Video-Service One Home Warranty-Take The Stress Out of Buying!

Home Warranties – Do you want to take the stress out of home buying and selling?

Welcome to Heeran’s Home Team Video blog!  We are here today to keep you informed with tips, education, and information about pertinent real estate matters.  Today we are going to discuss home warranties.

We are pleased to welcome Brenda Stuart who is a Home Warranty Manager for ServiceOne, serving the Omaha Metro area and home buyers.  She has been with ServiceOne for over 20 years.  Brenda is married and has two daughters, a son in law, two grandsons and a grandbaby on the way.

Her hobbies include gardening, crafts, cooking once in a while, spending time with her grandsons at their schools and sporting events.

Brenda first explained that home warranties are a service agreement to maintain the major appliances and systems in your home.  When there is a mechanical failure, customers call ServiceOne and they provide the parts and labor to fix the appliance or possible replacement.  A new Omaha Metro homeowner sees real value in knowing who to call when there is a problem.  Home Warranties can be purchased as part of your home purchase and can be a negotiated item in the purchase contract.

If you are a Metro Omaha home seller and offering a warranty, you can use the warranty yourself if a problem arises.  In a lot of real estate transactions, the buyer will ask the seller to provide a home warranty, so with this in place, its one time on the checklist which is finished.  A home warranty can provide a lot of “peace of mind” for seller to keep their homes in great shape while it is being sold.

Buyers will also have “peace of mind” knowing who to call and how much it will be to have a ServiceOne technician provide service.  The trip charge is $75 plus tax.  Also, the possibility of a replacement is an added benefit to the new homebuyer since they have already invested so much to purchase their home.  Some homeowners do not have the time, tools, or talent to make the fixes and repairs in the homes.  A home warranty can take care of their mechanical failures by providing timely repairs and quality workmanship.

ServiceOne is a locally owned company in operations since 1989.  The telephone number is
402-339-4357.  The technicians are licensed, bonded, and trained.  They are uniformed with name badges and arrive in marked vehicles.  Also, there is a Solution Center staffed in Omaha, so they understand the Omaha Metro weather and live right here in the community.

We want to again thank Brenda for joining us today.  You can view or share today’s video blog from our website, Facebook, Twitter, or LinkedIn.  Future topics include Great Photos---Professional photography makes your home shine when you are selling your home and Radon—How does the Omaha Metro Area measure up to the rest of the country.

If you have friends or family who are looking to buy or sell real estate in the Omaha Metro area in the next 3 to 6 months, we would certainly appreciate your referrals. Take care and have a great week.

 By Heeran Workman

Video-How To Determine If You Are Under Or Over Insured On Your Home

By Loretta McNally, Heeran's Home Team, RE/MAX PLATINUM Realty

Today, we want to thank Adrian Enzastiga, with American Family, for joining us to discuss ways to determine if you have enough, or too much, insurance.   Adrian works with the Robert Whitesel Agency, Inc., an American Family Insurance company. 

Adrian has also served the Omaha community by being a family teacher at Boys Town for 10 years and worked with foster children and much more.

He reported that you have to review your home owner's policies in three ways. 

1    Look at the building or house.  There is a maximum total amount that will be paid for your dwelling coverage—replacement cost or actual cash value.  A certain percentage of this amount (10%) covers unattached buildings such as garages.  An American Family policy actually covers 120% of replacement value. 

2.     Take a look at your personal property.  You want to check the total personal property covered.  Specific coverage for certain items such as computer equipment or unscheduled jewelry is listed in the policy. 

3.      Review the amount of time and dollar amount that will be covered for insured to live elsewhere while the home is being built which is called Loss of Use.

4.     Review the coverage you have if someone is injured on your property.

Adrian also explained that purchase vs. replacement cost is calculated via a computer program based upon current costs to rebuild a home (if a total loss), so this is the way it is done if you have a home in Omaha, Nebraska or another state.  If the purchase price is significantly less than the replacement cost, an actual cash value policy can be purchased as the cost to rebuild the home is much higher to insure.  

It is also very important for Omaha homeowners to review their deductible vs. monthly premium.  Adrian addresses with homeowners what saves the owners the most money.  Adrian explained that truly this is up to the customer.  However, the customer should know that if they go with a higher deductible (ex. $2500), they will be responsible for the difference when there is damage.  For instance, if there is a hail storm – we do have those in Omaha – and there is damage to your roof upwards to $6000, you will be responsible for that first $2500.  You must weigh this deductible figure against the monthly savings received.  Whatever the deductible is, you will want to set this money aside you are ready.

Adrian recommended reviewing your policy every 2 years with your agent.  Replacement cost calculations often increase with inflation, and they additionally can change with the rate of inflation.  Also, any upgrades or additions to the home need to be considered.  The bottom line is to make sure you have the best coverage possible for you and your family can afford. 

Adrian further recommended calling your agent first whether you are or not going to file a claim.  Your agent will answer your questions to help you make that decision.  The agent can help the customer understand how a particular claim might affect their insurance going forward. 

Lastly, if you do need to file a claim and have repairs made, your insurance agent can give you suggestions on how to look for well qualified and licensed Omaha area contractors. 

Adrian was delightful to be with us today.  He is looking forward to helping families review their current insurance or set up a new policy if you are a first time homebuyer.  Just give Adrian a call today at 402-330-0119.

By: Heeran Workman, MBA, Realtor - REMAX PLATINUM Omaha NE

Video - How's The Omaha Housing Market Doing? Heeran Workman RE/MAX PLATINUM Realty

By Heeran Workman

From friends, family, and prospective clients, the most common question they ask me every day is “how’s the market?”  Then that is followed up with them saying “I heard we have little to no inventory and that it’s a hot seller’s market.”  Or, “I waited a couple years until the market bounced back to sell my home.  Do you think I can sell it for this price?”  Or, “If I wait a couple more years, do you think I can get $20,000 more?” 

For those of you who are analytical and want to see hard numbers, here it is. 

Omaha Metro Area (Statistical Comparison)
Category	2013	2012	2011		2010		2009	2008	2007
Total Res. Closed	12,405	11,177	9538		9295		10,655	9226	10,750
Active Listings	3403	3621	4324		4918		4345	4678	5409
Average DOM	54	65	72		68		67	72	68
Average Sale Price	$ 177,734	$ 170,502	$ 163,268		$ 164,357		$ 158,616	$ 166,216	$ 172,251
Median Sale Price	$ 149,000	$ 142,000	$ 137,000		$ 138,000		$ 135,000	$ 137,500	$ 140,000
Absorption Rate (Dec.)	4.3	6.5	6.6		10.1		8.3	7.7	9.4
Total New Construction	1509	1166	975		1163		1223	1058	1487
Average Sale Price NC	$ 275,552	$ 259,326	$ 248,038		$ 239,760		$ 236,958	$ 283,957	$ 272,901
Average sale Price Exist	$ 164,188	$ 160,186	$ 153,479		$ 153,566		$ 148,335	$ 150,961	$ 155,763
# Bank Owned Foreclosures Sold	1200	1442	1686		1379		*986	NA	NA
# Sold over $500,000	247	208	182		157		157	188	219
# sold over $1,000,000	22	17	17		8		14	21	15
Percentage sold increase from 2012 to 2013				10%
Inventory decrease from 2012 to 2013				6%
New construction increase from 2012 to 2013				23%

Over the last 7 years, 2013 was a record breaking year in terms of closings.  It will be interesting to see how the Omaha Metro Area markets performs for the remainder of the year but currently, 2014 has been slower than the previous year.  Last year, the market peaked the first half of the year.  Consumer confidence came back, the fear of falling values subsided, and we had amazingly low interest rates.  Then as we approached fall, there were variables that affected the market slowing down.  These variables included the rates rising 1%, school starting, government shutdown, holidays, and Obamacare rolling out.  From fall of last year to now, total sales are down about 8%.

Overall for the last several years in a row, it’s taking shorter and shorter time to get a contract on the table.  But this still does not mean that every seller gets a contract.  Over-pricing your home will turn off buyers and they will go down the street and purchase a better priced home.  The absorption rate of 4.3 tells us that at the end of December of 2013, if no other houses came on the market for sale, the Omaha Metro Area had enough real estate listings to supply buyers for the next 4.3 months.  The lower the supply, the better it is for sellers.  Last year’s absorption rate is very similar to what the market was experiencing about 10-11 years ago.  So for the seller’s out there who are waiting and waiting to sell your house until the market continues to improve, there is no need to wait.  The time is now. 

New construction sales are up considerably at a whopping 23% increase from the previous year.  For the sellers listing their homes, they really need to think about the other competing listings out there as well as new construction.  For example, if you’re a seller and you have a 10 year old home that you want to sell, the buyers in the marketplace will consider spending an extra 30 to 40 thousand dollars to build.  For the purchasers, now they are more willing to have the confidence to spend a bit more and get the house to their exact specifications and taste.  There are still lots available in some of the established neighborhoods and we have a few new brand new developments where you can have cherry pickings on the lots.  We have a new construction specialist Heeran’s Home Team so if you are thinking about building, please call me.

The bank owned foreclosures have decreased from the last couple of years but these types of listings will always be in the marketplace.  Yes, they do affect the neighborhoods to some degree, but they only account for 1 to 2 percent of the market.

In all of 2013, 247 homes priced over $500,000 sold.  22 sold over $1million.  There’s not as many buyers for this price range so these sellers need to have more patience, time, and hire a Realtor with an aggressive home marketing plan.

So generally:

1.     Yes, the market is better. Considerably from 2010 but not from the previous year.

2.     No it’s not a HOT seller’s market.  Buyer confidence has gotten stronger over the last several years but buyer’s are smart and want the best home for the money they are willing to spend.  You will sell your house for fair market value for today.

3.     No, if you wait another couple years, it doesn’t necessarily mean you will get $20,000 more for your home.  As long as the home marketing plan is good and buyers an buyer’s agents know your home is for sale, you home will sell for fair market value for the condition and location of your home.  Even when times were good for example in 2005, the appreciation rate in Omaha was only 2-3 percent.  Trust me, I started my career as a real estate investor so I paid very close attention to this.

If you or someone you know is looking to buy or sell a home in the next 3-6 months, please call our office to schedule a private home buying or selling consultation.  We would love to be your Omaha Metro Area’s real estate source for information.  Take care until next time!

Heeran Workman, MBA

(402) 707-7878

heeran@HeeransHomeTeam.com

http://www.HeeransHomeTeam.com

How To Instantly Raise Your Credit Score - Loretta McNally (Heeran's Home Team, RE/MAX PLATINUM Realty)

By:  Loretta McNally, Heeran's Home Team, RE/MAX PLATINUM Realty

Today, Ryan Larsen with Regent Financial Group, joins us to discuss how “you could raise your credit score and perhaps clean up your credit.”  Ryan has worked with Regent Financial for 10 years with a total of 12 years in the mortgage industry assisting Omaha homebuyers.  He has a grand 16 years of experience in the financial industry. 

He first reported that most companies require a 640 credit score; however, with Regent Financial you can get approved with a credit score of 620!!!

 He also explained that anyone who applies for credit with Regent Financial Group receives a free credit evaluation to determine what may be needed to increase your credit scores.  Not only will increasing your credit score allow you to finance the purchase of your home, it may also allow you to qualify for a lower interest rate, as well as more programs, thereby increasing your buying power. 

The credit reports he receives are so detailed that many times they are able to help clients increase their scores in as little as 3 days. Most of our competitors simply deny buyers if they don't possess the minimum credit score to qualify.  Ryan reported that at Regent Financial, we go that extra mile and work hard for our client’s best interests.

 Your credit score is a number that summarizes your credit risk.  Lenders like Regent Financial use it to make a credit decision such as the interest rate you get when you apply for a loan.  The higher your credit score, the less risk which translates into more favorable terms for financing.  The lower your credit score the higher risk you are, which may make qualifying difficult and may care less favorable terms for financing.

There are 5 main things that make up your credit score including: 1) Payment History, 2) Amount Owed, 3) Length of Credit History, 4) New Credit, 5) Types of credit used.  All five of these items play a different percentage of determining your credit score, and are broken down accordingly.

Your payment history is 35% of your credit score so making your payments on time has the biggest impact.  The amount owed is 30% of your credit score which is determined by how much revolving debt/credit card debt a person carries in contrast to their available credit.  Your length of credit history is 15% of your score.  New credit and types of credit are each 10% of an individual’s credit score.  So as you can see, payment history and the amount owed are the two biggest contributors to your credit score.

If you want to increase your credit score, in most cases you can realize a tremendous increase in your credit scores by simply paying down your credit cards.  To maximize your credit scores you only want to be using about 30% of your available credit.  So let’s say you have a $5,000 credit limit on your credit card, to maximize your credit scores you would want to keep your credit card balance at or below $1,500.  Where most people get themselves into trouble is carrying too high of credit card balances specifically those that use 70% or more of their available credit.  After reviewing your credit they are generally able to advise our clients on what accounts to pay down and how much to pay them down to ensure you get the best possible terms for financing. And in as little as 3 business days you can have improved credit scores

Are you looking to sell your current home and buy a new come?  Omaha real estate is on the move!! We have the complete MLS real estate listings and will show you all the properties that meet your needs.  Ryan, who offices in mid-town and serves all of Omaha, said that if you want to find out your credit scores simply complete a mortgage application with him at Regent Financial.  In as little as 10 minutes he'll have credit scores from all 3 major credit bureaus, and from there be able to tell you exactly how much home you will qualify to buy.  You can reach Ryan at 402-884-5624. 

Interviewed By Loretta McNally, Heeran's Home Team, RE/MAX PLATINUM Realty

Phone:  (402) 616-0103

Email:  Loretta@HeeransHomeTeam.com

http://www.HeeransHomeTeam.com

By Heeran Workman 

Video-How To Estimate Closing Costs To Sell Your Home – Heeran Workman REMAX Platinum Realty

By Heeran Workman, MBA

Sellers all over the Omaha Metro Area are getting ready to sell their homes as the weather warms up.  My name is Heeran Workman and I’m a Realtor with eXp Realty in Omaha, NE.  Whenever I stop by a seller’s home for a private home selling consultation, seller’s have a rough idea of the closing cost items- but not quite sure.  They all easily calculate the Realtor’s cost, but they are not sure of the other closing costs.  Heeran’s Home Team specializes in listing and selling homes in Douglas and Sarpy county.   This video will cover the typical closing costs to sell a home. 

The closing costs to sell is not nearly as bad as when buyers complete a purchase of a home.  Buyers have to bring money to closing for closing costs, escrows (upfront property tax and insurance premiums), and down payment.  For the purposes of this educational blog, we will focus on the closing costs only.

Sellers estimated closing costs to sell:

·       Lien release for mortgage payoff - $20

·       Title insurance (1/2 the total amount) – Roughly $500 for a $100,000 home – then add another $140 per every $50,000 increase in sales price.

·       State documentary tax for ownership transfer - $2.25 per every $1000

·       Escrow closing fee to the title company - $300

That’s it!  Sellers have a sigh of relief when I go over the figures with them.  Keep in mind that when you sell a home, a buyer will also frequently want a home warranty insurance and their loan programs will allow them to ask the sellers to help pay for a portion of the buyer’s closing and escrow costs.  These are negotiable items.

If you’re thinking about selling your home and want us to complete a comparative market analysis of your home as well as the seller’s estimated cost sheet, please call (402) 707-7878.

If you or someone you know is looking to buy or sell a home in the next 3-6 months, please call our office to schedule a private home buying or selling consultation.  We would love to be your Omaha Metra Area’s real estate source for information.  Take care until next time!

Heeran Workman, MBA

(402) 707-7878

heeran@HeeransHomeTeam.com

http://www.HeeransHomeTeam.com

By: Heeran Workman, MBA, Realtor - eXp Realty Omaha 

Video-Winter Time Selling In Omaha, NE - Heeran Workman, MBA RE/MAX PLATINUM Realty

IT’S FREEZING!  SHOULD I SELL MY HOUSE NOW OR WAIT UNTIL SPRING?

One of the most asked questions I get this time of year is, "Should I sell my home now when it’s freezing or should I wait until spring?"  The thought of getting the house ready for showings during the cold season might seem like a daunting task.  But guess what?  Selling your home when the inventory is low may be a great strategy before the rest of the market gears up for the new selling season in the Omaha Metro Area! Heeran’s Home Team sold 20 homes for sale between November and December and we have many that are pending closing right now. 

REASONS TO SELL IN THE WINTER INSTEAD OF WAITING UNTIL SPRING

The Omaha housing market currently has a little over 5000 homes on the market right now and 33% of them are pending closing.  When the weather is warmer, it’s not uncommon to see the inventory of homes for sale in the Omaha Metro to double.

When it's cold outside, you'll have nothing but highly qualified motivated buyers in the marketplace.  When the weather is warm during spring, summer, and fall, people love going out and viewing houses-whether they are ready to buy or not.  Some are just browsing.  You'll have a combination of buyers who are serious about purchasing mixed in with people who are just looking.  The folks who are brave enough to get out there in the freezing cold weather are definitely serious buyers.  So less traffic through your home, but every showing really counts.  Buyers might be moving via a job relocation, needing to buy so that they don't have to sign another lease, or have personal reasons to buy RIGHT NOW! 

2.  The "Other" sellers have taken their homes off the market.  That's right!  Everything, especially real estate is highly affected by supply and demand.  The sellers who tried and failed to sell last spring, summer, and early fall are tired and need a break.  They are tired from getting the house cleaned for each showing, tired of people tramping through their houses with no contracts, and just plain tired of real estate.  So they decided to waiting until next spring when they have the energy again.  Winter sellers do not have to compete with as much competition.

HOW TO GET THE HOUSE READY FOR WINTER-TIME SELLING

1.  Keep the walkways and driveways cleared of ice and snow-If people can't easily get to the door, they will not want to go in.

2.  Stage the home to make it warm and inviting-For example, place a cozy throw over a chair and turn the fireplace on.  Make sure you raise the thermostat up.  If the buyers' teeth are chattering while touring the home, it's not a good thing.

3.  Try to encourage showings during daylight hours- It gets too dark, too fast.  Make sure you have lighting, especially outside lighting on so that buyers can get a good look.

4.  Nice aroma never hurts- The smell of warm cookies or cinnamon rolls bring nothing but good memories this time of year.

5.  Place a "Thank You For Removing Your Shoes" sign on your door.  Buyers and buyer's agents should use common sense to do this anyways, but they don't always do that.  Heeran's Home Team will place a sign on the door for you.

6.  Spring, summer, fall, or winter, utilize other common sense rules to get the house ready for showings - For example, no smoking inside the house, de-clutter, put away personalized photos, clean the home, kennel pets during showings, remove pet odor smell, and please have the house vacant during showings.  Buyers are not comfortable with sellers staring them down while they are trying to tour the home.

By Heeran Workman, MBA
Real Estate Agent

Phone:  (402) 707-7878

Heeran@HeeransHomeTeam.com

7 Easy Steps To Buy A Home With RE/MAX PLATINUM Realty

1. DECIDE WHAT YOU CAN AFFORD BY WORKING WITH A MORTGAGE PROFESSIONAL TO GET PRE-QUALIFIED. CALCULATE THE COSTS OF HOMEOWNERSHIP: MORTGAGE, PROPERTY TAXES, INSURANCE, MAINTENANCE AND ASSOCIATION FEES.  Click Here To Get A Free Preapproval
2. DEVELOP A WISH LIST.
3. SELECT A REALTOR® AT RE/MAX PLATINUM REALTY TO REPRESENT YOU AND ENSURE A SMOOTH HOME BUYING EXPERIENCE.
4. NOW THE MOST EXCITING PART, GO LOOK AT HOUSES!!
5. MAKE AN OFFER WHEN YOU FEEL YOU HAVE FOUND THE HOUSE THAT BEST MEETS YOUR HIGHEST PRIORITY NEEDS AND DESIRES.
   WHAT IS REQUIRED TO MAKE AN OFFER?
   A. PURCHASE AGREEMENT STATING PRICE, TERMS, AND CONDITIONS
   B. PRE-APPROVAL LETTER FROM LENDER
   C. EARNEST DEPOSIT CHECK
6. FOR YOUR PROTECTION GET A HOME INSPECTION
7. CLOSE ON YOUR NEW HOME
   WHAT ARE CLOSING COSTS?
   CLOSING COSTS ARE A COMBINATION OF ONE-TIME FEES AND PRE-PAID INSURANCE AND TAXES COLLECTED THE DAY OF CLOSING. YOUR MORTGAGE PROFESSIONAL AND REALTOR® CAN PROVIDE ESTIMATES OF THESE COSTS.

About Heeran's Home Team:Heeran's Home Team with RE/MAX PLATINUM Realty is one of Omaha, Nebraska's top real estate team helping buyers and sellers with their real estate needs. We sell a home every 2.5 days! The average agent sells less than 4 houses a year. We specializes in the Omaha Metro Area including Millard, Gretna, Bellevue, Bennington, Elkhorn, District 66, Papillion, La Vista, Ralston, and Fremont.  We have the best full-time Realtor consultants on our team!

Heeran's Home Team Profile:

• Top 1% In The Industry
• Full-Time Real Estate Entrepreneurs
• 2012 Omaha Area Board of Realtor's Top Producer's Panel Expert
• 2012 Women's Council of Realtor's Top Producer's Panel Expert

Services For Omaha Metro Area Sellers:

• 3 Commission Plans To Choose From
• Creative & Aggressive Marketing For Your Home
• Free Foreclosure Shortsale Listings
• 1% For Sale By Owner Facilitation

Services For Omaha Metro Area Buyers:

• Free 24HR Omaha Homes For Sale Market Watch
• Free Representation - Paid By Sellers
• New Construction Representation