Real Estate Talk
Surprisingly, fall is a great time to buy a home. There are still homes on the market which did not sell during the summer months, some at deep discounts. There are also homes newly listed by sellers trying to beat the slower winter months. At the same time, there are fewer buyers out searching, which makes it the perfect time to buy a home.
• Fall home buyers should be ready to move when they find the right home and at the right price. Get prequalified so that you can jump at the right opportunity.
• Notice the imperfections. With windy or rainy weather, homes can show their scars. Look for evidence of water intrusion and evaluate gutters and ceilings.
• Visit the local school. With school in session, this is a good time to visit and ask questions from teachers and administrators.
• Wait for winter if necessary. Buyers evaporate in the winter months, so while the competition seems low in the fall, wait for the right home to come along, even if it’s in January.
Buying a home this fall is exciting. By using the season to its advantage, home buyers can get a great deal.
Buying a home is typically the largest financial transaction most people make in their lifetime. The last thing you want to do is make a mistake, one which could cost you time and money – often a lot of money. These are some of the most common, and worst, mistakes you can make when buying a home.
• Not doing your homework in advance – Before you do anything else, do some preliminary research and get a pre-qualification letter before you start shopping for your new home.
• Changing Jobs or Buying Big Items – Once you’ve decided to buy a home, it’s critical not to change your circumstances, such as a new job or large credit card purchase.
• Calling the Listing Agent Directly – It might be tempting to try and get a “better deal” by working with the listing agent rather than using your own agent. This is not true; the listing agent works for the seller and does not represent your interests.
• Accepting Everything at Face Value – Always ask questions and investigate everything, including getting a thorough home inspection.
Buying a home is exciting and understanding some of the mistakes buyers make can help you avoid them.
Buying a new home is an exciting time. It can also be stressful if you are unsure about your credit. Your credit score is one of the biggest factors in how much of a home loan you can qualify for and the interest rate you’ll pay. The good news is there are easy ways to increase your credit score. By following a few tips, you can ensure your report accurately reflects your use of credit and create a plan to improve your scores if necessary.
- Check for Errors - Errors on a credit report is very common. Make sure that everything is current and accurate.
- Pay Down Credit Card Debt – One of the easiest ways to boost your score is to lower your credit card balances. Aim to have no more than 30% of available credit in use.
- Remove Negative Accounts – If you have old collections, negotiate with the creditor to pay off the debt in exchange for removing the record.
- Keep Old Accounts Open – About 15% of your score has to do with how long you’ve had credit accounts.
- Pay on Time – This might sound simple, but always pay your bills on time.
Credit issues do not have to last forever. By understanding what affects your credit, you can make real changes which will increase your score.
You love your home. Perhaps you bought it with the intention of raising your kids there or maybe you have found that your household now includes aging parents or even a roommate you hadn’t expected. Whatever the reason, you are now wondering if the home you love has become too small for your lifestyle, but how can you tell?
Realizing you’ve outgrown your home can mean different things to different people. To some, it could mean the need for an extra bedroom or two. For others, the family room or living spaces seem too small for the family to gather for meals, homework or holidays. As you begin to evaluate if the time has come to move, consider these questions:
- Have we run out of space to use for storage or common family activities?
- Do family members need more private space for themselves?
- Does the yard or outdoor areas include room for the family to use for enjoyment?
Think about the different ways you accommodate your needs. If you are finding ways to fit yourself and your life into your home, you might be ready to upgrade to a larger home. If you agree, call me to get the home selling/buying process started.
Once a buyer and seller agree on a sales price, the contract is then sent to the lender for the loan approval process. One of the first things the lender will do is order an independent appraisal. The appraiser will use local data to determine a value for the subject property. The main purpose is to protect the lender in the event of borrower default and by ensuring that the property is worth what the buyer is willing to pay, this also protects the buyer from over-paying as well.
The process an appraiser use to determine value is relatively simple. They start by searching for local comparable properties that have recently sold. Next, they choose the homes that most closely match the subject property and use them for comparison. Since these comparable homes have closed recently, they are assumed to represent market value. Once the appraiser has the comparable properties identified, they will then compare the subject property to them. They will add or subtract value for size, location, amenities, features, upgrades and so on until they have a value for the subject property. Lastly, this is reported to the lender in the form of an appraisal.
Sharone FerrellTexas REALTOR® Office: 281-944-8041
Texas Premier Realty1001 Texas Ave., #1400
Houston, Tx 77002
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