Queercents

As the most robust season of the year for most real estate markets comes to an end, those whose properties have not yet sold face challenging decisions. Many eager buyers who came out of the woodwork in springtime and then finalized their purchases over the summer are now gone from the landscape, and less buyers means greater competition for sellers whose listings are languishing.

Here are half a dozen helpful tips for home sellers who want to attract a buyer and close a deal before colder weather sets in, real estate markets slow down, and most of those who are shopping for a new home go into hibernation until next year arrives.

1. Evaluate Realtor Performance
First of all, evaluate your listing agent’s performance in an objective manner. Are they doing enough to advertise the property, and have they held any Open Houses to encourage visits from potential buyers?

If you live in a LGBT enclave, does your real estate agent understand the local LGBT market and have strong connections to those who live and work in the neighborhood? Sometimes hiring a broker who is also an active and supportive member of the LGBT community can be an advantage if you are a LGBT homeowner. Read the rest of this entry »

The clock is ticking toward the expiration date on the special $8,000 new home buyer credit currently offered as part of the government’s emergency economic stimulus legislation. Unless the provision is amended or renewed, buyers only have until the end of November to completely finalize their purchases.

First timers are urged to do whatever they can to streamline the real estate shopping experience, and working with a gay-friendly Realtor and lender can often save valuable time for LGBT buyers.

A gay or lesbian couple may need to seek legal and financial advice in order to help them better understand their rights as owners, for example, since many of the benefits related to real estate ownership are only available to those couples who are legally married.

An experienced Realtor accustomed to working with LGBT clients will either know the answers immediately or be able to quickly refer the buyers to a reputable real estate attorney who is well-versed in complex LGBT legal issues.

For a loan processor unfamiliar with financing for LGBT partnerships confusion may also arise, and that usually translates into frustrating delays. So work with a mortgage lender experienced in making loans to the LGBT community. Read the rest of this entry »

During an exceptionally slow real estate market – many sellers worry that their vacant listings may suffer from physical deterioration, a loss of curb appeal, or even vandalism. Here are six tips for helping to care for property without getting stressed out about potential problems. Follow them so that vacation condo at the beach or the vacant house with the sale sign in the yard does not cause any added angst.

1. Invest in Curb Appeal
The first thing to do with a vacant listing – and it is a good idea even for listings that are occupied – is to put the lock box out of view. Seeing a lock box hanging from a front door knob is a telltale sign that nobody is home. Keep the yard trimmed and manicured and put a fresh coat of paint on the front door. Make sure the entranceway is lighted at night, and that windows facing the street on ground level are covered with sheer curtains or blinds that let in light but protect from prying eyes.

2. Notify Neighbors and Local Police Patrols
Just as you might while vacationing, enlist the help of neighbors or local police to keep a watchful eye on the house. A neighbor may be willing to park an extra car in front of your property from time to time, to create the illusion that it is occupied. Have someone trustworthy enter the home once a week to give it a once-over and check for any signs of trouble or needed repairs. Read the rest of this entry »

Most people shopping for a home this year are keenly aware that a special $8,000 new home buyer credit is being offered as part of the government’s emergency economic stimulus legislation. But the clock is ticking toward the expiration date and unless the provision is amended or renewed to extend the deadline, buyers only have until the end of November to finalize their purchases. First timers are urged to do whatever they can to streamline the real estate shopping experience, and working with a gay-friendly Realtor and lender can often save valuable time for LGBT new home buyers.

A gay or lesbian couple may need to seek legal and financial advice in order to help them better understand their rights as owners, for example, since many of the benefits related to real estate ownership are only available to those couples who are legally married according to state and federal statutes. An experienced Realtor accustomed to working with LGBT clients will either know the answers immediately or be able to quickly refer the buyers to a reputable real estate attorney who is well-versed in complex LGBT legal issues.

Similarly, those who want to buy together gay may encounter complications along the way when trying to secure mortgage financing. They may need guidance regarding whose credit report or income to submit on the loan application, or they may need reassurance that, for example, the mortgage documents and deed are crafted in such a way that they reflect equitable sharing of assets and liabilities. For a loan processor unfamiliar with mortgage financing for LGBT partnerships this may create confusion, and when mortgage applications encounter people who are confused that usually translates into frustrating delays. Read the rest of this entry »

“Location, location, location” can sometimes be a little too much like the expression “water, water, everywhere – but not a drop to drink” for those real estate shoppers who want to ensure that they own a home in a gay-friendly neighborhood. There are tons of houses on the market right now, and buying opportunities are fantastic. In fact, the inventory of bargain priced homes for sale is larger and more diversified than it has been in decades.

But the question in the mind of most GLBT buyers is whether or not the location of the property is also adequately and appropriately diversified. Before making the biggest and most important purchase and investment of a lifetime, it helps to know whether or not the money is going into a neighborhood that will not only support the value of the real estate but also the values and lifestyle of the homeowner.

Before buying any property, anywhere, it is always advisable to get to know the area ahead of time, with firsthand experience and personal observation. Spend as much time as possible walking the streets near the house or condo and meeting people, because once the home is purchased those strangers will likely be the welcoming committee, the fellow condo association voters, and your new next door neighbors. Read the rest of this entry »

Mortgage rates continue rising at a much faster than expected pace, and that has put many homeowners into a quandary regarding whether or not to go through with refinance plans. Some lucky homeowners snagged rates as low as 4.65 percent in April and May, as extremely affordable mortgages inspired a tremendous surge in new home loan applications as well as mortgage refinances. But then interest rates on 30-year fixed-rate mortgages jumped nearly a percentage point within just two weeks between May and June, climbing from 5.0 percent to 5.79 percent. Now the big question on everyone’s mind is whether or not it is too late to take advantage of rates and save money by doing a refinance.

Here are some “refi” tips to help you decide:

• First calculate your closing costs with the help of a knowledgeable mortgage broker. Any reputable lender should be able to give you a rather close approximation, despite the fact that fees and costs may vary slightly from the original estimate.
• Be sure to figure in any incidental savings or costs such as tax deductions for mortgage interest or private mortgage insurance payments. If you can recoup the additional expenses within two years, it is probably a good idea to refinance because you’ll break even quickly and start saving money.
• Look for a rate that is at least one and a half to two percentage points lower than the current one. Those now paying seven percent or more are almost guaranteed savings, while homeowners with mortgage rates closer to 6.25 percent should crunch the numbers carefully, because they may be on the borderline. Read the rest of this entry »

The summer of 2009 is shaping up to be an historical window of opportunity for buying fun and affordable vacation homes. Mortgage money is flowing again, interest rates on safe and secure fixed rate loans are extremely attractive, and the inventory of deeply discounted condos and houses in popular vacation destinations is ripe for the picking.

According to a recent article in the National Association of Realtors (NAR) publication Realtor Magazine, prices have dropped up to 50 percent in some of America’s top vacation home markets. But that does not mean that sales are in the doldrums. Buyers are starting to step in and make offers to purchase before the deals disappear and while mortgage rates still hover near historically low levels. Sales of beach homes in Daytona Beach, for instance, are up about 20 percent compared to this time last year, and that is based on statistics recorded before the peak of the summer selling season. In the month of March, for instance, sales of Daytona Beach condos were twice as brisk as they were in the previous month, and homes in the $200,000 to $400,000 range were moving the fastest.

Foreign nationals have also recognized the value of properties throughout the nation, especially in world-famous hotspots like Miami and South Beach. Buyers from other countries are responsible for about 10 percent of recent real estate purchases. That kind of eager buyer participation is giving the market for vacation homes added traction, and many economists expect that the lowest prices are already slipping away as real estate regains its footing. Read the rest of this entry »

The Federal Housing Administration (FHA) has seen a surge in demand for its loan products as the cost of other non-FHA loans have increased and their availability has diminished dramatically. So an FHA loan may be the best option for anyone buying or refinancing in 2009.

Whereas private banks and mortgage companies were throwing money out the door two or three years ago to help people buy homes, now they have substantially tightened their purse strings. Down payment requirements are bigger, credit and income is severely scrutinized, and home equity lines of credit and second mortgages are being curtailed. Meanwhile, the FHA is assuming greater responsibility for helping Americans find unusually affordable loans at attractive interest rates, and the agency even has special products designed for those who want to buy a home and have enough cash leftover to do repairs, improvements, and upgrades.

Here’s how the FHA works, and why their mortgages may work nicely for anyone wanting to buy or refinance during the uniquely challenging economic climate of 2009:

The FHA does not actually make mortgages, but it insures them in order to give reassurance and financial support to those who do make loans directly to homeowners. In other words the FHA makes it less risky for lenders, which is a powerfully beneficial service at this particularly nervous time in our nation’s financial history. When a lender makes an FHA approved loan, they get guarantees that if the homeowner defaults the FHA will pay the lender in the form of a mortgage insurance claim. Because of this added perk, lenders are then able to extend unique bargains and benefits to borrowers, and that is why FHA loan products may be the best available option for anyone wanting to buy or refinance a home in 2009. Read the rest of this entry »

Baby Boomers – those Americans born after 1945 – now make up about 30 percent of the United States population, and they are rapidly swelling the ranks of new retirees. That is one of the main reasons the unique FHA-insured Home Equity Conversion Mortgage (HECM) is becoming increasingly popular. The new, innovative HECM is the only reverse mortgage insured by the U.S. government, and it is the first reverse mortgage designed to facilitate purchases of homes for those who are ready to downsize their way into their golden years.

The mortgage was introduced at the end of 2008 to meet the needs of those worried about their finances as they approach retirement age, and the launch of the HECM was part of the Housing and Economic Recovery Act stimulus package. An HECM is an ideal choice for those with substantial home equity who want to sell and move, but do not want the burden of a new mortgage and years of future payments.

To understand the attraction of the HECM, it helps to understand how and why conventional reverse mortgages are used. The basic premise of a reverse mortgage is that the mortgage company pays the homeowner – and not the other way around. Read the rest of this entry »

Before potential buyers tour the home, a seller should take specific steps to help make a strong and positive impression. That will greatly improve the chances of getting a prompt purchase offer at a higher price. Here are some tips from experienced real estate professionals that can enhance success for sellers in any market – including a decidedly lopsided buyer’s market like the one we are experiencing in 2009.

Pricing Preliminaries
Avoid the strategy of setting the original listing price too high and then gradually lowering it if the house doesn’t generate any immediate interest. Precious days and weeks will be lost as buyers look elsewhere, and during the especially favorable springtime real estate shopping season it is critical to avoid wasting time.

Plus, routinely dropping the price in small increments often sends a subtle message that the house may have issues like needed repairs or other problems that are being uncovered by buyers or inspectors. In other words, the reputation of the property may suffer – even if it is a mistaken impression based on erroneous conjecture. By then it may be too late to overcome the negative marketplace perception because buyers will have moved on to shop elsewhere.

A more efficient and positive strategy is to set the list price not more than 2-3 percent above the desired sales price. Then negotiate down to that level if necessary, without running the risk of missing prime opportunities to attract serious buyers. Read the rest of this entry »