Friday, September 11, 2015
It seems like buying a shiny new car and purchasing a home go together. Wrong! Buying a car may feel like a necessity, but if you are planning to buy a home, wait until after.
Buying a big ticket item on credit before buying or refinancing a house can make the difference between qualifying and not. It will ding your credit score, lowering it 40 to 60 points. It will increase your debt-to-income (DTI) ratio, and may knock you out of the park.
According to Kenneth Harney, Nation's Housing, "auto debt accounted for 81% of the increase in non-mortgage debt a month mortgage holders over the past 4 years".
While buying a new car makes you feel financially successful, in reality owning a home is one of the best financial decision you can make. You have to have somewhere to live and the benefits of owning your home usually include tax deductions that you don't get with a car.
Before buying a car, know that your DTI ratios are an important part of mortgage underwriting and are stricter and less flexible than they were a decade ago. Keeping your DTI ratios below 45%, with a maximum 50% for FHA, is important for obtaining a home loan.
So before buying a car or big ticket items on credit, consider what it will do to your DTI ratio and credit scores.
Keller Williams Realty
Tuesday, June 30, 2015
However, a 2013 Canadian Study showed that Smoking in the home can reduce the home value up to 29%. Most odors arise from bacteria attaching themselves to walls, carpets, draperies, and ceilings. Before putting your home on the market, here are 4 Tips to rid your home of odors:
- GENERALLY. Clean, Clean, Clean. Identify the source of the odor and eliminate it. Open windows. Change air filters regularly. Lemon peels in the garage disposal. Simple scents, like fabric softeners between clothes. Plug-in deodorizers on mild. Overwhelming fragrances can be just as pungent. Do laundry often to avoid dirty clothes piling up. You may want to invest in a air purifier or try a do-it-yourself nontoxic fogger like DynoFresh.
- SMOKE. While smoke attaches itself to almost everything, you will need to professionally clean all surfaces, drapes, walls, and paint with a sealing paint such as Kilzs. Smokers need to smoke outside in an open area away from the house, and don't forget to empty ashtrays. Some other tips can be found at 6 Tips to Get Rid of the Cigarette Smoke Smell.
- PET ODORS. Bathe pets at least weekly while your home is for sale. Anywhere a pet sits needs to be cleaned. Professionally shampoo the carpet and fabric furniture using a pet odor treatment. Clean the cat litter box and pick up dog mess daily using an air tight bags in the outside trash. Throw out those old raggedy pet toys.
- FOOD. Empty trash every morning. Avoid cooking strong-smelling foods such as fish, broccoli, garlic, etc. Clean refrigerator out often. Open a window and use the stove fan when cooking.
The most important thing is to remember is that buyers want to smell CLEAN. Breath new life into your home. Get rid of the Monster in the room.
Saturday, November 29, 2014
Rent just keeps going up. At what point, is it a better financial decision to buy? Take a look at this Rent versus Buy Calculator found on the Business Section of the NewYork Times. This will give you an idea of the costs of renting compared to what you might be paying to buy a home.
Before buying a home, people consider many things. Most importantly are the finances. Will I be able to afford it? What if I lose my job? Both important questions.
How can I find out what I can afford? While this Rent versus Buy calculator, gives you an idea of what you might be able to afford in a mortgage, it is important to talk to a lender, who compares your income to debt ratio to know what you can get qualified for in a home loan. Even if you are not quite there, lenders can help you see where you are at and where you need to be.
Many buyers worry, What if I lose my job? However, realistically this will be a concern even if you rent. You would have to do the same thing if you rent or own. You use savings, borrow from family, you get unemployment or work hard to find another job. Landlords, like bankers, won't let you go months without paying the rent. Most lenders look at your past two years of employment.
With rents continuing to climb, this Rent versus Buy Calculator can help you determine the right time to buy and the cost of waiting or missing out.
Written by Virginia Hall ● Keller Williams Realty ●
Monday, August 18, 2014
Looking for a condominium that has a garage, patio, safe neighborhood, with great schools? Look no further. The well maintained Mission Martinique condominium complex is located off Mission Gorge Rd. and Crossway Ct. or Caribbean Way, in the west end of Santee. The popular 88 unit complex was built in 1985 and qualifies for both FHA and VA financing. The complex has 22 buildings with 4 units in each building. 67% of the units are owner occupied. Only about 4 to 5 homes sell a year on average in the complex.The cozy homes have 2 and 3 bedrooms with 1.5 to 2 bathrooms. The square footage ranges from 908 to 1,086. The townhomes and single story downstairs units have enclosed patios and the single story upstairs units have a balcony.
Each unit has a laundry closet inside, as well as a one car garage and along with an additional assigned parking space. Additional limited visitor parking is available where marked for up to 48hrs. Additional leased parking spaces are available near the pool area off of Crossway Court, marked in yellow as “reserved”, for an addition $25/month.
The complex is located not far from the Mission Trails and Big Rock Park, minutes to the 52 and 125 freeways and Town Center shopping.
The HOA dues presently run $255 and cover exterior maintenance, exterior Building Maintenance, Limited Insurance, and trash pickup. The fenced community pool is centrally located.
A five member board directors elected annually governs the 88 unit complex with the help of the property manager Professional HOA Consultants (619) 229-0044. Board Meetings are held on the fourth Tuesday of each month at 5:30 p.m. in Suite C of the Professional HOA Consultants office.
For more information about the complex you visit their website at http://www.phoac.com/mission/News.htm.
Looking for a unit to buy, see featured listing on my website VirginiaHall.com or the 8765 Crossway Ct #79 Virtual Tour .
Written by Virginia Hall ● Keller Williams Realty ● (619)258-8585
Tuesday, October 29, 2013
Saturday, April 13, 2013
- Sight. Front yards should be green and well trimmed. If no flowers are blooming, add a pot of colorful flowers near the front door. Of course Decluttering is the biggest potential do-it-yourself return on the resale, up to $2000 or more on the sales price. Well lit rooms staged with minimal furniture and neutral wall colors, can be livened up with colorful accessories such as pillows, candles, and artwork. Display fresh flowers throughout the house, Add color pops with bowls of lemons, red apples, pomegranates in the kitchen and dining room.
- Sound. Play soft easy listening type music, jazz or classical your choice, throughout the house.
- Taste. A plate of freshly baked cookies or chocolates, along with coffee or tea can entice the buyers to sit down awhile to enjoy the home more.
By Virginia Hall, CRS, ABR, CNE, SFR, GRI, ePro
Monday, November 26, 2012
- Motivation. Know the buyer's motivation. One that is relocating for a job, is stronger than a buyer buying a second home. The family out growing their condominium is stronger than the one who is renting and thinks it is a good time to own.
- Proof of Funds. Before an offer is accepted, the buyers should be required to submit a recent bank statement showing that they do indeed have the money for the deposits and closing costs.
- Higher Offer Trap. At this time, many sellers are receiving multiple offers. Some buyers will offer above the fair market value in order to get their offer accepted, knowing they will renegotiate the price if the appraisal comes in lower. If the seller does not want to renegotiate the price, they still have to share the appraisal with the next buyer. So make sure that you have strong comparable home sales and the strongest, most motivated buyer with a fair price or money to renegotiate with.
So the moral of the story is look a little further than the price and terms on the purchase agreement. Make sure the buyer can indeed fullfill their offer so no one gets burned.
ABR, CRS, CNE, SFR, ePro, GRI
Keller Williams Realty