buying a home: Waiting for Interest Rates to go Down?
- 04/05/24 11:42 AM
I always tell the story of my house in Waterloo, Ontario that I bought with a 12 1/2% interest rate, then refinanced to 10 1/2%, and thought I was doing well. I sold that house in 1997 when I moved to Maryland. The same exact house on the same block today sold for $725,000 and the interest rates are hovering around 6%. Did waiting to buy help anyone out?
Here in Washington, DC, the real estate market is a little goofy, leaving buyers sitting on the fence wondering what to do. There are far fewer people putting their homes on the … (3 comments)
|
buying a home: Important Facts About Gift Funds
- 02/29/24 08:43 PM
Important Facts About Gift Funds
You are getting ready to buy a new home and your parents give you some money to help with the downpayment and closing costs. Now what?
There are many rules and regulations for buying a house and applying for a mortgage. For example, your lender must know where the down payment money comes from. If you are receiving help from friends and family, here are a few tips
What are Downpayment Gifts - a downpayment gift is money that a buyer receives from someone else to use toward a down payment or closing costs during a home purchase. Downpayment … (3 comments)
|
buying a home: Home Buying Can Be Stressful
- 09/18/23 09:29 AM
Home Buying Can Be Stressful
Home buying can be stressful but it doesn't have to be if you work with a team of seasoned professionals.
The first step is to get a financial fitness check and work with a pro to get preapproved. Work with a lending professional to get preapproved and someone who knows the programs that are available in your market that you may qualify for and a monthly payment you are comfortable with.
Work with a pro to decode the real estate market. Get with a real estate pro who knows the current trends, and the locations and thinks about things … (2 comments)
|
buying a home: How Can You Get Your Piece of the American Dream
- 09/07/23 08:49 AM
How Can You Get Your Piece of the American Dream
Quality real estate in the United States is becoming limited. Sadly, the American Dream of owning a home for many people is dying. Housing prices in many areas are becoming out of reach for many people and combining that with rising interest rates makes it challenging. We are getting into a situation in real estate where we are going to have haves and have-nots.
So, what are you going to do about this? If you don't own any real estate now, you have to figure out how you are going to get your … (2 comments)
|
buying a home: Is The American Dream Dying?
- 06/05/23 11:16 AM
Is The American Dream Dying?
A recent study shows that 25% of Millennials have given up trying to buy a home because buying their dream home is too costly. But, if you ask anyone that lives in a lovely house, they didn't start there, they started off in a cheaper property and used that as a stepping stone to the next one, and so on. The reality is the American Dream is not dead, you just have to start with a cheaper property and grow from there.
If you read my blog a few days ago, What Did It Cost You to Keep … (9 comments)
|
buying a home: What Did It Cost You to Keep Renting?
- 05/22/23 10:45 PM
What Did It Cost You to Keep Renting?
I hear this excuse often, and my friend Rob Schiller at Shore United Bank said it today and I took his lead!! I have been a Realtor in Maryland since 2003 and I have seen many different types of real estate markets over the years.
2007 - OMG, Home values are too high and they are going to crash
2008 - Home values are starting to come down, I'm going to wait for the bottom of the market.
2009 - there is real blood in the streets, I'm sure home values are going to go down some … (2 comments)
|
buying a home: Avoid Unwanted Solicitations
- 04/17/23 08:28 AM
Avoid Unwanted Solicitations
If you have been going through the pre-approval process you may have noticed that you are getting calls from other lenders offering you better opportunities. Under the Fair Credit Reporting Act, Consumer Credit Reporting Agencies like Experian, TransUnion, etc are allowed to share lists that contain the information of people who have had recent credit inquiries, such as a mortgage application. Companies, and sometimes individuals purchase those lists with the intention of soliciting and selling additional credit and loan services to unsuspecting borrowers.
If you would just as soon not get those solicitations you can opt-out by visiting www.OptOutPrescreen.com You … (3 comments)
|
buying a home: Thinking About Buying a Home?
- 03/15/23 08:00 AM
Thinking About Buying a Home?
Is your credit holding you back from buying a home? Spring is right around the corner and is an amazing time for a fresh start. The world is coming alive, trees are starting to bloom, the crocuses are popping up in the garden and you are thinking how great it would be to have that happening in your own place.
If you are thinking about buying a home, your credit score is one of the most important numbers to watch. A good credit score only gives you a better chance of getting approved for the home you want … (1 comments)
|
buying a home: First Time Homebuyers Incentive Program
- 12/05/22 08:01 PM
First-Time Homebuyers Incentive Program
The First-Time Homebuyers Incentive Program was formerly called the Community Development Block Grant (CDBG) Homeownership Assistance Program and provides $10,000 in down payment and closing cost assistance to eligible first-time homebuyers buying a home in Baltimore City. First-time homebuyers buying in City designated "impact investment areas" can receive an additional $10,000, for a total of $20,000 in assistance.
This is a list of things you need to know about this program:
You must earn a homeownership counseling certificate from a HUD approved provider before making an offer on your home. You have to live in this home as your … (5 comments)
|
buying a home: The Benefits of Buying a Home in Today's Market
- 10/21/22 04:09 PM
The Benefits of Buying a Home in Today's Market
I keep hearing "I'm going to wait for the rates to go down", and "I'm going to wait for the market shift", amongst other excuses, from potential buyers. The truth of the matter is, the higher rate may only make a difference in your monthly payment equivalent to a couple of cups of Vente at Starbucks every month.
Some of the pro's of buying in today's market include:
Sellers may be more likely to be flexible to get their home sold, meaning seller-paid closing costs, rate buydowns, repairs and home improvements or even a … (7 comments)
|
buying a home: Questions to Ask Your Lender When Deciding to Buy Down Your Rate
- 08/28/22 08:16 PM
Questions to Ask Your Lender When Deciding to Buy Down Your Rate
A first-time buyer client of mine called me today. He is purchasing a new home from a builder and he is trying to decide whether or not to buy down his interest rate. I suggested that he ask the following questions:
How much will it cost to buy down my rate? What will the difference in my monthly payment be? How long will it take to recoup the amount I am using to buy down my rate? How much will it save me over the life of my loan? What … (7 comments)
|
buying a home: Moving With Pets
- 08/15/22 10:33 AM
Moving with Pets
We give so much thought to the move with our families, young children, and even teenagers that we often forget our feathered and 4-legged (and no-legged) family members. Our pets' anxiety can often be greater than that of our children since they can't vocalize their fears.
Before closing, take your dog by the house, walk them around the block and introduce them to some of the neighbors, walk them in the yard (if your new home has a yard. Walk them up the front steps to the door, it might help to bring them to the final walk-through before closing.
On … (14 comments)
|
buying a home: The Hidden Costs of Buying a Home
- 06/21/22 03:25 PM
The Hidden Costs of Buying a Home
Buying a home is an exciting time. This is likely the most significant investment you will make at any time. Please don't be surprised by a few additional expenses you might not consider!
1. Closing costs that include state and local transfer taxes, title insurance and document stamps, lender fees, appraisal, flood certification (unique to coastal states), and flat administrative fee to your real estate agent's company. Depending on whether you are a Maryland first-time homebuyer or not this can amount to between 3-6% of the purchase price. This will also include pre-paid insurance and taxes. … (8 comments)
|
buying a home: Buying a Home at the Auction
- 05/18/22 07:06 AM
Buying a Home at the Auction
With the real estate market being so competitive for traditionally listed properties you may want to check out auctions as an alternative source for a home.
Auction companies don't just list fixer-uppers, beware though. At auctions, buyers are often required to pay a "Buyer's Premium" at closing that mostly covers your agent's commission and buyers may also be required to pay all the closing costs for both the buyer and seller side.
I have listed homes at auction, and I have sold properties that were offered at auction. If you are buying a home and think you may … (2 comments)
|
buying a home: Testimonials - The Power of Positive Words
- 04/26/22 09:30 AM
Testimonials - The Power of Positive Words
My manager received an email from a buyer I am working with yesterday. The buyer was referred to me by her because they had been unhappy with their previous agent. We have written offers but have not found a home yet. How great is this?!
Testimonials are valuable but only if you share them with the general public. Share those testimonials, and use them to direct more potential clients. Testimonials are like business cards and they don't do you much good in your pocket!!
… (3 comments)
|
buying a home: National Doctor's Day - Thank a Doctor Today
- 03/30/22 09:19 AM
National Doctor's Day - Thank a Doctor Today
March 30 is National Doctor's Day so thank a Doctor today!!
If you are a Doctor just starting out or a Resident just starting your career you may want to think about buying a home. There are some special loan programs out there to help you purchase your first home. So, if a new home is in your thoughts give me a call today and I'll connect you with a Loan Officer that has those special Doctor programs to help you achieve those dreams of homeownership.
… (1 comments)
|
buying a home: The Importance of Having Reliable Service Providers
- 03/23/22 12:10 PM
The Importance of Having Reliable Service Providers
It occurred to me this morning how important it is to have someone you can call on for help. I was on my way to my office this morning, running late so instead of making breakfast I stopped at the local Dunkin for coffee and a bagel. When I came out my car (my son's car - mine is in the garage) wouldn't start. I mean, it wouldn't turn over, the lights weren't on on the dash, I couldn't even lock or unlock the doors without the key.
Now, I do have a regular mechanic that … (1 comments)
|
buying a home: National Coffee Day
- 09/29/21 08:38 AM
National Coffee Day
Today is National Coffee Day. Some days I can't seem to get my day started without my cup of Joe!! So, I was in line at my local Dunkin Donuts this morning for my large cup of coffee this morning and they had free medium coffee (so I got both) because it was National Coffee Day. I am good for the day now!! I heard that Wawa was also giving away free coffee this morning too.
Did you get yours?
… (3 comments)
|
buying a home: You Need a Real Estate Agent - Here's Why
- 12/22/20 06:34 AM
You Need a Real Estate Agent - Here's Why
You might think you can forgo the services of a Realtor while buying your home. You might think, oh, I'll just use the agent that has the home listed and the seller won't have to pay the commission for a buyer's agent and maybe he'll sell it for less. In this scenario, you would be wrong. The seller agrees to pay a certain amount for the sale of a home, the listing brokerage agrees to share a portion of that with the buyer's brokerage. So, if you don't have an agent the listing … (2 comments)
|
buying a home: 5 Things All First-Time Home Buyers Should Know
- 12/17/20 06:25 AM
These five things don't just apply to first-time homebuyers but everyone.
Budget and save, the phrase pay yourself first applies here. Put money into savings from every paycheck and live within your means. If you want that shiny new trinket, save and budget for it rather than charging it, only charge if you have the money already to pay for it. Keeping those credit card limits low is the key to great credit and being able to buy that new home you love!!
Buying a property for the first time is both exhilarating and extremely anxiety-inducing. There’s so much to keep track … (3 comments)
|
I always tell the story of my house in Waterloo, Ontario that I bought with a 12 1/2% interest rate, then refinanced to 10 1/2%, and thought I was doing well. I sold that house in 1997 when I moved to Maryland. The same exact house on the same block today sold for $725,000 and the interest rates are hovering around 6%. Did waiting to buy help anyone out? 
;)
;)
;)
