Thinking about selling a home with tenants still living inside – A condo or a house you have rented out for some additional revenue? If so, you're likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In today's blog post we'll explore how to sell your home while you're renting it out to tenants and share three tips that can make the process a bit easier. #1: Review Local Laws and Your Tenancy Agreement First, you'll want to break out your tenancy agreement and download any state, provincial or municipal laws that apply to landlord-tenant relations. Selling a home with renters living in it can result in a number of sticky situations. You'll want to ensure that you conduct yourself in accordance with the rule of law in your local area or you may end up in court if the process goes sour. #2: Communication is a Vital Part of the Process Next, you'll need to … [Read more...]
How Home Equity Works – Buying a Home can be Your Best Investment
How home equity works - buying a home can be your best investment... When delving into the world of real estate and investment property, there are many terms that will come up that require further explanation. Whether you've never heard the phrase 'home equity' before or you have a little familiarity, here are the ins and out of what it means and how this asset can help your financial outlook. All About Home Equity Essentially, home equity refers to your portion of the value of your home. The dollar amount of this figure is important because it is included among your assets when determining your net worth. If this sounds confusing, think of it this way: if you have completely paid off the cost of your home, the value of your home equity is this total amount. Of course, because most people seek a lender to borrow money from when they purchase a home, their home equity would consist of their down payment and whatever amount they've paid down on the mortgage since … [Read more...]
Home Modifications that can Lessen Your Home’s Value
Home modifications that can lessen your home’s value - Renovations to Avoid: Whether or not you've been thinking about selling your house for a while, there's a good chance you've heard the buzzword 'renovation' and considered how it can positively impact the value of your home. From upgrading your kitchen to painting, there are plenty of renovations that will do wonders in terms of your property's price on the market. There are a few modifications that can actually have the opposite effect so you'll want to be leery of the following fix-ups Cool Colored Tile If, at some point, you installed a bunch of brightly colored tile into your living room or kitchen to add a bit more life to your home, it's possible this is the type of renovation you may come to regret upon resale. Often times, when it comes to purchasing a home, buyers will be looking for something they won't have to renovate right off the bat, so a flashy feature can have a marked effect on the selling potential of your … [Read more...]
Home Sales Tips – How to Market Your Community to Prospective Buyers!
Home Sales Tips – How to market your community to prospective buyers! Selling a home is more than a real estate listing - make the home appealing to potential buyers. One factor buyers take into account when buying a home is its location, meaning the community that surrounds the home. For sellers as well as buyers, it's important to highlight the benefits of living in a particular community. After all, neighborhoods will have an enormous impact on the future buyer’s living experience. It’s All About Walkable Neighborhoods According to a Portland - Oregon-based company, City Observatory, there’s a growing demand for homes located in walk-able neighborhood. Decades - long love affair with commuting from suburban areas to work in the city has greatly lost its appeal. Also, the growing demand for walk-able neighborhoods is fueled by people desiring convenient access good schools as well as entertainment options like movie theaters, restaurants, and shopping. There’s also an … [Read more...]
Have you Outgrown Your Current Home? Here are Five Easy Ways to Tell if it’s Time to Upgrade
Have you outgrown your current home? Here are five ways to tell if it’s time to upgrade. Your home is your castle, your own little piece of the American dream. But lately, your little corner of the world has been feeling cramped and you find yourself eyeing larger homes. Is it time to pull up stakes and move on from your starter home? Growing Family If you've added to your family in recent years, you may have more bodies than bedrooms. A two-bedroom home may have been a great idea when it was just you and your spouse, but with two kids, you're starting to have turf wars over the play area. Overflowing With Stuff From an overflowing toy chest to closets packed so tightly with shoes and coats you risk an avalanche every time you open the door, your home just doesn't have the space to keep all your things. You may have even had to move some things off-site, spending money to rent storage space to keep that antique dresser your grandmother left you or the set of state spoons … [Read more...]
Victoria Falls Market Watch – Single Family and Villa Home Sales as of May, 2016
Victoria Falls Resort Club Victoria Falls Market Watch – Single Family and Villa Home sales as of May, 2016 provide a quick snapshot of the real estate market activity within the Victoria Falls Community from January, 2016 until today. A low inventory of available homes and increasing sales prices continue to define the residential real estate market across the country and in Victoria Falls. There were two Single Family Homes (SFH) closed during this period. One SFH settled at a low closed price of $455,000; another closed at a high of $475,000. In addition, one villa closed at $369,900. According to MRIS property data there was no seller’s subsidy to the buyer in any of the sales. Victoria Falls Market Watch – Single Family and Villa Home sales as of May, 2016 activity summary follows: Sold -7202 Paperbark Terrace - List Price: $369,900 - Closed Price - $369,900 - Closed Date: April 29, 2016. No seller’s subsidy to buyer. Days on Market – 2. Approximate tax living … [Read more...]
Victoria Falls Market Watch – Single Family And Villa Homes as of May, 2016
Victoria Falls Market Watch – Single Family and Villa Homes as of May, 2016 provide a quick snapshot of the real estate market activity within the Victoria Falls Community from January 2016 until today. A low inventory of available homes and increasing sales prices continue to define the residential real estate market across the country and in Victoria Falls. Currently, there is one Active Single Family home available for $524,900. One Craftsman style villa listed for $374,900. And, two Villas listed under the “Coming Soon” status in the MRIS database for $379,900 and $434,900 respectively. Victoria Falls Market Watch – Single Family and Villa Homes activity summary follows: Active -13609 Autumn End Terrace - List Price: $524,900 - Days on Market – 6. Approximate tax living area: 2,174 - $241.45 per square foot. This Thoreau model features four bedrooms, two full baths, and a half bath, fireplace and two car garage. Active -13103 Summertree Way - … [Read more...]
Veteran Buyers
Veteran buyers will be faced with several changes in the coming months when applying for a VA loan. As of now, the Senate is reviewing a law that has already passed The House of Representatives to make two big changes to VA loans. The first change is to get rid of VA loan limits entirely so buyers do not have to come up with a down payment. Right now, a buyer can purchase up to $417,000 with no money down at all. If they go above this amount - they have to come up with some money for the down payment. Let's say it is 25% of the difference of the sales price over $417,000. As an example, if a buyer purchases a $500,000 house then they need to come up with $20,750 ($500,000-$417,000=$83,000 x 25%). Under the new law - they would not need any money for the down payment if they purchased over $417,000. This will have a huge impact on the cash needed for high end veteran buyers. The second change is in regards to VA non - allowables. Right now there are … [Read more...]
Victoria Falls Market Watch – Condo sales – 2016
Victoria Falls Market Watch – Condo sales - 2016 have been extremely strong! Market values continue to increase with sales prices driven by lack of inventory, increased buyer's demand, previous sales data, documented upgrades and square footage of each condo unit. MRIS Residential Stats – Analysis report compared: Condo prices when initially listed vs. Price at time of sale. The report totals indicate that the high list price was $279,900 and the sold Price was $276,400 which equates to 99.65 % of list price. Victoria Falls Market Watch – Condo sales - 2016 Contract Pending – 13601 Belle Chasse Blvd. #214 – List Price: $249,900. Close Date: 02/26/2016. This is a Fannie Mae HomePath property. This home features two bedrooms, two full baths, living room, dining room and one car garage space. Buyer pays all transfer taxes under the Homepath program. Go to www. Homepath.com - www.fanniemae.com for more information. Approximate Tax Living Area: 1,875 sq. ft. Days … [Read more...]
Victoria Falls Market Watch – 2016
Victoria Falls Market Watch - 2016 – Single Family/Villa Styled Homes (SFH) summarizes the SFH and Villa styled homes market activity for 2016. Market values continue to increase as sales prices are driven by lack of inventory, increase in demand among active senior buyers. And, local or relocating buyers who are looking to downsize to enjoy the amenities in an active adult community. The average days on the market during 2015 averaged around - 46.15 days. The most recent sale of a detached home on Doublerock Ct. went under contract within 31 days. Wow! Now, here is the latest market update regarding Single Family/Villa Styled Homes…… New to the Market - Active - 7402 Forests Edge Ct. - List Price:$499,000. This Michael Harris Thoreau model (largest) is located on the first cu-de-sac in Victoria Falls. This home features four bedrooms, three full baths and a two car garage. Tax living area: 2,259 sq. ft. Days on the market: … [Read more...]
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