On closing day, most homebuyers are excited about the prospect of moving into their new home. However, one important final step must be accomplished before settlement: a walk-through. While plenty of buyers breeze through each room eager to unpack their boxes, real-estate experts suggest homebuyers are better served by a slow and careful walk-through.

Scheduling your house walk-through

"You should allow at least 30 minutes or longer for a walk-through," says Irene Gianos, a broker with Weichert Realtors in Clinton, N.J. "You need to go through the house with a fine-tooth comb and be as detailed as a home inspector."

Gianos recommends doing the walk-through the day of the closing, perhaps two or three hours before the settlement appointment, but Kristy Petrillo, a real-estate agent and owner of Re/Max Town & Country in Blue Ridge, Ga., suggests scheduling a walk-through the day before settlement, if possible, to allow time to handle any issues that may arise.

Brandon Green, principal broker with The Brandon Green Team at Keller Williams Capital Properties in Washington, D.C., recommends a house walk-through approximately 24 hours in advance of the settlement and no more than 48 hours ahead. "If a significant weather event has occurred between the last time you saw the house and settlement day, like a windstorm, heavy rain or snowfall, be sure to visit the home to check on the condition just before settlement," Green says. "Once you have signed your settlement papers, the seller has no obligation to fix anything anymore."

A thorough walk-through

Green suggests including your home inspector if you have concerns about the property condition. "Don't be afraid to bring your home inspector back to your walk-through," Green says. "The charge for a revisit is usually 25% to 50% of the original fee, which could be worth it if you want to make sure everything has been repaired to your satisfaction."

Gianos says buyers should be ready for their walk-through with an information packet, including the seller's property condition disclosure form and the home inspector's report, to ensure all repairs have been made as negotiated.

"If you choose not to bring in a home inspector, you should turn everything on and off such as appliances, lights, heating and air-conditioning systems," Green says. "You can pick up an electrical tester at a hardware store for $1.25 and make sure all the electrical outlets are working."

Petrillo recommends requesting receipts from the sellers for any items that have been repaired, because this proves the work was done and gives you contact information for the contractors.

Problem solving

If you walk-through reveals an issue that has not been discovered before, or one that hasn't been resolved satisfactorily, your action should depend on how serious the problem is. "First, you should look at the big picture," Petrillo says. "You are probably getting a great home that you want to by at a great price. Are you willing to jeopardize that for a $200 item?" 

If the problem is serious, Gianos recommends contacting your settlement attorney immediately. "Your lawyer should contact the seller's lawyer to work out an agreement before you get to the settlement table," she says. 

Petrillo stresses the importance of working things out amicably. "If something wasn't done according to agreement, you can ask the attorney to escrow some amount of money, including what is needed for the repair, from the sales proceeds with an agreement in writing to release the funds as soon as the work is finished," Petrillo says.

Green says buyers' only leverage is "signing on the dotted line.""You can ask for a credit from the seller, a side document to deal with the problem or an escrow of the sales proceeds, but if you and the seller cannot reach an agreement, then the last course of action would be refusing to close," Green says. "It's important to think about how much it could cost you to delay moving or to delay the closing. You may be better off just taking care of the problem yourself, especially if it is under $1,000."

Buyers of a foreclosure, short sale or any property sold as is should also do a careful walk-through on closing day. The "as is" on these properties is as of a particular time such as the inspection date or the contract ratification date, Green says. If the property has deteriorated since that time or appliances are missing, the seller should be required to make amends.

2011-12 Cost vs. Value: Big-Bang Remodeling Projects

Find out which remodeling projects will provide the biggest bang for your buck this year, according to Remodeling magazine.

March 2012 | By Erica Christoffer

 

Optimizing the use of space in a home will not only attract buyers but also give sellers more bang for their buck, according to Remodeling’s “2011–12 Cost vs. Value Report,” conducted in cooperation with REALTOR® Magazine and NAR’s HouseLogic.com.

An attic bedroom addition costing $50,148 was expected to recoup 72.5 percent of the cost nationally—inching up 0.3 percent from the 2010–11 report. The minor kitchen remodel also fared well, returning an estimated 72.1 percent of the nearly $20,000 job cost.

The report looks at the estimated cost and expected resale return of 35 midrange and upscale remodeling projects in 80 markets. The estimated costs and returns were derived from a survey of more than 3,000 REALTORS® conducted last summer. As in past years, REALTORS® picked exterior projects to recoup the most at resale. Among those, new fiber-cement siding was expected to provide the highest return, recouping an estimated 78 percent of the $13,461 cost.

Top 6 Returns

Siding Replacement (upscale) - fiber-cement
Job Cost: $13,461
Resale Value: $10,493
Cost Recouped: 78%

Entry Door Replacement - steel
Job Cost: $1,238
Resale Value: $903
Cost Recouped: 73%

Attic Bedroom Addition
Job Cost: $50,148
Resale Value: $36,346
Cost Recouped: 72.5%

Kitchen: Minor Remodel
Job Cost: $19,588
Resale Value: $14,120
Cost Recouped: 72.1%

Garage Door Replacement
Job Cost: $1,512
Resale Value: $1,087
Cost Recouped: 71.9%

Garage Door Replacement (upscale)
Job Cost: $2,994
Resale Value: $2,129
Cost Recouped: 71.1%

Remodeling’s 2011-12 Cost vs. Value Report ©2011 by Hanley Wood, LLC. Republication or redissemination of the Report is expressly prohibited without written permission of Hanley Wood, LLC.“Cost vs. Value” is a registered trademark of Hanley Wood, LLC.Visit www.costvsvalue.com for information on all 35 projects. There, you can also download a free PDF providing information on average cost and resale value nationally, regionally, and in a specific market. Estimates for construction costs were compiled by HomeTech Publishing.

Visit HouseLogic.com for great remodeling and home maintenance advice.

As the weather warms and flowers start blooming, some homeowners are prepping their spring-cleaning checklists. And even if you don’t plan to scrub every nook and cranny in your home, there are some springtime tasks you shouldn't skip.

"Houses don't last when people don't take care of the obvious, and a small problem becomes a big problem," says David Lupberger, home-improvement expert for ServiceMagic and past president of the Master Builder Group, a design/build remodeling company.

There is always plenty of work to do, but you don't want to dedicate every beautiful spring weekend to working around the house. We've put together a list of what home-maintenance experts deem the essentials for spring. It will only take a couple of hours to evaluate your home with this checklist and determine what you'll need to do. If maintenance is needed, dedicate a few hours each weekend and you'll be done in no time.

As Lupberger suggests, let's "start high and work our way down."

Roof
Your first stop is the roof. If you want to tackle this task yourself, make sure you know what you're doing and are comfortable using a ladder and walking on an often-steep incline. You'll want to check the shingles for any curling, warping or cupping, and for any granule loss or cracking, says Joan Crowe of the National Roofing Contractors Association. Also check the flashing, those metal pieces that serve as a transition from the roof to a vertical surface like a chimney.

"Do a visual inspection and see if anything is loose," Crowe says. "Make sure everything is secure. Circle around the house and take a looksee."

But Crowe strongly recommends that homeowners don't climb up there themselves.

"Hiring a professional is always the best way to go," she says.

When hiring a contractor to inspect your roof or make repairs, make sure you check their credentials and references. Ask for proof of insurance and get information about the materials they'll be using and any warranty that comes with them. You can find more information on finding a reliable contractor on the consumer section of the NRCA site.

Attic
You often can find a problem with your roof by hunting around in the attic for leaks and moisture. If there is a moisture problem, Lupberger says you'll typically be able to smell it. Keep an eye out for any black mold or green algae, which can be killed using a mild solution of bleach and water. Crowe recommends hiring someone to handle this task, since full eradication can be difficult.

While you're up in your attic, look around for potential animal nests. Sometimes there are small openings that critters can creep through.

Another attic task: Check your insulation. Make sure it's not covering intake vents, Crowe says. And be sure you have enough. Lupberger says the recommendation for homes is R-38, which is 12 inches of blown-in insulation; if you have any less than that, your home isn't running efficiently. Unless a homeowner is experienced in installing insulation, Lupberger would recommend hiring a pro to handle any augmentation.

"As you move into summer, it'll keep your home cooler and you'll use less electricity for your air conditioner," Lupberger says.

Gutters
You may have dutifully cleaned your gutters in the fall, but a spring check is even more important. Many homeowners would be surprised to learn that more water damage happens to gutters in the spring.

The freeze-and-thaw cycles of winter, and the snow loads, may shorten the life of your gutters and downspouts," rendering them inadequate to handle heavy spring rains, , says Tony Cobb, president of the National Rain Gutter Contractors Association.

As you're clearing debris from the gutters, be sure to check a few other things:

• Make sure the back of the gutter is secured and that no water is leaking behind the gutter.
   
• Make sure your downspouts are secured to your home and that there is no blockage. You can check for blockage with a leaf blower (listen for the sound of resistance inside) or by tapping on the downspout and listening for a hollow sound.
   
• Make sure water is diverting at least 3 feet away from your home's foundation. Check for any low spots next to the foundation. Keeping water away from your foundation is the most important job of gutters and downspouts.

Cobb reminds homeowners that cleaning the gutters is a dangerous job that kills and seriously injures hundreds of people every year. Hiring a seasoned professional who is comfortable climbing a ladder is the best way to ensure safety. The organization has a contractor locator on its site at nrgca.org.

Air conditioning
After a chilly winter, you may not be thinking about the hot summer ahead. But acting early to service your air conditioner may get you a discount on service costs and will ensure that you have a cool place to go during that first heat wave while your neighbors are scrambling.

Donald Prather with the Air Conditioning Contractors of America recommends getting an air-conditioning system checked twice a year: before winter and before summer

"That way you know entering seasonal changes that the equipment has been serviced for the specific season you are entering," he says.

Regular maintenance by homeowners and professionals can save money by lowering energy bills and repair costs, Prather says.

Homeowners should change air filters as needed and keep vegetation and debris well away from the outdoor unit of the system. Any blockage to air flow forces the system to work harder to produce the same level of comfort.

"You'll spend more now, and in a few years when the equipment fails," Prather says.

Another simple way to save money is to keep your thermostat at the highest comfortable level in the summer and the lowest in winter. A one-degree change in temperature changes energy consumption by about 4%.

You can find tips and checklists, as well as help finding a reliable contractor, on the ACCA Web site.

Take a walk outside
Do a complete circle of your house's exterior, checking for peeling paint or siding. Re-caulk as needed and touch up any paint.

"The only purpose of paint is to seal wood surfaces and protect the wood from the elements," Lupberger says.

He says touch-ups can extend the life of your home's paint job by two or three years, which translates into huge savings.

"Fix it now and you're not repainting next year," he says.

If you have a deck, check for loose boards and see if you need to do any resealing. You should also get your deck cleaned thoroughly at least every other year with a pressure washer. Homeowners can do this themselves, but only if they are experienced in the proper use of a pressure washer, Lupberger says.

"With several hundred pounds of water pressure, you don't want to spray yourself or any other living thing by accident," he says.

And, because the force of the water takes everything off the deck, the power-washing should be followed up with application of a deck sealant. This washing and sealing process will extend the life of the deck.

Do some general cleanup in your yard, too. Trim any bushes and trees so they're several feet away from your home. If you have a sprinkler system, you can get it checked by a professional, who will make sure there aren't any leaks before you turn it on for the season. Rake up any excess leaves, which can suffocate your lawn and keep it from growing.

Start small
Pick an easy task to start. Checking one thing off your list will give you a sense of accomplishment – and the momentum you need to keep going.

"Your house lets you know when something is wrong," Lupberger says. "If you handle these things regularly, it doesn’t turn into a huge project; it’s just a variety of small ones."

Getting a mortgage loan has become challenging in recent years. Don't expect that to change anytime soon.

Lending standards will remain tight in 2012, but that doesn't mean you won't be able to snag a mortgage with an attractive rate. Savvy borrowers who understand the rules and prepare will improve their chances of success.

These tips will help you stay on top of your game as you try to secure a mortgage in 2012.

1. Study your credit.

Good credit is the key to snagging a mortgage in this tight lending environment. Get copies of your credit scores and credit history from the three main credit-reporting bureaus. Study the reports carefully to make sure there are no errors or issues to resolve before applying.

Most lenders require a minimum credit score of 680 to comply with Fannie Mae and Freddie Mac's guidelines. Federal Housing Administration loans-- which are guaranteed by the FHA-- allow for lower scores, but most lenders want to stay away from scores lower than 620.

2. Prepare before you start.

Every lender requests certain basic documents when you apply for a mortgage. Don't wait for them to ask.

Have these documents ready when you walk into a lender's office: your last two pay stubs, W-2s, income-tax returns and bank statements.

Save these documents and any additional ones the lender requests in an electronic format, so you can easily resend them if anything gets lost.

3. Know how much you can afford.

Don't rely on your lender to tell you how much mortgage you qualify for and then borrow the maximum amount. Plan your budget, and leave room for unexpected expenses. That's especially the case when you are buying a house.

Bankrate calculators can help you determine how much house you can afford and estimate your monthly mortgage payments.

4. Shop around.

Shopping around for a mortgage should go beyond comparing interest rates. Rates are important, but would be borrowers must consider points, closing costs and different types of loans. Get estimates from three banks and three mortgage brokers before you decide which combination works for you.

5. Time is of the essence.

Once you submit your mortgage application to the lender, the clock starts ticking. Make sure you quickly send in any documents requested during the approval process. 

For buyers, a delay in closing the loan could kill the purchase and cost them their deposits. When refinancing, a delay could mean losing the interest rate the borrower originally locked in. Ask for an expected closing date, and follow up with the lender periodically until the loan closes. Keep in mind, some lenders close more quickly than others.

6. Mortgage approved? Your credit must stay put until closing.

After the lender pulls your credit and says you've been approved, don't assume you've won the battle. Most lenders will pull your credit again before the loan closes.

It's wise to avoid any moves that may affect your credit. Don't apply for new credit cards or credit lines. Pay your bills on time. Don't close any accounts. Don't finance a new car. Stay put until closing.

7. Consider refinancing with no closing costs.

You don't always have to spend money to save money when refinancing. Many lenders offer mortgages with no closing costs. No, it's not a free ride. Lenders usually make up for those costs by charging the borrower a slightly higher interest rate. Sometimes the slight increase translates into a few extra dollars in the monthly payment, and the borrower can save thousands in closing costs.

8. Consider a shorter-term loan.

Because interest rates have been at or near rock bottom, short-term loans have become more affordable for many borrowers.

Those who have a 30-year mortgage with an interest rate of 6% or higher may be able to refinance into a 20-year or 15-year loan while keeping their monthly mortgage payments close to what they pay now. Consider this option even when the short-term loan means slightly higher monthly payments. This is your chance to pay off your mortgage more quickly.

9. Receive a gift? Be ready to explain it.

Did you parents or in-laws give your a few thousand dollars as a gift to help out with the down payment? If so, congratulations-- but make sure you can document and explain where you go the money.

FHA loans allow borrowers to receive their down payment as a gift from a relative. For conventional loans, borrowers may receive gifts, but at least a 5% percent down payment must come from their own funds.

Borrowers receiving a gift are required to present a gift letter signed by the donor, and they will need a paper trail of the money transfer. Be ready to present statements to show where the money came from when it was deposited into your account.

Unless the money is being used for the down payment, avoid receiving large cash deposits in your bank account until your mortgage closes. Any large deposits other than your paycheck will have to be explained to comply with federal regulations.

10. Be persistant.

If one lender rejects your mortgage application, that doesn't mean all lenders will. Most lenders allow Fannie Mae and Freddie Mac guidelines. In addition, they have their own internal underwriting guidelines, and some are stricter than others. 

Ask why your mortgage was denied. Depending on the reason, you may be able to take some quick steps to improve your credit, or you might just need to try a different lender.

11. Appraisal isn't enough? Try again.

If the home appraisal your lender received isn't enough to back the mortgage loan and you think the appraiser is mistaken, try another lender,

You can't order a second appraisal or pick which appraiser the lender hires, but you can dispute the first appraisal or apply with a different lender.

In a perfect world, the appraised value of a home shouldn't vary drastically from one appraiser to another. But you may find that it does. If you believe the first appraiser is wrong, try a different lender and hope that lender's appraiser does a better job.

12. Seek Help.

If you are behind on your mortgage or are struggling to keep up with your mortgage payments, seek counseling. 

The Department of Housing and Urban Development has counseling agencies throughout the country. Homeowners can receive free foreclosure-prevention counseling from HUD-approved counselors. To find a housing counseling agency near you call 800-569-4287 or visit the HUD website.

According to CNN, the average mortgage debt in the U.S. is $173,876. Is there any way to pay off the debt faster on your way to financial freedom? Stacy Johnson offers three ways to reach that goal and also what not to do.

Refinance to a shorter loan. Replacing a 30-year mortgage with a 15-year can save big bucks. For example, if you have a $200,000 mortgage at 5%, paying it over 30 years will result in a total interest tab of $186,511. But shortening the term to 15 years means total interest of just $84,685, for a savings of more than $100,000. Added benefit? The rates on 15-year mortgages are typically lower than those on 30-year loans.

Of course, that 15-year loan also comes with higher monthly payments. The 15-year loan payment in our eample above is nearly $1,600 a month, while the 30-year is less than $1,100.

So, whether this strategy is sound for you comes down to what you can pay per month and how much the switch will cost.

As a rule, housing expenses shouldn't be more than a third of your take-home pay. And because the fees to refinance a mortgage can add up to thousands of dollars, just recouping those cost can take months or even years. So be sure to explore all closing costs and fees. And it always pays to shop around for the best rates.

Make extra payments. Maybe you've gotten an offer to skip a loan payment (on the mortgage, car, whatever) and wondered why the lender was being so nice. The answer, of course, is that they weren't: You're still going to pay it, probably with extra fees and interest on top. The best thing you can do with any loan is the exact opposite. Pay extra.

A program often offered by mortgage lenders would have you make your payments biweekly rather than monthly. Because there are 26 two-week periods in a year, paying every two weeks equals making 13 monthly payments. That alone would shorten a typical 30-year mortgage to 22 years, and potentially save tens of thousands of dollars in interest.

The problem with mortgage company biweekly plans, however, is that they often come with an upfront fee attached. You can avoid it. Provided there's no prepayment penalty, you can always pay extra on your mortgage without a fee. If you want to mimic the results of a biweekly payment plan, simply add one-twelfth of a payment to your monthly checks. Just make sure the extra money is applied to principle only, rather than prepayment of future payments.

Round Up. If money is too tight to accelerate your payment schedule or squeeze out an extra payment every year, that's OK. You can still get ahead by doing something you learned in grade school: rounding to the nearest whole figure. Say your payment is $954 a month. When you're thinking of your monthly obligation, do you think of it as "about a grand"? Commit that mental fuge to paper and you'll thank yourself later.

Not to be repetitive, but make sure that extra money reduces to principal. Your bank might not automatically do it.

What Not To Do. Another option you may have heard is money merge accounts, or MMAs. The basics: You get a home equity line of credit, or HELOC, by borrowing against the value of your house. This line of credit then essentially becomes the bank account you use to pay your bills (including your mortgage) and it's where you deposit your income. Because interest is calculated differently on a HELOC than a standard mortgage-- daily, instead of monthly-- the people who pitch this product make it sound like this will aid in paying off your mortgage in record time.

Of course, using this technique often requires expensive software to watch your MMA transactions and tell you how to time payments.

If using your home as collateral to pay for your home sounds convoluted and risky, that's because it is. You could just as easily come out behind as ahead with bad timing or spending more than you bring in. Whitout discipline and careful planning, you could ultimately lose your home by failing to repay or refinance the loan in time. And it's not clear that this method will save you much money, as Stacy explained in "Should I buy a mortgage acceleration program?"

http://www.cnbc.com/id/41665883/

Here is one more article about the best states for business!

http://money.msn.com/investing/top-10-states-for-business

Here is an article about the "Top 10 States for Business" and North Dakota ranks Number 4!

Overcoming the Mortgage Obstacle

Despite historically low home prices and rock-bottom mortgage rates, tight lending standards continue to keep would-be buyers on the sidelines. Higher credit-score requirements and more extensive income documentation requirements have also played a role in discouraging consumers from becoming homeowners.

"The mortgage climate has become a bit more challenging," says Erin Lantz, director of Zillow Mortgage Marketplace. "The lending community is fairly conservative right now."

But while mortgage financing is certainly no easier to come by these days, it's no harder, either. "Borrowers have a little bit of a misconception that you can't get mortgage financing," says Keith Gumbinger, vice president of mortgage information web site HSH.com. "The mentality of 'It's going to be too hard for me to get financing, so I'm not going to bother even looking,' is persistent."

Credit standards stopped tightening about a year ago, Gumbinger says, and the most recent Senior Loan Officer Opinion Survey released by the Federal Reserve indicated that the residential mortgage market has essentially plateaued, meaning the lending climate hasn't become any tighter, but it's not getting any looser. "On net, standards on prime closed-end residential real estate loans and home equity lines of credit were about unchanged during the first quarter of 2011," the Fed press release said.

The prominence of government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac in the mortgage market has further complicated the picture. Gumbinger estimates that 90 percent of home loans are backed by Fannie, Freddie, or the Federal Housing Administration (FHA). There is virtually no private loan market to speak of. "Because Fannie and Freddie so dominate the marketplace, until they make a move or make a change to loosen, nothing is really going to change," Gumbinger says.

Mortgage financing may be the No. 1 worry on would-be home buyers' minds this spring, but there are steps house hunters can take to smooth the way. U.S. News talked to the experts to find out how borrowers can best navigate the tumultuous mortgage market:

Get your paperwork in order. In the wake of one of the worst recessions in U.S. history, one of the trickiest elements in securing a mortgage this season can be proving assets and continuity of income. Spooked by the foreclosure crisis still shaking out in the housing market, lenders are much more stringent when it comes to determining if a potential borrower can support the weight of a mortgage. "A couple of years ago, you could walk into any place and if you could breathe, you could get a mortgage," Gumbinger says. "Buyers have to align themselves much better with the new lending reality in lending standards. You have to be able to document your income and your assets fully—not all borrowers can do that, especially self-employed borrowers."

Self-employed individuals are allowed to write off certain amounts of income and business losses, which can create some issues when it comes to applying for a loan. "For self-employed borrowers, in their mind what they make versus what's supported by tax returns—especially when it comes to business expenses or losses—we see a lot of problems with that," says Chad Smith, senior vice president of mortgage services at LendingTree. "The beauty of being self-employed is that you are allowed to write off a lot of your income. However, that can seriously inhibit you from getting a mortgage." To avoid potential hiccups in the process, Smith recommends submitting two years of complete tax returns and asking the lender for pre-qualification as far in advance as possible.

But if your employment history over the past few years is spotty and you've had some financial difficulties, not all hope is lost. While there's not a lot of flexibility in the mortgage market these days, disclosing the details of your financial situation can work to your advantage. "That type of situation makes it more difficult to get a mortgage now than it would have a few years ago," Lantz says, but there are loan programs that have less restrictive guidelines. "Reach out to the lender and explain your particular financial situation and see what the lender can do," she adds.

Credit score is key. To get the best mortgage rates, you'll need a fairly high credit score, a FICO 740 or above. But even if you don't have the best of credit scores, you still have options. "A higher credit score can reduce the interest rate of a loan, but a lower score doesn't preclude you access to credit," Lantz says.

The FHA still offers an avenue for would-be home buyers with less-than-perfect credit, according to Lantz and other experts. Those who qualify for FHA loans have as little as a 3.5 percent down-payment requirement as opposed to upwards of 20 percent with conforming and nontraditional loans. But a break on the down payment doesn't come free; in addition to annual fees to participate in the program, FHA also has more stringent property quality requirements, a major consideration in a housing market bloated with foreclosed properties.

"We always see buyers run after what they think is a great deal, but they forget that the lender has standards they need to meet for that collateral," Smith says. "Buyers need to be prepared that if they're out buying a distressed property, which are a lot of the sales right now, and there are problems with the property, they may need to come in with a larger down payment."

It might seem like a no-brainer, but borrowers should know their credit score and make sure their credit report is accurate. Along with employment history and income documentation, credit reports are being scrutinized more than ever. Challenged or disputed accounts can throw a wrench into the qualification process. "If you have any disputed accounts, right, wrong, or indifferent, it's going to affect your ability to get financing," Smith says. "Even the smallest detail can derail something."

Be prepared to act. In today's market climate, things change fast. Mortgage rates can fluctuate by the day or even by the hour, says Lantz, which means when rates dip, consumers need to be ready to lock the rate in. "Most folks think mortgage rates are set once a day at 9 a.m., when in fact, they change throughout the day just like the stock market," Lantz says. Even a small dip in rates can have a meaningful impact over the life of the loan, she stresses. Whether you're looking to refinance or qualify for a new loan, preparation and education is essential. That means being ready with your financing, which in turn can help your credibility as a potential buyer.

"I would encourage consumers to start saving now," Lantz says. "It's not going to help the consumer that's interested in buying tomorrow, but the housing market is in a place where we can expect affordability for a while to come. It's a great time for prospective home buyers to start getting educated now about what type of mortgage they would like, what type of mortgage they qualify for, and what other obstacles they may need to overcome."

The First Celebration of Labor