Real Estate Interests You Might Want To Know

Are you into real estate and looking to sell or purchase your condo? There are several opportunities nationwide for serious professionals. You can find a great opportunities that will allow you to own your first condo. Many mortgage lenders may be picky when it comes to low-income and moderate income customers, but clearing up your credit can help you get in a better position for becoming a condo owner. In fact, buying a condo can be tedious work and require the help of a professional. Get a quality residential offer with the help of a real estate agent and mortgage broker.

Business News On Housing Foreclosures

Housing foreclosures are on the rise across the country. While many condo owners struggle to make their mortgage payments, areas like California have seen a 20 percent increase in foreclosures. For many housing professionals, this is an opportunity to purchase a condo and become a part of investment property. Unfortunately, many condo owners have lost their condo to foreclosure, but many residential housing professionals see this as an opportunity to buy a condo, renovate the property, and resell it to make a profit. The housing foreclosure industry has been a lucrative business despite the many families that have been affected.

How To Start Investment Property From A Foreclosure

Most people believe turning over investment property to sell isn’t as simple as people make it out to be. You have to do more than buy property, fix it up, and sell it. You have to analyze the property to plan to purchase thoroughly to avoid buying a condo that’s a financial risk. Another important step is finding out is the condo owned by the borrower (condo owner) or lender (bank). At this point you’re ready to purchase a condo, but only according to your budget.

Know Your Housing Terminology

What is a foreclosure? A foreclosure is when the borrower can no longer afford to make payments and then lender has to end up reselling the property to make up on the difference. The borrower will be given an opportunity to make the payments or try to sell the condo during the pre-foreclosure term. The lender will try to work with the borrower because it’s expensive and time consuming foreclosing on a condo. In fact, if you decide to sell your condo, don’t take the first offer by wagering with all of the potential condo buyers involved.

How To Know How & When To Sell A Condo

Before you consider selling your condo, you should always make sure condos are in demand and that buyers are shopping.  Ideally it’s best to have your condo on the market during the peak season, Summer for most, but not all. It’s best if you can put your condo on the marketing when the housing market is good, but it’s also nearly impossible to “time the market”. If you’re able to create a bidding war with several different clients, you might be able to get a higher price for your condo, but this isn’t always the case. Pricing your condo higher, or lower, than market average can have different results on your condo selling process, and both have their own set of pros and cons.  Discuss your pricing strategy with your Realtor and come up with a price that will give you the results you’re looking for. You may be surprised what that number turns out to be.

You can always hire a professional to take the guesswork out of selling your new or foreclosed condo. In fact, condo specialist’s suggest being prepared to make the necessary repairs on the condo before it’s placed on the market. You should also check the deeds on any condo that you plan to buy; a title company and title insurance policy can help with this. If flipping condos is your niche it can be a profitable business, but it requires that you take time to find good condos, great buyers, and secure property equity to pursue a profitable investment property deal. For more information, speak to a local real estate professional in your area to learn more about buying and selling residential housing today.

GETTING THROUGH A REAL ESTATE BIDDING WAR

Bidding wars are a scenario where there is interest from two or more people on a particular item and they compete on the offers they make as the one with the highest offer is wins the ownership of the specific issue to which they were fighting for.

Real estate bidding wars thus are the situation competitive offers on real estate merchandise, say a house, to become its new owner.

Currently, the real estate market is one of the most competitive markets in the world and also in history. Houses are on a very high demand which is directly proportional to an increase in price.

Despite the increase in this price, they sell like hotcakes.

The high demand, on the other hand, has not only played its role in the price increase but has also brought about bidding and bidding wars.

You thus have to prepare adequately if you want to buy a home to help you cope with contingencies like:

• If you need a mortgage, you need to know of the monthly payments, and you need to have documentation that you are approved for a mortgage.
• The amount to be paid on property taxes
• Charges on homeowners insurance
• What the monthly upkeep could be on estimation
• If there is a homeowner’s association
• Condominium Fees

These estimations will help you create your price range in which you will fall into and use in the bidding belligerence. In as much as they are estimations, they need to be backed by facts from research you have done.

Once you have come up with this amount, you need to know that this is not the fixed amount you will use. You need to place your bidding price a bit lower than this amount to create flexibility in your bidding.

To win the bidding, you need to apply the following strategies to win:

1. Know your worth

After preparing for tender, you should know how much you can afford. You should avoid being driven into emotional buying as you will spend more than you may have or planned for.

Breaking the bank is an all-around poor decision that does not only apply to real estate bidding.

However, you should not let quite a small amount hinder you from buying a home you dream to live in. If you are having a hard time coming up with an amount that is suitable for you, you should enlist the services of a financial adviser or the advice of your lender.

2. Try to liquidate your money into cash

This will save the real estate agents the trouble of having to wait for your loan approval or the processing of your mortgage.

Cash is a form of payment that is most reliable to them, and this method has been adopted even in the places where the markets are hot ant the investors in these types of markets use cash almost always.

Moreover, you may find that your lucky stars have been aligned and you experience the rare cases where the sellers have cut the price a little bit so as they could take the cash instead of other forms of money.

As for mortgages, there is adequate time to acquire them after the conclusion of the deal.

3. Use a contingency plan if you cannot come up with cash

This should be a credible proof that you can meet the price needs for instance if you are waiting for loan approval.

Your lender could write you up a document to show pre-approval of the loan. However, you need to be sure of the credit as getting into a cash debt would be a terrible idea and you may lose the house of your dreams.

With this providing credibility, your chances of winning the deal are also raised.

4. Open communication with the sellers and listing agents.

This is a scheme to help you stand out from the pool of multiple offers. You could voice your interest and wishes here and use effective methods of communication, for instance, a phone call or a letter.

Moreover, some real estate agents have interest as to what will happen to the house, and you can voice out real plans via communicating with them.

5. Offer a shorter closing period

This may work to your advantage especially is the sellers are on a short time scale for instance if they have to move within a limited time.

You can make this closing period shorter for example by cutting or ensuring the inspection will take a shorter time for them to get time to move on sooner.

Moreover, loan preapproval and conditional approval from you lenders will also help shorten the closing period.

Another tactic to be able to match the buyers using cash and create a short closing period would be to first undertake in the mortgage process.

This scenario will be tapping into the seller’s motivation, and it will make them happy and forthcoming and eventually, open to your deal.

6. Try to lean your offer towards the seller’s side

This can be achieved by cutting on your conditions for the purchase of the house. The lesser the circumstances, the higher your attractiveness as a buyer, will be to the sellers.

This does not mean that you should purchase the house blindly. As a real estate agent you should get the facts on the property including any defects that it may have. Cutting the inspection period will show your satisfaction in the home for example.

7. Have a backup thought of the presence of other houses

This will help you to be decisive and especially to learn when you can walk away and drive you to walk away. You have freedom of purchase so you should not be afraid to turn your back on the deal.

There is always a point where you will be tested on your emotions; so yet again don’t buy on feelings which may lead you to breach your budget levels.

If driven by emotions, it will not be quite as much as an investment as it will be an impulsive purchase.

These guidelines will not only help you as a real estate agent to buy a home but also ensure the one you will be comfortable with both financially among your other needs.

Cocoa Beach Living

Life can be stressful, filled with busy days of work, family, and friends. Sometimes every minute of the day is scheduled. A longing for vacation, quiet, and peace can be overwhelming, at times. A great place to decompress and relax is Cocoa Beach in Brevard County, FL. Not only can you relax, but you are close enough to the activities that you can take advantage of that as well.

 

Beach Living

 

Cocoa Beach provides an escape for many people. Being located on a barrier island gives it a special appeal. It boasts beautiful beaches and a relaxing atmosphere. Barrier islands provide a unique experience because the landscape is fluid and constantly changing. Weather affects the sand on the beaches. Storms will strip away the sand on the beaches and push it out, creating sandbars, while waves will push the sand back to the beach.

 

The leisure services of the beach include an aquatic center, golf course, 12 parks, tennis complex, and a recreation center, which includes a gym. There are also several accesses to the wonderful beaches. These access points offer charter fishing, beach rentals, picnic areas, playgrounds, showers, and swimming. They are great places to visit and enjoy the excitement of the beach. Cocoa Beach is considered to be on Florida’s Space Coast. This is because it is close to Cape Canaveral and the Kennedy Space Center. Additionally, it is considered to have some of the best beaches and attracts people from all over. With its close proximity to Orlando, families have access to a wealth of entertainment and fun.

 

Real Estate

 

Cocoa Beach has some beautiful houses for sale. The area boasts sales of condos between $84,000 and $765,000. Furthermore, single family homes can easily go for over $1 million, with a median price between $300,000 and $500,000. At these prices there are tons of properties available to a wide range of people. Additionally, if you are in the market to sell a home, the desirability of the area lends itself to success. However, as with most markets, there is an ebb and flow in sales. Cocoa Beach, because of its location, is susceptible to hurricanes and storms. However, to the locals, this is all part of the normal life. It is a trade-off for the beautiful beaches and relaxation that comes with living there.

 

Home ownership in Cocoa Beach is exciting. You may be surprised to know the condominium market is stronger than the single-family housing market. While sellers are confident they will be able to get a higher price for their single home, buyers are more frequently turning to the condominium market. Buyers are able to find a property with a lower sales price, forcing single family sellers to rethink their pricing. Pricing is determined based on the age & condition of the property, the size & amenities, whether it is furnished, and if it is a beachfront property or has a beach view. These aspects of the property can greatly impact the price someone is willing to pay.

 

So, moving to a tourist location can be fun and exciting. However, you will still be able to find enjoyable community and area activities to partake in. The locals know where to go to find peace and quiet. If you decide to buy a home in the area, you will soon become familiar with the tourist population, how to get around them, and how to make your own wonderful retreat. And, if you get bored of the beach, Orlando and all its activities are close by. Cocoa Beach has a lot to offer and remains one of Florida’s most wonderful beaches.

 

Are You Ready To Buy a House?

While you may be excited to buy a house and move into your own place, there are a few things you should think about before you do so. You want to make sure you are ready for the expectations and responsibilities that come with being a homeowner.

Financial Independence

One of the most important things about becoming a successful homeowner is the ability to effectively raise monthly funds to be able to pay your mortgage, and to have proof to offer your lending institution that you are worthy of a mortgage or home loan.

When you are getting ready to purchase a home, go to your bank and discuss your current financial status, including savings, income, and expenses. This will give you and the broker, or lending institution, a good idea of how much you will be able to borrow against a home loan, setting up your mortgage, and in essence letting you know the price range of the house you can look at purchasing. If you do not have a lot of money saved, are not required to pay any bills, or do not have a stable income from your job, this lack of financial independence may not work in your favor when it comes to buying a home.

Household Responsibilities

If you are thinking you are ready to buy your first house, it is advisable that before you purchase a home, you spend some time renting a house or apartment. Simply moving from your parents’ home into purchasing a house is not the ideal sequence of steps. Living in a rental unit in between teaches you about financial responsibilities, including saving each month for rent and bills, household needs, such as power and gas hook-up, and their associated costs, as well as the time demands for home maintenance. Things such as cleaning the house, landscaping the property and maintaining home systems and appliances can all be time-stealing (and money-stealing!) parts of owning a home, and renting first will begin to help you get used to these household responsibilities.

Are You Ready?

Well versed on the Local Housing Market

No matter when you decide to buy a home, or what you’re looking for in a house, the status of the housing and real estate market at the time you are ready to will play a major role. What that role is however, and how the real estate market works in your favour or against you are important distinctions to make sure you get the house that you want.  Real estate is local, where some areas may be seeing record sales, others could still be in a slump.

Before you begin searching houses for sale in your local market, take some time to analyze where the housing market is, what it is doing, how it is trending, and what this means for you as a future owner. It may mean nothing for you as a first-time buyer, but it could also mean that you can take advantage of certain incentives for first-time buyers.

Do not forget also, that just because you are ready to buy a home, or want to buy a home, does not mean it is a good time to buy a home. If you are not sure, find a real estate agent in your area that you trust and speak to them about your future plans.  Choosing a good agent will help you avoid some of the pitfalls that first time home buyers find themselves in.

Benefits of Home Ownership

The American Dream is purchasing a home. This involves ensuring the credit is clean, coming up with a down payment, applying for a mortgage and moving everything once the closing is complete.

The reason people are will to go through so much work and trouble is because the benefits to buy a home are more than worth any hassle or headache from the process. Inspiration can be found simple by looking at the homes in a desirable neighborhood.  

Benefits of Home Ownership

Many people in their 30’s are now starting to buy houses, even if just as an investment. The benefits of home ownership include the same payment every month. There is no landlord to decide the rent should be increased because the lease expired. This increase can be for any amount the landlord chooses.

When a home is purchased, the most common mortgage will lock in an interest rate for thirty years to ensure the payments will not increase. This eliminates the concerns regarding increases in rent and enables the homeowner to establish a budget based on stable interest and principal payments.

Value in Real Estate

Whether an individual purchases and remains in one home or decides to sell a home to buy another, it represents financial stability and a valuable asset. When a home is purchased, the value appreciates as time passes.

Depending on the market conditions and how long the home is lived in, a home purchased today for $200,000 can increase in value to $250,000, $300,000 or even more. Purchasing a home is one of the best possible investments and provides any children with a financial foundation for their future.

Tax Benefits of Home Ownership

Owning a home provides tax benefits. Accounting costs and property taxes are both tax deductible. The biggest deduction is usually the interest being paid for the mortgage. This means less of the person’s hard earned money is spent paying taxes.

Rent vs Buy

A homeowner has benefits they did not have as a renter. They can do whatever they choose such as knock down a wall, paint or install new carpeting or flooring without consulting with a landlord. Even if the landlord gives permission for renovations, the residents are not the ones who benefit form the work and expense.

A homeowner does not have to ask for permission and reaps the benefits of their work. Many renovations will increase the value of the home. They can choose any color to paint the rooms, add a deck, install new cabinets or add another bathroom. The modifications are strictly decided by the homeowners under their rules.

Don’t Underestimate Additional Costs

There are costs for purchasing real estate such as the down payment and the closing. Once these expenses have been paid, the monthly costs for home ownership are far less than the average rent in most of the United States markets. Buying a home is a much more affordable option than renting. The mortgage rates right now are also low. This means making a purchase now is more economically sound than waiting until an unknown date in the future.

Quality of Construction

The majority of rentals are built using inferior building materials such as shoddy drywall or plywood. This means people can hear what is happening in the units all around them. Condos, townhouses and homes are usually built with higher quality materials including stucco and concrete. This provides a sound barrier for added privacy and peace. A homeowner can add even more privacy by installing a fence or planting trees.

Unexpected Expenses

If a homeowner is hit with unexpected expenses such as emergency medical bills, they have an option. When the mortgage is paid consistently, equity will build in the home. This can be used to borrow money. When the loan has a low interest rate it is even easier to obtain financing for not only emergencies but big projects and other expenses. The homeowner is also making an impact on their community.

The longer they remain in the home the larger the impact. This is because taxes benefit the schools, local infrastructure and numerous organizations. A homeowner also has a say in the way things are run in their community.

Real Estate as an Investment

Purchasing a home is an excellent investment in retirement and is often the ultimate nest egg. A house will increase in value. The value is dependent on how long the home has been owned. If the person chooses to remain in the home for thirty years, the value can easily appreciate by 100 percent or more.

As the person ages they have choices available. They can continue living in the home inexpensively if the mortgage has been paid off, the can sell the home and buy something smaller or they can maintain a steady income by renting out the home. This money can be used for recreational activities or to travel.

Owning a Home

The best part of purchasing a home is it belongs only to you. People often have to leave rentals when the lease expires. Living in a home is indefinite. There is nothing more comforting than always having a special place to call home.

 

7 Advantages of Living in a Gated Community

Gated communities are not just for the elderly, they provide numerous benefits to homeowners of any age. Local real estate agents can help you locate all the gated communities in your area, some hidden gems that you might not realize are hiding in plain sight. If you are still considering life inside a gated community, the following information should convince you why this is a safe living option and a great way to grow your investment.

1. Discouraging and Blocking Solicitation – Perhaps there is no greater pleasure living in a gated community and knowing those survey takers and salesmen are not welcome to come knocking on your door. Solicitation of any kind is discouraged by the association, so anyone looking to pedal magazine subscriptions or get you to switch cable providers is going to have to ring the doorbell of someone living outside the gated community. No more hiding behind the peep-hole as a pushy salesman is looking to convince you to buy something you don’t need in the first place.

 

By eliminating solicitation, this also helps to make the community safer because those looking to cause harm by pretending to sell items in the hope of casing out the house are not going to make it by the gate.

 

2. Keeping Vehicle Speeds Down – One of the biggest issues of living outside the gated community is you have to deal with drivers going by the house at dangerous speeds. If you live near the main road, many drivers like to speed through quiet neighborhoods to bypass traffic, putting everyone at risk. Not only is this a danger trying to back out of the driveway, all children near the street are now at risk of being hit by this reckless driver. Gated communities have slower posted speed limits, and drivers outside the community can’t access the roads to use as shortcuts.

 

Guests to the gated community have to come to a full stop before they can enter, allowing them to become more aware of the surroundings and start their baseline speed at a more appropriate level.

 

3. Safer Conditions for Pedestrians – Due to the lower speeds in the gated community, it is a much safer place to get out and walk around. Whether you are walking your dog or riding your bike, slower vehicle driving speeds mean you are safer from getting injured. Perhaps you like jogging before or after work, you won’t have to worry that a distracted driver doing 60 mph is going to slam into you from behind anymore. The gated community has lower posted speed limits and those usually driving are residents anyway, so they tend to drive at an even lower rate to make certain their neighbors are safe.

 

This also means you can relax a little knowing the children who are playing or riding in the gated community are not going to be exposed to drivers who treat the road as their own personal racetrack.

 

4. Increased Security in the Community – Just the presence of the gate at the entrance of the community can act as a deterrent to vandals and thieves. If you are in the market for buying a home, there really is no safer place to live than inside the gated community. Neighbors tend to know each other and watch out for each other, so anyone walking or driving in the area that looks suspicious is quickly spotted by many people who are concerned for the safety of the community as a whole. Vandals and thieves will want to find easier targets that try to sneak into the gated community where they can be quickly identified.

Although the gate at the front of the community is not going to keep all trouble out, it sends a message to a potential criminal that they are going to be dealing with a whole community rather than a single house.

 

5. Higher Sense of Community – When you are driving around house hunting, you want to be in an area where you have neighbors you can enjoy as much as the location itself. In a gated community, most residents have this sense of community because they feel everything behind that gate is controlled. By knowing instantly who is a friend and who is a stranger, it is easier to trust your neighbors. These communities often have block parties, family socials, community yard sales, and other group gatherings.

 

Taking care of one another and looking out for their property when they are not home are some reasons people love living in these gated communities.

 

6. Increased Property Values – Rest assured that if you move into a gated community today, when it comes time to selling your home, you can expect higher property values.  Regardless of what real estate sites such as Zillow say, there are many factors that affect your homes value. Part of the reason your house value is increasing all the time has to do with limited space, building codes, and the HOA of a gated community. Even if you did nothing to the house, when it comes time to selling your home, the community itself helps to increase the overall appeal and value of the property.

 

These gated communities are often the first place many potential buyers are looking when thinking of moving.

 

7. Controlling Access to the Community – Visitors to the gated community will need either a friend to allow them in or a gate code, which helps to accurately record anyone who entered or left the community. The front gate area will often have a security camera running around the clock, further helping to identify the driver or license plate of anyone who came into the community.

 

This controlled entry and exit of the gated community ensures residents will enjoy less in the way of unwanted traffic and have a better awareness of who entered and left the neighborhood.

 

If you are in the market for buying a home, make sure you allow the real estate agents to show you all the properties available in gated communities too. You may discover that the benefits far outweigh the inconvenience of having to identify yourself before entering the community each day.