Jeffrey Harrington's Blog
When you buy a home, you may wonder what the benefits of having your own realtor to represent you are. If you’re a first-time homebuyer, you probably will have a lot of questions. If you’re a second-time homebuyer you may still have a lot of questions! Buying a home can be a long, tedious process. It’s very helpful to know that you have a knowledgable realtor by your side to represent you and help you through the home buying process. If you’re looking to buy a home in a tough market, hiring your own realtor to represent you as a buyer is especially important.
First, you should consider interviewing some prospective buyers agents in your area. Maybe you can get recommendations from friends and family as well. Learn what you can expect from a top realtor who will represent you as a buyer.
Honesty Is The Best Policy
Your agent should be completely honest with you. While they can’t tell you what you personally want in a home, they should give you every last disclosure. No agent should put a home value or their own commission above their clients. This means that there’s strict documentation that realtors must follow including a code of ethics and standards for practice. A realtor must uphold these promises.
Judging honesty in a realtor can be difficult. An honest real estate agent will help you through the home search process, for example. This is a good place to start. If the realtor points out some of the potential issues that you may have as a buyer in a home, you can see that honesty is one of their main policies.
A realtor should be in frequent communication with you. Even if your home search isn’t active, they will check in, and see where you’re at in the process and if your needs have changed.
Your realtor should alert you if offers have been made on properties that you’re interested in as well. Your buyer’s agent should reply to texts, e-mails, or calls within a short time frame of receiving them. Having a realtor that’s on top of things for you is important when it comes to buying a home since, without their help and information, the perfect home could slip through the cracks for you.
Knowledge Of Rules, Regulations, And Best Practices
Your buyer’s agent should have extensive knowledge of the real estate rules and regulations that are within your state. Each state has different practices when it comes to buying a home. Hiring a buyer’s agent is especially helpful if you are unfamiliar with a state or city. Your agent will be well-informed on all of your responsibilities as a buyer, as well as how and when you should complete these tasks and signings throughout the entire home buying process.
Ready to launch a search for your dream home? Ultimately, you'll want to do everything possible to streamline your home search to boost your chances of getting the best possible results.
There are many best practices for conducting a successful home search, and these include:
1. Define Your Homebuying Criteria
The definition of the "perfect" home varies from property buyer to property buyer. This means that your definition of the perfect home is unlikely to match that of a friend or family member.
Think about what separates an ordinary home from a can't-miss residence. Then, you'll be able to narrow your home search and map out a successful homebuying journey.
As you consider the perfect home, make a list of homebuying "must-haves." For example, if you want a garage where you and your wife can park your cars, a two-car garage is a homebuying must-have. Or, if you want a home that's close to high-quality schools that your kids can attend, buying a house in a great school district is a must.
2. Get Home Financing
Although your ultimate goal is to acquire a top-notch residence, you'll likely need financing to help you transform your homebuying dream into a reality. Fortunately, many banks and credit unions are available to teach you about a wide range of mortgage options.
Meet with several banks and credit unions – you'll be glad you did. These lenders can educate you about the different types of home loans and help you get pre-approved for a mortgage.
After you receive pre-approval for a mortgage, you're good to kick off your home search. In fact, with a mortgage in hand, you can tailor your search to homes that fall within a specific price range.
3. Work with a Real Estate Agent
Regardless of your homebuying goals, it pays to work with a real estate agent. That way, you can receive expert assistance as you search for houses in various cities and towns.
A real estate agent is happy to teach you the ins and outs of purchasing a house. By doing so, this housing market professional can help you become a real estate expert in no time at all.
Furthermore, a real estate agent will set up home showings, keep you up to date about new houses that become available and help you submit home offers. This housing market professional is committed to your homebuying success and will do whatever it takes to assist you along the homebuying journey.
Perhaps best of all, a real estate agent is available to respond to any homebuying questions that you may have. No homebuying question is ever too big or too small for a real estate agent, and as a result, this housing market professional will make it simple for you to make an informed homebuying decision.
Launch a successful home search today – use the aforementioned best practices, and you can increase the likelihood of discovering your dream home.
Purchasing a home should be fun, memorable process. However, many homebuyers struggle with fears as they embark on the process of acquiring their dream homes.
Some of the most common homebuying fears include:
1. I will pay too much for a house.
Overspending on a house is a common fear among homebuyers nationwide.
If you pay too much for a house, you may struggle to afford the monthly payments for the duration of your mortgage. Perhaps even worse, your house may lose value over time. And if you eventually decide to sell your home, you may be forced to accept less than what you initially paid for it.
Ultimately, an informed homebuyer will understand the differences between a buyer's market and a seller's one. He or she will be able to determine whether a home is affordably priced and proceed accordingly.
An informed homebuyer also will know the importance of getting pre-approved for a mortgage. With a mortgage in hand, this homebuyer will understand exactly how much that he or she can spend on a house.
2. I'll wait too long to submit an offer on a residence.
If a homebuyer is uncertain about buying a particular house and waits too long to submit an offer, he or she risks missing out on this residence altogether.
Fortunately, there is a simple way to avoid this problem.
A homebuyer who knows what he or she wants to find in a dream home can narrow a home search. Then, if the homebuyer discovers a home that matches or exceeds his or her expectations, this individual can submit an offer right away.
Don't forget to submit a competitive offer, i.e. one that accounts for the needs of both a homebuyer and home seller, as well. A competitive offer will stand out from other proposals and increase a property buyer's chances of securing his or her dream residence.
3. I'll buy a home that will fail to maintain its long-term value.
What you pay for a home today is unlikely to remain the same over the course of several weeks, months or years. But a homebuyer who employs an expert home inspector can learn about a house's strengths and weaknesses and ensure a property is a viable long-term investment.
A home inspector will conduct an assessment of a house after a property seller accepts a buyer's proposal. At this point, an inspector will examine a house's interior and exterior and identify any potential issues. Lastly, a home inspector will issue a report with his or her findings, and a homebuyer will have a final opportunity to modify or rescind an offer on a house.
For homebuyers, it is important to work with a trusted home inspector – you'll be glad you did. This home inspector will go above and beyond the call of duty to evaluate a house before you finalize a home purchase.
Working with an experienced real estate agent may benefit a homebuyer too. With a top-notch real estate agent at your side, you can get the support you need to acquire a first-rate home that will maintain its value both now and in the future.
What does it take to acquire a top-notch home in a seller's market? Ultimately, it may prove to be a lot of work, especially for first-time homebuyers.
In a seller's market, there is an abundance of homebuyers and a shortage of home sellers. As a result, high-quality houses sell quickly, and homebuyers who lack real estate insights may miss out on an opportunity to purchase their dream residence.
Lucky for you, we're here to teach you about the ins and outs of a seller's market and ensure you can secure a first-rate house in any housing market, at any time.
Now, let's take a look at three tips for homebuyers who want to purchase a house in a seller's market.
1. Understand Your Homebuying Needs
Know what you want to find in a dream home before you start checking out properties. That way, you can narrow your home search and pounce on new homebuying opportunities as soon as they become available.
Creating a list of must-haves for your dream home may prove to be a great idea. This list will enable you to refine your home search and accelerate the homebuying process.
Also, consider your immediate and long-term home needs. If you plan to raise a family in a new home, you may want to consider exploring houses that are close to schools. Or, if you don't own a car but work in a major city, you may want to assess properties near public transportation.
2. Examine Your Finances Closely
Let's face it – the temptation to outbid rival homebuyers can be overwhelming in a seller's market. However, homebuyers who understand what they can afford can map out their home search accordingly.
Get pre-approved for a mortgage before you start looking at homes in a seller's market – you'll be glad you did. With a mortgage in hand, you'll know what you can spend on a new house and tailor your home search based on your budget.
Don't forget to meet with several banks and credit unions to explore all of your mortgage options as well. By doing so, you can learn about different mortgage options and select the right one based on your finances.
3. Work with a Real Estate Agent
A real estate agent understands that buying a home in a seller's market can be exceedingly difficult. As such, he or she will do everything possible to help you purchase a great residence at an affordable price.
Collaborating with a real estate agent is a must, especially for homebuyers who are operating in a seller's market. A real estate agent can set up home showings and negotiate with home sellers on your behalf. Plus, he or she can keep you up to date about new houses that will meet or surpass your expectations.
Buying a home should be a fast, easy process, even for homebuyers who are searching for a residence in a seller's market. Thanks to the aforementioned tips, you should have no trouble navigating a seller's market and acquiring a superb residence.
You may think of downsizing as something that makes sense when you have an empty nest. Larger families do, of course, need more room. Downsizing can also be financially strategic and rewarding for you and your family if you have the opportunity to do so.
How Much Is Your Home Worth?
There comes a point in your life when the amount of money that your home is worth is very important. Maybe you need the money for retirement and are looking to move to a cheaper city or state. Maybe it’s time for you to pursue your goals and dreams. Whatever the reason, your home is a very large asset.
If you downsize, you’ll have a bit more money available to invest for your future. You may even consider buying an investment property. If all of your money isn’t tied up in a home, you’ll have a bit more freedom to do other things with your money.
A Smaller Home Means Smaller Expenses
When you downsize your home you end up with much lower expenses for your housing. You’ll save big on both utilities and home maintenance. You’ll be surprised as to how much extra cash you’ll have each and every month that you’ll be able to use for other things like investing, travel, or other expenses. You’ll have the ability to do things beyond simply achieve that one dream goal of home ownership.
What If You Don’t Already Own A Home?
There’s a lesson to be learned here for renters as well. If you’re getting ready to buy a home, you may want to think small. A smaller home that can suit your needs will allow you to save thousands of dollars over the life of the mortgage on your home. Remember that a mortgage payment is more than just the cost of the home. You’ll need to include things like taxes, insurance, mortgage insurance, heating, electricity, and more. The smaller the house that you buy, the less all of these things will cost. Think of what you could do if you invested that extra money that you saved on all of these things each month.
What Would You Do With The Money You Save?
Having a big, beautiful home is a fantastic goal to achieve. You may have other dreams that you want to pursue in addition to owning a home. While downsizing isn’t for everyone, many people use the money they save to do some pretty incredible things like:
- Go back to school
- Buy a vacation home
The Negatives Of Downsizing
If you move into a smaller home, there are a few drawbacks. For one, you’ll have less storage and will actually need to downsize your amount of belongings as well. You’ll also have less room for visitors if hey come to stay. If grandkids frequent your home, you may be hesitant to sell and find a smaller place. It may also be difficult to find what you’re looking for at a certain price in a specific area. Think carefully before you decide to downsize and see if it has the right benefits for you.