With mortgage rates at record lows, excess inventory, and some signs that many markets are bouncing back - all indictions are that this is an amazing time to look into homeownership.

Sure, you may want to use extra caution in some markets, San Antonio real estate could go either way over the coming months.  However, Cinncinnati real estate and Columbus real estate seem to have held value remarkably well during the downturn.  Richmond real estate has only experienced a minimal decline.

For many in the North East, it's been a mixed bag.  The Worcester real estate market has done fine, but NY and Boston proved riskier.

In the South, the opportunities have never been better - but don't go south of the Jacksonville real estate market unless you absolutely have to.  From Jacksonville to Charlotte real estate is looking like a bargain with stable conditions ahead.

Sure, consider economic stability - but in the long run, you'll want a place you are happy to live in.  Don't get caught up in the investment potential, buy a house you will be happy to live in, regardless of future real estate values.

So now that you've finished digging through boxes to find all the necessary paperwork the lender required, finished filling out the long application, looked over all the Good Faith Estimate and finally secured financing, what is the next step?

If you haven't already decided to utilize your own Buyer's Agent, now is the definitely the time to decide. 

What are the duties and responsibilities of a Buyer's Agent Why should you have your own Buyer's Agent? What are the laws regarding agency and how do they effect you as a buyer?  What happens if you don't use your own Buyer's Agent?  Do I need a Buyer's Agent when buying a new construction home? You'll be able to check out the answers to these and other questions in a "white papers" post coming in the near future. In the mean time, feel free to check out my previous post regarding whether you need your own Buyer's Agent or not when purchasing a new construction home. For the sake of this discussion, we're going to assume that you're using your own Buyer's Agent.

Though inventory levels have dropped drastically over the last 18 months, there are still hundreds of homes on the market to choose from and builders are constantly making changes to their new home communities including incentives, available lots, etc. To go through all of them would waste hours and hours of your time, energy and gas money and drive you crazy. The MLS, local agent's web sites, Realtor.com, Homesdatabase.com, Zillow, Trulia  and other sites in general and are not very good at painting a true picture of a property nor the neighborhood. You may think you like a property, but it may be much different in person and you may not like it after all. On the flip side, you may think that you don't like a property only to find out you really do once you've seen it in person.

That's where an experienced and knowledgable Buyer's Agent comes in. Part of what your Agent does is to sift through all the properties on the market including new construction lots, homes and communities and find the top 10 that best fit your criteria and are of the best value. They accomplish this by constantly previewing the market inventory and knowing the area that you are looking to move into. While previewing the market, they will know with much more certainty what properties fit your needs because they've seen the homes first hand.

But, in order for your Agent to know which properties best fit your criteria, you need to provide your Agent with the most accurate and complete information possible regarding what you are (and are not) looking for in a property. The best way to do this is to compile a list of "Must Haves", "Would Be Really Nice To Haves" and "Nice, But Just An Added Bonus" and provide that to your Agent.

Start with the "Must Haves", the things that are certain deal-breakers if the property does not have them. List the 5 or so things you must have in a property. For example:

one car garage four bedrooms upstairs walk-out basement not a corner lot certain subdivision and/or school district Then move on to the "Would Be Really Nice To Have", the things that are not necessarily deal breakers, but you would really like to have. List the 5 or so things that you would really like to have in a property. For example:

center island in the kitchen kitchen flowing into the family room so that you can watch your kids while you're preparing dinner first floor study because you work from home a lot large walk-in closets for all the outfits and shoes fenced backyard for the kids and/or dogs The move on to the "Nice, But Just An Added Bonus". The best way to explain this one is that you wouldn't mind if the property did not have these things if the price reflected it so that you could put them in later and still have the property be of great value.

upgraded light fixtures deck already present neutral paint throughout finished bathroom in the basement versus a rough-in finished basement versus unfinished basement If you're having a hard time figuring out which category to put each criteria in, rate each of your criteria on a scale of 1 to 10, 10 being the most important. You'll more easily determine which category each criteria falls in once you've done that.

Once you've compiled the lists, give them to your Agent and go over them in detail. Explain each category in detail so that they fully understand what you mean and your personal taste. The better your Agent understands what your looking for and need, the more efficient and effective they will be in narrowing down the playing field to the properties best suited for you.

Your agent should then provide you with a a list of the top 5 to 10 properties for your review. Set a time to preview these properties in person and with your Agent. Your Agent will take care of efficiently routing and arranging the showing times for you. Please keep in mind that usual showing times are 9:00AM to 6:00PM. Some are available to be previewed a little earlier and a little later in the day, but that's the exception. And make sure that you see the home while the sun is still up in order to clearly see the property and to see how much daylight is present inside the property without the lights on.

 Important note: It's strongly suggested that you do not preview more than 5 to 7 homes in one day. If you do, they will all start to blend together and you will forget the differences between them. One of the only exceptions to this is if you are relocating to the area and will only be in town for a day or two and need to see all 10 properties in the limited time you are in the area.

The typical buyer takes about 20 to 30 minutes to preview one property. If you are previewing 7 properties that are all within a short distance of each other, give yourself about 3.5 to 4 hours, including travel time. Make sure that you have something to drink with you and that you've eaten something recently or have a snack in your pocket/purse.

If you know you will need more than 30 minutes per property, let your agent know so that they arrange the showing times with the Listing Agent and/or sellers accordingly. Most buyers are uncomfortable with the sellers being home so help alleviate that situation by letting your Agent know that you will need more than 30 minutes to preview each property. There's nothing worst than showing up later than expected to find the sellers at home and trying to be sales people and give you a "tour of the property".

Now, if you're looking at 6K to 8K+ square foot homes, that's a different story. The average time for buyers in that category is 45 to 90 minutes and your Agent should already know that.

Make sure you bring the following things with you while previewing the properties:

a comfortable pair of shoes that you will easily be able to take off and put back on (you'll be walking through homes a bit and many sellers wish for people to take their shoes off) a note pad and pen/pencil to take notes of the properties as you're going through them a camera to take pictures of properties so that you can remember them later (the pictures online and in the brochures are not always accurate or of high quality) if you have a significant other that will be helping you make the decision, make sure that they are present. Once you've seen all the properties, you will probably know which one is the most appealing to you. If you're waivering between a few, go back to your lists (see above) and rate each one of them on a point system to see which one is at the top of the list. Some people know the second they see a property whether they want to place an offer on it while others like to sleep on it. Whatever works for you is what you should do.

But keep in mind that you are not the only one that may know that these are the best valued properties in that price range and that there may be other interested buyers looking to place on offer on the same property. This is not meant as a sales pitch to get you to rush in and buy something. It is simply a disclaimer so that you don't yell at your Agent (or me) for not warning you beforehand. I've had competing-offer situations many times even in this market because I'm always looking for the best value and typically not the only one doing so.

After deciding that you want to move forward with presenting an offer on a property, you'll need to figure out what strategy to take with this particular seller. A great Buyer's Agent will have great negotiating skills and know what to look for in order to negotiate in your best interest. But here's the "Catch 22"...if you've already found the best/under valued properties to begin with, their may not be much room to negotiate on the price so keep that in mind.

But price is not the only thing that you should consider. That's where the terms and contingencies come in. Here's a list of some commonly seen terms and contingencies that you may consider:

Do you wish to have a Home Inspection? Do you wish to have a Radon Inspection? What is your preferred settlement date? Do you wish for the seller or you to pay for a Home Warranty Policy? Do you wish to have a copy of the seller's Owner's Title Insurance Policy in order to save money on your Owner's Title Insurance Policy? Do you need a pre or post-settlement occupancy agreement for you or the sellers? Do you wish for your closing costs to be paid for by the seller in the form of a seller concession? Do you wish for the seller or you to pay for the termite inspection? What amount will your Earnest Money Deposit be? What personal property and fixtures do you wish to convey with the property? Do you wish to have an appraisal contingency? Do you wish to have a financing contingency?  Are there any other terms or contingencies you wish to have a part of the offer (Sale Of Home Contingency, Coinciding Settlements, etc)? These are all contingencies and terms that will effect the amount of leverage you have while negotiating. As a general rule, the more contingencies you have and the impact of the particular contingencies on the seller, the less leverage you have when negotiating on the price. You and your Agent should also go over the comps when deciding on a price to offer. "Comps"  are comparable/similar homes in the same and possibly neighboring community that have sold as well as gone under contract within the last 3 months along with comparable active properties. You should also review the latest market conditions in detail.

Once you have agreed on the offering price and terms, your Agent will prepare the offer, review it with you and have you sign and initial where applicable. Your Agent will need to have the Earnest Money Deposit check and lender letter in hand in order to make a copy of them and submit them with the offer. This is to strengthen your leverage as a buyer and necessary in today's market.

And in case you're wondering, the new Regional Sales Contract is 10 pages; the Virginia Jurisdictional Addendum is 5 pages; the Disclaimer is 2; the Contingencies and Clauses addendum is either 2 or 3 pages depending on which ones apply; the Buyer's Agency Agreement is 3 and the Disclosure Of Brokerage Relationship is 1 (if you haven't already signed them) and it typically takes 45 to 90 minutes to go over all the paperwork. It's not as bad as you think, either.

Once you've got the offer finalized, your Agent will either hand-deliver, fax or email the offer to the Listing Agent or seller (if FSBO). They should call the agent before delivering it as a professional courtesy and what we call "Registering An Offer" in Agent lingo. This makes it so the Listing Agent can contact the sellers and make themselves as well as the sellers available to review your offer. The typical response time is within 24 hours though it may be longer if the sellers are out of town, had an emergecny, etc. But the Listing Agent will usually make your Agent and you aware of that ahead of time.

So now the nail biting and possible sleepless night begins. You'll probably be thinking to yourself:

"What will the sellers response/reaction be?" "Will they accept, counter or reject my offer?" "What if they counter or reject - I really like the house!"

It's not fun, but every buyer goes through it. But keep in mind...Sellers usually want to sell their home as much as you want to buy it so they will want to get a response back to you as much as you want a response back.

The sellers have the option to accept, reject or make a counter-offer. If the reject it, you have to evaluate why and if it's worth presenting an offer higher in price and/or with better terms. That's something you have to decide along with a discussion with your Agent.

If they make a counter-offer, that's better than a rejection! And they've already shown you that they are willing to negotiate. You have the option of accepting their counter-offer, rejecting it or making a counter-offer of your own. Typically, you end up meeting somewhere in the middle and everyone is happy. But once again, thats something you have to decide along with a discussion with your Agent.

Hopefully, you'll have your offer accepted in its entirety. There may be some slight clerical or administrative changes, but they've accepted the price and terms. It's been delivered to both parties and is now a Ratified Contract - congratulations!

You might be used to the smell and the shedded hair, but it's new to your guests. This goes for you, too, small dog people. Because they do. Never fool yourself into thinking your pets Do not stink. Bad yards make the neighborhood look bad and bring property values down, plus they're an eyesore.

You'll get the whole neighborhood quietly hating you, making passive aggressive comments, and then one morning you wake up to find the whole block cleaning up your yard, as you stand on the porch in your robe with bed head. Every street has one, but Do not be that guy! Do not be the person who doesn't take care of your yard. You've got to keep the money you put into your house realistic compared to the average price of houses that are similarly sized in your immediate area; otherwise it is extremely difficult to get your money's worth. However, you need to keep your remodeling within the general costs of your neighborhood.

Now you might have so much money that you just need to get rid of it, and if so, might we recommend a few charities that do some good work? Do not remodel too much. Not a good idea. Same as with number one, except that you have the added danger of getting electrocuted.

Do not do your own electrical. Of course, if you like the texture of pocketed space, more power to you, but also more cost to you. The reason not to do this is simple: The cost per square foot of this improvement is so high that you might as well opt for a more sizable addition at a much lower cost per square foot. Bump-outs are when you move a wall out a few feet just for a little extra space (like a bay window, but to a greater degree).

Do not do bump-outs. However, if you are doing it yourself, you need to ask an engineer or a solid contractor. Certainly, if you are working with a quality contractor, this professional will know which walls can come down and which can't. Do not remove walls between rooms without knowing if it is load-bearing.

Plus we just wanted to let you know that we didn't miss this one. But, you'd be surprised. Now we know what you're saying, anyone who cares enough about their house to read an article about things you shouldn't do to them already knows not to do this. Do not park in the yard. Plus, if you mess something up, water gets everywhere and might ruin a great many things.

It's not so much that houseowners can't do this or can't learn, but most houseowners are not familiar with the safety requirements laid out in the Uniform Building Code (UBC). But even if you are an ambitious and skilled DIYer, just leave this one to the pros. If you already know how to do it, then this is just a list of the top seven things you shouldn't do. Do not do your own plumbing.

Our apologies if you've already done one of these (or several). Of course Do nots include set it on fire, paint it all black and take off the roof are givens, but we've come up with the top eight items to be avoided that many people already do.  The list for things you should do to your house are endless -- change furnace filter, clean gutters, leave a faucet running when it's freezing out -- but there are likewise many things you shouldn't do.

"Now that I've decided that I want to be a home owner, where do I start?"

So you've decided to purchase a property...now what? Well, the first step is to analyze your credit worthiness, assess your overall financial situation, explore your financing options and obtain a lender letter. This is the first and probably most important part of the process.

• Do you know what your credit score is?
• Do you know if you're viewed as favorable, mediocre or high risk to a lender and how that directly effects your interest rate and which of the 250+ loan options you qualify for?
• Do you know how much of a down payment you will need?
• Do you know how much you truly have to put down once you factor in closing costs and Paid-Out-Of-Closing Items?
• Do you know what information and paperwork you will need to provide the lender before they can qualify you?

You should consult a reputable and experienced lender to get a Good Faith Estimate (GFE) in order to answer these and other questions as well as obtain your lender letter. The GFE will also break down all of the costs associated with the purchase of a home including the interest rate of the loan and your monthly payment of Principal (P) and Interest (I). You will need to factor in Taxes (T) and Home Owner's Insurance (I) in order to come to your final monthly payment (PITI) and lenders will typically ask you for that information prior to providing you with a GFE. You can get tax information on any property off of public records sites (the County or State you are looking to move to) or the lender or your Buyer's Agent can research that for you.

If you are unsure as to which lender to use or who is reputable and experienced, here are some suggestions:

• If you are a member of a Credit Union, check with them. Their rates and closing costs are usually very competitive.
• Check with your banking institution. They may offer incentives to those who have an extended banking history with them and/or a certain minimum daily balance.
• Check with your coworkers, friends or Buyer's Agent to see who they have dealt with in the past and their experience with them.
• Speak with two to three lenders and getting three different GFEs for comparison purposes. Make sure that you speak with them all within a span of one to two weeks. They will each pull your credit and it will hurt your credit score if they are too far apart.

But don't confuse these suggestions with just "buying down the rate" to get a better rate. Yes, it does get you a better rate, but if you don't live in the property for more than 7 years, what you save each month with a lower rate may not outweigh what the cost of the point was.

Once you receive the GFEs from the two or three lenders you've checked with, make sure to compare them side-by-side. You can do this with your financial planner, friend or family member who has bought five to ten or more properties in the last several years or your Buyer's Agent. Understanding the entire GFE is key to knowing whether it just looks like a good deal or if it really is a good deal.

One thing that is intangible is the service and performance of the lender. Sometimes, if it's too good to be true, it is. The lowest quote may not always be the best one. What if it looks good, but the lender is sloppy, procrastinates or just doesn't have a good work ethic and your loan isn't ready come settlement date? Well, there are no current laws holding lenders accountable and YOU pay the price.

That's right...if the lender screws up and the loan docs are not ready or the lender pulls a bait and switch with higher closing costs or a higher interest rate and you don't want to move forward with the purchase of the home, you will be in default of the contract and may lose your earnest money deposit, etc. This is why it is so important to work with a reputable and experienced lender.

Sounds scary, but it really isn't. Seventy percent of Americans are home owners, which means that 210 million people have had to obtain some sort of financing and went through a similar process as you. And if you're informed and have people on your side looking out for you, you should have no problem.

If you wish to get a list of information you will need to provide a lender, a rough estimate of what you can afford and further information on financing and what to look out for, refer to The Buyer's Guide To The Home Buying Process. The Financing section provides information on interest rate tables, lender's calculations, maximum monthly debt ratios, a check list of items to provide the lender, etc.

Though new homes typically have a superior sales rate than comparable open homes, buyers are eager to exhaust more up-front with an understanding that part of what they are paying for is definite low maintenance overheads. A constructer's warranty, along with trademark-new roof, appliances, heater, and other effective systems that make chief repairs unnecessary, work together to counteract likely slower appreciation primarily.

Buying New Versus Resale

In nowadays's warmly competitive promote there is a infinite array of choices to be made when deciding on the font of lodging you hope to reside in. Below is a comparison of the gains and disgains of buying a new home versus a resale home.

Advantages of a New Home

One of the essential gains of buying a new home is the ability to embellish your home from the opening closely the way you want. You can select all the flag, which variety from paint to carpet. You can also make the tile and cabinetry range for the kitchen and bathrooms.

regularly, new homes will have more novel conveniences, better insulation and can be more energy effective.

Disgains of a New Home

Unfortunately, with a new home purchase you should be organized for the on-ready construction you will find around you. odds are that your prairie and lawn will not be in, your driveway will be irritate and your lane will roll into a sea of mud when it rains or snows. If gear are ready to go offend with a newly constructed house, they will emerge in the first one to two days.

As the house settles you may find cracks emergeing in the ramparts of the basement, especially near any windows in the basement, make definite you get them fixed right away. Also, you should not stop your basement in a new home for at slightest a fasten of days, just in basis cracks and leaks come.

There are additional expenses associated with new homes that you will not typically find in a resale home. For example, you may have to exhaust additional money for appliances, curtains, hangings, essential vacuum, humidifiers, decks, lattice, emotional garage door openers, stoping the basement, walkways, outside lighting, inside light furniture, foliage, bushes, gardens and landscaping, children's play sets, swimming puddle, air prepareing, etc.

ultimate overheads are typically superior for new homes. The consumer will pay for such additional overheads as the New Home Warranty Program, hierarchy planting, service hook ups and tarmac of the driveway.

commonly, when you buy a new home, you don't have an opportunity to see the actual exhibit. All that is provided is a drawing and in many basiss the end invention may be a disappointment to the consumer because of changes that the constructer or sub-contractor does not pursue or does themselves. Additionally, there is the uncertainty as to who will be your neighbours.

Advantages of a Resale Home

The chief gain of buying a resale home is that you are poignant into an established neighborhood. Your lawn is green, your bushes are rising, your driveway is smooth and your foliage are well enough established to give your lane a affection of permanence. regularly, most spares are already exhibit, such as appliances, curtains, hangings, essential vacuum, humidifiers, decks, lattice, emotional garage door openers, stoping the basement, walkways, outside lighting, inside light furniture, foliage, bushes, gardens and landscaping, children's play sets, swimming puddle, air prepareing, etc.

In provisos of investment, a resale home will regularly give you far more value than a trademark new home. Many owners put tens of thousands of dollars into home improvements ranging from small stuff, such as landscaping, to chief projects, such as a stoped basement or any of the stuff above. though these improvements will make the home more attractive to promise buyers, they may not boost the promote value of the home.

A $35,000 swimming puddle or a $15,000 stoped basement or even $5,000 worth of landscaping may make the home very attractive. However these additional overheads incurred may not necessarily boost the promote value of a home, especially if you have to wholesale it at a time of year where these chief stuff add little or no perceived value. The buyer gets the home at its real blond promote value, which is based on comparable homes for sale or sold in the neighborhood. All those expensely spares may be included in the home with promote to the buyer at little or no spare expense. This can be a substantial savings over buying a new home.

With a resale, the vendor's asking rate is almost forever negotiable downwards distinct the constructers file rate which is mostly concrete. Any spares or changes are added to the file rate of a new home and add up speedily.

Disgains of a Resale Home

A small percentage of homes in the promoteplace are not respected to be in move-in prepare. If both live-in partners ensue to be effective at rounded time jobs, a move-in prepare home is by far the best alternative. If the house is being under "influence of sale" or the house has been borrowed for many days the home may command a lot of work. If the buyer is not neat or does not have the additional up front wealth then the consumer would be better off buying a home in move-in prepare or a trademark new home. Additionally, as a home gets on in age certain systems such as heating, cooling, roofing, and/or windows must to be upgraded.

though some perceive the item above as a disgain, some respect it as an gain. A home that musts some fitting up can in truth exhibit some fine expense gain to a buyer. commonly, it can be purchased below the ready promote value, while at the same time providing an opportunity to have it embellishd to suite your aspect tastes.

Neighbourhood: Known or strange issue

When you buy a resale home, you can find out a lot more about the house and the neighbourhood before you buy than when you buy a new home. Land to defense new-home comements mostly is located on the border of township. latent buyers should ask the comeer about outlook access to community transit, entertainment activities, shopping centers, churches, and schools. district zoning ordinances also should be reviewed. A very faint subject can roll into a fast-food-shackle harbor inside a fasten of days. Try to endefinite that the neighbourhood, if not truly residential, will not launch rambling out of influence.

Buying into a new-home community may appear hazardier than purchasing a house in an established neighbourhood, but any boost in home value depends ahead the same truthors: condition of the neighbourhood, lump in the citizen housing promote and the condition of the global reduction. One study by the National Association of Realtors shows that resale homes do have an frame over new homes when it comes to appreciation.

More Questions and substance to deem

There is a chief result early in the method of purchasing a new home and that is whether to construct a new home or purchase a resale home already on the promote. The pursueing provides some respectations that may help you make an learned result.

place, spot, spot. Are new homes being built in the subject you appeal? Do you know the surrounding zoning and what will be constructed in the subject? How far away are services (schools, supplies, hospice, doctors, etc.) that you must? How long is the travel to work?

Investment. Typically, due to the continual addition of skin, rising toil and matter overheads, new homes expense more than related resale homes. Are you having to pay significant bearing or lot levies or taxes and fees that are forced on the constructer? Are the taxes on the new home greatly superior than a comparable resale home? Will you be in the new home pending the subject is built out so you will not be competing with the constructers should you must to wholesale the home? Is the home ready to be high rated compared to other homes built or ready to be built in the subject?

skin. Are the grace and skin that you appeal only open in a new home? Can you find a resale home with most of the skin and services you appeal? Can you add the skin you appeal to a resale home? Are newer resale homes open that greet your musts?

attempt. Is the new home constructer or comeer financially constant? Is the constructer a large well known company with a good reputation? Is the constructer asking for significant down payments or increase payments? Are there complaints stuck against the constructer for sloppy work or not making repairs? Has the constructer been delivering homes when promised? test with your Better Business dresser, the township or the city and speech to homeowners that have purchased a home from the constructer.

In rundown, a resale home can expense fewer, be more conveniently located, you know the subject and services and have fewer hazard intricate. A new home can be constructed to have the strict grace and skin you appeal, but mostly with greatly superior overheads, partial spots, and more hazard.

Ultimately, the result should be based on your musts and wishes, your family and/or children, your tolerance for hazard and the anonymous and ultimately your plan.

By: Dafoe Abraham

Also Check Out: House Flipping

With all user-friendly atmosphere Internet coupons, why are they listed on EBAY of resale by auction? Coupons are designed to be given away for free, why bid on them?

It doesn't make sense at first glance to go to all the trouble to register, log in search and bid on a free item like an Internet coupon when it is so easy to get them in the first place. Nevertheless, there are multiple auctions for Internet coupons under the heading of "certificates". Why bother? Is it that people are just so taken with EBAY and other auction sites and really enjoy the thrill and competition of an online auction? At this level, probably, not. It isn't much of an auction and the competition can't be too much of a thrill when most coupons sell for around a dollar. More likely, it is the selection of Internet coupons that is being offered on EBAY that is the cause of the appeal. These are not "cents off" manufacturers' coupons on grocery items.

The coupons listed on EBAY are more upscale or for more expensive purchases such as computers and related products, electronics and for retailers like Gymboree. The coupons are offered for price you must haves items and they are for significant price reductions. The average coupon for sale on EBAY is for $50 of a purchase or it may be a collection of $10 off coupons at a single retailer. Other Internet coupons offered at auction are for 25 to 30% of purchases at online retailers like Office Max and Circuit City. But by far the largest category on Internet coupons on sale at EBAY is for high-end children's products like Gymboree and Jack n Jill where devoted Internet savvy Grannies are shopping for the perfect gift. (Let's face it, most parents settle for Target for kid's clothes and Toys R US for playthings).

It is fairly obvious that it is worth it to the buying to take the time to bid on and purchase an Internet coupon for $50 off purchase of an item he is planning to buy. Even after paying $1 purchase price and up to $4 shipping, the consumer is going to save nearly $59. But how can such small transactions as a dollar plus fees to EBAY result in much of an income for the seller? The answer, as in most sales related things is volume. Internet coupons are offered by sellers who have lots of hundreds of these coupons.

Also Check Out: Richmond, VA real estate