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Home Buying Process: Green Flags

March 3, 2022

Making the decision to buy a new home is both extremely exciting and intimidating. The process can be hard to navigate at times for those who don’t know what to expect, but by looking out for these green flags, it will make things much easier in the long run! 


It is important to take note of these green flags, so that you can work with the right people to make the process as smooth as possible.


Speed to Respond: Within the home buying process, communication is key to a successful sale. With so many moving parts, it is both your real estate agent’s and mortgage lender’s job to communicate with you as efficiently as possible. Not only is a quick response appreciated on both ends, it also helps prevent you having to extend your timeline due to a lack of communication. 


When putting together your team of home buying professionals, make sure to note their response time. Your dream home today might not be available tomorrow, so quick and consistent communication is crucial!


Finding Both a Realtor and Loan Officer: In order to make sure you can find the home that is right for you, it is important to find both a realtor and a loan officer to help you through the process. Using both makes the process much easier!


A good realtor often will have market knowledge, technology that makes the process easier and a strong understanding of what the current home buying market looks like and what it takes to win. The realtor is there for you to help represent you to potential sellers and ask the important questions. 

 

Additionally, they will often have recommendations for loan officers they trust and have worked with in the past should you need some help finding one. By utilizing a loan officer, you can become pre-approved before you even look for a house and have a solid understanding of your financial picture so that you feel ready to tackle the process. A Loan Officer should always be looking at your specific situation and providing you with options in terms of loan products and programs to help you figure out what makes the most sense for you financially in the present and for your long-term goals. Just like your real estate agent, your loan officer should understand your market and the mortgage and real estate environment so that you have a competitive offer when you find your new home.


Abundance of Photos: Now more than ever, it has become common to virtually “tour” homes before going to visit them in person. When looking at a 3D tour or on a home search website, being able to see as many photos as possible makes things much easier. More photos usually equates to a better quality interior, and it is important to consider all aspects before buying your home.


A Well Maintained Home: When it comes time to start looking at homes in person, the little details truly matter. Things such as the outside landscaping, paint jobs, and flooring make all the difference when thinking about the overall health of the house. While every detail might not be perfect, the less work you have to do, the better. 


If something during a home tour concerns you, your real estate agent can help you get a home inspection done to further reveal if there are any larger issues at hand.


Honest Rates: Given that today’s market is so competitive, you may see when looking for a mortgage lender that many are offering the lowest rates possible. These rates look too good to be true, and they usually are. 


When finding a lender, you want someone who gives you an honest rate that is still reasonable. Receiving an itemization sheet to see what exactly you are paying your lender is a good sign that they are not trying to add on extra fees or leave out important details. 


These are some of the green flags that are important to keep in mind when you are going through the home buying process. Remember, while this process can be overwhelming, your real estate agent and mortgage lender should be the industry experts guiding you through each step of the process. These green flags are a good way to know that you’re on track to successfully buying a home!





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Q1 Recap

By Mikaylah Collins • April 12, 2023
We've begun to see signs that the Spring Market is here and could be robust! Here is what we know: According to NAR, home sales were up 14% in February over the previous month which marked the biggest monthly increase since July 2020. While March results are not yet published, the mortgage industry saw an increase in purchase applications for the 3rd straight month; a great sign for the housing market. Driving much of this activity is the stabilization of rates in January & February and lower interest rates this past month. We’re starting to see signs of a slowing economy and the markets are now pricing this in. This week we saw the 10-yr Treasury drop under 3.4%, a level it has not reached for quite some time and the lowest it’s been since September 9, 2022. This is great news for consumers as decreasing rates mean more home affordability. Over the past year, most markets have seen home prices stabilize if not even decline, albeit by a very small amount. This stabilization was still a relief for homebuyers as it helped to offset higher interest rates. As rates continue to decrease, we would expect home prices to again increase due to demand increases. In addition to increased demand, there is still a shortage of homes for sale nationwide and that will continue to worsen as more and more homebuyers enter the market.  So what does it all mean? Now is a GREAT time to buy a home! Rates and home prices are stable, there is not as much competition as there will be when rates do decrease, and buying a home is still extremely affordable for most. Once rates fall, we will likely see home prices rise and the competition for the shortage of homes will increase alongside it making the window of a buyer-dominated market very small.

Q1 2023 Market Outlook

By Sarah Rubin • February 10, 2023
We are well into Q1 and feel confident saying that the market appears to be stabilizing. Before we start looking forward, let’s quickly look back at the end of 2022.

Finding The Right Listing Agent For You

By Sarah Rubin • December 15, 2022
Buying a home is a huge investment and one we talk about often - BUT the flipside is that you have an opportunity to cash in on that investment when you’re ready to sell your home! While you do have the chance to cash-in, a lot more work goes into selling a home than you might think! If you are considering selling your home, working with a listing agent will help you market your home, negotiate with potential buyers, work through paperwork, and ultimately close on your home! So what is a listing agent? In its most basic terms, a listing agent is a real estate professional who represents the seller in a real estate transaction. The listing agent lists the home for sale and works on behalf of the seller to sell the home at the best price and terms for their client. Listing your home is a BIG deal and it is not a place to try and DIY. But why can’t you just grab a sign at Home Depot and try and sell yourself? Well, there are lots of reasons some of which include: Professional consultation: A listing agent will walk you through each step and tell you what to expect along the way! They should understand the specific community you’re in and the current market environment and will help you determine a competitive but realistic asking price for your home. Marketing and selling your home: Your listing agent will list your home on the multiple listing service (MLS) in order to better market your home to potential buyers. They also can make staging recommendations and hire a photographer to best show off your home and its features. They’ll schedule house showings, and can be present to answer any questions. Communication and negotiation: Communication is key to both buying and selling a home in order to minimize stress and misunderstandings. Listing agents take care of this important task, by staying in touch with interested buyers and their agents, fielding questions, handling paperwork, and negotiating the final sale price and terms. Recommendations: Seasoned listing agents might come with a list of professionals who they have worked with in the past that they enjoy working with in order to make the selling process smoother for you! Some of these professionals include: real estate attorneys or title companies, inspectors, stagers, those who specialize in home improvement AND of course trusted Loan Officers. How do I find the right listing agent for my situation? In order to find the right listing agent for you, make sure your agent is licensed and has experience, references, and a professional website where you can learn more about them and their qualifications. Most real estate agents work with both buyers and sellers, but some might specialize in one or the other. Once you find a few agents through referrals or online research, meet with them in person to ensure they meet your needs and work well with your personality. It is also important to ask questions during your meeting with them and it’s imperative that you determine what you’re looking for in an agent so you make sure you are happy with the product being delivered. Selling a home can be stressful, especially for first-time sellers. A listing agent can help by taking on some of the burden and providing the information and resources needed to help sellers make informed decisions. We work with agents on both sides of the transaction – if you have any questions or would like a recommendation for an agent in your area, please reach out to us!
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