Posted by Paul Sian on Thursday, June 22, 2017 at 7:00 AMBy Paul Sian / June 22, 2017Comment
Tips For Buying A Home Sight Unseen
Whether you are an investor looking to buy investment property in another state or a homebuyer who needs to buy a home in an area where you are moving to but won’t be able to see the home until you move in there are ways for it to be done. Especially in this digital age where homes can be viewed online and signatures can be done digitally from the comfort of one’s home or office a home can just as easily be purchased without visiting it in person. There are some initial steps homebuyers need to take prior to buying a home without seeing it in person and this article will explore those steps in detail.
Especially for a Realtor who claims experience in investment property a great question to ask them is if they own any investment property and what types if they do. While a Realtor does not have to currently own investment property to understand how to help a client buy or...
Posted by Paul Sian on Thursday, June 15, 2017 at 7:00 AMBy Paul Sian / June 15, 2017Comment
How Do I Appeal A Real Estate Appraisal For A Home I Want To buy?
When buying a home with a mortgage or refinancing an existing mortgage on a home an appraisal is usually required in order to determine the value of the home. The home value is used as part of financing a home under a mortgage whereby the mortgage lender wants to ensure that the value of the home will cover the mortgage in the event of default. If the value of the home cannot cover the amount of the loan most mortgage lenders will deny the loan.
Different types of mortgage loans will have different value requirements for a home. For instance the traditional mortgage where 80% of the value of the home is lent to the homebuyer the home must appraise for the full purchase price where borrowers need to put down 20% of their own cash in addition to the 80% from the lender. For example a homebuyer is wanting to buy a home and makes an offer at $500,000.00 dollars where they will borrow $400,000.00 (80% of the value of the home) and put down $100,000.00 (20% of the value of the home) cash from their own savings. If the home appraises at $500,000.00 or more the loan will be made to the homebuyer. If the loan appraises at less than $500,000.00 then the lender will deny the loan absent changes to the offer price of the home.
Where the home value is appraised lower than the offer price there are a few options available to both the homebuyer and home seller. The homebuyer can ask the home seller to accept a lower amount so that mortgage lender meets the 80/20% requirement. If the home seller does...
Posted by Paul Sian on Thursday, June 08, 2017 at 7:00 AMBy Paul Sian / June 8, 2017Comment
Alternative Ways To Buy A Home Without A Mortgage
For some seeking to buy a home the traditional way of purchasing through the use of a mortgage may not be available. Mortgages are not available to some homebuyers due to credit issues, income issues, work history issues or other reasons. The lack of a mortgage does not necessarily prevent a person from buying a home as there are other alternatives. Those alternatives can be somewhat more expensive and more risky to the person wanting to use them.
One of the easiest alternatives to use to buy a home is to pay all cash for the purchase. Now obviously not everyone has access to enough cash to pay for a home outright but for those few who do a cash purchase of a home represents a good way to buy the home and not have to jump through all the hoops of getting a mortgage. Setting aside a large amount of cash to buy a home means there is less cash available for other investments or debt payments. Sometimes there are other investments with better rates of return than homeownership which sometimes can also give negative returns(LINK to behance article) so tying up cash to buy a home may not always be the best move.
As noted above when a buyer currently does not have sufficient credit history to qualify for a loan a home seller may be willing to allow a buyer to purchase their home through the use of a land contract. Under a land contract the seller is agreeing to finance the buyer’s purchase of their home. Land contracts are kind of like lease agreements except with a land contract all of the monthly payments are being applied towards the purchase...
Posted by Paul Sian on Thursday, June 01, 2017 at 7:00 AMBy Paul Sian / June 1, 2017Comment
Anatomy Of A Real Estate Offer
Both homebuyers and home sellers need to understand what is involved in an offer to purchase a home. Contracts to purchase a home contain many different terms and requirements that are binding to both the buyer and the seller. Even a simple slip in missing a deadline can result in consequences the parties may not fully understand the consequences of. So not only is a thorough understanding of the terms of the contract to purchase a home necessary understanding the critical timelines is also a must.
This article primarily deals with residential real estate. While there are some similar concepts in commercial real estate, the buying of commercial real estate is a different type of transaction that does not have all the protections required under law that residential real estate has. Regardless of the type of transaction, due to the complexities involved it is always advisable to have a professional Realtor or real estate attorney assist buyers or sellers with their real estate transaction.
Basics Of An Offer To Buy Real Estate
All contracts to buy or sell real estate must be in writing. Generally formal contracts are used and provided by many states and real estate agent boards for use by home buyers and sellers. The contract to purchase rental real estate must include the subject property information (usually the address), the amount being paid to purchase the property along with any other conditions and/or qualifications of the purchase, as well as the buyer and seller information.
Both the buyer and the seller must accept the terms as is with no changes in order to have an accepted contract to sell the...
Posted by Paul Sian on Thursday, May 25, 2017 at 7:00 AMBy Paul Sian / May 25, 2017Comment
What Causes A Home To Appreciate or Depreciate In Value?
There are many factors that can affect the value of a home. Some factors can cause a home’s price to increase in value whereas other factors can cause the value to go down. The factors that affect home value are not always internal to the home, external factors can also have dramatic impacts on a home value just as internal factors can. By knowing and understand what factors can impact the value of a home, homebuyers and home sellers can better position themselves in the real estate market for success.
External Factors That Can Affect The Value Of A Home
The National and State Level Economy
When the economy at the national and state level are running great the values of homes have a tendency to increase. With more people employed and with more access to credit there will be more homebuyers ready to move into a home. As a result this will have an upward effect on home prices. Now just because the national economy is strong does not mean the state or local economy will be strong as well. If a large local employer decides to move their operations to another area along with all the employees who work there that will result in many of those employees wanting to sell their home at the same time which can depress the price of homes in the area.
When the national and local economies are down due to recession or some other factors that will put downward pressure on the value of homes. Lower employment and lower access to credit means fewer people will be able to afford to buy a home or be willing to sell their current home to buy...
Posted by Paul Sian on Thursday, May 18, 2017 at 7:00 AMBy Paul Sian / May 18, 2017Comment
Should I Buy A Geothermal Heating & Cooling System For My Home?
Geothermal Heating & Cooling Systems or geothermal heat pumps are heating and cooling systems for your home that utilize the stable temperature found below the surface of the earth. Below the surface of the earth temperatures remain relatively stable as compared to the surrounding air temperature. Depending on the location the temperature below the ground stays at a consistent 50 – 60 degrees Fahrenheit.
How Do Geothermal Systems Work?
Geothermal systems use pumps to cycle water into pipes that have been buried in a home’s yard. During the warmer months the temperature below the surface of the earth is cooler that the surrounding air thus allowing the cooler temperatures to pumped in to cool a home and in the colder months the temperature below the surface is warmer than the surrounding air allowing warmth to be pumped in to heat homes. Depending on the air temperature during the colder seasons and the overall efficiency of the home, back up heat sources such as natural gas or electric heat may be needed to supplement a geothermal system.
Geothermal systems allow for savings on energy bills since the natural temperature variations between the surface below and the outdoor air can be efficiently utilized for heating or cooling purposes depending on the season. There currently are tax credits and power company rebates offered for geothermal heat pumps that may be available to homeowners who install a geothermal system. Consult...
Posted by Paul Sian on Thursday, May 11, 2017 at 7:00 AMBy Paul Sian / May 11, 2017Comment
When Is The Best Time Of Year To Sell My Home?
Home sellers often wonder when is the best time to sell their home? While there are many who will say now or anytime is the best time to sell one’s home there are times where homebuyers are out in full force looking to actively move. For Greater Cincinnati home sellers, the best time to sell a home is during the early to mid-spring time period. Every state and real estate location is different though and this also depends on the type of area the home is located in.
Why Some Markets Have Different Peak Seasons
A home located in a retirement community is definitely going to have a different peak buyer time as compared to a home located in a neighborhood where local schools are one of the big draws. Those parents wanting to move into a new home before the new school year starts will want to buy a home in spring or early summer in order to make sure they settle in prior to the start of school. Those looking to move into a retirement community may be looking to move before the weather gets cold. Again this will entirely depend on where the communities are located. Retirement communities in Florida will be different than retirement communities in the Greater Cincinnati area due to different climates.
For those markets where schools are the primary motivator for people to move in, then spring time can be peak shopping time where the most home buyers are out looking for a home. Home sellers can ...
Posted by Paul Sian on Thursday, May 04, 2017 at 7:00 AMBy Paul Sian / May 4, 2017Comment
Should I Have Aerial Photos Or Videos Taken Of My Home For Sale?
The latest and greatest real estate marketing techniques include virtual reality video, 3D video, high definition photography and aerial photographs and videos. Aerial photographs and videos can present an overhead view of homes and the surrounding features. Aerial pictures of a home are not necessary for every home and in some cases should be the last thing home sellers should pay extra for since it adds very little to the marketing of the home.
What Kinds Of Homes Would Benefit From Drone (aerial) Photos and Videos?
Homes with a few accessory features in and around the home are great to show off from above so buyers know where the pool is in relation to the main home or where the basketball court is in relation to the garage. An overhead view will also let buyers know how much land is available with a particular home. Luxury homes with plenty of land and outdoor recreation amenities are great to show off from the air.
Aerial photos are not just for luxury homes but often times luxury homes have features that luxury buyers will be better able to appreciated when seen from above. Aerial photos/videos of non-luxury homes with great yards, landscaping and recreation amenities may also present well in a marketing package when done correctly. For example a water front home will show off great from above where the surrounding body of water is a sight to behold. So don’t think just because a home is not a luxury home that aerial videos are not needed.
What Kinds of Homes Should You Skip Drone (aerial) Photos and Videos...
Posted by Paul Sian on Thursday, April 27, 2017 at 7:00 AMBy Paul Sian / April 27, 2017Comment
Smart Tips For Buying A Luxury Home
When buying a luxury home, buyers will want to take the path of least resistance in order to make the process easier to deal with. The last thing luxury home buyers will want to do will be to rush through a purchase and find out the home they bought is more trouble than it is worth. Luxury homebuyers can ensure their purchase of a luxury home is a sound and smooth decision by using the tips below.
What Is A Luxury Home?
Just because a home has a “luxury” price while it is on the market does not necessarily mean the home is a true luxury home. A small house that may look great and be considered luxury in a densely populated city may instead be considered a luxurious tiny home in another area where land is plentiful and therefore homes are expected to have plenty of square footage in addition to other luxury features. The small luxurious house in an area with large luxury homes would not be able to get the same price as large luxury homes since home buyers in those areas want the extra space and that is the primary reason for them shopping for homes in an area with plenty of land available.
Generally luxury homes are located where other luxury homes are situated and as a result the prices of those homes have a tendency to support other luxury homes close by. Luxury homes have extra refinements that put them into a category of their own. Luxury features such as premium brand appliances, premium cabinetry, carpet, and flooring are often found in these homes. These premium features usually have better build quality associated with them in addition to longevity.
While bedroom counts may be the same in some non-luxury homes the bedrooms...
Posted by Paul Sian on Thursday, April 20, 2017 at 7:00 AMBy Paul Sian / April 20, 2017Comment
Should I Install Solar Panels On My House?
With energy prices and energy consumption trending higher many homeowners think about the idea of installing solar panels on the roof of their home in order to save money on energy bills and possibly boost the value. Like real estate solar is also location dependent and those homeowners in states with higher average annual sunshine will see a quicker return on investment than those with lower average sunshine or in areas where the sun may be blocked by trees or other geographical features. The type of solar energy system installed can also dictate whether a homeowner will realize a boost in home value in addition to the savings on the energy bill.
Types Of Solar Systems
While there are water solar heating systems available for sale, when homeowners think about solar panels on a home they think about the kind that can generate electricity. Whereas solar electric generation systems can heat/cool a home, allow the use of appliances, and even warm water through an electrical water heater a solar water heater generally does only one thing and that is heat water. Multiuse solar electrical generation systems as a result are more preferred in order to maximize the use of the solar generated electricity.
The two different types of solar electrical generation systems available are grid tied and off grid systems. With a grid tied system there is still electricity being provided by the local power company for backup purposes. During cloudy days or on days where demand in the home exceeds the capacity of...
Posted by Paul Sian on Thursday, April 13, 2017 at 7:00 AMBy Paul Sian / April 13, 2017Comment
What Are Luxury Homebuyers Looking For In A Home
When luxury homebuyers are shopping for a home they come to expect certain features and amenities to be present in the luxury home. While the lack of these features might not be a deal killer it certainly will paint a picture in luxury homebuyer’s mind that a particular home may be outdated and as a result could also be overpriced. Newer modern features and amenities are what luxury homebuyers are looking for when they consider a home for their own living needs. If you are a home seller looking to boost the appeal of your luxury home to buyers then be sure to know about these features and amenities homebuyers want to see in a luxury home.
Modern Floor Plans
Modern floor plans are one of the main desires for luxury homebuyers. Modern floor plans represent large open spaces with high ceilings and plenty of large windows to allow natural light to illuminate the home. Rather than a home with multiple square or rectangular rooms interconnected with one or two doors only an open floor plan has wide entry ways and a flowing nature to the home that usually allows more than one way in or out of a room.
With the high ceilings found in modern floor plans, recessed lights are usually preferred due to their ability to light up large rooms and to be controlled in different sections as lighting needs to be adjusted. High ceilings also usually call for lighter colors in order to not darken the rooms thus making them feel smaller. Decorative LED based lighting may also be found throughout luxury homes that are used ...
Posted by Paul Sian on Thursday, April 06, 2017 at 7:00 AMBy Paul Sian / April 6, 2017Comment
What To Expect When Listing Your Home For Sale With A Realtor
New home sellers or those who have not sold a home in a while may be wondering what the process is for selling a home with a Realtor. While each Realtor may have a different process for the most part Realtors will visit a seller’s home for a listing appointment where they will provide a listing presentation, do a walkthrough of the home. If the home and seller are ready to go the Realtor can start the process of getting a home listed for sale. Once the listing agreement is signed the Realtor will take measurements of important rooms in the home, gather other facts about the home and either take pictures/videos of the home or arrange for a photographer to come out and take the pictures and videos.
The length of time of the entire process of getting a home onto the market depends when the Realtor is first called to the home and the level of readiness the home is in. If a home is not ready due to need of repair and/or other work to get it ready the Realtor will offer advice on how best to repair and stage a home. This process can take a couple of weeks depending on the speed and motivation with which the seller is able to work on what is needed to get ready If a home is ready to go onto the market then a Realtor can have a home listed for sale on Internet websites within 1-2 days.
What Is A Listing Presentation?
When a Realtor comes to the sellers’ home the first time they will usually bring with them a booklet with their listing information or will show a listing presentation on a digital device. The presentation will go through...
Posted by Paul Sian on Thursday, March 30, 2017 at 7:00 AMBy Paul Sian / March 30, 20172 Comments
6 Reasons Why Your Home Expired Without An Offer
When a home listed for sale expires off of the market without so much as an offer there are a number of common reasons as to why that happened. Some of the causes of having an unsold home are the responsibility of the real estate agent if there is one involved. Other aspects of selling a home are done in coordination with the real estate agent but is the primary responsibility of the home seller (setting the listing price for example). If a home seller still has in mind the goal of selling their home this list of six common reasons why a home does not sell will help home sellers get back on track and get their home sold.
Overpricing is one of the main reasons a house will not sell. Homebuyers are looking to get the best value for their money when buying a home and go in fully informed with regards to home prices and features. Regardless of how many upgrades, add-on features a home has if the price is not in line with other homes in the neighborhood it will not sell.
Many neighborhoods have a tendency to have similar houses, similar quality and design. If one house in the neighborhood has been upgraded that does not necessarily mean it will be able get a premium price for that neighborhood. The upgraded home may be sold for a little more money than other non-upgraded homes in the neighborhood but it will not be that much more. The average price of a home in the neighborhood becomes a point where any home priced higher must show the true value through upgrades in order to entice a buyer to make an offer.
Posted by Paul Sian on Thursday, March 23, 2017 at 7:00 AMBy Paul Sian / March 23, 2017Comment
3 Smart Tips For Improving Your Credit Score Prior To Applying For A Home Mortgage
Not everyone buys a home very often and in fact many might only own one to three homes over their life time. As a result when buying a home, buyers should make sure they get the best pre-approval amount they can so that when they do buy they are getting the best home that meets their budget at the time. By striving for the best home you can afford now and will suit your needs for some time to come there will be less need to upgrade to another home because your current home was only a “starter home”.
There is a caveat with that in just because a mortgage lender approves a mortgage for the highest amount of money that can be had that does not necessarily mean homebuyers should buy at the top of that range. Homebuyers need to analyze their current and future financial situation to make sure they can afford the home they buy today. If in the future the homeowner plans on having a larger family, wishes to change careers, or something else that effects their lifestyle then that should be part of the consideration when buying a home today. Homebuyers should not end up in a house poor situation where they cannot afford to pay for the home as well as the upkeep resulting in a loss of home value over time. Always consider how much home you can afford today as well as in the future as part of your home shopping process.
Credit Score and Mortgage Amount
There are a number of factors that influence the amount...
Posted by Paul Sian on Thursday, March 16, 2017 at 7:00 AMBy Paul Sian / March 16, 2017Comment
Buying A Home With Pets In Mind
Pets are an everyday part of life for their human companions. Pets like humans also have individual needs that every house may or may not meet. When buying a home with pets in mind knowing what one should be looking for and what considerations should be made for our furry friends is on the top of many home buyers list. This article takes a look at the different considerations pet owners should take into mind when buying a home.
Type Of Pet
The type of pet a homebuyer has will dictate some of the needs for a home. Bird and reptile owners who keep their pets indoors a majority of the time may not have as many requirements for a home as those would dog or cat owners who may let their pets outdoors unsupervised or who have free roam of the house. The health and age of a pet also play into home needs as an older pet who cannot walk around as much as they could may need fewer stairs and a flat yard in order to best accommodate their needs.
The size of your pet plays into this as well particularly in the case of dogs. Larger athletic dogs need more room to run around and burn off their energy and a larger yard might be important to owners of large dogs. For smaller dogs, cats and rabbits that may be allowed to roam free in the yard, having a yard that is open and in an area that does not attract predators like coyotes, bears, raptors and more is important to consider.
As noted above the way a yard is setup and situated should be considered when buying a home with pets in mind. A steep hilly yard may not be good for smaller dogs or dogs who have joint or back problems. Homes with yards that...
Posted by Paul Sian on Thursday, March 09, 2017 at 7:00 AMBy Paul Sian / March 9, 2017Comment
Marketing Strategies Expert Realtors Use To Help Sell Your Home
Selling a home is not a simple matter of taking a few pictures, putting it up on the Multiple Listing Service (MLS) and then the home will sell. It takes much more effort to effectively get a home sold than just taking a few pictures and throwing the information about the home on a few websites. Expert Realtors know these techniques like the back of their hand and must be continually flexible in their strategies in order to sell any type of home during any time of the year or during any market condition. While these strategies presented here do represent what expert Realtors will do, only by working with one of these expert Realtors can home sellers realize all the benefits of these time tested marketing strategies.
Every Real Estate Market Is Different
First thing to realize is that every real estate market is different. Even within the same metropolitan area different locations will require different marketing strategies. Hot neighborhoods where properly priced homes sell in a matter of days can be right next to neighborhoods where homes take weeks or months to sell. Realtors who work in the local area understand the local differences between neighborhoods, cities, and localities and know that while some strategies will work in one area a totally different strategy may be needed in the neighborhood next to it.
Home Pricing As A Marketing Strategy
Believe it or not home pricing is an area that is of importance to marketing a home...
Posted by Paul Sian on Thursday, March 02, 2017 at 7:00 AMBy Paul Sian / March 2, 2017Comment
For this podcast about Jumbo Mortgages for purchasing a luxury home I sat down with Walt Wollet of Summit Funding. During our conversation we discussed the jumbo mortgages, the application process, credit score and down payment requirements and more. This podcast is helpful for those wanting to buy a luxury home through the use of jumbo mortgage financing.
I hope you enjoy the podcast and find it informative. Please also consider sharing with those who may find it useful.
Posted by Paul Sian on Thursday, February 23, 2017 at 7:00 AMBy Paul Sian / February 23, 2017Comment
What To Clean Up When Preparing Your Home For Sale
Getting a home ready for sale involves many different things in order to present the home in the best possible light to all potential home buyers. Unless you are selling your home as-is proper presentation ensures buyers look primarily at the features of the house so they can determine whether or not the home will work for them. Distractions from an unclean house means buyers may decide to look elsewhere under the impression that an unclean house was not well cared for in other ways. A clean home also looks great with high definition pictures for buyers who are looking on the internet for a new place to call home. Cleaning ones house prior to putting it up for sale and keeping it clean during the showing process is a critical staging step that all homeowners should do and the following areas are important areas to clean up.
Floors and Carpeting
Starting from the bottom and working up the first thing to clean would be carpet and flooring. For carpets that are not heavily soiled, stained or torn having the carpets steam cleaned and deodorized will go a long way to freshening up a home. If carpets have stains, deep odors contributed by pets, smoking that will not come out with steam cleaning or large tears and heavy wear then new carpet should be installed. New carpet with neutral colors will help improve the look of a home and home buyers will appreciate getting a home with new carpet installed.
Hardwood flooring with minor wear which still retains its color can be refinished to remove minor...
Posted by Paul Sian on Thursday, February 16, 2017 at 7:00 AMBy Paul Sian / February 16, 2017Comment
Why Home Buyers Need Their Own Representation
Buying a home is a complicated process that commits a homebuyer to living in the same place for a number of years and paying a mortgage over a long term while living in that house. If there are mistakes in purchasing a home then the buyer is not able to simply return the home and get all their money back as if it were a pair of pants that did not fit correctly and can be returned to the store no questions asked. In the event of some major concealment by a home seller a home buyer may be able to sue the seller and demand that they take the home back. The buyer may be able to recover money from the home seller assuming they have money to give back to the buyer. Lawsuits are expensive and time consuming so the desire to sue to undo a home deal is not something that a home buyer will be able to quickly settle and move on.
With the home buying process being as complex as it is working alone without your own real estate agent means dealing with the complicated paperwork and negotiations without the help of a trained experienced professional. A YouTube video or blog article while providing some answers is not the same thing as having a local real estate expert with the experience to be able to guide a home buyer through the different situations that can come up. This article explores some areas where home buyers can benefit from a real estate agent who represents their interests exclusively.
A Buyer's Agent will Represents Your Best Interests
The real estate agent who is the listing agent is the agent who...
Posted by Paul Sian on Thursday, February 09, 2017 at 7:00 AMBy Paul Sian / February 9, 2017Comment
How To Sell A Luxury Home For Sale By Owner (FSBO)
When it comes to selling a home for sale by owner (FSBO) there is a large amount of work for the homeowner to get right in order to have a successful sale. Add on top of that the fact a homeowner is trying to sell a luxury home on their own the amount of work then is much greater as well since luxury home buyers are expecting more than what is normally done for a non-luxury home. If a homeowner were to miss some of the critical steps/procedures required to sell their home FSBO or do something that would not normally be done with a luxury home (like hold an open house), the homeowner runs the risk of not only not selling their home but having to drop the price dramatically in order to attract buyer attention. With that in mind here are some tips on how best to sell a luxury home FSBO.
Pricing A Luxury Home
Pricing a luxury home is one of the most important aspects of the process. Price a luxury home too high and buyers will ignore your home since better values can be had elsewhere. Price a luxury home too low and while a quick sale will result, the homeowner will be walking away from money they could have instead put into their pockets. Sources like Zillow and their Zestimates are generally not that accurate when it comes for pricing a luxury home for sale. Zestimates are good for giving an estimated price of a home that takes...