Real Estate Survival Guide with Terry Story

Real Estate Survival Guide with Terry Story header image 1

Should You Consult The Kids Before You Buy Your Next Home?

Top of the list is having their own bedrooms, preferably with their own bathrooms.  Kids also strongly value being close to where their friends live.  Other kiddie considerations include having a large yard and proximity to parks and playgrounds for biking, recreation, and sports. (618)

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Criminals Can Steal Your Home. Don’t Let That Happen To You

The rise of technology has made information easily accessible.  That’s both for us and for thieves interested in stealing from us.  The housing market is no exception. This begs the question, can someone steal your home? Yes, says Terry.  Homeownership fraud involves entering fraudulent documents into public housing records.  Often, this means using the homeowner’s stolen identity. (618)

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This Agreement Could Leave You With Heartburn And A Hole In Your Pocket

Home prices have now risen by about 50 percent above their post-recession lows in 2012.  Prices are now even higher than their pre-recession peak in July 2006.  This steady increase in home prices appears to have spooked the market.  Home buyers are now far more cautious than they were a year ago. (618)

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6 Rental Tips To Help First-Time Landlords Succeed

Screening tenants is very important to your long-term success as a landlord.  Your tenants will either maintain your property nicely or trash it.  So verify their rental history, check their income and credit history, and do criminal background checks. (718)

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In This Hot Housing Market, Don’t Let A Low Appraisal Kill Your Deal

With limited housing inventory, competition for homes often results in bidding wars and higher-than-asking purchase prices.  In such situations, mortgage companies often appraise homes at less than what the buyer is willing to pay, and the buyer could lose out on the home if the sale is contingent on mortgage appraisal. May 23rd, 2018

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Ladies! Don’t Let The Gender Pay Gap Force You Into A Smaller Home

Switching topics, Steve wonders to what extent the gender pay gap reduces a woman’s ability to buy a house and whether she can take steps to still come out even in the housing market with men with higher pay.

For instance, in Seattle, men can afford 150% more house than women, and 122% more in Colorado Springs.  So women are at an inexcusable disadvantage when it comes to home purchases because financial advisors recommend spending no more than 28% of your monthly income on a mortgage. May 16th, 2018

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Got A Leaky Pipe? Here’s Who Should Pay

Terry says it’s only the association’s responsibility for the damages if they were informed of the pipe leak.  However, the association can‘t be responsible for something they weren’t informed about.  In this case, the association wasn’t negligent, as the unit owner never informed them. 

May 9th, 2018

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Who’s Responsible If Your Ball Hits A House On The Golf Course?

Steve asks Terry what he should have done when his golf ball hit the window of a home in the middle of the course.  While the window didn’t break, Steve wants to know who would have been responsible if it had? May 2nd, 2018

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Parents Are Downsizing So Their Kids Can’t Move Back In

According to a recent study, 30% of parents in the United States are helping to buy their child a home.  Terry and Steve discuss 3 ways parents can go about this. April 25th, 2018

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Selling A Home? Make Sure You’re Protected With This Quick Tip

In spite of a small climb in housing inventory, pending home sales rose 3.1%.  Inventory levels, however, are still low.  So, we won’t be seeing a big change in prices until there are more homes to sell.  If you’re thinking of selling, it’s still a good time.

Mortgage rates are also on the rise—increasing from 3.5% in 2015 to 4.25% today.   It’s all relative though, as Steve reminds us that 4% interest rates are still low enough to make the cost attractive.

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Don’t Let Popular Mortgage Scams Fool You

For this Real Estate Round-Up, Terry Story is “in the house”, in person with Steve, and kicks off the conversation with how good credit can help you, even as a renter.  When Terry does a rental, the first thing she looks at is the tenant’s credit score.

As Terry puts it, a landlord’s major goal is to get paid every month and to make sure that his property does not get trashed.  A good credit score demonstrates that the tenant has managed finances responsibly and makes it easier to forgive other things, such as the desire to have a pet because there is a correlation between a good credit score and the way that people keep up a house

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Will Trump’s Tax Reform Hurt Or Help The Housing Market?

Steve begins Real Estate Round-Up by asking Terry Story for an update on home flipping, which was big back in 2004-2005.  Homes bought for the purpose of flipping represented about 5.9% of all single-family homes and 5.7% of all condos sold in 2017, so 94% are buying homes to live in them.

A handful of Florida cities—Orlando, Tampa, St. Petersburg, and Miami—ranked at the top of the list on flipper homes, even after a slight decline in flipping in the Miami area.

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