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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.

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.

Living The Dream After Foreclosure

Posted on February 20, 2014

Many Americans saw their dream of owning a home shatter, once they had a foreclosure or short sale on their record. But the dream is alive again thanks to changes in Federal Housing Administration guidelines and updates in the Fannie Mae loan approval system.

Homeowners used to have to wait seven years to be cleared of a foreclosure. Now that period has been dramatically reduced to just one year. More homeowners are now eligible for a mortgage sooner, so they can return to living in a home they own.

To be eligible, a borrower must have suffered a specific financial event during the recession that, through no fault of their own, caused them to lose their home. Borrowers must also have a good credit rating with only the foreclosure or short sale affecting the score. People who were upside down on their home and simply walked away won’t qualify for a mortgage.

The best way to find out if you are eligible under these new guidelines is to make an appointment with a lender. Experts also advise buyers to be more cautious with a new mortgage, taking on payments that are comfortable and affordable. Those who have been out of the market for a few years may be surprised at how home prices have risen in some markets. Working closely with an agent from Mel Foster Co. will help you find a home with a mortgage you can afford and get you back to living your American dream.

Wanted: Your Home

Posted on June 27, 2013

Now is an ideal time to list your home for sale because there are many buyers, but not enough homes for sale. This means you can get a higher selling price now that the market is in the seller’s favor.

Interest rates are still low which encourages homeowners to move. More competition is always good for sellers who may be in a position to review multiple offers. Sometimes a bidding war can break out, driving the final sales price up higher than the listing price.

According to James D. Shilling from DePaul University’s Institute for Housing Studies, the seller’s market is driving home prices up higher. This helps homeowners with negative or low equity to make more money from a sale and eases the burden of being upside down on their home. This gives the seller a chance to enter the market as a buyer when interest rates are near record lows.

Shilling predicts rates will stay low through 2013 and most likely into 2014. But the interest rates won’t stay low forever. When rates do rise, homeowners won’t want to sell their homes and lock into a new, higher interest rate. This shift means fewer buyers and lower offer prices for your home.

It’s a sweet time to be a seller. Contact a Mel Foster Co. agent about listing your home and take advantage of the market conditions.