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How Home Buying Habits Have Changed

by Rose Price

WISHING YOU ALL A VERY MERRY CHRISTMAS!

by Rose Price

As 2014 comes to an end, I want to Thank all of you for your faith and trust in me to handle all your Champaign/Urbana area Real Estate Needs!

I've lived here for 20+ years, and know the area so well, and love to share with my past and present clients all the great reasons to live in the Champaign/Urbana area.

I'm looking forward to 2014 and all the possibilities it will bring for all of us. Please check out my new site...downtownchampaignrose.com to learn everything you need to know about Downtown Champaign, Midtown and Campustown.  I'm so excited for this site to go live...it's going to be incredible!

In closing, I wish you and your families an abundance of Christmas blessings and a happy, healthy & prosperous NEW YEAR!

5 Reasons Why You Need To Close On A Home Before Years End!

by Rose Price

Are you debating  whether or not to make an offer on a home before the New Year begins?  Well....STOP deliberating and get out there and submit the offer!  Between changing lender rules, mortgage rate hikes and the 2013 tax benefits;   closing before the end of the year can mean significant financial benefits.  

Here are five ways you WILL benefit by closing on a home before the end of the year.

1)  New Year means new lending rules.  Lending rules are changing on Jan 1st, and that means it could become more difficult to get a loan. The new rules will allow you to borrow less, at your same income level!  The current 2013 mortgage borrowing rules allow for a 45% total debt-to-income ratio.  This ratio does go down to 43% in 2014,  meaning you will have to make or reduce your debt in order to buy the same house you are currently living in.

2) Avoid rising interest rates. Although mortgage interest rates are still pretty attractive, they are up 1-2% over last year during the same time period.  The Mortgage Banker's Association is predicting that mortgage rates will rise to around 5% in 2014.  If you decide to buy now and the rates drop...you can always refinance, but if you wait...you are stuck.

3) Maximize tax deductions.  Although this is the most commonly thought reason for closing on a home before years end, it is also a very important one.  You can start deducting mortgage interest and building equity immediately.  Also, because some closing costs and points are deductible, you can start deducting them the year you purchase the home,  so they can be included in your 2013 tax return!  If you wait even 3 days into the new year you will not be able to take any deductions until years end of 2014.

4)  Easier financing.  Are you waiting for home prices to decrease?  Don't!  It is quite possible that the mortgage rule changes for 2014 will make it more difficult to get financing.  So if you are waiting to "save" a few bucks waiting for home prices to decrease, you may put your ability to purchase a home in jeopardy,  if you cannot secure a mortgage at all!

5) Lower Sales could mean higher inventory.  Look at it this way...it's the "After Christmas" sale...before Christmas!  Even though 2013's theme was low inventory and higher home prices, the fourth quarter has always seen a slowing down of the housing market, and 2013 is no exception.  Housing sales have declined since September, so the inventory has increased, but the constrained inventory still means double digit year-over-year gains.  What does that mean to you...you may secure a GREAT DEAL IN DECEMBER!

At ChampaignRose, I are here to answer any and all of your real estate questions, help you find the home of your dreams or get your home ready to be put on the market.


Source:  RISMedia

Pretty winter snowfalls and glistening trees are a beautiful sight here in Champaign/Urbana IL, but the bitter temperatures, howling winds and icy precipitation can turn into a dangerous winter storm very quickly.  Are you ready?

First, you need to make sure you are in a safe and warm place.  If you are using your fireplace for warmth, make sure you use all the fireplace safety precautions.  Using candles are almost always the first thing that comes to mind, but make sure you never leave them unattended or close to combustibles.  Also, if you are using a generator, make sure it is outside of the home only, in order to provide proper ventilation.

Anticipate a power outage.  Close off any unused rooms and turn your heat up...this allows the home to heat to a much higher level, allowing it to retain the heat longer during an outage. Allow water to trickle from your faucets to prevent pipes from freezing.  Make sure your battery powered flashlight, radios and other electronic devices are fully charged and ready to go.  You should also have a first aid kit readily available, should the need arise.

Check your supplies.  It is important that you make sure you have enough heating fuel for your home and generator, or a stockpile of dry wood for your fireplace or wood-burning stove.  Snow-blowers, shovels and melting salt should be on hand to keep all walkways clear.  You must also make sure you have plenty of non-perishable food, water, medications, warm clothing and blankets for you and your family to cover several days of need.

Stay inside your home.  If at all possible, you need to stay at home and off of the roads.  If you go outside to clear snow, make sure you are dressed in loose layers of clothing to prevent any frost-bite or hypothermia; this will also keep you the warmest while out in the elements.  If you MUST use your vehicle, make sure you have sufficient gas and an emergency roadside kit, should you need to pull off the road.  Always stay clear of downed power-lines!  Additionally, it is important to have your gas tank at least half full at all times, to prevent gas-line freeze.

Take care of your pets.  You need to treat your pets to the same precautions that you yourself would use.  Make sure they have plenty of food and water, and when they need to go outside that they are only out for a few minutes at a time.

Winter in Champaign/Urbana is a wonderful and beautiful season, filled with sledding, skiing, and other fun winter events...but you need to be prepared at all times for the weather to turn dangerous.

If you need any other valuable information about the Champaign/Urbana IL area, please feel free to contact my office at Champaignrose, and I'll be happy to help in any way I can.

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Rose Price
Landmark Real Estate
One East Main Street, Suite 200
Champaign IL 61820
217-202-8843
217-352-1933
Fax: 217-378-1281