How To Get Pre-Approved For A Mortgage

The dream of homeownership often begins with finding the perfect place to call home. However, before you start searching for your dream house, it's essential to lay the groundwork for a successful homebuying experience. One crucial step in this process is getting pre-approved for a mortgage. In this blog post, we'll explore the ins and outs of mortgage pre-approval and provide you with a comprehensive guide to help you secure this vital first step in your homebuying journey.

Understanding Mortgage Pre-Approval: Mortgage pre-approval is a preliminary assessment by a lender that determines how much money you can borrow to purchase a home. It's not the same as a mortgage pre-qualification, which is a more informal estimate of your borrowing capacity. Pre-approval, on the other hand, involves a thorough examination of your financial health, creditworthiness, and other factors that influence your ability to secure a mortgage.

Steps to Get Pre-Approved for a Mortgage:

1.     Evaluate Your Finances: Before approaching a lender, take a close look at your financial situation. Assess your income, expenses, and debts to determine how much you can comfortably afford to borrow. This self-assessment will give you a realistic understanding of your budget. Lenders can offer up to 45% of your net monthly income to go toward your mortgage.  We recommend dialing this back to a percentage that feels comfortable to maintain your lifestyle preferences and savings goals.

2.     Check Your Credit Score: Your credit score plays a crucial role in the pre-approval process. Obtain a copy of your credit report and check for any inaccuracies. A higher credit score increases your chances of getting pre-approved for a mortgage and may result in better interest rates or programs.

3.     Gather Necessary Documents: Lenders will require various documents to assess your financial stability. Common documents include proof of income (pay stubs, tax returns), employment verification, bank statements, and information about your assets and debts. Having these documents ready will streamline the pre-approval process.

4.     Get a Recommendation For a Lender: Explore different lenders and mortgage products to find the one that suits your needs. Consider factors such as interest rates, fees, and customer service. You can approach traditional banks, credit unions, or online lenders to compare their offerings. We recommend doing this research ahead of when you’re ready to apply for an actual mortgage.

5.     Submit a Pre-Approval Application: Once you've chosen a lender, submit a pre-approval application. This typically involves filling out a detailed financial questionnaire and providing the necessary documentation. Be prepared for a thorough review of your financial history. Please note that being pre-approved for a mortgage does not force you to get your mortgage from this lender.  Although, we recommend building a good relationship and continuing to work with this individual until closing.

6.     Wait for the Decision: The lender will review your application, assess your creditworthiness, and determine the amount you can be pre-approved for. This process may take a few days, so be patient. The lender may also issue a pre-approval letter, outlining the terms and conditions of the pre-approved mortgage.

7.     Use Your Pre-Approval Strategically: Armed with a pre-approval letter, you'll have a clear idea of your budget when house hunting. Sellers often prioritize offers from buyers with pre-approval, as it indicates a serious and financially capable buyer.

Getting pre-approved for a mortgage is a crucial step in the homebuying process. By understanding the requirements, organizing your finances, and choosing the right lender, you can position yourself as a strong and confident buyer. This pre-approval not only streamlines your home search but also empowers you to make informed decisions throughout the purchasing journey. As you embark on this exciting adventure, remember that being well-prepared can make all the difference in turning your homeownership dreams into reality.

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The Risks Of Overpricing Your Home For Sale

Nothing can slow down the process of selling your home faster than overpricing it. It is the number one reason that homes on the market don't sell. We specialize in selling homes in the area and are well versed in what it takes to sell a home for the highest dollar in the shortest amount of time. 

Reducing The Price and The First 30 Days

Trying for a higher price and reducing it later is an option that sellers very often ask. However, in  the first 30 days of a home being listed is typically when you see the most buyer traffic. Pricing the home high then dropping down later could mean that you are missing out on the best, most serious potential buyers right out of the gate.

Other Agents Showing The Home For Sale

Some agents won't show listings that are way overpriced. When inventory is higher, agents show homes that are in the potential buyers' price range which meet current fair market value. When a home is overpriced, it sits on the market for a longer time. This can work against you and for your competition, meaning potential buyers will see your property as a selling point for other properties. You don't want buyers to be saying that they can get the same house for less money. And finally, the longer a house sits also means that buyers will wonder whether or not something is wrong with the house. There are fewer buyers interested at this point as well and you lose some of your leverage because of the length of time the property was on the market.

Lenders and the Final Sale Price

Lenders today are more cautious than ever and home loans are always going to be based off of appraisals. Appraisals are based on comparable properties that have been sold in the immediate area so in order for your buyer to get a mortgage it is going to need to be at a price that is justified by the bank. Very often when a house goes on the market overpriced it ends up selling for less than market value as buyers eventually throw in lower offers to see if the seller will bite. 

As your real estate professionals we will work with you to price your home accurately. Contact us today if you are in the market to sell your home.

Little Known Things For Making Moving Easier

Moving can be a big chore and sometimes stressful even if you are a super organized individual. While there is no way to completely remove any of the stress, there are some things you can do to make the process go smoother. Here are some tips:

Make a checklist

Creating a list of action items will help quantify all that is needed to be done and will help you stay on schedule. This should include tasks like packing, cleaning, setting up utilities, scheduling movers, etc. Put things in chronological order too so you can process each step in an organized way.

Change your address early on

Getting this done early on will help you stay organized and avoid missing any late payments or snafus. It is a wise idea to make your list of places to update like mail, credit cards, DMV, etc. 

Use appropriate packing materials

Make sure to use proper packing with your belongings. You can be creative and use old blankets and the like that you already own in lieu of those you purchase or rent from movers, but don’t use things like basic trash bags that can easily rip and damage your belongings. Invest in boxes, packing tape and bubble wrap for fragile items. This will save you headaches in the long run.

Donate or sell items

There is no better time to do a purge of unnecessary belongings than when moving. There is no sense in spending time packing or paying movers to relocate items you no longer need or are broken. Think about donating unwanted items or even selling them to help fund your move.

Label boxes

Be sure you do some simple labeling of what your contents are inside of your boxes. It is important for both you and your movers to have first the room that it goes in and then a description of the items inside. Ex. “Kitchen, dishes.”

Copy important papers

It’s never a bad idea to make a copy of important documents before your move. Copy things like passports, birth certificates and the like are good to have a duplicate of just in case it takes a while to locate them after moving. 

Hire professional movers

Some of us have family and friends that can assist us with our moves, but these contacts aren’t professionals. Avoid having anything broken or anyone getting injured and get some estimates from professional movers. There are different tiers of what you can have them do too so you can find what is right for your budget. Shop around and save.

Pack moving day bag

Pack one bag for your essentials to have on hand for moving day. A change of clothes, medications, toiletries, copies of documents, phone charger and the like are just a few ideas of what you should have on your person that day.

How Long Does It Take To Buy A Home?

Despite it being a thing that happens all of the time around us not everybody knows just how long the homebuying process can take. As there are many different parts that go into the preparations and process, there can be some variables that can make it take longer for some than others. Here is a better look at the timeline of what needs to be done.

Steps of Home Buying 

Search - This step in the process can be most fun but really vary and can take longer these days given the lack of available inventory. However, the average person usually takes a couple of months of looking at properties that come available and fall within their criteria. 

Offer - Once you have located the home of interest then it is time to move quickly! Submit your offer and then start negotiations. This usually takes a few days of back and forth. When your offer is accepted by the sellers then you will move to inspection usually within a week.

Contract to Closing - After your home inspection has been completed then you move to entering the contract with all of the terms and conditions along with submitting the down payment. From this stage to the closing is usually between 30 and 60 days. During this time you will complete the mortgage paperwork, have a home appraisal done, do a title search and solidify a home insurance policy to take effect on the day of ownership.

How You Can Speed Up The Process

Preapproval - Get this part completed well before you have even started looking at homes. Not only will this potentially eliminate some properties that fall outside of your budget, but having a pre approval letter in hand will mean you will be a serious buyer, ready to submit an offer on the very first property you see if it is a great fit. Sellers will be on the lookout for this.

Paperwork - Your loan approval requires that you collect all of your important documents including pay stubs, taxes and the like. As these will need to be current, be sure you have everything on hand so that your approval process can go as quickly and smoothly as possible.

Closing Costs - Your mortgage lender will provide you with a “good faith” estimate of what your closing costs will be. It is imperative that you have these funds available but also have them ready in an account to pay when that time comes. It is a wise idea to prepare early enough to make sure you have what is needed. 

Updates To Consider Before Listing Your Home For Sale

Selling your home always involves a lot of planning and things to take care of before actually putting it on the market. There may be some maintenance issues that you know you need to tackle first, but you may not be aware of some bigger picture things that can make a big difference in the price you can get for the home. Here are some pointers on things you can address that can increase your home’s value.

Exterior Updates

The exterior of your home is the first and last thing everyone will see so you want to make a good first and lasting impression. Some ideas to consider upgrading include siding, gutters, windows, roof or even just the front door. Some of these items can be bigger ticket items but if they are in need of repair, then it is best to address them before listing.

Flooring

Flooring can also make or break an impression. Worn floors or older, compromised carpeting can make your home look tired or even dirty. Definitely consider addressing any rooms that have flooring issues such as these. Redoing hardwood floors or even upgrading carpet to some of the great laminate options of today can be a good idea.

Painting

One of the best and simplest ways to freshen up your home is with paint. Go room by room through your home and make sure all walls are in good condition. For any rooms that have dirty or scuffed walls, repaint them with a lighter and neutral color. This will appeal to the masses. 

Kitchen Updates

The kitchen is always the heart of the home and is where so much value is placed. If your home is older and outdated, consider some upgrades to modernize it. Ideas include replacing or painting cabinetry or even just doing the counters and hardware. Sometimes some simpler upgrades like new appliances can be just enough to entice buyers so they know immediate renovations will not be necessary. 

Decluttering and Staging

Even if your home is newer and all things are updated, decluttering and staging is typically necessary on some level. This means getting rid of anything personal like family photos and the like as well as making sure all rooms are arranged for their intended use. For example, guest rooms should be set up with a bed and furniture rather than work out equipment and a catch all space. Show off the home’s true potential so all buyers can envision using it best and see how it caters to their lifestyle. 

4 Home Updates To Tempt Buyers

As your trusted real estate resource, we know that if you are currently a homeowner then you know how to think like a buyer. When it comes time to sell you will have a good understanding of what buyers will be looking for as you went through the very same thing when you purchased your home. While you probably know your property’s strengths and weaknesses, here are several key things you can check for when looking to make it more valuable to buyers.

Kitchen Upgrades

Without going too crazy there are some creative ways to add some value to your kitchen. New cabinet hardware can help update the look along with resurfacing the cabinets with a brighter color. Adding or replacing a dated backsplash is also a great trick for a lower cost. Combine that with getting a modern faucet for better look and function. 

Bathroom Upgrades

Most importantly bathrooms should always be fresh and clean with no mildew, mold or water damage so be sure to repair and paint if necessary. Next, for older bathrooms consider replacing the vanity and faucet for one that brings it into modern times. Finish it off by getting some new shelving for towels or regularly used items that are nice enough to display.

Upgrade The Appliances

Most buyers will first consider your home for its price, then when they tour it will be making notes about any costs associated with not only what they want to do, but will have to do for updates. Older, inefficient systems or appliances will certainly be on the list as they have both replacement and operating costs. If any of yours are on their last legs, it might be a good idea to replace them with models that are energy efficient.

Audit The Exterior

As it is the first and last thing all buyers will see, make sure nothing stands out as being neglected or needing repair. Trees and shrubs should be well pruned, paint should be in good condition and your front entryway should be nice and welcoming. A fresh coat of paint on the front door coupled with a new doormat and potted flowers can usually do the trick to set the stage for a clean and updated home. 

8 Things To Do After Closing On Your Home

When you have gone through the home purchase process and finally closed and gotten the keys, then it is important to consider some next steps. Before you start redecorating and planning your housewarming party, be sure you get down to some essential business first. Here are some things you will want to be sure you take care of.

Insurance

For anyone who has a mortgage, homeowners insurance (and possibly flood insurance) will be mandatory. However, make sure you don’t forget about your contents too. Speak with your insurance agent and see if you can even do a bundle plan with your automobiles too and save.

Change The Locks

You never know who the previous owner has lended keys to. Maybe friends, old tenants, repairmen, etc. so have some peace of mind and change the locks so you know only you have access to your new home. The same idea goes for any keypads or door codes as well - give those an update too.

Change Your Address

You may have thought ahead to change your address at the post office, but you will still need to manually change all of your other important information too such as credit cards, drivers license, etc. Make a checklist and run through everything so there are no issues down the road.

Clean and Fix

As soon as you receive the keys, do a deep cleaning and take the opportunity to repair anything that may need fixing. Moving into a clean and turnkey home will make things go so much smoother.

Create a Maintenance Plan

Make a plan with dates for all of your important maintenance items. This should include things like HVAC filters, smoke detector batteries, pool filters and the like.

Check Security

Does the new home have a security system that you can easily activate? Maybe doorbell and property cameras? Find out what is there and what you may want to add. Pro tip: check with your insurance company on potential savings as monitored security systems can potentially save you on homeowner’s insurance.

Meet The Neighbors

It is always a good idea to know who is living around you. This way you and them both can keep an eye on each other’s homes for any suspicious activity. 

Get Familiarized

Take some time to get familiarized with the new home. Be sure you see where the electrical panel is for any potential problems, inspect the HVAC system and how to operate all appliances and the like. Figure this all out from the get go and avoid any future headaches.

6 Reasons Why Real Estate Is a Good Investment

These days when someone wishes to build equity and wealth there are several options to choose from. From stocks and bonds to real estate there can be a lot of decisions to make on what makes most sense to invest your money in. However, many people build wealth using a basic asset they own like owning an additional property. Let’s examine why real estate can be a great investment and how it can help you build your wealth.

Cash flow

When you invest in real estate you can generate steady cash flow when you are collecting money by renting the property out. To calculate this, add up your gross rents and then deduct your expenses including things like mortgage payments, taxes, insurance and maintenance costs.

Great returns

A long term real estate investment can have some fulfilling returns. Appreciation over time has historically earned many people some substantial equity. Always choose the right location of course so that your property will always be in high demand. This should help lessen any losses.

Long term security

The long term security of real estate can make it a great investment as time goes on. Also, you are not just waiting for your real estate investment to appreciate in value. Instead, you are renting out the property today and collecting money every month that you have paying tenants. It is a win-win!

Tax advantages

One of the best advantages to owning real estate are the tax benefits. Per the IRS guidelines there are expenses you can deduct from your taxes that include things like mortgage interest, property taxes, operating expenses, repairs and depreciation.

Leverage funds

Many investors will buy their first investment property by taking out a Home Equity Line of Credit (HELOC) on their primary residence. Lenders typically allow homeowners to borrow up to 80 percent of their dwelling’s value so they are using their equity gained rather than using other available financial resources. It’s a prime example of having your money work for you.

Inflation protection

Investing in real estate can also provide some great protection against inflation. Inflation raises the price of goods, but it also raises wages. Since wage growth is tied to rental prices, you can increase the rent on your rental properties once the current leases come to expire/renew every year.

Best of all with real estate investing, you are your own boss and control everything. While it may come along with management responsibilities and the like, you are in control of your own destiny.

A Guide For Kitchen Design and Renovating

Remodeling your kitchen can be an undertaking especially if it is your first time designing and doing a renovation project. The kitchen is also the heart of the home where so much time is spent and so much focus is given when determining the value of the home. Before you begin planning out your kitchen space, here is a helpful guide on the important steps to take.

Planning The Project

The first place to start is to do some overall planning. This means create a budget and decide on the kind of look you want and what things you are looking to incorporate into the design. Prioritizing your wants and needs will also help you stay within your budget. 

Decide on Layout

The most popular kitchen layouts are U-shaped, L-shaped and galley. Your existing space will somewhat play a role in this but you will also have to decide on your preferred style and how you can most efficiently lay out your kitchen for a proper workflow. Consider how you will entertain as well, like would a large island with dining options be a good choice?

Select The Cabinetry

Cabinets play a large role in the design and functionality of your kitchen. Consider the materials, style, and color you want to set your design with. Custom cabinetry gives you more control but at a higher cost. Semi-custom options still offer some design options but at a cheaper cost.

Choose The Right Appliances

Here is where you consider more of your wants and needs. First consider what quality line of appliances you wish to go with. Do you need the Viking range or will a top tier appliance package from popular brands such as GE or Samsung do? Then consider what actual appliances you want. Will you choose a sleek drawer microwave for your island or a matching wine fridge for your collection?

Hire a Reputable Contractor

A contractor plays a vital role in designing and renovating your kitchen. You want to hire a reputable one who has plenty of experience and a proven track record. Always ask for references and view their portfolio before hiring them. A good contractor will help you stay within your budget constraints, ensure quality, and circumvent any unexpected issues that may arise.

The Dos and Don'ts During A Move

Some of us move more frequently than others, but all of us know that moving day can be a lot to deal with. You need to do some planning, packing and it can be tough to know exactly what you need and what you don’t. Here is a guide so you can be efficient and save where you can. 

Use The Right Materials

Using the right materials for packing can save you on many things including frustration, stress, time and even money! Be sure you have enough boxes, bubble wrap, packing tape and paper so that you can properly protect all of your valuable items and safely relocate them to your new home without damage.

Don’t Purchase Unnecessary Items

Do your best at quantifying how many boxes and materials you will need. Another great way to save money is to ask local stores and supermarkets for boxes that they no longer need. As a substitute for expensive packing materials, you can use old newspapers, bed sheets, and towels to wrap and protect your belongings. 

Organize and Minimize Clutter

There is no better time to start pairing down your belongings that you don’t need than during a move. Rather than packing 100% of all of your things, be a little discerning in the moment and start doing a purge. If there are things stowed in your closets that you almost never use or haven’t in over a year, perhaps it is time to sell, donate or just throw away. There is no sense in moving things that you don’t need.

Don’t Move Broken or Damaged Belongings

Similar to anything you don’t use or need anymore, don’t pack anything that is broken or damaged. Do an inspection of all of these things ahead of packing and place all of these things in a designated area. Have a pile for trash, one for donations and one for sale if there is any value. 

Hire Professional Movers

Moving is challenging enough with all of the planning and packing and you don’t have to do it all alone. If you have friends and family that can help, that is one thing but sometimes it makes sense to leave the big job to professionals. Especially if you have a substantial amount to move or own things of significant value then it may make sense to pay those who are experts. That will take the guesswork out of what you need, maneuvering a large truck and offering peace of mind during the already stressful process. 

Four Things To Consider When Making Your Best Offer

Are you in the market to purchase a new home soon? While the market may have had a correction making it more balanced than in recent years, we are still in a seller’s market. Given the competitive landscape that still exists for some buyers, here are four helpful tips to think about when you submit your offer. 

Consult Your Real Estate Agent

An experienced realtor like ourselves will have the knowledge and experience to best guide you through the offer process. Work on establishing your goals and allow your agent to help you get there. There can be some strategy to weave in when you want to have a successful offer. 

Know Your Budget

Every buyer must be prequalified before starting the offer process. It is important to know your budget, be clear on what you can afford to spend and clear what a lender will give you in the way of a mortgage amount. You should also have a regard for other important expenses such as insurance and taxes so you know the amount that is comfortable for you to afford. 

Consider Everything Before Submitting Offer

The market today is not quite as fast paced and red hot as it was in recent years. This means you may have a little more time to consider what is important for you to have when you are writing your offer. You might have more negotiating power these days than before so chances are you could ask for more of what you want rather than what you think the seller will take. Consult with your agent for the best strategy for the particular property given the local market conditions.

Negotiate Leveraging Agent’s Expertise

There are more things to negotiate than just the price of the home. It is less common for buyers to skip a home inspection and not ask for concessions from the seller nowadays where the landscape has changed, but you can still consider negotiating the deal in other ways. These include things like offering optimal closing dates for the seller for you to agree to. Consult your real estate agent for ideas on attractive ways that you can craft your particular offer with. 

How To Build The Ideal Outdoor Kitchen

Everyone wants to fully enjoy the use of their homes nowadays and who doesn’t wish to spend some of that time outdoors? Having a nicely outfitted outdoor space will be an extension of your living space which is certainly handy when you have those get-togethers this summer. Here are some helpful pointers if you want to create the perfect environment for dinner parties and cookouts.

Establish your budget

Just like any home project, you will need to establish your budget and then go from there. Creating an official outdoor space like this will certainly add value to your home so figure if you will be using savings or maybe a HELOC to help you afford the improvement. Then solicit some estimates to see if it falls within your budget.

Select the location

One of the first logistical steps is to pick the right location. Things to consider should be proximity to your home for any necessary utilities as well as a spot that will be accommodating for enough room and comfort. Have a consideration for the elements as well. You won’t want an outdoor kitchen out in the direct blazing sunlight.

Design the layout

Once you have picked the right spot then comes the actual design and layout. Be sure to factor in plenty of pace for preparing, cooking and dining. Outdoor kitchens are a different animal where you don’t have walls which means you need countertops and furniture to define the space. Will it be L shaped, U shaped or a simple larger counter? If you have the space then you can consider combining your dining with the cooking counter.

Choose quality appliances

Depending on the design that you choose, cooking appliances will be key with defining your space. High-quality appliances are the heart of your luxury kitchen somewhat similar to your indoor kitchen so pick the right appliances to be an extension of your cooking habits, interests and your taste. The most common outdoor kitchen appliances are typically grills, pizza ovens, side burners, refrigerators and sinks.

Select cabinetry and furniture

To add value to your luxury outdoor kitchen, build in some creative storage options and high-quality furniture. Common outdoor cabinet materials include stainless steel and PVC for their durability and aesthetic. The summer sun will never fade HDPE cabinets, keeping them chic for longer for a wise material choice. Outdoor patio furniture will work well for your outdoor kitchen space using weather-proof chairs, stools or couches to maximize entertainment, dining and relaxation. Having an outdoor kitchen table will act as the perfect setting for parties, events or family dinners.

Once you have done all of these things, now it is time to enjoy!

Ideal Summer Home Improvement Projects

Summer is the ideal time to tackle those home projects that you have been procrastinating on. Whether you are a long time DIY-er or just getting started you can do many projects yourself that will make your home that much more enjoyable while you save money. Here are some ideas of top improvement projects that you can do yourself this season. 

Landscaping

There is no better time to start improving your landscaping than during the summer. Make a more inviting area by planting colorful flowers and shrubs. Perhaps interesting seasonal plants that are in pots or hanging baskets to liven up your patio or entryways. For larger yards consider some mulch or stone gardens to add interest and sustainability.

Painting

Summer is a great time to do some exterior painting of your home. Warm and dry conditions are best for the paint to dry without any issues. Select a modern color that will go well with your home’s style to give it some life. A fresh coat of paint can not only boost your home’s curb appeal but can add value if you are looking to sell in the near future. 

Deck/Patio Reno

The summer season means an extension of your living space outdoors so spruce up those patios and decks! Consider a fresh stain or seal on that deck or an upgrade of pavers to that patio. Add some new furniture pieces and maybe some exciting solar lighting to create a cool and comfortable atmosphere.

Kitchen Upgrade

The summer season often means more gatherings and kitchens are where that happens. A kitchen renovation project can be the perfect solution to transform an outdated or uninviting space into a comfortable and functional heart for your home. Go smaller and just do some paint and new counters or go big if need be and do all appliances and cabinets too. The kitchen is one of the most important rooms of the house and you can realize the majority of the investment when it comes time to sell as well.

Bathroom Refresh

Just like a busy guest season for kitchens, those same people are going to need to visit your bathrooms. Choose to go simple and freshen paint, linens, hardware and fixtures to transform on a smart budget. A bathroom refresh can be a great way to give your space a new look without breaking the bank. 

Saving For A Down Payment Versus Retirementent

Saving up for a down payment for a home can feel like a painstaking hurdle for many. After you pay taxes, put aside for retirement and cover living expenses it can feel like you don’t have much left to build a sizable amount. This may have you looking at reducing costs here and there and maybe even consider lowering your contribution for your retirement. Here is a breakdown on whether that is the right choice for you.

Retirement Logistics

There are some important factors that you will want to consider if you debate lowering your retirement contribution.  First, you will want to think about your age, where you are in life and your tax bracket. Depending on how many years you have left until retirement and how much you have saved, it may be better to alter your lifestyle and spending instead. Next you should also think about if you have an employer match situation. If your employer is matching your contribution, you may only want to dial it back to the max of where your employer is matching as it is essentially free money. Finally, definitely see about any ramifications if you lower your contribution enough where it pushes your income into the next tax bracket. That situation would also be less beneficial to you in the end.

Other Financial Considerations

When you weigh your options with how to achieve your down payment goal, you may want to reassess how much house you can comfortably spend. It is one thing to reduce your contributions just for the down payment, but if you are planning on buying a more expensive home, then your housing costs could potentially keep you from resuming with your higher contributions. Take a good look at the financials with a mortgage calculator and be sure to factor in taxes, insurance, any HOA’s or PMI costs as well. 

Finally, in the end the big question is just how much do you need for a down payment? The amount of 20% is often what everyone thinks is necessary as you can avoid PMI. However, the reality is that there are many different loans and programs out there where even as little as 3% are possible. Researching your home loan options will help dictate what is best for you and ultimately how much you will need to start saving. 

How To Stage Your Home Properly

Getting your home for sale can involve a lot of planning. It is not often that everyone’s home at any given time is in perfect condition where it is ready to be listed on the market for sale. However, the good news is that you don’t always have to do significant remodel jobs to get it to the point where it is ready for buyers to see. Staging can be a fantastic and economical way to enhance your home as you make it look its best for buyers. Here are some great staging how-to tips. 

Curb Appeal

As your home’s exterior is the first and last thing all buyers will see, make sure it looks great. Have your lawn, flower beds and pathways all looking tidy. Consider some updated house numbers and a fresh coat of paint on that front door as well. 

Foyer

The next welcoming area is your foyer. Keep this neat with coats on racks and shoes stowed away. A nice flower arrangement on a vestibule table can add some color and life.

Declutter And Store

Visit each room and minimize all of your personal belongings. Be sure to also limit the amount of decorating items as well to make your rooms appear large and accommodating. The same goes for your closets and storage areas. If these are packed to the gills they will seem smaller. A storage unit for things as you pare down can also be helpful.

Clean

Don’t just do a regular run through cleaning, do a deep cleaning. That means wipe down the inside of the cabinets, closets, behind toilets, under sinks and behind/under furniture. Don’t forget the importance of cleaning the windows too!

Function

Be sure to have each room arranged as it is intended. For example if it is an eat-in kitchen, put the table and chairs in it. If it is a guest room, put the bed back in and move that exercise stuff to the side.

Easy Updates

Make sure you repair anything that is clearly broken. If there are any small cracks, fix and paint them so nobody is questioning if there is more to the story. Do you have broken door hinges or loose cabinets? Take a few moments to address these issues so buyers don’t get the sense that there could be more deferred maintenance than what they see. A coat of fresh paint can really go a long way at a small cost too.

Neutralize

Go room by room and take away anything that is personal. Any photos, awards, collections and personal items such as blow dryers, makeup caddies, etc. should all be put away neatly. Offer a clean slate for any buyer to easily picture themselves living in the home as if it were already theirs.

Evaluate With Friends

Finally, put your work to the test. Invite over one or two of your most honest friends that may have a discerning eye. See if you may have overlooked anything that they feel should still be tended to. Sometimes when we look at something every day, we may not see it as much as the fresh eyes of a visitor.

5 Tips For Making Homeownership a Success

Homeownership is rewarding in several different ways. You can live in the home as it is or change the home to be exactly the way you want it all while building equity over the years. However, it also comes with big responsibilities. Repairs, maintenance and upkeep are all your responsibilities and sometimes things arise when you least expect them. Here are some helpful tips that can help make the experience more manageable. 

Organization

Staying organized is key. Be sure you keep track of bills, due dates on any contracts associated with the home or when annual dates arrive for any work that may need to be done on a regular basis. Devise a system so all paperwork is easily accessed and in a proper order. This will save on time and frustration later on.

Emergency Fund

Owning your own property comes with the responsibility of maintenance. This means not only the regular things like landscaping and cleaning but also those surprise repairs like a plumbing issue that can suddenly arise and be costly. Put some money aside each month so that you have it on hand when something like this happens.

Routine Maintenance

Make time in your busy schedule for regular maintenance. This means keeping landscaping tidy by trimming back any trees/bushes that could potentially be intrusive to your home. Also things like changing HVAC filters, sealing driveways and walkways and the like. Keeping on top of these items will help prevent more costly repairs down the road. 

Research Major Purchases

In the interest of saving money and having some on hand for emergencies, make smarter decisions for your larger purchases. Shop around for those bigger ticket items like appliances or furniture. Be on the lookout for sales or even great financing options that can help you put more money back into your wallet. 

Hire Professionals

Do it yourself projects can be great when many skills are not required or if you fortunately have those necessary skills. However, when a project is beyond your capabilities then it makes sense to outsource to a professional. Things like electrical work or anything else that is more complicated or potentially dangerous or lead to other larger problems which could cost you more in the long run. 

Think Hard About Waiting For Home Prices To Decrease

The real estate housing market continues to evolve this year leaving many to question where it will go from here. Gone are the days of extraordinarily low mortgage rates which only fueled the bidding wars that were transpiring on most any property for sale. Nowadays home loan rates have climbed which has set a slower pace for home sales perhaps giving buyers a bit more time to negotiate the right deal with less competition. The big question many are wondering now is what should we anticipate in the way of trends for home prices?

There has been a lot of discussion about a potential dip in prices since home prices peaked last year in June. Many have been debating if they should be waiting on a home purchase as a result. In fact, a recent survey from Zonda shows 53% of millennials are still renting right now because they’re holding off for home prices to come down. However, more recent data is suggesting that home prices have already bottomed out and are now on the rise again. Data from Black Knight shows home price trends in November of 2022 compared to February of 2023. The study shows that 96% of home prices had declined during the month of November where 78% of home prices increased in February of 2023.

This report will make you think twice about waiting as trends are showing that prices are now increasing as opposed to decreasing. Other experts and studies including the Home Price Expectation Survey predict that prices will increase steadily and return back to more of a normal pace of appreciation after 2023. 

Each market performs differently and there will be subtle nuances belonging to every area. The best way to help you understand the behavior in your market or area of interest is to rely on a professional real estate agent like us to assist you with the best insight and guidance.

6 Tips For a Painless Move

Buying a new home is a very exciting time. Finally you have found a new place to live and make yours as you begin the next chapter of your life. But let’s face it, the actual physical move can be a less than desirable chore. So here are a few helpful tips that can help make your move as painless as possible. 

Freshen first

You may have made some notes when visiting the property before you actually closed on it but see what sort of work needs to be done. Do any rooms need painting? Do any of the floors need to be refinished? Take care of these items first as it can be much easier than working around your belongings after they are all moved in. This also goes for cleaning too. If you don’t have the time or manpower then it may make sense to hire cleaners to help get things in tip top shape before moving in.

Change the locks

As soon as you possibly can it is always a good idea to have the locks changed. It is not because you don’t trust the previous owners per se, but you never know who they lent keys out to over the years. This also goes for mailbox keys, keypads and codes as well if applicable. 

Setup utilities

There’s nothing worse than moving in and having power or utilities not working. That can really add to the stress! Be sure you find out from the previous owners ahead of time what all of the utilities are that are associated with the home and get the accounts setup in your name ahead of time.

HOA registration?

Does your new home have a homeowners association (HOA)? Be sure you have done any necessary paperwork to ensure you can be easily contacted and are aware of bylaws and regulations so that you don’t get off on the wrong foot with your new neighbors.

Organize with labels

Once you have moved all of your things into the new home there will be some priority to what you need to unpack and get settled with first. The simplest  way to stay organized is to label all of your boxes so you know where everything is. This can also help you and/or movers place boxes in the appropriate rooms as well. Label each box with both the room and contents.

Food

Finally, things can get chaotic and busy on moving day so map out some good and easy food options that are close by. Whether it is a good pizza place or somewhere that is open later, knowing where to get food quickly will help you plan and avoid getting hangry! 

6 Tips For Making Your Remodel More Sustainable

Home remodeling jobs involve a lot of planning of what you want and how you are going to go about executing it. Nowadays most everyone has a regard for efficiency and sustainability but also for their budget. But what if you could respect both during the process? Here are some helpful tips from architects at Houzz that are both kind to the earth and your financial situation. 

Size

One simple way to have a lighter footprint is to control the size. Think more of a “less is more” attitude and go for quality over quantity. Smaller spaces and simpler renovations are going to be cheaper and use fewer materials. If you are in need of using any materials that are not sustainable, a smaller space will likely require less of them too.

No Demo Reno

Before you go knocking down walls ask yourself if you can get the same or similar results with upgrading what you currently have. Full renovations with demolition can get very expensive and cost nearly as much as new builds. Think about working with as much as you already have to save.

Research

Make sure you do your research so you are fully aware of everything you have before you start. This will help reduce waste and conserve costs. In particular, have a regard for your home’s orientation. It can have a significant impact on your home’s utility costs where you can make sure you design with a regard for things like natural light and ventilation.

Reuse

This is ideal if you can reuse or repurpose some elements of your home, but understandably you may not be able to in some instances. For example, keeping appliances may save you up front, but long term if they are older and less efficient, it may make more sense to replace them with newer models and either give away or sell your old ones.

Buy Local

Opting to go with locally sourced and made materials and products is both environmentally responsible and socially responsible. It minimizes transportation emissions and helps create jobs and support local economies. It is a win - win!

Long Term Design and Flexibility

Think about your future and consider longer term ways your home may be used. For example, a room that you use as a nursery now may make sense later on as a home office or TV room. Or think about flexibility with maybe a current home office that can double as a guest room. 

How You Know That You Found The Home Of Your Dreams

The steps of buying a home does come with some necessary paperwork and qualification,  less exciting details but the actual home searching part can be quite fun. So how do you know when you visit a house and know it is “the one?” You may feel it, but here are some things to consider before you submit that offer.

Must-Have Checklist

When you set out to do your home searching, make sure you make a list of must-haves before you begin. Don’t confuse this criteria with your want list. This will help you narrow down the homes that are worth taking a closer look at. From that point you may even want to rank the finalists for which you like best.

The Location

A property’s location is one of the most important things to consider as it is one thing you can never change. Decide if you want more of a quieter suburban setting or an urban in-town neighborhood where you can walk to places. Whichever setting suits your lifestyle is most important.

The Function

It is important to know if the home caters to your needs. Does it have enough bedrooms? Can you entertain like you want to in the living room and/or kitchen? Does the home need renovating in order to be a better fit for you? Ask yourself these questions as you evaluate. 

Comfort

Here is where you can rely more on just a feeling. When you enter the home, does it make you feel relaxed like you are “at home?” Or can you at least see yourself very easily living there? If you already feel comfortable in it, that is a good sign that it can be a good fit.

The Flexibility

Figure out what you can do with the home to make it more suitable for you. Maybe it is redecorating or adding a room or outdoor space like a deck. Do some basic calculations to see if any of those projects would be financially worth it or if they would put you beyond your budget to make the home just right. If not, it may just be the perfect home for you!