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Ten Museum Park Condo
The Ten Museum Park building vividly stands out with its unique crystalline architectural style that ascends brilliantly into the ...  
     Updated: Tuesday, June 18, 2013
Homes - Going Big Again!
Homes are creeping up in size and buyers are saying "gimme more". The median U.S. home expanded to 2,306 square feet, increasing by 8 percent from 2009 and hitting an all-time record, reported CNNMoney. During the tough economic times, homes shrank by 6 percent, supposedly ending the McMansion trend and leaving the average home sized at about 2,100 square feet. So the shrinkage might not have been an indicator that homebuyers really want a smaller home. Instead, according to the National Association of Realtors, people prefer a home that's about 2,200 square feet. Housing experts say the desire for a smaller home may have had more to do with the lack of available funding for larger homes. Now, as the economy and housing market pick up again, the desire for more is on buyers' minds. And builders are taking note. They're planning to increase home size. Already some developers are selling homes that are about 7 percent larger than the past year. When a homes doesn't come built large enough; homeowners are adding on. Remodeling is increasing and people are, in some cases, adding 20 percent more floor space–even in an already spacious home. So what are buyers doing with all this space? Some are teaming up with other generations of family members. Whether it's an elderly parent or college grad returning home, living under one roof is making it possible for all to have more living space without having to carry the financial burden alone. These types of multi-family living arrangements can be quite good if there's open communication, full support, and an appropriate financial sharing plan in place prior to everyone living together. What does this mean if you have a home on the smaller side and want to sell it? It means you have to creatively market it to the appropriate buyers. Yes, there are still buyers out there that want the convenience of a great location, a smaller urban home that's situated in walking distance to shops, restaurants, exercise facilities, and more. Presenting this to those buyers will entice them to at least take a look at your home, even if the square footage isn't as high as others. If you have a small home, make sure it's clutter-free when you list it on the market. This matters with any size home but especially in small homes, clutter can make buyers feel like they're suffocating in your home. Creatively use all your space. I wrote recently about turning tiny side-yard areas into unique spaces. The same can be done inside the house. When a space is tucked away, maybe underneath a staircase, it often doesn't get used or junk gets loaded in and then it becomes a nightmare to make your way through it. Instead, look around your petite home and see which spaces could be put to better use. Then give your home a complete look to see if anything can be eliminated. Toss out the things you haven't used in more than a year. Yes, you can let go...it's all about creating space, becoming clutter-free, and living large... regardless of what your home's blueprint says!
Contingencies For Real Estate Contracts
A contingency is a clause, a contractual requirement that must be fulfilled before the home sale transaction can close. Contingencies to purchase offers also give you an out, the opportunity to cancel the contract without financial penalty should certain undesired scenarios play out. You won't lose your earnest money, if you cancel because the seller didn't meet a contingency. Common contingencies  Many sellers in today's market won't even look at an offer that doesn't come with some proof of financing. While this contingency may appear to be moot you, you should still include the clause just in case your mortgage approval falls through. Other contingencies  Contingency balancing act  Remember, in a hot real estate market, a seller could receive multiple offers simultaneously. The seller will evaluate all offers and choose the most attractive deal. If an offer contains too many demands or contingencies, that buyer will likely lose out. Beyond contingencies, buyers should include an expected closing date. The date can be somewhat flexible, but with a date in mind, you and the seller can plan your moves, avoid storing belongings between homes, and make all the preparations necessary for a change of possession. Your real estate agent can help you draft the contract with standard forms approved by their state and real estate association. By crafting a solid offer, you will increase the likelihood that you will soon live in your dream home.
> Full Story Are You Really Ready for Home Ownership? 5 Signs It's Time
1.You Stick to a Budget Financial experts will tell you that creating and sticking to a budget is a sign of financial maturity. With the over 1.5 million foreclosures in the United States, it's easy to understand why this is so important. If you have already created a budget and have stuck to it, you're more ready than the next guy to own your own home. When you follow a budget, you know exactly where your money is going each month. When you know where your money is going, you know whether or not you can afford a home of your own. 2.You Have a Down Payment The old rule of thumb still stands: Enough money should be saved for a 20 percent down payment on a house. When you put 20 percent down on a home, you immediately have equity built into the property and you negate the necessity of private mortgage insurance. Even with a 20 percent down payment, you should still stay away from home's that are out of your realistic price range. If you've budgeted for a $150,000 house, having 20 percent to put down doesn't mean that you should look for an $180,000 home. 3.Your Income is Stable Finding a stable job can be tough to do in today's economy, but if you have a stable source of income, you can feel relatively safe making an investment in a home. If you are reliably employed, don't forget to factor in any life-changes that may crop up in the near or distant future. Do you plan to go back to school? Are you going to start a family? Budget for the home you can afford five years from now, not the one you can afford today. 4.Your Credit Score is High The higher your credit score, the better your interest rate will be. The better your credit score, the more likely you are to be accepted for a loan. If your credit is in excellent shape, you're ready to buy a home. If, on the other hand, your credit needs some work, whip it into shape before you being the home-buying process. Before you buy a house, your debts should be paid off, any collections accounts should be closed satisfactorily, and your credit score should be in the 700's. 5.You Have an Emergency Account Did you know that you should have enough money in the bank to cover at least three month worth of debt? If you have an emergency account, you can feel safe buying a home. Add your estimated mortgage payment, estimated utilities, and any recurring debts that you have, and multiply that number by three. The resultant number is the amount that you should have stashed away in the case of job loss, illness or other financial emergency. If you are thinking of buying a home, make sure that you are 100 percent ready. Re-read the tips above and, if they apply to you, the dream of owning your own home is within reach. If one or more doesn't apply to you, you have some work to do. Owning a home isn't a snap decision, it's a process. In the end, you'll be glad that you took your time and did it right.
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Copyright © 2007 Museum Park Realty 1040 Biscayne Blvd Miami, FL 33132 Tel: (305) 753-4154 | Fax: (305) 960-2008 | shelly@museumparkrealty.net |
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