Danette’s Real Estate Corner

For homeowners with mortgages, rising insurance premiums pose a unique and unavoidable challenge. Unlike those who own their homes outright, mortgage holders are required by their lenders to maintain adequate homeowners insurance. This ensures that the lender's investment in the property is protected in the event of a disaster, but it leaves homeowners with little choice but to absorb the increasing costs. Between 2020 and 2023, insurance premiums surged by about 20%, and in some high-risk areas, the increases are even steeper. For many, this spike has strained household budgets, adding to the already heavy financial burden of rising interest rates, property taxes, and maintenance costs. Several factors contribute to these rising costs: Climate Change: The increasing frequency and severity of natural disasters, such as hurricanes and wildfires, have resulted in higher claims, prompting insurers to raise premiums or withdraw from high-risk markets. Construction Cost...

Getting pre-approved for a mortgage is a vital step in the homebuying process. While many buyers rely on online calculators or their first pre-approval offer, these tools and initial approvals might not always provide the best options. If you're serious about making a smart financial decision, seeking a second opinion from a trusted mortgage officer is a step worth taking.   Why a Second Opinion Matters   Your first pre-approval might feel like a green light to move forward, but it's important to remember that not all lenders offer the same terms. A second opinion could uncover better interest rates, saving you thousands of dollars over the life of your loan. Additionally, it might provide access to unique loan programs tailored to your financial needs or even reveal ways to reduce upfront fees.   Benefits Beyond the Numbers   Working with a second mortgage officer can also lead to better service. A recommended professional often offers personalized...

When interviewing real estate agents to sell your home, asking the right questions is key to finding an agent who will best meet your needs. The process of selling a home can be complex, and the right agent will not only have the experience and market knowledge but also the right approach to guide you through every step. By asking insightful questions, you can gauge an agent's expertise, communication style, and understanding of your goals, ultimately helping you choose someone who will work tirelessly to achieve the best possible outcome for you. Here are 25 common questions homeowners often ask when interviewing a real estate agent to sell their home: What is your experience in real estate, and how long have you been working in this area? How many homes have you sold in the past year? What is your average sale-to-list price ratio? How familiar are you with my neighborhood? How do you determine the listing price for a home? What are the current market trends, and how...

In the past, many homeowners didn't give much thought to keeping detailed records of home improvements. With capital gains exclusion thresholds of $250,000 for single filers and $500,000 for married couples, most homeowners didn't come close to exceeding these limits when selling their homes. As a result, they often overlooked the importance of tracking and documenting their expenditures on property improvements. However, the landscape has shifted significantly in the last decade. The rapid appreciation of home values has pushed many homeowners into a position where they might exceed the capital gains exclusion threshold and owe taxes on their profit. By understanding what qualifies as a capital improvement and maintaining accurate records, homeowners can increase their adjusted basis, thereby reducing their taxable gain when selling their property. What Counts as Capital Improvements? Capital improvements are expenditures that add value to your home, prolong it...