Nov 6, 2020 | Home Buyer Tips
Are you ready to make that leap from living at home or renting to owning a home of your own? While everyone moves at their own pace, here are some signs that you can use to determine if it is time to own your own home. Let’s take a look at some of the reasons you can use to justify your decision.
Are You Sticking Around?
If you plan on moving soon for a job or think that you won’t be in town much longer, it may be better to rent. However, if you are thinking about living in the same town or within the same county for years to come, it is time to put down roots.
The stability that comes with home ownership may make you more prepared for a marriage and/or a family if that is something that you want. This stability may make you more attractive if you are single and searching for a long-term relationship.
Do You Have a Steady Job?
Those who have a steady job and know that they have a stable salary may want to make the move to home ownership. As long as there aren’t any other major debts eating into your income, you can probably handle a mortgage and other costs associated with home ownership.
The equity that you build in your home can help you build wealth for the future if and when you want to retire. Your home may also make a great rental property in the future, which can help you diversify your portfolio and keep you solvent for years to come.
You Are Spending More Time Watching Television Shows Related to Home Ownership
You may have caught yourself recently watching shows revolving around people or couples who are looking for homes. You may also be watching programs dedicated to giving tips as to how you can upgrade your home. If you watch these shows frequently, it may be a sign that you are ready to move out on your own and take on the exciting challenge of being a homeowner.
Are you ready to be a homeowner in the near future? Only you can say for sure if it is time to make that leap. However, those who are looking for a long-term housing solution may be ready to make that move. For more information, it may be worthwhile to talk to a real estate agent today.
Oct 2, 2020 | Real Estate
The real estate market has been in flux during the past few months. As a result, this could be a great time to both buy and sell a home. This is because mortgage rates are attractive for borrowers right now. With so many people who are looking to buy a home, is likely the people selling a home are going to receive multiple offers. On the other hand, given what the mortgage market looks like right now, borrowers also have attractive options.
As a result, many people are wondering if they should buy a house with cash or take advantage of low interest rates. For homebuyers in this position, there are a few important points to keep in mind.
Consider What The Cash Can Do
Ultimately, a decision to buy a house with cash or taking advantage of low interest rates is going to be a personal decision. At the same time, there are several factors to consider. One of them involves what the cash is going to be used for. For example, many people have heard the saying that cash is king. Buying a house with cash might be right for some people.
On the other hand, there might be some individuals or families who can put this cash to better use elsewhere. For example, if this cash is needed to buy a new car, fun retirement, or pay for someone’s education, then the cash might be better spent in this area. It is important to think about how this cash will be spent when deciding whether or not to use it to buy a home.
The Competitiveness Of A Cash Offer
It is also important to consider the advantages of buying a house with cash. In addition to the obvious benefit of not having a mortgage payment, a cash offer is also going to be seen as more competitive. With so many people looking to buy a house right now, it is critical for homebuyers to appear competitive right off the bat.
A cash offer is always going to look better than someone who is trying to take out a loan because the transaction is simpler, faster, and provides the seller with an instant source of liquidity.
These are a few of the most important points that people should keep in mind when deciding how they are going to purchase a home.
Sep 25, 2020 | Home Buyer Tips
You’ve found the perfect new house or condo, and you are now preparing an offer that you believe the seller will find tempting enough to accept. However, you know that there are going to be thousands of dollars in closing costs that need to be paid before the sale is completed and you become the home’s new owner.
The question is, should you ask the seller to pay some or all of the closing costs? In today’s blog post we’ll address this question and list a few scenarios in which you may want to consider having the seller pick up the tab.
Ask if You’re Offering the Full Listing Price
If you’re prepared to offer the full asking price for the home you can certainly include the caveat that the seller assist with some or all of the closing costs. Many sellers will price their home slightly higher than they expect to receive as they believe that buyers will submit low initial offers which need to be negotiated.
For example, if a home is listed at $275,000 a seller might actually be expecting $260,000 or $265,000 for it. You can offer $275,000 but ask that they take care of the closing costs.
Ask if You’re Confident the Seller Has Few Other Options
If the home has been on the market for a number of months or if you’re fairly confident that the seller isn’t going to find much luck elsewhere you can ask them to pick up the closing costs as one of your purchase conditions. You’ll obviously want to negotiate in good faith, but if you’re coming from a position of strength you can leverage this in to some additional savings.
Ask if You’re Ready to Close Immediately
Are you ready to sign on the dotted line today? If you’re sure that this is the right home for you, let the seller know that as long as they’re willing to assist with the closing costs and accept your bid that you’ll start the closing process today. Nearly all sellers will be willing to make a small sacrifice to get the deal done.
As you can see, there are a number of situations in which it makes sense to ask the seller to shoulder some of the closing costs. If you have found a home that you wish to purchase and you’d like advice on how to proceed, contact a real estate agent today. An experience real estate professional can help you craft an offer that the seller won’t be able to refuse.
Sep 23, 2020 | Home Buyer Tips
With mortgage bubbles and real estate issues still in recent memory, one might feel that their best option is to buy their next home using cash instead of borrowing the necessary funds. In today’s article we’ll explore the pros and cons of paying cash for that next house or condo.
The Pros Include A Feeling of Complete Ownership
There’s a feeling of pride and joy that comes with owning a home outright. There are several other reasons for paying cash instead of signing on the dotted line and getting and being strapped to a 30-year mortgage. Perhaps the best reason is having 100 percent equity in the home.
The cash will be there to borrow in case of an emergency. Having cash on hand is great if a water pipe bursts or there’s a huge car repair bill. In addition, instead of paying a monthly mortgage, that money could be used to start a college fund, to grow savings or to invest.
And, credit problems wouldn’t be an issue since there wouldn’t be a need to check credit history in the first place. The homeowner may be able to negotiate a better price, which may result in a likelihood of a smoother sale, and attract more prospective buyers.
The Not So Great Reasons To Pay With Cash
Buying a home is one of the largest financial investments a person will make in his or her lifetime.
However, buying a home outright most likely means that a significant percentage of cash will be tied up in the house. Less cash will be on hand for savings, college funds, and emergencies like a plumbing malfunction or an expensive car repair.
While paying in cash may result in a mortgage life, if the property value drops for whatever reason, there’s no purchase protection. For instance, if the market value of a $100,000 home loses 10 percent that will be a loss of $10,000. Take this example and apply it to a mortgage down payment. If the market value falls, there’ll be a loss of $10,000, but the bank would take a loss for the remainder of the property value.
Also, when paying with cash, there is no third party property evaluation to ensure the buyer isn’t overpaying for the home. Banks will send a professional to provide a property evaluation check to verify the correct home value.
Buying a home is a significant personal decision. In today’s tough economy, homeowners are finding ways of cutting back on expenses. Owning a home outright, without the stress of mortgage payments can be extremely liberating. Sit down with a professional real estate agent today before making the decision to use cash to pay for a home.
Sep 11, 2020 | Real Estate
For many people, owning a home is their dream. The COVID-19 pandemic has impacted the entire country and has left many people wondering if they can still afford to own a home. While this might put some things on hold, there are steps that everyone can take to keep the dream of owning a home alive.
Get Pre-Approved For A Mortgage
The first step that you should complete if you would like to own a home is to get pre-approved for a mortgage. The pre-approval process will give you a firm idea of what you can afford. Then, you can start to narrow your search and find homes that are within your price range.
Furthermore, when you do make an offer, sellers will know that you are serious about buying the home because you have already been pre-approved. Reach out to a lender and get pre-approved for a mortgage.
Connect With A Top Agent Virtually
Most people are used to going to home showing in person; however, there are ways to do this virtually. A trusted agent is going to have access to all of the listings in the local area and can help you understand what the process is regarding buying a home. You can connect with an agent either by phone or by video to learn what it is like to navigate the real estate market. While today’s market might be different from most markets, there are still opportunities to get a great deal on a home.
Do Research On Options For Assistance
Buying home is one of the most important ways to stimulate the economy. As a result, there are lots of options that have been put into place to help people buy homes in a responsible manner. This could include loan programs, payment assistance programs, and loan options that do not require a large down payment. This can help you afford a dream home without having to necessarily put down 20 percent.
Do Not Put Your Dreams On Hold
While the climate might be a bit different right now, this does not mean that people have to put their dreams of owning a home on hold. This simply means that everyone has to do their due diligence and find the home that is right for them.
