Hiring a contractor? Ask these 6 questions first

I BUY HOUSE DEALS

Source: Geoff Williams.

With a raft of home improvement websites that specialize in matching homeowners to contractors, and social media sites making it easy to receive referrals from friends and family, finding a reliable contractor is a straightforward process.

But once you find a potential contractor, you must ensure he or she is the right fit for your home improvement project. That’s why many experts advise making a few key inquiries to learn more about a prospective contractor and assess accountability before hiring one. Before you select a contractor, ask these questions to set realistic expectations, avoid hitting major snags and ensure you get what you want.

1. Do you have references? “It is always a good thing to ask for references. You don’t necessarily need to call them, but you should always request them,” says Nathan Outlaw, owner of Onvico, a general contracting company in Thomasville, Georgia. “If a…

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My appraisal came in low: Why it happens and buyer options

I BUY HOUSE DEALS

Source: Dana Bull.

As a new home buyer, a lot of questions may keep you up at night. What if we can’t find a house before our lease ends? What if we can’t find a place we like? What if we fall in love with a house and get bad news during the inspection?Rarely, do buyers ever wonder what happens if an appraisal comes in low. But this can be a stressful issue for anyone trying to finance a purchase.

What is a Home Appraisal and Why Do You Need One?

If you are obtaining a mortgage to purchase a home, a bank appraisal is a necessary evil. You see, your lending partner is going to highly invested in your purchase. For instance, if you are putting 5 percent down, the lender is bringing 95 percent to the closing table. That’s a lot of money! Understandably, your lender will want to…

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Slow & Steady, A Housing Starts Affair

Logan Mohtashami

The Census Bureau report released today shows that housing starts missed their estimates for last month, coming in at 1,287,000.  The previous report had a stronger-than-trend multifamily starts print. Typically, a strong print will be followed by a lower-than-trend print in the next month and this is what we see in the current report. Even though the headline numbers show a miss, the housing starts and permits story has stayed the same this entire cycle; the play is called Slow & Steady, A Housing Starts Affair. 

From Census:
https://www.census.gov/construction/nrc/pdf/newresconst.pdf

From Census: 
https://www.census.gov/construction/nrc/pdf/newresconst.pdf

Building Permits:

Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual
rate of 1,352,000. This is 1.8 percent (±1.3 percent) below the revised March rate of 1,377,000, but is 7.7 percent (±0.9 percent) above the April 2017 rate of 1,255,000. Single-family authorizations in April were at a rate of 859,000; this is 0.9 percent (±1.4 percent)* above the revised March figure of 851,000…

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Residential zoning restrictions to consider when buying a fixer-upper

I BUY HOUSE DEALS

Source: Tim Layton.

Have you ever heard the saying, “You don’t know what you don’t know”? It’s a reality I’ve seen in action many times. I think I know all there is to know about a situation, a project or a subject only to find out that I was wrong and just didn’t realize there was more to know.

Changes in our collective approach to zoning is why we’re starting to see more mixed-use areas where retail, residential, food and office are all found together.

That’s exactly what happens to home buyers when it comes to zoning. Buyers go out looking at homes with the standard criteria in mind. The thought process is simple: “Good price, good neighborhood, great house … let’s do it.” It can be years later before they find the fly-in-the-ointment and, for many a fixer-upper buyer, that fly often takes on the form of a local…

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How to determine your offer price when buying a home

I BUY HOUSE DEALS

Source: Ray Boss Jr.

Now that you’ve found a house you’re interested in buying, you definitely don’t want to overpay. Who does? That sweet spot where both the buyer and seller get what they want is where the best deals are made.

To figure out how much your initial offer should be, you have to work backwards from how much you’re willing to pay when all is said and done. Analyze comparable sales, market conditions, property conditions and financial considerations along the way. Sound difficult? Not really. As long as the homework is done right and the ducks are lined up, you will feel confident in your initial offer.

Here are 10 questions to ask as you determine your offer price on a house.

What is the market value? In short, market value is what someone is willing to pay for a home. After looking at all the recent comparable sales and factoring in…

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4 Unexpected places to find and buy a cheap house

I BUY HOUSE DEALS

Source: Grant Sabatier.

It’s no secret that home values are continuing to rise in most places in the United States, but there are still some great deals to be found in many cities.

1. Look in Undervalued Neighborhoods

If you are looking for a deal on your first home, then start shopping in up-and-coming neighborhoods that are just starting to show signs of life. Look for affordable homes near city centers: Adaptive reuse is just beginning to take hold in many cities, which means you can get in early on warehouse redevelopment. While gentrification definitely has its challenges, there are ways to move into more affordable neighborhoods without displacing the people who already live there. One great way to support a neighborhood: Buy a multi-unit residence, live in one and affordably rent out the others (and hopefully cover the cost of your mortgage). Look for a neighborhood that has character, charm and…

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WHEN THE DISTRICT QUASI-LEGALLY SEIZED & DEMOLISHED AN ENTIRE QUADRANT OF THE CITY, BECAUSE…REASONS?

urbanscrawldcblog

Max Morris owned Frank’s Department Store at 712 Fourth Street SW, as well as the hardware store next door.  It was a few years after World War II; the economy was humming along, and the neighborhood was bustling.  So Morris was understandably puzzled when the government decided to use the then-untested law of “eminent domain” to take both of his properties, tear them down, and give them to a private developer for “redevelopment.”  Morris sued, lost, and appealed to the Supreme Court.  (When Morris died, his stepson, Samuel Berman, took up the case.)  Eventually, the Supreme Court upheld the city’s right to seize the two stores, a decision that, in just a few years, led to 99% of the buildings in Southwest being razed to the ground.

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The 20-percent down payment debate

I BUY HOUSE DEALS

Source: Grant Sabatier.

You’ve searched for over six months, finally found the perfect place and it’s love at first site. As you scroll through the pictures for the hundredth time, you imagine your car parked in the driveway and your dog running around that huge backyard. Oh the parties! This place will be awesome for parties. And the price seems reasonable. But you have one lingering question: “How much money do I need for the down payment?”

20 Percent: Fact or Fiction

Thankfully, it’s probably less than you think. Yup, you read that right. Most of the information about first-time home buyer down payments is just wrong or outdated. Conventional advice says you need to have at least 20 percent of the purchase price saved for a down payment. Sure, if you want to be really, really, really conservative. But in many markets, if you wait to save a 20 percent…

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A Solid Existing Home Sales Report

Logan Mohtashami

When existing home sales missed expectations a few months ago, and everyone blamed low inventory, I warned that the same people would not give low inventory the credit (wink) when sales got better. Today the NAR reported existing home sales were at 5,600,000 units, up from 5,540,000 last month but down 1.2% year over year.

For 2018 I expected flat to negative growth so any print over 5,530,000 beats my sales predictions.  I still believe we don’t have the right demographic profile for home sales to be strong, selling equity is still an issue for move up buyers, housing tenure keeps on rising and cash buyers should fall this year on a year over year basis.

“For 2018, I anticipate existing home sales to be in the range of  5.27 – 5.53 million units.  If we end the year showing negative growth, with rising inventory once again, don’t worry, be happy. This would be “normal” especially when purchase applications are still trying to party like it is 1999.”

https://loganmohtashami.com/2017/12/31/2018-economic-housing-predictions/   

Two things that stick out in the existing home sales report released…

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7 DIY master bedroom ideas

I BUY HOUSE DEALS

Source: Jaclyn Crawford.

After a long day, most just need space to relax and unwind. Your bedroom is just that. But if you’re finding lately that it’s become more of a stress than a sanctuary, it might be time to make some much-needed upgrades.

Some homeowners hesitate to make decorative updates in the bedroom because of cost. However, you’d be surprised at the small tricks you can do to make your master bedroom look great and stick to your budget. If you’re ready to transform your look without spending a fortune, here are some DIY master bedroom decorating ideas.

1. A Space To Rest & Relax

Your bedroom should be your retreat away from it all. However, a messy and cluttered bedroom will only make you feel stressed and restless. Take time to clean and organize your bedroom. It’s a simple task you can do yourself that can make a huge…

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