Author: yajneshkw

Hughes: No time like the present to buy, sell home

    We’ve all heard rumors of the Federal Reserve raising interest rates in June. It’s been looming ahead as if to push all of us into either buying or selling, depending on which side of the coin our position falls.

    Even a 0.5 percent increase in mortgage rates can have a large effect. After studying the market, I’ve come across three other reasons you should sell your house before June, and it might be just what the entire market needs right now.

    Current Mortgage Situation

    Fluctuating from week to week, the current mortgage situation can best be described by your mortgage advisor. I reached out to Karen Jackson, Mortgage Advisor for Waterstone Mortgage to get her feel on the market this week. She remarked that, “rates improved by an eighth (as) Chairwoman Yellen was softer in her remarks about rate hikes, indicating that decision (to raise rates) would be ‘data driven.’ There are many experts, though, who are still expecting a rate hike in June, so there are still many reasons to take advantage of today’s market and lean to the conservative in a rate lock decision. Right now, the 30 year fixed rate for a high credit score buyer is running around 3.625 percent (3.75 APR).”

    Selling Before June Gains More Potential Buyers

    If you are considering selling, it might be advantageous to do so as soon as possible and take advantage of buyers looking to purchase before the potential rate hike. Melissa Parietti of Investopedia says, “Home sellers should consider which factor is more important to them: getting a lower rate on a new home or the selling price of the old home. Since an increase in interest rates is likely to cause the demand for homes to decrease, the purchasing and selling price of homes will fall along with demand.” If you are selling a home with the intent to purchase a new property while rates are still low, you are likely to benefit from a fixed-rate mortgage and lock in favorably low rates before June. With the uncertainty of how much the rates could potentially rise, locking in now is paramount.

    Selling After June Could Spell Lower Home Sale Price

    Selling Immediately after the rate increase is likely not to be in the best interest of home sellers. Parietti states that “after the increase of the nation’s interest rate, rising mortgage rates are likely to place pressure on decreasing home prices to maintain the level of affordability in homes across the United States. Increasing mortgage rates along with increases in home prices could cause a housing bubble and freeze the buying and selling of homes again.” If home sale prices decrease, sellers might be forced to reduce their listing price to appeal to a wider net of home buyers, in lieu of an environment of higher rates.

    Overall Improvement From Influx of Homes Before June

    With so many buyers on the hunt for their next home, those who have been waiting to sell should jump on the opportunity to seize the last few months of low interest rates. The potential influx of homes on the market would encourage more sellers to list because inventory would look for promising as they themselves become buyers. In turn, the looming interest rate hike could help to promote a rising inventory and solve the lacking issues we are currently encountering.

7 Cities Where Renters Pay the Most | Realtor Magazine

The median rent on a two-bedroom apartment was $1,300 in March, according to a study by ApartmentList.com. In some cities, rents are nearly quadruple that.

The following cities have the highest rents in the country, according to ApartmentList.com’s research:

1. San Francisco

Median price for two-bedroom apartment: $4,780

2. New York City

Median price for two-bedroom apartment: $4,450

3. Jersey City

Median price for two-bedroom apartment: $3,080

4. Washington, D.C.

Median price for two-bedroom apartment: $2,990

5. Boston

Median price for two-bedroom apartment: $2,900

6. San Jose, Calif.

Median price for two-bedroom apartment: $2,640

7. Los Angeles

Median price for two-bedroom apartment: $2,630

Get Top Dollar When Selling Your Home – NerdWallet

The beginning of spring brings many things: warmer temperatures, longer days, baseball, blooming flowers (and the consequent allergies) and a sense of renewal after a long winter.

When it comes to home sales, spring also means the busy season.

With the arrival of that time, potential buyers are now ready to move off the sidelines, mortgage preapproval letters in hand, for the chance to find their dream home. Housing inventory has been tight the last couple of years, which means more competition among buyers, especially during these busy months.

 

As a seller, this is good news, because competition among buyers drives prices up. But it’s still important that sellers look to maximize their sale price by attracting as many interested buyers as they can. A great way to do that is through home improvement or remodeling projects.

The word “remodel” tends to strike financial fear in home sellers, many of whom don’t have the time or the cash to make every square foot of a home perfect for buyers. But you don’t need perfection — a few small, inexpensive upgrades can significantly increase the value of your house.

Here are some tips to help you get top dollar, no matter how much money you have available to invest.

Think curb appeal

The exterior of your home and the front yard are a buyer’s first impression of your place. Inexpensive improvements can add instant curb appeal, so don’t overlook some easy fixes.

• Make sure the lawn is mowed and the house numbers are visible and attractive. You can get inexpensive new ones at any home improvement store.

• Try power-washing the exterior of the home or putting on a fresh coat of paint to brighten it up.

• Make a home more inviting by adding some flowers or other plants.

• If the home has a patio, add some cozy furniture to show buyers the space’s outdoor entertaining potential.

• Add great outdoor lighting, because people will be cruising by your listing at all hours of the day and night.

In some cases, you may find that a few larger external remodeling projects can really raise a home’s resale value, according to a report on remodeling impacts by the National Association of Realtors.

A new garage door, which typically costs around $2,300, recovers about 87% of its cost upon resale, according to the report. A new steel front door will get back about 75% of the cost, more than a fiberglass door, which tends to bring back about 60% of the cost upon resale.

You may also want to consider a fence, which can help attract people with pets or young children, who are normally looking for a little extra privacy and safety.

Make upgrades indoors

Moving inside the home, plenty of projects require relatively small amounts of time and money.

• In the kitchen, try a fresh coat of paint, new handles on kitchen cupboards or applying a new tile backsplash.

• Take a hard look at your closets to see if they would benefit from extra shelves or additional organizing help. These upgrades make a home feel like it has been updated and help would-be buyers see potential.

• Before buying new interior fixtures and materials, see what you can fix. Sure, new hardwood flooring would be great, but so would refinishing the wood flooring you’ve already got (and likely for a lot less money). In fact, a hardwood flooring refinish typically costs about $2,500, and a seller recoups an estimated 100% of that cost upon resale.

Pick practical over pretty

It’s great when you can add aesthetic elements to your home to attract buyers. But, many times, practical trumps pretty.

• Pay a little attention to your roof. Wash it, clear it of any debris and take care of any small problem spots. If it’s beyond small repair, you may have to replace the entire thing. The typical cost of a new roof is about $7,600; however, for that cost, you’re likely to get $8,000 for the project upon resale, a return of 105%.

• Clean out the gutters to make them look nicer and more functional. After all, potential buyers will be looking at your home in all sorts of weather, and they’ll want to see that your water drainage system works.

• Above all, make sure the major problems are addressed. Even if a potential buyer doesn’t notice, a home inspector probably will, meaning your sale could fall through further down the line. You not only could lose that buyer, but you’ll end up having to fix them anyway.

If your home is outdated or needs repair — and you have the money, time and patience — it might be in your best interest to tackle a bigger remodeling project. Otherwise, dozens of small, inexpensive home improvement projects can add instant appeal to your home. It’s always a good idea to talk to a Realtor to determine what features people in your market are seeking.

4 simple tricks to increase the value of your home – TODAY.com

And yes, you can make it happen in your own home! Just follow the steps below, and you’ll be adding value in no time.

1. Paint it

It might seem simple, but a fresh coat of paint in a neutral color on the interior is one of the most cost-effective ways to improve your home’s showing appeal. Buyers can better see your home’s potential with a “fresh canvas,” resulting in a 112 percent return on investment. Alana and Lex suggest

• Pick the right color for big payoff.
• Stick with soft muted colors like beige or gray.
• Wood paneling can easily go from dark and retro to bright and chic with a coat of fresh paint.

2. Stage it

Staging rooms show off a space’s true potential and are essential when selling your home.

• Make sure that each room has one “purpose.” Potential buyers will be confused by extra rooms that have a mishmash of uses.
• Remove at least half of the furnishings in each room. The house will look much bigger for it.
• Pull your furniture away from the walls, and instead use pairs of sofas and chairs to create inviting conversation areas.

3. Declutter it

Yup, home buyers will look into your closets! Don’t forget to declutter those hidden spaces, too.

• Spacious closets are the most desirable, of course. But if yours aren’t huge, just make sure there’s not a lot of stuff in them. It’ll maximize the space enormously.
• Consider buying closet organizers to increase the vertical use of your walls.
• Cluttered closets are a red flag to buyers. They will think the rest of the house is too small and lacking storage space. Clean it up!

• 4. Last but not least, take a look at the flooring.

• Believe it or not, 94 percent of real-estate pros recommend spending money on floors. It’s important to replace outdated flooring or carpet for a whopping 102 percent return on investment

• Laminate flooring comes with glueless, instant-click installation system, making it simple and fast to install. Try it!
• Put thought into measuring, leveling and adjusting, especially if you live in an older home.
• Stick to what’s “trending” in the home industry now. Check Pinterest, magazines, and other sources before you make your final decision. After all, you want to be up on the latest colors and styles, even if they’re not your style. This is about selling your home, not continuing to live in it!

How Much House Can I Afford, Comfortably? | Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports

Home Payment Comfort Level: A Better Gauge Than How Much You Can Afford?

The lure of homeownership is pulling new buyers into the market daily.

Low mortgage rates and still-affordable home prices are making it easier for first-time home buyers to break into the market.

Today, about one in three home purchases nationwide are completed by those who have never purchased a home before, according to the National Association of REALTORS® (NAR).

These are some of the most well-equipped buyers in history.

They have access to information about almost every home listed for sale. It’s no wonder that 90 percent of all buyers search online for homes at some point in their process, according to NAR.

Still, online searches and calculators can’t tell you everything. First-time buyers often wonder how much they can afford.

The better question might be, how much is the home buyer comfortable paying?

There are a few different ways to approach this question. That’s a good thing. Buyers can cross-check using different criteria to arrive at the best decision.

The multi-faceted approach can help buyers make a confident home purchase and comfortably afford their home long-term.

Examine Multiple Home Affordability Models

There is no “right” way to find out how much you can afford. Rather, look at it from many perspectives to get a good feel for your ideal price range.

For instance, the lender might say your maximum purchase price is $350,000. Yet that would require a mortgage payment twice what you pay in rent. In this case, you might choose a lower home price, though you could qualify for more.

Here are some of the most common methods by which new buyers employ checks and balances to see how much they can afford.

Consider Your Lender’s Maximum Price Calculation

An easy way to check the most house you can buy is to let your lender do it for you.

The loan officer will determine your maximum purchase price based on your credit, income, debts, and downpayment amount.

It is useful to know what you can qualify for, but it may not be in your best interest to buy a home in the lender’s maximum range. Here is an example.

The lender could approve you for total debt payments of up to 43 percent of your gross income. The payments would include your future mortgage payment, student loans, credit cards, and other debts.

Someone making $5,000 per month could be approved to pay up to $2,150 per month in required payments.

Yet you know your take-home pay is only $4,200. Also, you would like to start contributing to a savings account to the tune of $500 per month.

The lender’s maximum leaves you with only about fifteen hundred dollars per month for life’s other expenses. Some buyers would be happy living on this amount. Others would want to buy a less-expensive home for more breathing room in their budget.

In short, the lender’s maximum does not take into consideration your lifestyle or other financial goals. Consider the lender’s maximum, but the next necessary step is determining your payment comfort level.

Work Backward From Your Comfortable Home Payment

Owning a home does not have to be stressful.

If you buy a home the right way, making your mortgage payment each month should feel no different than paying rent.

The first step to a low-stress homeownership experience is calculating what housing payment you will be comfortable with.

A good place to start is your current rent payment. That is the bulk of your new home payment, and you are already doing it.

Next, determine any unnecessary expenses in your budget. Record your spending each month with online budgeting software.

Take steps to cut out non-essential costs so you can add them to your maximum future payment. This strategy will help you buy more house that will suit your needs longer.

With your comfortable home payment in hand, contact a mortgage lender. Give the loan officer your maximum payment; he or she will factor in all aspects of your future home payment like taxes, homeowner’s insurance, and private mortgage insurance (PMI).

The lender will use current mortgage rates to calculate principal and interest portion of your payment.

For example, your comfortable home payment is $1,500.

• Estimated taxes of $200 per month
• Estimated homeowner’s insurance of $60 per month
• PMI of $150 per month

The above assumptions leave nearly eleven hundred dollars for the principal and interest portion of the payment. Your down payment amount and current mortgage rates would then be brought into the calculation to yield your comfortable home price.

No-Lifestyle-Change Home Buying

The most comfortable kind of home buying is that which requires no lifestyle change at all.

A surprising number of buyers are in this category.

A 2015 NAR survey polled home buyers with student debt. Even though they had that extra expense, only half of them cut spending on luxury items and non-essentials to buy a home.

In some markets, renters are able to buy a home for the same amount — or even less — than it costs to rent. These fortunate buyers need to make little to no adjustments in their lifestyle.

It is wise to budget, cut costs, and create a financial cushion for your upcoming purchase. However, many buyers are able to comfortably own a home without sacrificing small conveniences and the occasional indulgence.

When Your Comfortable Payment Exceeds The Lender’s Assessment

In the end, your lender will ultimately decide exactly what size mortgage for which you can qualify. You may be comfortable with a higher payment than the lender says you should take on.

The lender has the final say on how much you can buy, and that is not a bad thing.

Years of data have gone into established lending limits. If the lender sets a lower payment maximum than you think you can handle, their number is the wiser choice, statistically.

Doing your homework in advance helps you come into the situation with realistic expectations so that the lender’s maximum payment will not be a surprise.

With mortgage rates low and more renters looking to purchase homes, now is a great time to start the due diligence process and figure out what price range will work best for you in the current market.

Are Preapprovals Still Relevant When Buying a Home? – WORLD PROPERTY JOURNAL Global News Center

Question: Are pre-approvals and pre-qualifications still as important for the purchase process as they were a few years ago?
 
ANSWER: Yes, pre-approval and pre-qualifications are generally just as important as they were a few years ago.  They may be considered even more important in today’s market.  There are new regulations that went into place in 2015 and it is generally very important for a new prospective buyer to have a pre-approval or pre-qualification upfront before they submit an offer on a new property.
 
Question: My wife and I want to re-finance. Is a perfect credit score needed when re-financing? Will it negatively affect our rate if one of us doesn’t have a score in the 700’s?
 
ANSWER: It is not required to have a near perfect credit score to re-finance, however, there are minimum credit score requirements for every lender.  If a customer has a score below 700 then it can have an effect on the interest rate and ability to qualify for the re-finance loan.   It is important for the customer to be pre-approved or pre-qualified upfront to set the proper expectations to secure their financing goals.
 
Question: There are some home renovations we wish/need to do. One of the bathrooms leaking causing mold, etc. We saved up for the renovation, but since the mold has come into play it is a much more involved job then we anticipated. Can we get a credit line to pay the contractor? We do not have the liquid cash to pay him for these services. If so, how do we begin the process?
 
ANSWER: Yes, we can generally offer a home equity line of credit (HELOC) for a customer to complete renovations in their home.  The ability to qualify will be based upon the customer’s credit and also the available equity in the home.  There are limitations on the total amount of the HELOC, which will depend upon the value of the home and the existing 1st mortgage.  The 1st mortgage plus the HELOC will need to make sense based upon the value of the home.  The customer can contact us to start the initial application to be pre-approved or pre-qualified upfront.  The appraisal will be an important determining factor in the amount of the HELOC we can provide.
 
Question: What is the difference if you file bankruptcy personally or for your business? How do they affect your future of financing? Is one worse to file than the other?
 
ANSWER: For a personal bankruptcy, it will need to be at least 5 years after discharge to be able to apply for a mortgage loan.  For a business bankruptcy, it will depend upon the customer’s percentage of ownership.  If the customer is more than a 25% owner of the business and it shows on the customer’s personal credit report, then it will require the same discharge period of 5 years.
 

Scott Burns: How to buy a home with 50 percent down and never make a mortgage payment | Dallas Morning News

“Purchase a new home in Central Florida’s Premier 55+ community, Lake Ashton, with a one-time down payment around 50 percent of the purchase price and never make another monthly mortgage payment again!”

A little over an hour’s drive from Tampa, this gated community has 1,300 homes, 36 holes of golf, waterfront lake lots and country club amenities. The homes range from about $200,000 to $270,000 in price and up to 2,500 square feet in size.

But it’s not the homes that drew my attention. It was the use of purchase money reverse mortgages as a marketing tool. If you are 62 or older, you can now buy a home with a large down payment — that “around 50 percent” figure — and never make a mortgage payment on the remaining amount of the purchase price.

Basically, the purchase money reverse mortgage is a wrinkle on a conventional reverse mortgage. These Home Equity Conversion Mortgages may allow you to pay off an existing mortgage on a home you already own and have an additional line of credit to cover other expenses.

The only requirement: You must have enough equity in the home to make the financing possible.

To learn more, I visited with Chris Bruser, a home equity retirement specialist at Retirement Funding Solutions, a reverse mortgage originating firm. Bruser has 10 years of experience in reverse mortgages and knows his product. “That’s a financial planning tool,” he told himself when he first learned about reverse mortgages. “I’m going to tell every financial planner I know about this.”

So far, it’s been a missionary effort, he says, but the planners are starting to come around as they see how reverse mortgages can improve retirements.

‘It’s just a mortgage’

Sitting at his breakfast room table in Tampa, I asked Bruser to tell me how people react when he explains reverse mortgages.

“That’s not what I thought it was,” is their first response, he said. Working through referrals from financial planners, he tells potential clients that they should expect to spend at least an hour with him. He wants to educate them, find out what they want to accomplish and learn about their current situation. While some are using a reverse mortgage as a financial planning tool, he says, most are still doing it because their home equity is the only major asset they have.

Their first question, he says, is “Am I going to lose my home?”

His answer: “This is just a mortgage. It’s a new mortgage, but it’s just a mortgage.”

The next big question people ask, he says, is “What happens at the end?”

There are three possible answers, he tells them. First, a reverse mortgage becomes due, like all mortgages, when the house is sold. Second, it becomes due when the second person in a couple dies. Or, third, it becomes due when the last surviving homeowner has been out of the house for 12 consecutive months.

How much equity is left after sale depends on how many years the homeowners stay in the house, how fully they use their credit line and the market for their home at the time of sale.

People with a glass-half-empty view of the world imagine losing all of their equity. People with a glass-half-full view consider the benefit of having a limited loss in a risky universe. The most they can lose is their home equity. (It helps to remember the recent housing price collapse to appreciate this.)

More liquidity

As a choice, a home equity mortgage can compare favorably with other choices. The credit line, for instance, can be used to stay in the home and receive home-based health care. “That, by the way, is probably the main use of the cash,” Bruser says.

You can understand the potential benefit with a simple example. Suppose you want to increase your financial flexibility when you retire. You sell your house. You take the equity and find a similarly priced house. Only instead of reinvesting all of your equity, you take out a purchase money reverse mortgage. That leaves you with no mortgage payment. But you still have half of the original equity.

End result? You have more personal liquidity. You have diversified from 100 percent home equity to real estate and a fund of liquid financial assets. You have limited your exposure to a real estate decline or crash.

It’s a choice worth knowing about.

First impressions key to selling your house – Times Union

Home staging makes the most of a prospective buyer’s visit to your home

When it comes to selling your home, it’s all about first impressions. You have to put your home in the best light possible and the best way to do that is by home staging. If you’re willing to spend money, you can get a home stager, if not, there are simple things you can do to make your home more presentable.

Bill Allen of Wm. F. Allen Design Consultant said he walks through the house for about two hours and writes an outline of the things the client should change, then reviews that with them and sees if they agree.

 

Allen said it takes some decluttering and simplifying, but some of the character of the home should remain. Keeping that personality while making it attractive to as many clients as possible is critical.

Dona Frank, a Sotheby’s real estate agent, said there are so many online buyers now that the “first showing” happens online.

The way the home is presented and photographed could be the reason a buyer chooses to click next or remain on that page, said Frank.

Patricia Green of Hudson Valley Design agrees that good photographs are essential for your online listing. The photographs should do justice to the home.

Steven Girvin, owner of Steven Girvin Properties, said home staging helps the buyers visualize the property. It also helps them focus in on the great details of the house.

Annie Schwarz, owner of Interior Harmony said home staging is attending to what needs to be rearranged, repaired, removed and repainted. No buyer will be attracted to a poorly maintained home, so home staging can be a deal-breaker.

“When you come to sell your property you want to minimize distractions. You want the buyer to see that something special that sticks out,” said Girvin.

Green said homeowners should clean up and eliminate everything that isn’t essential. She says since the entrance is the first thing a buyer sees, it should be immaculately clean.

In order for a buyer to consider looking inside the home, it’s best to focus on the outside appearance, especially since a lot of people do drive-bys, said Schwarz.

Schwarz said to make sure the bushes are trimmed and the lawn is mowed, clean the windows, pressure wash the house, paint old mailboxes and get some flowers, potted plants or a wreath for the outside.

Leah Margolis of Leah Margolis Design said staging makes it easier for buyers to envision themselves in the house and see how it can flow, which then makes for an easier sale.

Keeping everything organized is important, said Girvin. Neutralizing wall colors, re-creating the living space, dressing the dining table and adding accessories to enhance the features of a particular room or the property itself are all things you can do to stage your home, he said.

Removing personal pictures is an essential thing to do, so that people feel like it could be their home, not like they’re in someone else’s home, said Schwarz.

Allen suggests eliminating some furniture and simplifying the kitchen and bathroom from appliances.

Green said fresh air is better, so avoid using artificial fragrances and make sure the light bulbs are bright so that they really light up the room.

Closets, cabinets and cupboards should be organized and decluttered, since buyers will be looking inside them, said Frank. She also said to get rid of heavy drapery to increase the light in the room, because having a well-lit home is very important.

Schwarz said when things are neat, clean, organized and pretty, buyers equate that with high value.

It’s good to stick with neutral colors, because people have different taste, said Margolis. A little pop of color is OK, but leave that for the pillows rather than the furniture itself, she said.

2016 Predicted to Be Housing’s Golden Year | Realtor Magazine

Officials from mortgage giant Freddie Mac have made a bold prediction: This year housing starts and home prices will reach their highest levels since 2006.

The main reasons behind its bullish forecast is low mortgage rates, an improving job market, and a gradual increase in housing supply.

“Housing markets are poised for their best year in a decade,” says Sean Becketti, Freddie Mac’s chief economist. “In our latest forecast, total home sales, housing starts, and home prices will reach their highest levels since 2006.”

The 30-year fixed-rate mortgage remains well-below 4 percent this year. This week it averaged 3.71 percent.

“Expect the 30-year mortgage rate to remain very attractive throughout the spring home-buying season, staying below 4 percent until the second half of the year,” according to Freddie Mac’s monthly Outlook for March.

For home sellers, they’ll be able to enjoy more home price increases. “In 2015, house prices increased about 6 percent on a year-over-year basis,” Freddie notes in its outlook. “Expect house prices to continue to rise, but at a moderating pace, with annual price appreciation slowing to 4.8 percent in 2016.”

Also, gains in employment across the country will help to fuel hotter housing markets, according to Freddie Mac. The unemployment rate dropped below 5 percent recently.

That said, challenges remain for the housing market, particularly with wage growth. Wages remain “anemic, barely keeping pace with inflation,” Freddie Mac officials caution.

“If wages and incomes do not start rising, then rising interest rates, home prices, and rents will squeeze households and ultimately slow housing markets,” Freddie Mac notes.

Despite some headwinds, officials remain mostly upbeat. The “nation’s housing markets should sustain their momentum from 2015 into 2016 and 2017,” the outlook notes.

6 Things You Need to Investigate Before You Buy a House | Credit.com | stltoday.com

If you’re in the market to buy a house, you already know you need a real estate agent, a mortgage lender, a down payment and, well, a house to buy. While finding the right house can be a tough but exciting challenge, it can also be full of heartbreak.

You might find a beautiful home, but, surprise, it needs a lot of expensive work you didn’t initially see — a new roof, a new furnace or a tall fence since it backs up to a noisy business. The same is true for neighborhoods. Just like homes, neighborhoods can be beautiful and seemingly perfect, but there can be problems undetectable to the naked eye. But unlike homes, there’s no inspector to tell you what the problem spots are. Sure, a good real estate agent is there to help you choose a good neighborhood, but sometimes it’s good to do a little investigating on your own.

Here are 10 things you can start investigating to ensure your homebuying experience doesn’t come with a lot of surprises.

 

1. Crime Statistics

It’s a good idea to compare crime statistics among neighborhoods you’re interested in. Most local government websites keep a crime database you can search to check out crimes on your prospective block. You’ll be able to break down the statistics into categories like assaults, burglaries, vandalism, etc., so you can better understand the seriousness of any crime issues.

2. School Districts

Even if you don’t have kids, you might want to compare the quality of the schools across the neighborhoods you’re looking at for a couple of reasons. First, homes in areas with good schools typically appreciate at a higher rate, and, second, it could be an important feature to future buyers. Good schools could ultimately help you sell your home faster and at a higher price.

3. Mortgage Rates

Your home is quite likely the largest purchase you’ll ever make, and your mortgage the largest debt. You should make sure when you apply for a mortgage that you shop around at local banks and credit unions as well as bigger lenders and use all your offers to negotiate with your preferred lender. Make sure you try to get all of your mortgage inquiries done in a couple of weeks. This way, they’ll be grouped together and considered as one inquiry for credit scoring purposes.

4. Sex-Offender Registry

Having a registered sex offender in the neighborhood probably isn’t a highlight for any homebuyer. Knowing the number and proximity, however, can offer some peace of mind or help you decide another neighborhood might be more suitable. You can check out how many sex offenders live in your potential neighborhood on the National Sex Offender Public Website.

5. Property Taxes

To figure out how much home you can actually afford, you need to take into account all of the expenses, including down payment, closing costs and your annual property taxes. The Tax Foundation’s property tax tool lets potential homeowners to see how their property tax bills would stack up against other areas. You can also use this calculator to see how much home you can afford based on your credit standing.

6. Your Credit Scores

A less-than-solid credit score can really cost you when it comes to buying a home, so it can really pay off to raise your credit score to improve your mortgage scenario. First, you need to figure out where your credit score stands. You can get two of your credit scores for free every month on Credit.com.