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8 Reason To Buy A Home

by The Schnoor Team

So you've heard that owning your own home is a good thing, but why?

Here are some of the answers I found. 

  1. Freedom from noisy neighbors. In many cases, your own home provides you with more privacy than rental living. For some people this translates into a more quiet living environment, for others it's the ability to have a garden or a garage for the car. ​
  2. The ability to change your home as you like. Always wanted a yellow kitchen or a back porch? In your own home, you make whatever changes or improvements you like. This benefit gives you more control over your living environment, allowing you to make adjustments as your family changes or just as your personal taste dictates.​​
  3. Parents who own their own home may be helping to boost their children's educational achievements and even reduce behavioral problems, according to a new nationwide study. The research showed that for children living in owned homes rather than rental units, math achievement scores are up to 9 percent higher, reading achievement is up to 7 percent higher and behavioral problems are 1 to 3 percent lower. One of the main reasons that children of homeowners did better was the differences in living environment, Haurin said. Findings showed that owning a home compared with renting leads to a 13 to 23 percent higher-quality home environment. Owners have more of an incentive to make improvements in their home and create a more positive living environment, Haurin said. "They may be able to do things like create a better play area for their children, which could help their intellectual development. The benefits of homeownership were also shown by the fact that children did better the longer they lived in owned homes.
  4. Homeownership builds confidence. Owners possess significantly higher levels of self-confidence than renters.
  5. Homeowners are more involved in civic affairs, including voting in the last election and knowing their elected officials.
  6. Homeownership builds wealth. The median net worth of most modest-income owners is almost $60,000 compared to less than $10,000 for renters in the same income group.
  7. Homeownership provides tax benefits. The typical homeowner that pays a $1,000 house payment will realize tax savings of about $120 each month.
  8. Homeownership contributes toward lower crime rates. Homeownership and a stable housing helps contribute toward lowering crime rates. Homeowners have a greater financial stake than do renters especially in the case of property crimes or other crimes in their neighborhood. Hence, homeowners have more reason to prevent crime by working with the society and participating in crime prevention programs. The research also states that homeowners are less likely to become crime victims. Homeownership lowers dependency on public assistance. Homeownership and stable housing in a stable neighborhood brought down the rate of teenage pregnancy consecutively reducing the use of public assistance. Another research points out that homeowners are able to cope better after being laid off from their jobs because they can access their home equity credit lines rather than turn to public assistance.

I hope today's blog entry will help get you thinking about the benefits of homeownership! There are some strong opinions and supporting evidence from credible sources out there that seem pretty convincing. But is homeownership for you? Check out our upcoming blog entry to get the other side of the story and decide for yourself! We welcome your input, opinions, ideas and suggestions! If you have something to share with us on this topic, please post your comments on this discussion.

Thinking About Buying A Home? 

Don't go into the process alone! Let The Schnoor Team at Berkshire & Hathaway assist you through the process of home buying! Download our FREE HOME BUYERS GUIDE and get all the information you need to get the process started today!

 

 

5 Crucial Things that Determine Your Sales Price

by The Schnoor Team

Every time I have an initial consultation with a potential listing client, I discuss the listing price for their home. As a part of that process, the seller and I discuss the price they think their home should sell for.

I think it is worth noting that the seller's desired sales price may or may not be a realistic estimate of the Price that the home will sell for in the current Real Estate Market. Pricing is the most important factor in selling a home. It is the qualified, professional, REALTOR who can balance these factors. 

Here are some of the most relevant factors that determine your sales price.

Comparable Sales of Other Homes

Again, sales price is different than listing price, so keep in mind that the price you saw on your neighbor's flier probably isn't the price it actually sold for. You should contact your Realtor to get a list of the homes that have sold in the past 3-4 months. When looking at these sales, keep in mind that you probably aren't comparing apples to apples, but it will give you a starting point.

Home Improvements

I'll caution you on this one. I have had clients think that just because they added tile or a covered patio that their price has gone up some extreme amount. That may or may not be the case. Remember that home improvement trends are trends, and they come and go. Just because you like tile doesn't mean that everyone does. Home improvements can actually depreciate the sales price of your home.

Competing Home Prices

Watch the competition like a hawk! How long have comparable homes been on the market? What prices are selling fast and what prices are selling slowly? Compare the price per square foot. You are competing for buyers so you need to think through your competition's prices before making a final decision.

The Market

Buyers set the market value. If you have a home in high demand, your home is worth more money. That's pretty simple. In a seller's market you can price your home above market value and still attract buyers. In a buyer's market you need to price it just below market value.

The Location

Is your home located across the street from Walmart with parking lot lights glaring into your bedroom windows? If so, it might be worth less than a home of equal size in a different location. .

These are just 5 factors that determine your sales price. The truth is that there are many more. If you're thinking about selling your home, The Schnoor Team will help you find your home's approximate current market home value. This CMA (Current Market Home Value) is absolutely free, there is no obligation, it is completely confidential, and the whole process can be carried out by e-mail. Follow this link for the FREE CMA. 

 

(ALBUQUERQUE, NM) ⎯ The real estate team of Jon and Jeanne Schnoor have recently

joined Berkshire Hathaway HomeServices New Mexico Properties as The Schnoor Team.

Together the team has 25+ years of combined real estate experience in the Albuquerque metro

and Santa Fe markets. Jim Pitts, Qualifying Broker, Owner and Managing Partner of Berkshire

Hathaway HomeServices New Mexico Properties made the announcement.


 

“We are excited and honored to be a part of the Berkshire Hathaway HomeServices

brand. Their Luxury Division of services, global reach and technology was one of the deciding

factors in our decision to join their office,” said Jeanne Schnoor. Both Jon and Jeanne are

actively involved in our community. Jon currently serves as Immediate Past President of the

Greater Albuquerque Association of REALTORS® and is a National Association of

REALTORS® Director. Jeanne continues to serve on the Greater Albuquerque Association of

REALTORS® Pro-Standards Committee – and loves it!

 

“We knew we had to find the right partners that would match the integrity and

professionalism of the Berkshire Hathaway HomeServices brand as we continue to expand our

sales staff and especially our Luxury Division of brokers. The Schnoor Team shares Berkshire

Hathaway HomeServices New Mexico Properties’ commitment to quality and customer service.

They are exactly the type of experienced professionals we are seeking, as we continue to grow

the company, and increase our presence in the greater Albuquerque and Santa Fe community,”

said Jim Pitts, Qualifying Broker, Owner and Managing Partner.


Berkshire Hathaway HomeServices New Mexico Properties, which is

independently owned and operated, became a member of the Berkshire Hathaway

HomeServices brokerage network, operated by HSF Affiliates LLC, in 2014.

 

About Berkshire Hathaway HomeServices New Mexico Properties, Allstar,

REALTORS® and Berkshire Hathaway HomeServices Santa Fe Real Estate

Prudential New Mexico Properties, Real Living Premier, REALTORS®, and All Star

Realty were combined under JPGF NM Holdings Company, LLC. in the fall of 2013.

Doing business as Berkshire Hathaway HomeServices New Mexico Properties,

Berkshire Hathaway HomeServices Allstar, REALTORS® and Berkshire Hathaway

HomeServices Santa Fe Real Estate, our combined knowledge, expertise, and years of

experience in the major, local real estate markets in New Mexico has made us one of the

largest real estate brands in the state. In addition to residential buying and selling, we

also offer a commercial real estate division, International relocation services, and now

property management.

 

About Berkshire Hathaway HomeServices

Berkshire Hathaway HomeServices, based in Irvine, CA, is a brand-new real estate

brokerage network built for a new era in residential real estate. Berkshire Hathaway

HomeServices has grown to more than 40,000 agents and 1,200 offices operating across

47 states since its launch in September 2013. The network, among the few organizations

entrusted to use the world-renowned Berkshire Hathaway name, brings to the real

estate market a definitive mark of trust, integrity, stability and longevity.

 

About HSF Affiliates LLC

Irvine, CA-based HSF Affiliates LLC operates Berkshire Hathaway HomeServices,

Prudential Real Estate and Real Living Real Estate franchise networks. The company is

a joint venture of which HomeServices of America, Inc., the nation’s second-largest, full-
service residential brokerage firm, is a majority owner. HomeServices of America is an

affiliate of world-renowned Berkshire Hathaway Inc.

Advice for the First Time Home Seller

by The Schnoor Team

In today's market, sellers are steeling themselves to new realities that include paying (rather than making) money at the closing table, providing extras to sweeten the deal, and spending more time and cash making the home camera-ready.

For first-time Sellers who have never been through the process before, it's a different world. One where the value of the house isn't measured
in the profit made on the sale, but by the enjoyment the owners had from living in the home.

Here are three things experienced sellers would tell you, if they could.

Price it realistically from the start

Your largest number of showings will occur in the first two to three weeks. Why? Because the multiple listing service and the Internet tend to drive the majority of showings. Many buyers are plugged in electronically. So the minute something new pops up that meets their criteria, they want to see it.

Take advantage of that sweet spot by pricing the house competitively right out of the gate.

When we work with first time sellers, we give you a comprehensive list of the initial asking prices of nearby homes like theirs, along with the final selling prices. This gives you an insiders look at the market.

Be prepared to lose some money

Want to sit with a house that won't move? Be the first-time seller who insists you can get the appraised value, the tax assessor's estimate or whatever you paid a few years ago.

Sometimes it seems like there's no relationship between your assessed value, taxable value and the actual market value of our house. The truth is that your house is worth what buyers are willing to pay. No more. That means many buyers should be prepared to lose some money or hang onto the home until the price rises.

Promotion, promotion, promotion

One question to ask yourself and pose as you interview agents: How will you reach the home's target market?

You have to consider who your most likely buyers are for what you're selling and cater to that group of people.

Targeting 20-somethings who live on their smartphones? You need to effectively access the networks your buyers are tapping to find their next home. One big trend: Social Media has created an instant culture who want instant connections and contact. These social media accounts give them that all that their fingertips.

The typical starter home can also appeal to downsizing empty nesters. To serve their needs, you might also want to have a phone number that instantly reaches someone who can provide details and answer questions.

Selling your home can be a stress filled process, so let  The Schnoor Team experience assist you in getting your home sold! Contact us today!

10 common home-buying mistakes

by The Schnoor Team

We have literally worked with hundreds of Buyers in Albuquerque and the surrounding areas! There are some common themes that emerge whenever we work with a family who has run into some problems. 

Use our list of 10 common home-buying mistakes to avoid costly regrets.


1. Doing it alone.

Buying a house is a complex transaction. Even if you don't use an agent, you'll need a complete, dependable team: lender, lawyer, inspector, insurer, as well as referrals and advice from friends and family. Enlist the help of these individuals early in the buying process.

2. Buying at first sight.

You may be in love with the place, but does it fit your family's needs and budget? Make a list of your needs and wants and make sure the house fits your requirements. Check out the neighborhood and the community before you buy by visiting at different times of the day and week to learn about noise and traffic patterns. Even if you don't have kids, check out the local schools to make sure your resale value will be good.

3. Not getting pre-qualified and pre-approved.

Being pre-qualified gives you a general idea of how much you can afford to borrow. Being pre-approved means a lender has verified your information and credit rating and agreed to provide you with a specific amount of money. You are in a better position to go house hunting knowing exactly how much you can afford and that you have financing.

4. Overbuying.

You may qualify to borrow more, but can you afford to? Analyze your monthly costs: debt, food, transportation, entertainment, and savings. As a general rule, your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes. Be sure to budget enough to cover closing costs (often two to five percent of the home's purchase price), plus moving, redecorating and maintenance. Allow for increases in ongoing expenses such as utilities and taxes.

5. Misplacing your trust.

No matter how much you like the agent, sellers, inspector, or the guy down the block who vouches for them, remember this is a business transaction. Your decision is binding. Do your own research and know your support team's roles and responsibilities.

6. Relying on oral agreements.

Get it right and get it in writing. Written agreements almost always trump oral ones when it comes to contracts. If the offer says the lawnmower is negotiable, but the agent says it's included, get it in writing.

7. Skipping the fine print.

You need to understand what you're signing before you pick up a pen. Ask for documents in advance, make time to read them and ask questions. Get copies of your mortgage papers a few days ahead of closing.

8. Forgetting or betting on resale.

Avoid buying a home that costs 50 percent more than neighboring homes and think before buying the most expensive home on the block. Your neighbors' lower home values will weaken yours. Remember, markets change. If you buy intending to flip your investment and the market falls and you have to sell, your selling price may not be enough to even cover your mortgage.

9. Making an unconditional offer.

Protect yourself with at least two of these contingencies in your offer:

Mortgage financing -- You're pre-approved, but is the house? Before a bank will lend you money, it will want a formal appraisal of the property to confirm that there is sufficient equity in it to warrant the loan. If the house appraises lower than the sales price, the loan may be declined.

Inspection -- never buy an existing or new home without a thorough home inspection. Walk through the home with the inspector to learn more about the house and any concerns he or she may have.

Insurance -- confirm you can get adequate coverage. In some areas, it's difficult to get hazard insurance.


10. Having buyer's remorse.

No place is perfect. There will always be surprises. Don't let a few initial blips spoil the whole ride. And don't miss a great house waiting for the perfect one!

Have more questions Contact Us Here: http://www.buyandsellabqhomes.com/Buyer-Resources/Questions

 

Displaying blog entries 1-5 of 5

©2017 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information is deemed to be reliable, but is not guaranteed. This is not a solicitation if you are currently working with a real estate broker. Equal Housing Opportunity