Real estate transactions are complicated and unpredictable. Professional real estate agents are trained to handle the many facets of buying a home. A good agent is an invaluable asset to your venture if you are in the market for a house.
When you find a real estate agent with whom you feel confident, it is good to enter into a committed working relationship with that person. Concentrating your search with one agent will allow that agent to become truly familiar with your needs, desires, and financial capacities.
Maintaining loyalty to the real estate agent of your choice will bear you more fruit than scattering your attention among several agents. An agent who feels your commitment will devote his or her entire energy to finding the right home for you.
Tuesday, January 18, 2011
Wednesday, January 12, 2011
Buying a home in 2011
Here are some great tips to help you in 2011 to buy a home instead of renting. Make it a New Year's Resolution.
Resolution #1: I will save up for up-front costs associated with buying a home.
While it is true you can buy a home without the full 20% deposit, home buyers should still make the effort to save for a size-able down payment. A five percent or ten percent down payment is a step in the right direction. In addition, you will need to account for finances for closing costs. While some sellers will make concessions and pay it for home buyers, not all will, so be prepared for the cost. A good rule of thumb when looking at closing costs is two to four percent of the purchase price.
Resolution #2: I will get my credit in line.
The first step to improving your credit score is to know it. There are several free sites you can use to get your credit score, such as www.AnnualCreditReport.com. The next step will be to pay down/off your credit card debt. Paying down/off revolving debt looks better on your credit report. And be sure that your balance is 30% or less of your credit card limit. High balances, even with regular payments, do not help your final score.
Resolution #3: I will find a qualified agent to represent me.
Buying and selling a home is a huge financial transaction, so it is important to work with a qualified real estate professional who will understand your needs, the real estate industry and the current market. You will want to reach out to your network, interview at least three agents and trust your instincts during selection. You can also visit Homes.com ‘Find a Real Estate Agent’ section to locate a professional in your area.
Resolution #4: I will be an educated home buyer.
Being an educated home buyer is really important for the process to run smoothly and ensure that you enjoy your home search experience. You can begin research on the Internet to learn the various vocabulary terms and each step in purchasing a home. Attending various courses for home buyers and homeowners is also beneficial.
Resolution #5: I will take my time and enjoy the process.
As a recent first time home buyer, I can attest that the home buying process can be stressful, overwhelming and sometimes chaotic. That being stated, you will still need to take the time and enjoy the home search process. Whenever you feel overwhelmed, take a step back and relax. This is your buying experience, and you will ultimately be living in the place you decide.
Resolution #1: I will save up for up-front costs associated with buying a home.
While it is true you can buy a home without the full 20% deposit, home buyers should still make the effort to save for a size-able down payment. A five percent or ten percent down payment is a step in the right direction. In addition, you will need to account for finances for closing costs. While some sellers will make concessions and pay it for home buyers, not all will, so be prepared for the cost. A good rule of thumb when looking at closing costs is two to four percent of the purchase price.
Resolution #2: I will get my credit in line.
The first step to improving your credit score is to know it. There are several free sites you can use to get your credit score, such as www.AnnualCreditReport.com. The next step will be to pay down/off your credit card debt. Paying down/off revolving debt looks better on your credit report. And be sure that your balance is 30% or less of your credit card limit. High balances, even with regular payments, do not help your final score.
Resolution #3: I will find a qualified agent to represent me.
Buying and selling a home is a huge financial transaction, so it is important to work with a qualified real estate professional who will understand your needs, the real estate industry and the current market. You will want to reach out to your network, interview at least three agents and trust your instincts during selection. You can also visit Homes.com ‘Find a Real Estate Agent’ section to locate a professional in your area.
Resolution #4: I will be an educated home buyer.
Being an educated home buyer is really important for the process to run smoothly and ensure that you enjoy your home search experience. You can begin research on the Internet to learn the various vocabulary terms and each step in purchasing a home. Attending various courses for home buyers and homeowners is also beneficial.
Resolution #5: I will take my time and enjoy the process.
As a recent first time home buyer, I can attest that the home buying process can be stressful, overwhelming and sometimes chaotic. That being stated, you will still need to take the time and enjoy the home search process. Whenever you feel overwhelmed, take a step back and relax. This is your buying experience, and you will ultimately be living in the place you decide.
Tuesday, January 4, 2011
I just got a call from (the buyer's agent), and the buyers are coming back with a counter offer of $345,000. I know you said $349,950 is your bottom line, and I'm representing you, trying to get you the most money possible. At the same time I want to make sure I'm honest with you about my professional opinion. If you want to sell the home in a reasonable time frame, I would really consider accepting this offer, (Seller).
Here are my thoughts and concerns:
1. How long will it take to find another buyer in this market who is financially qualified to buy, with their home already sold? Many buyers in your price range do have a home to sell because it's generally a move up range.
2. In the end even when we do find another buyer, are they going to be willing to pay more than this? These buyers have come up quite a bit and are very close. They respect the home, what you've done to it and are being reasonable...which seems foreign to most buyers in today's market.
3. If these buyers walk away because you won't come down, you have to consider your monthly carrying costs and determine if you'll actually be ahead if you sit on it for several more months and end up with the same offer later.
4. Will it appraise? This is a concern for all parties. If it doesn't appraise then the bank doesn't lend the money and the sale becomes null and void. The only way to keep the sale is if the buyer pays the difference in cash, or the seller comes down in price to the appraised value. In recent years, appraisers have become very, very critical on property values due to the volume of foreclosures. They don't want the banks coming back to them for over valuing the homes when they're foreclosed on.
At $345,000 you would walk away with approximately ($345,000 minus commission and closing costs) after all expenses except for your loan payoff.
I know you want to get as much out of it as possible (Seller), and I do, too. The more you make the more I make as well. However, it's just such a challenging market right now. While things are slowly shifting, it's going to take some time for the market to recover to a point where it changes from a buyers market to a sellers market and prices begin to stabilize again. And since you hired me to sell the home I just want to be honest and tell you I think this is a fair offer. So, at at least I've expressed my thoughts and opinions in case we're still on the market months from now.
In my experience the first offer is generally the best offer. Time and again I've seen sellers turn down offers and kick themselves months later wishing they would've accepted it.
Let me know your thoughts. You can email me back or call me at (number)."
Remember, the seller called back almost immediately and accepted the buyer's offer.
Thanks for sharing Christy.
Here are my thoughts and concerns:
1. How long will it take to find another buyer in this market who is financially qualified to buy, with their home already sold? Many buyers in your price range do have a home to sell because it's generally a move up range.
2. In the end even when we do find another buyer, are they going to be willing to pay more than this? These buyers have come up quite a bit and are very close. They respect the home, what you've done to it and are being reasonable...which seems foreign to most buyers in today's market.
3. If these buyers walk away because you won't come down, you have to consider your monthly carrying costs and determine if you'll actually be ahead if you sit on it for several more months and end up with the same offer later.
4. Will it appraise? This is a concern for all parties. If it doesn't appraise then the bank doesn't lend the money and the sale becomes null and void. The only way to keep the sale is if the buyer pays the difference in cash, or the seller comes down in price to the appraised value. In recent years, appraisers have become very, very critical on property values due to the volume of foreclosures. They don't want the banks coming back to them for over valuing the homes when they're foreclosed on.
At $345,000 you would walk away with approximately ($345,000 minus commission and closing costs) after all expenses except for your loan payoff.
I know you want to get as much out of it as possible (Seller), and I do, too. The more you make the more I make as well. However, it's just such a challenging market right now. While things are slowly shifting, it's going to take some time for the market to recover to a point where it changes from a buyers market to a sellers market and prices begin to stabilize again. And since you hired me to sell the home I just want to be honest and tell you I think this is a fair offer. So, at at least I've expressed my thoughts and opinions in case we're still on the market months from now.
In my experience the first offer is generally the best offer. Time and again I've seen sellers turn down offers and kick themselves months later wishing they would've accepted it.
Let me know your thoughts. You can email me back or call me at (number)."
Remember, the seller called back almost immediately and accepted the buyer's offer.
Thanks for sharing Christy.
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