Anthony A. Fears' Blog
You know that you want to buy a house, but you may have only a limited amount of time to conduct a home search and discover your ideal residence. Luckily, there are many things that you can do to speed up your homebuying timeline.
Now, let's take a look at three tips to help you accelerate your journey from homebuyer to homeowner.
1. Refine Your House Search
A list of homebuying criteria is a must-have, particularly for a property buyer who wants to enjoy a quick, seamless house search. In fact, with homebuying criteria in hand, you can refine your house search and move one step closer to finding your dream residence.
As you craft a list of homebuying criteria, think about where you want to reside too. That way, you can further narrow your house search and focus exclusively on homes in your preferred cities and towns.
2. Get Pre-Approved for Home Financing
At first, it may seem like a lot of work to get pre-approved for a mortgage. But if you receive pre-approval for a mortgage, you may be able to avoid time-consuming home financing hurdles down the line.
Oftentimes, it does not take long to get the financing you need to buy a house. Banks and credit unions are available across the United States, and these financial institutions are happy to teach you about a variety of mortgage options. Then, you can select a mortgage that matches your financial needs and kick off your homebuying journey with a mortgage at your disposal.
3. Collaborate with a Real Estate Agent
If you face a time crunch to purchase a house but don't know how to start the homebuying journey, there is no need to stress. By hiring a real estate agent who can offer in-depth homebuying guidance, you can find your dream house in no time at all.
A real estate agent will do everything possible to ensure you can speed up the homebuying journey. First, he or she will learn about your homebuying goals and help you create a homebuying strategy. A real estate agent next will help you search for residences and assess houses in the cities and towns of your choice. And if you discover a house that you want to buy, a real estate agent will help you craft a competitive offer to purchase your ideal residence.
Let's not forget about a real estate agent's housing market expertise, either. A real estate agent understands how to navigate a buyer's or seller's market. As a result, he or she will make it simple for you to review houses that match or exceed your expectations. If you have concerns or questions as you pursue your dream home, a real estate agent is ready to respond to them as well.
Ready to streamline the homebuying journey? Use the aforementioned tips, and you can quickly and effortlessly find a great house and make your homeownership dream come true.
After you accept a buyer's offer to purchase your house, it may be only a few weeks until you finalize your home sale. However, problems may arise that slow down the home selling process. And if these problems linger, they may stop your home sale altogether.
As a home seller, it is important to do everything possible to ensure the home selling journey is quick and seamless. If you know what to expect after you accept a buyer's offer to purchase your residence, you can prepare accordingly.
Now, let's take a look at three tips to help you wrap up a home sale.
1. Negotiate with a Homebuyer As Necessary
Typically, a homebuyer will request a house inspection after his or her offer to purchase your residence is accepted. This appraisal will enable a buyer to identify any underlying problems with your home. It also may lead a buyer to request a price reduction or property repairs in order to finalize a home sale.
Although you may have allocated significant time and resources to upgrade your residence before you listed it, a home inspector still might identify assorted house issues. In this scenario, you should be ready to negotiate with a homebuyer to find a solution that satisfies the needs of all parties involved in a home transaction.
2. Remain Patient
Ultimately, the period between when you accept an offer to purchase your house and closing day may seem endless. At this time, try to remain patient and focus on the big picture, and you may be better equipped than ever before to limit problems that could slow down your house sale.
It generally is a good idea to be open to communication with a homebuyer as well. If you keep the lines of communication open with a buyer, both parties can work together to ensure a home sale goes according to plan.
3. Collaborate with a Real Estate Agent
For those who are stressed out about the home selling journey, there is no need to worry. In fact, if you work with a real estate agent, you can receive expert guidance at each stage of the home selling journey.
A real estate agent is committed to helping you achieve the best-possible results. He or she will collaborate with you throughout the home selling journey and help you identify and address any potential home selling hurdles.
Let's not forget about the assistance that a real estate agent provides after you accept a buyer's offer to purchase your home, either. At this point, a real estate agent will keep you up to date about a home inspection request and the final results of an inspection. Plus, as closing day approaches, a real estate agent will help you get ready for the big day.
Take the guesswork out of selling your house – use the aforementioned tips, and you should have no trouble wrapping up a home sale.
If you’re hoping to buy a house in the near future, you’ll want to focus on saving for a down payment.
Down payments are a way to let a lender know that you are a low-risk investment, and a way to save money on interest over the term of your loan.
If you have your other finances in order--a good credit score and stable income--there’s a good chance that making a 20% or more down payment will land you a low interest rate that can save you thousands while you pay off your loan.
How large should my down payment be?
The larger the down payment you can afford, the more money you’ll likely save in the long run. While there are ways to get a loan with no or very small down payments, these aren’t always ideal.
First, if you put less than 20% down on your home loan, you’ll be required to pay private mortgage insurance, or PMI. These are monthly payments that you make in addition to the interest that is accrued on your loan.
So, if you don’t put any money down on your home, you’ll accrue more interest over your term length and you’ll pay PMI on top of that.
What affects your minimum down payment amount?
Lenders take a number of factors into consideration when determining your risk. If you’re eligible for a first-time home owners loan, a veteran’s loan, or a USDA loan, your loan can be guaranteed by the government. This means you can likely pay a lower down payment while still receiving a reasonable interest rate.
When applying for a mortgage, be sure to reach out to multiple lenders and shop around for the rates that work for you. Many lenders use slightly different criteria to determine your eligibility to pay a lower down payment.
Other things that affect your minimum down payment include:
Location of the home you want to buy
Value of the mortgage
Saving for a down payment
You’ll get the most value out of your mortgage if you put more money down. However, if you’re currently living in a high-rent area, it could mean that it’s in your best interest to get out of your apartment and start building equity in the form of homeownership.
If you want to buy a home within the next year or two, there are a few ways you can help increase your savings.
First, determine how much you need to save. Depending on your housing needs and the current market, everyone will have different requirements. Do some home shopping in your area online and look for homes that are within your spending limits. Remember that you shouldn’t spend more than 30% of your monthly income on housing (mortgage, property taxes, etc.)
Next, find out what a 20% down payment on that home would be, adjusting for inflation.
Once you have the amount you need to save, remember to leave yourself enough of an emergency fund in your savings account to last you a month or two.
If you have a lot of items that you need to move from one address to another, it may be tempting to try to complete your relocation as quickly as possible. However, when it comes to moving day, it pays to take a slow, steady approach.
Ultimately, you should try to plan plenty of breaks throughout moving day. There are many reasons why it can be beneficial to schedule regular moving day breaks, including:
1. You can help your moving team stay focused.
Let's face it – even the most diligent person can get tired of moving big, heavy boxes. Fortunately, regular breaks enable an individual to sit down, relax and regain the necessary strength to complete a successful move.
When it comes to moving day, regular breaks can help all members of a moving team stay on track. Even providing moving team members with a few minutes each hour to grab a beverage or snack can deliver long-lasting benefits. In fact, with regular moving day breaks in place, moving team members may gain extra motivation to work hard and do the best job possible.
2. You can reduce the risk of accidents and injuries.
Over the course of moving day, a moving team can become tired and exhausted. Without rest, moving team members risk making costly mistakes as well.
On moving day, it is always better to err on the side of caution. If you provide your moving team with regular breaks, you can reduce the risk of moving day accidents and injuries.
3. You can enjoy both work and play.
Moving day can be tough on all parties involved, so why not try to inject a little bit of fun along the way? Thankfully, regular breaks can provide a moving team with the support it needs to get through a stressful experience.
For example, you may want to consider hosting a pizza party during a moving day lunch break. This celebration gives moving team members the opportunity to enjoy a delicious lunch, converse with their peers and, perhaps most important, earn a reprieve from the hustle and bustle of moving day.
You also can provide lots of delectable snacks and tasty beverages that a moving team can enjoy during breaks. These treats will help a moving team maintain its energy levels and remain sharp.
If you need extra assistance on moving day, don't hesitate to hire a moving company, either. This business employs courteous, professionally trained specialists who understand the ins and outs of moving. As such, a moving company can help you seamlessly navigate all stages of the moving process.
Lastly, if you need help as you prep for moving day, it never hurts to contact a local real estate agent. In addition to helping you buy or sell a house, a real estate agent can put you in touch with the best moving companies in your area.
Schedule regular breaks during your move – you'll be glad you did. With these breaks in place, you can increase the likelihood of a successful transition from one address to another.
A home inspection often plays a key role in the homebuying journey. If an inspection shows that there are no underlying problems with a house, you should have no trouble moving forward with a home purchase. On the other hand, if an inspection reveals a variety of structural problems with a house, you may need to reconsider your purchase decision.
Ultimately, a homebuyer who knows what to expect during a home inspection can plan accordingly. This buyer also may be better equipped than others to accept the results of an inspection and make an informed choice about whether to move forward with a home purchase.
What does it take to achieve the best-possible results during a home inspection? To find out, let's take a look at three tips to ensure you can prep for a house inspection.
1. Hire an Expert Home Inspector
There is no shortage of home inspectors available in cities and towns nationwide. However, employing an expert home inspector will require you to conduct an in-depth search.
When it comes to finding an expert home inspector, it pays to search far and wide. Because if you have an expert home inspector at your side, you can boost the likelihood of identifying major and minor house issues during an inspection.
2. Assess Every Area of a House
Oftentimes, a home inspection takes several hours to complete, and for good reason. In order to fully evaluate a residence, you'll want to be diligent. That way, you can minimize the risk of missing potential problems as you perform a home assessment.
As you walk through your house with an inspector, don't hesitate to ask questions too. In fact, a home inspector may be able to provide insights into home problems and repairs that you might struggle to obtain elsewhere.
3. Collaborate with a Real Estate Agent
A real estate agent can help you find your dream house, as well as put you in touch with the top home inspectors in your area. Plus, this housing market professional likely will walk through a house with you during an inspection to ensure you can get the support you need to make an informed homebuying decision.
Furthermore, a real estate agent is happy to consult with you before and after a home inspection. Prior to an inspection, a real estate agent will help you put together a plan to assess a house. Meanwhile, after an inspection, a real estate agent can discuss the inspection results with you and help you determine the best course of action.
Let's not forget about the assistance that a real estate agent can provide throughout the homebuying journey, either. This housing market professional can help you streamline your search for your dream house, submit a competitive offer on a residence and ensure you can purchase a terrific house at a budget-friendly price.
A home inspection may seem daunting at first. Luckily, if you plan ahead for a home inspection, you can use the assessment to gain the insights that you need to determine whether a house is right for you.