4 Signs You're Not Ready to Buy a Home and What to Do About It

Buying a home is a major life milestone. Your heart might be set on becoming a homeowner, but red flags might indicate you're not yet ready to make the leap. 

Homeownership represents much more than a financial investment, and there are several reasons why potential homeowners might want to delay a home purchase. Here are four of them—and advice on how to overcome these obstacles. 

1. You Have Too Much Debt To get approved for a mortgage, you must show you can handle all of the expenses of owning a home (including the ones that aren't rolled into your monthly mortgage payments). You also have to meet your other financial obligations, and that might be a challenge if you already have a mountain of debt on your plate. 

How to overcome it: Pay down your debt to a manageable level. If you've accumulated a lot of debt over time, consider a personal loan to consolidate them into one streamlined, and preferably lower-interest, monthly payment. And avoid getting sucked into a new debt trap by cutting spending and diligently paying down debt. A debt consolidation calculator can help you determine how to strategically consolidate and pay down your debt. 

2. Your Credit Isn't Stellar Your credit history and credit score are closely linked to the mortgage pricing you'll receive—and that impacts your monthly payments for the life of the loan. A good starting point is to give yourself a credit check-up to see where you stand. If your credit score is not optimal, you'll pay more for a mortgage. Your credit score today will have a huge impact on the homes you're looking at and can afford. It may be sensible to wait to buy and work on your credit. 

How to overcome it: To boost your credit score, pay your credit cards and other debts on time. Ideally, credit cards should be paid off in full every month. Avoid opening new credit lines unless you're establishing a credit history. Finally, keep your credit utilization ratio to 30 percent or less of your available credit limit for each credit account. In other words, your balances shouldn't exceed 30 percent of your maximum credit limits. 

3. You Don't Have Enough Savings Buying a house comes with a lot of upfront expenses that go beyond your monthly mortgage payment. Expect to pay 2 percent to 4 percent of a home's purchase price in closing costs. Plus, there's the down payment (anywhere from 3 percent to 20 percent of the purchase price, depending on your loan type) and moving expenses to factor in. But it's the hidden costs of homeownership that take many new homeowners by surprise. These might include homeowners association dues, condo/assessment fees, routine maintenance, utility bills and major repairs. Ideally, homeowners should save roughly 1 percent of the home's purchase price each year for maintenance expenses. 

To save more, pay yourself first by depositing a set amount from each paycheck into a savings account. If you have to start small, that's OK. Consider opening a high-yield savings account to accrue interest on your cash. Cut back on unnecessary spending such as monthly subscription services, eating out, impulse shopping and other financial vices. Depending on your income and credit profile, you may qualify for homebuyer assistance programs that can help you pay for down payment and closing costs for a home. 

4. You Want a Carefree Lifestyle If you're someone who moves frequently, buying a home might not make financial or practical sense. Lifestyle plays a huge role in the decision to rent versus buy. Remember that the bigger the house, the more maintenance and upkeep. If you want to keep things low-key, buying a condo or continuing to rent might make more sense until you're ready for more responsibility.

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What to do if you inherited a home

If your loved one passed away, and there is real estate left, the process of dissolving the estate could become
very complicated.

Family feuds and other problems can potentially result when inheritance portions aren't clearly defined,
or when an executor may be in over their head. Many newfound executors can face uncertainty and feel
stress.In the wake of a family tragedy or death, being the executor of an estate can be especially challenging.
And the biggest asset in an estate—and the most difficult to resolve—is usually a house.

Here's a list of important decisions an executor may face when a house is part of an inheritance:

Keep, rent or sell? Caught in the middle, the executor has to ask the heirs to keep their emotions under
control and put the rational facts on the table. Selling is often the best decision if medical bills, tax issues or

other reasons require cashing out, and it produces a specific amount that can be divided equally.

Can you manage a property investment? When considering keeping the property in the family,
the executor needs to be objective about the beneficiaries' dependability. Would you choose the other
beneficiaries to be your partners in any long-term investment? Could they get divorced, go bankrupt or
bring other entanglements? If you decide to rent the property, there are issues to consider, such as the local
market for rentals and your ability to maintain the property.

Establishing value of the property. If one heir or beneficiary wants to buy the house, the estate must
determine the market value and get a fair price for the heirs and beneficiaries. One way is to get two appraisals,
or ask an experienced Realtor for help. Alternatively, the executor can put the property on the market with
the expressed provision that one of the heirs has the right of first refusal to match the highest offer.

Repair and renovate? The executor must make sure the house is maintained in good condition, necessary
repairs are carried out, and that it's kept insured. An executor can be personally liable for failure to maintain
a property that results in losses for the heirs. How much work is worthwhile before putting a home on the
market? That's a big question that depends on the property and circumstances.

Furnished or unfurnished? It's not unusual for an inherited home to be filled with a 30-year accumulation
of stuff. In most cases, when the property goes on the market, thinning out the furnishings will help it show
better. Nine out of 10 buyers first see the home in online photos.

Being an executor is a high-responsibility, time-consuming, and often thankless job that people often take
on while grieving. It's up to the executor to assess not only the physical assets of an estate, but also the people
and emotions involved.

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Tips to Help You Find a Starter Home

A starter home isn't necessarily your forever home. Be prepared to make some compromises to get
your foot in the homeownership door. Be open-minded about the location, size and condition.  

Look for an older home in a well-established neighborhood. Resales typically cost less than brand-
new homes. Older homes typically need more maintenance and repairs, which offset some of the
savings; however, buyers who choose a used home might be able to do repairs and renovations
over time, pacing themselves to make the cost manageable.

Buyers who sacrifice location for affordability can find themselves in a neighborhood far from major
job centers with a long daily commute and expensive transportation costs. Sometimes that trade-off
makes sense, but not always

When you're up against stiff competition, working with an experienced real estate agent is key.
A good agent shines when it comes to negotiating the deal and writing a strong offer. Your agent
may suggest certain strategies to win in a competitive market, such as limiting contingencies or
writing a personal letter.

When a well-priced starter house comes on the market, the quest to buy it can be extremely
competitive. To entice sellers offer above asking price (if you can afford to), keep repair requests
to a minimum, or allow the sellers more time to move.

For help finding a home visit https://homesalesneworleans.gardnerrealtors.com/

2016 Trends for Curb Appeal

Everyone these days is aware of the importance of the curb appeal of a home, especially when you decide to sell or buy. Curb appeal can give a lift to the value of a home. Improving the curb appeal of your home can boost its value by as much as 17 percent, the Texas Tech researchers found. They say curb appeal ranks second only to home size in weighing a home’s value.

Here are top-of-mind trends for curb appeal in 2016.

1. Front Door
A fresh coat of paint can spruce up a ho-hum front door and help make a better first impression when someone is eyeing your home. It creates interest and a focal point to the façade of the home. It gives the home personality. It is inexpensive to do, but has an immediate impact. Contrasting the color of your front door with the color palette of your front yard. Works really well.

2. Lighten Up the Exterior
Outdoor lighting can add a touch of elegance to your front of your home. Furthermore, it can enhance the safety of your house. Outdoor lighting should go beyond ordinary lampposts and wall-mounted lighting to make your landscaping really stand out. Try installing stylish and modern lighting on your front porch.

3. Liven Up the Landscaping

Flowers and fertilizer can be your friends when it comes to bumping up the curb appeal of your home. A study by Alex X. Niemiera, a horticulture professor at Virginia Tech, shows that a well-landscaped home holds a higher value than a home without proper landscaping. 62 percent of American homeowners say the lawn influenced their home-buying decision.

4. Porch Furniture

Placing a bistro table or a couple of chairs on your porch can yield a return on investment. Nothing is more inviting than a pair of matching rockers on a front porch that are visible from the street.

5. Upgrade the Garage Door

One of the easiest ways to improve your home’s curb appeal is upgrade your garage door. According to the Remodeling 2015 Cost vs. Value Report, the average cost of replacing a garage door on a home is $1,595, with an owner being able to recoup 88 percent of that cost.


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Eco-Friendly Amenities for Your Home

Eco-friendly amenities often add to the beauty and comfort of a home, and even save money in the long run. There are unlimited ways to upgrade your existing home to be more eco-friendly. Here are some of the top trends in eco-friendly remodeling in 2015:

1. ENERGY STAR appliances. Appliances are responsible for about 20 percent of an average home’s energy use, and some can make an up to 50 percent saving on energy and water bills. Consider using trendy and durable stainless steel appliances, and the new high-efficiency, clean-burning gas stoves that protect your indoor air quality.

2. Natural sunlight. Not only does it illuminate your home for free, but studies show that natural light is far better for mental and physical health. Well-placed windows with quality window treatments will help you make the most of your available daylight. Skylights are another great option. If your existing windows are in poor shape, replacing them with high-quality, energy-efficient windows can also save on your energy bills. Wood or fiberglass windows; they are much more eco-friendly than vinyl.

3. Real wood. Nothing beats the warm luxurious look and feel of real wood flooring, trim and cabinetry. Real wood is much healthier than alternatives such as particleboard, because it will not off-gas toxic substances into your home.

4. Built-in water filters. Municipal water supplies contain chlorine and other substances that can compromise your health. Install sink filters. Imagine the convenience of having delicious, pure water right out your tap. Your skin absorbs chlorine readily, so why not get a showerhead filter? Or better yet, invest in a whole house water filter.

5. Smart home technology. Smart management is the key to efficiency. You can save huge amounts of energy and water (not to mention time) by taking advantage of modern automated home management technology. Some popular examples include programmable thermostats and weather-based irrigation controllers.

6. Eco-friendly landscaping. The first step is careful plant selection. Native plants are a good choice because they don’t require more water and nutrients than is natural for your area. Next, place them where it makes sense for optimal beauty and energy efficiency. Shade trees are a great example, but well-placed shrubs, vines and even flowerbeds can help shelter your home from sun and wind, and collect excess rainwater runoff. Rain barrels, rain gardens and automatic watering systems can help minimize your water use while maintaining a beautiful exterior.

If you are thinking of remodeling, consider some or all of these eco-friendly upgrades. Not only will they make your home greener, but also a more pleasant, healthy place to live.

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Divide Between Appraiser and Homeowner Perceptions

Accordingly to the Detroit-based Quicken Loans, appraiser home value opinions continues to fall below homeowner estimates.

The trend of a widening gap between appraiser and homeowner opinions continued in April, according to the Quicken Loans study of home value perceptions. The Home Price Perception Index (HPPI) showed appraiser opinions were 0.69 percent below homeowner estimates in April. The index dipped compared to March when appraiser opinions were 0.40 percent below homeowner estimates. April marks the third consecutive month of appraiser opinions falling below homeowner estimates.

It is not surprising to most appraisers that homeowners are overestimating their home’s value on a national average. There is nothing more disappointing to a homeowner than learning that the value of their home is less than they expected. This index is important for homeowners as they set reasonable expectations.

At the same time the national Home Value Index (HVI), a measure of home values based solely on appraisals, increased in April after a drop in March, gaining 0.28 percent nationally. Values also continued their strong year-over-year increases, rising 5.54 percent since April 2014 on a national level.

Even though the home values increased in April, it was not enough to cancel out March’s decline around the country. Homeowners that are still underwater are looking for large increases, but those increases can in fact price homebuyers out of the market. Home affordability could become a worry if home values increases get too far ahead of the modest pace of wage increases, which are sitting at about 2 percent annually.

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What's Desirable in a Home Today

There are plenty of home buyers these days dreaming about a brand-new house with the outdoor kitchen, the two-story foyer, and the luxurious master bathroom, complete with a whirlpool tub. But today homebuilders across America have decided to cut out those kinds of features in favor of efficient, organized, and pragmatic ones.

Walk-in closets, laundry rooms, energy-efficient windows and appliances, and programmable thermostats are on the rise. It’s all about efficiency, both of time and resources. A working couple trying to get out of the house in the morning needs a walk-in closet in the master bedroom, they need a laundry room that’s well-lit and well-organized. That’s how they improve the efficiency of the household, find clothes, get organized, and hide the clutter.

Today's buyers are fixated on comfort and affordability. It’s part of a postrecession cultural shift toward pragmatism, and homebuilders have adjusted their creations accordingly, appealing to a segment that’s willing to forgo a two-story foyer or family room to get a better price.

Their list of most and least likely features does offer a few surprises; it’s not all about the decline of luxury. Once a high-end item, granite countertops are now the norm. Specialty spots such as media rooms or sunrooms are being replaced by spaces that are more flexible, especially additional bedrooms. And communities with jogging and walking trails, previously coveted, are now less popular than a two-car garage. Just because some features are less common doesn’t mean you can’t get your hands on a house that includes them. All you have to do is spend more money.

Hear are the features most likely to be found in new homes:

         1. Walk-in closet                             6. Energy Star windows
         2. Laundry room                              7. Ceiling 1^st floor 9’
         3. Low-emission windows                8. 2-car garage
         4. Great room                                  9. Programmable thermostat
         5. Energy Star appliances              10. Granite countertops

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Getting Your Home Ready to Sell

When it comes to selling a home first impressions are everything. Majority of buyers make up their mind whether or not they like a house within minutes of stepping foot inside.

Here is what to do and what not to do when getting your home ready for the market:

• Do work on curb appeal. Curb appeal is a huge draw for buyers, invest in a new doormat and keep the driveway clear of junk. Warm lights glowing in the window will also be welcoming.

• Don’t expect people to use their imagination. If you have wild colors in your rooms, you might think that people will look past that. But that can prove difficult for buyers. Paint over those wild colors and put away any crazy items that might raise eye brows or bring on laughter.

• Do invest in updates that matter. People will pay top-dollar for homes with updated kitchens and bathrooms. If you make improvements to these rooms, you will see a huge return. At the very least, purchase new shower curtains, bath rugs, and the like.

• Keep it light, bright and airy. Open all the curtains, turn on all the lights. Replace all dead light bulbs. Crack open doors to the pantry or laundry room so people won’t be afraid to peek inside. And tidy up in forgotten places like inside the fridge or oven…people will be looking in there.
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Who Should You Trust to Sell Your Home

So you are ready to move on to the next chapter in your life, and you need to sell your home. Who are you going to hire to do this job?

You need a great agent, you need to be able to trust that agent, you need to know that the agent you chose will make YOUR business his or hers top priority.

Here are some tips published recently by Rismedia http://rismedia.com/rrein/18662/1023666/5079737/71884?utm_source=newsletter&utm_medium=email

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2015 is going to be great for the housing market.

There are numerous strong indications that this year housing market will improve even more than in 2014. Click the link and listen for yourself.

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What's The Right Price For Your Home?

If you are tempted to try listing your home for sale at a high price just to see if you can get it, don't do it.

It’s not unusual for homeowners to think that the list price should be based on what they paid for their home, the balance of their mortgage, or on the profit they want to make so they can move into another home. In reality, your home is worth only what the market is willing to pay for it. If you price your home too high, some potential buyers won’t want to look at it at all, while others will simply walk away without making an offer. Future price reductions will negatively affect the net you will collect.

Choose the right professional to help you with your home sale. A knowledgeable Realtor can factor in all of the issues in the context of your local market conditions, including whether home prices are rising or falling and whether it’s a buyer’s or seller’s market. Listen to your Realtor’s advice and your transaction is more likely to go through quickly and smoothly from the beginning.

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