Sunrise Homes & Renovations, Inc.

Tips For Selling A House During The Winter Season

by

Tips For Selling A House During The Winter SeasonThe most popular time of year to sell a home is the summer. There are a lot of families with children who prefer to move during the summer because they do not want to move their children during the school year. In contrast, many people do not like to move during the winter. It can be difficult to request extra time off of work, particularly during the holiday season. At the same time, it is still possible to sell a home during the winter. What are a few tips homeowners need to follow to sell a home during the winter? 

Maximize Curb Appeal

There is never a second chance to make a first impression, and homeowners need to maximize curb appeal. Do everything possible to make the yard look nice. It is also critical to shovel the walkways. That way, potential buyers do not need to worry about slipping and falling when they walk up the front driveway. It may also be helpful to clean off the patio to make it look larger. 

Warm Up The Inside

People are going to be cold when they step inside during the winter. Therefore, homeowners should turn up the heat. It may also be helpful to have a specific location for winter coats and wet shoes. That way, potential buyers will be comfortable at that look at each individual room in the home. 

Add More Lights

During the winter, it is dark when people go to work. It is also dark when they come home. It might be pitch black when people arrive, so remember to turn on the lights in the home. Having lights can make the home feel more inviting. They can also increase the visibility inside and outside the home so the buyers can see what the house has to offer. 

Showcase The Season

Sellers should not hesitate to showcase the season. Consider putting out a plate of cookies. Arrange pillows and blankets on the sofa. Turn on the fireplace if there is one. Even seasonal accents can make the difference when trying to get an offer on the table. Be sure to stage the home for the season to showcase the potential of a house. 

 

A 20 Percent Down Payment: Is This Really Necessary?

by

A 20 Percent Down Payment: Is This Really Necessary?Purchasing a home is a major decision, and it could be the most expensive financial transaction somebody ever makes. Therefore, it is important to get this right. One of the biggest hurdles for a new homeowner is coming up with enough money for the down payment. A lot of people believe they require 20 percent down to purchase a home. Saving this amount of money can be overwhelming, and some people are wondering, is this really necessary? There are several key points to keep in mind. 

Putting 20 Percent Down Is Not Really Necessary

When taking a look at the prices of homes, putting 20 percent down can seem like a pipe dream for most people. Fortunately, putting this amount of money down is not actually necessary. It is possible for people to qualify for a loan with significantly smaller amounts of money. For example, there are some lenders who might be willing to provide a loan to a first-time homebuyer for as low as 3.5 percent. Even though this is still a lot of money, it is not nearly as much as 20 percent down. Potential homeowners need to do their homework and work with down payment assistance programs to make this process easier. 

Why Do People Put 20 Percent Down?

So, where does the idea of putting 20 percent down actually come from? Many homeowners decide to put 20 percent down because they would like to avoid something called private mortgage insurance, or PMI. This is an insurance policy that potential homeowners may be required to purchase on behalf of the lender to protect the lender in the event of a default. When homeowners reach 20 percent equity in their homes, they can ask for PMI to be canceled. Because most homeowners do not want this additional expense, they may feel compelled to put 20 percent down. 

Find The Right Home Loan

Potential homeowners should not feel like their dreams are derailed simply because they need to put 20 percent down. It is possible to qualify for a home loan with significantly lower down payment percentages, but every homeowner has to assess his or her options. That way, they can make the best financial decision for their individual situation.

 

After Closing On A New Home: The Top Tasks To Complete

by

After Closing On A New Home: The Top Tasks To CompleteClosing on a new home is exciting and many people view their closing date as the finish line; however, even after closing a new home, there is still a lot that has to happen. What do new homeowners need to do after closing on a new home?

Mark The Date Of The First Payment

Every homeowner needs to know the first date of the new mortgage payment. They need to get their bank account set up for an automatic draft, or they need to send a physical check by that time. Keep in mind that the first payment might include a partial payment from the prior month as well.

Understand That The Loan Servicer Might Change

Anyone who is sending a physical check needs to be aware that the loan servicer might change. Many banks sell their loans to another entity, which means physical checks might need to go to a new address. 

Watch For Potential Scams In The Mail

Many new homeowners receive a lot of junk mail and deceptive advertisements from scam artists. Anyone who has questions about the information they receive in the mail might want to talk to their real estate agent or lawyer to see what is real or what is fake. Sometimes, people try to sell homeowners on policies they already have, such as home insurance or mortgage insurance.

Make Sure Property Taxes And Homeowners Insurance Are Set-Up

Homeowners also need to make sure their property tax payments and homeowners’ insurance are set up. Often, the lender will escrow these payments, saving homeowners a significant amount of stress. This also means that homeowners need to make sure the lender is taking enough money every month to cover home insurance and property tax bills at the end of the year.

Look Past The Closing Date

These are a few of the most important tasks all new homeowners need to complete after closing on a new home. That way, nothing important gets overlooked, and homeowners are not surprised by anything they receive in the mail. Talk to a real estate or mortgage professional to learn more.

Is An Escrow Account Right For You?

by

Is An Escrow Account Right For You?When someone is looking at purchasing a home, they usually focus on the purchase price of the home and the potential monthly payment. At the same time, there are other costs that need to be included as well. This includes home insurance and real estate taxes.

As a result, many homeowners find themselves asking if they should use an escrow account or not. What do homeowners need to think about and how can they make the right decision?

What Is An Escrow Account?

First, it is important to define an escrow account. An escrow account is an account that contains money for items such as insurance and taxes. That way, homeowners are not blindsided by a major bill at the end of the year. Some people may be required by the lender to have an escrow account, but those who are putting 20 percent down may have an option to use an escrow account or to handle this on their own. With an escrow account, the money that is required for real estate taxes and homeowners’ insurance is broken up into 12 months. That way, homeowners can pay a little bit every month instead of paying it all at once, when the money might get tight. When should homeowners use an escrow account?

Savings Habits And Risks

First, some homeowners would rather handle real estate taxes and home insurance on their own because they want to be in control of their finances. While this is fine, some lenders might see this as an increased risk. If they view that homeowner as a risk, then they could use this as an excuse to raise the rate on the loan. Homeowners need to make sure they do not have to pay more for the loan simply because they are not using an escrow account.

Next, homeowners also need to think about their individual saving habits. Because home insurance and real estate taxes are often paid as one lump sum, this could be a lot of money leaving the account at once. If homeowners do not have appropriate saving habits, they might not set this money aside when the payment is due. If they fall behind on their real estate taxes, they could place themselves at risk of losing the home.

Dealing With Stress Related To A Home Sale

by

Dealing With Stress Related To A Home SalePutting a house on the market can be a major life decision. Even though there might be a bit of a change during this time, there are ways to deal with the stress. Even though home showings, negotiations, and constant phone calls from real estate agents can be a lot to handle, there are a few tips for dealing with the stress. What do homeowners need to know if they are selling a home? 

Choose The Right Real Estate Agent

First, homeowners must make sure they choose the right real estate agent. Think about the goals during the home sale. Is the goal to sell the house as quickly as possible? Is the goal to sell the house for as much money as possible? Maximizing the value of a home may take some time, so homeowners need to find a real estate agent who can work with them to meet their goals. Always make sure the real estate agent has time to commit to the listing before signing a contract.

Always Do Homework

Even after partnering with a real estate agent, there is still a lot of homework that homeowners need to do during this process. Homeowners need to take a look at comparable properties in the local area to see how much their house might be worth. Then, homeowners also need to take a look at their house and see if there are any red flags that need to be addressed. There might be some repairs to handle before the home gets put on the market. Finally, homeowners also need to consider every offer thoroughly. For example, homeowners should make sure a buyer that requires financing has a pre-approval letter. 

Be Prepared To Adjust

Finally, homeowners should be prepared to adjust during the process. There is a middle ground between being too flexible and staying firm. For example, if a buyer is asking for a lot of repairs, homeowners might want to make some of the repairs but not all of them. Working with a real estate agent can help homeowners make sure they are making a wise decision. There are some offers that should be dismissed right away, but some potential homebuyers might be worth negotiating with. 

 

Important Relationships During The Home Buying Process

by

Important Relationships During The Home Buying ProcessPurchasing a home is an exciting time, but there is also a lot to manage. There are a lot of text messages, phone calls, and emails coming in. It is important for potential homeowners to keep them straight. Who are some of the most important people during the purchase process?

The Real Estate Team

First, there are going to be a lot of important people on the real estate side of this transaction. Every home buyer should work with a real estate agent who can help them assess the market, arrange showings, and find the right home. There might also be interactions with other agents along the way who represent sellers. Keep in mind that there may be assistants, secretaries, and other agents who are part of a real estate team.

The Mortgage Team

The vast majority of potential home buyers require financing. Therefore, there will be multiple people who work on the mortgage side of this transaction as well. There will probably be a loan agent, an underwriter, and multiple assistants who navigate this side of the process. The mortgage team might also be responsible for arranging a home inspection and asking for a home appraisal. Potential home buyers might have to work with these individuals as well. 

The Closing Team

If an offer is accepted, there will be a closing team as well. A real estate attorney will probably be required to process the documents. Therefore, a potential home buyer should be expected to work with multiple people from the law firm as well. The real estate attorney is responsible for collecting funds from all responsible parties and disbursing the money appropriately. There will probably be multiple assistants in the real estate attorney’s office who will be asking for information. 

Keep These Relationships Straight

There is a lot that happens during a real estate transaction, and it is important for a potential home buyer to try to keep these relationships straight. Remember that the real estate agent should always be the first point of contact with any questions or concerns. A real estate agent probably has connections throughout the area that can help home buyers make this process easier. Nobody has to go through this process alone.