First-time homebuyers in 2008 can take an income-tax credit on their purchase, thanks to passage in Congress earlier this year of the first-time home buyer tax credit.
The definition of first-time homebuyer is generous. To get the credit, the homebuyer cannot have owned a home in the previous three years. The home must be a principal residence and purchased between April 9, 2008 and July 1, 2009.
The credit is equal to 10 percent of the purchase price, up to $7,500. Single taxpayers with modified adjusted gross income up to $75,000 and couples with MAGI up to $150,000 will qualify for full credit. Singles with MAGI up to $95,000 and couples with MAGI up to $170,000 will get a reduced amount. Those with higher incomes don’t qualify.
If the amount of tax a homebuyer owes is less than the amount of the credit, they get to keep the difference in the form of an IRS refund.
The homebuyer must begin to repay the credit in two years in increments of about $500 a year over a 15-year period for those who received the full credit
Homebuyers who sell their home before the credit is repaid must pay off the loan with any profits. If they sell the home at a loss, the loan is forgiven.
[Editor's Note: The credit is set to expire in mid-2009, although industry groups, including the NATIONAL ASSOCIATION OF REALTORS®, are encouraging Congress to extend it. NAR is also encouraging Congress to make the credit available to all buyers and to eliminate the repayment requirement. More detail on how the credit works. The documents are on downloadable and printable PDFs:
* First-time home buyer tax credit chart
* First-time homebuyer tax credit FAQ
Source: Chicago Tribune, Mary Umberger (12/28/2008)
Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts
Thursday, January 8, 2009
Friday, December 26, 2008
Effective Tips for Cleaning Your Garage!
Does it seem as if the things in your garage multiply almost overnight? For most people cleaning their garage is an onerous task. Here are some effective tips for gaining space to actually park your car.
* Gather all items you're not using and have a garage sale, donate the items to charity or take them to the dump.
* Dust the walls and corners; get rid of the spider webs.
* Hang heavy-duty wall hooks for larger items like yard tools, bicycles or exercise equipment that are taking up floor space.
* If you don’t have shelves, consider buying adjustable steel shelves on wheels available at warehouse stores.
* Get boxes and other items off the garage floor.
* Clean the floor and remove oil drips with cat litter and Simple Green detergent.
* Make sure all flammable materials, tools and toxic chemicals are stored out of reach of children.
* Check your garage door to make sure the opener is working properly in reverse.
Keeping your garage clutter-free and clean will allow you to have useful storage and workshop space. While your garage usually won't make or break a deal when you decide to sell your home, a clean, well-maintained garage may be a tie-breaker by enhancing an overall impression of a well-cared-for home.
Please call or send us an email if you'd like some additional real estate tips or neighborhood information.
* Gather all items you're not using and have a garage sale, donate the items to charity or take them to the dump.
* Dust the walls and corners; get rid of the spider webs.
* Hang heavy-duty wall hooks for larger items like yard tools, bicycles or exercise equipment that are taking up floor space.
* If you don’t have shelves, consider buying adjustable steel shelves on wheels available at warehouse stores.
* Get boxes and other items off the garage floor.
* Clean the floor and remove oil drips with cat litter and Simple Green detergent.
* Make sure all flammable materials, tools and toxic chemicals are stored out of reach of children.
* Check your garage door to make sure the opener is working properly in reverse.
Keeping your garage clutter-free and clean will allow you to have useful storage and workshop space. While your garage usually won't make or break a deal when you decide to sell your home, a clean, well-maintained garage may be a tie-breaker by enhancing an overall impression of a well-cared-for home.
Please call or send us an email if you'd like some additional real estate tips or neighborhood information.
Wednesday, December 10, 2008
Important Real Estate Documents to Keep in a Safe Place!
As long as you own your home, here is a list of important real estate documents you’ll want to keep in a safe place:
1. Property deed: keep it for as long as you own the property.
2. Closing statements: keep statements for three years after your purchase to show capital gains.
3. Home improvement: some remodeling projects can reduce a potential capital gains hit when you sell your property, so save your receipts and consult your accountant.
4. Warranty information: keep until the warranty expires.
5. Loan papers: keep until paid off or refinanced, or in the case of mortgages that have tax-deductible interest, keep them for three years.
6. Insurance policies: keep until the policy expires.
7.Receipts or statements: save credit card receipts and/or checking account statements or cancelled checks for all major purchases such as appliances, furniture, antiques and art
When you sell your home, you’ll usually be required to submit a disclosure form. Receipts for major home improvements like a new roof or remodeling project can help you complete disclosure forms and substantiate the good condition of your home.
A bank safety deposit box or fireproof safe is the best place to store your important documents. Be sure to save an up-to-date household inventory, complete with appraisals, receipts and photos or a videotape for insurance purposes in case of loss.
Please call or send us an email if we can provide you with an updated home evaluation for insurance purposes.
1. Property deed: keep it for as long as you own the property.
2. Closing statements: keep statements for three years after your purchase to show capital gains.
3. Home improvement: some remodeling projects can reduce a potential capital gains hit when you sell your property, so save your receipts and consult your accountant.
4. Warranty information: keep until the warranty expires.
5. Loan papers: keep until paid off or refinanced, or in the case of mortgages that have tax-deductible interest, keep them for three years.
6. Insurance policies: keep until the policy expires.
7.Receipts or statements: save credit card receipts and/or checking account statements or cancelled checks for all major purchases such as appliances, furniture, antiques and art
When you sell your home, you’ll usually be required to submit a disclosure form. Receipts for major home improvements like a new roof or remodeling project can help you complete disclosure forms and substantiate the good condition of your home.
A bank safety deposit box or fireproof safe is the best place to store your important documents. Be sure to save an up-to-date household inventory, complete with appraisals, receipts and photos or a videotape for insurance purposes in case of loss.
Please call or send us an email if we can provide you with an updated home evaluation for insurance purposes.
Tuesday, November 11, 2008
13 Reasons You Should Buy a Home in the Richmond Area, Now!
Conventional wisdom says that this is an awful time to buy a new home. The housing market is in a funk. Mortgage companies have tightened their guidelines and homes are sitting on the market for months without selling. If you listen to the news it's all doom and gloom with talk of recession and inflation, and questions of how long it will be before we see a recovery. So who would be crazy enough to buy a home now?
There is a famous quote by noted investor Baron Von Rothschild - the time to buy is when there is blood in the streets. Here in Richmond the market isn't as bad as it is in other parts of the country, but if you are a seller sitting in a home that won't sell, the situation is grim. But the bad news for the seller is great news if you are looking to buy a home. Here are some reasons to buy a home here in the Richmond area, now:
Selection - There are homes in the market in all areas and all price ranges. With more houses on the market you can pick and choose and find the home you want. It wasn't so long ago that buyers were jumping on new listings as they came onto the market, even if the home wasn't exactly what they were looking for. You can pick and choose, now.
It's a buyer's market - Again, the best time to buy is when most people want to sell. If you buy now you can get a lot more house for your money, and you have a lot more negotiating power.
Interest rates are low - Mortgage interest rates are at their lowest point in the last several years. This means your mortgage payment takes you a lot farther than it did before. We're not that far off of the all time lows we hit several years back. It is smart to take advantage of the low mortgage rates while they are still available.
Great financing is available - There's a lot of talk about how the problems in the mortgage market have made it harder for borrowers to get financing. Some programs have been cut out, and guidelines are tougher than they were before. But there is still a lot of mortgage money available, including options for low or no money down, and some great programs for first time home buyers. If you are a first time home buyer in Richmond, you may qualify for Virginia Housing authority Program which offers a below market interest rate and down payment and closing costs assistance. There are other programs for home buyers in Virginia with great rates and low fees, ask me how?
Tax savings - Buying a home is one of the best ways to save money on taxes. Your mortgage interests, real estate taxes and in many cases mortgage insurance are all tax deductible. If you are a first time home buyer this means that after-tax, you can pay a lot more for a mortgage payment than you pay for rent.
Appreciation - This might not seem like the best reason to buy, with prices stagnating and falling in some areas, but in the long run, home prices always move up. There is a lot of pessimism in the real estate market today, but even the most pessimistic are bullish in the long run.
Equity build up - As you pay down your mortgage you build up equity in your home. Most people don't even think of this because it is so gradual, but every mortgage payment (as long as it is an amortizing loan) pays a little less interest and a little more principal. In a way owning a home is a form of forced savings.
Tax refunds are coming out - If you wanted to buy but were short of cash, your tax refund could be just what you need for the down payment and closing costs.
Rents are rising - Buying a home means you can fix your mortgage payment, at least the principal and interest portion. Rents are projected to rise this year and over time.
Those are the hard financial reasons for buying a home now, but there are other good reasons to buy now:
You need more room - Has your family has grown, and you are bursting at the seams? You need a new place to put all your stuff? If you have needs that you've been putting off, this could be the right time to buy and take advantage of the buyers market.
Control - If you own your home, you can do what you want to with it. Have a dog? Not a problem. Want to plant a garden? Go for it. Want to paint stripes on the walls? Paint your heart out, it's your home and you are in control.
Pride of ownership - There is a big difference between renting a place and having a home of your own.
It's the American Dream - Not only that, but buying a new home gives you a reason to throw a house warming party.
These are some reasons for buying now, but buying isn't the right course for everyone. Buying a home is a long-term investment. If you can't afford to hold on for the long run, you might be better off renting.
There is a famous quote by noted investor Baron Von Rothschild - the time to buy is when there is blood in the streets. Here in Richmond the market isn't as bad as it is in other parts of the country, but if you are a seller sitting in a home that won't sell, the situation is grim. But the bad news for the seller is great news if you are looking to buy a home. Here are some reasons to buy a home here in the Richmond area, now:
Selection - There are homes in the market in all areas and all price ranges. With more houses on the market you can pick and choose and find the home you want. It wasn't so long ago that buyers were jumping on new listings as they came onto the market, even if the home wasn't exactly what they were looking for. You can pick and choose, now.
It's a buyer's market - Again, the best time to buy is when most people want to sell. If you buy now you can get a lot more house for your money, and you have a lot more negotiating power.
Interest rates are low - Mortgage interest rates are at their lowest point in the last several years. This means your mortgage payment takes you a lot farther than it did before. We're not that far off of the all time lows we hit several years back. It is smart to take advantage of the low mortgage rates while they are still available.
Great financing is available - There's a lot of talk about how the problems in the mortgage market have made it harder for borrowers to get financing. Some programs have been cut out, and guidelines are tougher than they were before. But there is still a lot of mortgage money available, including options for low or no money down, and some great programs for first time home buyers. If you are a first time home buyer in Richmond, you may qualify for Virginia Housing authority Program which offers a below market interest rate and down payment and closing costs assistance. There are other programs for home buyers in Virginia with great rates and low fees, ask me how?
Tax savings - Buying a home is one of the best ways to save money on taxes. Your mortgage interests, real estate taxes and in many cases mortgage insurance are all tax deductible. If you are a first time home buyer this means that after-tax, you can pay a lot more for a mortgage payment than you pay for rent.
Appreciation - This might not seem like the best reason to buy, with prices stagnating and falling in some areas, but in the long run, home prices always move up. There is a lot of pessimism in the real estate market today, but even the most pessimistic are bullish in the long run.
Equity build up - As you pay down your mortgage you build up equity in your home. Most people don't even think of this because it is so gradual, but every mortgage payment (as long as it is an amortizing loan) pays a little less interest and a little more principal. In a way owning a home is a form of forced savings.
Tax refunds are coming out - If you wanted to buy but were short of cash, your tax refund could be just what you need for the down payment and closing costs.
Rents are rising - Buying a home means you can fix your mortgage payment, at least the principal and interest portion. Rents are projected to rise this year and over time.
Those are the hard financial reasons for buying a home now, but there are other good reasons to buy now:
You need more room - Has your family has grown, and you are bursting at the seams? You need a new place to put all your stuff? If you have needs that you've been putting off, this could be the right time to buy and take advantage of the buyers market.
Control - If you own your home, you can do what you want to with it. Have a dog? Not a problem. Want to plant a garden? Go for it. Want to paint stripes on the walls? Paint your heart out, it's your home and you are in control.
Pride of ownership - There is a big difference between renting a place and having a home of your own.
It's the American Dream - Not only that, but buying a new home gives you a reason to throw a house warming party.
These are some reasons for buying now, but buying isn't the right course for everyone. Buying a home is a long-term investment. If you can't afford to hold on for the long run, you might be better off renting.
Saturday, November 8, 2008
How to Avoid 8 Costly Moving Mistakes!
If you have a move in your future, there are definite ways to make the process go as smoothly as possible. Plan ahead and you'll avoid these 8 costly moving mistakes.
1. Scheduling your move on the same day of closing
While most buyers take possession of their new home on the day of closing, there are a lot of conflicts that can arise unexpectedly. Be sure to keep in constant communication with your escrow company so as not to delay your moving plans.
2. Not requiring a written estimate
It's fine to have moving companies give you an estimate over the phone or Internet. But to get a firm price, you need to ask the company to send a representative to walk through your home while you point out exactly what you want transported. Be sure you understand the conditions of the estimate - can they raise your bill on delivery? Does the contract allow them to bill you for more later?
3. Choosing a moving company based on price alone
You could end up spending more time and money in the end trying to fix a moving disaster. Check out the company's references (try to get two), licensing, insurance and length of time in business.
4. Not making a first night survival kit
Better to be safe than sorry. If your shipment hasn't arrived or you're simply too tired to unpack everything, you'll be thankful to have an accessible overnight bag with some essential items you'll need for the first night in your new place. Don't forget toiletries, medication, children's and pet's necessities - and maybe even a bottle of champagne to celebrate.
5. Not using a dolly or a hand truck
Whether you're moving yourself or just rearranging things after a professional move, the money you spend to rent or buy moving equipment will pay for itself by dodging back strains and chiropractic visits.
6. Refusing extra coverage for loss and breakage
The basic limited liability coverage offered to you, free of charge, by the movers will not be sufficient. And most homeowners' policies don't cover items broken or lost in a move. Extra insurance can be purchased through an independent insurance company, which will cover you for the duration of the move. Your mover will be able to direct you to a company that will bind your move.
7. Not labeling boxes
When packing boxes, make sure you label the top and sides of boxes with contents, location of contents in your house and any special instructions, such as "fragile" or "open first." Also, by keeping a list of the contents on the outside of the box, you won't have to dig through several boxes marked "kitchen" just to find a pan.
8. Not keeping your receipts
If you're moving closer to a job, your moving costs may be tax-deductible. Keep receipts for moving household goods, utility change fees and lodging and travel expenses. However, if your employer covers those costs, you won't be allowed to deduct them.
1. Scheduling your move on the same day of closing
While most buyers take possession of their new home on the day of closing, there are a lot of conflicts that can arise unexpectedly. Be sure to keep in constant communication with your escrow company so as not to delay your moving plans.
2. Not requiring a written estimate
It's fine to have moving companies give you an estimate over the phone or Internet. But to get a firm price, you need to ask the company to send a representative to walk through your home while you point out exactly what you want transported. Be sure you understand the conditions of the estimate - can they raise your bill on delivery? Does the contract allow them to bill you for more later?
3. Choosing a moving company based on price alone
You could end up spending more time and money in the end trying to fix a moving disaster. Check out the company's references (try to get two), licensing, insurance and length of time in business.
4. Not making a first night survival kit
Better to be safe than sorry. If your shipment hasn't arrived or you're simply too tired to unpack everything, you'll be thankful to have an accessible overnight bag with some essential items you'll need for the first night in your new place. Don't forget toiletries, medication, children's and pet's necessities - and maybe even a bottle of champagne to celebrate.
5. Not using a dolly or a hand truck
Whether you're moving yourself or just rearranging things after a professional move, the money you spend to rent or buy moving equipment will pay for itself by dodging back strains and chiropractic visits.
6. Refusing extra coverage for loss and breakage
The basic limited liability coverage offered to you, free of charge, by the movers will not be sufficient. And most homeowners' policies don't cover items broken or lost in a move. Extra insurance can be purchased through an independent insurance company, which will cover you for the duration of the move. Your mover will be able to direct you to a company that will bind your move.
7. Not labeling boxes
When packing boxes, make sure you label the top and sides of boxes with contents, location of contents in your house and any special instructions, such as "fragile" or "open first." Also, by keeping a list of the contents on the outside of the box, you won't have to dig through several boxes marked "kitchen" just to find a pan.
8. Not keeping your receipts
If you're moving closer to a job, your moving costs may be tax-deductible. Keep receipts for moving household goods, utility change fees and lodging and travel expenses. However, if your employer covers those costs, you won't be allowed to deduct them.
Tuesday, September 23, 2008
First Time Home Buyer: Part 4 of 8
The Importance of Pre-approval
Pre-approval can be a very valuable step towards purchasing a home. Many home buyers get pre-qualified for a home loan early on, and then become pre-approved before beginning a serious home search. By completing your mortgage application prior to choosing a home, you can get a pre-approval letter stating how much home you can afford.
Your pre-approval letter lets you know exactly how much you can spend, and it shows home sellers and real estate agents that you're serious about buying a home. This may give you leverage in the negotiation process. Many sellers actually prefer to work with pre-approved buyers, especially in hot real estate markets.
To find a mortgage professional and get started with your pre-approval for a loan, please call or email me. My goal is to provide you with practical information as you consider your next move.
Pre-approval can be a very valuable step towards purchasing a home. Many home buyers get pre-qualified for a home loan early on, and then become pre-approved before beginning a serious home search. By completing your mortgage application prior to choosing a home, you can get a pre-approval letter stating how much home you can afford.
Your pre-approval letter lets you know exactly how much you can spend, and it shows home sellers and real estate agents that you're serious about buying a home. This may give you leverage in the negotiation process. Many sellers actually prefer to work with pre-approved buyers, especially in hot real estate markets.
To find a mortgage professional and get started with your pre-approval for a loan, please call or email me. My goal is to provide you with practical information as you consider your next move.
1% Seller-Buyer Program!
If you purchase any home using Mohamed Mekhimar as your buyer’s agent, he will list and sell your home for as little as 1% LOC* backed up with a written guarantee.
How does this program work? The answer is simple. It’s a package deal. Allowing me to represent you in the sale of your current home and in the purchase of another home should not cost you twice. Providing you this incentive to allow me to represent you as your preferred Real Estate Agent is really nothing more than being fair and reasonable to you ...and your pocketbook.
When you purchase your next home or condo, the Seller of that property will be offering a ‘selling office commission*’ to the Broker & Agent who represents the buyer. In most cases this commission is 3% which is normally paid by the Seller...not by you. This cost is my compensation for representing you as your buyer’s agent during your home purchase. It’s a win-win scenario for each of us. You get my Full Service program from Listing to Closing when I sell your home as your listing agent AND you get full representation and excellent customer service with me as your buyer’s agent ...from helping you find your next home to the purchase offer through to Closing.
You will have sold your current home and purchased a new home and saved thousands of dollars in real estate fees.
By the way, the home you buy can be any home in the MLS, as well as For Sale by Owner or new construction. As long as I represent you as your buyer’s agent, I will list and sell your home for 1%.
Please let me know how I can be of service to you in making your next home purchase or the sale of your current home a rewarding experience.
*LOC - Listing Office Commission SOC - Selling Office Commission
How does this program work? The answer is simple. It’s a package deal. Allowing me to represent you in the sale of your current home and in the purchase of another home should not cost you twice. Providing you this incentive to allow me to represent you as your preferred Real Estate Agent is really nothing more than being fair and reasonable to you ...and your pocketbook.
When you purchase your next home or condo, the Seller of that property will be offering a ‘selling office commission*’ to the Broker & Agent who represents the buyer. In most cases this commission is 3% which is normally paid by the Seller...not by you. This cost is my compensation for representing you as your buyer’s agent during your home purchase. It’s a win-win scenario for each of us. You get my Full Service program from Listing to Closing when I sell your home as your listing agent AND you get full representation and excellent customer service with me as your buyer’s agent ...from helping you find your next home to the purchase offer through to Closing.
You will have sold your current home and purchased a new home and saved thousands of dollars in real estate fees.
By the way, the home you buy can be any home in the MLS, as well as For Sale by Owner or new construction. As long as I represent you as your buyer’s agent, I will list and sell your home for 1%.
Please let me know how I can be of service to you in making your next home purchase or the sale of your current home a rewarding experience.
*LOC - Listing Office Commission SOC - Selling Office Commission
Saturday, March 22, 2008
A Good Time to Buy a House If You Can Afford One!
Finally, it's a buyer's market out there.
For years rapidly rising prices kept many first-time home buyers out of the housing market. But as home values slide further downward and interest rates hover at relatively low levels, it may be time to start looking to buy that first house.
That is, if you have a secure job, can afford higher down payments than were required a few years ago and can meet lenders' much stricter income and credit requirements.
For additional local real estate information, information about me and my services, to request home listings by E-Mail, to request a market analysis on your current home, or to tour the MLS Listings please visit my web sites at http://www.richmondvahomes4sale.com/ or http://www.e-richmondhomes.com/.
For years rapidly rising prices kept many first-time home buyers out of the housing market. But as home values slide further downward and interest rates hover at relatively low levels, it may be time to start looking to buy that first house.
That is, if you have a secure job, can afford higher down payments than were required a few years ago and can meet lenders' much stricter income and credit requirements.
For additional local real estate information, information about me and my services, to request home listings by E-Mail, to request a market analysis on your current home, or to tour the MLS Listings please visit my web sites at http://www.richmondvahomes4sale.com/ or http://www.e-richmondhomes.com/.
Monday, January 28, 2008
Why Use an e-PRO?
An e-PRO is a REALTOR® who has successfully completed the e-PRO training program for real estate professionals. Endorsed by the National Association of REALTORS®, the e-PRO course teaches professionals the nuts and bolts of working with real estate on-line: Web sites, e-mail, on-line tools, and most of all, what today's consumer really wants.
We utilizes the latest technology tools to make your life easier, protect your privacy and sell or buy your home in the most efficient manner. Our sellers benefit with a web-page devoted just to their listing on our own site, as well as listings on national real estate sites like http://realtor.com/, http://google.com/, http://richmondvahomes4sale.com/ and much more websites. We use virtual tours, professional digital photos and on-line floor plans for our listings. We provide a unique CD for our listings including multimedia presentations about your home, high-quality pdf-format brochures and links to our on-line resources. Giving out a CD lasts while most brochures end up in the trash. We keep you updated on market information by e-mail. You'll know what homes are on the market and how well they're selling and why. We use e-mail for communicating information about your home to the top REALTORS in Richmond, nationally and internationally if appropriate.
Our buyers benefit with immediate notifications of homes that meet their criteria. They receive e-mail listings with photos, maps and tax information to help finetune their search criteria before even stepping foot in a home. They benefit from our nationwide referral network so no matter where they are buying, we can assure their REALTOR is equipped with the latest tools to make the process easy. Information is power, and with our technology skills, our buyers receive neighborhood demographics, market information and all the latest updates for the area by just opening their e-mail. With pdas, portables, gps devices, your home tour is flawless.
Should you use an e-PRO? Yes, especially if you're an internet user. Should you use Mohamed as your preferred e-PRO in Richmond? Definitely, you will get the service that you want and need.
Friday, January 25, 2008
The way to a successful closing!
As real estate professionals, we handle pricing, marketing, and negotiating. Once the purchase and sale agreements have been signed, there are several steps to take to get the transaction closed:
Step 1 - Removing contingencies: The most common contingencies are financing, inspections and the sale of the buyer's current home. These conditions must be removed or waived before the sale can close.
Step 2 - Appraising the property: The buyer's lender requires a formal appraisal to confirm the value of the home, to be used as collateral to secure the loan.
Step 3 - Preparing closing documents: Most often real estate attorneys prepare documents that confirm the transaction, pro-rate funds, and so on.
Step 4 - Signing closing documents.
Step 5 - Turning over the keys to the buyer, and welcoming the moving van.
Step 6 - Recording the deed and disbursing funds.
There are many opportunities for surprises or delays in a transaction. Part of Mohamed's expertise is in troubleshooting problems that arise in the closing process and communication. Please email or call us if you have any questions or you would like more information.
Step 1 - Removing contingencies: The most common contingencies are financing, inspections and the sale of the buyer's current home. These conditions must be removed or waived before the sale can close.
Step 2 - Appraising the property: The buyer's lender requires a formal appraisal to confirm the value of the home, to be used as collateral to secure the loan.
Step 3 - Preparing closing documents: Most often real estate attorneys prepare documents that confirm the transaction, pro-rate funds, and so on.
Step 4 - Signing closing documents.
Step 5 - Turning over the keys to the buyer, and welcoming the moving van.
Step 6 - Recording the deed and disbursing funds.
There are many opportunities for surprises or delays in a transaction. Part of Mohamed's expertise is in troubleshooting problems that arise in the closing process and communication. Please email or call us if you have any questions or you would like more information.
Thursday, January 17, 2008
Richmond Real Estate - Market Conditions!
As a homeowner it is important to understand the market conditions in your neighborhood. One way to stay informed is to check the recent sold prices in your area. In the past, this information has only been available to real estate professionals.
I believe it is vital for homeowners to have all of the information available in order to make good decisions about their real estate investments.
So go ahead! Find out what the neighbor's home sold for! Use my Instant Home Sales Report to find out the recent sold prices near your address!
Then, stay informed! Sign up for my Free Neighborhood Newsletter to receive recent sold prices near your address automatically each month!
CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia
I believe it is vital for homeowners to have all of the information available in order to make good decisions about their real estate investments.
So go ahead! Find out what the neighbor's home sold for! Use my Instant Home Sales Report to find out the recent sold prices near your address!
Then, stay informed! Sign up for my Free Neighborhood Newsletter to receive recent sold prices near your address automatically each month!
CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia
Richmond Realtor - Real estate question and answer!
Q: How much does it cost me to have a Realtor help me find a home?
A : Realtor Fees: Realtors are paid by commission only . A Realtor's services should be at NO COST to you as a HOME BUYER . When a Home owner chooses a Realtor to SELL their home, they negotiate a commission to be paid to the listing Realtor. A portion of that commission is made available to the licensed Realtor that finds a qualified Buyer for that property. This ensures that all home buyers, regardless of being a first time buyer, or an experienced investor have the benefit of a licensed real estate professional. If a Realtor tells you that there is a charge to you as a Buyer, for their services, you may want to shop around. The only exception to this might be if your home search is extended over an extremely long period of time, or if your Realtor is racking up hundreds of miles driving you to search for homes day after day after day. You wouldn't go to court without an attorney to represent you, so why would you make one of the largest investments in your life without consulting a professional. Never again will something so free, save you so much in the long run. Good Luck Home Buyer.
ASK YOUR QUESTIONS HERE
CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia
A : Realtor Fees: Realtors are paid by commission only . A Realtor's services should be at NO COST to you as a HOME BUYER . When a Home owner chooses a Realtor to SELL their home, they negotiate a commission to be paid to the listing Realtor. A portion of that commission is made available to the licensed Realtor that finds a qualified Buyer for that property. This ensures that all home buyers, regardless of being a first time buyer, or an experienced investor have the benefit of a licensed real estate professional. If a Realtor tells you that there is a charge to you as a Buyer, for their services, you may want to shop around. The only exception to this might be if your home search is extended over an extremely long period of time, or if your Realtor is racking up hundreds of miles driving you to search for homes day after day after day. You wouldn't go to court without an attorney to represent you, so why would you make one of the largest investments in your life without consulting a professional. Never again will something so free, save you so much in the long run. Good Luck Home Buyer.
ASK YOUR QUESTIONS HERE
CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia
Tuesday, November 13, 2007
10 Things to Take the Trauma Out of Homebuying!
1. Find a real estate agent that’s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you chose is both skilled and a good fit with your personality.
2. Remember, there’s no “right” time to buy, any more than there’s a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and a good home won’t stay on the market long.
3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.
4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.
5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love.
6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home.
7. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.
9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is as a comfortable, safe place to live.
Monday, July 16, 2007
Richmond VA number 7 in the nation with 6.2 percent appreciation!
Forbes Magazine ranked Richmond, VA number 7 in the nation with 6.2 percent appreciation for the first quarter of 2007. Our median home price was $223,200. As per Forbes "What we're seeing now are the areas which still have a strong economy, but didn't have the overheated prices [during the housing boom], are the ones holding on strong now," says Kermit Baker, a senior research fellow at Harvard University's Joint Center for Housing Studies. Read more ...
Sunday, July 15, 2007
Mortgage rates rise a small amount!
The benchmark 30-year fixed-rate mortgage rose 4 basis points, to 6.78%, according to a national survey of large lenders. The mortgages in this week's survey had an average total of 0.29 discount and origination points. (Source: Bankrate.com) Full Story . . .
Foreclosures dip, but that wont last!
Home foreclosures fell in June after jumping to a 30-month peak in May, but default rates will escalate as a horde of mortgages reset at higher loan rates, according to real estate data firm RealtyTrac. (Source: CNNMoney.com) Full Story . . .
Home Prices Expected to Recover in 2008!
Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®.
(Source: NAR) Read more ...
(Source: NAR) Read more ...
Sunday, July 1, 2007
Increasing the Value of Your Home!
1- Spruce up the yard, Get rid of trash and yard waste. Landscaping is very important for the Curb appeal. The potential buyer’s first impression is the most important one, it determines whether they want to even view the home.
2- Eliminate clutter inside the home, get the house organized and get rid of clutter or put it in storage.
3- Give your house a quick coat of paint, both inside and outside.Paint interior walls with a neutral color, such as white.
4- Clean up the carpet, get a professional to do the carpets for you.
5- Bathroom Remodeling,Bathrooms sell homes, so make them shine.
6- Refinish kitchen cabinets, Minor Kitchen Remodeling.
7- Install modern light switches and outlets, Change your fixtures.
2- Eliminate clutter inside the home, get the house organized and get rid of clutter or put it in storage.
3- Give your house a quick coat of paint, both inside and outside.Paint interior walls with a neutral color, such as white.
4- Clean up the carpet, get a professional to do the carpets for you.
5- Bathroom Remodeling,Bathrooms sell homes, so make them shine.
6- Refinish kitchen cabinets, Minor Kitchen Remodeling.
7- Install modern light switches and outlets, Change your fixtures.
Thursday, June 28, 2007
Buyer Market and Determining "Fair Market Value"
Buyers will see several properties before buying, and will have a good idea of current Pricing conditiond, They did read about the buyer market, and what's mean to them and to the sellers as a soaring supply of homes for sale means nearly flat prices, drop in pricing too, and longer waits for sellers. Less negotiating leverage in terms of selling price.
The point is Pricing your home right, you will sell fast, if your price is too high, your home will be in themarket forever!
Let your real estate professional do a competitive market analysis(CMA)
The point is Pricing your home right, you will sell fast, if your price is too high, your home will be in themarket forever!
Let your real estate professional do a competitive market analysis(CMA)
Monday, May 28, 2007
From Coldwell Banker to RE/MAX!
I just moved from a Coldwell Banker office to RE/MAX a couple of weeks ago. Now I can provide my clients with the complete resources of North America’s premier real estate organization. As RE/MAX sales associate, I take pride in being part of an elite network of more than 120000 Associates.
Affiliation with the RE/MAX network provides me with multiple competitive advantages in serving the real estate needs. From powerful national television advertising to personal advertising, innovative buyer services and seller services marketing systems.
Nobody in the world sells more real estate than RE/MAX!
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