DON'T MISS A NEW LISTING AGAIN!

Register Now
Already registered? Login

FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information is NOT Shared*

Lake Naomi Property Group, Inc

Lake Naomi Property Group, Inc
Pocono Pines, PA 18350

570-355-5788
Contact Us

Quick Search


view all


Any

Any

No Min.

No Max.

Buying/Selling | Real Estate News

Common Home-Buying Mistakes People Make at Every Age

(TNS)—No matter the age or life stage, everyone makes mistakes when it comes to home-buying.

Whether it’s picking the wrong location or buying more house than you can afford, the mistakes are often universal, says Ilyce Glink, author of “100 Questions Every First-Time Home Buyer Should Ask.”

“When you’re in your 20s, your life isn’t the same as when you’re retired, and yet you’re both going to make timing mistakes,” Glink says. “You may make location mistakes. You may not think about what you need for every stage of your life, so you buy the wrong size home or make a bad money decision.”

Even so, certain age groups are more susceptible to particular missteps than others. Here are common mistakes homeowners make at each age, and a few ways to avoid them.

20s: Getting the Wrong Type of Mortgage
People in their 20s are just starting their careers and usually have less money saved than older homebuyers. For these folks, paying less for a mortgage is not just a priority, but a necessity.

This can be a bad thing if buyers get into an adjustable-rate mortgage (ARM) thinking they will earn more money down the road, says Michael Corbett, host of Extra’s “Mansions and Millionaires” and author of “Find It, Fix It, Flip It.”

“Younger buyers might get an adjustable-rate mortgage because the rate is really low; it’s like a teaser rate, and they think, ‘I’m going to get it because I’m improving in my job situation or I’ll pay off my student loan’—but if that doesn’t happen then, when interest rates go up in five to seven years, they’re going to see their mortgage rates double or even triple,” Corbett says.

If the rates on ARMs increase dramatically, there’s a chance the borrower will no longer be able to afford their mortgage payment, which could put the house in jeopardy. Before leaping into an ARM with just a dream of a house and a hope for a bigger paycheck, consider other cost-saving alternatives.

Along with popular programs like FHA loans and VA loans, there are other lesser-known initiatives geared to homebuyers on a fixed income. The HUD-sponsored Good Neighbor Next Door program, for example, offers home-buying assistance for law enforcement officers, firefighters, emergency medical technicians and pre-kindergarten through 12th grade teachers.

Along with federal money, there are also state-sponsored grants for first-time homebuyers, which you can typically find on your state’s website.

30s: Not Thinking About the Future
Homebuyers in their 30s blunder by not considering a future family when they’re standing in the middle of downtown condo with gorgeous views and access to a rooftop pool. While snagging the ultimate bachelor or bachelorette pad might seem alluring, it can also cost you money down the road, Corbett says.

“What happens is they end up having to sell—maybe not at an appropriate time—the bachelor pad and get into another house,” says Corbett. “Now they’re doing it under duress instead of planning ahead the first time, so there’s a lot of money lost there.”

If you plan on having a family, it’s important to consider that when you’re home shopping, even if you’re currently single. Glink says to ask yourself these questions before buying a home:

  • Who do I imagine living with in the future?
  • Where do I imagine living?
  • How do I imagine living?

Those answers should be an integral part of what you look for in a home. For example, if you think you might want kids or even a dog, you’ll probably want to choose a home with a backyard versus one near a great nightlife.

40s-50s: Overestimating Your Budget
In your 40s and 50s, you tend to have more money, which can lead to overestimating your budget and buying a house you can’t afford. One way to avoid this is to figure out your lifestyle comfort level, Glink says.

“Just because you can afford a $500,000 home doesn’t mean you should buy one,” says Glink. “If you’re married and both you and your spouse are working, figure out whether or not you can afford the mortgage payment if one of you gets laid off.”

Figuring out your budget is a critical step for buyers of all ages. Even experienced homebuyers can make the mistake of spending at their limit, which can mean making sacrifices that they weren’t prepared to make. Use Bankrate’s home affordability calculator to determine how much you should spend.

The takeaway for buyers in their 40s and 50s is to leave room in the budget for things they aren’t willing to give up—for example, private school for the kids.

60s and up: Falling in Love With That Vacation Home
Many homeowners in their 60s are retired or getting ready to retire. Among the many decisions retirees make is where to live. While some choose to stay where they are, many plan on moving to warmer climates, or even another country.

A costly mistake retirees make, Glink says, is going on vacation, falling in love with the place and moving immediately. Relocating and buying a home is an expensive process, so retirees should be sure they familiarize themselves with a new place before buying.

“Too many retirees make the mistake of going on vacation, and they think, ‘Oh my god, this is great,’ and they go home immediately and they sell their house,” says Glink. “They get there and they hate it. They didn’t spend enough time there.”

Before buying a new house in your vacation paradise, be sure to visit the area in every climate. For example, Florida is great in the winter, but many people might not be comfortable in the humid summer months. The same goes for Northern areas—what’s blissful in one season can be awful in another.

©2018 Bankrate.com
Distributed by Tribune Content Agency, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post Common Home-Buying Mistakes People Make at Every Age appeared first on RISMedia.

How the On-Demand Consumer Has Changed the Real Estate Industry

Over the last decade, homebuyers have become more tech-savvy, beginning with a simple shift of traditional in-store shopping and REALTOR® office visits to Cyber Monday shopping and searching for house listings online. As the real estate industry continues to grow, consumers have come to adopt, and expect, a self-sufficient, on-demand technology experience, where they have control over the process.

For the Buyer
Having absolute transparency to browsing house listings online has done numerous things for the real estate consumer, including increasing their overall knowledge and convenience, and making it a much more simpler process to buy a home. Consumers can educate themselves on real estate trends and changes in the industry. Rather than waiting on a third party, or real estate agent, to send them a list of houses, the consumer has the freedom to browse online from the comfort of their home.

Outside of the online experience, companies such as OfferPad allow buyers to browse their homes on their own and during their own timeframe. If interested in touring a home, the customer can simply send a text message and instantly gain access to the home. There is no need for an agent to be on-site, and the pressure is removed from the buyer. If the customer is interested in making a purchase offer, they are free to directly work with OfferPad.

For the Seller
Very similar to a buyer, a homeowner selling their home has more transparency into the market, as well. They have a better insight to what the buyer may be looking for, and possibly an inkling of what they think their home may be worth. Those who have sold a house before through the traditional process know that it can be a long and stressful event. Everything from determining what renovations need to be done to the home, keeping it clutter-free for when strangers want to tour it, worrying about how long the home may be on the market, and expenses that come along with each day, then hoping the right buyer doesn’t fall through…the process can be time-consuming.

Recent real estate industry changes have welcomed technology and alternate ways to buy and sell a house. Emerging companies like OfferPad offer a new way for people to move freely. Those who are looking for a more seamless way to sell their home that offers certainty, and removes much of the pain points, are selecting companies to directly buy their home.

With nearly every industry making great strides to support the on-demand consumer, real estate will need to evolve, and continue bringing innovative ideas and solutions to the homebuyer and seller. For those interested in using OfferPad as a different, hassle-free way to move freely, visit offerpad.com, and type in your address and property information. The company will contact you within 24 hours to provide an offer.

For the latest real estate news and trends, bookmark RISMedia.com.

The post How the On-Demand Consumer Has Changed the Real Estate Industry appeared first on RISMedia.

How to Avoid a Low Home Appraisal

(TNS)—Even when a seller and buyer agree on a price for a home, the deal can collapse if the property appraises for less than that price.

For example, let’s say a seller lists his house for $325,000, the buyer offers $275,000, but they settle on $300,000. A week before closing, the appraisal comes in at $265,000. That’s the maximum price for which the lender is willing to offer a mortgage.

Who’s going to make up the $35,000 difference?

In this case, the seller has already come down on the price and doesn’t want to lower it again, and the buyer may not have enough cash to cover the shortfall, or does not want to pay more for the house than its appraised value.

As a result, the deal falls through.

What Causes a Low Appraisal
Short appraisals are common in declining housing markets because the lack of recent comparable home sales in the area, or “comps,” make it hard for appraisers to determine the current market value of a property.

When home sales slow down, good comps “age” quickly. Add foreclosures and short sales to the mix and appraisals can run all over the map.

The Home Valuation Code of Conduct, or HVCC, which went into effect in May 2009, compounded the problem. The HVCC prohibits Fannie Mae and Freddie Mac lenders from having direct contact with appraisers.

As a result, most lenders work through appraisal management companies, or AMCs, whose pool of residential appraisers includes those with limited training or little familiarity with the geographic area being appraised.

Know How to Protect Yourself
You can protect yourself from low appraisals. Here are some suggestions for buyers and sellers.

If you’re a buyer:

  • Tell your lender to find an appraiser who comes from your county, or perhaps a neighboring county. After all, you’re paying for the appraisal.
  • Ask that the appraiser have a residential appraiser certification and a professional designation. Examples include the Appraisal Institute’s Senior Residential Appraiser, or SRA, or member of the Appraisal Institute, or MAI, designations.
  • Meet the appraiser when he inspects the home and share your knowledge of recent short sales and foreclosures that could skew the comps. You can speak with your appraiser; the prohibition applies only to your lender.

If you’re a seller:

  • Get an appraisal before you list a home. Search for a qualified appraiser in your area on the Appraisal Institute site.
  • Use the appraisal to set a realistic listing price for your home.
  • Give a copy of your prelisting appraisal to the buyer’s appraiser.
  • Question a low appraisal. There’s always a chance the appraiser or a supervisor will take into account new or overlooked information.

©2018 Bankrate.com
Distributed by Tribune Content Agency, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post How to Avoid a Low Home Appraisal appeared first on RISMedia.

Silent Killers: Managing Transactions With Hazardous Home Conditions

Mold. Radon. Lead.

For many homebuyers, these are words that strike fear and introduce uncertainty into a real estate transaction. Depending on how severe the conditions are, they not only may be hazardous to the health of the home dwellers, but also may be deal-killers, as well.

So, what’s the best way to manage a transaction in which inspections reveal the ugly truth behind a typically picture-perfect home? The answer isn’t simple, as it largely depends on the severity of these hazardous home conditions, the location of the home and the temperament of the buyer.

Where Are They Found?
In many areas across the U.S., high radon levels are more commonplace than the discovery of lead and mold. According to the United States Environmental Protection Agency (EPA), higher concentrations of radon are most commonly found in the Northeast, Midwest, Southern Appalachia and Northern Plains regions. According to Radon.com, the highest levels are found in Pennsylvania, averaging 8.6pCi/L, followed by South Dakota at 9.6pCi/L.

In the Westchester area of New York, hazardous levels of mold are not as common except within distressed properties, but high radon levels are more expected.

“Much of Westchester is built atop bedrock and granite, and older homes tend to have porous stone foundations,” says Melissa Colabella, a real estate salesperson with Julia B. Fee Sotheby’s International Realty Irvington in New York. “I have only a few select clients who buy and sell distressed properties, which is a market where mold is an issue, but they typically buy the homes in cash and expect to gut it to the studs anyway. In the high-end residential market, you will not see many situations involving mold, but even luxury homes are prone to fluctuating radon gas.”

Lead, however, appears within areas that have older homes. Any homeowners looking to sell property built before 1978 must complete a lead disclosure. Areas such as Boston, Mass., are host to a multitude of older homes, which were typically constructed using lead pipes, along with lead-based paint.

“In Greater Boston, we have a majority of older homes, so lead is most common, then radon and mold only on occasion,” says Paul Mydelski, founder and chairman of RE/MAX Leading Edge in Boston.

And as Andrew Northrup, broker at Jameson Sotheby’s International Realty in Chicago, Ill., has experienced, these three conditions can fluctuate in severity and occurrence even within the boundaries of a single city.

“I’ve found radon, lead and mold in many different areas of the city and suburb,” says Northrup. “City radon levels are on a lower scale in the suburbs, but new developments in both areas can have higher levels of radon from the displacement of ground materials during construction. For lead, condos and single-family homes built before 1978 can potentially contain lead-based paint. Mold can be an issue in many homes in the city and suburbs where below-grade space is used, and in attics where improper ventilation is present.”

What Is the Biggest Challenge?
Regardless of what the levels of mold, radon and lead are, homebuyers are by far the biggest obstacle when trying to close a transaction with any of these conditions.

“The biggest challenge of managing a transaction with high levels of radon, lead or mold is actually trying to tamp it down with the client,” says Mydelski. “Our job is to guide the client through the options of tools to repair the issue.”

And often, as Colabella has experienced in her own business, parents can become an obstructing force even if the conditions can be easily remediated.

“Radon is a fairly simple mitigation process costing roughly $1,500-$2,000 in [Westchester, N.Y.],” says Colabella. “It’s hard to tell a first-time homebuyer that radon gas is not a deal-breaker when their family members say it is. Radon is a naturally occurring gas that fluctuates, and if you don’t have it during your initial home inspection, you may still detect traces in the future—and while a client may trust their REALTOR®, they will always trust their parents more.”

Agents should begin educating buyers on these conditions at the start of the buyer-agent relationship. Familiarizing buyers with the terminology, possible severity and options for mitigation will ensure they are not caught off guard and scared away during inspections.

“It’s important that REALTORS® educate their buyers on potential hazardous home conditions by providing them with the EPA’s educational pamphlets,” says Northrup. “Also, connecting them with licensed professionals that test and/or offer remediation services can help to set proper expectations on how to best deal with the issue and the potential costs. This information can also be provided to the seller to then negotiate a mutual solution.”

How Can Agents and Homeowners Be Proactive?
Agents should have scripts regarding property conditions for sellers, as well as buyers. Depending on the condition, there are steps that homeowners can take to ensure their own safety and safeguard against inspection complications when it’s time to sell; however, if these issues are not resolved before the home is listed, agents should inquire about any known problems so they may be disclosed to potential buyers.

“When representing a seller, it’s imperative that they disclose any current known issue to a buyer at the beginning of the transaction to alleviate improper expectations about the condition of the home,” says Northrup.

For homeowners looking to sell, Colabella recommends they get a pre-inspection and resolve the major issues or risk losing more money than what they would spend to remediate the problem.

“Radon tests are inexpensive at $125 and worth conducting every few years, especially if you are living in your basement,” says Colabella.

There are also steps that homeowners can take, not only to monitor levels of radon and watch for mold, but also to prevent these conditions from becoming hazardous to their health. It’s all about knowing what to look for, according to Northrup.

“For radon, keep in mind that any environmental changes to the ground area of the home—or adjacent area due to new construction or an addition to your existing home—could cause elevated radon,” says Northrup. “For lead, monitor for peeling interior and exterior paint. If sanding or removing old walls, remediation experts should be utilized for proper removal of dust and debris. For mold, monitor areas prone to moisture and humidity, such as finished basements and attic areas. Make sure these areas are low-humidity and are properly ventilated.”

With the help of technology, homeowners can better spot these conditions before they become dangerous. For example, a new radon testing tool, Airthings Wave, provides real-time data of indoor radon levels to homeowners who can simply wave their hand in front of the detector to find out if levels are healthy, temporarily high or dangerous and unhealthy. For homeowners, knowing about these problems before they transform into unlivable conditions (especially with mold) can be the difference between a quick fix and a financially devastating one.

“Most sellers do not do any testing or take any precautionary measures with lead unless they are planning renovations,” says Mydelski. “With radon, if you know you have high levels, in most cases, it’s actually relatively inexpensive to mitigate. Mold can be tricky because it is not always easy to discover, but just keeping dehumidifiers going and keeping things dry can be a homeowner’s best start.”

When Does It Make Sense to Back Out?
Not every transaction is created equal when these conditions factor in. While some mold problems are nothing to worry about, others may be beyond the scope of a simple remediation process and are a much too costly fix for the homebuyer.

“If I’m representing a buyer facing a $30,000 mold remediation project and sellers do not renegotiate the price (assuming mold is not taken into consideration in the price), then they should back out,” says Colabella. “But not all mold is created equal, meaning that it is not all expensive or dangerous. In situations where buyers are backing out due to small traces of harmless mold then, ultimately, they will lose a few households before they get comfortable enough to handle it.”

When it comes to lead or asbestos, their presence alone should not set off red flags for a transaction as, in most cases, they are easy to encapsulate with a new coat of paint or coverings for pipes and floors.

“Asbestos was widely used during a certain period and is not necessarily an issue,” says Colabella. “The fibers are hazardous when aggravated. I had a client walk right out of a house when she saw asbestos tile in the basement, but you can put tile on top of asbestos flooring and never aggravate it, making it a non-issue. Asbestos wrapped pipes are more concerning, but also easily remediated and often by the seller. These are not great reasons to walk away from a house you love.”

Looking beyond costs, it’s essential to gauge if a situation merits resolving or if the home poses too much of a safety and investment risk. The EPA estimates that radon causes 21,000 cancer-related deaths each year, while exposure to aggravated lead can lead to reduced growth of the fetus and premature births in pregnant women, as well as growth, behavioral and learning problems in children. Additionally, the Centers for Disease Control and Prevention has found evidence that exposure to mold can lead to upper respiratory tract symptoms and illnesses in otherwise healthy individuals.

Dominguez_Liz_60x60_4cLiz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Silent Killers: Managing Transactions With Hazardous Home Conditions appeared first on RISMedia.

5 Home Inspection Mistakes Buyers and Sellers Make

(TNS)— A home inspection is an assessment of a home’s condition. Home inspectors not only identify problems with houses; they can give buyers information that will help them with the upkeep.

“We want to teach them how to maintain the property because it’s the biggest investment they’ll ever make,” says Alden E. Gibson, a past president of the American Society of Home Inspectors.

If you’re getting a home inspection, here are five mistakes to avoid.

Not Researching the Inspector
Too many buyers and sellers hire whoever is recommended to them without doing any research. The inspection is only as good as the inspector doing it, says Troy Bloxom, owner of Home Inspections Plus near Anchorage, Alaska, and past president of the National Association of Home Inspectors.

A few questions to ask:
·      How long have you been inspecting homes?
·      How many inspections have you done?
·      What are your qualifications, certifications and training?
·      What was your job before you were a home inspector? (Ideally, your pro was in contracting or building.)

You want a certified professional who stays current.

“There’s a lot of stuff you have to know, and you want someone who’s keeping up with ongoing education,” says Kurt Mitenbuler, who is certified by the American Society of Home Inspectors (ASHI) and owns an inspection company in Evanston, Ill.

You’re looking for an inspector who can analyze the home’s strengths and weaknesses, then explain them.

Not Attending the Inspection
Being present for the inspection may not be mandatory, but it’s a smart idea. Simply reading the inspection report isn’t enough to give most homeowners the full picture, Gibson says: “If they don’t see it, they don’t understand it.”

Gibson says he turns down dozens of inspections a year “because people can’t be there or don’t want to be there.”

The inspection might take an entire morning or afternoon, so set aside enough time. Some inspectors will sit with you afterward to explain things and answer questions.

“Any home inspector who doesn’t let you follow him around? That’s weird. Ask me any question you want,” Mitenbuler says.

A good inspector can give you an estimate of how much you’ll need to spend on repairs and upgrades, which is very valuable information as you consider your budget.

Not Reading the Inspection Report
Too many buyers and sellers just glance at the inspection report. You need someone who uses “clear, concise” language in person and in written reports, Mitenbuler says. He recommends scanning a few reports by checking the inspector’s website or asking for a sample report.

A knowledgeable pro will state simply what’s wrong with the house and what it will take to fix, Mitenbuler says.

Not Getting a Presale Inspection
Many sellers decide to leave the presale inspection to the buyers, Bloxom says. That’s a mistake.

When the buyers get an inspection (and if they’re smart, they will), the sellers may have little time to complete repairs and keep the sale on track, Bloxom says.

But if the seller has the home inspected before putting it on the market, he has more time to do repairs and to shop around and control his costs for the work, Bloxom says.

Both buyers and sellers often wait too long to engage an inspector, Gibson says. You should find an inspector long before you have (or make) an offer on a home. “Any good inspector will be booked out,” he says.

Not Prepping the Home
Inspectors get annoyed when homeowners don’t prepare their houses for inspection.

“Don’t force the home inspector to empty the closet to get into the attic,” Mitenbuler says. If you have a crawl-space hatch, move anything sitting on top of it.

Got a lock on a utility closet, basement or shed? The inspector needs access, so open it or provide keys.

For a seller, the best tack is to be at home to meet the inspector, introduce yourself, provide your mobile number, and then you can take off, Mitenbuler says.

To reduce the need for repeat inspections, hire professionals to do repairs, Bloxom says. Too many sellers will try DIY or get them done on the cheap, but poor workmanship will show up during the follow-up inspection, Bloxom says, and could result in more repairs—and another inspection.

©2018 Bankrate.com
Distributed by Tribune Content Agency, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post 5 Home Inspection Mistakes Buyers and Sellers Make appeared first on RISMedia.



Lake Naomi Property Group, Inc. #RB068671
1888 Route 940, 2A, Box M Pocono Pines, PA 18350

570-355-5788 Contact Us
Copyright © 2017, All Rights Reserved