Tuesday, May 9, 2017 / by John Murdock -- CityScapeMetroGroup
Open houses are undeniably a fun way to ooh and ahh over property that could be yours. Still, once you're done staring up at those high ceilings and peeking into walk-in closets, you should also try to get beyond the surface appearance of the place and take the golden opportunity to gather some valuable information.
In case you're stumped on what to say, here's a list of smart questions to ask at an open house. Whether you're querying the listing agent or the home seller who happens to be on site, these topics will help you deduce whether the place is truly right for you.
1. 'Can you tell me more about the house?'
This is a great way to break the ice and get the conversation going with owners or agents on site.
"This question may seem vague, but that's the point," says Victoria Shtainer, a luxury real estate broker with Compass. Pay attention to what is mentioned first, and—perhaps more import7 ...
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Tuesday, May 2, 2017 / by John Murdock -- CityScapeMetroGroup
First comes love, then comes ... a mortgage?! That’s right: Many couples are buying a home together before tying the knot. In fact, 1 in 4 homeowners said they purchased a home with their significant other before marriage, according to a 2016 survey by TD Bank. And that's presuming they end up tying the knot after all; many continue cohabiting without ever heading down the aisle.
But getting a home loan as an unmarried couple presents some unique financial challenges. For starters, you need to consider the possibility—slim though it might seem—that you might break up one day. Yes, these things happen.
"You need to look at the worst-case scenario,” says Ray Rodriguez, a New York sales manager at TD Bank. “It’s not a pleasant conversation, but you need to have it.”
After all, purchasing a home together is ultimately a business decision. You, as an individual, need to take steps to protect your 7 ...
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Tuesday, April 25, 2017 / by John Murdock -- CityScapeMetroGroup
Whether you're dealing with a slow leak in the basement or a steady drip from a hole in the roof, water can wreak havoc on your home—and your bank account. Once the water recedes, one of the first questions you'll have is whether your homeowners insurance covers water damage and roof leaks. Well, we have you covered with the answers below.
Is water damage covered?
In a word, yes! A standard homeowners insurance policy will cover water damage and roof leaks unless they're the result of gross negligence on your part. Even if the roof leak is caused by a windstorm or a tree crashing through the shingles, you're covered.
Roof leaks are typically covered if a windstorm damages a home and creates an “opening” in the roof, says Stacey A. Giulianti, a lawyer in Boca Raton, FL. Homeowners insurance doesn't cover any “preventable” damage to a property, so the key here is determining if7 ...
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Tuesday, April 25, 2017 / by John Murdock -- CityScapeMetroGroup
Anxious would-be home buyers have been watching mortgage interest rates finally begin ticking up again in 2017, after years of historical lows. And when the Federal Reserve raised the short-term interest rate in March, the conventional wisdom was that mortgage rates would follow suit—as they typically do.
But that's not happening this time around. Despite a Fed hike just last month and two more looming on the horizon, the average interest rate for a 30-year fixed-rate mortgage fell back below 4% for the first time since November, according to Freddie Mac.
They were at just 3.97% as of Thursday, down from 4.08% the previous week and a high of 4.3% for the year, on March 16.
So what's going on?
"If you had an answer to that question, you’d probably make millions trading on Wall Street," says Danielle Hale, managing director of housing research at the National Association of Realtors®. "Interest rates are really tricky to predict.Yet even a small cha7 ...
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Monday, April 17, 2017 / by John Murdock -- CityScapeMetroGroup
Selling a house involves a trinity: buyer, seller, and Realtor®. The buyer gets a new home, the seller gets to cash a big check, but what does the Realtor get? A commission, of course! (As well as the satisfaction of a job well-done.) There's an awful lot of confusion about this all-important fee, from who pays it to exactly how much it is. Here's everything you need to know, plus how to negotiate a Realtor commission. Yes, it's possible!
What is a typical Realtor commission?
A common misconception when it comes to Realtor commissions is that there is a standard percentage within the real estate industry. In truth, there is no common price. That would be price-fixing, which is illegal in most industries, says Maryland Realtor Malcolm Lawson.
In many states, however, there is an average prevailing fee of about 6% of a home's final sales price. If a Realtor sells a vacant lot, the commission is usually higher—anywhere from 10% to 27 ...
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