Real Estate Search Direct

One of the problems that many first time home buyers have is being intimidated by the overwhelming task of searching for the perfect home, so they usually seek the help of a real estate agent. To greatly increase your chances of finding a perfect home, you should take the time to do online research about the area you would like to live in before using the services of a real estate agent.

“100 Questions Every First-Time Home Buyer Should Ask” author, Ilyce Glick, expertly stated that new home buyers should take the time to study the area by doing online research and interviewing several realtors to find themselves the best match. This strategy has proven highly effective in helping many new home owners find the right home.

You can actually screen out real estate agents to find out which one will service your needs the best. Here is a list of pertinent questions that you can ask to help you decide who to choose:

1. How many years have you been selling houses in this neighborhood? A well-established real estate agent in your target area will be able to give you more details about what are the advantages and any disadvantage of living there.

2. What is the average price of the houses that you deal? It is to your advantage to find a real estate agent who will show houses that you can afford, rather than someone who will present you with expensive places that are not in your budget range, so you will not waste your time or get into large payments you may not yet be ready for.

3. What is the average number of clients that you handle at a time? The answer to this question will give you an idea as to how much time the real estate agent actually has to pay attention to your needs.

4. Do you have an assistant? Since communication is a vital part of the buyer and realtor relationship, it is better for you to know if you will be dealing directly with the agent or coursing most matters through the assistant. Whatever the case maybe, make sure you will be comfortable with the arrangement so you can get all your inquires and concerns answered within a short period of time.

5. What percentage of your business is with first time home buyers? Finding out how frequently your prospective real estate agent works with first time home buyers gives you some indication of their experience and may help you make a better decision for your final selection.

6. How many years have you been working with the company? If the realtor or agent is well-established, you will see that they have a good track record, and you will be better dealing with an experienced one rather than those who have just started their career in the real estate business. You can even ask for references from a supervisor get to know the credentials of the person you are going to be dealing with.

It may take a little time before you find the right real estate agent to aid you in your home buying needs, and it is to your advantage to review several qualified agents before deciding. The help of a professional and reliable real estate agent will be invaluable and you can get to achieve your goal of purchasing the perfect home.

Homebuyers looking for houses for sale in Minnesota for sale can go online and search for homes by price, location and neighborhood by using the Minnesota MLS listings to find properties throughout the state.

Comments (0) Feb 07 2010

Investing in high end real estate has become must more easier for people who have cash saved and are not being impacted severely by the suffering economy. These individuals are in a position to make an investment in homes and, when the economy recovers, to make a significant return on their investment.

When looking for the best prices for luxury homes an individual will want to research the area that they are looking at and make the purchase with the attitude that it is a long term investment. The return on this homes will not be seen until the economy worldwide has recovered. At that time an individual will be able to see a significant profit on most of the investments they make now.

When looking at expensive properties it is important to include long term, ongoing hidden expenses into the calculations that one makes. There are many costs included in owning a high end property that are not found with other types of property. These can include extra fees for gardners if the home is on several acres of land. Or, yearly maintenance costs for an extremely large home.

Making sure that when the economy has recovered and the location’s real estate market is going to rise to the level necessary to see a return is also important. While there are many luxury homes around the world that are beautiful and may meet all of a person’s requirements. If they are not in a location that will attract buyers in a good economy then the home will never be able to provide the kind of return that one would want.

Research on the seller of the property will give an individual a chance to calculate their negotiation ability. A seller with a need for cash will be much more willing to negotiate down on luxurious properties than a seller who is attempting to reinforce a portfolio.

The real estate market continues to devalue, with even luxury homes falling in price, and perhaps making some investment property more affordable than was the case until the global economic crisis.

Comments (0) Feb 04 2010

If you are a first time home buyer or planning to buy another house, you can get a better purchase by conducting extensive research without having to first seek the aid of a real estate agent. An important step to house buying is the showing, and the ideal way to use this opportunity is to have 3 showings at least per house to facilitate your inspection and inquiries. If the house seems viable to you after the first showing, during the second showing, take notes as you examine each area of the house for physical defects.

“100 Questions Every First Time Home Buyer Should Ask”, book author, Ilyce Glick recommends that first time home buyers should use the time of the second showing to reconfirm what they had found appealing during the first showing and to identify any problems that it may have to be able to save time and money. Here is a list of things to do a closer inspection of during the second showing:

Check the roof. You can inquire in detail to the property owner or the agent how old the roof is and if it has ever been repaired or renovated. Roof replacement or repairs are rather costly, so knowing if you have to shell out money for it in the near future will help you make a wise decision. Look for signs of wear and tear inside the house. Crack in the walls, peeling paint, loose steps and other similar defects may not cost a lot to repair, yet it is better to be prepared for it.

Checking for signs of wear and tear in the interior. Look for cracks on the walls, creaky floorboards or shaky stairs as you walk through the home. While touch-up work may not be too costly, you should still have a strong understanding of the extent of damage.

Check the mechanical systems. Are all the heaters and furnaces functioning well? Is there any sort of insulation that is installed? Get all the details you can about the mechanical system so you can make provisions for repairs or replacements.

Do an assessment of the area. Check out the front and back view of the place. Do you like what you see? What is the noise level? These details can only be derived by actual observation and is needed to be done so you will have an idea about the area you will be living in.

Check for pests. Do you see any tell-tale signs of rats or termites? Are there roaches or other bugs? Find out if the house is infested with pests and if the property owner has done any pest control so that you won’t be walking in this kind of problem unprepared.

Imagine yourself living there. Visualize yourself in the house going about your daily routine. Does the furniture you have complement the house? Visualizing yourself living in that place will aid you immensely in deciding if it is the right house to be called home.

Time spent wisely during the second showing to do the necessary preliminary inspections will already help you trim down your choices. Having a list of the things that you have observed will greatly aid you in deciding which house to buy when you sit down to make your final decision.

When looking for Minnesota homes for sale, the internet is an invaluable resource. New homebuyers can use the MN MLS to view current listings of properties throughout the state.

Comments (0) Dec 31 2009

Making the right offer is one of the most important part of the home buying process. Experts advise all homebuyers to find out home prices in an area and set their own reservation price, or the maximum price they are willing to pay for a home. A reservation price actually helps homebuyers in negotiating with the seller and stay within their budget when making an offer.

Barron’s ‘Smart Consumer Guide to Home Buying’ explains that it is customary for buyers to discount their offering price to create some negotiating room when making the offer; there is no rule on how much this discount needs to be, but it will depend largely on market conditions and how much you really like the home.

Below is the basic process for calculating reservation price to help you in making your offer and negotiating for the home you are eyeing.

1. Write down the amount you can afford to pay each month. This may be close to what you are paying now, or what you are comfortably willing to spend per month on housing costs.

2. Calculate tax and insurance costs. Barron’s ‘Smart Consumer Guide to Home Buying’ offers the following suggestions for calculating tax and insurance rates. Use a factor of .68 for areas with high tax and insurance costs; .85 if tax and insurance is relatively inexpensive; or use the standard .75 for a rough estimate. Multiplying this rate by the amount in Step 1 will give you your affordable loan P&I payment.

3. Calculate your typical loan term and interest rate. Write down the loan term in years and the interest rate. You’ll need to locate the appropriate payment from the loan payment tables that are applicable to this loan term and interest rate.

4. Calculate your total loan amount. This will also be found in the loan payment table; you may also obtain this from your mortgage lender.

5. Add your cash available for the down payment. This will give you a final figure of the amount you can afford to pay for the home.

You then have to compare the calculations you made on Step 1 with the amount on Step 5. The difference between the two will give you your negotiating range when making an offer. If the amount in Step 1 is larger than the amount in Step 5, you can offer a higher price for a home to secure the bid. If the reverse is true then you need to negotiate to bring down the final price into the range that you can afford.

Computing your reservation price can help you in negotiating for the home you want while making sure that you work within your budget. Apply your calculations for each prospective home so you can be flexible in your bids – either offer a higher bid or negotiate to lower the final price.

Are you a new homebuyer looking for homes for sale in Minnesota? Searching online using the Minnesota MLS is an excellent way to find the type of home you’re looking for.

Comments (0) Nov 23 2009

To the great relief of many people, both inside and outside the real estate business, it appears that the worst days of the depressed real estate market may be behind us. It’s perilous business trying to forecast market changes (see below) but at least in some parts of the country it does seem that buyers are starting to emerge from hibernation. If you are considering buying a home, here are the top ten mistakes that you should avoid before committing to a purchase.

1. Not Obtaining a Loan Pre-approval Letter Getting pre-approval for a home loan is an important first step for potential buyers. Obtaining a loan pre-approval will give you a much better idea of the amount of money you can safely borrow. Having a pre-approval letter also indicates that you are serious about buying. Most sellers with quality houses won’t even consider an offer unless it is accompanied by verification of pre-approval. Furthermore, should any problems with your credit worthiness arise it is better to learn about them early, when you still have time to take action to resolve them. Encountering a credit glitch after you have already agreed to a home purchase can be devastating.

2. Not Hiring a Buyer’s Agent Unless other arrangements are made, with nearly all full service real estate companies, the buyer’s agent works for you at no cost to you. His or her commission is paid by the seller’s broker after the sale closes. Hence, it is in your best interest to hire your own representation – a buyer’s agent – instead of working with the seller’s agent. The seller’s agent is obligated by law to act in the seller’s best interest, not yours. By using the services of a buyer’s agent you can level the playing field since a buyer’s agent is required to serve in your best interest.

3. Selecting the Wrong Real Estate Agent Before choosing a buyer’s agent, you should talk to a number of different agents. Request the names of earlier clients so you can check references. Don’t limit yourself to agents with large brand name firms or so called “million-dollar” agents. Also, before hiring a friend or family member who is an agent, remember that if you are disappointed with the level of service provided, it’s considerably easier to dismiss an agent who is a “stranger”.

4. Not Realizing the Length of Time Involved in the Process Buyers, and sellers, often believe that the process of buying property is shorter than it actually is. There are a myriad of things that can introduce delays. Sellers can be slow in formally accepting your offer, you may have trouble selling your current property, the loan processing may be delayed, repairs may have to be completed, problems with obtaining a clear title to the property may arise, etc. Murphy’s Law always appears to surface when trying to finalize a deal quickly. Make sure to allow at least eight to twelve weeks to complete the sale.

5. Assuming the Appraisal and/or the Tax Assessment Equate to the Market Value. Appraisals and tax assessments are designed to be objective estimates of value. However, different appraisers can report considerably different results. Buyers should have their agent perform a comparative market analysis (CMA) to get a better idea of the home’s current market value prior to offering to buy.

6. Attempting to Time the Variations in the Real Estate Market Trying to time a purchase with when the market has hit rock bottom is nearly impossible. I would be an extremely rich man if I had that ability! Both buyers and sellers should realize that a sound real estate investment is always a long-term venture.

7. Ignoring the Facts When Searching for a Dream Home When buying a home, if you only follow your heart and not your head, you will probably be in for some nasty surprises. That fabulous home may look like your dream home, but make sure you consider everything involved. Consider such everyday issues as the effect a large home loan may have on your resources, commuting times, the quality of local schools and shopping facilities, the cost of property taxes and homeowner association as well as other quality-of-life aspects of home ownership. That fabulous home may not be worth the problems it causes you and your family.

8. Failing to Remember That Timing Is Everything As you can probably imagine, paying two mortgage payments can be incredibly hard to manage. When thinking about selling your current home and buying another, understand that the sale of your current home is the more crucial of the two transactions. If you would be unable to make payments on two loans, if at all possible, try to secure the sale of your current home before committing to purchase a new one.

9. Not Reviewing the Purchase Contract. Keep in mind that a purchase contract is a legally binding document. Failing to understand what you’re agreeing to can be a painful mistake. Read the document thoroughly prior to signing and request clarification if there is something you are not sure about. Do not be afraid to run it by your attorney if you wish. Be certain that it contains everything you it should, including which party is paying for what. Verbal commitments should be included, in writing, in the contract. Ensure that your agent takes an active role in the writing and negotiation of the contract. Hurrying through this step may add delays and result in financial and emotional pain.

10. Not Conducting a Criminal Search for the New Location. Agents in most parts of the country are not obligated to notify buyers if there is a sex offender or other illegal activity in the neighborhood. Contact the local police department or sheriff’s office to find out how to gain access to local sex offender and related criminal databases. In addition, the internet has made this information much easier to obtain in recent years. There are many online resources for locating this information. Visit the website backgroundcheckpoint.com for information about several of these investigative resources.

Jim Navary has been a freelance writer and researcher for more than thirty years covering a broad range of subjects. In addition, he is a licensed real estate salesperson in the Commonwealth of Virginia specializing in real estate in the Tri-Cities area of Virginia and Colonial Heights, Virginia homes for sale.

Comments (0) Nov 09 2009

The state of the economy, interest rates and market cycle all play a role in the final price of your dream home, but it’s not always easy to tell whether now is a good time to become a homeowner. First time homebuyers are typically nervous about entering the homebuying market because they simply can’t tell the difference between a buyer’s market or a seller’s market.

In a buyer’s market, housing prices are very attractive and interest rates may be lower than the average. You may even see more ‘For Sale’ signs in different neighborhoods and sellers may be willing to reduce their prices drastically just to sell the home.

It is hard to find an attractive home deal in a seller’s market. Lotteries are setup that allow exclusive buyers to bid on certain homes. You might hear some people saying that the market is in ‘crisis mode’ during a seller’s market.

Buying a home on the right market will significantly favor first time homebuyers financially. However, Barron’s ‘Smart Consumer’s Guide to Home Buying’ cautions that “cycle phases are much easier to pinpoint long after the fact.” Nevertheless, you can look for certain signs that indicate the current market phase of the industry.

As mentioned, ‘For Sale’ signs are everywhere in a buyer’s market. At this time, sellers are giving incentives, such as concessions and discounts, to sell their properties quickly. There would also be an increase in the number of foreclosures and high-priced, quality homes will be sold for lower-than-average prices.

In a seller’s market, you can expect to see: very few ‘For Sale’ signs around the neighborhood; relatively high prices and competitive selling tactics within the same neighborhood; people ‘flipping’ homes where they buy a home and renovate it to sell it in a very short period of time; news stories that point out how unaffordable it is to buy a home; lots of rental complexes being converted into condominiums.

The best time to buy a home is during the buyer’s market when sellers are more eager to sell their properties and give out discounts. A good indicator to buy a home is when ads of homes with price cuts, discounts and other extra incentives start to circulate. You might be tempted to buy the first home you see or the lowest priced home but it is still important to work with a professional agent. Get a professional agent, especially if this is your first home purchase, to guide you in choosing the best home that would fit your needs.

Homebuyers must have a strategy to help them out in the entire homebuying process. Homebuyers are advised to look for market indicators, work with a professional and do their own research to come up with a plan and choose their best option.

Are you a new homebuyer looking for homes for sale in Minnesota? Searching online using the Minnesota MLS is a great way to find the type of home you’re looking for.

Comments (0) Nov 04 2009

To purchase land near the beach you will need to find an area that has not already been developed with a house on it. Beachfront land that borders the ocean or waterway is very expensive, and is hard to find. Land that is just off the beachfront is typically easier to find, less expensive, and a better choice for investment. Regardless of which you choose to search for, the land must have value. Consider the three points below.

1. Why is the land for sale?

2. Research the area to see if utilities are available for a house.

3. Are development projects forecasted or expected in the area?

First off, determine why the land is for sale. Frequently zoning restrictions prevent landowners from building or doing what they want, and they will try to sell it. If you are not aware of these restrictions and rules, you might be in for a big, and bad, surprise. The ground and surrounding area might not be supportive to buildings. For example, sinkholes might seem sturdy for many years, but can begin to falter over time, causing unstable ground. Know what you are buying before you buy.

Are utilities available for a house? This is the second thing to consider, as all houses will need utilities. Sometimes areas have certain utilities and not others, which make them hard to have a conventional lifestyle. For a beach investment property, you will need it to have access to utilities so that any kind of house constructed there would have access to appropriate utilities. At times, you can find an are that does not have utilities yet, but will get them soon because of development projects. These are great investments because they are usually lower priced and will appreciate greatly.

Lastly, make an evaluation of the area and what potential residential development and commercial development project might take place. Development projects can both benefit and detract from the value of a house. If you happen to find a perfect piece of land, for instance with a clear view of the ocean, an open area capable of putting a house on, and forest surrounding the house on all other sides, then development projects are not as negative. If you don’t have those, and the development would make your land feel crowded, then it would be a detraction. The main idea is to think long term about your investment.

If you are interested in more information about real estate investing, then check out Jeremy Szechenyi’s awesome Blog on beach investment propertys.

categories: Beach Real Estate,Beach Land for Sale,Buying Beach Property,Buying Land,Buying Property,Real Estate Investing,Real Estate,Investing,Money,Business

Comments (0) Oct 31 2009

My wife and I had to go to our local grocery store on Saturday to pick up some basic items – bread, milk, tomatoes, etc. The store is closed on Sundays so Saturday afternoon they always reduce the price on selected perishable foods. It’s very tempting to pick up some of these cheap items until one realizes that there’s a good reason they are so heavily discounted.

That bargain loaf of bread has reached its “sell by” date. Before I can use the entire loaf it will probably become stale and I’ll have to throw away half of it. Likewise, that gallon of milk is about to expire; by the time I get through half of it, the milk will most likely turn sour. And that shrink-wrapped package of eight tomatoes? They’re already getting soft – how will they be in 3 or 4 days? Yuck!

Sometimes cheap really is cheap. The real estate market can be very similar to the food market – there’s always a reason that that bargain is priced so low. Learning why a cheap property is priced so low is critical to figure out if it is truly “worth it” to pursue. Seeking the advice of a buyer’s agent can be a very wise move to make before you jump on a cheap home.

Homes that are listed with major discounts can normally be classified in just a few categories:

1. The Handyman’s Special or “Fixer-Upper”

Homes that have fallen into disrepair can usually be purchased at prices well below the asking price of well maintained, similar properties. When the property owner is unwilling or unable to make the necessary improvements, the only option is to list it for sale at a heavily discounted price.

If the prospect of manual labor is particularly unappealing, you probably should avoid this type of cheap property. Similarly, if paying someone else to perform the necessary work is out of the question – just walk away. However, If the prospect of doing the work yourself doesn’t completely turn you off, these “handyman specials” can be an excellent investment.

2. A Somewhat Questionable Neighborhood

We’ve all heard the saying that the three most important aspects of real estate are location, location, location. Well, it’s really true. The value of a home can vary quite a bit depending upon its neighborhood. This can be fabulous for the homeowner in an upscale location. However, it can be devastating for a homeowner in a neighborhood that has fallen on hard times. Contrary to many people’s beliefs, real estate values do not always increase with time.

In some cities, certain neighborhoods that have been on the decline are gradually being revitalized through the renovation of individual homes. As these renovations spread, the potential value of property in the immediate neighborhood can begin to climb. Your Realtor will be able to give you an idea about the direction that prices are moving so that you can make a well-informed decision about the potential value of inexpensive homes that fit this category.

3. “Priced To Move Quickly”

A times a homeowner may be under pressure to sell their property very quickly. There may be a need to liquidate assets for cash in hand, an imminent relocation for employment purposes, or pressure to eliminate double mortgage payments after committing to the purchase of another home.

Inexpensive homes in this category usually provide the best value. However, these bargains do not normally remain on the market very long since a fast sale is the very reason that the property was discounted. The best approach to finding these fleeting opportunities as they arise is to have your buyer’s agent notify you when new property listings hit the market. Most real estate agents have access to automation tools that will automatically notify you via email the same day that a property that meets your requirements is put up for sale. Without that type of competitive edge, it’s likely that you’ll never hear bout these prime opportunities.

4. The Mystery of the Unknown

This is the “catch-all” category for homes that don’t seem to fit any of the three previous categories. They are the riskiest properties and should be approached with extreme caution. There is always a reason for a house being under priced – if it’s not apparent at first glance you may have to do some serious investigating before considering a purchase. Sellers are obligated by law to disclose any information that affects the home’s value. Your buyer’s agent will prove invaluable in these cases by helping you ask the right questions.

Obtaining the advice of a buyer’s agent and investigating the reasons that “bargain” properties are priced so low are the keys to discovering the true value of a “cheap” home. These deals can look very attractive at first but, only after further evaluation, will you have an idea if a property may turn out to be a “money pit” or a fabulous opportunity. You won’t regret performing your due diligence.

Jim Navary has been a researcher and freelance writer for more than thirty-five years covering a wide range of topics. He is also a licensed real estate agent in the state of Virginia featuring Fort Lee VA real estate and Colonial Heights VA homes for sale. You are welcome to reprint this article – but get your own unique content version here.

Comments (0) Oct 31 2009

Selling your home when there are few buyers and when the market is difficult is hard, so how do you do it?

The way most homes are bought include getting a mortgage from a bank, loan company, building society or mutual. However in these very heady credit crunch days, this has become almost impossible to do without either a very large deposit and an impeccable credit history.

Repossessions are steadily on the increase, and homeowners who are in danger of repossession and eviction may find they are able to stop the process if they can find a buyer for their property quickly

Though some investor buyers may prefer to wait and buy repossessed houses, others are willing to buy pre foreclosure, and can offer you cash for your house, thus allowing you to pay back the chasing financial institution all the mortgage money that you owe. In actual fact, the cash will go first to the mortgage company as they are the one who usually have first charge over the house. Once they have retrieved their money, the balance will be paid to you. The main fact is that foreclosure will be halted (in most cases) once you have secured a buyer and exchanged contracts on the deal. Once completion is made on the deal you will have the money from the sale usually in your bank the very same day.

Buying repossession property is not for everyone however and not everyone who wants a quick sale on their property is actually in danger of being repossessed. There are lots of other reasons why a seller would want a quick sale. It really doesn’t matter, if you the seller wants to sell a home fast, you need a cash buyer, one who does not have to arrange mortgage, get surveys etc done, you want someone who has all the necessary in place already. But you need to attract them to your property and give it the advantage over others in your area.

If you’re home is in bad condition, the buyer may overlook it in favor of a cheaper property they have seen elsewhere. You have to give the buyer a better proposition than any other seller with whom they may have come into contact.

Cheap properties for sale in your neighborhood won’t necessarily kill your chances of getting a quick house sale. If you are able to present your property in such a way as to make it more appealing for buyers, then you can overcome the price barrier and can hopefully sell your home before you lose it.

Find more ideas on how to sell a home fast at our property website. Ashley Lawrence provides excellent information on house investments

Comments (0) Oct 29 2009

As the international economy continues to recover, investors are starting to return to realty investments in a big way. However, whilst much investment was seen in exciting new locations over recent years, the tide seems to have turned back to the more traditional European countries.

To put this into focus, at number one again is France, commanding a large thirty three percent of all inquiries to date. This seems to have been driven most notably from UK investors, though there has also been widespread interest from Europe and further afield.

France has always been a good port to head to when looking at property investments; and this is truer now. Helped by successive governments’ cautious approach to all things financial; high quality investors have been seduced. Other than this, there does not seem anything particularly attractive.

Indeed, this makes Spain’s resurgence all the more surprising, particularly in light of some worrying realty and land related stories across the media. This has not hampered inquiries rising by more than twenty percent over the last twelve months however.

However, whilst these reports over licensing laws corruption and land grab issues have enjoyed much analysis in the international press, much of this has been driven by political maneuvering and is really nothing new.

Probably because of this, realty investments have come from established companies, rather than for those looking to private investments. Along with generous interest rates, a plethora of properties flooding the market at once and desperate vendors slashing prices, those with their fingers on the pulse have swept to take advantage.

This of course puts both France and Spain collectively, controlling in excess of half of all market inquiries emanating from the UK and Europe. However, a sizable amount of interest is also to be seen in Turkey, Portugal and Italy.

Turkey, which is often referred to as the new Spain, enjoys many of the same benefits. Most notable of course is the Mediterranean influence in the food and weather. Tourism too is soaring, with estimations that the thirty million visitor mark will be reached for the first time this year, (2009).

Not being part of Europe, and subsequently the strong Euro, has also helped a great deal of course. Whether or not this will change should the country be welcomed by Europe is hard to say; though it is unlikely for the foreseeable future, and its thirteen percent rise in inquiries looks set to continue.

Portugal and Italy currently sit third and fourth in inquiry levels, which is in keeping with where they have consistently performed historically.

Portugal of course has always been the place to go to should Spain become too restrictive, but with real estate prices continuing to fall, it is becoming an attraction in its own right.

Last to mention, though far from least where real property investments are concerned is Italy. Always attractive to the more refined of investors, (and culture tourists), the surge here has been very much helped by increasing problems seen in the likes of Bulgaria, Croatia and other ‘newer’ countries trying to join the real real estate party.

The real estate market continues to devalue, with even luxury real estate falling in price, and perhaps making some real estate investments more affordable than was the case until the global credit crisis.

Comments (0) Oct 24 2009