By Carla Hill
Source Realty Times
It is a great time to buy for many would-be homeowners. The market offers historically low interest rates, as well as affordable home prices.
Here are 10 steps that buyers can take to make home dreams a reality!
1. Savings. You may already know how much monthly payment you can support (experts recommend no more than 1/3 your monthly income), but the buying process will also include upfront costs, such as a downpayment and closing costs.
2. Downpayment options. Do you qualify for downpayment assistance programs? Will you be able to get an FHA loan and pay 3.5 percent down? Do you have a relative that would like to make a downpayment gift? Many financial experts recommend a downpayment of 20 percent, so be sure to explore your options!
3. Check Credit Report. Your credit report says a lot about you. Lenders use it to evaluate your risk potential and to inform themselves on how responsible of a borrower you are. They use this report and subsequent score to figure your interest rate. The more stellar your report, the better your score and thus lower your rate. Be sure to check your report for accuracy, and report any errors to the credit reporting agencies.
4. Get Prequalified. It's time to talk to a lender! Pre-qualification will give you a ballpark figure of how much the bank would be willing to lend you. Are you looking for a $100,000 house or a $300,000?
5. Get Preapproved. This is the official letter from the lender that says they will be willing to lend you money. Many sellers look for buyers who are preapproved.
6. Affordability. The bank may tell you that you can afford a home worth $300,000. This does not mean you want to borrow to your max. A more modest home may fit better in your financial plans.
7. Housing Criteria. You have a budget, now develop a list of what you need and want. This can include anything from "must have 3 bedrooms" to "hardwoods" or "granite".
8. Neighborhood choice. Location strongly affects prices. A 3,000 square foot home in rural Kansas costs a fraction of one in New York City. Decide what neighborhoods and areas are the best fit for you. This will help narrow your home search.
9. Hire an agent. An agent can help you navigate the entire process from searching, putting in offers, to where to hire an inspector or general contractors.
10. Start the search! The MLS is a wonderful place to begin your search. Eighty-four percent of buyers now start their search online, so you'll be in good company.
Do you have questions about buying your first home? We have the answers! Call us at 972-772-7000 or email us at rockwall@kw.com.
Showing posts with label carla hill. Show all posts
Showing posts with label carla hill. Show all posts
Friday, November 26, 2010
Monday, November 15, 2010
Sellers: Don't Let Emotions Rule
Provided By Realty Times
Written By Carla Hill
It can be easy for the selling experience to become clouded by emotion. A homeowner may have years of memories stored within the walls of a home. They look at a room, and instead of resale potential, they see a baby's first steps and early Christmas mornings. When the time comes to sell, however, the time has also come to sever emotional ties with a house.
Emotions can cloud your reasoning. And they can misguide you during a very expensive and important business transaction. Sellers sometimes overvalue their homes, adding in sentimental value on top of property value. They refuse offers that, while reasonable, don't add up to the value of their memories. Or they turn down a potential buyer, because they don't garden and won't "leave the rose bushes," or aren't the "type" of person they'd like living in their home.
For a smooth transition, hire an experienced real estate agent. Once you've turned yourself over to their guidance, you can then turn your focus onto the new phase of your life. And agent can help you establish a fair, and unbiased, asking price. They find the sellers. They show the house. And they help you sign on the dotted line. The middle man is extremely beneficial in separating from your emotions.
Your emotions may surface as soon as you list the house for sale, since many agents will suggest you remove many of your personal items from the house for staging. This is neither a personal attack on your decorating nor your memories. Staging is a wonderful way for homeowners to see the house as their future home, instead of seeing your house and your home.
Don't fret over lost memories; take pictures of your home and make a scrapbook. Channel your emotions into the joy of moving. And have fun imagining the new memories you'll make in your new place. This is not a time for mourning, instead it's a time for celebrating!
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Carla Hill
It can be easy for the selling experience to become clouded by emotion. A homeowner may have years of memories stored within the walls of a home. They look at a room, and instead of resale potential, they see a baby's first steps and early Christmas mornings. When the time comes to sell, however, the time has also come to sever emotional ties with a house.
Emotions can cloud your reasoning. And they can misguide you during a very expensive and important business transaction. Sellers sometimes overvalue their homes, adding in sentimental value on top of property value. They refuse offers that, while reasonable, don't add up to the value of their memories. Or they turn down a potential buyer, because they don't garden and won't "leave the rose bushes," or aren't the "type" of person they'd like living in their home.
For a smooth transition, hire an experienced real estate agent. Once you've turned yourself over to their guidance, you can then turn your focus onto the new phase of your life. And agent can help you establish a fair, and unbiased, asking price. They find the sellers. They show the house. And they help you sign on the dotted line. The middle man is extremely beneficial in separating from your emotions.
Your emotions may surface as soon as you list the house for sale, since many agents will suggest you remove many of your personal items from the house for staging. This is neither a personal attack on your decorating nor your memories. Staging is a wonderful way for homeowners to see the house as their future home, instead of seeing your house and your home.
Don't fret over lost memories; take pictures of your home and make a scrapbook. Channel your emotions into the joy of moving. And have fun imagining the new memories you'll make in your new place. This is not a time for mourning, instead it's a time for celebrating!
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, October 29, 2010
Paperwork to Keep after Closing
Provided By Realty Times
Published By Carla Hill
At the end of closing, a large stack of papers sits in front of you. How do you know which ones to file away for future use?
To make your job of sorting through the papers a little easier, here are a few "be sure to save" items.
1. Truth in Lending statement: This handy paperwork helps to summarize the details of your mortgage, including your percentage rate.
2. Insurance: Not only does it serve for proof of coverage, but just in the case you need to make a claim, you will have contact and coverage information on hand.
3. Deed: This paperwork proves that the property has "indeed" been transferred to your ownership.
4. Riders: These are sale contract changes (amendments) that affect you directly.
5. HUD-1 Settlement Statement: This is a great itemized list of your closing costs. It will be especially important for when it comes time to pay income taxes.
Be sure to keep all of your paperwork in an organized filing system and in a fire-proof safe.
For a more indepth list of items to keep, be sure to ask your lender and real estate agent.
Have more questions in regards to closing on your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Published By Carla Hill
At the end of closing, a large stack of papers sits in front of you. How do you know which ones to file away for future use?
To make your job of sorting through the papers a little easier, here are a few "be sure to save" items.
1. Truth in Lending statement: This handy paperwork helps to summarize the details of your mortgage, including your percentage rate.
2. Insurance: Not only does it serve for proof of coverage, but just in the case you need to make a claim, you will have contact and coverage information on hand.
3. Deed: This paperwork proves that the property has "indeed" been transferred to your ownership.
4. Riders: These are sale contract changes (amendments) that affect you directly.
5. HUD-1 Settlement Statement: This is a great itemized list of your closing costs. It will be especially important for when it comes time to pay income taxes.
Be sure to keep all of your paperwork in an organized filing system and in a fire-proof safe.
For a more indepth list of items to keep, be sure to ask your lender and real estate agent.
Have more questions in regards to closing on your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, October 11, 2010
How to Recognize a Buyers Market
Provided By Realty Times
Are you on the search for a new home? Are you a first-time home buyer ready to enter the market? Then a buyers market is right where you want to be!
Recent years have turned many real estate markets on their heads. One-time hotbeds for rapid appreciation and booming sales have turned into areas rampant with dropping prices and foreclosures. Making matters even more complicated, is the realization that every market is different. Even neighborhoods within cities have varying markets.
How can you tell if you are living in an area experiencing a buyers market?
Key Indicators:
•More than six month's worth of inventory on the market
•Median sales price is down
•Fewer buyers on the market
•Relative large supply of homes and relative low prices
As a buyer, how can you maneuver yourself to take full advantage of a market which is stacked in your favor?
All of the market indicators translate into more choice for buyers. Prices become more negotiable. You have more homes to choose from.
One of your first steps is to hire a real estate agent. An agent can supply you with market statistics, including days on market, pricing, and neighborhood comparables. They can also direct you to home listings on the MLS.
With such economic uncertainty today, buyers are scared to venture into the market. They fear prices may drop after they buy, leaving them upside down in a home. They fear the market will not pick up for years, leaving them stuck in a home. That fear works in your favor, should you choose to buy. Interest rates are at historic lows. And buyer fear actually translates into more homes for you to choose from. It means sellers may be more willing to drop their price to make a sale.
In negotiating, foreclosures wreak havoc on a neighborhood. Foreclosures can lower values on an entire street. If a home has been sitting on the market for months, the likelihood that the seller will make concessions increases.
And even when a price won't budge, you can always discuss who will pay closing costs.
Deciding when to buy can be a big decision, but buying during a buyers market can give you many advantages over other markets.
Looking for an experienced agent? Call us at 972-772-7000 or email us at rockwall@kw.com.
Are you on the search for a new home? Are you a first-time home buyer ready to enter the market? Then a buyers market is right where you want to be!
Recent years have turned many real estate markets on their heads. One-time hotbeds for rapid appreciation and booming sales have turned into areas rampant with dropping prices and foreclosures. Making matters even more complicated, is the realization that every market is different. Even neighborhoods within cities have varying markets.
How can you tell if you are living in an area experiencing a buyers market?
Key Indicators:
•More than six month's worth of inventory on the market
•Median sales price is down
•Fewer buyers on the market
•Relative large supply of homes and relative low prices
As a buyer, how can you maneuver yourself to take full advantage of a market which is stacked in your favor?
All of the market indicators translate into more choice for buyers. Prices become more negotiable. You have more homes to choose from.
One of your first steps is to hire a real estate agent. An agent can supply you with market statistics, including days on market, pricing, and neighborhood comparables. They can also direct you to home listings on the MLS.
With such economic uncertainty today, buyers are scared to venture into the market. They fear prices may drop after they buy, leaving them upside down in a home. They fear the market will not pick up for years, leaving them stuck in a home. That fear works in your favor, should you choose to buy. Interest rates are at historic lows. And buyer fear actually translates into more homes for you to choose from. It means sellers may be more willing to drop their price to make a sale.
In negotiating, foreclosures wreak havoc on a neighborhood. Foreclosures can lower values on an entire street. If a home has been sitting on the market for months, the likelihood that the seller will make concessions increases.
And even when a price won't budge, you can always discuss who will pay closing costs.
Deciding when to buy can be a big decision, but buying during a buyers market can give you many advantages over other markets.
Looking for an experienced agent? Call us at 972-772-7000 or email us at rockwall@kw.com.
Friday, September 10, 2010
Maintain an Organized Entryway
Published By Realty Times
Written By Carla Hill
The goal of homeowners everywhere should be to have not only functional, but beautiful entryways.
The reasoning is simple. For most families, entryways see a lot of traffic. And it can easily become a dumping ground. They house shoes, coats, purses, and keys, as well as often used toys and tools.
And for every home, the entryway is the very spot where guests and buyers will form their first impression. This means disorganized is out and clean is in. Let's look at a few simple design and organization tips that can take your entryway from shab to fab.
The key to a clutter-free entry is storage. Option one would be built-in cabinetry. Pick materials and colors that follow the design ascetic of your home. Traditional homes look great with clean, white cabinetry and simple pulls. A more eclectic home can dare to use colorful patterns and bold hardware. Hang and fold your items and then shut away the clutter.
If you don't have room for built-ins, then consider a free-standing shelving unit with cubbies. Baskets are an attractive way to keep everything from mittens and hats to ball gloves and racquets organized. And use smaller cubbies for shoes!
Have even less space? Even simple hooks can have a great organizing effect.
The next tip is to have some sort of seating. Make an inviting spot for children to sit while removing winter boots. Bench seating with storage underneath can be a perfect combination of functionality and looks, and you can add a pop of color with a colorful cushion.
Pay careful attention to flooring choices in your entryway. You want something that is durable and hides dirt easily. A popular trend in today's home is slate tile, with its dark hues doing wonders for masking dirt.
If your entryway is more formal and you choose not to have any cabinets, then be sure to hide away coats and clutter in the nearest closet. A simple console table with drawers can be used to hold keys and phones. Consider installing a docking station in the drawers of the table to hide chargers and cables for iPods and phones.
These simple tips can make a big difference in keeping your entry organized.
Looking for more simple tips and tricks to organize your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Carla Hill
The goal of homeowners everywhere should be to have not only functional, but beautiful entryways.
The reasoning is simple. For most families, entryways see a lot of traffic. And it can easily become a dumping ground. They house shoes, coats, purses, and keys, as well as often used toys and tools.
And for every home, the entryway is the very spot where guests and buyers will form their first impression. This means disorganized is out and clean is in. Let's look at a few simple design and organization tips that can take your entryway from shab to fab.
The key to a clutter-free entry is storage. Option one would be built-in cabinetry. Pick materials and colors that follow the design ascetic of your home. Traditional homes look great with clean, white cabinetry and simple pulls. A more eclectic home can dare to use colorful patterns and bold hardware. Hang and fold your items and then shut away the clutter.
If you don't have room for built-ins, then consider a free-standing shelving unit with cubbies. Baskets are an attractive way to keep everything from mittens and hats to ball gloves and racquets organized. And use smaller cubbies for shoes!
Have even less space? Even simple hooks can have a great organizing effect.
The next tip is to have some sort of seating. Make an inviting spot for children to sit while removing winter boots. Bench seating with storage underneath can be a perfect combination of functionality and looks, and you can add a pop of color with a colorful cushion.
Pay careful attention to flooring choices in your entryway. You want something that is durable and hides dirt easily. A popular trend in today's home is slate tile, with its dark hues doing wonders for masking dirt.
If your entryway is more formal and you choose not to have any cabinets, then be sure to hide away coats and clutter in the nearest closet. A simple console table with drawers can be used to hold keys and phones. Consider installing a docking station in the drawers of the table to hide chargers and cables for iPods and phones.
These simple tips can make a big difference in keeping your entry organized.
Looking for more simple tips and tricks to organize your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, September 1, 2010
How Mortgage Rates Compare
Published By Carla Hill
Provided By Realty Times
You've heard it all across the media. Interest rates are at historic lows. If you are new to the mortgage process, these figures and statements give you little frame of reference.
Let's take a moment to look at where interest rates have been over the last few decades, and what today's rates really mean for homebuyers.
Interest rates are affected by a gamut of factors.
According to the Federal Reserve Bank of New York, "Lower interest rates make it easier for people to borrow in order to buy cars and homes. Purchases of homes, in turn, increase the demand for other items, such as furniture and appliances, thus providing an additional boost to the economy. Lower interest rates mean that consumers spend less on interest costs, leaving them with more of their income to spend on goods and services."
And this is, after all, what you want people to do in a down economy. You want them to reinvigorate the economy with spending.
The Fed continues, "If the rates that consumers and businesses have to pay to borrow rise too rapidly, however, spending may decline, leading to an economic slowdown."
So, it is a intricate dance the powers that be must perform in order to steer the economy the best they can. They, namely the Federal Reserve and Banks, are seeking stable prices, high employment rates, and sustainable growth in the economy.
30 years ago, in 1980, when many first-time home buyers parents were making home purchases, Freddie Mac reports that the 30-year fixed rate mortgage hit a staggering 16.32 percent.
Let's compare that in relation to today's interest rate, averaging around 4.5 percent.
•In the most basic terms, a 30-year fixed-rate mortgage for $100,000 at 16.32 percent, will cost you around $1,450 a month.
•For the same mortgage at a 4.5 percent rate, you'll be paying $580 a month.
The difference is astounding, and this is the main reason the media is shouting news about interest rates. If you are in the position to buy, now could very well be the time.
If you have questions about the 30 year fixed mortgage rate, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Provided By Realty Times
You've heard it all across the media. Interest rates are at historic lows. If you are new to the mortgage process, these figures and statements give you little frame of reference.
Let's take a moment to look at where interest rates have been over the last few decades, and what today's rates really mean for homebuyers.
Interest rates are affected by a gamut of factors.
According to the Federal Reserve Bank of New York, "Lower interest rates make it easier for people to borrow in order to buy cars and homes. Purchases of homes, in turn, increase the demand for other items, such as furniture and appliances, thus providing an additional boost to the economy. Lower interest rates mean that consumers spend less on interest costs, leaving them with more of their income to spend on goods and services."
And this is, after all, what you want people to do in a down economy. You want them to reinvigorate the economy with spending.
The Fed continues, "If the rates that consumers and businesses have to pay to borrow rise too rapidly, however, spending may decline, leading to an economic slowdown."
So, it is a intricate dance the powers that be must perform in order to steer the economy the best they can. They, namely the Federal Reserve and Banks, are seeking stable prices, high employment rates, and sustainable growth in the economy.
30 years ago, in 1980, when many first-time home buyers parents were making home purchases, Freddie Mac reports that the 30-year fixed rate mortgage hit a staggering 16.32 percent.
Let's compare that in relation to today's interest rate, averaging around 4.5 percent.
•In the most basic terms, a 30-year fixed-rate mortgage for $100,000 at 16.32 percent, will cost you around $1,450 a month.
•For the same mortgage at a 4.5 percent rate, you'll be paying $580 a month.
The difference is astounding, and this is the main reason the media is shouting news about interest rates. If you are in the position to buy, now could very well be the time.
If you have questions about the 30 year fixed mortgage rate, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, August 11, 2010
Avoid Common First-Time Buyer Mistakes
Written By Carla Hill
Provided By Realty Times
If you are in the market to buy your first home, you may have already realized that the process involves many different levels of knowledge and understanding. Chances are many steps of the process are completely foreign to you.
By arming yourself with an arsenal of important questions, as well as with a team of professionals, you are sure to avoid some of the most common first-time homebuyer mistakes.
1. Hire the Right Agent. Personalities and experience levels range greatly, just as with any profession. Consider interviewing several local agents before deciding on which one to hire. Do you want a new agent who is sweet, patient, and ready to answer lots of questions? Or would you prefer a seasoned agent who gets you the best deal, but has less than stellar people skills? The choice is entirely yours, neither one being better than the other, but will make a big difference on how you feel about the process.
2. Interrogate the Lender. There's no need to play good cop, bad cop. This simply means you need to ask every question that comes to mind. In the wake of the predatory lending storm, its important to be sure you understand exactly what your mortgage will entail. Be sure to compare rates with other lenders to be sure you are getting the best rate. You can also ask for par pricing, which is the rate without points.
3. Be Ready To Act. In many markets, highly desirable areas come with a large amount of competition. Many buyers may be looking at the same homes as you. If you hesitate, you may very well lose out on your dream home. The best advice? Don't begin the process of viewing homes unless you are really ready to buy.
4. Think Long Term. You love the house, and you can deal with the small bedrooms and laundry room in the garage, but will the next set of buyers? If you are planning on selling the home in the next few years, you must remember to consider the resale value of a home. Is this neighborhood appreciating quickly, or are homes losing value?
5. Be Competitive. We all want to buy a home for the best bargain price possible, but a careful consideration is respecting the seller. You may view a low ball offer as a starting point, but a seller may view it as an insult and refuse to answer your offer. If you really want a home, be reasonable with your starting bid.
Buying your first home can be tough, make it a stress free and easy transition with the help of a Keller Williams agent! Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Provided By Realty Times
If you are in the market to buy your first home, you may have already realized that the process involves many different levels of knowledge and understanding. Chances are many steps of the process are completely foreign to you.
By arming yourself with an arsenal of important questions, as well as with a team of professionals, you are sure to avoid some of the most common first-time homebuyer mistakes.
1. Hire the Right Agent. Personalities and experience levels range greatly, just as with any profession. Consider interviewing several local agents before deciding on which one to hire. Do you want a new agent who is sweet, patient, and ready to answer lots of questions? Or would you prefer a seasoned agent who gets you the best deal, but has less than stellar people skills? The choice is entirely yours, neither one being better than the other, but will make a big difference on how you feel about the process.
2. Interrogate the Lender. There's no need to play good cop, bad cop. This simply means you need to ask every question that comes to mind. In the wake of the predatory lending storm, its important to be sure you understand exactly what your mortgage will entail. Be sure to compare rates with other lenders to be sure you are getting the best rate. You can also ask for par pricing, which is the rate without points.
3. Be Ready To Act. In many markets, highly desirable areas come with a large amount of competition. Many buyers may be looking at the same homes as you. If you hesitate, you may very well lose out on your dream home. The best advice? Don't begin the process of viewing homes unless you are really ready to buy.
4. Think Long Term. You love the house, and you can deal with the small bedrooms and laundry room in the garage, but will the next set of buyers? If you are planning on selling the home in the next few years, you must remember to consider the resale value of a home. Is this neighborhood appreciating quickly, or are homes losing value?
5. Be Competitive. We all want to buy a home for the best bargain price possible, but a careful consideration is respecting the seller. You may view a low ball offer as a starting point, but a seller may view it as an insult and refuse to answer your offer. If you really want a home, be reasonable with your starting bid.
Buying your first home can be tough, make it a stress free and easy transition with the help of a Keller Williams agent! Give us a call at 972-772-7000 or email us at rockwall@kw.com.
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