Our Real Estate Blog
Buying a house can be simple, particularly for those who craft a blueprint before they embark on the property buying journey. Now, let's take a look at three tips to help you craft an effective homebuying blueprint.
1. Analyze the Housing Market
The housing market varies in cities and towns across the United States. However, if you analyze the local real estate sector closely, you can map out a successful property buying journey.
Assess the prices of recently sold residences and find out how long these homes were available before they sold. That way, you can determine whether a buyer's or seller's market is in place.
Remember, the more housing market data you review, the more equipped you'll be to understand the current state of the local housing sector. And if you allocate time and resources to analyze housing market data, you can gain the insights you need to make informed decisions throughout the property buying cycle.
2. Establish Homebuying Criteria
Create a list of homebuying criteria – you'll be glad you did. Because once you know what you want to find in your dream home, you can narrow your house search.
As you put together homebuying criteria, think about where you want to reside too. This will enable you to hone your home search to preferred cities and towns.
Don't forget to consider your short- and long-term plans as you craft your homebuying criteria as well. For instance, if your goal is to work in the city, you may want to focus on houses in or near the city itself. On the other hand, if you plan to start a family soon, you may want to explore residences near the top schools in your area.
3. Collaborate with a Real Estate Agent
If you're unsure about how to craft a homebuying blueprint, there is no need to worry. Real estate agents are available nationwide, and these housing market professionals can help you put together a homebuying plan.
A real estate agent is a housing market expert who is happy to teach you everything you need to know about buying a residence. He or she also will respond to any of your homebuying concerns and questions.
In addition, a real estate agent will act as a guide along the homebuying journey. He or she first will learn about your homebuying criteria and goals and help you put together a property buying plan. Next, a real estate agent will help you search for your dream residence and set up property showings. And once you discover a house you want to buy, a real estate agent will help you submit a competitive offer to purchase this home.
For those who want to achieve the optimal results during the property buying journey, it generally is a good idea to create a homebuying blueprint. By using the aforementioned tips, you can craft a homebuying blueprint so you can achieve your desired homebuying results.
190 Squanto Road , Eastham, MA 02642
Putting your home on the market is a life-changing decision and, for some people, it may involve conflicting feelings.
Ideally, all members of your family should be on board with the decision to sell. If you, your spouse, or your kids are ambivalent or even against the idea of moving, it could send a negative message to prospective buyers, estate agents, and others. Helping your family stay positive and motivated can ensure that everyone is pulling in the same direction.
A common stumbling block for many sellers is the inclination to attach too much sentimental value to their home. While you may associate your home with fond family memories, years of hard work, and thousands of dollars in home improvements, your actual selling price should be a reflection of market conditions and the price comparable houses in your neighborhood recently sold for.
Based on a comparative analysis, your real estate agent can help you come up with a realistic asking price that will reflect both its market value and major improvements you've made in recent years. Although remodeling your kitchen or bathrooms will not provide you with a dollar-for-dollar return on investment (ROI) when it comes time to sell, prospective buyers will be much more attracted to a home that's been updated and well maintained.
When selling your home, perhaps the most important principle to keep in mind is that "You don't get a second chance to make a great first impression." By minimizing the negatives and making the most of your home's attributes, you'll be increasing the probability of selling your house within the shortest period of time
Keeping your home meticulously clean for every showing can often be a challenge, but it's a goal worth striving for. Other ways to make a favorable impression on potential buyers is to focus on maximizing your home's curb appeal and minimizing clutter -- both inside and out. While it may seem like a tall order to declutter your home, keep your lawn looking manicured, and apply fresh coats of paint where needed, you'd be surprised at how much you can accomplish by setting your mind to it. One simple but effective strategy for getting things done is to create checklists of priorities, projects, and important tasks that need to be completed. When you commit goals to writing and review your priority list every day, you'll tend to be much more organized, action oriented, and focused.
Although a lot of people take a sense of humble pride in saying that their home is "a work in progress," once it's on the market, you need to have as many of those rough edges smoothed out, as possible! Putting your best foot forward for every showing could make the difference between a fast sale and a house which lingers on the market for months!
22 Gilbert Lane , Harwich, MA 02646
If you’re a first-time homebuyer, odds are you’ve thrown the words “prequalified” and “preapproved” interchangeably. However, when it comes to home loans, there are some very important differences between the two.
For buyers hoping to purchase a home with a few missteps and misunderstandings as possible, it’s vital to understand the procedures involved in acquiring financing for a home.
Today, we’ll break down these two real estate jargon terms so that you can go into the mortgage approval process armed with the knowledge to help you succeed in securing a home loan.
Let’s start with the easy part--mortgage prequalification. Getting prequalified helps borrowers find out what kind and what size mortgage they can likely secure financing for. It also helps lenders establish a relationship with potential customers, which is why you will often see so many ads for mortgage prequalification around the web.
Prequalification is a relatively simple process. You’ll be asked to provide an overview of your finances, which your lender will plug into a formula and then report back to you whether or not you’re likely to get approved based on your current circumstances.
The lender will ask you for general information about your income, assets, debt, and credit. You won’t need to provide exact documents for these things at this phase in the process, since you have not yet technically applied for a mortgage.
Prequalification exists to give you a broad picture of what you can expect. You can use this information to plan for the future, or you can seek out other lenders for a second opinion. But, before you start shopping for homes, you’ll want to make sure you’re preapproved, not prequalified.
After you’ve prequalified, you can start thinking about preapproval. If you’re serious about buying a home in the near future, getting preapproved will simplify your buying process. It will also make sellers more likely to take you seriously, since you already have your financing partially secured.
Mortgage preapproval requires you to provide the lender with income documentation. They will also perform a credit inquiry to receive your FICO score.
Mortgage applications and credit scores
Before we talk about the rest of the preapproval process, we need to address one common issue that buyers face when applying for a mortgage. There are two types of credit inquiries that lenders can perform to view your credit history--hard inquiries and soft inquiries.
A soft inquiry won’t affect your credit score. But a hard inquiry can lower your score by a few points for a period of 1 to 2 months. So, when getting preapproved, you should expect your credit score to drop temporarily.
Once you’re preapproved for a mortgage, you can safely begin looking at homes. If you decide to make an offer on a home and your offer is accepted, your preapproval will make it easier to move forward in closing on the home.
Once the lender checks off on the house you’re making an offer on, they will send you a loan commitment letter, enabling you to move forward with closing on the home.