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Buying a home is a personal decision

by Erna Sigurdsson, Realtor

I hear people frequently now a days talking about the fact that they bought their home a few years ago during the housing boom and now they owe more on it than it is worth. This is the message that first time home buyers are hearing. Buyers are afraid that the same thing will happen to them when they buy a house.

For Sale Sign Central Florida Homes for saleDuring the housing bubble when the homes would come on the market and have several offers on it in one day, no one was predicting the kind of backlash this would have on the market. It was the time to buy and that was everyones focus. The mortgage companies laxed their standards, allowing more people to buy a home and many people that should not have been allowed to buy were buying homes that they could not afford.

Now that we have gone through a recession, banks have failed because of the mortgage crisis, people are struggling with their mortgage payments and homeowners are finding it hard to swallow that the beautiful home that they bought a few years ago is now under water on the mortgage, we need to step back and think of the long term. Your home is not just a monetary investment, it is an investment in your family and for the long term. There needs to be a shift in thinking, people need to start thinking of their homes as their homes again and stop focusing on how much they have lost in equity, if this truly is a long term investment the equity will build up again.

If you are a buyer and you are working with a team of professionals, then you will be able to find the home that you want and within your budget. Try to find out why you really want to buy. Is it to build equity, because you want your kids to be growing up in a stable environment, because you are tired of giving your landlord a big rent check every month or some other reason. Once you have figured out the why, then work on the how. When you are ready to start looking for homes, you can sign up for a daily e-mail alert of Homes for Sale with up to date information on the latest Real estate listings fitting your search criteria. 

Central Florida Home BuyersErna Sigurdsson offers a Free Home Buyer Seminar for Central Florida buyers, this is a no-obligation, no-cost educational seminar perfect for buyers looking to buy within a year and even for those looking to buy sometime in the future, but need guidance about how to build your credit towards a home purchase.

 

 

 

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here. 

Regular Maintenance vs. Expensive Repairs

by Erna Sigurdsson, Realtor

As a property manager sometimes I have to take care of calling for a maintenance request or a repair of a property and find the best price for those services.  

I have seen firsthand the difference between a property that is maintained and properly taken care of and properties that have come to me under management in varying conditions and how expensive it gets if it has not been taken care of.

Seminole County Maintenance

The best way to take care of a property is to do regular maintenance and occasionally check to make sure all systems in the house are working properly. Just like your car, the equipment and systems in your home need regular maintenance or you will end up with major repairs. You wouldn’t drive your car without having an oil change and filter replaced; likewise you should not run your A/C without a filter and adding Freon to it once in a while.  There are simple ways to make sure that the property is in good condition, for example, between tenants vacuuming the coils on the back of a refrigerator will keep it lasting longer and also vacuuming the dryer vent to clean out lint will minimize the risk for a fire and keeps the dryer running longer.

Erna Sigurdsson is a Property Manager at The Viking Team, Realty

If you need a professional property manager for your investment property in Seminole County (Including Longwood, Lake Mary, Altamonte Springs, Winter Springs and Sanford) give me a call today.

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here. 

What is Fannie Mae trying to do?

by Petur Sigurdsson, Realtor

This article in the Orlando Sentinel by Jerry W. Jackson has kept me thinking since I read it.  I have been wandering what is the real goal here. 

 

Is it to reduce inventory?

Is it to help the consumer?

Is it to be able to control value of homes?

Is it to streamline the banking industry and save money for the banks?

Is this experiment deemed to fail?

Can I with good conscience recommend these pre-approved homes? 

 

So I went into the Multi Listing System and pulled up randomly 8 single family homes in Orange County that all are pre-approved by Fannie Mae, on average these homes are in the lower third of the price range of homes in the subdivisions they are located in, same when it came to price per square feet. 

 

So let me try to answer the questions that I have been asking myself since I saw this article. 

I don’t think this will reduce inventory as I can not see a benefit for the home buyer, any home buyer that I have worked with will wait 1 to 3 months to save from $10,000 to $40,000.

The only time that I can see this program help consumers is when the home that they are looking at and decide to make an offer on, is for coincident in this program.

Looking at the square footage price of the eight homes that are all similar in age, have similar subdivisions, and are priced from $77.93 to $144.93 I don’t think they are trying to control values.  With the proven fact that in one incident it was the lowest price and another incident it was the highest price in the subdivision. This price seems to be more in line with what is owed on the homes.

Yes, I think that Fannie Mae is trying to save money, i.e. salaries, legal fees, attorney cost, and so on.

I do believe that this experiment is going to fail, when the buyer sees that he can save up to a years salary by having a little patient.  Also the fact that there are at this moment mainly investors buying and they will only look at location, price and than condition, I don’t see them wanting to pay for time.

 

This is why I can not tell my customers that they should go out and buy a pre-approved Fannie Mae short sale.  I will continue to look for the best deal in the area that they want to live in.  If a pre-approved Fannie Mae short sale, is one of the homes that we come across, than I will tell them how the program works.

 

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here. 

Displaying blog entries 1-3 of 3