What to Do before You Get Settled in Your New Home

Buying a new house is an exciting adventure to embark on. Whether you are a newlywed just beginning your life with your significant other or a retiree looking to downsize, purchasing a new home is a time of new beginnings. Despite all of the anticipation of owning a new home, there are some housekeeping items that should be taken care of prior to settling in.
 
Committing to a Final Walk-Through
As eager as you may be to finally move in after weeks of paperwork and waiting, completing a final walk-through with your REALTOR® and/or inspector is beneficial. This is the time to make sure all of the requested updates and repairs have been corrected prior to signing the final binding paperwork. Have your inspector ready to make any last-minute notes or perform any additional tests to confirm the state of the home. Investing just a few minutes in this process can save you thousands in expensive repairs later on. 

Making Sure You Have Adequate Homeowner's Insurance
Prior to closing on your new home, it is often required to provide proof of homeowner's insurance. As a new homeowner, it is your responsibility to do your due diligence in researching insurance companies and selecting the best fit for our needs. Be sure to consider different coverage and research terms, such as "replacement cost," "actual cash value" and "depreciation," to help you better understand what you are paying for. Examine your policy thoroughly, select appropriate deductibles and make changes as necessary.
 
Considering Different Contracts
While homeowner's insurance covers many catastrophic events, what happens if your furnace goes out or you have a power surge off-premises that kills your refrigerator? This type of coverage steps in at times like these to help cover losses that are not otherwise covered by homeowner's insurance. A home warranty can be a life saver when it comes to issues that are not detected at the time of purchase or during the walk-through. Home warranties are often serviced by different entities than insurance providers, so homeowners may be out the cost of two policies; however, many think that being safe rather than sorry is worth the cost.
 
Completing Renovations Prior to Moving in
Do you really despise that carpet in the family room? Would you prefer to paint the walls in the bedroom? If so, it is best to complete renovations or household changes prior to moving in. It becomes much more difficult to make these changes when there are people, furniture and belongings in the way. Deciding on what changes you wish to make and establishing a timeline for completing them prior to moving in allows your family to plan accordingly.
 
Switching the Utilities to Your Name
If your new home had previous residents, it would be beneficial to consider changing the utilities over to your name immediately. Some utility companies require a security deposit that will be refunded later after making payments on time. Other companies charge additional fees if services are turned off by the previous owners and then must be turned back on.
 
Changing Your Mailing Address
One of the most simple yet overlooked tasks in new homeownership is the process of contacting the post office to have all mail forwarded to your new address; it can take four to six weeks to get this process fully instated. You can also set up online payments for essential bills or contact companies directly to make sure no important paperwork is overlooked during the transition.
 
Moving into a new home can be very hectic and exciting at the same time. By making a checklist of items to complete prior to settling into your new home, you can rest easy knowing you are prepared for this new journey.
 
As always, I am never too busy for your referrals! 

Beverly Stermer, REALTOR®
Long & Foster Real Estate, Inc. 
16 Gosnell Crossing STE 102
Staunton, VA 24401
Cell: 540-294-3145
Office: 540-997-3300

RISMEDIA, Wednesday, January 04, 2017.  This was originally published on RISMedia’s blog, Housecall.

The Rise of the Basement: Top Tips

Basements are back. With houses at a premium, and a proliferation of DIY how-tos, more homeowners are feeling inspired to reclaim unused space.
 
Updating your lower level is a sound investment. REMODELING magazine's 2016 Cost vs. Value Report put the average basement remodel at $61,303, with a 70.3 percent payback—a far better return than adding a bathroom or garage. 
 
Depending on local regulations, the additional space can often be added to your home's total square footage, making your listing more appealing to buyers and potentially increasing your property's value.
 
To recoup the most from your remodeling efforts, make sure your design and decorating choices are attractive and functional—not too quirky or customized.
 
Tackle any needed repairs, including waterproofing your lower level. Seal your walls and floors first—hire a professional if you're short on time.
 
Since below-grade spaces are usually cool, humid and prone to water damage, consider investing in a dehumidifier and choosing moisture-resistant products in the remodel.
 
Repair or replace the ceiling. Plaster any cracks and replace yellowing tiles. Look for products that are specially treated to resist the growth of mold and mildew. Savvy design choices, like coffered ceilings or wood planks, add style, and the results are easier to achieve than most people think.
 
Make sure your flooring choices stand up to moisture, too. Patch any cracks in the concrete floor, and consider adding a subfloor if the surface slopes or is uneven.
 
Many homeowners gravitate to the warmth and soundproofing effect of carpeting in basements. Low-pile or Berber carpets resist wear and are inexpensive. A moisture-barrier pad between the carpet pad and the carpet adds another level of water resistance and reassurance.
 
Finishing your basement is a wise investment that will reap dividends for years to come. You'll enjoy the added living space now, and realize a healthy return in the future.

RISMEDIA, Wednesday, December 28, 2016

I am here to help you with your real estate needs! And as always, i am never to busy for your referrals! 

Beverly


Beverly Stermer, REALTOR®
Long & Foster Real Estate, Inc. 
16 Gosnell Crossing, STE 102
Staunton, VA 24401

New Fannie, Freddie Program Offers Relief to Delinquent Borrowers

A new program offered by Fannie Mae and Freddie Mac will provide delinquent borrowers relief through a 20 percent mortgage payment reduction, the enterprises recently announced. The program, the Flex Modification, available by or on Oct. 1, 2017, is open to borrowers who are at least 60 days delinquent on their loan. 

The new Flex Modification announced by Fannie Mae and Freddie Mac (the Enterprises) was designed based on lessons learned from crisis-era loan modification programs to help borrowers stay in their homes and avoid foreclosures whenever possible," says Federal Housing Finance Agency (FHFA) Deputy Director Sandra Thompson. "The Flex Modification also reflects input received over the course of extensive engagement with lenders, mortgage insurers, consumer advocates, and other stakeholders. By avoiding the high costs associated with foreclosures, the Flex Modification will result in significant savings for the Enterprises and taxpayers, and it will provide borrowers who face permanent hardships with a sustainable modification." 

"The Flex Modification is an adaptive program that will allow us to continue to assist struggling homeowners in a changing housing environment and simplify the process for servicers to deliver those solutions," says Bill Cleary, vice president of Single-Family Servicing Policy at Fannie Mae. "We believe the program is flexible to adjust for regional and even local differences in housing. It provides the greatest amount of assistance to those areas in need." 

"We're proud to announce the Flex Modification program, a carefully considered and transparent alternative for homeowners who want to avoid foreclosure in today's post-crisis mortgage environment," says David Lowman, executive vice president of Freddie Mac's Single-Family Business. "We believe it strikes the appropriate balance between borrower relief and economic responsibility." The program will replace the Home Affordable Modification Program (HAMP®), which is expiring at the end of this year.

Article from: RISMEDIA, Tuesday, December 20, 2016

For more information, please view the Fannie Mae fact sheet or Freddie Mac fact sheet.

As always, I am never to busy for your referrals! 
Beverly Stermer

Smart Home Revolution: 7 Ways to Take Control with Your Smartphone

Have you ever wondered what goes on at your home while you’re at work all day? Or wished you could remember whether you turned out the light before you left in the morning? If you’ve got a busy schedule that keeps you out of the house, it’s easy to feel out of touch with the security and well-being of your humble abode.

That’s why hooking up your home to your smartphone is the best decision you can make. It’s an easy and convenient way to ensure everything is in order, even when you can’t physically check in. But that’s just the beginning of the benefits. With the right tech, your smartphone can become a remote control for all types of home technology.

Single-Feature or Whole-Home Control – All Through Your Phone
There are plenty of smart home brands and systems that can give you easy mobile control. Some are designed to help you manage one specific product or function—the Philips Hue and its companion app help users manage lighting, while WeMo gives users control over smart outlets. Other systems, like ADT Pulse or Vivint Smart Home Security, offer more universal control, incorporating everything from alarms and cameras to thermostats and locks.

Whether you choose to start small with just one smart gadget or go big with a full-on security system with automation, mobile-connected smart technology comes with a lot of big benefits.

The Perks of Smartphone-Compatible Home Automation

If you haven’t thought of controlling your home through your smartphone before, here are seven ways you can use smart home technology to make your life easier.

Locking the door from your office: This feature was made for anyone who has ever pulled out of the driveway wondering if they remembered to lock the door. With a smart lock, you can lock the door no matter where you are. Plus, you’ll never have to leave a key under the mat again. When you’re on vacation, you can let the neighbor in to feed your cat—even if you’re lounging on a beach halfway around the world.

Closing the garage door after you’re long gone: Remote controls for garage doors are nothing new, but the same technology that allows you to lock the front door from across town can upgrade your garage door control range far beyond the driveway. Some apps also alert you if the door was left open or if someone tries to open it. And, if you opt for a smart garage opener that integrates with security cameras, you can take a peek and find out what’s really going on anytime someone triggers the door.

Heating up or cooling down your home before you arrive: There’s nothing better than walking into a home that’s set at just the right temperature. Whether you’re coming in from the heat or escaping a snowstorm, your home can always be heated or cooled for maximum comfort with a smart thermostat. Just adjust the thermostat from your phone before you even start your commute, and you can make sure your home is heated up or cooled down as soon as you arrive.

Turning on the lights from your car: Walking into a dark house—or across a slippery porch—can be hazardous. Never fear the dark again with a smart lighting system that lets you turn on the lights before you even reach your street. And, best of all, it works in reverse, too. If you left the lights on in the morning flurry, you won’t have to waste energy all day—simply turn them off with a quick swipe of your phone.

Checking out what the kids and pets are up to: With a smart home app or mobile-connected security system that includes cameras, you’ll be able to check in on the kids every day after school. No more worries about homework or healthy snacks when you can watch what’s going on right from your phone. Even if you don’t have kids, you can use remote viewing to make sure your four-legged family members are doing alright and staying out of trouble when you’re away.

Seeing who’s at the door no matter where you are: Whether you’re giving the baby a bath, fixing dinner, or sitting in a meeting at the office, a smart doorbell lets you see and talk to anyone who knocks on your door—all through an app. You can let delivery people know where to leave a package or confirm that your front porch visitor is a friend before remotely unlocking the door to let them in.

Staying on top of smoke and carbon monoxide levels: Smoke and carbon monoxide alarms are important and save lives; smart detectors take that safety one step further. A smart detector system that sends you mobile alerts and updates about smoke and carbon monoxide levels lets you relax. And, if something goes wrong, you can contact help immediately.

When you can’t be at home all the time, remote access through your smartphone is the next best thing. It’s time to take a look at how this modern convenience can make your life more convenient and more secure. Check out your options for security and automation, and upgrade your life and home in 2017.

Article By: Jonathan Deesing - Article Source
This was originally published on RISMedia’s blog, Housecall.
RISMEDIA, Thursday, December 15, 2016

Women Entrepreneurs: Alternative Business Credit Using Homeownership

It’s undeniable that women entrepreneurs hold tremendous potential for success and the American economy. Entrepreneurial women are starting over 1,100 businesses a day and women-owned businesses have increased 27.5 percent from just 2007 to 2012, currently numbering at 10 million, according to the Census Bureau. 

However, this tremendous growth is eclipsed by the dire conditions with which women-owned businesses are faced. Here are two stark truths: 91 percent of women-owned businesses have no employees other than the owner and 88 percent of women-owned firms do not surpass the $100,000 revenue threshold. 

The majority of women-owned businesses are small businesses, and the U.S. Small Business Administration (SBA) Office of Advocacy reveals that of businesses started in 2014, a mere 9 percent survived until 2015. Compounded by the fact that women receive only 16 percent of conventional small business loans, 4.4 percent of the total dollar value of all small business loans, according to a 2014 Senate Committee report, this makes it extremely difficult for women entrepreneurs to make their businesses successes.

Access to capital is a serious issue for women-owned businesses. The National Women’s Business Council (NWBC) reports:

• Women start businesses with half as much capital as men ($75,000 vs. $135,000).
• Women receive 0.1 percent of venture capital financing.
• Only 5.5 percent of women-owned businesses utilize business loans from banks to begin or acquire their business.
• 55.5 percent of women-owned businesses are launched through the use of personal savings. 

Pervasive gender imbalances like these severely hinder the capabilities of women entrepreneurs. By raising women’s access to capital, women become increasingly equipped to enter the business arena with security and succeed. 

Women’s progress has extensive effects and its ripples are evident in all generations, from college students to seasoned professionals. Women are advancing in their fields, increasing their wealth and simultaneously raising their capability to become homeowners. 

The significance of homeownership cannot be overstated. Owning a home means achieving the American Dream and having a place that to call your own; it builds wealth and secures your professional progress. For women, who face an imbalanced professional field and work hard for less money, becoming a homeowner is powerful. 

How can we level the playing field for women entrepreneurs?

Women must be able to utilize personal successes profitably in the business arena. In situations when they are denied loans, women entrepreneurs should be able to leverage achievements, like their status as homeowners and wealth, to obtain much needed business loans.

It’s all a cycle. The professional arena needs to be balanced so women are given equal opportunity to succeed. With success, women will be able to lead better lives through accomplishments such as homeownership, which will in turn beneficially poise women for business success. 

But what happens when successful women don’t appear to be so on paper?

We have seen how lack of accountability has caused a downturn in the housing market, but little has been said about the effect the recession had on financing for small businesses. With the impact of losing home equity, and, in a high number of cases, the home entirely, small business owners were devastatingly impacted. 

Damaged credit has left hopeful homebuyers with bad FICO scores and business owners incapable of obtaining loans. Even though women are able to afford a home or repay a business loan, systematic roadblocks prevent them from being recognized as reliable consumers.

The Federal Deposit Insurance Corporation (FDIC) reports that in 2013, 7.7 percent of American households (17 million adults) were unbanked and 20 percent (51 million adults) were underbanked. This amounts to almost 70 million Americans who do not have full access to credit.

“We have millions of potential homebuyers, car buyers, and just plain consumers who do not qualify for financing or even credit cards because they don’t fit within traditional credit definitions,” states Rick Sharga, executive vice president at Auction.com, about an alternative credit scoring system being developed by FICO. 

“Many of these individuals are perfectly good credit risks and have good incomes, but until this point they’ve been unable to get the benefit of their prompt payments and prudent financial management,” Sharga continues. “There’s an unfairness to this, which can be reduced with the use of alternative credit scoring, and today’s big data solutions make the data needed to create this scoring readily available.”

A change needs to be made to inflexible, inaccurate practices used to determine if a person is qualified for a mortgage or loan. The significant limitations to which capable consumers are being subjected are unjust. Homebuyers and professionals should not be held back from experiencing important life transitions simply because an antiquated system determines their credit score is not good enough. 

Over the decades there have been many creative financing techniques, especially for residential purchases. Innovation in lending is needed now more than ever. Women must be given an equal chance to succeed, personally and professionally.

Homeownership and professional success go hand in hand; when a score on a sheet of paper prevents women from achieving either, alternative methods should allow them to leverage one in order to achieve the other. 

By Desirée Patno

Desirée Patno is president and CEO of the National Association of Women in Real Estate Businesses (NAWRB).

Article from: RISMEDIA, Saturday, December 10, 2016

Please call Beverly Stermer, REALTOR® for all your Shenandoah Valley real estate needs.  540-294-3145.  

Ask the Expert: How Should Homeowners Prepare Their Home for Winter?

Q: What can homeowners do to ensure their home is well prepared and more energy-efficient throughout the coming months?

A: While winter is fast approaching, HomeTeam Inspection Service—the only national home inspection company to utilize a team of inspectors onsite—offers the following tips for homeowners as they prepare for the colder months ahead.

• Inspect around windows and doors for cracks, and seal any openings with caulk or weatherstripping to prevent air and water from getting in your home.
• Have a professional evaluate the amount of insulation in your home to ensure it’s properly insulated and will keep your energy costs down.
• Replace batteries in smoke alarms and carbon monoxide detectors to make sure they’re working properly.
• Visibly check the fireplace opening for loose or missing bricks and have screens in place to protect from any embers that may escape.
• Look for raised, loose or missing shingles, which can allow water to get in, and replace if needed.
• Remove hoses from outside spigots and store for the winter months.
• Clean debris from gutters to prevent water from collecting and freezing. 
• Make sure all downspouts are pointed away from the foundation.
• Have the HVAC units inspected and change furnace filters monthly for maximum energy efficiency and cleaner air.
• Program thermostats to lower temperatures while at work or sleeping.

 These simple steps can help homeowners maintain the health of their home over the winter months.

For more information, please visit www.hometeam.com.

RISMEDIA, Tuesday, December 06, 2016— Today’s Ask the Expert column features Buddy Stark, director of Operations for HomeTeam Inspection Service.
 

NAR: What’s Happening in the Real Estate Market Today

It’s good news in the real estate market, according to the latest National Association of Realtors 2016 Profile of Home Buyers and Sellers. First-time homebuyers are re-emerging. Getting a mortgage has become easier with less money required for down payments. Homes are selling faster than they have in the past few years. And while technology has changed the way people shop for and sell homes, the role of the real estate agent remains as strong as ever.

Here’s a more in-depth look at these results.*

First-time buyers are coming back.
Thirty-five percent of the market were first-time homebuyers, an increase over last year’s low of 32 percent.

Homes are selling faster than they were in past years.
In the past year, homes sold in about a month as opposed to 11 weeks in 2012.

Gone are the days of 20 percent down payments, making it easier for people to get a mortgage.
First-time homebuyers typically financed 96 percent of their home compared to 84 percent for repeat buyers.

The role of the Realtor is as important as ever.Eighty-nine percent of sellers used an agent to sell their home, and 88 percent of buyers worked with an agent.

November 10, 2016
*All data from the NAR 2016 Buyer and Seller Survey. Article is from the Long & Foster News Room.