Infographic courtesy KCM Blog
Saturday, June 8, 2013
Tuesday, June 4, 2013
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
Monday, June 3, 2013
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:
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.
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.
Wednesday, May 29, 2013
Selling Your Lux Listing: An Invitation-Only Affair
NORFOLK, VA, May 29, 2013—You're selling your home, and your agent has
suggested you have an invitation-only open house. Is this an idea you should
consider?
This trend in real estate is especially popular for those belonging to a Homeowners’ Association, as they often have limits for such public access, and/or those with luxury properties for sale.
Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty notes that these events also take place when more than one home is for sale in a community, and agents join up with one another to showcase multiple properties at once.
“If your agent suggests an invitation-only open house, this is generally a terrific thing,” says Eisenberg. “While it may seem exclusive, it weeds out any buyers who aren't a good fit, and actually makes it more likely that you will find the right buyer in a timely fashion.”
Why? According to Eisenberg, the buyers invited to your invitation-only open house have been well groomed. They qualify for a mortgage, they are able to secure financing, and they are serious about finding a home similar to yours.
During an invitation-only affair, several buyers will gather and tour several homes in one evening. Sometimes the events are kept simple, but sometimes agents go all out with hors d'oeuvres and champagne.
Presenting multiple homes in one event may seem like it will prevent you from finding a buyer, but this is not the case, says Eisenberg. With several promising buyers viewing several similar homes, it enables you to find the right buyer.
For more information on selling your luxury listing, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com
This trend in real estate is especially popular for those belonging to a Homeowners’ Association, as they often have limits for such public access, and/or those with luxury properties for sale.
Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty notes that these events also take place when more than one home is for sale in a community, and agents join up with one another to showcase multiple properties at once.
“If your agent suggests an invitation-only open house, this is generally a terrific thing,” says Eisenberg. “While it may seem exclusive, it weeds out any buyers who aren't a good fit, and actually makes it more likely that you will find the right buyer in a timely fashion.”
Why? According to Eisenberg, the buyers invited to your invitation-only open house have been well groomed. They qualify for a mortgage, they are able to secure financing, and they are serious about finding a home similar to yours.
During an invitation-only affair, several buyers will gather and tour several homes in one evening. Sometimes the events are kept simple, but sometimes agents go all out with hors d'oeuvres and champagne.
Presenting multiple homes in one event may seem like it will prevent you from finding a buyer, but this is not the case, says Eisenberg. With several promising buyers viewing several similar homes, it enables you to find the right buyer.
For more information on selling your luxury listing, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com
Tuesday, May 21, 2013
The Difference Between Amortization and Negative Amortization
NORFOLK, VA, May 21, 2013—If you’re applying for a mortgage for the first time, it may feel like you’re learning a second language. All of the terms and regulations can seem daunting. One that doesn’t need to be is “amortization,” which is just the act of paying off debt in regular installments over a period of time.
“When you amortize a loan you basically pay off the principal by making regular installment payments,” says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty, who explains that this process typically takes place gradually over several years.
Another term you may be hearing is “negative amortization.” What is the difference? When your monthly payment isn’t enough to cover the loan interest, then your loan principal increases rather than decreases. This is called negative amortization, otherwise referred to as “deferred interest.”
“Negative Amortization causes the loan balance to increase rather than decrease,” says Eisenberg. This often happens with adjustable rate mortgages (ARMs).
Negative amortization has to be repaid, which means your payment will rise in the future.
“The larger the negative amortization, the more you will be required to amortize the loan in full,” says Eisenberg.
So you may be wondering, why would anyone use a negative amortization loan?
“The main reason people use negative amortization loans is to lower monthly payments,” explains Eisenberg.
“Some homeowners use loans with negative amortization to purchase a house they otherwise can’t afford, resting on the idea that in the future, they will have more income and can make larger payments.”
“With negative amortization, a persistent rise in interest rates reduces the equity in the house unless the negative amortization is offset by house appreciation,” says Eisenberg. As a result, some use negative amortization if they believe that the house will be worth much more in the near future.
For more information on homeownership, please contact Louis Eisenberg, Prudential Towne Realt,y at leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com
Monday, May 20, 2013
10 Tips for Enjoying Your Home's Backyard This Summer
As temperatures heat up across the country, you can make sure
this is the best summer ever with the following 10 tips, time-savers, water-care
ideas, and maintenance and safety suggestions for backyard living.
1 –
Safety first. Follow a few common sense rules in the backyard and around the
pool. Keep each child within arm's length at all times, designate an adult as
water watcher, ensure that the pool's fence is always locked, and install both
gate and pool alarms to alert you to unsupervised pool use.
2 – Use
plants to dress up the landscape. A bit of backyard greenery can be both pretty
and functional. Use shrubs for form, foliage-heavy plants for color, and sturdy
perennials for reliability. Plenty of pretty perennials, such as coneflowers and
black-eyed Susans, require little tending and offer cheery blooms throughout the
growing season.
3 – Add years to backyard furnishings. If mildew spots
appear on outside chairs and tables, wash the fabric according to manufacturer
directions and dry in the sun. Then mix together equal parts lemon juice and
salt; spread on the stain. Dry in the sun again and rinse thoroughly.
4
– Organize backyard toys and tools. Two simple storage rules for keeping
backyard clutter to a minimum: air out wet things by storing them in big mesh
bags or open-weave crates; toss all the little bits—sunscreen, dive toys, etc.
—into a clear plastic shoe organizer hung on the fence where everyone can easily
find them.
5 – Stay healthy with a water workout. According to the
Centers for Disease Control, just 21 minutes a day of exercising in a pool can
decrease your risk of chronic disease. If swimming laps doesn't excite you,
there are other great ways to get moving. Try kickboxing using water as the
resistance and enjoy the benefits of strength, endurance and balance. Depending
on intensity, a typical water exercise session of 40 to 50 minutes can burn up
to 600 calories.
6 – Maintain a perfect pool. A pool filled with cloudy
water equals no fun. Fortunately, there's a pool-care strategy—Circulation,
Filtration, Cleaning, Testing and Chemistry—that equals a stellar pool season.
Maintaining a pool, its equipment and beautiful water requires proper water
treatment. Make sure to complete the proper water testing and upkeep on a
regular schedule.
7 – Convert an ordinary salt pool into a backyard
oasis. Try using a special blend of minerals, pool equipment protectors, water
enhancers and pH adjusters that all work to make silky, relaxing water.
8 – Soak in a sensational spa. A backyard spa can offer the same
soothing effects as a professional spa with a few easy, affordable ideas. Place
flameless LED candles around the edge of the spa. Take tunes into the spa with a
floating speaker that connects wirelessly to an MP3 player. Add a soothing scent
to the water with single-use aromatherapy packs.
9 – Make a smaller
footprint on the Earth. In order to be more environmentally friendly, make sure
to always keep pool chemicals properly balanced. Overworked filters and motors
waste energy and hike utility bills.
10 – Help pets swim safely. It may
seem like fun to let the dog paddle around in the pool, but before you let a
pooch jump in, make sure he can get out without damaging the pool or hurting
himself. Also check with the vet—swimming in a pool should be appropriate for
the breed. Finally, make additional time to monitor the pool's water. A typical
dog can be the equivalent of about 50 swimmers in the pool, meaning extra
vigilance is needed to maintain the chemical balance.
Source:
www.bioguard.com
this is the best summer ever with the following 10 tips, time-savers, water-care
ideas, and maintenance and safety suggestions for backyard living.
1 –
Safety first. Follow a few common sense rules in the backyard and around the
pool. Keep each child within arm's length at all times, designate an adult as
water watcher, ensure that the pool's fence is always locked, and install both
gate and pool alarms to alert you to unsupervised pool use.
2 – Use
plants to dress up the landscape. A bit of backyard greenery can be both pretty
and functional. Use shrubs for form, foliage-heavy plants for color, and sturdy
perennials for reliability. Plenty of pretty perennials, such as coneflowers and
black-eyed Susans, require little tending and offer cheery blooms throughout the
growing season.
3 – Add years to backyard furnishings. If mildew spots
appear on outside chairs and tables, wash the fabric according to manufacturer
directions and dry in the sun. Then mix together equal parts lemon juice and
salt; spread on the stain. Dry in the sun again and rinse thoroughly.
4
– Organize backyard toys and tools. Two simple storage rules for keeping
backyard clutter to a minimum: air out wet things by storing them in big mesh
bags or open-weave crates; toss all the little bits—sunscreen, dive toys, etc.
—into a clear plastic shoe organizer hung on the fence where everyone can easily
find them.
5 – Stay healthy with a water workout. According to the
Centers for Disease Control, just 21 minutes a day of exercising in a pool can
decrease your risk of chronic disease. If swimming laps doesn't excite you,
there are other great ways to get moving. Try kickboxing using water as the
resistance and enjoy the benefits of strength, endurance and balance. Depending
on intensity, a typical water exercise session of 40 to 50 minutes can burn up
to 600 calories.
6 – Maintain a perfect pool. A pool filled with cloudy
water equals no fun. Fortunately, there's a pool-care strategy—Circulation,
Filtration, Cleaning, Testing and Chemistry—that equals a stellar pool season.
Maintaining a pool, its equipment and beautiful water requires proper water
treatment. Make sure to complete the proper water testing and upkeep on a
regular schedule.
7 – Convert an ordinary salt pool into a backyard
oasis. Try using a special blend of minerals, pool equipment protectors, water
enhancers and pH adjusters that all work to make silky, relaxing water.
8 – Soak in a sensational spa. A backyard spa can offer the same
soothing effects as a professional spa with a few easy, affordable ideas. Place
flameless LED candles around the edge of the spa. Take tunes into the spa with a
floating speaker that connects wirelessly to an MP3 player. Add a soothing scent
to the water with single-use aromatherapy packs.
9 – Make a smaller
footprint on the Earth. In order to be more environmentally friendly, make sure
to always keep pool chemicals properly balanced. Overworked filters and motors
waste energy and hike utility bills.
10 – Help pets swim safely. It may
seem like fun to let the dog paddle around in the pool, but before you let a
pooch jump in, make sure he can get out without damaging the pool or hurting
himself. Also check with the vet—swimming in a pool should be appropriate for
the breed. Finally, make additional time to monitor the pool's water. A typical
dog can be the equivalent of about 50 swimmers in the pool, meaning extra
vigilance is needed to maintain the chemical balance.
Source:
www.bioguard.com
Reprinted with
permission from RISMedia. ©2013. All rights reserved.
For more information contact LouisEisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, 757-572-7244 www.LouisEisenberg.com
permission from RISMedia. ©2013. All rights reserved.
For more information contact LouisEisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, 757-572-7244 www.LouisEisenberg.com
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