Posts tagged ‘central pa real estate market’

March 18, 2014

Thinking About Buying a Foreclosed Home?

Purchasing a foreclosed home is quite different from buying a foreclosure signtypical resale. A foreclosed home is the process by which a homeowner’s rights to a property are forfeited because of failure to pay the mortgage.

The home you found might appear to be the right price and be in tip top shape, but before you purchase make sure to take some of these suggestions into consideration.

Reconsider Auctions – This process has many risks; prospective buyers aren’t able to do thorough home inspections or stay informed of outstanding taxes owed on the property before making the purchase.

Budget your Funds– Just because the price seems low to you now, doesn’t mean that something can’t be expected later. With low payments, this gives you a chance to really save your money.

Purchase Through a Bank – It might be better to go through a bank to purchase a foreclosed home. Banks are required to handle and pay off any back taxes  and you will be able to inspect the home before purchasing.

Inspect the Home & Neighborhood Thoroughly! – Answer these questions and record your findings when conducting your inspection:

How is the neighborhood?

How long has the house been empty?

How is the landscaping of the home and neighboring homes?

Was the house winterized?

Really take time and think about what your best options are. Are you prepared for the obstacles that could arise when purchasing a foreclosed home? If so consider these suggestions and do your research. 

“Really good deals on these bank-owned, they go quick — and the buyer doesn’t necessarily have time to try to work out the financing afterward. They need to work that out first.” – Jenson

March 11, 2014

One Last Look…

Once you’ve found your dream home, the financing is approved, and all inspections are completed, many buyers are tempted to sit back, relax, and wait for closing day.  There is one more very important step in the home buying process, a final walk-through.

This is the last chance to make sure everything is in working condition and that things are as they were presented in the deal.  If not, you still have time to have them repaired or you could even walk away.  Taking time now to check on the home could help save you time and money on costly repairs in the future.

Here are some things to look for: final walkthrough

Major Systems – Turn on the heat and the air conditioning as soon as you get there.  This will give it time to run so you should notice a temperature change.  Make sure you are hearing more than just the fan running.

Plumbing – Take the time to turn on every faucet and shower.  Do they drip?  Is there good water pressure?  Take a look in the basement and below sinks for any possible leaks.  Also flush all toilets to insure they work properly and are not leaking.

Repairs – Some repairs or upgrades may be required per the terms of your contract.  Check that the seller has taken care of these items and they have been done properly.  Don’t be afraid to mention something that has not been completed. 

Appliances – Turn on the dishwasher, the oven (light and fan too), washing machine, clothes dryer, and any other major appliance that is part of the home, to make sure they all work.

Landscaping – Take a stroll around the exterior of the home and the entire yard.  Believe it or not, some sellers have actually taken outside plants/shrubs with them.  Make sure nothing is missing.  If there is an irrigation system, check that it works.

Remotes/Keypads – If the home is equipped with a security system, does the keypad work?  If there are ceiling fans with remote controls, make sure the seller did not accidentally pack them.

Lights – Check that all lights and switch plates are in place.  A seller may forget to mention that they intend on taking a certain light fixture, etc.  Be sure that everything you expecting is in its proper place.

Walls – Take a look at walls and ceilings for any holes or damage that may have occurred while the seller was moving out. 

Cleanliness – Sellers are required to leave the home clean and free of their possessions.  Make sure the garage, yard, and any outbuildings are empty and clean.  You don’t want to find yourself responsible for the disposal of something large or even hazardous.

You may have had a professional inspection performed, but you should be just as diligent on your final walk-through.  Use this opportunity for more than planning furniture placement, check these important items first and then enjoy planning your move. FYI, another good idea to consider is the purchase of a home warranty.  This will give you a little extra peace of mind and will take care of any costly repairs for major system issues, appliance break-downs, etc. that might occur after you move in. 

March 6, 2014

It’s Time!

As you look outside, you see more snow falling and you feel the temperature getting colder every day.  You’re concerned with cleaning off your car and getting shoveled out; buying a home may not have even crossed your mind.  Many argue that spring is the best time to find your dream home, but if you are ready, The Time is Now!

March IOV

AskHomesale.com provides real estate advice and information for home buyers, home sellers, and homeowners alike. Askhomesale.com is part of the Prudential Homesale Family. The Homesale Family of Companies is the leading real estate company serving the Baltimore, Maryland, South Central and Southeastern PA real estate markets.  Prudential Homesale has more than 25 offices with over 1,000 REALTORS®. Prudential Homesale’s footprint includes Maryland real estate offices in Baltimore CityFederal HillFells PointWestminster, and Timonium.  Pennsylvania real estate offices include YorkLancasterWyomissingChambersburgGettysburgHarrisburg, and Schuylkill Haven.

Tips for Home Buyers  |  Tips for Home Sellers | Tips for Homeowners

February 24, 2014

Get the Most Out of Your Home with Tax Deductions

Tax season is here and now it is time for you to get the most out of all the hard work you contributed last year. If you’re a current homeowner, I have some good news for you; tax breaks are available. You can deduct many home-related expenses, but make sure to consult with a tax advisor to ensure you get all of the tax breaks that are available to you.

Here are possible tax deductions for homeowners:

1.)  Mortgage Interest: This is defined as any interest you pay on a loan secured by your main home or second home. These loans include a mortgage to buy your home, a second mortgage, a line of credit, and a home equity loan. It is very important for you to note that personal loans and the interest you pay are likely to not be deductible.Image

  • Vacation Homes – Owning a vacation home can be that second home used to deduct some of your costs.

2.)  Points: are prepaid interests that are paid to obtain a home mortgage. If you bought or refinanced your home after January 1, 2007 and have an adjusted gross income that falls under $110,000, then you are eligible for the points deduction.

3.)  Private Mortgage Insurance (PMI): If you made a down payment of less than 20% on your home then it is very possible that you are paying on a PMI which protects lenders against loan default.

4.)  Enhancements for the Home: Even though you can’t claim your purchases, it is advised that you keep all of your receipts from enhancements to your home. This can ultimately improve your homes resale worth and decrease potential taxable gain.

  • Health-related enhancements – Did you know that any enhancements made to your home for medical reasons can be deducted from your taxes? The one thing that you need to make sure is that the enhancements don’t change the value for the home. If has to be made clear that these adjustments were made for a chronically ill or disabled person.
  • Energy-efficient enhancements – A one-time federal tax credit of 10% of the cost of qualifying geothermal heat pumps, solar water heaters, solar panels, small wind turbines, or fuel cells placed in service for an existing or new construction home through December 31, 2016 may be available to you to deduct.

5.)  Real Estate and Property Taxes: There are four types of deductible non-business taxes:

  • State, local and foreign income taxes
  • State, local and foreign real estate taxes
  • State, and local personal property taxes, and
  • State and local general sales taxes

Take note that these taxes are only itemized deductions in the year they were essentially paid to the government.

6.)  Work-from-Home Office: Homeowners can deduct a portion of their mortgage, utilities, renovation, and technical equipment expenses in direct proportion to the amount of their home that is dedicated to the office. As stated above, hold on to all of your receipts.

There are probably more tax deductions that await your attention, but make sure to do your research and schedule an extensive meeting with a tax professional. Taxes are your biggest business expense. Get knowledgeable and save, save, save!

February 19, 2014

Fall in Love with your Home!

Love is in the air this February so let’s rekindle the love and romance you share for your home. Ask yourself these questions: Do you feel at ease when you go home? Does the appearance of your house put a smile on your face? If you are feeling a little down with your home, we may have the perfect tips for you to fall in love all over again.

Feb IOV

AskHomesale.com provides real estate advice and information for home buyers, home sellers, and homeowners alike. Askhomesale.com is part of the Prudential Homesale Family. The Homesale Family of Companies is the leading real estate company serving the Baltimore, Maryland, South Central and Southeastern PA real estate markets.  Prudential Homesale has more than 25 offices with over 1,000 REALTORS®. Prudential Homesale’s footprint includes Maryland real estate offices in Baltimore CityFederal HillFells PointWestminster, and Timonium.  Pennsylvania real estate offices include YorkLancasterWyomissingChambersburgGettysburgHarrisburg, and Schuylkill Haven.

Tips for Home Buyers  |  Tips for Home Sellers | Tips for Homeowners

January 25, 2012

Where Will Housing Prices be in the Spring?

Sellers are often under the assumption that they should wait until spring before putting their home on the market.  They believe that they will attract more buyers and sell their home at a higher price.  Typically, this makes sense.  However, the foreclosure properties that are being released by the banks will affect the market.  It is believed that this increase in the supply of homes will prevail over buyer demand, and cause home prices to decrease

“U.S. foreclosure activity has been mired down since October of 2010, when the robo-signing controversy sparked a flurry of investigations into lender foreclosure procedures and paper work. While foreclosure activity has registered well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.” –RealtyTrac 

With today’s market, you may get a better price for your home by selling now, instead of waiting until spring!

Visit www.PrudentialHomesale.com to find an agent.

January 23, 2012

Is now a good time to buy a home?

According to a report by JP Morgan thoroughly explained by KeepingCurrentMatters.com, now is the time to buy a home!

Price-to -Income Ratio
A measure of housing values is the ratio of income to home prices. “Since 1966, the median price of an existing single family home in the U.S. has varied between 150% and 251% of personal income per household. However, roughly three quarters of the time it has been in a relatively narrow band between 185% and 230%.”  Currently the ratio is only 153%.

Curent Mortgage Interest Rates
With current 30 year mortgage rates, housing prices are at historic lows as compared to income due to such low interest rates.  At a 4% interest rate:

“Assuming the use of a fixed rate mortgage with 20% down, this would make the median mortgage payment on a single family existing home just 6.9% of per household personal income, compared with an average of 14.4% since 1966.”

Monthly Rent vs . Monthly Mortgage Payment
A common question among renters, “Is it more expensive to own or rent a home?” 

“…we estimate that the implied median mortgage payment has fallen to just 78% of the median asking rent…”

Now Is The Time To Buy!
“The numbers on housing have an important message for American families today, and particularly younger families setting out on life’s great adventure: Five years ago, at the peak of the home-buying euphoria, it was emphatically a time to rent. Today, when home ownership is depreciated more than ever before, the numbers tell us it is a time to buy.”

 

November 2, 2011

Overcome Your Fears of Buying A Home

Do you have doubts and concerns about buying a home? 
Listen to the podcast below about Overcoming Fear and
learn how to take advantage of today’s market!

 
Overcoming Fear

 

 

 

 

For more information visit www.PrudentialHomesale.com

October 14, 2011

Building Maximum Exposure for Your Listing and Another Way to Search More Homes!

 

The Homesale family of companies has partnered with WGAL to provide the most extensive real estate search in the Susquehanna Valley. 

Together we have created an extensive, online local reach which has allowed us to become the most innovative real estate resource in the marketplace.

With the Find A Home real estate section on WGAL.com, you will experience: 

Home Sellers:

  • Increased online exposure for your listing
  • A streamlined home search, making it easier for buyers to find your home
  • An extended online reach, which will ultimately get your listing SOLD!
  • Increased number of online showings 

Home Buyers:

  • A streamlined home search, making it easier for you to find homes for sale locally, state-wide, or even across the country!
  • Featured new home communities allowing you the ease of exploring
    new construction options
  • The most up-to-date information on all homes for sale in the
    Susquehanna Valley

GO TO WWW.WGAL.COM/REALESTATE AND CHECK IT OUT!

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