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A foreclosed home is one in which the home owner was unable to pay his home loan so that the lender took over home ownership through the foreclosure process. These bank owned properties are also known as REOs (real estate owned).

The process in Arizona is similar to that in other states and will be the basis for this article. When you work with a real estate agent he will write up your purchase offer with you on a standardized contract which was developed by the Arizona Association of Realtors. The contract allows the agent to customize the contract for your particular purchase and has many built in protections for both the buyer and the seller.

When you make an offer for a foreclosed property, you can expect to receive back from the seller (the bank currently owning the property) an addendum to the contract. These addendums are in essence a counter offer that the buyer must accept if he wants to purchase the property. In some cases the seller will negotiate with the buyer over these terms but most sellers expect the buyer to agree to their terms. We have seen a wide variety of addendums in the past year as we have worked with buyers. In all of them, many of the protections for the buyer in the standard contract are eliminated or modified. Here are some of the things we are seeing.

Inspection Period

In the standard contract, the inspection period lasts ten days from the date the contract has been signed by both parties. We have seen addendums that change that to be ten days from verbal acceptance of the contract and have even seen a five day inspection period that must be completed before the buyer signs and accepts the addendums.

Title/Escrow Company

The seller will typically require the buyer to utilize the escrow company of the seller’s choice. Usually using this company helps facilitate the timeliness of the transaction because the escrow company is familiar with the seller’s requirements.

AS/IS & Disclosures

When you purchase an owner occupied property, you will usually get a Seller’s Disclosure Statement. This will provide information about the property and a history of repairs done. When you buy a foreclosure property, the seller has not occupied the property and typically will not provide any disclosure statements. Additionally, the buyer is generally required to purchase the property in its current condition „as is“ and the seller will not make any repairs. If something is missing such as a kitchen appliance or garage door openers the seller will not provide it. What you see is what you get. Read the addendum carefully to understand what the seller will be responsible for if the property is damaged during the escrow period. The escrow period spans the time from when the contract is agreed upon by both parties until the sale records (close of escrow).

Cost for Extension of Close of Escrow

Most of these addenda have a per diem charge if you need to extend the close of escrow beyond the date in the original contract. The most common reason buyers need to ask for an extension of the closing date is that the lender has not completed loan processing and delivered loan documents to title several days prior to closing to allow time for both the seller and the buyer to sign. We have seen costs ranging from $40 to $100 per day.

Loan Approval

The Arizona contract allows for a return of earnest money deposited by the buyer if after a good faith attempt to obtain a loan at prevailing market rates to purchase the property the buyer is unable to do so. Some addendums are limiting the buyer’s time to obtain loan approval to a set number of days from contract acceptance, for example 25 days. If the buyer does not notify the seller of his inability to obtain a loan within that time frame, he will forfeit his earnest money to the seller. This holds true even if the inability to obtain the loan had nothing to do with the buyer’s financial qualifications. We have seen loans turned down in the past few months for condo purchases because the community had too low a percentage of owner occupied units or the HOA was not financially solid or some cases for both of these reasons.

Tenants or Other Occupants

Most of these properties will be vacant; however, if you see evidence that someone is living in the property when you are viewing it and prior to writing an offer, you need to ask questions. Who is living in the property? If the property has been rented, what are the terms of the lease? We’ve seen addenda that indicate that the seller will not evict any occupants of the property and that it will be the responsibility or the buyer once he has purchased the property. You should also be aware that tenants have rights too. Be very cautious about writing an offer for a foreclosure property that is occupied.

What Does the Buyer Need to Do?

It is very important for the buyer to read the entire addendum provided by the seller prior to signing. If he has questions about the addendum he should ask his real estate agent for clarification. He should also verify that his real estate agent has read the entire addendum and made note of key dates.

Immobilienmakler Heidelberg

Makler Heidelberg

Although, one’s choice, of the real estate professional, one hires, is, significant, the best results, are, only achieved, if/ when, the homeowner, proceeds, proactively, and takes 5 smart actions! Achieving the desired results, which, usually, is, selling one’s house, for the highest possible price, in the shortest period of time, with a minimum of hassle/ stress, requires planning, and communication, between the seller, and his agent! Only, when planned – teamwork, is thoroughly considered, and used, and the homeowner, understands, what his responsibilities, are, will the optimal results, happen! With, that in mind, this article will, briefly, attempt to consider, examine, review, and discuss, 5 important actions, which help, get the results, one desires.

1. Curb appeal (exterior): Paying attention to curb appeal, must be, more than, simply, empty rhetoric, and/ or, some, abstract ideas/ concepts! What, prospective, qualified buyers, see, gives them, a first impression, which, significantly, influences, their potential degree of consideration, for your home and property! Before, starting, gradually, approach your house, and look at it, as, a potential buyer, might. Commit to being, genuinely, objective, and addressing any potential weakness, proactively! Items, to address, related to essential aspect, including: using flowers, bushes, etc, to enhance the first – look; ensuring the area is neat, clean, and clutter – free; addressing any issues, related to the driveway, and front walkways/ paths; mowing lawns, and effectively, using mulch, etc; exterior areas, including appearance of concrete, foundations, paint, windows, screens, storm doors, exterior doors, etc.

2. Staging/ de – clutter: Many potential buyers are turned – off, when, they see, a house, full of clutter, and other distractions! Because, so many, often, are challenged, when it comes to, seeing things, as they may be, rather than, merely, are, from a cosmetic and/ or decorating perspective, it often is beneficial, to take advantage of, and hire, a professional, home – stager!

3. Thorough cleaning/ deodorized: To maximize potential interest, a smart homeowner, ensures, the house, is thoroughly, cleaned, and deodorized, prior to any showings, etc! In addition, every time, it is viewed, it must present as, being, neat, clean, clutter – free, and well – maintained!

4. Address all/ any potential distractions: You don’t want a potential buyer, to be negatively, distracted, especially, by some, easily addressed, potential distractions! Objectively, slowly, enter the house, and look around, in order to observe, anything, which fails to present, in a positive way! Also, ask for the input of the agent, you hire, so you are certain, to be, well – prepared, etc!

5. Accentuate strengths/ minimize weaknesses: How can you, accentuate the strengths of your home, and property, and get others, to pay much of their attention/ focus, to those areas/ items? In addition, what can you do, to minimize, potential areas of weakness? Accentuate the positive!

The key to homeowners, getting the best results, is, often, effectively, using teamwork, where the seller, and the agent, he hires, are, consistently, on the same – page! Since, for most, their house’s value, represents their single – biggest, financial asset, doesn’t that, make sense?

Immobilienmakler Heidelberg

Makler Heidelberg

When putting up a property for rent or estimating the amount to be paid monthly by the tenant, the term rental amount comes up. But what does it mean?

Rental amount, also called rental value, refers to the sum of money that one has to pay for the temporary use of particular items, equipment, and services. Generally, its payment ensues weekly, fortnightly, monthly, or periodically.

Now, it is evident that one cannot determine the rental amount of property at random. Additionally, it can be neither too high nor too low to avoid putting off prospective tenants and incur losses for the landlord, respectively. The rental value depends on several factors that directly influence its rise and fall. In this article, let us have a look at what they are.

• Market Value of the Property

The market value measures the current standing and significance of a particular property in the real estate market. Suppose the acreage in question lies in an area or neighborhood with multiple public facilities and amenities like metro stations, convenience stores, hospitals, train stations, and so on. In that case, it will inevitably be in high demand. These factors would make the potential leaseholders appreciate the worth of the property, allowing its value to rise in the charts.

On the other hand, elements like increased pollution levels, a decline in safety, and stalled infrastructure projects in the vicinity of the property can result in a decrease in its market value. Subsequently, its rental rate or value would also drop.

• Prevailing Rental Rate

It would be strikingly eye-catching and off-putting for probable renters if the rent of a specific property is considerably higher than the rest around it. Too low a price would also defer tenants as they would believe that something is wrong with it. Thus, it is imperative to consider the entire area’s rental rate before setting one for a new house or land.

However, this comparison and reference must only be done to and taken from similar properties. For this purpose, one can take into deliberation the following characteristics:

• Number of bedrooms and bathrooms
• Year of building and most recent remodeling
• Lot size
• Included facilities

Additionally, the money spent behind mortgages, maintenance, tax, and repairs, which owners have to pay when the property is left unoccupied, should be contemplated.

• Extra Amenities

Properties with additional facilities like parking spots, verandas, swimming pools, gardens, and so on will, without a doubt, command a higher rental amount. Furnished or semi-furnished houses with cupboards, fans, storage space, kitchen appliances, and beds will go for and fetch more rent than the non-furnished ones.

• Rental Rate

Rental rates estimate the suitable and acceptable amount of rent that a property occupant can and would have to pay. It lies at about 2.5% to 3.5% of the acreage’s market value.

However, the rental rate may differ depending on the property’s demand and supply disequilibrium. Nevertheless, the maximum and minimum values should not exceed 3.5% and 2.5% of the market value, respectively.

Ways to Value a Real Estate Rental Property

Primarily, there are five ways to determine the rental amount of a property after considering all the associated factors. They are:

1. The Sales Comparison Approach (SCA)
2. The Income Approach
3. The Capital Asset Pricing Model (CAPM)
4. The Gross Rent Multiplier Approach (GRM)
5. The Cost Approach

Immobilienmakler Heidelberg

Makler Heidelberg

Do you know your credit score or the details of your Social Security report? Can you find the deed to your house, mortgage, life insurance policies, car title, car insurance policies, tax returns for the past 5 years, brokerage and bank statements for the past year? Do you know what your spouse earns or how much is going into a 401k plan annually?

Getting divorced is often a wake up call when it comes to finding out what you know and don’t know about your family finances.

Managing your finances is not about knowing which stock, bond or mutual fund to buy. It’s about knowing what you own (assets); what you owe (liabilities); what’s coming in (income) and what’s going out (expenses). It is about paying attention to where your money is going and being organized.

You’re going to be asked to produce a lot of financial paperwork and documentation for the court, your attorney or mediator and for your soon-to-be ex spouse. So, let’s get started:

Clear off a workspace and gather all your statements: bank, brokerage, credit cards, etc. Other supplies to gather: paper, pen or pencil, 3-ring binder, hole punch, index dividers, highlighter and sense of humor.

First, we’re going to tabulate your net worth (difference of what you own versus what you owe): make a list of everything you own: house, car, brokerage accounts, life insurance, retirement accounts and their value (the internet can help- try KBB.com and zillo.com). Then, list everything you owe: mortgage, car loan, credit card debt, school loans and their outstanding balance. Keep this information stored in the first section of your 3 ring binder.

Next, find where your money is going (the cash flow), or the reality of not having a clue as to where you spent all that money. The easiest way to determine your cash flow is a computer program like Quicken or QuickBooks. A useful website is mint.com. If you prefer not to use the computer, this can be done with Excel, columns on lined paper or on graph paper.

To make a budget, gather your checkbooks, check stubs and charge card statements. Give each expenditure a category and a subcategory. Example: Utilities: phone, Utilities: cell phone, Utilities: cable and enter your expenses for each month. You will get a total for each subcategory as well as a total for the whole category of Utilities. Don’t forget to enter your income, including income from child support and alimony. Print a report every month, and a quarterly report every 3 months. Put these in a Cash Flow or Budget section of your binder.

It may take you several months to get a picture of your income and expenses but it will become the foundation to manage your finances as well as negotiate child support and alimony.

With a handle on your cash flow, you can look for places where you can reduce expenses or control spending. Try taking 10% off the top of your income as savings. Then, rework your expenses to see if you can still manage. Utilize whatever amount of money you are able to save to:

• Get out of debt – pay down credit cards and loans

• Have an emergency fund not invested in the stock market. Aim for a minimum of 3 months of household expenses in savings. If possible, have an additional 3 months in a short term CD or money market account

• Take advantage of retirement plans

Put this information in your Savings Goal section of the binder.

Armed with this information, a consultation with a Certified Divorce Financial Analyst, early in the process, can help you meet the challenges of divorce with more confidence and dignity than might otherwise be the case.

Immobilienmakler Heidelberg

Makler Heidelberg

Opportunities for real estate investment for foreigners is wide and varied in the United States. It doesn’t matter where you’re from and what currency you’d be using to purchase a property, you have a property waiting for you.

There are generally three kinds of real estate investment available to foreigners. These investments include the commercial estate investment and residential property investment. Residential properties are further classified into single family properties, apartments or condominiums and recreational properties. Regardless of what kind of real estate you are interested in, there are all sorts of tax ramifications, financing options and legal requirements that you have to deal with.

Why Should You Invest in the U.S. Real Estate Market?

You’ve probably heard of the increasing number of foreign real estate investments in the United States. This is not surprising. With the troubles that the real estate investment market is facing in the United States, greater opportunities in real estate investment were opened to foreign investors.

With the dollar’s value in its all time low, foreign investors are finding real estate bargains all over the United States. There are no shortages of deals in this market. More and more distressed properties are being sold everywhere and foreigners are pouring in millions buying these foreclosed or distressed properties. The United States real estate has become a fairly attractive long-term investment for foreign investors.

In November of 2006, the National Association of Realtors released a report entitled „Foreign Investments in U.S Real Estate: Current Trends and Historical Perspective“. The report showed that there has been a steady increase in foreign real estate investment in the United States. This is especially after the euro and the loonie became stronger in the face of the continuous devaluation of the US dollar. Prime bargains were opened to foreigners. Many foreigners have now looked into the possibility of retiring or settling in the United States.

If you’re a foreigner, you would find a lot of reasons why you should invest in the United States real estate market. Aside from the fact that the floating exchange rate has given you a lot of leverage over the bargaining table, the financial market is a pretty good reason why you should invest in the US real estate.

The financial market in the United States in relation to the real estate market is quite liberal and the restrictions against foreign investors are pretty reasonable. This is ideal for foreign companies that are seeking to invest in the real estate market in the United States in order to avoid tariff restrictions and are considering setting up an office or a company in the United States.

Furthermore, despite the devaluation of the US dollar and the wide foreclosures of a lot of property, the real estate market remains to be stable, though slightly shaky, due to foreign investors‘ capital appreciation. Domestic real estate buyers may not necessarily share the same opinion, but the market has remained to be strong for foreign real estate buyers. This may be largely credited to the fact that there is minimal risk for them.

Why are Foreign Real Estate Investments Safe and Profitable?

There are a lot of investments you can make, but the safest you can make right now is investing your money in real properties. This is another good reason aside from the fact that you can make a pretty nifty profit, if you like, particularly now with the widespread property foreclosures and seemingly continuous US dollar devaluation. This is especially true if you are going to use the euro or the loonie when making your investment.

But why is US real estate investment safe for foreigners?

It is undeniable that stock investments are not a safe avenue at this point. The recession has not only affected the US economy; the same recession has greatly affected worldwide stock investments. Stocks values are dropping. It is also a fact that even without the current economic situation, stock values fluctuates.

On the other hand, real estate investments are pretty stable if you would compare it to stock investments – or even bond or mutual fund investments. With real estate investment, you’d be putting your money in an investment that would grow in value as years go by.

What are the Benefits of Foreign Real Estate Investment?

US state government supports foreign investments and along this line has formulated various tax breaks to encourage foreign investment on real estate. Many of these tax breaks are not available in many countries. In fact, most countries would frown at foreigners owning real properties within their territory.

Foreign real estate investment in the United States is open to everyone. As long as you can afford to buy the property or at least comply with the mortgage requirements and payments, you can secure for yourself a pretty good property in the United States. Again, with the current economic situation of the United States, this is the perfect chance for you to make an investment.

Another great benefit that you can take advantage of is the availability of mortgage financing. Lenders have opened their doors to foreign investors who are looking into purchasing a property. So, you don’t have to actually deplete your bank account. You can actually secure a mortgage loan and gradually pay it off.

I’m Canadian, What Are My Financing Options?

There is a steady increasing rate of Canadian real estate investors in the United States; and accordingly, the government has made certain that they have attractive financing options available to them.

If you’re Canadian – or if you’re a foreigner – you’d find a lot of reasons why you should buy a piece of real property in the United States. For Canadians, the parity of the currencies or the apparent devaluation of the US dollar is a pretty good reason itself. But how do you finance your purchase?

There are various financing options available to you depending on which state you are in. In Arizona, for instance, you’d get favorable financing terms if you are purchasing a property for recreational purposes, that is, you do not derive any income or benefit from your purchase or ownership. You will be required, however, to sign up a disclosure agreement and give a 30% down payment for your loan. To qualify though for a loan, you may be required to show availability of liquid reserves for a period of three to six months. You may also be required to present a minimum of 3-month bank statement.

If you are purchasing a property for investment, you’d probably meet stricter terms. Requirements may be more stringent. For instance, you could be required to give a down payment of more than 30% and you may be required to show one year worth of liquidity reserves.

Regardless of your reasons, if you feel like you can fulfill the requirements of a financing loan, you can then proceed to actually applying for a mortgage loan. Also, keeping yourself updated with the financing terms flux may be a wise idea.

Understanding the Tax Ramifications of Real Estate Investment

The first foreigner to have ever bought a real estate property in the United States was Peter Minuit. This opened the doors to foreign real estate investors. After a couple of centuries later, foreign real estate investment has grown into huge proportions, accounting for billion-of-dollar worth of industry.

The low risk attached to US real estate market, the availability of countless properties, and the steady market liquidity attract foreign investors in droves. The initial snag, however, is the process of understanding the legal ramifications of foreign real estate investment.

What you have to understand is that foreign investment in the United States can take a lot of forms. A foreigner has various options. He can acquire direct interest. He can acquire an interest in the real estate through a partnership, a corporation, or a limited liability company. The latter is the typical structure used by foreign investors.

Limited partnership or Limited Liability Company offers financial protection or indirect asset protection, especially in cases of bankruptcy, law suits and taxes. Foreign investors are generally taxed on the property as if they hold the property in direct interest.

Ideally, you should secure the services of a real estate accountant to help you out with the tax ramifications, but it would help if you, at least, know the basics before you actually talk to an accountant.

There are tax consequences that you have to deal with when you buy a real estate in the United States. You would need an Individual Taxpayer Identification Number which you will use with all your tax transactions. Your investment in real estates can be treated as a portfolio investment and will be accounted for as an investment income which can either be fixed or a periodic income. This is typically taxed at 30% on gross revenues. This tax though does not apply though to all foreign investors. Tax rates would vary depending on the tax personality the foreign investor opted for. For instance, a corporation would be taxed differently.

Other things that you should take note of are availability and requirements of tax refunds and state tax laws on real estate properties as they may differ from federal laws, among other things.

By knowing all these things, you may save yourself from a lot of hassles when you finally approach a real estate accountant. You’d be in same wavelength when you finally get down to talking business. It is, however, very important that you secure the services of an accountant. You’d have an easier time dealing with the taxes ramifications. You’d also have assistance ensuring that you comply with all the accounting aspect of your investment. This is especially true if you are purchasing a real property for investment purposes.

Do You Need to Secure the Service of a Real Estate Lawyer?

If you are considering buying a property in the United States, you need to secure the services of a real estate attorney – someone who could help you with the legal issues concerning your purchase. It is tempting to forego securing the service of a lawyer to save money, but this could cost you a lot of money in the long run. Make sure that you have an experienced and trustworthy lawyer to help you out. Make sure that you have thoroughly checked out his credentials, profile, history of successful cases handled by him, and other factors that would influence your decision. You could check online and look for a lawyer working within the state where you are considering purchasing a property.

Functions of a Real Estate Lawyer

There is no actual distinctive function for a lawyer in a real estate case. However, you would really need the assistance of a lawyer for various tasks. A real estate lawyer would review the sales contract for you. He would also check on the title and other documents relating to the property. A lawyer would also review your mortgage contract and make the necessary adjustments or corrections. You could also get him to review with you the legal and tax issues concerning the purchase. A real estate attorney could also make the necessary adjustments relating to various expenses and costs involved in the purchase. He would assess your eligibility for tax refunds and draft the documents and statements relating to this.

Putting it simply, a real estate lawyer will be your watchdog. He would guide you through the whole process of purchasing a real estate in the United States in order to make sure that you will be legally protected. You will have a capable and trustworthy liaison to help you out with the contract. He will also face legal disputes if any arise.

Tips on How to Invest in Real Estate Successfully

Now, if you’ve fully bought into the idea of real estate investing in the United States, you might just want to know how to go about investing in real estate successfully. If you want to be successful in this venture, the first thing that you have to avoid is overanalyzing. Of course, it is a good idea to carefully think through your actions but it is a bad idea to overanalyze your investment to nonexistence. You might lose a great opportunity.

Before you purchase the property though, it might be wise to check the property value. If it sits well with you and you can reasonably afford the property, go ahead and make the purchase.

If you are considering the property for a quick flip, make sure that the property is in perfect condition and in good area. This is to ensure that you could double or actually triple your return of investment. If you can inspect the property yourself, do so. If not, a good and trustworthy agent can help you with this task.

Another important thing to remember when you’re buying real estate is good financing. You should take your time to carefully consider all your financing options. Foreign investors can email in their queries to various lending institutions. It is a good idea to make sure that you’ve had their terms and rates on paper because they tend to change these terms and charge you with a lot of junk. Your real estate agent can help you with reviewing the escrow charges.

The bottom line, however, is that it is very important that you do your homework before you actually buy a real property. Investing in real properties in the United States can be profitable especially during these times. In fact, it may be the wisest and most perfect investment you can make right now.

Immobilienmakler Heidelberg

Makler Heidelberg

It’s not just your house that you should be concerned enough to turning green. After exerting efforts to make your place as sustainable and as eco-friendly as possible, why don’t you do homework together with your neighbors and turn your neighborhood into one that is eco-friendly too. Here are some tips.

Sharing garden space. Why would I share my garden with my neighbors? There are various benefits you can get from this act. First, your unused garden can be a space that supports plant and flower life. It can be turned into one that yields fruits and vegetables. There are organizations that are willing to give seeds in return of the favor of using your garden for their activities.

Establishing neighborhood cooperatives. A lot of success stories have been told about the establishment of neighborhood cooperatives. These can range from types that support the collection of recyclable wastes from the neighborhood and turning them over to larger recycling facilities in exchange for cash. The recyclers can often drop by at your designated place in specific intervals to pick up what you have collected. This is an efficient way of teaching your neighbors the importance of solid waste reduction.

Neighborhood coops can also be the types that produce processed or bottled foods, baked goodies, and other small scale profitable ventures.

Encourage the holding of swap days. It takes a lot of energy to make new things. It will also involve raw materials which are mainly coming from nature to make some of the thing you usually like. Taking inspiration from the old barter system of our ancestors, why don’t you initiate the staging of swap days among your neighbors every weekend.

This is a great opportunity not only to score the stuff you like but to also make friends with your neighbors. It will strengthen cooperation among neighbors while allowing each and everyone in your community to partake in conservation efforts.

If you’re good at baking, why not bring in some of your goodies. Who knows you can exchange it for a vase that is very fit for your center table. There are a lot of possible trades that can happen. You can even make it a swap party anchored with a weekly theme so things for swaps will have some variety.

Making your neighborhood an eco-friendly one can also be a goal towards developing a place that is harmonious and where people are always willing to exert an extra dose of helpfulness.

For other real estate concerns, your local real estate agent is just a call away. He or she has expert advises that can be helpful in owning an eco-friendly house.

Immobilienmakler Heidelberg

Makler Heidelberg

If you are pregnant and if you do not have a proper housing facility to dwell, this could be a matter of concern for you. This is because a safe and secure housing is a foremost necessity for you and your unborn baby. However, pregnant couples can find themselves a safe housing facility through a housing assistance program. This housing assistance comes from different Federal Government funded grant programs. Keep in mind that the housing assistance does not come from the Federal Government itself. But many grant-making agencies such as action community agencies and non-profit organizations participate in giving out the housing assistance to the qualified and eligible pregnant couples. Housing grants for pregnant couples can comprise immediate shelter assistance, housing for longer times and home-ownership programs.

During pregnancy, in order to get housing assistance, you must bring your immediate shelter needs to the concerned authority. These authorities can be county, non-profit organization and charitable organizations sponsored by the federal government. As a pregnant couple, you can visit pregnancyandchildren.com and womensshelter.org sites to get information on immediate shelters for pregnant women.

Though government assistance is a time-consuming matter, housing assistance for pregnant couples from the federal government can be of a great relief for you. Once you are determined eligible, you can receive various financial assistance to meet your housing needs. Amongst different housing grants regulated by the federal or state government, Temporary Cash Assistance for pregnant couples in the immediate needs of housing may help. On the other hand, while exercising the benefits of instant, medium and long-term pregnancy shelter under this program, take advantage of the Temporary Cash Assistance for Needy Families (TANF) program. Besides addressing your housing requirements, taking care of your essentials like food, clothing, medicines during your pregnancy is an important responsibility of TANF. Every state in the U.S administers the grant program, hence; applying for the program through your state organization will not be a tough chore. Benefits under this program can be available for 5 years.

Section 8 Housing Choice Voucher (HCV) Program is considered one of the effective housing assistance programs for pregnant couples in the U.S. This program is administered by the federal government under the U.S Department of Housing and Urban Development. Considering housing assistance for pregnant couples, you can receive monthly housing choice voucher to afford a safe, decent and sanitary housing facility in the private market. Any individuals from low-income or very-low-income households can benefit from the program. With cash vouchers easily available from HUD, you can choose your housing from single-family homes to apartments to townhouses. However, remember that the housing facility must meet the living and safety standard as mentioned by HUD while house hunting in the private market.

How to Apply for Housing Choice Assistance

You can visit the Housing Choice Voucher program website to register your application. In this regard, your state HUD office can assist with housing. Once you are found eligible, you can receive grants for housing. Hence, with a safe and decent housing facility, you can ensure safety and security for your baby and you as well.

Immobilienmakler Heidelberg

Makler Heidelberg

For two decades, the Environmental Protection Agency (EPA) is pushing energy-efficiency in homes. From this, the Energy Star in new homes was conceptualized. It aims to prevent pollution of the air while at the same time giving homes the much-needed adjustments towards energy efficiency.

For home buyers who are on the hunt for their dream homes, it is very important to look for Energy Star compliant homes. While the prices may be higher than homes established right before its implementation, buyers are guaranteed to save along the way from the prices slashed on energy costs.

And because going green is an in thing, those who invest in Energy Star homes are also assured of profits when they choose to sell them.

New construction homes are also required to follow new building codes. These requirements are also in line with the energy-efficiency methods prescribed by EPA.

How about appliances that you’ll be putting in your new homes?

You don’t have to worry too. Appliances manufacturers are also following Energy Star prescriptions. Thus, when shopping for TV, refrigerator, aircon, or any other home appliance you want to add in your new home, just look for the Energy Star sign. With this, you are assured that they are more energy-efficient than same appliances without such compliance tags.

Any other benefits, aside from less operating costs on monthly basis?

New construction homes that comply with Energy Star have added benefits. Given that the design is geared to cut energy costs, you can be assured that during warm months, the windows can give entry to natural and cool air. During cold months, the added insulation can provide heat and in fact trap the warm air circulating inside the house.

Another benefit that comes with Energy Star homes is the improved air quality inside the house. The ducts are made sure to be tightly sealed. They prevent air pollutants and even pests from finding their ways into the house. An improved indoor air quality is beneficial to the health – especially to those who have respiratory conditions.

If you are indeed a first time home buyer and you need the help of mortgage lenders, choosing Energy Star homes is quite a good choice. Many lenders are favoring these homes and within your locality, you might just be able to score one with lower origination fees.

If you are considering of buying an energy-efficient home, tapping the aid of your local real estate agent can help you a lot.

Immobilienmakler Heidelberg

Makler Heidelberg

MLS searches (or Multiple Listings Service) are based off the principle; „Help me sell my inventory and I’ll help you sell yours.“ It is a unique concept, though one not many other industries use. Real estate brokers acknowledge the advancements in technology once MLS searches became popular, and are willing to present the advantages and disadvantages of MLS queries to interested parties. The decision of utilizing this service is ultimately up to the potential buyer.

No For Sale By Owner (FSBO) Options

One of the big disadvantages to MLS searches is they do not include homes sold by the owner, unless the seller has negotiated a certain percentage of the commission to the realtors. If interested in FSBO’s, the buyer must search potential neighborhoods for FSBO signs and negotiate a price within their range. If the buyer does not know much about negotiating prices, or how much homes are worth, MLS queries still provide some contribution for comparison purposes. If excessive research is undesirable to the buyer, then MLS queries provide another benefit.

Less Research for the Buyer

Buying a home might already be considered a stressful process for some. MLS searches can cut down on some of that stress because it reduces the research the buyer must conduct. There are already so many other aspects a buyer must remember to look into, including the community, crime rate, demographics, school districts, job outlooks, among others. MLS queries place hundreds of homes from the participating brokers into one database, with hundreds of fields with which to search the properties. Knowledgeable brokers with years of experience determine these popular search fields; whereas if the buyer conducts the research by himself or herself, he or she may question whether the information they find is accurate.

The Internet Outdates MLS Queries

The younger generation might claim the Internet is called the „Information Highway“ for a reason. While it is true certain states have their MLS queries readily available on the Internet, not all states have this accessibility. It is also important to consider that information researched on one’s own time might not be as accurate as the MLS searches provided by real estate brokers.

A Trusting Community

As mentioned earlier, all MLS queries are based off the „You scratch my back, and I’ll scratch yours“ premise. In other words, there are no hidden agendas. All brokers participating in MLS queries are trying to provide the buyer with the greatest number of options. They keep the buyer’s requirements in mind and try to create satisfactory customers.

Ultimately, the decision to use MLS searches or to conduct the research on one’s own is up to the potential buyer.

Immobilienmakler Heidelberg

Makler Heidelberg

Basic Real Estate Statistics Explained

We are going to define some of the basic real estate statistics that get thrown around on a regular basis. To do that, we will use one real estate market, located in Hood County Texas. Even more granular, we will use the single family numbers for homes in Granbury Tx, a small town of approximately 8,000 residents which has seen substantial real estate growth in the past 12 months. It is important when reviewing real estate statistics to use a group of numbers large enough for consistency, but granular enough to tell your story.

The statistics that we will be referencing are true and accurate for the year discussed but are being used to define the real estate statistic itself.

We have chosen Granbury Tx as our example because the growth of the local real estate market there make the statics stand out.

Anytime you are evaluating statistics, especially in real estate, the source of the numbers are extremely important. In most instances, the MLS (Multiple Listing Service) provides the most accurate numbers when referring to real estate. This is because they have all listings by all local real estate brokers in their database. For the sake of explanation of the data, we will be looking at the numbers for home sales in Granbury Tx, directly from the MLS. These numbers are meant to give an example of how to read the statistics themselves. Anytime you evaluate real estate numbers, its important to pay close attention to how the numbers are gathered. In this instance, we will be using ONLY single family properties in the city of Granbury.

Basic Real Estate Statistics

• Number of Sales – This one is pretty self explanatory. It is simply the number of single family homes sold in a particular month. In January of 2015, they had 51 single family homes sold. One thing to pay attention to when looking at this statistic is are they using the Under Contract date or the day the property actually went to closing. These two dates are usually between 30 and 60 days apart, so its critical that you know which one is being referenced. In addition, many of the homes that get calculated, if you are using the „under contract“ number may not actually close! In our example, we are using the number of homes that actually closed. In January of 2016 they had an increase of over 49% which brought the total to 77 from 51. Growth of that level is very seldom ever seen.
• Sales Volume – Sales Volume is simply the total amount of dollars spent on single family housing within that month. Once again, when reviewing this statistic, its important to keep the property types consistent. If you are comparing two areas to see which one has grown more and you include vacant land in the number for one area, you must include it in the other too. As previously mentioned, our examples only include single family properties. With Number of Sales looking at the units, you would expect the Sales Volume to go up appropriately, but in this instance, it went up even more than the units (by percentage). The total Sales Volume of single family homes in Granbury in January of 2016 was $15,191,500 as opposed to the January of 2015 number of $9,281,915. That is an increase of over 63%. Because the Sales Volume went up at a larger rate than the number of units, this reflects the average home sale being much larger in 2016 than 2015.
• Months of Inventory – This is a commonly referred to statistic when examining a real estate market. This statistic refers to at the current rate of sales, how long will it take to sell through the existing level of inventory. This reflects the supply and demand for the market. In our example, in January of 2015 the level of inventory was 9 months and in January of 2016 it had dropped to 6 months. That is a 33% drop in available inventory! This means if you are looking to buy a home in Granbury Tx, it will be a little tougher in 2016 as there is less inventory available to buy.
• Median Days To Sell – This stat simply refers to how long it takes for single family properties to be put under contract. Don’t let the „to sell“ confuse you. To accurately show the demand for active homes, you really want to track how long it takes to go „under contract“. The process of acquiring final lender approval, insurance and getting to a closing can vary on a variety of factors. In January of 2015, the Median Days to Sell was 88. That number dropped by over 30% to 61. Once again, this tells you if you are looking for homes in Granbury TX, you better get your offers in quickly as the most desirable homes are going fast!
• Average Price – This statistic can be derived in a variety of ways. We are going to use it in its most raw form and simply be the Average Price of Homes Sold within that month. Be careful when looking at this statistic printed anywhere as how the user defines the date sold can vary. Needless to say, Average Price can be used for active homes for sale or for the homes that sold. The Average Price of ACTIVE homes for sale is generally a pretty useless number as you can list a home for any price, without any possibility of it ever selling. Many homes listed for sale are at unrealistic prices thus the Average Price of Active homes for sale can fluctuate dramatically and give little insight into the market. You will want to look at the Average Price of SOLD homes. In January of 2015, the Average Home Sale was $181,998 and it jumped to $199,888 in the same month in 2016. This is an increase of almost 10%. This is not a number that truly tells the increase in home values across the board, but simply of the homes sold in that month, what the average was.
• Median Price – The Average Home Sales Price can be skewed by a variety of factors. All it takes is one 5 million dollar home sale to throw those numbers off. To get a better view of the overall increase in value, it can be better to look at the Median Sales Price. Median Sales Price takes the number that is perfectly in the middle. For instance, if you have 11 homes that you are using in your statistic, you would take the sales price of the 6th one. This leaves 5 homes sold higher and 5 homes sold lower. In this instance, they are pretty close as the Median Sales Price increase from January 2015 to 2016 was 9.69%. This shows that we didn’t have the Average Price skewed too much because of an extremely large or extremely small sale.

There are hundreds of ways to look at the same numbers, when referencing to real estate, so be very careful to read the fine print on exactly what numbers they are using. When making comparisons, you will want to make absolutely sure that both are referencing the same property types, dates etc. It like the old saying says… there are lies, damn lies and statistics.

Immobilienmakler Heidelberg

Makler Heidelberg