Whether it has been a long time since you bought a home or it’s your first time - here’s a good refresher about the process. It is a huge undertaking to buy a home & your chosen team of professionals should make it as stress-free as possible.
Anxiety Buying Your First Home
Help! I have concerns!
Don’t worry, we’re here to address your home buying fears
1) I don’t think I have enough money to buy a home right now
Is this thought because of the fear of putting together a down-payment? Maybe you have heard that you need to have 20% down to purchase a house, but that isn’t true. You can put as much down on a house that you feel comfortable with, but you can purchase a house with very little money down. There are FHA loans with 3% down requirements. There are also grant programs which are available for down payment assistance which can allow you to put even less than 3% down. And if you are a veteran, you can buy a home with 0% down (thank you for your service).
If you’re talking about the monthly payments for a house - if you are paying rent, you can certainly afford to buy a house. All you’re doing paying rent is paying someone else’s mortgage.
2) Should I wait until the market changes?
there’s a quote about planting a tree. that the best time to plant a tree is 20 years ago and the second best time is today. you can’t perfectly time the real estate market. and real estate appreciates over long periods of time, like it takes for a tree to get old. so, you have to jump in the market. don’t be thoughtless about your purchase in the right part of town or home for you, but don’t be afraid to get started.
3) I can’t afford my dream home
Most everyone has a dream home. And then we have the home that we can afford right now. And we build wealth through real estate. You need to buy the home you can afford right now to be able to eventually get closer and closer to your dream home.
4) I’m confused and the process for buying a home seems so stressful
Buying a home is a big purchase - maybe the biggest one you will make in your lifetime. That’s why real estate agents exist. We help you with this big purchase so you don’t feel as stressful. We are experts that do this everyday, and we are here to help you.
So don’t be worried, find the right real estate agent to help you overcome your fears and help you start building your future!
what does my real estate agent do for me when selling my home?
Why should you use a real estate agent? What will a great Real Estate Agent do for you?
- statistics show using a real estate agent nets a seller 25% more than selling the home themselves
- real estate agents know the local market and can interpret data
- a knowledgeable real estate agent will determine the appropriate listing price and strategy
- they will market the home online for maximum exposure as most home searches today begin online
- they will use professional photography and video marketing
- real estate agent market to buyers and know how to find them
- real estate agents collaborate with other brokers on what each others buyers and sellers are looking for
- they will reverse prospect your home to other brokers to learn feedback regarding home and price
- they can negotiate professionally and unemotionally
- real estate agents can see problems before they occur based on previous experience
- they will provide you tips to increase the return on your investment
- real estate agents will target the right audience for your home
what renovations have the best resale value?
Are you thinking of selling? how about home improvements before selling? it is important to know how much money you will re-coup from these projects. below is a list from Hanley Wood, LLC the 2016 Cost vs. Value Report can be downloaded free at www.costvsvalue.com
- Manufactured Stone Veneer : Cost $7,511 / Resale Value $7,504
- Attic Insulation : Cost $1,272 / Resale Value $1,112
- Minor Kitchen Remodel : Cost $19,744 / Resale Value $17,180
- Garage Door Replacement : Cost $1,607 / Resale Value $1,316
- Family Room Addition : Cost $84,969 / Resale Value $69,361
- Fiberglass Entry Door Replacement : Cost $3,121 / Resale Value $2,534
- Two Story Addition : Cost $169,858 / Resale Value $135,166
- Wood Deck Addition : Cost $10,751 / Resale Value $8,401
- Steel Entry Door Replacement : Cost $1,340 / Resale Value $1,040
- Basement Remodel : Cost $67,012 / Resale Value $50,989
Hope this gives you some food for thought!
may 2016 - qualifying for a home loan?
more often than not, if you are buying a home, you are using financing to do it. there are some things to keep in mind when qualifying for a home loan with a bank.
these are some of the things you will need to provide:
- previous 2 Pay Stubs
- previous 2 years W2 forms
- previous 2 years Tax Returns
- 3 Months Recent Bank Statements
- Contract to Buy & Sell (if you are already under contract)
- Social Security Card
- Home Addresses over last 2 years
things you do not want to do while qualifying and could effect your ability to do so:
- change your marital status
- change jobs
- switch banks or move money between institutions
- pay off existing accounts (unless lender tells you to do so)
- make a large purchase
- apply or open new lines of credit
We hope this helps & happy qualifying!