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Property Virgin Buyers’ Tips.

Posted on April 21, 2015

If you’re considering buying a home in your 20s, or just for the very first time, it may seem like a daunting task. It may not be easy, but with this helpful guide you’ll be able to confidently search for a home that’s right for you and your plans for the future. Break it down into smaller portions, and it becomes much easier, and less stressful, to buy a home.

The first thing you need to think about is how long you’re planning on staying in this new home. Are you looking for a forever home? Somewhere you can stay for a few years? These are important questions when it comes to finding the house you’re looking for.

You should decide if the house is just for you, or a future family that will live in the house for the next 20 years. Deciding what type of house you are searching for can help narrow the search and help your agent know what you’re looking for in a home.

The last step is extremely important, and may seem obvious, but always needs to be considered when it comes to finding your new home. You have to find a home that is within your price range. Remember to think about how long you could be able to afford the mortgage if you were laid off from your job, or pursuing other personal ventures. Whatever your plans are for buying a house, make sure that they are financially feasible.

Mel Foster agents are experts at finding homes that fit your needs. Click here to view new listings and start your home search today.

From Vanilla To Va Va Voom.

Posted on March 26, 2015

Help make your new construction home stand out among the sea of vanilla by adding a little color and style to the front of your home.

Paint the front door

If you got a boring builder’s special door, a little color will make your house pop. Make the job even easier and take the door off the hinges and paint the door while it’s laying flat.

Accentuate your address

It’s inexpensive to buy decorative house numbers and it’s fast to swap out the old numbers with new.

Dress up the porch

Just two chairs in a bright paint color or with bold accent pillows will make your porch stand out and serve as an inviting gesture to your new neighbors.

Pot some plants

You can go bold with colorful annuals or more sophisticated with urns and greenery. If you don’t have a green thumb, opt for a small shrub or dwarf evergreen. It’s hard to go wrong with something hardy that doesn’t require daily watering.

Welcome mat

Let your neighbors know you’ve now moved in with a colorful welcome mat.

Mel Foster Co. Receives Relocation Recognition

Posted on March 14, 2015

Lynsey Engels, President, Real Estate Brokerage at Mel Foster Co. Inc. is pleased to announce that their Relocation Division, lead by Deb Boland, has been recognized as a recipient for the 2014 Global Alliance Club by Leading Real Estate Companies of the World®.

Leading Real Estate Companies of the World® is a global network of over 500 premier real estate firms. Leading RE is comprised of select independent real estate companies who set the standard of quality service, while generating a highest volume of referral, relocation, and real estate business opportunities for its members.

Mel Foster Co.’s Relocation Department is one of 37 real estate companies to receive this honor. In order to be a part of this prestigious club, at least one referral must be sent and closed across country borders. The referral was to Alberta, Canada, therefore Mel Foster Co. can make it happen anywhere.

Not So Fast…Five Things To Check Before Writing An Offer.

Posted on March 11, 2015

You’re in love. The house seems perfect and you almost don’t want to know if it’s not. But before you blindly make an offer, be sure to check these five things.

Assess the grounds

Even if it’s cold and snowy, do a thorough walk around of the yard checking for drainage issues, major concrete shifts or cracks in the foundation.

Open every door and window

Check the locks, evaluate the operation and make sure every door and window opens and closes properly. Also check for any cracked glass that may be hidden behind window treatments.

Turn on every appliance

Be sure to check the stove, refrigerator and dishwasher in the kitchen and don’t forget the washer and dryer if you are asking for those items to be left for you. Also run both the furnace and central air to be sure the systems are functioning properly.

Check the water

Turn on each faucet and check for water pressure and leaks. Also flush every toilet. Be sure to check outdoor faucets.

Turn on the lights

Every interior and exterior light should be turned on. Also test the speed of ceiling fans and check the fan in the bathroom and the vent hood above the stove. If a light is not functioning, determine if it’s a burned out bulb or an electrical issue.

Doing this quick checklist will uncover major issues, before you write up an offer or schedule a home inspection. For added peace of mind after you move in, consider purchasing a Mel Foster Co. Advantage Home Warranty Plan.

For more information on The Mel Foster Co. Advantage Home Warranty Plan, contact one of our experienced professionals.

Real Estate: A Look Five Years Into the Future

Posted on June 14, 2014

After the historic bursting of the proverbial real estate bubble brought the U.S. economy crumbling, the U.S. housing market has been on the rebound in recent years. Several factors come into play when forecasting the real estate market’s growth and change in the next five years

Home Values and Appreciation

In a survey done by Pulsenomics, the annual appreciation will be 3.94% over the next 5 years and the cumulative appreciation will be 19.7% by 2018. The survey also found that home values will appreciate by 4.5% in 2014.

Home Prices

Studies show that in some select markets, such as San Francisco, home prices may rise as much as 3% over the next 5 years. However, due to investors selling off their inventory, prices overall are forecasted to drop slightly over the same time period.

Mortgage Rates

According to CBS’s MoneyWatch, mortgage rates may be likely to rise, however a mortgage will be easier to secure for an average homebuyer. The rising rates will force lenders to loosen their lending standards. There was also a new federal rule that came into play in early January affecting mortgage standards.

What will real estate be like in five years?

The National Association of Realtors classified 2013 as a low inventory year, however it is projected that available home numbers have rebounded, allowing buyers a better selection and opportunity. This is only going to improve over the next five years according to current rising trends.

Fading Foreclosures

The increase in inventory will give way to a decrease in foreclosures. Between November 2011 and November 2012, when inventory was at a high point, mortgage delinquency rates fell from 7.83% to 7.12%. It is projected that in the next five years those rates will continue to decline.

Why Buying is Cheaper Than Renting

Posted on May 31, 2014

In a report released by Trulia earlier this year, it was found that it is still cheaper to pay a mortgage versus paying rent. Over 100 of the largest metropolitan areas were surveyed, and renting was nearly 40% more expensive than purchasing and making payments on a home.

Even with home prices on the rise, low mortgage rates have made payments manageable, and in most cases less than a monthly mortgage payment for the same space. In fact, mortgage rates would need to rise by over 10% in order for renting to be cheaper than buying, and rates haven’t been that high in over 18 years.

It is also important to keep in mind that purchasing a home is an investment, rather than simply a monthly housing cost. Although home price fluctuations have widely varied in the past decade or so, forecasts look good for the housing market overall in the coming years.

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.