Finding An Affordable Home in a Great Neighborhood

 

You have heard it a million times, “buy the worst home in the best neighborhood.” While you do not necessarily want to buy a home straight out of a horror film, finding an affordable home that might need some updating or repairs in a GREAT neighborhood is a great strategy in a tight real estate market. With some strategic planning, it is possible to find a great home that will accrue value over time because it’s located in a great neighborhood. 

The first step is to define what a “great neighborhood” means to you and your family. Of course, the basics such as low crime and great school are a good start, but you also want to consider amenities that affect your quality of life and lifestyle. Do you want easy access to recreation facilities or trails for example? Once you identify the essential qualifications of a “great neighborhood” for you, then start doing your research. 

Real estate and community websites are a great start. Social media sites can also offer insight into the lifestyle of the communities you are considering. Review the prices of current listings and consult with your lender to determine a realistic budget. Then be open to compromises. What are the true “must have” aspects and what would you simply “like to have”? Be ready to pounce if a good home becomes available. 

Be open and honest with your budget and goals. Working with a real estate agent, they may offer similar communities as well. These could be good starter locations that offer value accretion. Finally, be ready to make updates and repairs. Finding a diamond in the rough will take work and elbow grease but in the long run, you can find significant financial and personal reward from investing in the right neighborhood.

How to Find a Pet-Friendly Neighborhood

 In a tight housing market, finding the right home for you and your family may feel like a needle-in-the-haystack effort. Add to this the need for a pet-friendly neighborhood and you may feel like it is impossible. The good news is that more communities are considering our furry family members when planning or improving their amenities. Finding the right location ensures that your pets are safe and happy. 

First, if you are considering a home in a planned community or association. Carefully read the rules, restrictions, and policies. While most local laws prohibit properties from banning pets, they can limit the number and type of pets. Make sure your furry friend meets their requirements. 

The home itself should be in a safe environment also. If your pet will spend time outdoors, either playing in the yard or chasing a ball, look for communities with low traffic and well-lit streets and parks. 

Next, observe the community. Take a drive and look for green spaces, dog parks, and trails. Spend time learning the rules, such as leash laws, day availability, or breed restrictions. Ensure they are maintained, and that people are complying with the posted rules. 

Finally, check for local pet services such as pet supply stores, grooming salons, boarding kennels, and veterinary clinics. Easy access to these facilities is important for your pets’ well-being and health. By focusing on these aspects, you will find a neighborhood where both you and your pet will thrive.

5 Ways to Verify Your Real Estate Agent is Experienced

 Regardless of whether you are a buyer or seller, using an experienced real estate agent is important to the success of your transaction. Yet, how do you know if the agent truly has the experience they claim? While there’s a case to be made that a new agent works harder, and they have the assistance of their broker, if you want a seasoned agent for a more complicated transaction, there are a few ways to verify they meet your expectations. 

1. Check their License and Credentials – The first step is to check their license and any accreditations they claim. All these professional organizations keep membership records available to the public. Also, review any disciplinary records or complaints. 

2. Review their Track Record – Ask for references and call them. Ask about any challenges that occurred during the transaction and how the agent oversaw them. Ask for a printout of closed sales, to see if they are managing the kind of homes that pertain to you. 

3. Ask Good Questions – Ask about the market. Ask them to talk about the community, amenities, HOAs, property values, etc. A seasoned agent should know this and be able to inform you on any local subject. 

4. Assess their Communication Skills – During the interview process, determine if you are getting clear and concise information. Notice if they are attentive to your needs and communicate quickly. Remember, they want your business, and if there are issues upfront, it will not get better once you list with them.

5. Understand their Marketing Strategy – Ask for a detailed marketing strategy. Question anything that seems unclear and know why they are using the various tools to sell your home. 

Everyone starts sometime. There is no reason a brand-new agent isn’t the right choice for you, if you’re aware and understand the support they are receiving. But, if you think you’re hiring a seasoned professional, these are a few ways you can verify the information and ensure you’re hiring the experience you expect.

Pricing Your Home for Sale When Everyone Else is Overpriced

 

The past few years have been exciting for home sellers. Not only were home prices historically high but buyers were well qualified and enjoying low interest rates. Today’s housing market is dramatically different in many areas of the country. If you are considering selling your home, you may be wondering how to select the correct price when it seems all the sellers around you are still overpricing theirs. 

Working with your real estate agent, the first step is to look at recent sales, not just recent listings. You may find quickly that the homes are selling for quite a bit less than they are listed for. You also need to look at the trends. Are sales prices rising month-over-month or declining – and by how much? This can help you gauge if you should price higher than recent sales or lower. 

In areas with few recent comparable sales, such as markets with many custom homes, it may benefit you to get a professional appraisal. This will cost a few hundred dollars and will give you a full picture of the local market. Appraisers will consider the unique features of your home vs the recent sales, as well as the sales prices. This can offer great information if you have a beautiful view, a large lot, or a remodeled home. 

Finally, rely on the advice from an experienced agent. Don’t be tempted to join the pack if they are overpriced. Be reasonable in your expectations. This will allow you to sell quickly and for the best price possible in the current market.

5 Things You May Not Know As A First Time Seller

First-Time Sellers – 5 Things You May Not Know 

Selling your first home is an exciting journey that comes with its unique set of challenges and learning curves. Even if you feel well-prepared and have partnered with a skilled real estate professional, there are several aspects of the home-selling process that might surprise you. Here are essential insights to help you navigate your first home sale effectively. 

1. Pricing is Critical Setting the right price for your home is crucial. Tempting as it may be to start with a high asking price, this can deter potential buyers and lead to a longer wait time in selling your home. Overpricing can necessitate significant price drops later on, which might give buyers the impression that there's something wrong with the property. A competitively priced home, on the other hand, is more likely to attract interest and sell quickly. 

2. Preparation is Key Before listing your home, take proactive steps by addressing repairs and any deferred maintenance. This not only enhances the appeal of your home but also prevents potential buyers from being put off by the work they would need to do. A well-maintained home generally sells faster and possibly for a higher price, as buyers perceive the care you've taken over time. 

3. Understanding Disclosure Practices Transparency about your home's condition is generally expected in the home-selling process. Sellers often share details about the property's history and current state, which can include past repairs and any existing conditions. Providing this information can foster trust and facilitate a smoother transaction by ensuring buyers are well-informed about what they are purchasing. This approach is widely regarded as a best practice in real estate sales. 

4. Anticipating Closing Costs Understanding potential closing costs is crucial when selling your home. These costs can vary and might include fees such as title insurance, transfer taxes, and other related expenses. It's important to be aware that these costs are part of the transaction and can sometimes be negotiated with the buyer. By familiarizing yourself with these potential expenses, you can better estimate the net proceeds from your home sale and approach negotiations with a more informed perspective. 

5. Negotiations Negotiating the sale terms is more complex than just agreeing on a price. As a first-time seller, it’s crucial to understand that nearly every aspect of the offer can be negotiated, including closing dates, contingencies, and even appliances included in the sale. Having a flexible strategy and an experienced real estate agent on your side can significantly benefit this process. Whether it's negotiating repair responsibilities or adjusting the closing timeline to fit your needs, being well-prepared to discuss these aspects can make a significant difference in achieving a favorable sale. 

Navigating your first home sale can be daunting, but with the right information and guidance, you can successfully manage the transaction and look forward to your next steps in your real estate journey. Being informed about these key aspects will not only help you feel more confident but also position you for a successful and smooth sale. Remember, the best resource at your disposal is a knowledgeable real estate professional who can provide insights and expertise tailored to your specific situation.

Spruce Up Your Backyard by Adding Interesting Features and Spaces

With the warmer weather on the horizon, it is natural to turn your attention to the backyard. The backyard has become central to the modern lifestyle and a functioning extension of the home. If you’ve been staring longingly at the latest home magazine display of the “perfect” backyard, your own may seem lacking. The good news is that with simple projects and a little cash and elbow grease, you can add interest and function to any yard. 

· Add Visual Interest – The first and easiest change is to add some interest; something that grabs the eye. This can be a simple fountain or a bright planter. Consider varying shapes and sizes as well. 

· Create New Spaces – Use simple, and inexpensive, materials to carve out a new space. Lumber can be stacked to create a raised surface for a couch or chair or arrange gravel in a section of the yard for a small bistro dining set. 

· Build a Planter – Buy a pre-made raised planter or container and add some bright seasonal flowers. Another idea is to use blocks to build your own. Stand-up planters filled with herbs or vegetables can also be placed to create a sense of well-being. 

The key to an interesting and functional backyard is not the dollars but the way you use the space. By adding interesting features, spaces, and colors, you will build a yard that is inviting to guests and family alike.

What the New Credit Score Models Mean for Homebuyers

Starting in 2025, new credit scoring models will be used by lenders to determine the creditworthiness of potential homebuyers. Fannie Mae and Freddie Mac will mandate the adoption of the new FICO Score 10T and VantageScore 4.0 by the end of the year. For those interested in buying a home, these changes will impact their ability to purchase. The good news is that these scores aim to be more inclusive and to show a fuller picture than the old classic FICO scores did. 

These new scores have been noted to have better accuracy, and consider alternative credit data, as well as traditionally reported credit cards and car payments. For example, VantageScore 4.0 allows borrowers to add on-time payments for rent, utilities, and telecom bills. For those with limited debt or who prefer to use cash, this is a big advantage when seeking credit. 

The introduction of these new credit scoring models offers more opportunity and accessibility to credit for more individuals. This is particularly true for those with limited credit history or strong alternative credit data. Additionally, the VantageScore 4.0 only requires one month of credit history to generate a score, while FICO 10T still requires at least six months. 

Overall, the launch of these credit scores is a significant step towards hopefully allowing access to homeownership to more Americans. By considering alternative credit, these scores may provide lenders a truer picture of the ability of a potential homebuyer to pay their loan and extend credit to those previously unable to qualify.