First Time Homebuyers Guide April, 2013

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Call Your High Desert Experts “Home Prices Rise at Fastest Pace in Over Six Years”

Wall Street Journal, March 26, 2013

“Home Prices: Biggest Rise Since Housing Bubble”

CNN Money, March 26, 2013

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HOMEBUYER’S GUIDE

is published and copyrighted 2013 by the Daily Press, 13891 Park Ave., Victorville, Calif. 92392 and the Desert Dispatch, 130 Coolwater Lane, Barstow, Calif. 92311 Freedom Communications Inc. newspapers.

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Hark, the heralding voices of real estate experts say that 2013 is the year to buy.

Here’s why

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The homebuying process doesn’t end at closing. These important steps will get you ready for life as a homeowner

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For some buyers, starting with a fresh slate is non-negotiable. Learn the ins and outs of purchasing new construction

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The top three issues for most homebuyers are still location, location and location. So how do you make the ever-important choice between urban or suburban life?

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Publisher: Al Frattura Editing and Page Layout : Micki Brown, Special Sections Editor Advertising Director: Angie Callahan Photos and Content: Content That Works

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9P I8:?<C JK8IB CTW Features

During the housing crisis, a key piece of the American Dream was thrown into question. Would Americans continue to value home ownership?

Some predicted the country, shaken by the boom-and-bust cycle, would transform into a nation of renters. But recent studies and real estate experts suggest that’s not the case. White picket fence or not, homeownership remains a life status that Americans covet.

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One survey by Trulia.com, an online real estate search engine, found that 72 percent of Americans surveyed still consider homeownership part of their personal American Dream.

Among surveyed renters, 31 percent said they plan to buy a home within the next two years, an increase of nine points from January 2011. The survey was conducted in November 2012 and included more than 2,000 adults.

“It’s the dream not to be tied down to a landlord who might all of a sudden ask you to pay unreasonable rent,” says Esther Muller, a New York real estate consultant and author. “I’ve seen a very positive attitude about owning again. The American Dream is still there, it’s just in a different format.”

Experts say the fear factor from recent years has fizzled, encouraging Americans to get into the market. Homeownership is more desirable than renting because of the same ideals that have attracted Americans to it for decades, including financial security and the investment opportunity.

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In 2013, most people will buy for emotional reasons: pride in owning a place of their own, stability for the family, freedom to change the kitchen floors or add on as they please.

“They’re not thinking of making a ton of money in two years, because that’s not going to happen like it would have 10 years ago,” says Stephen Melman, the director of economic services at the National Association of Home Builders. “It’s more about the house you need, rather than the house of your dreams – at least for right now.”

That’s reflected in the types of homes people want. “Inside the home, people are looking for what’s going to make their household run more efficiently, like mud rooms and home offices,” he adds. “Nothing overly fancy, but what the family needs.”

Melman sees the efficiency factor trickling over to first-time buyers. First timers are still opting for smaller, more affordable homes, but the standards of these so-called “starter homes” have improved, he says. “The quality is still going to be there. Most homes are going to have energy-efficient appliances, central air, quality lighting … I don’t think a starter home is equivalent to bare bones.”

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Residency requirements at this community require that at least one resident of household must be 55 years of age or older, and additional restrictions apply. Some residents may be younger than 55. Photographs are for illustrative purposes only, and not intended to be an actual representation of a speci¿c home being offered and depicts a model containing features or designs that may not be available on all homes or that may be available for an additional cost. 7he features and designs listed may not be available on all homes or may be available for an additional cost, and are subMect to change, modi¿cation or ZithdraZal at any time Zithout notice. 7his material shall not constitute a valid offer in any state Zhere prior registration is required or if void by laZ. Please see a sales associate for details. Š 2013 Pulte Home Corporation. All rights reserved. Pulte Home Corporation is a licensed California real estate broker (lic. #00876003). 4/11/2013

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Desire for home ownership remains sharp especially among Millenials, despite the hard times that sent many back to living with mom and dad or doubling up with roommates. Ninety-three percent of renters ages 18 to 34 plan to purchase a house some day, according to the Trulia survey.

With rent rates expected to rise faster than home prices this year, 2013 could bring a good opportunity for them to dive in.

When do most make the jump? A 2012 study by the National Association of Realtors revealed that the median age of first-time buyers was 31, which is E\n Pfib i\Xc \jkXk\ surprisingly consistent with most averages dating ZfejlckXek Xe[ Xlk_fi back to 1981, says spokesman Walter Molony.

The thing to keep an eye on this year, Molony says, is housing construction.

“The problem now is the shortage of housing.

We’re seeing historically low inventory of homes for we’ll see the pressure taken off the prices. We’ll see sale and at the same time rising demands,” he says. prices rising at a normal rate.” © CTW Feature “If the housing construction can return to normal,

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Disclosure: All owner-occupants are eligible. There is no buyer maximum income. Payment range is based on a price of $141,900, a 30 year Ă&#x203A;xed rate loan through FHA at 3.5% or FNMA at 4.5%, and buyer credit score of 640 or greater. Monthly payment of $950 and down-payment of $1,349 assumes buyer eligibility for down-payment assistance.

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Some key players, like your real estate agent, will work directly with you to help you through the process. Others, like the property appraiser, you may never meet. Still, a first-timer can get lost amidst the technicalities and lingo of real estate transactions.

“The housing market is far more

complex than ever, and there are more players involved today than in past years,” says Michele Serro, founder and CEO of Doorsteps in New York.

“Many buyers underestimate the work and expertise involved in finding and responsibly buying the right home.

Finding a truly great agent or lender is the most important step in the journey.”

Purchasing a home can be stressful for buyers, who may feel emotional expectation and anxiety as they prepare to take on a large load of debt.

A competent and communicative real estate agent and mortgage professional can “walk you through the steps involved in house-hunting and buying,” says Mark Monson, branch manager with Primary Residential Mortgage,

Scottsdale, Ariz. “Your key professionals should spend the time with you to explain the processes from start to finish so that you have a smooth and successful buying experience.”

Monson also recommends taking a first-time homebuyer class, often offered at banks and brokerages.

To find the best experts for each job required, ask for reputable referrals from people you trust, says Craig L. Price, attorney and partner with Belkin Burden Wenig & Goldman, New York.

“Speak to friends, relatives and coworkers who have recently purchased or been in your market,” Price says.

“You can also go online and search for various professionals who specialize in your desired market.”

Here’s a guide to the professionals involved in a real estate transaction and the roles they perform: These real estate and financial experts will work directly with a buyer on multiple occasions throughout the process: • A buyer’s agent or real estate agent serves as your guide and advocate throughout the homebuying process. He or she will get to know you and your buying preferences and select certain properties for you to explore. The agent also will handle most of the administration and paperwork and offer referrals to other needed players on this list.

• A seller’s agent will show you the property of interest, answer questions about the property and represent the

On the other hand, these parties remain in the background as you go about your house hunt, and you may never meet them face-to-face, but they nonetheless play vital roles: â&#x20AC;˘ A seller or builder owns the

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property youâ&#x20AC;&#x2122;re purchasing and is making the final call on the other side of the transaction, though you may never see them. â&#x20AC;˘ A sellerâ&#x20AC;&#x2122;s attorney represents the legal interest of the seller. â&#x20AC;˘ A home inspector will carefully examine your prospective homeâ&#x20AC;&#x2122;s construction and condition prior to purchase to inform you of potential issues. You can meet the inspector and be present during the inspection, but it will likely be a one-time interaction. â&#x20AC;˘ An appraiser estimates the value of the property to ensure that it is a wise investment for the lender. Š CTW Features

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overall interests of the seller. â&#x20AC;˘ A mortgage broker will shop loans and rates among numerous lenders, pre-approve you and file and process your mortgage application. â&#x20AC;˘ A property attorney, usually referred by your agent, will review your contract, negotiate with sellers on your behalf and keep you informed on legal issues.

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ers, the people who provide the cash and guarantees that make the home loan system work.

Those who originate mortgage loans have always been responsible for making sure that the paperwork is right and that the loans they create meet the differing standards required for FHA, 9P G<K<I >% D@CC<I VA and conventional lending. If a loan didn't pass muster – generally meaning CTW Features the borrower did not make a payment during the first 120 days of the loan term or the loan was created through If you're thinking of getting a new the use of fraud – then the original mortgage in the coming year, be prelender can be required to buy back the pared for a lot more paperwork and a entire mortgage. lot less leniency.

In the past few years, lenders have There's little doubt that lenders have become pickier with prospective mort- faced buy-back demands worth tens gage borrowers. The reason has little to of billions of dollars. To avoid the do with borrowers and a great deal to do with mortgage investors and insurJ<< =FLI E<N ILC<J G8>< ()

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erty that was not being financed. items – and quickly.

In another situation, to get the “reissue” rate for title insurance, we were =IFD G8>< (' asked to provide the settlement papers from when the property was first * possibility of additional buy-backs, bought –nearly 30 years ago. lenders want to make sure that mortgage applications are both complete Confirmation is important. Given and defensible in the event questions that the mortgage rates at the start of are raised. The result is a much tighter 2013 were near historic lows, many bor) lending process with four important rowers want to lock in current interest rules for borrowers. levels. Lenders will lock in such rates Get a scanner. To get a mortgage but only for relatively short periods. today, loan officers will ask for lots of This means loan applications must paperwork. However, what they really be promptly completed, because any ( want in most cases are scanned copies delay can force the loan to go past the of such things as past tax returns, pay- lock-in deadline. Borrowers should get Be ready to provide lots of informa- roll stubs and monthly statements for confirmation that requested documents tion. Under the new lending protocols, checking and investment accounts. have been received and that they fulfill lenders want to document everything, To make this process work, you need the lender's need for information. including in some cases information either to go to a shop where you can that seems entirely unrelated to the scan lots and lots of paperwork, or you loan itself. For example, in recent loan need a scanner. + applications, my wife and I have been The better choice is to buy a comasked to confirm an address that was puter scanner, because no matter how decades old and to provide the hom- much paperwork you send in, you will New loans and many refinancings eowner association budget for a prop- inevitably be asked to provide more require appraisals. To get the best pos-

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sible appraised value, borrowers must prepare for appraiser visits. The home must be in sparkling condition, the way it would look for the arrival of important guests.

Making a house look just right for an appraiser is crucially important because without a good valuation, a loan cannot go through. You want to give the appraiser ammunition to issue a strong report – and that can only happen if the property is in tip-top shape.

Peter G. Miller is the author of “The Common-Sense Mortgage” and a veteran real estate columnist. Have a question?

Please write to peter@ctwfeatures.com © CTW Features

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The momentum is expected to continue in 2013, despite a few challenges. So, if you are still on 9P D8;?LJD@K8 9FI8 the fence about living the American Dream of homeownership, CTW Features now may be the time to take a plunge. Here are 13 reasons to buy Despite a wobbly economy, an a home in 2013. ominous fiscal cliff and a Frankenstorm named Sandy, 2012 ended on a high note for the American ( housing market. Dwindling inventory, rock-bottom mortgage rates Low mortgage rates: Last and improving job numbers fueled the recovery process. Home year saw historically low mortprices rose, housing starts jumped gage rates. But as the economy and inventory dwindled. Accord- and the housing market gathers ing to Trulia, the California-based steam, these rates will go up, says online home sales and rental ser- Walter Molony, spokesman for the vice provider, the market was 51 National Association of Realtors.

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In the week ending Jan. 9, 2013, the average 30-year fixed rate climbed to 3.67 percent from 3.58 percent the prior week, according to Bankrate.com. Rates on 15-year fixed loans rose to 2.92 percent from 2.88 percent. Despite the slight increase, rates are still affordable, so lock into them before the low rates become history.

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the glory days of the housing boom? Prices skyrocketed, forcing many to rent.

The economic recession brought down those inflated price tags. Foreclosures flooded the market in many communities, dragging prices to record lows.

But with the economy improving, prices again are climbing. Nationally, home prices made a 4.9-percent gain year over year. Clear Capital’s Home Data Index expects prices to grow 2.1 percent in 2013. Buy before prices shoot up again.

* Building equity: Home prices are improving, which means as a homeowner you are adding equity as time goes on. Plus, that check to your lender each month adds to your monetary value – completely different from paying rent to a landlord.

and make the offer. “The market is Retirement investment: Homes changing,” Johnston says. “Sellers get don’t just offer that fuzzy feeling of multiple offers now, and they are sell- ownership, they are also your biggest ing close to or at full asking price.” financial investment. The sooner you buy, the sooner you can stop spending cash on rent, start building equity and grow your savings. When you eventually sell your home, it’ll be cash in the pocket. “The key is not to sell when the economy is down,” Johnston says.

0 Impressive new homes: In the past few years, there has been significant research on building materials. “There’s been an explosion of new materials,” says Stephen Melman, director of economic services for the National Association of Home Builders. “There are many options and good-quality materials available now for roofs, floors and exteriors.”

The newer homes are energy efficient and boast better insulation and acoustics.

Dwindling inventory: If you see your dream home, stop dilly-dallying

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Pay the same bill: Landlords can raise rent, but once you lock into a long-term mortgage rate, your monthly bill remains the same. A home protects you against rental inflation.

(* Live the dream: The American Dream is synonymous with owning a home. The economic downturn, free flow of home prices and home equity turned that dream into a delusion and nightmare for many. Improving employment numbers and foreclosure numbers are again restoring faith in the dream, and it is your chance to live it. © CTW Features

(' Taxes: Like having that extra money from tax returns? One incentive to buy is for the tax deductions available to homeowners. Buying a home would allow you to deduct everything from real estate taxes to private mortgage insurance, ensuring a nice sum back from the IRS. So why wait another year?

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Freedom of space and living: An explosion of home improvement and décor TV shows has made everyone an aspiring contractor or interior decorator. Becoming a homeowner can allow you to unleash your inner artist or carpenter. If you want to tear down a wall, paint your bedroom walls canary yellow or install a Jacuzzi in your bathroom, there’s no one stopping you.

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Expensive rent: Apartment vacancies dropped and rents rose again in the last three months of 2012. Nationally, apartment vacancy rate declined 4.5 + percent, and rents were up 0.6 percent from the previous quarter, according to data from real estate firm Reis Inc. “Rents are rising at a faster pace, and Planting roots: Owning a home you have renters now moving toward helps you be part of a community. You home ownership,” Molony of National establish long-term relationships with Association of Realtors says. neighbors and participate in community building. “It establishes a feeling of belonging and stability,” says Evelyn Johnston, broker/owner of Elkhart County Subdivisions, Granger, Ind.

important credit score. A good credit score helps you get a sweet deal on a new car loan, and even allows you to get low-interest credit cards.

Building your credit score: Mortgage payments are a big deal. If you own a home and are regular on payments, you are adding to that ever-

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Nikki Aguiniga 760-985-8856

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If it is an existing home in question, the most important step the homeowners need to take is a thorough home inspection, says Stephen Melman, director of economic services at the National Association of Homebuilders, a Washington, D.C.-based trade association for the housing industry.

An inspection is typically conducted before the contract for the home is fully processed, but Melman suggests that homebuyers take advantage of inspectors as a resource, and ask them to expand their inspection and make recommendations and suggestions for improving the home.

This is a great opportunity for homeowners to learn about “energy-related issues, landscaping issues like ground sloping, etc. Inspectors can

tell you how to preserve the house and keep it in good running order,” Melman says.

Cynthia Cohn, senior partner at residential brokerage Deasy/Penner & Partners in Pasadena, Calif., says larger repairs and upgrades include appliance and electrical upgrades, a new hot water heater or fixing any outstanding problems with the structure of the house.

Don’t forget to check if local tax rates have changed recently, says Carole Weinberg, CPA and partner at NCA Financial Planners in Cleveland. “You have to factor in real estate taxes, and not necessarily what the current owner is paying. Yours could be different.”

DFE<P D8E8><D<EK The budget should also include Another essential tip for new home- utilities, Weinberg says, which can be owners is to create a budget that takes higher than expected in large homes into account the expenses that come with the new home.

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that are available at low prices lately.

Upkeep is another major expense.

“If you’re buying an older home, you might need to factor in … getting a new roof in the next three years. Or what’s the condition of the water and sewer line?” Weinberg says.

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At the top of the mind of most new homeowners is coordinating the move from one location to the next.

Cohn, who recently purchased a home of her own, says, “You’re going to spend a considerable amount of time in escrow after the loan is processed and the inspection is conducted, so that’s when you want to start coordinating how the move is going to work.”

Besides the typical moving hassles like cleaning, packing and physically getting everything to the new location, homeowners need to plan around the timeline of closing as well as possible home repairs and updates. Many physical changes to the home itself are easier when it is empty.

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Cohn recommends that new homeowners take this time in escrow to â&#x20AC;&#x153;plan for any work you want to have done before moving in.â&#x20AC;?

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Besides repairs, structural changes and system updates, aesthetic changes are important for homeowners to truly feel at home.

Real estate agent Chua notes that if the home is a turnkey property, that is, a home that is ready to move into right away, the only changes needed are usually cosmetic.

A new coat of paint and new flooring are common updates that new homeowners take on right away, she says. Drapes, blinds and wallpaper updates are also popular.

Chua offers a few alternatives to

expensive remodeling projects if youâ&#x20AC;&#x2122;re looking for a fresh look in your new home: â&#x20AC;&#x153;If you donâ&#x20AC;&#x2122;t like the way your kitchen cabinets look, itâ&#x20AC;&#x2122;s much cheaper to paint them rather than replacing them outright. This is a quick trick that

really gives your kitchen a facelift.â&#x20AC;?

A bare-bones bathroom update would include new flooring, faucets and light fixtures. â&#x20AC;&#x153;It will make a big difference for not a lot of money,â&#x20AC;? Chua recommends. Š CTW Features

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ing. They are constantly improving standards so new homes can offer significantly lower utility bills than homes built even just ten years ago, explains Paul Foresman of Design Basics, an Omaha, Neb., firm that advises home builders.

Ask about utility costs and put that figure into your comparisons between new and existing homes, he says.

Indeed, a recent study from the NAHB finds that operating costs as a fraction of a home’s value increase the older the home is. These costs – including utilities, maintenance, property taxes and insurance – account for 5 percent of a home’s value for structures built before 1960 to just under 3 percent for homes built after 2008.

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So you’ve decided to move to a new home, a place you can call your own.

Some first-time buyers take this decision literally: They want a newlyconstructed home, where everything from light fixtures to the flooring is of

their own choosing.

New construction is often more expensive than comparable existing homes, says Steve Melman, director of economic services at the National Association of Home Builders. That’s a key reason why first-time purchasers – who don’t have cash from the sale of their former home – made up just 13 percent of new-construction buyers between 2007 and 2009, the latest period the NAHB has tracked, Melman adds.

But now, many homebuilders are targeting first-time buyers with features like the chance to customize parts of the home, says Tim Costello, president of Builder Homesite Inc. (BHI), an Austin, Texas-based group of 32 large homebuilding companies.

The percentage of first-timers should return to at least the tradition-

al one-quarter share of new construction buyers, and will probably top that, Costello says. He says that the last six years or so haven’t been typical for either new or existing housing sales.

Here, a look at how builders are hoping to lure first-timers, as well as some ways the purchasing process for new homes differs from buying existing homes:

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BHI research shows that buyers choose new construction because they want energy-efficient homes.

“In new homes, EnergyStar is standard,” says Patricia Hanchette, division president, Lennar Corp.

EnergyStar is the U.S. Environmental Protection Agency’s label for home materials and systems like heat-

Since the financial crisis a few years ago, getting a mortgage on any home has become more difficult, with lenders scrutinizing a borrower’s credit worthiness and financial standing, as well as the value of the home.

“Work with a mortgage consultant before you sign a contract [with a builder],” says Ron Sozio, vice president, Wells Fargo Home Mortgage.

Buyers will want to ensure they get a loan before putting up a deposit and working with the builder, he explains.

Lenders have unique concerns with new construction, adds Neil Caron, vice president of Freedom Mortgage Corp., South Windsor, Conn. For instance, before a buyer can get a government-insured FHA mortgage on a condominium in a new complex, the whole project must meet government approval.

In many cases, builders team up with mortgage companies, and there can be advantages for both buyers and builders from the partnership, Sozio says. The lender can ensure that a project receives FHA approval, for example, or a buyer could receive guidance to lock in an interest rate on a loan to be issued several months later when the home is expected to be completed, to avoid borrowing at what the rate may be then, Sozio adds.

Still, “buyers are under no obligation to use the partnering lender,” he says.

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In the boom years, buyers often rushed to be the first to purchase in a subdivision to lock in what they considered low prices; the last units in a subdivision typically sell for more. But when the housing bubble burst, property values depreciated and the last, newly constructed units in the subdivision often sold for low prices that competed with home-sellers in the subdivision who were trying to move out.

Now, says Ken Wilson, 2014 president-elect of the Appraisal Institute, home prices are expected to rise. That means that subdivision homeowners can rest assured that they can eventually sell their units for a profit without having to compete with low-priced new construction in the same subdivision.

Still, Wilson reminds homeowners that although experts can predict price trends, they â&#x20AC;&#x153;are uncertain for all homes, existing and new.â&#x20AC;? Š CTW Features

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As a Premier Service company, we pledge to listen to your needs and deliver on them with a written service commitment.

To measure performance on this commitment, Real Living Real Estate employs an independent research firm to survey our customers at the close of the real estate transaction. These responses help us to continually refine our customer focus and maintain high standards because it is important to have a skilled, trained professional guiding and advising you every step of the way.

Proven customer satisfaction is the reason why so many people choose Real Living Real Estate and I am proud to share our Customer Satisfaction Rating with you.

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Trendy neighborhood and nightlife?

Or picket fence and easy parking?

While American homebuyers continue to ponder the perennial question of where to settle â&#x20AC;&#x201C; city or suburbs â&#x20AC;&#x201C; the lifestyle, demographics and amenities of each are changing as well.

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Americans have migrated en masse from the cities to the suburbs for decades, but the exodus is reversing, ac-

cording to recent Census data. More than half of the countryâ&#x20AC;&#x2122;s 51 largest metropolitan areas reported faster growth in city centers than suburbs from July 2010 to July 2011. Thatâ&#x20AC;&#x2122;s up significantly from 2000 to 2010, when only five city centers grew faster than their surrounding suburbs. â&#x20AC;&#x153;I think there are always going to be people moving to the suburbs,â&#x20AC;? says John McIlwain, senior fellow for housing at the Urban Land Institute, a nonprofit research and education group for land use and real estate. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re not talking about a black-or-white situation, but the great migration to the suburbs is over. Weâ&#x20AC;&#x2122;re now seeing incrementally more people living in either central cities or newly evolving suburban town centers.â&#x20AC;?

However, upon closer inspection of Census data, real estate website Truliaâ&#x20AC;&#x2122;s chief economist Jed Kolko says the suburbs are still expanding. He examined cities and suburbs in terms of density. â&#x20AC;&#x153;Particularly the lower-density parts of cities are growing faster than more dense neighborhoods,â&#x20AC;? he

says. And while some high-density downtown neighborhoods are growing, he sees most of the growth occurring in lower-density suburban areas.

Anecdotally at least, broker associate and real estate agent Cara Ameer has noticed a renewed fascination with cities in her clients. â&#x20AC;&#x153;First-time home-

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buyers tend to want to be in more intown areas,â&#x20AC;? says Ameer, who works at Coldwell Banker Vanguard Realty in northeast Florida.

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The top reason that suburbs continue to be attractive to homebuyers comes

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â&#x20AC;&#x153;People always said the reasons these [homebuyers] were going out to the suburbs were the same ones their parents had,â&#x20AC;? McIlwain says. â&#x20AC;&#x153;But the suburbs today are not the suburbs of the 50s and 60s.â&#x20AC;?

The biggest demographic groups headed for cities are empty-nesters and Generation Y, or those in their 20s and early 30s. â&#x20AC;&#x153;Many of them want to

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find ways to stay in the city after they get married and have kids,â&#x20AC;? McIlwain says.

Schools and safety are two big factors in choosing where to live, and those statistics are changing, too. Not all suburban schools are high-performing, and city crime rates have seen reductions in the last few decades.

And while commutes from the suburbs to the cities can be long and complicated, Kolko points out that, at the same time, many jobs are moving to the suburbs.

With so many different choices, Ameer reminds her first-time homebuyer clients to be flexible and weigh their needs versus their wants. Buying a property needs to be a compromise, she says. â&#x20AC;&#x153;This is not a forever property, remember that,â&#x20AC;? Ameer says. â&#x20AC;&#x153;Get into something that makes sense for you financially and fits your lifestyle. As your life evolves, you can make the next step.â&#x20AC;? Š CTW Features

Welcome To T he High Desertâ&#x20AC;&#x2122;s Real Estate Company

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Superior Level of Informed, Professional Real Estate Services to Buyers and Sellers in the High Desert and Inland Empire.

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down, unsurprisingly, to cost, Kolko says. â&#x20AC;&#x153;The main advantage of the suburbs, first of all, is that per square foot, housing is cheaper.â&#x20AC;? Most suburbs offer bigger houses and more land. â&#x20AC;&#x153;Typically the more dense the neighborhood is, the more expensive per square foot itâ&#x20AC;&#x2122;s going to be,â&#x20AC;? he says.

Homes in the city do tend to offer â&#x20AC;&#x153;less bang for the buck,â&#x20AC;? Ameer says, because the limited space is more expensive. However, both Ameer and McIlwain point out that homes in urban markets might appreciate more than their suburban counterparts.

McIlwain says prices in urban markets dropped less and rebounded faster in recent years. â&#x20AC;&#x153;I think cities and denser areas tend to retain their value a little bit more because itâ&#x20AC;&#x2122;s more expensive,â&#x20AC;? Ameer says. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s more cost-prohibitive to get in, versus suburbs, where the affordability factor is widened and itâ&#x20AC;&#x2122;s typically easier for more people to get into that area.â&#x20AC;?

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They’re called “risk mitigators.” Or the “value man” (or woman). Some know them as “invisible protectors” because they remain unknown to the buyer. But whatever the moniker, a property appraiser provides an important part of the homebuying process: an unbiased opinion of a property’s true market worth. And that’s worth a lot more

than people give it credit.

Appraisals provide a third-party perspective on a home’s value that gives buyers, sellers and lenders peace of mind that the transaction makes sense to all parties involved.

The appraisal protects the lender from getting stuck with losses on a property that’s worth less than its investment, should the lender be forced to take possession of the home. It safeguards buyers from purchasing a residence that’s worth less than they’re offering to pay.

An appraisal is ordered by the lender if financing is involved or can be ordered by the purchaser if it’s a cash purchase. If ordered by the lender, it goes through an appraisal-management company to ensure an unbiased process. The value of an appraisal generally is valid for a six-month period.

“Home appraisals exist and are

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understanding the comparable homes in the area as compared to the subject property,” says Brian Brunhofer, president of Deerfield, Ill.-based Meritus Homes. “Things they consider include location in a community, lot size, lot features, age and square footage of the home, room count, basement and garage type, and age and quality of the interior and exterior features of the home.”

To better ensure that the appraisal process goes smoothly, first-time buyers are recommended to have the home professionally inspected to determine if any major repairs are needed before ordering an appraisal.

“The appraiser should be provided with a list of improvements that were recently completed on the property. If there are unique features to the property, that should also be described to the appraiser,” Talacko says.

While they have a challenging job, appraisers often don’t get much praise.

“Appraisers have gotten a bad rap recently because there has been some suggestion that they helped over-inflate property values or simply appraised properties at the purchase price to help the banks process more loans,” says Zachary D. Schorr, attorney with Schorr Law in Los Angeles.

“The negative perception about appraisers is largely the result of declining property values over the past several years.” © CTW Features

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allowed to pick the appraiser or contact them directly when certain nonFHA/VA loans, such as those backed

by Freddie Mac or Fannie Mae, are involved. These rules were put in place to protect borrowers from appraisal fraud and protect appraisers from pressure to inflate home values.

“Once the buyer pays [for the appraisal], the lender submits the order to the appraisal management company, who randomly chooses the appraiser and contacts them with the order,” says Spencer Llewellyn, founder of Loans-101 Interactive Media in Houston. “Once ordered, the turn time can take anywhere from five to 10 business days. Once the appraisal report is complete, it is then delivered to the lender.”

The appraisal process itself takes several hours to complete, Le says. To determine value, appraisers generally use three different approaches – cost, sales comparison and income.

“The appraisal process is all about

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needed to ensure that there is appropriate collateral for the bank to lend on,” says Matthew Talacko, appraiser/ vendor manager for Value Services in Mt. Clemens, Mich. “Appraisals, when properly used, are a risk-mitigation tool that is used to determine loan-tovalue ratios and risk, which affects interest rates.”

The lender usually pays for the appraisal up front but seeks reimbursement from the buyer early in the origination process, says Nga Le, broker/owner, EXIT Realty The New Generation, Smithfield, R.I. This often signifies the seriousness of the borrower to complete the transaction.

Appraisal prices can cost from $300 to $700 or more. The seller may choose to reimburse the buyer for the appraisal cost through a concession at closing.

Since new “code of conduct” industry regulations were adopted following the financial crisis a few years ago, lenders and loan originators are not

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On HGTV’s new show, “Scoring the Deal,” real estate agent Jason Abrams helps professional athletes purchase or sell their homes. Some of these NFL and NBA players, like Adewale Ogunleye, Clinton Portis, Cato June,

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Derrick Morgan, Vernon and Vontae Davis, Greivis Vasques and Jordan Farmar, have scored multi-million dollar sports contracts, and they are ready to plunk their well-earned cash down on a sweet crib.

Not so fast, says Abrams, known as the Jerry Maguire of real estate, who has more than a decade of experience in the business. “We won’t sell anyone a home the first year that they are in the sport,” Abrams says.

“We truly believe whether you’re the first pick or the undrafted free agent, you should move into a rental.”

Why not let these newly signed athletes get in on the real estate game? “You have no idea what’s out there or what you want. No one asked you about whether you want to live in a contemporary :\c\Yi`kp I\Xc <jkXk\1 AXjfe 8YiXdj Xe[ Bi`jk\e :ffb ^l`[\ gif]\jj`feXc Xk_c\k\j or colonial [styled house] when k_ifl^_ k_\ _fd\Ylp`e^ Xe[ j\cc`e^ gifZ\jj fe ?>KMËj JZfi`e^ k_\ ;\Xc%

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within your budget, once you buy it, there is not much room for your property value to grow. “You’ve priced yourself out of the market,” Abrams says.

On the other hand, if you buy a $200,000 home in the neighborhood where some homes are selling for $300,000, you may be spending more money but it’s a better investment.

If the homebuying process seems overwhelming to the young buyer, Abrams says to consider renting, just like his athletes do. “Renting buys you freedom,” he says. “When you’re between 21 and 35, your life changes a lot. You can live in a downtown loft or a farmhouse, and the year after that, rent a condo in the suburbs, until you find [a house] that resonates with you.”

And, no matter how hard it may be, keep your emotions out of it. “You can’t fall in love with real estate,” Abrams says. “At the end of the day, the houses are just sticks and stones,

and there’s no way to effectively negotiate if you’re emotionally invested.”

If you really like a home and get the right deal on it, then you’ll love it, he says. “A home you love that you overpaid for is one you’ll just like.”

"Scoring The Deal" is on Tuesdays at 11pm ET/PT on HGTV. For more information about Jason Abrams, Kristen Cook, The Abrams Team, and HGTV's "Scoring The Deal," visit: www.theabramsteam.com. © CTW Features

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you were in the dorm. The goal of every real estate agent is to educate that person first. We are educators posing as salespeople.”

He says that the tips and advice that he gives these top-notch athletes are the same that he would offer young, first-time homebuyers, regardless of salary.

“I tell my buyers that they only make money when they buy the home, not when they sell it,” he says.

“Everyone thinks that it’s the day they sell when they will get their big check. But unless they buy it right, they aren’t going to make money.”

One piece of advice that carries over to everyone: “The rule of thumb is to not buy the most expensive home in any geographic area.”

Say, for example, you’ve set a $200,000 budget. In one neighborhood, the highest priced home is $300,000. In another neighborhood, the most expensive home is $120,000.

Although the $120,000 home is well

6. Who, or what, is Dodd-Frank?

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7. A mortgage broker is someone who

1. Which of the following is a good reason to buy a home? a. Building equity b. Planting roots c. Protecting against rent inflation d. All of the above

2. A property appraiser provides an

a. The most well-known real estate partners in the country b. An act passed in July 2010; part of it calls for stricter regulation of loans and mortgages c. Fannie Mae and Freddie Macâ&#x20AC;&#x2122;s last name d. An act passed in May 2012; part of it calls for the extension of the National Flood Insurance Program examines your contract, confers with sellers for you and takes care of other legal matters. True or false?

8. What is the average interest rate for a 30-year fixed mortgage?

9. What four factors should new homeowners take into account when calculating their mortgage payment?

(Hint: PITI)

estimate of a propertyâ&#x20AC;&#x2122;s worth, in 10. What is escrow? order to favor the seller. True or false?

11. The average monthly housing cost 3. How much does an appraisal is higher for those living in cities than typically cost? for those who reside in suburbs. True or false?

4. What does the acronym FHA stand for?

12. What is the median age for most first-time homebuyers?

5. Increased standards for energy a. 23 efficiency in new homes can reduce b. 31 the operating cost of a new home in c. 27 comparison to an older one. True or d. 35 false? Š CTW Features

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A new Built to Order neighborhood is here!

Saratoga in Victorville From the low $200s â&#x20AC;˘ 1- and 2-story homes, 1,991â&#x20AC;&#x201C;2,778 sq. ft. â&#x20AC;˘ 3â&#x20AC;&#x201C;6 bedrooms, 2â&#x20AC;&#x201C;4 baths â&#x20AC;˘ easy access to I-15 From I-15, exit Roy Rogers Dr. heading west. Turn right on Amargosa Rd. and left on Placida Rd. to sales center. (760) 881-3702

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Victor Valley Association of Realtors

2013 Craft Fair And Yard Sale Giving Back To The Community

$600 Raised

All Items Not Sold Donated To Victor Valley Rescue Mission