Real Estate Information Archive

It’s common for both first-time homebuyers and experienced homeowners to feel overwhelmed by the process of purchasing a house. Plus, myths and misconceptions often make the experience even more confusing.

Myths like: Renting is cheaper than buying. You need a credit score of 700 to get a loan. You shouldn’t buy in a seller’s market. Have you come across any of these?

If you’re thinking of buying this year, don’t let these misleading ideas deter you from your goals.

Myth #1: You need a certain credit score. While mortgage programs do have credit score minimums, you’d be surprised at how low those go. With an FHA loan, you may be able to get financing with a score of 500. (Just know that your score may also affect the interest rate and terms of the loan.)

Myth #2: You should only buy during certain seasons or under certain market conditions. While competition may seem fierce lately, that doesn’t mean you shouldn’t buy a house. As long as you choose a home you can afford and one that will grow in value, it’s still a smart long-term investment. 

Myth #3: It’s cheaper to rent than buy. Home prices have been rising lately, but rents have jumped significantly, too. Since homeownership allows you to build equity and wealth over time, it’s important to crunch the numbers before assuming you’re better off renting.

Myth #4: You should get a mortgage from your bank. Your bank should definitely be on the list, but don’t limit your shopping to just them. Get quotes from several banks and lenders to ensure you get the best deal.

Myth #5: You should waive your inspection to win a bidding war. Waiving your right to an inspection might help you beat out other offers, but it can also come back to bite you. Inspections often reveal costly and even dangerous defects, and you’ll want to know about these before deciding to buy.

Have questions about buying or selling a home? Get in touch today.

Are you thinking about a home remodel project this year? Before you start knocking down walls or hiring a contractor, you might want to think about a few projects that won’t require a big contract and heavy equipment. I want to share a few simple projects that will add value to your home and not break the bank.

When it comes to your home, your kitchen is the star of the show. Small projects to a kitchen can make your whole house seem updated. It also adds val​ue; you can recover between 53% and 72% of your costs.

• Add a backsplash

• Refinish your cabinets

• Update lighting

• Update faucets and fixtures

You don’t have to tear up the tile or rip out showers to add value when thinking of bathroom remodels. Instead, simple fixes add a big punch.

Easy Small Bathroom Updates:

• Fresh light fixtures

• Create more storage

• Update faucets

If you haven’t jumped on the Smart home technology train, it’s time to get on board. Adding smart home technology can increase the value of your home from 3%-5%.

The housing market typically slows down in the fall, so if you’re thinking of selling in the near future, it may take a little more effort to stand out from the crowd.

Knowing what buyers want and making a few smart updates can help make your home more marketable and improve your selling price.

Are you considering a home sale soon? Here’s what potential buyers might be looking for this fall:

Safety Features

You might consider upgrading your garage door, adding an alarm system or repairing your fence. Anything that improves the safety and security of your home is an automatic value-add.

Energy-Efficient Enhancements

Making your home more energy-efficient has a two-fold benefit: It helps the environment and cuts down on utility bills. Most buyers are happy to pay extra for both.

Plenty of Storage 

Storage space is always worth a premium. If you can, find ways to add additional storage to your property before listing it, maybe with a set of garage shelves, a closet system or a more streamlined pantry.

Functional Fun

Can you make your home more enjoyable? This might mean adding an outdoor kitchen, building a theater room or installing a small fire pit in the backyard. As we’ve learned over the last several months, outdoor areas are practically essential.

Health-Forward Add-Ons 

Homes equipped with no-touch faucets, mudrooms, air filtration systems and other health and comfort-focused items are sure to align with modern buyers’ needs. 

Of course, it’s always important to keep up with your home’s general maintenance and perform any major repairs that may be necessary as well. 

Are you thinking about selling your home? 

Supply is low and demand is high right now, which means many sellers are seeing quick turnarounds and healthy profits.

Still, despite the hot market, selling a home isn’t easy. If you want the experience to be as smooth as possible, prepping early and enlisting help are key. 

Want to make sure you’re primed for a fast and profitable home sale? Here’s what you can do:

Focus on curb appeal. Curb appeal can make a huge difference, so spend time painting the shutters, power-washing the exterior and tidying up the landscaping to make sure your home catches buyers’ eyes.

Declutter and clean. Pare down your belongings and get the house looking cleaner than ever. You want it to be pristine for any listing photos and videos.

Have an exit plan. Showings can be tricky, especially if you have kids or pets. Make sure you have a plan for how you’ll keep the home clean, and know where you’ll go when a showing is scheduled.

Know your next steps. Where will you go after you sell? In a hot market, it may be hard to find a home to buy right away. Make sure you have a backup plan, like a friend’s house or a rental you can use in the meantime.

Prep for the costs. Selling isn’t free. You’ll need to budget for things like repairs, upgrades, staging costs and commissions. If you’re buying a new home, you’ll have additional costs, too.

Are you ready to make the transition to a new home? Or at least take a few steps to get there?

If so, you’ll need to think about selling your current property, and you’re probably hoping to get the best price possible. 

Renovations can be a great value booster. The right changes appeal to buyers and help you make a great return on your investment.

Here are four ways you might want to renovate before selling.

• Fresh Paint Job: A new coat of paint is one of the most affordable renovations — and you can even do it yourself. Uplifting colors, like taupe or soft teal, can make a room look brighter. Remember that the more neutral the area, the easier it is for buyers to picture themselves living there.
  
  
• Countertops and Light Fixtures: If you want to make your home look new without undergoing a full remodel, updating the countertops and light fixtures can work wonders. Similar to paint colors, it’s best to stick with simple styles.
  
  
• Break-Even Remodel: Did you know the kitchen and bathrooms are the most important parts of the house? To interest buyers, consider a break-even remodel in these lived-in spaces. If the cabinets and floors are outdated, try low-cost upgrades (like new hardware) so the rooms look more modern.
  
  
• Market Trends: Before deciding which renovations to make, check out the latest trends in home design. Choosing improvements based on what’s popular can help your house stand out to buyers — both online and in person.

Preparing your home to sell is easier with an experienced professional in your corner. To learn more about value-adding renovations, or to start looking for a new property, get in touch today.

Equity — or the share of your property you actually own — is a benefit to any homeowner. For one, it means more profits when it’s time to sell. On top of that, it can also give you cash when you need it — either through a refinance or home equity loan. 

Fortunately, building equity can be easy. Every month you increase your home equity by making your mortgage payment. 

If you want to build your equity even further, there are several ways to do it, including: 

• Buying in an up-and-coming market. If home values in your neighborhood start to rise, so will your property value. That can mean more equity, too.
  
  
• Increasing your down payment. The more you put down, the less your lender will need to loan you, and the larger your equity stake will be.
  
  
• Paying more on your mortgage. Putting extra toward your mortgage loan — either each month or a few times a year — can help you pay down your balance and increase your share. Consider putting your annual tax refund toward your loan to really make a dent.
  
  
• Renovating your home. Anything that improves your home’s value also increases your equity. Choose your projects wisely, and reach out if you need some help getting started.
  
  
• Refinancing your loan. With a short-term loan, like a 15-year, you can pay down your balance faster (and sometimes get a lower rate as well). This can help you build equity more quickly.

Do you have questions about home equity? Or are you planning to buy or sell property this year? Reach out today.

Did you know you can buy your dream home while paying off student loan debt? 

It’s true and even quite common. While student loans are factored into your debt-to-income ratio, they shouldn’t prevent you from becoming a homeowner. 

And fortunately, there are many programs and options available to prospective buyers, some you may not be familiar with. Here are four ways people with student loans achieve their homeownership goals: 

1. Co-buying With Friends or Family
Purchasing a home with a roommate, significant other or sibling allows you to combine multiple incomes to qualify for a better mortgage rate. This can help lower your monthly payment and make home maintenance more affordable.

2. Receiving Financial Gifts From Family 
You can also accept gift money from your parents, grandparents or other family members to put toward your home purchase. Some loan programs have a cap on how much gift money can be used, so make sure you know the limits first. 

3. Choosing Low (or No) Down Payment Loans 
There are many low down payment options, including FHA, HomeReady and Home Possible loans. For loans with no down payment, VA loans may be available to veterans and military members as well as USDA loans for those purchasing in rural areas. 

4. Using Assistance Programs 
Down payment assistance programs can cover some or all of your down payment costs if you qualify. These programs vary by location, so talk with a lender to learn about potential options. 

Working on your credit can also help you buy a home. Pay your credit card bills on time every month, aim to pay down your debts and never let an account go into collections. It also helps to get preapproved for a mortgage so you know how much you qualify for. 

If you’re ready to make homeownership a reality or would like a referral to a trusted lender, get in touch today.

If you're preparing to sell a house, you may have a long to-do list to finish before it's ready to hit the market. At the top of that should be hiring a qualified Realtor® to give you the most profit. Here are a few ways working with a real estate agent will benefit you. 

How a Real Estate Agent Assists With the Home Selling Process

1. Set a Realistic Price

One of the most important aspects of selling a home is choosing a realistic price. By setting it too high, buyers are likely to not even consider your home as an option. On the other hand, if you set the price too low, you risk losing money on your investment. A real estate agent will use their experience, knowledge, and market analysis tools to determine the right price for your property. 

2. Be Competitive

An agent also helps make your home more competitive. They're immersed in the local real estate market, which gives them unique insight into what buyers want. They will utilize this knowledge to advise you on which upgrades to make to entice buyers and how to effectively stage your home. 

3. Reach Buyers

For both traditional and new media formats, agents understand what aspects of the home need to be highlighted to attract buyers for a viewing. They also have a built-in audience from their previous work within the community, which gives your home's marketing efforts a wider reach than advertising on your own. 

Seasonal Home Maintenance Checklist

Your home is an investment that requires ongoing maintenance to stay in tiptop shape. If you neglect annual and quarterly tasks, however, you risk overlooking potential issues that could lead to expensive repairs down the road. Stay on top of preventive maintenance tasks with a seasonal checklist and the reminders below. 

Winter -- To prevent pipes from bursting, drain and insulate exposed outdoor pipes and leave the water dripping inside on cold nights. Also check your boiler's water level every now and again to make sure it doesn't get too low.

Spring -- Winter can leave a layer of grit on your home's exterior. Get it ready for spring by cleaning windows, doors and siding with a garden hose or power washer. And while the weather is mild, have your HVAC systems serviced by a professional to keep them running at optimal efficiency.

Summer -- Inspect your sprinkler system for clogs or malfunctioning heads. Keep an eye out for damaged pipes or pooling water to avoid a larger issue. Review or establish your family emergency plan and restock your disaster supply kit if necessary.

Fall -- Get ahead of winter by having your chimney professionally inspected and cleaned. Make sure your smoke and carbon monoxide detectors are functioning properly and have fresh batteries. And keep your gutters clear of leaves and debris to protect your roof and foundation.

These are just a few maintenance items to stay on top of around the house. Keep up with all of your annual, monthly and seasonal to-do's to preserve the value of your home and avoid potential headaches down the line. You'll be glad you did!