With warm temperatures and long days, summer has traditionally been the high season for buying real estate. However, as the infographic below shows, advantages for buyers crop up when temperatures fall!
Tag Archives: buy
Under Contract? 5 Things NOT to Do Before You Close
The seller has accepted your offer, the inspector didn’t find any underground streams or shaky foundations, and the closing date is set. You’re in the homestretch! While you can breathe a little easier, remember, the deal’s not done until everyone signs all the (zillion) documents at the closing table. And, your lender can still change their mind. Here are some things to avoid in the run-up to the big day.
- Don’t mess with your income-to-debt ratio
The ratio of your monthly income to your monthly debts is one of the main factors the lender considered when qualifying you. And your lender will probably run your financials two or three more times before closing. While it’s tempting, don’t take out a big loan for the new deck you want to install when you move into your new place. Don’t sign the lease on the new Audi that will look perfect in your new driveway. The bank looks at lease payments like any other debt payment. - Don’t disappear
Be sure to keep in touch with your lender and be readily available to immediately address any last-minute concerns. - Don’t change jobs
Lenders love stability. Switching jobs right before closing can make them anxious, and you want to give them every reason to feel confident. Most lenders prefer to have a two-year job history in hand, so making a big career move could slow things down, or squash the deal entirely. - Don’t open new credit cards
Yes, you’ll be buying furniture to fill those lovely rooms. Yes, you might need a new fridge. And yes, new dishes to match the new kitchen would be splendid. But resist the lure of opening new credit cards until after closing. Doing so can affect your credit score. For now, just open catalogs. - Don’t be late
Even though you may have been riding the real estate roller coaster and life’s been chaotic, be sure to stay current with all bill payments. Late payments, too, can affect that all-important credit score.
Wondering what else is involved in the final stretches of a home purchase? I will be happy to answer any of your questions!
Popular Low Down Payment Options
Many first-time buyers shy away because they think they need a bigger down payment than they really do. Contrary to popular belief, there are alternatives to putting less than 20% down on a home. This infographic highlights a few key pieces of information to consider when considering loan options with a low down payment.
4 Things Only a Realtor (and Not the Internet) Knows About Real Estate
According to the National Association of Realtors, 42 percent of homebuyers start their home search online, and 92 percent use the Web during the home search process.
While the Internet can be a good place to start looking, there are things real estate agents know about the process of buying and selling a home that can’t be found in any Web browser. Here are a few:
1. How to price a home
When setting a listing price, agents consider scores of factors, from local and national market trends and neighborhood development activity to the latest buyer preferences for kitchen appliances and landscaping. Every home is unique, and an agent with a track record of success knows how to price it attractively in the market.
The Internet isn’t always much help when it comes to comparison shopping, either. Many of the same factors that help an agent set an appropriate listing price aren’t available in an algorithm, so online estimators aren’t always accurate – and could be costly if you purchase without consulting a real, live professional.
2. Marketing offline
While online marketing can certainly be valuable, agents have networks of contacts and years of experience to round out their marketing plans.
And, for buyers, agents often can tap into their network to learn about great properties before they hit the real estate websites or even the MLS.
3. Key points in the process
If you find a home you love online, the website won’t be there to guide you through a mortgage application, find a home inspector or advise you what to do if an inspection reveals issues.
4. How to negotiate
Having an experienced, professional negotiator drive your transaction can be vital to reaching a fair price for the property you’re buying or selling. A website can give you an estimate of how much a property should cost, but it can’t evaluate whether that’s a great price or not.
4 Ways to Prepare for the Final Walk-through
When you are buying a home, the final walk-through is very important to ensure that any requested repairs have been taken care of by the seller and that everything in the home is in good working condition. In most cases, the final walk-through takes place a few days before closing.
Follow these four tips to make sure that you do not miss out on any details during the final walk-through of your new home.
5 Tips to Help Buyers Save for a Down Payment
Saving for a down payment can pose one of the biggest challenges for potential home buyers.
Indeed, “a down payment is often the largest single payment a consumer makes in their lifetime and saving for it isn’t easy,” says Corey Carlisle, executive director of the American Bankers Association Foundation. “However, with a few changes, consumers can put themselves on track to make their home ownership dream a reality.”
In honor of American Housing Month, the American Bankers Association Foundation recently featured several tips to help consumers cut their household costs and start saving for a down payment.
Average Time to Close: 44 Days
For the second consecutive month, the average time to close all loans stayed at 44 days, suggesting that new mortgage rules that took effect this fall are having less of an impact on delaying loans, according to Ellie Mae’s latest Origination Insight Report.
Why Are Sellers Happier Than Ever and Buyers At Peak Grumpiness?
The number of home buyers who say now’s a good time to buy dipped to an all-time survey low in Fannie Mae’s latest Home Purchase Sentiment Index. Meanwhile, home owners who say now’s a good time to sell soared to an all-time survey high. Read on to find out why there’s such a disconnect.
To make your real estate transactions less taxing, contact me!
Signs of a Bad Moving Company
About 16.5 million households – or 38.7 million Americans – move annually. But Americans need to carefully screen those who help them move to make sure all goes smoothly in relocating their belongings.
U.S. News & World Report recently highlighted these three warning signs when choosing a moving company.
