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An Overview Of A Drive By Appraisal

July 22, 2022 by Rhonda Costa

An Overview Of A Drive By AppraisalIf you are applying for a home loan of any kind, there is a high likelihood that your lender will require a home appraisal. An appraisal is done to figure out how much your home is actually worth because the lender does not want to lend you more money than you could theoretically sell the home for in the future. There are some situations where the lender might be fine with a drive/by appraisal. What does this mean?

Comparing A Traditional Appraisal To A Drive By Appraisal

A traditional appraisal is a very thorough process where the appraiser comes to the home and inspects almost every portion of the home. This includes the interior and exterior. Then, the appraiser uses the information to calculate an estimate of the value of the home.

In a drive-by appraisal, the appraiser will only look at the exterior of the home. Then, the appraiser will compare this to the exterior of similar homes in your area, such as in your neighborhood, to get a better idea of how the value of your home compares to similar homes near you. Then, the appraiser uses this to figure out the value of your home. 

When Is A Drive By Appraisal Permitted?

Ultimately, a drive-by appraisal is permitted at the discretion of the lender. Typically, if you are applying for a new home loan, the lender will want a full appraisal; however, due to the pandemic, some lenders have become more lax and have been allowing drive-by appraisals for safety purposes. In addition, if you are applying for a refinance, the lender might not require a full appraisal. This is likely dependent on the time between your original home loan and the current refinance. It might also be dependent on your financial situation. 

Do I Want A Drive-By Appraisal?

There are a few advantages to you if the lender allows a drive-by appraisal. The process is usually faster, so it could help you expedite the closing process. In addition, if someone occupies the home currently, a stranger doesn’t have to enter the home to inspect every nook and cranny. If your lender requires a home appraisal, be sure to clarify what type of appraisal has to be done to get you to the closing table. 

Filed Under: Real Estate Tagged With: Appraisal, Drive By Apprasial, Mortgage

Why Banks Don’t Always Give The Best Interest Rate

July 20, 2022 by Rhonda Costa

Why Banks Don't Always Give The Best Interest RateIf you want to purchase a house, you will probably have to take out a mortgage. There are only a few people who have enough cash to purchase a house outright, so most will go to the bank for a loan. How do you know if the bank is giving you the best possible interest rate? Unfortunately, the bank does not always give you the best interest rate because the bank is looking for a way to make money. If they can get you to accept a higher interest rate, they will make more money on your home loan. What are some of the factors that dictate interest rates on loans, and how can you say money?

Bank Rates Are Dictated By Investors

In a lot of cases, mortgage rates are not necessarily dictated by banks, but they are dictated by investors. Many banks want to remove the risk of someone defaulting on their home loan, so they will sell the debt to an investor. This is a way for the banks to free up capital they can use to invest in other projects. Sometimes, the mortgage rates are dictated by the amount of money investors are willing to pay for this type of debt.

Interest Rates Are Always Forward-Looking

In other cases, banks will charge a higher interest rate because they are worried that rates will rise in the future. Essentially, the pricing on home loans right now is dictated by what banks think interest rates will be in the future. If the bank thinks that interest rates will go up, then it might raise interest rates now to hedge its risk. 

How You Can Get A Better Interest Rate

There are a few ways you can get the bank to give you a better interest rate. First, make sure your credit report is in order. Maximize your credit score to get a better interest rate. Then, make sure you have enough money to put down. The more money you put down, the lower the interest rate you will get. Finally, ask about discount points. You might be able to pay some of the interest upfront in exchange for a lower interest rate over the life of the loan. 

 

Filed Under: Real Estate Tagged With: Bank Loans, Interest Rates, Real Estate

The Top Tech Upgrades For Your Home During A Home Improvement Project

July 19, 2022 by Rhonda Costa

If you want to increase the value of your home, you might be thinking about conducting a renovation project. You can significantly increase the value and appeal of your home if you add some advanced technology. What are a few of the top tech upgrades you should consider adding to your home? Take a look at some of the top options below, and consider reaching out to a professional who can help you.

A Smart Thermostat

The Top Tech Upgrades For Your Home During A Home Improvement ProjectThere are a lot of people who are concerned about cost-of-living increases. If you are looking for a way to save money, reduce your utility expenses. One of the ways to do so is to use a smart thermostat. You can use a smart thermostat to exert greater control over when your HVAC unit is on and when it is not. Your thermostat can even tell your HVAC unit to stop running when you are not home, which can help you save a lot of money on your utility expenses.

A Smart Refrigerator

If you want to take your kitchen to an entirely new level, you might be interested in a smart refrigerator. A smart refrigerator can help you generate meal schedules, look up new recipes for you, and even make a grocery list for you. Of course, you will probably fall in love with the automatic water dispenser as well. Consider upgrading your kitchen with a smart refrigerator.

A Home Elevator

You might even want to install a home elevator. There are plenty of companies that will help you find an affordable home elevator you can add to your house. There are plenty of financing options available as well. This is a particularly helpful option if you have someone in your home with mobility issues. That way, they don’t need to worry about the hazards of navigating the staircase, particularly at night.

Find The Best Tech Upgrades For Your Home

These are a few of the top examples of upgrades you may want to add to your home. There are plenty of amazing tech upgrades you should explore, and many of them can help you increase the value of your house. Consider working with a professional who can assist you. 

 

Filed Under: Real Estate Tagged With: Real Estate, Smart Fridge, Upgrading Your Home

Why Millennial And Gen Z Buyers Are Struggling

July 14, 2022 by Rhonda Costa

Why Millennial And Gen Z Buyers Are StrugglingRight now, it is difficult for people to purchase a house. Prices are very high, inventory remains at record low levels, and this is contributing to bidding wars. Even though everyone is having a hard time finding a house, Millennials and Gen Z buyers are struggling more than other people. What are some of the biggest hurdles that these buyers need to overcome? 

A Lack Of Familiarity

One of the first problems that Millennials and Gen Z buyers have to overcome is a tremendous lack of familiarity with the housing market. Many people that fall into this category are buying a house for the first time. They are not familiar with the process of buying a home, and they are far more likely to be overwhelmed by the process. Furthermore, they are often working with a smaller budget, which can make it even harder for them to compete in the current market.

Cash Offers

Because Millennials and Gen Z buyers are purchasing a house for the first time, they do not have the same budget. They often end up purchasing a smaller house. Unfortunately, these are the same houses that people who are downsizing are trying to buy as well. People who are trying to downsize can often make a cash offer for a smaller house, driving Millennials and Gen Z buyers right out of the market. Millennials and Gen Z buyers have a difficult time competing with cash offers.

Student Loan Debt

In addition, Millennials and Gen Z buyers are often carrying a tremendous amount of student loan debt. In some cases, the student loan debt they carry could be more than a mortgage. Banks and credit unions will hesitate to give young prospective buyers a mortgage if they already have a mortgage in the form of student loan debt.

Rising Interest Rates

Unfortunately, rising interest rates are also having an adverse impact on Millennials and Gen Z buyers. Because they are already working with a smaller budget, they will feel the sting of rising interest rates more than other people. This could make it even harder for them to purchase a home.

Looking To The Future

It is possible that more homes could come on the market in the near future. This could create more opportunities for all buyers, making it easier for Millennials and Gen Z buyers to avoid a bidding war and find a home. 

 

Filed Under: Real Estate Tagged With: Gen Z, Millennials, Real Estate

Why Go To Open Houses Even If You Don’t Want To Move?

July 12, 2022 by Rhonda Costa

Why Go To Open Houses Even If You Don't Want To Move?If you take a drive around your neighborhood, there is a high chance that you will see a bunch of houses for sale. All of a sudden, you feel a bit of curiosity strike you. You might not be looking to move, but you might want to go look at that house anyway. There is nothing wrong with doing so! There are several reasons why you should still go and take a look at houses that are for sale even if you are not looking to move.

You Can Estimate The Value Of Your House

One of the first reasons why you should check out an open house is that you get an estimate of the value of your home. Your house is an investment, and it is important to treat it as such. You can’t look up a stock ticker symbol for your house, but you can take a look at what other houses in your neighborhood are selling for. You can use this information to estimate the value of your home.

You Get Decorating Ideas

If you are looking for a way to remodel your house, you may want to figure out what is trendy right now. If you take a look at an open house, the style should be current because it is for sale. You can get some great ideas that you might want to use to update your own house.

You Learn What To Avoid

Even though it is important to figure out what you want to do with your house, it is also important to figure out what you don’t want to do. There may be an awkward living room configuration, there might be something blocking a major window, or you might notice a converted room that did not work out. Make a mental note of this.

Check Out A Few Open Houses

The next time you see an open house in your neighborhood, consider showing up. Sure, you might get a free snack out of it, but this is also an opportunity to take a look at what is “in,” what the prices look like right now, and what you might want to avoid in your own house. 

 

Filed Under: Real Estate Tagged With: Open House, Real Estate, Trending

The Most Common Mistakes First-Time Sellers Make

July 8, 2022 by Rhonda Costa

The Most Common Mistakes First-Time Sellers MakeEven though many people are focused on some of the most common mistakes that first-time home buyers make, there are also a lot of mistakes that first-time sellers make. Your house is an investment, and the time to capitalize on that investment is when you sell your house. What are some of the mistakes you need to avoid if you want to find the best deal possible?

Setting The Price Too High

One of the most common mistakes that sellers make is setting the price too high. Yes, you want to get as much money for your house as possible, but you do not want to be unrealistic about the money you think you can get for your home. Remember that the list price is used to drive interest in your property. If you set the price too high, people may cross it off of their list before they even take a look at it. The more people you have interested in your property, the better. Make sure you set a realistic list price.

Automatically Taking The Highest Offer

Even though you want to get as much money as possible for your home, always take a look at the details of the offer before you accept it. For example, financing could fall through. Maybe the appraisal comes in too low, and the bank refuses to finance the property. Furthermore, if you accept slightly less money for a cash offer, you might be able to save money on closing expenses, which means more money in your pocket. Always take a look at the details of each offer before you decide which one to take.

Not Working With A Real Estate Agent

Finally, a lot of homeowners believe that they can simply sell the house on their own. Unfortunately, if you do not use a real estate agent, you significantly limit the exposure of your property because you cannot list your house on the MLS. This means that some people may not even know your house is on the market. This could limit the number of offers you get.

Therefore, you should always work with a real estate professional who can help you market your house, review your offers, and walk away with as much money for your house as possible. 

Filed Under: Real Estate Tagged With: First Time Sellers, Mortgage, Offer

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Rhonda & Steve Costa

Rhonda & Steve Costa

Call (352) 398-6790
Sunrise Homes & Renovations, Inc.

Contractors License #CBC 1254207

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