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Real Estate Dictionary
DECEMBER 2011:
What does debt to income ratio mean?
If you add up all your debt and divide your income into that
number is comes up with a ratio of income you have to the debt you
have. The banks like to see 30% to 35% ratio with not debt, but can
go as high as 45% to 50% with debt. Be careful of a 45% 5o 50% ratio
as some mortgage companies pushed people into this level of risk in
the past. You must be careful not to take on that high of a risk.
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NOVEMBER 2011:
Does your agents understand finance?
It's important to work with agents who are literate in finance and who educate their customers.
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OCTOBER 2011:
Beware the "agreeable" agent who may be engaging in "buying a listing."
When a Real Estate agent knows they will have to lower the listing price at a later date, but simply agrees with the seller's inflated idea of what their house is worth in order to get the listing, is engaging in what is called "buying a listing." A good agent will not succumb to the pressures of the seller and may ultimately be a the better agent to sell your home.
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SEPTEMBER 2011:
Be cautious, the average homeowner refinances every 3-5 years. It takes 3-5 years with a new interest rate to pay back the closing costs.
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August 2011:
Energy checks in summer are important….SOME GOOD IDEAS ARE
A. Substitute light bulbs with energy efficient bulbs
B. Do your own home inspection for leaky ductwork, doors and windows. Add insulation where needed and check for leaks in you home.
C. Go to Energy.gov to find tax credits that are still available.
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July 2011:
Air Conditioning; Portable eco-friendly units are reasonable and don’t hang out a window and look unsightly when selling your home.
Don’t drop you A/C temperature too low when you leave the house as it take more energy to cool the home from low to medium
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June 2011:
When you are thinking about purchasing a home and want to keep and eye on mortgage rates, the general rule to follow when trying to prepare - or predict increases - is to WATCH INFLATION NUMBERS.
So, If inflation occurs, rates will rise.
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Check our website next month for July's Tip of The month, as well as more useful information.
As always, if you have any question you can talk to a real person by calling one of our knowledgeable advisors.
Our clients are smart, and with all the misguided information on the internet by self procalimed experts, our clients need real solutions. This is why people come to us.
We know everyone's needs are different, so we do not take a cookie cutter approach.
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It's a great way for YOU to stay on top of the local real estate. You will see first hand which homes are selling in your local area, and for how much. Information is everything, and this is a great way to be properly informed while helping you make an educated decision regarding the marketplace.
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