Your REALTOR:
Bonnie Fagoh
August 2003
Buyin' or Sellin'....Call Bonnie Helen! (Fagoh)(813) 390-7606
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Should You Buy or Sell First? For homeowners aiming to sell their home and buy another, it's the classic real estate, which came first, the chicken or the egg, question - buy or sell first? If you sell first, you may find yourself under a tight deadline to find another house, or be forced in temporary quarters. If you buy first, you may be saddled with two mortgage payments for at least a couple months. You may need the money from the sale of your original home in order to pre-qualify for a loan for your new home. You may be facing a job relocation and need to sell quickly. There are many variables involved; there is no universal correct answer. It basically comes down to your specific
Mortgage Rates U.S. averages as of July 24, 2003:30 yr. fixed: 5.94%15 yr. fixed: 5.27%1 yr. adj: 3.67%30 yr. jumbo: 6.98%-->
Get today's rates
circumstances. One school of thought is that there is generally less pressure and stress when you sell first, which lessens the risk of owning two houses, or none at all. If you have the money to make two
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Wondering What Your Home Is Worth?Let me show you.
Secrets to a Successful Move Planning to move this summer? You're not alone -- summer is the busiest time of year for professional movers, according to the American Moving and Storage Association. It's an arduous process, but these tips will make your transition much smoother.
If you're planning to use a moving company, call now. As busy as they are, they usually need plenty of notice -- often at least six weeks or much more if you're moving a long distance.
Be sure to build in some overlap between the closing/possession date of your new home and the last day of the lease on your rental (or closing date of your current home). Moving always takes much longer than you think. If you want to make any changes to your new home -- for instance, paint some walls, put in new carpeting or refinish wood floors -- plan enough time to do it BEFORE you move in so your furniture and belongings are not in the way.
Pare down your belongings. There's no sense moving things you don't need or want. Look through your house for rarely used items. Discard anything that's beyond repair, have a yard sale to get rid of the rest, and plan to load unsold merchandise into your car right away so
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Oh Horrors, Rates Have Risen! The recent interest rate increase has caused more hand-wringing and dismay than anything since the failed appearance of the Comet Kohoutek. Oh, shudder, whatever are we going to do since rates zoomed to 5.67 on July 17th? That, says Freddie Mac, is with .5 points. Let's be honest. If someone said a fixed-rate mortgage was available at 5.7 percent a year ago many borrowers would have carried a sack of concrete blocks barefoot over fiery coals to get such financing. Rates were nearly a full point higher at the time according to HSH Associates, the independent and authoritative financial publisher. Are we really so sensitive to rate changes? While 5.7 is more than 5.2, is it truly a big deal? Yes and no. Suppose you borrow $300,000 at 5.7 percent over 30 years. Your monthly cost for principal and interest is $1,742.20. At 5.2 percent, the cost is $1,647.33, That's a difference of $94.67 a month or $1,136.04 a year. The argument here is not that higher rates are desirable or delightful, nor should anyone be elated to spend an extra $1,136.04 yearly. Instead, the idea is this:
Money is a commodity.
Rates rise and fall continually.
You want the lowest possible rate when borrowing.
If rates drop, there may be opportunities to refinance with little or no cash required at closing.
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Know The Signs ofFoundation Problems Do your doors or windows jam when you try to open them? Are your walls or doors cracked? If so, it could be a sign of something more serious - foundation problems. When the soil underneath your foundation expands when it's wet or contracts when it's dry, the foundation can potentially shift if part of the soil expands or contracts and the rest doesn't. Poor drainage can be a major contributor to soil moisture gains. Roof runoff should be directed away from the house via gutters. And your gutter downspouts shouldn't release water next to the foundation. Surface drainage next to the foundation should slope away from the house about a quarter inch per foot. Those in the foundation repair business say another trigger to potential problems is when a section of soil isn't compacted properly or consistently like the others, causing one section of the house to drop.
CONTINUED >>>Local Market Conditions
Daily News and Advice -->Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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Bonnie Fagoh E-mail: bonniefagoh@century21beggins.comWeb: http://WWW.TAMPACOASTALREALESTATE.COM 813-390-7606
Century 21 Beggins Enterprises813-390-7606 6542 U. S. Hwy. 41 N.Apollo Beach, FL 33572
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