homebuyers: Navigating a Hot Real Estate Market
- 10/27/22 06:59 PM
Buying a home in a hot real estate market takes patience and perseverance. Having a savvy buyer's agent doesn't hurt, either.
In a hot real estate market, home inventory is low, competition is high and as a buyer, you may feel like you're on an emotional rollercoaster. Although buying a home in a strong seller’s market presents added challenges, it’s still possible to get an offer accepted on a place you’ll love.
What is a hot market in real estate?To figure out whether a housing market is hot, experts look at how many months of unsold inventory are currently on the market. This … (4 comments)
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homebuyers: Why Fall Is the Best Time to Buy?
- 10/06/22 07:34 PM
The best time to buy a house has long been considered the spring and summer. Meanwhile, their seasonal sibling, fall, often gets tossed to the leaf pile by potential buyers who might think autumn is just about haunted houses and turkey dinners rather than house hunting.
But surprise! Fall is not only a great time to buy a house, but it might also be the best season to find the perfect property (and not just because you can browse the listings while cupping a pumpkin latte).
Read on to discover the many reasons.
The best time to buy a house for cheapThe best month … (3 comments)
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homebuyers: When Is the Best Time to Buy a House?
- 09/08/22 12:06 PM
If you've been paying attention to the housing market, you know prices have been rising for the past few years. And that's not going to change anytime soon. Considering how much homeownership costs these days, it pays to know the best time to buy a house to get the best possible deal.
And yes, there's the best time to buy just about anything—including a house. Buying a home is one of the most important purchases you'll ever make, so just like you would want to wait for the best time to buy furniture, a washer, and dryer, or a new TV, you … (2 comments)
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homebuyers: Buying a Home Soon? Be Prepared for These 3 Upfront Costs
- 07/08/22 02:11 AM
If you are thinking seriously about buying a home, you have probably heard that you are going to incur closing costs. These are costs you must pay when you close on your mortgage loan and take ownership of your home. They often add up to around 2% to 5% of your home’s value, so they can be quite significant.
But while you may be preparing to come up with a lot of cash on the day you close, you may actually have to incur some costs even before that momentous event. In fact, there are three things you might have to pay … (4 comments)
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homebuyers: What to Consider When Buying a Luxury Lake House
- 02/24/22 08:46 AM
If you envision your future summers filled with sunset happy hours over the glittering water, sun-soaked days on the boat, and an open door for friends and family, creating a plan to purchase a lake house is the first step. There are many factors to consider from the location, size, water quality, and the surrounding town. However, it ultimately comes down to prioritizing the most important factors to you and your ideal lake lifestyle. If you’re planning on purchasing a lake house soon, below are the most essential points to consider before putting in any offers.
Location
The proximity of your lake house … (4 comments)
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homebuyers: What to Negotiate When Buying a House
- 10/21/21 12:03 PM
Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of the transaction can be a little daunting and stressful. However, it is necessary to ensure you are getting the best possible deal for your money. So, what should you negotiate when buying a home?
1. Closing costs. Your closing costs are determined by a variety of factors, but you can expect them to be between 2% to 5% of the purchase price. Ask the seller to cover some or all of the closing costs upfront or request a closing credit that can be used to make specific updates … (1 comments)
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homebuyers: Little-Known Secrets to Buying a Luxury Home
- 09/23/21 10:35 AM
Buying a home is an involved process, regardless of your price point. However, the luxury market comes with a different set of conditions. From working with a specialized real estate broker, less available inventory and a more discerning list of requirements, investing in a luxury property can be more involved than purchasing a mid-level home.
Here are some of the little-known secrets of the luxury home buying process.
Work With a Luxury Broker
Working with a well-versed broker in the luxury market is key to ensuring a smooth home searching and buying process. A luxury broker will be familiar with the areas in which … (2 comments)
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homebuyers: 4 Tips for Starting Your Home Search Online
- 07/01/21 09:07 AM
With people shopping online more than ever, it comes as no surprise that this tech platform has become ubiquitous within the real estate industry. From millennials to boomers, homebuyers of all ages and demographics are starting their home search from the comfort of their own computer or mobile devices. Taking into account that more listings than ever offer virtual and 3D home tours, there is so much information available online that buyers depend on. Here are four tips for starting your home search online and finding your perfect home from wherever you are.
Check the Right Websites
House-hunting online wouldn’t be possible … (1 comments)
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homebuyers: How to Figure Out if You’re Ready to Buy Your First Home
- 03/11/21 07:41 AM
Don’t rush into buying a home unless you’re sure that you’re ready. Here are some things you should do to prepare.
Get Your Finances in Order
Your debt-to-income ratio can affect your ability to qualify for a mortgage. Credit card debt and auto or student loans can also make it difficult to afford monthly mortgage payments. You don’t necessarily have to be debt-free before you buy a house, but you don’t want to get in over your head. It may be a good idea to wait a year, or two, or five to pay down your other debts so you can buy a … (3 comments)
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homebuyers: What a Homebuyer Wants in 2021
- 02/25/21 07:10 AM
Sparked by pent-up demand, the ability to work from anywhere, and the need for more space, real estate sales are on the rise across the country, making it a prime time for would-be sellers to consider listing their home. But many of today’s buyers are coming to market with a new set of criteria for their next home. Here are some of the features topping their lists:
Home office. With an increasing number of work-from-home situations morphing from temporary to permanent, office space is a must-have for many of today’s homebuyers. If your home doesn’t currently have a dedicated work area, consider … (3 comments)
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homebuyers: How Can an Existing Mortgage Affect Your Ability to Buy a Second Home?
- 02/11/21 04:22 AM
If you already own a home and you’re thinking about buying another to use as a vacation house or as an investment property that you can rent out, you will have to clear higher hurdles than you did when you bought your first house. Here are some important things to know.
Lenders Will be Stricter
A second mortgage can make you riskier in a lender’s eyes. A lender will want to be confident that you can afford mortgage payments, taxes, maintenance, homeowners insurance, and other costs for both properties.
You may need a higher credit score to qualify for a second mortgage than you … (4 comments)
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homebuyers: 5 Things to Consider When Buying a Second Home
- 01/28/21 06:22 PM
Purchasing a second residence is always a significant decision, especially if you intend to use it as a vacation home. Of course, there are many considerations to take into account beforehand, not the least of which is accounting for the associated costs of owning multiple properties for personal use. When you feel fully prepared to start looking for a second home, here are several additional factors to consider.
Cater to Your Lifestyle
While your primary residence likely caters to essential aspects of your daily life, such as proximity to schools and jobs, luxury buyers often seek a second home that supports their personal … (4 comments)
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homebuyers: 4 Home Features to Look For This Winter
- 01/14/21 06:03 AM
The way we use our homes tends to change with each season. As temperatures start to drop once again, you may be on the lookout for a house that will meet your needs this winter. Whether you work from home or simply don’t enjoy venturing out into the frigid cold, here are several features that are essential when spending your winter days inside.
Air Ventilation
A well-built home is sealed off to prevent drafts and heat loss, which is certainly a good thing. However, this can cause your air to get stale and stagnant in the winter when windows and doors are kept … (6 comments)
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homebuyers: Can You Buy a House With a High Income and Low Credit Score?
- 11/19/20 11:35 AM
A mortgage lender looks at several factors when deciding whether to approve a loan application. A lending institution wants to know that a borrower has both the ability and the will to repay debts. If you have a high income and a low credit score, a lender may have reservations about approving your mortgage application.
How a Lender Looks at Income and Credit Score
A lender adds up the costs of housing, car payments, student and other loans, and credit card payments and divides the total by an applicant’s gross monthly income to arrive at a percentage known as the debt-to-income ratio. Some … (1 comments)
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homebuyers: Improve Your Credit Score Before You Start House Hunting
- 11/05/20 04:52 AM
If you want to buy a house and you’ll need to take out a mortgage, getting your credit score as high as possible should be a top priority before you begin searching for a home. Your credit score will be used to set your interest rate, so be sure to stay on top of it.
Check Your Credit Reports for Errors
Start by requesting copies of your credit reports from the three credit bureaus: Equifax, Experian and TransUnion. Check them for inaccurate information and dispute any errors. It’s important to check all three credit reports since the bureaus may have different information.
Pay Down … (1 comments)
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homebuyers: 4 Things to Know Before Moving to the Suburbs
- 10/22/20 07:18 AM
It’s no secret that real estate is booming in the suburbs. If you’re looking to relocate from the city, there are plenty of advantages to be found, but it’s important to do your research first. For those who are ready to take the plunge, here are a few tips to keep in mind when house hunting in the suburbs.
Be Prepared for a Seller’s Market
Because demand is so high, buyers should expect to encounter an extremely competitive market. Bidding wars and multiple offers have become commonplace even as prices continue to surge. Once you have a clear idea of what you’re looking … (1 comments)
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homebuyers: Pros and Cons of Living in the Suburbs
- 09/10/20 08:18 AM
When searching for your new home, one of the most important decisions you will need to make is whether to live in a city or in the suburbs. Choosing a house away from the hustle and bustle of an urban center offers several distinct advantages, but depending on your personality and lifestyle, you might find that the drawbacks outweigh the benefits.
Housing Options
One of the greatest advantages of living in the suburbs is that you could likely get more bang for your buck. A mortgage for a suburban house could cost less per month than rent for a much smaller city apartment. … (2 comments)
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homebuyers: Minimum Credit Score to Buy a House
- 08/27/20 09:26 AM
A mortgage lender looks at several factors when deciding whether to approve a loan application. A lending institution wants to know that a borrower has both the ability and the will to repay debts. If you have a high income and a low credit score, a lender may have reservations about approving your mortgage application.
How a Lender Looks at Income and Credit Score
A lender adds up the costs of housing, car payments, student and other loans, and credit card payments and divides the total by an applicant’s gross monthly income to arrive at a percentage known as the debt-to-income ratio. Some … (0 comments)
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homebuyers: Process of Buying a House
- 08/13/20 06:43 AM
Becoming a homeowner is part of the American Dream. However, buying a house takes a lot of consideration and planning, which can feel overwhelming for many first-time buyers.
According to American Consumer Credit Counseling (ACCC), knowing what needs to be done in advance will make the home-buying process less stressful in the long run. If you have saved for a down payment and are looking to buy your first home, consider the following tips from ACCC:
Set a budget. Calculate all expenses to figure out an affordable monthly payment plan. Don’t forget to include the down payment, property taxes (which can vary widely … (1 comments)
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homebuyers: 4 Benefits of Buying a Home in a Revitalized Neighborhood
- 07/16/20 05:09 AM
For luxury home buyers looking for a new house in the city, it can be easy to dismiss up-and-coming or revitalized areas. However, before crossing this type of neighborhood off your list, it may be well worth visiting a few homes and getting to know the community. While it might not yet be as established as other high-end locations, here are a few advantages that you may find when buying a home in an area that’s been rejuvenated.
Return on Investment
With more risk comes more reward. Buying a home in the most sought-after part of the city is usually a very safe … (1 comments)
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Buying a home in a hot real estate market takes patience and perseverance. Having a savvy buyer's agent doesn't hurt, either.
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