Real Estate Blog

REALTORS® have traditionally represented the sellers who paid the entire brokerage fee from the proceeds from the sale.  Many states now require all licensed real estate agents to provide their buyers and sellers with a written disclosure of agency or a declaration of whom they are representing in the transaction.
 The regulations require that the agency disclosure be made at the “first substantive contact” between an agent and the consumer.  An agent who is representing a buyer or seller must have a written agency agreement that includes a termination date, a fair housing statement, and an exact description of agency relationship.
 Such disclosure requirements are good for the buyers, sellers and agents.  A recent Federal Trade Commission poll found that 72% of buyers did not realize that “their” agent, in fact, represented the seller.  The disclosure requirement clarifies the real estate agent’s role, especially for buyers.

The first step to matching you with the perfect home usually involves an in-depth interview with the REALTOR® who will help you to establish a price range and determine the features that you need in a home.

 The agent will ask a lot of questions.  Where do you work?  Are schools an important factor?  Do you have children or pets? Do you have hobbies that will create special needs?  The more information your agent has, the easier it will be to eliminate the homes that will not work for you and show you the ones in your price range that should fit your needs.  A good Realtor can be a tremendous resource in this process by providing you with information about the homes that are available, as well as about shopping facilities, community services, public transportation, and neighborhood amenities.  There is more to being a great real estate professional than merely marketing.  The best Realtors are also the best listeners and counselors.

Is the real estate section of your local paper filled with stories about how slow the real estate market in your area is?   Is it taking months to sell the homes on the market?  If this description fits your area, and you have been waiting for the perfect time to buy a house, this is the time!
 This kind of market is referred to as a “buyers’ market” for good reason–it is an opportunity for buyers to select from a large number of homes that could satisfy their needs.  Everyone involved is ready to bend over backwards to make it possible for you to buy your dream home.  Most sellers are highly motivated and so are the local real estate agents, loan officers, title companies, and other professionals involved in the transaction.  It is important to remember that the real estate market runs in cycles, and conditions can change without a lot of warning.  This could be the perfect time to contact a good REALTOR® to discuss your needs and to explore the possibilities available to you.

When their last child is married or graduates from college, many couples feel the urge to give up yard work, sell their homes, and seek a different lifestyle.  They may consider a condominium or a home near theaters, restaurants, museums and other in-town excitement.
 City living has many rewards, but this type of move does represent a major change.  Changing your way of living may be fun.  You will be giving up a lot of maintenance chores, and you will be close to many activities that are not available in the suburb, if you choose the city.  However, some things that you take for granted, like a parking place, may not be readily available in a city.  Before you make a commitment to a new condo, talk to people who live there.  Some suburban developments, town house and condo developments often have covenants and owners’ association restrictions that limit what you can do with your home.  A professional REALTOR® can get you the answers to any questions you may have about this important move.

It is not unusual for first-time buyers to be free of debt.  They have been saving for their first home for many months or even years.  Soon after they moved into their new home, they are deluged with pre-approved credit card applications from banks and stores they have never heard of.  Before they realize what is happening, some new homeowners can get over their heads in debt.
 The consumer credit agencies know that mortgage companies do thorough checks before approving a loan, and those who have passed through that process are considered good credit risks.  They also know that new homeowners often need to make major purchases of furniture and appliances at a time when they have depleted most of their savings accounts.  After years of disciplined savings, new owners may be faced with a tremendous temptation to just say “charge it” for the things they need.  If you have just purchased a home, be aware–and wary–when those applications start pouring in!

Getting pre-qualified for a home mortgage loan offers important advantages to the homebuyer.  It is a straightforward process that will give you vital information about your options as a buyer.

 Pre-qualification can be as easy as having a loan representative determine what price mortgage loan you can afford based on your statement of available funds, income, and debt.  The mortgage broker will ask you a few questions, do some financial calculations and, based on the information you supply, issue a letter of Pre-Qualification.  If you want further documentation, you can always authorize a credit report and provide bank statements, tax returns and W-2 forms for Documented Pre-Qualification. 

 When you get pre-qualified for a loan, you increase your credibility in the eyes of home sellers.  You gain a more concrete picture of your home buying choices – what price home you can afford, what neighborhoods will be suitable for your home search, and what additional documentation you might need in order to obtain pre-approval for your mortgage loan. 

 Pre-qualification is the preliminary to loan pre-approval, which gives you an assurance of funds from the mortgage lender – a valuable negotiating tool when you approach a home seller with an offer.

 Are you waiting for “just the right time” to buy your first home or that second or vacation home? In spite of what you might be reading in the newspaper or hearing on the news, current signs are pointing to a window of opportunity right now.             

 Presently we have a larger inventory of homes for sale making it more of a balanced market and giving buyers more to choose from.  Interest rates continue to be historically low. The average 30-year fixed rate mortgage rate remains near 40-year lows.  With rising interest rates still being predicted, can you afford not to lock in now? If interest rates rise one percentage point it could boost currently available homes out of your financial reach.

 Real estate still remains one of the best performing and consistent long-term investments.  The national median home price has increased 88% over the last ten years.  The average home purchased five years ago has appreciated 49% and even with the recent 2.2% decline in the median home price, this still equates to more than 45% return on your investment. 

 The many housing choices available and low interest rates make it a good time to be the buyer again!  This window of opportunity could disappear when prices. 

 Searching for the perfect home can become an arduous ordeal, even for the most enthusiastic buyer.  You look at so many properties, and so many factors affect your decision.  Organizing your search can help you stay focused on properties that truly meet your requirements.  You will give your real estate agent invaluable input if you prepare a written House Hunt Checklist with three categories.

 In the first category, specify “Must-have” features.  For example, you won’t settle for anything less than 2,000 square feet, and your family can’t do without three bedrooms, two full bathrooms and a yard for your beloved terrier.  The second category should be a list of “Love to have” features – a swimming pool, extra storage space, a three-car garage – things that would make the house extremely desirable to you.  In the third category, specify “Won’t live with” features that might include too much traffic noise from the street or a poorly rated school district. 

 Your checklist will help your agent guide your search, so every house you visit can be a potential home!