The Landry Team~Memphis Real Estate

10 Pieces of Paper You NEED to Buy or Sell a Home

2011-03-24T14:43:00.000-07:00

Home buyers and -sellers alike often bristle with anticipatory irritation at the mere thought of all the paperwork they expect they’ll have to come up with to do their transaction, above and beyond the basic loan application, contract, disclosures and closing docs. And these worries start way in advance; it’s as though, before they even start visiting open houses, buyers begin to visualize - and dread - spending hours upon hours in the dank catacombs of the Vatican (à la Da Vinci Code) combing through ancient files, seeking some rare and precious artifact documenting their childhood dental history or genealogy.

In some respects, this vision of the experience of obtaining a home loan might not be far off - there are oodles of hoops through which to jump and, occasionally, the loan underwriter requests something sort of bizarre. But more commonly, there’s a pretty finite universe of documents you’ll really need to scrounge up to get your home bought - or sold. Here they are:

ID (e.g., driver’s license, state-issued ID, passport). Who must produce it? Buyers and sellers. Why? Uh, hello!?! Lender wants to know that you are who you say you are, buyers, and the title insurance company wants to make sure, sellers, that you actually have the right to sell the home. Funny enough, this commonly goes unrequested until you get to the closing table, when the notary requests to see it before signing, but some mortgage brokers and even some real estate brokers and agents may ask to see it earlier on.
Paycheck Stubs. Who must produce it? Any buyer financing their purchase with a mortgage. Sellers, usually only in the case of a short sale. Why? Buyers’ purchase price ranges are determined, in part, by their income. And short sellers have to prove an economic hardship.
Two months’ bank account statements. Who must produce it? Buyers getting financing; sellers selling short. Why? Buyers’ lenders now require proof of regular income and proof that the down payment money is your own. Short sellers? It’s all about the hardship.
Two years’ W-2 forms or tax returns. Who must produce it? Mortgage-seeking buyers and short selling sellers. Why? Banks want to see a stable, long-term income. They also limit you to claiming as income the amount on which you pay taxes (attn: all business owners!). And in short sales, again, they want documentation of every single facet of your finances.
Updated everything. Who must produce it? Buyer/mortgage applicants. Why? Because things change, and because the time period between the first loan application and closing can be many months - even years! - on today’s market. During the time between contract and closing it’s not at all unusual for underwriters to demand buyers produce updated mortgage statements, checks stubs, and such - and its quite common for them to call your office the day before closing to request a last minute verification of employment!
Quitclaim deed. Who must produce it? Married buyers purchasing homes they plan to own as separate property. Married sellers selling homes that they own separately, or joint owners selling their interests separately. Why? With the Quitclaim Deed, the other spouse or owner signs any and all interests they even might have had in the property over the the selling owner, making it possible for the title insurer to guarantee clear, undisputed title is being transferred in the sale.
Divorce decree. Who must produce it? Buyers and sellers who need to document their solo status or the property-splitting terms of their divorce. Why? Again, to ensure that the seller has the right to sell. Recently single buyers might need to prove that they shouldn’t be held to account for their ex’s separate debts or credit report dings.
Gift letters. Who must produce it? Buyers using gift money toward their down payment. Why? The bank wants to be sure the gift came from a relative, and is their own money to give. They also want the relative to confirm in writing that it’s a gift, not a loan - a loan would need to be factored into your debt load.
Compliance certificates. Who must produce it? Usually sellers, but sometimes buyers, by contract. Why? Some local governments require various condition requirements be met before the property is transferred, like some cities which require a sewer line be video scoped and repaired, cities which require a checklist of items be met before a certificate of occupancy be issued (usually relevant to brand new and really old homes, the latter of which are often subject to lead paint concerns) and energy conservation ordinances which require low-flow toilets and shower heads to be installed. Ask your real estate pro for advice about which, if any, such ordinances apply in your area.
Mortgage statements. Who must produce it? Any seller with a mortgage. Why? the escrow holder or title company will need to use them to order payoff demands from any mortgage holder who has to get paid before the property’s title can be transferred.

By no means is this an exhaustive list. For more information on the beginning process of Memphis home buying or Memphis home selling contact The Landry Team.
They will guide you through the steps!

-Trulia
By Tara-Nicholle Nelson

Easy Ways to Transform a Room

2011-03-23T08:40:00.000-07:00

Updating a living room or family room doesn’t have to mean giving it a complete makeover. A few simple changes can transform a tired room into a fresh space in no time.

Give your windows better treatment
• Replace heavy draperies, which can look outdated, with a more contemporary alternative. Faux wood, honeycomb blinds, roman or vertical shades—there are a lot of options to dress up your windows. Many online companies will send you samples so you can see how the different options will look in your particular space.

• Lighten things up with sheers. The soft folds of billowy sheers allow more light to come into the room, but still offer some privacy. Sheers in lighter colors also make the room appear larger and serve as a color-coordinated highlight at the same time.

Use mirrors to add visual interest
• Instead of the hanging a large mirror in a traditional space, such as above a couch or fireplace, modernize by hanging several smaller mirrors. Create a grouping of mirrors with frames that have the same color, but different sizes, shapes and textures.

• Hang a large mirror between two windows to give the illusion of having more windows in the room.

Replace an outdated furniture item

• Update your coffee table or entertainment center. These larger pieces are often the focal point of the room, so changing them out can put the entire room in a whole new light.

• Look for items that are both functional and easy to assemble. For example, Z-Line Designs furniture includes an instructional DVD with each item, so you can easily assemble pieces that are traditionally complicated to put together. Their ready-to-assemble mounts and stands for flat panel TVs can update any room in a flash.

Freshen up accessories
• There’s no need to re-upholster a sofa or its matching chairs. Swap the current accent pillows out for some new ones. Try a new, complementary color or add a pattern or fun texture to a solid background. If you're brave enough, try making pillows of your own. It's super easy and costs 3/4 less than buying new ones. It's fun to use materials you wouldn't traditionally find on a pillow like burlap, linen, or felt. Check these awesome home made pillows out. http://www.etsy.com/shop/dedeetsyshop

• Switch out your centerpieces. Replace a silk flower arrangement for a tray with pillar candles on it. Update the framed photos with new pictures and new frames. Look around the house for a few interesting pieces that can be put to new use—what can you do with a stack of interesting books or a grouping of pretty bowls?

Here are some funky decorating ideas I used in my own home.

Old ceiling tiles used as wall art and several old frames grouped as art.

For more decorating tips or easy ways to stage your Memphis home for selling contact me-April Landry at 901.238.4361 or april@landryteamrealty.com.

The Landry Team

Memphis Real Estate

North Mississippi Real Estate

www.landryteam.com

Tax Benefits Come as a Welcome Relief for Homeowners at Tax Time

2011-03-22T14:26:00.000-07:00

With a little less than one month before income taxes are due, many of the nation’s 75 million homeowners may be appreciating the value of homeownership just a bit more as they take advantage of the tax benefits of homeownership.

“Owning a home offers myriad benefits throughout the year, but some of the financial advantages of homeownership are most apparent at tax time,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.

“As many of today’s hard-working American families are feeling a financial squeeze, the tax benefits that can come from owning a home can be a welcome relief.”

A number of tax deductions and credits are still available for homeowners; these include deductions—with specific limits—for mortgage interest and capital gains on home sales, and credits for certain energy-efficient home improvements. Even with these benefits, homeowners pay 80-90% of all U.S. federal income taxes.

“It’s been suggested that many of today’s tax incentives for homeownership primarily benefit wealthy individuals, but that’s simply not true,” said Phipps. “As today’s public debate continues about what homeownership means for families, communities, and the nation’s economy, there’s no question that for many, owning a home is still the best way to begin building wealth.”

Ninety-one percent of homeowners who claim the mortgage interest deduction earn less than $200,000 a year, and the ability to deduct the interest paid on a mortgage can mean significant savings at tax time. For example, a family who bought a home in 2010 with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5%, could save nearly $3,500 in federal taxes when they file this year.

“REALTORS® see the very real positive impact of homeownership every day with our clients,” said Phipps. “Recent proposals to reduce or eliminate the mortgage interest deduction and remove government support of the housing finance market could have disastrous consequences for the economy, not to mention making it harder or nearly impossible for millions of families to own their own homes. We believe America must continue to invest in homeownership, for the future of our families and our nation.”

For homeowner tax season tips, visit www.HouseLogic.com. HouseLogic is a free source of information from NAR that helps homeowners maintain and enhance the value of their homes and engage in issues that affect their local communities.

RISMEDIA, March 16, 2011

~New Collierville Home Listed~994 Joe Court~Sought After Eastbrook Sub.~

2011-03-01T11:18:00.000-08:00

Contact The Landry Team for your private tour or for a list of other Collierville homes.

6 Things That Turn Home Buyers Off (and What Sellers Can Do To Prevent It)!

2011-02-24T10:17:00.000-08:00

We've talked about surprising home features buyers LOVE, and about why buyers aren't biting on today's market, despite it being highly affordable. But we haven't talked much about the characteristics of sellers, listings and homes that turn buyers all the way off. Well, not until now!

Here are 6 big-time homebuyer turn-offs that make buyers cringe at the thought of your home, and action steps you can take to prevent your home from being an offender:

1. Stalker-ish sellers. I know you think you’re being helpful, walking the buyer through your home and pointing out the wagon-wheel light fixture you made with your own two hands, the custom mural of a stingray you paid top dollar to have painted across your living room wall and the way the sounds of happy schoolchildren running across the front yard of your corner lot to get to the school in the next block lifts your spirits. However, the buyers might be trying really hard to ignore, minimize or figure out how to undo the very features of your home you hold dear. They also may want or need to have personal space and conversations with their mate or their agent while they’re viewing your home - you being there, especially walking right alongside them while they’re in your home, prevents them from being comfortable about doing this, or discussing all the things they would change if the home were theirs. In my experience, the more nitpicky a buyer gets about a house and the more detailed their list of things they would change, the more serious they are about considering making an offer on this place.

What’s a Seller to do? Back off. Let your home be shown vacant, or leave the house when people come to see it. If you need to be there, at least walk outside or go sit at the coffee shop down the way while prospective buyers view your home. If the buyers have questions, their people will contact your people.

2. Shabby, dirty, crowded and/or smelly houses. You already know this one. Yet, buyers constantly marvel. The buyers who come to see your home are making the decision whether to choose your home for the biggest purchase they’ve ever made during the worst economic conditions most of them have ever experienced. Your job is to get your home noticed – favorably – above the sea of other homes on the market, many of which are priced very, very low.
What’s a Seller to do? Other than listing your home at a competitive price, the only tool within your control for differentiating your home from all the foreclosures and short sales is to show it in tip-top shape. Pre-pack your place up, getting rid of as many of your personal effects as possible. Do not show it without it being completely cleaned up: no laundry or dishes piled up, countertops freshly washed, smelly dogs (I have a couple who smell on occasion – no judgment – but don’t show your house with pet odors) or litter boxes cleaned and/or out of the house.

3. Irrational seller expectations (i.e., overpricing). Buying a house on today’s market is hard work! On top of all the research and analysis about the market and situating their own lives to be sure they’ll be able to afford the place for 5, 7, 10 years - or longer, buyers have to work overtime to separate the real estate wheat from the chaff, get educated about short sales and foreclosures and often put in many, many offers before they get even a single one accepted. The last thing they want to add to their task lists is trying to argue a seller out of unreasonable expectations or pricing. And, in fact, there are so many other homes on the market, buyers don’t have to do this. When they see a home whose seller is clearly clueless about their home’s value and has priced it sky-high, most often they won’t bother even looking at it. If they love it, they’ll wait for it to sit on the market for awhile, hoping the market will “educate you” into desperation, priming the pump for a later, lowball offer.

What’s a Seller to do? Get real. Get out there and look at the other properties that are for sale in your area and price range. Get multiple agents’ take on what your home should be listed at, and don’t take it personally if their recommendation is low. If your home has much less curb appeal or space or is much less upgraded than the house across the way, don’t list it at the same price and expect it to sell. If you owe more than your home is realistically worth, you may need to reexamine whether you really want or need to sell, or consider a short sale, if you simply have to sell. Don’t be tempted into testing your market with an obviously too-high price, unless you’re prepared to have your home lag on the market and get lowball offers.

4. Feeling misled. Here’s the deal. You will never trick someone into buying your home. If the listing pics are photo-edited within an inch of their lives, or your home is described as an “approved” short sale when, in fact, the bank approved another offer, now withdrawn, but will require a new offer to go through any sort of approval process (even a truncated one), buyers will learn this information at some point. If your neighborhood is described as funky and vibrant, as code for the fact that your house is under the train tracks and you live in between a wrecking yard and a biker bar, prospects will figure this out. If the detailed information about your home, neighborhood or even transactional position (e.g., short sale status, seller financing, etc.) is misrepresented, the sheer misrepresentation will turn otherwise interested buyers off. If you authorize your agent to “verbally approve” the buyer’s offer, don’t go back the next day demanding an extra $5,000. In cases where the buyer feels misled, whether or not that was your intention, running through the buyer’s mind is this question: If they can’t trust you to be honest about this, how can they trust you to be honest about everything else?

What’s a Seller to do? Buyers rely on sellers to be upfront and honest – so be both. If your home has features or aspects that are often perceived negatively, your home’s listing probably shouldn’t lead with them (like the ad I recently saw with the intro line: “this place is a mess!”), but neither should you go out of your way to slant or skew or spin the facts which will be obvious to anyone who visits your home. Make sure you know what the listing of your home reads like, before it’s published to the web, and that a prospective buyer will not feel misled by it.

5. New, ugly home improvements. Many a buyer has walked into a house that has clearly been remodeled and upgraded in anticipation of the sale, only to have their heart sink with the further realization that the brand-spanking-new kitchen features a countertop made, not of Carerra marble, but brand-new, pink tiles with a kitty cat in the middle of each one (I saw this once, people – no joke). Or the pristine, just-installed floors feature carpet in a creamy shade of blue – the buyer’s least favorite color. New home improvements that run totally counter to a buyer’s aesthetics are a big turn-off, because in today’s era of Conspicuous Frugality, buyers just can’t cotton to ripping out expensive, brand new, perfectly functioning things just on the basis of style – especially since they’ll feel like they paid for these things in the price of the home.

What’s a Seller to do? Check in with a local broker or agent before you make a big investment in a pre-sale remodel. They can give you a reality check about the likely return on your investment, and help you prioritize about which projects to do (or not). Instead of spending $40,000 on a new, less-than-attractive kitchen, they might encourage you to update appliances, have the cabinets painted and spend a few grand on your curb appeal. Many times, they will also help you do the work of selecting neutral finishes that will work for the largest possible range of buyer tastes.

6. CRAZY listing photos (or no photos at all). Here at Trulia, we’ve seen listing photos that have dumpsters parked in front of the house, piles of laundry all over the “hardwood” floors touted in the listing description, and once, even the family dog doing his or her business in the lovely green front yard. Listing pictures that have put your home in anything but its best, accurate light are a very quick way to ensure that you turn off a huge number of buyers from even coming to see your house! The only bigger buyer turn-off than these bizarre listing pics are listings that have no photos at all; most buyers on today’s market see a listing with no pictures and click right on past it, without giving the place a second glance.

What’s a Seller to do? Check your home’s listing on the multiple listing service and make sure that the pics represent your home well. If not, ask your agent to grab some new shots and get them online (and say pretty please, pretty please!).

For help getting your home ready to sell or a comparative market analysis or your Memphis home, call The Landry Team.

Insider Secrets for the 5 Stages of Buying a Home

2011-02-17T11:24:00.000-08:00

Buying a home is not a discrete event; it's a process - a sequence of events that happens over time, sometimes over as long as several months! While general guides to buying a Memphis home are a dime a dozen, I'm excited to share with you some insider secrets you may not have heard elsewhere - one for each stage involved in buying a home. Here's to helping you make the best decisions at every phase of your home buying process!

Stage One: Deciding Whether It's The Right Time to Buy.
Insider Secret: The market is the least important factor you should consider when deciding whether and when to buy a home.
Why: Everyone knows affordability is at an all-time high. Memphis home prices are low, and so are interest rates. But trying to time the market is a fool's errand; many who get caught up in that game of trying to make sure they buy at the absolute bottom will end up losing out on very, very favorable conditions.

Beyond that, the most important considerations when deciding whether and when you should buy a home are personal, not market driven. On today's market, it only makes sense to buy a place if it's going to be sustainable and work for you for at least the next 2-5 years

Against this "smart holding period" backdrop, smart buyers decide to buy when it makes sense for:

their life plans (i.e., they are comfortable making the commitment to live in the same town, and the commitment to )
their family plans (i.e., whether they plan to get married, have children or empty their nest in the time they plan to own the home - and the implications of these plans on their space needs and location priorities)
their career plans (including, but not limited to: whether they have job or income security, whether they feel they will be working in the same area for the foreseeable future, and whether they want to work less or start their own business in the months or years to come)
their financial plans (including foreseeable changes in income and expenses, e.g., kids going to college or making partner at the firm).

Stage Two: Getting Pre-Approved.
Insider Secret: Working with a mortgage broker referred by your real estate broker or agent may save you money.
Why: Bolstered by the real-life stories of a couple of bad apples, TV pundits and some consumer advocates have spun the tale of a real estate industry cartel, whereby sinister agents hook unsuspecting buyers up with shady mortgage brokers, who place them in crappy loans and kick back some bucks to the agent. I'm here to tell you, in my experience, the opposite is true the vast majority of the time.

When you work with a Memphis mortgage broker who has a strong track record of helping your real estate agent's clients out, you end up in a best of all worlds situation, nine times out of ten. First off, your agent will take you much more seriously once a mortgage broker they know and trust has run your credit, checked your income and approved you for a loan, as well as communicated with your real estate pro about your qualifications and what you can afford. Secondly, your agent can help you communicate with your mortgage broker, sometimes helping get past appraisal glitches or facilitating other workarounds, as they come up. Third, you get the assurance of working with a mortgage pro who has been vetted and vouched for by someone you not only trust, but someone who can verify that the mortgage broker has the ability to get transactions closed in the timely manner required of today's real estate sales contract. Otherwise, you may end up working with a competent mortgage broker who has a great track record when it comes to refinancing, but can't keep up with the pace and common obstacles to getting a home financed in the context of a sale.

On top of that, sometimes the relationship can help you negotiate out of a couple of line item loan fees (if your particular mortgage rep has the power to get them down at all), if push comes to shove and cash is tight to close the deal. Assuming you are working with a Memphis real estate pro you really trust, working with a mortgage broker they trust can save you, rather than cost you, money.

Stage Three: House Hunting
Insider Secret: "Distressed" doesn't always equal "discounted" - in some cases, a "regular" sale can be a deeper deal.
Why: Short sales and foreclosures have grown to comprise roughly 30 percent of the homes sold on today's market, even higher in some areas. The average sale price of foreclosed homes was 32% lower than the average sale price of non-foreclosed homes, at last count. However, it's not always the case that foreclosed homes or short sales - homes which are being sold for less than what the seller owes on their mortgage(s) - offer the buyer a fabulous discount.

Mortgage servicers and asset managers who make decisions about distressed properties are on the hook to their investors to recoup as close as possible to the current fair market value of every home they sell. Some banks even have a general rule of rejecting offers more than 10 percent or so below the home's list price, preferring instead to reduce the price by that amount and put the home back on the open market to see if any new buyers are activated by the price reduction to make an offer better than the low ball offer that was initially put on the table. On short sales, the bank is trying to get as close as possible to recovering what the seller owes - and may or may not be concerned with what the fair market value of the home is. (Nine times out of ten, there will be a big gap between fair market value and the seller's outstanding mortgage balance. If there wasn't, the seller wouldn't need to do a short sale!)

With so many distressed properties and homes with depressed values on the market, in many areas, the individual, non-distressed Memphis home sellers who are putting their homes up for sale right now are those who are very motivated to sell. Further, they are more likely to be flexible with you on everything that is negotiable, from contingency and escrow periods, to price, to repairs and included items.

Also, individual sellers can be emotionally motivated to sell to move on with their lives, get into their bigger (or smaller) house, or move on to their next job; banks, on the other hand, aren't people (!), so lack that emotional sense of urgency to get the properties sold, no matter how urgently you may think they should be trying to get rid of the foreclosed properties they own. (If you've heard the old advice that banks don't want to be in the home-owning business, I can tell you this. That is true, in a very general sense, but now they are and will be - for a long time to come. They have no emotions, have no urgent need to sell or move, and are not willing to give houses away at pennies on the dollar to get out of it, no matter what those infomercial folks say.)

Long story short: you can sometimes negotiate a better deal with an individual seller on a "regular" sale than with a bank on a distressed home sale. So, don't limit your house hunt to foreclosures and short sales, if you're looking for a good deal on your home.

Stage Four: Negotiations
Insider Secret: Your family and friends can cause you to lose your dream home.
Why: With so much information on the web and the news every day about the recession and the buyer's market, everyone seems to be an armchair economist/real estate savant. But much of that news is national and based on medians, averages and trends. That is, it might not necessarily apply to every home on the market in every city, and more importantly, it might have nothing to do with "your" particular home.

When I was a little girl, my best friend's grandfather would very carefully hand each of us a quarter, always doling it out with the sage admonition: "Don't spend it all in one place." We'd always smile, look at each other, then go ask our Moms for ten bucks apiece. In the same vein, people who are not currently in the market for a home have no idea what an individual home should "go for." If you tell your parents, church pals, or colleagues at work the blow-by-blow details of your offer, counteroffers, etc., you should expect to hear things like, "Oh, you're paying way too much!", "I think you should push them down another $10K," or "You know, you're in a better bargaining position than that." And sometimes, taking that sort of advice will end up blowing your deal. Work with your trusty real estate broker or agent to develop a smart strategy - with their experience in your local market - about what price and terms to offer. Then keep working with them to manage and maintain realistic expectations as you proceed through negotiating the contract to buy your home.

Stage Five: Escrow, Inspections and Underwriting
Insider Secret: It's critical that you attend your home inspections.
Why: When it comes to inspections, many first-time buyers expect that a home will either pass or fail. Except in a few jurisdictions where the government imposes certain condition requirements for a home to be sold, the home inspection is more about educating you, the buyer, as to the details and nuances of the home's condition than about seeing if the place hits a particular target for "good" or "bad" condition.

Home inspectors don't just look for things that need fixing, they also look to understand the home's systems and features, as well as to point out areas that will require your ongoing maintenance, highlight emergency shutoffs and other need-to-knows, and indicating where you should have specialists further inspect items of concern. Many home inspectors create vivid, detailed electronic reports - some, complete with color photos. But that's not enough!

If you're physically on site at the home during the inspections, the inspector can physically show you the shutoffs for water, gas and electric - and how to use them. They can also point out, in person, any things that need repair, and give you some tips for maintaining the place in tip-top shape. Also, in many states, the general home inspector is legally prohibited (vs. the pest, roof or other "specialty" inspectors) from issuing a written quote or bid for repairs, to avoid a conflict of interest where they'd try to fabricate flaws in the home to get the repair job. However, the repair costs are one of the most important things a smart buyer wants to know!

If you show up, many inspectors will give you a rough range it would cost you to do various repairs, or otherwise indicate to you whether the needed repairs are "big deal" or "$10 home improvement store" fixes; some will even give you a few references to contractors they trust.

All around, you'll get much more of the detailed information you need to know whether and how to move forward with the transaction if you should up in person to the home inspections, rather than just waiting for a copy of the report to come to your email.

Contact The Landry Team for more insider secrets to home buying and a list of great deals on Memphis area homes.

By Tara-Nicholle Nelson Trulia

Home Buyer Tax Credit Repayment Begins for 2008 Buyers

2011-02-16T10:39:00.000-08:00

Most home buyers who claimed the federal tax credit of up to $7,500 for buying their first home in 2008 are required to start repaying the credit in 15 annual installments, beginning with their 2010 tax returns.

The credit—some form of which was offered for qualified home purchases in 2008, 2009 and 2010—has different repayment rules depending on when and under what circumstances the home was purchased. As tax season approaches, this may cause confusion among home buyers who received the tax credit.

“It is important that home buyers consult a qualified tax professional to make sure they are receiving all the tax benefits as well as fulfilling the obligations of their home purchase,” said Bob Nielsen, chairman of the National Association of Home Builders and a home builder from Reno, Nev. “Homeownership tax incentives such as the home buyer tax credit and the mortgage interest deduction have helped millions of American families achieve their dream of homeownership.”

The Internal Revenue Service is sending a letter to taxpayers who claimed the credit that explains if, when and how they have to repay it. There are different IRS letters for different situations, including a purchase of a home in 2008, 2009 or 2010; a sale of a main home; or a change in the use of the main home.

For example, a taxpayer who claimed the full $7,500 first-time home buyer credit on their 2008 tax return will repay $500 as an additional tax on their returns each year from 2010 to 2025, or until the home is sold or is no longer used as the owner’s principal residence.
The credit for homes purchased in 2009 and 2010 does not have a repayment requirement unless the home ceases to be used as the taxpayer’s principal residence within three years of the purchase.

The home buyer tax credit program expired for the majority of Americans in 2010. However, the eligibility period was extended to April 30, 2011, for qualified service members who served official extended duty outside the United States between Dec. 31, 2008, and May 1, 2010.
The IRS website at http://www.irs.gov/ contains detailed information about repayment requirements for the federal home buyer tax credit.

http://www.landryteam.com/

FICOs and FHA: 2 big lenders loosen up

2011-02-14T12:29:00.000-08:00

Here's some unexpected good news for home buyers, especially first-timers who don't have much down payment cash on hand: The door to an FHA-insured mortgage just opened a little wider.

With no fanfare or public announcements, two of the largest FHA-approved lenders have backed off their controversial "overlay" requirements on FICO scores (lender overlays are qualification requirements that can be more stringent than FHA's own requirements).

Both Wells Fargo and Quicken Loans confirmed last week that they will now lend to applicants with 580 FICOs and 3.5 percent down payments.

Their revised standards conform in most respects to FHA's own minimums, and open the agency's financing to large numbers of buyers whose credit scores have sagged during the recession. Wells Fargo is the largest originator of FHA-insured mortgages; Quicken ranks third, according to industry data.

Along with most other major lenders, both companies previously had insisted on minimum FICOs of 620 for otherwise qualified borrowers seeking 3.5 percent down payment loans. If your score came in even slightly lower, they wouldn't even look at your application.

An estimated one third of Americans now have FICO scores below 620, according to one consumer group's estimate.

The lending industry's rationale for imposing a higher bar than FHA's own: They need an extra cushion of protection against potential defaults by borrowers with subpar credit scores. Many of those defaults, they said, could prompt indemnification demands by the Federal Housing Administration - essentially punitive repayments for insured loans that go belly up.

Michael D. Berman, chairman of the Mortgage Bankers Association, said last week that lenders have adopted FICO score minimums and other overlays that add to the costs of getting a loan because they "are just afraid. We are not going to play out on the edge if we're going to get stuck" with buybacks or indemnification demands."

Similarly, FHA lenders want to avoid the costs of servicing nonperforming defaulted mortgages.

FHA commissioner David Stevens says he understands the lenders' concerns, but that many applicants with 580 scores have solid incomes and generally good credit histories. Their current scores are depressed, he argues, because "they went through the recession and suffered some damage, such as short-term loss of income," which caused them to be late on some payments.

If lenders look hard at the causes of their problems and underwrite carefully, such borrowers "do not present excessive risks of default," he says, which is why FHA set the FICO score bar for 3.5 percent down payment loans at 580.

The mortgage industry's overlay policies have prompted criticism from Realtors, builders and consumer groups. The National Community Reinvestment Coalition filed complaints against 23 lenders -- Wells and Quicken were not among the targets -- charging that setting tougher credit standards than required by FHA discriminates against minorities and violates federal fair lending and equal opportunity statutes.

Wells' newly revised policy actually dips the FICO score cutoff line well below 580 -- all the way down to deep subprime 500 -- but also sets strict underwriting hoops and snares to weed out unqualified applicants.

For example, borrowers with scores between 500-579 will need a 10 percent down payment from their personal resources. They will not be able to use gift money from relatives, friends or a charitable down payment assistance program to meet the 10 percent upfront equity test.

Home buyers with scores of 580-599 will need 5 percent down payments, and will be prohibited from supplementing their own cash with gifts. Borrowers with FICOs above 600 will qualify for 3.5 percent down payment FHA deals, but will be allowed to use gift money.

Contributions from home sellers to defray buyers' closing or loan origination costs will be limited to 3 percent. Debt-to-income ratios will be tight: 31 percent for monthly housing-related expenses, and 43 percent for total household debt service.

The expanded program will only be available through Wells' retail lending channel, not through third-party brokers or correspondent lenders.

Tom Goyda, a Wells vice president and spokesman, told me that "these requirements are designed to ensure that we lend to customers who we believe will be able to manage their finances, given the anticipated ongoing challenges in the economy."

Bob Walters, Quicken's vice president for capital markets and chief economist, said his firm will now accept FICO scores down to 580, but no lower. Quicken also insists on key underwriting restrictions on debt-to-income ratios and limits on gift funds.

Walters would not disclose the specifics, but said they are "very close" to Wells' 31 percent and 43 percent requirements, and that all borrowers with low FICOs must be able to demonstrate that their down payments are from their own funds.

In a phone interview last week, FHA's Stevens said that the Wells approach "is well thought out and could serve as a model" for other large lenders to consider in the coming weeks.

He would not identify other major companies that may abandon their 620-640 FICO minimums, but said he hopes that many more will take a hard look and follow suit.

"The idea is not to have habitual late-payers" get FHA-insured mortgages to purchase houses, Stevens said, but rather to provide homeownership opportunities to genuinely qualified buyers who simply have temporarily depressed credit scores.

"Anybody who is lending" during the current environment of falling home prices and high unemployment "has to be extremely careful about making policy changes that add to their risks, but we also need not to exclude qualified families from access to homeownership," Stevens said.

If the mortgage industry adopts the Wells and Quicken guidelines in some form, tens of thousands of consumers could be beneficiaries in the weeks immediately ahead.

If you are thinking about buying near Memphis or North Mississippi, call The Landry Team today. We will help you get prequalified.

Wells Fargo, Quicken Loans revise credit, down payment requirements

By Ken Harney, Monday, January 31, 2011.

Inman News™

Finding value is easier in a tough market

2011-02-11T09:30:00.000-08:00

Rich Dad Poor Dad author Robert Kiyosaki uses the example of a sale at the local supermarket to illustrate a common investor mistake - focusing on price movements instead of value. He notes that if a supermarket held a “25% off everything in the store” sale, the store would be packed.
But when prices plunge in the stock market or real estate market, many investors hear the bad news and head for the sidelines until prices begin climbing again. In any market, it’s important to consider value along with price. Supply and demand dictates that real estate values are easier to find in slow periods and become harder to find when markets heat up.

So what’s lasting value? Here’s a list of homebuyers’ most sought-after features, according to the National Association of Realtors:

1. Central Air Conditioning
2. Garage with two or more spaces
3. Walk-in closet in master bedroom
4. Backyard/play area
5. Cable/Satellite TV-ready
6. High-speed Internet Access
7. Separate shower in master bath
8. Patio
9. Fencing
10. Home newer than 10 years old

If you have looked in the past and not found these features in your price range, it may be time to check again, while properties are “on sale.” Be sure to consider features that will make homes more valuable in the future, such as energy-efficient construction and appliances and shorter commuting times. Features like water or mountain views, good schools, recreation opportunities and unique architecture never go out of style.

Source: NAR 2007 Profile of Buyer’s Home Feature Preferences

For Sale: 45 Lee Creek Cv~Reduced with Hardwood Floors!~

2011-02-08T12:41:00.000-08:00

For more information or to set up a private tour, contact The Landry Team 901.238.4361

Olive Branch Real Estate FOR SALE~13040 Sandbourne Dr~No City Taxes!

2011-02-08T12:22:00.000-08:00

Organize Your Home Office for Greater Productivity

2011-02-03T11:06:00.000-08:00

As home offices go, Dianna Lovelace’s work space wasn’t the messiest. But every time the Rancho Cordova, Calif., mother and pastor’s wife wanted to pay a bill, do some writing or work on a project, the clutter crowded out her ability to concentrate.

Like many of us, the energetic mom, who also runs a women’s ministry and teaches motivational workshops, could never find the time to get on top of her home office clutter.

And in her otherwise spotless home, it showed. The desktop was covered with family photos, piles of paper, bills, school notices. The wall-to-wall shelves were crammed with books, binders, old phone books, family mementoes, magazines, even a wedding bouquet. And the floor? It was a holding station for accumulated household stuff: last year’s Christmas wreath, a bedroom comforter, the vacuum cleaner, Goodwill donations, a bag of to-be-shredded papers and 15 years’ worth of women’s conference materials.

“All I want is peace…and to be able to multitask a little easier,” exclaimed Lovelace, who said she procrastinated several years before hiring Tonya Piper, a professional organizer.

That’s a typical response. “It’s overwhelming for many people. Sometimes they just need permission to get rid of their ‘stuff,’” said Piper, owner of Control C.H.A.O.S., a former engineer who has been a professional organizer for churches, homes and offices the last five years.

A home office, whether it’s a corner table or an entire room, is the place where every document of your life—from bills to health care to school—needs a place to roost. Getting it organized can free up usable space, and result in less time and money spent looking for lost items or buying replacements.

The mantra of every personal organizer: Everything in your house needs its own home, including every piece of paper you keep. And even then, we keep too much.

“People like to pile, instead of file,” said Ann Nagel, the Elk Grove, Calif., owner of Organize With Ann, who has seen clients’ homes with paper piled on window sills, dining room tables, bathroom floors and just about any flat surface. The most typical—but worst—place, she says, is the kitchen counter, where papers easily get wet or spilled on.

“About 95 percent of what we file, we never look at again. But it’s taking up valuable real estate in our home office,” says Nagel, who turned to professional organizing after 30 years as a legal and corporate secretary.

When tackling a home office organization, there are two necessities: a good filing cabinet and a commitment to purge paper. And an understanding that it’s often ugliest at the start.

To begin, spread your piles on the bed or floor and sort by category: taxes, insurance, bills, owners’ manuals, etc. Put a sticky note on each pile as you go.

Once they’re sorted, create sub-categories. For instance, under “Insurance,” you might have separate files: “Insurance-Health,” “Insurance-Life,” “Insurance-Home.” Ultimately, those piles should go into a permanent home inside labeled folders in a filing cabinet.

“It’s not rocket science. Everyone has the same stuff, but with their own special needs,” said Nagel.

Create a filing system that works for you. Some need a file for resumes, airline rewards, gym memberships, Social Security. Some like organizing files alphabetically, by color (green for finances, blue for medical, etc.) or category.

Another home organizing tip: Have a single place to store incoming papers. It can be a letter tray, a file folder, a basket or even a box. “If it’s all in one spot, you stand a much better chance of dealing with it when you’re ready to take action,” says Nagel.

She always gives clients two brightly colored file folders: a red “Take Action” (phone calls to make, letters to write, insurance companies to contact) and a money-green “Bills to Pay” folder. They’re intended to sit prominently on a desktop as visual reminders. “So many people don’t pay bills on time and get late fees,” said Nagel, “because they lose their bills or they’re hidden in a pile somewhere.”

Another common clutter contributor is sticky notes that often proliferate on desktops or computer monitors. Instead, keep a small binder or spiral notebook on your desk to consolidate all your to-do lists, phone calls, follow-up reminders and sticky notes, says Holly Graff, owner of Clutter Control Angels in Sacramento.

Lovelace’s office transformation took about 12 hours, not counting “homework” assignments to weed out unneeded papers sitting in binders, boxes and piles. She enlisted her son’s help to shred pounds of unwanted paper. Her printer and scanner, once across the room, are now within reach. The files she uses most often are fingertips away. A wire basket for bills sits on her desktop, along with a few favorite family photos. Everything came off the floor and went into designated areas. The result: a place for every object, including the wedding bouquet.

And because so much was discarded, donated or relocated, Lovelace now has six empty bookshelves and space for her sewing and scrapbooking projects—as well as freedom to write the motivational women’s book she’s been planning.

“With all this clutter, I couldn’t ever focus on it. Doing this project has shot up my self-esteem,” says the exuberant Lovelace, who calls the organizing experience energizing. “One of my slogans is ‘Do it scared, but just do it.’ That’s just what I did here.”

Healthy Super Bowl Snacks

2011-02-02T09:42:00.000-08:00

Nachos Grande with Pickled Jalapeno Salsa

In this episode: A grande platter of nachos doesn't have to ruin your waistline come Superbowl season, especially when you use ground turkey, pureed vegetables and part-skim mozzarella as the topping. Bake a batch of these satisfying nachos, accompanied by pickled jalapeno salsa, with help from a professional chef in this free video on healthy cooking.

LIVESTRONG.COM -- powered by LIVESTRONG.COM

View recipe here: http://www.livestrong.com/recipes/nachos-grande-pickled-jalapeno-salsa/

Red Hot Buffalo Chicken Wings with Blue Cheese Sauce

Red hot Buffalo chicken wings can pack a punch without packing on the pounds, and a low-fat blue cheese dressing is the perfect condiment to cool them down. Sear and bake crispy chicken to dip in an atomic wing sauce with help from a professional chef in this free video on healthy cooking.

LIVESTRONG.COM -- powered by LIVESTRONG.COM

View recipe here: http://www.livestrong.com/recipes/buffalo-chicken-wings-hot-sauce-blue-cheese-dressing/

Happy Cheering and may the best team win!

www.landryteam.com

Common Hurdles to Selling and How to Overcome Them

2011-02-01T10:38:00.000-08:00

Even with the economy improving overall, it would be false to say the Memphis real estate market is booming, especially for home sellers. Unfortunately, negative financial headlines are causing some potential Memphis sellers to needlessly hide in fear. For many, it truly is not the ideal time to put their home on the market. But, even in a less-than-robust economy, you might be in the right—perhaps even the ideal—situation to sell. Unfortunately, some common hurdles may make you run from doing so. Here are a few of those mental roadblocks, and how to overcome them:

I know my house is too big and expensive to maintain, but it’s filled with good memories. A lot of people, specifically in their 50s and 60s and beyond, are reluctant to sell a home, because it’s where they raised their kids. At holiday time, that pull becomes even more powerful, when family comes back to visit. While memories are extremely important, they can keep people in a home that’s too expensive to maintain and too large for them, for too long. And, what’s worse, sometimes young adults pressure their parents to hold onto a home. If you’re one of those folks who’s just left the nest and you suspect that your parents are hanging onto the home just for memory’s sake, a little conversation goes a long way. Let your parent or parents know that you want the best for them, and if that’s a newer, easier-to-maintain home, that’s OK by you. Often, giving a parent gentle encouragement to move on, frees them up to make the decision they know they should make: to sell and downsize.

There’s so much inventory out there. Who’s even going to stop to look at my house? It’s true: in the Memphis real estate market, there are a lot of options out there for buyers. But sellers who lament a flurry of potential competition often use this as a bad excuse not to sell. Many real estate professionals these days know a lot about preparing a home for sale, including conducting a home inspection to clearly understand the condition—and value—of your Memphis home. Speaking with a Memphis real estate professional can give you inspiration and ideas that you never imagined regarding how to distinguish your property. That’s the thing about selling your house: you don’t have to go it alone. In the best case, you can enlist a team full of great ideas.

The housing market’s down. The Federal Reserve recently noted that after losing ground in the spring, Americans’ wealth grew 2.2% throughout July-September, and household net worth rose to nearly $55 trillion. But despite this, the value of real estate holdings sank 3.7%. It’s true, the Memphis real estate market truly hasn’t fully recovered, and it would be deceptive to sugar-coat it and say that you’ll easily get your ideal asking price in a week if you sell. But still, too many people read the second statement above—home prices are down—without taking it in stride with the first: things are improving overall. A lot of us focus on bad news without looking at the good. Home values have not fully rebounded. But the increase in Americans’ wealth means there are more people with cash freed up to buy. Also, these figures don’t take geographical areas into account. The Memphis area might be doing better than the national average; values aren’t depressed in every single market. The best way to know what’s best for you is to ask a trusted real estate professional. Communication is the key to success, rather than hiding when you see a negative headline.

For more info about what your home is worth contact The Landry Team for a free Memphis or North Mississippi Comparative Market Analysis of your neighborhood.

http://www.landryteam.com/

901.238.4361

9 Tips for Attracting Off-Season Guests to Your Vacation Home

2011-01-31T10:44:00.000-08:00

It's that time again: you're thinking about building fires in the fireplace, bundling up in your warmest sweater, sipping hot cocoa while you watch the snow, and fretting over that unrented vacation home. While T.S. Eliot may think that April is the cruelest month, for many vacation property owners, any month between now and Memorial Day would qualify. That cabin or condo that renters clamor over all summer tends to sit depressingly (and expensively) empty all winter.

However, Christine Karpinski, director of Owner Community for HomeAway.com and author of How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment, believes that it’s often the little touches that draw winter renters, delight them, and keep them coming back for more.

Here are some of Karpinski’s tips for making your vacation property appealing to winter renters:

Winterize your marketing. It won’t matter how perfect your place is for a mid-winter getaway if people don’t know about it. If you’re like many vacation property owners, you’re already listed on at least one “rent by owner” website, so make the most of your exposure. Play up features like hot tubs and fireplaces. Sprinkle copy with words like warm, cozy, cocoon, snuggle, and cuddle. Finally, add a few “off-season” photos of your property to your website. Photos of the home framed in brilliant autumn leaves or dusted with snow will speak louder than a thousand poetic words.

Consider off-season specials. Everyone loves a bargain, and in the winter, they expect one. “My favorite off-season booking magnet is ‘rent three nights and get one free,’” says Karpinski. “Or, when you get a call from someone looking to book for next spring or summer, offer them a winter special—say, half-price off a weekend stay—so they can come check out the place early. That would be tough to resist.”

Add warm, cozy touches. Put thick, warm comforters on the bed and fleece throws on the sofa. Place a few spice-scented candles on tables or countertops. Leave savory winter treats in the kitchen: cocoa mix and marshmallows, spiced apple cider, ginger cookies, chili fixings, and a crock pot. You might even consider leaving an extra coat or two in the closet, along with toboggans, gloves, and scarves—chances are they won’t be used, but guests will appreciate the hospitality.

Plan for snow. If guests should happen to get snowed in at your home, you want to make the experience as pleasant as possible. Make sure to have a snow shovel, ice melt, and a windshield ice scraper on the premises. The possibility of inclement weather is a good reason to have a selection of nonperishable foods on hand, as well as movies and books. You certainly don’t want a houseful of hungry, stir-crazy, cranky renters who are cursing their vacation experience (and by association, you).

Consider adding a hot tub, sauna, or ventless gas fireplace. If your vacation property is a “summer home” with no winter appeal, such additions can make a world of difference. You may be thinking that these are pricey upgrades, but you’ll be amazed at how fast they pay for themselves via increased off-season bookings. If you install a ventless gas fireplace, be sure to get a carbon monoxide detector as well.

Make your home baby- and toddler-friendly. You’ve probably noticed that people with very young children are more likely to travel off-season. (After all, they’re not constrained by school schedules). Appeal to these people by including baby and toddler paraphernalia. A high chair and a porta crib should cost less than $150 combined, and can drastically increase your off-season bookings.

Accept pets. Vacation properties that accept pets increase their occupancy by 10-50%. When you accept pets, it’s okay to take an additional $20-$25/night or $140 to $175/week. This extra (which pet owners would have to spend anyway on boarding fees) is enough to pay for any carpet cleaning that needs to be done.

Offer a “customized” special to repeat guests. If you’ve tried everything and you still have lots of weeks unbooked, it’s time to get creative. Consider calling or e-mailing prior “VIP” guests and offering them discounted off-season stays. You might even link the stay to a special event in their lives. For instance, if you know that John and Jane Smith have an anniversary in March—thanks to the detailed file you keep on them—call them and offer a special celebratory weekend at a reduced rate. When they accept, have a champagne gift basket waiting for them in the bedroom along with a handwritten “Happy Anniversary” note.

Not sold on winter renting? Consider it “damage insurance.” All of that said, some people actually prefer to lock up their place for the winter. Maybe they don’t think renting is worth the effort, or maybe they make enough money during peak season to pay their mortgage for the year. If this is your mindset, Karpinski suggests you reconsider—winter renting can ward off property damage.

RISMEDIA, January 29, 2011

www.landryteamrealty.com

Memphis Zoo revamps its mobile app

2011-01-24T13:49:00.001-08:00

The Memphis Zoo has rolled out a series of upgrades that make its mobile application one of the most comprehensive free zoo apps available.

The improved Memphis Zoo application offers a GPS enabled map, the "Friend Finder" party locator, daily and monthly schedules and a video walking tour. The Memphis Zoo has also broadened its reach by making its application available for those who use Android-enabled devices, one of only two Zoos in the United States to do so.

These new and improved features are completely free to users who download the Memphis Zoo app to their mobile handsets.

"We continue to work on improving the Memphis Zoo experience for our visitors," says Chuck Brady, President and CEO. " As more people start relying heavily on mobile devices, we want to ensure that information about the Memphis Zoo is easily accessible and that we stay at the forefront of mobile technology for zoos and aquariums."

The application was designed in collaboration with AVAI Mobile Solutions in conjunction with accesso MOBILE and can be downloaded from the iTunes Store and the Android Market.

For more Memphis information contact The Landry Team at www.landryteam.com

Information provided by the Memphis Zoo.

Submitted by Jenn Allmon on Tuesday, January 18th, 11:05 am

Photo courtesy Flickr user biggertree.

11 Tips for Going Green in 2011

2011-01-06T08:49:00.000-08:00

There are many ways to make the New Year greener and healthier. Just making a few small changes can have a great impact on the planet and personal health. There are many easy changes to implement into daily life to make the world a greener place. Smiling Green Mom Lynn Stone compiled the following list of tips for homeowners looking to go green in 2011.

Composting: Building a compost pile as a homeowner is an easy way to add many beneficial ingredients to the soil while reducing garbage volume at the same time. It can also benefit the community by reducing the nearly 25% of compostable landfill waste, according the Environmental Protection Agency.

Recycle paper and electronics: Recycling is beneficial in many ways and can be a convenient and an environmentally conscious step in the coming year. Anything from paper and plastics to metals and electronics can be recycled. This can save on the consumption of resources, the amount of landfill space being used and energy use. The Environmental Protection Agency estimates that only 15-20% of e-waste is recycled, the rest of these electronics go directly into landfills and incinerators, causing dangerous heavy metals and toxins to build up with serious environmental risks.

Go plastic free: Get rid of plastic once and for all this year by switching to reusable whenever possible. One way to save money and protect our environment from the harmful effects of plastics and the chemicals used and the emissions given off in producing them is to use reusable stainless steel water bottles and always carry cloth grocery bags anytime you are shopping.

Plant a garden: With the smallest amount of outdoor space, a garden can produce a wide variety of nutritious foods. Gardening can bring you back to nature while providing you and your family fresh wholesome foods with many benefits. If you don’t have room, consider a container garden or small herb garden to enhance your culinary experience.

Laundry: Whenever doing laundry, make sure it is a full load and wash clothes in cold water using a safe non-toxic laundry soap and hang clothes to dry for a clean, fresh and environmentally way to do your laundry in 2011.

Support local farmers and eat in season: Most grocery store food has been picked in the fields, sent to distribution centers and shipped thousands of miles before ever hitting your grocery store shelf. In contrast, when you purchase from local farmers, you are not only putting a face with your food, but your food has been picked within a day or two of purchasing, making it ripe and delicious. Buying fresh local food has many advantages including, reduced vehicle pollution and packaging needed, while encouraging fresh and often-times organic and pesticide-free produce for better nutrition.

Unplug appliances and electronics: When it is time for an upgrade, consider purchasing new energy efficient models with an Energy Star label that guarantees that the product is energy efficient. This label is sponsored by the Department of Energy and the EPA and can offer substantial savings. If you are not in the position to purchase a new appliance, unplug the one you have if and when it is not needed or in use.

Turn it off: Turn the water off while brushing teeth and the lights off every time you leave the room. Consider purchasing low-flow shower heads, faucet aerators and energy efficient CFL or LED light bulbs.

Use eco-friendly cleaning products: With just a few common household items, you can make your own cleaning products when you need them. Making your own cleaning products with ingredients such as vinegar, baking soda, lemon and tea tree oil can save you money, time and the packaging required for the store-bought brands. Homemade cleaners are also safer and healthier when using non-toxic ingredients.

Never purchase paper towels or napkins again: Instead, use old washcloths cut into smaller squares, old socks for dusting, old t-shirts cut up for cleaning and reusable cloth napkins and hand-towels while out and about.

Borrow or buy used: Borrow your books, music and movies from your local library to save money while cutting down on the paper and ink needed to manufacture new. Set up online accounts with Ebay, freecycle.org or shop thrift stores and garage sales when looking for anything from clothing to furniture.

Visit www.landryteam.com to search the local MLS for homes and more great home owner tips!

RISMEDIA, January 6, 2011

Selling your home in 2011? Tips to add value during winter months

2010-12-29T12:14:00.000-08:00

Major home renovations can be overwhelming, but there are a few fundamental repairs that can update your home's appearance and increase its value. If you're planning to sell your home in 2011, take advantage of the colder winter months to prepare your home for a spring sale by focusing on a few key projects:

Make a first impression.
The entryway is the first up-close encounter a potential homebuyer will have with your home. Manicure your front yard and update or even replace your front door to complement your home's exterior. Select a rich, dark stained wood or bold white door to draw attention to the main entry and add personality to your home. If your door is already in great shape, consider a simple replacement of weak or older-looking hardware that will impress buyers at first sight.

Get cookin' in the kitchen.
Experts agree that a kitchen can significantly impact a home's perceived value. An outdated kitchen can be a deal breaker for many homebuyers. Naturally, then, it's the place you might spend the most amount of time updating. To increase the appeal of your kitchen, consider investing in updated, matching appliances that match the style of your kitchen. Some manufacturers even offer replacement panels to update the exteriors of older appliances.

Next, if you can't afford to add new cabinetry, change out the hardware so the knobs, drawer pulls and handles match your decor and add a modern flair. Adding technology-driven fixtures, including built-in water filtration systems, garbage disposals and high-tech faucets is another great way to increase the room's appeal. Delta Faucet's Touch2O Technology will impress homebuyers and add a sense of luxury to the room. The technology enables users to turn the faucet on and off with just a touch anywhere on the spout or handle, and is available on a variety of models.

Update and upgrade light fixtures.
Lighting is key. It can drastically change the look and feel of a room, and lighting fixtures are affordable and relatively simple to install on your own. Shop discount stores and home improvement depots to find a statement piece to add spice to your living room. A beautiful ceiling fan with lighting can serve double-duty to update your family room. Remember, well-lit and bright rooms appear larger and more open.

Step on it.
Flooring is one of the first things that potential homebuyers notice. Make sure you dust, vacuum and clean so that you show off the flooring to its best advantage. If you have carpet, consider replacing it with wood floors or wood alternatives. If you already have hardwood floors, polish and protect your flooring so that it gleams when potential buyers step into the home.

Whether you're trying to sell your home this winter or simply want to update its look, you don't have to wait until the spring thaws. When the cold weather drives you inside, take advantage of the time to make attractive upgrades that can increase the appeal and value to your home.

Contact The Landry Team for more great tips on selling your home fast in a tough market.

Article provided by ARAcontent

Foreclosure Myth #1

2010-11-11T11:19:00.000-08:00

If you’re looking for a deal, you’re looking for a foreclosure.

Despite what they may say, no buyer’s heart's fondest desire is to buy a foreclosure. But almost every buyer dreams of buying a great home - and getting a great deal on it. Many people think that to get a great value on their home on today's market, it means they must buy a foreclosure. As a result, the value and other advantages of buying an individually-owned home on today's market are frequently overlooked. Individual sellers with homes on the market right now are generally quite motivated, and understand that their homes are competing with discounted short sales and foreclosed homes. Many of these sellers are slashing prices in an effort to get them sold - the most recent Trulia Price Reduction Report revealed that 27 percent of homes on the market across the country have had at least one price reduction. Now that's what I call a sale!

Further, individual owners are often much more negotiable on a wide range of contract terms than a bank which owns a foreclosed home. You can work with non-bank owners on things like repairs, closing dates, choice of escrow provider, closing costs and even included personal property much more flexibly than you can when the bank is on the other side of the bargaining table. On top of that, many individually-owned homes are in pristine, move-in condition; that is much rarer with foreclosures. So, don't underestimate the value of the deal you might be able to get on a non-foreclosed home. Just get clear on what you can afford and look at all the homes that are available in that price range, without discriminating against non-foreclosures.

For more information about Foreclosure Myths or a list of foreclosed or individual owned homes in any area contact The Landry Team. 901.238.4361
www.landryteam.com

Source: Trulia.com

Patience is Key When Looking For and Purchasing Rental Property

2010-10-25T10:01:00.000-07:00

As today’s economy continues to struggle, homeowners across the country are looking for ways to make ends meet, and many are taking on the role of landlord. While jumping into the rental scene may seem enticing, it is important to make sure you are prepared for the task before you get started.

According to the experts at AllBusiness.com, the following tips will help homeowners looking to buy rental property find success, no matter what the market.

Do your homework and find a reputable agent or broker. Taking the time to find a reputable real estate agent or broker before you begin searching for a rental property is crucial. The agent or broker that you ultimately choose to work with should know the neighborhood(s) where you are interested in buying, in addition to helping you choose properties that fit your needs.

Make sure your finances are organized. Going through your finances and making sure everything is in order is a crucial part of the purchasing process that shouldn’t be overlooked. If there is any chance that you will be taking out a mortgage in order to finance your rental property, it is important to do your research early to make sure there are no discrepancies on your credit report. If you find that your credit report is inaccurate, report it immediately so you can get the problem resolved quickly.

Set a maximum amount you can afford to pay. Before you even begin looking at properties, you should carefully examine your finances and your current situation to establish the maximum amount of money you can afford to spend. By not coming up with a number beforehand, it is easy to get carried away and spend more money than you should have.

Schedule a home inspection. Before you buy a rental property, be sure to call in a professional home inspector who will come and evaluate the home. Home inspectors will be able to tell you if the home is safe to live in, and if there are any problems that need to be addressed. This is a great way to avoid expensive repairs down the road.

Take a close look at the neighborhood. Once you have found the property that will best suit your needs, be sure to take the time and get to know the neighborhood. It is usually a good idea to visit the neighborhood during the day and at night so you can get an accurate feel for what the area is like.

Stay up-to-date. If you are looking to purchase a rental property in an area in which you aren’t familiar, you should do your homework and get to know the local real estate market. The agent or broker you are working with will be able to provide you with current information about the area as well.

Ask around. These days, people are turning any situation into a networking opportunity, so be sure to take advantage of those around you when looking for a rental property. It doesn’t hurt to ask friends, family, business owners and individuals who live in the area whether there is anything available or if they know of anyone who may be leaving the area at some point. Initiating this dialogue will keep you top of mind when something does come along.

Don’t settle. Just like you wouldn’t settle if you were in the process of buying your primary residence, it is important to treat the rental property search the same way. It may take a while to find the perfect rental location, so be patient with the process.

Ask for comparables. Your agent or broker can provide you with information regarding comparable properties in the area. It is important to take notice of the rental income, sales price, square footage and other relevant information to be sure you are getting a good deal.

Call The Landry Team for a list of foreclosures and other good deals perfect for rental investment. 901.238.4361

By Paige Tepping

Prepare Your Home for Winter with These Simple Tips

2010-10-21T11:31:00.001-07:00

Now that summer is a distant memory, and the fall temperatures are continuing to get cooler, homeowners across the country are thinking ahead and preparing their homes for the Winter weather that will be here before we know it.

True Value offers the following steps homeowners can take now to ensure their family’s comfort as the cold weather approaches in addition to keeping their heating bills from going through the roof.

Check for and seal foundation cracks
Look for any cracks or openings in your foundation, exterior walls and around pipes, and be sure to seal them with exterior caulk or foam insulation. Clear away leaves and other debris from the foundation to make sure you haven’t overlooked any cracks. Check the roof for problems such as broken tiles and shingles that could become a larger issue when snow comes. Clean out gutters and downspouts and make sure they’re working properly.

Inspect the chimney and fireplace
For safety reasons, you should examine your chimney each fall. Make sure it is clear of any bird or animal nests. Check to see that the flue opens and closes fully and that it can be locked in either position. You should also check to see if the chimney drafts properly by lighting a small fire and watching the smoke rise up and out. If you find that there is an obstruction, clean your chimney using special rods and brushes designed for this purpose. If your fireplace leaks air, you can cut a piece of fiberglass insulation and place it behind the fireplace doors. Just remember to remove it before building a fire. Additionally, check the brick in the fireplace for any open mortar joints. Have any open joints repaired immediately as fire can spread through open joints into the wall.

Install storm windows
Windows are a common culprit of wintertime heat loss. If you have single-pane windows, remove screens and install double- or triple-pane storm windows before winter comes. Be sure to pull down both the top and bottom storm windows to help prevent heat loss.

Check the furnace
Check the condition of your furnace in late fall. Turn off the electricity and gas, and then use a wet/dry vacuum to clean the entire burner area. Clean the thermocouple with a cloth and use a precision duster with compressed air to clean the pilot light. Replace any disposable air filters and clean washable ones with mild detergent and water. Clean fan blades with a brush and lubricate the fan shaft. If the motor has oiling ports, apply a few drops of heavy-duty electric motor oil. Be sure not to over-oil your furnace and never use automotive motor oil or 3-in-1 household oil.

Winterize your water heater
Because water heaters can be inefficient, it is important to insulate your hot water tank with a water heater blanket. Also, check the water temperature of your water heater. A good energy-efficient temperature is around 120 degrees. It's never a good idea to turn off your water heater completely if you will be away from home for an extended period of time. Instead, turn the water heater's thermostat to the "vacation" setting or a similar low setting. The pilot light will remain lit, maintaining a slightly warm water temperature within the unit until you return.

Insulate exposed piping
Using a pipe insulation kit to add insulation around accessible water pipes will save you energy, lower your heating bills and prevent pipes from freezing during the winter months. Look for water pipes that pass through spaces where cold drafts are likely, such as crawl spaces, garages and attics. Check the pipe leading directly from the hot water heater and don't ignore hot water lines. Though slower to freeze, they are more likely to burst than cold-water lines. Make sure the pipe insulation kit you choose includes adhesive tape or contact cement for sealing. The most common pipe insulation is a tubular foam sleeve slit lengthwise. Tubes without slits are designed for installation over new piping, but they can easily be slit with a sharp utility knife. Open the pipe insulation along the slit, press it onto the pipe, and seal it with adhesive tape or contact cement to prevent summertime condensation.

Additional ways to warm your home
There are more easy ways to make and keep your home warm in the winter. By simply reversing the spin of your ceiling fans and setting them on low speed, you'll send warm air down into your living space. In winter, your fans should spin in a counter-clockwise direction. Most fans have a small switch to set the spin direction. If yours doesn't, you may want to upgrade to a new energy-efficient ceiling fan. Using your ceiling fans to circulate warm air in the winter saves money and keeps your furnace from having to work as hard.

Keeping blinds and curtains open on sunny days will naturally warm up any room. Closing them at night will help keep the heat in and the chill out. Save costs and concentrate warmth in your home by only heating rooms you use. If your heating system has vents, close the ones in unused areas of your home. Use a humidifier—just adding moisture to the air will make your home feel warmer. And as an added bonus, humidifiers also cut down on carpet shocks from dry static electricity.

What You Should Know Before Buying a Home

2010-10-18T10:55:00.000-07:00

There are so many things to understand as you embark on purchasing a home, especially if it's your first purchase. Learn the basics as you get started and understand everything you need to know as it relates to financing. Here are 10 tips about financing:

1. Before you start looking for a home, get pre-qualified for a loan. Banks, credit unions and mortgage bankers make home loans; mortgage brokers process them. The lenders will take an application, process the loan documents, and see the loan through to the funding stage.

2. If you have marginal or bad credit, consult your lender. You may be able to qualify for a loan depending on how long ago and what reason(s) caused the bad credit. A lender should be able to advise you on whether your credit history will prevent you from qualifying for a home loan.

3. You will need a down payment. Down payment requirements vary depending on the type of loan. Many down payment assistance programs exist. These programs may loan or grant you the funds necessary for the down payment. Consult with a lender about programs available in your area.

4. You will need funds for closing costs Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to:

* Escrow fees charged by the company handling the transaction
* Title policy issuance fees charged by the title insurance company
* Mortgage insurance fees
* Fire and homeowners insurance
* County Recorder fees for recording your deed
* Loan origination fees

Consult your lender for an actual estimate of these costs, as well as information about loan programs which can assist in financing your closing costs

5. Some loans have "points" and some do not. A point is a loan origination fee equivalent to 1% of the loan amount. Together with the interest rate they constitute the yield on your loan for the lender. Some lenders charge a higher interest rate to compensate for charging no points. It is important to comparison shop lenders to make sure your loan is at a competitive yield.

6. Should you select a mortgage with a fixed rate or an adjustable rate? The answer to this question depends on whether mortgage rates are at a high or a low point when you purchase, and on how long you plan to live in the home. If rates are high, an adjustable rate might be attractive since subsequent rate drops could reduce your monthly payments. Additionally, lenders may offer a low rate during the first few years of an adjustable mortgage to make it appealing to you. If interest rates are low you might want to take a fixed rate to protect yourself against the possibility of rising interest rates.

7. Be aware of the two main types of loan categories.

* Conventional Loans. Conventional mortgage loans are available with fixed or adjustable interest rates. Some loans may require mortgage insurance.
* Government Loans. These include Federal Housing Administration (FHA) fixed and adjustable rate mortgage loans, and Veterans Administration (VA) fixed rate mortgage loan

8. If you are a low or moderate income home buyer, there are special programs designed to help you. These loans are available through private lenders, as well as local and state housing agencies, like the California Housing Finance Agency (CalHFA). Most lenders specializing in real estate mortgage loans are aware of these types of loan programs.

9. Why might I have to pay mortgage insurance? Mortgage insurance protects the lender from potential loss if you should default on your mortgage loan payment. Generally, conventional loans that require larger down payments do not require mortgage insurance. Mortgage insurance is always required on FHA mortgage loans.

10. Many organizations offer home loan counseling to prospective home buyers. These organizations provide classes for homebuyers to cover the steps to homeownership. They will cover home selection, realtor services, lenders, loan programs, homeownership responsibilities, saving for a down payment, and other important pieces of information. Many first-time home buyer programs require homebuyers to attend this type of class to be eligible for selected programs.

Call The Landry Team with questions of how to get started with this process. 901.238.4361

Low-cost Upgrades Can Cut Energy Bills

2010-10-15T13:11:00.000-07:00

Jodie Mekled is looking forward to cheap utility bills this winter The retail worker from Sterling Heights, Mich., could pay as little as $40 a month for natural gas thanks to energy-efficient home improvements made through Habitat for Humanity.

The nonprofit group recently completed a rehab on a foreclosed home in Sterling Heights that Mekled will close on and move into this month with her two sons. She was living with her parents when she found out about the city's Neighborhood Stabilization Program and applied.

The 900-square-foot home has achieved LEED certification, which measures how well a house performs in eight areas including water efficiency, materials selection, indoor environmental quality and innovation. LEED stands for Leadership in Energy and Environmental Design.

It's the first LEED-certified home the Macomb County, Mich., Habitat for Humanity has built.

The home features bamboo flooring on the first floor, spray cellulose to insulate the walls, recycled paper countertops, bamboo cabinets in the kitchen, a solar tube in the kitchen ceiling that reflects light from the sun and moon into the home and low-flow plumbing.

"I love the bathroom. I love my kitchen," said Mekled, 41, who helped retrofit the home through hundreds of volunteer hours. The bathroom features recycled glass tile and porcelain tiles.

Brandon McCullough, field operations manager for Macomb County Habitat for Humanity, said less-expensive energy upgrades are becoming more common. Such improvements include added insulation, rain barrels and compact fluorescent light bulbs.

McCullough said the three-bedroom, one-bath home was in bad shape. It had to be stripped down to the studs.

"It's cool because you take a blighted house in the neighborhood and make it into something cool," McCullough said.

Features such as the solar tube installed in the kitchen ceiling help reduce the electric bill without costing much. The tube retails for $160. A tankless hot water heater cost about $565 for the unit and $500 to $1,000 to install. It reduces energy use by not having to constantly heat a tank of water.

The rain barrels collect about 300 gallons of water from the roof that is then used to water the landscaping. The 55-gallon drums were purchased online and then fitted with spigots from Lowe's, McCullough said.

While new homebuilding has slowed, some builders continue to have success in green building, said Rich Kogelschatz, owner of Heartland Builders in Rockford, Mich. He has been building energy-efficient homes since 2002 and builds six to nine a year.

"I can tell you that my customers want it and are coming to me for it," he said.

Using an energy-efficient feature like an insulated foundation costs about $1,000 to $1,500, he said. Adding an energy recovery ventilator is about $1,500. It brings fresh air into a house, which is important when it is sealed tightly.

He said energy-efficient windows and appliances are almost standard today for most builders. But features such as a geothermal system are more expensive, ranging from $6,000 to $10,000 and are in just half of the homes Kogelschatz builds.

Geothermal heat pumps collect natural heat from the earth through a series of pipes called a loop. Fluid circulates through the loop and carries the heat to the house.

The system pays for itself within five years based on average utility bills.

"Our customers ask for it, so it isn't a tough sale," Kogelschatz said.

WHAT QUALIFIES
Federal tax credits for buying an energy-efficient product or renewable energy system for your home are available. Here are some examples of what's covered by the various credits. For more information, go to www.energystar.gov.

The tax credit gives you 30% of the cost up to $1,500 for:

biomass stoves
heating, ventilating, air-conditioning
insulation
roofs (metal and asphalt)
water heaters (non solar)
windows and doors

The credit expires Dec. 31 and applies only to existing homes and principal residences.

A tax credit of 30% with no upper limit is for:

geothermal heat pumps
small wind turbines
solar energy systems

The credit expires Dec. 31, 2016, and applies to new and existing homes. Principal residences and second homes qualify, but not rental properties.

By Greta Guest
(c) 2010, Detroit Free Press.
Distributed by McClatchy-Tribune Information Services.

Have You Started on Your Fall Home and Garden Checklist?

2010-10-05T11:49:00.000-07:00

In the garden: Pull out the summer garden and get started on cool-weather vegetables and flowers.

Now is the time to plant seeds for many flowers directly into the garden, including cornflower, nasturium, nigella, poppy, portulaca and sweet pea.

In the vegetable garden, seed bok choy, mustard, spinach, radishes and peas. Plant garlic and onion sets.

Set out cool-weather bedding plants including calendula, pansy, snapdragon, primrose and viola.

Around the house:

It's time to get alarmed.

This is National Fire Prevention Week. According to a new survey, most American homes don't have enough smoke or carbon monoxide detectors.

About two-thirds of homes don't meet the national recommendation for the number of smoke alarms set by the National Fire Protection Association, said the nationwide survey conducted by First Alert. Only one in 10 homes meets the recommendations for carbon monoxide monitors.

The association recommends at least one carbon monoxide alarm on each level of a house and one in or near every bedroom or sleeping area. For smoke alarms, one should be installed at the top of each staircase, and one in every bedroom or sleeping area, under the guidelines. For an average two-story, three-bedroom house, that adds up to four smoke alarms and five carbon monoxide alarms. (For details, see www.nfpa.org.)

Need more reasons to get fired up? According to the U.S. Fire Administration, 84 percent of all civilian fire deaths occur at private residences. Each year, nearly 3,000 Americans die in home fires and about 450 succumb to carbon monoxide poisoning.

Experts recommend installing smoke alarms and carbon monoxide detectors and checking the batteries once a month to make sure they work.

Protection One, another home-security company, recommends that families practice fire drills so they know what to do when the alarm goes off. Devise an escape plan, and post it where it's visible at all times.

For more tips and a home safety checklist, click on www.firstalert.com/safety—checklist.php.

Source:RISMEDIA, October 5, 2020--(MCT)-

By Debbie Arrington

8 Real Estate iPhone Apps that Make the Home Search Process Easier

2010-10-04T09:53:00.000-07:00

As the iPhone continues to grow in popularity, especially within the real estate sector, it is crucial that real estate agents and consumers alike are aware of the numerous apps that have been created to make both sides of the transaction a little bit easier.

According to the experts at Realty Press, the following real estate apps should be on every real estate agent’s and consumer’s iPhone.

1. Zillow – Zillow’s iPhone app is the number one real estate app on iTunes in addition to being named the “best real estate app” by O’Reilly Media.

Features of the app include:
-See Zestimate values of any home
-Search homes for sale, Make Me Move homes, homes for rent and more
-Filter searches by price, beds, bathrooms and more
-Search by monthly payment
-View full-screen color photos
-Save favorite homes and searches
-Get notified when new results come in
-E-mail homes to a friend
-Share homes on Facebook and Twitter

For all U.S. homes (93+ million): Find Zestimate home values, homes for sale, homes for rent and more as you walk or drive through neighborhoods using the Zillow iPhone App, featuring built-in GPS technology.

View multiple high-resolution photos side-by-side as you window shop through neighborhoods, touch and expand a “photo stack” to peek inside a home and save any home you like by dragging and dropping it into your favorites.

2. ZipRealty – Look through your phone and instantly discover which homes near you are for sale or have been sold recently with ZipRealty’s HomeScan.

Tap your screen to easily view details of any home you see with HomeScan, including the asking or sold price, photos, distance from you and more with this powerful augmented reality real estate app. Complete home information—prices, photos and more—also available on homes for sale in more than 4,000 cities through the company’s GPS-enabled mapping feature.

Features of the app include:
-See over one million MLS-listed homes for sale including photos, price and more
-Multiple updates daily with newly listed, price-reduced and foreclosures
-Access to “My ZipRealty”: your saved and favorite homes from ZipRealty.com
-Search by zip code, price, location, size and more
-HomeScan: augmented reality app (requires 3GS)
-GPS-enabled and location aware with driving directions
-Search recently sold home prices

3. Realtor.com has more listings (4+ million), and updates them more often (every 15 minutes) than any other site. Features include: map search, saved searches and listings synchronized with the website, private ratings and notes and the ability to share listings with your friends, agent and social network.

With this app you can:
-Instantly access over 4 million homes for sale
-Show homes for sale in any city or in your current location on a map instantly
-Multiple photos, property details, open house information and pricing on nearly any home for sale
-Sign-in to access your saved searches and listings (automatically synchronized between the phone and your account on the Realtor.com website)
-Create and save private ratings and notes for promising listings
-Share your favorite listings with friends and family, your agent or social network

4. WhereRHomes for the iPhone automatically finds near-by homes that are for sale, in the foreclosure process or for rent using your location. When in a neighborhood, easily find near-by real estate of all types.

-It’s simple. Just press the icon and your iPhone provides near-by for sale, foreclosure and for rent homes.
-It’s fast. Designed for fast downloads by the basic information on the first page. If a property interests you, you can then get photos, details and website links.
-WhereRHomes displays up to 25 homes nearby, eliminating the need to drive around and look for real estate signs. Displays only the homes close to where you are based on your iPhone’s GPS information.
-You can customize it. You decide which homes you want maps, photos and more information on.
-Direct links to the home’s website, which includes all the available information for rental properties, for sale properties and foreclosures.

5. Redfin provides all the details and photos on every home for sale and then allows you to add your own pictures and notes.

Redfin is only available in:
-Southern California
-Bay Area, Sacramento
-Seattle and Western Washington
-Chicago area
-Washington D.C., Baltimore
-Westchester County, Long Island
-Boston area
-Atlanta area
-Portland and Western Oregon
-Phoenix area

6. StreetEasy Real Estate for the iPhone allows you to search for real estate listings across New York City, Northern New Jersey and the East End of Long Island, including the Hamptons and the North Fork. Use your iPhone to help you in your apartment hunt in the most competitive market in the nation. This app provides deep and transparent information and offers a detailed view of every listing and every building you pass.

-Search for listings near your current location and find out what it would cost to live in a neighborhood you are visiting.
-Get information on any building by simply typing in the building name or address. You will then be provided with all the listings available in that building, as well as a description and market data summary.
-See detailed information about an apartment—description, photos and other listings in the same building. E-mail or call agents directly from the application

7. Trulia’s iPhone app enables you to find homes for sale that are perfect for you. With one tap, you can see all the homes for sale nearby and can browse through open houses to help plan your afternoon. Scroll through the big color photos, get the details on every home and scope out the neighborhood by viewing the results on a local map. Trulia’s mission is to help people make better real estate decisions by being able to:

-Find homes for sale near you using iPhone’s built-in location finder
-Tap quick links to see every nearby open house
-Login and save your favorite homes on the iPhone and on www.trulia.com
-See all the results on one local map or get driving directions from Google maps
-Get detailed price history and send trends for every property

8. Homes.com. Use this speedy application to search for your next home using your iPhone or iPod Touch. A touch or two on your screen creates a custom search of nearby homes for sale or rent. You can also see detailed lists or search by maps, and quickly refine your search by price, property type, features and more.

-Instantly find nearby homes or rentals with iPhone location finder
-Find homes in cities around the nation with the advanced home search
-Drag or pinch it—quickly zoom and navigate neighborhoods with interactive maps
-Bookmark your favorite Homes.com properties
-Easily share properties with friends and family
-Get fast driving directions from wherever you are
-Search by MLS number

Contact The Landry Team on any property you see for more information or for a private tour.

Source: RISMEDIA, October 2, 2010
By Paige Tepping

5 Mistakes Home Buyers Make

2010-09-30T12:55:00.000-07:00

Home buyers are an increasingly rare breed these days. Many who were eager to buy a house raced to take advantage of federal homebuyer tax credits. When those government perks expired in April, home sales essentially went into deep freeze, plummeting to levels not seen in more than a decade, according to the latest numbers from the National Association of Realtors.

Still, the Realtors project that nearly 4 million existing homes will sell in 2010. First-time buyers, without the burden of a home to sell, could benefit from the foul market–and the record low mortgage rates.

But woe to the overconfident buyer. Here are five common missteps that first-time home buyers make.

1. Snubbing the real estate agent

With so many websites offering a mass of data on listings, who needs an agent? Most people, actually. Finding a house and figuring out comps–the price of comparable homes on the market–is the easy part. Managing the nuances of offers, inspections, financing and all the other pivotal steps to buying a home is where many new buyers tend to get tripped up, says Shii Ann Huang, an associate broker with The Corcoran Group in New York.

When you hire an agent to act as your "buyer's representative," she's obligated to put your interests first, even if her commission is paid by the seller and based on the sale price. Skeptical? That's all the more reason to find an agent on your terms. Ask friends and acquaintances for referrals and interview two or three candidates before deciding.

But don't let the agent find you. When Viviane Ugalde and her husband, both physicians, bought their first home in Sacramento nearly two decades ago they made this mistake. "We stumbled onto an agent when she saw us peeking in the windows of an empty house for sale," Ms. Ugalde recalls. The agent, who happened to live on the same block, came out of her house (wearing pajamas), offered to show the couple around the neighborhood, and ultimately helped them find a house. Then the agent, who was new to real estate, neglected to show up for the closing. "It was scary and confusing signing what seemed like a thousand pages," says Ms. Ugalde.

2. Guesstimating how much you can afford

Many buyers mistakenly take a do-it-yourself approach to financing. They use online calculators to estimate how much house they can afford, dive into the house hunt and then get a dose of cold water when lenders refuse to qualify them for that amount. "The process is so different than it was four or five years ago," says Diann Patton, a broker with Coldwell Banker in Grass Valley, Calif. Not only are lenders reading loan applications closely, she says, they're verifying employment and running credit checks multiple times during the process.

Make a date with a mortgage broker or banker before you get serious about your search, says Ms. Patton. Remember, too, that the costs of buying and owning a home go well beyond the sticker price. While online calculators do take into account property tax and insurance, it's up to you to account for maintenance costs, moving fees and association dues.

3. Letting charm cloud your judgment

No one will fault you for falling hard for a charming older home. But, unless the house has been painstakingly remodeled or you're prepared to pay for repairs and upgrades, an old house can quickly lose its allure. Last year Alison Koop, a public relations manager for the University of Washington, came dangerously close to saying "I do" to a seemingly fabulous mid-century home in northeastern Seattle. Ms. Koop was so smitten with the big windows and vaulted ceilings in the living room that she neglected to notice the exposed wires, shoddy roof and other structural problems. Any delusions Ms. Koop had were laid to rest in the guest bathroom. "When the inspector turned the faucet on," she says, "the spigot fell off, hitting the floor of the tub with an exclamatory thunk."

If you're considering an old home, don't let the inspection be your last line of defense, says Jay Papasan, vice president of publishing at Keller Williams Realty. "Negotiate a long due diligence period," he says. That gives you time to get real estimates from contractors and back out if need be.

Of course, new homes aren't without their drawbacks. Recently, many newly built homes experienced serious problems with Chinese-made drywall, for example. Proceed with care whatever the home's age.

4. Focusing on the house, not the hood

In hindsight, many buyers say they wish they'd taken their due diligence a few steps further to really get to know all the perks, quirks and hassles of living in a particular place. You can always fix up the house, but there's no easy remedy for annoying neighbors, oppressive homeowner association rules and marathon commutes. When Laurie Tarkan and her husband bought their first home in 2001 they were so infatuated with the circa-1924 three-bedroom cottage that–in addition to brushing over some of the headaches of an old house –they didn't give a whole lot of thought to its somewhat out-of-the-way location about a mile from downtown Maplewood, N.J., a popular New York suburb. "As a first-time buyer you're not aware of all the things you should think about that aren't about the house," says Ms. Tarkan, who after living in New York City for 17 years, still hasn't gotten used to driving everywhere.

Spend as much time as you can in your future neighborhood, ideally on different days and times. Eat in the restaurants, drop in a yoga class, test drive your commute.

5. Making arbitrary offers

With housing inventory running high and sales at record lows, in most markets, there's no shortage of houses for sale and sellers desperate to get out from under them–all the more reason to hold out for the right house and the right price. But when you find that perfect house, don't assume you can lob a lowball offer or make unreasonable demands. Even in hard-hit markets, nice houses in desirable neighborhoods are fetching multiple bids.

If the house has been on the market for months, you probably don't need to worry about other buyers lining up behind you. Make an offer based on recent sales for comparable homes, foreclosure activity and market trends, and don't be afraid to start the bidding low. If the house is fresh on the market (or recently foreclosed) and other buyers are circling the block, put your best foot forward but don't get suckered into a bidding war.

Source: Wall Street Journal

Our New Facebook Page!

2010-09-15T14:42:00.000-07:00

Our new Facebook page is done! Check it out and let us know what you think or if you would like to see anything added!

http://www.facebook.com/landryteamrealty?v=app_10442206389

Improve Your Credit Score Before Searching for a Home

2010-09-08T11:18:00.000-07:00

Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive steps to improve your credit score if you find problems. Ideally, it is best to begin working on improving your credit score at least six months before you plan to start shopping for a home.

According to the experts at Buy-and-Sell-House-Fast.com, the following tips will help you improve your credit and should be taken before you begin your home search.

The first critical step in taking care of your credit is to check your credit report. Unfortunately, many people fail to take this all important first step. Instead, they wait until they have applied for a mortgage loan to find out from the lender that there are problems with their credit scores.

By checking your credit score before you apply for a mortgage loan, you gain the opportunity to find out if there are problems which you can correct and discrepancies that need to be removed. When you check your credit report, make sure you check all three of the national credit reporting agencies: Experian, Trans-Union and EquiFax.

Review your credit report carefully for items that may be erroneous. If you believe that an item on your credit report is reported in error, you have the right to contest it. To do so, you will need to contact the credit reporting agency and explain why you believe the item is inaccurate. Supporting documentation such as receipts and cancelled checks can help your claim. Alternatively, you can engage a credit report repair services firm to fix your credit report.

If there are derogatory items on your credit report that are accurate but which could cause problems in your loan application, you cannot have them removed; however, you can take positive steps to counteract them. In the event that you have missed payments in the past, take steps now to get your bills current. Even if it means tapping into money that you might be planning to use for a down payment, it is essential that you get your accounts current and keep them that way. Begin by immediately making your payments on time. There is nothing which can lower your credit score more quickly than late payments. Ideally, make an attempt to begin sending in your payments a few days ahead of time to make sure they arrive on time and you do not have any more late payments on your record. If necessary, begin taking advantage of electronic payments in order to make sure your payments are made on time. Over time, this can make significant difference.

Keep in mind that eradicating all of your credit balances is really not the solution. In fact, credit can be your friend when you are looking to make a big purchase such as a home. The key is to make sure your credit is positive, not negative. Toward that end, avoid actually closing out your accounts. Instead, make an effort to pay down your balances and keep them paid down well below the minimum or completely paid off, but do not close the account. When your lender runs your credit to make a decision on your mortgage application, he or she will want to see that you have had a long credit management history.

After reviewing your credit history, if you see that most, if not all of your credit cards are maxed out or nearly maxed out, it is time to sit down and plan an aggressive strategy for paying some of them down. One of the critical factors that often determine your ability to be approved for a mortgage loan is your debt to income ratio. In addition, high credit card balances can drag down your credit score. Therefore, it is important to look at paying off some of your balances.

It is generally better to begin with your highest-rate balances first. Many consumers are tempted to move around balances when they receive an offer from another bank that is good; however, before you do this, remember that the worst thing you can do when you are trying to make a major purchase is to open new accounts.

By following these guidelines, you can improve your credit score and improve your chances of being approved for your home mortgage loan.

By Paige Tepping

10 Tips for Hiring a Home Remodeling Contractor

2010-09-03T15:38:00.000-07:00

When deciding to undertake a remodeling project there are several invaluable tips to keep in mind as you discuss your home make-over with potential contractors.

Through advice and stories shared by both contractors and consumers, StageofLife.com, a blogging resource for homeowners, discovered 10 important tips on how to find a trustworthy home remodeling contractor to help ensure the right person or company is hired for your next home improvement project.

Tip #1: Does Your Contractor Have Proof of Insurance?
Ask the contractor to have his insurance company mail or fax a copy of his current contractor insurance card to you. If the contractor can't do this - stay away. Why? If there is an accident at your home, you are then liable. This also applies to any sub-contractor or employee that the contractor may use - those individuals should have active insurance cards faxed or mailed to you as well.

Tip #2: Did You Check References and See Photos?
Ask for at least three references - with two of them being for the same type of project you are planning - and then call the references. Additionally, ask the contractor to provide photos of previous work, especially for the same type of project. If he produces lawn and garden photos and you're planning a bathroom remodel, you may want to check out another contractor.

Tip #3: Does Your Contractor Take Debit or Credit Cards?
Besides your ability to earn a few points, bonus miles, or cash back on your project, a good sign that a contractor is financially savvy and has a bank behind his business is his ability to take debit and credit cards. This doesn't just apply to big contracting companies. Many small, one-man shops will take cards if they have a good relationship with their business bank or credit union.

Tip #4: Manners and Appearance?
If the contractor drove his vehicle to your home to give you an estimate, take a look at the way he keeps the equipment and vehicle. Are things clean? Neatly arranged? If not - that's a big warning. The way a contractor treats his tools is a direct connection to how he'll treat your home. During the initial meeting, does the contractor present himself in a professional way? Do you feel comfortable around him or his employees? They will be working in your home after all.

Tip #5: Clean Up Policy?
Ask about the clean-up policy. For example, if your home improvement is a multi-day project, will the contractor be cleaning up at the end of every day or will he leave the dust, wood chips, and other mess laying there for day #2? The more mess in your home - the more it gets tracked around. Many homeowners find themselves with mouths gaping wide after the contractor has left for the day and their floors and home are dirty and messy around the project area.

Tip #6: Will the Contractor Put It In Writing?
Is your contractor willing to put both his bid and the scope of work in writing? If not - walk away immediately. You'll be surprised how many homeowners have been duped by contractors who verbally tell you what's included in their scope of work, but will then, in the middle of everything, require extra money to finish the remodel, thus holding you hostage with an uncompleted home project.

Tip #7: Availability?
Can the contractor get the job done in your timeline rather than his timeline? There's nothing more frustrating than if a contractor tells you that a job will be done by a certain date and then it isn't . On the flip side, if you can't find a good contractor that's willing to commit to your timeline, your expectations may be too high and you may need to adjust your timeline.

Tip #8: Does Your Contractor Use "Subs?"
Does your contractor plan on doing everything himself? Or will he "sub out" work to the "trades?" For example, if you are remodeling a bathroom, you may need a plumber, electrician, and carpenter. It's okay if the contractor subs work out to these specific trades - it shows he wants the work done right.

Also, it's fair to say that you can expect your contractor to make money off the trades, or other sub-contractors, by marking up those quotes for the project. That is a standard practice to help the general contractor recover costs in the time it takes to manage the schedule. If you don't want to spend the extra money on your contractor marking up the trade quotes, then you should prepare to project manage the remodel yourself, but know this may limit your options on contractors willing to work with you.

Tip #9: Quoting & Billing Procedure?
Ask the contractor about his quoting procedure. Will it contain general information, or will it be specific? For example - most contractors will charge you for a fuel surcharge, material up-charges, waste removal, labor, etc. Some will show you these exact costs in a line item invoice, but others roll it up into one big bill. How much detail do you want? You should clarify that with your contractor upfront.

Also - what is the payment or billing policy? Is money required upfront? If so, go back to #1 and #2 above to make sure you have the contractor's references checked and have a copy of his contractor's insurance.

Tip #10: Did Your Contractor Get the Permits?
Ask your contractor to take care of the permits. Although permits cost you money, the inspection process is meant to protect you from poor workmanship and to make sure that everything is being built to code.

By following these 10 tips for hiring a home contractor, you'll feel more confident that you've found the right contractor for your remodeling job.

Why Some Houses Sit While Other Houses Sell

2010-09-01T13:29:00.000-07:00

Even in the hardest hit markets, there are still properties priced well enough and in good enough condition to interest buyers. Those houses attract offers and sell. Houses that aren’t priced and staged competitively sit. It’s not complicated. It’s really that simple.

For your house to stand out from the crowd, you’ll have to listen to what buyers are telling you and make sure your house is priced well enough and in good enough condition to stand out from the competition. Here’s a quick video explaining how it works. Good luck!

Listing Presentation Sketch

2010-08-30T12:32:00.000-07:00

This is so funny I laughed out loud! So true on both sides.

Tips for Getting Your Home Ready for Fall

2010-08-27T09:02:00.000-07:00

By Paige Tepping

RISMEDIA, August 27, 2010--Now that summer is beginning to wind down and cooler weather is on its way, it’s time to get some of the routine home maintenance out of the way before it gets too cold. If you don’t prepare your home in the fall season, and clean up the yard, when spring comes along, you could be left with an unsightly mess. Lisa Udy, a Realtor in Utah offers the following tips to prepare your home for the cold months ahead.

Clean out the rain gutters – If you have rain gutters on your home, fall is the best time to get them cleaned. Cleaning rain gutters isn’t that difficult of a task, it’s just a tedious one. The easiest way to get rid of the junk is to use a high pressure hose, and then use a small trowel to get rid of the rest of the debris. Once you have gotten rid of all the debris, give your gutters a final spray.

Take care of your pots and planters – If you’re like most homeowners, you have some planters or potted plants sitting around the yard. Before it gets too cold, be sure to empty the dirt out of any pots or planters and put them in a place where they won’t freeze. If you don’t empty or store your planters, there’s a good chance they will either crack or fall apart.

Rake the leaves – Keeping your yard free of leaves is an important task for homeowners. If you have numerous trees in your yard and piles of leaves that you don’t take care of, you might find that your grass is dead once spring arrives. Leaves can smother your lawn and replacing a lawn can cost a lot of money, so it’s a good rule of thumb to get rid of the leaves in the fall.

Weed and feed the lawn – The best time to weed and feed the lawn is in the fall. If you add weed killer in the fall, the weeds will store the poison in their roots during the winter season, and will prevent a breakout in the spring. By feeding your lawn with fertilizer in the fall, you are promoting healthy root growth, and this will help your lawn grow greener and faster in the spring.

Give your tools a tune-up – Once you have finished your fall maintenance chores, make sure you clean your tools and store them in a dry place so they will be in working order once spring arrives. Be sure to store metal shovels with the head upwards, as this will help detour rusting when it dries. Sheers need to be oiled up, wheel barrels should be left upside down and don’t forget to spray off the underside of the lawnmower.

This Month in Real Estate

2010-08-24T11:00:00.000-07:00

The August edition of This Month in Real Estate explores why waiting for lower home prices could actually cost you more.

Because of You, we're # 1 !!!

2010-08-23T10:33:00.000-07:00

Keller Williams Realty has only been a part of the Memphis landscape for 5 years and has already had the honor of winning the Commercial Appeal's Memphis Most Award for 2010!! The survey is made up of different businesses and hot spots in Memphis nominated to be on the ballot and is all about the best of our city. We were already thrilled to be chosen above Remax, Century 21, and other national companies to be in the running but to win the title of the Best Real Estate Co. and by a landslide of over 50% is awesome!

J.D. Power and Associates’ 2010 Home Buyer/Seller Study gave a nod to Keller Williams Realty, the third largest real estate company in the country, for having the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms for the third year in a row. And it ranked second among home sellers in the study for the second year in a row.

Thank you Memphis for your votes! We look forward to continue to live up to our title as The Best Real Estate Company in Memphis and soon the Nation!

Visit Us/Search for homes
www.landryteam.com

Call Us
901.238.4361

Making a Stress Free Move

2010-08-10T10:45:00.000-07:00

Moving is often filled with strong emotions and a very long “to-do” list. It can be very tempting at times like this to hire a mover and let them handle everything from the packing to the actual move. However, moving can be quite costly. You can expect a full-service move to cost you around $2,000 to $4,500. But, with some helpful tips, your next move could be made simple and stress-free while saving you money.

Tips to make your next move simple and stress-free:

* Choosing your move – There are three basic choices you can choose from. There is the do-it-yourself, full service and a new hybrid of the two. Of course, doing everything yourself will be the cheapest route. You’ll just need packing materials, a truck and food and drinks for everyone helping. A full-service moving company will be costly, as they charge by the hour for in-state moves and by weight and mileage for out-of-state moves. Hybrid moves can be a little less costly than full-service moves since a mover will bring by a large container for you to pack, then they will load the container on a truck and take your belongings to your new location.

* Declutter – It’s important to declutter no matter what type of move you’ll be making. The less stuff you take, the cheaper your move will be and it will be less of a hassle. When decluttering, keep this rule-of-thumb in mind: if you haven’t used it in the last six months, you probably don’t need it.

* Be a little more flexible – Moving rates can differ from season to season. Therefore, try to be more flexible with your moving date. The busiest times for movers will, of course, cost you more. The most expensive times to move are summer weekends near the end of the month.

* Save on boxes – New boxes from moving companies will be more expensive than used boxes. Cheaper yet is going to find free boxes that people are getting rid of, but are still in good condition.

* Consolidate your move – If you’re moving a long distance, ask your moving company about consolidating your stuff on the truck with someone else’s. Consolidation can be a cheaper route.

* Prepare yourself – Assigning areas for your furniture and boxes in advance will help save time and money on moving day. Depending on the area you’re moving to, you may need to reserve a space or two in front of your new home so you will have plenty of room to unload your moving truck.

* How to tip – Tipping each mover an hourly rate of $3 to $5 is customary.

The Landry Team
Keller Williams Realty
C 901.238.4361
O 901.221.5100
F 800.854.5827
www.landryteam.com
april@landryteamrealty.com

courtesy Tom Kile

3476 Kel Creek Memphis, TN Featured on NBC The Today Show!

2010-08-06T15:45:00.000-07:00

Our Beautiful listing on 3476 Kel Creek in Memphis was chosen to appear on the Real Estate segment of The Today Show this morning at 9:05 am central time! Daniel does so much with the photography for our team and spends countless hours making sure our listings really catch the potential buyer's eye. Take a look for yourself and check out the home that was shown on The Today Show!

For a bonus, see if you can guess this Memphis Trivia question also mentioned on this morning's The Today Show: Memphis is mentioned in more songs than any other city in the world. How many songs do you think?