Tuesday, May 29, 2012

Renters Intend to Buy a Home in the Near Future


According to the recent homebuyer poll released by TD Bank shows that huge majority (84%) of today's younger renting generation (ages 18-34) intends to buy a home. Doug Duncan, Vice President and Chief Economist of Fannie Mae said, “In spite of the impact of the housing crisis on home values and home ownership rates across the country, Americans by and large still hope to become homeowners.”

The poll also found out that the primary motivation for purchasing their first home is to achieve their American Dream (18%). Next is Good Opportunity (17%); Evolving Family (11%) and lastly Financially Readiness (10%).

According to the survey, 66% of the female respondents plan to own a home while only 57% of the male respondents want to achieve their American dream.

If you are still currently renting, then I should tell you that home ownership is more achievable than ever! Mortgage rates are historically low (Now at 3.83% for 30-year fixed rate) and competitive pricing is available in the market. Furthermore, there are affordable new homes catered for the first time home buyers! I will be happy to assist you to find the perfect home for you.  For a compilation of properties suitable for you, please check out www.anchoragehomedeals.com.

Tuesday, May 22, 2012

What Home to Choose?



Different people want different things in life. Same goes for their dream home. Some people may want beautiful hardwoods while others prefer carpet. Parents want a home near a great school district, while single people prefers the busy downtown spot where everything is within their reach i.e. office, malls, theaters, etc.

Before you begin your home shopping, it is best to make a wish list to determine what your needs and wants in your new home. Give this wish list to your Realtor so he/she can help you better in finding a suitable home that fits your taste and preferences with a wish list present. Here are some things that you need to consider when searching for a home:    

- Home Type: Are you a condo, townhome or single family detached type of person. Condos are generally low maintenance homes and they are usually centrally located - convenient to centers of employment and shopping.  Amenities are usually present in the building such as 24-hour concierge, security surveillance, recreation and fitness facilities plus shoveling of snow or cutting of grass are included in the HOA fees. 

A townhome can give you more space than the condo.  Architecturally, townhomes are often able to offer more rooms and more square footage than what condos can give. 

Single-family homes come in all shapes and sizes. It can provide you a complete privacy as there are no common walls to be shared with another unit. A yard is built along with the home to provide space for playing with your kids, for BBQs or other outdoor activities you can enjoy.

- Neighborhoods: Do you want to live in the city where there's everything for everyone or a quiet suburban neighborhood? Do you want to stay in your current neighborhood or near your family?

- School Preferences: Do you have children or plan on having them in the near future? Many cities have excellent schools. It will be convenient for your children to have their schools nearby.

- Home Condition: If you do not have time for home repairs, then  MOVE-IN ready home should be on your wish list.  Sometimes, repairs can be messy and if you do not have the time nor the patience for it, MOVE-IN ready home is a much better choice for you.  But if you are looking for a good deal on a gorgeous home, but needs a little work - then a fixer upper might be more of your style. In a fixer upper, you can personalize your home. You can even incorporate your own designs.

Decide what you really want from a home.  Make a checklist and bring it with you all the time when scouting for your new home.  Some features might not be present in that particular home and you may be willing to compromise to have the other features. 

For a list of gorgeous homes in convenient location, please go to www.anchoragehomedeals.com

Monday, May 7, 2012

Green Homes - the Future Trend


According to the latest McGraw-Hill Construction SmartMarket Report, the green share of single family home construction by value has doubled over the last three years from 8% in 2008 to 17% in 2011 equating to $17 Billion.  The market conditions shows that green homes market will continue to grow from 29% - 38% (potentially $87-$114 Billion market opportunity) of the total construction market by the year 2016. This is based on the 5-year forecast for overall residential construction.  The strong growth shows that customers nowadays are demanding for more green homes and projects.  

The report also shows why homeowners prefer to build green homes as compared to the conventional homes. The benefits of having green homes include:
- Save money
- Better health
- Better comfort
- Better investment decision
Initial costs may be high, but they will save money in the long run due to lower electricity bills. In addition to that, health and comfort considerations are also important to homeowners.  

Home builders' top consideration in building a greener home is the indoor air quality.  Benefits of improved indoor air quality includes reduced mold, allergens and radon and reduced asthma triggers. This is achieved by using paints with low volatile organic compounds and designing for sufficient airflow.

Other considerations in building a green home are choosing earth friendly building materials; using solar energy when possible; and installing systems to recycle waste water. 

Another advantage of a green home is it has a higher resale value as compared to the conventional homes. Home buyers look for affordability as well as green when making purchasing decisions.
If you want to see a list of energy efficient homes, please visit www.hearthstonealaska.com.  These homes are developed by Spinell Homes - the largest home builder in Alaska. Spinell Homes is dedicated to building energy efficient and sustainable housing. For more information on Spinell Homes, check out www.spinellhomes.com.

Tuesday, May 1, 2012

Avoid Mortgage Scams


As a home owner who is in danger of losing your home to foreclosure, you must be careful in dealing with a company/person who might give you false promises of saving you from foreclosure.  Knowing how to identify these scams can help you save money and headaches in the future.  Remember, KNOWLEDGE IS POWER!  If you know how to spot scams, you can avoid dealing with them and you can report them to the proper authorities.  


Here are some things you should know to indicate that you may be dealing with fraud: (Source: www.freddiemac.com)

- A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage.
- A company/person guarantees they can stop a foreclosure or get your loan modified.
- A company/person advises you to stop paying your mortgage company and pay them instead.
- A company pressures you to sign over the deed to your home or sign any paperwork that you haven't had a chance to read, and you don't fully understand.
- A company other than your lender claims to offer "government-approved" or "official government" loan modifications.
- A company/person you don't know asks you to release personal financial information online or over the phone.

If you or you know someone who have encountered mortgage fraud, you may report them to 1-800-4FRAUD8.

If you are in the danger of facing foreclosure, don't be afraid to seek help.  Here are some things that you can do to avoid losing your home to foreclosure.

1. Call your mortgage lender.  If you are having difficulties in keeping your payments up to date, your lender may offer you some options to help you make your payments more affordable (this might involve lower monthly payments but longer term) and to avoid foreclosure. 
2. Call Freddie Mac Borrow Help Centers.  They offer free, confidential counseling assistance if you are behind on your monthly payments. 
3. Call Housing Counselors. To talk to a housing counselor, you may check out http://www.hud.gov/offices/hsg/sfh/hcc/fc/index.cfm?&webListAction=search&searchstate=AK&filterSvc=dfc for a list of HUD Housing Counseling Agencies located in Alaska.

Remember, the government offers their service for free.  You do not have to spend a single centavo for their assistance.



For more information about foreclosures, please don't hesitate to contact me.