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Suffering in a ‘Low Inventory’ Real Estate Market? 3 Helpful Tips for Finding a Home to Buy

May 18, 2022 by Rhonda Costa

Suffering in a 'Low Inventory' Real Estate Market? 3 Helpful Tips for Finding a Home to BuyMany homebuyers struggle with finding a home that is within their price range, but many of those perusing the market also struggle when it comes to the search. If you’re currently in the real estate market and are having difficulty finding a good selection of homes, here are some ways to expand your search so you can find an opportunity you’re prepared to invest in.

Look Over The Old Listings

Whether you do it on your own or enlist the help of your real estate agent, it’s worth looking through the old listings to determine if any old opportunities are still available. There may be many formerly listed homes that have since sold, but homes that have lingered on the market may be open to offers; they may also be more aligned with the current market rates. Instead of taking the listings for granted, search for old opportunities that might turn up something good!

Consider Other Marketing Strategies

The market has changed in recent years, but the way that people choose to sell their home has changed along with it. While it’s still possible to see a sign on the front lawn or find a home on a real estate agent’s page, social media has become a very popular way to buy and sell. Aside from looking through the listings, consider searching Twitter or Facebook posts for homes that are for sale in your area. While you may not find your dream home, it’s entirely possible that an interesting detail or neighborhood that might have been missed will capture your attention.

Keep An Eye On Expensive Listings

Most homebuyers will immediately write off a listing that is out of their price range, but homes that are overpriced will often sit on the market. Fortunately, for many homeowners, this is something they can use to their advantage. Instead of avoiding pricey homes altogether, make sure to keep tabs on ones that are a little bit out of range but manage to pique your interest. It’s entirely possible that they won’t come down in price, but if they do it may be well worth the wait.

Many homebuyers struggle to find a home in a tight market, but by keeping an eye out on listings and considering all of the post-modern strategies for marketing, you may be able to find your dream home. If you’re currently searching for a home, contact your trusted real estate professional for more information.

Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Real Estate Tips

6 Tips That Will Help You Get the Most Out of Your Home Inspection

May 4, 2022 by Rhonda Costa

6 Tips That Will Help You Get the Most Out of Your Home InspectionA home inspection may be one of the last things that needs to be done before the deal is sealed. However, it’s very important to have a proper inspection done so that you can ensure you’re offering price is appropriate for the home you’re getting. If you’re prepping for an inspection soon, here are some things you’ll want to consider beforehand.

Choose A Good Inspector

Like a good agent, the right inspector is going to have expertise in what they do and know what to look for. They will not only find the small fix-ups, they’ll be able to highlight the potentially huge issues that may arise down the road.

Prepare Your Papers

Your inspector may be able to do their job well on their own, but if you’ve noticed any issues when you’ve visited the house, it’s important to address them. While they may amount to nothing, an inspector will be able to clear up any confusion.

Ask The Questions

Whether you’re experienced with real estate or not, ask the questions you want to ask whether or not they make you feel like a novice. Even if the answer is simple, it will give you the information you’re looking for.

Get The Lowdown

It might seem like a bridge too far, but talking to neighbors in the area can give you a good sense of the overall upkeep of the home. While it’s unlikely you’ll get any unfortunate tales, people in the area may be able to illuminate you on the house’s history.

Partake In The Inspection

It’s good enough for many a homeowner to get a written report, but going along to see the house can facilitate conversation and may give you insights into what to watch out for. It may also mean you have a clearer idea of any potential issues.

Facilitate The Discussion

In the event that there are significant issues with the home, it may be worth talking with the inspector about dealing directly with the contractor. While this may or may not be necessary, it’s a good way to ensure any problems will be effectively communicated and can be rectified.

A home inspection may be par for the course, but by asking the right questions and being involved you can ensure you’ll get the most out of your inspection. If you’re currently in the market for a home, contact your local real estate professional for more information.

Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Real Estate Tips

Advice For Purchasing A House On A Single Income

March 24, 2022 by Rhonda Costa

Advice For Purchasing A House On A Single IncomeEven though a lot of people have two incomes they can use to purchase a house (theirs and their partner’s), this is not necessarily required. There are lots of people who want to take advantage of current interest rates to purchase a house, and some people are trying to do it on their own. Even though it can be a challenge to buy a house with only one income, it is certainly not impossible. There are several tips that can make it easier for everyone to afford a house with just a single income. 

Always Check Your Credit Score

If you want to buy a house on a single income, make sure you check your credit score first. Your credit score is a reflection of your financial health. The higher your credit score is, the better your chances of having your loan application approved. You can check your credit score for free once per year from any of the major credit bureaus. You need to know what your credit score is and you need to correct any inaccuracies on your credit report before you apply for a home loan. 

Explore Government Loan Programs

Next, if you are buying a home for the first time, you should explore government loan programs. For example, you might be able to apply for an FHA loan, which could allow you to purchase a home for as little as 3.5 percent down. That way, you do not necessarily need to save up a 20 percent down payment to buy a house. Depending on your location, there could be other government loan programs that can make it easier for you to buy a house.

Ask For a Co-Signer To Help 

Even if you plan on paying for the mortgage yourself, you may find it easier to buy a house if you have someone who can co-sign for your loan. This is particularly helpful if your credit score isn’t quite high enough to qualify for a loan. As long as your co-signer has a solid credit score, they might make it easier for you to get your loan application approved. Furthermore, you might be rewarded with a lower interest rate than you could otherwise get on your own. 

 

Filed Under: Real Estate Tagged With: Buying A Home, Co-Signer, Real Estate

Rent Is Going Up Across The Country: What People Can Do

March 23, 2022 by Rhonda Costa

Rent Is Going Up Across The Country: What People Can DoMany people who rent sign a 12-month lease. With many people’s contracts up for renewal during the next few months, people may be surprised to see just how much their rent might be going up in the next year. Just as gas prices, car prices, and prices at the grocery store continue to increase, rent is going up as well. It is important to take a closer look at the reasons why, and what people can do to make their housing costs more affordable. 

Inflation Is Partly To Blame

One of the reasons why rent is getting more expensive is that inflation has reached record levels. Inflation has not been this high since the 1980s, and the cost of everything is getting more expensive. A lot of overhead expenses have gone up, and these rental companies have responded by increasing their prices. With a lot of demand for apartments, rent is going up. 

COVID Pandemic Deals Are Ending

In addition, a lot of rental companies had deals in place to make housing more affordable during the coronavirus pandemic. Some of the major cities provided emergency funding in an effort to keep rent down, particularly as many people were furloughed or laid off. Now that many of these COVID pandemic stipulations are starting to end, apartment buildings are starting to raise their rent significantly.

Buying A Home Is A Way To Save Money

As many people struggle to deal with the sticker shock of their rents going up, it is important to take a look at what people can do to make housing more affordable. Instead of renting, it might be prudent to look at buying a house this year. Interest rates on home loans are still very low, which could make it easier for people to afford a house. Furthermore, unlike rent prices, which tend to increase every time the lease is renewed, people have the option to get a fixed-rate mortgage for 30 years. This means that even as rent continues to go up during the next few decades, the monthly mortgage payment will stay the same even 30 years down the road. Now might be a smart time to buy a house. 

Filed Under: Real Estate Tagged With: Buying A Home, Inflation, Renting

5 Tips to Make Moving With Kids Easier

March 4, 2022 by Rhonda Costa

5 Tips to Make Moving With Kids EasierSometimes a move is unavoidable, regardless of how much you or your kids’ would rather stay in your current home. If your young ones are not looking forward to a change in scenery, here are a few tips to help them make a smoother transition into their new home.

1. Involve Them

Involving your children in the moving process will not only help them to better understand the move, it will also make them feel as though they are more in control of the situation. By taking them to open houses they’ll become familiar with the neighborhoods you’re considering moving to, and will have the chance to see first-hand some of the benefits that a new home would offer over your current one.

2. Say Goodbye

Moving can be an emotional time for children, and it’s important to allow them to face and embrace their feelings. Hosting a goodbye party will provide closure to an important chapter of their life, and creating a memory book will offer comfort on days when they miss your old home. It is totally normal for there to be some sadness associated with a move, so do not feel guilty if your child is upset, but be there for them if they struggle with letting go.

3. New Beginnings

Although it’s okay for your child to feel sad about leaving your old home, it will help their transition if you give them something to be excited about, such as a new bedroom. By allowing your child to help plan and pick out the layout, paint colors, or bedding for their room, you will give them something to look forward to.

4. No Benchwarmers

When it comes to packing and unpacking, don’t let your kids sit on the sidelines as mom and dad do all the work. By helping you pack and unpack, your children will feel secure knowing that their belongings are all on their way to your new home, and will feel more welcome knowing where items have been put when they’re unpacked.

5. Make Friends

Being the new kid on the block can be lonely, which is why it’s important to encourage your child to socialize within your new community. Make an effort to meet the neighbors, enroll them in an extra-curricular activity, and schedule play dates with classmates if they have had to move to a new school. It can be intimidating for a child to socialize when faced with a whole new environment, but a little extra encouragement can go a long way.

Considering moving your family into a new home? Speak with your real estate professional who is experienced in family relocation today!

Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Moving

3 Reasons You Might Decide to Retire to a Tiny Home – and Why You’ll Love It!

February 10, 2022 by Rhonda Costa

3 Reasons You Might Decide to Retire to a Tiny Home - and Why You'll Love ItMany people romanticize the idea of paying off their home mortgage early so they can enjoy their home in retirement, but when it comes to the later years of life, a big house can actually be too much to handle. If you’ve started to consider a smaller home and are wondering why it might be a good decision for you and yours, here are a few things you may want to consider.

It’s Much Easier To Maintain

It is often the idea of the palatial estate with a pool that homeowners get excited about, but when it comes to reality, the larger the home, the harder it is going to be to take care of and maintain. If you don’t have a maid or a butler, a smaller home will enable you to spend a lot more of your free time doing things that you love instead of being bound to a house that is full of repairs and maintenance that needs to be completed.

Save On The Big Home Bills

One of the worries associated with getting older is having the ability to maintain your lifestyle in old age, and a smaller home can actually alleviate many of the high costs that go along with having an oversized home. A smaller home will not only minimize your insurance and taxes, it can also positively impact the amount you pay each month for heating and electricity, so you’ll notice the savings right off the bat.

The Freedom Of A Downsized Lifestyle

One of the best things about downsizing to a smaller home is the huge sense of responsibility that can be left in the dust. Instead of being held back by all of the stuff required to fill a big house, a small home means there is less to worry about. This may mean you’ll have the option to go on longer vacations or can even relocate to a hot climate for the summer months, and you’ll only need someone to come by and water the plants every once in a while!

There are plenty of people that decide to downsize later in life since it can actually be a great way to save money and have a lot more freedom. If you’re considering your smaller home options and are curious about what’s available on the market, you may want to contact one of our real estate professionals for more information.

Filed Under: Homeowner Tips Tagged With: Around the Home, Buying A Home, Homeowner Tips

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