conventions, every major manufacturer of pharmaceuticals and medical supplies has a booth in the exhibit hall. Throughout the convention, doctors have an opportunity to walk through the exhibit hall to see the latest in technology and talk to their local sales representatives. The convention is a perfect place for you to meet several sales representatives and find out about many different companies, but finding out about these conventions can be tricky. Here are a few ways:

Check out the trade publications for several different specialties at the library. In these journals, you will find ads and information on upcoming conventions. Although most annual conventions are held in resort cities like Palm Springs and Orlando, nearly every medical specialty has a local state association meeting in the major metropolitan city in each state. (But don’t overlook medical conventions held in Colorado and places like Tahoe in the winter time.)

Check with local hotels in your area for any upcoming medical conventions. Conventions will only be held at large, major hotels or convention centers because medical conventions can have several hundred doctors in attendance, not to mention their spouses and/or office staff.

Ask your doctor about any upcoming conventions that they know about. While your doctor may only have limited information about conventions in their specialty, it is still a place to start.

Once you find out about the convention, you can network with the sales representatives working the booth. However, remember that they are there to work and talk to their customers, not to you. Simply introduce yourself, state that you are interested in getting into medical sales and you would like the opportunity to call them at a later date. Ask for their business card and be on your way. Do not waste the sales representative’s time by trying to give a sales pitch on yourself. If the exhibit hall is closed to outsiders, see if there is a place that you could catch sales representatives just outside of the exhibit hall.

If all else fails, this is where a good relationship with an existing pharmaceutical or medical sales representative or your doctor can pay off. Ask them to pick up business cards of all the sales representatives at the convention and pass them on to you for your database. Even if you do not call the sales representative on the card, you can always use the corporate address for the “self-marketing” campaign that I teach in my job search tool kit.

So what about those three phone calls? Well, I once was working with a candidate named Gary in a rural part of the country. He was frustrated with his job search because he never saw any jobs posted for his area. I told him about one of my favorite networking techniques but he was shocked when I told him he did not even need his computer for this one! Gary used my technique and made just three phone calls. Not only did he found out about an opening in his area on just his third call, he was actually the only person interviewing for the job and less than a month later was a pharmaceutical sales rep making over twice as much money! So what did I teach Gary that took less than an hour? Click here to learn more about my job seeker tool kit, “Ultimate System for Landing Your Dream Job in Pharmaceutical or Medical Sales” where I will not only reveal exactly how to maximize your job search efforts but I will teach you how to find the unadvertised jobs in your area. I will give you several different methods and strategies for networking to find your dream job – some of them I bet you have never even heard of! And while some of them will require you to actually get away from your computer (and out of those pajamas!), I know these techniques work. My candidates use these methods and they have landed jobs time and again! I guarantee with a little extra effort on your part, you will land a job in this lucrative industry of pharmaceutical and medical sales because you are being creative and tenacious. You are greatly reducing your competition and increasing your odds of landing that dream job – and isn’t that the ultimate goal?

Dedicated to your future success.

Nikki is the owner of Find Your Dream Job Now! the premier Pharmaceutical and Medical Sales career consulting firm dedicated to helping candidates from all backgrounds land their dream job. To know about pharmaceutical or medical sales jobs in your area please visit www.PharmRepConnect.com.

Written by NikkiKerzic

Networking is the backbone of any job search. Without networking, how will you ever find out about the available pharmaceutical or medical sales jobs in your area? Sure, the internet has made it so you can look for jobs in your pajamas, but I know you are going to miss out on a lot of opportunities if all you are doing is sitting in front of your computer and sending out resumes. If it was that easy, everyone would be working in this industry! I teach my candidates not only use the internet job search sites more effectively, but how to conduct a thorough job search using everything from recruiters to what I call “self-marketing.” After all, you are selling yourself, and you have to cover all your bases!

Here is just one of many ideas for “outside the box” networking that anyone can use to find their dream job in pharmaceutical or medical sales. Every medical specialty, from optometry to cardiology, has annual conventions. At these conventions, every major manufacturer of pharmaceuticals and medical supplies has a booth in the exhibit hall. Throughout the convention, doctors have an opportunity to walk through the exhibit hall to see the latest in technology and talk to their local sales representatives. The convention is a perfect place for you to meet several sales representatives and find out about many different companies, but finding out about these conventions can be tricky. Here are a few ways:

Check out the trade publications for several different specialties at the library. In these journals, you will find ads and information on upcoming conventions. Although most annual conventions are held in resort cities like Palm Springs and Orlando, nearly every medical specialty has a local state association meeting in the major metropolitan city in each state. (But don’t overlook medical conventions held in Colorado and places like Tahoe in the winter time.)

Check with local hotels in your area for any upcoming medical conventions. Conventions will only be held at large, major hotels or convention centers because medical conventions can have several hundred doctors in attendance, not to mention their spouses and/or office staff.

Ask your doctor about any upcoming conventions that they know about. While your doctor may only have limited information about conventions in their specialty, it is still a place to start.

Once you find out about the convention, you can network with the sales representatives working the booth. However, remember that they are there to work and talk to their customers, not to you. Simply introduce yourself, state that you are interested in getting into medical sales and you would like the opportunity to call them at a later date. Ask for their business card and be on your way. Do not waste the sales representative’s time by trying to give a sales pitch on yourself. If the exhibit hall is closed to outsiders, see if there is a place that you could catch sales representatives just outside of the exhibit hall.

If all else fails, this is where a good relationship with an existing pharmaceutical or medical sales representative or your doctor can pay off. Ask them to pick up business cards of all the sales representatives at the convention and pass them on to you for your database. Even if you do not call the sales representative on the card, you can always use the corporate address for the “self-marketing” campaign that I teach in my job search tool kit.

So what about those three phone calls? Well, I once was working with a candidate named Gary in a rural part of the country. He was frustrated with his job search because he never saw any jobs posted for his area. I told him about one of my favorite networking techniques but he was shocked when I told him he did not even need his computer for this one! Gary used my technique and made just three phone calls. Not only did he found out about an opening in his area on just his third call, he was actually the only person interviewing for the job and less than a month later was a pharmaceutical sales rep making over twice as much money! So what did I teach Gary that took less than an hour? Click here to learn more about my job seeker tool kit, “Ultimate System for Landing Your Dream Job in Pharmaceutical or Medical Sales” where I will not only reveal exactly how to maximize your job search efforts but I will teach you how to find the unadvertised jobs in your area. I will give you several different methods and strategies for networking to find your dream job – some of them I bet you have never even heard of! And while some of them will require you to actually get away from your computer (and out of those pajamas!), I know these techniques work. My candidates use these methods and they have landed jobs time and again! I guarantee with a little extra effort on your part, you will land a job in this lucrative industry of pharmaceutical and medical sales because you are being creative and tenacious. You are greatly reducing your competition and increasing your odds of landing that dream job – and isn’t that the ultimate goal?

Dedicated to your future success.

Nikki is the owner of Find Your Dream Job Now! the premier Pharmaceutical and Medical Sales career consulting firm dedicated to helping candidates from all backgrounds land their dream job. To know about pharmaceutical or medical sales jobs in your area please visit www.PharmRepConnect.com.

Firstly a ransom strip needs to be explained.  This is where a strip of land is sometimes no more than 150mm wide sometimes is retained by the previous owner of the land or adjoining land between your land and the access or highway. Sometimes the ransom strip can be between twp parcels of land also.  It is called a ransom strip because some people have been known to charge thousands to buy it.  A ransom strips purpose is to prevent the development of land as the landowner will not be able to access the Highway or another parcel of land but the real reason is to extract money from anyone needing it for development.

Most ransom strips are retained because owners know that their strip will be needed sooner or later for possible development and therefore people want to benefit from it.  Some examples are perhaps someone asking to purchase land for use as an allotment so it is bought cheaply.  Further on down the line it might be needed for potential development.  Another example is retaining a strip of land alongside a highway that might only just be wide enough for pedestrian traffic.  It is important therefore that when you looking at any building plots for sale that interest you check that the land is accessible for your needs.

Another common occurrence is when a developer of an estate builds on the edge of a village.  They put in all the sewers, roads and infrastructure but beyond the estate are fields that are outside the settlement boundary.  Knowing that these fields may be developed on in the future, the developer retains a strip of land between the fields and the estate and the highway.  Therefore if the boundary is put back to include the fields which another developer purchases, they will have to negotiate with the original developer who paid for all the infrastructure in the first place.

You can avoid being caught out by checking with Land Registry, if you discover any building plots for sale or land for sale that interests you.  Unregistered land does prove to be more complicated.  It is essential that ransom strips get discovered before any land is purchased.  You can try to negotiate a release if it does go to court, which cases have in the past, then it is generally held that the value of a ransom is one third of the uplift in the value of the land if the ransom is released.

Remember granted planning permission allows you do develop on the land, but it does not mean that you definitely can.  Planning permission is worthless if there is a legal or physical complication attached to the land.  Realistically if you buy any building plots for sale and discover a complication to the land, even though it may have planning permission, the land is worth only a few thousand pounds in reality.  If the ransom is released then it can be developed on and the value will increase greatly.  An example of how it works is if the uplift in value is £148,000, the value of the ransom strip will be £49,333.

Sometimes owners of the ransom strips are unknown or it may be a development company that has gone into administration.  This is good news but you will still have to take out an indemnity policy, like an insurance in case the owner appears in the future.  If the insurers find the owners then the indemnity policy will not be granted.  If they feel that they may re-surface, the premium will be higher.

Other forms of ransom are:-

Covenants:  Ransoms do not just have to strips of land, sometimes it is in the form of a covenant on the land, which can be just as restrictive.  It is often a legal agreement that is tied to the land and not to the owners.  Usually it prohibits any land for sale or building plots for sale being developed on, or they ask for a payment in the event of any development.

Easements:  An easement can grant another party permanent rights over the land despite the ownership, an example is a right of way.  Also a wayleave allows services to run on or under land and is a temporary right, but it is subject to payment.  Therefore an easement can be seen as a permanent wayleave.

Therefore it is essential when looking at any building plots for sale or land for sale that the correct checks are taken to ensure that you are completely aware of any of the conditions mentioned above.

Written by fionadavies
Sales Director and Article Writer.

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Basking Ridge Homes For Sale Takes Accountability For Their Prospective Residence Purchasers

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Many residential home customers generate the home buying with no help from property brokers. They generally encounter a number of issues and concerns along the way and lead to regretting due to a wrong choice of the home. Purchasing a home is not as basic as you may feel. Inquiring assistance from a reliable housing representative like Basking Ridge real estate is very essential. It can additionally save a lot more of your time simply because property agents can perform some of the function for you particularly if you are thinking of buying home properties at Basking Ridge homes for sale.

Investing in a residential house can no lengthier be very difficult for you if you possess already in mind which type of house you would want to obtain in Basking Ridge Homes for sale. Those home customers who possess most knowledge concerning home buying at times assume that they can already do the entire course of action by themselves with no assistance from a professional housing agent. Some of these residence prospective buyers believe that they can get away from the hassles of obtaining a house. But the reality is that there are numerous things to take into account first prior to you try to invest in buying a home.  The best way to attain this is through inquiring the assistance of a respected property representative or agency like Basking Ridge homes for sale. They could assist and present you every little thing that you demand. This could create the whole residence buying approach a satisfying and great experience.

The position of a realtor is that this firm can help you in the home searching because they are cultivated with the knowledge regarding the properties being posted as for sale in their listings. A realtor can perceive a lot more regarding the residential location in contrast to you since they have already assessed and surveyed the place. Here are some of the details these folks do:

• The realtors that you utilize could definitely carry out the function on your behalf. They can provide you with the desired proposals and suggestions. The final choice task in you no matter if or not you carry on with the house purchase. These property representatives could do the very best of their potential to guarantee which you can obtain your preferred residence.

• The realtors are well- experience in the ins and outs of real estate. These agents possess all the know-how and proficiency in this type of business. These companies help you from bumping home purchasing traps and can lead you to a come across a fantastic home residential place that matches your way of life and budget.

• These educated agents that can elucidate every single depth with regards to the residence acquiring course of action like the daily news works, pertinent documents to process, house loans and contracts to be authorized by you. Additionally, these people assist to make clear some of the items which are unclear to you and will produce every little thing you need to know in particular the very important details to take into consideration in the transaction.

• The realtors could additionally recommend you if the home which you are deciding to buy is somewhat overpriced or out of your preferred budget. These agencies can advocate you some alternatives to come across a house that can fit your budget. These agents are good in identifying if the homeowner has marked up too much.

Purchasing a home is not purely a regular matter. Acquiring help from skilled real estate brokers can generate the house buying procedure hassle-free and easy. It is of good importance to search for assistance from these people for these people can aid you better and you’ll be able to discover your fantasy home.

 

Written by Ferdinand Ohales
writer

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Purchasing A Condo With Recent Credit Situations in West Sacramento For First Time Home Buyers

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Acquiring a condo can be both riveting and stressful but, for those with way back credit Problems, the process may also seem pressuring. The valuable news is that West Sacramento Home Loans have adjusted to the idea that many expecting homeowners simply need a second break, which means that way back credit Problems
no longer have to outline your future.

Credit Flaws

When life suddenly takes a turnabout for the worst, it’s not always possible to come out without a few bangs and blemishes. Every day, families are faced with behind or missed credit card payments, mortgage foreclosures, bankruptcy proceedings, auto repossessions and even civil judgments that will affect their credit reports for years to come. Whether it’s from a job loss, injury or just a uncomplicated case of temporary hardship, credit Imperfections are often a part of life. The sound news is that they no longer have to block you from becoming a homeowner.

Allow Yourself A Little Credit

After living through a credit situation, most lenders will want to see an attempt to rebuild your credit through a constant payment history with a new account. This can be managed by applying for a credit card and maintaining a efficient use of the account. If you aren’t approved for an unsecured card, you can always apply for a secured credit card. Either will reconstruct your credit over time and will assist to show lenders that your previous credit imperfections are just that – in the past.

straighten Up Your Credit Report

Before applying for a home loan, make sure that you review your credit report from each of the three major credit reporting agencies. Every 12 months, consumers can ask for a free copy of their credit report from Experian, Equifax and TransUnion. If anything is wrong or exposed to be inaccurate, registering a dispute with the credit reporting agency can facilitate to get the information amended before talking with a lender.

While you apply for a home loan, the lender will access your credit report for the use of determining your creditworthiness. In an effort to confirm that you have the greatest possible chance at being accepted for the loan at the best possible interest rates, making certain that your credit report is accurate is a must.

Save Up For A Down Payment

Some homebuyers often qualify for a mortgage with down payments as low as five percent (three percent for FHA loans), but those with prior credit issues
may be required to shell out up to 35 percent or more for a down payment on their new home. A buyer who pays a considerable down payment evidently has more vested interest in the home and may, thereby, be less likely to default on a loan. If you have past credit problems, investigate with West Sacramento Home Loans about clear cut down payment requirements and start saving!

Innovative Financing Options

If you’ve wore out all of your typical efforts and are still turning up bare, don’t give up just yet. Alternative financing is an advantage that many homebuyers use to acquire a home. West Sacramento Home Loans can prepare you with particulars regarding any lease purchase and/or owner financing properties, which may require no credit check, no bank qualifying, a low down payment and competitive interest rate options.

Written by westsacramentohomeloans
West Sacramento Home Loans is an Established Mortgage Lender, that has been serving the Yolo county community with Home Loans. Tambien hablan espanol

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Tips For First Time Home Buyers

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Buying your first home is probably one of the most nervous yet exciting times in our life. No more rent or landlords to deal with. When you rent it takes away an element of freedom, you pay money every month and you have nothing to really show for it. When you become a first time home buyer you know that you are making an important investment. A first time home buyer has many options to choose from. This can seem very frightening but please try not to worry.Those of us who are a first time home buyer will turn to the internet when we have questions. This is the fastest and most convenient way to get answers. You can rely on the internet to help you to purchasing your first home. It can give you many warnings and point you in the right direction. I was a first time home buyer a few years back. Luckily I had a partner who was knowledgeable, which made the whole process much easier. We also knew exactly what we wanted. Our requirements were a four bedroom, two storey house in a friendly and safe area.   Once we had decided on the prefect real estate agent, we were shown a range of properties that matched out requirements. It was not long before we found our ideal home.When you are a first time home buyer you don’t want to get conned. You may be a newcomer to the property market, but you don’t have to be clueless. You have the internet and technology on your side to help you. Research the term ‘first time home buyers’ and many pages will be displayed. Have a read and you will soon be clued up on what to look out for, and the pitfalls to avoid. The internet is a great way to educate yourself on buying your first home. It is easy to find the perfect home which suits your needs, but you will probably have a budget that you will need to stick to. A tip that I recommend to all first time home buyers is, be choosy on what area or location you decide to reside in. The location will definitely affect the price of the property, its best to find a nice and safe location for you and your family. The bonus is that a safe neighbourhood will often increase the value of your home. No first time home buyer wants to buy or sell a property that is situated in a bad area of the town or city. You can research the value and safety of an area on the internet. You should take full advantage of the internet, whether you are a first time home buyer or not. 

Written by ja_schmidt

Buying your first home is probably one of the most nervous yet exciting times in our life. No more rent or landlords to deal with. When you rent it takes away an element of freedom, you pay money every month and you have nothing to really show for it. When you become a first time home buyer you know that you are making an important investment. A first time home buyer has many options to choose from. This can seem very frightening but please try not to worry.Those of us who are a first time home buyer will turn to the internet when we have questions. This is the fastest and most convenient way to get answers. You can rely on the internet to help you to purchasing your first home. It can give you many warnings and point you in the right direction. I was a first time home buyer a few years back. Luckily I had a partner who was knowledgeable, which made the whole process much easier. We also knew exactly what we wanted. Our requirements were a four bedroom, two storey house in a friendly and safe area.   Once we had decided on the prefect real estate agent, we were shown a range of properties that matched out requirements. It was not long before we found our ideal home.When you are a first time home buyer you don’t want to get conned. You may be a newcomer to the property market, but you don’t have to be clueless. You have the internet and technology on your side to help you. Research the term ‘first time home buyers’ and many pages will be displayed. Have a read and you will soon be clued up on what to look out for, and the pitfalls to avoid. The internet is a great way to educate yourself on buying your first home. It is easy to find the perfect home which suits your needs, but you will probably have a budget that you will need to stick to. A tip that I recommend to all first time home buyers is, be choosy on what area or location you decide to reside in. The location will definitely affect the price of the property, its best to find a nice and safe location for you and your family. The bonus is that a safe neighbourhood will often increase the value of your home. No first time home buyer wants to buy or sell a property that is situated in a bad area of the town or city. You can research the value and safety of an area on the internet. You should take full advantage of the internet, whether you are a first time home buyer or not. 

One оf thе most important things tо think аbоut іѕ how muсh money іѕ available. This means thаt one has tо know how muсh thеу аrе аblе tо pay each month. A person mау see а house thаt thеу like, but іf thеу саnnоt afford іt, thеу might nоt bе аblе tо stay іn іt muсh longer. Knowing how muсh one саn easily pay each month makes іt easier tо determine how muсh саn bе bought wіth thаt payment each month.

But, knowing whаt one саn afford іѕ nоt оnlу аbоut thе mortgage. One аlѕо has tо think аbоut thе оthеr expenses thаt come along wіth thе mortgage. For example, thеrе аrе taxes, insurance cost, аnd thе cost оf maintenance. This саn amount tо more thаn just thе mortgage payments. There аrе аlѕо emergencies thаt have tо bе taken into consideration whісh саn аlѕо cost money, ѕuсh аѕ unexpected repairs.

When а person knows how muсh thеу саn afford, іt іѕ now time tо find оut whаt іѕ available іn thе price range thаt thеу саn handle. There аrе а few tо do thіѕ, thе easiest being tо search thе internet. There аrе many sites thаt аrе available, whісh provide thе consumer wіth prices аnd pictures оf homes tо choose frоm.

Some people аlrеаdу have а good idea оf whеrе thеу want tо live, but others still need time tо make а decision. The best way tо decide оn whеrе tо live іѕ tо think аbоut оnе’ѕ needs. Most neighborhoods uѕuаllу have basic services thаt аrе available іn thе area. These аrе uѕuаllу groceries, malls, аnd аnу оthеr services thаt аrе necessary tо have.

When а decision has bееn made оn thе type оf neighbourhood уоu wants, іt best tо visit thе location. This wіll help tо finalize thе decision ѕо thаt thеrе wіll bе no regrets lаtеr оn. Use thе extra time уоu have available tо drive thrоugh thе area аt different times tо see іf thіѕ іѕ whеrе уоu want tо live. Also keep іn mind thаt уоu might want tо sell уоur house іn thе future, ѕо think аbоut whаt соuld bе attractive tо thе future buyer.

When thе final decisions have bееn made аbоut thе cost аnd location оf thе home, thеn іt’s time tо meet wіth а lender іf уоu аlrеаdу have one. They wіll determine аll thе factors thаt аrе needed іn order tо decide іf уоu qualify tо bе pre-approved fоr а loan. There аrе different types оf mortgages thаt аrе available аnd thіѕ іѕ аlѕо considered аѕ wеll.

It іѕ аlѕо а good idea tо work wіth а professional real estate agent аѕ hе оr she іѕ knowledgeable аbоut whаt іѕ оn thе market аt thе present time. They саn аlѕо provide details оn whаt іѕ available іn thе price range thаt has bееn decided оn. Research саn bе done tо find оut whісh professional organizations аrе best fоr уоu.

Written by Alex Butler
Professional writer

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Encinitas Property Management – To Tow or Not to Tow?

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Encinitas Property Management – What does a Property Management company actually do?

There are a number of property management companies out there, but what does a property management company do, exactly? Most definitions for “property management” describe it as the operation of commercial, residential, or industrial real estate, but you may be thinking, that there’s slightly more to it than just that, and you’d be correct.

Property management falls into two main categories; rentals and homeowner associations.

Many management companies provide only one of these services. In order to manage rentals, one requires a license, whereas the managing of homeowners associations presently does not require this.

Rental management involves 4 facets:
1. Preparing the property for new tenants
2. Assessing and evaluating prospective tenants
3. Managing any issues that may arise involving the tenants or the safety of the unit
4. Providing accounting services

Each facet is an important function performed for the landlord.

1. Preparing the property for viewing plays a crucial part in obtaining good tenants. If the unit is fresh and clean, it is thus more attractive to prospective tenants, and sets an example of how the landlord wishes for the rental to be treated, and also the condition in which it is expected to be left in, on move out.
2. In checking work and previous landlord references, as well as examining credit reports, a good tenant can be found. This screening process helps to separate the more reliable, from the less dependable. From time to time a tenant may loose their job, or suffer a costly injury/sickness, however in this case if their credit is unblemished then they may be able to financially stay afloat during this crisis. Whereas, poor credit and lack of resources may hinder recovery.
3. Inspecting the rental property is the key to superior management. By visiting the property frequently, items will be revealed that are in need of repair, and it should be noted that repairs noticed early on, will be less costly than a repair that fails to be noticed, and may have to be fully replaced, thus being more expensive.
4. Accurate accounting practices with access to these records is key. Our customers have 24 hour access 7 days a week to their financial history online. We also carry a fidelity bond in the case of misappropriation by an employee.

Homeowner association management

This is similar to managing a rental property, but requires additional work. Usually, the owners have been organized as a non-profit corporation under the ‘Davis Stirling Act’ of 1985, for common interest subdivisions. As a consequence of this, they must file tax returns and file biennially with the State. In addition, they have ‘governing documents’ which state how they will behave in terms of voting, collecting dues, violations of the rules etc.

The affairs of the community must be well organized, and the members are expected to be guided by a certain code also. Poor governing and lack of communication may lead to the downfall of such organizations.

Long term planning for the renewal and replacement of what is known as ‘common area property’ is also key. For example, matters such as roofing, clubhouses, termites, plumbing and painting. Some owners expecting to live within the community for a long period of time might want to set aside funds on a regular basis for future plans, whereas owners planning on leaving the property relatively soon, may prefer to defer the cost.

Elected community representatives known as ‘The Board of Directors’, help to enforce such decisions, and it is the community manager’s role to record these decisions.

In review, a good property management company takes responsibility for the life cycle of a real estate property, from acquisition to preparation to accounting. Finding a good property manager who is responsible, open, and honest is key for anyone who wishes to maintain a good relationship between tenant and owner.

Encinitas Property Management – What does a Property Management company actually do?

There are a number of property management companies out there, but what does a property management company do, exactly? Most definitions for “property management” describe it as the operation of commercial, residential, or industrial real estate, but you may be thinking, that there’s slightly more to it than just that, and you’d be correct.

Property management falls into two main categories; rentals and homeowner associations.

Many management companies provide only one of these services. In order to manage rentals, one requires a license, whereas the managing of homeowners associations presently does not require this.

Rental management involves 4 facets:
1. Preparing the property for new tenants
2. Assessing and evaluating prospective tenants
3. Managing any issues that may arise involving the tenants or the safety of the unit
4. Providing accounting services

Each facet is an important function performed for the landlord.

1. Preparing the property for viewing plays a crucial part in obtaining good tenants. If the unit is fresh and clean, it is thus more attractive to prospective tenants, and sets an example of how the landlord wishes for the rental to be treated, and also the condition in which it is expected to be left in, on move out.
2. In checking work and previous landlord references, as well as examining credit reports, a good tenant can be found. This screening process helps to separate the more reliable, from the less dependable. From time to time a tenant may loose their job, or suffer a costly injury/sickness, however in this case if their credit is unblemished then they may be able to financially stay afloat during this crisis. Whereas, poor credit and lack of resources may hinder recovery.
3. Inspecting the rental property is the key to superior management. By visiting the property frequently, items will be revealed that are in need of repair, and it should be noted that repairs noticed early on, will be less costly than a repair that fails to be noticed, and may have to be fully replaced, thus being more expensive.
4. Accurate accounting practices with access to these records is key. Our customers have 24 hour access 7 days a week to their financial history online. We also carry a fidelity bond in the case of misappropriation by an employee.

Homeowner association management

This is similar to managing a rental property, but requires additional work. Usually, the owners have been organized as a non-profit corporation under the ‘Davis Stirling Act’ of 1985, for common interest subdivisions. As a consequence of this, they must file tax returns and file biennially with the State. In addition, they have ‘governing documents’ which state how they will behave in terms of voting, collecting dues, violations of the rules etc.

The affairs of the community must be well organized, and the members are expected to be guided by a certain code also. Poor governing and lack of communication may lead to the downfall of such organizations.

Long term planning for the renewal and replacement of what is known as ‘common area property’ is also key. For example, matters such as roofing, clubhouses, termites, plumbing and painting. Some owners expecting to live within the community for a long period of time might want to set aside funds on a regular basis for future plans, whereas owners planning on leaving the property relatively soon, may prefer to defer the cost.

Elected community representatives known as ‘The Board of Directors’, help to enforce such decisions, and it is the community manager’s role to record these decisions.

In review, a good property management company takes responsibility for the life cycle of a real estate property, from acquisition to preparation to accounting. Finding a good property manager who is responsible, open, and honest is key for anyone who wishes to maintain a good relationship between tenant and owner.

Encinitas Property Management

What should property management companies look for in a credit report?

In order to run a credit report on an individual, first property managers must have a signed application stating that the applicant agrees that the Landlord, Manager, or Agent can obtain a credit report. The application should contain at least their social security number, a birth date, and a current address. Even in this time of economic depression and era of bad debts, credit checks still play an important role in screening tenants.

The score is just one of many facets of a credit check that a property management company uses to determine whether or not a tenant can afford to rent a property they manage, but there is more to it then just a score.

The scores of credit reports will vary between 400 and 850. A score of 700 or above shows that an individual has been trusted with credit and has made good on repayment of borrowed money. A score between 600 and 700 generally can be evaluated to determine the cause of the lower score, but the individual may still be a good tenant. A score below 600 generally is a warning that they have not been diligent with their money, but this may be due to a bad mortgage or major medical or education bills so further investigation is definitely needed if you think you might want to rent your house to them. Anyone with a score below 500 has had serious problems over a long span of time and the credit check should be accompanied by an eviction check.

If a property manager feels a further investigation is necessary, a lot of information about an individuals history can be found on a credit report. Variations of information are also provided in most reports. In the “Variations” portion of a credit report, you will see any variation in personal information, address comparisons, and employment comparisons. Your application should ask for current and the previous address and these should match. There is also an area where employment history is stated and this should also be a question on an application and at least the last employer should be listed on the credit report, maybe not the current one if it is a new job.

A credit history shows when the credit account was opened, what the current balance is, what the past due amount is () and whether or not the individual has been late on payments. This will show as the number of times the payment was received either 30 60 or 90 days late. The present status of the account has many different possibilities;

*AS AGREED
Great – Payment is being received on time
*PD WAS 30
OK – Payment has been 30 days late
*PD WAS 60
OK – Payment has been 60 days late
*PD WAS 90
Not that OK – Payment has been 90 days late
*PD WAS 120+
Bad – Payment was delayed more than 120 days
*PAID CHGOFF
Bad – Went to collections
*PAID COLL
Bad/OK – Paid collections
*COLLECTION
Bad – In collection with no payment
*BANKRUPTCY
Worst – In Bankruptcy – no payment received

A credit score is not always the be-all and end-all of tenant screening but may help in verifying whether a tenant is being honest. You can find their last current address, where they have worked, and whether they have a good history in being timely with payments. If you have a good feeling about a tenant then it may be worth giving them a shot. Also, if the tenant was up front and open about their credit situation, they may be worth further investigation. They may also be willing to put up additional security deposit for the opportunity to rent your home or provide a guarantor or co-signer. One landlord tip: check the owner of the properties they previously rented is the same as those listed on the application (they could just be “friends”).

It is our hope that both Encinitas property managers and tenants alike find the information in this article helpful.

Residential House Purchasing Mistakes That Are Not Noticeable at Nashville Homes For Sale

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Bearing in mind the owning of a brand new home at Nashville homes for sale is overwhelming alone, as an end result in no way set your emotions using part in the equation as well as further build challenging things. Doing so can just convey about an entire listing of troubles for you down the line when purchasing properties at Nashville real estate. It is ideal to arrive near this case intended for faithfully what it is, a marketing arrangement. If you discover that you are having a remorseless stage keeping everything into point of view, here are some frequent errors to get out of when looking for residential property Nashville homes for sale.

1. Enticed to a home you know you cannot manage.

Once you have seen a home at area homes for sale that you feel as nonetheless you cannot be alive without, it may possibly be complicated to concur to the fact that it is not in line of your cost limit. At this situation you’ve already imagined yourself and your things inside the residential property, and inside of your thinking, you have started to conceive of what life would be similar if you lived there. In spite of this, if you get a residential abode at Nashville homes for sale that creates financial pressure on top of your budget, probabilities are you wish not get much satisfaction out of it after all. The most outstanding idea to perform is to merely look by residential properties that in actuality complement within your financial statement.

2. Providing Additional than the residential dwelling is in fact Beneficial.

Don’t move imbibe eager on a bidding struggle next end up financing more than the real value of the residential home property. If the residential
property you are bearing in mind does not appraise at a level make equal to the sum of the lend you are wanting, the bank may quite possibly demand you to pay the variation amongst the two in money. Within this occasion the analysis of a well-informed real estate officer at Nashville homes for sale is valuable. The agent will be proficient to compare both the residence and spot to make sure that the price is matching with market value.

3. Plunge into an agreement.

When it can come to a most crucial purchase, mainly a residential property, it is typically not a beneficial suggestion to make a selection in a hurry. Numerous potential house owners saw that the route to homeownership can be a time-consuming and on occasion grueling road. Starting being outbid or just not hunting a residential home that you like, there are several hiccups that can take place. Yet, don’t allow to these condition drop you in a status where you will only produce an outcome in order to close the long term contract. Your decision desires to be one that you can set to stay with intended for a figure of time.

4. Performing sluggishly too much.

Very soon as you will be able to move into the acquisition to on the compulsion of the moment, you be able to also execute just the opposite and go to slow movement. If you have identified a residential house that fits your plan, place needs and wishes, seize for it. Waiting and moving to slow down will agree to another buyer to come along and sweep away what could have perhaps been your perfect dwelling.

5. Paying no attention the structural along with other repairs.

Usually house buyers make a mistake as well as overlook the significant cost of the repairs meant for damages within the residence. If you find a dwelling with structural troubles its ideal to walk away since these repairs can expense you just as much as a new residential home acquirement. Every so usually homebuyers consider that they are skilled in household fixes and that any disputes be able to be fixed with a pay a visit to the local hardware store. On the contrary most frequently that is not the case. There is not anything improper with getting a fixer upper to save cost. Just be positive you have well thought-out equally the time and cash you will have to give to the restorations.

Written by Bernard Tugade
writer

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Essential Tips For Buying And Selling Real Estate Properties

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While purchasing a property, an interested buyer should consider the time he intends to stay in the place, since selling a house in a hurry would probably not be a profitable deal, especially if there is instability in the market. You should always be sure to stick with your price range and to minimize lower depreciation for your house, buy a property that is slightly cheaper than those in your neighborhood. The added wisdom in this is lesser vulnerability to market volatility, with nearby luxury homes pulling the neighborhood’s price range in times of market boom. It would also be beneficial to have a word with your real estate broker on the market condition of your desired neighborhood.

The most important thing to consider is the location of the house that you intend to buy. Try to avoid properties near busy streets or places where a lot of people meet at particular times of the day. Choose a house that is located in a community with viable economy, so that you can ensure that your property will still sell a few years down the line.  Also try to examine the local services available in the area such as school, hospital, bus stop, as well as the crime rate. A property near a good school is considered to be a good find. Do not be discouraged if the house is located in a community with higher property tax, as this often translates to better services and infrastructures.

You can also ask for special incentives in buying a house, as there are a lot of sellers now and the market is quite saturated. Be very attentive on the financial terms offered by the seller and try to determine any possibility of reducing your transaction costs, such as asking the seller to shoulder the closing cost.

Hire a home inspector to check whether appliances are in good working order, the electrical wirings are all in order, and determine the state of the heating and air conditioning systems. A good home inspector should also scrutinize the exterior of the house, including the roofing. Have the inspector thoroughly check the plumbing, ventilation and the general foundation of the house.

At the other end of the spectrum, selling your house also requires that you must first formulate a good marketing plan. This includes considering several listing contracts with your real estate agents, who will be the one bringing the clients to your house. Evaluate also your asking price and try to adjust it with the current pricing trends in the local area. Timing is also important as it will do you no good to sell during a market slump. Next, improve your house’s appeal through cleaning, tidying up the flooring and even adding a fresh coat of paint. Remember that first impression always makes a big impact on potential buyers. Make sure that you are also familiar with disclosure laws in your area. Lastly, be discriminating in who you allow inside your house. The value of a good real estate agent comes into play here, as it is always good to have somebody around who is quite knowledgeable and can answer questions regarding real estate.

Thus it can be concluded that you should devise a proper plan for buying or selling real estate properties and take necessary care in dealing with such matters instead of taking any decision in a hurry.

Written by M Banker2010

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How to Handle Moving Back Home

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Once you leave the nest, you begin to enjoy freedom of many things. Eat what you want, decorate in your own style, clean on your own schedule, and sleep as late as you want. However, today it is very common for adult children to move back home. Remember that is going to mean making some changes in your life, like it or not. Many foreign countries still practice multi family living. Money is not a plentiful and it makes more sense for some families to live in one home and share expenses.

Step 1

Take only the essentials with you. Let’s face it after you moved out, your parents turned your bedroom into an office or a sewing room. They have accumulated more junk since your departure and so have you. Not all of your belongings are going to fit into your parent’s house. The best thing to do is to rent a storage unit and realize this is where you should come if you feel the need to visit your lava lamp or keg-o-rator.

Step 2

Show respect. Yes they are your parents, and they are letting you move back home, but you still need to be respectful in their house. Don’t stay up till the early morning hours with friends and sleep all the next day. Clean up after yourself! This includes washing your own dirty underwear. Your mother has not turned into your maid, don’t expect her to clean up your messes. Remember they are doing you a favor by letting you move back home, the least you can do is your own laundry. Maybe you could even surprise THEM and mow the lawn!

Step 3

Pay them something! Even if they refuse it, make an effort to financially help in the household. If they won’t take your money, buy some groceries. Pay the cable or trash bill. Do something to ease the burden of another person in the house.

Step 4

Give them privacy. No, maybe mom and dad aren’t spring chickens anymore. They still need to have alone time as well. Make plans with some friends for an overnight trip somewhere and get your butt out of the house. Don’t tag along everywhere they go either. Let them be parents of an adult, not a whiny child who needs constant attention.

Step 5

Be thankful. Your parents didn’t have to let you move back home. Most parents have unconditional love for their child and would do just about anything to help them in life. Realize and be thankful that you have loving parents who are there to help you through this tough time in your life, and don’t be afraid to verbally tell them thanks once in a while.

Written by thirtysomething

Once you leave the nest, you begin to enjoy freedom of many things. Eat what you want, decorate in your own style, clean on your own schedule, and sleep as late as you want. However, today it is very common for adult children to move back home. Remember that is going to mean making some changes in your life, like it or not. Many foreign countries still practice multi family living. Money is not a plentiful and it makes more sense for some families to live in one home and share expenses.

Step 1

Take only the essentials with you. Let’s face it after you moved out, your parents turned your bedroom into an office or a sewing room. They have accumulated more junk since your departure and so have you. Not all of your belongings are going to fit into your parent’s house. The best thing to do is to rent a storage unit and realize this is where you should come if you feel the need to visit your lava lamp or keg-o-rator.

Step 2

Show respect. Yes they are your parents, and they are letting you move back home, but you still need to be respectful in their house. Don’t stay up till the early morning hours with friends and sleep all the next day. Clean up after yourself! This includes washing your own dirty underwear. Your mother has not turned into your maid, don’t expect her to clean up your messes. Remember they are doing you a favor by letting you move back home, the least you can do is your own laundry. Maybe you could even surprise THEM and mow the lawn!

Step 3

Pay them something! Even if they refuse it, make an effort to financially help in the household. If they won’t take your money, buy some groceries. Pay the cable or trash bill. Do something to ease the burden of another person in the house.

Step 4

Give them privacy. No, maybe mom and dad aren’t spring chickens anymore. They still need to have alone time as well. Make plans with some friends for an overnight trip somewhere and get your butt out of the house. Don’t tag along everywhere they go either. Let them be parents of an adult, not a whiny child who needs constant attention.

Step 5

Be thankful. Your parents didn’t have to let you move back home. Most parents have unconditional love for their child and would do just about anything to help them in life. Realize and be thankful that you have loving parents who are there to help you through this tough time in your life, and don’t be afraid to verbally tell them thanks once in a while.

Existing Home Sales report on the number of completed real estate sales transactions on single-family homes, townhomes, condominiums and co-ops. The methodology in calculating existing-home sales statistics is really quite simple. Each month the National Association of Realtor® receives data on existing-home sales from local associations/boards and multiple listing services (MLS) nationwide.  The monthly EHS economic indicator is based on a representative sample of 160 Boards/MLSs. NAR captures 30-40% of all existing-home sale transactions with its monthly survey.

AIFG has established a unique and innovative concept in the mortgage industry (PARTNERSHIP SERVICING) that is ideally suited to a challenging economy and real estate market. If you don’t know about our concept, then here’s an opportunity to learn more.

HERE is the methodology for the data collection

Excerpts from the January Release…

The uptrend in existing-home sales continues, with January sales rising for the third consecutive month with a pace that is now above year-ago levels, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier.

Single-family home sales rose 2.4 percent to a seasonally adjusted annual rate of 4.69 million in January from 4.58 million in December, and are 4.9 percent higher than the 4.47 million level in January 2010. Existing condominium and co-op sales increased 4.7 percent to a seasonally adjusted annual rate of 670,000 in January from 640,000 in December, and are 7.9 percent above the 621,000-unit pace one year ago.

Lawrence Yun, NAR chief economist, said the improvement is good but could be better. “The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” Yun said. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”

Regionally, existing-home sales in the Northeast fell 4.6 percent to an annual pace of 830,000 in January from a spike in December and are 1.2 percent below January 2010. Existing-home sales in the Midwest rose 1.8 percent in January to a level of 1.14 million and are 3.6 percent above a year ago. In the South, existing-home sales increased 3.6 percent to an annual pace of 2.02 million in January and are 8.0 percent higher than January 2010. Existing-home sales in the West rose 7.9 percent to an annual level of 1.37 million in January and are 7.0 percent above January 2010.

The national median existing-home price for all housing types was 8,800 in January, down 3.7 percent from January 2010.  The median existing single-family home price was 9,400 in January, down 2.7 percent from a year ago. The median existing condo price was 4,900 in January, which is 10.2 percent below January 2010.

The median price in the Northeast was 6,500, which is 4.0 percent below a year ago. The median price in the Midwest was 6,300, which is 3.2 percent below January 2010. The median price in the South was 6,600, down 2.1 percent from a year ago. The median price in the West was 3,200, down 5.7 percent from a year ago.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the median price is being dampened by unusual market factors. “Unprecedented levels of all-cash purchases, primarily of distressed homes sold at deep discounts, undoubtedly pulls the median price downward,” Phipps said. “Given the levels of inventory we see today, we believe that traditional homes in good condition have held their value.”

A parallel NAR practitioner survey shows first-time buyers purchased 29 percent of homes in January, down from 33 percent in December and 40 percent in January 2010 when an extended tax credit was in place.  Investors accounted for 23 percent of purchases in January, up from 20 percent in December and 17 percent in January 2010; the balance of sales were to repeat buyers.

Distressed homes edged up to a 37 percent market share in January from 36 percent in December; it was 38 percent in January 2010.

All-cash sales rose to 32 percent in January from 29 percent in December and 26 percent in January 2010.  All-cash purchases are at the highest level since NAR started measuring these purchases monthly in October 2008, when they accounted for 15 percent of the market. The average of all-cash deals was 20 percent in 2009, rising to 28 percent last year.

“Increases in all-cash transactions, the investor market share and distressed home sales all go hand-in-hand. With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes,” Yun said.

MND COMMENT: Even if it’s cash buyers and investors, we gotta start somewhere! I live in D.C….this market is recovering well mostly thanks to BRAC and a stable job market. El Paso, Texas is another example of a city recovering faster than others because of military base realignments. There is value out there…just gotta find it.

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