3 Tips To Consider When Buying A Home With An FHA Mortgage

FHA loans are becoming increasingly popular these days as potential homeowners may not able to qualify as easily for conventional mortgages.

The FHA insures some higher-risk loans, in turn allowing borrowers with low down payments and less than perfect credit to purchase homes and bolster the housing market.

However, while getting through the loan process with an FHA mortgage loan is not necessarily more difficult than with a conventional or conforming loan, there are some issues that you will want to be aware of.

Property Condition

You can't buy just any property with a FHA loan, or any other loan for that matter. All lenders are concerned with the condition of a property, especially as it relates to livability and safety.

Major deficiencies in a home will almost always be noted when the home is seen by the FHA appraiser. The appraiser must deem it to be livable, without any conditions that could jeopardize health or safety.

Sometimes you can get the seller to make the needed repairs to pass the lender requirements. In other cases, you may want go an alternate route. The FHA 203K streamline loan allows you to borrow up to $35,000 for home repairs to bring the house up to code.

Low Appraisal

The primary role of the appraiser is to estimate it's market value. These estimates are based on the property's features and a comparison to similar properties that have sold recently. If the appraisal is low, the loan funding could fall through because the FHA underwriting guidelines (along with almost all conventional guidelines) will not let you borrow more than the home's appraised value. You can, however, add to the amount you bring in to closing if you prefer to compensate for a low appraised value.

Rather than trying to scrape together a bigger down payment, you may want to take the information to the seller to renegotiate the purchase price. The seller will likely recognize that other buyers would be in the same boat, leading the seller to agree to a lower purchase price.

High Debt-to-Income Ratio

Debt to income ratios are a concern with virtually every type of mortgage loan on the market today. Your FHA loan may encounter a snag in the underwriting process if your total debt payments, including your new mortgage, would be a high percentage of your income.

FHA has an automated underwriting program called TOTAL Scorecard which uses an algorithm to determine a borrower's qualification. The process is quick, and often you can make up for a high debt-to-income ratio with other compensating factors, like a larger down payment or a cash reserve of several months of mortgage payments.

If you have any questions regarding FHA loans or any other home financing questions, please give us a call!

When Is the Right Time to Buy Your First Home? Use This Easy 4 Point Checklist

Are you growing tired of renting? Or perhaps you've recently graduated from college and are looking to set down some roots?

Whatever the case, buying your first home is an exciting prospect. Let's take a look at a quick and easy four-point checklist that you can use to determine if you are ready to buy your first home.

#1: Is Your Credit In Good Shape?

How is your overall financial health? Once you have your down payment saved up, you should turn your attention to your credit rating.

If you are going to borrow a mortgage to help cover the cost of your home, your lender will be doing some digging into your credit history. It is best to ensure that you aren't late with any payments and have cleared off any black marks from past credit problems.

#2: Can You See Yourself Living In This Community?

Do you love the area you live in? Or are you thinking about moving to a community that you like a bit more than your current one?

Perhaps it's the local shops, the amenities, the walking trails or just being closer to work. It is always best to 'love where you live,' so ensure that you are buying your first home in a community that you can call home.

#3: Is Your Job Situation Stable?

Another factor to consider is your job or career situation. Are you likely to switch companies or be transferred to another division within the next few years? Be sure to give some thought to this as it will be inconvenient to have to move shortly after buying and furnishing a home.

#4: Are You Planning To Have Children?

Finally, have you considered what your family might look like in the future? Are you planning to get married, or if you are already married are you planning to have a family? If you have children now, do you expect to have any more of them?

Keep in mind that as your children grow older, they will need a bit more space. If you have a couple of young kids sharing bunk beds, each will need their own bedroom soon enough.

When you're ready to buy your first home, our friendly real estate team is here to help you find the perfect home. Give our offices a call and we will be happy to meet with you to discuss your needs.

Home Pricing 101: Understanding How to Set Your Home Selling Price and Why It's a Big Decision

Are you thinking about placing your home up for sale in the near future? If you dwell too much on the process itself, selling your home may seem a bit daunting. You have to deal with photos, listings, open houses, bids, counteroffers and much more. One of the decisions you will be faced with is setting the selling price for your home. In today's blog post we will discuss pricing and how to set a price that will attract potential buyers.

You Are The Most Important Factor

It might seem a bit strange to think of it this way, but in many cases, the homeowner is the most important factor in finding the right price. For example, do you need a quick sale because you are moving for work? If you want a fast sale, you may need to list your home at a bargain price. Conversely, if you can afford to have your home on the market for a few months while you field offers you may price closer to market value.

Researching The Local Market

Next, you will want to research local market conditions to get a feel for the right pricing range. Are there other recent home sales in your neighborhood? On average, did they sell above or below the asking price? Are there many listings on the market now or is there just a few listings which may indicate intense buying pressure?

The market will play a significant role in choosing the right price. Don't overlook it.

Don't Get Greedy

The best possible real estate sale is 'high and fast', meaning your home sold quickly and for a high price. The reality is typically much different. You may get some buyers bidding, but all with low offers. Alternatively, you may only have one potential homebuyer come to your first open house. Whatever the case, keep in mind that you do not want to get greedy. Yes, it is great to sell high. However, you also want to close the sale so you can move on.

Too Much Trouble? Enlist Professional Help

If you feel that all of this is just a bit too much to bother with, don't fret. Your best course of action is to enlist the help of a professional real estate agent who has extensive home selling experience. When you're ready to sell your home, give us a call. We're happy to share our insight into the local market and advise you on the best listing price to get your home sold quickly.

Sellin' Ain't Easy: 4 Reasons Why You Will Want to Engage a Professional Real Estate Sales Agent

Are you listing your home for sale this year? If so, you may be wondering just why you need the services of a real estate agent. Sure, it is theoretically possible to handle the entire process yourself and be successful. However, if you're inexperienced, you may end up stumbling. Let's explore four reasons why you will want to enlist the services of a professional real estate agent when you sell your home.

Do You Know How To Price Your Home?

Choosing the right listing price is a decision that requires research, intuition and a day-to-day understanding of how the local real estate market is moving. Unless you work in real estate, it is unlikely that you have your finger on the pulse of the market. Without a real estate agent's help, you might end up pricing too high, which means that your sale takes much longer, or too low, which means you leave money on the table. Setting the right price is critical and shouldn't be overlooked

Have You Ever Marketed A Property Listing?

Do you have experience with marketing a property listing? If not, it is crucial that you work with an experienced real estate team. Today's market requires website listings, social media advertising and other tactics to ensure success. It's best to leave marketing to those who understand it.

Are You Good At Dealing With Strangers?

Do you consider yourself a 'people person'? If not, you probably aren't going to like the home selling process very much. Every open house means new people are walking through your home – potentially dozens of them. Your real estate agent is there to take care of dealing with strangers so you don't have to.

Is Negotiating One Of Your Strengths?

Finally, don't forget that real estate transactions almost always end up in some sort of negotiation. It is rare for a buyer to walk up and pay your listing price, although it does happen. However, it's more common to receive a lower bid to try to draw you into submitting a counteroffer. In other cases, you may end up with multiple buyers fighting a bidding war to buy your home. In all of these situations, you will want an experienced negotiator on hand to help.

These are just a few of the many reasons that working with a professional real estate agent is in your best interests when you sell your home. To learn more about the sales process, or to list your home for sale, contact us today. Our team is dedicated to ensuring you have a fast, stress-free sale.

When Is the Right Time to Buy Your First Home? Use This Easy 4 Point Checklist

Are you growing tired of renting? Or perhaps you've recently graduated from college and are looking to set down some roots? Whatever the case, buying your first home is an exciting prospect. Let's take a look at a quick and easy four-point checklist that you can use to determine if you are ready to buy your first home.

#1: Is Your Credit In Good Shape?

How is your overall financial health? Once you have your down payment saved up, you should turn your attention to your credit rating. If you are going to borrow a mortgage to help cover the cost of your home, your lender will be doing some digging into your credit history. It is best to ensure that you aren't late with any payments and have cleared off any black marks from past credit problems.

#2: Can You See Yourself Living In This Community?

Do you love the area you live in? Or are you thinking about moving to a community that you like a bit more than your current one? Perhaps it's the local shops, the amenities, the walking trails or just being closer to work. It is always best to 'love where you live,' so ensure that you are buying your first home in a community that you can call home.

#3: Is Your Job Situation Stable?

Another factor to consider is your job or career situation. Are you likely to switch companies or be transferred to another division within the next few years? Be sure to give some thought to this as it will be inconvenient to have to move shortly after buying and furnishing a home.

#4: Are You Planning To Have Children?

Finally, have you considered what your family might look like in the future? Are you planning to get married, or if you are already married are you planning to have a family? If you have children now, do you expect to have any more of them? Keep in mind that as your children grow older, they will need a bit more space. If you have a couple of young kids sharing bunk beds, each will need their own bedroom soon enough.

When you're ready to buy your first home, our friendly real estate team is here to help. Give our offices a call and we will be happy to meet with you to discuss your needs and share a variety of beautiful homes that are available today.

Recently Inherited a Home That You Don't Need? Here's How to Get It Sold Without Too Much Stress

Has a loved one or family member recently passed on and left you with their home? Inheriting a house can be a delightful gift, but it can also present a significant number of challenges that you must navigate. Let's explore how to deal with an inherited house and, should you decide to, how to sell it without incurring too much stress.

Are Emotions Involved?

The death of a family member or other loved one can be a trying time emotionally. Depending on how the deceased left the property, you may also have to deal with cleaning out personal belongings and reviving old memories. A battle over a will or the proceeds of an estate can compound the situation, making things worse.

If you are emotionally involved, it is best to work with a real estate agent who can do much of the heavy lifting. That way you can focus on supporting your family and keeping your stress levels down.

Understand Your Legal Obligations

Although real estate inheritance is common, there are still some legal issues that must be considered. As such, you will need to understand what your legal obligations are regarding the will or estate process. Are you the executor of the will, or is someone else? Is the property included in a trust, or is it free-standing and gifted directly to you? Has the probate period passed, or can a family member or relative still challenge the will? If you haven't already, it is best to speak with a real estate professional or experienced lawyer to get their advice.

Consider The Tax Implications

As with any financial windfall, there are going to be tax implications that need to be considered when selling an inherited home. For example, it's unlikely that you will qualify for the home sales tax exclusion unless you have been living in that house as your primary residence. Once you sell the home, you will also need to report the proceeds of the sale to the IRS. There are also a variety of different taxes that need to be factored in, including estate taxes, inheritance taxes and more.

Consult An Experienced Real Estate Agent

Selling a home that you have inherited in a will or as part of an estate can be an emotionally draining process. Before you make any moves, it is best to speak with a real estate professional. Contact our offices at your convenience and we will be happy to meet with you and share our guidance.

Curious About Homeowners' Association (HOA) Fees? Here's What You Need to Know

If you are thinking of buying a condominium or a home that is part of a planned community, you have likely come across the term "homeowners' association" or HOA. In short, the HOA is a coalition of local homeowners who have banded together to manage the needs of the local community. Let's explore the concept of the homeowners' association, why they charge fees and what you can expect from your HOA if you buy a home that is part of one

HOA Fees Are Meant To Make Things Easier

HOA fees are meant to make your life easier. Common sense dictates that all homeowners won't be able to commit to investing some of their time in community upkeep. So the HOA charges a monthly fee to everyone to cover the costs of keeping everything in order. Of course, some HOAs can make mistakes or foolish investments that don't benefit all equally. But most are well-intended and do positive work.

What Do HOA Fees Cover?

Your HOA fees will be used to pay for needs that benefit all homeowners' in the community. If you live in a building, this will be everything from elevator maintenance to keeping the doors in good order. If you live in a townhouse complex or planned community, this includes landscaping, gardening, road maintenance and more. As long as your HOA leaders are doing their job, they will use fees to maintain and improve the community for everyone.

Some Pros And Cons Of HOA Fees

The main benefit of paying HOA fees is that you are offloading your share of the responsibility for building or community upkeep. In essence, you are trading a monthly payment so that you don't have to vacuum the common areas, change the light bulbs or worry about repairing the gate when it breaks. The main downside to paying HOA fees is that you only have a single vote as to how they are spent and you may disagree with other homeowners about the HOA's priorities.

All things considered, whether or not you have a favorable view of your HOA generally comes down to you. If you are the type that likes to share their opinion and is willing to commit the time to improve your local community, you may want to join your HOA. However, if you are less interested in having someone spend your money, you might disagree with their approach. Whatever the case, when you are ready to buy or sell your next home, contact our professional real estate team. We're happy to help you find the right home – HOA or not.

Selling Your Home to Millennials? 3 Tips That Will Help You Get the Sale Closed

Are you thinking of selling your home this year? If so, you are almost certainly going to interact with millennial homebuyers. This generation numbers around 80 million and are the fastest-growing consumer demographic in the country. As their earning power continues to increase, millennials are now turning their attention to real estate. In today's post, we'll share three tips that you can use to help make your listing more attractive to younger millennial homebuyers.

Minimalize As Much As Possible

Is your home full of trinkets and other clutter? If so, it might be best to box all of that up and store it during the home selling process. This generation tends to lean more towards a minimalist lifestyle and a 'quality over quantity' mentality. They are also highly social, which means that open space for mingling is more important than having large, clunky pieces of furniture all over the place. If you have large living areas, try to stage them with more of an open concept in mind.

Embrace Technology And Make Upgrades

As you might imagine, millennials are very tech-savvy and gravitate towards homes that already have their technology interests in mind. Of course, you do not need to run out and invest in a massive solar panel setup for your roof – although solar is certainly popular. Smaller, more thoughtful investments like strong WiFi signals, Internet-connected thermostats and video-based home security options are all useful tech upgrades.

Highlight The Local Community And Amenities

Finally, you will want to highlight your local community as much as possible. Everything from the local elementary and middle schools to walking trails to community centers and shopping is important to the millennial crowd. Many of this generation prefer walking and cycling over driving and aren't interested in long, horrific commutes to work each morning. If you have a nice coffee shop or bakery that you like to frequent, try to have some of their products on hand at your open house as well.

Following the selection of tips above is sure to make your home more attractive to millennial homebuyers. To learn more about how to sell to younger buyers, or to list your home for sale, contact us today. Our professional real estate team is happy to meet with you and share how we can get your home sold quickly.

On Time, Every Time: How Being Late on Monthly Payments Can Affect Your Mortgage

Are you the type of person that struggles with remembering to pay their bills on time? You're not alone. People across the country regularly submit late monthly payments, inflicting terrible damage to their credit. Let's take a quick look at how paying your loan or other monthly payments late can have a negative impact on your mortgage.

Your Credit Score Is At Risk

As you already know, almost all banks, credit cards, mortgage companies and other lenders rely on your credit score to help assess the risk of lending money to you. Paying any of your payments late – even something as small as your mobile phone bill or a department store credit card – can result in negative marks showing up on your credit report. If you are late enough times or fail to repay the late payment in full, then your score will start to drop

Refinancing Can Be Affected

If you already have a mortgage, then a lower credit score can be a problem when you try to refinance. The process of refinancing involves taking out a new mortgage, in which your lender will reassess your risk using your credit score as one of the indicators. If you have been making late payments, you might end up having to settle for a higher interest rate or you may even be declined for the new mortgage.

Making A Late Payment? Contact Your Lender

If you are caught in a bind and have to make a late payment, it is best to call your lender as soon as possible. First, there may be a grace period in which you can be a few days late without any penalty. If that little bit of breathing room is all you need to get caught up, you're set. If not, you can let them know your circumstances and discuss what options you have.

It is essential to pay your monthly payments on time, even if it means making some small sacrifices in other areas. The better your credit score looks, the more opportunities you will have to make positive financial moves in the future. Ready to start looking for your next home? Contact your local real estate professionals today.

Looking to Buy a Home in 2018 and Don't Know Where to Start? Here's a Few Tips

Are you a renter that has become tired of paying someone else's mortgage and not building any equity? Or a homeowner who has a growing family and is in need of more space? Whatever the case, if you are in the market for a new home there is no time like the present. Let's explore a few tips that will help you to prepare for the home buying experience.

Tip #1: Prepare For A Busy Spring Season

First, it should be pretty obvious that you aren't the only house hunter on the market. Other local individuals and families alike will be searching for a new house to call their own. As you may know, the spring is generally when the local real estate market starts to heat up. So, if you are looking to buy, you may want to address your needs earlier in the spring rather than later. The sooner you can get the paperwork signed, the less of a chance you end up in a bidding war.

Tip #2: Mortgage Rates May Be Trending Up

While this is in no way a prediction, there have been some indications that mortgage interest rates may be trending higher in 2018. If this does end up being the case, the cost of buying a home is going to be a little bit more. So if you can move quickly and get your mortgage pre-approved now, you may find that you end up with a better deal than those families who wait until the summer to make a move.

Tip #3: Prepare Your Finances And Credit In Advance

Finally, it's a great best practice to ensure that your personal finances are prepared in advance. Your real estate agent will be able to assist you with which documentation you will need to have ready. You should also check in with one of the major credit reporting agencies. They will be able to advise you as to whether you have any issues with your credit rating or FICO score.

Buying a home is always an exciting experience – one which can be relatively stress-free if you are prepared. When you are ready to discuss buying your dream home or to view available listings in the local area, give our offices a call. We are here to help you find the perfect house, condo or apartment to suit your needs.

How to Run a Quick Financial Health Check Before You Apply for a Mortgage

Are you planning on using a mortgage to help cover the cost of a new home? If so, you will want to prepare your finances and figure out how you will manage all those wallet-draining monthly expenses. Let's take a look at how to run a quick financial health check to ensure you are ready to apply for a mortgage.

Update (Or Start) Your Monthly Budget

First, it is essential to get the basics out of the way. If you haven't already, it's time to start a monthly budget to keep track of your income and expenses. Once you have a mortgage, it will be important to prioritize your monthly payments so that you don't end up falling behind.

Starting a budget is easy and can be done with mobile apps, software, a spreadsheet or a pen and paper. List all sources of income so that you know exactly how much cash you are working with. Then, list out every one of your expenses. It can be tough to remember them all, so consider using debit and credit card statements from the past few months as a reminder.

Get A Copy Of Your Credit Report

Next, you will want to get a copy of your credit report so you can see what potential mortgage lenders will see when assessing your financial history. This is a free service that you can request once per year, so be sure to take advantage. Note that you will want to use government-approved websites for requesting your credit report. Be wary of scams.

Do You Have A Down Payment?

A down payment is not required for every home purchase, but having one saved up can make the buying process easier. The amount you will want to have saved up will depend on the cost of your home, whether you plan on carrying private mortgage insurance and a variety of other factors. If possible, try to save up an amount close to (or more than) twenty percent of the home's purchase price.

Ready? Chat With A Professional

Now that you have run a quick financial health check, it is time to meet with a real estate professional. Contact us today.

Having Trouble Getting Buyers to Close? Your Pricing Might Be the Problem

Are you experiencing problems with selling your home? A slow sale is no fun, especially if you need a quick sale due to a move or for financial reasons. If you are having some trouble getting potential buyers to stick around, pricing might be the issue. Let's explore a few reasons why.

Are You Getting Any Offers?

First, are you receiving any offers for your home? If you have, and they are coming in much lower than your listing price, then it could be a sign that you have set your price too high. Even in the hottest real estate markets, it is common to see buyers submitting 'lowball' bids as a starting point for future negotiations. However, if all your offers are well below your asking price, it might be time to re-evaluate it.

Who Set The Price For Your Home

 Did you set the starting price for your home, or did you rely on the help of a professional real estate agent or sales team? If you are trying to sell your home without expert guidance, it is possible that you priced your house above its actual value. Remember that a variety of factors, from the condition of your home to current interest rates, will help to determine your home's value. It is best to rely on the guidance of an experienced real estate agent to set your price.

What Do Local Sales Trends Look Like?

Is your neighborhood considered a 'hot' or 'cold' real estate market? Are there a lot of local houses up for sale, or a few? What about in the past few months, have many nearby homes sold? At what price? Understanding regional sales trends is critical. If buyers are not buying, then you may be stuck lowering your price.

Reducing The Price? Be Careful

Finally, if you do need to lower your asking price, it is best to do so carefully. A substantial price reduction can send the wrong message to potential buyers. They may start to wonder if anything is wrong with your house, or if it needs some major repairs.

If you are having trouble closing the sale of your home, don't get discouraged. It is possible that with a small tweak to the price, you can have the hottest listing in the local market. To learn more about how we can help you sell your home faster, contact our professional real estate team today.

3 Ways That Buying a New Construction Home Beats Buying an Existing One, Every Time

Are you in the market for a new house? Whether you are a first-time home buyer or are upgrading to get more space, you will need to choose between buying an existing home or building a brand new one. As you might imagine, there are pros and cons to each kind of home. But if it is in your budget, you may want to lean towards a newer home over an older one. Let's explore three reasons why new construction homes are better than existing homes

Customize Every Aspect To Your Tastes

Ask anyone living in a custom-built home and they are likely to tell you that the ability to customize everything was a major deciding factor. When you build a brand-new home, your input isn't limited to the floor plan or room layout. Your family can choose everything from the paint colors to the door hinges. Imagine having your pick of appliances, cabinets, flooring, and trim in every room – that's what new construction is all about.

Modern, Efficient And Convenient

A brand-new home means a home that is energy-efficient and built for convenience. Your home can be designed with as much advanced technology as you have in mind. Seamless Wi-Fi and other wireless connectivity for all your devices. A cutting-edge video security system to keep your family safe. Efficient heating and cooling that offers superior indoor air quality. And, of course, lower energy costs and a smaller carbon footprint.

If you are a fan of technology and the conveniences it can provide, a new construction home is a perfect choice.

Many Years of Trouble-Free Living

Another benefit of living in a new home is that everything around you far less likely to fail over the next few years. Moving into an older home means worrying about the roof, the electrical wiring, the appliances and a whole host of other potential problems. In a new construction home, you will be surrounded by brand-new machinery that is built with the future in mind. Also, even if you do run into any issues with your home or appliances, it should all be under warranty.

If you're ready to discuss making an upgrade to a new construction home, contact us today. Our professional real estate team is happy to help.

Landlord Squeezing You for yet Another Rent Increase? It's Time to Buy a Starter Home

Did you recently receive your annual notice that the rent is going up? If so, you're not alone. Millions of renters are seeing more and more of their income drained away due to higher rents. To make matters worse, every dollar in rent is one that you are not saving, investing or using to build your net worth. If you're feeling the pinch of higher rents, it might be time to buy your first starter home

Comparing Rent With A Mortgage

Have you ever done the math to understand how close your monthly rent might be to a mortgage payment? Here's a quick and easy exercise. Multiply your monthly rent by twelve, and then multiply that number by 25. For example, if your rent is $1000 per month, that is $12,000 per year and $300,000 over 25 years. So if nothing changed from today, you could afford a $300,000 mortgage.

Homes Are More Affordable Than You Think

Many first-time home buyers are convinced that they can't afford to enter the market, but that is not the case. There are homes available that fit almost every budget or price range. In fact, it is less important to worry about the total cost and more important to worry about location, size and local amenities like schools and parks.

 Remember, when you buy a house you aren't just locking yourself into a rental contract. You are investing in a home and property have the potential to gain in value over time.

A Few Other Considerations

Of course, there are some considerations that you will need to make as you start down the path to homeownership. The first is that your mortgage is unlikely to be your only monthly expense. You will also encounter property and other taxes, utility fees and if you buy a condominium or apartment, homeowners' association fees. You will also be responsible for maintenance and upkeep since you own the home. But that also means that you are free to customize and renovate as you see fit.

Keep in mind that it is never too late to escape the rental trap. When you're ready to start building your future by investing in your first home, contact us. Our experienced real estate team is happy to share beautiful local home options that will suit your needs and budget.

The Quick and Easy Guide to Finding the Right Builder to Construct Your Dream Home

Are you in the market for a new house? If so, you may be considering having a custom-home designed and built to your specifications. There is no better way to get exactly what you want in a house than to have it built from scratch.

With that in mind, let's take a look at our quick and easy guide to finding the right builder to construct your dream home.

Have Ideas In Mind Before You Start

Try to have some ideas in mind before you contact a builder. For example, how many bedrooms do you want? Are you interested in a two-car garage? Do you want a suite in the basement or elsewhere on the property for rental purposes? What about an office, workshop, media room, home gym or other amenities? Invest a bit of time in crafting a list, and your builder can help design a home that fits.

Find A Builder Before You Buy Land

At first, meeting with and securing a home builder before having a plot of land might seem premature. After all, you still don't even know where you want them to build your house! But, in fact, this is the best way to go. A good home builder can help you understand permit rules, city or county regulations, which utilities are available in the area and more. Once they understand precisely what you are looking for in your dream home, they will be able to make an honest assessment of any particular lot. This alone can save you a significant amount of both time and money.

Verify Licensing, References And Past Work

Once you have settled on a potential builder, it is time to start the due diligence process. Ask the builder and any sub-contractors for their license details to ensure they are certified to do the work. Try to chat with at least 1-2 past references as well so you can get an idea of what it's like to work with them.

Get All The Details In Writing

Finally, there are few financial transactions in life that should be done on a handshake and this is no exception. Your builder is going to have a contract that they will ask you to sign. Have your attorney look this document over and have them add in any specifics that are important to you.

A new construction home can be the ultimate in comfort, convenience, and luxury. When you're ready to learn more, contact us today.

Taking Out a Mortgage for the First Time? Learn Why a Condo Might Be a Great First Home

Are you starting to tire of paying your monthly rent to someone and never building any equity? Renting forever can be a significant pain, especially as you're contributing to someone else's financial well-being. The good news is that there are affordable real estate options out there for those investing in their first home. Below we will share a few excellent reasons why an apartment or condo might be the best choice for a first-time home buyer.

A Manageable Monthly Payment

In most markets across the country, condos and apartments are available at a significantly lower cost than a full-sized house. Buying a less-expensive home means that your monthly mortgage payments will, in turn, be lower. If you are single or a young professional trying to start a family, that extra money can be a massive boost to your monthly budget.

Note that while your monthly mortgage payment may be lower, you are still responsible for other maintenance and upkeep fees. The most common is known as a homeowners' association fee, to which all condo owners in the same development contribute. These funds are used to upkeep the building or property as well as things like landscaping, a pool or gym, and other amenities.

A Smaller Down Payment

In the same vein, buying a less-expensive home also means that you can put a smaller down payment on it when you close the sale. In many cases you are required to place a certain percentage – typically 20 percent – down to avoid having to purchase private mortgage insurance. Having to commit less in your down payment leaves more money in the bank for other purposes.

An Excellent Future Investment Property

Don't forget that when you are ready to upgrade and move into a larger house, you can keep a condo as a rental or investment property. Once your mortgage is paid off, you are only responsible for the monthly maintenance fees and taxes. So if you can rent the condo out to a tenant, you will have an excellent source of cash flow that can help to pay for your new home or fund other activities.

The above are just a few of the many reasons why a condo can be a great starter home for first-time buyers. To learn more about your home buying options, contact us today.

You Ask, We Answer: Should I Sell My Home Now or Wait Until the Spring?

Have you been thinking about listing your house or condo for sale? As you are likely aware, the seasons play a role in our local real estate market and how busy it is. Nicer weather brings out the most in any real estate market, with buyers spending their evenings and weekends touring open houses and finalizing shortlists. Many markets cool off a bit in the winter, but that does not mean that the buyers disappear.

In today's blog post we will explore why selling your home during the winter can beat waiting for the real estate market to warm up in the spring.

Interest Rates Are On The Way Up

One key consideration this year is that interest rates are trending upward. While it is impossible to predict the movements that the Federal Reserve will make, there is every sign that rates will tick upward soon. Mortgage interest rates tend to rise along with the Federal Reserve's upward movements, so selling now means selling while mortgages are a bit cheaper.

There Is Less Competition In The Market

Another great feature of listing your home for sale during the winter is that you are likely to face less competition from other home sellers. Fewer homes in the local inventory mean fewer options for buyers that need to close on a home quickly. If your house is clean, in top condition and adequately staged, you can rest assured that it will stand out from the other available options.

It is true that there may be fewer potential buyers shopping for a new home during the winter. However, you will tend to find that winter buyers are serious about finding and purchasing a home. They are much less likely to be 'window shopping' or passing through viewing open houses.

Holiday Staging Is That Much More Fun

Finally, it is worth mentioning that staging can be a lot more fun during the holidays. Selling your home in the summer means trimming the lawn, keeping the garden looking clean and maintaining your curb appeal. Selling your home over the holidays means Christmas lights, decorations, baked goods and a more festive atmosphere.

Selling your home in the winter might seem a bit counter"intuitive, but with the market easing up and less inventory available you will find serious, interested buyers. When you are ready to list your home for sale, contact us. Our friendly real estate sales team is ready to help ensure that you receive top dollar for your home.

Downsizing? Here's What You Can Expect When You Move From a House to a Condo

Whether the kids have moved out or you just aren't using the extra bedrooms, having a house that feels 'too big' is rarely fun. In today's post, we will share a few changes you can expect when you downsize from a large house to a smaller apartment or condo.

Why Downsize At All?

As you might imagine, having too much space is the primary reason that couples and families downsize. Larger homes cost more to maintain and can feel empty if it's just one or two people living there. In many cases, old items and clutter tend to build up as there is so much storage space. Downsizing to a smaller home helps to maintain a lifestyle that is more efficient but no less luxurious.

Ask Yourself: Are You Ready?

Another consideration that you will need to make: are you ready to move? If you are retired from work, then you likely have enough time on your hands to manage a move. Conversely, if you and your spouse are both working full-time and live near your workplace, you may want to source a smaller home nearby.

Don't forget that if you own the house you are living in now, this might mean having to list and sell it while buying your new home. This is a common situation and isn't a significant problem, but it will require a bit of scheduling and financial planning.

The Hardest Part: Choosing What To Keep

Ask any couple or family that has downsized their home about the toughest part, and many will share that it was choosing what stays and what goes. When space is at a premium, everything from shoes to appliances needs to be considered.

Spend some time going through each room in your house, taking an inventory of what you have. Are there any family heirlooms or other emotional items that you can't part ways with? After that, is there anything that will be usable in your new home? Everything else should be considered fair game. Sell it, donate it or toss it out.

Moving to a smaller home can seem challenging at first, but it is a lifestyle choice that can pay significant dividends. When you are ready to make a move, contact our professional real estate team. After discussing your wants and needs, we will be happy to recommend some perfect local listings.

Did You Know: Why New Construction Homes Are A Top Choice For Today's Home Buyer

Are you in the market for a new house? If so, you may have been comparing your options when it comes to open listings on the local market. One decision you will need to consider: do you want to purchase an existing home or build a new one? Let's explore a few reasons why new construction homes are a popular choice for today's home buyer.

A Home Designed (By You) With The Future In Min

Ask anyone who has recently invested in a brand-new home, and many will share that all of the built-in technology was an essential factor. Today's homes are designed with the future in mind. High-speed networking, better wireless connectivity, high-tech security and other features are all benefits that typically can't be found in older homes.

Of course, don't forget that you play a role in the design choices in a new construction home. It is your chance to design all of the features you would want in a dream house.

Energy And Cost Efficient

As you might imagine, homes constructed with modern designs and materials are vastly more energy than older homes. Tighter seals, better insulation and more efficient heating and cooling all translate to lower utility costs. Moreover, while the savings per day might seem small, over time, they add up. Leaving more money in your pocket for investment, saving or other purposes.

If you want to take it a step further, you may even decide to expand your new construction home with solar panels or other high-efficiency upgrades.

Less Maintenance Means More Free Time

Finally, you can sleep soundly knowing that a new construction home needs far less maintenance work than an older home. Of course, there will still be the occasional job that needs taking care of. So you will want to be diligent in fixing up any damage or issues that do occur so that the problem does not spread. But overall, you can expect to spend less of your free time repairing things and more of it relaxing and enjoying life.

These are just a few of the many great reasons to invest in a brand-new home. To learn more about new construction real estate opportunities in the local area, contact us today. Our professional team is happy to discuss your needs and help you find the perfect new home.

Buying in 2018? Get Your Down Payment Ready Now by Tapping These Helpful Sources

Are you in the market for a new house or condo in 2018? With the new year just around the corner, now is the time to get all of your financial details in order. As you may know, buying a home is a significant financial transaction. But it all starts with your down payment, which is the lump sum that you invest in order to purchase the home. In today's blog post we will share a few sources of funds that you can tap into for help saving up your down payment

Peer Into Your Financial Future

A helpful first step is to map out your financial future. Do you have any lump-sum payments such as an annual bonus or a tax return coming up? If so, those are excellent sources of funds to help build up your down payment.

Put A Stop To Unnecessary Spending

Any time you want to save money, an obvious step is to cut as much unnecessary spending as you can. Invest the time in creating a strict monthly budget which includes setting money aside for your down payment. Be sure to watch for any daily habits that are eating away at your savings, such as high-priced specialty coffees or eating out regularly.

Research Local Homebuyer Assistance Programs

Don't forget that you're not alone in your quest for home ownership. There are numerous federal, state and municipal homebuyer assistance programs that offer financial help when buying a home. Your local real estate professional will be happy to share some insight.

Check In With Your Employer

Finally, don't forget to check in with your employer to see if there are any home ownership grants or subsidies. Down payment and home-buying assistance programs are becoming more popular with companies as an extra perk to offer employees. Send a quick email or stop by the human resources department to let them know you're in the market for a home and to see if any programs are on offer. If your workplace does have a program like this, it's the perfect time to take advantage.

Having your down payment funds ready will make the buying process faster and show your mortgage lender that you're prepared for home ownership. For more information about local real estate opportunities, contact your local real estate professional. We're happy to share some amazing listings that perfectly suit your needs.