5 Steps in the Home Buying Process

Do you know what it takes to buy a home? Today I have five tips to share about the home buying process.

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What does it take to buy a home? If you are someone who is looking to buy a new home or helping someone else through the process, there are some things that you should know. Today I have a quick list of things that you need to know: 1. You have got to talk to somebody that is an expert advisor. You need someone that can help you navigate through the process. They must know what to look for—not only the problems of the sticks and bricks, but of the values of that property short term and long term. Get the right person—somebody that understands the market and can take you through everything. 2. Shop for the perfect property. It may be easy to look online, but it’s hard to narrow down your options. Sometimes it involves taking your 100 favorite properties and narrowing it down to your top ten before picking out one. At the end of the day, set a parameter. Then we can help you look for a home and make an offer. We evaluate not only the values of the market but also what we're seeing today.

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Set a parameter, then we can help you look for a home.

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3. You will want to research it. You have to know, based on the offer and what has been established, is that property worth it? We bring in all of our resources, including home inspectors, engineers, and electricians, with specialized expertise that can help us check it out and get more information about that property. Every property is completely different. 4. Make sure that you are keeping your finances safe. Don’t buy dumb things or lose/quit your job. Keep everything in order. Make sure that everything is perfect with finances. 5. Next, we are going through closing. We've set everything up. We have researched the property, found the perfect home, and our finances are ready. Once the appraisal is back and the due diligence is complete, we are going to close the property and get the keys. You own it. If you have any questions about this process or want to know more about why you should buy now, please don’t hesitate to contact me. I would be happy to speak with you any time by phone or email. I look forward to speaking with you soon.

What Can You Expect From a Home Inspection?

Today, I’ll be going over what you should expect from the home inspection process.

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What should you expect during an inspection? First of all, there are three general types of inspections: a surface inspection, an in-depth inspection, and a professional inspection. A surface inspection is a basic walkthrough of the home. When this kind of inspection is performed, the inspector is looking for anything that might interfere with the property in terms of safety or stability. Things like burn marks, mold, or other physical identifiers of poor condition. Surface inspections are only done about 10% of the time. Frankly, these kinds of inspections miss quite a few things, since they aren’t conducted by a professional home inspector.

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A home inspector is going to find something wrong, even if the home is a new construction.

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This is why we recommend an in-depth inspection. A home inspector is going to find something wrong even if the home is a new construction. Inspectors, like attorneys, will always find an issue. They have been hired to do so. When buyers and sellers negotiate the issues found in an in-depth home inspection, they will pay the most attention to safety and maintenance issues. It will depend on the individual transaction as to what fixes the buyer asks the seller to make or whether they ask them to make any repairs at all. If the issues that are significant or specific enough, it may be time to hire a specialized professional to take a look. Using the example of a home with electrical problems, you may want to have an additional inspection performed by an electrician. Any repairs that need to be made will typically be done within the due diligence period before closing. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Can Terms Be More Important Than Price?

Why should you be paying attention to the terms of the market? Actually, there are a couple of reasons.

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Why should you be paying attention to the terms of the market? Actually, there are a couple of reasons. Whether you’re buying an investment property, you’re buying a second property, or are moving into a single-family home, the terms of the market are just as valuable as the price. Let’s take the example of comparing a $1 million home at a 1% interest rate to a $100,000 home with a 10% interest rate. These payments would end up being very similar, but the real issue is the terms of the interest rate.

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The terms of the market are just as valuable as the price.

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There are a few quick statistics I’d like you to think about. The average rental rate in the market is constantly rising. And with all of the people currently moving into our area, this is expected to continue. My point is that: interest rates in the market allow us to purchase and own at a better price. This means you can typically own a home for less money than it would take to rent one. These interest rates will not last. And when they do rise, you won’t be able to match the kind of terms we’re seeing today. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

3 Tips to Avoid the Buyer Pinch & Get the Home You Deserve

If you want to get the home you want before it’s too late, follow these three tips.

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Interest rates are amazing right now, which has allowed many buyers to afford homes even as home values rise. The problem, though, is rates won’t stay this way forever. As soon as they rise, buyers will feel the buyer pinch and won’t be able to afford the same homes they once could.

How can you avoid this buyer pinch and get the home you want now? There are three things you can do.

First, when you’re looking at properties, make a list of the top 10 things you want in a home. Then narrow that list down to the top three items you absolutely must have. If a home that features all 10 things you want is too expensive, you can scale back and focus on your top three must-have items.

Second, consider looking outside your comfort zone. Unfortunately, sometimes the most sought-after neighborhoods are unaffordable to most buyers. Expand your search to other nice communities that are less expensive than your desired areas.

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If you’re looking for a home, now is a fantastic time to buy.

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Lastly, be creative and come up with a plan. Sometimes we have to ask ourselves if we have an asset or a way of putting more money down on a property to make it more affordable. We’ve done lease options where we tied up a property at a certain price to save the extra money to be able to put down and take advantage of the low rates.

Interest rates are great and so is our market. If you’re looking for a home, now is a fantastic time to buy. There are many other strategies you can utilize that we’d be happy to share with you as well, so feel free to pick up the phone and give us a call.

If you have any other questions, don’t hesitate to reach out to us. We’re here to help.