Pre-Qualification vs Pre-Approval

Q.  I am beginning the home buying process and keep hearing the terms pre-qualification and pre-approval.  What’s the difference? A.  Many people confuse these terms and there is a huge difference.  Pre-qualification is a general determination of the loan amount you can afford based on your income and debit.  Many buyers believe they are pre-qualified by using an mortgage calculator, however this information has not been verified by a lender. 

When you are pre-approved, you have met with your lender and completed full loan application and provided them all necessary documentation.  Your lender has verified your credit, income, assets, etc., and has discussed products and programs with you applicable to your financial situation.  You have a letter from your lender guaranteeing your loan commitment and the only thing your lender is waiting for is an accepted contract and satisfactory appraisal on your new home.  So when starting the home buying process pre-approval is always the best approach.  For more information on mortgage approval please visit my website www.pstaines.com.

My Safe Florida Home Inspections

Q.    I heard about free home inspections being offered by the state of Florida.  Do you know anything about this? 

A.  You heard right!  The My Safe Florida Home program is being offered by the state to advise homeowners how to protect their homes against wind damage.  Although the inspection is free, it is not a home inspection.  The inspection looks for ways to harden your home against hurricane and wind damage, determines your home’s current hurricane resistance rating to withstand hurricanes, and offers suggestions for improving your home’s ability to withstand wind damage.  And, implementing the inspector’s recommendations may result in a potential discount on your homeowner’s insurance.  Eligible properties include single family, detached homes.  I just had the inspection performed on my own home a few weeks ago and am anxiously awaiting the results.  

Home Staging

Q. I got your name from the Jacksonville Magazine article on home staging.  I am trying to get more information as I am going to be selling my home this Spring.  What exactly is home staging? 

A.  Staging a home involves the hiring of a professional who is trained in bringing out a home’s best features and attributes.  Using the owner’s current furniture and decorations, and if need be borrowing some from the stager, the home is transformed into in hopes of enhancing the home and attracting more buyers for a faster sale and higher price.  Of course, professional staging does not negate the need to have a full service Realtor marketing your home and ensuring that your home priced right for your market.  If you would like to contact a Stager in our area, I would recommend Denise Balthis with Redesign to Sell at 904-955-9334 or visit her website at www.mystager.net.

Searching for Homes Online

Q. I want to search for homes online to get familiar with different areas.  I’m not ready to buy yet so I don’t want to waste a Realtor’s time.  What websites  are best?

 

A.  Well of course I would suggest my website, www.pstaines.com!  I have a unique feature called IDX, or Internet Data Exchange which is the most comprehensive database of homes for sale in Northeast Florida.  Also, my listings contain virtual tours and multiple photos of each property.  Another website available to consumers is www.realtor.com.  Keep in mind that realtor.com only reflects homes that are listed by member associations and may not be as complete an inventory of homes that a Realtor can provide to you.  Also, realtor.com does not provide the address or directions of the home.  If you would like more information on any home listed on either my website or realtor.com, just email me at phyllis@pstaines.com and I will be glad to help.

Market Conditions in Jacksonville

Q.  Is it my imagination, or am I seeing more sold signs on listings than in the past few months?

A. No, it’s not your imagination.  I am seeing more listings sell in recent weeks than during the third quarter.  Factors such as low interest rates, motivated sellers and great prices are all contributing to an increase in sales.  If you are a buyer in
Northeast Florida, now is a great time to purchase property.  Never have I seen such an abundance of good deals on homes and condominiums, but these values may not last long.  Industry experts expect the market to gain momentum in early 2007 which may result in sellers not being as motivated or willing to come off their prices as some are now.  Plus, if you purchase and close by December 31^st, you get the benefit of the homestead exemption.  For a list of some great home values, please visit my website www.pstaines.com and click on Homes of the Month.