Q: where is it written that bedrooms have to have a closet? I am selling a 100+ yr-old home, they didn’t make closets back then! A: It used to be that a bedroom was required to have a closet under the appraisal guidelines. This is not necessarily the case as the guidelines have changed. They might even vary depending on the type mortgage one gets. Check with a local … [Read more...] about Does A Bedroom Require A Closet
Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market (the March data is not yet … [Read more...] about Buyer Demand Surging as Spring Market Begins
Q: Can a 1st time home buyer find another home with same value and do an even exchange A: There is a way a buyer can do an exchange with a seller for another property & even comply with the IRS & their tax guidelines. It is rather complicated so I suggest you speak with a title company in your area & get the written guidelines from them on this exchange. You could even check … [Read more...] about 1st Time Homebuyer Exchange
Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week! This is great news for anyone who is planning on buying a home this spring! Freddie Mac had this to say, “Mortgage interest rates have been … [Read more...] about Are Low Interest Rates Here to Stay?
Q: I believe there is an amount one may “put down” in order to avoid many of the “qualifying” factors with banks…is this so? If so, what is that amount? A: It is at least 20%, but there are some other guidelines that a buyer must meet. Contact your lender (or one that is referred to you by your agent) & look into a ‘no doc’ loan. … [Read more...] about What Amount To Put Down