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Real Estate Blog
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Monday, March 25 2013
The concept of “starter homes” cropped up after the end of the Second World War, when millions of young families took advantage of low-cost new developments to gain a foothold in homeownership: the emblematic first step in fulfilling the American Dream.
Today’s first-timehome buyers are a lot less predictable—just as the market itself is altogether different. As we recover from the previous years’ economic declines, which temporarily suppressed the number of Evansville home buyers, the combination of low interest rates and historically affordable home prices allows many to aim for bigger and more accommodating housing— skipping the starter home altogether.
For sure, the market hasn’t completely abandoned the starter home idea—especially if you include REO and foreclosure fixer-uppers as financially rewarding targets for handy young householders. The FHA 203(k) loan, which includes a built-in “limited repair” budget, can enable that route. But new home buyers also find other prospects can be newly within reach— among them, larger older homes and newer condominium and townhome choices.
If the combination of bargain prices and low mortgage rates isn’t enough to call prospects to action, the clear trend toward rising prices may do the trick. As inventories of the best bargains begin to shrink and mortgage rate rises look more and more inevitable, home buyers could well imagine a ‘tick-tock’ sound growing louder. For area sellers waiting to make a move upward on the housing ladder, the same conditions could well make this spring’s real estate market the one they’ve been waiting for.
It all means that prospective home buyers in Evansville stand to be rewarded by keeping an open mind about the variety of properties they may now find within reach. By seeking the help of an experienced agent, the widest choice of possibilities will be open for consideration. If you are looking for the area’s most up-to-date market advice, I’m here to make sure you have access to the tools you need to make the right decision—the first time around, and every time after! You can reach me on my cell phone at 812-499-9234 or email: Rolando@RolandoTrentini.com
Friday, March 22 2013
Deep clean your house and you’ll brighten rooms and help maintain your home’s value.
Deep cleaning your house is that top-to-bottom, take-no-dust-bunny-prisoners, mother-in-law-quality cleaning that truly maintains the value of your home. Here are frequently overlooked areas that a little spit and polish wouldn’t hurt.
De-bug the light fixtures
See that bug burial ground within your overhead fixtures? Turn off the lights and carefully remove fixture covers, dump out flies and wash with hot soapy water. While you’re up there, dust bulbs. Dry everything thoroughly before replacing the cover.
Vacuum heat vents and registers
Dirt and dust build up in heat vents and along register blades. Vents also are great receptacles for coins and missing buttons. Unscrew vent covers from walls or pluck them from floors, remove foreign objects, and vacuum inside the vent. Clean grates with a damp cloth and screw back tightly.
Polish hardware
To deep clean brass door hinges, handles, and cabinet knobs, thoroughly wipe with a damp microfiber cloth, then polish with Wright’s or Weiman brass cleaner ($4). Dish soap shines up glass or stainless steel knobs. Use a Q-tip to detail the ornamental filigree on knobs and handles.
Replace grungy switch plates
Any amateur can wipe a few fingerprints off cover plates that hide light switches, electric outlets, phone jacks, and cable outlets. But only deep cleaners happily remove plates to vacuum and swipe the gunk behind. (OK, we’re a little OCD when it comes to dirt!) Make sure cover plates are straight when you replace them. And pitch plates that are beyond the help of even deep cleaning. New ones cost less than $2 each.
Neaten weather stripping
Peeling, drooping weather stripping on doors and windows makes rooms look old. If the strip still has some life, nail or glue it back. If it’s hopeless, cut out and replace sections, or just pull the whole thing off and start new. A 10-ft. roll of foam weather stripping costs $8; 16-ft. vinyl costs about $15.
Replace stove drip pans
Some drip pans are beyond the scrub brush. Replacing them costs about $3 each and instantly freshens your stove.
Read more: http://www.houselogic.com/home-advice/maintenance-repair/home-cleaning-secrets/#ixzz2O0mqzjb6
Thursday, March 21 2013
The University of Evansville has held a groundbreaking for an $8.5 million on-campus housing project. The townhouse apartments will provide space for approximately 150 students. The effort is part of the school's facilities master plan.
The University of Evansville today held a groundbreaking ceremony for new townhouse apartments, which will provide attractive on-campus housing options for approximately 150 upperclassmen.
The kickoff for the $8.5 million project took place at a 10:30 a.m. news conference in the Class of 1959 Gallery and Lounge in the Ridgway University Center.
“We’re thrilled to break ground on this project, which represents the next phase of the University of Evansville’s facilities master plan,” said UE President Thomas A. Kazee. “We look forward to offering our students a sophisticated, convenient living experience while enhancing the neighborhood around our campus.”
Two townhouse buildings will comprise the “Frederick Commons” (between Frederick Street and Weinbach Avenue) and four buildings will make up the “Walnut Commons” (on the north side of Walnut Avenue and Rotherwood Avenue). Half of the townhouses will be complete and available for move-in in August 2013, with others following in October 2013 and January 2014.
The new townhouses are part of UE’s facilities master plan, announced in March 2012, which will guide the University’s building projects and renovations over the next decade. After an assessment of needs, which included interview and focus group sessions with UE students, faculty, staff, administrators, and alumni, student housing emerged as one of four priority areas.
Each two-story townhouse apartment will house four students and includes the following amenities:
• Four private bedrooms and two bathrooms
• New furniture and appliances (including washer and dryer, dishwasher, full-
size refrigerator, and sink disposal)
• Granite countertops
• 37” digital flat screen TV in living room
• Ethernet in living room
• Free WiFi and digital cable
• All utilities included
Students signed up to live in townhouses during the housing application process in February and March. All townhouses have been filled for the 2013-14 academic year.
UE has contracted with Buckingham Companies, an Indianapolis-based developer, to coordinate the construction and design phases of the project.
“We are thrilled to be a part of the University of Evansville’s team in its efforts to provide an enhanced environment for learning, living, and community,” said Brad Chambers, president and CEO of Buckingham Companies. “Our focus for this project is to assist the University of Evansville in fulfillment of its current and long-term vision for campus growth and innovation and to make the University of Evansville a first-choice educational option."
Participants in today’s groundbreaking ceremony included UE’s Larry Kremer, chairman of the Board of Trustees; Thomas A. Kazee, president; Jeff Wolf, vice president for fiscal affairs and administration; Dana Clayton, vice president for student affairs and dean of students; Tyler Best, president of the Resident Students Association and a religion and political science major from Elizabeth, Indiana; Melanie Bacaling, member of the Student Housing Committee and a music performance and psychology major from Gurnee, Illinois; Brad Chambers, president and CEO of Buckingham Companies; and Jeff Beidl, development manager with Buckingham Companies.
Read more here: http://www.insideindianabusiness.com/newsitem.asp?ID=58473
Wednesday, March 20 2013
Never mind what those TV get-rich-quick infomercials would have us believe: building long-term wealth requires focus and patience. Patience, because a steady growth is a more reliable strategy than flashier single investment ‘wins’ — and focus, because opportunities slip past when daily demands soak up all our attention.
For financially secure individuals, current real estate trends deserve some attention. Right now we have an environment that may be unique in our lifetimes — one that calls for seriously considering the long-term potential investment properties offer. If you agree that investment properties in our area are worth investigating further, you will discover multiple financing alternatives:
· Finding a mortgage for local investment properties is the choice most people think of first. However, since the lending market is still in recovery mode, it may be a while before most down payment requirements drop below 20%-30%
· By setting up a self-directed IRA, you may be able to make investments through your existing savings. Such investments come out of your IRA, and the profits generated remain there and grow tax-free until you retire. There are limitations to this method of financing: don’t rely on this route until you have sought the advice of a qualified financial advisor or your tax attorney.
· For anyone 62 or older, an idea that is not often considered is the reverse mortgage. The object is to allow you to access equity from the property you currently own without having to sell it. Unlike a regular mortgage, the equity released need not be repaid until the mortgaged property is sold or the borrower dies; but it may be repaid with the interest accrued without penalty at any time.
To be sure this or any of the other financing paths work to your advantage, you’ll need a sharp pencil — and guidance from a reliable licensed financial counselor. If you’ve already been thinking that the time is right to start or grow your investment portfolio through the purchase of real estate, contact me for hot leads on some of today’s best investment properties in Evansville and the surrounding area. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com
Tuesday, March 19 2013
The first day of spring falls on the 20th—making Wednesday the day many homeowners start planning their ritual seasonal maintenance. Spring is also the traditional launch of the busy season in real estate, when safeguardingproperty values can become a less abstract matter.
Because water damage is Public Enemy #1, homeowner checklists should always highlight three points:
First: the Roof
As soon as March’s lion turns a bit more lamb-like, it’s time to get out the ladder to survey roof damage. Leaves, twigs or other storm debris that have clogged gutters during the weather months can allow moisture to penetrate the roofing and below, in the worst case triggering mold or rot. Look for holes or rust in the flashings or metal seals around roof joints, chimneys, skylights or any other structures that penetrate the roof.
Second: Down Under
Now it’s time to go down. While spring rains are still falling, put fresh batteries in your flashlight and head to the furthest reaches of basement or underneath the house to check for puddles. Even when it’s raining outside, your home’s foundation should remain dry. When it comes time to sell, homes’ property values are seriously affected by water damage, some of which might not appear upstairs until later. If you see signs of trouble, it’s time to call an expert.
Third: the Exit Routes
That is— the drains. Backed-up plumbing is a nuisance you can avoid if you clean all the drains two or three times a year. Don’t forget the garbage disposal, either. My trick is to pour in equal parts salt, baking soda and vinegar, followed 30 seconds later by two quarts of boiling water. Then give the mixture a chance to work overnight before running water again.
With the sales market poised for spring action, the protection careful homeowners have given to their ownproperty values will make a material difference. But you don’t have to be selling your home for this time of year to trigger the maintenance efforts your property may need. Got a property-related question? Give me a call! You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com
Monday, March 18 2013
Prices are rising and inventories are falling in markets throughout the United States, which has led financial reporting and forecasting firm Kiplinger to declare the housing recovery “firmly” in motion. Moreover, the company says housing will help carry the overall economy at a time when U.S. exports are decreasing, says Karen Mracek, a Kiplinger editor and real estate analyst.
“The biggest reason we think we’re on firm ground is that we’re seeing every indicator on the way up,” Mracek says. “As with the overall economy, it’s kind of hard to call the bottom or the pivot point. But we’re seeing a range of indicators that suggest pretty solid growth going forward.”
In addition to home values and supply, positive indicators include the number of multiple-bid situations, new-home construction, and credit availability, she says. Solid improvements in these fundamentals will lead to formation of more new households and will also help more borrowers come out from underwater — and trade up to a new home. They’ll also create new jobs in real estate and construction, Mracek explains.
The recent gains made in housing have some concerned that real estate could be entering another bubble market, but Mracek disagrees with that assessment. “There might be [a bubble] in some concentrated markets,” she says. “But I don’t think it will be a bubble that’s as widespread and disastrous as the one that happened in the last decade.”
Improvements have been — and will continue to be — uneven. The turnaround will probably be slower in metro areas in Florida and the Midwest.
Nationally, Mracek says the current housing recovery is real and sustainable, but she also acknowledges that the rise in home values and decline in inventories won’t maintain their current pace.
“We see prices leveling out a bit more [in the future] from the late jumps in 2012,” she says. “There are still foreclosures for the banks to work through. As prices improve, you’re going to see banks get rid of REOs.”
Source: http://realtormag.realtor.org/daily-news/2013/03/12/kiplinger-housing-recovery-firmly-underway
Friday, March 15 2013
“Curb appeal” is an instantly understandable byword: one every home seller hears. You can see for yourself how Evansville property listings that feature sparkling exterior shots with superior ‘curb appeal’ instantly draw your attention — and often, higher offers.
Hearing the phrase makes you picture potential buyers standing at the curb, viewing your property. Yet the most important part of ‘curb appeal’ is the second word, not the first. “Appeal” should be an active concept: one that’s about reaching out, roping potential buyers in. Successful sellers create appeal by making every part of a home’s presentation — from its debut in the local property listings to final inspection and closing — as actively appealing as possible. It’s a frame of mind that brings results.
“Nice idea,” you might be thinking; “but how do I put it into action?”
Try viewing today’s property listings from a buyer’s perspective: notice how a mish-mosh of dark or bright colors can make rooms look detached from one another. A home’s ‘flow’ is important, but you can’t see that from the property listings. But you can work to neutralize your home’s color scheme. When your selection of wall colors makes a coherent whole, your home looks like an appealing place instead of a collection of disjointed rooms.
It won’t matter how well your home fares in the local property listings if visitors are greeted with strong pet or any other blend of objectionable odors. Strong cooking aromas are right up there with cigarette smells to top off the quickest turnoffs to prospective buyers. In doubt? Ask a friend for their honest opinion.
A clean, clutter-free home adds appeal to any property, and is especially beneficial for those with smaller rooms. A Saturday spent cleaning out the house and boxing up as many superfluous items as possible is guaranteed to pay off.
You can’t appeal to everyone — and you don’t need to. But you can set the stage for success. I offer a complimentary in-house consultation to all potential sellers, so if you’re looking to maximize your home’s selling price, call me today to chat and arrange that meeting! You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com
Thursday, March 14 2013
When real estate occupies most of your day (as it certainly does mine), you find yourself receiving no end of information. Some summarize points of view that are available elsewhere; some provide original information that isn’t particularly relevant to our local market.
One piece that gets more than the usual quick-scan-then-into-the-recycle-bin treatment is the HPI Data Report. It comes in once each month from the demographers at CoreLogic ®. This group knows what they are talking about: among other things, they collect the most comprehensive property database in the U.S.
Last week was relatively quiet on the news front, so when they checked in, I was able to give their report a thorough going-over. What I found:
Holy smoke! Prices of homes for sale nationwide made the biggest year-over-year increase in seven years!
Yikes! Year-over-year, even including distressed sales, prices of homes for sale jumped by an average 9.7% That’s just a whisker short of double-digits!
Good golly! Those homes for sale price jumps were taking place everywhere — in 49 out of the 51 states (the only exceptions were Illinois and Delaware).
One more exclamation! (I’ve run out): As if the trend direction isn’t already crystal clear, this represents the 11th consecutive monthly increase.
As we prepare for our area’s spring selling season, it’s noteworthy how much this year promises to be a notch up from even last year’s —already a noticeable improvement.
If you have a property that is a good candidate to join this spring’s complement of homes for sale, now is a good time to give me a call. Rising prices mean that the buyers are out there! You can reach me on my cell phone at 812-499-9234 or email Rolando@RolandoTrentini.com
Wednesday, March 13 2013
Your mortgage: you only think about it once a month (if you’re on autopay, maybe not even that often). Why worry about it? If it ain’t broke, don’t fix it, right?
Wrong!
Like all aspects of your big-picture financial planning, keeping an eye on that mortgage can be an extra wealth-building move. I can point to three reasons why re-evaluating your mortgage could pay dividends:
Down, Down, Down…
Ok, with interest rates continually making headlines, this one might be a no-brainer. But some folks don’t realize just how attainable significant savings may be: a drop of just a single percentage point in themortgage rate can make a gigantic difference. A general rule of thumb is that if you can lower your interest rate by a percent or more, it usually makes sense to refinance. It’s certainly worth looking into.
Pay More Sooner (Build Wealth Quicker)
Nobody wants to part with more hard-earned cash than necessary, but extra money out now can wind up saving a lot of greenbacks later. Making just one extra payment a year will have you owning your home free and clear sooner – whereupon those payment dollars become yours!
Sound too painful? It needn’t. See if you can set up bi-weekly payments of half your monthly mortgage amount. You'll be making 26 payments annually: the equivalent of 13 monthly payments! Confirm with your lender that the extra payments go toward principal.
Eye That Equity
If you’ve got a PMI payment, you know that extra insurance doesn’t come cheap. So why make the extra payment a single month longer than necessary? By law, your lender is required to stop charging you PMI after you accrue 22% equity in your home. But in many cases, once you hit 20% equity, simply writing a letter to your lender will prompt them to allow you to stop paying PMI then and there.
For most of us, our home in Evansville is one of the largest investments we’ll ever make. Got a real estate question? I’m here all the time to supply you with friendly help and advice! You can reach me on my cell phone 812-499-9234 or by email Rolando@RolandoTrentini.com
Tuesday, March 12 2013
Last week, Evansville home sellers saw more than the usual number of reasons to look forward to this spring’s local home sales selling season. It looked like the opposite of the lengthy real estate “Perfect Storm” that caused freefall across the national landscape.
Signs pointed to the possibility that we may be headed into the opposite market conditions. Webster’s Dictionary says the opposite of ‘storm’ is ‘calm’ – but I don’t think you would callEvansville’s home sales outlook a “Perfect Calm.” Far from it!
Some of the signs:
- Falling Inventory. Per the NAR’s Existing Home Sales Report, there’s a nation-wide shortage of total inventory. By the end of January, it had fallen another 4.9%: lowest in seven years. Raw unsold inventory hasn’t been this low in 14 years! Our current month’s inventory is 7.13 months, meaning it would take 7.13 months to sell all listings.
- Rising Demand. Per last week’s National Association of Home Builders’ News and Alerts bulletin, “housing demand continues to return.” NAR Chief Economist Lawrence Yun, pointing to buyer traffic that is up 40% over a year ago, states flatly, “We’ve transitioned into a seller’s market in much of the country.”
- Buyer Attitude. Also last week, the Conference Board’s Consumer Confidence Index showed a rebound from January. The ‘Present Situation’ index rose sharply (from 56.2 to 63.3). This remains the only less-than-stellar point of contention, I think one area could be a tipoff to gathering strength: the proportion of those expecting their income to rise is now growing, those expecting the opposite, falling.
If this spring turns out to be the opposite of a Perfect Storm for local home sales, will conditions improve further? Should sellers wait? The falling inventory measure might suggest otherwise. If the NAR’s appraisal is correct, now that these trends are consolidating, “…it would seem likely more inventory would come to market.”
If you are a local home seller who’s been waiting and watching for the right moment to enter the Evansville home sales listings, I hope you will consider giving me a call soon. You can reach me on my cell phone 812-499-9234 or email at Rolando@RolandoTrentini.com
Monday, March 11 2013
Market Watch
This month I want to recap the local real estate market in 2012 compared to 2011. This is especially easy since our market improved in virtually every category last year.
The easy place to start is closed transactions. Our BLC (broker listing cooperative, which used to be called MLS) closed 4,387 home sales last year up 8.83% from 2011. The median sales price increased 4.4% increasing our average sales price to $125,971. Days on market decreased 11.3% compared to 2011 but is still higher than I like, at 105 days.
The big news, which I have mentioned frequently over the past year, is that the months supply of homes listed for sale continues to decline. The average for 2012 was 7.32 months down from 8.70 months in 2011 and 9.43 in 2010. This is the lowest average level in 6 years. As of today there are fewer than 2,400 active listings on the market. My records do not go far enough back to find fewer active listings than this. If you are considering selling your home, now is the time to list. I am confident that new home construction will increase significantly this year. Homes listed now will reach the market before these new homes are completed and on the market.
If you are considering listing your home, no one has better tools to market your home. Traffic on FCTuckerEmge.com and Tuckermobile.com are higher now than they have ever been. In fact, visits to FCTuckerEmge.com for the first two months of the year are up almost 11% versus the same time last year. With over 95,000 visits, FCTuckerEmge.com is the source for information on real estate in our area. And don’t forget that TuckerMobile.com is always with you on your smart phone!
Please let me know if you know of anyone considering selling their home. I would be happy to prepare a market analysis and help them sell their home.
Thursday, March 07 2013
Sometimes home values can undergo abrupt changes. One way that can happen is through the ‘Surprise Remodel’ phenomenon. That’s when you wake up one morning to find that your local house grew larger…overnight!
If you are one of the many residents whose children have left for school, the Surprise Remodel is what happened the moment you realized that that you were, in fact, suddenly in possession of an extra room.
Sometimes it takes a few months, but as soon as you conclude that the sentimental value of leaving the high school memorabilia in place is outweighed by the value of transforming the room into more useful space, you have a number of ways to proceed:
Workout Area
Transforming the former kid room into an exercise area is one foolproof way home values can be increased. Remove carpeting and add flooring as needed; place a floor-to-wall mirror to one side; then add any exercise equipment you choose (garage sales can be excellent sources).
Office Space
Have you always wanted a dedicated home office? Now is the ideal time. Paint the room a rich neutral color, add the desk (freeing up space it used to occupy elsewhere), and then add bookshelves and a guest chair or sofa. Voila!
Guest Room
In the likely event the kids will be back now and then, a subtler changeover to a universal guest room is a good answer. Memorabilia removal will go a long way toward accomplishing that goal, and home values always improve when fancier bedding and pillows are added to any room.
Evansville home values may not seem important until you decide to put your own on the market, but I have often heard clients say they wish they had spruced up the place while they were still living there. Any Surprise Remodel moment is a perfect opportunity to do just that.
Later, when the time comes to list, don’t forget to call me! You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com
Wednesday, March 06 2013
Rumors about the 3.8% Medicare tax continue to circulate. Here's the definitive word on what's true and what's not on how the tax impacts real estate.
Ever since health care reform was enacted into law more than two years ago, rumors have been circulating on the Internet and in e-mails that the law contains a 3.8 percent tax on real estate. NAR quickly released material to show that the tax doesn’t target real estate and will in fact affect very few home sales, because it’s a tax that will only affect high-income households that realize a substantial gain on an asset sale, including on a home sale, once other factors are taken into account. Maybe 2-3 percent of home sellers will be affected.
Nevertheless, the rumors persist and the latest version that’s circulating falsely say NAR is advocating for the tax’s repeal. But while NAR doesn’t support the tax (it was added into the health care law at the last minute and never considered in hearings), it’s not advocating for its repeal at this time.
The characterization of the 3.8 percent tax as a tax on real estate is an example of an Internet rumor, says Heather Elias, NAR’s director of social business media. Elias and Linda Goold, NAR’s director of tax policy, sat down for a discussion of how the tax works and how Internet rumors work and you can find their remarks in the 6-minute video below.
Goold says the tax will affect few home sellers because so many different pieces must fall into place a certain way for the tax to apply. First, any home sale gain must be more than the $250,000-$500,000 capital gains exclusion that’s in effect today. That’s gain, not sales amount, so you really have to reap a substantial amount for the tax to even come into play. Very few people are walking away with a gain of more than half a million dollars today, even in the high-end home market, so right off the bat only a few home sellers would be a candidate for the tax.
For the few households that do see a gain of more than the $250,000-$500,000 exclusion (that’s $250,000 for single filers and $500,000 for joint filers), only the amount above the exclusion would be factored into the tax calculation, and that would still only apply to high-income households, which the law defines as single people earning $200,000 a year and joint filers earning $250,000 a year.
So, if you are a households with annual income of $250,000 or more and you earn a gain of more than $500,000 on your house (again, that’s after the $500,000 exclusion), any amount of gain above the exclusion would be plugged into a formula to see if it’s taxable. If it turns out that it’s taxable, then the amount could be subject to the 3.8 percent tax. If the household had a gain of more than $500,000 but only earned $249,000 a year in income, the tax wouldn’t apply.
(Note that these are just hypothetical examples. To know if a case would really be subject to the tax, a professional tax preparer or tax attorney has to look at all the particulars of the tax filer’s case. Only a tax professional is in a position to say the tax is applicable, but the examples cited here could help you get a sense of how the tax works.)
The other thing about the tax worth noting is that, although it takes effect in 2013, any impact on taxes wouldn’t happen until 2014. That’s because the tax filer would do the calculation in 2014 for the 2013 tax year. Because it’s not a tax on a real estate sale but rather on a capital gain, it’s not calculated at the time of an asset sale, whether that asset is a house or something else. It’s calculated at the time the filer figures his or her tax.
This is all explained clearly in the video, so if you have questions about how the tax works, or if you’re still hearing rumors about the tax and you’re not certain of the accuracy of what you’re hearing, the video should prove helpful.
Source: http://realtormag.realtor.org/news-and-commentary/feature/article/2012/10/38-tax-whats-true-whats-not
Tuesday, March 05 2013
Sinkholes are a lot more common than many home owners realize—particularly in Florida, according to CoreLogic, a real estate analytics firm.
A Florida man is presumed dead after a large sinkhole engulfed his entire bedroom last week, capturing headlines across the country. The incident has prompted many home owners wonder if a sinkhole is a threat to their homes too.
In a CoreLogic analysis, Florida appears to be most at risk for sinkholes, with 15,000 verified sinkholes. Pasco County—along the West Coast of Florida—has about 6,000 of those sinkholes, according to CoreLogic.
"It's important to note that not all sinkholes are prone to a sudden collapse like this, and they all obviously represent various levels of risk to people in the area," CoreLogic writes. "It's also interesting to know, however, that general homeowners insurance often does not cover sinkhole losses."
Source: “CoreLogic: Sinkholes More Common, Costly than Home Owners Realize,” HousingWire
Monday, March 04 2013
About 30 home buyers — all pre-qualified — have lined up in tents and camped out in order to be first in line for an opportunity to buy a new home in Huntington Beach, Calif. The homes are still under construction by Brightwater Capri development and are priced between $800,000 and $900,000.
The first home in the new development still doesn’t go on sale until March 2. Five homes are set to be released this weekend. Only pre-approved buyers on a first-come, first-served basis will be able to preview the homes.
The homes feature four bedrooms, ocean views, and range from 1,992 to 2,685 square feet. Buyers have 11 floorplans to choose from.
"If you want the opportunity, you gotta make the sacrifice," says Terry Torline, a hopeful buyer who is camping out. "Based on what's out there in the marketplace, it's a good deal right now."
Source: “Huntington Beach Homebuyers Camp Out for Chance at New House,” AOL Real Estate
Friday, March 01 2013
Suppose you are driving past one of those ‘For Sale by Owner’ yard signs…and the house looks good!
Do you screech to a halt, jump out and rush up to the front door to – quick! – sign a deal? More likely, you jot down the phone number (hopefully one is visible, though with For Sale By Owner signs, it’s not always the case) so you can call up your agent to get the details.
Veteran buyers considering a local For Sale by Owner (FSBO) property know why it’s highly beneficial to use their agent from the start. Even if you have found the home yourself, you should want that first call to go to an agent.
Here’s why:
· Agents offer advanced relationships that stand to improve your bottom line. For example, timing often can make or break a deal, and agents can utilize their network of the Evansville lenders who have proven most reliable. Agents are also likely to have vetted referrals for specialized services to address fireplace and chimney issues, drainage, asbestos removal, etc.
· Agents are experienced negotiators whose familiarity with local real estate requirements strengthens your position vis-à-vis credits and repairs. Agents understand potential issues likely to come up at inspection -- and can help you evaluate each item in your inspection report.
· Some buyers believe they can save money by not using an agent in localFor Sale by Owner transactions. Sometimes that happens, but more often than not, it’s the FSBO owner whose heart is set on pocketing that extra 2.5 – 3%. Agents can save you money in other ways -- by negotiating a lower selling price, proposing intangible benefits (like cash for closing), etc.
Circumstances differ, but the bottom line value an experienced agent adds is a clear understanding of the complications and issues that often arise during dealings – whether ‘For Sale by Owner’ or not. To get to closing, be sure your agent is involved. And if you’re looking for an agent, I would love to help – call me today to discuss how I will help! You can reach me on my cell phone at 812-499-9234 or email Rolando@RolandoTrentini.com
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