Why Location Matters—and What Qualifies as Good

What three things matter most when buying a residence? 

According to the New York Times, the answer has been "Location, location, location" since at least 1926, when the well–known expression was first used in a classified advertisement in the Chicago Tribune. Today's real estate agents still tend to agree. Buy a property in a good location and it's likely to be a solid long-term investment. But what qualifies a location as "good," you ask?

Start with the characteristics below.

Safety – The safer the better, so look for property in a neighborhood with a low crime rate. Consider locations where residents feel free to engage their neighbors and walk around outside even after dark.

Schools – Look for property in a good school district, even if you have no school-age children of your own. The quality of the neighboring schools will affect your home value and resale price in the future. See WFISD Website.

Entertainment – Properties nearest the popular places in town are always worth more. For example, if you live in a coastal area, a future buyer might pay more for your home if it's near the beach. If you live within a city, proximity to the best commercial district will add value.

Views – Homes near the water (lake, ocean or otherwise) or with spectacular panoramic views are always popular with home buyers. Add to the future value of your property by buying in such a location.

Transportation – The best location is one with easy access to public transportation such as the train or bus stop. If you're buying in a town where more people commute by car, easy access to the freeway may be valued more highly.

For more articles like this check out my monthly Newsletter:  http://mydigitalnewsletter.com/tanyaruff/

Keys to Successful Home Buying Negotiation

Sir David Frost, English Journalist and comedian, once wrote, "Diplomacy is the art of letting someone else have your way," and a measure of diplomacy is certainly an essential ingredient in any negotiation in which you wish to secure the most favorable outcome. Consider these additional keys to successful home buying negotiation. 

Know the Market- At any given time, your local real estate market may favor buyers or sellers. If you're planning to purchase a home, a buyers' market will afford you greater negotiation power because the seller will have fewer offers from which to choose. In a sellers' market-where offers tend to be plentiful- agreeing to a quick closing may still provide you with the upper hand. 

Don't Disregard Concessions- Most buyers are obsessed with price when purchasing a home. While haggling a lower figure may may be possible, there are easier ways to effectively reduce your costs. Known as concessions, they may include seller's contributions towards your closing costs, home improvements and repairs. 

Get Pre-Approved for a Mortgage- There are countless tales of real estate deals falling through because a loan failed to close. Smart sellers want to avoid such a situation, and buyers with pre-approval documents from lenders are more attractive as a result. 

Make Friends With an Expert- you can buy a home without a buyer's real estate agent;. But you're unlikely to secure the most favorable outcome should you choose to do so. Think about it: in a transaction where one side has expert assistance and the other does not, who will have the negotiating advantage? 

Keep Your Cool- Don't let your emotions get in the way. You're much more likely to get the home on your terms if you practice diplomacy, are open to compromise, and treat the seller and their real estate agent with nothing but respect.

For more articles like this check out my monthly Newsletter: http://mydigitalnewsletter.com/tanyaruff/

Refinancing an Underwater Mortgage

Refinancing an Underwater Mortgage

 

For most of us, our home is the biggest investment we’ll ever make—and we pour our hearts, souls and hard-earned cash into making it the best one possible as well. Of course, the value of our property fluctuates with the real estate market. When it’s good, our investment grows. When it’s bad, we can end up underwater—like 28.2 percent of U.S. homeowners were in third quarter 2012.

According to the real estate website Zillow, these mortgages added up to more than $1 trillion in negative equity. And while one might think that the 14 million borrowers affected were shut out of all money-saving refinance opportunities, the assumption would not hold true. In fact, it is sometimes possible to refinance an underwater mortgage.

 

Ask Who Guarantees Your Mortgage Your home loan may be owned, or guaranteed, by Fannie Mae, Freddie Mac, The Federal Housing Administration, Department of Veterans Affairs, your lender or a private investor. Before you can evaluate your refinance options, you need to figure this out. What’s the best way to do so? Just contact your mortgage servicer and ask.

 

Put Cash In Regardless of who owns your mortgage, a cash-in refinance is always an option. Should you choose to pursue a lower interest rate in this way, you will be required to contribute cash at closing in addition to the usual settlement fees. The exact amount depends on your lender and the underwriter’s loan to value requirement.

 

Have a HARP If your mortgage is owned by Fannie Mae or Freddie Mac, you may be eligible for the Home Affordable Refinance Program. You’ll need cash for closings costs unless you elect to roll them into your new loan, but you won’t have to fork over the thousands generally required in a cash-in refinance. You must be employed and current on your mortgage payments to qualify.

 

Play with the FHA If your mortgage is owned by your lender or a private investor, you may be able to secure a FHA Short Refinance. Your lender must participate in the program and you must be current on your loan payments. As part of the refinance, the amount you owe on your first mortgage will be reduced to no more than 97.75 percent of your property’s current value.

 

For more articles like this check out my monthly Newsletter: http://mydigitalnewsletter.com/tanyaruff/

 

 

Vacation Motivation

A couple of months ago I read an article about productivity and although I don't remember the quote exactly- it went something like this, ""If I were leaving for vacation tomorrow, what would I be able to accomplish today?" This quote has absolutely stuck with me! I keep thinking about those days before I leave on a trip that I work feverishly on my to-do list and get energy, drive and focus from places I never knew existed.

What would happen if you worked today like you were leaving on vacation tomorrow? I have a feeling your to-do list would have a lot of things checked off by the end of the day!

Looking for a Realtor with energy, drive and focus? www.TanyaRuff.com

The Art of Attraction

Ten Ways to Attract Buyers to your Home

You’ve undoubtedly heard from media reports, and perhaps friends and neighbors, how tough it can be to sell a home in today’s “buyer’s market.” Granted, it’s not the easiest time in the history of real estate, but it isn’t the toughest time either. Here are 10 simple ways to attract buyers to your home...

#1: Offer a Home Warranty A home warranty adds value to your home. It gives potential buyers a little extra piece of mind in the form of protection against unforeseen problems including appliance break down, roof leakage or a malfunctioning furnace. Warranties vary in coverage, but in general there are plans that will cover your home while it’s on the market as well as plans that kick in once it sells.

#2: Create a Virtual Flyer Sometimes sellers find that friends, neighbors and associates can be some of the best buyers. Create a free virtual flyer to advertise your home at www.vflyer.com and email it to everyone you know. (You can use this service to advertise other things as well such as parties, events and so on.)

#3: Advertise on the Internet More than 80% of buyers begin their home search on the Internet, so be sure your home is there for them to find. List your property on craigslist.org, backpage.com, zillow.com and trulia.com. After your Realtor enters your home into the MLS it will automatically be on Realtor.com as well. You can also buy your own domain name to match your home’s address. Then create a website or blog for your home (or ask a web-savvy teenager to do it).

#4: Aim for Amazing Curb Appeal While buyers are out driving around and viewing neighborhoods, you want your home to make them literally stop the car and look upon it with awe. Having the best dressed home in the neighborhood will attract buyers and higher offering prices. Do not underestimate the importance of this. It’s the first impression potential buyers have of your home, and poor curb appeal may actually discourage them from wanting to even take the time to view the inside.

#5: Price it Properly If your home is priced too high, buyers may think that you’re not serious about selling, or that you may be difficult to work with and unwilling to negotiate. Also, buyers who are looking within a specific price level may miss your home even though you may actually be willing to accept a much lower price. Your Realtor can help you price your home properly for the quickest sale.

#6: Host an Open House While opinions vary on the success rate of Open House events, it certainly can’t hurt to host one. Even if your neighbors are the main visitors, they may actually know someone who could be interested in your home. The fact they’ve seen it with their own eyes could encourage others to visit.

#7: Take Tons of Pictures Potential buyers love to see pictures of homes, whether on the Internet or on flyers. Your Realtor should post pictures on the MLS. You can post them on the other websites listed above. If you have a video camera, you can even create a virtual tour of your home.

#8: Directional Signs If you live near a corner or busy intersection, place the “home for sale” signs that point towards your home in the best spot possible. If you ask nicely, your neighbors who live on the corner may be willing to let your place one of those signs right in their yard.

#9: Stage Your Home After you’ve made sure your curb appeal is tops, you should not neglect improving the inside via staging. Hire a professional stager or ask your Realtor for assistance. If you’re worried about the cost of hiring a stager, many offer different levels of service which range from a walk through of your home and verbal advice, to a full blown service where they bring in their own furniture and decorations and redesign your entire home.

#10: Update Your Home Buyers love nothing more than brand new carpeting and paint, updated sinks, fixtures, cupboards and so on. You obviously don’t want to update to the extent that you overprice your home for the neighborhood, but you do want to update to within a comfortable level for the market value in your area.

 

If you have more questions about the best way to attract buyers to your home, call me! I have the professional understanding and insight to help you attract the most potential buyers to your home.

 

For other great tips from In Touch Today take a look at monthly newsletter:

Your Story Begins at Home Monthy Newsletter

 

10 Commandments

All Home Buyers Should Know Their 10 Commandments.
For the last 6 years I’ve spent 95% of my Wednesday mornings at Hirschi Realtors,
attending our weekly sales meeting. Recently, one of our local lenders came to talk to us about the ever changing lending market and brought with them the

“10 Commandments when Applying for a Mortgage Loan"

Although the below “commandments” are written in a joking manner, there is certainly truth to each one. If you’ve been preapproved to purchase a home, you’ll want to pay close attention…

10 Commandments
when Applying for a Mortgage Loan

Thou shall not change jobs or become self-employed

Thou shall not buy a car, truck or van unless you plan to live in it

Thou shall not use your credit cards or let your payments fall behind

Thou shall not spend the money you saved for your down payment

Thou shall not buy furniture before you buy your house

Thou shall not originate any new inquiries on your credit report

Thou shall not make any large deposits into your bank account

Thou shall not change bank accounts

Thou shall not co-sign for anyone
Thou shall not purchase ANYTHING until after the closing

Looking for a trustworthy local lender? Visit my website and apply online with a local lender of your choice. www.TanyaRuff.com

Our First Date...

BEFORE I LIST YOUR HOME I WILL…

• Research property values by studying recently sold properties, analyzing expired listings and reviewing homes currently on the market.
• Prepare a market analysis of properties in your geographic area.
• Secure necessary tax and appraisal district information on your property.
• Suggest an appropriate pricing strategy and marketing plan.
• Recommend possible improvements to yield the highest price.
• Explain seller closing costs and provide Estimate of Net Proceeds from the sale.
• Prepare a market update to review market conditions and prevailing interest rates.
• Review “Information About Brokerage Services” and discuss agency relationships.
• Discuss Seller Disclosure Statement and possible Lead Based Paint disclosures.
• Review the Multiple Listing Service Listing Agreement.
• Review my "homework folder" that I'll need the seller to work on.
• Discuss personal property and exclusions from sale.
• Offer assistance and information about your destination city (if moving from area)
• Lastly and perhaps most importantly- I'll prepare myself for any key questions you may have regarding my marketing plan, experience and track record!

Looking forward to earning your business,
-Tanya