Posted by Paul Sian on Thursday, July 20, 2023 at 12:00 PMBy Paul Sian / July 20, 2023Comment
Demystifying FHA Approved Condo Lists: A Comprehensive Guide
The Federal Housing Administration (FHA) plays a vital role in expanding homeownership opportunities for individuals and families across the United States. One of the ways it accomplishes this is through its FHA condo approval program.
We will delve into the intricacies of FHA condo approval and the significance of the FHA-approved condo list. FHA-approved condos are more saleable than those that are not.
FHA loans are a popular option for those buying a condo, especially for first-timers.
What is FHA Condo Approval
FHA condo approval is a process through which the FHA determines whether a condominium project meets its specific criteria for financing. These criteria are designed to ensure the condominium project's financial stability, sustainability, and quality.
By approving a condo, the FHA essentially declares that it meets the requirements for buyers to secure FHA-insured loans.
Importance of FHA Condo Approval
The importance of FHA condo approval cannot be overstated, as it holds numerous benefits for buyers and sellers involved in purchasing or selling a condominium unit.
Let's explore the key reasons why FHA condo approval is significant:
Access to FHA Financing
FHA approval opens the doors to FHA-insured mortgages for potential buyers. ...
Posted by Paul Sian on Thursday, July 13, 2023 at 7:00 AMBy Paul Sian / July 13, 2023Comment
What to Know About The We Buy Ugly Houses Company
Have you heard or seen the We Buy Ugly Houses advertisements and wondered what they were all about?
When homeowners hurry to sell their properties, they often explore alternative options that provide quick, hassle-free solutions. We Buy Ugly Houses is a well-known company that promises to purchase homes in any condition. Maximum Real Estate Exposure explains the good, bad, and ugly.
Companies that buy houses for cash offer sellers a convenient way to offload their properties without going through the traditional real estate process. We will delve into the pros and cons, analyze reviews of the company, and address concerns regarding its legitimacy.
Pros
The company provides an alternative solution for selling a home with various benefits. With quick cash offers, the ability to sell properties without repairs or renovations, no commissions or fees, and a streamlined process, homeowners can find convenience and simplicity in selling their properties.
We will explore the pros and cons and analyze its value proposition as an alternative selling option.
Quick Cash Offers
We Buy Ugly Houses specializes in buying properties for cash, providing homeowners a swift solution to their selling needs. This can be a significant advantage if you're in a time-sensitive situation or facing financial difficulties....
Posted by Paul Sian on Friday, June 30, 2023 at 1:00 PMBy Paul Sian / June 30, 2023Comment
I recently had an opportunity to tour the Mitchell model home built by Fischer Homes in the new construction community of Santuary Village in Villa Hills, Kentucky. This new build community will have a community pool, club house, workout room and more. For the Mitchell model you can get 4-5 bedrooms, between 2-5 bathrooms and a 2 or 3 car garage. Take a look at the walkthrough and reach out to me if you are interested in buying a new construction home in Northern Kentucky or Greater Cincinnati, Ohio area.
Posted by Paul Sian on Thursday, June 15, 2023 at 7:00 AMBy Paul Sian / June 15, 2023Comment
What Does Rent to Own Mean in Real Estate?
If you don’t have money saved for a down payment but renting feels like you are wasting cash, rent-to-own homes are an option that might be a better fit. Rent to own offers some of the advantages of buying and renting. Could it be right for you?
If you are contemplating buying your first home but don't meet the qualifications yet, renting to own could be an excellent option.
But how does rent-to-own work, and what do you need to know before choosing this option? Let's examine what rent-to-own homes are and what you should know about them.
What are Rent-to-Own Homes?
A rent-to-own agreement allows you to purchase the home you are renting. You will likely pay more than other rentals if you sign this kind of agreement. However, this extra money will become your down payment when the lease ends.
There could be an "option fee" to pay when choosing this arrangement, which might cost you between 2% and 7% of the home’s value. If you don’t buy the home, you will lose this and the extra you have paid in rent.
How Does Rent to Own Work?
With a rent-to-own home, your rent payments help you eventually buy the property. Part of your rent will become your down payment when you decide to buy at the end of the lease.
The Advantages of Rent-to-Own
Save for a down payment. While renting the home, some of your rent will contribute to your...
Posted by Paul Sian on Thursday, June 8, 2023 at 7:00 AMBy Paul Sian / June 8, 2023Comment
What To Know About Remodeling A Bathroom
Remodeling a bathroom can add some freshness to a home and increase the utility of the bathroom when done right. When done wrong a bathroom remodel can make things look and run worse. The bathroom needs to be functional otherwise there will be no benefit for the remodel. The tips in this article provide homeowners with some smart tips on how to properly remodel a bathroom.
Try Not to Take Away Bathroom Space
Taking away bathroom space by either adding in large fixtures like cabinets and showers or taking away bathroom space for other rooms can quickly turn a bathroom remodel into a disaster. Bathrooms are usually made smaller compared to other rooms and taking away space from an already small bathroom will not result in a positive return on investment even if the space is used someplace else. Tiny, cramped bathrooms are more likely to turn off future buyers. If a bathroom is already on the smaller size then best bet is to remodel without taking away any useable space from it.
Adding or Removing a Shower/Tub
If the bathroom has enough space to add a shower or a tub where none is currently present this may or may not help the home value. Some home buyers still expect there to be a half bath where there should be one and where there are already plenty of full baths in the home. On the other hand, where a home has fewer baths as it is, adding a shower/tub to a half bath can improve the value of a home. Where a home goes from one and a half bath to two full baths...
Posted by Paul Sian on Thursday, June 1, 2023 at 11:30 AMBy Paul Sian / June 1, 2023Comment
The data you see below is from the Cincinnati Multiple Listing Service (MLS). Average days on market refers to how long on average a property stays on the market before accepting an offer. The properties sold represents the number of multifamily properties that have been sold during the month being reported on. If there is other data you would like to see please feel free to make a request in the comments below.
Posted by Paul Sian on Thursday, June 1, 2023 at 11:00 AMBy Paul Sian / June 1, 2023Comment
More homes have sold as the weather has warmed up and as well more luxury homes have been listed for sale in the Greater Cincinnati area. We should see a bit of a slow down in sales as people leave town for summer vacations. Mortgage rates have moved back into the 7% range for conventional mortgages. Jumbo mortgage rates are in the 6-7% range as well.
Posted by Paul Sian on Thursday, May 25, 2023 at 7:00 AMBy Paul Sian / May 25, 2023Comment
Do You Need A Permit For That Home Improvement?
Whether one is expanding a deck, putting on a new deck, adding a she-shed, remodeling a kitchen, adding a bathroom or something else it pays to check with the local zoning and building department to make sure whether a permit is needed. Every location will vary in what does and what does not require a permit. Certainly the work can be done without a permit and there are contractors out there who will do the work permit or no permit. The risks though from having no permit for a home improvement job include fines, being forced to undo the work, buyers walking away from a purchase contract, insurance denying a claim and more. Be sure to understand local permit rules in order to stay above board with your home with the tips in this article.
Is a Permit Needed?
Different cities and states have different requirements, so it is always helpful to call first and make sure whether a permit is needed or not. Just because a permit was not needed in the last place a homeowner resided in does not mean a different city won’t require a permit for the same work. While there probably will be an expense associated with getting a permit, failing to get a permit will cost much more, especially if the homeowner is required to undo the work or the contractor decides to take shortcuts that result in unsafe work. Local building/zoning departments have staff to guide homeowners on the process of applying for a permit if one is needed.
Benefits of Doing Permitted Work
During the permit process the work is usually inspected to make sure it is up to code. Things like HVAC, electrical and plumbing are not...
Posted by Paul Sian on Thursday, May 11, 2023 at 7:00 AMBy Paul Sian / May 11, 2023Comment
Common Seller Mistakes That Will Result In An Unsold Home
With the higher mortgage rates have come the initial steps of a shift in the real estate market . Whereas sellers found selling homes to be a rather easy process with multiple buyer offers in the recent past, that has changed. Buyers are being pickier with homes and some buyers have decided to wait until home prices or mortgage rates come down. Sellers need to be on top of their game when selling a home to make sure they sell quickly. Some of the mistakes noted below are things that can be avoided when listing a home for sale.
Over Pricing
Pricing a home is both a factor of recent home sales and the current mortgage rates. Home sellers need to understand that higher rates mean buyers need to shop in lower price ranges than prior. When rates were low a buyer could afford a more expensive home since the monthly payments were also lower. As mortgage rates have moved up so have the monthly mortgage payment. A $400,000 dollar house purchased at a 3% mortgage rates results in a $1517.77 a month mortgage payment (assuming 10% down payment and not including taxes or insurance). At 6.5% that same mortgage payment for the $400,000 house is $2275.44. That represents an increase of $757.67 to the monthly mortgage payment!
A buyer who could afford the $400,000 at 3% mortgage interest rate now can find themselves priced out of the same house at a 6.5% mortgage rate. If there are no buyers of a home at the 6.5% interest rate then that means the home is overpriced and in order to get it sold the seller will need to cut the price. ...
Posted by Paul Sian on Friday, May 5, 2023 at 7:00 AMBy Paul Sian / May 5, 2023Comment
Days on market has been coming down but the median selling price is also down. Sales have increased in what should be a typically more active spring home selling season.
Posted by Paul Sian on Friday, May 5, 2023 at 7:00 AMBy Paul Sian / May 5, 2023Comment
The data you see below is from the Cincinnati Multiple Listing Service (MLS). Average days on market refers to how long on average a property stays on the market before accepting an offer. The properties sold represents the number of multifamily properties that have been sold during the month being reported on. If there is other data you would like to see please feel free to make a request in the comments below.
Posted by Paul Sian on Thursday, April 20, 2023 at 7:00 AMBy Paul Sian / April 20, 2023Comment
Negotiating Post Inspection Repairs
After an offer has been accepted by the seller the buyer is usually tasked with getting an inspection performed on the home during the agreed to time frame. Having an inspection performed is an important thing to have done as it provides to the buyer a detailed report of the current condition of the home. If there are major issues with the home, then repairs might in order or the buyer can opt to move on and find another home. As based on the current condition the price offered may not be worth it. Buyers may still like the home but, may want repairs done in order to make sure they get a quality home upon closing. This article explores how home buyers and sellers can negotiate repairs based on a home inspection report.
Review The Home Inspection Report
Once provided the home buyer should review the home inspection report and ask questions of their real estate agent and home inspector to make sure they fully understand any potential condition issues noted. Home inspectors are generalists and while they can identify issues with particular areas of the home they will usually recommend further inspection be done by a licensed professional (where licensing is a requirement) specializing in the area of concern. Sellers sometimes may call into question certain repair requests based on their knowledge of the home. Having a definitive opinion from a professional server contractor can help settle any debate between the buyer and the seller.
Buyer Agrees to Take Home As-Is
If the issues are not major or the issues are something the buyer can deal with on their own (see below) then the buyer can...
Posted by Paul Sian on Wednesday, April 19, 2023 at 9:30 AMBy Paul Sian / April 19, 2023Comment
The data you see below is from the Cincinnati Multiple Listing Service (MLS). Average days on market refers to how long on average a property stays on the market before accepting an offer. The properties sold represents the number of multifamily properties that have been sold during the month being reported on. If there is other data you would like to see please feel free to make a request in the comments below.
Posted by Paul Sian on Wednesday, April 19, 2023 at 7:00 AMBy Paul Sian / April 19, 2023Comment
Median price has gone up from February 2023 and the average days on market has also reduced which means the luxury real estate market is showing signs of life. More homes have been sold and the real estate listings have also increased.
Housing Starts and Permits Drop in March - There were some revisions to the February numbers but higher rates are causing things to slow down in the new construction home market.
Posted by Paul Sian on Thursday, April 6, 2023 at 7:00 AMBy Paul Sian / April 6, 2023Comment
How Do Construction Loans Work And When Are They Best to Use
Are you starting to think about buying a home? Have you looked at properties on the market, but nothing jumped out at you?
Maybe you have specific things you want in a home you can't find. If this sounds like you, custom building a home may be the route you want to take.
Building your own home will allow you to make your best choices from top to bottom.
But how do you go about financing a new home-building project? We will explore everything you should know about getting a loan for construction. Construction loans have a bit more work to them than traditional financing.
Let's examine what you need to know about construction loan financing.
What is a Construction Loan?
A construction loan is designed to cover the cost of building a new home. With a construction loan, a borrower will receive a lump sum of money that they can use to pay for the costs of building their new home. Construction loans are short-term and typically have a duration of one year or less.
A construction loan can be obtained through a bank or other financial institution. To qualify for a loan, the borrower must meet certain criteria, such as good credit and a reliable income.
The loan amount is typically based on the estimated cost of the home-building project.
Once the loan is approved, the money is typically disbursed to the borrower in stages. These stages are called “draws”...
Posted by Paul Sian on Thursday, March 23, 2023 at 10:30 AMBy Paul Sian / March 23, 2023Comment
What to Know About Adding Solar Panels to Your Home
Are you considering adding solar panels to your home?
With solar panels on your roof, you will save on energy costs and reduce your carbon footprint, but can they increase the value of your home?
The question of does solar panels increase home value is something you’ll want to ask before investing in this home improvement. We will look at what factors affect the value when you have solar panels installed at your home.
Do Solar Panels Increase Home Value?
Many homeowners ask themselves if they should install solar panels on their homes. It could make sense if you plan on staying in the home for a while.
With solar panels fitted to your home, you can expect to make long-term savings on your electricity bills, boosting the value of your home at the same time.
Estimates suggest you could realize an increase of $20 for every dollar you make in savings thanks to your solar panels. So if your solar panels save you $1,000 a year, your home should be worth $20,000 more on average.
Solar power is more valued by buyers as well. A report from Zillow found 67% of buyers valued energy efficiency as extremely important when searching for homes. The Department of Energy also found buyers were willing to pay $15,000 more for a home using solar power.
Posted by Paul Sian on Thursday, March 16, 2023 at 4:00 PMBy Paul Sian / March 16, 2023Comment
Storage Unit Rental Guide
Storage units are a great way to store household goods between moves, when you don’t have enough space in your home or businesses that need storage for items that their place of business cannot handle. Storage units come in different sizes and as well some storage companies offer climate-controlled storage units that may be better depending on what needs to be stored. Knowing what storage unit options are available and understanding the requirements of the storage unit itself is important. This guide will help one to get a proper understanding of the different types of storage units available, the costs of such storage units and more.
Why Might You Want a Storage Unit?
Whether you live in a place that does not have enough room for storage of you moved for a job and now have to temporarily downsize your house renting a storage unit to store household goods until settled in a place that can hold everything may be the way to go. If you happen to be buying a new home and had to sell your home prior to being able to close on the new home then renting a storage space might be needed in order to store a majority of your belongings until you close on the new house.
Businesses who have seasonal tools or goods that need to be stored off site can also make use of storage units. By keeping items out of the current location space can be utilized for existing business needs. Businesses may be able to deduct any monthly fees too paid for their storage unit and any extra insurance...
Posted by Paul Sian on Thursday, March 9, 2023 at 7:00 AMBy Paul Sian / March 9, 2023Comment
The data you see below is from the Cincinnati Multiple Listing Service (MLS). Average days on market refers to how long on average a property stays on the market before accepting an offer. The properties sold represents the number of multifamily properties that have been sold during the month being reported on. If there is other data you would like to see please feel free to share in the comments below.
Posted by Paul Sian on Thursday, March 9, 2023 at 7:00 AMBy Paul Sian / March 9, 2023Comment
While average days on the market ticked up for luxury homes in the Greater Cincinnati luxury home market the median selling price also moved up. Inventory increase a bit and the amount of homes sold also increased. Mortgages for luxury homes are priced differently compared to conventional mortgage so the rate will vary compared to the conventional rate.
Mortgage Applications Plunge - Applications by home buyers for mortgages dropped to a 28 year low indicating that many buyers have put their home buying goals on hold in light of high rates and high prices.
Posted by Paul Sian on Thursday, March 2, 2023 at 7:00 AMBy Paul Sian / March 2, 2023Comment
How Do Contingent and Pending Statuses Differ in Real Estate?
While looking for your next home online is easier than ever, some things can be confusing. Though a listing marked as “active” is fairly self-explanatory, other terms can be less precise.
The difference between pending and contingent in listings might not be that apparent. If you find a home in the listings, but it is either contingent or pending, what does that mean, and do you still have a chance to buy it?
Contingent vs. Pending
The main difference between pending and contingent is that with a pending listing, the terms and the contract have been completed. But with a contingent listing, some of the stages in the buying process still have to be met. Not all Multiple Listing Systems (MLS) use both pending and contingent. The Northern Kentucky MLS and Greater Cincinnati MLS do not use the Contingent status but do use Pending.
Let's look at these in more detail:
Pending Listings
Property under contract with a buyer will be listed as pending. Showing another buyer got there ahead of you to sign a contract with the seller.
Usually, the pending status means the contract terms have been completed, and the sale is pending. So, real estate agents will make ...