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Make yourself at home in the Tri-State with local Realtor Todd Nelson. Find out current market conditions in the area, what to do to prepare your home to sell, remodeling tips to maximize value, where new subdivisions are being built, about current interest rates and more.

Friday, November 30, 2007

Are you a first time homebuyer?

There are many questions that a first time homebuyer may have when buying a home. Where do I start? The following information may be helpful during the purchase of your first home that was obtained from a marketing flyer from Old Colony Realtors:

First-Time Home Buyer

Top 5 Mistakes

1. They don't ask enough questions of their lender and miss out on the best deal.

2. They don't act quickly enough to make a decision and someone else buys the house.

3. They don't find the right real esate professional who is willing to help you through the homebuying process.

4. They don't do enough to make their offer look good to a seller.

5. They don't think about resale before they buy. The average first-time buyer only stays in a home for four years.

Helpful Tips

1. Be picky, but don't be unrealistic. There is no perfect home.

2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs.

4. Don't ask too many people for opinions. It will drive you crazy.

5. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that suit you best.

6. Don't let yourself be "house poor". If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance or decoration or to save money for other financial goals.

7. Don't be naive. Insist on a home inspection and, if possible, get a home warranty from the seller to cover certain defects within one year.

8. Get help. Consider hiring a Realtor as a buyer's representative. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. And often, buyer's reps are paid out of the seller's commission payment. (The buyer's rep's broker is usually compensated by the listing broker. The listing broker is usually paid by the seller.)

The information above can be used to help in purchasing your first home. There are other options for purchasing a home if you do not have a downpayment or money for closing costs. Be prepared on what those options are before making an offer on a home. For more information on the home buying process, feel free to contact me at todd@toddnelson.com.

Thursday, November 22, 2007

Fox Pointe Subdivison


Another subdivision that has been developed in the Tri-State area is located in Milton, West Virginia. Fox Pointe Subdivision is a restricted development located on the same road as Fox Fire Resort about 1 mile west of Milton just off of Route 60. The subdivision was developed by I.V. Cunningham. Underground utilities, concrete streets, public water, community sewer, and a beautiful entrance are some of the features of Fox Pointe. Lot prices range from $40,000 to $50,000.


There are various lot types available depending on the style home a buyer would like to build. This subdivision is listed by Old Colony Realtors and I am the listing agent. View a slideshow of Fox Pointe by clicking on the following link: http://www.realestateshows.com/show.php?mls=basic&id=228908.



For further information on Fox Pointe Subdivision, email me at todd@toddnelson.com or call me at (304) 733-7158.

Saturday, November 17, 2007

Interest Rates Still Looking Good!

The 30 year mortgage fixed interest rate seems to be holding around the same rate listed in my last interest rate update post in late October. The interest rates have fluctuated some in the last couple weeks, but the fixed interest rate on a 30 year mortgage with some restrictions was around 6.125% with some lenders. That is very appealing when compared to about 6.875% on the same type of loan in months past. If you were on the fence about buying a home in recent days, the lower interest rate might help in making that decision a little easier. Contact your local lender or Realtor for more details on the current interest rate situation.

Sunday, November 11, 2007

What state has the highest home ownership rate?

Have you ever wondered what state had the highest home ownership rate? Believe it or not, West Virginia had the highest home ownership rate in 2006 at 78.4%. In 2006, the national average was 68.8%.

West Virginia has led the country in home ownership since 2003. In 2003, the home ownership rate in West Virginia was 78.1%. In 2004, the home ownership rate was 80.3%. In 2005, the home ownership rate was an outstanding 81.3%.

In 2006, Ohio had a home ownership rate of 72.1%. Kentucky had a home ownership rate of 71.7%. Both of the neighboring states did not make the top ten in this statistic.

What state had the lowest percentage of home ownership? In 2006, New York had the lowest home ownership rate of only 55.7%. For further information on home ownership rates going as far back as 1984, you can visit the U.S. Census Bureau at the following link: http://www.census.gov/hhes/www/housing/hvs/annual06/ann06t13.html.

Friday, November 2, 2007

Positive News For the Huntington-Ashland Metropolitan Area

As the housing crunch hits many areas across the country, there was some good news that could be realized from the annual Economic Outlook Conference hosted by West Virginia University on November 1st. George Hammond, a WVU professor and associate director of its Bureau for Business and Economic Research, spoke about the state of West Virginia's economy. As certain areas are seeing a decline in real estate values, Hammond mentioned our local area. According to Hammond's report, the Huntington-Ashland metropolitan area saw a slight increase in appreciation of home values between 2005-06 and 2006-07. The apprecation of home values increased from just over 4 percent to just over 6 percent.

This is very interesting news especially when you are constantly hearing about the housing meltdown or the bubble bursting. For further information on the Economic Outlook Conference, click on the following link http://www.herald-dispatch.com/homepage/x582738844.

If you have a topic of interest concerning the real estate industry or a question dealing with your home value, feel free to email me at todd@toddnelson.com .