The Dream Home Checklist. Are we both on the Same Page ?

These six items will help you prioritize the features, elements, and amenities you’re looking for in your new home. There are some that you must have, and there are some that you would like have if price allows, and there are probably some on the checklist that you hadn't even thought about until now.

1. Price

Knowing ahead of time how much you can afford and what you are able to spend immediately enables you to narrow down the vast market of homes to about 10 percent of what’s currently on the market.

2. Type of property

Are you looking for a house, town home, condo, co-op, or multi-unit home?

3. Condition of property New or old?

 How much sweat equity do you want to put into the property? Do you want to pay a little less and invest time and money to improve the house yourself, or do you want to buy a house that’s ready to move into?

4. Must-haves

The must-have is essential in your new home. For example: “We have a newborn baby, so we must have a two-bedroom house.”

5. Nice-to-haves

A nice-to-have may get nixed out of the mix if price becomes an issue. For example: “We have a newborn baby, so we would like to have a three-bedroom house to have an extra room for guests or for a home office.” That third bedroom is not a must-have and you could (or may have to) live without it to get into a house you can afford.

6. Location

Where do you want to live? If you’re like most home buyers, you have a basic idea of where you want to live. Proximity to family, friends and/or work plays a significant part in where you ultimately want to put down roots. However, there is a lot of leeway within these parameters – neighborhoods and communities within the same distance often vary quite a lot

Thanks to Michael Corbett, Trulia's real estate and lifestyle expert. He hosts NBC's  EXTRA's Mansions and Millionaires.

6 Showing Tips to Help Prep Like You’re Selling on TV

6 Showing Tips to Help Prep Like You’re Selling on TV

Before you show your home, check to make sure it’s condition is one you’d be proud to let a few million Americans see. Too often sellers delay or lose out on offers because they don’t take preparing for showings seriously or relax after the first few visitors.

Here are a few tips to make sure your property makes the right impression:

1. Check the computer view

Most home first impressions today are online, so it’s important that you view your home like a buyer will. To do this, take pictures of the interior and exterior your house. Upload them to a computer. Zoom in and pan your photos to get a buyer’s perspective on your property.

2. Walk-thru with an outsider

Do a walk-thru of your home with a trusted friend. Fresh eyes, ears, and noses can spot defects you have learned to live with or simply forgotten about.

3. Curate your curb appeal

Go outside and inspect your driveway, walkway, decks and porches. Take note of cracks, oil stains, overgrown shrubbery and bare spots on the lawn. These should be high-priority on your fix list if you don’t want buyers to turn away before they’ve taken a real look.

4. Silence the strange sounds

When you walk through, check for creaky floors, loose doorknobs, shaking handles, and windows that  don’t  open. Add these to the top of the fix list because normally the solutions (a new door knob or oil) are pretty cheap.

5. Clear the way

Be sure to de-clutter all flat surfaces, closets, cabinets and your bathroom vanity. Donate excess or move some items to a storage facility. Your goal is to a show a home buyers can see themselves in; that can be hard with your personal effects in the way.

6. Consider staging to speed up the process

Home staging professionals use furniture, placement, accessories and lighting to help make the best impression on potential buyers. Staging is for your home’s interior and exterior, including your deck, patio or lawn. A staging investment can help sell a great home in a flash or help buyers appreciate the potential in harder to move listings. Talk with your agent about his or her staging experience. You can also get DIY staging ideas from home shows, magazines, and open houses in your area.

Can First Time Home Buyers ever get a Break?... Well actually Yes!!!

Florida Housing Mortgage Credit Certificate Program

WHAT IS IT?

A Florida Housing Mortgage Credit Certificate (MCC) allows the homebuyer to claim a tax credit for 50% of the mortgage interest paid per year, capped at $2000 annually. It is a dollar-for-dollar reduction against their federal tax liability.

WHO IS ELIGIBLE?
This program is open to individuals, families and eligible veterans* who:

•are first time homebuyers (have not owned a home as a primary residence within the past three (3) years);

•meet income and home purchase price limits;
•meet the qualifying requirements of a mortgage loan;
•will use the home as their primary residence.

DOES IT EXPIRE?
Qualified homeowners may claim this tax credit as long as the home remains their principal residence and interest is being paid on the mortgage. The MCC will only expire if the home is sold or is no longer used as the primary residence of the homeowner. If sold within the first nine years the homeowner may be subject to the Federal Recapture Tax.

HOW MUCH OF A TAX CREDIT CAN BE CLAIMED?

The size of the annual tax credit will be 50% of the annual interest paid on the mortgage loan. The credit cannot be larger than the annual federal income tax liability, after all other credits and deductions have been taken into account.

You can view the entire Mortgage Credit Certificate Manual at https://apps.floridahousing.org/StandAlone/MCCReservations/MCCInfo.htm 

                                                                    OR

Call The Elite Lending Team at FEMBI Mortgage

at 561-575-5626 for information on how first time home buyers can qualify to receive up a $2000 tax credit EVERY YEAR they live in their home!

They can check your eligibility and guide you through the entire process.  They are one of the very few lenders in South Florida authorized to administer the program.

5 Signs a Home is the Right Fit

5 SIGNS A HOME IS THE RIGHT FIT

Copyright © 2014 Trulia.com.

Times Have Changed 

Once upon a time, the common advice of real estate

experts and the goal of home buyers was to buy as'much' home as you could qualify for, as soon as possible – even if you didn't need the space.Today’s smartest buyers know that “property fit” is about more than the most obvious factors like priceand simple square footage.

Room for change – Space forecast

Finding a home that’s the right fit requires you to put on your visionary hat. Purchasing a home that’s too big or small can be a costly mistake that’s hard to undo.To make sure you properly assess your prospective home, develop a space forecast for your housing needs over the next 7-10 years (the time it normally takes to maximize the benefits of ownership).

Here’s a short list of a few factors to consider:

 • marriage or moving in together

 • having or adopting kids and animals 

 • sending kids off to college or to their own  separate households

 • adult kids or family members that may need to  move in

Maintenance that won’t break you 

The handling costs of owning a home can range from minimal to massive. They can also very drastically change based on a home’s region, condition, original construction 

date and other factors.Before you buy, talk to your local real estate expert about 

the average maintenance costs of homes in your neighborhoods of interest. Your agent can offer special local insight to prevent you from drowning in maintenance costs you didn't anticipate.

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Repairs you really want to tackle

If purchasing an existing home, chances are you’re going to want to make a few adjustments.

After you’re done touring a property and brainstorming improvements, do little extra research. Get firm estimates of the time, effort, and dollars involved in turning your potential home into your dream space.

Also, ask your agent about home warranties that can minimize your exposure to future repair costs.

Lifestyle friendly fees

Whether you’re buying a single-family home or an apartment-style condo, ownership association fees have become much more common. And while most balk at the idea of the extra monthly costs, these fees can be a great Investment if you shop correctly.

The key: Invest in benefits that have value to you.

Example: If you hate routine lawn maintenance, a monthly fee could be a small price to pay for a lot of peace of mind.

Commute compatibility

Your commute seems like an obvious consideration when making a home purchase, but be sure you don’t stop at your ride to work. Factor in other places you frequent like schools, the grocery store, and other important lifestyle amenities.

To find out what’s close to your prospective property and check its walkability score, visit Trulia.com and enter your property’s address for an up-to-date look at important points of interest nearby.

Its a Sellers Market! Whats a Buyer to do. Oh My!!!

4 Ways        4 Ways to Help Buyers Win In a Seller’s Market

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Oh My! how the tables have turned. It seems like just yesterday we were deadlocked in a buyer’s market where a seller had to do just about everything a buyer asked to become “the one.”

Well we're not in Kansas anymore Toto! 

Fast-forward to summer of 2014 and  buyers are frustrated with  multiple offer situations, highest and best scenarios and a lack of inventory.

So Whats a Buyer to do???

Here’s a thought: Offer what the sellers are asking!

Real Estate values have risen over the last two years and forecasts call for moderate increases to continue. "Stealing" a property is not going to happen! If its a house you want and your Realtor has done their pricing homework on your behalf be Aggressive. At current rates every $10,000 financed is about $50 per month or  a couple of Latte's a week. 

Increase the earnest money.

Want to show a seller how serious you are? Consider putting 10% or more down in earnest money. This may seem risky for some, but earnest money is there for a reason. Assuming you follow your Realtors advise regarding financing, appraising and inspection contingencies your money should not be at risk. If a cash deal make sure your Realtor has included an Appraisal Contingency in the Offer/Contract 

Make sure the offer is uncomplicated.

Sure, it would be nice for that wicker furniture on the deck to stay or that carpet stain in the bedroom upstairs to be professionally cleaned, but how important is it? Are you  buying wicker furniture or a home. Are you buying clean carpet or the 4th bedroom for your growing family? Keeping the terms simple might be worth a lot of money to the seller. Considering the seller has enough to think about and do prior to finding, negotiating and closing on a new home of their own. Where do you think carpet-cleaning falls on that list?

Find out what terms are important to the seller prior to writing the offer.

If you are  flexible on the  closing date, or don't  care that the flat-screen mount stays in the living room, Have your Realtor ask the seller’s agent up front what you can do to make the offer more enticing to the sellers. Maybe they want a longer escrow, or the option to take their washer and dryer with them. If you are flexible, this could help you look like the best “pick of the litter” if the home goes in to multiple offers, even if you don’t have the highest offer price.

Finally the best thing to do is to convey to your Realtor how much you want the house. What you are willing to do to make it happen, and what it means to you if you are not successful. The last thing you  want to feel is regret for not trying harder, or not confiding in your agent.

Written by Geoff Bray

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