Category Archives: Real Estate

Homes for Sale – Low Mortgage Rates

Real Estate,

In the last 3 months in the US, the mortgage rates have continued to drop amid the tough economic conditions. Through this there are still plenty of homes for sale – particularly new homes which have struggled to find buyers who are often looking for foreclosure bargains, of which there are many.

The other problem facing homebuyers, even when they find plenty of homes for sale that suit them, is that they are struggling to be able to get a mortgage. With 15 year fixed rates under 4% the mortgage rates are looking good but many lenders have made it harder for the buyers to be able to satisfy lending conditions after the fallout from a few years ago when so many people defaulted on their loan payments.

Mortgage lenders are looking for larger downpayments and have stricter lending criteria, while homeowners who want to move are struggling to sell their own properties. It is difficult to tell when the problems in the property market will end and things start to look up – certainly right now the economic situation in the US does not look like it is going to improve overnight.

So if you are one of the lucky ones who is able to get finance in these times of low mortgage rates, and you can find the right property, then this could be the time for you to move.

House For Rent by Owner

Real Estate

There are a number of reasons that you may want to rent your house out in the current economic climate. Perhaps you actually want to sell your home but you are not able to, perhaps you need to downsize and the way to do it is to put up your house for rent and rent a smaller house or an apartment until things pick up. Or maybe you just need to rent your house out and go and live with relatives or friends until you get a new job.

Whatever the reason, increasing numbers of people are putting up their house to rent by themselves. If they need the maximum return from their rental property then it seems necessary to cut out the middle man and save on some extra fees.

Sometimes doing this can indeed save you some money but you need to think it through, do your homework and not cut any corners. If you are going to cut out the management company then you need to make sure you do the following:

  • know the correct rental value of your house
  • make sure your house is in a good condition to get the best rental price
  • know the best place to advertise for tenants
  • make sure that you have a proper and legal lease agreement
  • ensure your home is fully insured for renting
  • do background checks on potential renters
  • make sure that the rent you will get will cover your costs
This is not an exhaustive list and you can still run into trouble if you put up your house to rent on your own without a property management company, but if you take the necessary steps then you will be much more likely to have a good experience in renting out your own home.
There are websites where you can list your home for rent or else you can use local classified ads or even use word of mouth around your town to get a tenant. More people are looking to rent these days due to the financial climate so as long as you set the rent at the right level then you should be able to find a tenant.