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Keith & Kinsey Schulz's Advice

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  • 87 Contributions
  • 5 Best Answers
  • 16 Helpful

Keith & Kinsey Schulz wrote:

are we entering a bull market?

Answer
I agree with KerryAnn. Inventory of good well priced homes is quite low in the Madison area, and this is having upward pressure on prices. However, this is the natural cycle of a real estate market. It transitions from a buyers market to a sellers market and back. There has also been limited rental inventory which is putting upward pressure on rent prices too. So, your housing prices are probably headed up whether you buy or continue to rent. At least buying a house, you can lock in your mortgage payments. You can't lock in your rent payments for very long. Madison has a very stable real estate market history. Sure we suffered a decline in the down swing, but our prices only dropped 10-15% while many areas dropped 40-50% or more. If I were in your shoes I would go ahead and buy. Of course there is never a garauntee that prices will continue to go up, but that's a risk you take with owning real estate. Just look at the long term trends though. The house my parents bought for $29,000 in in 1970 is now worth $210,000. [contact information  deleted by Zillow moderator. Please see our good Neighbor Policy for posting guidelines]
5 days ago
(0)

Looking for the value of our home

Answer
I would suggest contacting a local real estate agent and asking them to do a market analysis on your property. Most agents will provide this as a free service in the hopes that they will get your listing if/when you decide to sell. 
April 11
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i replaced my roof and siding on my home is that tax deductible

Answer
I'll disclose, I'm not a tax adviser or accountant, so it doesn't hurt to double check. To my understanding though, repairs and improvements on your personal residence are not tax deductible. If it is an investment property or business, it could be deductible.[hotlink deleted by Zillow moderator] that explains common home owner deductions and common rental owner deductions. 
February 17 2013
(0)

I found a foreclosed home in my area and they are asking 163,900 for it, can i make an offer for les

Answer
You can definitely offer less on any asking price. However, the question is will the bank accept your offer. In most short sale situations, the seller doesn't really care how much they get, but the bank does. Often short sales are not preapproved by the lender. This means that a full price offer may not even be approved by the bank. I'd suggest discussing your options with a local agent who knows the property.
January 20 2013
(0)

When being pre-approved for a house, what is the first thing creditors look for?

Answer
Credit, debt to income ratio, job history, and income are the biggest things the look at.
January 20 2013
(0)

Should the house inspection be done before of after the bank's appraisal?

Answer
It's entirely dependent on your contract and your lender. The lender is the one who orders the appraisal and often they can't them done prior to the inspection contingency. In most cases, we write offers with 10-15 day inspection contingencies, and 25-45 day appraisal contingencies. [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
December 20 2012
(0)

Should we Refi or not?

Response
If you refinanced on a 10 year loan at 3% and payed it at a rate that would get you paid off in 6.5 years, you'd be paying close to $1390 per month anyway. You should be able to get closer to 2.5% on a 10 year though. You'd probably come out slightly ahead in the end. However, if your planning to get it paid off within 2 or 3 years I wouldn't bother with the hassle. [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
December 20 2012
(1)

New Construction closing cost is higher?

Answer
If you our buying a builder spec home (meaning it was already built and you didn't have a construction loan) closing costs shouldn't be any different then buying an existing home. However, if you had the house built using construction financing, there are additional fees that the bank charges for inspections, and construction draws at 3 or 4 points throughout the process.What is the break down of this $16k, because it does seem outrageous? We just built a house (hot link deleted by Zillow moderator) We did construction financing through a local bank, and I don't think we paid more than $2800, in closing costs for the whole deal (from lot purchase to construction loan ARM to conversion to fixed rate loan).I would definitely be drilling my lender with questions if I was in your position.
November 23 2012
(0)

Will PMI for 30 year FHA be cancelled automatically after 80 loan to value ratio?

Answer
As Justin said, 78% of the appraised value at the time of your loan is when PMI automatically terminates. Although, if your property has gone up in value there are other possibilities to get it canceled if you are willing to pay for an updated appraisal. See this blog: (deleted by Zillow moderator. Please see our Good Neighbor Policy) for more info.
November 23 2012
(0)

Why should I use a real estate salesperson?

Response
Why wouldn't you it's free? (hotlinks deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines) There's 12 reasons other than the cost explained in the blog. I just had a friend who moved out of state and thought he could save himself the equivalent of half the commission on the purchase price by not using a buyers agent (which is the thought of many buyers). Against my recommendation he tried to negotiate with the listing agent on his own. The listing agent out negotiated him and kept her full commission. This method does not work to save buyers money. 
November 16 2012
(0)