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  • How Do You Know When It Is Time to Sell

    The housing market has stayed competitive for months, and if you’re like many property owners, you’ve probably thought about selling. But is this the right time?

    Selling your home is a big decision, and pinpointing the perfect time to make your move can be challenging. Here are a few questions to consider if you want to explore what it would look like to put your home on the market soon.

    Has your lifestyle changed? Most homeowners outgrow a property at some point, or they find their needs have changed in some way. A property might be too small, you may want to downsize, or you might want different amenities.

    Has your property increased in value? Homeowners have gained record-setting equity over the last few years. Determining your property value can give you an idea of your potential profits. Then, you can consider if you could put these funds to better use elsewhere.

    Do you have another property or a plan for where you’ll go next? Be sure to keep the logistics and busy market conditions in mind if you’re buying and selling at the same time.

    Have you discussed the details with everyone involved? Selling your house isn’t something you should do on the spur of the moment. This sale will mean big changes, both financially and in your day-to-day life, so be sure everyone in your household is on the same page.

    Have you established your goals (and communicated them clearly)? When you’re ready, let’s discuss your needs and wants and create a plan that makes sense for you. Once clear goals are established, we can work together to find what you’re looking for.

    Still not sure if it’s the right time to sell? Get in touch to discuss your options today.

  • Less Can be More

    If you’re facing a move or just tired of managing your family’s enormous amount of stuff, you can create a plan to help your family move on from under the clutter.

    The average weight of items you have in each of the rooms in your home is 1,000 pounds. So, for a four-bedroom home with a kitchen, dining room, family room, living room and extra storage areas, all your belongings could top 8,000 pounds. That’s four tons, or for comparison, around the average weight of an elephant.

    The cost of moving that mountain of goods is high, so the more you can downsize, the less it will cost you to move when it comes time to relocate.

    Buying stuff is easy, but storing, managing, and clearing it out is the hard part. Having to deal with overflowing drawers, stuffed closets, jammed cabinets, cluttered spaces, and packed garages/basements/attics can lead to anxiety for many. Before you lose your cool, consider some proven methods to make your home more peaceful and less cluttered.

    Corral Everything

    • Counters, tables, the floor, and other flat surfaces are not storage areas.
    • If there’s no room for a new item to have a permanent home, reconsider what you’re storing in drawers, closets, cabinets, and other storage areas to make room for it.
    • Don’t just box up old or unused stuff and take it to be stored off-site at a storage rental facility. Once items are boxed up and out of sight, you’re unlikely to use, review or deal with them, resulting in costly monthly storage rental fees.

    Curb Purchasing

    • One great rule to institute is for every item brought in (whether it’s a gift or purchase), another item must leave the premises either by selling it, donation to a charity, gifting to another person, or being thrown away.
    • Determine where a new item will live in your house before you purchase it. Every item you don’t buy saves you not only money, but the mental stress of dealing with it. Eliminating purchases also avoids debt if you carry credit card balances.
    • Before you purchase something, investigate whether you can borrow it first. For books, music, and videos, check out your library.

  • What to Do if You Can’t Find a Home

    Finding a home in a hot market can be challenging. Supply is limited, and bidding wars are common with demand so high.  You may find yourself up against dozens of buyers, making it hard to snag the home — and at a price you can afford. It’s important not to lose hope, though. Despite the competitive market, there are ways to find (and buy) your dream home.

    Are you having trouble with your home search? These tips might help:

    Get pre-approved for your mortgage. Having pre-approval is critical in a highly active housing market. It could give you a leg up over other buyers, and it can help you gauge your budget more accurately.

    Expand your search area. Branching out a little often helps open more inventory — and it may reduce your competition. If your lifestyle allows for it, you might even want to try looking in more rural areas.

    Change your ideal property type. Rather than only focusing on single-family homes, what about searching for townhouses, condos, and duplexes too? If you choose the latter, you might be able to rent out the other half to help cover your mortgage.

    Shop under your budget. Looking for properties well under your maximum budget allows you to bid comfortably above list price and beat out other buyers — without risking your financial standing.

    Look into building or renovating. Maybe you’d like a new construction home instead of buying an existing house. Or you can look to fixer-uppers and plan to renovate the home before moving. Just make sure you talk to your lender about loan options, as your choice may change what type of mortgage you need.

    Do you need help on your home search? Get in touch today.

  • Why Should You Stage Your Home To Sell?

    As the real estate market turns sluggish, you may have to take steps to set your home apart from others. It won’t be enough to just put out a for-sale sign and wait for potential buyers. One way that homeowners can sell their homes more quickly is by home staging, which can have the added benefit of pushing up the selling price of your home. Basically, staging consists of arranging your home’s décor and furniture in such a way as to make the home have more of an appeal to prospective buyers.

    In some cases, home staging can be a relatively simple and inexpensive undertaking. You may be comfortable with just cleaning up your home and removing all day-to-day items. On the other hand, you may want to consider investing a more substantial amount of time and money into your home staging project. The main benefit of investing in landscaping, painting and new furniture is that a potential buyer will come away from a visit to your home with a better idea of how his or her new home will look.

    Home staging has been around since the 1970s. Although it began on the West Coast of the United States, the concept eventually spread to the rest of the country. There’s more to home staging than just decorating. The general idea behind home staging is to depersonalize your home so that prospective buyers will be able to imagine themselves living in it. By removing piles of newspapers and family photos, you’ll be able to increase your home’s appeal. Another tip is to choose neutral colors for your home’s carpet and paint. If it’s within your budget, you’ll also want to think about buying new appliances. Although many people do a good job of staging their own homes, you can also hire a professional to do the job for you.

  • 5 Mortgage Myths — DEBUNKED!

    MYTH: You must have a 20% down payment to buy a house.

    TRUTH: Different loans require different down payments—some as low as 0%!

    MYTH: Pre-qualified means the same thing as pre-approved.
    TRUTH: A pre-qualification is a quick assessment of how much money you can borrow based on info you provide—no documentation necessary. A pre-approval letter indicates you’ve provided financial information to a lender, and they have approved you for a designated loan amount. Serious about buying? Get pre-approved.

    MYTH: You need a stellar credit score to get a mortgage.
    TRUTH: For a conventional loan backed by Fannie Mae or Freddie Mac, the minimum score required is 620. The lowest credit score to buy a house with an FHA loan is 580. Mortgages are out there for folks with a wide range of credit scores. Plus, there are things you can do to improve it along the way.

    MYTH: You don’t need to shop for mortgage rates. They’re the same no matter where you go.
    TRUTH: Just like any major purchase, shop around! Not all mortgage rates are the same. Closing costs and other fees can vary from one lender to another.

    MYTH: It’s cheaper to rent a home than it is to own a home.
    TRUTH: Owning builds equity, offers potential tax benefits, and gives you a predictable payment year after year. Not to mention, buying now allows you to lock in historically low rates.

    Don’t be fooled by every mortgage myth you hear! Talk to folks who know the truth and can help make homeownership a reality for you.

  • 4 Factors Other Than Money To Consider in an Offer

    Are you selling your home and reviewing several offers? Congratulations! You’re well on your way to getting as much as possible out of what is likely your largest asset. But when it comes to picking an offer, sometimes it’s important to take a step back and recognize that your bottom line shouldn’t be your only consideration. In many instances, the terms a potential buyer includes in the offer also play an important part. They can underscore how many hurdles you’ll have to clear to reach the closing table in a timely manner. So every seller should carefully review an offer—beyond the dollar amount—before settling on a buyer. To help you navigate all this, we’ve outlined four important factors that home sellers should look for in an offer. Here’s everything you need to know about choosing the best one.

    1) Research your preferred financing method

    As a seller, you probably have an offer amount in mind that you would like the buyer to meet or exceed. But remember, a buyer needs to prove that he can afford to make the purchase—no matter what numbers are thrown around in an offer. If the buyer intends to get a mortgage, there should always be a pre-approval letter included in an offer on their lender’s letterhead. And if a potential buyer makes a cash offer, ask for proof of funds before accepting it. This proof will usually come in the form of a bank or investment account statement. Each should show that the buyer has the funds necessary to complete the transaction.

    Need to sell your home in a hurry? Then you may prefer an all-cash offer. This type of offer usually involves less risk and a shorter escrow period as cash eliminates waiting for a buyer’s full mortgage approval. But seller beware: All-cash buyers have negotiation power. And they will generally want something in return for bringing a bag of money to the sale. For instance, they could offer you less than the asking price. So be sure to weigh the cons against the pros before accepting an all-cash offer over a buyer with a mortgage.

    2) Look for a larger earnest money deposit

    Next, you may want to pick an offer with a sizable earnest money deposit, also known as a good-faith deposit. This is a sum of money that a buyer entrusts to the seller’s brokerage firm to prove that he is serious about purchasing the home. A deposit that’s worth 1% to 2% of the sale price is normal, but the higher the deposit, the stronger the offer. The buyer’s earnest money deposit goes toward the down payment if they eventually close on the home. On the other hand, if the buyer breaks the contract and walks away from buying the home, you can potentially keep the deposit as a consolation.

    3) Consider fewer contingencies

    In real estate, contingencies are benchmarks buyers set that need to be met for the transaction to continue moving forward. For example, many buyers will want to include an inspection contingency in the purchase contract. This means the buyer will need time to have your home inspected. And if any issues are found, a buyer might ask you to make repairs before he will close on the home. With an appraisal contingency, a satisfactory appraisal of your property must be conducted. If the appraisal doesn’t match the agreed-upon price of the home, you and the buyer will have to reach a new number before settlement. The caveat here is that anytime a contingency can’t be satisfied, the buyer has a chance to walk away from the purchase with his earnest money deposit in hand. Obviously, from a seller’s point of view, the fewer chances the buyer has to exit the transaction, the better. With that in mind, it’s a good idea for you to select an offer that has the fewest contingencies from the start. Choosing an offer with minimal contingencies is just as important as the sale price. That’s why cash offers are often accepted, even at lower sales prices. Sellers see a cash offer as removing a lot of the risk of the transaction falling apart due to a buyer’s inability to get financing or the appraisal value coming in below the sale price.

    4) Opt for an ideal closing timeline

    Finally, consider your optimal timeline for heading to the settlement table. Moving out is a lot of work, especially if you’ve lived in the home you’re selling for a while. To that end, you’re going to want to ensure that you choose an offer with a closing date that suits your needs. Timing is everything. While a quick closing is desirable to many sellers, some need more time to move. In that case, even an offer that has a lower sale price may be more desirable if the timing works better for them.