Awhile back I was introduced to a web site called Houzz.com and I have to say I'm hooked. The site is a collection of almost 2,000,000 photos of houses, gardens, specific rooms, pools, furniture, and the list goes on and on. In my opinion, the best option for viewing Houzz is through their mobile app on the iPad.
So here's how it works. You can scroll through the pictures and if you see something you like, just click on the picture to enlarge it. When you click on the picture, there is a "More Info" button that will give you ..... well, more info. Ask a question and many times the designer will send an answer. On many of the pictures you will find a dangling green tag. Click on the tag and product information will come up telling you where you can purchase the item.
Another great feature to the site is that you can create your own idea books. Just save the pictures to your idea book for future reference. You can even share your idea books with friends who have profiles on Houzz.
Need a decorating idea? Just go to the "Ask the Community" tab and submit your decorating dilemma to the Houzz community and you will get tips and solutions from other people. Looking for a specific product? Just click on the "Products" tab to find exactly what you are looking for, where to buy it, and what it costs.
What I like most about Houzz is that it shows you the possibilities for decorating your own home, condo, or apartment. Sometimes the "wow" is in the details. And Houzz gives you ideas for creating the "wow" factor in your own residence.
Experience it for yourself by going to www.Houzz.com and start creating your own idea books. But be prepared to stay for awhile. I'm sure you will be hooked as well.
For more information about the current real estate market, visit our web site at www.MayWallTeam.com.
Friday, August 23, 2013
Thursday, August 1, 2013
Are You Ready to Buy a House?
Cue Michael Buffer yelling, "Are you ready? Let's get ready to rumble!"
Buffer's is a fitting soundtrack for the homebuyer in a seller's market, trying to prevail in catching the seller's attention. The better equipped with knowledge you are, the better your offer will look to the current owner of what you long to possess: the home of your dreams.
Let's take a look at a few ways to get prepared to purchase a house.
The highest credit scores garner the lowest down payment requirements and lower house payments. Homebuyers with scores under 620 will find it a challenge to obtain financing and, if they do, they'll pay a higher rate.
You are entitled to a free copy of your credit report once a year. Make sure you order the reports at AnnualCreditReport.com, the only site authorized by the federal government.
When you get your reports, either online or in the mail, go over them, looking for mistakes or anything else you can challenge. It is not at all unusual to move your score up dramatically by disputing and having the agency remove even one negative entry from your credit report.
Lenders determine how much they will loan by using what is known as a debt-to-income ratio (DTI). To determine where you are right now, add up all your monthly payments, including auto loans, credit card payments and any other debt. Don't forget to add in your current mortgage or rent payment.
Divide the sum of your monthly debt payments by your monthly gross (before tax) income and then multiply that result by 100. This is your DTI, expressed as a percent.
What is considered an acceptable DTI varies by lender, but they typically want to see it no higher than 36 percent.
If you find that your DTI is on the high side, pay off some bills or increase the amount you pay each month to bring down the balances. Also, don't take on new debt as this will negatively impact both your DTI and, possibly, your credit score.
Loans from the Veterans Administration and USDA have no down payment requirements. FHA, on the other hand, requires 3.5 percent of the purchase price as a down payment, unless your credit score is between 500 and 579, in which case expect to put 10 percent down.
For a conventional loan, you'll need at least 20 percent of the purchase price as a down payment on the house. Again, more is better – the more cash you put down, the better the interest rate. The amount of the down payment may also determine whether or not you'll have to pay for private mortgage insurance.
Don't forget about closing costs as you save – those are all those fees that can pack quite a wallop at the closing table. Some of the fees are negotiable, and the total varies. Use 3 to 4 percent of the loan amount as a ballpark figure
In many parts of the country investors are snatching up any house that's in decent condition and reasonably priced. Because they typically offer cash, their offers are the cream of the crop to home sellers looking for a clean transaction and a quick close.
Investor offers are mighty hard to compete against – especially if you go into the process unprepared.
When you look over a standard purchase agreement you'll notice a section regarding financing. It will typically state that the buyer has so many days to obtain a mortgage at specified rates and terms. If the buyer hasn't been pre-approved by a lender for a mortgage, there is always a chance that he won't qualify for a loan.
A savvy home seller knows this. Faced with multiple offers on his home, he isn't about to go under contract with a buyer who is a gamble.
Rule number one, then, when considering the purchase of a home, is to see a lender to get your mortgage preapproved. No, this doesn't put you ahead of an investor with cash, but it puts you in front of other buyers who don't have their financing arranged.
As you get closer to finalizing the first steps toward buying a home, it's time to determine just what it is you want. One story or two? Condo or single-family home? Urban or rural? Determine how many bedrooms and bathrooms you simply must have and any other features that you can't live without.
There is absolutely no reason to not hire an agent when purchasing a home. The commission is paid by the seller at the close of escrow, so the services cost you nothing. Not a bad price to pay for expert representation by someone who is legally required to protect your interests.
A good real estate agent is, overall, available to show you homes at your convenience. He or she is also familiar with the areas you've chosen for your house hunt. The right agent will follow your wish list to the letter, not wasting your time showing you homes that don't fit your criteria.
Congratulations on your decision to buy a home.
Information provided by Market Leader
Buffer's is a fitting soundtrack for the homebuyer in a seller's market, trying to prevail in catching the seller's attention. The better equipped with knowledge you are, the better your offer will look to the current owner of what you long to possess: the home of your dreams.
Let's take a look at a few ways to get prepared to purchase a house.
Check Your Credit
The highest credit scores garner the lowest down payment requirements and lower house payments. Homebuyers with scores under 620 will find it a challenge to obtain financing and, if they do, they'll pay a higher rate.
You are entitled to a free copy of your credit report once a year. Make sure you order the reports at AnnualCreditReport.com, the only site authorized by the federal government.
When you get your reports, either online or in the mail, go over them, looking for mistakes or anything else you can challenge. It is not at all unusual to move your score up dramatically by disputing and having the agency remove even one negative entry from your credit report.
Pay Your Bills
Lenders determine how much they will loan by using what is known as a debt-to-income ratio (DTI). To determine where you are right now, add up all your monthly payments, including auto loans, credit card payments and any other debt. Don't forget to add in your current mortgage or rent payment.
Divide the sum of your monthly debt payments by your monthly gross (before tax) income and then multiply that result by 100. This is your DTI, expressed as a percent.
What is considered an acceptable DTI varies by lender, but they typically want to see it no higher than 36 percent.
If you find that your DTI is on the high side, pay off some bills or increase the amount you pay each month to bring down the balances. Also, don't take on new debt as this will negatively impact both your DTI and, possibly, your credit score.
Save Your Money
Loans from the Veterans Administration and USDA have no down payment requirements. FHA, on the other hand, requires 3.5 percent of the purchase price as a down payment, unless your credit score is between 500 and 579, in which case expect to put 10 percent down.
For a conventional loan, you'll need at least 20 percent of the purchase price as a down payment on the house. Again, more is better – the more cash you put down, the better the interest rate. The amount of the down payment may also determine whether or not you'll have to pay for private mortgage insurance.
Don't forget about closing costs as you save – those are all those fees that can pack quite a wallop at the closing table. Some of the fees are negotiable, and the total varies. Use 3 to 4 percent of the loan amount as a ballpark figure
Arrange Your Financing
In many parts of the country investors are snatching up any house that's in decent condition and reasonably priced. Because they typically offer cash, their offers are the cream of the crop to home sellers looking for a clean transaction and a quick close.
Investor offers are mighty hard to compete against – especially if you go into the process unprepared.
When you look over a standard purchase agreement you'll notice a section regarding financing. It will typically state that the buyer has so many days to obtain a mortgage at specified rates and terms. If the buyer hasn't been pre-approved by a lender for a mortgage, there is always a chance that he won't qualify for a loan.
A savvy home seller knows this. Faced with multiple offers on his home, he isn't about to go under contract with a buyer who is a gamble.
Rule number one, then, when considering the purchase of a home, is to see a lender to get your mortgage preapproved. No, this doesn't put you ahead of an investor with cash, but it puts you in front of other buyers who don't have their financing arranged.
Make up Your Mind
As you get closer to finalizing the first steps toward buying a home, it's time to determine just what it is you want. One story or two? Condo or single-family home? Urban or rural? Determine how many bedrooms and bathrooms you simply must have and any other features that you can't live without.
Hire a Real Estate Agent
There is absolutely no reason to not hire an agent when purchasing a home. The commission is paid by the seller at the close of escrow, so the services cost you nothing. Not a bad price to pay for expert representation by someone who is legally required to protect your interests.
A good real estate agent is, overall, available to show you homes at your convenience. He or she is also familiar with the areas you've chosen for your house hunt. The right agent will follow your wish list to the letter, not wasting your time showing you homes that don't fit your criteria.
Congratulations on your decision to buy a home.
Information provided by Market Leader
Friday, October 5, 2012
Own This House For Under $1,000 Per Month
We have a client that just went under contract to purchase a home and we couldn't believe how low his payment is going to be. But I'm looking at the estimated payment provided by the lender and it's true. Now to protect our client's privacy, the picture in this blog post is a home that the May-Wall Team sold earlier this year in the same neighborhood as the home just purchased by our client. Same builder, same neighborhood, very, very close in price and just down the street.
But here's the deal. Our client has been preparing to purchase this home for about a year now. He has saved up for his down payment and will be able to pay 20% down. By paying down a substantial amount, he avoids having to escrow taxes and insurance. Rather than give that money to his lender as part of his monthly payment, he can keep those funds until they are due to be paid. Thus earning interest on those funds for the entire year. Also, he doesn't have to pay a mortgage insurance premium (PMI) to the lender. PMI is an added cost that you pay to your lender if you finance greater than 80% of the purchase price. Lenders require this because the buyer is considered a higher lending risk.
The biggest impact on his low monthly payment though is that his interest rate is 3% over 30 years. Can you believe that? 3%!!! The annual interest alone is less than the cost of renting an apartment for the year. Actually it's about 3 times less than what he would pay in rent.
Our client's new home is 4 bedrooms, 3 bathrooms, with a study and formal dining room and is almost 3,000 square feet of beautiful.
So I know what you are thinking....I don't have 20% to pay down on a house. Well, you might be surprised how fast you could come up with that down payment if you really put your mind to it. How badly do you want it? Maybe all you need is a plan. Wanna talk about it? Just give me a call. I'll be happy to discuss some steps you can take now to get into that home of your dreams when the time is right.
Friday, April 13, 2012
HGTV Debuts New Show For Single Women
I am so excited. I just read that Sandra Rinomato will debut her new show "Buy Herself" on HGTV on April 16th. The show will center around single women purchasing a home all by herself.
Ms. Rinomato is a real estate broker in Toronto who first brought her real estate expertise to the small screen in her show "Property Virgins" in which she helps first-time homebuyers make that first home purchase. "I wasn't guaranteed to get that paycheck every Friday, so that was an issue for me," Ms. Rinomato said in an interview. "When I bought a house completely on my own after a breakup, I was used to having a dual income; and then all of a sudden, that extra person wasn't there anymore."
Ms. Rinomato is a real estate broker in Toronto who first brought her real estate expertise to the small screen in her show "Property Virgins" in which she helps first-time homebuyers make that first home purchase. "I wasn't guaranteed to get that paycheck every Friday, so that was an issue for me," Ms. Rinomato said in an interview. "When I bought a house completely on my own after a breakup, I was used to having a dual income; and then all of a sudden, that extra person wasn't there anymore."
I can’t
think of anyone better than Sandra to take on this new show. I’ve watched her over the past few years on
HGTV and she has great skill in helping to guide prospective homeowners through
the buying process. With her experience
as a single female homebuyer I think she will bring valuable information to
single women out there who are contemplating taking the plunge.
I hope
you will join me in watching the first episode on HGTV at 9:00 P.M. Central
Time on April 16th. And feel
free to let me know what you think of the show.
Posted by Monte Wall
Broker Associate @ Keller Williams Premier Realty
Monday, April 2, 2012
You Can Thank Ann Marie
In 1966 Marlo Thomas hit the air waves in the character of
Ann Marie, a single girl living on her own in New York City, facing many of the
struggles that single women today also face.
Not far behind in 1968 was Diane Carroll in the role of
Julia, a widowed mother of a young son, also on her own and succeeding.
Probably most notable was Mary Richards in 1970, a role
played by Mary Tyler Moore. (Who can
forget the theme song? I bet you’re
humming it now.) Mary was a young
professional also living on her own and providing quite well. There was also her single friend, Rhoda
Morgenstern, residing one floor up. Also
a single woman living on her own.
While these characters of the 1960’s and 1970’s may not have
owned the apartments in which they lived, they definitely paved the way for
single women today who want to be independent, strong, and yes, even
fashionable and attractive. There….I
said it. I think women can be all of the
above. In fact I believe that it’s
inside every woman, no matter what her background or current situation, to be
whoever she wants to be. But it doesn’t
come easy and it doesn’t come without sacrifice.
What I really want to focus on in this blog post is that single women can be self-sufficient
and that can lead to home ownership. And
that can be very freeing…liberating if you will. There’s something very special about being in
control of your surroundings. You decide
what color the walls will be, or what flooring you step onto when you get out
of bed, or whether or not your kitchen looks like it belongs to….you name her
(Giada?, Ina? Rachael perhaps?).
I want you to consider the prospect of owning your own
home. It’s not for everybody. Some women don’t want the
responsibility. And that’s OK too. But if the notion of having the American Dream
makes you feel warm and fuzzy inside, then it’s a thought worth pondering.
One significant note as I close this post. These women did not have extravagant, large
dwellings. Their apartments were small but they were cute. Which just goes to show that even if all you
can afford is a studio condo, you can still make it great.
Posted By Monte Wall
Broker Associate @ Keller Williams Premier Realty
Friday, March 30, 2012
Today We Launch
This is the day we have been planning for quite some time
now. This is the day the May-Wall Team
launches a new segment of our business that is geared toward helping single
women buy homes…if that’s what they want to do.
According to information provided by the National
Association of REALTORSÒ,
home ownership by single women is twice as great as that of single men. Generally speaking, home purchases by women
make up about 20% of ALL home sales.
That’s a lot! Single men represent
only 10% of the market. That’s an
interesting fact since women have not fully reached equality on the pay scale with
their male counterparts.
We feel that the single woman prospective homeowner is a
market that has been greatly overlooked in the real estate industry. We want to change that. We want to provide information to single females
that will give them insight into their ability to achieve their dream of home ownership. Knowledge is a powerful thing. Sometimes just knowing that you are capable
of doing that thing you want to do is enough to spur you on to the next step.
So you might be asking, "Just what qualifies you to help
this particular segment of the market?”
Well, experience for one thing. I
got married for the first time when I was 36 years old. I was working in the financial industry from
the time I was 22, had job security, and a good savings. But I was scared to death to take the plunge
into homeownership. It was something I
really wanted to do but just did not have the courage.
When I was single back in the mid-1990’s there was a condo
in the Houston area that I almost bought.
It was going to cost me $60,000 and the payments would probably have
been less than what I was paying in rent.
I was living in that same complex for crying out loud and paying rent of
$600 a month (that was a lot back then.)
Today that same condo sells for between $110,000 and $115,000. At that sales price I would have gotten my investment
back plus some. I didn’t recoup any of
the rent I paid out while I lived there.
Hmmmm. I probably should have
pulled the trigger on that one.
Sometimes playing it safe doesn’t pay off in the end.
I want to help single women buy homes. So my mission is to provide as much
information as I can and to be a resource to single women who currently rent
but would rather own. Whether you are
never-married, divorced, or widowed, I can relate to the challenges you face in
regard to owning a home of your own.
Please send your questions my way.
I’m here to help.
Posted by Monte Wall
Broker Associate With Keller Williams Premier Realty
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