Thursday, June 27, 2024 / by Dick Keenan
When you're buying your first home, you may encounter many unfamiliar terms and processes. You might know a bit about home inspections, but perhaps you’re not sure why they’re necessary or how they differ from appraisals. Here’s a straightforward explanation of each and their significance for you as a homebuyer.
Home Inspection
Once you're under contract on a home, getting an inspection is a crucial step. A home inspection provides a detailed look at the safety and overall condition of the property, which is vital for such a significant investment. As Realtor.com puts it:
“A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.”
During the inspection, an inspector will assess various aspects of the home, such as the roof's age, the state of the HVAC system, and other critical components. If any issues are f. ...
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Friday, June 21, 2024 / by Dick Keenan
Thinking about selling your home on your own as a "For Sale by Owner" (FSBO)? It might seem like a good idea at first, but handling the sale yourself can quickly become a stressful and complex task. Without the expertise of a professional, you're more prone to making mistakes that could cost you time and money.
According to a report from the National Association of Realtors (NAR), the two main challenges FSBO sellers face are setting the right price and managing the paperwork.
Here are some ways a real estate agent can simplify these tasks for you.
Pricing Your Home Correctly
Setting the correct price for your home is crucial. When selling on your own, you risk either overpricing or underpricing your property. Overpricing can scare away potential buyers, while underpricing might mean losing out on significant money. NerdWallet highlights the importance of first impressions when pricing your home:
“When selling a home, first impressions matter. Your house&rs ...
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Friday, June 21, 2024 / by Dick Keenan
With the 2024 Presidential election on the horizon, you might be wondering how such a significant event could affect your plans to buy or sell a home.
Historically, Presidential elections have had only minor, temporary effects on the housing market. Here’s a closer look at what happens to home sales, prices, and mortgage rates during these times.
Home Sales
In November of election years, there tends to be a slight dip in home sales. As Ali Wolf, Chief Economist at Zonda, explains:
“Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.”
This hesitation is mainly due to the uncertainty people feel during elections. However, this slowdown is temporary. Home sales typically pick up again in December and continue to rise in the following year. Data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows t. ...
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Friday, June 21, 2024 / by Dick Keenan
Many homeowners today feel trapped by the current high mortgage rates, making the idea of selling and moving less appealing. If you’re in this situation, it might seem like there’s no good solution. However, there’s a potential way to counteract these higher borrowing costs: leveraging the equity in your current home.
What Is Equity?
Equity is essentially the difference between your home's market value and what you owe on your mortgage. As you pay down your mortgage and as home values rise, your equity increases. Recent years have seen significant home price appreciation, so many homeowners have more equity than they might realize.
According to the latest data from the Census and ATTOM, over two-thirds of homeowners have either completely paid off their mortgages or have at least 50% equity in their homes.
How Your Equity Can Help You Move
Your home equity can be a powerful tool when selling your house, helping you navigate higher mortgage rates more ea. ...
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Friday, June 21, 2024 / by Dick Keenan
With summer in full swing, it's the ideal time to plan your getaway and enjoy some relaxation. If you’re eager to soak up the sun and have some fun, you might want to consider whether owning a vacation home is the right choice for you.
Why People Buy Vacation Homes
A survey by Ameriprise Financial reveals several reasons why people choose to purchase a second home:
Vacation Destination or Stress Reliever (81%): Owning a vacation home provides a personal retreat where you can escape the daily grind and unwind. You also won’t need to worry about booking accommodations when you want to get away.
Better Weather (49%): If you live in an area with harsh weather, a vacation home in a sunny, warm location offers a great escape, letting you enjoy pleasant weather year-round.
Rental Income (41%): When you’re not using your vacation home, you can rent it out, providing a source of extra income.
Future Primary Residence (33%): You can enjoy. ...
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real estate, home purchase, buying, california living
