August 2019 Real Estate Roundup
August 2019 Real Estate Roundup
With the end of August comes the fall selling season which in many markets is the second busiest time of year when it comes to buying and selling real estate. Housing supply ticks up during that time frame as more sellers seek to sell their homes. Buyers are also back from vacation and looking to buy a home. Check out some of the great reads in this month’s roundup that are helpful for real estate buyers, sellers, investors and more.
Getting Rid Of PMI
PMI or private mortgage insurance is required for some loans where the loan to value ratio is less than 80%. In other words if a borrower is only putting 3.5% down on a home (through an FHA loan or other loan type) then PMI will be required to protect the lender in the event the borrower stops paying the mortgage. PMI can be eliminated once the loan to value ratio of the house is at 78% and other conditions are met as Bill Gassett points out. Once homeowners reach the point where they can stop PMI they should do so in order to save money.
Landscaping Tips For Small Yards
Whether you are readying a home for sale or wanting to add some beauty for the sake of enjoying the yard, great landscaping can be had in even the smaller yards as Eileen Anderson expertly discusses. Landscaping can add privacy, beauty and a great place to hang out all at the same time. Eileen points out the importance of starting with designing the landscape on paper and taking into consideration the maintenance and cost aspects of the new landscape plan.
An important piece of information to know for investors is the 1031 Exchange provision in the Internal Revenue Code. The 1031 Exchange allows real estate investors to trade up property and avoid paying capital gains tax which can be helpful as Danny Margagliano points out. Whether a business is seeking to expand its footprint or an investor is looking to trade up the 1031 Exchange can help them do that and save on taxes at the same time.
Smart Tips For Improving Home Security
With the technology as cheap as it is these days adding smart home and security features to a home has never been easier than before. Homeowners are able to add security systems, video recording devices (both indoor and out), smart lighting and more all without having to run wires through walls. In this article from Michelle Gibson she points out the different options homeowners have to add security to their home. Whether they opt for the DIY or the professionally installed approach home security is a great way for homeowners to get peace of mind and maybe even get an homeowners insurance discount.
Getting Pre-Approved For An FHA Home Loan
The FHA mortgage is a great program for those looking to buy a home with a lower down payment requirement and a less rigorous credit requirement as compared to other loans. By having the right documentation ready to go at the time of applying for the pre-approval buyers can make sure to get it done fast. In this article by Eric Jeanette he breaks out the documents that buyers will need to provide to the lender to start the FHA pre-approval process. Buyers should not start shopping for a home until they have a pre-approval in hand.
How Staging Can Help Your Home To Sell Quickly
Home staging can take a home from average to eye catching with the right touch. Staging is also not one of those things where one must hire a home stager and instead home staging can easily be done by the homeowner with some effort as Sharon Paxson points out. Home staging involves showing off the space and features in your home through decluttering, proper furniture placement, deep cleaning and more. The value from home staging will come from the interest buyers show when they see a nicely staged home online and decide to visit in person. The more buyers who come through the greater the chance of getting a good offer.
Selling Your Home Before You Buy A New One
For those who currently own a home and are looking to get into a new home the question of whether to sell their current home first or not comes to mind. If a homeowner can afford to pay two mortgages at the same time it may make sense for them to buy and move into another house first and then get the first house ready for sale. On the other hand if the homeowner is required to sell their home first as a condition for getting a mortgage on the next home then the decision may already be made for them. This article explores in depth the decision to sell first or buy another home first.
Recent Changes In Appraisal Threshold
Tom Horn covers the recent change in appraisal thresholds from $250,000 to $400,000. What that means is lenders are now no longer required to order an appraisal if the sales price of a home is below $400,000. The lender can instead rely on an automated valuation model (AVM) which is a fancy term for computer generated valuation. Buyer’s may want to opt to hire an appraiser on their own in order to determine if the home they are buying is accurately priced when the lender has opted not to. Tom explores the implications for the threshold change and how buyers should deal with it.
If you are looking to buy or sell a home in the fall season it will be helpful to get ready ahead of time. First movers advantage still applies to both buyers and sellers in these highly competitive markets we have.
The Real Estate Roundup For August 2019 was provided by Greater Cincinnati Area Luxury Realtor Paul Sian of United Real Estate Home Connections. Paul is a licensed real estate agent in the states of Ohio and Kentucky and has over 14 years of experience. Feel free to contact Paul for all your Greater Cincinnati and Northern Kentucky real estate needs.
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