Making the decision to buy a new home is a life-altering event…in a good way. But the process can be daunting. Take the following advice from the Marcus Rice Team into consideration before heading out on your home-buying journey.
- Don't buy if you can't stay put. Given today’s challenging marketplace, don’t buy a home unless you can commit to staying there for at least a few years. The days of flipping for profit are long gone and you stand to lose money if you sell too soon after buying.
- Shore up your credit. Securing a mortgage in today’s market requires excellent credit so take the time to clean up your credit report well before you begin looking for a home.
- Be honest about what you can really afford. The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But the Marcus Rice Team recommends using one of the many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.
- If you can't put down the usual 20 percent, you may still qualify for a loan. There are a variety of public and private lenders who, if you qualify, can provide options in terms of interest rates and down payments.
- Schools affect home values. Even if children aren’t a part of your life now or in the near future, look at homes in areas supported by a good school system. Good schools are paramount for many homebuyers and have a direct impact on the value of your home.
- Work with a real estate professional. Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent like the Marcus Rice Team. Today’s market requires expert guidance through every stage of the home-buying process.
- Choose carefully between points and rate. When picking a mortgage, you usually have the option of paying additional points - a portion of the interest that you pay at closing - in exchange for a lower interest rate. If you stay in the house for a long time - say three to five years or more - it's usually a better deal to take the points, says the Marcus Rice Team. The lower interest rate will save you more in the long run.
- Get pre-approved. This will help you avoid the emotional rollercoaster of falling in love with houses you can’t afford. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
- Make an educated offer. Work with your real estate professional to make the right opening bid. Offers should be based on the sales trend of similar homes in the neighborhood, so review with your agent sales of similar homes in the last three months.
- Hire a home inspector. In addition to the appraiser your lender hires, you should also hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.
Cash Back Rebates For Buyers
Earn a 1% rebate on the sales price of the home you purchase with Equity First Realty Cash Back Rebate Program. 1.5% is what we offer for new construction
By actively participating in the search for your home, you save us time and money, and we pass the savings on to you.
When a property is listed for sale, the seller typically pays a 3% commission to the buyer's real estate agent. Most real estate agents then keep all of the commission for themselves. When you use Equity First Realty as your exclusive buyer's agent and purchase a home, we don't keep all of the commission - we give you up to a 1% cash rebate on your home purchase and 1.5% for new construction.
By having Equity First Realty Realtor as your agent you are assured of great negotiating skills to get you the best price on your home, attention to detail to ensure your transaction is completed and handled correctly, plus up to a 1% cash rebate and 1.5% for new construction.
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The Marcus Rice Team specializes in Richmond, Va, Henrico County, Chesterfield County, Powhatan County, Hanover County, Petersburg, Colonial Heights, and Fort Lee Homes and Real Estate for sale. We are tech savvy realtors with over 17 years experience. Please join us on our Social Networking Network to stay up to date on Richmond Virginia real estate news and more...
The Marcus Rice Team can be reached at 804-247-8187 or firstname.lastname@example.org
The Marcus Rice Team
Equity First Realty
4860 Cox Road, Suite 200
Glen Allen, VA 23060
Call The Marcus Rice Team at 804-935-8519 Office or 804-247-8187 Cell
Equity First Realty Broker Site: www.Equity1stRealty.com
Marcus Rice Team Site: www.RichmondVaHome.com
Equity First Realty Information Site: www.EquityFirstRealty.info