Here are eight projects that are not every expensive but will add a lot of value to your home. Remember, these days when you make improvements to your home you might not get the money back in the sale price, but you will make your home more attractive to buyers and it will sit on the market for fewer days, thus decreasing your carrying costs and getting you into your new home faster.
1. Replace the kitchen sink and faucet.
2. Add a backsplash to your kitchen.
3. Replace vanities, cabinets and toilets.
4. Paint.
5. Add crown moldings.
6. Add cabinets and shelving to your closets and garage for added storage space.
7. Replace the front door.
8. Landscape.
And most importantly: keep your house and yard clean! I went to a house yesterday that was such a mess from the outside that I was certain it was abandoned- then I realized people lived there! When potential buyers drive up and see a mess, they automatically lower their offer price. A pristine property is a valuable property.
Friday, August 27, 2010
What's the Bottom Line Difference Between a 20-Year and 30-Year Mortgage?
Most mortgages are 30-year terms. But have you ever wondered what you are actually going to pay for your home over those 30 years? What about if you had a 20-year term? I think the difference will surprise you once you look at the math!
A $200,000 mortgage with a 4.75% interest rate and 30-year term would have a monthly payment of $1,043. At that rate the total interest you would pay over the 30 years would be $175,600! Zoinks! You're paying almost as much in interest as you did for the home. Suddenly 4.75% doesn't seem like such a low rate, does it?
However, if you had a $200,000 mortgage with a 4.5% interest rate on a 20-year term, your monthly payment would be $1,265. Total interest paid over the 20 years: $103,670!
You would spend an extra $222 per month for the 20-year term, but you would save $71,930 in interest payments and own your home free and clear a cool ten years earlier.
A $200,000 mortgage with a 4.75% interest rate and 30-year term would have a monthly payment of $1,043. At that rate the total interest you would pay over the 30 years would be $175,600! Zoinks! You're paying almost as much in interest as you did for the home. Suddenly 4.75% doesn't seem like such a low rate, does it?
However, if you had a $200,000 mortgage with a 4.5% interest rate on a 20-year term, your monthly payment would be $1,265. Total interest paid over the 20 years: $103,670!
You would spend an extra $222 per month for the 20-year term, but you would save $71,930 in interest payments and own your home free and clear a cool ten years earlier.
Friday, August 20, 2010
Good News For Colonitaltown: McMansions are Out!
Great news for us Colonialtown residents: Americans' tastes are shifting away from McMansions and towards smaller homes! As a proud McMansion-free neighborhood, we have kept our homes charming and reasonably sized and the rest of the country is realizing what we already knew. So to those of you with quaint and unique homes for sale, rejoice! You're lucky that you are not trying to sell an over-sized, over-done McMansion.
According to Trulia, 28% of Americans want a home that is between 1,400-2,000 sf. Another 27% want a home between 2,000-2,600 sf. A smaller 13% claim 2,600-3,200 sf is their ideal size. For homes 2,600-3,200 sf, 9% would gladly call them home. And another 9% think that 3,200+ sf is ideal. That means that 91% of us want a home that is under 3,200 sf and we've got plenty of those is Colonialtown.
http://finance.yahoo.com/news/Death-of-the-McMansion-Era-of-cnbc-1051033821.html?x=0
According to Trulia, 28% of Americans want a home that is between 1,400-2,000 sf. Another 27% want a home between 2,000-2,600 sf. A smaller 13% claim 2,600-3,200 sf is their ideal size. For homes 2,600-3,200 sf, 9% would gladly call them home. And another 9% think that 3,200+ sf is ideal. That means that 91% of us want a home that is under 3,200 sf and we've got plenty of those is Colonialtown.
http://finance.yahoo.com/news/Death-of-the-McMansion-Era-of-cnbc-1051033821.html?x=0
Wednesday, August 18, 2010
Habitat for Humanity Rehabbing Foreclosed Homes in Florida
What a fantastic program! Foreclosed homes that have been neglected and become eyesores that devalue surrounding property are now being bought by Habitat for Humanity, fixed up and given to needy families. Even better, they are also offering to help with exterior repairs on surrounding homes. We should get this program going in Colonialtown!
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=245139
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=245139
Monday, August 16, 2010
Buy Owner Files for Liquidation
The real estate company Buy Owner has filed for liquidation. Also, Re/Max Partners is ceasing operations.
On a happy note, Coldwell Banker continues to dominate the Orlando market and is as strong as ever. We'll be here for you for years to come!
On a happy note, Coldwell Banker continues to dominate the Orlando market and is as strong as ever. We'll be here for you for years to come!
Are You in Danger of Losing Your Home to Foreclosure?
For the eighth month in a row banks are forclosing upon homes at an ever-increasing rate in order to clear the glut of bad loans from their books. Lenders repossessd 92,858 homes last month, a 9% increase from June and a 6% increase from July 2009.
Foreclosure warnings were sent to 325,229 homes in July, an increase of 4% over June, meaning 1 in every 397 homes received one. If that number includes you or someone you know, I can help!
Coldwell Banker sells 1 in 3 homes in 30 days and we sell more homes than any of our competitors. Additionally, we have a superb short sale program that is paid for by the bank at closing. I can make your short sale happens so that you do not lose your home to foreclosure. Help is here, all you need to do is contact me and I'll take care of the rest.
Foreclosure warnings were sent to 325,229 homes in July, an increase of 4% over June, meaning 1 in every 397 homes received one. If that number includes you or someone you know, I can help!
Coldwell Banker sells 1 in 3 homes in 30 days and we sell more homes than any of our competitors. Additionally, we have a superb short sale program that is paid for by the bank at closing. I can make your short sale happens so that you do not lose your home to foreclosure. Help is here, all you need to do is contact me and I'll take care of the rest.
Mortgage Rates Hit Another New Low!
For the seventh time in eight weeks, mortage rates reached a new low of 4.44%, the lowest rate in decades! Now is an incredible time to buy a home.
Friday, August 13, 2010
Homes Sold in Orange County
In July 2010, 1514 homes were sold in Orange County. That was a drop from the previous four months: June-2031; May-1843; April-1785; March-1796; February-1258; January-1206.
Although there has been some discussion about whether the recovery has slowed, interest rates are at a historical low, clearing the way for an uptick in home sales. Are any of you interested in taking advantage of the unbelievably low interest rates? Combining the low interest rates with a home that is selling at a discount would be the deal of a lifetime!
Although there has been some discussion about whether the recovery has slowed, interest rates are at a historical low, clearing the way for an uptick in home sales. Are any of you interested in taking advantage of the unbelievably low interest rates? Combining the low interest rates with a home that is selling at a discount would be the deal of a lifetime!
Thursday, August 12, 2010
Orange and Seminole Counties Statistics
Comparing July 2010 to July 2009, homes sold in Orange and Seminole Counties increased 30% but the average price per square foot (psf) was down 6% to $88.
Home Prices / % Change in Sold Homes / % Change in PSF
$0-$150,000 / +50% / +1% to $75
$150,001-$300,000 / + 4% / -6% to $89
$300,001-$500,000 / + 3% / No change at $123
$500,001-$800,000 / +58% / -3% to $160
$800,001-$1,250,000 / +29% / -6% to $200
$1,250,001+ / +71% / + 5% to $277
Home Prices / % Change in Sold Homes / % Change in PSF
$0-$150,000 / +50% / +1% to $75
$150,001-$300,000 / + 4% / -6% to $89
$300,001-$500,000 / + 3% / No change at $123
$500,001-$800,000 / +58% / -3% to $160
$800,001-$1,250,000 / +29% / -6% to $200
$1,250,001+ / +71% / + 5% to $277
Colonialtown Homes Sold In July
The following homes were sold in Colonialtown in July 2010:
1326 Georgia Blvd. 2 bedrooms, 1 bathroom. Sold for $62,500 (original list price $105,000). Days on market: 217
1700 N. Bumby Ave. 2 bedrooms, 1 bathroom. Sold for $133,000 (original list price $147,500). Days on market: 50.
1001 N. Forest Ave. 3 bedrooms, 2 bathrooms. Sold for $170,000 (original list price $199,000). Days on market: 149.
Since this is a Colonialtown real estate blog, I've only included sold homes within Colonialtown. But if you are interested in finding out information on a home outside of Colonialtown, I can do that for you! E-mail me at regis.ahern@floridamoves.com and I will get you the information you want. I can also get your home sold or help you buy a home.
1326 Georgia Blvd. 2 bedrooms, 1 bathroom. Sold for $62,500 (original list price $105,000). Days on market: 217
1700 N. Bumby Ave. 2 bedrooms, 1 bathroom. Sold for $133,000 (original list price $147,500). Days on market: 50.
1001 N. Forest Ave. 3 bedrooms, 2 bathrooms. Sold for $170,000 (original list price $199,000). Days on market: 149.
Since this is a Colonialtown real estate blog, I've only included sold homes within Colonialtown. But if you are interested in finding out information on a home outside of Colonialtown, I can do that for you! E-mail me at regis.ahern@floridamoves.com and I will get you the information you want. I can also get your home sold or help you buy a home.
Coldwell Banker Dominates Orange and Seminole Counties
Over the last 12 months Coldwell Banker has been the #1 real estate company for closed sales in Orange and Seminole Counties with 4475 closed sales! Our nearest competitor had only 1787 closed sales. Even better, Coldwell Banker sells 1 in 3 listings within 30 days.
If you need to sell your house, the choice is clear. Our competitors are able to list your home for sale, but with Coldwell Banker, I am able to get it sold. Don't waste your time or money, call me today.
If you need to sell your house, the choice is clear. Our competitors are able to list your home for sale, but with Coldwell Banker, I am able to get it sold. Don't waste your time or money, call me today.
Wednesday, August 4, 2010
Considering a Short Sale?
Are you trying to sell your home as a short sale or are you considering making an offer on one? Coldwell Banker has a new short sale program that takes care of all of the details for you- calling the banks, dealing with the real estate agents. Even better, this $600 program is included in the closing costs that are paid by the bank! All of the extra help is free for you. You could navigate the very uncertain short sale world on your own, or you could call in the professionals for free. Interested? E-mail me at regis.ahern@floridamoves.com
Monday, August 2, 2010
Mortage Rates at New Average Low!
Calling all buyers! This past Thursday Freddie Mac reported an average mortgage rate of 4.54%, the lowest rate for a 30-year fixed loan since Freddie Mac began tracking rates in 1971. It is the fifth time in six weeks that Freddie Mac has reported hitting a new low. The last time rates were this low was in the 1950s when most mortgages lasted 20-25 years.
For buyers with secure jobs and excellent credit scores or those who are able to put more than 20% down, it is possible to get an even lower rate! And remember to shop around for the best rates- sometimes bigger banks have the best deals, while other times community banks and credit unions do. Coldwell Banker works with Sunbelt Lending, which has excellent rates right now.
Here's a tip on understanding mortgage rates: quoted rates do not usually include additional fees known as points. One point is equal to one percent of the loan amount.
For buyers with secure jobs and excellent credit scores or those who are able to put more than 20% down, it is possible to get an even lower rate! And remember to shop around for the best rates- sometimes bigger banks have the best deals, while other times community banks and credit unions do. Coldwell Banker works with Sunbelt Lending, which has excellent rates right now.
Here's a tip on understanding mortgage rates: quoted rates do not usually include additional fees known as points. One point is equal to one percent of the loan amount.
Florida's Economy
According to a recent study by the University of Central Florida, Florida's economy is expected to grow 2.9% this year. However, real estate values will continue to remain depressed. What does that mean for any buyers out there? That there are still deals to be had, but buyers should take advantage of them now before prices begin to trend upward. With the economy improving, an increase is real estate prices is coming, though it will lag behind an economic recovery.
Although prices statewide are not expected to rise this year, there have been recent reports that homes in Baldwin Park have begun to appreciate. So if you are thinking of buying, there are some excellent deals that will likely begin to appreciate next year!
Although prices statewide are not expected to rise this year, there have been recent reports that homes in Baldwin Park have begun to appreciate. So if you are thinking of buying, there are some excellent deals that will likely begin to appreciate next year!
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