Homes in the DC market have experienced at least one price reduction since the beginning of Dec. 2009. This price reduction is the lowest for the year. The total amount slashed dropped from $28.1 billion to $24.7 billion. What does this mean? Great deals for potential buyers in the area!

Arlington, Va., has a 28 percent increase in price reduction. Looking for deals? Here are the areas, in our neighborhoods, with price reductions in December:

• Washington DC: 1,070 properties
• Arlington: 200 properties
• Fairfax: 131 properties
• Alexandria: 388 properties
• Falls Church: 124 properties

With the extension of the $8,000 first-time home buyer tax credit for potential buyers, the opportunity is perfect for those couples thinking about buying a new home for the upcoming 2010 year in the DC area.

“Values of property will eventually become stable and start to soar in the area but this will be another year for the buyer or investor in real estate,” said Steve Tavenner of PillarPropertyForSale.com. Potential buyers need to be aware contracts must be signed no later than April 30 to take full advantage of this extension of the first-time home buyer credit.

Many potential buyers and investors have become leery of banks and their particular practices. Well, there is the option of a mortgage broker. A mortgage broker is independent from any specific lender. Precision Funding has access to several different lenders and many loan programs for first-time home buyers. Also, mortgage brokers are able to shop for the desirable interest rate for you.

There are numerous financing options for potential first-time home buyers. Traditional banking institutions are limited to the number of financing avenues for people, who wish to be first-time home buyers. They still have many strict guidelines they must adhere to and excludes many deserving individuals from purchasing a home.

The key article for couples and individuals who are considering purchasing a home is to have their questions and concern ready for their realtors, according to Tavenner. “We at Pillar Property Group encourage these potential buyers to think of questions or concerns of the properties we show. This will allow us be able to place them in the home they have always wanted.”

“I have recommended Precision Funding to all of my potential home buyers,” said Tavenner. Precision Funding can explain the various options for the first-time home buyer, who is unsure how to navigate the fiscal language of financing a home.

“The USDA loan program is an option for those looking for 100 percent financing. The USDA program will finance 100 percent of the amount need to purchase your home minus the closing costs needed for the sale. The good news is the closing costs can be paid for by the seller of the property,” said TJ Noye of Precision Funding.

The closing costs allowed to be paid by the seller can not exceed 6 percent of the sale rice. “If you have a property that is selling for $100,000, the seller can contribute or pay the closing costs in the amount of $6,000. If the closing costs are $6,500, you will have to bring to the table $500 dollars of your own money,” said Noye.

FHA program is another good option and is an insured loan. With this option, you will be able to receive financing in the amount of 96.5 percent of the purchase price. “Like in our previous example, you will receive financing in the amount of $96,500 on the same property selling for $100,000. The remaining $3,500 will be your remaining down payment. Again like the USDA program, you will be able to have the seller pay for up to 6 percent of the closing costs that you gain from the sale,” said Noye. FHA also ensures affordability by supplying lower interest rates. The rates are currently fixed in the low 5s.

The key article for couples and individuals who are considering purchasing a home is to have their questions and concern ready for their realtors, according to Tavenner. “We at Pillar Property Group encourage these potential buyers to think of questions or concerns of the properties we show. This will allow us be able to place them in the home they have always wanted.”

Article Source:http://www.articlesbase.com/real-estate-articles/take-advantage-of-the-price-reductions-in-the-dc-home-market-while-you-can-1650134.html

With the extension of the tax credit for first-time home buyers, this is the time more than ever to be a prudent and a smart comparison home shopper when considering the purchase of a new home. These are only suggestions from Pillar Property Group and suggest you to develop your own questions before speaking with a realtor.

1. Find out how much you can afford, and stay within your budget.

Don’t overreach. Forget, the mansion on the hill if it’s beyond your means. Focus on finding something that will offer affordable monthly payments and a debt load you can handle.

2. Remember: Shop around for the right rate.

When buying a home, remember to shop around, to compare costs and terms, and to negotiate for the best deal. Your local newspaper and the Internet are good places to start shopping for a loan. You can usually find information both on interest rates and on points for several lenders. Since rates and points can change daily, you’ll want to check your newspaper often when shopping for a home loan. But the newspaper does not list the fees, so be sure to ask the lenders about them.

3. Do your homework.

Buyers need to research their potential new home and neighborhood as thoroughly as possible. Thankfully, a lot of that work can be done from your bedroom or office computer.

The National Association of Realtors says 84% of buyers use the Internet to help them find a home. Do not be part of that other 16%. You’ll find the Net is packed with resources about cities, neighborhoods, crime statistics and school districts. Local bloggers can give today’s homebuyers insight into everything from pricing trends to who’s feuding with a neighbor down the block.

4. Visit the neighborhood.

Rich as the information on the Internet is, it’s no substitute for showing up. Experts suggest repeated visits to your neighborhood of choice, so you can check out homes for sale and attend open houses. Walk around. Shoot the breeze with the neighbors. Visit the community several times at different times of day.

“Walk it, smell it, hear it!” At 3 p.m., maybe your lawn will be overrun with kids getting off school. At 10 p.m., there could be a club that’s only open at night playing loud music.”

5. Don’t be afraid to haggle.

How low can you go? Real-estate agents say it all depends on the pressures facing the individual seller. Some of those pressures are related to particular locations — towns go up and down in appeal — and some have to do with the individual’s situation. Broadly speaking, if ever there was a buyer’s market, this it.  At least negotiate a few additional amenities.

6. Buy in a district with good schools.

In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

7. Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing — in exchange for a lower interest rate. If you stay in the house for a long time — say three to five years or more — it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.

8. Then you should look out for comfort and beauty.

That is, make a wish-list as to what are the things you want in your home. For example, if you need a driveway or not, if you need a fenced yard or not, etc. While buying a home, you should think on a long term based on the probable family growth, as you would be buying it for your rest of the life and not for today. You should consider comfort and beauty as you would want to be a proud owner of the home you are buying, which you won’t hesitate to show-off to your lover, friends, colleagues, boss, and all the important people in your life.

9. Do your homework before bidding.

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking.

10. Hire a home inspector.

Sure, your lender will require a home appraisal anyway. But that’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road. However, repairs are minor and you can repair yourself you could save some money.

Article Source:http://www.articlesbase.com/real-estate-articles/our-recommended-10-points-to-consider-when-looking-at-homes-1650141.html

If you are looking for excellent and elegant properties in the city, look no further than Miami luxury homes. From immense square-footage to diverse locations, these homes are the most desirable properties in the city. And buying them isn’t tedious, too, because even if you’re a first-time homebuyer, you could easily access the city’s high-end market with the right information. 

First, you have to think about hiring someone who specializes in handling Miami luxury homes. Agents who are knowledgeable and experienced in dealing with traditional and average real estate properties may not be suitable for high-end homes. There are simply several things to consider and less market listings freely accessible for buyers. With an agent who knows the ins and outs of the luxury housing market, however, you could easily address several issues regarding the purchase and gain hold of other luxurious properties. 

Once you get your buyer, don’t try to quicken the home-buying process. As much as possible, take time looking into several Miami luxury homes to help you choose the right property better. You might want to ask your agent for additional listing of properties to widen your option. There are simply a lot of luxury estates in Miami and not all are listed publicly. 

Another area where you need to take extra time concentrating is the walkthroughs. Whenever you are visiting a luxury property, make sure that you focus on every detail. These properties are vast, so expecting to finish the walkthroughs in an hour or so may not be enough to cover everything within the house. Instead, use one day to look at least two luxury homes for sale. 

Also, in order to help you limit your choices better, remember to list your needs and wants, especially with the neighborhood of choice. There are several neighborhoods in Miami that offers luxury properties. You could easily seek for the right home if you consider driving by or checking out the homes in such neighborhoods. And one way to determine them is through research. 

Your priorities also take an important role in choosing Miami luxury homes. Aside from the basic rooms of the house, you should also think about special amenities that the property offer. Always make sure that you know just what you want a house to have. If, for instance, you want a home theater, limit your choice to properties with such a facility. Most importantly, make sure that you choose wisely. This is a major purchase, and it requires plenty of time for making decisions. 

Mark Michael Ferrer 
Miami Luxury Homes

Article Source:http://www.articlesbase.com/real-estate-articles/the-beginners-guide-in-buying-miami-luxury-homes-1650923.html

As a homeowner, you may be considering the purchase of a home warranty.  However, do not mistake a home warranty for homeowners’ insurance because you insurance covers theft, fire and natural disaster damager repair or replacement costs.  A home warranty generally covers the mechanical, plumbing and electrical systems and the structural integrity of the home. 

Newly-built homes will have a builder’s warranty covering the above mentioned systems and the structural integrity.  The warranty is generally two years on the systems and it can be up to ten years on structural integrity.  As far as your appliances are concerned, they are generally covered by a manufacturer’s warranty.

When the warranties begin to expire, homeowners begin to think about home warranties as a way of protecting themselves from the expense of major repairs.  Home warranties generally cost $300 to $600 and that cost must be considered against what it would cost to hire an electrician, plumber or contractor to conduct repairs.

As a homeowner, you could actually save thousands of dollars if your house should need a major repair and you have a home warranty.  This, of course, is one of the main advantages of having the warranty.  The warranty is an annual, renewable contract on a specific home.  If your heating or electrical systems fail, you have the assurance of a warranty.  You simply call the warranty company and they will come out and do the repair for the agreed upon deductible in the contract.

It is important for you to find out how much you have to pay as a deductible and what is actually covered.  Items such as spas, hot tubs and swimming pools are not generally covered and you have to pay an extra fee if you want them included in the warranty.  Having to pay extra for items that are not covered is an obvious disadvantage. 

Another disadvantage to having a home warranty would be if you are a hands on type of person and you like to perform preventive maintenance on the home.  Preventive maintenance will make your home last much longer, as will taking care of your home appliances.  If you perform regular maintenance and take care of the appliances, that means you are not likely to use your home warranty.  While one service call can save you thousands of dollars if you have a home warranty, not using your home warranty means that you are needlessly spending hundreds of dollars.

In the end, you have to decide whether it would be a good idea for you to get a home warranty.  You have to consider the age of your home, whether the original warranties are expiring or have expired and the general condition of your systems and the structure of your home.

If the home is fairly new and everything is well-maintained and sound, you may not need a home warranty.  On the other hand, if the home is old and you can see that things are going to begin to break down, it may be prudent to purchase a home warranty.  If nothing else, a home warranty will give you peace of mind knowing that things are covered if the need for a major repair should arise.

If you are looking for great real estate, take a look at <a rel="nofollow" target="_blank" href=" San”>http://sandiegocommunityguide.com/”>San Diego Community Guide, <a rel="nofollow" target="_blank" href=" New”>http://nhhomeblog.com/”>New Hampshire Real Estate Information and Maryland Community Blog and Listings.

Article Source:http://www.articlesbase.com/real-estate-articles/weigh-pros-and-cons-of-home-warranties-before-purchasing-one-1650334.html

Short sales can be a financial blessing for homeowners facing foreclosure. While it can be emotionally painful to walk away from your home, it is important to look on the bright side. Realize any house can be made into a home. If you have fallen behind with mortgage payments, short sales can release you from financial obligations and allow you to avoid foreclosure.

Short sales are sometimes available to borrowers who are delinquent on their mortgage note agreement, but not yet entered into foreclosure. The term, ’short sale’, literally means lenders will accept less than the balance owed. When properly negotiated, homeowners can return their home to the bank and walk away without owing additional funds.

In order to enter into a short sale agreement, borrowers must contact their bank’s loss mitigation department. Borrowers are required to submit financial documents to determine if they meet short sale eligibility requirements. While eligibility criteria vary by lender, most banks require the following financial documents:

• Financial statement detailing income and expenses
• Short sale hardship letter
• Current and previous years’ tax returns
• Realtor listing agreement or sales contract
• Estimate settlement statement (HUD-1)
• Verification of buyer’s financing – cash or prequalified loan documents

To obtain short sale approval, borrowers are not allowed to have accrued home equity and must owe more on their home mortgage than the appraised property value. Short sales are complicated and confusing. It is recommended to work with a realtor or short sale specialist who can assist in short sale negotiations.

Two types of short sales are offered. The first is referred to as Payment in Full without Pursuit of Deficiency Judgment and releases borrowers from owing additional funds. Not all lenders utilize payment in full agreements. Instead, they issue deficiency judgments for the difference between the sale price and loan balance.

If the borrower owes $150,000 and the bank accepts $130,000, the borrower is responsible for the $20,000 deficiency. When homeowners are unable to pay the deficiency in full, lenders take out a judgment which is reported to credit report bureaus. Short sale deficiency judgments remain on credit reports until the debt is fully satisfied.

Short selling is reflected on credit history, but is not quite as damaging to your FICO score as foreclosure. It is important to do everything possible to improve credit scores. Minimize credit card spending. Consistently pay bills on time. Individuals able to get back on track can qualify for a home mortgage loan within a year or two.

It is wise to become educated about real estate short sales. The more you know, the better prepared you will be. Work with realty professionals who specialize in short selling. Doing so can help you obtain the best deal and incur less damage to your credit rating.

Real estate investor, Simon Volkov, has successfully completed over 400 short sales transactions. He is the author of Short Sale Hardship Letter ebook Course and has published thousands of real estate and personal money management articles. Simon is currently buying short sale real estate in Washington, Nevada, Arizona and southern California. Homeowners are welcome to submit property information via the “we buy houses” form at www.SimonVolkov.com.

Article Source:http://www.articlesbase.com/real-estate-articles/short-sales-selling-your-house-for-less-than-you-owe-1650698.html

Foreclosures are not the only real estate properties that could be auctioned; Miami homes for sale, especially those expensive ones, can also be auctioned off. If your property has been sitting in the market for too long, auctioning it off is a great alternative. Here is a brief overview of how the process is done.

Finding an auctioneer 

First, you should find an auctioneer for your Miami homes for sale. Find someone who can immediately help you qualify for an auction. There are several auction houses to choose from and one way to spot a good auctioneer is to attend some. If you spot a person you think is right for you, send a proposal letter, which will include your marketing method. And if you want to learn more about the auction process, enroll in some free auction seminars that offer education to new comers. This is an excellent way to get some useful information. 

Research the process 

There are a lot of things that go on with auctions. Like mentioned, one way to know more about the process of auctioning off Miami homes for sale is to attend auction seminars. Another way is to ask other home sellers who have successfully auctioned off their homes. Many sellers in this arena belong to the high-end market. Since it’s hard to sell an expensive property, auction is their great alternative to traditional home sale. Look at the properties that have recently sold and if you have access to an agent knowledgeable in the process, he or she would be an excellent source of information. 

Set the value and bidding method 

Pricing is also an important part of auction. Basically, you set the price for your property as well as how the bidding process will commence. Absolute and reserve are two of the most well-known bidding process. The first creates the most frenzy since high bid instantly warrants a win. On the other hand, the reserve method will give you total control on the final sale. Even if you don’t get a high bid, you can still say when to stop. 

Cooperate with your auctioneer 

Cooperation is crucial to make auctioning off Miami homes for sale successful. You must get all the necessary requirements settled beforehand in order to get the auction moving. If you need home inspection or other due diligence responsibility, be sure to settle all of those before the auction day. 

Mark Michael Ferrer 
Miami Homes for Sale

Article Source:http://www.articlesbase.com/real-estate-articles/auctioning-miami-homes-for-sale-the-right-way-1650859.html

For first-time homebuyers looking for great deals in the Coral Gables real estate market now is the best time to purchase a home. Plenty of real estate properties are becoming more and more affordable even for those who haven’t experienced homeownership yet. And if you are looking for help finding the right starter home, here are some tips to help you get started.

Setting your priorities 

First, know what you need and set your priorities straight. Before you find the right Coral Gables real estate property you should first know what you are looking for, and you can do so by creating a list of your needs. State the reasons for your planned homeownership. What are the things that you need the home to feature or have? How important is location? And most importantly, are you ready to own a home? 

Accepting the responsibilities 

Owning a Coral Gables real estate property for the first time is huge responsibility. You have to face a lot of obligations both in owning and maintaining the home, especially the latter. Aside from knowing if you can afford the property, you also need to know if you can afford the repairs and upkeep. As a good baseline budget for the repairs and maintenance, setting aside at least 3 percent of the entire home value is a wonderful option to keep you covered for at least one year. 

Also, your duties as a homebuyer should also be acknowledged. From culling the necessary financial documents to finding the right loan term, you should be ready to face the often tough road of buying a home. Fortunately, you could easily achieve your goals by assembling a team of professionals or, at least, hiring a reliable real estate agent. 

Know how much you can afford 

Financing is an integral part of buying a Coral Gables real estate home. But the first part of the financing process is to determine whether you can afford a property. An excellent way to know how much a property you can afford is to get GFEs or Good Faith Estimates from different lenders. This will give you a good enough preview of the fees involved in the home-buying process. Also, getting quotes from the lenders is also helpful. Be sure to all the necessary documents ready, which will include your recent pay slip and credit report. 

Mark Michael Ferrer 
Coral Gables Real Estate

Article Source:http://www.articlesbase.com/real-estate-articles/finding-a-starter-home-in-coral-gables-real-estate-market-1650870.html

It’s against the law to deny renters an apartment on the grounds of race, gender, religion and other reasons that basically discriminate. While landlords could deny you rent if your application isn’t backed up with the right financial records, denying you just because you’re black or Asian or any other discriminating reasons is against the law. If you are looking for a Miami rental property, be sure you know how to spot illegal steering tactics to get the unit you want.

Outright discouragement 

Any eager Miami rental property landlord will point out the positive features of their property. Even if warning signs are obvious, they will still impress upon you how good a catch their apartment really is. Not all, though, because those who usually want to turn you away but cannot due to legal reasons, discourages you from renting the property. Instead of pointing out the selling features of the property, the landlord will most likely focus on the negative aspects of the building or, worse, the entire neighborhood. If you find nothing wrong, however, suspect illegal steering. 

Using other tenants as an excuse 

Another way of spotting illegal steering when looking for Miami rental property is when the landlord points out the disadvantages of living with the current tenants. The landlord will basically or surreptitiously tell you that you cannot live comfortably with the other tenants or will not be compatible with them. On the other hand, this would be valid if the most of the tenants likely to crank up the volume of their T.V. sets all night and you’re looking for a quite place. However, if not, and you feel like you’re being steered away from the building illegally, press your warning button and report to the right authorities. 

Suggesting a certain floor of the building 

You have the freedom of choosing the unit you want to rent. If there are several others and the landlord tries to cajole you into renting another you’re not keen about, this might be a sign of illegal steering that falls under the ‘segregation’ category. 

Although the Miami rental property landlord doesn’t have any issue renting out the apartment to different types of people, obvious and unlawful segregation by putting certain types in one floor or section is not acceptable. You must remember to choose the unit you want regardless of the floor. Also, don’t forget to keep your options open because once you verify illegal steering, it might leave a bad taste in your mouth and make you not want the apartment anymore. Having a backup plan in this instance is important. 

Mark Michael Ferrer 
Miami Rental Property

Article Source:http://www.articlesbase.com/real-estate-articles/how-to-spot-illegal-steering-when-looking-for-miami-rental-property-1650892.html