curry blog.

FHA LOAN LIMITS REINSTATED

Congress recently approved restoring FHA’s previous loan limits through 2013 at 125% of local area median home prices up to a maximum of $729,750 in the highest-cost markets. Those limits previously expired September 30. Continue reading FHA LOAN LIMITS REINSTATED…

Grandma Would Be Proud

According to the NAR Housing Affordability Index, housing is at its most affordable in a generation. More specifically, the index shows there hasn’t been a better home buying opportunity in 40 years. Continue reading Grandma Would Be Proud…

It’s Tax Season: Don’t Forget Your Residential Energy Tax Credits

For several years now, the government has been offering tax credits as a way to encourage home owners to become more energy efficient.   Consumers who purchased and installed specific products such as energy-efficient appliances, windows, doors, roofs, insulation and heating/cooling equipment, during 2010, may be eligible to receive a tax credit for 30% of the cost, up to $1,500.  The improvements must meet the energy-efficient standards set by the IRS, and the home which received the upgrades must be an existing primary residence.   It is always best to consult with a tax advisor to ensure you receive the full credit to which you are entitled.  If you prepare your own tax return, make sure you complete Form 5695 properly.  See EnergyStar.gov for a complete summary of energy efficiency tax credits available.  You can also find information through the Department of Energy.   

Since purchasing and installing your energy-saving products, you’re being back with lower energy bills.  By taking advantage of the Residential Energy Tax Credit, Uncle Sam will pay you back some too.

THINGS HAPPEN! ARE YOU COVERED?

The single best way to protect your investment in your home is by owning a homeowner’s insurance (HOI) policy.  Let’s take a look at the 4 main categories of coverage that normally appear in a HOI policy.

Dwelling.  The most effective type of coverage for the home in which you reside is replacement cost coverage.  Payment based on the replacement cost is usually the most favorable figure from your point of view because it compensates you for the actual cost of replacing property. The key to determining how much dwelling coverage you need isn’t the value of your home but rather the money you’d have to pay to rebuild it. 

Other Structures.   Examples of other structures covered by HOI would be a detached garage, workshop, storage building, barn, etc.   Your policy covers all of the other structures that might be located on your property besides the home itself.  The same coverage rules apply here as the dwelling insurance – the total amount of coverage should be high enough to rebuild the entire structure if completely lost. 

Contents.  In the case of the contents, an inventory of items room by room is important to have with information such as the date purchased, serial number, the original cost of each item and a brief description. Video tape or still photos is very helpful along with the inventory. These items should be stored in a safe place such as a safety deposit box in a bank and not in the home.  Limitations are normally set for high-cost items such as jewelry, fine art, furs, electronics, collectibles, oriental rugs and antiques. If a thief comes in and steals a two-carat engagement ring, it may not be covered well enough without a personal property rider to cover specific, costly items.

Liability.   As a homeowner, you automatically assume some responsibility for what happens in and around your home.  Homeowner’s liability insurance provides for protection in the event someone gets hurt or property is damaged.  In case of either event, or a combination of the two, you are at risk of severe financial loss as a result of being found liable. In addition to covering medical expenses or cost of repairs, the liability part of your HOI usually pays for court costs should a lawsuit arise.  Don’t skimp on your liability limits!

It’s a good idea to read your policy and become familiar with what is covered and is not covered.  You may be pleasantly surprised to find that a policy covers you for more things than you originally thought.

If you have a question about your homeowner’s policy or would like a free quote, call Lee Newsome, Personal Lines Agent, at Curry Insurance Agency– 478-272-2335 or toll-free 800-596-5664.

Internet is #1 Source for Homebuyers

According to the National Association of REALTORS®, close to 90% of prospective homebuyers begin searching for a new home using the Internet.  To meet that demand, Curry Residential Real Estate has created a website with all of the information buyers need to begin the process of finding their dream home.  Hundreds of detailed listings and virtual tours, thousands of photos and easy-to-use tools such as mortgage calculators and interactive maps are all just a click away; and homebuyers have access to the most professional Realtors® in the business.  

Visit CurryResidential.com and sign up for our Auto Home Finder search service.  It’s quick, easy and free!  Let us know what you’re looking for in a new home, and we’ll send you regular emails of home listings that meet your specific needs.  Or contact one of our Realtors®.  Whether you’re buying your first home, up-sizing or down-sizing, the professional Curry Realtors® will help you find the home that will match your lifestyle and personality.

Save Time and Hassle: Get Pre-Approved!

So you’ve decided to stop paying rent, or perhaps you still live with your parents and have decided it’s time to leave their nest and start your own.  The best place to begin is by examining your finances.   When you have your financing arranged before you start looking for your home, you can save yourself a lot of time and hassle.  

First: take stock of your income and expenses, both current and projected, to get an idea of what you think you can comfortably manage to pay each month. 

Second: shop for your loan.  Check with local banks and/or a mortgage broker. You should compare interest rates, broker fees, points, prepayment penalties, loan application fees, etc.  After you’ve decided which mortgage “store” you want to use, ask to be “pre-approved. ”

Now that you’re approved for your home loan, call a REALTOR(R) and go shopping at CurryCompanies.com.

TO BUY or NOT TO BUY: That Is The Question

No one can deny the housing market, nation-wide, has been in a slump the past several months and recovery has been slow to take place.  However, what has taken place has created a Buyers’ Market – an ideal time to buy.

Most areas, including ours, have an abundance of available houses for sale.  According to the National Association of REALTORS, available homes are at a 15-year high. When housing inventory is high, it puts sellers in a position that necessitates competitive pricing.

Not only is the supply of available houses high, mortgage interest rates have remained at record lows. (Check out FreddieMac for average mortgage rates.)

Buyers who are pre-approved have incredible negotiating power, and financing options are available for those with a steady income and good credit.

It’s a simple equation: Motivated Seller + Low Mortgage Rate + Qualified Buyer = A Happy Homeowner.

Whether you are listing a home or look to buy a home, we’d like to help.  Visit us at CurryCompanies.com for all of your Real Estate needs.