home buyers Archives - Raleigh Real Estate Blog

July 1, 2019July 2, 2019

The Four Most Common Red Flags to Look for During Your Walkthrough

A new home is a big financial investment. Not only will you likely be pouring a lot of your savings into the purchase, but you’ll also be choosing a place to call home for years to come. The last thing you want is to spend all of that time and money only to discover a costly maintenance or structural issue.

Even though you’ll get a professional inspection done, there are certain red flags that you should specifically be looking out for during the first walkthrough. By recognizing these problem areas right away, you can put emphasis on them during the inspection. Save yourself time, money, and stress, and know these major home-buying warning signs.

Foundational Flaws

A vase of flowers in front of a cracked window.

It’s not like you can pull the house up from the ground and get a closer look at the foundation, so how do you tell if there are any issues? A few surefire signs of a faulty foundation include sloping floors, swinging and sticking doors, visible cracks above window frames, and cabinets separating from the walls.

Faulty foundations can go on to cause major damage in the home, and like most problems, the longer it goes unrepaired, the worse it will get. Minor cracks will only cost around $500, while major repairs could total up to $10,000. These are expenses you don’t want—and shouldn’t have—to get saddled with, so keep an eye out during the walkthrough and get a professional opinion from the inspection.

Signs of Amateur Repairs

Lots of homeowners choose to DIY repairs for a variety of reasons, from budget issues to scheduling conflicts. If they know what they’re doing (or the project is something relatively simple), then there shouldn’t be any issues. But if they, say, looked up a video tutorial on how to wire electricity to a new outlet—having never done electrical work before—then you might have some problems down the road.

Even small things that seem unimportant, like light switches wired to the wrong lights, leaky faucets, or shoddy tiling work, can be signs of larger problems elsewhere in the home. If you run into things like this, then you might ask your home inspector to take a deeper look into other areas of the house that have been recently repaired.

Concealed Damage

Speaking of amateur repairs, some problems might seem a little too big (or expensive) to fix. That’s when homeowners might try to cover it up instead of paying for repairs. For example: a fresh coat of paint is to be expected in many homes on the market. But if the paint only covers a small section of the wall or is dotted around the ceiling, that could mean the owner is trying to hide water damage. Depending on how extensive the damage is, it will cost hundreds or thousands of dollars to repair. And if it sneaks past the inspection, it could be on your dime.

In the same vein, things like candles and air fresheners are also expected during showings. But if you notice that the scents are a little too strong, then the sellers could be trying to cover up mold or mildew odors, smelly pets, or damage from smoking. A home is a huge investment, so don’t be afraid to really look into that dry wall and make sure it’s mold-free.

Roofs in Disrepair

Remember those spots of fresh paint? If you notice those in a house, then there’s a pretty good chance that the water is coming from the roof. Other major signs of a damaged roof include curling or missing shingles, signs of buckling, discoloration or stains, and leaning or loose chimneys and gutters.

While a home inspector will likely check the roof, if you notice any of the above signs, you may want to ask for an extra in-depth look. After all, roof repairs can cost anywhere from $200 to several thousand dollars, so even though the roof is out of sight, always keep it in mind.

Need Some Help Searching?

Buying a home is a huge investment, and you want to make sure you’re spending your money wisely. If you’re feeling overwhelmed by the walk through process, don’t worry—Linda Craft & Team REALTORS® is here to help. Not only can we point out any issues we see with the home right away, but we can also recommend top inspectors and help with negotiations for repairs.

Explore our free home-buying resources, and give us a call when you’re ready to see a few homes!

June 1, 2019June 3, 2019

The Best Smart Home Technology for Upping Your Home’s Value

Repainting the walls, updating the kitchen and bathroom, replacing the hot water heater—there are ways to increase your home’s value that stand the test of time. But as the market and the priorities of buyers change, there are newer, more popular ways to get a high return on your investment!

Smart home technology is becoming a bigger factor for buyers, and it’s not hard to see why. Things like smart appliances, high-efficiency lighting, and programmable thermostats aren’t only convenient, but they also save you money on utility bills! Lucky for sellers, smart home technology is pretty affordable compared to other value-boosting projects and can increase your home’s resale value by a few percentage points.

Whether you’re selling your home soon and looking to get top dollar or just curious about your options, take a look at our guide to the top smart home technology to install in 2019.

Smart Appliances

Pretty much every appliance in your home has a “smart” option—refrigerators, washers and dryers, faucets, ovens, you name it. Smart fridges can self-adjust the temperature and create grocery lists, smart ovens allow you to check how much time is left from your phone and preprogam recipes, and smart washers will run during the most cost-effective time of day.

As far as what to install, you don’t have to replace every appliance with a smart version, but think of what’s most practical. Since kitchens and bathrooms are priorities for buyers, consider replacing the fridge, oven, or faucets.

Smart Security System & Locks

Installing a smart security system is one of the most popular smart improvements you can make. According to T3 Sixty’s recent survey of buyers interested in smart home technology, the largest amount of interest was shown for smart security systems.

The security includes anything from cameras that upload footage to a virtual database to locks enabled by wifi. Some companies, like Nest, Ring, and SimpliSafe, offer bundle packages with alarms, cameras, and smart doorbells. Since security is such a high priority for buyers, these systems will likely show one of the highest returns on your investment.

Smart Lighting

You know those lights that turn on when you clap? This is the next level. Not only can smart lighting be controlled via apps, but it can also be set to trigger under certain conditions, like when you walk by or when you leave for work. Forget to switch the lights off before leaving? No problem—you can just turn them off from your phone!

It’s recommended to buy a starter pack, since those come with light bulbs and other supplies you’ll need for setup. Once that’s all installed, most systems are compatible with smart speakers like the Amazon Alexa and Google Assistant.

Smart Thermostats

Buying a home is a big investment, so if you can show potential buyers how your home can help save them money, it’s going to make your property that much more desirable. According to studies conducted by major smart thermostat providers like Ecobee and Nest, homeowners saved 23% in heating and cooling costs (Ecobee) and around $150 annually (Nest). You can even estimate what the savings in your home might look like with an energy calculator!

The most popular smart home thermostats are Ecobee and Nest, which will run you around $200 – $300. If you’re interested in a budget option that will still look flashy to buyers, check out Honeywell. Of course, each system offers different features, so be sure to do a little research beforehand.

Smart Blinds

Smart blinds are a little more of a cosmetic perk for buyers, but they do have their money-saving benefits. You can set the shades to open or close based on peak sunlight times or the temperature of your home, which saves a few extra dollars on heating and cooling here and there. They also add an extra layer of security and convenience to the home, both of which are big selling points for today’s buyers.

Depending on the model you get, you can control your smart shades through an app, a smart hub, or even just your voice. You can even coordinate them with other smart features in your home, like the lighting or smoke detectors!

Check out options like the Serena smart shade by Lutron, the Pella Insynctive line, or Ikea’s upcoming August line.

Getting Ready to List Your Home?

While smart home technology might be one of the most popular ways to up your home’s value right now, there are a number of other options. If you’re curious, our team can even do a walkthrough of your house, suggest a few upgrades, and tell you the most competitive listing price!

Whether you’re getting ready to buy, sell, or just starting your home search in the Triangle area, the Linda Craft & Team REALTORS® will be around to answer all of your questions along the way—just give us a call!

May 15, 2019May 16, 2019

The 5 Most Important Things to Do After Buying a Home

So, you bought a house. First of all, congratulations! The search is over, no more weekends filled with open houses and showings, and you can finally breathe a sigh of relief. Phew.

But your work isn’t quite done yet. Once you buy a house, there are a few things that need to happen before and after move-in day. Check out our list of to-dos, and get prepared for what comes after closing—trust us, your future self will thank you.

Do a Deep Clean

When you first buy your home, there won’t be any heavy dressers blocking off corners, couches and beds to clean under, or stacks of boxes covered in cobwebs in the attic. Your house will never be this empty again—well, until you sell it, that is—so take advantage of the wide-open space.

Whether you want to hire professional cleaners or DIY, you should pour some serious TLC into your new house. Dust, vacuum, mop, scrub, polish—look up a few cleaning checklists for inspiration—and put in some elbow grease.

Change Your Address

This process will be a little tedious, but it has to be done. First, you should fill out a change of address form from your post office, so any mail sent to your old address will get forwarded to your new one—although these days you can even complete the process online!

Next, get in touch with credit card companies, your cell phone provider, and anyone else who will need to continue sending you bills. Big fan of online shopping? The last thing you want is for your package to get dropped off at your old house, so be sure to update your Amazon info, as well.

Set Up Utilities & Security

Running water, electricity, internet…all things you probably want working when you move in, right? If you already have a provider, you’ll need to communicate the change address to them, stop service to your old address, and set up a date for service to continue at your new address.

While you’re getting things installed, you should also consider setting up a security system. These days you’ll have plenty of affordable and high-tech options, so be sure to browse what’s available. At the very least, consider changing your locks, since old copies of the keys from the past owners could still be floating around.

Keep Your Documents Organized

Once you’ve closed on your home, you’re going to have a lot of important documents to keep track of, and moving is going throw everything into chaos (although hopefully organized chaos) for a bit. As soon as you’ve closed and before you move in, collect all of the documents you used for your mortgage loan, as well as any copies of closing papers.

You never know when you might need some of them again, so invest in a secure storage system to keep them organized and around at all times.

Say Hi to the Neighbors

People talking in a group outside of a home.

Even if you’re a little shy, it’s a good idea to introduce yourself to the neighbors once you move in. After all, close neighbors can help with anything from lending you an extra cup of sugar to watching your pets while you’re out of town.

You don’t have to organize a mixer or bake cookies for everyone, but just saying hello while you’re out and about can go a long way in establishing those important relationships.

Ready to Buy Your Dream Home?

Now that you know what to do after you’ve closed, let’s get started with your home search! From guiding you around the area to helping you navigate your mortgage options, Linda Craft & Team REALTORS® is here to help you reach your real estate goals—and answer all of your questions along the way.

If you’re ready to get started or have a few questions, just give us a call today!

May 1, 2019May 2, 2019

The Top Tax Deductions & Credits for Homeowners in 2019

Taxes are confusing, which is why many people in the U.S. choose to hire an expert to do their taxes for them. After all, there are so many numbers to know, forms to have ready, records of income and expenses, W-4s, 1099s, 380-Ts—we could’ve just made that last one up, and there’s no way of knowing!

Even though taxes might be complicated, they (sometimes) have a few perks. And if you own a home, those perks could mean a major bonus on your return. If you’re thinking of buying a home before next year’s taxes are due, here’s everything you need to know about how making a home purchase can affect your returns.

Deductions vs. Credit

Before we kick off the fun stuff, it’s important to know a little jargon—namely, the difference between a deduction and a credit.

When it comes to credits, think of them like tax-related coupons that reduce your dollar-for-dollar total. A few major tax credits include child tax credits, adoption credits, education or retirement credits, or credits for energy efficient homes and cars. Depending on the credits you qualify for, you could get anywhere from a few hundred to a few thousand dollars taken off of your tax liability.

Deductions are a little different: they reduce your taxable income, which can then adjust the total that you owe. Claiming certain deductions means that that part of your income is exempt from being taxed. Knowing which deductions to claim is key when filing, especially for homeowners.

Tax Benefits for Homeowners

Buying a home is expensive, but when it comes to tax time, here are the ways you can make some of that money back.

Mortgage Interest

One of the reasons that taxes for homeowners are so confusing is because they tend to change based on federal standards. Over the past few years, the federal Tax Cuts and Jobs Act pretty drastically altered the tax benefits for home ownership.

The most important change to know this year has to do with mortgage-related deductions. Previously, the tax deduction for home mortgages was limited to interest paid on $1 million debt for jointly filing married couples and single filers and $500,000 for married couples filing separately. Now, the numbers look more like $750,000 for the former and $500,000 for the latter. Additionally, interest paid during closing can also be counted towards this number.

Property & State Taxes

Did you know that the amount you pay in property taxes, state income taxes, and local sales tax is also deductible? If you pay property taxes through escrow, your lender will need to get the amount for you on your 1098 form, otherwise you should be able to find it in your personal records. The latest tax laws have instituted a cap at $10,000, but every little bit counts!

Private Mortgage Insurance (PMI)

Believe it or not, tax deductions on PMI are a hotly contested subject. Until recently, buyers were able to deduct the payments they made on Private Mortgage Insurance, but as of 2017, that ability expired. If you did buy your home before 2017, then your yearly income will determine how much you can deduct.

There’s no timeline on when deductions for PMI could return, but, unfortunately, if you’re a more recent home-buyer with these payments, those perks aren’t currently available.

Credits

We talked a little bit earlier about the difference between deductions and credits, so what sort of credits can you get as a homeowner? One of the biggest tax credits that homeowners can cash in on is having energy-efficient homes. In fact, if you installed geothermal heat or solar energy, you could be entitled to credit for up to 30% of the installation fee.

Other energy-efficient features, like storm doors and added insulation, can net you a few hundred dollars in credit, as well.

A person holding several one hundred dollar bills.

Tax-Free Profits

While many parts of the tax law have changed in the past few years, one aspect has stayed the same: tax-free profits. Selling your home not only means a big profit after the sale, but a large portion of the money you make won’t even get taxed—meaning you get to pocket more.

Married homeowners who sell their homes won’t have to pay capital gain taxes on up to $500,000 from the sale, while single filers can keep half of that as non-taxable income.

While there are some guidelines—like the home must have been a primary residence for at least two of the past five years—it’s a big plus when it comes to selling.

Want to Explore More of the Benefits of Home-Owning?

Believe it or not, there are a lot more benefits to owning a home than tax deductions.

If you need help navigating the ins and outs of the home-buying and home-owning process, Linda Craft & Team REALTORS® is here to help. With years of local experience and Raleigh real estate expertise, we have the skills and resources necessary for home-buying and selling success.

Ready to learn more? Just give us a call.

April 1, 2019April 1, 2019

Saving up for a New Home? Here Are All the Costs You Need to Know

Once you’ve found the perfect home and secured the loan, all that’s left to do is start chipping away at those mortgage payments…right? In actuality, there are a handful of other, often-overlooked expenses that come with buying a home, but as long as you know what you’re getting into, they’re plenty manageable.

Take a look at our comprehensive list of all the costs of buying a home.

One-Time Payments & Closing Costs

Closing Costs

For buyers, closing costs are typically low and range from 2-5% of your purchase price. A lot of these costs are one-time expenses, and totals can vary from state-to-state.

If you want a better idea of what closing costs could be for you, check out this helpful guide on the average payments for each state.

Miscellaneous Fees

There are quite a bit of one-time fees bundled into your closing costs, but most of them are pretty inexpensive. Some of the most common expenses include the home inspection, appraisal, credit report, deed recording, land survey, notary fees, title insurance, and document prep fees.

Recurring Payments

Mortgage Payments

Mortgage payments are the most obvious cost when buying a home. These are your predictable, monthly payments decided by both the final price of your home and your down payment—in addition to a few other bundled costs. A larger down payment means a smaller mortgage payment, and it’s a good idea to pay this off quickly, since it will accumulate interest.

Property Taxes

Property tax payments don’t go towards just one thing—they actually cover quite a bit, like road construction, community maintenance, public works, and local government salaries. The exact amount you’ll pay in property tax is calculated by the county based on your home’s value, and the rates tend to rise and fall over time. Many buyers pay their property taxes through an escrow account set up by the lender.

Homeowner’s Insurance

It’s better to have insurance and not need it than need insurance and not have it, so homeowner’s insurance is pretty crucial to home owning. While it’s almost always required when you get a mortgage and then bundled into your monthly payments, be sure to double-check that you’re covered.

Private Mortgage Insurance

If you can’t afford a 20% down payment on your home, you’ll have to pay PMI as a way to ensure that the lender won’t go under if you default on your loan. You don’t have to pay PMI forever—it ends once you pay off 78% or more of the principal amount—but until then, expect to pay up to 2% of your loan amount annually.

HOA Fees

Moving to a neighborhood with an HOA? Your dues can range anywhere from under a hundred dollars to over a thousand, but they come with perks like landscaping and exterior maintenance, and some even include added benefits like swimming pools and fitness centers. Not all neighborhoods have an HOA, but your agent can tell you what your payments will be if yours does.

Utilities

Lastly, utility fees can come as a surprise to new homeowners who are used to renting. Depending on the size of your home, you can expect to pay a few hundred dollars per month for water, electricity, heating and cooling, and trash services. If you’re curious what your utility bills might look like, just ask your agent, and they can likely secure a few statements from the past owners.

Ready to Make an Offer?

A man and a woman sitting on a couch with a dog and a cat.

When it comes to buying a home, the most important thing you can do is be prepared. While there are a handful of costs to keep in mind, the satisfaction of calling a place your own is well-worth it in the end.

Are you ready to get started on your home-buying journey? With years of professional and local experience, Linda Craft & Team REALTORS® knows all about navigating the expenses that come with buying. Give us a call today to get a better idea of your costs, and let’s get started!

March 1, 2019March 1, 2019

Searching for a Smaller Home? Here are the Top Tips for Downsizing

Downsizing can be a great choice for homeowners looking to make a financial or lifestyle change. After all, a smaller amount of space means less money on utility bills and less stress from clutter.

Are you a new empty-nester? Moving for financial reasons? Or maybe you’ve watched a few episodes of Tidying Up with Marie Kondo and feel inspired? No matter your motivation, you’re not alone—downsizing has become an increasingly popular trend for homeowners everywhere.

If you’re making the move to a smaller place, here are some tips for a Marie Kondo-style downsizing experience.

Know What You Have

Walk through your house room by room, and make a detailed list of your belongings. A helpful tip for keeping track? If you aren’t in a rush to downsize, take note of each item and how often you use it over the course of a few weeks or a month. That way, you learn exactly what you’d miss most and what you could go without.

Some downsizers use a color-coded sticker system, some jot notes in a notebook, and some just sort things into piles. Find the method that works best for you, and go from there.

…And What You Don’t Need

Once you’ve found out what items aren’t essentials, it’s time to toss them out. Try to focus on things like duplicate items, such as more than one kitchen utensil, and large collections that have accumulated over the years. To paraphrase the aforementioned organizing consultant Marie Kondo: keep the things that spark joy….but get rid of the rest.

There are plenty of great options for rehoming your unwanted items. Try making a little extra money by selling online, donating things to a good cause, or giving items to friends and family.

Maximize Your Space

When your overall amount of space goes down, you’re required to think of ways to use what you have more efficiently. Storage gadgets such as wall racks, built-in shelves, and pull-out cabinets can tuck belongings out of the way and give you a surprising amount of real estate to work with.

You might also have some furniture that can do double duty. Lots of kitchen or coffee tables either come with or can be customized to include drawers underneath, and bed frames are great for hiding away sliding storage units.

Measure, Measure, Measure

Hopefully, you’ll have a solid idea of the space you’ll be moving into—at least as far as square footage goes—so you’ll know exactly how much room you have for all of your belongings.

Once you know the size of your space, break out the measuring tape, and take note of the dimensions of the furniture you’re bringing along. The last thing you want is to haul your couch all the way to your new home only to discover that it doesn’t fit in the living room.

Ready to Make a Move?

We know that paring down your possessions can be tough, and moving comes with a wide range of emotions. Try taking pictures of the things you’ll miss most, so you can keep the memories around in your new space.

Once you’re ready to get started on your new home search, give Linda Craft & Team REALTORS® a call. We have years of experience helping Raleigh buyers and sellers achieve success in their real estate transaction. Allow us to use our expertise to help you find the home you’ve been searching for.

January 31, 2019February 1, 2019

The Pros & Cons of a Buyer’s Letter: Standing Out in a Busy Market

Imagine, after weeks of searching, that you’ve finally found your dream home. It’s in the perfect location with the right features and exactly the amount of space you need. But after requesting more information, your agent informs you that there are already several offers made on the house. How do you stand out in a busy market and snag your dream home?

When buyers are looking to make a lasting impression on sellers, they often opt to submit a letter to the seller. In fact, a recent study found that buyers who submitted letters were 9% more likely to have their offer accepted.

A Buyer’s Letter can work both with you and against you, so it’s important to understand what they are and when you should use one.

What is a Buyer’s Letter?

A Buyer’s Letter is pretty much what it sounds like — a letter written by the buyer for the seller in order to stand out in a busy market. The letter is your chance to make a case for why you should get the home over other buyers.

Many people opt to write about how they envision their lives in the home, how well they would take care of it, how much owning this specific home would mean to them, and similar sentiments.

You might also use this space to talk yourself up, bringing up steady finances, your down payment, and job security — things geared towards making the seller confident in choosing you.

Advantages of a Buyer’s Letter

A Buyer’s Letter sets you apart from the crowd and makes you more than just an offer on a sheet of paper — it allows you to connect with the seller on a personal level. In a constantly growing and changing market, being able to stand out or connect puts you a big step ahead of other buyers.

Is the home close to a golf course? Does the seller have bikes in their garage? Are there signs of pets in the home? If you notice you have common interests, including them in the Buyer’s Letter can elevate your standing.

When you choose to forgo a Buyer’s Letter, you miss out on the chance to advocate for yourself, which can go a long way in the seller’s final decision.

Disadvantages of a Buyer’s Letter

While there are plenty of pros to using a Buyer’s Letter, there are also pitfalls to consider. Making your case is great, but it does give the seller leverage. If you really love the house as much as you say, then what’s to stop the seller from raising the asking price?

Maybe the seller accepts your offer, and you move to the home inspection stage. If issues turn up, then the seller might refuse to make costly repairs, assuming that you’ll buy the house no matter what.

Another unexpected con of a buyer’s letter? It can be tricky for sellers to navigate around discrimination issues. If a seller picks a buyer of a certain race, religion, gender, or family status instead of another, they could face backlash. Be aware of this when writing your letter so as to not put the seller in an uncomfortable position.

Need Help Standing Out?

If you’re kicking off the home-buying process and need help standing out, we’ve got you covered. When you work with Linda Craft & Team REALTORS®, you’re enlisting the help of the Triangle’s #1 real estate team. We know exactly how to help you purchase the home of your dreams.

Get in touch with us today, and we’ll help you secure your dream home, and answer any and all of your questions in the process.

December 1, 2018December 5, 2018

How to Buy a Home in One Year: A Step-by-Step Guide

Let’s start the new year off right. If you’ve been dreaming of a new home, it’s time to get started. Here’s a month-by-month guide to planning for and buying a new home. It’s about time to set your new year’s resolution, right?

January: Brush Up on Your Market Knowledge

The best way to get started? Brush up on your real estate knowledge. Scour the market with a fine-tooth comb. Check out things like current inventory in your city, average sales prices, and the listing-to-sales-price ratio.

This research will help you familiarize yourself with the market.

February: Address Your Budget

Let’s finalize our budget shall we? The easiest way to do this is to get pre-approved for a mortgage.

Meet with a lender (let us know if you’d like a recommendation) to review your finances. The lender will go over your financial history, and then let you know what the bank is willing to lend you.

Now you have an idea of what your mortgage will be and what you can afford in a home.

March: Find Your Perfect Location

Do some soul searching. Where will you be happiest? Explore locations based on their job market, housing affordability, and overall quality of life. The goal is to narrow down your search to one city.

If you have the means, try to take some time off to go and visit a few cities. Once you find a city, it’s time to narrow your search down even further by pinpointing specific areas or neighborhoods that will best meet your needs.

April: Find the Right Agent

Find the right real estate agent to help you buy a home. Trust us: they’ll save you time, money, and more than a few headaches.

If you need any recommendations, let us know. We have more than a few ideas.

May: Define Your Dream Home

Now is the fun part! Start putting together a list of everything you want in your dream home. We recommend starting by defining your “must-have” features. Think of the things in your home you can’t live without. That’s a great place to start.

It’s also important to know the difference between “must-have” (i.e. you need 3 bedrooms and 2 bathrooms) and “nice-to-haves” (it would be nice to have granite countertops but you can also live without them.)

June-July: Begin Searching

Use a handy home search tool like ours to begin browsing homes for sale in your target area. Once you find a home that you like, it’s time to schedule a tour.

Private home tours are often better than traditional open houses because you have more time to walk through the home, without the pressure of competing with other potential buyers.

At some point in your home-search journey, you’re likely to come across at least one home that calls your name.

August: Fall in Love and Make an Offer

You’ve found the one; now make an offer!

Work closely with your agent to compare recently sold homes in the area and craft the perfect offer.

Ask your agent for their advice—like whether or not they think the price is right for this home, as well as what other contingencies you might want to include in your offer. This is when your real estate agent will prove truly valuable: they’ll be able to provide useful insight in order to help you get the home of your dreams for the best possible price.

September: Schedule All the Things

Let’s get down to business. It’s time to negotiate with the seller, schedule an inspection, have your real estate agent complete any renegotiations (based on that inspection), and get the home appraised by a professional.

You’ll also have to take care of some more paperwork to finalize your mortgage loan.

October – December: Let’s Start Closing

Next, you’ll start the closing process.

Buckle up, because we’re in it for the long haul! Here’s where you’ll finalize your mortgage approval (this requires a ton of paperwork) and meet with an attorney to set closing dates and sign paperwork prior to closing. This is also the time when you’ll review closing fees and the exact monthly costs for your home.

At the end of it all comes the close. You’ll pay the remaining closing fees, sign all the paperwork, and collect your keys Congratulations! You just bought a home.

Ready to Begin?

We’re ready to help. Give us a call today to get started.

November 1, 2018

Why You Should Buy a Home During the Off Season

Your personal home-buying schedule doesn’t have to correspond with the real estate market! In fact, buying during the “off season” can yield tremendous advantages.

The “off season” differs depending on your specific location, but always refers to the period of time during a calendar year when both inventory and competition are low. Usually, this corresponds with the weather conditions in a particular area.

If you’re buying a home, you may just want to begin looking for your dream home during this period of market inactivity. Here’s why:

There’s Less Competition

During the off season there are typically far fewer active buyers looking for homes, as most buyers prefer to look for homes when the weather is great or their kids are out on summer vacation. If you’re searching during the off season, you won’t feel as much pressure from other buyers looking at the same homes as you.

This gives you plenty of time to tour homes, think about them, and come to a decision about whether or not you want to put an offer down.

But the Same Great Inventory

While inventory does decrease during the off season, you can still expect to encounter a great selection of homes for sale in your area. Home selling tends to correspond less with the weather or the time of year and more with an individual seller’s situation.

After all, sellers usually have unique reasons (like relocating for work or searching for a bigger home) for selling their home that aren’t related to the weather or the season.

So no matter the time of year, there will always be homes for sale.

You’ve Got More Room for Negotiation

As the buyer, you have the upper hand during the off season. Fewer buyers often mean more desperate or eager sellers. And many times, sellers whose homes didn’t sell during the busier seasons will drop their price to appeal to more buyers.

This eagerness to sell gives your more power in your negotiations. By working with your Realtor, you may be able to get the seller to agree to a lower price, or possibly even some upgrades or repairs.

Your Realtor Won’t Be as Busy

Not that your Realtor shouldn’t always make time for you, but during the hectic busy season, it can be tough! During the off season, real estate agents usually have fewer clients — meaning they have more time to dedicate to you and your needs.

However, when you choose to partner with us, you can expect a superior level of customer service—any time of year. Give us a call today to get started on buying your dream home.

October 1, 2018

How to Sell Your Home (While Buying a New Home)

It’s a common real estate predicament: selling the home you currently live in while trying to buy a new one. So… what’s the most efficient way to go about it?

All in all, it depends on your situation. Are you willing to buy a second home without having sold your first one? Or are you relying on the payoff from your current home for the down payment on your new one? Are you relocating? Upgrading? Downsizing? Your reasons for selling will most likely dictate how you’ll go about the process.

So, here are four things to keep in mind when you’re buying and selling a home at the same time.

It’s All About Timing

What works best for you? If you’re selling your home because you’re relocating to a new area, it might more more sense to sell your current home first before buying a new home in a new market.

However, if you have enough money saved up for a down payment, it may be easier to buy your new home first, then sell your old home once you’ve moved to the new one.

So Do Your Research

A great place to start is by researching the market. If there are a lot of buyers and not a lot of homes, this is called a “buyer’s market”, meaning the conditions are ideal for buyers. Oppositely, if there are a lot of buyers and not a lot of homes, the conditions favor sellers (a “seller’s market”). If you’re buying and selling in two different markets, you’ll have to research both.

If you opt to buy before selling, make an offer on the new home with a sale and settlement contingency. You can then request an extended closing.

And Consider Your Money, Money, Money

Look closely at your bank account; what is it telling you?

The answer to your current question (Should I buy or should I sell first?) most likely lies within. Begin by meeting with your financial advisor or mortgage lender. You’ll want to look at three main financial factors: a) The amount of money you have in liquid cash, b) The equity in your current home, and c) The amount of the new loan you qualify for.

A big part of this is knowing the resale value of your current home. It’s also a good idea to have a pre-inspection completed on your home, so you can take care of any maintenance issues that might deter potential buyers down the road… and maybe even bump up your home value a bit.

Your Equity is Also Crucial

To find the equity on your home, take its current market value and subtract what’s left on your mortgage.

Need to know the current market value of your home? Use our home evaluation tool! Please reach out to us to learn more.

Work With the Right Realtor

Even if you’re not buying and selling a home at the same time, the right Realtor can transform your real estate experience. A great local agent has the expertise and resources you need for a streamlined, stress-free, and successful real estate transaction.

If you’re in search of an expert agent in the area, we have the experience, resources, and area knowledge to assist you in your upcoming home sale and/or purchase. Give us a call today to learn more.