Buying & Selling Homes with The Collura Team

Have You Put Aside Enough for Closing Costs? There are many potential homebuyers, and even sellers, who believe that you need at least a 20% down payment in order to buy a home, or move on to their next home. Time after time, we have dispelled this myth by showing that there are many loan programs that allow you to put down as little as 3% (or 0% with a VA loan). If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs. Freddie Mac defines closing costs as: “Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage.  These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 and 5% of your purchase price.” We’ve recently heard from many first-time homebuyers that they wishe...

         Don’t Get Caught in the Rental Trap! There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage. Don’t Become Trapped Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that, “Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.” In the Joint Center for Housing Studies at Harvard University's 2015 Report on Rental Housing, they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare. It’s Cheaper to Buy Than Rent In Smoke’s article, he went on to say, “Housing is ce...

  Why You Should Hire a Real Estate Professional When Buying a Home! Many people wonder whether they should hire a real estate professional to assist them in buying their dream home or if they should first try to go it on their own. In today’s market: you need an experienced professional! You Need an Expert Guide if You Are Traveling a Dangerous Path The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and ready for you to move in to can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.” A great agent will also have relationships with mortgage professionals and other experts that you will need in securing your dream home.   You Need a Skilled Negotiator In today’s market, hiring a talented negotiator could save you thou...

Rents Skyrocket at Highest Rate in almost a Decade The Consumer Price Index (CPI) was released by the Labor Department last week. An analysis by Market Watch revealed the cost of rent was 3.8% higher than a year ago for the second straight month in June. That’s the strongest yearly price gain since 2007 . This coincides with a report released earlier this month in which  AxioMetrics announced that rents are continuing to increase in 2016. The report revealed:  There was a 3.7% increase in effective rents in the second quarter of 2016 as compared to the same period last year. That the effective rent growth this quarter compared to last quarter was 2.3%. Annual effective rent growth was positive in 49 of the top 50 markets, based on number of units. Only Houston was negative, at -1.4%, as the fallout from energy-industry job losses and excess construction continues. Here is a graph to illustrate the rate of increase over the last several years: Bott...

Study: Gated community homes sell for more   BOCA RATON, Fla. – July 1, 2016 – Homes in gated communities command significantly higher prices – almost $30,000 on average – compared to similar homes in communities without a gate. However, gated neighborhoods' additional amenities can also reduce sale prices because they bring maintenance costs that outweigh the benefits of the amenities, according to recent research published by the American Real Estate Society (ARES). "This study provides clear evidence that homes in gated communities sell at a premium relative to comparable homes in non-gated communities," says ARES Publication Director Ken Johnson, Ph.D., a real estate economist at Florida Atlantic University's (FAU) College of Business and co-developer of the Beracha, Hardin and Johnson Buy vs. Rent Index. The study examined 11 gated communities and a sample of matched non-gated properties, using a data set of housing sales in Shelby Coun...

Hurry Up and List Your House TODAY!! That headline might be a little aggressive. However, as the data on the 2016 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME! The May numbers are not in yet, but the April numbers were sensational. Jonathon Smoke, Chief Economist at realtor.com, explained: “We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.” And Freddie Mac also expressed a tremendous optimism regarding home sales for the rest of the summer: “Home sales typically rise in the spring and summer months, and we anticipate acceleration in home sales that will surpass 2007’s pace by late summer.” The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a five-month supply of inventory. This rep...

8 Things First-Time Homeowners Never Realize You did it . You bought your first house and it’s yours and you can do whatever you want with it! Well...not so fast. Here, eight things that first-time homeowners often don’t realize before it’s too late. Related:  That you might need to make improvements stat. And that those improvements could require some permits.  But that other improvements could save you money. . That your neighbors might not be as jazzed about your 4th-floor addition as you are.  That you have to follow trash laws.  That lawns require attention during every season. That you might be liable for stuff that doesn’t seem like your problem. That you don’t have to do everything at once.