The Seven Pitfalls of Solar Panels

consider these pitfalls before you sign on

www.jeancurleyrealtor.comEverywhere you turn today solar panels flank the rooftops of many homes. Advancement in technology, falling prices and free energy has made solar power appealing.  But, how does this investment impact your resale value?

While the costs have declined in the past decade, the residential systems still remain costly, and why most people choose to lease than purchase outright. The leases are long term contracts and the experts state it to be similar to leasing a car, no down payment and you lock in a rate for the full term, upwards of 25 years.

However, home owners who sign onto these deals are finding some snags when it is time to sell. Here a few of the pitfalls of this green technology.

  • Buyers are reluctant to sign the contract unless the seller “buys out” the remaining lease payment stream – $15,000-$20,000 or more. Reducing your net proceeds.
  • Buyers are concerned the technology will be obsolete before the lease term is up.
  • Buyers question the actual savings in the end after paying the leasing fee. Any tax credit offered was already applied when originally purchased.
  • Buyers question whether the solar company that installed the panels will still be in business to provide service for the life of the lease.
  • Buyers will need to qualify for additional credit to absorb the solar lease payment. This creates a potential credit problem causing them to have a higher debt to income ratio affecting the mortgage program in place and affordability of the home.
  • Sellers read the fine print. Lease contracts can have an escalator clause when energy prices increase.
  • Buyers future mortgage refinance can be denied. Many lenders will not even consider a loan or refinance if solar panels are involved.
  • Buyers are concerned their home assessment with solar panels will increase the tax bill.

With the rising popularity of solar, up by 50 percent per year since 2012, according to the Solar Energy Industries Association, many real estate professionals have already seen or experienced several disputes over solar panel leases.

Call me for all your real estate needs.

508-479-2106

 

 

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Home Buyer’s Purchasing Power at Varying Price Points

Monthly Payment |Principal and Interest Rate from 3.75%-5.25%   www.jeancurleyrealtor.comPurchasing Power Rate-170-200Kwww.jeancurleyrealtor.com

Home Buyer's Purchasing Power Rate 450-500K
Home Buyer's Purchasing Power 540K-600K
Home Buyer's Purcashing Power Rate 630-700K

Home Buyer's Purchasing Power Rate 720K-800Kwww.jeancurleyrealtor.com

www.jeancurleyrealtor.com

 

 

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Burbs of Boston Housing Supply Inventory Compared to 2015

What effect will that lack of inventory have on housing?

Thin inventory and strong demand is pushing home prices upward according to Shu Chen, Economist with Corelogic. “In many markets, the percentage of homes selling at list price or higher has risen back to pre-crisis levels. While inventory has been declining, demand for housing has not.

According the Greater Boston Association of Realtors®, January 2016 inventory of homes for sale was down 11.7 percent, the months supply of inventory was down 19 percent, days on market, down 13.1 percent and pending sales were up 4.8 percent compared to January of 2015.

Buyers are wanting to take advantage of the low rates while they last. If you are considering a move and want to know the current value of your home, please call me.

2015 Inventory Levels650

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7 Home Buying Tips | Do’s and Don’ts After Applying for a Mortgage

7 Home Buying Tips

You’ve found your dream home, survived the stressful negotiations and home inspection and now you can go shopping for your new furniture to fill your new home. Wrong!

Your pre-approval is based on many factors including your credit score, current debts and income to name a few. Approval of your loan is contingent of your financial profile during the underwriting process to the closing.  Any changes in your financial profile could adversely affect you from receiving your bank commitment letter. This letter is issued from the bank stating that they will issue you the loan.

Do Not apply for any new credit, even if there is a 20% discount offered. This can affect your credit score.

Do pay all your bills on time. Just one 30-day late payment on your credit card or other loan can cause concern for the lender, nixing your mortgage qualification.

Do Not make any large deposits in your bank account.

Do keep all your personal documents that the lender requests organized and together. Items such as payment stubs and payment statements.

Do Not change jobs or become self-employed. Your initial pre-approval was based on your current job history and income, even if it is a promotion to a higher paying job.

Do Not acquire any non-sufficient overdrafts fees from your bank. Your lender will see these as your inability to manage your finances.

Do pay off your debt. This can positively affect your debt-to-income ratio.

This is the time to focus on what is at hand. Close on your mortgage first and then go shopping right away!

Home Buying Timeline

 

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Coldwell Banker Partners with Adopt-a-Pet

Rescue Them, Rescue Yourself

Coldwell Banker Real Estate has been helping people find their home for over 108 years, but this year through a partnership with Adopt-a-Pet.com, we are going to help 20,000 dogs find home through the Coldwell Banker Homes for Dogs Project. Our Coldwell Banker company in Arkansas created this heartfelt video.

Reality check and why watching a dog be a dog fills us with happiness.

Call me for all your real estate needs. 

Jean Curley, 508-479-2106

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Just Sold | 13 Bicknell Drive

 Custom Built Expanded Cape Cod Home Secluded by Nature

 

Sold Price:  $437,500.

List Price:  $424,800.

Location: Mendon, Worcester County

6 Room | 3 Bedroom | 2.5 Bath

Sq. Ft.: 2347 | Lot Size: 1.38 Acre

Garage: 2 | Unfinished Basement


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What Credit Score Do I Need to Buy a Home?

Mortgage Programs Exist Requiring Low Credit Scores.

Perfect credit isn’t always needed to buy a home. MassHousing and USDA have mortgage programs available to those who have lower credit scores with less than 15-20% down monies required. The interest have jumped higher in the past few days and could continue upwards to 5%. I work with many mortgage lenders who can advise and guide you in the process. Call me at 508-479-2106 or email me at jean.curley@nemoves.com.

Courtesy of KCM

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The 30 Yr. Fixed Mortgage Rate Ebbed Down This Week

What Will Interest Rates Look Like in a Year?

courtesy of KCM

 

The volatility of Greece and it possibly exiting the EU is causing concern, affecting the interest rates. After a 9-month high, the rates have retreated. Today all eyes are on the Federal Open Market Committee meeting and the uncertainty of their resolution to this debt issue.

Over the last two months, rates have begun to creep up as shown below.

courtesy of KCM

The market is fluid and it is difficult to project mortgage interest rates as we move forward, but I do want you to be informed as to the happenings in the market when deciding to wait to purchase your first home or trading up to your next home.

Here are the most current mortgage rate projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors.

courtesy of KCM

courtesy of KCM

As always, when determining if this is the right time for you to purchase a home, consider your household budget along with the current interest rates and, if it makes financial sense to take out a home loan today, then talk with a mortgage lender. I work with many mortgage lenders who can guide you through the process, so reach out to me and I will get you started on your journey.

The bottom line is … if you are a “ready, willing and able” buyer and you are thinking of purchasing a home over the next twelve months, then waiting may not make sense.

 

I want to buy a house!

NOW WHAT?

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Does Selling Your Home Make Sense?

Five Questions You Should Ask When Considering Selling Your Home

Today’s housing market presents considerable opportunities for both sellers and home buyers.  The demand for homes is high and now that prices are stabilizing, and in many cases increasing, across much of the country, it may be the right time to consider taking advantage of the market and selling your home.

While potential home buyers are aware of the positive impact of historically attractive low interest rates, we’re seeing many sellers who are confused and concerned whether now is indeed the right time to put their home on the market.  If this is the fence that you’re sitting on, here are five questions to help you decide if now is the right time to move.

1.  Have you built equity in your home? Home equity  can be defined as the value of a home, minus the amount of outstanding debt.  Although equity does not generally develop in the first few years of home ownership, five or more years of home payments may create significant unrealized gains.  Any equity you may have can be used to move up to a larger home or as a comfortable nest egg if you’re nearing retirement and considering downsizing.

2. Has your income or financial situation improved? You should consider your overall financial situation, including current and future expenses, in order to make an educated decision on a price range for a new home.  For example, an increase in salary may allow for an increased mortgage.

3. Has your lifestyle changed? Lifestyle changes are one of the most common reasons people choose to move.  Starting or adding to a family may require an extra bedroom or additional square footage.  A desire to live closer to work or family may provide the motivation for a new town.  Or now may be the time to downsize to a home that requires less upkeep.

4. How is the housing supply in your neighborhood?  Demand for homes is high and there are currently not enough sellers for potential buyers.  Have you noticed there is only a spattering of for sale signs in your neighborhood?  And more importantly – have you noticed how quickly those sale pending signs are posted?  With fewer homes on the market, there is more competition for yours, which could mean more offers and potentially more money.

5. Are interest rates attractive?  A low interest rate means lower mortgage payments on your next home, even if it is in the same price range.   Visit sites like Bankrate.com to get a get a feel for what the national daily average rate is.  Our in-house mortgage broker, Jim Hanewich can answer all your questions in a phone call, so don’t hesitate to call me for guidance.  With every 1% the interest rates rise, your buyer (or your) purchasing power is reduced by 10%.

 

 


 

 

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Desirable Home Features Today’s Home Buyers Want

Home Features are Changing for 2015

The National Association of Home Builders is reporting that today’s new home features are changing. All those master baths in need of a renovation should utilize the space more efficiently and remove the whirlpool tub and install an oversized shower stall with multiple shower heads. Interestingly, linen closets are losing their popularity and their rating has dropped since 2012, however, they will not be going away. In my opinion, you can never have too many storage areas … as long as they are designed appropriately within the home and does not interfere with the flow and function.

I’ve listed below the most likely to be included features and those that are least likely, and their average rating.

Features LeastLikely600

Features More Likely 600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please give me a call for all your real estate needs.

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