To qualify for a home loan, you’ve got to convince a lender that you’re worth the risk. Lenders look at the size of the loan you want, how much money you have, how much income you earn, how much debt you carry, and whether you’ve repaid loans in the past to make their determination. To … Read more
Recently, an experienced Realtor shared a story that is all too familiar. A community member, let’s call him Joe, approached her asking for advice about his real estate transaction, even though he had hired someone else (a personal friend) to be his Realtor. He was upset when she told him she couldn’t help him, because … Read more
This is one of my favorite quotes from my all-time favorite president: “Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man.” ~Ronald Reagan Ain’t it the truth?! As the Federal Reserve tries to limit inflation by raising interest rates for banks, homebuyers are feeling … Read more
Although most folks think spring is the best time to sell a house, there are some distinct advantages to selling in winter—the biggest of which is the lack of competition. Fewer homes on the market makes it easier for your house to stand out. Don’t worry about the fact that spring flowers aren’t blooming. You … Read more
Last week, I shared information about how to avoid nasty surprises from Uncle Sam when you sell your house, specifically regarding capital gains tax. Since then, it’s come to my attention that some folks don’t really understand the difference between proceeds and profit, which is key to understanding how you’ll be taxed. The proceeds are … Read more
If you own a home, it’s probably your most valuable financial asset, so if you decide to sell, you’ll want to walk away with as much money as you can. However, when you make a profit by selling assets like real estate, the government gets a piece of the action through taxes. So, the question … Read more
Whether you’re buying or selling a house, once you’ve signed on the dotted line, you’ve agreed to the terms of a contract. So, why do people back out and how can you prevent your real estate transaction from falling apart? First, there are two types of backing out: those explicitly allowed within the contract (known … Read more
As someone who makes a living based on what’s happening in the housing market, I tend to pay a lot of attention when I hear the r-word being thrown around, r as in recession. According to Investopedia, a recession is a “significant, widespread, and prolonged downturn in economic activity.” Economists often define a recession as … Read more
Some people think being a Realtor means ordering business cards, plunking a sign in someone’s front yard, and waiting for a buyer to make an offer—then picking up a commission check 30 days later. That, my friends, is not how this works. Get Licensed To be a real estate agent, you must be licensed by … Read more