Glen Oaks Escrow

Go Mobile With Your Spring House Hunting

Buying a new home is definitely not the easiest decision in the world. Some choices are clear and simple, but others can be complex. Phone apps are a great tool for homebuyers to take advantage of – plus most of them are free!

Here is a list of some tried and true phone apps to try out.

1. Around.Me Real Estate. This app focuses on location. It shows you places you use in your daily life like banks, restaurants, gas stations, and hospitals. The listings aren’t perfect – like most generic Internet searches you might get a gourmet cheese shop, or other specialty store or location, when searching for a “grocery store” for example, but overall it’s very helpful.
2. Try downloading a Real Estate Dictionary. Some of the home buying lingo might be new to you if this is your first time in the market. Look for one that will give you concise definitions, and ideally free, otherwise definitely inexpensive.
3. A mortgage calculator can also be an immense asset. Many are available and free of charge. They will help you make more educated financial decisions.
4. House Hunter. This app tries to remove some emotion that goes along with home buying. It lets the users rate properties on a scale from 1-10. Then it takes your ratings and calculates which property fits you best.
5. Houzz is an app that gives you ideas of what to do with an awkward corner or part of a room in a home you are interested in. It includes more than 200,000 photos and you can search by room, style, and neighborhood.
6. Trulia offers you a lot of listings to look through. On the iPad version users can compare what properties were listed at and their selling price. On the Android users can use a voice-based search by city and type of home.

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Spring Shaping Up To Be a Great Season For the Housing Market

The spring season usually starts shaping up in March and goes until June, but this year thanks to unseasonably warm weather in many parts of the United States it may have started early.

Spring is the litmus test for the overall housing demand. Current home sales in February were up 9% from last year, and the Pending Home Sale Index was up as well. And according to a late February NAR survey of 4,300 agents, Realtors’ confidence in the single-family home market is also looking strong. Economist Paul Dales of Capital Economics says this spring season should be “the best we have seen in the past four or five years.”

Of course not every market will move in unison, and spring sales will be a great indication of which ones are headed in which direction. Veros Real Estate Solutions forecasts that home prices overall will drop less than 1%, but 40% of 321 metropolitan areas will see prices rise.

Phoenix is at the top of that list, and will see a 5% price gain this year. Denver is also seeing rising prices as their supply of homes drops as well. Some non-distressed homeowners are still reluctant to put their home on the market, but not all of them. In Central Pennsylvania residents saw a 30% increase in new listings early this year, and the trend has continued into spring. Overall spring is shaping up to be a very positive season for the housing market.

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Tips for Underwater Home Upgrades

All homeowners are in different and unique situation. Some are looking to upgrade and move, but many are content in staying put – even if they are in an upside down mortgage (they owe more than the house is worth). This can absolutely be the right decision. And here’s the best news – just because you’re staying in your house, doesn’t mean you have to put up with a home that isn’t meeting your needs. A few sensible fixes to your home can result in many benefits. It will make your life much more comfortable over the long-term, increase the home’s value, and begin saving you money.

A few cosmetic fixes can go a long way. These fixes can both help you hit an appraisal mark for refinancing or lure a buyer in for short sale. You can make it a DIY project, or hire someone. Consider painting the shutters, eaves, doors and trims, adding new hardware like a mailbox or house numbers, and simple landscaping like planting flowers and trimming the shrubs.

If you are seeking more space, and it’s in your budget, an economical expansion may be the right fit. Look into converting your garage or basement into a livable space – this can be used for visitors, or rented out as a form of extra income. You could also add square footage by adding a prefab unit to a large backyard. If it fits your needs, you may also consider combining rooms to create a larger kitchen, bedroom, or living space. Plus, you get to take out some homeowner aggression and knock down walls!

Another great upgrade to consider is going green! Green fixes like solar panels, dual-paned windows and installing efficient heating and cooling appliances may qualify you for tax credits, and will save you money on your electric bill almost immediately. Of course before you invest in your upside down home do your homework. Have a plan and ultimate goal ironed out and you can make some great regret-free changes to your property.

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Choosing the Right Property Profile Photo

When you’re listing a property online, getting the aesthetics right is a must. Many brokers will put up a blurry photo of a property, or worse, won’t include one at all. Imagine you were searching for a home to purchase. Would you click on a listing or want more information about a property you couldn’t see?

In all likelihood, the answer is no. Humans are looking for instant gratification, especially when they are about to spend a large amount of money on something. So, choosing the right property profile photo becomes paramount to a successful online listing. People shopping online for a home will want to know what their future residence looks like. That’s why it’s critical to pick a photo that will give the best first impression possible to your potential buyers. A clear, crisp photo of the exterior is the best way to give them that.

Choose a photo that showcases the front of the house. A visually appealing image will capture your viewer’s attention, and they will click through your listing to see more photos, gathering more information about your listing simultaneously. Thumbing through professional-looking photos online gives people the sensation that you are professional and worthy of their business, not to mention helps them imagine themselves living in the home that you are trying to sell.

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5 Ways to Generate Real Estate Leads Using Twitter

Twitter is taking the real estate world by storm. In the 18-49 age group, 15% of people use Twitter, including many first-time home buyers who rely on Twitter for information, recommendations about real estate professionals, and more. It’s important to be in this space, and with something as simple as a 140-character message, you can generate real estate leads. Here are some five ways to use Twitter to your advantage:

1. Amass Followers: The most important thing to keep in mind with Twitter is that you need to create a community of followers. The more followers you have, the more likely your message is to reach further into the Twitterverse. Connect with as many people as you can, and disseminate useful information, like real estate news, advice, or tips. Your followers are interested in your real estate expertise, so give them a reason to stay connected!

2. Engage in Conversation: Retweeting is one of the best ways to open up a dialogue with others on Twitter. The social media site works like a hub-and-spoke system, so if you see something interesting and retweet it, your followers will pick-up that information. As the conversation continues to be retweeted, others will see your Twitter handle and can follow you. You can expect the same snowball effect as people retweet your interesting content. Remember to thank someone if they retweet something you wrote or posted.

3. Keep It Short: 140 characters goes quickly (it includes letters and spaces), so remember to keep your tweets short. Your Twitter handle counts towards the 140-character limit, and you want to leave your followers space to insert their own comments. Shorter tweets have a better chance of being retweeted, so keep it short, and people will be more apt to share what you have to say.

4.  Send Out the Search Party:  Twitter has a lot of great functionality, but one of the best features is the ability to search. There are actually two ways you can search for tweets about your area. The first is by typing in your city and a keyword, like “near: Los Angeles real estate.” You can also search hashtags (#), like #Losangelesrealestate.  Both will bring up any tweets that contain information about the topic you searched. And using these search tools will give you a chance to find relevant content to retweet and engage potential new followers!

5.  Migrate Potential Clients to Your Website: Twitter’s 140-character limit is the perfect introduction to yourself or a real estate story. But you will undoubtedly have more to share, which is why it’s crucial to take your followers from Twitter to your own website. There, you can share as much information as you would like. Every now and again, push your website via Twitter, or better yet, include links to blogs that you have written. If you can get potential clients to your website via Twitter, you’re doing something right.

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6 Tax Breaks Every Homeowner Should Know

Buying a home is a big investment, but with that comes a variety of tax breaks. One of life’s certainties are taxes. Everyone pays them, but those who take the time to understand their write-offs will realize the benefits. While itemizing your taxes does require more work, the benefits for homeowners can more than make up for it. The tax deadline is coming up quickly, so let’s take a look at six tax breaks that should be on the minds of homeowners everywhere!

1. Property Taxes—Like regular taxes, property taxes are inevitable. But understanding how your property taxes are calculated can be empowering, especially at tax time. If yours are based on the assessed value of your real property, you can deduct state and local property taxes. Keep accurate records if you pay out of pocket though. Those who pay through an escrow account will have an easier time, as the amount will appear on Form 1098 from your lender.
2. Mortgage Interest Deduction—Writing a check for your home each month should make your mortgage go down quickly. But the majority of the money is put towards interest at the beginning of your loan. Fortunately, a Mortgage Interest Deduction (MID) exists, and you can deduct the amount from your taxes. The amount also appears on Form 1098.
3. Construction Loan Interest—If you are considering a home remodel, look into getting help with expense through financing. A construction loan might entitle you to deduct the interest during the first two years of the loan.
4. Mortgage Insurance Premiums—Most homeowners pay private mortgage insurance (PMI). It protects your lender in case you default, and it’s also tax-deductible if your AGI is less than $100,000 (married couples).
5. Energy Star—Getting paid to shop sounds like a scam, but when you’re talking about Energy Star appliances, it’s not as far fetched as it sounds. Purchasing energy-efficient appliances, windows, doors, and skylights will give you another tax deduction. You will need to install them by the end of the year though to get the 10% tax credit. And it’s only based on the cost of the products, not installation.
6. Points—You may not remember, so look back to see if you paid any fees when you obtained your mortgage. If you did, you’re entitled to a deduction of the fees during the year you paid them, assuming the loan was for a primary residence. And if you have refinanced, you can deduct the points over the life of the loan.

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Remodeling Projects that Pay off

When it comes to home remodeling, not all projects are created equal. Some projects pay for themselves in the long run, whereas others might not net you anything when you go to sell your home. It’s a typical cost versus value equation, and understanding which projects will make back your money can empower you before you hit the home improvement store with a list.

Remodeling can be an expensive prophecy depending on the project, so replacing old items versus completely gutting can often make more sense. It’s a big trend right now to do so, especially for exterior replacement projects. Take a new garage door, for example. This is a place where homeowners can recoup close to 70% or more of the cost of the project at resale. The same goes for new entry doors, another high-return item. And you’ll notice that was the cost of the project, not just the materials. Labor is something you’ll want to factor into the equation as well to see if you’re getting a good return on your total investment down the line.

Here is a list of mid-range projects that shows the estimated cost versus what the owners can expect to recoup at the time of sale:

1. Replacing the entry door to steel

Estimated cost: $1,238

Cost recouped at resale: 73%

2. Attic bedroom (converting unfinished attic space into a bedroom with bathroom and shower)

Estimated cost: $50,148

Cost recouped at resale: 72.5%

3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)

Estimated cost: $19,588

Cost recouped at resale: 72.1%

4. Garage door replacement

Estimated cost: $1,512

Cost recouped at resale: 71.9%

5. Deck addition (wood)

Estimated cost: $10,350

Cost recouped at resale: 70.1%

6. Siding replacement (vinyl)

Estimated cost: $11,729

Cost recouped at resale: 69.5%

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New Technology Protects Against Foreclosing on Military Personnel

Lender Processing Services’ (LPS) Military Service Relief (MSR) now allows servicers to recognize and process loans protected under the Servicemembers Civil Relief Act (SCRA) while providing a way to protect against foreclosing on military personnel.  The SCRA disallows mortgage servicers to foreclose on or seize property from active-duty military personnel who are unable to pay their mortgage.  Foreclosure protection will last up to 9 months after their active duty has ended. The new law will also allow service members to quality for interest rate limits.

LPS states, “future MSR enhancements will deliver additional functionality related to default and credit bureau reporting, as well as reconciliation of advances”.

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Help for Repaying Homebuyer Tax Credit

The first-time homebuyer tax credit was first enacted in 2008. To help offset the housing crisis, lawmakers structured it as a no-interest loan. Taxpayers who used it had to pay it back over time (in annual installments through your tax return), but in 2009, the payback requirement was eliminated. Many borrowers in 2008 and others are understandably frustrated, not only regarding the tax credit revision, but also concerning how they might pay the government back.

To help, the IRS recently created a tool to help gather the information required and streamline the process. The tool helps simplify information, and gives taxpayers visibility to their balance, amount paid back to date, total tax credit received, annual installment amount, and also includes the exact payback amount in your federal tax filing. Before the IRS created the tool, taxpayers were responsible for keeping track of all of this information themselves. To access the tool, taxpayers simply enter their social security number, birthday and some other identifying information.

In addition to 2008 taxpayers, those who used the credit in 2009 and 2010 and sold their homes within three years of purchase are also required to pay back their benefit. For more information and to access the tool, please visit www.irs.gov.

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Experts See a Decline in Mortgage Delinquencies for 2012

Now that the mortgage delinquency numbers for 2011 have been finalized, economists look ahead to the rate for 2012.  Their early conclusion?  Based on current data, the national delinquency rate is expected to decline another 7% by the end of 2012, giving the economy another sigh of relief in a segment that desperately needs it.

According to TransUnion, employment numbers have increased, banks have also started letting credit flow again, albeit with more stringent approval guidelines.  Both will help more borrowers avoid delinquency altogether, helping to improve overall consumer confidence and U.S.GDP.  Since the recession began in 2008, real estate has become the poster child for disappointment, with some states seeing mortgage delinquencies of more than 20%.  An exploding foreclosure rate sent the number of vacant properties soaring; in some markets, banks own nearly as many properties as private parties do; the overall real estate and credit markets have left a stubborn legacy that will likely take years to correct.  New qualification rules and down payment requirements have locked out many buyers who, just four years ago, wouldn’t have had any problem qualifying for a mortgage.

While delinquency in the entire U.S. is expected to fall in 2012, states like California, Florida, and Nevada will likely see an uptick in the number of borrowers falling behind in 2012.  In those markets, economists estimate the delinquency rate could increase in 2012 by nearly 12% over 2011 rates, due mostly due to ongoing unemployment troubles.

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