buying a home: Use Open Houses to Your Advantage
- 08/31/16 05:14 AM
When you are searching for a new home, attending open houses can be a valuable tool. Open houses are your chance to gather information, whether it's about the particular home you are in but also about the home buying process in general. If you currently don't have an agent that you are working with, it is a good opportunity to see how the agent holding the open house operates and you can see what he or she can offer you.
It is good to come to an open house prepared. Asking the right questions will go a long way in helping you … (1 comments)
Mortgage lenders take three factors into account when giving you a mortgage; your debt-to-income ratio, your credit score and your down payment.
With regards to your debt-to-income ratio, lenders typically adhere to what’s known as the 28/36 rule: No more than 28% of your monthly gross income should be dedicated to your mortgage payment, property taxes and insurance and your total debt payments should equal no more than 36% of your gross income.
Deferred student loans may or may not count toward your debt-to-income ratio. It all depends on the type of loan you're … (0 comments)
Like most home sellers you think you live in a palace. Your home may be your kingdom but when it comes to selling, potential home buyers may not be in agreement. In today's market, buyers are pickier than ever and may be literally turning their nose up at your home.
Here are a few things that buyers hate about homes:
· Smells Buyers don't like homes that have a strong smell especially bad smells. The biggest culprits of strong smells are smoking, pets and cooking with strong odors. Pet odors … (3 comments)
Purchasing a home is an important decision, one that can often be an emotional and confusing experience. While buying a home is not always about the numbers, a little market knowledge can go a long way in helping you make the right decision.
Here are some helpful stats every potential home buyer should know:
1. What kind of market it is
There are typically three kinds of markets, a buyer's market, a seller's market and a normal or balanced market. Remember all real estate is local so … (3 comments)
When people think of a hot real estate market they usually think about the spring market but the fall is also a busy time for real estate and a great time to buy. There are many benefits to buying a home in the fall:
· Tax Breaks Buying a home towards the end of the year is a great way to get a tax break. Home buyers can deduct both mortgage interest and property taxes from gross income on their taxes. Buyers may also be able to deduct prepaid interest … (0 comments)
Buyers often buy on emotion rather than their needs, often passing over a potential good deal or fit and instead overpaying for their dream home.
Here are some common buyer errors and how to avoid making them.
· Not using the right agent
Obtaining the services of an Accredited Buyer Representative is a great idea. An agent has the skills to negotiate the best deal for one of the biggest purchases of your life. A local agent has the lay of land and knows the area well and … (1 comments)
As many young people are finished with college and have found jobs, they want to take that next fundamental step in life, buying a home. Owning a house creates a sense of achievement.
Unfortunately, many young adults cannot afford to take that next step because they lack the financial means to come up with a down payment as many have been strapped with high education loans.
Many turn to their parents for help in the purchase of a home. According to the National Association of Realtors, 7% of first-time home … (0 comments)
With interest rates near all-time lows, in the Greater Attleboro area mortgage rates are in the 3.97% APR - 4.29% APR range, many young people are considering buying a home instead of renting. But is homeownership the best option for you? There are many factors to consider in making this decision.
As in anything there are pros and cons to be considered and some careful thought and research should be made before you make your decision.
The pros of home ownership include: … (6 comments)
At some point in their lives many people consider buying a home. While there are many potential advantages and benefits of homeownership, owning a home comes with other considerations that should be factored into the equation to determine whether homeownership is right for you.
Perhaps the biggest benefit of homeownership is building equity in a place of you own. Equity is the portion of the property that you actually own and with each monthly mortgage payment that equity increases. Also overtime the home may appreciate in value. When you have enough equity built … (2 comments)
When you are searching for a new home, attending open houses can be a valuable tool. Open houses are your chance to gather information, whether it's about the particular home you are in but also about the home buying process in general. If you currently don't have an agent that you are working with, it is a good opportunity to see how the agent holding the open house operates and you can see what he or she can offer you.
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