Home Sellers Fare Better in Getting Their Homes Sold Using a REALTOR, According to HomeGain Survey

HomeGain.com, an online real estate resource that connects home buyers and sellers with real estate professionals, announced the results of its For Sale By Owner (FSBO) vs. REALTOR survey. HomeGain surveyed over 1,000 homeowners asking whether they used a REALTOR to sell their home or whether they attempted to sell it themselves.

Eighty-three percent said they used a REALTOR to sell their home and 17% said they tried to sell their home on their own.

Fifty-nine percent of homeowners that used a REALTOR to sell their home were successful vs. 39% of FSBOs, reflecting a 50% higher closing rate for those home sellers using a REALTOR.

Eighty-one percent of homeowners that used a REALTOR to try and sell their homes said they would use a REALTOR again for their real estate needs.

Eighty-eight percent of homeowners who sold their homes using a REALTOR said they would use a REALTOR again.

Seventy-one percent of FSBOs who managed to sell their homes on their own said they would try and sell their home on their own again.

It is especially striking that homeowners fare significantly better in selling their homes using a REALTOR than selling on their own, said Louis Cammarosano, General Manager of HomeGain. Due to that relative success, the level of satisfaction in the home selling process is also higher for home sellers utilizing the services of a REALTOR than those who try to sell their homes on their own.

The survey also pointed out that 24% of FSBOs eventually enlisted the aid of a REALTOR to help sell their homes.

For more information, visit http://www.homegain.com/.

This doesn't suprise me at all. How about you?

Dozen Distinctive Destinations: Colorado Springs, Colorado

Dozen Distinctive Destinations: Colorado Springs, Colorado
Check out the link above for more info and maps

A gem of south-central Colorado nestled at the base of the Rocky Mountains, few vacation destinations provide such an extraordinary range of tourism opportunities in a single location. The nearby mountains contain a vast array of recreational opportunities, as well as breathtaking geological wonders at places like Garden of the Gods Park, Cave of the Winds and the Paint Mines Interpretive Park.
Home to Colorado College and the University of Colorado at Colorado Springs, the town has a thriving arts and cultural scene--including the Colorado Springs Pioneers Museum, which interprets the early history of the area. Architecture buffs will not want to miss the stunning Cadet Chapel at the Air Force Academy, which is considered a masterpiece of Modernist architecture.
After a day of walking, shopping or hiking, visitors looking to spend the night in the area have several top-notch options available, from the historic Broadmoor Hotel to the Cliff House at nearby Pike’s Peak which has hosted such luminaries as Clark Gable, Theodore Roosevelt and Buffalo Bill Cody.

Prevent Further Disaster by Taking a Home Inventory

How much do you like your widescreen plasma TV, ultra-fast computer, designer clothes, high-count Egyptian cotton sheets and tweaked out ride-on lawn mower? How would it change your life if you had to downgrade everything you've earned and worked hard for? If the unthinkable happened tomorrow and your home was severely damaged or destroyed in a fire or hurricane, you'd be understandably devastated. Once you got over the initial shock, you'd have to begin the long and difficult task of recovering or replacing everything that you lost. If you don't have a home inventory, the chances are good that you will be doing some major downgrading. To prevent this from happening and to make your life exceptionally easier in lieu of a tragedy, be sure to take a proper home inventory.

You have a lot more responsibility than you think you do. The first thing you're going to do is call the insurance company, who is going to ask for a detailed list and description of everything you lost and need to replace. All you need to do is provide the make, model and serial number of your electronics and appliances and substantial proof that your clothes were from Talbot's, your sheets were 600-count and your mower was a high-end John Deere. But most people can't even remember where they bought many of their belongings, never mind the model and serial number. Receipts and appraisals lost in a fire? It's not unheard of to find people digging around in the soggy ashes of their once-home desperately looking for evidence to show insurance adjusters. If you are more proactive now and prepare your home and belongings for the worst, you can arrange to have all of the necessary information that the insurance company will ask for before something terrible happens.

You won't remember as much as you think. How big are your grandmother's heirloom pearls? How many are on the string? How long is the strand? What about that pocket watch your great-grandfather brought here when he emigrated from Europe? Can you describe it in detail? When is the last time you really looked at it? If they were stolen, could you describe them to the police? Do you have any pictures? A comprehensive home inventory can help ensure that you have the right amount of insurance coverage, provide proof of ownership to your insurance company, maximize your insurance recovery payments, and improve your chances of recovering irreplaceable treasures if they're stolen.

"A complete inventory, including photos, may be one of the most valuable investments for peace of mind anyone can make for themselves and their families," says Dennis Kizziah, acting director for FEMA's Mississippi Transitional Recovery Office, on http://www.fema.gov/. "If something happens to damage homes and property, an inventory will eliminate the need to piece that information together in the aftermath."

A home inventory can document and catalog all your possessions. Home inventory services can also be purchased and tailored to suit your needs and budget. Whether you conduct the inventory yourself or hire an outside company, having a proper inventory done will be invaluable if disaster strikes. You'll sleep better knowing you're ready to maintain your family's quality of life in a worst-case scenario.

Things to Consider When Searching for the Right Neighborhood

Despite the recovering market, there are still many great neighborhoods to invest in. Due to the desirability of these neighborhoods, many agree that these neighborhoods are likely to experience rising or stabilized home prices. Rather than focusing all of your attention on price, there are many other factors to consider when searching around for the perfect neighborhood. By looking beyond price, you can find an area that will remain attractive to buyers for years to come.
Consider the following when searching for the right area for your family:
 
Move-up Neighborhoods - Areas outside of cities are often desirable and well-established neighborhoods to buy in, though many experts would advise against moving to an area with lots of foreclosures. Try to avoid areas with a lot of foreclosures because it may take longer for those homes to regain their value. Areas with a lot of first-time buyers were hard-hit because they did not have a lot of equity in their home and were faster to default. If you can afford it, buy into a 'move-up' area, which doesn't necessarily have to be a super-expensive neighborhood. Buyers should conduct research and find areas where many long-term residents live. Areas that have owners of 15 years or more tend to be more stable and experience fewer foreclosures.
 
Commute Times and Public Transportation - The distance to and from public transportation can also make or break a neighborhood in terms of market value. Some suburban neighborhoods may suffer if they are located too far away from cities or lack easy access to city-bound transportation. Compare prices of neighborhoods in the area and see which fare better. Areas close to a train or metro line, whether you are in the suburbs or in the city, will keep its value. Also, look for communities that are convenient to major employment centers because there will always be a large amount of buyers looking in that area.
 
Investigate Amenities- What's around the neighborhood in question? Areas that have many shops, parks and libraries typically have a stronger value than areas where you have to drive 20 minutes to get to anything. The more amenities you can find in one place, the better off you'll be purchasing near there.
 
Local School System - Even if you aren't planning on children, home buyers should most definitely look into neighborhoods with a good school district. Buyers always look for areas with good schools and when it comes time to sell, this factor could help you out. Although real estate agents cannot discuss whether schools are good or bad (due to Fair Housing laws), buyers can find test scores or other stats on district websites and also search for school reviews on the Web.
 
The Local Crime Rate-  Crime rates are a large influence on values. Look at police district websites or call local police and inquire about crime stats. Obviously, you don't want to purchase in an area with rising crime. Understand the stigma involved with a high crime rate and be aware that the stigma alone can hurt property values for a long time.
 
Buyers should think outside the box to ask questions that are important to their potential home's value. By carefully assessing the local area and neighborhood, buyers can find a location that not only suits them personally, but also suits them financially.
 
 Source: Bankrate

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Homeowners Insurance Holders Must Be Aware of What's Covered and What's Not

The hazardous winter weather that has swept across the country is making many people wonder about their hazard insurance policy and what it covers. The conditions have brought dangerous ice, heavy snow and freezing cold temperatures. These factors can cause injury to people and damage to property, which is why it is important to know what is included in coverage.

This winter's weather has caused hazardous and expensive problems in many areas. People have experienced roof collapses from heavy snowfall and water damage from frozen pipes. These issues are generally covered by most basic homeowners insurance plans. However, there may be some exceptions. If a home is left vacant and the water is not shut off, a policy may not cover the resulting damage. A homeowner should check their policy and properly prepare their house if it will be left unattended for an extended period of time.

Falls on slippery ice are common during winter months. Typically, homeowners insurance has liability coverage that will pay for the financial damages for most injuries occurring on a covered person's property. Limits do vary and a homeowner should work with an agent to assess their risk to determine the appropriate level of liability coverage.

If an individual does fall due to ice in front of a home and decides to sue, whether it is covered by the policy of the property owner also depends upon the local snow removal statues. Some require by law that the maintenance of the sidewalk in front of a house is the responsibility of the owner. In this case, the homeowners insurance policy will then be in effect.

If a homeowners insurance claim needs to be made, the owner should take pictures before any clean up or repairs. A home inventory should be made before a claim. This is a detailed list of the personal property in and around the home. In addition to a list, owners should keep receipts for big ticket items, and make a photo log or a video recording of all the items in the home. A copy of this record should be kept in a safe place outside of the home.



Source: HomeownersInsurance.net

8 Documents Youll Need to Get a Mortgage Approved

Getting a mortgage home loan might seem like a tedious process, but if you do your part to look good on paper, you can increase your eligibility for the best interest rates. Financial institutions primarily consider three main areas in determining who is eligible for a mortgage: employment history, credit history, debt to income ratio (which is the percentage of income that goes to expenses). As proof of these, most financial institutions will ask for a selection of the following documents in considering your request for a mortgage loan.

Employment
1. Last two years federal tax returns and/or W-2 statements financial institutions typically use your past tax returns as verification of your employment and earnings.
2. Pay stubs: Most financial institutions will ask to see your most recent pay stubs, usually covering the past month. Your pay stub must have your name, your social security number, your employers address, and your year-to-date earnings. These help them to gauge whether you will be able to handle your monthly mortgage payments.
3. Employment history: While your pay stubs provide your financial earnings, your employment history gives the financial institution an idea of the nature of your employment. Generally, a record of steady employment is going to work in your favor.
4. Credit History: Credit report, including current creditors and account information. A credit report, including a list of your current creditors and the corresponding account information is useful to a financial institution because it allows them to see how you have dealt with your past loans. This list should include the details (i.e. minimum monthly payment and balances) of all student loans, auto loans, credit cards, and child support payments.
By establishing a solid credit history, you can avoid having to pay higher interest rates that frequently accompany subprime mortgages.

Expenses and Payments
5. Bank statements: In order to verify your banking assets, financial institutions will most likely want to see up to three months of your most recent bank statements.
6. Complete record of assets: Additional assets that should be reported upon applying for a mortgage loan should include mutual funds, retirement accounts, real estate titles, and stock certificates. These not only promote your qualifications as a worthy risk for the financial institution, but they can also help you secure a lower interest rate.
7. Canceled rent checks: If you are currently renting, canceled checks that were used to pay rent can be proof that you are punctual with your payments. Some financial constitutions may ask for the name and address of your landlord instead of the canceled checks.
8. Information about desired property or property type. Providing the financial institution with a description of either the property you want to finance or at least a description of the property helps the financial institution decide if any of the loan programs would be right for you.
Having these documents gathered and ready to go when you are in the process of shopping for a new home will help your mortgage application process go smoothly.



Source: www.informars.com.

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How to Get a Home Loan with Less Than Stellar Credit

To easily become the recipient of a new home loan, one needs to have an excellent credit rating, a large down payment and a low debt-to-income ratio along with a steady income. But what do you do if you have a questionable line of credit? Dont get discouraged. Even homeowners who have filed for bankruptcy or previously foreclosed on a home can still get a home loan. Though there are some hurdles, you can still well represent yourself by highlighting other factors that might tip the scales in your favor. Consider the following when applying for a loan:

Flaunt Your Other Assets If your down payment isnt as big as you had hoped, play up your other financial assets. Proving to loan officers that you have assets to back up your application can only help. Whole life insurance, a sizable 401(k) or any other retirement account you may have may help green-light your loan application. Lenders then know that if you are having troubles paying off your mortgage, you have other sources you can tap in a worst-case scenario.

Show Your Job Stability If you have been working in the same industry for a lengthy period of time, or if youve been at the same company for a long time, make sure you bring attention to that. Regular pay raises and performance-based raises to your income should also be highlighted. A climbing pay history will definitely help you when you apply for a loan, as lenders will know youre able to pay the smaller fees such as utility payments, taxes or other financial emergencies.

Staying Power Prove to the lender that you are going to stay in your new home for a lengthy period of time. By showing that you are committed to the house, neighborhood and community, your lender will not think you are a flight risk who is going to up and move again in a short time period.

Jack Up That Down Payment If you are positive that your credit score wont speak well, increase the amount you put down. The days of zero down are over; yes, you can get approved with 10% down (or even 3.5% under FHA laws), but in general, the more you throw down on the table in the beginning the faster borrowers are usually approved. Its true what they say: money talks.

Start Small If youre trying to get a home loan, dont attempt to get a house that may be too big for you to handle. Examine your finances and crunch numbers. By starting off with a smaller house, you can be sure that youll be able to afford it and maybe even have some extra cash to pay off your credit card debt with. The smaller the loan youre requesting, the better the chances of actually getting it.

By proving eligible and worthy, borrowers are more likely to get approved for a loan for a new home. Flaunt any asset you have and really sell yourself to your lender. If your lender views you as a low-risk applicant, you could be moving in to your brand new home sooner than you thought.




Source: AOL Real Estate/HousingWatch

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