Blog

Featured

3 Questions To Ask Before Buying Your 1st Home

The real estate market is constantly changing, so of course DO YOUR RESEARCH! DO NOT jump the gun on this one! Unbiased advice from family and peers may be kind, but you are the only one who knows what your needs are when it comes to buying a home.
WHAT MADE YOU CONSIDER OWNING A HOME?

Forget finances for a minute and focus on what made you consider even buying a home in the first place!

·      Is your family expanding?

·      Does your family feel safe?

·      Is there a STELLAR school system in the area so your     children can get the education they deserve?

·      How about that unbearable landlord?
WHICH WAY IS THE REAL ESTATE MARKET GOING?

DON’T SLEEP ON YOUR DECISION TOO LONG! Home prices are on the rise! Not only are they on their way back up, but these increases are happening monthly.

Don’t believe us? According to Existing Homes Sales Report from the National Association of Realtors (NAR), the average price of homes in May 2017 went up 5.8% from last year.

If you wait until next year to buy, you might be scrapping for change in the cushions to say the least! Not only will it cost you more to buy, but you will also need to increase your down payment to account for the higher price of the home.

 

WHAT IS THE MORTGAGE FORECAST?

The initial process of purchasing your home may seem easy and quick, but THERE IS MORE TOO IT! The ‘long term cost’ of buying a home WILL haunt you if you buy at the wrong time! Mortgage Bankers Association (MBA), and NAR have projected that mortgage interest rates will DEFINITLEY increase over the next twelve months. The smallest increase in mortgage rates can have a huge impact on a home owner.

 

FINAL THOUGHTS

If you and your family feel it is the right time to buy a home then GO FOR IT! Consider these points when making the final decision.

Don’t forget, this move is FOR YOU!

Advertisements
Featured

Storage Ideas For Small Bathrooms

Is your bathroom small? It’s the worst, isn’t it? Well, unfortunately, small bathrooms are very common, and are usually the smallest rooms in the house. I can almost bet that it almost always feels cramped and tight in there. Although the square footage doesn’t change, a change of organization and storage space can make a drastic change to how your bathroom feels. Here are a few tips and tricks to make your bathroom space feel more functional and spacious.

  •  Medicine Cabinet
    If you have a regular mirror, replacing it with one that includes a medicine cabinet and provide further storage space.

  • Shelving
    If you have free space above your toilet, vanity, or other another empty part of the wall, install shelving units. Purchase a few decorative baskets to maximize shelf space.

  • Hooks
    With a few decorative hooks, in a style of your preference, you can declutter by placing a couple on the back of the door to hang towels or robes. Perhaps one or two right next to each end of the shelving unit you just installed.

  • Towel Racks 
    A rack installed inside of you shower can save you space and convenience, also adding an additional shower bar above the original will work nicely. Another idea is installing a few racks a couple of feet above each other or right next on another. If you have an excessive amount of towels, store some of them away in the bedroom closet.

  • Vanity with Cabinet
    I have come across plenty of pedestal sinks in small bathrooms, but if you want save some space, add some storage, and upgrade the look of your bathroom at the same time, a vanity cabinet will definitely do the trick.

Featured

Debunking Myths To Home Buying

Finally ready to make the transition into home ownership? That’s awesome, and in this exciting time you can be turning to friends and family for an insight into the process. However, there seems to be a circulation of misinformation spreading around, so we’re here to clear up a few myths.

1. THE FIRST STEP IS SEARCHING FOR A HOME

You know the saying, “Don’t put the cart before the horse,” well that’s important to remember when it comes to buying a home. You don’t want to start looking for a house until you have gotten to sit down with a lender and discuss what the bank will qualify you for. If you fall in love with a house that’s $250,000 and come to find out you’re only qualified for $200,000 you can get your hopes crushed and waste a lot of time. Don’t start the process on the wrong foot and make sure the numbers line up.

2. YOU DON’T NEED A REAL ESTATE AGENT

For starts, when buying a home, 99% of the time the buyer’s agent gets paid by the sellers. That random 1% can be for odd circumstances. So you’re getting to use the services of a real estate agent for FREE. Having a real estate agent on your side means you’ll get to see homes that aren’t as readily available on public searches, you avoid outdated listings and scammers (there are lots of them), and you have protection when it comes to navigating the legalities of contracts and buying a home. Why wouldn’t you want an awesome negotiator working to ensure you get the best from the transaction? For FREE!

3. YOU CAN’T BUY A HOME WITH BAD CREDIT

Fortunately for some, this is a myth. Lenders and banks come by the hundreds of thousands and all though there are a few loan options, a lot of lenders can work with credit scores down to the low to mid 500’s. Get in touch with an agent to help you connect with the right lender who can help you potentially approved. There is a lot of factors that go into approvals, but your credit doesn’t have to be a sore thumb during the process. However, you will be doing yourself a favor if you connect with a credit repair specialist to at least get those numbers in the 600’s. A better score will lower you interest rate.

4. YOUR DOWN PAYMENT HAS TO BE 20%

Think you have to sell an arm and a leg to buy a home? Not at all! An FHA loan only requires 3.5% while a conventional only requires 5%. There are a lot of programs that can potentially help you with down payment assistance or be 0% down mortgage. USDA and VA loans are the most popular 0% down programs. If you qualify, this can take a big chunk off the amount of cash you have to bring to the closing table.

5. DOWN PAYMENTS ARE THE ONLY UPFRONT COST

This is one of the biggest misconceptions. There is a lot of cost that goes into buying a home, and that includes upfront costs. One of the mandatory ones are a termite and appraisal. If you are getting a mortgage, the home will have to appraise and get a letter stating there are no termites in the home. Termite can range between $25-$75 dollars. An appraisal can range from $300-$700 dollars. Aside from your down payment, you then have to pay for closing costs. And NO, they are not the same thing. Closing costs can range anywhere between 3-6% of the purchase price. In certain markets, this can be negotiated for sellers to cover by rolling into the offer price, but whether that decision is smart to do or not when it comes to landing your dream home will need to be discussed with your agent.

Now that you have some knowledge to get the process started, get in touch with an agent who will help you get through the process as smoothly as possible.

Featured

Spark A Bidding War

Ready to make a move? Have a certain figure in mind that you need to sell for? Depending on your market, you might be able to get a little more than what you may be needing. Go over with your agent if setting a bidding war is smart for the sale of your home, and if they give the green light, here are a few things to consider to help get your sales price over asking after starting a bidding competition.

 

1. ATTRACT MORE BUYERS

When there isn’t much interest in a property, buyer’s get nervous and suspicious that there may be something wrong with the home that they may be missing, and that could sometimes be further from the truth. You want to price your home competitively to entice more showings. When you price your home right under the market standard, it leads to more showings, more appointments, and more excitement around your home.

 

2. PRICE IT TO MOVE IT

You want to make sure your price gets buyers interested in your property. Even if they end up paying more than asking, the excitement from feeling like they are getting a deal and landing your home sets the right mood for buyers to WANT your property. Always price the home in a way that is going to appeal to a large audience. Pricing a home at $399,900 can generally generate more foot traffic than one listed at $400,000. Advertising a home for sale that is listed for slightly under the market value can garner a lot of interest, which can lead to the home selling for more than what the seller originally wanted.

 

3. START UP THE BUZZ

Make sure you work with an agent that has the ability to start up a coming soon buzz around your home. You want to let the market know that your home is going to be coming soon, and start up conversation and interest. This gives time for word about your home to spread to get more foot traffic and competition on your house.

 

4. STAGING IS KEY

It’s without question that to get over market value for your home, it has to be in tip-top condition. Discuss with your agent the importance of having your home professionally cleaned and stage to attract more buyers. Starting up a buzz won’t lead to much if buyers walk into your home and turned off by orders, unappealing lighting, or rooms that are not properly staged. You want to allow buyers and opportunity to see your home in the best light the first time they walk through your door.

 

5. CREATE A DEADLINE

Have your agent set a deadline for offers, say a Monday or Tuesday, right after a weekend of doing open houses. This can generate a sense of urgency around your home, letting buyers think there is a large amount of interest and to get offers in quickly. Setting them up with this state of urgency generally makes them want to put their best foot forward with their first offer.

6. SWEETEN THE DEAL

To generate a little more excitement and foot traffic, you can offer an incentive for whomever purchases the home, or set a fun giveaway during an open house. Some people have given away cars, tickets to a major event – like the Super Bowl, given away vacation tickets, etc. Doing an out-of-the-box giveaway helps to generate organic buzz around your home. Some giveaways have even landed seller’s homes in the local news. More buzz means more potential buyers, which means a potential opportunity for a bidding war to get you a better sales price.