Starting to Look for a Home? Know What You WANT vs. What You NEED

 Wednesday October 19th, 2016  First Time Home Buyers, For Buyers, Move-Up Buyers

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In this day and age of being able to shop for anything anywhere, it is really important to know what you're looking for when you start your home search.

If you've been thinking about buying a home of your own for some time now, you've probably come up with a list of things that you'd LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale with rose-colored glasses.

Do you really need that farmhouse sink in the kitchen in order to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the man cave of your dreams be a future renovation project instead of a make or break now?

The first step in your home buying process should be to get pre-approved for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it.

The next step is to list all the features of a home that you would like, and to qualify them as follows:

• 'Must Haves' – if this property does not have these items, then it shouldn't even be considered. (ex: distance from work or family, number of bedrooms/bathrooms)
• 'Should Haves' – if the property hits all of the must haves and some of the should haves, it stays in contention, but does not need to have all of these features.
• 'Absolute Wish List' – if we find a property in our budget that has all of the 'must haves,' most of the 'should haves,' and ANY of these, it's the winner!

Bottom Line

Having this list flushed out before starting your search will save you time and frustration, while also letting your agent know what features are most important to you before starting to show you houses in your desired area.

Terry L Barnette
REALTOR®, Broker, ABR, e-Pro, SFR, BPOR, GRI
Crye-Leike REALTORS®
Direct/Text: 423-463-0024
Fax: 423-473-8275
Office: 423-473-9545 x217

Download My Mobile APP Here! 

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Do You Rent?-Own A Home And Build Wealth!

Terry L Barnette
REALTOR®, Broker, ABR, e-Pro, SFR, BPOR, GRI
Crye-Leike REALTORS®
Direct/Text: 423-463-0024
Fax: 423-473-8275
Office: 423-473-9545 x217

Download My Mobile APP Here! 

KM4HDV
TN Lic# 00291120 Firm Lic# 005463 

Cold Weather Is Coming-Make Sure Your Pipes Are Prepared!

How to Prevent Freezing Pipes

By: Douglas Trattner

By taking preventive measures before cold weather arrives, you can prevent freezing pipes and the costly damage that goes with them.

Wicked winter weather can cause plumbing pipes to freeze and possibly burst, causing flooding and costly water damage to your home. Taking preventive measures before winter sets in can reduce and eliminate the risk of frozen pipes and other cold-weather threats.

Related: How to Protect Your Home From Severe Cold

Where the Trouble Lies

"Some pipes are more prone to freezing than others because of their location in the home," explains Paul Abrams, spokesman for Roto-Rooter.

Pipes most at risk for freezing include:

• Exposed pipes in unheated areas of the home.
• Pipes located in exterior walls.
• Any plumbing on the exterior of the home.

Preventative Measures for Outside

A frozen garden hose can cause more damage than a busted hose; it can actually burst an interior pipe. When the water in the hose freezes, it expands, increasing pressure throughout the whole plumbing system. As part of your regular seasonal maintenance, garden hoses should be disconnected, drained, and stored before the first hard freeze.

If you don't have frost-proof spigots, close the interior shut-off valve leading to that faucet, open and drain the spigot, and install a faucet insulator. They cost only a couple bucks and are worth every penny. Don't forget, outdoor kitchens need winterizing, too, to prevent damage.

Exposed Interior Plumbing

Exposed pipes in the basement are rarely in danger of freezing because they are in a heated portion of the home. But plumbing pipes in an unheated area, such as an attic, crawl space, and garage, are at risk of freezing.

Often, inexpensive foam pipe insulation is enough for moderately cold climates. For severe climes, opt for wrapping problem pipes with thermostatically controlled heat tape (from $50 to $200, depending on length), which will turn on at certain minimum temps.

Under-Insulated Walls

If pipes traveling in exterior walls have frozen in the past (tell-tale signs include water damage, mold, and moisture build-up), it's probably because of inadequate or improperly installed insulation. It might well be worth the couple hundred dollars it costs to open up the wall and beef up the insulation.

"When nothing else works, say for a northern wall in a really cold climate, the last resort is to reroute a pipe," notes Abrams. Depending on how far the pipe needs to be moved — and how much damage is caused in the process — this preventative measure costs anywhere from $700 on up. Of course, putting the room back together is extra.

Heading South for the Winter?

For folks leaving their houses for an extended period of time in winter, additional preventative measures must be taken to adequately protect the home from frozen pipes.

• Make sure the furnace is set no lower than 55 degrees.
• Shut off the main water supply and drain the system by opening all faucets and flushing the toilets.

In extreme situations (vacation home in a bitterly cold climate), Abrams recommends having a plumber come to inspect the system, drain the hot water heater, and perhaps replace the water in traps and drains with nontoxic antifreeze.

Terry L Barnette
REALTOR®, Broker, ABR, e-Pro, SFR, BPOR, GRI
Crye-Leike REALTORS®
Direct/Text: 423-463-0024
Fax: 423-473-8275
Office: 423-473-9545 x217

Download My Mobile APP Here! 

KM4HDV
TN Lic# 00291120 Firm Lic# 005463 

Why Hire A Real Estate Professional?

Terry L Barnette
REALTOR®, Broker, ABR, e-Pro, SFR, BPOR, GRI
Crye-Leike REALTORS®
Direct/Text: 423-463-0024
Fax: 423-473-8275
Office: 423-473-9545 x217

Download My Mobile APP Here! 

KM4HDV
TN Lic# 00291120 Firm Lic# 005463 

For Sale By Owner or Agent?

Terry L Barnette
REALTOR®, Broker, ABR, e-Pro, SFR, BPOR, GRI
Crye-Leike REALTORS®
Direct/Text: 423-463-0024
Fax: 423-473-8275
Office: 423-473-9545 x217

Download My Mobile APP Here! 

KM4HDV
TN Lic# 00291120 Firm Lic# 005463 

The 'Great News' About Rising Prices

 Thursday October 20th, 2016  First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers, Pricing

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Recently there has been a lot of talk about home prices and if they are accelerating too quickly. In some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.

The great news about rising prices, however, is that according to CoreLogic's latest US Economic Outlook, the average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases.

The map below was created from CoreLogic's report and shows the average equity gain per mortgaged home from June 2015 to June 2016 (the latest data available).

For those that are worried that we are doomed to repeat 2006 all over again, it is important to note that homeowners are investing their new found equity in their homes and themselves, not in depreciating assets.

The added equity is helping families put their children through college, and even invest in starting small businesses, allowing them to pay off their mortgage sooner or move up to the home that will better suit their needs now.

Bottom Line

CoreLogic predicts that home prices will appreciate by another 5% by this time next year. If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, let's get together to discuss your options!

Terry L Barnette
REALTOR®, Broker, ABR, e-Pro, SFR, BPOR,

​Master ​

GRI
Crye-Leike REALTORS®
Direct/Text: 423-463-0024
Fax: 423-473-8275
Office: 423-473-9545 x217

Download My Mobile APP Here! 

KM4HDV
TN Lic# 00291120 Firm Lic# 005463 

As A Seller, Do You Understand The Impact Of Price On Visibility?

Should I Continue To Rent Or Buy?

Buying is Now 37.7% Cheaper Than Renting in the US

 Tuesday October 25th, 2016  First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Pricing

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The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers actually show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL), and 37.7% nationwide!

Other interesting findings in the report include:

• Interest rates have remained low, and even though home prices have appreciated around the country, they haven't greatly outpaced rental appreciation.
• Home prices would have to appreciate by a range of over 23% in Honolulu (HI), up to over 45% in Ventura County (CA), to reach the tipping point of renting being less expensive than buying.
• Nationally, rates would have to reach 9.1%, a 145% increase over today's average of 3.7%, for renting to be cheaper than buying. Rates haven't been that high since January of 1995, according to Freddie Mac.

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let's get together to help you find your dream home.

Terry L Barnette
REALTOR®, Broker, ABR, e-Pro, SFR, BPOR, GRI
Crye-Leike REALTORS®
Direct/Text: 423-463-0024
Fax: 423-473-8275
Office: 423-473-9545 x217

Download My Mobile APP Here! 

KM4HDV
TN Lic# 00291120 Firm Lic# 005463 

5 Reasons to Sell This Fall

 Tuesday September 6th, 2016  Featured, For Sellers, Housing Market Updates

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School is back in session, the holidays are right around the corner, you might not think that now is the best time to sell your house. But with inventory below historic numbers and demand still strong, you could be missing out on a great opportunity for your family.

Here are five reasons why you should consider selling your house this fall: 

1. Demand Is Strong

The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months.

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this fall.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream home within the existing inventory have turned to new construction to fulfill their needs.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007's pace. As the market heats up, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler. 

4. There Will Never Be a Better Time to Move Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.3% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.46% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire. 

That is what is truly important.

You might also enjoy reading...

• Home Values: DEFINITELY NOT in Bubble Range!!
• How Supply & Demand Impacts the Real Estate Market [INFOGRAPHIC]
• Whether You Rent or Buy, You’re Paying a Mortgage
• How Do Rising Prices Impact Your Home Equity?