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Some home buyers have an advantage that others don’t in today’s housing market. They can qualify for an FHA loan.
Federal Housing Administration (FHA) loans help home buyers who would otherwise have trouble being approved for a mortgage. You can qualify for a loan if you have less than perfect credit. FHA loans are available even after bankruptcy and foreclosure, if you have maintained good credit for the following two to three years.
What are the requirements for FHA loans?
FHA loans have strict home appraisal guidelines. The appraisal value helps determine the FHA mortgage limit. Each state has its own rules regarding maximum loan limits.
What are the advantages to FHA loans?
One advantage of an FHA loan is lower down payment requirements. You may qualify for a down payment as low as 3.5 percent of the purchase price of the property. Additionally, most of your closing costs can be included in the loan, so you’ll have less out of pocket expenses.
An FHA loan can also be used to buy a house that needs improvement. If you need cash to make the repairs, you can apply for a loan to cover the cost...
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Searching for the right home takes time and patience. Before you start looking at Lakewood Ranch homes on the market, you need to know exactly what you want in your new home.
Create a list of the features you want in your new home, so you make the most of your time by looking only at Lakewood Ranch homes that meet your criteria. Here is a quick guide to help you create a checklist:
1. Must Have. These are deal breakers; features that you cannot live without. Do you need a certain number of bedrooms? Do you work from home and need an office or maybe even an outside entrance to your home office? Perhaps you have small children or large dogs and need a fenced yard. Decide now what you must have in your new home.
2. Like to Have. Features you would “like to have” are those you prefer but are willing to sacrifice if the home is perfect otherwise. Maybe you’ve always dreamed of having your own...
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If you’re looking for a Lakewood Ranch area home for sale and you’ve never bought a home before, you might think, “This won’t take much time.” Typically, just the opposite is true. Buying a home frequently takes quite a bit of time.
Of course, the whole home buying process will go much faster (and smoother) if you do things the right way. If you’re a first time buyer looking for a Lakewood Ranch area home for sale, take some lessons from the pros. The following tips will help make the buying process fly:
Weigh the Benefits - Before you actually go house hunting, weigh the pros and cons of buying a home. Can you really afford this home? Is it a good idea, or are you caving under pressure from family and friends.
Make sure that you’ve actually considered the alternatives and decided home ownership is the best move for you. In our experience, homebuyers who are sure they’re ready to buy not only enjoy the process ...
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The national and Lakewood Ranch real estate markets are constantly fluctuating, falling somewhere between more inventory and lower prices and less inventory and higher prices. People are often frightened when the home inventory rises, but a declining real estate market may just be the perfect time to find your next home.
Here are 4 reasons why you should consider buying Lakewood Ranch real estate in a down market.1. Inventory. When the market is down, more homes are for sale. This means you have more homes to choose from, which makes it easier to find a home in your dream neighborhood or closer to work or school.
2. Negotiation. There’s a reason down markets are called “buyer's markets.” Sellers want to sell their homes. This means that you have the advantage and can buy a home for a great price. You can also ask the seller for other incentives.
3. Mortgage Rates. When the real estate market begins falling, interest rates get cut. This can mean considerable savings for you over the course of your mortgage. You can even buy a larger home within your price range...
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Selling your home takes more effort than simply listing your Lakewood Ranch home for sale on the MLS and placing a For Sale sign in the front yard. You have to showcase your home in a way that makes potential buyers desire it.
One of the best ways to create this desire is to stage your home so that buyers can see themselves living in it. Here are 10 important things to do when staging your Lakewood Ranch home for sale.
1. Remove personal touches. Buyers want to picture themselves in your home, not you and your family. Remove family photos, memorabilia and collections.
2. De-clutter. Clear the bathroom and kitchen counters. Take knickknacks off the shelves. Pack away half of the kids’ toys.
3. Organize your cabinets and closets. Take the time to neatly stack dishes and fold towels. Arrange your spices and canned goods. Interested buyers will look in all your cabinets and closets.
4. Make minor repairs. Go through your home and take care of issues like stuck drawers, missing cabinet hardware, and leaky faucets. This shows potential buyers that you meticulously care for your home.
5. Clean. Scrub every inch of your home....
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Should you buy a Lakewood Ranch home for sale? Maybe yes, maybe no. People don’t live in cookie cutter situations; everyone has a unique set of circumstances. For that matter, you may not even need a house. Maybe an apartment is a better fit.
Here are four factors to consider before deciding whether to buy or rent:
1. Maintenance: One factor you might use to decide whether or not you want to buy a Lakewood Ranch home for sale is maintenance. As a homeowner, you’re responsible for the roof when it leaks and the plumbing when it’s clogged. As a renter, you have a landlord who takes care of all that.
2. Frequency of relocation: Another factor to consider is how long you plan to be in the area. For example, if you plan to move in less than five years and don’t fancy renting out the home after you move, buying may not be for you.
3. Tax deductions: The interest you pay on your mortgage is usually tax-deductible. In addition, when you close on a home you have the option to pay “points” to reduce your interest over the life of your...
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When you have a home for sale in Lakewood Ranch or elsewhere in the nation, you have to know the competition is fierce. Many home sellers think they have all their ducks in a row when a potential buyer comes to view the house, only to have a minor, forgotten issue blow the deal.
The Outside of Your Home
Your home’s exterior is the first thing potential buyers see up close. Online, you may have images of the front yard, back yard, kitchen and other rooms, but pictures can’t do justice to your home for sale in Lakewood Ranch.
To prepare you home for that first up-close viewing, here are 16 outside tasks:
Power wash your siding and windows
Fix broken siding
Give the exterior a fresh coat of paint if it needs it
Paint the door and trim
Mow the lawn
Trim bushes
Remove oil spots from the driveway
Pick up all tools, toys or trash in the yard
Remove lawn ornaments
Clear weeds from the walkway and driveway
Plant seasonal flowers
Remove leaves
Clean roof and gutters
Sweep the porch, lanai, walkway and driveway
Clean fences
Add tasteful landscape lighting if possible
Of course, not knowing what your specific home looks like, I can’t give a complete...
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The “Home for Sale" sign in your yard in Lakewood Ranch has been up for quite awhile. Are you somehow missing Morse code signals floating through the air that might give you the magic equation? Are you afraid the house won’t sell?
Well, even with the ever-pervasive issues currently making a mess of the economy in general and the real estate industry specifically, it’s still possible to replace that “Home for Sale in Lakewood Ranch” sign with a “SOLD” sign. You just have to figure out why it’s not selling, and fix it.
I know it’s easier said than done. If you knew what the problem was you would already have fixed it. Here are the top three reasons a house won’t sell:
1. Price is the number one deal breaker.
Price and value are the two things you need to wrap your thoughts around. It’s not about what you consider good price and value for a home, but what the buyer considers a good deal.
You can’t beat the competition by simply lowering the price. You have to compel the buyer with the “Goldilocks” price. This price says, It’s not cheap, so you aren’t...
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If you’ve thought about buying a Lakewood Ranch home for sale, you have to be wondering, “Is it ever going to be a good idea?” We understand. There’s an endless stream of media pouring out bad housing news. It’s discouraging to say the least if you’re a homebuyer or a home seller.
Yet, the problem with the news from the home buying standpoint is that it focuses on profit. The media says, “You can’t make a profit from buying a home.” They talk about prices dropping and more homes hitting the market, among other things. What they miss, however, are the real reasons most people buy a Lakewood Ranch home for sale.
It’s your home.
You can do what you want with it. You don’t have to worry about whether painting a mural on the wall will get you an increase in rent. You don’t have to deal with the noisy people who just moved into the apartment above you. You can paint the walls black and nobody can say “Boo” about it, because it’s your home.
Fixed-rate mortgages stay put.
Unlike rent, which can go up...
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If you’re hoping to sell your Lakewood Ranch real estate in 2011, make some New Year’s resolutions to help the process along. Resolve to:
1. Interview and get a comparative marketing analysis (CMA) from at least three agents from three different Lakewood Ranch real estate agencies. Each agent has a different opinion about the value of your home and how to best market your home. Learn from each agent and then sign a contract with the agent you decide to hire.
2. Research the number of foreclosures and short sales in your neighborhood. To sell your home, find out how many foreclosures and short sales you’re competing against. This impacts the value of your property as well as the length of time it takes you to sell. Your Lakewood Ranch real estate agent can help you with this research.
3. Be realistic about price. After reviewing your three CMAs, talk with the agent you hired and come to an agreement on the price that can get your home sold. Ideally, that price should be at or just below the selling price of similar houses in your neighborhood that...
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