Westfield NJ Real Estate Blog
Thinking of buying your first home? Well it will help to have a game plan and that is exactly what Liz Puliam Weston, of MSN Money, has put together for making your dream come true in one year.
Check this video out, provided by MSN Real Estate.
Naasa
Naasa Sherbeini
To buy, or to rent; that is the burning question. Here is a great post by the KCM Crew on what three professionals, outside of the real estate sales, have to say on whether now is the time to buy, or the time to rent.
Families are trying to determine whether or not now is the time to buy a home. Some are advising these families to sit out the current real estate market and instead rent for the next year or two. We do not agree with this advice. Homeownership means a lot to a family. We also realize that the financial aspects of purchasing a home today can be a concern. The challenge is any advice given by someone in the real estate community is immediately dismissed as self-serving.
For this reason, we want to give you the advice of three entities not involved in real estate sales:
“When we examine the relationships between mortgage payments and income and mortgage payments and rent, we see that these relationships have also reverted back to or below equilibrium points. In some cases, particularly when mortgage payments are compared to the cost of renting, home prices actually appear cheap.”
“JPMorgan analysts said ‘the continuation of falling rental vacancies and rising rental demand will make home buying increasingly attractive’, especially as rental prices increase.”
“Fundamental drivers now appear to be in place that favor homeownership over renting in the near term future…
The second finding might seem unwise to many given the recent crash in the real estate markets around the country. However, rent-to-price ratios now seem to be in place along with other fundamental drivers that favor ownership over renting…
Conditions (historically low mortgage rates and relatively low rent-to-price ratios) now seem in place to favor future purchases.”
What do you think?
Naasa
Naasa Sherbeini
According to research done by the Society of Actuaries, only about 20% of homeowners plan to use their home equity to help finance retirement. Of those who do, few have thought about ways to tap their home’s value and simply plan to sell it to generate retirement money.
Here are 4 tips from MSN Real Estate on ways to cash in on your home:
As you can see, there are many ways to cash in on your home, other than the simple sale of it. Retirement is suppose to be an enjoyable time, so why not gather all the money you can so you can relax.
Naasa
Naasa Sherbeini
Now is the time to do some spring clean up, and that includes in the yard and garden. Here are some handy spring garden tips to get you started, provided by Chiff.com:
Naasa
Naasa Sherbeini
The KCM Crew has compiled a list of 5 reasons you should consider selling now rather than later if you plan to move in 2011. Here they are:
1.) This is when your house will get the most exposure
The spring, and particularly the month of May, is when most buyers enter the real estate market. This surge of buyers dramatically increases the exposure for your house . The best chance of getting quality offers (perhaps even multiple offers) is RIGHT NOW!
The good news is that the number of people paying their mortgage on time is increasing. This will lead to less distressed property sales later this year and throughout 2012. The not-so-good news is that there is still a large inventory of existing foreclosures and short sales that will still be coming to market.
As an example, LPS reported in their latest Mortgage Monitor that:
This means that there is a backlog of properties which will start coming to the market in about 90 days as banks clear up their paperwork challenges. These properties sell at dramatic discounts. They will be your competition. Both Fannie Mae and Freddie Mac have recently discussed the magnitude of this challenge.
Interest rates have stabilized recently. However, in the last six months, interest rates have climbed over 1/2%. Every time the rates increase 1/4%, approximately 250,000 buyers are eliminated from qualifying for a mortgage. In an environment of volatile rates, waiting could mean that there will be fewer buyers eligible to purchase your house. It also could mean that you will pay a higher rate on the next home you buy.
Besides increasing rates, there are other factors that will hinder a buyer’s ability to qualify for a mortgage as we move forward. Lending standards have been getting tighter over the last year. And as the government debates the new proposed guidelines (QRM), banks are gearing up for even more stringent standards.
Morgan Stanley recently stated:
“Recent developments in issues such as GSE reform, Dodd-Frank securitization rules, and foreclosure settlement issues suggest a tighter and more expensive environment for mortgage credit.”
This may impact any potential purchaser for your property and may also impact your next purchase.
Probably the most important reason to sell is so you can get on with your life. You placed your home on the market for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family. Think about the reasons you decided to move in the first place. Are these reasons still important to you? If you have to take less than you were originally hoping to get for your house, your family has a question to ask each other: Is the dollar difference in sales price worth putting off our plans? Only you and your family know the answer to that question.
Ultimately it is up to you if you feel it is the right time to sell or not. But consider these 5 reasons when you begin to make your decision!
Naasa
Naasa Sherbeini
If you’re planning on staying in your home for at least the next five years, improving your home now is a smart move.
Here are 8 reasons why now would be the time to remodel, provided by the editors of Money Magazine on Money.CNN.com.
Home improvements should be made as investment decisions, not in hopes of making a profit. If you plan to stay a while, and can afford the costs, remodeling will be money well spent.
Naasa
Naasa Sherbeini
HGTV brough together some of the top real estate experts to compile a list of some of the biggest mistakes people make while buying and selling a home. Here are 10 of them:
Naasa
Naasa Sherbeini
Has your home been on the market for a while now? Are you starting to feel some dispair? Well have no fear! Here are 7 great tips to increase your home’s curb appeal, provided by MSN Real Estate:
Naasa
Naasa Sherbeini
Here’s a great post from the KCM Group on what homeowners are saying about homeownership. There has been three major surveys done this year that will shed some light on how homeowners feel after the collapse of the residential market in the last five years:
This survey conducted by Fannie Mae showed:
The top four reasons to buy:
According to this survey conducted by Harris Interactive for the National Association of Realtors, home owners believe that home ownership benefits individuals and families and strengthens our communities.
The vast majority of home owners say that owning a home is a smart decision over the long term. Even in today’s challenging economy, 95% of owners believe that over a period of several years, it makes more sense to own a home.
Home owners are much more likely to be satisfied with the quality of their family and community life than renters. While more than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their family life, only about one-third (36%) of renters report the same levels of satisfaction. Also, 43% of home owners are “very” or “extremely” satisfied with their community life, compared with 30% of renters.
An overwhelming majority of home owners are happy with their decision to own a home. A full 93% of owners surveyed would buy again.
This recent survey titled “Home Sweet Home. Still” delves into homeowners’ current belief in homeownership as a long term investment:
Homeowners whose home value has fallen only a little are equally enthusiastic about housing as a long-term investment: 85% say buying a home is the best long-term investment a person can make. Among those who say their home has maintained it value or increased in value, 88% agree…
Even those who have seen their home values plummet are still committed to the idea that buying a home is a solid, long-term investment. Among those who say their home has lost a lot of its value, 80% agree that buying a home is the best long-term investment (36% strongly agree, 44% agree somewhat).
Feeling the urge to go green? Here are 10 simple ways to green your home provided by CNNMoney.com:
Naasa
Naasa Sherbeini
Licensed Realtor.
Licensed Realtor
Twitter: @agentpress
Website: Westfield Homes
Connect with me!
Email: Naasa.Sherbeini@cbmoves.com
Phone: 908-883-1707