Apr 8, 2016 | Real Estate Tips
There are different methods that home buyers may use to find a real estate agent to work with. While some may use the services of a real estate agent who they know personally, others may reach out to a professional who they have located online. Regardless of whether you previously knew the individual in a non-professional setting or not, it is important that you check your agent’s reference and testimonials before you get started with the home buying process. There are several good reasons for this.
The Importance Of Accessibility
Whether you are trying to find the perfect property and submit an offer before anyone else or you are actively negotiating with a seller, you need your real estate agent to be accessible to you. Simply because you are friends with the agent or they were friendly to you with the first phone call does not mean that they will continue to be accessible to you until you close on the home. References and testimonials can give you more information about this.
Professional Demeanor Throughout The Process
The right real estate agent is one who remains cool and composed throughout the transaction with all parties. Negotiations can become heated at times, and you want your real estate agent to have a professional demeanor under pressure. References and testimonials can give you first-hand insight about the agent’s demeanor.
Skilled With Negotiations
It is not enough to have a real estate agent represent you in negotiations. You also want the real estate agent to have some skills and a track record for success. You may not get everything you want with negotiations because of the need to compromise, but your real estate agent should be able to structure a deal that works well for you.
An Overall Great Experience
There will inevitably be times of stress and anxiety when you are buying a new property, and it is not reasonable to expect otherwise. However, a real estate agent should be by your side to facilitate the process, to explain concepts and to help you make better decisions from start to finish. When you read reviews and testimonials, pay attention to how satisfied the clients were with the overall process.
There are many factors to consider when selecting the right real estate agent to work with. While you want to have a great interactive dynamic with your real estate agent, you also need to focus on these factors to make the best decision possible. You can begin by contacting an agent today and requesting references from the professional.
Mar 23, 2016 | Real Estate Tips
The real estate market is rife with terminology that can make a home purchase seem more than a little complicated. If you’re currently looking for a home and are considering your loan options, you may have even heard the term ‘Debt to Income’ ratio. In the interest of simplifying things, here are some insights on what this term means and how it can impact your home investment.
Determining Your ‘Debt to Income’ Ratio
It’s important to consider what exactly your DTI ratio is before your home purchase as this will quickly determine how much home you can actually afford. To calculate this number, take your monthly debt payments – including any credit card, loan and mortgage payments – and divide them by your monthly gross income to get a percentage. In the event that your monthly debt is $700 and you make $2800 in income, your DTI is 25%.
What Your DTI Means To The Bank
The DTI is a very important number when it comes to a home loan because it enables the bank to determine your financial situation. A DTI of 25% leaves some wiggle room, as most banks will allow a DTI percentage that runs between 36-43%. In the case of the above example, this means that the most debt this person could take on per month is about $1200. While banks vary on this percentage, credit history plays an important part in the DTI that will be allowed.
Paying Down Your Debt Or Purchasing A Home
In the event that you have a DTI ratio that exceeds what your bank will allow, you will need to consider your debts before moving on to investing in a home. If you’re planning on purchasing a home in the next year, it’s a good idea to tackle high-interest debt first. However, if you happen to have a chunk of money saved up that you’re planning on putting into a down payment, it’s worth considering that putting more than 20% down may slightly increase the DTI percentage your bank will accept.
There are many fancy terms that go along with the world of real estate, but it’s important to understand what they mean so you can make them work in your favor. If you’re calculating your DTI ratio and are planning a home purchase down the road, you may want to contact one of our local real estate professionals for more information.
Mar 10, 2016 | Home Buyer Tips
Making a home purchase in a neighborhood that is sure to boom in the coming years can be a great real estate investment, but guessing on the next trendy locale may seem fraught with risk. If you’re trying to determine which area will be up and coming down the road, here are some telltale signs that buying may be a benefit to your bank account.
Full Of Creative Energy
Many bohemian areas are popular because of their lower rental and purchase prices, but a locale with plenty of artists and cultural vibrancy is probably going to be on the upswing soon with the interest it will attract. While an investment may be economical in the short-term, it may see a significant spike in the years to come.
Community Restoration In Progress
There’s a good sign, whether it’s parkland or buildings, that if restorations and renovations are occurring in a community, it’s going to see an increase in purchasing prices soon. With a nicer area and better amenities, it won’t take long for people to flock to a revived area.
Close Proximity To Cool Locales
When development of one neighborhood has left little room for further changes, there’s a good chance that prospects will move into surrounding communities to capitalize on the popularity of the area. If you’re considering a neighborhood that’s close to somewhere trendy, it’s almost a sure thing it will see its star rise.
College Kids And Young Professionals?
Restaurants and bars tend to pop up in areas where students and young professionals abound, and as the area becomes more popular it will likely see a spike in its real estate value. With the establishment of many cool places, you can bet that an area full of young people will become the place to be.
Ask A Real Estate Agent!
There are few people that will be more informed about upcoming building projects in their city than a trusted, local real estate agent, so you may want to check in with one to determine the economic viability of an area you’re considering. An agent you can trust should be able to give you an honest answer about your potential investment.
From young people to community restorations, there are many telltale signs of a community that is likely to see a real estate boom in the coming years. If you’re looking to purchase in a new neighborhood and are curious about your options, you may want to contact one of our real estate professionals for more information.
Mar 4, 2016 | Home Buyer Tips
The idea of an idyllic beachfront home is appealing for many people, but there are a number of factors involved in this type of home purchase that should be considered before getting serious. Whether it’s a home to live in full time, or a vacation property with investment potential, there are a number of issues to take note of. So, if you’re on the fence regarding waterfront property, here are some things you should keep in mind if beach life might be right for you.
The Ever-Shifting Shoreline
It goes without saying that the times are changing, and erosion of beachfront property is set to be a more pressing issue in the years ahead. If you’re planning on living in a house by the beach, you’ll want to research the surrounding area to ensure your investment will be sustainable over time. If significant shore erosion does occur, you could suffer a loss in regards to your most expensive asset.
In The Event Of Extreme Weather
Home insurance exists to cover you in the event of theft or fire, but if you’re planning on buying by the beach, it’s important to purchase an insurance package that will have you covered for many of nature’s calamities. Instead of leaving this to chance, double check that your home is protected against wind or water damage, as leaving this out could cost you a lot of money down the road.
Do Your Market Research
If you’re buying by the water and you’re looking to live there into the foreseeable future, it may not be necessary to do a lot of research, but if you plan on having renters it’s important to know that someone will be able to make your investment more feasible. If the market is down and people are not flocking to the beach during the months you’ll require renters, it may not be wise to invest huge amounts of money into a property.
Everybody Loves The Beach
It’s important to do research before you decide to invest in a beachfront home, but you will want to keep in mind that a home by the water will probably end up being more valuable than a home in the same town that doesn’t sit on a patch of sand. If you’ve done your research and everything looks good, this may be an investment well worth it.
Beachfront property has its own set of risks and rewards, but if you do your homework it can be an ideal investment. If you’re looking for homes in your area and are interested in waterfront property, you may want to contact your local real estate agent for more information.
Feb 23, 2016 | Home Buyer Tips
With the excitement involved in moving into a new home and all of the things that need to be done, it can be easy to forget a few important things before you load up the moving van. If the day of departure is drawing closer and you’re mulling over the final details, here are some items you may want to check off the list first.
Install A New Lock
One of the most important aspects of home ownership is the feeling of security it automatically provides, so you’ll want to change out the locks on the doors before you embark on the big move. As soon as you’ve received the keys to your new home, contact a locksmith who will be able to do the dirty work for you or, if time permits, you may want to take on this task on your own and save a little bit of money in the process.
Do A Quick Clean
With so many boxes to unpack and items to organize, the concept of cleaning the house you’ve just moved into might not be very appealing; however, this can be a necessary step in making you and your family feel more at home. It doesn’t have to be the kind of cleanup that will take 10 hours, but a quick dusting and wiping of cabinets and appliances, as well as a quick sweep and vacuum of the floor, may change the way you feel about your new home.
If Time Permits, Paint!
If the walls of your new house happen to be in immaculate shape, you can probably avoid paint; however, a prime up of the walls can add a lot to the sparkle of your new home and may make it feel like yours much sooner. Instead of going for boldness or deciding on a decorating scheme right away, choose a neutral color that will instantly brighten your room. If the walls are in particularly bad shape, you may even want to contact a professional who will be happy to sand and spackle away.
Moving into a new home is undoubtedly a time of great excitement, but there are some things you should do before you make yourself comfortable in your new place. If you’re curious about what’s available on the market and would like to know your options, you may want to contact one of our local real estate professionals for more information.
