Gainesville FL Real Estate Blog

One of the many preparations you need to make before purchasing a Gainesville FL home is to research and assess the location of the property. It’s not a “perfect” home for you if the neighborhood doesn’t provide what you want in terms of schools, amenities, curb appeal, safety, transportation, personal values, and atmosphere.

Just as you identify house features that are important to you before looking for a new home, you should also do the same in regards to a neighborhood. Make a list of favorable community attributes and prioritize the items so that you can focus on those aspects when evaluating the location of a potential Gainesville FL home. Determine what is really important to you and your family, what amenities are part of your everyday life, and what would constitute a “deal breaker.” Remember that you will most likely be part of the neighborhood for a long time and will want to be happy there.

Tips for gathering information vital to your search and assessment include the following:

1. Utilize word of mouth

• Ask family and friends for recommendations.
• Talk directly to potential neighbors.
• Visit the school principal, police precinct captain, and hospital director to help evaluate the quality of those institutions.
• Talk to your real estate agent about the status of property values, traffic congestion, and crime statistics.

2. Use the internet and local newspaper

• Check out the HOA rules for the development.
• Look up ratings for nearby medical facilities and schools.
• Investigate house prices, current number of foreclosures, and units presently for sale.
• Look at the demographics of the neighborhood. Is there a variety of age groups? Other children? Families?
• Go to www.GreatSchools.org/ for valuable information about nearby schools.

3. Visit the neighborhood often–in a car and on foot

• Drive/walk there at different times of the day.
• Make note of the traffic situation–not only on the street of “your” Gainesville FL home but on nearby streets as well.
• Look at the number, type, and condition of vehicles belonging to homeowners. Is the parking adequate to handle both owners and guests?
• Check out the curb appeal of the community. Are homes well-maintained and yards well- tended to and clutter free? Are streets well-lighted, and are sidewalks available?
• Listen for noises which could become real irritants over time. Note barking dogs, train whistles, heavy traffic sounds, bar/restaurant congestion with loud voices. Where are the potentially noisy bus stops, the school playgrounds, the parks? Also pinpoint the proximity of fire and police stations if you’re not a fan of sirens.
• Measure distances to places of importance to you. Think about getting to work, availability of public transportation, accessibility of medical and emergency services, and the convenience of schools and shopping centers.

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The U.S. Consumer Product Safety Commission (CPSC) estimates that over one million senior citizens are treated in emergency rooms for home-related injuries each year. CPSC believes that many of these accidents result from often-overlooked hazards which are easy to detect and correct. Use this checklist to spot possible safety problems which may be present in your Gainesville FL home and use it periodically to re-check your residence. This checklist is organized by areas in the home and will be presented in an easy-to-follow series of articles.

THE KITCHEN

                1. Store potholders, towels, plastic utensils, and the like away from the stove/oven.

                2. Shorten or remove curtains which are close to sources of heat.

                3. Roll back, pin up, or fasten with elastic bands long, loose sleeves which can easily catch on fire or get caught on pot handles.

                4. Use a stove fan, ventilation system, or open windows to clear air of smoke and vapors.

                5. Move cords and appliances away from sink area or heat. Try to avoid use of extension cords. Use wiring guides so that cords will not hang down or become tangled.

                6. Check with an electrician about installing new outlets (GFCIs) which detect electrical problems and shut off automatically.

                7. Ensure adequate lighting by opening curtains and blinds, using maximum wattage allowed bulbs (frosted ones reduce glare), and adding easy-to-install light strips under the cabinets or over the countertops of your Gainesville FL home.

                8. Do not exceed the printed maximum bulb wattage for use in lighting fixtures. If you don’t know the correct wattage, use nothing greater than 60 watts.

                9. Keep a working fire extinguisher handy at all times.

                10. Use a teakettle that has an automatic shutoff. Do the same for coffeemakers and irons, too.

                11. Wipe up all spills quickly and carefully.

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All owners of Gainesville FL homes recognize that keeping cool in hot summer months means paying higher utility bills. However, in the face of the ever-rising cost of living, family budgets strained by the spike in utility use, and the awareness of the need for environmental efficiency, the following money and energy saving tips can certainly help you manage both your comfort level and your finances this summer.

AIR CONDITIONING:

• Keep it off as long as possible.
• Turn the thermostat up before leaving for work or for a vacation. You can save 1-3% per degree above 72.
• Invest in an inexpensive programmable thermostat that will begin cooling your Gainesville FL home before you arrive home after an absence.
• Use lights only when necessary in order to keep room temperatures cooler. Remember that LED lights use less energy and don’t produce heat.
• Close blinds, shades, and curtains on the sunny side of your house.
• Replace AC filters regularly. Saves another 1-2%.

REFRIGERATOR:

• Cool hot foods before putting them into the refrigerator.
• Be aware that a full refrigerator keeps it cooler. Reasons? The solid food retains the cold, and the tightly-packed items keep the cold air from rushing out an open door.
• Refrain from opening the door too often.
• Store wet foods in tightly-sealed containers to lessen the strain on the condenser.
• Clean the condenser coils and check to ensure that the magnetic rubber seals around the door are tight.

DISHWASHER:

• Save water and energy by doing only a full load.
• Select a shorter cycle.
• Let dishes air-dry.

WATER:

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Tips to Improve Your Score

Your credit score is a number that helps lenders predict how likely you are to make your payments on time. This score affects your ability to obtain credit and helps determine what you pay for credit cards, auto loans, and mortgages on Gainesville FL homes. Even your insurance rate is related to your score. The higher your score, often referred to as a FICO score, the more apt you are to be approved for and pay a lower interest rate on new loans. Scores ranging from 650 and below are considered bad and indicate to the lender that you are a very high risk. Chances are you will be unable to secure a loan, or if you are, it will be at a much higher interest rate and/or require a cosigner.

What If there Are Errors

What to do if you have a low score and do not qualify for a mortgage on a Gainesville FL home? Your first action should be to check your credit report for errors. If you find erroneous information, you need to act immediately by contacting both the credit bureau (the three major ones are Equifax, Experian, and Transunion) and the organization that provided that information.

• The credit bureau/agency: Send a certified, return receipt requested letter to the bureau pointing out each inaccuracy and enclose copies of documents which support your claim as well as the report itself (with the misinformation highlighted). Factually explain why you dispute each item and request a deletion or correction for each one.
• The creditor or information provider: Send the same type of letter and enclose the same documents. Request that the provider notify you of action taken (generally within 90 days) so that you can verify the amended information.

If there are no errors on your report, then you should take immediate steps to improve your credit. Ways to do this include the following:

• Stop using your credit cards. Do not continue to accumulate debt.
• Get current on delinquent accounts. Since payment history makes up 35% of your score, this action will have a great impact on your score.
• Keep accounts with balances open, but don’t apply for more credit.
• Call your creditors. Explain your financial situation and ask about possible hardship programs which will temporarily reduce your monthly payments.
• Begin paying off your existing debts, even if you have to sell some belongings to do so. Come up with a get-out-of-debt plan and stick to it.
• Get professional help. There are resources available to help you reestablish a good credit rating. Contact the National Foundation for Credit Counseling for assistance.
• Be patient. Realize that improving your credit score takes time and that there is no quick-fix –and keep in mind your goal of owning a Gainesville FL home.

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Whether you have decided to make improvements to your Gainesville FL home or have just realized that your air conditioning system will soon need to be replaced, you need to find a source of funds to pay for these expenses. Obtaining extra money has never been easier for homeowners than it is today, thanks to two type of home equity lending offers which help make paying for both planned improvements and unexpected expenses a less stressful situation. Before you start shopping around, however, you should decide whether you want a closed-end second mortgage home equity loan (HEL) or a home equity line of credit (HELOC).

Home Equity Loan

A Home Equity Loan refers to a second mortgage that is structured in a very similar way to your first. With a HEL, you choose a fixed amount that you want to borrow, close on the loan, and receive a check for the amount you have chosen. You have regular monthly principal and interest payments that are structured over a period of years. Upon completion of those payments, your Gainesville FL home equity loan will be paid in full. If you decide later that you would like to draw additional funds, you will need to arrange for an additional loan with additional closing costs. HELs usually carry a fixed interest rate. HELs offer a straightforward plan for paying the money back.

Home Equity Line Of Credit

A HELOC (Home Equity Line Of Credit), on the other hand, is a line of credit from which you can withdraw money again and again. In many ways, a HELOC is just like a credit card, but the interest you pay is tax-deductible. You will close on a HELOC only one time, but if you decide after a few months that you need to withdraw additional money, you will be able to do so up to the value of the loan. HELOCs offer payment flexibility not available on HELs; you can make interest only payments for a number of years on a HELOC.

Consumers should consider several things before jumping into either financing option, experts say. That’s because home equity lines of credit typically are a good deal for those who want a lower up-front rate and access to money at unpredictable times. However, home equity loans are better suited to those who need a specific amount of money and payment stability. Whichever you choose, be cautious about the amount that you borrow since both types of loans use your home as collateral. If you ever default on either type of loan, you put your Gainesville FL home at risk.

Consider, too, the time factor, the closing costs, and annual fees associated with each type. Generally the closing costs are about the same for the equity loan and the line of credit, and the application process for each takes approximately two weeks. Those who opt for the line of credit, however, will have to apply and pay closing costs only one time, and they are subject to lender credit reviews (usually based on your credit score) only every one to three years to keep the credit line open to them.

Credit line upkeep can still lead to annual maintenance fees similar to those charged by credit card issuers, and some borrowers will also be charged fees if they don’t use the line for a long enough period of time. The rate benefit of lines of credit can help offset those costs. The credit line rate is often even lower for at least some period because stiff competition among lenders has spurred many to offer introductory teaser rates and other incentives. Check local rates in your neighborhood. Despite all the benefits of a line of credit, experts still advise people who need to make purchases of predetermined amounts to go with a home equity loan. That is in part because payments will be locked in at signing, rather than fluctuate along with the outstanding balance.

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Despite the ups and downs of the housing market, home owners and non-owners alike consider owning a home essential to the American Dream according to a survey conducted on behalf of the National Association of Home Builders (NAHB) by Public Opinion Strategies of Alexandria, VA, and Lake Research Partners of Washington, D.C.

The survey results show that Americans see beyond the immediate housing market to the enduring value of homeownership. An overwhelming 75 percent of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95 percent of the home owners said they are happy with their decision to own a home.

One of the more striking aspects of the survey results is the intensity of sentiment among potential voters, according to Celinda Lake, president of Lake Research Partners. “People believe overwhelmingly that owning a home is an anchor to the American Dream,” she says. “It’s an anchor to your retirement, and it’s an anchor to your personal economic well-being.”

Among the other survey results:

73 percent said owning a home is one of their goals
• Homeownership and a retirement savings program are considered by voters to be their best investments.
• 80 percent of home owners would advise a close friend or family member just starting out to buy a home.
• Saving for a down payment and closing costs is the biggest barrier to homeownership.
• Americans believe that owning their own home is as important as being successful at their job or being able to pay for a family member’s education.

Owning a home is not just a commodity to people. It is a core value.

Now take a look at how the Gainesville FL real estate market performed in May.

The Gainesville FL area single family home sales saw pending sales increase 18% in May.  Sold listings decreased by 10%, and new listings decreased by 10%.  The average sales price decreased by 8% to $167,309, while market times decreased by 5 days or 3%.

The Gainesville FL area Condo/Townhome market saw pending sales increase by 20% in May 2011 when compared to May 2010.  Sold listings decreased by 16%, and new listings decreased by 28%.  The average sales price decreased by 20% to $83,495 when compared to May 2010, while the average market times decreased by 30 days. 

Linda Luetjen assists buyers looking for Gainesville FL real estate for sale and aggressively markets Gainesville FL homes for sale.

She understands the purchase of any Gainesville FL home represents not only one of the largest and most significant investment a person can make, but also a decision that affects the entire life of a family. It should be handled with all the care and attention such a significant transaction deserves. You may rest assured that Linda never forgets this. Her reputation depends on your satisfaction.

For more information about buying or selling your Gainesville FL home, please call Linda toll free at 888-424-8841 or via email with our convenient contact form.

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The idea of purchasing your first home is an exciting one, but to novices the process may appear to be a daunting one. Fear not, however! There are numerous government agencies and programs available to help you purchase your Gainesville FL real estate. Listed below are online sites which provide a wide variety of resources for your assistance.

1. Department of Housing and Urban Development (HUD) offers explanations and logical steps to home buying. Access this site to:

• determine how much you can afford to pay
• understand your rights
• learn about home buying programs
• find a home and a loan suited to your needs
• learn about price negotiations, inspections, insurance, and closing costs

2. FHAHomeLoans.com will provide you with

• a description of available programs
• qualification requirements
• an application to download

3. HUD.gov supplies information about

• available state programs
• HUD homes
• buying Gainesville FL real estate with bad credit
• counseling agencies
• types of loans (more…)

Shall I sell now or wait to see what happens in the real estate market? That is a decision facing numerous homeowners in this period of economic upheaval and uncertainty. For those who are forced to leave their Gainesville FL home because of a job transfer, a need for a smaller home, and/or a desire for a smaller mortgage payment, the question becomes one of whether to rent or sell their current property. Oh, for a crystal ball.     

There are, however, some valid reasons to sell at the present time. Many in the real estate or financial fields believe that the timing for home sales may not be as opportune for a long period in the future as it is now, and they base their “sell now” advice on the following reasons:          

1. Would-be buyers in the fourth quarter of the year are historically serious buyers who are very apt to buy during this season. Thus, the seller may have fewer ‘lookers’ but more motivated purchasers.         

2. Interest rates right now are invitingly low and provide a real incentive for the serious buyer of a Gainesville FL home. These fallen rates can also be an advantage to the seller who wants to buy another home.           

3. If you do want to purchase another home, especially if you want to “trade up”, this is an optimum time to do so. The prices of more expensive houses have also dropped, sometimes considerably, and bargains are to be had in that market. Remember, too, that because there is a smaller pool of buyers for “high end” properties, those sellers may be  more than willing to negotiate and lower their asking price.           

4. Renting out your Gainesville FL home rather than selling it is not a financially secure consideration. As the economy worsens, renters will be looking to pay lower rents, so your rental income may very well be less than your monthly mortgage payments and expenses, a situation you certainly want to avoid.           

5. The on-going foreclosure fiasco and the ensuing moratoriums positively support the idea of selling now. Many homes currently in the process of foreclosure are being removed from the market, and serious buyers are rightfully cautious about purchasing any short sale or foreclosed property. Therefore, your home, the one with a clear title and no irregularities, will be part of a new, “safe” inventory, one that will definitely attract buyers.         

 6. Once the moratoriums are removed, many “experts” expect that there will be a glut of distressed properties on the market, a situation that will most likely drive prices down even lower and greatly swell the inventory with which you will have to compete. Add to that the fact that the end of the first quarter traditionally brings a large increase of  listings, and your Gainesville FL home could be easily overlooked.       

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