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Kim Gibbons
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May 2004
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I go the extra mile !!!
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College-Bound Students Change Real Estate Needs
In homes throughout the country the mail is being watched with great care. Letters from colleges are arriving each day, many bearing news of acceptance to one institution or another.
Parents, of course, are elated by such news -- at least until they see the tuition bills. No less important, in many households as children go off to college there is the real problem of too few residents and too much space: What is now a cozy nest will soon rival an airline terminal in terms of excess footage.
For years homes have been growing in terms of square area while the number of occupants per household has been shrinking. The result is more square feet per occupant, a luxury when a home is filled with people but a costly excess when children leave.
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Buyers: How To Gain The Advantage During The Busy Spring Season
The spring and summer months are traditionally the busiest times of year for the residential real estate market. Weather is more cooperative and many families like to move while the kids are on their summer break.
But in recent years spring, for many regions, has meant more homes on the market, but also more buyers, fierce competition and an increase in prices.
The National Association of Realtors projects the 30-year fixed-rate mortgage to average 6.5 percent in 2004, up from a generational low of 5.8 percent in 2003.
"On the heels of three consecutive record years for home sales, the uptick in mortgage interest rates will offset some of the benefits of an improving economy," said NAR's chief economist David Lereah. "However, the impact will be fairly minimal because the fundamental conditions for a strong housing market remain -- a growing number of households, an improving job market and generally good affordability conditions."
If you're in the market for a house this spring, there are a number of steps you can take to try to give you the advantage over other homebuyers, including:
- Consult with your REALTOR, get started early and let he or she know exactly what you're looking for.
- Get your loan pre-approved. This will give an advantage on several fronts.
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How To 'Ace' The Home Improvement Test
Pay attention. There will be a test.
Q#1: Do the most common home repair scams involve roofing, gutter cleaning, driveway paving, furnace repair or all of the above?
Q#2: What is a sign of a less than reputable contractor -- door-to-door solicitation, discounts for you for finding other customers, contractors who say they just happened to have materials left over from previous jobs, contractors who are unavailable by phone except for an answering machine, or all of the above?
Q#3: Your contractor should carry what kind of insurance -- personal liability, worker's compensation, property damage or all of the above?
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Wondering What Your Home Is Worth?
Let me show you.
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Local Real Estate Market Conditions
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Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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This Month's Featured Articles:
- Numerous Ways To Spruce Up Your Landscaping Before You Sell
- Zero-Down Loans: You May Have More Options Than You Think
- When To Avoid 'Value-Added' Home Improvements
- Selling Your House, Moving, Disasters: What They Mean For Your Taxes
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Kim Gibbons, Broker Associate
Phone Numbers:
Toll Free (866) 766-5862
Local (850) 437-5618
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Equal Housing Opportunity
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