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…

Looking Forward to 2011

The new year is well underway with 2010 in the past.   Last year was definitely a year of challenges leaving many people anticipating the new year… fresh starts, new beginnings. 

It’s great to have a positive attitude.  Better economic times WILL come.  In the meantime, what an opportunity to  polish skills, learn new things, and strengthen accountability practices to create new and improve existing relationships, both personal and business.   Last year, a combination of these was put into action prior to and with the launch of Curry Companies’ website.  The site will continue to be a work in progress providing visitors with a wealth of information pertaining to what Curry does best—Insurance, Construction, and Real Estate.  In addition, the Helpful Links provides contact information for area attorneys, banks, city governments, hospitals, schools, and even veterinarians, just to  name a few.  Most recently added is a Video Library that answers just about any real estate-related question ever asked. And, in keeping with the times, Click to Call and Click to Text features are now available from the site, and you can join Curry Real Estate on Facebook and Twitter. 

Curry Companies has come out of its comfort zone and is embracing technology.  However, no one can dismiss the need for face-to-face meetings for building stronger relationships and connections.  Therefore, as Curry Companies continues into 2011 providing the technology people have come to expect, our door will always remain open, and customers and clients will continue to be warmly greeted with friendly smiles and a polite, “How may we help you?”.

HOUSING MARKET UPDATE

This blog entry is to answer what has become a popular question directed to the real estate agents here at Curry Real Estate:  “How’s the real estate market doing?”

Home sales reached a peak back in 2007, and shortly thereafter, started its downward spiral nationwide.  Here in the Heart of Georgia, the housing market hasn’t suffered to the extent larger cities have but, it has been in a decline; there’s no denying it.   We’re fast approaching the end of 2010, and home sales this year have been intermittent, and that’s okay.  Recovery will not be overnight.    National Association of REALTORS® chief economist, Lawrence Yum, recently stated “A housing recovery is taking place but will be choppy at times…”  He went on to say, “the overall direction should be a gradual rising trend in home sales.”    

The decline in the housing market won’t last forever.  Recent national press reports are letting people know that it’s a great time to buy a home because of the strong buyers’ market especially for families ready to settle down.  The savings today’s buyers are receiving are not a one-time benefit.  Fixed rate mortgages are staying around 4% for 30 year conventional.  Buyers with super-low fixed rate mortgages like this will save money every year they are living in their home.   Buying a home during this time will  be a tremendous investment and can help build wealth over the long-term.   Knight Kiplinger, Economic Journalist, stated in a recent column, “With your expectations duly tempered…go ahead and buy.  In a few years, you just might be pleasantly surprised.”   We could not have said it any better.

For more information or to see available houses for sale, please call one of our REALTORS®, at 478-272-2335, or visit CurryRealEstate.com.

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.

A LITTLE SOMETHING ABOUT HOME INSPECTIONS

You’ve found a house you’d like to purchase and perhaps are wondering if you should have it inspected.  Everything you see as you walk through and around the home looks great, but what about those items not so visible?     

The purchase of a home is the single largest investment most people will make, and having a thorough home inspection will make you aware of the true condition of the house you are considering to make your home.   If you’ve ever purchased a used car, more than likely you took it to a mechanic to have it checked out before you handed over any money for the car.  So, why not check out a house which has a lot more things to inspect?  

You can expect to pay $300 to $400 for the inspection.  The cost, however, will vary depending on the age and size of the home.  The inspector will evaluate items such as the roof and other structural items, mechanical, plumbing, and electrical systems.    A thorough home inspection will take an average of 3 hours; again, it depends on the age and size of the home.   Although you will receive a detailed report on the findings, it’s a good idea to be present during the inspection to get a better understanding of the inspector’s observations and have an opportunity to ask questions. 

Most often it’s a buyer who hires the inspector, but it’s also a great idea for a seller to have a pre-listing inspection performed.  This gives reassurance to both seller and real estate agent that the house they are preparing to put on the market has no surprises awaiting them later, and may also eliminate last-minute negotiations regarding a sale when a buyer uncovers a needed repair.  

For more information on home inspections and a list of certified home inspectors, ask a professional real estate agent with Curry Real Estate.  You can also find a list of home inspectors on CurryRealEstate.com under the Helpful Links section.

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.

You’ve Sold Your Home. Now What?

Now that all the closing papers have been signed and the keys handed over to the new owners, there’re a few things to remember.    

File all paperwork related to your closing in a place that you can easily access later.  You will need documentation of expenses and proceeds when you file your taxes.  Hopefully, you’ve kept all receipts from home improvements.  The IRS allows you to add the cost of improvements to your home’s cost basis during the time you owned the home.  (Consult your accountant for more precise information.)  There could also be tax credits available for upgraded items. 

If you sell but don’t have plans to immediately buy a new home, put your cash into a safe place that will give you a reasonable rate of return.

When you’re ready to buy your next home, visit CurryCompanies.com for the best of listings in the Heart of Georgia.