Make a list and check it twice

If you are thinking about the home you want in the coming year, this is a good time to compile your wish list, whether you’re looking to Santa or not.

After writing your dreams and wishes, your list of must-haves comes next.

Give yourself the gift of time to create the lists. You can enjoy that time whenever a new idea comes to you, whether it’s in the middle of the day or in the middle of watching NCIS on television.

Builders of up-scale homes say a state-of-the-art kitchen, walk-in closets and whirlpool tubs rank as the three most-coveted elements Americans over age 25 want in their dream homes. The survey of builders was made by market-research firm GFK Roper.

Your own list will be a lot longer as your customize it according to how your family lives. Fortunately, most of your needs today can be met by an existing home, and many of your wishes can be fulfilled at the same time.

A dream home doesn’t have to be a palace, but with home prices at their current levels, dreamers have the opportunity to buy more than they could in earlier times.

A few things parents may want to include in their list:

* A separate laundry room.

* A mud room with a half bath attached for washing up.

* Extra storage space for toys and sports equipment.

* Large kitchen with space for family dining.

* Fenced yard to keep small kids and big dogs contained.

No home will have them all, but many will have other amenities you will like even better.

If you’re a baby boomer or beyond, that home could be your reward for a lifetime of work service to others.

Terry Iwaniw
REALTOR Associate
ReSales & Investment Realty, LLC
Off: 856-795-3111 x263
Cell: 609-417-1086
http://www.sellmysnjhome.com
http://snjrealestate.ning.com
http://www.snewjerseyhomes.com
Connect on Facebook – http://profile.to/terryiwaniw

Tags: dream home, home buying, selecting the right home

Why hasn’t my home sold?

I’m sure that there are many home owners out there that are asking that question. And there are many possible answers to this question. The home owner can start to answer this question for themselves by doing their own analysis of the way their agent is marketing their home.

1. Does your home’s MLS listing have any photos included? At least there should be a photo of the front of your home. If your agent didn’t even bother to take a photo of the front of your home, how much are they really going to bother marketing your home.

2. Have you heard from your agent or been able to reach them by phone or e-mail in the last 2 weeks? If they don’t have time to speak to your for a few minutes every couple of weeks, then how dedicated are they to marketing your home? Their answer to you, once you finally do get in touch with them, is that they have so many other homes they are marketing. You need to tell them that they may need to cut down on the number of homes they are marketing to a number that they can manage and service. The worst thing any agent can do is to completely ignore their client once they get their signature on a listing agreement. That is completely bad business practice.

3. When you were discussing the price that your house should be marketed at, did your agent give you a specific dollar amount or a dollar range? If they gave you a specific amount then look for another agent…no one can predict the future with any amount of certainty. If they provided a dollar range, did you agree to price it at the upper range or the lower range? Whose idea was it to do this? If it was yours, you need to rethink your pricing strategy. In a declining market, one always wants to establish a price toward the lower range. If, as a home owner, you don’t know what a declining market means or how it is determined then you need to look for another agent because this is one of the very BASIC things that your agent should have told you. If the agent recommended the upper range without a set timetable for price review then you need to look for another agent because they really don’t know what they are doing. You may have a great pride in your home, to the point that you feel very strongly that your home is the BEST home in the neighborhood…with absolutely no equal…then you had better be able to quantify that. Because the market does not care about your opinion. The market (i.e. buyers) only care about things that they can see and touch.

The key to selling any home is marketing the home, promoting and exposing it to as many people as possible. And for people to take notice the keys here is price and location.

Every home is unique, but the one common thing among all of the sold homes is that they were aggresively marketed, priced to sell, and the real estate maintained contact with the home owner.

Terry Iwaniw
REALTOR Associate
R & I Realty, LLC
Off: 856-795-3111 x263
Cell: 609-417-1086
http://www.snewjerseyhomes.com/
http://snjrealestate.ning.com
Connect On Facebook – http://profile.to/terryiwaniw

Tags: home buying, home listings, home marketing, home selling, MLS listings

The Key Points that You Should Know About Mortgages

A mortgage is a kind of an agreement made to pay the money, which was loaned, to a person by keeping the house as collateral. Mortgage is a promise made to pay the debts by putting it in writing basically. Mortgages have terms and interest rates which are either adjustable or fixed.

Mortgage terms:

Mortgages are designed in such a way that they can be paid in installments for a certain period. The time frame which allows the person to pay back his mortgage is called the term. The term may be 10 or 15 or even 30 years. The length of the term determines the amount of money to be paid, which is actually spread in installments.

Mortgage interest rate:

The interest rate depends on the percentage to be paid on the mortgage loan amount. The interest rates vary according to the credit score of the person. If the credit score of the person is very high, the interest rate and the amount of monthly installments are lower. If the credit score is lower then the interest rates and the monthly installment amount are higher. Hence a good credit score will help getting lower interest rates to the debtor.

Types of mortgages:

Mortgages – Adjustable rate of interest

Under this type of mortgages, the interest rate changes from period to period according to the fluctuations of the market. The degree of change of mortgage interest rate is directly associated with the index to which it is tied. Since index will differ as they may be tied to a foreign bank rate of interest in certain cases, it is good to ask to which index the adjustable rate of interest is tied to. Usually they are fixed for a period of 1-5 years and then become adjustable.

Mortgages – fixed rate:

The interest rate of the loan amount is fixed in the case of fixed rate mortgage till the end of the term regardless of the market fluctuations. The debtor will never have to pay more than the fixed interest rate at any cost. The only means by which a fixed rate mortgage can change is through Refinancing.

Refinancing:

It is a process of changing the existing mortgage terms of agreement. The debtor can go for refinancing when the interest rates are lower so that he can save money qualifying for the lower rate of interest. The length of the term can also be adjusted to be either long or short using refinance option. Care needs to be taken when going for refinancing of mortgages as it entails for new closing costs. Fees and closing costs are involved in this method.

Appraisal:

The crucial part of mortgage is the appraisal. Before going for a loan from a bank, the value of the house must be assessed properly. An appraiser can determine how much the house is worth actually by inspecting the features of the house and by comparing it with the neighborhood houses. If any addition or embellishment is made to the house, it can raise the value of the house, but may require to appraise the new value of the document.

Tags: home buying, home financing, mortgages, mortgages types

Answers About The $8,000 First-Time Home Buyer Tax Credit

Q: Who is eligible to use the tax credit?

A: The $8,000 tax credit is available for first-time home buyers only. The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. All U.S. citizens who file taxes are eligible to participate in the program.

Q: Are there any payback provisions?

A: The tax credit is a true credit. It does not have to be repaid. The only repayment requirement is if the home owner sold the home within three years after the purchase.

Q: Are there income limits to qualify for the credit?

A: Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000. For married couples filing a joint return, the income limit doubles to $150,000.

Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit. Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.

The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with a MAGI that exceeds $170,000.

Q: What are the effective dates for the tax credit?

A: First-time home buyers would receive an $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close on the sale of the home during this period.

Q: Is the tax credit refundable?

A: Yes. A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference. For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment from the government.

If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).

Q: What years can buyers apply the tax credit to their tax returns?

A: Buyers can take the tax credit on their 2008 or 2009 income tax return.

Q: What types of homes qualify for the tax credit?

A: All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a principal residence in the prior three years. This also includes newly-constructed homes.

Q: Where can I find more details on the tax credit?

A: NAHB has a consumer Web site that provides comprehensive information on the tax credit. The Web site is www.federalhousingtaxcredit.com

If you have any other questions or need further details, call us at either 609-417-1084 or 609-417-1086.

Linda & Terry Iwaniw
ReSales & Investment Realty, LLC
856-795-3111 x263
http://www.snewjerseyhomes.com
info@i-teamhomes.com

Tags: Buyer Information, Finances, first time home buyers, home buying, tax credit

Dream the dream: You can own a home

If you are thinking of buying a home, you might be confused about the many issues in the news from mortgage rates to mortgage bills in Congress. But the fundamentals of buying a home really haven’t changed and, in fact, there are new incentives on the horizon that should make home buying more attractive than ever.

There are plenty of homes on the market in every price range and if you want one of them, you need only do what generations of people have done. You just have to pay attention to these basics:

• First, cultivate good credit by prudent living. Pay your bills and pay them on time. Use credit sparingly.
  If you do this, you’ll earn a good credit score, which is crucial to getting a good interest rate. Research shows that many consumers believe that they have to have a high income to have a high credit score, but that’s not true. In fact, income is irrelevant to your credit score. Your credit score is a rating based on how well you live up to your obligations, pay your bills and use your credit.


• Second, save money for a down payment. In the current climate, most lenders will ask you to bring some cash to the table in a mortgage deal.


• Third, find a house you love but can also afford. One path to financial freedom is to buy a modest house and build equity. When you decide to move up, you can sell your house and take a large chunk of the money from the sale and apply it to your new home. Your payment is lower while you live better. It’s the good, always-in-fashion way to live.

Congress is also planning some incentives for new home buyers. It appears first-time home buyers will get a tax credit of 10 percent of the purchase price of a home up to $8,000. That means in the year you purchase a new home, your tax bill could be reduced up to $8,000. Homeowners will not qualify for the credit if they sell the home in the first year and must live in the house for at least three years, or they will be obligated to pay back the credit.

To be classified as a first-time homeowner, you must not have owned a home in three years

Tags: first time home buyers, home buyers, home buying, homes for sale in camden county, homes for sale in gloucester county

How to make an offer to purchase real estate

You’ve found a house you like, but want to offer a little less than the asking price. What is the best way to do it?

How an offer is made has a lot to do with the outcome:

* Sellers are more comfortable with an offer if they know the buyer is qualified and eager to close.

* A buyer’s agent can help. When the agent presents the offer in person, the seller can ask questions that could lead to a favorable decision.

* A real estate agent essentially does the same. Though a real estate agent is working for the seller, the sale is still a primary goal.

* Always present your offer to the seller in person. Don’t fax.

* Some sellers don’t want personal contact with buyers. If you use a buyer’s agent, be sure the offer is presented in person to the listing real estate agent.

* When a real estate agent requests that offers be presented in a sealed envelope, ask the real estate agent to prepare a summary to accompany the offer. The summary should tell something about you and highlight positive aspects of your offer, such as an early closing date.

* However your offer is presented, your chances of acceptance are improved by including a copy of a preapproval letter from a mortgage company.

* When multiple offers are involved, some buyers write a letter to the seller to personalize their offer. It won’t help if you aren’t qualified or if the offer is too low.

Tags: buyers, buying a home, first time home buyers, home buying

Do you Buy First or Do You Sell First?

It can be difficult to figure out whether to sell your home first, before you buy, or vice versa in the busy real estate market.  If you sell first and haven’t found your new home yet, where are you going to live? But if you buy first without selling how can you afford to cover the cost of owning two homes if yours doesn’t sell?

If you sell your home before you buy, you eliminate the financial guessing game. Maybe you like to play but I would like to know how much money I’m working with when I go looking for a new home! The only downfall to that approach is whether you have a place to stay or not. You may not find your new home in time, or if you do, maybe the possession dates don’t line up. Then you are stuck renting for however long, and if you are a growing family with lots of stuff, maybe storage comes into play.

So should you buy before you sell? In some cases you may have to. Say you found your perfect home, and you’ve been looking for a long time. It’s priced right and it will sell fast! In this case you may have to! But if you’re dealing with a slow market, it could be very dangerous. Now you’re looking into bridge financing, which allows you to own both homes, while trying to sell yours. But think of all that interest you are paying on a hefty lump some of money.

The ideal way this transition will happen all depends on timing. If you’ve done your research, know pretty well what you are looking for and what area you want to find it in, then you want to list your home first. If you do get an offer right away you can always add a contingency clause in the contract that is conditional on you finding your new house in a certain period of time. On the other hand, if your home hasn’t sold by the time you find your new home, you make an offer subject to the sale of your existing home in a certain time period. Depending on the market and the other home owners’ situation, sellers might not accept this, but if this works you are more likely to make the dates match and you’ve already got the ball rolling on your own house.

In conclusion, selling your home first is less risky and you’ll usually end up with a better price on both ends. Think of it this way, you’re not in a rush selling, so you won’t be forced to accept a low offer, and if you’re putting an offer on a house and haven’t sold yours yet, what sort of bargaining position are you in? You’re asking the seller to have faith in you selling your house and give you a deal on the new one! This is where your professional real estate agent comes in and works with you to make sure that the whole process is as stress-free and smooth as possible.

Tags: buying a home, home buying, seller information, Selling, selling your home, the real estate process

Renters Are Losing Money Each Year

Renters, have you any idea of how much money you are throwing away each year?
If you only knew how much money you will MAKE just by buying a home, you’d be foolish not to buy a home through us! Did you know that in addition to the tax deductions you receive as a home owner that you can get tax money BACK from the Federal Government.

Not only is interest that you pay on your mortgage loan tax-deductible, but the US government is providing a tax CREDIT (not simply a deduction) of up to $7500 for most first time homebuyers. In short, the US Government is bending over backwards to help people become homeowners at a time when there already are real estate bargains everywhere! For a limited time, qualified first-time homebuyers may receive a tax credit up to $7,500 as part of the Housing and Economic Recovery Act of 2008.

If you plan to live in the home as your primary residence and have not owned a home during the past three years, you may qualify for the tax credit. This tax credit must be repaid over a 15-year period. Take your first step by calling us for more information and recommend the best mortgage loan advisors on our team that work with first time home buyers. You may be able to buy your first home sooner than you thought possible.

Just how much money can you gain when you own your own home? As an example, the tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

Assume
:
$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______
$12,577 = Total deduction

Then, multiply your total deduction by your tax rate.
For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56
$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)
Plus $7,500.00 from the federal government
Equals $11,021.56 in a potential tax refund!

Linda & Terry Iwaniw
============================
REALTOR Associates
ReSales & Investment Realty, LLC
http://www.sjerseyhomes.com/
Cell: 609-417-1084
Office: 856-795-3111 x262
============================

Tags: 1st time buyers, buying a home, first time buyers, first time home buyers, home buyers, home buying, renters

You CAN buy a home!

The American dream can be yours and you CAN buy a home.

Owning your own home is more than just a matter of pride (but there is a lot of that), it’s also a great first step toward financial and personal security.
If you’ve never owned a home before (or if you haven’t owned one in three years), you can easily start the process of buying a home.  There are many programs geared toward First Time Home Buyers.

We can help you with every step toward homeownership.
However, you might want to do some of your own research to begin the process.

1. Decide how much you can afford
The first step is to find out how much you can spend on a home.  There are lots of calculators online that can help you.  One great resource is ginniemae.gov.  Here you can find calculators that will help you to decide whether you should buy or rent and, if you should buy, how much you can spend and how much you need to save.
For first time homeowners or people who have not owned a home in three years, there might be some public programs that will help you become of homeowner for the first time.  Many states have home buying programs that help new homeowners with downpayments.  We will help you determine if you qualify for a program.

2. Shop for a loan
Just as you shop for a bargain in a store, you should also shop for a good interest rate on a home loan.
Remember the higher your credit score, the lower your interest rate.  Getting a high credit score is as simple as paying your bills on time, every time, for a number of months or years. You can see your credit report is once a year at annualcreditreport.com.  You might have to pay extra to get your credit score, but the information can tell you a lot about what kind of home loan you qualify for.  Scores of 700 or higher are considered the best.
You will have to have some sort of downpayment. The downpayment is usually 3 percent to 10 percent of the purchase price.  But it is possible to make a deal without money down.  We’ll discuss this with you.

3. Choose a real estate agent
We can help you find all the houses available in your price range and give you tips on how to buy and negotiate for a home. We’ll help you through all the paperwork and tell how to take each step in the process.

Remember YOU can buy a home and we can help you.

Tags: buyers, buying a home, first time buyers, first time home buyers, home buying, mortgage loans

Why is a Home Inspection Important? 3 Reasons

If you do not think that a home inspection is important, you are wrong. While some buyers make a purchase without having an inspection, nobody would recommend this. The fact of the matter is that you never know what is wrong with a home. And guess what? If you do not order a home inspection, you may never find out. If you do, it could be several months later.

Here are three of the best reasons to consider ordering a home inspection.

1. Many people think that a home inspection will cost them a lot of money. But all in all, this is not true. For the most part, you should be able to order a home inspection for right around $300 or so. Of course, this will differ based on the type of property, area, and much more. But this is a small price to pay for finding out what could potentially be wrong with the home that you are buying.
2. If you do not pay for a home inspection now, you may end up paying for it later. In other words, a problem that is not caught before you buy is one that you will have to pay for on your own when you discover it at a later date. And if the problem is a big one, such as a leaky roof, you are going to bet out quite a bit of money. When you pay for a home inspection you will give yourself the chance to learn about all the problems you are buying, or maybe even have them fixed before you move in.
3. A home inspection will give you peace of mind. You may not think that you need to order an inspection, but after you move in you will begin to worry about any problems that may be haunting you. It is much better to pay for an inspection before buying so that you can live stress free after moving in. It is no fun to always be worrying about something going wrong.

These are three great reasons to order a home inspection. If you are on the fence about whether or not to pay for an inspection, let the three tips above sway you towards doing so.

Tags: buyers, home buyers, home buying, home inspections, home ownership