Our Real Estate Blog
If you have been looking for homes online for some time, you may be tired of viewing them on a screen. While online home searches are helpful and a perfect starting point for finding a home, you need to see a home to get a feel for it. Whether you are attending open houses or have set up private showings with your real estate agent, there are certain things that you can do to make the most of touring potential homes. You only have a limited amount of time to see a home. Your agent won’t wait around for you all day while you explore every nook of a house and people still live in the house. There’s a good chance someone may need to come back in at some point! Read on for tips on how to use your time and resources wisely when it comes to searching for a home to buy.
Don’t Waste Time
First, you should select the right homes to view. Don’t waste your time looking at properties that you can’t afford or aren’t the right size for you. From your online search, make a list of properties you’d like to see in person. You can narrow down your search quickly by doing the following:
Carefully read property details
Check out the photos of the home in detail
Find out from your realtor if there are any comparable properties for sale
Know What You Can Afford
If you can’t afford a property, don’t waste your time looking at it. Be realistic in your home search, finding the properties that will suit your needs and your budget. Remember that many factors go into a listing price for a home including the location, the size of the house, the neighborhood, the amenities, and more. The bottom line is to stick with homes that fall in your budget to make your search much more manageable.
Work With Your Realtor To Schedule Home Showings
Make use of your agent. They can schedule private showings for you or alert you to upcoming open houses. You can send your agent a handful of listings that you’re interested in, and they can make a schedule for you to maximize your time seeing properties in specific locations.
Hiring a real estate agent is an essential step in buying a home. They can help you to find and view the properties that could potentially come your next home.
A home showing represents a learning opportunity for a homebuyer. If you know how to plan ahead for a home showing, you can optimize the value of this opportunity.
Ultimately, preparing for a home showing can be simple – here are three tips to help you get ready for any home showing, at any time.
1. Evaluate a Home Listing Closely
A home listing enables you to learn about a house's age and condition. It also may include pictures that highlight a home's rooms and features. Thus, if you assess a home listing closely, you'll be better equipped than ever before to determine whether a house may be right for you.
As you examine a home listing, it generally is a good idea to think about additional questions that you may have about a house. If you craft a list of questions prior to a home showing, you'll be ready to get the answers that you need to make an informed decision about a residence.
2. Make a Home Showing Checklist
A home showing allows you to examine a residence both inside and out. As such, it may be beneficial to create a home showing checklist that ensures you remember to analyze all aspects of a house.
Be sure to include assessments of an attic, basement and other house areas in your checklist. In addition, it may be helpful to consider checking out a home's proximity to parks, schools and other landmarks. Because the more information that you obtain during a home showing, the more likely it becomes that you can make the best-possible choice regarding a residence.
3. Consult with a Real Estate Agent
If you plan to attend a home showing, hiring a real estate agent is essential. A real estate agent can help you prep for a home showing and ensure you can review all aspects of a residence in no time at all.
Prior to a home showing, a real estate agent will meet with you and learn about your homebuying goals. Next, this housing market professional will offer expert recommendations to guarantee that you are fully prepared to attend a home showing.
Let's not forget about the comprehensive support that a real estate agent can provide throughout the homebuying journey, either. A real estate agent will keep you up to date about new houses that become available in your area and help you set up home showings. And if you want to submit an offer on a residence, a real estate agent will help you put together a competitive homebuying proposal.
For those who want to explore the housing market, attending home showings is crucial. If you're able to make the most of a home showing, you can boost your chances of enjoying a seamless homebuying experience.
Thanks to the aforementioned tips, any homebuyer can get ready for a home showing. Take advantage of these tips, and you can approach a home showing with the confidence that you need to succeed.
You may have heard the term “escrow” in your experience with real estate. You might know it’s an account, but what exactly does it do for you as a buyer? An escrow account is what your lender uses to make payments on things like property taxes, insurance, and more. The lender collects your monthly mortgage payment, and part of that cash goes into an escrow account.
This type of account is an excellent option for homeowners because your bills relating to being a homeowner will all be paid without you having to do anything. It makes budgeting a breeze because there aren’t any complicated calculations involved. Every month, your lender collects 1/12 of the estimated tax bill and insurance cost for the home. The rest of your mortgage payment covers the principal and interest on the loan of the house.
Are Escrow Accounts Mandatory?
You’ll find that most lenders require you to have an escrow account. The purpose of the account is to keep the home safe as collateral for the loan. The bank has an interest in the proper insurance behind the property. The taxes also need to be paid on time in order to keep the property in good standing. If the taxes aren’t paid, a tax lien will be placed against the house.
Everything In One Place
You’ll receive an annual statement from your lender that will show you how much money was collected and placed in your escrow account. Escrow payments often change because insurance premiums and taxes tend to change quite frequently. The amount being put into escrow may change a few times throughout the year. The lender keeps track of all this for you, saving you some time.
Bills That Need To Be Paid
Whether you have an escrow account or not the bills that are included must be paid one way or another. It’s a good idea to speak with your lender before you buy a home to find out that bank’s procedures around these insurance and tax payments. Property tax and home insurance are items that you’ll need to budget for regardless of how your lender does things. An escrow account can be much more convenient for many buyers.
Escrow is just another one of the many essential terms that you’ll come across as a homebuyer. Knowing the advantages and purpose of the account helps you to be informed as you dive into the home buying process.
If you plan to buy a house and want to achieve the optimal results, you should perform a home inspection. In fact, there are many reasons why you should allocate significant time and resources to conduct an in-depth house inspection, and these include:
1. You can gain unprecedented insights into a home's condition.
Although you might have fallen in love with a house when you first saw it, a home inspection may make you rethink your decision to purchase a residence. To better understand why this may be the case, let's consider an example.
If you conduct a home inspection and discover a wide range of problems with a house, you have a tough choice to make. In this scenario, you can continue with a home purchase as planned. Or, you may be able to make a viable argument that a seller should perform assorted house repairs or reduce his or her sale price based on the inspection results.
Ultimately, a home inspection provides you with insights that you may struggle to gain anywhere else. And if you perform an extensive home inspection, you may reap the benefits of this evaluation for years to come.
2. You can avoid the risk of paying too much to acquire your ideal residence.
As a homebuyer, it is important to do everything possible to get the best price on a house. But even if you conduct real estate market research, you risk spending too much on a house if you ignore a home inspection.
With a house inspection, you can learn about various home problems, along with the costs associated with such issues. Then, you can use this information to determine whether your initial offer is sufficient, or whether you should request a reduced home price based on a residence's condition.
3. You can limit the possibility of costly home repairs.
Thanks to a home inspection, you can identify home issues that otherwise may lead to costly repairs down the line. You then can use this information to decide whether you can complete myriad home repairs on your own, or whether professional support is needed to perform house improvements. And if you are overwhelmed by the costs associated with many potential home repairs, you can always walk away from a home sale at this time.
Clearly, there are many reasons to perform a home inspection before you finalize a house purchase. If you hire an expert real estate agent, you can receive plenty of support as you prepare for a home inspection too.
A real estate agent is happy to put you in touch with the top home inspectors in your area. Plus, a real estate agent will attend a home inspection with you and is ready to provide guidance throughout the evaluation. Perhaps best of all, a real estate agent can meet with you after a house inspection, go over the inspection results with you and help you make an informed decision about whether to proceed with a home purchase.
If you’re in the market to buy a home, you want to find the perfect place for you and your family. In a seller’s market, the competition can be fierce. As a buyer, you may be under the impression that you need to make the highest offer in order to secure the home of your dreams. The problem is, you may never know what price other people have offered for the same home.
Know Your Budget
First, you should know what kind of a budget you have to work with to buy a home. You probably have done an online search to see what’s out there and what price range the homes you like fall into. You’ll want to go beyond the online search and actually see some of your favorite houses in person because pictures can be deceiving.
Next, you’ll want to do is speak with a lender. This can help you before you even hit the ground running on your home search. A lender can pre-qualify you then work you through the process of pre-approval. This will give you a definitive number to work with when searching for a home. With this number, you’ll know how much you can offer comfortably when you find that house you fall in love with.
Make A List Of Priorities
Finding the “perfect” house usually requires that you make a few compromises along the way. It’s very unlikely that you’ll find one house that gives you everything you want in one place without a bit of imagination. Jot down all of the things about a home that are the most important to you. These items could include:
- The neighborhood
- Big backyard
- Open floor plan
- Number of bedrooms
- Hardwood floors
- The size of the rooms
- Style of the house
- Granite countertops
Whatever is important to you should be on the list. Next, go through the list and see what can be compromised on. There are probably a few luxuries on the list that you could stand to give up in lieu of something else.
Once you find that home you know that you absolutely want to live in, you’re going to want to make an offer. Let your realtor know immediately that you’re interested in the home and they can get to work. Your realtor can help you to make an offer that’s reasonable based on the asking price and your budget. Your offer doesn’t have to be thousands of dollars over the asking price for you to win the bid. There are a couple of strategies that can help you to land the right home even if you’re not stretching your budget to the max.
Showing You’re Serious
Taking steps like being pre-approved and having all of your finances in order can help to give you the upper hand in the house hunt. Sellers don’t want to deal with a buyer who is ultimately going to have issues where the deal will fall through.
The Offer Letter
Writing a letter along with your offer is a great personal touch to help you land the home of your dreams. If a seller knows that the home they have lived in and loved will go to another owner who is going to appreciate and take the same great care of the home, they will be more likely to go with you as a buyer. First, tell the seller a bit about yourself and why you love the home so much. Compliment the landscaping. Tell the seller just how much your kids are going to appreciate living in the home. Don’t be afraid to get too personal when it comes to writing an offer letter to the sellers. They will appreciate honesty and a candid approach in the sometimes all too serious matter of buying a home.