Posts Tagged ‘buying a home’

For the Newlyweds: How to Shop for Your Dream House

Saturday, September 24th, 2011

For the newlyweds who want to establish their nest egg, buying your own home is way better than renting since not only will it provide you with a sense of ownership over something, buying your own home also means having your own investment of money, time, effort and emotion. Which gives you more reasons why you want to find that perfect home for you and your future family.   

  • Prioritize what you want.  Make sure that you’re on the same page with you and your spouse. As a couple, discussing about your home is very important such as the where it’s located, the kind of neighborhood, and all your must-haves for a particular home. Not to forget the value of compromise and being patient with each other and it’s not unusual that couples want different things sometimes, hence you should know when to compromise.
  • Negotiation skills. And we’re not just talking about the price here, you must negotiate on all levels. For example, you can also negotiate for time. Never show the seller how badly you want a particular home; it will be a disadvantage for your part if the seller feels that you’ll do anything for that house.
  • And also, don’t be afraid to ask—you’ll never know where asking may get you.
  • You should have a good credit standing.     Make sure that you got a good credit prior to purchasing a house. If you have some pending debts, you got to pay off them first and make sure that you can also afford to pay not just the down payment but also the monthly mortgage payments.     This also means not to make common mistakes such as spending too much for furniture to fill the new house, but in the end, only lose it since their credit is now low.
  • Think you’re investing on your future. Take note that you’re buying a home not just for you, but also for your family as well. So there’s a lot of emotional investment attached to it. Then, can you picture yourself and your family living there not just for now, but for a long time? For your dream home, make sure the price is reasonable and practical. If not, the financial stress may not only damage your credit score, but also your marriage.

Want more options for buying your dream house? Just visit Homes for Sale in Gilbert and Queen Creek Real Estate.

 

 

Never make an offer without the services of a buyers agent

Thursday, June 23rd, 2011

A lot of home buyers mistakenly feel that they can advantageously negotiate a real estate purchase going solo without an agent. The facts show that a large majority of the time, this just is not true. In fact, the opposite is the case. Most people who have tried going it alone regret it. Studies illustrate that contracting wtih a buyers agent can pay “dividends” when it comes to your Palatine real estate negotiation.

It’s a bonus that you don’t have to pay for the sales commissions up front — her commission comes from the seller’s proceeds and was definitely calculated into the asking price of the house. But the biggest benefit is that you can save a lot of money on the bottom line at the end of the day.

Contracting with an experienced real estate pro on your side of the transaction when you’re considering a contract where large sums of money changes hands is simply good idea on its face. But add to that the potential bettering of your financial position as a result of the experience a real estate agent can bring to the table and it should be an easy decision. There are just too many ways to loose money on a deal not to have someone who negotiates sales for  Palatine IL real estate  day in and day out to keep the information (and signatures) flowing smoothly. In short: You’ll waste valuable time and money during negotiations if you don’t have a buyer’s agent.

The Advantages of a Buyer’s Agent

Tuesday, May 31st, 2011

The entire ‘home search’ process will change. You won’t personally need to make appointments with many individual Realtors to look at homes because the agent will make the arrangements for all the homes you want to see. Rather than trying to sell you only on the positive amenities of the home you’re looking at, the agent will help you discover the features that may not be the most positive of the home as well.

And best of all , you will have a professional Realtor working diligently and and just for you — not the seller. The buyer’s agent is not interested in selling you a particular home or neighborhood and will be inclined to show you possibilities you never thought to consider. And through networking with area Realtors, we often find our clients homes that are not even on the market. These are the types of steps that separate the best from the rest in this business.

How much will this cost?

You will never be charged for services. Even though the buyer’s agent is representing you and working on your behalf, the seller will pay the fees. You’ll pay nothing, zero, zilch !

The Realtor who has listed a home for sale in the area receives a commission from the seller and has agreed to share one-half of that commission with the broker or agent who sells the property. This method of sharing the commission allows the buyer to work with a buyer’s agent without paying a fee for these services.

A buyer’s agent can help locate the right homes:

We’ll search the Multiple Listing Service for homes that meet your specific criteria — not just homes listed by the local Realtors, but homes from all around the area.

How does this differ from what you’re currently doing yourself? Many companies don’t allow their listings to appear on various web sites . And some don’t post the addresses, hoping you’ll call their agents for further information.

Your agent will find those houses . Each house will be carefully screened, and we will e-mail you only those that appear to meet your needs. We know the neighborhoods, so we won’t send you listings of properties that do not offer what you are looking for.

As your Buyer’s Agent, we don’t become emotionally involved. We’ll advise you on both the negative as well as positive factors of each home . While you’re walking through the home to see if you’d like to live there, we’ll be checking the overall condition, including the foundation, roof, heating system, and appliances to see if there will be any major expenses to be concerned about.

Counsel and advice:

What is good, professional advice worth to you? Its hard to hold back on your emotions when making a housing decision. A home is where you create lifelong memories. It will be your family’s sanctuary, and that is why it is so important to have a professional real estate agent representing you.

Offer, Negotiation, and Details:

When you find a home for sale that you would like to purchase, we’ll provide you with a Comparable Market Analysis (CMA) to guide you in making a price to offer . We will structure the offer to to aid in obtaining the home, and then we’ll expertly negotiate on your behalf throughout the entire transaction. Our goal and commitment is to find you a home that you love and strongly negotiate on your behalf for a successful home purchase.

After you and the seller have agreed on the terms and pricing , we will schedule all appropriate inspections. Should problems arise as a result of the inspections, we will act as your advocate in resolving these issues.

A lot has to happen between signing the purchase agreement and moving into the home! The Buyer’s Agent will attend to all the closing details and keep you informed about the transaction — each step of the way.

Things to Think About When Buying a Home

Saturday, April 23rd, 2011

 

Buying a home is the largest investment almost anyone makes. However, there are studies that show most people spend more time buying a car that they will get rid of in less than ten years rather than think about the house they will make payments on for twenty five years. Usually people don’t stop to think more about buying a home because the whole process seems rather complicated if all the details need to be thought out. It is much easier to point and say “I like that one” then it is to meticulously plan out the details of the purchase.

 

Finding a home that you can afford is one of the most important details. Many people forget about the added extra costs that come with buying a home, and those can add up, and change your budget. Before starting to shop, for the home you want, it is smart to talk to lending agencies to find out the amount you can borrow. Add the amount of your down payment to the amount that you can arrange to borrow. Then, factor in the closing costs, and getting a home inspector to get the final amount you can spend on buying a home.

 

The amount of your down payment should be as large as possible. The interest rate that you receive, and the total amount you are allowed to borrow could depend on the down payment. There are agencies that will allow homeowners to get a mortgage with only five percent down if the circumstances are right.

 

Sometimes the lending agency will offer a higher amount then people thought they could get. This puts them into the dilemma of should they borrow that amount for a home, or stay in a smaller home that maybe they don’t love as much. Living paycheck to paycheck in a slightly larger house usually isn’t worth it. Things go wrong and items in the house can and will break. Finding out you can’t afford to fix the roof in your new home because you spent too much on it, is very heartbreaking. A good rule to follow is spend no more, then thirty percent of your income per month on housing.

 

It may seem like a waste of money to get a home inspector to go through the property, but finding problems before you purchase will save a lot of money. If you still love the home knowing that the plumbing is very old when you’re planning to remodel anyway is much different from finding out the whole house is not structurally safe.

 

 

Buy your home the SMART way

Monday, March 21st, 2011

Determining the value of your perfect home can be sometimes a difficult task for a buyer. Just as there are many factors that can impact a home’s value, the details and potential success of your offer also rely on several pieces of information.

If you are thinking about buying a home, you will want to consider the following tips to gain a better understanding of property values. By utilizing these recommendations and discussing the findings with your real estate agent, you might be able to not only find the best house for your money, but also a home that surpasses all of your expectations.

Investigate Locally

When searching for a new home, many prospective home buyers start by checking local listings. After the search is narrowed down to a few neighborhoods of interest, walking or driving through these areas can give you a better idea of overall neighborhood quality. As you narrow your search, it might help to attend a few open houses in the local market to gain an understanding of pricing trends and witness how much interest is being paid to the homes already for sale.

In the early stages of shopping for a home, it can also be helpful to have your real estate agent perform a Comparative Market Analysis. This report will show you the past sales prices of homes in the area and allow you to contrast those statistics with the current homes for sale.

Get behind the numbers

After you have compared the list prices of the homes you are interested in with other homes that have sold in the area, there are a few assessments of value you may want to consider. The most telling estimate of a home’s value will be a professional inspection.

Another statistic that will provide you an estimated value of a home is the assessed tax value. However, as the assessed tax value sometimes doesn’t take into account the amenities of a home, upgrades to the property or the nuances of the housing market, this value can vary from a professional estimate. Work with your REALTOR® to compare the details of your appraisal and the assessed tax value, taking into account all of the home’s amenities and any issues of particular importance to your family – including such factors as the quality of the neighborhood, local schools and even how the home matches up to your long-term goals. 

Think about the market

When trying to prepare the value of a home for sale, it might also help to consider the status of the overall housing market. First, take into account national trends and determine whether it is a “buyer’s market” or a “seller’s market.” Next, compare the local housing market to the national trends, considering both the neighborhood of the home for sale and a broader geographical region incorporating the surrounding city or other nearby communities. It is quite conceivable that a particular area may not be affected by national market trends, creating for instance a small seller’s market inside a broad buyer’s market, or vice versa. 

Pay attention to the details

Besides looking at local and national housing trends, there are a few more issues that can affect the value of a home and the details of your offer. First, you and your agent should find out how long the home has been on the market. It is believed by many that if a home has been for sale more than 30 days, sellers are often more impeld to sell and are more receptive to lower-priced offers.

In addition to the time spent on the market, you and your agent should also try to find out if there are any additional factors that could motivate the seller for a quick sale. For instance, if the seller has already purchased another home or is relocating to another state, you may receive a better response to your offer sheet.

After taking all these factors into account, you and your agent should be able to determine both the market value of the home and the right amount to bid if making an offer. Furthermore, the more you take the information you’ve gathered into account, the better you will be able to preclude potentially overbidding – which, of course, costs the buyer more money – or underbidding – an error that could discourage a seller from further negotiations.

Lastly, try to consider that the process of ascribing value to a home is not an exact science. Each time a house is sold on the open market the sales price will represent measured negotiations between the buyer and seller, with all of the factors here taken into account by each party. Therefore, above all else, the right home should not only represent a good value when analyzing appraisals and various market factors, it should also be the best value for you and your family.

The agencies at Coldwell Banker Team NH publish select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit the NH Real Estate Team of Professionals