Classic Properties REALTORS ®



Posted by Classic Properties REALTORS ® on 9/1/2019

The advancement of technology has inadvertently aided the schemes of scam artists, and even though people are now aware enough to avoid being scammed through texts, calls, and emails, technology has only given these scammers new sophisticated ways to maintain their level of menace in the world today through the use of the internet.

Address fraud, a type of identity theft, is one of such ways that scammers dupe people. The change of address process for someone who is moving is unbelievably simple as one fills in a form online or on paper, and all that is needed is mover's name, old address, new address, and signature. 

This change of address form is so that mail redirects to the new address and homeowners that move don't miss any mail. The simplicity of this process is also what makes address scams easy, and frequent because really, all they need is a name, the address, and a forged signature and every single piece of mail redirects to wherever they want it to go. This simplicity gives them access to credit card information and very personal information like bank statements, and health care statements.

In fact, the clutter moving creates makes it hard for them (the movers) to notice any missing mail giving these scammers days, and sometimes even weeks to cause havoc. There are different ways to protect oneself from this kind of fraud and they include;

Make a switch to paperless communication 

Request all important documents like bank statements, insurance statements, and other materials with sensitive information to be sent via email not physical mailbox anymore. As long as you have hard-to-crack passwords and are security conscious, this should deter identity theft and online fraud. 

Protect new information 

Tell as few close friends about the new address as possible. Keep documents containing information about new address away from outsiders. If some of these documents need discarding, it's best to shred them to bits first. 

Update address

Take note that to prevent cases of fraudulent change of address a confirmation card is sent to both the old and new address. The mail should be checked daily to detect and report any suspicious change that wasn't put in effect by the mover. Notify the bank, school, utilities (electricity, phone, tv, gas, etc.), and every other service utility about the move as soon as possible. Don't be put in a vulnerable position when something as little as a loyalty card gets sent to the wrong address, letting all the wrong people know of the recent move.

Be sure to complete your mail change forms correctly before moving and confirm that it is done correctly to avoid being scammed. 




Categories: Real estate   Moving Tips   homeowner  


Posted by Classic Properties REALTORS ® on 7/21/2019

Every homeowner knows how difficult it is to maintain a household. There are so many things that could go wrong in one’s life that committing to significant home payments may cause trouble.

Those who have been in debt knows that the reality of real estate is that it goes up. The value of your house would increase with the limited inventory and the high demand for homes. 

Refinancing is always a viable option for every homeowner. With that, if you are asking if refinancing is a good step for you, the following should provide an answer:

First, refinancing is not a one size fits all kind of solution. It has different types which would determine if it is the right step for you.

There is a cash-out refinance which allows the homeowner to take advantage of the increase in price and replace the existing mortgage with a new one. Every person should know, however, that taking out cash-out refinancing is not good for those who cannot handle their payments in the first place. It renews your loan and extends it for a period, but it is not always a solution for those who lack self-control.

There is also a rate refinance where you would renegotiate the interest rates that you are paying. This one is a good step for those who are willing to pay off some of the debt through the equity and place it directly on loan.

Second, refinancing is not free. A common mistake that people think is that their refinancing option is open, so they get shocked when they have to pay about a thousand dollars for it. If you are in a position where you can afford a thousand dollar lost for tens of gain, it should be a good step for you.

Third, refinancing extends the term of your loan. You may feel like you get out of debt with refinancing but what you are only doing is reaching the end of your credit, and you are still in debt.

Now that you know some facts about refinancing, you can make a better decision if it is right for you and your mortgage. A financial adviser could advise you, but it is you who ultimately makes the decision.

Keep in mind that in case you need to ask more questions, you should ask a real estate professional and seek help from the experts.




Categories: Real estate   Mortgage   refinance  


Posted by Classic Properties REALTORS ® on 6/2/2019

First-time homebuyers are prone to making a lot of mistakes when it comes to picking a home, due to many reasons—one of which is just plain old inexperience. If you plan to buy your first home soon, these are a few things you want to avoid.

  1. Not having a budget. It might surprise you to know but a lot of first time home buyers don’t have a spending budget before they start looking. Or sometimes, they look at houses that are way over what they can afford and end up spelling more money than they ought to. It's always better to clearly define what you are willing to spend on the new house and stick with it. That way you have a more comprehensive search scope that you can share with your realtor.
  2. Being overly emotional. Sometimes you see a house that looks like the builder intentionally had you in mind. But sometimes it's better to put your emotions in check because it might reduce your bargaining power with the seller. Being too excited might even make you oblivious to specific reasons why the home may not be a good fit for you.
  3. Not factoring additional costs of renovations and home improvements. Having a budget and firmly sticking to it is not enough, you also have to take into consideration the costs of any home additions or repair work you think of doing. You want to change the lamp fixtures or faucets in the showers? Be prepared to spend a little more.
  4. Underestimating the costs of maintaining the home. Sure, you get to buy the house at a giveaway price but have you stopped to consider what it will cost you to keep the house in that condition? Lots of first time home buyers don't do this. Electricity bill, gas bill cable bills, and even homeowner association fees are things that any home buyer should consider before concluding on any deal.
  5. Not hiring an agent. Winging it on your own is probably the most common mistake first-time buyers make. In a bid to save some money, they neglect to hire an agent of their own and choose to work directly with the seller or even worse, the seller’s agent themselves. More likely than not, what’s going to happen is a novice buyer who finds himself outclassed by an experienced salesperson.

Whatever you do, avoid these mistakes by contacting a real estate professional in your area.





Posted by Classic Properties REALTORS ® on 5/5/2019

There are different kinds of mortgages available to prospective homeowners today. The right mortgage for you will depend on a number of factors, including your level of income and credit rating. While there are numerous mortgage products available to buyers today, they will mostly fall under the categories below:

FHA-Backed loans

Most folks getting a home for the first time will purchase it with the help of a Federal Housing Administration loan. Introduced back in the 1930s after the Great Depression, these loans are insured by the government and hence come with attractively low-interest rates. Since the government backs them, even folks with a bad credit score can confidently apply for FHA loans. If you can't raise all of the down payment the seller is asking for, an FHA loan is ideal. 

VA loans

This kind of loan was established by the US Department of Veteran Affairs to enable former members of the nation’s armed forces to buy homes. You can also access this type of mortgage if you’re the spouse of a deceased veteran. Those who fit under this category can get a mortgage even without a down payment. 

Fixed-rate mortgage

If you want to buy a house to stay in for the long haul, a fixed-rate mortgage is a good idea. With this type of loan, the interest rate will remain fixed for the duration of the mortgage. If economists are projecting a rise in interest rates, you can cushion yourself from higher repayments with a fixed-rate mortgage. The predictability of this type of mortgage is ideal for planning since the payment consistency makes it easy to budget your paycheck. While this protects you if the interest index rises, you won’t benefit if there is a fall in the interest index. 

Adjustable rate mortgage

If you’re confident that interest rates will decline soon, this kind of mortgage will help you take advantage of that trend. Should the interest rate dip, you can expect your monthly repayments to reduce accordingly. 

Despite the name, the interest on the mortgage is usually not flexible for the duration of the loan. The loan starts with a period of fixed interest followed by a period where it becomes adjustable. Such an arrangement will work well for you if you intend to sell the house before the end of that initial period.

Find out the kind of loan you qualify for and see if you can push for better terms. Not sure where to apply? Ask your real estate agent about their recommended lenders.




Categories: Real estate   Mortgage   homebuyers  


Posted by Classic Properties REALTORS ® on 3/24/2019

If you intend to list your house in the weeks or months to come, it usually pays to assess real estate market data. In fact, there are many reasons why you should conduct housing market data analysis, and these include:

1. You can learn about the ins and outs of the real estate market.

Let's face it – navigating the home selling process can be difficult, regardless of whether you've sold houses in the past or plan to list a home for the first time. Fortunately, housing market data can help you better understand the real estate sector, increasing the likelihood that you'll make informed decisions at each stage of the home selling journey.

Remember, evaluating the prices of available houses in your area, finding out how long these residences have been listed and reviewing other pertinent housing market data can make a world of difference. If you use this information to understand the current state of the real estate market, you can boost your chances of enjoying a fast, profitable home selling experience.

2. You can determine a competitive price for your house.

What you originally paid for your house is unlikely to match your home's current value. Luckily, you can analyze real estate market data to find out how your house stacks up against the competition and price your residence appropriately.

Look at the prices of local residences that are similar to your own – you'll be glad you did. If you study this pricing data closely, you can narrow the price range for your house. Then, you can establish a competitive initial asking price for your house.

3. You can reduce the risk of encountering home selling pitfalls.

Want to avoid setting an initial home asking price that is too high or too low? Or, do you want to ensure that your house is buyer-ready from the moment that you add it to the real estate market? If you evaluate housing market data, you can obtain the insights that you need to avoid potential problems during the home selling journey.

Lastly, if you need extra help as you prepare to sell your house, you may want to hire a real estate agent. This housing market professional can provide you with a wealth of real estate market data and offer expert home selling recommendations. That way, you can optimize the value of all of the housing market data at your disposal.

Let's not forget about the comprehensive assistance that a real estate agent offers as the home selling journey progresses, either. A real estate agent will help you list your house, promote it to the right groups of buyers and negotiate with a buyer's agent on your behalf. And if you ever have home selling concerns or questions, a real estate agent will gladly respond to them.

Take a data-driven approach to selling your house – perform real estate market data analysis, and you can gain the home selling insights that you need to succeed.