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Avoid house-rich, cash-poor pickle
DEAR BENNY: I am 58 years old and married. I have 22 years left on my 30-year mortgage, which is at 5 percent. I have a Roth IRA. I have some extra money to invest. In this current economy, what might you suggest? Should I pay money toward the principal on my mortgage? Put it in the Roth? I lost money in the stock market (bank stocks), so please don't suggest that I go back into stocks. Thanks in advance for any knowledge you might share.
--Tommy
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Seller financing for today's market
During the recession in 2001, a strong home-sale market was instrumental in pulling the economy back on track. The opposite may be the case now. The economy, particularly employment, needs to improve before the housing market stabilizes.
Low interest rates are helping the home-sale market today, but the housing market is far from stalwart.
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New lead rules affect pre-1978 homes
Many houses, apartments and other buildings that were built prior to 1978 may have paint in them that contains lead. Lead-based paint can pose serious health hazards if not taken care of properly, especially for children and pregnant women. If you live in a home that was built prior to 1978, or if you're thinking of buying or renovating one, this is certainly an issue that you need to be aware of.
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INSPIRATION FOR SEPTEMBER: MATURITY
MATURITY
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Pricing to sell in today's market
Putting yourself in the right mindset to sell is essential. It's the most difficult aspect of selling for most sellers. Your home is worth what a buyer is willing to pay, which may not be what you think it is worth.
Detaching yourself emotionally from your home is difficult. Clearing out years of clutter, depersonalizing your home by removing personal memorabilia, and staging your home for sale can help you step back and view the home as a commodity that needs to be sold rather than as your personal sanctuary.
Putting your home on the market at a price that reflects what you want and not what the market will bear can cost you time and money as it sits on the market unsold.
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REMEMBERING WHY HOME OWNERSHIP IS IMPORTANT
Like most of you, I watch the evening news and read financial reports, including FMLS statistical reports each month with great concern.
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Playing the real estate waiting game
Buyers often are reluctant to make an offer to buy a home they find early on in their search. After looking for months and not finding anything comparable, some buyers regret not having moved quickly on a listing even though they saw it early on.
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SEPTIC SYSTEMS
You won't see many new homes in metro Atlanta built with septic systems. However, but if purchase an older home in Gwinnett or DeKalb, or a new home in outlying counties, you may be the proud owner of a septic system.
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Loan modification “blackmail”
DEAR BENNY: My wife and I received from our lender a repayment agreement for our original mortgage. This was a result of the bank initiating a foreclosure sale, which was temporarily suspended because we agreed to enter the Home Affordable Modification Program.
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PAT'S MAILING ADDRESS
Please use the following address for snail mail. Solid Source Realty does not receive and hold mail for agents:
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