History In The Making

Last night after months of waiting, the future path of our country was chosen. Barack Obama will be our next President. He will be our first African American President. Everyone now can move on and prepare for the new direction our country will be taking. The real estate market has been very unpredictable this year and hopefully with his leadership things will improve.

An interesting thing happened overnight. The interest rate quoted by a local lender dropped to around 6% on a fixed rate 30 year mortgage with a borrower having a 720 or higher credit score. The interest rates have been around 6.5% to 6.875% recently. It will be very exciting if the interest rates continue to drop over the next couple of months especially if the econmony improves.

Check with your local lender to see how their interest rates are doing and hopefully they will continue to drop. Please email me at todd@toddnelson.com with an real estate related questions.

Interest Rates Starting To Creep Down

The real estate market this year has been a roller coster ride along with the stock market. Over the last few days, the 30 year fixed interest rate on real estate mortgages has started to drop. A local mortgage broker was quoting a fixed interest rate on a 30 year mortgage at 6% yesterday with a buyer who had a credit score of 720 or higher among other requirements. The lower the interest rate the more home a buyer can afford or the lower the mortgage payment for a prospective buyer. Call a local lender today to see how their interest rates are doing. Email me at todd@toddnelson.com if you have any real estate questions.

Local Real Estate Market Slowing Down

National headlines have been detailing for nearly a year now the slowdown in the real estate market. The local real estate market was not impacted drastically right away but is now experiencing a decrease in sales. Through the end of August, the Huntington area residential real estate market is down around 18% from last year based on numbers obtained from the Huntington Board of Realtors. Last year was a great year for the Huntington area residential real estate market.

There have been some significant changes that are having an effect on the local area as well as the nation such as the elimination of various loan programs that allowed many to purchase homes with little or no down payment. Also, consumer's credit scores are being utilized more to determine what interest rate that a purchaser will get in obtaining a home loan. There is a tier system being used by some lenders with a higher credit score being able to obtain the best interest rate. There have been other changes to different loan programs making it harder for potential buyers to get a loan.

I try to look at the glass half full versus half empty. Certain areas of our market and certain price ranges are still doing well. If you are a seller moving up to higher price range then you might end up doing well if the home that you are selling is in an area of our market that has not had a significant decline. The home you might be buying in this example that may be at a higher price may be experiencing a decline which may allow you to get a better deal.

Interest rates still remain low and there are various home choices in our market. Please feel free to contact me if you have any questions or have a story idea for my blog at todd@toddnelson.com.

Watch the interest rates this week

As the stock market continues to tumble, watch the real estate mortgage interest rates this week. Last week one local lender was quoting 5.75% on a 30 year fixed rate mortgage based on certain conditions including the credit score at a particular level. As interest rates drops, buyers will be able to afford more home or get a lower payment on the price range home they are currently looking for. Call your local lender for more details. The interest rates can be different at each lender. Be sure to get a Good Faith Estimate detailing the lender's closing costs.

Historical Homes In the Huntington Area

There are various historical homes surrounding our area. There may be some in your neighborhood. If you have an older home that may be over 100 years old, send me some pictures that I can post on my blog. Is your home on the National Register of Historic Homes? Let me know and we can spotlight your home.

Where do you think is the best place to live in our area?

The tri-state area is an awesome place to live. From our convenient downtown neighborhoods to our beautiful countrysides, there are numerous options for each resident to choose when settling in our area. As the summer is upon us, fond memories of the area come to mind. Do you think the southside of Huntington, Salt Rock, the Martha area of Barboursville, Applewood in Proctorville, or your neighborhood is the greatest place to live? Respond to this blog and explain what area you reside in (subdivision name, town, etc.) and why you think it is the greatest place to live. Email pictures to me at todd@toddnelson.com for posting on the blog. Have a great summer!

Did you know that a lot of records from our local courthouses are online?

Technology has allowed for easier access to courthouse records in our region. Searching for certain records are only a click away. You can visit the Cabell County Assessor's website at http://maps.cabellasessor.com. Various information on properties and even flood maps are online there. You can even see a satellite picture of your property there as well.

Some of Wayne County's records are also online. The website address for http://www.waynecountywv.us. Tax records, deeds, and numerous other information is available there as well. Look at the deed to your property. Records can actually be viewed on there website.

Various Lawrence County Ohio records can be viewed at two different websites. One website is for the Lawrence County recorder's office. The web address is http://www.lawrencecountyohiorecorder.org. You can view deeds there along with other documents as well. Another website for additional property information is located at http://www.lawrencecountyauditor.org. Property and tax information can be obtained there along with some other helpful information.

If you have a real estate related question please email me at todd@toddnelson.com.

Why Have A Home Inspection?

There are various steps in the purchasing process, but one very important step to address is a home inspection. Although not usually a requirement, I recommend that everyone get a home inspection before purchasing a home. As a Realtor, I do not know everything about the home that I am selling. I use the knowledge obtained from the seller and what visually can be seen during a visit to the home in marketing the property. Sometimes the seller does not know of issues that may need addressed on their home.

A home inspector is usually more thorough than an appraisal on the property which is more focused on the features, overall condition, and value of the home. The home inspector also is usually hired by the buyer to inspect the home. Some of the items inspected, but not limited to just these items are the structure, the heating/cooling system, electrical, plumbing, attic, crawlspace or basement, roof, and other parts of the home. The inspector will usually give the buyer a written report detailing their findings. Some inspectors identify the items as a major concern, a safety issue, or to monitor the issue. You can visit the West Virginia Association of Home Inspectors at www.wvahi.org for more information about local members and home inspections. In West Virginia, home inspectors are required to be licensed and more information on home inspector licensing can also be obtained from the above website.

A home inspection gives a buyer more knowledge about the home that the buyer plans on purchasing. This inspection should also help with informing the purchaser of possible future repair costs. Costs of home inspections vary from around $250 to $500 and possibly more depending on the size and age of the home. Ask the home inspector their costs, education background, and you can also ask other questions listed on the above website. A home inspection provides a buyer with more information on the property that the purchaser may not have known from visually viewing the home on their own. Feel free to contact me with any other questions that you might have on the subject.

Did you know that a lot of records from our local courthouses are online?

Technology has allowed for easier access to courthouse records in our region. Searching for certain records are only a click away. You can visit the Cabell County Assessor's website at http://maps.cabellasessor.com. Various information on properties and even flood maps are online there. You can even see a satellite picture of your property there as well.

Some of Wayne County's records are also online. The website address for http://www.waynecountywv.us. Tax records, deeds, and numerous other information is available there as well. Look at the deed to your property. Records can actually be viewed on there website.

Various Lawrence County Ohio records can be viewed at two different websites. One website is for the Lawrence County recorder's office. The web address is http://www.lawrencecountyohiorecorder.org. You can view deeds there along with other documents as well. Another website for additional property information is located at http://www.lawrencecountyauditor.org. Property and tax information can be obtained there along with some other helpful information.

If you have a real estate related question please email me at todd@toddnelson.com.

Do you have a real estate related question?

Since last fall, I have been writing about various topics concerning the real estate industry and our area. For the next several weeks, I would like to answer readers questions concerning remodeling ideas, the home buying process, what is going on in the Tri-State area dealing with home sales, etc. Please respond to my blog or email me directly with a question at todd@toddnelson.com. Stay tuned for some of the readers questions and my responding answers. Have a great week!

Real Estate Mortgages Are A Changing

Real Estate Mortgages have had some recent changes made that can affect home buyers when searching for a new home. 100% financing types of mortgages are beginning to be difficult to find except for certain circumstances. FHA loans are gaining popularity. Private Mortgage Insurance changes are starting to affect buyers as well.

If it has been over 60 days since you got a pre-approval letter on a real estate mortgage, you may want to contact your lender to make sure if any changes have been made that might affect the type of mortgage you intended to apply for after you find a home. Interest rates are still great. A local lender was quoting 5.875% on a 30 year fixed rate mortgage last week depending on your credit score.

If you should have any questions, please contact me at todd@toddnelson.com or contact your local lender for more details.

What are some common questions to ask your lender when searching for a loan?

Trying to decide what lender to use and what program to apply for can be difficult. Be sure you find a loan that fits your needs with these comprehensive questions:

1. What are the most popular mortgage loans that you offer?

2. Which type of mortgage plan do you think would be best for us? Why?

3. Are your rates, terms, fees, and closing costs negotiable?

4. Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required? Note: Private mortage inusrance usually is required if you make less than a 20 percent downpayment, but most lenders will let you discontinue the policy when you've acquired a certain amount of equity by paying down the loan.

5. Who will service the loan?

6. What escrow requirements do you have?

7. How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?

8. How long will the loan approval process take?

9. How long will it take to close the loan?

10. Are there any charges or penalties for prepaying the loan?

There are other questions that you could also ask a lender when comparing different financial institutions. These questions were obtained from an Old Colony marketing piece dealing with questions to ask a lender. Feel free to contact a lender for more information and if you should have any other real estate related question feel to free to email me at toddandtaranelson@msn.com.

What should I do when starting to search for a new home?

Starting your search for your new home is exciting. Whether this is your first home or your fifth, there are some tasks to ponder on when beginning your search. The first step that I recommend is contacting a lender to get pre-approved for a loan. Based on the information that you give them concerning your financial situation, the lender can help inform you on the price range of home to view, the amount of closing costs that you will need to pay to purchase the home, the interest rate and terms of your prospective loan, and the estimated payment range on your next home.I recommend this step due to several reasons.

1. It gives you an idea of what price range home to view. This reduces the chance of looking at homes that you can not afford or to inform you that you might afford more of a home than originally thought.

2. You will have an idea of what some of the costs are associated with purchasing a home. This will help if you need to ask for assistance from the seller to help pay some of the associated costs of the purchase. There are limits that a seller can contribute. Check with your lender to find out the limits, requirements, etc.

3. The lender can issue you a pre-approval letter to you that can be given to the seller when you write an offer. This may help strengthen your negotiating position especially if you are in a competitive situation against another buyer who might not have a pre-approval letter.

4. The lender could also help if you do not currently qualify for a loan to purchase a home by giving advice on how to improve your credit situation to be able to qualify in the future. After speaking to a lender and getting pre-approved, now you can search for your new home!

Please feel free to contact me with additional questions about purchasing or the home buying process in general.

The interest rates are beginning to be more and more unpredictable

Interest rates have been all over the place in recent weeks. Most recently interest rates for mortgages have begun to fall again. This week a local mortgage broker was quoting 5.875% on a 30 year fixed interest rate mortgage. 100% financing options are beginning to be harder to find in recent weeks with lending guideline changes. Call your local lender to find out more details. If you were on the fence about buying a home, now might be the time to make a decision. Email me as well if you should have any questions on real estate at todd@toddnelson.com.

10 Stellar Staging Tips Before An Open House or Showing

Preparing your home to sell can be a challenge. The following are some tips to help your home stand out in the competitive market in our area:

Stellar Staging Tips

1. Clean out your closets and the clutter. Have a yard sale or donate unwanted household goods to charity.

2. Pack up extra toys, linens, small kitchen appliances, and the like and store them offsite or in the garage.

3. Be sure the trees are trimmed, the shrubs are pruned, and the lawn is mowed and watered regularly. Turn on the sprinklers for five minutes 30 minutes before the open house. It makes the lawn and driveway sparkle.

4. Refrain from cooking anything that leaves a distinctive odor (fish, garlic, cabbage) and from introducing any other unappealing odors into the home.

5. Have a professional service clean the home, including the carpets and the windows.

6. Set the dining room table with attractive linens, dishes, and stemware.

7. Serve cookies and coffee at an open house; people will linger longer.

8. Arrange fresh flowers throughout the home and have a fire in the fireplace in fall and winter.

9. Add extra lamps in dark rooms or dark corners, and turn on the lights when you show the

home to prospective buyers.

10. Remove stacks of magazines, ashtrays, sports trophies, family photographs, and other distractions.

Three are staging consultants that can help place furniture and accessories in the best locations for making your home stand out. Contact me at todd@toddnelson.com for more information on these type of consultants.