Category — For Buyers

It’s a topic discussed in most major lifestyle magazines and on your favorite home decorating shows—feng shui. While enjoying new found popularity on this half of the globe, feng shui is an ancient art that has been practiced for centuries in China. Meaning “wind” (feng) and “water” (shui), this ancient discipline is used by many to create a harmonious home environment, and its principles can be applied to almost any decorating style. In addition, using feng shui techniques can attract potential buyers by increasing the perceived value of your home. Below are a few tips on how to harness the energy and vitality of feng shui within your own home.

Reflecting disharmony. Remove or cover large mirrors in the bedroom if you don’t sleep well.

Room with a view. Place your bed to give you the widest view of the room. Your bed shouldn’t be in direct line with the door. Paint the bedroom walls in a color scheme that is both pleasant and inviting.

Calming sounds. Hang wind chimes outside your front door to create a soothing environment for occupants and guests.

Writing on the wall. Try to avoid having completely bare walls. Group together non-personal pictures or hang up interesting art pieces in a diagonal or staggered pattern.

Go with the flow. Place a blue or black doormat at your front door to encourage good things to flow in like water.

The color of love. Include the romance colors–white, pink and red–in your room. But don’t overdose with a red wall because too much red can trigger anger.

Plants for energy. Healthy plants generate positive energy. Avoid dried flowers because they have no energy left.

Look overhead. Move beds, couches and desks from under any overhead beams to keep energy flowing.

Less is more. When arranging furniture,less is better. Too much clutter can restrict the potential of a great room.

Create positive impressions. Keep counters clean, closets organized and clutter concealed in order to project an organized and stress-free environment for you and your guests.

Reprinted with permission from Buffini & Company.

We are seeing more activity in the real estate market recently and it is due in part to Canadian and European home buyers. The Canadian Dollar is on par with the US dollar and many Canadians are seeing this as an opportunity to jump in the real estate market and find a beach home or condo in the Clearwater / St. Petersburg area. The strong Canadian currency and also the sub prime mortgage crisis has made way for many bargains. We are receiving phone calls on a daily basis about our short sale and pre-foreclosure properties. The home buyers are out there in the marketplace and they are looking for deals. In order for a home to sell in this market, it must be the best priced, in the best condition, and be in the best location. The market is too competitive to be anything less.

Here are a few items for Canadians to consider while shopping for homes or condos in Clearwater / St. Pete:

• Who will take care of our property while we are not in town? It is important to have a local contact for someone you trust in the event the property needs care or maintenance. Many buyers prefer condos because most aspects of the exterior of the condo are maintained by the condo association through their monthly fees.

• What is the best location in Tampa Bay? The best location is a personal preference and must be experienced in person. I don’t recommend buying a home or condo in the Clearwater / St. Petersburg area sight unseen. The quality of life varies from one location to the next. Vacation here or stay a while and get to know the area layout before deciding on a final location. We can help you narrow the choices and find the best deals.

• What are the property taxes? Property taxes are reassessed after the sale of the property. The property taxes are based upon the local millage rate and multiplied by the taxable value of the property. You will not inherit the previous owner’s tax amount. There are 54 taxing entities in Pinellas County, so it is important to consider your tax consequences when purchasing a property in Florida. Starting in 2009, there is a 10% tax increase cap for vacation and rental homes. We can help you estimate your tax amount.

• What about homeowner’s insurance? Homeowner’s insurance is available and can be obtained for vacation and rental homes. We have several vendors available to quote rates when a property has been selected.

• How long can we stay in the US? As a non-citizen, a Canadian can stay in the US for a maximum of 6 months regardless of whether or not they have a residence in the United States. Check with the authorities to make sure this is accurate and up to date.

• Is now a good time to buy? Absolutely, there are more properties on the market than we have seen in years. The heavy competition is pushing real estate prices to new lows and bargains are everywhere.

In a perfect world, you sell your old home and buy the new one on the same day. Given that things rarely turn out perfectly, here are some things to keep in mind as you negotiate the sale of one house with the purchase of another.

Time it right

Fall and spring are the best times for homes to move and you want to consider the season of the year when buying and selling. And if the closing dates aren’t going to coincide, a gap – rather than two mortgages – is the better. It’s easier and usually cheaper to find temporary housing than juggle two mortgages.

Selling First

• Selling your home before buying a new one minimizes financial hazards. Even if you have to find temporary housing, it’s generally cheaper than two mortgages.
• Get an appraisal first thing off the bat. That way you’ll have a good idea how the sale of your home will effect your purchasing power on the new one.  This will help keep you from over extending your mortgage abilities.
• Get pre-approved on a loan for the new home.
• Until most of your contingencies have been met, wait to put an offer on a new house. You don’t want to be left holding the bag, or in this case, the house.
• If you’re ready to accept an offer on your home, but haven’t found the right new home, negotiate a long escrow or a sale/lease back. This will give you more time to look for the new home. Otherwise, look for temporary housing.

Buying First

It happens. You’re only thinking of buying, and suddenly the right home shows up. Now you have to sell your old home quickly. Here are some tips on making things work in your favor:

• Negotiating a long escrow on this side of the sale works, too. You can also make the purchase contingent on your house selling. This will work better in a slow market, but it’s worth a try in any market. You never know what may also work best for the seller of your new home.
• Try and schedule the closing date of your current home prior to the closing on your new home. Temporary housing is generally a better situation than two mortgages.
• Take a close look at what price you’re going to ask for your home. Make sure it’s realistic in the current market.
• When you get an acceptable offer, check the buyer’s financial history. You don’t want any surprises that are going to delay things. If you’ve closed on the new home, but haven’t sold the old one, consider renting it out, or taking it off the market until the next season (or until the market improves).

Same Market or Across Country

Generally, if you’re buying and selling in the same market, you can negotiate closing dates to work for you. But when you’re dealing with a cross country move, it’s a lot harder. A real estate professional really comes in handy at this point. Legal documents can be faxed or sent via overnight courier and your focus won’t be stretched to the limit. You may end up renting one home or the other, or have to consider a bridge loan. But with someone local in the market on your side, it will hopefully be less stressful.

Show Me the Money

Make sure you have a tight hold on, and a clear understanding of, your financial situation. Cash reserves are always helpful, but never more so than during the purchase of a home. Two to three months is the recommended reserve, but if you don’t have it, this is where the bridge loan comes in handy. Some lenders are more inclined to make a loan if it’s for the purchase of a home. If you’re a smart shopper/seller, you’ll accept an offer from someone who’s flexible about move-in dates. It can save you money in the long run. Too many moves with storage costs can quickly eat up any profit you may have made in the transaction.