Dennis Patrick Smith, e-Pro SFR

When people talk about homes, they always mention the schools. Some people move specifically so their kids can go to a certain school. Yes, home values are higher in areas with better schools, and this is something that's very important to consider when buying or selling a home. Even if you're not planning on having children, it makes an impact on value, so keep your eye out.

Now, there's no quantifiable correlation between schools and home value. It's not a simple formula with a few variables available; anyone in real estate knows there's a connection, though. Why? Simple -- everyone wants their kids to go to a good school. Now, do expensive homes beget good schools because of affluent neighborhoods (higher priority on education, more taxpayer money going into the schools, etc.)? Or do good schools themselves boost property value? It's one of those chicken-and-egg conundrums and there's no real answer for it.

The bottom line is that regardless of how it started or how it's calculated, we know that established good schools are in demand, and many people will strategically move to go to those schools. If you're selling in that neighborhood, then you're in luck as these homes will be in demand even during a recession. If you're buying, you might want to strike early while the market is hurting, as these values will definitely increase when the economy hits its stride again.

Walking away from a mortgage you can still afford to pay has many consequences, including a major blow to your credit score and more years before being able to purchase a home again.

Some homeowners believe that the credit score hit is worth getting out from a deeply underwater mortgage. After default, these former homeowners reason, they can raise their FICO scores by paying all their bills on time and eventually finance another home purchase.

Don't count on it. While homeowners who default due to economic hardship, such as a job loss or divorce, normally must wait two to five years before buying a home again, people who walk away from their mortgage have to wait seven or eight years before being able to obtain another mortgage to buy a home again.

Credit scores are only one component of a complete credit decision by a banks underwriter. Underwriters scrutinize records very closely and look at several factors in determining whether to grant mortgages, which include: the amount of money borrowers have in the bank; employment histories; payment history, credit history/scores, past mortgage defaults, etc.

If an underwriter finds no precipitating factors leading to the defaults such as job loss or health issues, the repaired credit score won't overshadow the black mark of a walkaway.

Once seven or eight years pass and a walkaway tries to get another loan to purchase a home, the lender will require a down payment of 30% down or more and be charged higher interest rates above the levels other borrowers with similar credit scores would receive.

Just about all of us have seen our home values fall to some degree in the past year. Rather than wait for them to naturally increase, you can take charge and try to generate some of that value yourself. Here are some simple things you can do to increase your home's value.

-Renovate the kitchen: An impressive kitchen wows everyone, doesn't it? And a lot of this stuff can be handled by any handyman with a little bit of gumption. From appliances to lighting, this can be done fairly inexpensively just by paying for materials from the hardware store. Re-tile your counters, swap out your fixtures, put in energy-efficient lighting. Manufacturers sometimes sell just the panels for appliances, and a modern-looking panel can look impressive for cheap.

-Renovate bathrooms: It all starts with cleaning, but from there? A trip to Home Depot could get you materials for toilets, mirrors, sinks, even tubs and showers. If you're not looking to get into detailed plumbing work, replacing toilets and sinks are still fairly reasonable, and you look at things like lighting and cabinets to fix up.

-A home check-up: The worst thing that could happen is if your home is under inspection and you find problems in wiring or plumbing. If you get this taken care of prior to putting your house on the market, you'll be worry-free when it comes to this, and you'll also have the opportunity to replace/clean-up any problems. Boasting about new wiring or plumbing is a strong selling point and it makes inspections far easier.

-Yard work: We all hated doing yard work as kids, but now it comes with something much more than an allowance. From paving stones to retaining walls to flower beds, a lot of this can be done by yourself as long as you're willing to put in the effort. You don't even necessarily have to have a green thumb, as you can look at things like fountains and patio treatments instead of an overload of plants. Strong, attractive structural items like these can increase a home's value, and there's no doubt about the curbside appeal of a pretty garden.

Thanks

Dennis

Seminole Florida 33772

Here is one of the most important things you need to know about Buyer Representation: we get paid by the seller at closing.
Our service is 100% free of charge to the buyer!

Purchasing property without representation can be complicated, and can even be risky. The market is constantly changing. An experienced Realtor can help you avoid costly mistakes, find you the best home value, and make your home buying or relocation experience an enjoyable, stress-free process.

Although at no cost to the buyer - there are tremendous benefits of working with a Buyers Agent. Here are just a few of those benefits:

• The Buyer's Agency works exclusively for the Buyer
• Access to all properties for sale
• The Buyer's Agent negotiates the best price and terms for the Buyer, and not the seller
• Access to the latest up-to-date market trends and information
• Access to the best home inspectors, lenders, and contractors
• A full time Real Estate professional agent working for YOU! The first-time home buyer especially, will appreciate our thorough and easily understandable explanations as each step of the process is encountered. With Pride of Texas guiding your way, you will always know exactly what's going on, and be provided the professional advice and information with which to make informed decisions.

Here are some of the steps we take to help you find and purchase the home of your dreams:

• We will work with you to help you get pre-approved for a mortgage if need be. Sellers and their agents know that a pre-approved buyer is serious and prepared to close on a property quickly.
• Provide immediate access to any new listing that meets your specific search criteria.
• E-mail your specific home requirements to top producing agents in the area, alerting them that we have a qualified purchaser.
• Preview all New listings, Internet listings, Open Houses, and For Sale
  By Owners that suit your home requirements.
• Provide a comprehensive market evaluation of all properties you choose to view.
• Offer step-by-step communication and detailed explanation of all processes leading to the transaction closing.
• Provide consultation and recommendations of the written offer to purchase, with terms approved by you.
• And perhaps most importantly of all - Negotiate the right price for you.