Three Housing Predictions for 2014

As 2013 comes to a close, it’s time to look ahead to see what trends we may see in the housing market in 2014. 1. More inventory at higher prices. All the distressed property from the last 5-7 years is starting to dry up. Sellers will likely see better profits than they have in years. Homes right now are priced to cater to sellers, and we will likely see the end of the “buyer’s market.” 2. Mortgage rates will continue to rise. Mortgage rates have risen over the past few months and the positive trend seems to likely continue throughout 2014. 3. Mortgages will be easier to get. Higher mortgage rates have cut refinancing activity and pushed banks to ramp up their purchase lending. There are also new mortgage rules coming out in 2014 that may cause banks to be more willing to lend. What are your predictions for the 2014 housing market? #CobblestoneRealty #RealEstateTips #SouthFlorida #HousingMarket
		Categories: Markets/Economy, Loans, House and Home, Helpful Tips, General Real Estate, Finance, Contracts/Legal, Service/Services, Real Estate Practices, Real Estate News, Other, New Trends, National Topics

Should You Buy a Distressed Property?

Many houses on the market right now are distressed properties. Distressed properties include those whose owners have defaulted or are about to default on their mortgages. In many cases, distressed properties can be less expensive that comparable homes for sale. There are a number of different types of distressed properties: Short Sale. In a short sale, the homeowner can't afford to maintain the mortgage. Rather than foreclosing on the home, the lender agrees to the sale of the property for less than the balance of the loan. Short sales give both lenders and homeowners an option other than foreclosure. Foreclosure Auction. Banks and other lenders will auction off properties that have been repossessed from homeowners who have defaulted on their mortgage loans. Foreclosure auctions are usually held at public facilities such as courthouses. The auctions are generally best left to investors with cash available to spend. All bids have to be backed up with the money for the entire sale price up front. Also, houses usually purchased at an auction are purchased site unseen. REO (real estate owned) Foreclosure. When people describe a distressed property as a “foreclosure,” they are usually referring to an REO foreclosure. These are bank or lender owned properties that you purchase directly from the lender in a process that is similar to a typical home sale. The advantages of purchasing a distressed property: A distressed home will sometimes be priced significantly lower than it would be sold for if it were not a distressed property. That doesn’t mean all distressed homes will be cheaper than all other homes that aren’t distressed, however. If there are a lot of foreclosures in an area, prices of non-distressed homes tend to be lower, too. In some cases of distressed properties, you can offer to purchase the home for less than the asking price. There is little to no emotion involved with a seller on distressed properties since you’ll be dealing with the lender instead. The disadvantages of purchasing a distressed property: Distressed homes take more time and effort to purchase. They require a lot of paperwork, and you might end up waiting a long time just to have your offer rejected. Depending on the property, it may need many major repairs. Many distressed properties have been vacant for a while with no continuous maintenance. Lenders generally sell distressed homes as-is. There is often a lot of competition when purchasing distressed properties with other buyers and investors. More competition leads to higher prices. If you have any questions about purchasing a distressed property, contact us today. We can guide you through the home buying process and help you determine if buying a distressed property is right for you.
	Categories: Opinion, National Topics, Markets/Economy, Loans, House and Home, Helpful Tips, General Real Estate, Finance, Contracts/Legal, Other, People, Real Estate News, Real Estate Practices

What Real Estate Agents Wish You Knew

For Buyers: 1. When looking to buy a home, do not get any new loans or use credit cards heavily. The preapproval letter is just the beginning of the process. Once you get preapproved, don’t run out to start buying things for your new home on credit. Just before closing, most lenders will pull your credit again to re-examine your financial situation. If your credit has changed since the preapproval, you may have a higher interest rate, or even worse, you may not get the loan. It’s best to maintain your frugality even after living in the home for a few months to get an idea of how much it will cost you to live in your new home. 2. Prequalification does not mean preapproval. In a prequalification, the lender generally doesn’t verify all the buyer’s information. A preapproval required third-party verification. If you are a serious buyer, get preapproved before looking at homes. That means you’ve already applied for the loan, your financial information has been verified, and you’ve been given a specific loan amount and interest rate. For Sellers: 1. Selling a home usually takes longer than you think. Most people underestimate the time it takes for a house to sell due to unrealistic expectations. These unrealistic expectations can often cause more stress. Make sure you communicate your expectations with your real estate agent then be open to suggestions and advice and a more realistic timeline. Give yourself a minimum of four to six months to sell your home. 2. The little details make a big difference. Your home needs to look good, feel good, and smell good when you are preparing to sell it. The home should always be ready to show. Messy rooms, poor staging, and odors will turn prospective buyers off quickly. Always leave a warm, comfortable, and inviting impression.

Categories: Service/Services, Real Estate Practices, Real Estate News, People, Other, Opinion, New Trends, Markets/Economy, Marketing, House and Home, Helpful Tips, General Real Estate, Advertising

What’s lurking behind the walls of your dream home?

For most Canadians, a home is the biggest investment they’ll ever make. It’s critical that homebuyers do their research and know what they’re buying before they sign on the dotted line. Having the information they need can help prevent surprises that can be costly to fix, dangerous, or even invalidate home insurance. “A home doesn’t come with a money-back guarantee, which is why it’s so important to be aware of potential issues before you buy,” says Henry Blumenthal, vice-president and chief underwriter, TD Insurance. “New homeowners need to know what they’re buying and ensure they can maintain and protect their most valuable asset, because once the ‘sold’ sign goes up, the buck stops with them.” Equally important as a home’s curb appeal is the cost to repair and maintain it, and the potential insurance implications that come along with it. The best way to understand a home’s condition is to hire a professional home inspector. A home inspection analyzes the structure and major systems: roof, exterior, electrical, heating, cooling and plumbing. By sharing the details found in the inspection report with your insurance provider, your insurer can help identify problem areas that could increase premiums, prevent you from qualifying for home insurance or require additional riders. “We provide homebuyers with information they need to make an educated decision,” says Bob Dunlop, president, Carson Dunlop. “Because every buyer is different – one person’s fixer-upper is another person’s nightmare – it’s not a question of whether a house passes or fails, it’s whether it works for a particular buyer’s needs.” When assessing risk, insurers are primarily looking at two factors: the frequency with which a particular problem tends to occur and the potential magnitude of the loss associated with the problem. Water damage is one of the most common home insurance claims and has the potential to cause major damage. Five years ago, water damage represented a quarter of the claims TD Insurance paid out; today it’s up to half. On average, water damage costs policyholders more than $7,500 to repair. A home inspector assesses a home’s vulnerability to water damage and can flag items like poor maintenance of eaves troughs and downspouts, improper installation of a basement backup valve, cracks in the foundation or an aging roof. “With a roof that’s 20 years old, the only guarantee you have is that it’s going to leak at some point,” adds Blumenthal. “An insurer’s unique insight and experience can help you make your buying decision. If your insurer isn’t comfortable with an item in the home-inspection report, you should take a closer look before you buy.” Other common items that a home inspector will look at that could ultimately impact your insurance premiums and eligibility include: » Plumbing and electrical. An outdated plumbing or electrical system can be a potential hazard if it hasn’t been properly maintained or updated. » Heating. An older heating system, such as an oil furnace, could leak and cause damage to your home and the surrounding area if not maintained properly. » Liability exposure. A pool that isn’t properly fenced creates a higher probability of an accident. » Previous renovations. If renovations were clearly the work of a corner-cutting do-it-yourselfer, they could pose a safety threat. » Smoke detectors. Without functioning smoke detectors there’s a higher potential for significant damage from a fire, including danger to you and your family. » Alarm systems. A functioning alarm system is a theft deterrent that could help lower your insurance premiums. “The inspection identifies what repairs need to be made and at what cost,” adds Dunlop. “Depending on your financial situation, what comes out of our report could have an impact on your purchase decision. It could even give you some bargaining power with the seller.” According to Canada Mortgage and Housing Corp., a typical home inspection is in the range of $500, depending on the size and condition of the home. “Buying a home is exciting and it’s easy to get carried away and overlook the details, but the most important thing buyers can do is take time to ask questions so there are no surprises,” says Blumenthal. “That way, they can feel confident that their new home is a safe investment and a safe haven.”

Categories: General Real Estate, Helpful Tips, House and Home, National Topics, Real Estate News, Real Estate Practices

3 Reasons to Buy a Home During the Winter

The majority of homes are usually sold during warmer months, but buying a home during winter could mean getting a bigger bargain. Here are 3 reasons to buy a home during the winter: 1. There are fewer units on the market and fewer buyers looking. You can often use this to your advantage to get a good deal. Fewer buyers means less competition. Don’t be afraid to negotiate the price or the inclusions within reason. 2. In many cases, sellers need to move. Often, people who list their homes during the winter are moving out of necessity. Job transfers or financial hardships are some reasons that sellers list during the winter, which can often lead to a better bargain for the buyer. 3. Faster processing. Because there are fewer real estate transactions during the winter months, real estate agents usually have more time to dedicate to your home search and transaction. Lenders generally get you approved and process paperwork faster during the colder months. Don’t let the cold keep you away from your new home search. Many homebuyers who purchase their new home during the winter find that they can usually use the slow season to their advantage to get a favorable deal.

Categories: Advertising, Competition, General Real Estate, Helpful Tips, House and Home, Markets/Economy, Other, People, Real Estate News, Real Estate Practices

Pooling Financial Resources to Buy a Home

Q My wife and I would like to purchase a condo but the initial downpayment is an issue. My mother and uncle are new immigrants to Canada and have approached us to buy a condo together. What do you think of buying a condo with family members? Tse, Scarborough

A The pride of home ownership is a dream for most Canadians. Unfortunately, this may only be a dream for many and may never become a reality.
Some individuals may have difficulty qualifying for a mortgage, even with the creativity of many financial lenders. Rule number 1: Buy what you can afford, not what you can borrow. Price increases in the Toronto real estate market easily outpace the marginal increases in salaries of the average Toronto household.
Pooling the financial resources of several family members can be an excellent opportunity for first-time buyers to get into a home. Eventually, you can save sufficient equity to have your own dream home. Obviously, this does not come without making sacrifices and concessions. A dream home can quickly become a nightmare, particularly when your mother-in-law may not be your first choice in roommates.
Extended family arrangements are not uncommon for many immigrant families that have three generations under one roof. For some cultures, this is the norm. However, this form of living arrangement is not for everyone. Most couples marry to start a family, not to inherit two generations of families.

Food for thought that may help you make a decision:
›› Discuss the financial arrangements with your family member(s) before making a commitment. Are the downpayments equal? How will the equity of the condo be divided in the event of a sale? Are the mortgage payments divided equally? What about condo fees? What happens if one partner wants out? Whose names goes on title?
›› Does the extended family get along? Family relations can deteriorate faster than an old home with termites! Discuss these arrangements thoroughly with your spouse.
›› A meeting with a lawyer beforehand can ease tension later. Sometimes, it’s good to write things down and not have regrets later. Make no mistake, this is a business relationship.
›› Family financial resource pooling can be very successful for real estate and stock investments. Some of Canada’s wealthiest owners of real estate and public companies are family owned. It sometimes pays to keep it “all in the family.”
›› Your tax adviser can explain some pros and cons of pooling from a tax perspective. Compare the tax advantages of having extended families under one roof, with the loss of other tax credits and government programs.
›› How is the credit rating of the other family members? Pooling can help family members with less than excellent credit re-establish themselves.

Family dynamics are an important ingredient when families pool their financial resources. Real estate prices will always rise and fall, but families are priceless.

@cobblestoneinfo
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Inspecting the inspector

A house is probably the highest-priced purchase a person will ever make, so I find it shocking how often I hear comments like, “You know, I spent more time researching and picking out my new TV than I did buying this house...”
However wrong it seems, this is the accepted reality of how the buying and selling of homes works these days. One protection that you, as a homebuyer, have to ensure a smart and safe purchase, is to make your offer conditional on a home inspection. Beyond that, do your due diligence and hire a qualified and reputable home inspector who will work for you to protect your best interest.

Consider this list when interviewing potential home inspectors:

» Is the inspector independent from other influences (like a real estate agent or the home seller) and truly working for you?

» Are you allowed to attend the inspection, and will the inspector review the report with you once completed?

» What is the inspector’s experience and training? People automatically think that being an engineer or contractor qualifies someone to be a home inspector. Although these are excellent attributes, nothing tops proper training and membership in a professional association like the Canadian Association of Home and Property Inspectors (CAHPI).

» If an inspector claims to inspect according to CAHPI standards but isn’t a member, there’s an important ingredient missing. If there is a problem with the inspector or the work they do, they can’t be held accountable by the association.

» How long will the inspection take? A CAHPI standards-of-practice inspection for a 2,000-sq.-ft. house is seldom less than 3.5 hours (including report writing).

» What kind of report will the inspector provide? If there isn’t a written or computerized report, the inspection does not meet the standards of practice.

» Be clear on what your inspector will be checking. Don’t assume the inspection includes appliances, wood-burning fireplaces, pool, hot tub, septic or well systems. Ask up-front in case additional arrangements and costs are involved.

» You’ll probably ask for references and read testimonials online, but who is providing them? We all have friends who will say nice things about us. Do you due diligence.

» As a “smart consumer” society, we’ve all been programmed to price-shop, but a home inspection is the place to skimp on quality. You get what you pay for.

» Are there any other charges or services that the inspector will try to sell you at the actual inspection? Get a price quote and the terms of service in writing in advance.

» Does the inspector have a contract, and can you review it prior to the inspection, along with the Standards of Practice?

» Be suspicious of any inspection business that advertises their “company” as being a certified Registered Home Inspector (RHI). Only individual inspectors receive these designations, not companies. “Certified” is a common term which is often misrepresented by inspectors who claim certification by some self-proclaimed person or training body that has no official recognition.

Although this is not an exhaustive list, it will get the gears turning to help you assess if the home inspector you are considering is someone you want to work with. On the flip side, remember that many good inspectors are also interviewing you to decide if your expectations are realistic and if they really want to work for you.

@cobblestoneinfo
#SouthFlorida #RealEstateListings #HomeRealEstate #FloridaRealEstate #RealEstateAgents #MLS #JupiterBeach #JupiterBeachFL #HomesForSale #HomesForRent #Homes #MortgageHelp #Christmas #HolidaysApproaching

Speed up your Mortgage Process

Once you decide to buy a home, you are beginning a process that can take weeks – if not months – to complete. Being approved for a mortgage loan can take some time. Because it’s currently a buyer’s market, there are other potential homeowners who take up your lender’s time. The amount of paperwork has also increased in the past few years, which can draw out the approval process. There are a few steps you can take to speed up the process. 1. Gather all paperwork before applying. Have all your paperwork ready before your initial meeting with the lender. You’ll need pay stubs from the past month, a bank statement from the past month, a homeowner’s insurance declaration page, and any other significant financial documentation. The more you initially provide, the faster the loan can be approved. 2. Be honest about your finances. Never exclude any information about your assets or finances. Most of your records are public and can be found by your lender, so don’t omit anything or misrepresent yourself in any way. 3. Make sure you’re there for the appraiser. The appraisal process can take a significant amount of time. Schedule the meeting immediately and be flexible. If the appraiser can’t reach you, the mortgage process could take much longer. If you have any questions about the home buying or mortgage process, contact us today. @cobblestoneinfo #SouthFlorida #RealEstateListings #HomeRealEstate #FloridaRealEstate #RealEstateAgents #MLS #JupiterBeach #JupiterBeachFL #HomesForSale #HomesForRent #Homes #MortgageHelp
	Categories: Service/Services, Real Estate Practices, People, Other, Loans, House and Home, Helpful Tips, Government, General Real Estate, Finance, Contracts/Legal

Debating Between a Townhome and a Single-Family House?

When buying a home, one of the fundamental questions you will ask yourself is whether you want a townhome or condo or a single family home. There are advantages and disadvantages to both and depending on your needs, one may be a better option for you than the other. Consider the following when trying to decide between a townhome/condo and a single-family house: Budget – Generally, townhomes and condos are less expensive than their single-family home counterparts. Because single-family houses are generally bigger than condos and townhomes, the heating and air conditioning bills will most likely be bigger as well. Determine your budget to help you decide what will be best for you financially. Location – Do your research to make sure the location and neighborhood you’re looking at is safe and worth your investment. If you want to live in the heart of the city, a condo may be your best option. Yard and Home Maintenance – Do you want a yard your children can play in with a garden you can maintain? Or would you rather not bother with a yard at all? When you own a house, you will be responsible for all the maintenance, so make sure that’s something you’re willing and able to take on. The bigger the property, the more it will cost to maintain.  Privacy – In a townhome or condo, there’s a good chance that you will occasionally hear your neighbors, and they’ll occasionally hear you – no matter how well the home is built. You may have to share a hallway or back or front yard as well. If you want complete privacy, a single-family home may be the best option for you. However, if you find comfort in having close neighbors, consider a townhome or condo. Homeowner Associations – Homeowner associations include fees and shared decision-making. They help keep neighborhoods clean and help maintain home values in the neighborhood. Most of the time, townhomes and condos are part of homeowners associations. You’ll need to decide if you’ll use the amenities you pay for with your HOA fees. If you want complete control of the decisions regarding your home, consider a single-family home. Family Lifestyle – If you don’t have any children, or don’t plan to have children for a while, a townhome or condo can simplify your life and limit maintenance you’ll have to do on the home. If you want pets, many condos and townhomes don’t permit them, so do your homework. Visit to us at www.cobblestonefl.com to get the latest news and listings on the market! @cobblestoneinfo #SouthFlorida #RealEstateListings #HomeRealEstate #FloridaRealEstate #RealEstateAgents #MLS #JupiterBeach #JupiterBeachFL #HomesForSale #HomesForRent #Homes #MortgageHelp
	Categories: National Topics, Markets/Economy, Loans, House and Home, Helpful Tips, General Real Estate, Finance, New Trends, Opinion, Other, People, Real Estate Practices

Home Luxuries on a Budget

We all would love to have the homes we see in magazines and all over online design and idea sites. However, many of us just can’t justify spending the kind of money having those kinds of homes would take. There are still simple, inexpensive ways to add luxuries to your home. Here are five home luxuries you can add on a budget: Easily programmable or “smart” thermostats. The energy you use to heat and/or cool your home is probably a large part of your household budget, and your comfort plays a large part of the feeling of luxury in your home. Programmable or smart thermostats can raise and lower the temperature based on your activities, ultimately saving on energy costs. There are a number of options out there, and most of them retail for less than $350. Crown molding or baseboards. Crown molding can be used to add detail to the ceiling, while chair molding can be added to protect and divide wall space. Decorative molding is an affordable way to add luxury and design to your home. Updated light fixtures and lighting. Sometimes all you need to do to update the look of your home and add luxury is replacing old light fixtures with new ones. Also, consider adding tap-style lights under kitchen cabinetry. When placed in the space between cabinets and countertops, the subtle light will add an elegant ambiance after dark. The best part is that tap-style lights are usually less than $5 per light. Built-ins. One way to add luxury to your home is to make it look and feel organized and clean. Built-in storage systems, desks, bookshelves, and even trash centers optimize your space. Outdoor lighting. Drape your backyard or terrace in twinkle lights or outdoor lighting. Outdoor lights will add a chic ambiance to your yard. Also, outside candles can add to the atmosphere of your backyard. Visit to us at www.cobblestonefl.com to get the latest news and listings on the market! @cobblestoneinfo #SouthFlorida #RealEstateListings #HomeRealEstate #FloridaRealEstate #RealEstateAgents #MLS #JupiterBeach #JupiterBeachFL #HomesForSale #HomesForRent #Homes #MortgageHelp

Categories: Advertising, General Real Estate, Helpful Tips, House and Home, Markets/Economy, National Topics, New Trends, Opinion, Other, People, Places/Spaces, Real Estate News, Real Estate Practices

Can You Take Over Someone's Mortgage Payment?

There are many websites out there that claim you can take over an existing mortgage. Many of these websites also claim that you don’t even need to qualify to assume the mortgage because you don’t actually apply for a mortgage loan. Instead, you just take over the monthly payments. Most of these homes are said to be in preforeclosure. So, can you actually take over someone else’s mortgage? In short, some mortgages can be “assumable” and some cannot. Always contact a trusted real estate professional as well as a reputable lender to assist you in determining if a mortgage loan is assumable and to assist you in the process of assuming someone else’s mortgage payments. However, not just anyone will be able to assume an existing mortgage loan. There will most likely be an application process as well as a credit check. Anyone who tries to charge you upfront should be avoided. There are many scams out there, so to ensure your safety, involve a real estate agent, lender, and your attorney in any real estate transaction. Visit to us at www.cobblestonefl.com to get the latest news and listings on the market! @cobblestoneinfo #SouthFlorida #RealEstateListings #HomeRealEstate #FloridaRealEstate #RealEstateAgents #MLS #JupiterBeach #JupiterBeachFL #HomesForSale #HomesForRent #Homes #MortgageHelp

5 Home Improvement Ideas for Under $5000

You may not necessarily be looking to buy a new home or sell your current home, but since your home is an asset, it’s important to occasionally spend some time and money on low-cost improvements. You don’t always have to spend tens of thousands of dollars on a project to improve the enjoyment and increase the value of your home. Here are 5 home improvement ideas that will cost less than $5,000. 1. Replace the carpet. Is your carpet old? Do you hate the color? Is it in poor condition? It will costapproximately $200-$300 per room to replace the carpet in your home. You could also replace the carpetwith hardwood floors for approximately $1500-$2000 per room, depending on the materials you use andthe size of the room. 2. Update your bathroom. You could spend around $15,000 for a complete bathroom remodel, or youcouldspend less than $5,000 by just updating one or two things in your bathroom to make it moremodern. The average cost of swapping out a regular tub for a jetted tub will cost between $1,500 and$4,000. You couldalso update your sink for around $1,500. Other low-cost ideas to improve yourbathroom: Add a new mirror and faucet. Replace the floor. Add shelves and sconces. Update your current showerhead. Install heated towel bars. These usually cost about $100 each. 3. Paint. One of the most affordable home improvement projects is a new paint job. It’s also a simpledo-it-yourself project. A new coat of paint can provide an updated look to any room. You can even pickyour color from designer swatches, but have the paint department in your local home improvement storemix a more affordable, custom mix for you. 4. Update your home technology system. Connecting your home systems to be controlled by a singleremote control used to be a lot more expensive than it is now. From approximately $500 to $5,000, youcan wire your home systems to: Remotely control lighting, air conditioning, and heating; Monitor your home via video and sensors for security purposes; Control your audio systems including your stereo, TV, and computer. 5. Organize your home. Organizing your home can make a big difference in its appearance as well asyour own sanity. Consider building organization systems in your closets, pantries, garage, or storage areascustomized to fit your needs. The price for this ranges vastly depending on how you decide to customizeyour organization systems, but it can be relatively inexpensive and will make your life much easier. Visit to us at www.cobblestonefl.com to get the latest news and listings on the market! @cobblestoneinfo #SouthFlorida #RealEstateListings #HomeRealEstate #FloridaRealEstate #RealEstateAgents #MLS #JupiterBeach #JupiterBeachFL #HomesForSale #HomesForRent #Homes #MortgageHelp

Categories: Technology, Real Estate Practices, Places/Spaces, People, Other, New Trends, House and Home, Helpful Tips, General Real Estate, Finance

Can I Submit Multiple Offers on Different Properties?

Many homebuyers find themselves trying to decide on multiple homes. Sometimes a home might be a short sale and the homebuyer knows that the process can take some time or the offer might even be rejected. Some homebuyers are afraid they’ll miss out on a property they love while waiting on a counter-offer on a property they REALLY love. So, can you submit multiple offers on several different properties? First, it’s important to note that the laws in each state are different. The first thing you’ll want to do is ask an attorney about the laws in your state. Next, realize that if you are under contract to purchase a home, that contract is legally binding, and breaching that contract can have its ramifications. The liability for breaching a contract depends on the language of the contract. It is possible to submit offers that will not bind you legally by simply just making an offer. Just be fully aware and discuss your contract with both your attorney and your real estate agent. Many contracts offer a 10-day inspection period that allows a buyer to immediately cancel the contract if they disapprove of items discovered during the inspection period. While this isn’t merely a way for you to get out of your contract, it may be an option for you. Be aware of any lender’s addendums, especially for bank owned properties. These may contain language that shortens or eliminates the inspection period. If you happen to have multiple offers accepted and you can’t get out of your contract, you will be under contract to purchase more than one home. Keep in mind that it’s always easier not to write an offer than it is to cancel a contract. Every situation is different, however. If you plan on purchasing a short sale, it’s likely you will submit multiple offers. Because the wait period can be so long to hear back from the bank on a short sale property, and the answer can likely be “no,” some homebuyers want to make sure they have options. If you decide to make multiple offers on several homes, make sure you are working with an experienced, competent real estate agent that you trust. Look over the contracts carefully before signing anything and discuss them with your attorney when necessary. If you don’t, you could end up losing your earnest deposit on multiple homes or even worse, be legally obligated to purchase more than one home. If you only intend to purchase one home, it’s best to make an offer on one home at a time and avoid any potential legal or ethical issues. If you have any questions regarding the purchase of a new home, contact us today.
	Categories: Competition, Contracts/Legal, Finance, General Real Estate, Helpful Tips, House and Home, Loans, Markets/Economy, National Topics, New Trends, Opinion, Other, People, Real Estate News, Real Estate Practices, Service/Services

Renting Your Home

Renting your Home There are a number of reasons you may be considering renting out your home. Maybe you’re looking at your home as an investment property. Perhaps you need to move and can’t find a buyer. The first thing you need to consider is that renting a home is like running a business. You need to treat it like a business. If you’re not prepared to do that, consider selling your home instead. The ideal property to rent should be in good repair, in a safe location with little crime, and have a cheap or paid off mortgage. If your home doesn’t fit this ideal, it may be worth selling rather than renting. Consider the following before you decide whether or not you’ll rent your home. Know what it takes to be a landlord. Do you have the time and temperament to fulfill a landlord’s responsibilities? Landlord responsibilities may include: maintaining the home, making sure plumbing, wiring and appliances function properly, promptly responding to tenants’ needs, advertising the rental, selecting tenants, and evicting them if necessary. Of course, you can always hire a professional property management company. If you’re not going to be close to the site to actually manage the rental, a property management company may be the best option. Do the math. Calculate the total cost of renting. Include the mortgage payments, utilities, any HOA fees, indoor and outdoor maintenance, taxes, legal assistance you may need, and an additional mortgage or rent payment for the house you’ll be moving into. Make sure you can afford it. Determine your rent price. Your rent needs to be competitive. You can’t base your rent solely on what your monthly mortgage payment is. Check local ads, Craigslist.org, Move.com, call property management agencies, and determine the range for similar properties in your area. Put careful thought and time into your screening process. Don’t rely on your good judgment of character. Screening your tenants is your most important task as a landlord. Have an attorney help you draft up the application. Always do a credit check and carefully check references. You may not find the “perfect” tenant, but gathering as much information as possible will give you an idea of the type of tenant you will have. Know the law. Each state has different landlord-tenant laws. Know your tenants’ rights as well as your own. Be prepared to hire an attorney to ensure you’re complying with the law. Some municipalities have requirements as well, and federal law governs things like fair treatment for tenants and Americans with Disabilities Act requirements. Make sure you treat all tenants equally and set your criteria for accepting or rejecting applicants and apply them consistently. Write down your policy and stick to your rules to protect yourself. If you happen to reject an applicant, disclose exactly what the problem was and how you became aware of it. Keep all your applications for several years. When you do discard old applications, shred them, as most will have social security numbers and other personal information. Some states may require you to pay interest on renters’ security deposits. Once you’ve approved an application and have chosen your tenant(s), make sure you draft a lease. Don’t use blank leases from the Internet. Use an attorney to assist you with your lease. Have the appropriate insurance. Insurance for a rental is different from insurance on a primary residence. As a landlord, you’ll need rental property insurance. You are not responsible for the tenants belongings, so encourage them to get renters insurance. Keep rental finances separate from personal finances. Consider using financial software to track your rental income. Keep these records separate from your personal accounts. You need to keep track of any tax deductions relating to your rental. Create a separate savings account as well. You’ll want to put a set monthly amount into this account to cover any repairs, appliances, maintenance, and taxes. Be prepared to evict a tenant and/or have an empty rental property. Sometimes things can go wrong even with seemingly great tenants. Don’t evict them yourself. Use an attorney. Once the tenant is just one month late, consult your attorney and follow the guidance you’re given. Laws are specific about this process and professionalism must be maintained. Have a process in place, and treat the eviction as part of a business transaction, not a personal matter. There will be expenses associated with this process that could equal an entire month’s rent. If you can’t seem to rent out your property, selling may be the best option for you. However, be prepared to have an empty property at some point and pay the mortgage payment while you try and find renters.
www.cobblestonefl.com @cobblestoneinfo	Categories: Service/Services, Real Estate Practices, Real Estate News, Places/Spaces, People, Other, New Trends, National Topics, Markets/Economy, Loans, House and Home, Helpful Tips, General Real Estate, Finance, Contracts/Legal, Competition, Advertising

Take the Mortgage Test!

Myth #1: The loan package with the lowest interest rate is always best. You may be tempted to pick one home loan over another simply because the interest rate is lower; however, this could be a mistake. Many borrowers fail to look at the comparison rate, but it’s very important. Check the comparison rate of the loan to help you really understand the true cost of a loan. The comparison rate includes all the upfront and ongoing fees that need to be paid during the course of the loan. For example, some mortgages offer a low initial monthly payment but require a balloon payment. Some loans have an interest-only period, after which your monthly payment increases. Some loans have expensive costs and fees. Read the contract and don’t base your loan solely on the interest rate. Myth #2:  A 30-year mortgage loan is always best. 30-year loans are the most common home loans because generally speaking, they have a lower monthly payment than a 15-year mortgage. But just because they are the most common doesn’t make them the best for every situation. The average homeowner stays in a home for about nine years. First-time homebuyers live in their homes for an even shorter amount of time. Some homeowners may find that an adjustable rate mortgage (ARM) could be a better option. ARMs begin with a fixed-rate period before the interest rate resets. The initial rate is often lower than the 30-year mortgage rate, meaning lower monthly payments. When the interest rate resets, the monthly payment is recalculated based on the remaining balance. It could end up lower if the borrower puts extra money toward the principal. ARMs backed by the government typically won’t increase by more than one percentage point a year and five percentage points over the life of the loan. ARMs work best for homebuyers who are reasonably sure their income will increase before the rate resets. Myth #3: If I have bad credit, I can’t get a mortgage loan. Your credit rating can either help or hinder the type of mortgage loan you’re offered. Having bad credit doesn’t automatically mean you can’t get a loan. However, it may mean that a lender might consider you a greater risk and give you a higher interest rate. Be upfront with your lender about your credit history before they even pull your credit report. Some defaults may have explanations that can be overlooked. Lenders generally want to help you get a loan. Shop around for different lenders and speak with several if you are concerned about your credit rating. Myth #4: Once you are approved, you are guaranteed the loan. The biggest mistake many people make when applying for a loan is they assume that once they are approved, they are guaranteed the loan. This isn’t true. Many mortgage lenders will pull your credit again between your approval and the loan closing. If your credit score has been affected negatively during this period, the loan could fall through. After being approved for a mortgage loan, avoid applying for new credit accounts and running up credit card balances. Keep your credit in outstanding condition during the entire loan process. Myth #5: You should pay off your mortgage as soon as possible. If you have debt other than your mortgage, it always makes more sense to pay down the higher-interest debt. Credit cards and auto loans generally have higher interest rates than mortgage loans. You may also want to consider investing the money where it can earn a return greater than the mortgage interest rate after taxes. It’s great to pay off a mortgage early if doing so satisfies a long-term financial goal. If you want to retire debt-free, paying off your mortgage early can help you completely eliminate debt. However, focus on higher-interest debt first. @Cobblestoneinfo www.cobblestonefl.com  #SouthFlorida #RealEstate #TipsforBuyers #Mortgage #JupiterRealEstate #PalmBeachGardensRealEstate #CobblestoneRealtyLLC #RealEstateMyths #Tipofday

Categories: Competition, Finance, General Real Estate, Helpful Tips, House and Home, Loans, Markets/Economy, National Topics, New Trends, Opinion, Other, People, Real Estate Practices, Service/Services

Tips for a pristine bathroom!

We spend a lot of time in our bathrooms each day, but sometimes these small rooms get neglected. Cleaning products, personal care products, linens and towels, dirty laundry, medications, etc. all take up space in our bathrooms. Here are some tips on keeping your bathroom clean and organized: Clean your shower and/or tub while you’re taking a shower. There are many products available that allow you to skip the scrubbing and just spray after you’ve taken a shower. Keep cleaning supplies in each bathroom. Having these items available will help you keep your bathroom clean and save time. Use small baskets or containers to store small items such as hair accessories, makeup, nail clippers, nail polish, etc. This will reduce the amount of clutter and keep items from shifting around the drawers. Clean out your makeup collection often. Makeup has a shelf life. Any makeup older than 6 months has likely expired and is no longer considered hygienically clean. Use a shower caddy to organize body wash, shampoo, conditioner, face wash, razors, etc. They are easy to use, generally just hang over the showerhead, and are inexpensive. Have a storage container for toilet paper in each bathroom. If you don’t use it daily, don’t store it on the counter. Reduce clutter by only placing items you use each day on the counter. Roll, instead of fold, towels for maximum storage. Place hooks on the back of the bathroom door for towels and robes
@Cobblestoneinfo www.cobblestonefl.com #SouthFlorida #RealEstateTip	Categories: General Real Estate, Helpful Tips, House and Home, Other, People, Places/Spaces, Real Estate Practices

Home Stalking: A New Real Estate Trend

Generally speaking, stalking usually isn’t considered a positive thing. However, with homes selling so quickly right now and competition increasing rapidly, many buyers have hopped on the “home stalking” bandwagon as an innovative strategy to find a new house. This home stalking trend includes tactics such as knocking on doors, tracking down homeowners, and writing letters in hopes to purchase a home that may not even be listed for sale. Since 2010, home stalking has increased in popularity by 15%. Zillow’s Make Me Move is a website that allows homeowners to list their properties with a “dream” price. Potential homebuyers can contact the seller via email, and the seller will continue to remain anonymous. This feature provided by Zillow currently has over 148,000 listings, and since last year, contact to homeowners has increased by 130%. There are three main strategies home stalkers use: Letters to the homeowner. Some homebuyers are stopping by homes to give them letters asking the homeowner if they would be interested in selling. Most of these letters add a personal touch, telling the homeowner why they would be the best prospective buyer for the property. According to a survey done by the National Association of Realtors last year, 20% of those who sold their homes without using a real estate agent said they did so because a prospective buyer contacted them. Keep in mind that it is illegal to put something in someone else’s mailbox, so either address the letter to “Resident” and mail it or leave it at their door. Searching the Internet, and setting up property alerts. Most real estate listing websites give you the option to set up alerts on properties you are interested in. If you know what neighborhood you want to live in, you can set up alerts on properties in that neighborhood. The more property alerts you set up, the better your chances are at getting a home in that particular neighborhood. Also, foreclosure listings and pre-foreclosure listings are a great resource you can use to find more possibilities. Old-fashioned knocking. Is there a home you absolutely love? You could always just knock on the door and ask the homeowner if they have any interest in selling. Keep in mind that to avoid overpaying for a property and making sure everyone is getting the best deal, it’s always a good idea to hire a real estate agent and an attorney to assist with the process. Contact us at Cobblestone Realty today for the advice you need in the Real Estate. @Cobblestoneinfo! #SouthFlorida #RealEstate #MarketTrends #HelpfulTips #Competition #CobblestoneRealty

Categories: Competition, Finance, General Real Estate, Helpful Tips, House and Home, Markets/Economy, National Topics, New Trends, Other, People, Real Estate News, Real Estate Practices

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Refusing to Follow your Agent's Advice

Many sellers find it very difficult to trust such a big financial decision to their real estate agent. Sometimes, sellers will list their home with an agent and then refuse to follow their advice.

It’s important to keep in mind that real estate agents know the market, and they are familiar with the industry. Real estate agents know how to negotiate as well as how to proceed with all steps of the transaction.

When sellers work with their real estate agent rather than trying to control every aspect of the transaction, the process will go much more smoothly.

If you find yourself refusing to follow your real estate agent’s advice, or doing any of the following, you may find it more difficult to sell your home quickly and for the best price:

• Insisting that your home is worth more than what your agent recommends based on market comparables.

• Pricing your home according to your own financial needs rather than what the home is worth.

• Failing to make repairs or updates that your agent suggests will make your home easier to sell.

• Declining inconvenient showing because you feel your home isn’t ready.

• Staying at home for the showings and interacting with the potential buyers.

• Showing your home to buyers who are not represented by an agent.

• Stalling negotiations over relatively minor points.

Your real estate agent wants what you want – to sell your home quickly and for the best price. Listen to your agent, and you will be much more satisfied with the process and the outcome.

We have the advice you need! Cobblestone Realty, LLC

Buying an Investment Property

Today’s low home prices paired with record-low mortgage interest rates make right now an appealing time to buy an investment property. The market is also showing signs of recovery, so it truly could be a good time to invest in real estate. However, before you jump at buying your first investment property. Consider the following: Remember that old cliché saying: Location, location, location. The location of your property is important, especially if you want to rent it out. Stay away from rural areas where few properties are being rented. Look for properties in places with a low crime rate and a good school district. Know what your options are. Do you want to become a landlord? Do you want to restore and resell properties? Would commercial real estate be a better investment for you? Many first-time investors start with residential housing, but it’s important to be aware of your options and thoroughly research them.  What will the additional expenses be? You will most likely have more expenses than just the monthly mortgage payment on your investment property. Consider the HOA fees, utilities, ongoing maintenance, and insurance. Make sure your monthly cash flow will help you manage your additional expenses. What are the loan requirements? For investment properties, there are usually higher interest rates and a larger down payment is required – usually 20 percent, since mortgage insurance isn’t available on investment properties. What is your time frame? Determine when you want to purchase your investment property. Take your credit score into consideration. Make sure you will be able to get a good rate with your credit score. If not, you may want to work on improving your credit score before becoming a real estate investor. Also consider your cash flow and savings when setting your time frame. Make sure the property meets your needs. Just as you would as a first time homebuyer, make a property wish list. Use a real estate agent to assist you in finding a property that fits your needs. Consider and prioritize your needs and wants, and look for a property with the most important features.

Forclosure Crisis: No Longer a Crisis

Last month, the number of new foreclosure filings hit its lowest level in almost eight years, according to RealtyTrac, an online marketer of foreclosed properties.

Steadily increasing home prices and a large decline in borrowers who owe more on their mortgage loans than their homes are worth have helped in pulling us out of the foreclosure crisis.

Our nation has been dealing with the foreclosure crisis since the housing bubble burst in 2006. Loans that originated during the most inflated years of the housing bubble account for the bulk of foreclosure inventory in 2013. However, despite the number of bad loans originated during the height of the housing bubble, much tighter lending standards over the past few years and recently rising home prices have caused foreclosure activity to continue to see a downward trend.

Even loans guaranteed by the Federal Housing Administration, which are considered particularly risky due to their low down payment requirement, appear to be performing markedly better since 2010. New FHA loans are generating surplus funds, which are being used to offset losses from past loans.

While we may be out of the foreclosure crisis, there is still a lot of clean up left behind by the housing bust. Those in the housing and mortgage industries, as well as the policy makers, need to learn from our past mistakes and continue to be cautious as to avoid any future crisis. 

"Let Cobblestone Realty, LLC assist you in all of your Real Estate needs!"

5 Buyer Turn Offs

As a seller, you won’t be able to please everyone. There will always be potential homebuyers that turn away for one reason or another, and there is nothing you can do about it. However, these 5 buyer turn offs are easy to avoid and by following them, you’ll have a better chance of selling your home faster.

1. Odors. You already know that your home should look clean and decluttered and that you should spend time on home staging. However, powerful odors can turn buyers away just as fast as a dirty home. Bad odors such as cigarette smoke and pet odors, even in a clean home, will turn off buyers. If you’ve had a smoker in your home or have had an issue with pet accidents, eliminate those odors by any means necessary. Since we often get used to the smells in our homes, ask your real estate agent, home stager, friends or family members to let you know if they notice any strange odors in your home. Make sure your home smells fresh without being overpowering.
2. Temporary messes. Obviously, you will plan on showing a clean home, but potential buyers can be turned off by a few toys scattered on the floor, a few dishes in the sink, stacks of papers, or piles of clothes laying around. While these seemingly small, temporary messes may not turn every buyer away, they are distracting. Picking up before every showing is essential and will help buyers see themselves living in your home rather than seeing how you live in your home.
3. Wallpaper. You may have grown up with it, and you may even have modern wall covering that you believe is chic. However, the majority of today’s buyers want nothing to do with wallpaper. It’s difficult to remove, many people believe it is dated, it’s too personalized, and it’s just one more thing a buyer will have to change about the home.
4. Sellers who are present during showings. Do not plan on walking around with a buyer, giving them your opinion, input, or “helpful” information about the home. Buyers won’t feel like they can talk about the home if you’re there. Make sure you’ve covered all your bases by cleaning, staging, and creating an inviting atmosphere, and let the home speak for itself.
5. Too many personal items. When a buyer tours your home, they want to picture themselves living there. Decorating a place to live in is different than decorating a place to sell. Eliminate all personal items where possible, including photos, personal effects, and religious décor.

Cobblestone Realty is your number one source for Real Estate in the Jupiter Area and surrounding communities. Let us help you in your Real Estate Adventure.

What is Reverse Mortgage?

According to the U.S. Department of Housing and Urban Development (HUD), about half a million Americans who are 62 or older currently hold a reverse annuity mortgage.

A reverse mortgage is simply a home equity loan that is designed to defer your mortgage interest and is secured by your home.

With a traditional mortgage loan, the homeowner makes scheduled monthly payments over a specified term (usually 10-, 15-, or 30-year mortgage loans). With a reverse mortgage, the interest is not due until the loan reaches maturity. As long as the homeowner continues to reside in the home and pays their property taxes and insurance, they can take advantage of holding off on monthly payments on the amount they borrowed.

To qualify for a reverse mortgage, a homeowner must be 62 years old or older with substantial equity in their home. There are no income or credit score requirements and no monthly repayments, but the homeowner must continue living in the home as the primary residence and pay property taxes and insurance.

The amount of money a homeowner can borrow with a reverse mortgage loan is dependant on:

• Appraised value of the home;
• Balances of any outstanding mortgages and other liens;
• Interest rate to be applied;
• The homeowner’s age;
• Whether proceeds are taken as monthly payments, a line of credit, or in a lump sum.

A reverse mortgage is a form of installment borrowing. The loan does not have to be repaid unless paid voluntarily, or until the homeowner dies, the home is sold, or the owner vacates the property for more than one full year.

Keep in mind, however, that the beneficiaries of the home will ultimately be responsible to pay off the loan once the homeowner dies. The heirs have up to 12 months to complete a sale or pay off the balance of the loan. If the heirs choose not to act, the reverse mortgage lender will have to foreclose on the home. In the event that the sale of the home does not produce sufficient funds to pay off the balance of the reverse mortgage, the government insurance the homeowner would have paid as part of closing the reverse mortgage loan will cover the estate.

Reverse mortgage loans are meant for those who do not have enough income to meet their needs. However, because there are costs associated with setting up a reverse mortgage, such as appraisal and origination charges, it is not recommended for homeowners who don’t intend to continue living in their home long-term.

The Federal Housing Administration requires anyone looking at a reverse mortgage option to receive independent 3^rd party counseling by phone or in person. Once the counseling is completed, the homeowner will receive a certificate of completion, which is then delivered to the lender of their choice. Approved counseling agencies can be found here.

A reverse mortgage loan is a decision that requires careful thought and planning. Contact us today to discuss whether a reverse mortgage is the right option for you.

Any Questions you may have we can help Cobblestone Realty.

Is Mortgage Finance right for you?

As interest rates continue to remain lower than they’ve ever been, you may be wondering if a mortgage refinance is right for you.

Currently, the interest rate for the most attractive borrowers falls below 4 percent.

Here are some questions to ask yourself to determine if now is the right time to refinance your mortgage.
 1.    Do I have a good credit score?
If you have a great credit score, you’re more likely to get the best rates and lowest fees. Check your credit before shopping around. You can obtain one free credit report each year from annualcreditreport.com.
 2.    Do I plan on selling my home soon?
Depending on the type of refinance, it can take years to make back the points and fees on a new mortgage loan. If the refinance includes closing costs, you can pay thousands of dollars. Make sure you plan on staying in the home for a few years so the savings on monthly interest costs offset the closing costs.
 3.    How much is my home worth compared to how much I owe?
You can get a comparative market analysis from your real estate agent to see a list of comparable recent sales in your market. If the current market value of your home is less than what you currently owe, a refinance may not be right for you. In addition, if you owe less than $100,000, you probably won’t save much money by refinancing.
 4.    Are the costs and financial consequences worth it?
When shopping for a refinance, ask for a fees worksheet that will give you an idea of the closing costs. Also, keep in mind that you receive a mortgage interest tax deduction on your monthly payment. Refinancing will leave you with a lower interest rate, meaning less to deduct. Make sure you look carefully at the costs as well as the benefits of refinancing.

 Lets Cobblestone Realty answer any questions you may have.

5 Staging Mistakes during the selling process

Home staging is a crucial element of selling your home successfully. If your home is not staged properly, it could sit on the market for months opposed to a comparable home that has been staged. When staging your home to sell, avoid making these 5 staging mistakes: Customizing your home around your personal preferences. When your home is full of items that scream “you,” it is hard for potential buyers to envision themselves and their belongings in your home. Depersonalize your home by taking down any photos and creating a neutral look that will appeal to the majority of your potential homebuyers. Allowing your home to look “lived in.” When you show your home, it must be immaculate every time you show it. Your home should look like nobody lives there. No toothbrushes out on the sink, no visible paperwork, no signs of pets, nothing on a counter that isn’t part of the staging design. This can definitely be time consuming and difficult to keep up, but it’s worth it. Even a few toiletries can be distracting to potential buyers. Work with your agent to set up showing times that will work with your schedule so you can keep your house looking immaculate. Communicate with your family the importance of picking up after themselves and wiping down the kitchen and bathrooms daily. Cluttered closets. It might be tempting to shove odds and ends into your closets to keep them out of the way, but most home buyers are looking for storage space when they look at a home, so they will likely look in your closets. Well-organized closets with space will create the impression that the potential buyer will also have ample space in your home. Consider selling, donating, or throwing things away that you no longer need so you don’t have to stuff them in a closet. If your closets are full of items that you still need, but not immediately, pack them away in storage while you attempt to sell your home. Keeping your home too dark. Emphasize the natural light in your home by opening all blinds and curtains, if applicable. The more light, the better. Make sure that no large furniture blocks any windows. Not staging at all. Unfortunately, many sellers make this mistake. If you are unsure how to stage your home, hire a professional. Many beautiful homes fail to sell because of dated furniture, poor décor choices, old paint jobs, or because the home wasn’t clean enough. Good staging means more money for your house. Not staging can cost you more than the cost of putting effort into getting your home ready to sell. Hire a good real estate agent, read staging books, or hire a professional stager.               Visit Cobblestone Realty, LLC