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Should I buy a Resale or New Home?

It can be a difficult decision whether to purchase a resale home or a new home from a builder.

Although new homes typically have a higher sales price than comparable existing homes, buyers are willing to spend more up-front with an understanding that part of what they are paying for is assured low maintenance costs. A builder's warranty, along with brand-new roof, appliances, furnace, and other operating systems that make major repairs unnecessary, work together to counteract possible slower appreciation initially.

Importance of Real Estate Agent!

In the best selling book, "Freakonomics" (2006), the authors, Steven D. Levitt and Stephen J. Dubner, discuss real estate agents and highlight two disturbing correlations:

Real estate agents keep their own houses on the market an average of 10 days longer and settle for a selling price that is 3% higher than comparable houses they sell for their clients ($10,000 for a $300,000 home).
The 6% commission is split between the seller's agent and the buyer's agent, and then the agent must surrender some of the 3% commission to the agency he or she works for, pocketing an average 1.5% of the commission. So, while getting $10,000 more for you home may be important to you, the agent's commission on this extra money is an additional $150 for an extra 10 days of work.

Assuming these figures are accurate, is it wise to avoid real estate agents altogether? Let's take a look.

First-Time Homebuyer Ten Mistakes

Are you gearing up to buy your first place?

Shopping for a home is exciting, exhausting and a little bit scary. In the end, your aim is to end up with a home you love at a price you can afford. Sounds simple enough, right? Unfortunately, many people make mistakes the prevent them from achieving this simple dream. Arm yourself with these tips to get the most out of your purchase and avoid making 10 of the most costly mistakes that could put a hold on that sold sign.

What is Power of Sale?

As a homebuyer in today's marketplace, understanding the meaning and implications of a Power of Sale are absolutely essential. A Power of Sale listing occurs when the previous owner defaults on their mortgage, and literally walks away from their home and their financial obligation. The mortgage lender usually a bank or financial institution then holds the Power of Sale. Their goal is to recover the money still outstanding on their original mortgage loan. In times gone by, when home prices were on the rise, buying a home through a Power of Sale could often be a bargain. Since the lending institution's primary goal was to recover only the money owing, without having to carry the home's expenses for a prolonged period, these properties would frequently be sold below market value.