Nov 6, 2014 | Home Buyer Tips
Are you moving to a new community or a new city? When you find a new house that meets your needs and seems like a perfect fit, you’ll want to take some time to meet your potential new neighbors before you sign on the dotted line.
In today’s blog post we’ll share a few reasons why meeting the neighbors can help you feel right at home in your new community.
Your Neighbors Are Experts on Your Local Community
Whether you have questions about the area’s safety at night or you simply want to know where the best coffee shops are, you’ll find that your neighbors are an excellent source of information about the local area.
Spend some time thinking about questions that you would want answered before committing to buy in a certain area, and ask the locals after you’ve viewed the home. Yes, you could ask the seller, but remember that it’s their goal to get you to buy the home and you’re most likely interested in impartial answers.
They Can Help the Kids Get Settled in
If you’re moving to a new city with children you’ll likely want to get them introduced to other neighborhood kids so they can start making new friends. Meeting your potential neighbors during the home buying process will allow you to determine which have children that are of a similar age as yours. Of course, if you find that there are no other children in the local community that might be a sign that the area isn’t very family-friendly, so you’ll want to factor this in as well.
You’ll Need to Assess Your Future Relations
If you decide to buy this particular new home you’re likely going to be living in the local neighborhood for years – perhaps even decades. Meeting the local neighbors before purchasing your home allows you to make an assessment of how well you’re going to integrate into the local community and whether or not you’ll be able to have warm relations with those that live around you. It takes just a few minutes of asking around friends and family to hear horror stories about bad neighbors; meeting the locals will help ensure that you don’t make a mistake that you’ll regret later.
When you’re ready to start your hunt for the perfect new home – and the perfect new neighbors – contact your local real estate professional. Working with an experienced real estate agent is the best way to get the home you’re after in a price range you can afford.
Nov 5, 2014 | 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.
Nov 4, 2014 | Home Seller Tips
Are you thinking about selling your house or condo? If you’re in a market that has a lot of newly constructed homes, you’re going to be competing with those listings for buyers’ attention.
In today’s post we’ll share a few tips that can help you attract buyers and convince them that your pre-owned home is just as good as a brand new one.
Upgrade And Modernize Your Home Prior To The Sale
Numerous studies have shown that buyers who prefer brand new homes are mostly interested in the new appliances and fixtures throughout the home.
If your home is more than a decade or so old, you’ll want to invest some time and money in upgrading your appliances and fixtures before trying to list your home on the market.
If you have newly constructed homes very close to yours it might be worth installing these items after you’ve moved out so that the buyer is the first person to use them.
Focus Your Marketing On A Specific Buyer
Depending on which neighborhood your home is located in and the local amenities, you may want to consider focusing your marketing on one particular buyer. For example, a downtown condo would be marketed to a completely different prospective buyer than a large four-bedroom home out in the suburbs. Take some time to consider the “persona” of your target buyers, and craft your messaging around what these individuals or families will be looking for in their dream home.
Shine The Spotlight On Your Home’s Strong Points
As with any major sale, you’ll want to ensure that you spend as much time as possible highlighting the strong points in your listing. Be sure to mention any local community amenities as well, such as schools, parks or community centers. If you’re selling to a family, your proximity to these amenities will be a significant point of comparison with brand new homes in the area.
If you have the budget, you may also want to consider having your home professionally staged, as staging is an excellent way to show a potential buyer just how good your home can look with tasteful furnishings, art and other finishing touches.
Selling your home is a challenging proposition that shouldn’t be faced alone. When you’re ready to sell your home be sure to contact your local real estate agent, who has experience selling in your local market and can help to ensure your sale moves along smoothly.
Nov 3, 2014 | Market Outlook
Last week’s economic news brought mixed developments as pending home sales moved to their second highest level of 2014.
The Federal Open Market Committee (FOMC) announced the expected end of asset purchases under its quantitative easing program. In its post-meeting statement, the committee noted improvements in overall economic conditions labor markets as indications of better than expected economic trends.
The Case-Shiller Home Price Index reports for August showed continued slowing in housing price gains. Mortgage rates were higher, but consumer confidence exceeded expectations.
Pending Home Sales Rise, Case-Shiller Reports Slower Price Gains
The National Association of REALTORS® reported that pending home sales gained 0.30 percent in September for an index reading of 105 as compared to August’s reading of 104.7. Analysts said that lower home prices and more homes available likely brought more buyers into the market.
The S&P Case Shiller 10 and 20-city home price index reports for August showed further slowing in home price growth with a year-over-year reading of 5.60 percent as compared to July’s year-over-year reading of 6.70 percent.
This was the slowest price increase since November 2012. Home price growth is slowing as demand decreases. Tight mortgage qualification requirements are likely contributing to lower demand for homes.
FOMC ends QE, Mortgage Rates Rise
The Fed ended its asset purchases under its QE program according to a statement after the FOMC meeting on Wednesday. This move was expected, and the statement repeated its plan to leave the target federal funds rate unchanged for a considerable period after the QE program’s conclusion. Analysts interpreted that to mean that no rate change would likely occur until approximately June 2015.
Mortgage rates responded to the demise of QE with an across the board increase. Average rates reported by Freddie Mac on Thursday were 3.98 percent for a 30-year fixed rate mortgage, 3.13 percent for a 15-year mortgage and 2.94 percent for a 5/1 adjustable rate mortgage. Discount points were unchanged at 0.50 percent for all three loan types.
New Jobless Claims Up, But No Big Deal
Housing market trends are connected with what’s happening in labor markets. Last week’s report for new jobless claims took an unexpected jump with 287,000 new jobless claims filed against predictions of 281,000 new claims and 284,000 new jobless claims filed the prior week. The four-week average for new jobless claims dropped to 281,000 and new claims remained below the 300,000 benchmark for the seventh consecutive week.
October’s Consumer Confidence Index rose to a reading of 94.50 as compared to the expected reading of 87.3 and September’s reading of 89.0. The Consumer Sentiment Index for October was also showed an increase of 0.50 percent with a reading of 86.9 against a predicted reading of 86.4 and September’s reading of 86.4.
What’s Ahead
Next week’s scheduled economic news includes construction spending for September, Non-farm payrolls, national unemployment, and the ADP employment report. Regularly scheduled reports on mortgage rates and new jobless claims will be released on Thursday.
Oct 31, 2014 | Home Mortgage Tips
Are you thinking about buying a new house or condo? If so, you’ve likely given some thought to your mortgage and as to how you can pay as little as possible in order to own your new home.
Below we’ll share four easy steps that you can take to ensure you start out with an affordable monthly mortgage payment.
Make A Large Down Payment On Your Home
The easiest way to reduce your monthly payment is to invest as much as possible in your down payment. The less you have to borrow, the less you’ll be required to pay back.
If you can put a sizeable amount down on your home you’ll find that your monthly payments are going to be very manageable. You’ll also save a lot of money in interest.
Maintain A High Credit Score
When a lender assesses your financial history they’ll take an in-depth look at your credit score in order to determine how much risk you present to them. If you’ve kept a clean credit rating and have a high score, it’s likely that you will qualify for a lower interest rate than someone with a lower credit score – even if you both have the same monthly income.
Buy A Smaller, More Efficient Home
When you’ve made your short list of homes and you’re scheduling your viewings, ask yourself – do you need a home this big, or this expensive? If you can do with a smaller, more efficient home you can reduce the amount of mortgage financing that you require and this will in turn reduce the amount that you need to pay each month.
Consider A Longer Mortgage Term
Finally, if you need to reduce your monthly payment at any cost you can stretch out your mortgage repayment period by a few years. Note that while this can reduce your payment amount it will actually increase the total amount that you end up paying back as you’ll pay more in interest.
While the above are general tips for reducing your mortgage payment, it’s likely that there are other strategies that are unique to your financial situation. Contact your local mortgage professional at your convenience and they’ll be able to share insights that are relevant to your income, your credit and the price range you’re looking to buy into.
