Fire Group DFW San Antonio Tx, United States

The FIRE Group is a proactive and results driven real estate team that brings you excellence in service and tradition in values.

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Quick tips for purchasing a Fixer-Upper

If your dream home happens to own a cracked foundation, creaky stairs and an ancient wiring that requires a little repair work to be done. If you are ready to go for a fixer-upper, then find below tips from the real estate experts that can aid you to make the repair works to turn your house as a love-struck home of yours.

Verify the zoning

Every municipality has zoning districts, and prior renovating your home, you must understand regarding the permitted uses.

In order to know the same, you can have a word with an expert realtor who can guide you in knowing the zone in which your home falls under, what you can renovate and cannot do it in your home. In order to research regarding your prospective home’s zoning needs, you can check it out its respective municipality’s website or schedule a meeting with a staff member who will be in a position to assist you through the legalities.

Hire an abode Inspector

You need to buy a home inspector, once you have decided to purchase the home and accordingly under the process of contract creation. A home inspector will aid you to know regarding the structural issues in the abode and guide you to know about those things that require to be replaced or not like electricity, roofing and plumbing.

At times, your choice of a realtor may suggest you with an inspector, but it’s significant that such person must not be biased and should provide you an objective opinion. Hence, many experts advise to find a home inspector of your own to work for you and not for the seller or broker.

Ensure you spend enough time with your home inspector to inspect the building as it permits you to understand the abode pretty well prior you purchase it.

Typically, most of the home buyers raise questions regarding the asbestos and termites, still it is equally significant that you should know the general age of specific systems used such as boiler, air-conditioning unit and so on.

On the basis of the home’s location, you may also check with the seller regarding the issues pertaining to the specific area. As in the current trend, people are making use of large amounts of electricity power; check it out whether it is suitable to make use of power that’s coming to the home or it needs an upgrade.

Hire an architect

For renovating your home from the perspective of designing, you need to hire an architect, who will guide you by pointing out the home’s load bearing walls, on the basis of which whether they can move around or not can be determined. Similarly, you can hire a contractor, ensure to rely upon a good source as there are few of them who will leave you unattended in the mid of the job.

Research regarding tax incentives

You will be eligible on the basis of where you live for a tax credit, tax abatement for being the homeowner who wishes to enhance the property’s value. It is best to verify whether it is applicable in your region.

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Three things to know regarding preliminary title reports

As a buyer, there are dozens of records that helps you to disclose or inform regarding the significant knowledge regarding the real estate property. One among the records is the title report which documents vesting, ownership and details about anything that is recorded against the abode like liens, easements or encroachments.

The title company comprises the report from a search of district records to issue any liens against the home that are listed to a title policy as “exceptions” and title insurance. The below mentioned are the three major significant pieces of the title report that you must read and review carefully.

The legal description

You won’t see regarding the legal description in any of the real estate agent advertisement or marketing. This legal description is the written document describing the property’s boundaries and location of the property and its relation with the in close proximity streets and intersections.

In the case of a planned unit development or condominium, this document will comprise the non-exclusive or exclusive easements, property’s interest in any common regions, details on any storage or parking the conveys with the home.

Taxes

On a title report, property taxes specifies as the primary “lien”. Hence, your property with the outstanding due property taxes cannot be transferred to other person. As the top lien, the title report will specify whether taxes are paid fully or in due. Prior any debt holder is being paid off, you must settle property taxes.

Mortgage liens

They are typically listed under property taxes directly and the largest mortgage lien holder takes the first position and orderly takes the second and the third positions. Apart from these there are distinct items that could point on a title report apart from taxes and loans are listed below.

Easements:

If any other person has ownership on the property to access the property through an easement, it would be specified on the title report.

CC&Rs:

There are Covenants, conditions and Restrictions (CC&Rs) in the case of a PUD or condo, recorded against the property. In case of any new buyer purchase takes places it is subject to abide according to the rules and regulations specified in the CC&Rs. This is the major reason that makes it significant for prospective buyers to review the report as once they become the owner of the property, they become subject to those restrictions and rules.

Final Verdict

As a prospective buyer, it becomes inevitable that you along with your real estate attorney should carefully scrutinise the preliminary title report. If you find your choice of property is subject to any sort of special items, or you find any other issues dealt on the title report that would create impact on your home ownership, it is significant that you require understanding them completely prior you close the deal.

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Six aspects to look for while hunting for a family-friendly property for rent

Family-friendly rental properties are available in plenty than you may think. When you are in a rental property, you really don’t want to experience the stress due to the mortgage, the landlord is on the top of the hook for maintenance, and moreover, it’s very simple to relocate when you wish that you need a change. Consider these aspects to locate the perfect one that matches interest of you and your family.

Schools and Childcare

When you are finding a rental house, consider the size of your family. For an instance, if you have two or more children in your family, it is good you seek a house near to a good school and a best nanny share as it would be of more significant concern. You may be locating a rental either in an urban or a suburban location, access to good schools or quality childcare will be one among the imminent deciding aspect for several families.

Overall location

Playgrounds, parks, nearby museums, Little League teams are few among the overall locations nearby your rental house that dictates a quality of life lead by you.  It is not that you have to consider the city location as the only aspect to determine the quality of life that you can lead. An apartment’s location within a community can also be equivalently important.

Safety

While you are shopping for a rental, a host of safety factors must be considered. Especially while considering those units that are built prior to 1978 as it may comprise of lead paint. In case if you feel that landlord of your preferred rental is squeamish, and then considers it as a big red flag.

It is good to check it out with your prospective landlord in prior regarding the lead-free certification if applicable for the property you look in for. Finally, you analyze yourself whether the décor of your preferred house is appropriate for your kids.

Space

If you are expecting your first child in a mere future and if you stay in a single bedroom apartment, then you may be worried regarding space as it would be difficult for you to find space for baby clothes.

So, such expanding families, a tiny study or in-building storage space or a high person-to-closet rate can offer the square footage required for new belongings. If you are not satisfied with these options, plan for moving to a larger unit within the building as possible.

Amenities

Conveniences such as rooftop deck, a dishwasher, a dryer and a washer and a trash room on every floor facilitating easy diaper disposal in each unit are also deciding factors while shopping for a rental property.  Also, dog parks, playgrounds and other family-friendly spaces should preferably exist in your choice of rental.

Scams

Don’t follow any shortcuts to find your rental and be cautious of craigslist scams. Ensure that you are having a deal with the owner of the property by researching thoroughly your local online property tax records or ensure you are having a deal with a trustworthy property management company.

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Tips to tackle financial struggle after owning a home

Ricardo Soto along with his wife has saved sufficient money for a down payment and was interested to buy a new abode in the San Diego. They could meet the monthly payments, still they also want to afford for few other vital considerations.

They must ensure to have a check on their financial flexibility by which they can aid their children’s educational expectations and be ready for any sort of emergency that may hit the pocket. Their loan officer advised them to have an overview about the Unison Homebuyer Program.

What is a Unison Homebuyer Program?

It is a new financial assistance from the Unison Home Ownership Investors. The major issue that has been resolved by this Unison Homebuyer program is that it decreased the monthly payment that you must pay for purchasing a home”. Thus, it extends a financial flexibility to commit yourself towards your children’s education and other sorts of financial priorities that we possess in our lives.

In the current trend, a home ownership investment offers cash financing to homeowners or homebuyers from investors who are seeking long-term priced coverage to residential real estate. This new approach elevates the homeowner’s interest and the investor as partners.

Recently, Unison’s program addresses many financial problems that include home ownership rates, the scarcity of the investments for those with specific special mandates such as endowments and pension fund and for those under-saved retirees.

Those endowments and pension funds have a requirement as they are influenced by the interest rate scenario heavily.

In such a high-rate environment, in order to get sufficient and adequate returns, it is good to invest in a few risky investments. Still, during the interest rates are low, due to they have been for a long span of time, several institutions find themselves as underfunded and in need to take on extended risk or need additional funding in order to meet the requests.

One other aspect that drives the institutional investor’s strategy is Inflation. It has an impact on the income required for a retiree in order to meet his standard of living expenses or the funds need by a foundation/endowment to aid its work.

These two motivations namely exposure to the increased and largest asset class in the world and inflation hedging make the real estate market, especially single-family very compelling to depend on an institutional investor.

Unison’s home ownership investment is not equivalent to a loan, it is considered as a long-term investment made on the property. There are no monthly payments or interest charges and Unison will not accept any payment until the owner of the property decides to sell their abode – up to thirty years in the future. The Unison program assists those borrowers who find it difficult to address the affordability issues while purchasing the home where there is a rise in the price of the abode and interest rates.

It permits the owner to make a lower monthly payment during their early years of ownership when they really struggle a lot to balance their budgets.

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Is it good to move up your home this season?

On the basis of your location you live, an additional space could add your mortgage payment by 50% on a monthly basis.

If you are in a plan to move this year due to any of the reason like to find a better accommodate for your growing family or you may prefer getting an extra space or planning to upgrade to an abode with an additional bath or bed that with a premium in the case of most metros.

To assist those buyers who have the option of shopping home this season, Zillow has made a research. According to it, they have identified maximum how much it may cost for a buyer for extra move-up on their monthly mortgage provided if they desire to upgrade to a like home, but with an extra bath or bed.

Nationally, as per Zillow’s report, one has to pay around $447 approximately additionally to move their family from a 2 bedroom abode to a 3-bedroom abode on their monthly mortgage, which is almost equivalent to a 50% increase in their monthly mortgage payment.

When we consider coastal markets, the costs remain to stay higher, approximately $500 additional every month. Especially in hot markets such as San Jose, San Francisco, if you buy an abode, you may be expected to pay the monthly mortgage payment nearly double the payment when compared to other regions, with the premium exceeding $1,600 for moving up.

Those buyers in the Midwest region will experience their dollars valued much further. Families in Cincinnati, Chicago and St. Louis can predict to spend approximately $150 additionally on their monthly mortgage while upgrading from a 2-bedroom to a 3-bedroom abode.

Cleveland provide the lowest premium among all the metros take into account for analysis, with buyers who are move-up paying only $74 additionally on their monthly mortgage rate to upgrade their abode from 2-bedroom to three.

It is absolutely personal choice that you have to decide whether to move up or not, however, still understanding how specific aspects such as size, number of beds, baths and location can create impact on a price of the abode is significant while determining if a specific home is the apt choice for you and your family.

Total count of bathroom can also have an impact on the abode’s price.  Nationally, upgrading to a home with the same count of bedrooms, but with one additional bathroom can cost you as a buyer around $386 to $838 per month additionally.

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How interest rates hikes affect U.S. Commercial real estate?

In March, the Federal Reserve is raising its short-term interest rate for the 3rd time since December 2015 and there is also expectation that there may be two more rate hikes to hit before end of this year.

While analyzing the mere future of the U.S commercial real estate, interest rates are gaining a progressive relevant aspect. Due to the hikes in interest rates, owners are forced to make pay more for borrowing that can have a negative impact on the commercial real estate market.

Rest things being equal, property price will downfall, cap rates will be increasing. A stronger economy is denoted generally by this higher interest rate that tends to be accompanied with a stronger commercial real estate market.

As per the recent surveys made among the business leaders, more expectations regarding the U.S economy along with the rising optimism about the same is prevailing.

Business Roundtable analyzed the economic outlook of more than 100 heads of the U.S companies that are rose during the early of 2017.

They found that such largest companies in the list show the biggest increase since the June 2009. According to the National Federation of Independent Business, they found that those small business entrepreneur’s optimism was about a 43-year high during February.

Yet Janet Yellen, the Federal Reserve Chairwoman states that any predictions of rapid growth of economy may have to be tempered. During a press conference during March, she said that this increasingly interest rates does not indicate a reassessment of the economic outlook.

She also added that the Federal Reserve predicts that the country’s economy to grow at a moderate pace during the next few years.

In the short run, few of the borrowers would prefer to refinance at earliest than doing it later, given that there could be more interest rate hikes are predicted. Recently, the interest rates are increased by a one fourth of a percentage point, to a extent between 0.75% and 1%.

Higher long-term rates are profitable to lenders, still they might not able to enjoy the full benefits out of it due to the rules and regulations enacted post to the 2007 financial crisis, that can assist them to overcome from the excessively risk involved lending practices.

The interest rate hikes we are experiencing now is an unusual juncture as it happens after a span of ten years of low rates very soon as the Whitehouse is pledging to reduce regulations.

One has to wait and watch whether the Trump administration will follow the same through on reducing the financial watchdogs’ reachability, and if so, how much it is possible for the financial institution to succeed by managing the risk accompanied with such reduced oversight.

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How to find absorption rate?

Owning a different style of servicing in the real estate market can lead you to remain out of the box among the many and can fetch your more business.

The term absorption rate used in the real estate world refers to the rate accordingly which abodes are sold out as compared to the number of listings on the real estate market (the leak rate). It’s all regarding demand and supply that governs the markets.

The local market absorption rate refers to the span of time it would require to sell all those listed properties currently at the current selling rate considering that no more abodes were listed further. Few of the real estate websites have calculated an estimated general absorption rate as 5 to 7 months. But, it may be varied with different market scenario.

At times during vacation, most of the home markets function very slower, with abodes staying on the listing for a year which is quite common. The sellers will be having fun and vacationing and may not feel if it takes a while to sell their home. Also, if they fix higher selling price, definitely it will a year and in such a case, the absorption rate will be much slower.

How to calculate absorption rate?

First, we have to make a choice for time frame that we are going to consider to ascertain absorption rate, but general practice is make use of the past 90 days of sales details. So, by logging into the MLS reporting system and fetch the count of the total number of closing details for the past 3 month period. For an instance, we consider it as 1650 homes sold over the previous three months period.

Then fetch the details of total number of current listings of homes. Let’s consider it as 3500 homes listed on the day we are ascertain the absorption rate.

To get the average per month sold abodes details, divide the total sold homes during the previous three months, i.e. 1650 by 3, which comes to 550 sold homes per month.

Now by dividing the current number of listings, 3500 by average sold homes per month, 550 to get 6.36. In the sense, if no more abodes are listed, it will take 6.36 months to sell all those houses listed as of now and that’s referred to be absorption rate.

In case if the absorption rate calculated during a month suddenly drops to 4 months, it states that abodes are selling much faster or on the other hand only fewer homes are listed newly on the market. In case if the absorption rate rises during a month from 6 months to 8 months, it states that either there are more listings made or a decrease in the buying pressure.

A good choice of a real estate agent will be aware of the absorption rate in their respective region in his or her finger tip.

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Predictions for Home Buyers and Renter during 2017

In 2017, if you have made a big decision of buying a house, you must keep in mind the below aspects. If you are in a rental property probably you may be aware of this prior that over the past ten years, rents are reaching up and up.

In several parts of the country, the rental values are increasing more than that of home values in a fast pace. Since July 2015, this rate of rental growth has been gradually slowed as per the research of Zillow experts.

Even though rents are not going to drop down in mere future, their increasing rate will be more likely to be moderate unlike before including the notable exclusions in hot markets.

Listed below are the top five predictions that are expected to happen in the rental market during this year.

Affordable Rent

The rental appreciation will get stabilized this year, with overall U.S. rental increase rate nearly flat around 1.5%. Hot markets in the country will likely to see appreciation above five percent, and hence it may take many years prior renters staying in these hot market regions find some respite. Because of the rise in multifamily construction, there exists a slowdown in rents increase.

Meeting the continuous demand, there is a likely increased supply of inventory which keeps the rental market in check that is being a preferable new for renters. With the increase in the income levels of the people nationwide, the income spent on rent percentage also got reasonably more.

More Millennials will purchase homes

Since 2006, the home ownership rate has been declining. Most households are rentals due to the aspects such as couples split up, roommates split up, the kids move out for their personal reasons and so on. As there is likely to be trend change happens that makes more millennial get married and show interest in buying a home as they will see to it as a greater personal freedom than staying in a rental abode.

Populations will relocate

Urban population will increase and suburban migration continues during this year. Low inventory supply and increase rental prices force the renters to switch over to the affordable housing in the suburbs and ready to drive to work.

Even though millennial will plan for up-sizing their family, Old Generation people and boomers will prefer to stay in walkable neighborhoods by downsizing their family and thus creating a peak demand for housing in urban locations.

High pricing new homes

In this year also, there exists rise of construction wages with the shrinking workforce who are into home construction. Also, single-family homes have not meet up the demand, which made the new homes priced higher. The combo of increasing wages and high pricing land has made several builders turn their concentration on the top-tier market and such homes are not reachable for several first home buyers. Due to this scenario, the buyers will continue to charge high rents.

Increase in Interest rates

Economists experts increase in interest rates with the fall in the unemployment rates and wages increase to grow. With a new administration in the country that supports low interest rates, we can however expect Fed may enforce renewed pressure in order to maintain rates down.

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Reasons why neighbors matters while selling

One among the sales strategy is getting a good person next door’s side. Few sellers who wish to sell their abode at right price consider their next door’s home.

The reason for such concern is getting things soon-to-be done list such as cleaned, landscaped, and home painted and sporting happens smoothly and they too must pay attention in having their home appealing.

When a prospective buyer, step across the road to hit your home, finds your neighbor’s home owning an unpleasant look, think of the first impression you create in their mind.

The good news is you can plan ahead in such a way that you can be sure that your neighbors don’t incur costs when you’re hitting the market to sell your abode.

Maintain good relationships

Even though you are not in a plan to sell your home in mere future, it is recommended to build a friendly relationship with the person next door’s side as you may never know when you need their help.

From the beginning, you settle in your home, you may maintain a good relationship with them and thus you can be sure about their co-operation while you require them during a critical scenario in the home sale.

Have they been included in the loop?

If you have an idea to sell your abode in the mere future, it is good to have a word with your neighbors a heads-up well in advance.

If you feel like that you may be in need of assistance from your neighbor for any reason, it’s become easier to reach them if you prior inform them regarding your plan.

Knocking your neighbor’s door all of a sudden and telling them about your selling plan and asking for their cooperation straight away will not be useful in any ways.

Readiness to pay

If you prefer your neighbor to perform some curb appeal task in order to aid your sale, the money should be paid by you. Also, it is impossible to force your neighbor to do such tasks just because for your benefit.

On the other hand, several neighbours will be happy about knowing that you are ready to offer money to spruce up their abode, a few others may be hesitant.

Bullying your neighbors to work within the stipulated time you frame or as per the rules you specify will definitely not going to work out. Even it may lead to backfire once you list your home for selling publicly.

There are chances and if you are fortunate, you can proceed with the selling of your home with involving your neighbors.

If you plan perfectly well in advance, simply be ready to communicate and offer things to your neighbor that makes the process of selling your home happens in the way you want.

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Is it needed to buy down the rate after Fed rates hikes in 2017?

Rates are hike by 0.5% so far during 2017, and could go even up. This increase in Fed rates raises the question among many of us whether it is a good move to purchase your rate down in order to have a check on your mortgage costs. To get an answer for this, let’s first review the current market outlook.

Where are rates headed?

In mortgage bonds, rates are connected to daily trading. Hence, rates will increase with the bonds selling on an improved economic sentiment which is what’s currently happening. On the other hand, the Federal Reserve keeps a check on short-term rates prevailing in the economy utilizing overnight bank to bank lending rates.

If they feel there is an improvement in the economy, they will increase these rates. In spite mortgage bonds denote longer-term rates, these Federal Reserve hikes will continue to fuel selling of credit, bonds, which lead to increase in the mortgage rates. With the optimistic lead of Fed’s economic tone, the mortgage rates will be increasing.

What is paying points?

Paying points, in other words buying your rated down refers to paying an additional fee along with the standard loan fees like underwriting, credit report and appraisal in order to achieve a lower rate.

How to calculate it?

In order to ascertain, whether if you should make paying points or not, calculate how long it will take for your monthly interest cost savings to settle the cost of the points. If you are planning to live in the home for more than four years, then it is recommended that paying the points is a valid decision.

On the other hand, it is also not advisable if you are getting a five year ARM and not a 30-year fixed, as the five year ARM would compensate to an increased payment just 1 year subsequent you broke even on paying points.

Dangers with paying points

Have a word with your lender and determine how long it will take for your interest cost savings from buying your rate down value to repay the points. If you are living in the home longer than this break even timeline, you may not lose money.

On the other hand, if rates come down after you make pay points, you will be under risk of losing money as you need to spend additional cost on a refinance in order to keep you in the market.

How can you know that rates disclosed to me is correct?

There is a Federal law that abides all lenders to furnish their clients with Loan Estimate Disclosure within 3 days of a complete loan application. In that Loan Estimate Disclosure, the second page specifies points related to Loan Costs on the top left section. This will denote the exact percentage of the interest for the loan amount for any quoted points. It also displays the amount of the points in dollar.

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Tips on how to prepare your home for spring

As the daylight saving time begins, we may all know that the spring season is approaching, which is just a few days away. We can look around to chirping birds, bright blooms and there come spring home maintenance too. It may not sound so sweet, still spring maintenance and cleaning are two obvious signs of the season. If you are all set to prepare your abode for spring, but have doubts on how to go about it, read below list on how to prepare your abode for spring.

Roof Maintenance

Though it may not be so harsh winters, but wet, icy and cold weather might have an enormous impact on the roof. As the season changes to spring, you can hire a professional service to ensure that you don’t have any damaged roof or shingle leaks that requires repair.

Gutters Maintenance

It is good to go through the gutters on a seasonal basis. Clear, clean the downspouts and gutters in order to ensure water flows away through it to the proper channel precisely from your home without getting clogged. As if the gutters are clutter and cloggy, they may lead you to face other home problems.

Take a look for concrete cracks

If the water flows towards your home, it may definitely create a crack on your home foundation and at times to move. If you come across such signs of this in your home, you can get help from your contractor right away. Letting these issues unaddressed, will result in a serious impact such as structural issue and will cost you more bucks to make it good.

Inspect your porches, decks and patios

Make sure your porches, patios and decks are in a safe condition as you are going to use them very soon. Inspect for any cracks or loose railing in these. Ensure your outdoor living areas are in good condition and ready to have fun and entertainment during this season.

Inspect your screens

With the approaching spring season, you can keep your doors and windows open and you can let fresh air fill your homes. Ensure that only fresh air enters your home by cautiously scouring the screens of your windows and doors to inspect for holes. If you locate a large enough hole for creepy to crawl inside, it is good you replace or repair it immediately.

Cut back bushes

As the spring season nearing, it’s time to cut back your bushes and give a great begin to lawn maintenance. You will surely love to look at those beautiful buds that will start to bloom.

Purchase lawn-care tools

In order to prune your hedges, you might have already owned some of those lawn-care tools. It is good you haul out your trimmer and mower in order to be sure that they are ready for pruning season. If not, begin to follow the spring deals provided by the home improvement stores.

Scan your hoses

Inspect your hoses, outdoor faucets and sprinklers after making ready of all your tools, Ensure they all are in a good condition after the winter.

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Tips on how to choose a right listing agent

It is not good to trust your abode sale to just anyone. The right choice made by you can assist your home sell for more bucks and faster. Choosing a listing agent is a decisive decision. Unlike with a purchaser’s agent, you will get into a deal with a listing agent handing over the sole responsibility of getting your abode sold for the best amount, for a fixed term and within the least span of time.

Find below tips on how to locate a best listing agent and details to consider for those first home sellers.

The local benefit

A good choice of local realtor knows well regarding the intricacies of each market and aware of how to operate. They will be familiar with the tax assessor, the building department, and the local real estate customs. Also, being in your respective local area, this kind of agents has a good rapport with the other agents that they serve. In most of the communities and towns, agents cover only less number of school districts.

Experience

Your choice of real estate agent must possess enough experience. An agent who has sold several homes in your neighborhood or town clearly owns a great track record. And, definitely they will be a qualified choice to sell your abode than someone else with minimum experience. They have the knowledge about which finishes or features work best in the real estate market.

Personality

Your choice of agent must be trustworthy, honest, ethical and easy to access. At times, the agent who has a good track record may not be the best option to opt. Your agent must represent your interests on behalf of you to the public and most potent to gain your complete faith that they will offer service effectively.

Attention

As a seller, if you wish your agent must be there for every showings or you preferred your agent give personal attention and be a part of the process of decision-making, then it is good to inform them right away during your first meet. Also, a busier agent may not afford you hands-on services unlike less busy agents. So, you must decide your expectation prior settling for a choice of agent

Ask around

One among the best approach to locate a real estate listing agent is to check for the referral. If a friend or neighbor who has recently sold their homes, check with them about who they worked with and their feedback about such service. Prior to contacting a prospective agent, it is recommended to check out their previous business details and reviews online. While interviewing them, ask your agent to provide the details of the references from other previous clients.

Don’t be hasty

It is advisable to take your time while finding the best agent to sell your abode. Finding a good choice of agent may look simple but in reality if it is not done without proper research in a serious way, you may lead to land on heavy loss selling your home.

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Who is more benefited in 2017 – Renters or Landlords?

For the most significant question that who is ahead in the rental market whether renters or landlords, we have got a fairly clear answer a while now. Rarely, renters have gained a break since several major real estate markets start to restore from the Great Recession in 2010. But, this may have a change in the year 2017.

From 2010-2016 which is considered as recovery years have experienced rent growth for about 150 basis points ahead the long-term average. With this, renters only start to experience relief from the consistent price hikes towards the end of the previous year. In 2017, we can expect furthermore declines in few markets where rental price have risen to the peak.

Even though renting apartment is not like a zero sum game, slower growth in the rental value in 2017 is predicted to be more advantageous for renters when compared to the landlords. Nationally, the average annual rental value increase during the last 6 years was nearly $516. It is predicted to get down to an extent of about $347 during this year, reflecting approximately $168 in annual savings.

Trends by Market

Bay Area

San Jose, Oakland and San Francisco are those markets that lead the pack for maximum savings during 2017. Renters in San Jose stand to pay $2,647 approximately a year when compared to the last six year’s average rent.

Similarly, annual savings predicted to be $1,647 and $2,638 in Oakland and San Francisco respectively during 2017. During the last six years, both these markets have experienced substantial hike in the rent, frequently generating double-digit rent growth which was not substantial more than the long term.

The optimistic change in elasticity value during 2017, when compared to that of long-term history, denotes that renters belonging to these markets becoming more sensitive to hikes in price.

New York

When compared to other counterparts on the opposite coast, in New York renters experience substantially only smaller savings for about $630 annually. In New York, positive elasticity value denotes that they are more than all set for the decline.

Houston

Due to the drop in the prices of oil and gas, Houston saw a huge impact in respect of job growth and continued weak employment opportunities. This could be one of the reasons that made renters in this market experience the highest sensitivity to the price.

The residents in this location may save nearly $509 in 2017. Though job market predicted to pick up during this year, it will remain to stay below compared to the metro’s capacity, maintaining rent levels lower.

Denver

Last year, performance of the Denver market has been slowed significantly due to the rental value growth returned to much sustainable levels which was mostly in double-digits during most of 2015. Thus it may yield a savings of about $502 annually for Denver renters this year.

Boston

Similar to that of several markets in the nation, the increase in the new supply and slow performing job growth will compensate the lower levels of rent growth during this year in Boston. Since the beginning of the recovery, rent growth experienced in this market has been varied, still slowed during 2016. Renters should experience an annual savings of about $441 on rent in 2017, when compared to the annual average rent hike during the past 6 years.

Seattle

Even though when compared to the Bay Area, Seattle has not attained the rent growth highs, it also not experienced the similar lows during the past year. Recently in San Francisco, San Jose and Oakland, the rent growth has dipped into the adverse level, the Seattle market remained strong.

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Study on current trends in the overall housing market

Newcomers shoot up values in several markets, but prices are predicted to be cool during the next few years. In San Francisco, owning a home involves more problems, whereas selling includes not even one.

Among the problems faced while owning a median home values in San Francisco that are really high among the country topping $800,000 as per research conducted by Zillow. The city is foggy and cold during the summer and may require that homeowner must keep their ear to the ground to know the outcome of earthquakes anytime.

But in case of selling a home, San Francisco is the best place among the country. As per Zillow, in San Francisco homes are listed at an average for 51 days and out of which approximately 5.4% take price cuts and thus making it the ideal market for sellers during 2016. The top markets for purchasing have the opposite scenario, greater price cuts that are listed for more days.

Look at a glance at the top 10 real estate markets for buying and selling.

Top 10 Seller’s Market are listed below

San Francisco , CA

San Jose, CA

Denver, CO

Seattle, WA

Sacramento, CA

Portland, OR

Los Angeles, CA

San Diego, CA

Charlotte, NC

Boston, MA

Top 10 Buyer’s markets

Baltimore, MD

Miami, FL

Philadelphia, PA

Chicago, IL

Houston, TX

Indianapolis, IN

Detroit, MI

Tampa, FL

Orlando, FL

Washington, DC

Several of the metros on the top selling market list above have experienced vast arrivals of newcomers, sending home prices into the stratosphere. Portland experienced the fastest escalating home value during 2016 to an extent of 13.8%

Out of 10 top buyer’s markets six of them have slower appreciating value when compared to the national average, which was 6.8% during 2016. For an instance, during 2016, home values in Baltimore rose less than four percent.

Even home inventories have a key role to play in the increase of home value. Markets with many homes go on the market. For an example, compared to previous years, in December 2016, there was nearly 14.6% increase in the home listings in Miami.

Still, Boston, which lies in the tenth place as per the above top selling market list had experienced a 21.6% down in listing inventory when compared to the previous year.

Take heart if you wish to purchase in a hot market. Most experts’ states that they predicts that the overall housing market will switch over from a seller’s market to a buyer’s market during 2018 or 2019 due to the market will begin to slow.

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Tips to know a real estate seller is ready for bargaining

It will be of strategic advantage for you as a buyer, if you can get any piece of insider info about the home. During red-hot markets with the supply of low inventory, the sellers even though under pressure, they can find a pile of offers. But if you understand little know-how and keeping a professional real estate agent at your side, you can get a clear picture about the not-so-subtle and subtle hints that a real estate seller is ready for the discussion.

Find below the tips that you can implement to know whether the seller is ready to lower down his asking price, perks or any inclusions and make it as your advantage.

Find the buzzwords in the listing

It’s quite natural that every seller lists their property with an interest to unload them at the earliest, but won’t say directly to a listing.

You can look for listing terms such as “priced to sell”, “motivated seller”, “Maybe there is an incentive offered to the buyer by a specific time or bonus offer will be provided to the selling agent listed. These signs signify that such listed property sellers are ready to bargain.

Check with the seller’s agent

Ensure your agent do the research to know about the seller’s objectives and motivation. Mostly but not always, you can get information about the same from the listing agent. Perhaps the sellers are planning to close it in a quick turnaround, maybe they are getting divorced or they have purchased another house and not interested to make payment for two mortgages and so on.

Using such small insights as advantageous and handy points, you can bargain for getting the best offer.

Winter – the best season for a quick sale

As there will be fewer listings at times of off-season, sellers are generally highly motivated. Buyers may be available to better offer and deal due to less competition prevails. Also, on the other hand, it doesn’t mean that you will not have space for negotiating the price during peak real estate market season, but may be little harder to locate competing with other buyers.

The property itself will speak

The property itself will specify the seller’s scenario in a greater extent, and hence you pay attention during home inspection. If the home is vacant or a mess, then there are more likely chances that the seller will be open for bargaining.

If the home is in show-ready for inspection condition, it means they are in urge of selling the property seriously and thus if they understand you as a prospective buyer, they will sure consider your offers if it is reasonable.

A rock-bottom price

A rock-bottom price listed property may indicate that the seller is more focused on time and not profit. But be cautious. Such listed homes can also be a trick used by the seller to increase the price in a bidding war. In a competitive real estate market scenario, you can get a house that involves effective negotiation.

The seller provides extras

It is not only the great deal that involves a lower purchase price in a real estate deal, but a motivated seller will be ready to provide you with other inclusions which will save you money in a bigger extent.

You can check with the seller for a termite clearance, the appliances, home warranty to be included in your offer.

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Predicted 5 top trends that may shape real estate market in 2017

You can predict the real estate world to become as a rocket fuel in 2017, if the United States economy hits escape velocity. To be more specific, housing can be measured on to compose nearly 15% of GDP.

Even though, the signs are there for changes, the builders seems to be cautious and show reluctance to dive their headfirst into expansion of their operations back. The most five expected trends that will shape the real estate market this year are listed below.

Increasing rates

For the second time since 2006, the Federal Reserve interest rates have been raised during December 2016 and most of the members of the Federal Reserve board who are responsible for rate setting expect there will still 3 more increase in the rate during 2017.

Due to which, there will be an increase in the mortgage rates, and eventually prospective home buyers will find it very difficult to afford for their dream home. Still, according to Nela Richardson, Chief Economist in Redfin, there will not be much increase in mortgage rate more than 4.3% on the 30 year fixed rate.

More Credit

Redfin’s Nela Richardson also added that even though the rates may increase, there is expected to be more available on mortgage credit because of the slightly liberalised lending standards.

Also, the Federal Housing Administration will probably decrease the fees they are charging for the first-time home buyers, might be as a continuation of the trend set during the Obama administration.

Increase of New Homes                                                  

Despite a rise in the mortgage rates, there seems to increase in the new home sales. Even though, as per the recent data released on the new home construction, the builders have set back on getting into new projects during November, the overall trend related to new home construction is thoroughly positive.

Hope this will continue during this year, as new home constructors are encouraged by looser credit, higher wages and elevated demand from the buyers.

The Constant increase of Medium-sized cities

One among the major reason behind the present economic recovery is that top-tier economic cities such as Seattle, San Francisco and New York have experienced a rise in the value of the property due to workers flock to these places in order to enjoy the benefits of high-paying jobs.

Due to this, these cities experience a strain in the real estate markets as new construction is frequently unable to maintain the pace, matching the demand from the buyers due to the geographical hindrances and restrictions levied on them by the local government.

Hence, now most of the youngsters show interest in buying a home in Medium-sized cities as they find it more affordable. This trend is expected to continue during 2017 also.

Rise in Foreign Buyers

An important trend that assists in driving prices exceeding the realm of affordability in locations such as Los Angeles and New York is due to an influx of foreign buyers of United States real estate.

This has created an impact only of late, fueled in specific by the china buyers who are hunting for safe locations for storing their wealth, away from their homeland slow economic condition, still oppressive financial polices make it hard to earn fair returns on such savings.

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Best ways to get back your security deposits

Nothing can make the pains of shifting ease than an entirely refunded security deposit. Using these expert tips you can be ensured to get back your security deposits. While moving, it is considered to be an impossible feat to get your cash back from the landlord being paid as a security deposit, still being it’s your money.

Proper Planning

Practice making necessary precautions while you are moving in as it saves you money and also while you move out. For an instance, use only removable hooks and poster putty which avoids charges being levied for holes on the wall later on while moving out.

Organized

You must be already known and provided with all those rental related docs while you move in, which is mandatory to keep it organized in a place. Also, it is must that you thoroughly read through the documents and understand the proper ways to wind up your rental agreement in future. This helps you to go with moving out procedures easily without any loss.

Document everything

Even though photo documentation of the property condition is sufficient while moving out, it is good to take a video walk-through of the property both while moving in and moving out.

So, if in case your landlord tries to hold your security deposit, you can serve those video proofs to state that their rental property was maintained in quality condition. Thus, you can stay secured and will leave no space for the property manager to argue.

Also, ensure to maintain a record of communication you made with the property manager related to the maintenance issues and requests you made and those communications you received from their end.

Communicate with your landlord

It is good you know regarding how far in advance you want to inform your landlord about your move-out date. However, your rental agreement is specified with this information, asking personally to your landlord will serve both as a helpful confirmation to yourself and as a courtesy to your landlord.

Cleaning

It is recommended to plan for a serious deep cleaning if you wish to get back your security deposit apart from regular dusting and vacuuming. If you are getting a professional cleaning service done, ensure to keep the receipt of payment of such services safe, which will serve as a proof while moving out.

Team move out is best

If possible, you leave the same day along with your roommates. To do the same, better coordinate with your team and plan for a team move out. It is not necessary that you leave later on all your roommates left as this will lead you held responsible for cleaning up all the junks left behind in the property. Try to make a move-out happened out of a team-effort.

Mock inspection done by friends

It is good you recommend your friend to do mock inspection and go through the move-out checklist of your home before you leave on behalf of you. You may be really surprised to know that how many of the things you have missed when they cross verify the checklist. Once they are done, you can go ahead and fix it before arranging for a mock inspection done by the landlord.

Do repairs

Small repairs such as filling nail holes, replacing light bulbs and unclogging drains may look like small issues but creates a big difference. It takes just an hour to make it better, but it will amp up the quality condition of the property. If it is done, you can be sure of being appreciated by your landlord and thus you can be sure of being fewer claims being deducted from your security deposit.