Debi Face - KELLER WILLIAMS REALTY / Metropolitan



Posted by Debi Face on 9/3/2017

As a homebuyer, entering the real estate market with insights into what it takes to find the perfect house is essential.

Becoming an expert homebuyer, however, may seem impossible at times. Lucky for you, we're here to help you gain the knowledge and skills you need to make your homeownership dreams come true.

What does it take to become an expert homebuyer? Here are three tips to help you do just that.

1. Look at Real Estate Market Trends

The housing market ebbs and flows. Therefore, a seller's market today may transform into a buyer's market tomorrow.

Ultimately, the real estate market fluctuates constantly, and you'll want to learn as much as possible about the housing sector to ensure you can map out your homebuying journey accordingly.

In a buyer's market, there are usually more home sellers than buyers. This means homebuyers may be better equipped than ever before to secure a top-notch house at a budget-friendly price.

On the other hand, a seller's market features an abundance of homebuyers and a shortage of sellers. For homebuyers who operate in a seller's market, they may be forced to submit competitive offers on homes quickly, or risk missing out on a dream residence to a rival.

When you study the housing market, don't forget to check out the prices of residences that recently sold. By doing so, you can gain a better understanding of how much you'll likely need to pay to acquire a first-rate house based on the current state of the housing market.

2. Learn How a Mortgage Works

What differentiates a fixed-rate mortgage from an adjustable-rate option? An expert homebuyer will know the ins and outs of assorted mortgage options and select one that corresponds to his or her finances.

To learn about mortgages and how they work, you'll want to meet with credit unions and banks. These lenders can describe the different types of mortgages and the pros and cons associated with them.

Also, an expert homebuyer will get pre-approved for a mortgage. With a mortgage in hand, this homebuyer will be able to stick to a price range as he or she searches for the ideal home.

3. Collaborate with a Real Estate Agent

Let's face it – no homebuyer can afford to make mistakes. Fortunately, you can work with a real estate agent to receive expert guidance as you navigate the homebuying journey.

A real estate agent boasts the skills and know-how needed to streamline the homebuying process. He or she may have many years of housing market experience and is happy to teach you about the opportunities and challenges associated with buying a house.

Furthermore, a real estate agent will help you accelerate the homebuying cycle. He or she can set up home showings, negotiate with home sellers on your behalf and much more. That way, you can focus on what's important – finding a terrific house at an affordable price.

Take advantage of the aforementioned tips, and you can become an expert homebuyer.




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Posted by Debi Face on 8/20/2017

In real estate, cash is power. It’s not exactly the amount of money that you have been approved for by a lender. This type of “cash” is what you can pull directly from your account to buy a property on demand. It can be difficult to compete with cash buyers especially in tight real estate markets. Below, you’ll find some tips to help you match up against any cash offers that you may be competing with when you buy a home. 


Make Your Offer Look Attractive As Possible


First, you should always have a pre-approval letter from your lender. This lets sellers know that you’re a qualified buyer. You should also get your lender or realtor (or both) to provide some financial information about you along with your offer. This helps to add to the case that you’re a dependable buyer.


Let Things Move Quickly 



If you allow your lender to send an appraiser to the property as quickly as possible, this will give you an advantage in the home buying process. You want to reduce the amount of time that it will take to close on the house. That means you should consider cutting down on both the appraisal and contingency time. You could even consider waiving any contingencies if you feel comfortable. 


To speed up the process, even more, you should pre-order an appraisal in advance. You can do this before your offer has even been written. It can be difficult to arrange this, especially with larger scale lenders, but it’s always worth a try. Once the offer is written, the lender can relay to the seller that an appraisal has already been scheduled.


You’ll also want to get the inspection done fairly quickly. You only have a short window of time to get the inspection done. The quicker you get this done, the more serious of a buyer you appear to be. You should have the inspector who you’ll use ready before you even put an offer in on a home in order to expedite this part of the process. Usually, inspectors don’t take terribly long to schedule appointments knowing that their clients have short windows to get inspections done.  


Make A Strong Offer


Making a good offer could mean paying extra for a home you love in order to compete with cash offers. Spending more money helps to win. Here’s why: Sellers almost always will give a cash buyer a bit more of a discount since they’ll be getting all of the funds up front. If you love the house and plan to live in it for years to come, the extra money you spend will be well worth it.         


Write An Offer Letter


An offer letter adds a bit of a personal touch to the number you put down as a buyer. Here, you can tell the seller who you are and why you love the home. It can be emotional to sell a property, but a seller will feel more comfortable knowing that the home is going to someone who will appreciate it.

  






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Posted by Debi Face on 6/25/2017

Build a house using custom specifications and you may get the house you've always dreamed about. To save money, you could also purchase a house that is being built to specifications developed by a previous buyer or developer. To avoid building an entire house, you could also add rooms onto your existing home. Avoid rushing into a decision, as there are pros and cons to building a new house. For starters, you’ll incur floor plan development, construction and cleaning expenses that you'd avoid if you bought an existing house. Unique costs associated with building a house – In addition to paying for the plot of land that you will build a house on, there's the cost of laying the house's foundation and building out the structure, including wiring, drainage, sewage and landscaping costs. You could also be responsible for the costs of repairs or renovations should initial floor plans need to be adjusted. Meet the neighbors – Whether you build a house or buy an existing home, location is key. The neighborhood your home is located in will influence your property taxes, homeowners insurance and the value of your home. Ethical builders - Check local licensing agencies and organizations like the Better Business Bureau for complaints on builders you're thinking about working with. Ask your real estate agent if she knows the builders. Do your homework. The skill level, professionalism and ethical standards of the builder that you go with could make your home building experience good or a nightmare. Weather conditions – Some older homes may not be prepared to handle extreme weather conditions. If you’ve ever lived in a house that flooded following every hard rain, you know firsthand that just because a house looks good, does not mean that it’s built for harsh weather conditions. Building your own house could increase the likelihood that your home will withstand harsh climate changes and weather conditions. Code standards – Build your own house and you could meet code standards to operate a business out of your house or turn a portion of your home into a rental property. You wouldn’t have to spend more money to renovate the property if you include these design requirements into the initial build. Recreation – Add space to build an in ground swimming pool or an outdoor dining area into the blueprints and you could avoid having to pay to add these features to an existing home. Commute - Because land to build a new house may require you to relocate to a more open area, building a house could lengthen your work commute. You’re smart not rush into making a decision on where you'll live. Your decision could impact you for years, perhaps generations. You could opt for an older, traditional house like a brick bungalow or a four-story Victorian. But, depending on the age of the house, that choice could require repairs in the near future. Of course, you could go with a modern home. But, you’d still have to consider the condition of the house and how well previous occupants cared for the home. Building a new house could increase the likelihood that your house will be in excellent condition. It could also ensure that you get amenities that you want, yet, at a higher price. Similar to shopping for an existing house, the more clearly you visualize your custom designed home, the better you will be able to work with a realtor to get the land plot that you need to build your dream house on.





Posted by Debi Face on 5/14/2017

After you complete a condo inspection, you'll need to make a major decision: Should you move forward with your condo purchase or rescind your offer?

Ultimately, there are several important questions to assess before you finalize your decision on a condo, including:

1. What was discovered during the property inspection?

Study the results of a condo inspection closely. By doing so, you'll be able to learn about a condo's strengths and weaknesses and plan accordingly.

A property inspector will evaluate a condo both inside and out. He or she also will provide honest, unbiased feedback, enabling you to make an informed decision about how to proceed with a condo.

Take into account major and minor condo problems that a property inspector discovers. And if this inspector finds minor flaws associated with a condo, you may want to stay the course and move forward with your initial proposal.

On the other hand, if a property inspector finds significant problems with a condo, i.e. issues that may prove to be costly and time-consuming, you may want to consider rescinding your offer. Or, in this case, you can always ask the condo owner to complete property repairs before you finalize a condo purchase.

2. How much will it cost to perform assorted condo repairs?

The costs associated with condo repairs will vary. However, if you allocate the time and resources to learn about condo problems and the costs associated to fix these issues, you may be able to avoid expensive, time-intensive mistakes.

For example, consider what might happen if a property inspector discovers a defective kitchen light switch in a condo. Although this light switch is a problem, the time and costs needed to repair or replace the faulty light switch likely are minimal. As such, a condo buyer may choose to ignore this problem, or a condo owner may be willing to complete the fix quickly.

Conversely, consider what could happen if a property inspector finds that a condo's furnace is defective. It may cost thousands of dollars to fix or replace a faulty furnace. As a result, a condo buyer may ask the property seller to repair or replace the defective furnace. And if the condo owner fails to do so, a buyer may choose to walk away from the condo purchase altogether.

3. Can I enjoy this condo both now and in the future?

It is essential to consider both the short- and long-term ramifications of a condo purchase. That way, a condo buyer can determine whether a property can serve him or her well for years to come.

A property inspection offers valuable information that a buyer can use to assess the pros and cons of purchasing a condo. Furthermore, a condo buyer who works with an experienced real estate agent can get the support needed to make the best decision possible.

Consider the aforementioned questions as you evaluate your options following a condo inspection, and you should have no trouble deciding whether a particular condo is right for you.




Tags: Buying a home   buyer tips   Condo  
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Posted by Debi Face on 5/7/2017

Let's face it – homebuyers constantly compete with one another, especially if a new home is added to the real estate market that fulfills the requests of a large assortment of homebuyers in a particular area. Thus, you'll want to do whatever you can to gain a competitive advantage over other homebuyers, as this competitive edge will enable you to discover the right home quickly and efficiently. So what does it take to obtain a competitive advantage over your homebuying rivals? Here are three tips to help you gain a competitive edge over homebuyers in any real estate market: 1. Act Fast. The early bird catches the worm, and the same holds true for homebuyers who want to find the best homes in a competitive real estate segment. Homebuyers who act quickly are more likely to find great homes as soon as new residences hit the real estate market. Also, these homebuyers will be in an ideal position, one that enables them to check out a recently listed home quickly and make an offer without delay if a residence meets their needs. Study the real estate market carefully, and you'll be better equipped to make a move on a recently listed house faster than other homebuyers. Also, be sure to get pre-approved for a mortgage, as this will enable you to submit an offer without having to worry about committing extensive time and resources to get approved for a mortgage down the line. 2. Offer More Than the Asking Price. What can you do to ensure your offer stands out to a home seller? Offer more than the asking price for a residence, and you can improve your chances of securing your dream home. In the event that a home seller receives multiple offers for his or her residence, offering more than the initial asking price will help your offer stand out from others. Therefore, you'll be able to reduce the risk that you could miss out on your ideal house if you submit an offer that exceeds a home seller's asking price. 3. Work with an Experienced Real Estate Agent. When it comes to finding your dream home, why should you be forced to leave anything to chance? Instead, hire an experienced real estate agent, and you'll be able to enjoy a long-lasting competitive edge over other homebuyers. Typically, a real estate agent will possess extensive industry know-how and experience, ensuring that he or she can help you find your perfect residence immediately. This professional also will be ready to respond to any concerns or queries and ensure you are fully supported during every step of the homebuying process. From determining your ideal budget for a new home to setting up home showings, a real estate agent can make it easier for you to check out many wonderful residences in cities and towns nationwide. As a result, hiring a real estate agent could mean the difference between settling for an average house and discovering your dream residence in any real estate market. Gain the competitive edge you need in any real estate market, and you should be able to make an offer on your dream home instantly.




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