Category — Tips

In the US today, there are about 1.5 million foreclosures, and that number continues to grow.  Here are some great tips to keep in mind when buying a foreclosure as mentioned on www.CNNMoney.com

1. Don’t get caught up in a feeding frenzy

2. Contact lenders directly

3. Get pre-approved from the lender you want to buy from

4. Consider fix-ups

5. Hire a real estate attorney

6. Wait to make an offer

7. Tour properties with contractors

There are plenty of deals to be had on the Outer Banks.  Email sales@seasiderealty.com for more information on foreclosures on the Outer Banks

1. Fewer Showings – Yes there are less buyers, but those buyers that are left are usually very serious about making a purchase.

2. Less Competition – Most people wait until spring and summer to list their home, which means during the winter you will have far less competition than at any other time of the year.

3. Homes Show Better During the Holidays- Buyers love homes that can tell a story. The holidays are a great time to show homes because the home is usually dressed up for holiday celebrations.

4. January is the Biggest Transfer Month- Did you know that more corporate moves happen during the month of January than at any other time of year? This may be a great reason to list your home during the winter!

5. Timing – By putting the home on the market during the winter you may be able to more easily hit your moving goals!

6. More Time to Get Top Dollar – By starting to market your home early you may be able to secure a higher price.

7. Great Time to Shop – If your home sells quickly you will be able to shop for your next home during the winter; this is a great time to find a bargain

8. More Advertising- Because most agent and offices have less inventory during the winter your home may be advertised more often than during the spring months.

9. More Attention – Most agents will be able to devote more specialized attention to your needs during the winter because they have less clients to manage.

10. The Market – Today’s interest rates are at forty-year lows. This gives buyers more spending power, and will be even more important when you begin shopping for your next home!

The economy is on shaky ground, and credit is tight; credit scores are crucial in today’s housing market.  Here are 9 tips that will prove to be helpful in improving your credit score. 

1. Review your current credit report for accuracy. Everyone is entitled to one free credit report per year from each of the three credit bureaus—Experian, Equifax, and TransUnion. Get a copy of your credit report and look at it for accuracy. First, make sure that the information in your file is about you and only you, not someone who has a similar name or a similar Social Security number. It is very common for your credit reports to have mistakes or incorrect information. At a minimum, make sure that the information you are being evaluated on is current and correct.

2. Repair credit report mistakes. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly. All credit bureaus have their dispute procedures on their website. They are also required by law to investigate any disputed items and these investigations will usually be done within 30 days of your request.

3. Pay your bills on time. Sounds like a no-brainer, right? Payment history accounts for roughly 35% of your credit score. Paying bills on time is the most important thing to do. If you’re struggling to catch up, contact your creditors to work out a payment schedule.

4. Increase the length of your credit history. This accounts for about 15% of your score. Don’t cancel your old card or get a lot of new ones in a short time span because this can hurt your score.

5. Keep credit card balances low. It’s a good idea to keep the balances below 25% of your available credit. Even if you pay off your credit cards every month, a high average balance will impact your score. This accounts for about 30% of your credit score.

6. Keep new credit requests to a minimum. This accounts for 10% of your score. Every time a lender runs your credit, an inquiry is recorded. If you are trying to get a loan, don’t apply for new credit cards first.

7. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years.

8. Pay off debt rather than moving it around. The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.

9. Beware credit-repair scams. By all means, don’t pay someone to wipe away the negative items in your file. If they don’t follow through, the damaging items will reappear in two or three months.

  Shopping for a new home is exciting, but it can be a bit stressful.  As technology advances at a lightning pace, the web and smart phones are helping house hunters with their search.   Here are 5 websites that will significantly reduce stress when the time comes to buy your home:

Homes are one of our largest, and most import investments, and it is important to maintain the best value of your home.  Yahoo Real Estate and Zillow put out a list of things that will help you maintain the value of your home:

Kitchen:  Check for leaks under and around the sink.  Plumbing leaks can damage cabinetry and floors.  Check and repair grout and caulking on tile countertops and around the sink.  Also check wear and tear on wood floors, which periodically need to be refinished.

Bathrooms:  Check for plumbing leaks and check grout on tiles.  If the grout gets worn away water will start getting into the walls behind the bathroom, causing damage.

Basement:  Check for cracks in the foundation and leaks.  Buildings settle over time and even after decades of having a dry basement leaks may suddenly occur.

Attic:  Check for signs of water leakage from the roof.  Also look for any sign of termites or rodents.  Squirrels or rats that nest in your attic can chew electrical wiring, which can lead to fires.

Smoke alarms:  Batteries need to be changed annually.

Heating system:  If yours has a filter, change it annually.

Air conditioning system:  Change all filters monthly or as recommended by the filter manufacturer.

Roof:  Note if any shingles have fallen off or if gutters or downspouts appear clogged or damaged. You can always hire a reliable roofing company to get on the roof and take a look. Reputable roofing companies won’t try to sell you a new one unless you really need it. You can simply pay them for an inspection.

House exterior:  If your house is wood, check that the paint hasn’t worn away so much that the primer paint is showing.  If the primer also wears down, you can do damage to the wood.  Brick houses should be inspected for damaged bricks or masonry.  Check stucco houses and repair any cracks large enough to slide a nickel into.

Asphalt and concrete driveways:  Repair any cracks or buckling.

10 tips for energy efficiency that could help save significant energy and money…and the added benefit of helping our environment.

·      Start with an “energy audit.”  This can be as easy as calling your local utility company

• Put a damper on things. An open damper in a fireplace can increase energy costs by 30 percent.
• Become a draft dodger. One of the easiest ways to save money around the house is to seal off drafts
•  Install a programmable thermostat.  A programmable thermostat costs less than $50, is easy to install, and will pay for itself in one
• Paint a masterpiece with healthier paints. Conventional paints contain solvents, toxic metals and volatile organic compounds These unhealthy ingredients are released into the air while you’re painting, while the paint dries and even after the paints are completely dry. Opt instead for zero- or low-VOC paint, made by most major paint manufacturers today.
• Fix those leaky faucets. A dripping faucet or pipe joint can really add up to substantial water waste.
• Install low-flow showerheads and toilets. Older toilets waste large amounts of water.
• Let there be (energy-efficient) light.  Compact Fluorescent Light bulbs (CFLs) use 66% less energy than a standard incandescent bulb
• Buy Energy Star Appliances. When buying appliances, don’t forget to check for the energy efficient Lable 
• Don’t forget your yard. You may be surprised, but planting trees can make a difference in our energy usage.

Occupied homes seem to sell better, especially in a very competitive market. Realtors and builders have used staging techniques to help sell homes for a long time, but “staging” is reaching new heights these days.

Builders have developed a new strategy to help sell their new construction in a distressed real estate market.  Johanna Calvin is a 45-year old Los Angeles event coordinator and decorator who has seen business slow. Quality First Home Marketing, a San Diego start-up,  is offering Johanna incentives for giving their townhomes a stylish look that make the home seem like someone is living there.  Usually “Home Staging” companies will charge the homeowner thousands of dollars to decorate the house with furniture, but Johanna actually lives in the townhouses for a greatly discounted rate and also receives a bonus if the house sells quickly.

Vacancy of homes is a factor that can drive the price of real estate down.  By filling the homes, the real estate will in turn gain more value.  Showhomes Management LLC, a franchise operation based in Nashville, has about 350 “resident managers” who occupy these high end homes in order to facilitate sales.  The company has reported that their revenues have increased 88% since last year!

Real estate is one of our most prized investments, and continued maintenance is an absolute necessity to keep a safe, comfortable environment and to make the most your financial commitment.  Regularly scheduled maintenance may seem like a chore, but in the long run it can save large amounts of wasted time and wasted money. 

Consumer Reports complied a great Top Five list for regular maintenance that each and every real estate owner should strongly consider.

• Check Your Gutters: gutters that are clogged can create separations between the gutters and fascia board, which will eventually lead to roof leaks
• Inspect Your Roof: Cracked and missing shingles are a sign that your roof’s days are numbered.  Cracks around the chimneys, skylights, and roof valleys are also an indicator of leaking
• Look for Bugs: Termites and carpenter ants have the ability to bombard your home in a few short years.  Be sure you are up to date on your pest inspections
• Avoid Mold:  Mold and mildew can cause musty smells and have the potential to make residents ill.  Be sure to keep an eye out for visible mold or mildew
• Don’t Ignore The Cracks:  Foundation cracks that are wider than 3/16 of an inch can be a real issue.  These particular cracks should be examined by a structural engineer.