The latest statistics indicate that the U.S. real estate market is at or very close to the bottom right now.

On January 18, Bloomberg News reported, “Confidence among U.S. Homebuilders Climbs to Highest Since 2007.” Bloomberg said, “The confidence measure, which increased for a fourth straight month, improved in all four regions of the U.S. This is ‘yet another indication of the gradual but steady improvement that is beginning to take hold in an increasing number of housing markets nationwide,’ Bob Nielsen, chairman of the National Association of Home Builders and a builder from Reno, Nevada, said in a statement.”

The official data on home prices might not show the recovery yet, because they are always months behind, but most other data indicates that in general the housing market has hit the bottom.

Right now, homes in America are the best value they’ve been in many generations. And right now, mortgage rates are off-the-charts low. In short, now is the time to buy Nevada County real estate.

The reasons to buy now are incredibly basic:
• U.S. home prices are more affordable than ever – by far.
• Mortgage rates are down to record-low levels.
• You can often pay below-market prices on short sales and REOs.

Of course, there is no guarantee that this is the bottom. But with prices this low and with very few other great places to invest your money, now’s the time to seriously consider buying Nevada County real estate. If you can buy now and hold on to it for a few years, it could be one of the lowest-risk, highest-reward investments you ever make.

If you’re still not convinced real estate is one of the best values out there right now, please give me a call at 530-913-2019 or email me at Teresaprock@hotmail.com. I will share specific numbers with you about our real estate market.

Links:

Bloomberg News

http://www.bloomberg.com/news/2012-01-18/u-s-homebuilder-confidence-climbs-to-highest-since-2007-on-buyer-traffic.html

Mortgage rates are down to record-low levels

http://finance.yahoo.com/news/rate-30-mortgage-down-record-3-88-pct-150126165.html

Short sales

http://www.realtor.org/library/library/fg335

If you are in the market to purchase real estate, the
first place you need to start is with your credit report. If
it has been more than a year since you reviewed it, now is the
time. Do not wait until you find your dream home before
examining your credit report. If there are problems with it,
you could be turned down for the mortgage.

After you’ve received your current credit report, follow these
five steps to spring clean your credit report before starting
your search for real estate:

1. Check your personal information: Is your personal
information such as name, address, and social security number
accurate? If not, get that information corrected.

2. Review all the accounts listed: Are they all yours? Are the
account numbers correct? Are the account balances accurate?

3. Get credit report errors corrected: Under the Fair Credit
Reporting Act (FCRA), both the credit reporting agency and the
information provider (that is, the person, company, creditor or
organization that provides information about you to a credit
reporting company) are responsible for correcting inaccurate or
incomplete information in your report. To take advantage of all
your rights under this law, contact the credit reporting
company and the information provider.

4. Contact the credit reporting agency about errors all errors
on the report: Send a letter by certified mail and “return
receipt request” so that you can document that the credit
reporting company received the letter. Keep a copy of the
letter and documents. Include the following in the letter:
a. Copies (not the originals) of documents that support your
position.
b. Your complete name and address
c. The facts about the problem and an explanation of why you
dispute the information
d. A copy of your credit report with the items in question
circled.

5. Contact the information provider about errors they made: In
writing, contact the creditor or other information provider to
let them know that you dispute an item they’ve placed on your
credit report. Send a letter by certified mail and “return
receipt request” so that you can document that the letter was
received. Keep a copy of the letter and documents. Include
copies (not originals) of documents that support your position.

The hardest part of buying real estate could be finding
the right property for you, or it could be the six to twelve
months it may take to clean up your credit report.

Links:
Get credit report errors corrected

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm

Fair Credit Reporting Act (FCRA)

http://epic.org/privacy/fcra/

Credit reporting agency

http://www.aprfinder.com/credit-bureau-phone-numbers

Inspections can turn up repair issues during the NevadaCountyhome buying process that can increase your cash outlay as a buyer.  Problems with appliances, plumbing, and HVAC are just a few issues that can crop up.  If you find yourself experiencing repair sticker shock, keep these thoughts in mind: 

• The choice lies with you:  As the buyer, you get to decide whether you want to proceed with the purchase of theGrassValley home or not. You are not at the mercy of the seller’s demands.  If you can’t reach an agreement, then you can opt out of the situation, as long as you’ve included a home inspection contingency in your contract.
• The first estimate you get on the potential repair cost may not be the lowest or most accurate: Before you decide to withdraw your offer on the home when the repair estimate comes back beyond your budget, find out if there is a way to get a better price on the repair.  Always go with a reputable company, but talk to a few specialists to see if there is a less expensive way to address the problem.  Maybe the heating system can be repaired instead of completely replaced.  Perhaps if you have the work done in the summer months, your vendor will cut you a break on the pricing because it is during his off-season. Think creatively!
• Counter-offer: The seller may have low-balled what he is willing to toss into the pot on the theory that you would be counter-offering. 

Remember, no home is going to be absolutely perfect.  But doing what you can to negotiate the best situation – with repair professionals and with the seller – can salvage a deal on a Nevada City home that at first seemed to be going south. 

Whether you need help finding a home to buy or negotiating the deal, I can help. Give me a call today at 530-913-2019 or email me atteresaprock@hotmail.comfor more information.

Keyword:NevadaCountyhome

Links:

HVAC

http://www.hvaccost.org/what-is-hvac/

Reputable company

http://www.ehow.com/how_5156536_use-better-business-bureau.html

Counter-offer

http://homebuying.about.com/od/offersnegotiations/qt/CounterOffers.htm

 Whether you’re looking to buy or sell a home, finding the perfectNevadaCountyreal estate agent can be tough. The process is often overwhelming and you want to ensure that you have the right person by your side — someone who’s trustworthy, hard-working and knows what they’re doing!

That is why it’s extremely important to do your research thoroughly when it comes to [city] real estate agents. You need to interview several agents, follow through on referrals and ensure they have the proper credentials.

All the acronyms after agents’ names can be confusing, so here are a few that describe specializations you might need:

• SRES – This stands for Senior Real Estate Specialist. The SRES designation is for agents who work with buyers and sellers over the age of 55. If you’re over the age of 55 or are helping your parents who are over the age of 55 buy or sell, you may want to find an agent with an SRES designation.
• Nar’s Green Designation – This designation means the agent has had training in green building qualifications and sustainable business practices. Look for an agent with these acronyms if green living is on your home checklist.
• SFR – This acronym stands for Short Sale & Foreclosure Resource – As the certification indicates, these are agents who specialize in short sales and foreclosures. With the economy forcing many homeowners into one of these categories, it could be valuable to have an expert with this designation to help you successfully navigate the tricky processes.

Just because agents have an acronym or two or three after their names doesn’t necessarily mean they’re the right fit for you. However, the designations can give you some clues as to their level of knowledge and areas in which they specialize.

If you have more questions about real estate acronyms and designations or are looking for a qualified, professionalNevadaCountyreal estate agent, please call me at 530-913-2019 or email me at Teresaprock@hotmail.com. 

Links:

Interview several agents

http://homebuying.about.com/od/realestateagents/tp/Agentinterview.htm 

Green building

http://www.epa.gov/greenbuilding/pubs/faqs.htm 

Home checklist

http://greenhomeguide.com/know-how/article/green-home-checklist

 The mortgage application process can be confusing — so you only want to have to go through it once when buying [city] real estate.  Keep these tips in mind as you complete the application process to make sure you get the answer you want: Approved! 

• Make Sure Your Credit is Clear: If there are any lingering issues on your credit report, get them resolved prior to application and get your credit in high standing for the best loan rates. 
• Lower Your Debt: If you meet the income requirements, but have substantial debts elsewhere – car payments, student loans and credit card debt – your application may be denied.  Budget, save up and pay off as much as you can. 
• Have the Required Income: With the tightening of regulations, any wiggle room you may have had before is gone. You must meet the income requirements for the loan.  Remember that not all income may be counted toward your loan – rental property income, for instance, is often excluded.   
• Negotiate the Repair of Any Condition Issues with the Seller: Lenders are leery of extending loans on any [city] real estate that could later be deemed distressed.  Issues exposed during the appraisal process should be addressed for loan purposes, as well as for your own comfort and safety.
• Follow the Instructions: The stacks of paperwork documenting your application are a nuisance, yes, but they are required.  Do the work and make sure your application is complete.

Put these tips into action and your application is more likely to be approved.

If you’re ready to buy real estate in Nevada County, I can help. Whether you need help finding a reputable lender or a home to buy, give me a call today at 530-913-2019 or email me at teresaprock@homail.com.

Links:

Credit

http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetails&GnavID=84&SnavID=20&TnavID=&AreasofExpertiseID=20

Student loans

http://cgi.money.cnn.com/tools/studentloan/studentloan.html

Budget

http://www.ehow.com/how_571_set-family-budget.html

Bad wiring
http://www.bobvila.com/HowTo_Library/Bad_Wiring–T827.html

http://www.youtube.com/watch?v=PHxlT1IqaLc