Showing posts from February, 2013

Fair Oaks Real Estate on the Rise

Is Fair Oaks real estate really a wonderful buying option? Well, probably yes. With the population on the rise and the economic indicators signaling growth, one would assume that Fair Oaks real estate should be on the cards of any potential homebuyer. A lot of single families are getting setup in Fair Oaks. So all those developments combined with the fact that Fair Oaks is what Fair Oaks is, have made Fair Oaks real estate investment a really attractive option.

A lot of people have made a lot of money by purchasing in Fair Oaks real estate and a lot of people have started showing interest in this area. However, as is the case with any home buying or selling project, you must evaluate your options carefully before you actually are ready to make a move. TeamLund can easily assist you with this as we are experts in this market and have 12 years of experience in the Fair Oaks area. Contact us today.

Fast Facts

Calif. median home price: December 2012: $366,930 (Source: C.A.R.)

Calif. highest median home price by region/county December 2012: Marin, $796,880 (Source: C.A.R.)

Calif. lowest median home price by region/county December 2012: Lake County, $127,500 (Source: C.A.R.)

Calif. Pending Home Sales Index: December 2012: 82.3 , down 20.5 percent from November's 103.5. 

Calif. Traditional Housing Affordability Index: Third quarter 2012: 49 percent (Source: C.A.R.)

Mortgage rates: Week ending 2/7/2013 30-yr. fixed: 3.53% fees/points: 0.8% 15-yr. fixed: 2.77 fees/points: 0.7% 1-yr. adjustable: 2.53% Fees/points: 0.4% (Source: Freddie Mac)

Real Estate Investing – A Simple Explanation

A good real estate investor would evaluate the property on the basis of the developments going on in the region. So real estate appraisal as done by a real estate investor would come up with the value that the real estate investor can get out of the property by buying it at a low price and selling it at a much higher price (as in the present). Similarly, a real estate investor could do his own real estate appraisal for the expected value of the property in, say 2 years time or in 5 years time. Again, a real estate investor might conduct his real estate appraisal based on what value he/she can create by investing some amount of money in the property i.e. a real estate investor might decide on buying a dirty/scary kind of property (which no one likes) and get some minor repairs, painting etc done in order to increase the value of the property (the value that the real estate investor would get by selling it in the market). So, here the meaning of real estate appraisal changes completely…

Real Estate Appraisal – What Is It?

Real estate appraisal or property valuation is the process of determining the value of the property on the basis of the highest and the best use of real property (which basically translates into determining the fair market value of the property). The person who performs this real estate appraisal exercise is called the real estate appraiser or property valuation surveyor. The value as determined by real estate appraisal is the fair market value. The real estate appraisal is done using various methods and the real estate appraisal values the property as different for difference purposes e.g. the real estate appraisal might assign 2 different values to the same property (Improved value and vacant value) and again the same/similar property might be assigned different values in a residential zone and a commercial zone. However, the value assigned as a result of real estate appraisal might not be the value that a real estate investor would consider when evaluating the property for investm…

Considering a Fixer-Upper?

Don't be afraid of a fixer-upper. One of the best ways to get a great deal on a home is to find one which needs repairs. Houses in bad condition sell very cheaply, and with a few renovations can drastically increase in value. Once the repairs are complete you can either sell the home for a tidy profit, or stay there and enjoy the increased equity which can be borrowed against if the need arises.

Consider small improvements that will allow you to enjoy your home more. These can include something as simple as new light switch covers and outlet colors to a new front door, a new mailbox and coordinated window shutters.

Financing for Investment Properties

Consider more aggressive financing choices for short-term investments. When financing an investment property that you intend to sell within five years of purchase, you should take a close look at "interest only" and "balloon" mortgage programs. The advantages with an interest only loan include no principle payments for a set term, which is generally around five years. With a balloon loan, you will make small principle payments in addition to interest payments each month. The risk faced with these programs is that the loans must be paid off in full at the end of the loan period, which is generally within five years from issue. This is a great way to lower the amount of cash coming out of your pocket, however it is important to realize the risk involved with these two loan types.

If you do not plan to live in an area for very long, it is a better idea to rent than to purchase. You do not incur the cost of trying to sell the property when you need to move, and you do…

Set Money Saving Goals

Set goals for what you want to do and determine what it is going to cost. The only way to save for a house is to acknowledge that you want a house and figure out what you need to put away to be able to achieve the goal. Goals translate into action when you set your mind to it.

One way to improve your credit is to buy things you know you can afford using credit, then at the end of the month, pay it off in full. This will make you look like a conscientious user of credit and will positively impact your credit rating. You could also buy slightly out of your budget and budget monthly payments accordingly.

Be realistic in your decision to buy real estate. The cost associated with real estate ownership goes far beyond mortgage payments. You must factor in insurance, taxes and the maintenance of the home itself when you calculate the impact on your income. If you know what you can afford on a yearly basis, you can budget your money accordingly.

How to Own a Wonderful Home

Everyone dreams of owning a wonderful home and being able to call it their own. However, buying a piece of real estate can be a stressful and long process, especially if you are unsure of how to go about it.

Never let the color of a home's walls deter you from purchasing it if you're getting it for a good deal. Paint is one of the easiest and cheapest fixes out there. Besides, you'll probably end up painting every few years anyway, so even a color you love when you move in will need to be freshened up soon. Location, location, location. When looking for a home, you should be much more concerned about the location than you are about the amenities offered by the property. Realize from the beginning that you can add amenities, but unless you want to move a building you cannot change the location.