The seller can put a price on the home but the value is ultimately, determined by the buyer. Individually, a buyer could pay over market value because they love the location, or the elevation of the home or the proximity to something that is important to them. The shortage of available homes resulting in increased competition among buyers could drive the value higher. Most experts agree initially...
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You've done your homework, contacted a mortgage company and believe you are pre-approved. That part of the process is finished and you can concentrate of finding a home and moving...or can you? Pre-qualified and pre-approved are two different things but some people, including some in the business, use the terms interchangeably. Pre-qualified is an opinion of likelihood that a borrower will be approved...
Paying off your mortgage can provide peace of mind and is a worthy goal but is it the best thing for you to do at this time. Do you have higher interest rate debt currently? If you have credit card debt with double-digit rates or personal, car or student loans, you'll probably save more money from interest by paying these things off before you pay off your mortgage which is usually one of the lower...
Homeowners still have considerable advantages from the amortization of the mortgage and the appreciation enjoyed by most homes even with taking the standard deduction instead of itemizing to take the interest and property tax deduction. There is an adage, "Rent or buy, you pay for the house you occupy." You either pay for it yourself or for your landlord. The people who have job security, sufficient...
Homeownership is a privilege and a responsibility. Even after decades of owning a home, you may still need some help to handle some of its challenges by focusing on the three "M"s of homeownership: maintenance, minimizing expenses and managing debt and risk. While many people recognize the benefits of annual wellness, financial, vehicle and equipment maintenance visits, an important checkup that you may...
It takes a team of professionals to buy a home like the lender, the appraiser, the inspector, the property insurance agent, the title officer, and others but the real estate professional may play the most critical role. Baking bread seems so simple. There are only four ingredients: flour, salt, yeast, and water; yet, there are steps that should be followed as well as a certain sequence to get the proper...
Homeowners receive a generous exclusion on the gain of their principal residence up to $250,000 for single taxpayers and $500,000 for married taxpayers filing jointly. Most people probably consider the gain or profit in a home to be the difference between the purchase price and the sales price. IRS allows a taxpayer to lower the sales price by the selling expenses before calculating gain. Normal...
The last two months of the new normal stay at home has led many homeowners to rethink the way they live in their home. It has now become an office for working at home; a school for children; a gym to stay in shape; and a place for recreation. The repurposing has people evaluating whether their home still meets their needs or if some changes are necessary. In some cases, adult children have moved back...
During the mortgage meltdown that caused the Great Recession a decade ago, some homeowners lost their homes to foreclosure or constructed a short sale to get out from under the debt. In most of the cases, the lenders forgave all or part of the debt owed them. Similarly, in the early 90's after the failure of the Savings & Loans in the U.S., thousands of homeowners lost their homes in the same way...
The convenience of selling your home without the hassle of getting it ready, putting it on the market, showings, open houses, negotiations and repairs comes at a cost ... a significant part of your equity. The companies, referred to as iBuyers, that buy homes from sellers are for-profit organizations. They expect to make a profit from sellers who are willing to discount the proceeds they'll realize as...