Quad Cities Homes for Sale – Page 3

Which Loan Is Right For Me?

Posted on October 3, 2014

It’s important to select the right type of mortgage for your financial situation, but understanding your options can be difficult. Your Mel Foster Co. agent <link to find an agent> is your resource for proving information so you are able to make a knowledgeable decision regarding a mortgage. This quick list explains the top three most popular loan types.

1. Fixed-interest Mortgage

A fixed-interest mortgage is a type of loan that has a set interest rate. Most fixed mortgages are usually 10, 15, 20, or 30 years. The most common length of time is 30 years, as it provides the lowest monthly payment for homeowners. Keep in mind that most of the first few years of the payment are heavily focused on the interest that will be paid off, and very little actually goes towards the principal. You can determine your monthly payment for a fixed-interest mortgage with the Mel Foster Co. monthly payment calculator.

2. Adjustable-rate Mortgage

An adjustable-rate mortgage or ARM is a loan with a variable interest rate. The interest rate will change after a designated period of time, determined by the lender. As a borrower, you may benefit if the interest rate is lowered, but you will also be exposed to potentially higher interest rates. The interest rate will remain steady for an agreed upon time, and won’t change until the next adjustment period. These types of mortgages are easier to obtain in situations when a fixed-interest mortgage isn’t an option.

3. Interest-only Loan

An interest-only loan focuses on paying only the interest first. An example would be a 5-year fixed-30 mortgage. This means that for the first five years, you are only paying the interest, and not contributing any money towards the principal. The interest rate is fixed, but may change after five years. Once the five years is up, you begin to pay interest along with the principal cost. This will increase your payments significantly, even if the interest rate doesn’t change. This option is meant for someone who believes that they will earn more money in the future, or currently has their money tied up somewhere else. Just always remember to save your money for after the initial five years.

Staging Secrets To Get Top Dollar Offers.

Posted on September 22, 2014

Most sellers have tunnel vision when it comes to getting their home ready for sale. It’s important to view your home as a potential buyer would. That paint chip you hardly notice or that collection of family photos running all the way up your staircase will jump out as negatives to buyers. To get top dollar, focus on making your home appealing to potential buyers, instead of appealing to yourself.

Start by removing any clutter around the house. This will help buyers envision themselves living in your home. Although less is more, it is still important to leave the essentials in your rooms. This will give a frame of reference for how much space really is in the room and how furniture can be placed. If the room is completely empty, it may appear to be smaller than it really is. Also, remove anything that is personal in the house such as family photos, religious symbols and everything on the refrigerator.

Next you should focus on all of the things you may have ignored for the past few months. Does your front door have some paint chips? How about that leaky faucet? Quick fixes can get you higher offers.

If you have walls that are painted bright colors, or may come off as taste-specific, consider getting a fresh can of a neutral color and diffuse the bold walls. Although your child may love her fuchsia walls, someone who is just moving in would most likely appreciate a more neutral color. Taking the time to paint the room is an important step when trying to stage the home because it lets someone else see a blank canvas that they can paint their dreams on.

Mel Foster Co. has several agents who are certified in the staging of your property to attract potential buyers. Accredited Staging Professionals^® (ASP) are highly skilled and certified in creating just the right atmosphere that will appeal to all five senses of every buyer.

Why You Need A Real Estate Guru.

Posted on August 18, 2014

Are you in the market to buy or sell a home? It is important that you consider working with a licensed Real Estate Professional in order to save yourself time, money, and hassle. There can be a lot of confusion and guesswork when you are out there navigating the market on your own. Here are a few reasons why it’s in your best interest to work with a Real Estate Professional.

Negotiations

From the appraiser, to the home inspector, to the buyer, there are nearly a dozen people that you will have to answer to while selling your home. Let an agent do this busywork for you. Negotiating effectively can mean thousands more saved or earned.

Paperwork

Let an agent with experience navigate and prepare the documents needed when closing on a transaction. Missing something here or there can cost you time and money. Also, each state has different regulations surrounding the purchase or sale of a home. A Real Estate Professional has the experience needed to guide you through.

What Is Your Home Worth?

Pricing your home correctly will attract the right buyer and make sure it isn’t on the market for too long. However, you need the eyes of someone not emotionally attached to your home, to ensure the true value is assessed. The National Association of REALTORS found that, “the typical FSBO home sold for $184,000 compared to $230,000 among agent-assisted home sales.”

3 Tips To Consider When Buying A Home.

Posted on August 1, 2014

Tip #1: Keep Your Money Where It Is.

One thing that you want to avoid before purchasing a new home is making any other large purchases. You don’t want anything to negatively impact your credit score before buying a home. This includes opening new credit cards, or taking on new debt. Lenders want to feel confident in your ability to be financially responsible, especially when they’re considering you for a loan. In short, don’t take any risks with your credit score if you’re planning on investing in a new home.

Tip #2: Bigger Isn’t Always Better.

When you’re buying a house, you may gravitate towards the biggest home on the block. It’s important to consider what your potential resale value will look like. If you have the most expensive home on the block, it will only go up in value as much as the homes surrounding it. The largest house only appeals to a few people. If you’re planning on reselling, you want to have the largest number of potential buyers possible. Instead of searching for the best house on the block, you should search for the house that best fits your needs.

Tip #3: Survey the Neighborhood.

People often fall in love with their homes, but they often fail to consider the neighborhood. If you’re planning on having children, you need to determine what school district the home is in. Even if you aren’t planning on children, you still should research what schools are nearby because it may impact the resale value of the home. It’s also not a bad idea to try your morning commute from the house, to determine if that would impact your decision. Don’t be afraid to drive through the neighborhood during different times of the day to really get a lay of the land.

Exterior Home Shot — 3 Tips When Buying a House

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

Posted on June 25, 2014

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

Posted on April 30, 2014

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

Posted on April 13, 2014

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.

What Millennial Buyers Want In A Home

Posted on March 21, 2014

A number of factors come into play when considering a home purchase, especially among millennials, who represent a significant niche in today’s real estate market. The following are a number of considerations a buyer may find important when making their purchase decision. How does your home stack up and how appealing is your home to younger buyers?

The Neighborhood

Although neighborhood choice is strongly dependent on household composition, most buyers take the surrounding neighborhood into strong consideration when deciding on the purchase of a home. Younger buyers like to walk to shops and restaurants, especially in larger urban areas where parking or even owning a car may be prohibitive.

Affordability

With the current unstable job market and rising higher education costs, housing costs need to be kept low, experts suggest no more than one third of a buyers pre-tax income.

Proximity to Work

Homes that are close to places of business or work enhance work-life balance, a growing priority for many. A shortened commute can make a buying decision much easier and can make your home more attractive to buyers. Biking or walking to work is a desire of many millennials.

Schools

In a recent Realtor.com survey, it was shown that almost 45 percent of buyers are willing to spend more to ensure their children live in a quality school district.

An Open Floor Plan

More space for entertaining may mean more quality time with friends and family, which is quite important to the millennials.

Technology

Millennials value technology, in many instances, above all else. Having a home that allows for technological control can make it that much more marketable.

Energy Efficiency

In a recent study by the National Association of Homebuilders, it was found that energy efficiency topped the list of items most important to buyers interested in new home construction. Things like energy-star rated appliances, energy-star rated windows, and ceiling fans topped the list of “must-haves.”

Five Tips For Selecting The Best Contractor

Posted on March 10, 2014

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.

Five Reasons To Buy Now Instead Of Spring

Posted on February 28, 2014

With housing prices and mortgage rates on the decline, now may be the best time to consider purchasing your new home. It may seem like a hassle to consider a major purchase and a move, especially during this year’s exceptionally brutal winter, however there are several reasons why waiting it out might not be in your best interest.

Rising Interest Rates

According to Freddie Mac, Fannie Mae, the National Association of Realtors, and the Mortgage Bankers Association, 30-year mortgage interest rates are projected to be over 5% by February 2015. This increase brings interest rates almost an entire percentage point higher than current market rates.

Dwindling Supply

Inventory in many regions is on the decline. Buyers in markets nationwide are beginning to find that their choices are becoming ever smaller, as the once large assortment of homes continues to decrease.

An Increase in Prices

Homebuyers will find that they are going to pay both a higher price and incur a higher interest rate if they wait until spring. In the long run, higher sales prices and interest rates could mean hundreds of dollars more in a monthly mortgage payment.

Home Ownership Creates Wealth

In a recent study, it was found that the net worth of an average homeowner was 30 times greater than the net worth of a renter. Whether you rent or own, you pay a mortgage. Would you rather pay down your own mortgage or your landlord’s?