Keep your home remodel safe and stress free

NORFOLK, VA, Jun 24, 2013—Remodeling your home can be overwhelming. After planning out your project, hiring your contractor or builder, and laying out the dates and details, then the real work begins as your home is turned into a construction zone. Below are a few tips to remain safe and stress-free in a possibly chaotic environment.
Plan ahead. “Since your home will become a worksite once the remodeling begins, inconveniences will arise that can be minimized with a little planning,” says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty . Begin by having a frank discussion with the contractor to set guidelines and develop a clear understanding upfront about the various project stages and the processes involved.
Talk, for example, about where building materials will be stored, how to best protect your belongings from dust and debris, areas of your home that will be off limits to workers and whether you will need to vacate the home for any reason over the duration of the work.
Relocate essentials. If a kitchen or bath will be out of commission, plan accordingly. “It’s okay to move the refrigerator, microwave and toaster oven to the basement or another designated area where you can prepare meals to avoid eating out,” Eisenberg notes.
Keep a professional environment. “Have a conversation and lay out rules that dictate how workers can conduct themselves in your home,” Eisenberg suggests. Will they be able to use your bathroom, or should a portable toilet be provided? Will they be prohibited from smoking, playing their radios or using profanity?
Create a safety zone. Finally, remember to preserve a safe haven in your home where you can flee the chaos and dust and attempt to maintain your sanity. This can be one off-limits room, like the living room or bedroom, that is free from construction and still provides an enjoyable atmosphere.
By following these tips, you can help assure that your construction experience will be as stress-free as possible.

For more information on remodeling, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510,t leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

The top five summer selling and staging tips

NORFOLK, VA, Jun 18, 2013—While the busiest home buying season—spring—is almost behind us, buyers are still searching, and summer is looking like a prime time for selling your house. With a little dedication, you can get your home sold by Labor Day.

Be open – “Having a flexible schedule can make or break your summertime sale,” notes Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. Between vacations and events, it may be hard to find time to show your home.  Buyers may want to stop by first thing in the morning before dropping little Jimmy off at camp, or they may want to swing by after dinner. Be sure to maintain an open schedule for showing, and your home sale will happen much faster.

Focus on curb appeal – This is important in any season, but during summer, your garden is growing faster than you can manage it. “If you don't have time to focus on the outside of your home, consider hiring someone to take care of it during the period your home is listed,” Eisenberg suggests.

Make an outdoor living space - In addition to a well-manicured garden and lawn, your yard should have an outdoor living space, if possible. No need to go install an outdoor kitchen; simply setting a table next to the grill, or some comfortable looking chairs grouped together, will look equally as inviting. “Allow your buyers to imagine themselves spending their summer evenings lounging around your yard,” says Eisenberg. Sold!

Watch the air temp – While we've covered how to make the outdoor of your home inviting, you should also be focused on the interior. Too much air conditioning and your buyers will be shivering all throughout their house tour. No AC? They may be itching to get back out into cool air. Have a comfortable temperature inside, and your showings will be more enjoyable, and successful.

Embrace the season – Go through the home and lighten up any accessories you can; throw pillows, hand towels, curtains and drapes should feel light and bright.  “Decorating for the season helps your potential buyers feel a connection with the space, as it's in sync with the outdoor environment. Think light blues, yellows, and greens,” says Eisenberg.

For more information on selling your home this summer, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

What is a mortgage credit certificate?

NORFOLK, VA, Jun 12, 2013—With the market making a rebound, buyers who had been on the fence are coming to the table to make the best out of mortgage rates before they continue to rise. For those who have been having difficulty qualifying for a mortgage, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty suggests trying for a mortgage credit certificate.

“A mortgage credit certificate, or MCC, makes it easier for eligible buyers to qualify for a mortgage loan,” says Eisenberg. “Offered by many city and county governments, they allow first-time buyers to take advantage of a special federal income tax write-off.”

Under MCC programs, the lender can reduce the housing expense ratio – the percentage of gross monthly income applied toward housing expenses – by the amount of the tax savings. “Normally, lenders reject loans if the housing expense ratio is too high,” Eisenberg explains.

Program requirements for MCCs vary, although most adhere to the following guidelines:

• The buyer must live in the home being purchased with an MCC-assisted mortgage.
• Total household income cannot exceed certain limits.
• The buyer cannot have owned a principal residence within the past three years. This restriction may be waived if a property is purchased within a certain targeted area.
• The purchase price must fall within an established limit.

“If you are interested in applying for an MMC, call your local housing or redevelopment agency for more information, or contact your real estate agent,” Eisenberg suggests.

For more information on applying for a Mortgage Credit Certificate, please contact Louis Eisenberg, Prudential Towne Realty,  leisenberg@prudentialtownerealty.com, (757) 572-7244 or www.LouisEisenberg.com

Deferring home maintenance will be costly

Infographic courtesy KCM Blog

How to Short Sale: Chase’s New Process and Timeline

How to Short Sale: Chase’s New Process and Timeline

Buying in a low inventory market

NORFOLK, VA, Jun 04, 2013—The temperature in the real estate market has begun to re-adjust; the hot arena once reserved for buyers has begun to cool, and sellers are again taking the reigns. With many markets now displaying scarce inventory stock, and multiple offers making it even more difficult, it's easy to become discouraged as a buyer. However, just because you may be looking for a home in a low inventory market doesn't mean you need to give up your dream of landing your ideal property. Below are four tips for buying in a low inventory market, provided by Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty.

Be prepared financially

“These days, many agents won't even work with those who aren't pre-approved,” says Eisenberg. Additionally, it would be heart-breaking to find that dream home only to have someone else buy it while you're going through the mortgage process. Before you even begin looking, make sure all of your finances are in order. This will not only make buyers take you more seriously, but will help speed along the entire process.

Know what you're looking for

From the right neighborhood, to the budget and the number of bedrooms, have a good idea of what you're looking for so you don't waste any time—yours, or your agents.

Act fast

Gone are the days when you could mull over a property, or visit ten homes only to circle back to the first one you saw. “With properties flying fast, if you see a place you like, put in an offer right away,” recommends Eisenberg.

Be aggressive

If you see something you like, be sure to act not only fast, but smart. Putting in an offer may not be enough. “If you can buy in cash, this is more appealing to sellers,” says Eisenberg. “Don't have the cash? Another trend that is hot right now is writing a “love letter” to the sellers.” Tell them exactly why you love their home, and tell them a bit about yourself and your family. New baby on the way? Go into detail about how their extra bedroom would be the perfect nursery, and how you can really see your child playing in their big back yard with that maple tree just perfect for a swing. “Make them see you as a person and not just a name on a page, and you have a better chance of winning them over,” says Eisenberg.

For more information on buying in a low inventory market, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

How to pick the right home mortgage lender

NORFOLK, VA, Jun 03, 2013—For many borrowers, the challenge is not merely finding a lender. It’s sorting through the confusion of banks, brokers, online lenders, and more to find the right lender. With so many options, it can be confusing and challenging to find the best deal, or a company that you trust. Below are a few pro tips, offered by Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty.

1. Talk with your agent
“It’s always a great idea to ask your agent for lender recommendations,” says Eisenberg. “While some brokerages have affiliations with specific lenders, most professionals will suggest several credible lenders, not just their in-house option.” And because the lender they recommend wants to keep a good relationship with the agent who is sending them referrals, they will most likely take great care of you.

2. Contact the lender before you fill out an application
Before you spend a ton of time filling out an application, call or visit your local bank to talk with someone one-on-one.

This will give you great insight before you even begin the paper work. How do they treat you? Is their customer service up to par? Are they pressuring you into filing an application?

There’s no point in pursuing a lender that doesn’t make you feel comfortable, so why waste time with an application?

3. Turn the interview tables
After your application is submitted, you will be asked to have an interview. Interviews are always nerve wracking, whether they’re for a new job, or a new loan. But take this opportunity to ask the lender any and all of the questions you may have.

“While you want to be approved, you also want to make sure you’re making the right lending choice, so don’t be afraid to turn the tables a bit in the interview,” explains Eisenberg. Not sure what to ask? Eisenberg suggests a few of the following questions:

• How long will it take to process my loan application?
• What is the minimum down payment required?
• What might delay my approval?
• Do you offer loan rate locks?
• Is there a prepayment penalty?
• What are the discount points and origination fees?

4. Study rates, points and fees

“When comparing lenders, there are three things you can whittle your attention down to: rates, points, and fees,” Eisenberg says. “Things like taxes and insurance won’t vary too much from lender to lender, so these aren’t as important.” However, rates, points, and fees can differ greatly from lender to lender, and the numbers all affect one another, so be sure to pay close attention and calculate carefully.

For more information on finding the right lender, please contact ,Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510 at leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com.