Even though the contract negotiations are over, you still can’t relax because the dreaded home inspection is right around the corner.  Below is a list of some of the most common defects that home inspectors look for during their detailed inspection.

- Improper or insufficient electrical wiring.  An inspector will be looking for potential fire hazards.  Wires need to be housed properly in a box, not hanging loose.  If you need electrical work done, make sure you hire a certified electrician who obtains the proper permits (when applicable).  This is an area where you don’t want to cut corners to save a few dollars because in the end it may cost you thousands!

- Plumbing problems such as leaky faucets, corroding pipes, improperly installed hot water heaters, and loose toilets.  Something as small as a leak can lead to mold, mildew and even structural damage when left unattended.

- Roof deterioration.  Home owners should routinely check for loose, missing or damaged shingles.  If you tend to the small repairs on a regular basis, you can stave off costly repairs (or even a full roof replacement).  Eventually, you’ll have to succumb to a roof replacement  but until then, take care of what you currently have.

- Overall neglect.  The details speak volumes as to what type of home owner you are.  If a potential buyer sees peeling paint, decayed caulking around windows and doors, broken fixtures, gutters overflowing, etc., it may lead them to the conclusion that overall “health” of the home is poor.  However, if you take care of the visual details and disclose service maintenanace records, chances are the buyer is going to go into the home inspection feeling confident about their decision and may overlook the small stuff should the inspector find anything.

Depending on the situation, a seller may want to have a pre-listing home inspection.  The benefit is that there won’t be any surprises once a willing, able buyer is identified.  However, sellers must keep in mind that what you know about your property you MUST disclose.  Therefore, if the inspector indicates that the current electrical wiring is insufficient for the current size of the home due to the family room addition, the seller has two options.  1) Upgrade the electrical service to accommodate the square footage of the home and document this upgrade in the seller’s disclosure, or 2) Do nothing and disclose the home inspector’s observation in the seller’s disclosure.  Obviously, it’s recommended for a seller to fix the problem so it’s no longer a potential issue. 

For more information, please contact me directly at Michelle@HarrisburgHouses.net. 

FHA is trying to achieve balance of managing their risk while providing access to underserved consumers.  The government mortgage insurer now backs approximately half of all home loans to the nation’s minorities. 

The changes that are coming are:

- Raising upfront Mortgage Insurance Premium (MIP) from 1.75% to 2.25%

- For borrower’s with a FICO score over 580, the down payment percentage will remain at 3.5% however for borrower’s under 580, they will need 10% down

- Reduce closing cost assistance from 6% to 3%

For more information about these changes, visit http://www.cnbc.com/id/34947047 or call your local lender.  As always, if I can assist, you can call me at 717-623-8508.

Willow Brook is an upscale, luxury planned community located in Lower Paxton Township (Dauphin County).  The final phase of building in underway however all existing inventory has been price reduced!

- Three floor plans to choose from (1,644 – 2,159 square feet), including a first floor master suite option

- All plans offer 3 Bedrooms and 2.5 Baths

- Full basement

- Two car garage

- Central Dauphin School District

- Priced from $217,400

- Very affordable homeowner association fees ($170 per quarter)

For more information or a private tour, please contact me at 717-623-8508. 

If you want it all…privacy, easy access to highways and a pristine, updated home for under $250,000…this is the property for you!!  Located in White Rock Acres, this delightful 3 Bedroom, 2.5 Bath home with generous storage will exceed your highest expectations.  Inside, you’ll be impressed with all the upgrades and the seller’s attention to detail.  Some of the highlights include:  Ed Lank Kitchen with granite, custom cabinetry, and ceramic tile floor, updated Baths with modern amenities, cherry hardwood floors in Living, Dining, and Powder Room, walk-out finished lower level with custom cupboard and propane stove, and professionally landscaped yard with waterfall and fish pond.  A full renovations list is available upon request.  

Lot size is 0.92 acres and property is located in Cumberland Valley School District.  Please call me at 717-623-8508 for the current list price and to schedule a private showing.

According to the Mortgage Bankers Association, mortgage rates continue to decline, with 30-year fixed rates reaching their lowest level since May 2009.

- 30-year fixed rate mortgages decreased to 4.79% from 4.82%

- 15-year fixed rate mortgages decreased to 4.27% from 4.32%

- 1-year ARMs decreased to 6.56% from 6.66%

NOW is a great time to buy…low interest rates AND a tax credit for first time buyers as well as ”repeat buyers”.  Call me at 717-623-8508 for more details!

This delightful bi-level is located in East Pennsboro School District and offers over 1,800 square feet of living space between to two levels.  “Immaculate” and “move-in ready” best describe this 3 Bedroom, 2.5 Bath home with oversized 2-car garage.

Some of the other key elements include:  modern eat-in Kitchen with pantry, generous Living Room and Dining Room with slider acess to rear yard, master Bedroom with full Bath and two closets, finished lower level Family Room with windows and spacious Laundry Room with half Bath.  The private rear yard is fenced and includes a custom built shed that conveys with property.

All the work has been done….new carpeting, new vinyl flooring, fresh paint throughout home including trim work and closets, and a new roof in 2008. 

Don’t let this one pass you by…an exceptional value at $197,900!  Call me today at 717-623-8508 for more information or a private showing.

There are a lot of questions surrounding the expanded home buyer’s tax credit.  One of the questions I receive most often is “Do I qualify to receive the tax credit?”  To better understand the eligibility requirements and some of the other most frequently asked questions, watch the attached video.

RE/MAX Agents Know the 2009-2010 Tax Credit:

Even if you don’t live in Central PA or want to buy a home here, I can still help! Feel free to contact me at Michelle@HarrisburgHouses.net or 717-623-8508.

On November 6, President Obama signed legislation that extends and expands the U.S. tax credit for home buyers.  Not all the details have been disclosed but attached below are the basics of the program.

In addition to the tax credit, interest rates remain historically low and there’s plenty of homes to choose from.  Don’t miss out on this limited opportunity.  Call me today at 717-623-8508 to get started!

For more information regarding the home buyer’s tax credit, click on the link below.

Home Buyer’s Tax Credit

Congress approved the extension of the first time buyer’s tax credit until April 2010.  Consumers buying a home for the first time in three years are eligible to receive up to $8,000 if they are under contract by April 30, 2010 and close on or before June 30. 

The most significant change is that a “repeat buyers” who are buying a new primary residence are eligible to receive a tax credit up to $6,500 beginning December 1 if they owned their home for five consecutive years in the previous eight. 

If you are considering making a real estate change, please contact me at Michelle@HarrisburgHouses.net or 717-623-8508. 

I’ll be posting my listings and other pertinent real estate information on my Facebook fan page.  Feel free to dialogue with me about what you heard on the evening news to see if it applies to our local market.  Real estate is local and just because home values in Las Vegas are down 50% doesn’t mean that the same is true for the Harrisburg area.   

If you want to be “in the know”, become a fan of “Michelle Leo Realtor”.  See you on Facebook!