first 1st time home buyer: Why a Home Should Be Your First Investment
- 02/07/22 07:15 PM
Why a Home Should Be Your First Investment2/9/2022 Real estate has been described as the basis of all wealth. Without considering income or investment property, buying a home to live in is an incredibly powerful way to build wealth or financial net worth. A home is an asset measured by the size of the equity. Equity is simply the difference between the value of the home and the amount owed. There are two powerful dynamics at work to increase the equity which include appreciation and amortization. Appreciation occurs when the fair market of the home increases. The shortage of available inventory coupled with high demand … (2 comments)
first 1st time home buyer: Will Soft Inquiries Hurt Your Credit Score?
- 01/05/22 04:24 PM
Soft inquiries, sometimes known as a soft credit check or a soft credit pull, do not impact your credit scores because they are not attached to a specific application for credit. They can occur when a credit card issuer or mortgage lender checks a person's credit for preapproval purposes. Examples of soft inquiries are when you check your own credit or one of your current creditors checks your credit. If you are concerned about the negative impact on your score, specify to the lender that you want a "soft pull" to see if you qualify for preapproval. Soft inquiries may appear on … (2 comments)
first 1st time home buyer: Homeownership Cycle and Inventory
- 08/27/21 09:13 AM
An interesting homeownership cycle begins with a starter home and progresses to larger and smaller homes throughout a person's lifetime. Within a few years after purchasing their initial home, they might move up to a little larger house. The reasons could be that they simply want a larger home and can afford it, or their increased family size may be motivating the move. While the children are small, they can probably get by with less space but as they grow and behave more like adults, even though they may not be, the need for more room becomes more pressing. Depending on the size of … (1 comments)
first 1st time home buyer: First Love, Second Wife or Third REALTOR
- 06/21/21 03:21 PM
There is a story of a real estate agent's prayer: "Dear Lord, if I can't be someone's first love, or second wife, at least, please let me be their third REALTOR®." In a normal market with a balanced supply of sellers and buyers, this describes the preference that it might be better to be the third listing agent to help the seller after they became more realistic about their list price. In today's market, it might have more to do with buyers because of the increased competition, their chance of having an accepted offer is greatly reduced and it is only … (2 comments)
first 1st time home buyer: Money You Saved for a Down Payment
- 09/09/19 03:27 PM
Occasionally, buyers who can qualify to purchase a home decide to "take a break" and wait to purchase a home. When the focus of buying a home is relaxed, other uses for the money that was going to be used for the home are considered. Maybe they think how much fun it would be to have a Sea Doo or a motorcycle or a new car. It is amazing how many people would like to buy a home but either don't have the down payment, the income or the good credit to make it possible. Instead of spending the money, consider … (2 comments)
first 1st time home buyer: Invest in Equity Build-up
- 08/19/19 01:28 PM
Equity build-up could be one of the biggest advantages to buying a home. There are two distinct dynamics that take place to make this happen: each house payment applies an amount to reduce the mortgage owed and appreciation causes the value of the home to go up. It is easy to make a projection based on the type of mortgage you get and your estimation of appreciation over the time you expect to own the home. Even conservative estimates can produce impressive results. Let's look at an example of a home with a $270,000 mortgage at 4.5% for 30 years and a total … (0 comments)
first 1st time home buyer: Homeowners To-Do list
- 03/26/19 08:31 PM
3/27/2019 Checklists work because they contain the important things that need to be done. They provide a reminder about things we know and realize but may have slipped our minds as well as inform us about things we didn't consider. Periodic attention to these areas can protect the investment in your home. Change HVAC filters regularly. Consider purchasing a supply of the correct sizes needed online and they'll even remind you when it's time to order them again. Change batteries in smoke and carbon monoxide detectors annually. Create and regularly update a Home Inventory to keep track of personal belongings in case of burglary or casualty loss. Keep … (2 comments)
first 1st time home buyer: Home Safe Home
- 08/01/17 05:15 PM
Home is a place you should feel safe and secure. Sometimes, we take it for granted and unfortunately, we do need to remain vigilant about things we do that could compromise our safety. Here are a few tips to consider: Everyone loves an inviting home including burglars. Make sure it looks occupied and is difficult to break in. Always lock outside doors and windows even if you’re only gone for a brief time. Lock gates and fences. Leave lights on when you leave; consider timers to automatically control the lights. Keep your garage door closed even when you’re home; don’t tempt … (0 comments)
first 1st time home buyer: Thinking About How to Make Your Offer Stand Out?
- 06/05/15 03:56 AM
If a seller was looking at two offers for exactly the same price on their home, there would still be things that could make one standout more than the other. If there happens to be more than two offers, things can really get sticky for a buyer. For that reason, it is good to craft the most attractive offer possible because even if you don’t have competition now, another offer could come in during negotiations and derail all your efforts to that point. Anything that can give the seller the peace of mind that one contract will close on time and as … (3 comments)
Why a Home Should Be Your First Investment2/9/2022 Real estate has been described as the basis of all wealth. Without considering income or investment property, buying a home to live in is an incredibly powerful way to build wealth or financial net worth.
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