Sep 16, 2021 | Mortgage, Real Estate
Now is a great time to sell a home. Inventory is down to historic lows, according to recent reports, which means it’s a sellers’ market. Yes, many homeowners are reluctant to put their homes on the market for a variety of reasons. However, right now there are four big incentives for homeowners to sell, despite these objections.
Unsure Of Being Able To Find A New Home To Purchase
It is good to sell at high prices, but that might leave a homeowner desperate to find a new home. Not exactly.
Buyers are entering bidding wars in order to secure their new dream homes. Using leverage, a homeowner could sell to a buyer but have a stipulation where they lease their home back to the new owner until such time as the homeowner has time to get themselves a new house.
Uncertainty About Being Able To Obtain Top Market Price
It is understandable that homeowners want to be able to recoup the cost of improvements they have made along the way, along with some profit. When neighbors are getting top dollar, homeowners might want the same kind of guarantee if they put their own home up for sale.
The bidding wars have become so common that it is almost guaranteed that a homeowner will get the asking price at a minimum.
Do Renovations Need To Be Completed First?
It is common for homeowners to “put down their brushes” and think about just moving instead of finishing renovations, but will there be a heavy price to pay for selling an unfinished house?
Not in this market. Currently, buyers are willing to overlook most repairs in order to get into the house they want, including unfinished renovations. If you’re a homeowner worried about every little unpainted patch on the wall, rest assured your prospective buyers won’t even flinch.
Worries About Getting A Quick Closing
Homeowners are worried that they might not get a quick closing. Why? Because the longer the closing date is pushed out, the higher the chances that a sale will fall through.
If you’ve been on the fence about selling, it’s time to choose sides. There’s never been a better time to sell. Talk to your real estate agent today to start the listing process.
Jul 8, 2021 | Mortgage
There’s almost a guarantee that at some point in the future you’re going to face an emergency. Like most things in life, that emergency is going to require money to solve. You can’t assume that you’ll have the funds to face the emergency when it happens. You can’t even assume that you’ll have enough on your credit cards to pay for it. The only safe way to plan is to have an emergency fund.
What Is An Emergency Fund?
An emergency fund is a reserve of cash set aside for emergencies only. It’s not a savings account, because you’re not saving up for anything in particular like a new sofa or a dining set. It’s strictly money on hand to be used in an emergency.
What Constitutes An Emergency
As a homeowner, you could face any number of emergencies regarding your property. An emergency is something unexpected and urgent. In other words, you couldn’t foresee it happening, yet it needs to be taken care of right away. Examples of homeownership emergencies are:
- Basement floods and needs to be drained and contents cleaned
- Tree falls on roof, and you can’t wait for insurance check
- Furnace dies in the middle of winter
- Central air system dies and there’s a high deductible on your insurance policy
- Water tank gives out a week before your big family holiday
How To Manage an Emergency Fund
The key thing about an emergency fund is that it needs to be instantly accessible. Instantly accessible means you should only have to use your debit card or write a check to use it. You shouldn’t have to sell stock or transfer money out of your retirement IRA. It should also be kept separate from other funds, so it doesn’t get confused with the Christmas gift fund or the college fund.
Why Have An Emergency Fund?
Emergencies shouldn’t cause catastrophic damage to your finances. With consistent, small saving habits, you can build up an emergency fund so you can easily and readily take care of maintaining and repairing your home. This is part of good homeownership. When you have an emergency fund, you know that you can always keep your home in tip-top shape.
Jun 3, 2021 | Mortgage
Now is a great time to take out a new home loan because mortgage rates continue to hover near historic lows. As a result, many homeowners are refinancing to a lower rate. This is also the perfect time to move because homeowners can take out a new home loan with a lower interest rate. Mortgage rates will not remain at historic lows forever and have already begun to rise slowly this year. Homeowners should sell now and take out a new home loan before they rise too much.
Homeowners Can Take Advantage Of A Bidding War
Because the real estate market is so competitive right now, homeowners might be able to take advantage of a bidding war. With surveys showing that homeowners are getting more offers on their homes than ever before, this is an opportunity for homeowners to drive up the sale price.
Homeowners Can Speed Through The Closing Process
While many homeowners get frustrated about the time it takes to close a sale, home sales are closing faster than they ever have in the past. The number of all-cash sales is going up as well, which is also an opportunity for homeowners to close quickly. Anyone who is looking for a quick closing process should consider selling in the current market.
Homeowners Can Sell Without Updating The Home
Finally, this is also a great time for homeowners to sell because they might be able to sell their homes without updating anything. Instead of having to worry about home upgrades and cosmetic changes, homeowners might be able to get great value for the home as-is. This opportunity might not come along again for decades, so now is a great time to sell.
Apr 22, 2021 | Home Buyer Tips, Mortgage
Whether you are preparing to purchase your first home or it has been many years since you last walked through the home buying process, you may be starting to feel overwhelmed at the thought of all of the work that lies in front of you. From concerns about finding the right home to the physical act of relocating all of your belongings after the closing, there is certainly a lot to think about. While each home buying transaction is unique, the most successful home buyers have typically adopted a few behaviors. You may keep these in mind to help you navigate through the process with success.
Keep An Eye On Your Budget
Financial stress when buying a home is common. You may have saved for years to afford your down payment, but there are various expenses that some may have not calculated or planned for. It is important to leave extra funds available for unexpected expenses, such as paying for the appraisal up-front on the home you have fallen in love with. Likewise, keep a close eye on your budget so that you are aware of your financial situation at all times.
Be Available And Flexible
It is imperative that you remain available and flexible as much as possible. Your real estate agent may call you at the last minute with a great new listing that has come on the market, and you may need to be flexible with your schedule to see this property before other buyers do. In addition, you may need to be flexible and accommodating with regards to contract negotiations, working with title company requests and more.
Seek Advice And Knowledge
Buying a home does not have to be stressful, but it also is not something that you do every day. There is a lot for even an experienced home buyer to learn, and you should be prepared to seek advice and to educate yourself along the way. Ask questions as necessary, and use the Internet for additional research.
Home buying is a process, and you may consider taking one day at a time as you proceed through the journey to reach your ultimate goal. A skilled real estate agent can guide you through the process and can help you to more successfully reach your goal. Reach out to a real estate agent today to begin looking for your new home.
Apr 14, 2021 | Mortgage
At the flowers begin to bloom and the weather starts to warm up, everyone is thinking about spring cleaning. It is critical to make sure the house is ready for the warmer weather. What are the top spring maintenance tasks that have to be completed? Do not procrastinate on these tasks, as the price could be high.
Prune The Trees Before They Start To Bloom
Take a closer look at the trees, particularly those that hang over the house. As they begin to bloom, the weight on these branches could start to increase. If that happens, branches could snap over the house, leading to serious roof damage. Prune these trees before they start to bloom. If they are too high, it may be better to reach out to a trained professional who can prune them safely.
Always Look For Signs of Leaks And Water Damage
Check around the house for signs of leaks and water damage. If the floor is buckling, the walls are starting to change color, or the water bill is going up without an explanation, these could be signs there is a leak somewhere. Address any signs of water leakage now. Waiting to address a water leak could lead to serious repair bills down the road. Be sure to get the plumbing system maintained regularly. That way, these leaks can be avoided.
Inspect The Water Heater
Take a closer look at the water heater. It is important to get it inspected by a trained professional once per year. Over time, mineral scaling and gunk can accumulate in the water heater. It needs to be flushed regularly. Even though online tutorials can be helpful, it may be better to reach out to trained professionals who have the equipment to do this properly. In addition, professionals may take a look at other areas of the water heater that might have to be addressed.
Get Ready For Spring
These are a few of the most important spring cleaning maintenance tasks that have to be completed now. Make sure these systems are ready to go before they are called upon. If homeowners do not procrastinate on these important tasks, they could save a lot of money down the road.
Feb 25, 2021 | Mortgage
For those who are getting ready to put their home on the market, they want to make sure they get as much money as possible for their home. This means making a positive first impression. There is never a second chance to make a first impression. Therefore, homeowners need to make sure they do everything possible to “wow” potential buyers at open houses and showings. What are a few of the top tips that homeowners should keep in mind?
Listen To The Agent
Homeowners know their home the best. Therefore, they feel like they are able to show their home in the best manner possible. Even though they should have some input, homeowners are ultimately selling a building. They are not selling their memories.It is a prudent idea to listen to the agent. For example, the real estate agent may recommend staging the home in a certain way. The real estate agent may even recommend that he or she hosts the open house personally. Homeowners will need to listen to the experience of their real estate agent in order to have the best showing possible.
Clean The Home Thoroughly
Homeowners also need to make sure they clean the home thoroughly. There is a high chance that the real estate agent may even recommend a cleaning service to scrub the house from top to bottom. Even though a potential buyer is probably going to clean the home after he or she buys it, nobody likes to see a dirty house. If there are any children or pets living in the home, try to eliminate all traces of them.
Put Away Family Photos And Memories
Finally, homeowners also need to put away any family photos or personal items they have left out. When someone is looking for a new home, they want to envision what their life might be like in that home. This is going to be challenging if the current homeowner has family photos all over the walls. Remember, selling a home does not mean selling the memories in it. As a result, homeowners should try to put away their family photos and trinkets before the open house or showing. This will increase the chances of getting a great offer.
