When looking at the real estate purchase contract, most buyers focus on the sales price – but the price isn’t the only factor that determines the bottom line. Is a bargain really a bargain if the buyer is paying all the transaction costs?
Before you decide to go with a great price, make sure you know the transactions costs and who will pay for what. Typical costs include a home inspection, a termite inspection, title and escrow fees, transfer taxes & recording fees. These costs vary grealty around the country. Who pays for what can be negotiated, and sometimes the customary local practice is applied.
From “Housing Matrix . com”
Home sales have been rising since Nov. 2008, and looks like 2010 will be a good year for home sales.
http://housingmatrix.com/hot-sheets/exhome.pdf
The report tracks the number of existing homes sold during the previous month. The data is collected from more than 650 Boards/Associations of Realtors and MLS (multiple listing services) listings across the nation. It includes a two year historical graph and a table of long-term trends for existing home sales, by areas of the country, month’s supply, median and average sales price. Ideal resource to stay on top of existing home sales.
1. Pay your bills on time. Payment history accounts for roughly 35% of your score. So paying bills on time is the most important thing you can do. If you’re behind, get caught up and then stay current. If you’re struggling, contact your creditors to work out a payment schedule.
2. Increase the length of your credit history. It accounts for 15% of your score. Canceling an old card or getting a lot of new credit within a short time span can hurt your score because it lowers the average age of your accounts.
3. Keep credit card balances low. Credit utilization makes up 30% of your credit score. Try to keep the amount you borrow below 25% of your available credit. Even if you pay off your credit cards every month, the average balance will still impact your score.
4. Minimize new credit requests. They account for 10% of your credit score. Every time a potential lender asks for a copy of your credit report, an inquiry is recorded. If you will be applying for a loan in the near future, don’t apply for any new credit cards beforehand. You can also ask the three main credit reporting agencies-Experian, Equifax, and Trans-Union, to stop unsolicited credit offers.
5. Maintain different types of installment and revolving debt. About 10% of your score depends on the type of credit used. How you handle revolving credit (like credit cards) carries more weight than how you deal with installment debt (such as car loans & mortgages).
Brian Ripp, CRS, GRI, Broker – your Bay Area Realtor www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”
November is coming soon, if you’d like to start your home search – contact me or visit my web site and search yourself.
Brian Ripp, CRS, GRI, Broker – your Bay Area Realtor
www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
