Industry News
At PEM, part of our exceptional service stems from having professionals who are in tune with the latest industry news and updates at all times so they can always provide you with the most up-to-date information to best fit your needs.
We also believe that the more information you have available to you, the more prepared you'll be when you are ready to make the life changing decision of buying a home which is why we've provided the current industry articles below. Published through REALTOR.com's Let's Talk Real Estate blog, these articles have the most late breaking information about the industry and how it affects all of us.
Help After the Tax Credit
July 28 2010 4:00 PM
The first time home buyer tax credit may be gone but assistance is still out there; so says San Pedro, California REALTOR® Lee Dworshak. He notes that potential first time home buyers have options to explore when considering a move into real estate. “One of the first hurdles when buying a home for the first time is often coming up with a down payment. Even a good saver may have a hard time saving the thousands that are necessary for a down payment. Luckily there are options for help. The Department of Housing and Urban Development (HUD) has many assistance and reference programs. HUD’s website has links to Habitat for Humanity, rural housing, and a number of home buyer programs in your area. The HUD website can be a great resource, offering a wealth of information on what is...
Can I Sell My Condo?
July 28 2010 12:00 PM
Q: I am currently paying off a mortgage on a condo that is worth much much less than when I bought it. On top of that, I am also looking for a new job, and will have to pay this mortgage using some of my savings for a while. What would be the best way to let go of this place that will cause the least amount of damage to my bank account and to my credit score? ~Randie A: Randie, you are in a situation that a lot of others are in, and I am sorry that you are there. However, there are a few options: *You can rent the property for a year with a property management company. They usually charge 10% of each month’s rent. *You can sell it for market value or you can do a short sale on the property. I am open to discussing your options with you to come up with the best way for you to get...
Buying an Attached Property
July 28 2010 7:00 AM
If you are in the market for an attached property, Schaumburg, Illinois REALTOR® Nina Rocus has some tips on what you should consider before making an offer. “Are you thinking of buying an attached property? If so, here are a few things to take into consideration. You are going to be living really close to your neighbors. That’s just how it is in an attached property. Whether it’s a condo, coach home/manor home or a townhome, your neighbors are just a wall away. Ask about the construction of the building, what separates you from those neighbors, do you have cement between the floors or are you going to hear every step someone takes on the floor above you. What about the walls? What soundproofing was put in to eliminate sound between the units? Take a look at how close your balcony...
Why Sign Exclusive Buyer Agency Agreement?
July 27 2010 4:00 PM
Many first time home buyers and move up buyers wonder whether they really need to have their own buyer’s agent rather than just work through the listing agent. REALTOR® Mary Sheppard notes that in the past, Realtors represented only sellers. With the advent of Exclusive Buyer Agent contracts, agents can now represent the buyer. “If you are a buyer, an Exclusive Buyer Agent is your advocate and binds the agent to you and you to them. By signing an EBA contract, your agent is legally accountable to you, not to the seller. Your EBA can’t divulge confidential information to the seller nor to the seller’s agent nor to any other agency or vendor, e.g. real estate agency, mortgage lender, insurance company, etc. Signing this agreement costs you nothing. An EBA is paid a...
Home Inspection: Don’t Buy a Home Without One
July 27 2010 12:00 PM
Home inspections are an important part of getting to know the home you plan on buying. San Antonio REALTOR® Liz Voss urges new homeowners to get a licensed professional to handle this crucial step in the buying process. “In Texas, licensed inspectors, just like Realtors, are required to take continuing education courses. They must keep abreast of changes in building codes, and in recent years, are required to have insurance. Their rates can vary, and it depends on the square footage and the size of the home. Each inspector varies on their scope of inspection, therefore it is important to ask them that they will and will not evaluate during an inspection. Whether one is buying a new or resale home, it is important to have a home inspected. Even newly constructed homes may have...
Should You Purchase Owner’s Title Insurance?
July 27 2010 7:00 AM
With so many upfront costs involved in buying a home, many first time buyers wonder if they should spent the money to get title insurance on the property. REALTOR® Eileen Smith of Tucker, GA says the answer is “yes”: “You paid an attorney to perform the closing, a title search has been done (you saw the fee on your closing statement), you received a General Warranty Deed at the closing, and you had to purchase Lender’s Title Insurance. Do you really need to spend the extra couple hundred dollars to purchase your own policy? Yes! A home is the most important, and in many cases the largest investment you will ever make. You purchase homeowner’s insurance to protect that asset from wind, water and fire. Do you really want to take the chance of losing it because you...
Top 10 Most Searched Homes on Realtor.com
July 26 2010 4:00 PM
Florida claimed the top three spots on this week’s Top 10 Most Searched Homes on REALTOR.com®. The top 10 is compiled using homes that have a list price within 20 percent of the national median home price, which was $215,000 last week. : This is an expanded model on an oversized lot with many appointments including marble floors and wood blinds throughout. 2. . The golf-front home boasts a screened-in lanai with community tennis, pool and recreation building nearby. 3. Located on a corner lot in a lake community the high volume ceilings and expansive windows bring in lots of light. 4. This brand spanking new home has some nice finishing details including tray ceilings, display alcoves, two-tone paint, bricked columns and custom garage...
Home Staging: Let’s Get Real
July 26 2010 12:00 PM
Over the past decade, the concept of home staging has caught fire. Whether it blossomed due to the market conditions or the home’s location, one fact is evident – staging gets results! REALTOR® Linda Kemp in Naperville, IL says that a good Realtor/Stager can save a homeowner the stress of making their home appealing for a quick sale without trying to duplicate the often unreal demands of reality TV home design programs. “In my career as a Realtor/Stager, I find that homeowners are extremely stressed with the prospect of selling their house and have called in professionals to help them get their homes sold as quickly as possible. The last thing that they want to do is spend their time doing arts and craft projects. Certainly I have engaged their help in moving furniture, painting...
Important Things First Time Buyers Should Know
July 26 2010 7:00 AM
Q: What should first time buyers be aware of before beginning their home search? A: I find that most of today’s first time home buyers tend to be short on the 10% to 20% downpayment funds needed to qualify for a conventional loan. Many turn to FHA which only requires a 3.5% downpayment. However, there are several additional fees when using FHA; they include higher closing costs, a 2.25% upfront premium, and a mandatory monthly mortgage insurance premium. When combined with real estate taxes, home owners insurance, and possible homeowner association dues, these extra fees can run in the hundreds of dollars per month. When consumers look at simple online mortgage calculators, these fees are rarely taken into consideration. This causes the buyer to believe that they may qualify for a...
How to Pack for Your Move
July 25 2010 3:00 PM
Packing and moving is a daunting task. To prevent getting overwhelmed, start packing early. To make the chore easier, Braintree, Massachusetts REALTOR® Wayne Davis recommends these few simple techniques. “GETTING STARTED: GATHER PACKING MATERIALS Using proper packing materials pays off in the long run. You can purchase sturdy boxes, specialty boxes and packing materials at local moving or shipping companies. Some wholesale companies and large stores will have free boxes available after a shipment. Wadded up newspaper, old pillows and blankets make inexpensive padding materials. The following tools and materials will make your packing go more smoothly: *utility knife and/or scissors *note pad and pen *dark, water resistant marker *boxes of differing sizes *packing tape *bubble...