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.
Penalty for Paying Off Mortgage Early? Ask a REALTOR®
March 09 2010 5:00 PM
Last October, a friend of mine refinanced his home that he has lived in for the past 5 years. He went from a 30-year fixed to a 15-year fixed mortgage. Now, he wants to sell the home this summer. Is there a penalty? If so, what is it? -Naomi Whether or not there is a pre-payment penalty depends on the Note between your friend (the Mortgagor) and the lender (the Mortgagee). When a mortgage is given on a property, the Note is the actual contract to pay back the loan. In the note (and other closing documents), it should specifically state whether or not there is a pre-payment penalty. I believe that some states actually restrict or even prohibit mortgage pre-payment penalties as they are specifically designed to prevent refinancing, but I am not certain. In any event, if...
REALTOR.com® Was Most Visited Real Estate Website in February
March 09 2010 3:00 PM
took the top spot again as the most visited real estate website during the month of February according to the February 2010 comScore Media Matrix report. Last Month, Realtor.com attracted more than 6 million unique visitors, followed by its closest competitor Yahoo! Real Estate with 4.6 million unique visitors. Other sites in the top 10 included MSN Real Estate with 3.6 million unique visitors in February, AOL Real Estate with 3.2 million unique visitors and Rent.com with 2.7 million unique...
What Should I Look For in a REALTOR? Ask a REALTOR®
March 09 2010 12:00 PM
When searching for a REALTOR®, what do I look for? -Donald If I could nail it down to just a couple of key aspects, I would say integrity and feeling comfortable with them. You really need to feel that you can trust them, and that you will be able to communicate with them effectively. I sat down with a seller, and he had a book on his dining room table titled “1001 Questions to Ask Your Real Estate Agent.” I looked at him and said, there is no way, I am going to sit here and answer 1001 questions. I do recommend speaking with two or three agents. That way you can ask them about their experience and how they work. Whether you are a buyer or a seller, it is important to know if they are active in your market. Ask them about the local market, about their...
Are You Getting the Best Deal On Your House?
March 09 2010 7:00 AM
With so much movement in the real estate market in the past few years, how can a buyer determine whether they are getting the best price for the home of their choice? Austin REALTOR®, Joe Cline, blogs that there is a tried and true system for determining the value of a property, including estimating the price per square foot, but it all boils down to location, location, location. “When shopping for a deal, you will want to break down the purchase price and apply it to a smaller denominator to best compare one property to another. The way to calculate the highest and lowest housing units is to divide the total sale price by the structure’s square footage, thus you will get a price per square foot. Urban areas in a major metropolis will yield a higher market price per square foot...
Should Seller Help Buyer with Closing Costs?
March 08 2010 5:00 PM
In the current real estate climate, a seller does not have to pay for closing costs, usually because there are multiple offers. But what if the buyer needs help with their closing costs? Does that make the buyer less qualified to buy a home? Carolyn Herrera blogs that many times cash offers or 20-25 percent down- conventional buyers are not always the best buyers for your home. “Many buyers in this market are first time home buyers just starting out maybe with an FHA loan or VA/CalVet loan. These buyers are also very good and qualified buyers. Many of these buyers are coming in with just enough money for the down payment and need a little help with the closing costs, so they are usually willing to increase the sales price to allow for the help. If you are the seller, debating...
Top 10 Most Searched Homes on REALTOR.com®
March 08 2010 2:30 PM
has the No. 1 listing in this week’s top 10 most searched homes on , as Florida continues it’s reign as the state with the most homes on the list. A few new listings popped up this week including one in and another in . The data is compiled using homes that have a list price within 20 percent of the national median home price, which was $214,900 last week. Built in 2005, this week’s No. 1 (pictured above) is a . The 5,219 square-foot custom home is located in proximity to the private Tampa Yacht & Country Club located on the Hillsborough Bay. Elegant details include teak hardwood flooring, a wrought iron staircase and gourmet kitchen with granite countertops, natural gas appliances, double ovens, and butler’s pantry. The home also boasts a pool, spa, cabana, and...
Can I Make the Seller Fix the Electric? Ask a REALTOR®
March 08 2010 12:00 PM
I am in the midst of buying a home, and my home inspection is scheduled for this week. One item in the house concerns me. The seller advertised that the house electric was 220v, but instead of a circuit breaker box, its all fuses. What rights do I have to make the seller correct the electric and make it 220? -Derek Derek, the purpose of home inspections is for you, the buyer, to know exactly what you are getting into and know the condition of the home. We constantly remind our clients that in the case of “as is” sales, a home inspection should not be used as a negotiating tool. With that in mind, you have every right to submit an offer to a property with certain conditions. The seller is being upfront about the electrical system of the property, so it is now...
Take Advantage of the Housing Market Now!
March 08 2010 7:00 AM
Even though the housing market has seemed a risky investment in recent years, it still holds true that those who sit on the fence waiting for the ‘perfect time’ to buy a home may get left with nothing to buy. Bob Idakaar blogs about why potential home buyers should jump into the market now. Why buy now?…and other questions and concerns about Real Estate: 1. Is the Market recovering? Real Estate is local; meaning that each area is unto itself as far as activity, price and sales. There is a big misconception about the housing market over all. Certain parts of the country have had major declines in sales and in prices; Las Vegas, Arizona, and Florida have had major losses in values, higher percentages of short sales and foreclosures. Remember that all real estate...
Trendy Paint Job or Traditional? Ask a REALTOR®
March 07 2010 3:00 PM
I’m preparing to sell my house and have decided to change the shutter, front door, and garage color. The house is a pale yellow Cape Cod with white trim. My instinct is to match the garage door to the house color and do the shutters and door in black. My REALTOR®, however, wants to go with muted browns. He indicates that the current market color palette is very organic and earth-toned and that these colors will be more ‘on-trend’. Do I trust the Realtor’s instincts or go with my more traditional perspective? -Stanley My opinion is that it is best to go with the tradition of the architectural style of a home. If the style is Cape Cod, then look at photographs in home design magazines and match the paint colors and palette that works with that...
Spring Promises Surge in Housing Market
March 07 2010 12:00 PM
After a dismal past year, it looks like current housing is in recovery mode, especially in the entry-level home market. There is strong evidence that momentum is moving in positive direction. Tom Gross’s blog focuses on his firm belief that real estate will surge again this spring. Today our market is seeing drastic signs of recovery and we are finally moving in a positive direction. To build on that momentum, I’ve put together my top reasons why I believe it’s going to be a good spring real estate market. Only time will tell if my theory is correct but until then, let’s take a look at the facts: *Tax Credits Are Helping Drive the Entry Level Market – Thanks to the $8,000 first time home buyer tax credit and the $6,500 existing home buyer tax credit, we are seeing some very...