Showing posts with label real estate agent. Show all posts
Showing posts with label real estate agent. Show all posts

Tuesday, September 22, 2015

The 5 Biggest Questions for First-Time Homebuyers

questions


It’s only natural for a first-time homebuyer to have questions. For many of us, buying a home is the largest financial decision we make. It’s important to be thoughtful and confident in whatever choices you make. Check out the important questions below to help you prepare for homeownership.

1. Is It Better to Buy or Rent?

The rent vs. buy decision is common among Americans looking to make their next move. Some say that buying is always a better financial choice, but that is not necessarily the case. It really depends on your individual financial situation.

It’s important to ask yourself how long you plan to stay put, how stable your job is, how the monthly costs compare, how the total costs compare, and if you are both financially and emotionally ready. The truth is, there is no clear right or wrong answer. In some cities, and for some people, buying a home makes more sense, but for others, renting may be the better choice.

2. How Much House Can I Afford?

Having a realistic estimate of how much home you can afford will help you gauge your next move much better. You can use online tools to help estimate the total value of a property you can afford, what your mortgage payment and amount are likely to be and what kind of down payment you will be looking at. Your income, credit score, debt ratio and desired location will all play an important part in the calculation. You want to find a home you are happy with without scrambling to live month to month. It’s important to establish your housing budget carefully. (You can check your credit scores for free on Credit.com to see where you stand.)

3. Is It Better to Buy an Existing Home or Build?


Most buyers spend a lot of time and energy either searching for or designing the perfect home. It makes sense, because each buyer typically has a wish list that includes specific needs and wants. Buying an existing home will almost always be faster and more convenient, but does involve numerous steps like viewing homes, making offers, home inspections and closing. Plus, you may have to do work on the home to make it fit your needs. Building a home, on the other hand, ensures you can get exactly what you want (so long as you can afford it). This usually comes with a longer timeframe and heftier price tag.

4. How Do I Find a Lender?


It’s important to do your research when it comes to choosing a lender. You want to find the best offer and also a reliable lender. It’s a good idea to research broadly and then narrow your focus once you find a type of lending environment that makes you most comfortable and offers reasonable rates in your area. You can ask at the bank or credit union where you currently have an account and turn to friends and family members for referrals. Applying to multiple lenders at once can increase your chances of approval at the best possible rate without dragging down your credit score.


5. What Happens at Closing?


Closing is the final step before you become a homeowner. It’s a good idea to know what you are in for during this step. This will be when the title of the home is actually transferred from the seller to the buyer.

Knowing the answers to these five questions can help start you off on your homebuying journey. Next, you can try to find the right neighborhood and home for you. Before you know it, you will be an educated homeowner enjoying the property that fits your personal needs and goals.

~.~.~.~.~.~
About the Author - AJ Smith is an award-winning journalist with more than a decade of experience in television, radio, newspapers, magazines and online content. She currently serves as the managing editor for SmartAsset. AJ has a passion for meeting new people, sharing stories and helping others. She has degrees from Princeton University and Mississippi State University. AJ and her husband also write and illustrate educational children’s books. More by AJ Smith

Thursday, January 30, 2014

10 Things That Make a Home a Good Home

Buyers spend a lot of time looking at properties online, touring homes on the Sunday open house circuit, and talking to their real estate agent. They’re laser-focused on finding the best home that meets their needs. The problem is, buyers sometimes don’t take the long view of a property. They’re only looking at a home as a potential buyer — and not as someone who, years down the road, may also have to sell the property. Given that homes are such a big investment, there should be a little inside your head, picking away at your options and decisions.

As the home buying market starts to heat up again, here are ten things you should consider when choosing your next home.

1. Location, location, location

 

Perhaps nothing is more important than the three L’s, and there’s a reason why it’s said three times.

Location is extremely important when it comes time to sell. You can have the worst house in the world with the ugliest kitchen and bath. But put it on a great block or in a good school district, and your home will be coveted.

Location location location matters on so many different levels. At the highest level is the town where the house is located, then the school district, then the neighborhood and the block — right down to the location of the lot on the block. Keep all of this in mind when shopping. Also remember that while real estate markets rise and fall, no one can take a great location away from you.

2. The school district

 

The school district is right up there on the list of what’s most important to many buyers. It’s not uncommon for buyers to start their search based solely on the school district they want to be in. Parents want their kids to go to the best school, which can drive up prices of homes in those districts. Even though you might not have children, buying a home in a good school district is always smart. If the schools are desirable, homes tend to hold their value. As a homeowner, you should always be aware of how the schools are doing, not unlike being aware of your roof’s condition, the neighborhood development or city government.

3. The home’s position on the lot

 

Where the home sits on the lot in relation to the street or the overgrown oak are key elements in picking out a home. In the case of a condo, an end unit vs. an interior unit is a key consideration. You may have chosen the most beautifully renovated home in the best school district and figure all is good. But if the main living areas are shaded by a neighbor’s extension or the master bedroom looks into the neighbors’ family room, you may have a location problem. Light or privacy may not be a hot button for you, but chances are, they might be concerns for a future buyer.

4. Crime

 

It’s a good idea to check the latest crime figures for a neighborhood. It can give you a good snapshot about the number and severity of crimes over a time period. So much information is online nowadays that when you find your perfect home, a quick Internet search on the area should provide you with the much-needed information.

Most municipalities post their police blotters or crime statistics online these days.  Don’t freak out if you notice more crime than what you’d have expected. Crime, especially petty crime, is everywhere. If you’re new to the area, consult with your real estate agent if you have concerns.

5. Walkability

 

More than ever, ‘walkability’ is becoming a key factor in the search process.  There are entire websites, apps and algorithms that help people figure out how walkable their future home is. As a matter of fact, Zillow even has a Walk Score for most homes.  As people get out of their cars and slip into their Keds, they want a home in a walkable neighborhood. People put high value on the ability to walk to a store, school, work or public transportation.  The more we move away from cars and the more we see invested in public transportation over the coming decades, the more of a huge value-add walkability will become.

6. The neighborhood’s character

 

You may have found the absolute most perfect home, on the best block, in the best school district and on a great lot. But there could be circumstances outside your control that may give you pause — specifically, the character of the surrounding neighborhood.

Check out the area late at night, early morning and in the middle of the day. See if there are any odd weather or traffic patterns and try to observe some of the neighbors. You may even go so far as talking to some neighbors. It’s important to walk around, open your eyes and ears and make sure there isn’t anything you’re overlooking. That next-door neighbor practicing drums in the garage at 9 p.m. could be a source of immediate neighbor conflict. Go into it with eyes wide open.

7. Don’t buy the best house on the block

 

Simply put, avoid buying the best house on the block because there may not be any room for your investment to grow (unless you physically have the house moved to a better neighborhood). It’s better to buy the worst house on the best block, because you can improve the house to add value to an already great location.

8. Is it a fixer-upper?

 

If you’re buying a fixer-upper, make sure you understand what you’re getting into.  Did you set out to buy a home that needed work? Or does the home just happen to be in the most desirable neighborhood, the block of your dreams?

Do your homework upfront. If you want to build an extension or add another story to the property, make sure it is within local zoning or building codes. Have the property inspected so that you know exactly what you’re getting yourself into. Sometimes, what appears to be a simple kitchen needing cosmetic work turns out to be a huge project. Ask yourself repeatedly if your life can support a home renovation. Not only does a renovation take money, it takes time, energy and emotional stress.

9. Will the home hold its value?

 

A good real estate agent who’s been working the neighborhood for some time can vouch for the long-term value or investment potential of the property. But be sure to find ways to add value, or at least be certain the home will hold its value.

The market may be strong when you purchase, but ask yourself, “Am I in a seller’s market?” “What would happen to this property if the market changed tomorrow”? Check out the median home value in the neighborhood as it compares to neighborhoods around it. The Zillow Home Value Index gives you one, five, and 10-year snapshots of how home values have gone up or down in neighborhoods and cities.

10. Taxes, dues and fees

 

Many people overlook the monthly fees associated with homeownership. Nearly every property will have taxes, and any sort of planned community or homeowners association (HOA) will have regular assessments.

Be sure that the amount of property tax and assessments are clear from the get-go. If in doubt, go to city hall or do research online. If you’d be buying into a condo complex, be sure to get your hands on the meeting minutes, financials of the HOA and the condo documents. Any mention of changes coming down the pike?

Does the HOA seem well funded? It could take one quick $10K assessment to immediately affect property values if you need to turn around and sell your new home. And any uncertainty about the building, its integrity or the financials could scare off buyers when it’s time to sell.

Author:

Monday, November 19, 2012

Why Waiting Until Spring to Sell May NOT Make Sense

by The KCM Crew on November 19, 2012
 
We have been happy to report that house prices have increased over the last several months. However, we have also warned that month-over-month prices since 2009 have softened in the fall and winter. We are beginning to see that situation repeat itself in 2012.

CoreLogic, in their latest House Price Index revealed that prices increased by 5% over last year. Yet, prices actually dropped .3% month-over-month (m-o-m). Analytics firm FNC, in their latest Residential Price Index, reported that prices increased 2.3% over the last year but prices remained unchanged m-o-m.

What Does This Mean for Sellers?

Sellers should be excited about the headlines showing price appreciation across the country for the first time in a long time. However, if you want to sell your home in the next 6-8 months realize that there is a better chance that prices will soften than appreciate during that time span. Waiting until the spring for a better price probably makes little sense.

If you are thinking of buying a home in Westport MAor in the surrounding towns visit www.DistinctiveHomes-NE.com for a free list of homes for sale in Westport MA.

If you are thinking of selling your home contact me for a FREE Current Market Analysis and to learn about our Market Plan to get your home SOLD!

Noemi Cardoso
Local Office. Local Agents. Local Knowledge.
William Raveis Real Estate
911 Main Rd - Westport MA 02790
Cell: 508-558-1945
www.DistinctiveHomes-NE.com
Noemi.Cardoso@raveis.com

Monday, July 16, 2012

Can You Get Me the Best Price Available?

Whenever a person sells anything, they hope to get the highest price possible for the item. This obviously applies when a homeowner sells their house. In many cases their home is the largest investment they have ever made and hope to get the highest possible return on that investment. For that reason, they will want to see that you can give them the right advice in order for them to get them ‘the best price possible’.

Here are the things we (the KCM Crew) believe that you need to help the seller accomplish this goal.

A COMPETITIVE MARKET ANALYSIS (CMA)


Be prepared to share with the seller the completed sales of houses similar to theirs that have taken place in the last 90 days. Also share with them their current competition: homes similar to theirs that are now on the market and will be attracting the same purchasers.


AN UNDERSTANDING OF THE SUPPLY & DEMAND THEORY


The price of anything is determined by the supply of that item in relationship to the demand for that item. The direction the value of houses in a marketplace is headed can be determined by this principle. Here is a good guideline:

1-4 months available inventory identifies a sellers’ market with prices probably appreciating
5-6 months available inventory depicts a normal market with stable prices
7+ months available inventory identifies a buyers’ market with prices probably depreciating

INSIGHTS INTO WHAT MAY IMPACT PRICES IN THE NEXT 6 MONTHS


The volatility of a market can often be foreseen by examining the underlying data points that may influence prices in the future. (For example, if an area has a large percentage of homeowners 90 days behind in their mortgage payment, there is a good possibility that foreclosures will begin to increase in the region. An increase in distressed properties usually results in a decrease in home values.) Insights like this should be shared with the homeowner. (By KCM Crew )

If you are thinking of selling contact me for a FREE market analysis and to learn about our Market Plan to get your home SOLD.

Noemi Cardoso
RE/MAX Welcome Home
Cell: 508-558-1945
Home Office (Westport) 774-264-9085
www.DistinctiveHomes-NE.com
noemi@DistinctiveHomes-NE.com