Date Archives: February 2016

Coldwell Banker American Homes Blog Home

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Area Information | 27 Posts
BPT | 10 Posts
Buying | 6 Posts
Homeowners | 17 Posts
Real Estate Blogs | 319 Posts
RREIN | 62 Posts
Uncategorized | 148 Posts
Buying a Home | Home Purchase Guidelines | Long Island Homes and Property | Real Estate for Long Island | Energy Efficient Homes | Homeowner Tax Credits | Tax Credits for Home Energy Efficiency | Adjustable Rate Mortgages | Mortgages for the Long Island real estate market | The Right Mortgage for the Right Home Buyer | Real Estate Question of the Day! | Real Estate - scams and mortgages | What you need to know about real estate | Home Purchase Savings | Interest rates offer greatest leverage | Tax credit vs mortgage interest rates | Assisted Living | VA Special Pension | home loans | Home mortgage rates | Another Interest Rate Drop | Mortgage Interest Rates | Defending homeownership | Is now the time to buy a home? | Real Estate - still a great investment | Long Island condo & co-op | Long Island Homes for sale | Long Island Properties | Negotiating house purchase price | New construction on Long Island | Real Estate transfer fees | buy your home through a short sale purchase | selling short with the banks approval | Short sale home purchase | $2000 home buyer grant | New York State home buying grants | home list price vs. home sales price | negotiate a new home sales price | New York State STAR tax exemption | STAR tax exemption for New York homeowners | Buyer Brokerage | Real Estate Representation | Seller Agency | Tips for improving your credit score | Home and property appraisals | Homeowner Tax Advantages | Home Purchase Track | Owning a home vs. Renting | 55+ Adult Community | Senior housing | The Season's at East Meadow | co-op | Condo's | Homes | land for sale | Why Now is a Great Time to Buy a Home on Long Island | Homeownership | Open House weekend | home buying process | mortgage prequalification | Real Estate Investment Tips | Tips to Flip your real estate | Home Shopping Checklist | Look for a house with a checklist | ips to purchasing a short sale home | Short sales: How to purchase | Cut energy costs for your home | home energy efficiency | Loan application mistakes | mortgage loans | mortgage home loans | What home loan is right for you? | house hunting | Hunting for a home | Common Home Defects | What to look for when buying a home | first time home buyers | The 1st time home buyers guide | mobile based home search | Mobile phone users - coupons | smart phone applications | Housing Market Recovery Bright Spots | Natianal Housing Market Report | Home Closing - contract to closing | Home purchase timeline | 203k home mortgage program | Home Improvement Funding | Myths of the real estate market | The Home Buying Process | narrow down your home search | The Best location for your home purchase | buying a home? protect your credit! | credit protection | Home value pitfalls | home closing steps to take | New home closing | Home Styles | Popular Homes | best interest rates | credit scores | Create Energy within Your Home with Feng Shui | Feng Shui within your home | consumer confidence | home buyers more confident in housing market | Real Estate market impact | Rent verse Buy | Renters Outspend Owners on Housing | Benefits of home buying | Winter shopping for homes | Consumers confidence in home ownership | Homeownership attitudes | Real estate tax advantages & tips | Tax tips for homeowners | job opportunity | real estate agent | real estate career | rental agent | 1st time home buyer tips | priorities for home buyers | make moving fun for family | Moving for the family | Buy a foreclosure | REO purchase tips | Tips to buying a foreclosure property | Use a real estate agent to buy a home | Use a real estate agent to sell a home | Why use a real estate agent | Home Buying steps | Home Buying tips | Stepr to take prior to buying a home | home loan good faith estimate | Tips to your home loan mortgage | FICO Scores | How FICO scores are calculated | Your FICO score | Invest in a home | tax refund - invest it in your home purchase | VA Loan | The Home Buyers Wish List | Home buying expectations | real estate market report | Bidding on real estate properties | purchase offers for your home | home mortgage | downsizing your home | moving to a smaller house | Jumbo Loans for Home Purchase | Mortgage Money Lesson | newlywed home purchasing tips | The perfect wedding gift... a new home | Avoid these home buying mistakes | common mistakes when buying a home | Good News for Housing | Home Price Index | Bank fees for the homeowner | understanding banks and their fees | Home Inspections for your new home purchase | What to know about home inspections | Fire safety for your home | Is your home fire safe? | Home Mortgage programs | LTV | Mortgage loan to value | Mortgage relief for disaster challenged areas | Location | Property location - real estate | buying a short sale property | short sale tips | buying a home - best investment? | When is the best time to buy? | New Years resolutions | Resolutions: a Reality for Realty's | Get a mortgage after foreclosure | mortgage financing - after foreclosure | Is it a good time to buy a home? | What age is old enough to buy a home? | Buy a short sale property | Short Sale real estate properties | Home property tax deductions | real estate tax deductions | Real Estate License School | Apartment Rentals | House Rentals | Real Estate Rental Agent | House Hunting Tips | Simple house hunting tips & ideas | Mortgage advice - current trends | mortgaging & refinancing in 2013 | Good credit score = best equal rates | How to build up your credit score | lease - option to buy | Rent with option to buy | Avoid Home Improvement Blunders | Home improvements ideas for the property owner | Home Buyers - What do you really want? | Needs & wants of home buyers | mortgage loans for new home construction | New construction home loans | Home Buyers - Price & proximity to work | Key Concerns for the home buyer | Impressive mortgage applications | Keys to getting your mortgage approved | Home buying mistakes to avoid | Home purchasing blunders to avoid | New homes vs older homes | to buy or not to buy a home | pet friendly rentals | Pets or no pets - apartment rentals | tips for home purchasers | Flipping houses | home flpipping 101 | spec houses | home buyer how to's | how to be a better home buyer | Mortgage amortization | A happy home | What makes you really happy? | Low housing inventory | Low inventory housing market | Home prices on the rise | Rising property values | Home buyer tips to open houses | Open House etiquette | Winning a home purchase bidding war | Home mortgage rate tips | mortgage tips for the new home owner | Home Equity Line versus 2nd Mortgage | buy a new home or expand your current home | Home improvements vs. new home purchse | Mortgage Rate Lock | Residential home mortgage rates | Improve your economic profile for home mortgage | Personal Finance | Costly problems for new home buyers | New home buyers avoid costly problems | Handy man special | The home fixer-upper | How to refinance | Refinance - without perfect credit | Debt to Income | Tackling Debt | Seasonal real estate trends | The fall season housing market | Factor in home repairs in your mortgage payment | Home repairs for new home purchasers | Home sellers negotiation techniques | negotiations for home buyers & sellers | The home buying process - stress free | The process of buying a home | Recently Read | Saved for Later | Great Neck | Massapequa | Huntington | Ronkonkoma | Brooklyn | East Meadow | Coldwell Banker American Homes | Local Attractions | Home Improvement | Interior Design | Queens | Fresh Meadows | Long Beach | Local Businesses | Farmingdale | Home selling | Suffolk County | Nassau County | Wantagh
February
26

Generally, homeowners undertake home improvement projects for one of two reasons: to enhance their quality of living, or to increase the value of their home. The best improvements, however, pay off whether staying or selling.     The projects worth the most of their investment are: 1. Boost Natural Light – Buyers love balanced, natural light- and you probably do, too! To make the most of the light entering your home, install ENERGY STAR®-qualified, no-leak skylights in the kitchen or bathrooms. Skylight blinds can help control the amount of light at any given time of day, giving you (and buyers) the ability to enhance the ambiance of the home.   2. Install a Deck – Whether seeking to spend more time outdoors or to attract potential buyers, adding a deck (or upgrading an existing one) can be well worth the cost. A composite deck can recoup up to 75 percent of its expense at resale, and a wooden deck can recoup up to 64 percent, according to Remodeling magazine's Cost vs. Value Report.   3. Repaint the Exterior – Repainting the exterior of your home is a big job, but a valuable investment whether seeking to update its appearance or entice buyers. Your color choice can also affect your utility bills-lighter colors deflect heat from the home, for example. If you're selling in the near future, a fresh coat of paint can help increase perceived value.   4. Update the Kitchen – Kitchens sell homes, and are also the center of most households. Even a minor kitchen remodel can recoup more than 83 percent of its cost at the time of resale, according to Remodeling magazine's report. The most cost-effective projects are to replace old cabinet hardware, upgrade faucets and lighting, and invest in quality countertops.   Whether you plan to place your home on the market or intend to stay put for years to come, it pays to invest in improvements that boost both resale value and your enjoyment of your home. Source: Brandpoint Published with permission from RISMedia.
February
25

Mortgage rates have moved lower for the sixth week in a row, prodded by ongoing market volatility, according to Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®).   mortgage   "The 30-year mortgage rate dropped another 7 basis points [last] week to 3.65 percent," says Sean Becketti, chief economist at Freddie Mac. "[Last] week's drop leaves the mortgage rate just 6 basis points above last year's low of 3.59 percent."   The average 15-year fixed-rate mortgage (FRM) averaged 2.95 percent with an average 0.5 point, according to the survey, and the average 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent with an average 0.4 point-both decreases.   "In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form," Becketti says. "The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period. If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing."   Source: Freddie Mac Published with permission from RISMedia.
February
19

(BPT) - In a relationship, you count on your significant other to be there with you through the good and the bad. They are your best friend, your confident and your closest ally. And you count on being able to have important conversations with them as well.     One of those important conversations every couple should have focuses on money and each person's respective financial goals, especially if you are planning to purchase a home. However, 33 percent of married or partnered adults have difficulty discussing money with their significant other, according to a Wells Fargo survey. "I think money is one of those topics most couples put off discussing because it can be sensitive," says Arlene Maloney, senior vice president, Wells Fargo Home Mortgage. "However, if you don't discuss money before entering into a major credit purchase, like homeownership, you open yourself up for potential problems down the road."   Purchasing a home is one of the largest investments most people make in their lifetime. When two people decide to achieve the goal of homeownership together, it's important to understand not only your own finances and credit profile but your partner's finances and goals as well.   To help you broach this conversation with your partner, here are some things you should discuss before you move forward:   Where you will live and what you want to purchase. Do you want to live in the city or the suburbs? Are you set on a single-family home or a condo? Do you want to build your home or purchase an established property? Having answers to these questions will help you speak to a lender and learn more about how the type of home you choose may affect loan approval requirements or what options exist if you want to build your home. You'll also learn if any bond or down payment assistance programs may be offered in the municipalities you are considering.   Your partner's credit score. Lenders use customers' credit profiles to help determine your ability to repay a loan. When purchasing a home with someone else, both of your credit scores are considered. In most cases the lowest middle score between the two of you will be used. If you or your significant other has a very low score this may not only impact the loan amount you receive but also the interest rate. It may even prevent approval. If one of the credit scores is very low, as a couple you might discuss only one person applying for the mortgage loan.   Have an honest conversation about debt. An important factor that lenders evaluate is your debt-to-income ratio. This varies by mortgage program but a good rule of thumb is to ensure your debt level is at or below 36 percent of your gross monthly income. Having an overabundance of debt could impact the amount of the loan or whether you receive mortgage approval.   How much money can you put toward the purchase? It isn't necessary for you to put 20 percent down but most loan options require some sort of down payment. In many cases lower down payment options require mortgage insurance, which will increase your monthly payment.   Will one or both of you be on the note? If purchasing a home with someone else, each of you must qualify in order to be on the note, and both of you are responsible for the debt. If only one person is on the note, the other may not engage in any transactions regarding the loan, including refinancing, or application for modification. If one of you has less desirable credit, you may decide that only one of you will apply for the mortgage. You should also consult your state's attorney general's office to see if any community property laws exist in your state. Such laws could make a spouse legally responsible for any debt acquired by the other spouse after marriage. If such a law exists in your state, it's important you are aware of it.   Purchasing your first home is an exciting time and, for many people, a sign of success. But while you may want to rush out and start the shopping process now, take your time. Having a conversation with your significant other about the topics above beforehand will ensure you're both on the same page and set you up to make the most of your future and the home it includes.   To find answers to your other questions about credit and homeownership, visit Wells Fargo's Smarter Credit Center or https://ift.tt/1PsDjxL.
February
15

The snows may not be fully melted, but the first signs of spring are closing in-and with them comes the impulse to clean and de-clutter in the annual rite we call spring cleaning. But while some items get tossed without a second thought, consumer blogger Jacob Hurwith urges us to dig deeper, suggesting 10 things we really need to get rid of:   Old Shoes– It may be comforting to see those 27 pairs of shoes in your closet, but deep down you know that at least half of them will never be worn again. They have no purpose or sentimental value. Pitch them.   Unmatched and Outgrown Clothing – If there are odd gloves or socks cluttering the drawers, give up hope that mates will appear. Pitch them, and give your kids' outgrown clothes to charity or to a family with younger kids.   Wire Coat Hangers– If you've amassed a collection from the dry cleaners, take them back to the store. It will make room in your closets for plastic or wooden hangers that really do keep clothes looking presentable.   Old Tupperware – Plastic Tupperware can break down after years of use in microwave or dishwasher, releasing chemicals into your food. Replace them with glass containers or inexpensive disposable plastic to be thrown away after a couple of runs through the dishwasher.   Old Pillows – Pillows older than two years have probably lost their oomph and purpose. Test yours by folding them in half. If they pretty much stay folded, it's time to replace them with new ones – and well-used mattresses should be replaced after seven or eight years.   Dated Technology – We all have those old cords lying in the back of the closet, a dated printer we hope works again or a computer that barely runs. It's time to get rid of them. Tip: Try bringing old tech to an electronics store in town. You may get a credit.   Old Makeup – Makeup, like food, can expire or lose potency. Cream products typically expire within six months to a year after purchase, dermatologists tell us, and mascara often only lasts three months before becoming a bacteria threat.   Published with permission from RISMedia.
February
11

Open houses may be staged to look like a home decor dream, but don't let that distract you from the real reason you're there: to potentially buy a home. Make sure you can look past the neatly arranged furniture and focus solely on whether the house would be a good fit for you and your family. To help, here's a home buyer's checklist of things you might have missed at first glance.   OpenHouse   Windows – Look specifically if they are facing the right direction to let sunlight in, and whether they open to a nice view (versus directly toward another neighbor's window).   Under the Sink Cabinets – Check for possible signs of water damage due to leaky plumbing.   Electrical Outlets – Make sure there are enough outlets for the appliances and other electronics you'll be using. If not, you can decide if that's a renovation you'd like to make.   Storage Space – Don't just look to see if there's enough closet space, but look for closet placement. Also check that the storage is in a convenient location.   Appliances – If they're included in the house, make sure they're in good condition. They should be on and working while you're there.   Under the Rugs – Lift up any rugs to check the condition of the floor underneath.   Floor Level – Check to see if the floors are level. Place a marble or another small, round object on the floor and see if it rolls consistently in one direction.   Attic – If the house has one, make sure it's well insulated.   Water Spouts – Runoff from the gutters should be pointed away from the house, so take a step outside to see if this is the case.   This list isn't all-inclusive, but it's a good place to start. Talk to a CENTURY 21 American Homes agent to see what else he or she might add.   Source: https://www.century21.com/real-estate-blog/home-buyer-checklist-what-to-look-for-in-an-open-house/
February
9

Market conditions as they stand make now the ideal time to sell your home. Even so, to sell quickly and for the best price, it's important to position your property favorably. Some steps that can help: 1. Go beyond buyer expectations… Most house hunters expect pre-owned homes to have at least some issues. Exceed this expectation by fixing major flaws ahead of listing your home on the market.   2. …but don't overspend. The fact is, many upgrades just don't recoup their cost at resale. Your REALTOR® can help you determine the most worthwhile repairs for your market.   3. Draw your timeline, but remember… If there's no turnaround pressure on the sale of your home, take some time to get your home in tip-top shape.   4. …the waiting game can backfire. It's unwise to wait for home values to rise before listing your home for sale. With more buyers on the hunt for a home, now is prime time to sell.   5. Say no to an overinflated price. No matter how highly you perceive your home, it's just that-a perception. The best way to price your home is with a comparative market analysis (CMA), supplied by your REALTOR®, that spells out local market values.   Source: RISMedia's Housecall Published with permission from RISMedia.
February
4

Interest rates rose for the first time since the recession just one month ago. Since then, many have expressed concern about future increases, unsure of how their personal financial situations will be affected should interest rates rise again this year.

  The good news is mortgage rates have yet to follow suit, making this an ideal time to take advantage of low-interest home financing options.   "The impact of rising interest rates will take some time to show a cumulative effect," cautions Bankrate.com Chief Financial Analyst Greg McBride. "Now is the time for consumers to insulate themselves from rising rates, such as refinancing from an adjustable-rate to fixed-rate mortgage."   Bankrate.com recently polled Americans to gauge their level of concern about rising interest rates. The majority of respondents, or 56 percent, don't see reason for alarm, with some, about 15 percent, feeling interest rates have been artificially low. More than 40 percent are concerned about another rate hike, and just over 15 percent wonder what consequences a hike will have on the economy.   Source: Bankrate.com Published with permission from RISMedia.

Login to My Homefinder

Login to My Homefinder