Tag: Moline Real Estate Market

Why You Can’t Afford NOT To Use A REALTOR®

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Why us a REALTOR®?
When a REALTOR® to important.

Have you ever wondered, “is hiring a Realtor really necessary?” The answer to this important question is absolutely YES! In today’s strictly regulated market, there are several ways an experienced Realtor can be invaluable to you during the home buying or selling process.

Market Conditions

There is so much information out there when it comes to housing and market conditions can change quickly. A Realtor can help you weed out what is truth and fiction, and help you understand current market conditions including data on inventory and comparable sales prices.

Negotiations

Negotiating the purchase of a property can be stressful. A licensed Realtor will act as your middleman, managing expectations of the parties on either side of the deal, ensuring a smoother transaction for you.

Pricing

A Realtor understands the value of real estate in different markets, conditions, and types. The improper pricing of your property can leave your listing dead in the water, costing you much more in the long run.

Paperwork

There is a mountain of paperwork for real estate transactions. Missing a disclosure or piece of necessary paperwork could spell disaster if you are navigating a buy or sale without a Realtor. A Realtor is experienced and aware of all of the various regulations you may face, and can ensure nothing is overlooked when it comes time to close the sale.

Renting vs. Owning

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Rent vs. Own
Renting vs Owning

The decision to rent or buy a home depends on a number of factors. The speed at which home prices and rents rise and the length of time you anticipate remaining in your home or rental are key considerations. Costs are also something to strongly consider when making the decision to rent or buy. Read about the four types of costs you should take into consideration and what they mean.

Purchase costs

When buying a home, these costs are the costs you incur when closing. These include the down payment and closing costs, which can go toward the principle balance you owe on your home. When renting, these costs can be the deposit and/or broker’s fees, which you may or may not ever see again.

Yearly costs

As a homeowner, these include mortgage payments, association fees, renovations, maintenance, taxes and insurance. For a renter, these include rent and insurance. Although the yearly costs of homeownership can be substantially higher, these costs could be considered an investment, as the money you put in to your home could potentially be returned to you, or even grow, upon a sale.

Lost opportunity costs

For the homeowner, these are tracked for the yearly costs and the initial purchase costs. The latter can give the homeowner insight into how much could have been made had the down payment been invested instead of used towards the purchase of the home.

Selling costs

For the homeowner, these costs are incurred once the closing process begins. This includes fees and brokers’ commissions, as well as the remaining principal balance still owed. For the renter, these do not come into play, although there is no guarantee that all earnest deposit money will be returned.

 

Four Things To Tell Your Agent

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Four things to tell your agent.
What to tell your agent.

Selling your home can be a complex process. How will you get the correct paperwork taken care of? Who will handle showings to potential buyers? A professional real estate agent can help ease your burden, and solve the majority of challenges you might face. However, when hiring an agent, it is important that you find a good match, and work with someone who will fit best with your unique situation. As a good rule of thumb, the following are four things you should feel comfortable expressing to your agent.

Negotiations

It is extremely important that your agent be equipped to handle any and all challenges that may come your way. The ability to negotiate is crucial. Let your agent know that you expect he or she to be aggressive and firm when negotiating with potential buyers or their agents.

Relocation

Your agent should be able and willing to help you with the moving process. Being without a roof over your head is not acceptable, and paying two mortgages may not be either. Ensuring that your agent can coordinate the closing of your current home with the closing of your new home simultaneously is key. Mel Foster Co. has an award-winning relocation department that can support your agent and provide you with the tools to make a smooth transition to your new city.

Timetable

Will your move into a new home revolve around the start of a new job or school year? Planning a move this structured can be mentally and emotionally draining. It is imperative your agent understands your time constraints and can work within your needed parameters. Be up front about your timing concerns and share this information with your agent before you agree to go under contract.

Sell My House!

You hired your agent to sell your home so you can focus on the changes you are undergoing, which prompted your move in the first place. It is ok to remind your agent of these motivations. Set your expectations with your agent appropriately and this could be one of the best working relationships you will ever encounter.

Five Tips For Selecting The Best Contractor

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What are you looking for in a Contractor?
Selecting a Contractor

Home improvement projects aren’t cheap. They are even more costly if you choose a bad contractor. These tips will help you discern the quality of the work your prospective contractor provides and protect your interests during the project.

Ask your friends for referrals

Skip the phone book and go right to the friends you trust for their opinions. Even if they tell you about a bad experience or give you the names of contractors to avoid, this is great information to have.

Make a list of the work you need done

You don’t want a contractor that is great at building decks to be doing your major kitchen remodel. Determine the scope of the work you need done, so as you interview prospective contractors, you can line up their expertise with your needs.

Look at the contractor’s past jobs

Every reputable contractor should provide you with a list of references you can call, or even visit, to see the quality of the work done. Take advantage of the opportunity to see the work for yourself.

Get it in writing

Once you’ve selected your contractor, get a contract written up and thoroughly review it with your contractor before signing the agreement for work.

Be money smart

Be weary of a contractor who asks for more than 10% down. If your contractor can’t start work for several weeks, never give more than a $1,000 deposit.

Once work begins, pay your contractor in increments of 10% as project goals are met. Arrange for the final payment 30 days after completion of the job.

 

Living The Dream After Foreclosure

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Many Americans saw their dream of owning a home shatter, once they had a foreclosure or short sale on their record. But the dream is alive again thanks to changes in Federal Housing Administration guidelines and updates in the Fannie Mae loan approval system.

Homeowners used to have to wait seven years to be cleared of a foreclosure. Now that period has been dramatically reduced to just one year. More homeowners are now eligible for a mortgage sooner, so they can return to living in a home they own.

To be eligible, a borrower must have suffered a specific financial event during the recession that, through no fault of their own, caused them to lose their home. Borrowers must also have a good credit rating with only the foreclosure or short sale affecting the score. People who were upside down on their home and simply walked away won’t qualify for a mortgage.

The best way to find out if you are eligible under these new guidelines is to make an appointment with a lender. Experts also advise buyers to be more cautious with a new mortgage, taking on payments that are comfortable and affordable. Those who have been out of the market for a few years may be surprised at how home prices have risen in some markets. Working closely with an agent from Mel Foster Co. will help you find a home with a mortgage you can afford and get you back to living your American dream.

Mel Foster Co. Launches New & Enhanced Mobile Application

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Mel Foster Co. launched a new, enhanced property search app for iPad, iPhone®, and Android smartphones. The app is free and available from the Apple App Store and Google Play Market.

The new app offers a premium user experience with best-in-class mapping and augmented reality. See large photos, detailed property information on the map and search faster with auto refresh when you select a new location. Users can share properties via text message and email.

The Mel Foster Co. app is the first in the area to feature a homespotter function that Mel Foster Co. calls “Foster Finder.” Foster Finder shows results for Mel Foster and all listing companies.

Foster Finder uses a technology called augmented reality that is coupled with a smartphone or tablet’s GPS and compass to overlay property information on a device’s live camera feed. Simply use your smartphone or tablet to find all homes for sale on the street where you are standing. With a quick tap, a view of the entire street and all homes for sale pop up. There is also a radar display that shows the direction and proximity of nearby properties for sale.

The new app is integrated with the recently redesigned www.melfosterco.com. Saved properties from the smartphone app, tablet app and website are automatically synced so users always have access to their most recently saved properties.

Mel Foster Co. partnered with Mobile Realty Apps, a Minneapolis based company that specializes in real estate applications.

About Mel Foster Co.

Founded in 1921, Mel Foster Co. is a Real Estate Leader of Eastern Iowa and Western Illinois serving Davenport, Bettendorf, Moline, Rock Island and the surrounding Quad City area, and it is one of Iowa’s largest independently owned real estate companies. The company specializes in residential and commercial sales and offers services in insurance, farm and land sales, land development, relocation, career development, and new construction. Visit their website at www.melfosterco.com for more information.

About Mobile Realty Apps

Founded in 2009 and based in Minneapolis, Mobile Realty Apps specializes in custom mobile apps for the nation’s top real estate brokers and MLSs, featuring apps for iPhone, iPad, Android, and Blackberry, QR codes, text and voice response solutions. Mobile Realty Apps is perhaps best known for its industry-leading HomeSpotter, an augmented reality technology that is a feature of its white-labeled smartphone and tablet apps.

Find homes with the Foster Finder
Mel Foster App

How To Lower Your Taxes With Upgrades

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When you prepare your 2013 taxes, you can use your recent home improvements to get energy-efficiency tax credits. In addition to helping you lower your energy bills, energy-efficient products eligible for the new federal tax credits actually lower the amount of federal income taxes that you pay.

Eligible home improvements

Exterior windows including skylights and storm windows

Insulation, exterior doors and roofs

Central air, heat pumps, furnaces, hot water boilers, water heaters, advanced main air circulating fans or biomass stoves

How to claim your credit

Your tax preparer can help determine your credit. There is a cap of $500 for fiscal years 2006-2013 combined. You will need to keep receipts to provide proof of purchase and have a copy of the manufacturer’s certification for the product you purchased. If you file taxes on your own, you will need to file IRS Form 5695 with your taxes.

 

How to lower your taxes with upgrades.
How to lower your taxes with upgrades.

Mel Foster Co. to Host a Career Seminar

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Would you like to be a part of a dedicated, vibrant and growing real estate family that has ten offices in two states with more than 220 agents strong?  A career in real estate provides flexibility and freedom to set your own pace and control your own income.

A career with Mel Foster Co. offers you the chance to be in business for yourself but not by yourself.  You will work with a team of professionals dedicated to helping you achieve your dreams.  Mel Foster Co. will provide you with all the skills and tools you need to enjoy a successful career.

Mel Foster Co. is offering a FREE Career Seminar on Tuesday, August 6th from 5:30 – 6:30 p.m. at our Moline office, located at 2500 41st Street.

Join us and discover the Mel Foster difference!  For reservations or further information contact Margaret Beetz at 563.823.2237 or mbeetz@melfosterco.com. Come and discover how you really can have a financially rewarding career that make a difference in people’s lives, including your own.

Say what?

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Feel like everybody’s speaking a different language when it comes to real estate? Get into the conversation and get comfortable understanding what’s being said. This short glossary helps buyers and sellers navigate industry terms.

Appraisal – the determination of the worth of something by a professional, in this case the market value of a property. An appraiser uses an analysis of local market data along with the characteristics of the property. Your bank or other lender may refuse to loan you money if the appraisal price is lower than the loan request.

Closing costs – the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney’s settlement charges, transfer taxes, recording fees, title insurance and so on. Closing costs are generally paid through escrow. Jump ahead if you’re lost after “escrow.”

Contingency – conditions that have been built in to a real estate purchase or sale agreement must be met before the sale can be completed and legally binding. For example, a buyer’s contractual right to obtain a professional home inspection before purchasing the home.

Disclosures – The seller is required to provide the buyer with certain information (disclosures). The number and types of disclosures vary by region, but they may include information about conditions affecting the value or enjoyment of the property. The seller may know of an earth-shaking construction project that is about the start around the corner, which would impact the enjoyment of the property.

Escrow – Funds, securities or other assets held by a neutral third party (an escrow company or agent) on behalf of the other two parties (in this case the buyer and the seller). The buyer will deposit the payment in an escrow account, proving to the seller that he or she will be able to uphold the other end of the deal. The escrow service will pay the funds to the seller once certain conditions pertaining to the sale have been met.

MLS – Multiple Listing Service. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. All properties for sale are assigned an MLS number.

Mortgage – A loan that helps you purchase your house. You sign a contract promising to pay back the loan with interest over a certain number of years. The components of your monthly mortgage payments may be referred to as PITI:  principal (the money that goes into paying down the loan), interest (which is paid to the lender for letting you borrow the money), (property) taxes and (homeowner’s) insurance.


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