Considering resale issues when buying your home
Think back a few years and it seemed like many buyers were strongly considering the resale issue especially as it related to value. Flipping a home became very popular throughout the country with the buyer’s goal when purchasing a home primarily to sell it quickly for a profit.
What about the homebuyer just looking for a nice home that suits their needs. How much thought should be given to resale issue? What are the issues involved with your selection of a home that may influence how easy or hard it is to sell the home in the future?
I do not think a large family that finds a perfect 4 bedroom home at the right price will hesitate purchasing the home just because 5 years down the line it may not appeal to a certain buyer who is looking for less space. Will this spacious home greatly impact their ability to sell the home knowing that it would not appeal to all buyers? Probably not, as long as the other conditions that play into a home selling are favorable such as price and location.
Resale is more likely to be an issue if the home has a radical design or has been over-improved or has an infamous history.
Buying your home with resale in mind is probably not something the average buyer considers before signing on the bottom line. When/if you decide to sell your home, the features that prompted you to purchase the home will usually be the same features that attract future buyers.
Demand for housing in Illinois affected by economy
Below is a video that discusses how the economy affects the demand for housing in Illinois.
Southern California Home Buyer’s Fair Draws Eager Buyers
Over 3,000 home buyers attended the Southern California Home Buyer’s Fair held recently in Los Angeles. Potential homebuyers were able to participate in seminars dealing with a variety of topics including:
- The basics of homeowners’ insurance
- Home inspection
- How to find and buy foreclosures
- How to save for your first home
- Avoiding mortgage fraud
- First time home buyer assistance programs
For those who missed the event you can still view powerpoint information presented during the seminars. To purchase a home in California or to speak with a real estate agent contact me.
Alabama Open House Weekend April 10-11
Home buyers who wish to take advantage of low interest rates and the home buyer tax credit should make note of an upcoming special event being held across Alabama on April 10-11, 2010.
Real estate agents across Alabama will be showcasing their latest listings. Buyers have until April 30, 2010 to have an executed contract on a home in order to qualify for one of two available tax credits. Alabama’s housing market offers many exciting opportunities for first time and repeat homebuyers.
If you would like to find out about Alabama open houses being held in your area or would like to speak with an Alabama real estate agent, contact me.
Your listing agent may not show your home.
The agent you have listed your home has many jobs and responsibilities that they must perform in order to get your home sold. Something interesting you may find during the course of your listing is that your listing agent may never show the home to prospective buyers themselves. Listing agents understand this and that is why they work diligently to market your home to other agents as well as potential homebuyers.
While the listing agent may not show the home, they are instrumental in getting the home shown. Their work results in buyers and buyer agents hearing about the home, which results in showings and offers. With hundreds or even thousands or real estate agents in a specific market area, listing agents spend a considerable amount of time promoting your home to these agents everyday.
Your listing agent also is in charge of making sure your home is receiving exposure in print and online media where the home buyers are. The goal is to get your home is front of as many buyer eyeballs as possible so that these buyers will call their agents and asked for more information on your home or to ask their agent to schedule a showing for them.
So while your listing agent may never show your home, it is through their efforts that your home ends up being shown to qualified homebuyers and because of the listing agent’s work, your home receives and offer that results in a sale.
When is the best time to view homes for sale?
When you are ready to buy a home you will want to contact a local real estate professional to schedule a time to view the homes in your area and price range. Is there a best time to view homes for sale? Are real estate agents always available to show you homes that match your desired features and criteria? Do sellers control when their home can be viewed?
The real estate agent
Your local real estate agent will be available 7 days a week to show you homes for sale. When you first contact an agent they will work with you to determine how much you can afford, where you want to live and what type of home you are looking for. Agents can show you houses during the weekday, on week nights or on the weekend. Weekends offer the best time to view homes because it allows for more time to view more houses. Usually this will coincide with a buyer’s work schedule too.
The seller
The seller should be willing to allow a buyer to view their home whenever reasonably possible. They want their home sold and understand the need to meet the needs of the buyer’s schedule. Many sellers will allow lockboxes to be installed at their house so that buyers and their agents can view the home even when the seller is not at home.
The goal is to make sure that when a buyer wants to view a home, they can. If you would like to view homes in your area, give me a call and I will introduce you to a local agent who will be able to assist.
If you want to sell your home in the spring you may want to list now.
Depending on where you live in the country you may need to list your home now if it is your goal to sell in the spring. Your local real estate agent will provide you with information on your local market and specifically the average days on the market a home is sitting until it receives an offer and closes.
If the average days on the market is 90 days listing in January means you will have an offer on the home in April. Add the time for the buyer to obtain financing and you could very well be looking at May before having to move.
Each area is different and the price you list your home will have an impact on the days your home is on the market. Contact me if you would like to speak to an agent in your area about selling your home, now or in the spring.
If my dad owns a home and helps me buy my first home do I qualify for the first time home buyer tax credit?
First time home buyers who qualify can receive up to $8,000 if they purchase a home prior to April 30, 2010 or are under contract to purchase a home by the April date and then close by June 30, 2010.
If a parent already owns a home but cosigns on a loan for their son or daughter and this is the son or daughter’s first home, the son or daughter would still qualify for the first time home buyer tax credit according to the IRS.
This is a great way for parents to help their adult children purchase their first home. If you would like to speak with a real estate professional in your area, contact me today and I will have an agent get in touch with you.
Can I receive the first time home buyer tax credit if I buy a short sale?
Houses being sold as a short sale make up a significant portion of listing inventories across the country. Buyers want to know if they can still receive the first time home buyer tax credit if they buy a short sale.
The answer is yes as long as the house is a detached or attached home, condo or townhome and the buyers meet all the additional qualifying factors. The only concern a buyer might have making an offer on a short sale is the time it will take to process the short sale from start to closing. This is crucial because of the April 30,2010 time limit to have an offer on a property that closes by June 30, 2010. Short sale transactions can take several months depending on the seller’s situation, the lender involved and the listing agents experience level.
Contact me to speak with a short sale real estate expert in your area.
I am not ready to talk to a lender but I do have questions about FHA home loans.
If you are not ready to talk to a lender but you have questions about FHA home loans you can visit the HUD FHA Resource Center where you can find a wealth of information designed for the consumer. The FHA Resource Center has information that includes:
- Types of FHA loans available
- Steps to buying a home
- Loan qualification answers
- Available down payment assistance
Buyers with little down payment and seeking low interest rates look to FHA as the source for their mortgage needs. If you would like to speak to a real estate professional about FHA financing, please contact me today.