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Think outside the box when its time to finance a home

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Think Outside the Box When It’s Time
to Finance a Home

Are you ready to purchase a home? Have you
considered creative financing? Don’t worry — it’s not illegal! But there are
some terrific personal finance hacks for homebuyers.

Understand
the Process

Before you can reach full home-buying-hack
potential, you should understand the basic process. As Curbed explains, you should start by getting a
handle on your budget. Tally up what you normally spend
in a month, calculate your income, and decide how much can go toward
a mortgage and homeownership. Remember to include things like utilities,
insurance, and homeowner association fees. You also need enough in your bank
account to cover the down payment and closing costs.

Once you have a general idea, it can help to
play with a pre-qualification calculator. This will help
determine what you can afford. Then, you should get pre-approval for your loan
with a lender.  Pre-approval will be
based on your ability to afford a home and will review documentation proving
income, employment, and identity. The lender will also consider your credit
history. Those pieces of information will help decide how much your loan will
be and for what interest rate. You can then make a serious offer on a property.

Keep
Finances Stable

One of the first things you should know about
buying a home is to leave your bank account alone. HGTV points out that you
should try to avoid any substantial expenditures within three to six
months of your home loan application. Not only will it help you to have that
cash handy for a down payment and closing costs, lenders like to see a
reliable, stable financial situation.

Credit
Facelift

Another way to enhance the appearance of your
finances is to improve your credit score. This may sound complex, but it’s
actually pretty simple. Make sure you pay your bills in a timely fashion, pay
down your debts, and keep credit card balances low. Also, don’t apply for
credit unless you really need it. Opening unnecessary accounts generally won’t
help you.

Down
Payment Information

The traditional down payment for a mortgage is
20 percent. However, you should research the market where you plan to buy and
know the average down payment in your target area, as well as the percentage of
homes that sell under their list price. It’s also incredibly important to
determine how much house you can afford before diving in. Even if you can
afford the down payment, you might not be able to afford the mortgage

Finding
Assistance

If you don’t have the money sitting in your
bank account for your home purchase, you still have some options. You can get
down payment assistance, which typically comes through
programs operated by state or local housing authorities; for example, Redfin
explains that FHA loans, VA loans, and rural housing loans can help you purchase a home if you don’t have
enough to put down. Depending on your situation, this can mean coughing up
substantially less cash for your down payment, and for some home buyers, there
may be no down payment at all.

View
the Home Differently

Instead of looking for your dream home, some experts recommend looking for a property
that’s a good investment. Even if you don’t intend to “flip” a house, chances
are you will move on at some point. Instead of looking for the house that most
appeals to you, you can make the most of your purchase by buying a home that
will be desirable when it comes time to sell. Look for areas that hold their
value well (ask your Realtor). Also, don’t buy the biggest and nicest home in a neighborhood. You’re
actually better off buying the worst home in the neighborhood, as it’s most apt
to give you a good return on your money.

Legal
and Smart

Thinking outside the box can help with financing a home purchase. Get a firm idea of your numbers, improve what you can, get help if you need to, and reframe your ideas for the right home to buy. Your financially savvy choices will help you become a happy homeowner!

Article by Kelli Brewer info@deploycare.org

Choosing a real estate agent

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Choosing a real estate agent that is right for you is important when buying or selling a home. Whether buying your first home or selling your 10th home, trust and communication are crucial when choosing which agent should represent you. The transaction should be transparent and your agent should provide a clear process for buying or selling your home.

Before you begin, sit down with your real estate agent to determine if their style of communication is similar to yours. Do they communicate in the same manner? If you don’t often check your email, and they don’t text, it won’t be a good fit. Your real estate agent should explain the process so you are comfortable and understand the steps. Ask questions if you don’t understand.

Choose a real estate agent that is an expert in the area you are looking to buy or sell. Here are some questions to ask:

When choosing a real estate agent you should feel comfortable that they will communicate with you in the manner which you are accustomed. Because you ultimately want to feel that they will be looking after your best interests, provide great value and are an expert in your area. Their experience (or lack of) will help you determine if they are the right real estate agent to help your purchase or sale go smoothly.

Read more here about choosing the right real estate agent from Forbes Magazine https://www.forbes.com/sites/forbesrealestatecouncil/2018/03/22/14-tips-for-choosing-the-right-real-estate-agent-for-your-property-search-or-sale/#7f9825057f54. For Cathy Wahlin’s area of expertise, check out the website https://cathywahlinrealtor.com/, Read more about the cities Cathy Wahlin serves https://cathywahlinrealtor.com/houses-for-sale-king-county-wa/

5 Tips For Making an Offer on a House in a Hot Market

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It’s important for home buyers to make a strong, smart offer when the right house comes along. Here are five tips for doing exactly that.

Steady demand. Limited supply. That’s what we are seeing in real estate markets across the country right now. Inventory is particularly tight within the lower price ranges. “The starter house is nearly missing in some markets,” according to Jessica Lautz, managing director of survey research and communication for the National Association of Realtors. So here are some tips for making an offer on a house in a hot real estate market.

Of course, conditions can vary from one city to the next. But the overall trend in housing markets across the country is that supply is still falling short of demand. (See the latest home prices for Snohomish County in this story from our online news partner The Seattle Times.) Given these conditions, it’s important for home buyers to make a strong, smart offer when the right house comes along. Here are five tips for doing exactly that.

1. Understand the supply and demand situation in your area.

According to housing experts, a so-called “balanced” real estate market has five to six months of supply. This means, in theory, that it would take five or six months to sell off all homes currently listed for sale, if no new properties came onto the market.
Many real estate markets across the country have less than a three-month supply right now. And some cities have less than a two-month supply.
The first step to making a strong offer is to understand the supply-and-demand situation in your area. We are still seeing sellers’ market conditions in many cities, as of spring 2018. And this could persist for some time.

2. Study recent sales prices in your area.

This is something a real estate agent can help you with, but you can do some of it for yourself. The idea here is to get a good understanding of recent sales prices in the area where you want to buy.
This will help you in a couple of ways. It will save you time during the house-hunting process, by eliminating the need for repetitive research and pricing “sanity checks.” It will also help you make a strong, realistic offer backed by recent sales trends. And speaking of offers…

3. Make a strong and timely offer, backed by comparable sales.

In a slow housing market, where sellers are ready to jump on the first offer that comes along, home buyers have the luxury of taking their time. A buyer might start off with an initial offer below the asking price, just to open negotiations. The seller would probably come back with a counteroffer, or accept the first offer.
But it doesn’t work that way in a more competitive real estate market with limited inventory. In a tight market, buyers are better off making their first offer as competitive as possible. Otherwise, the house could go to a competing buyer.

4. Consider writing a love letter to the seller.

A house love letter, that is! Recent studies have shown that buyers in competitive real estate markets can improve their chance for success by writing a heartfelt letter to the seller. Sure, real estate is a business transaction. But there’s a personal side to it as well. Writing a personal letter to tell the sellers what you love about their home might just tip the scales in your favor.

5. Get an agent on your side.

It’s always a good idea to have help from a local real estate agent. It’s even more important in a tight market with limited inventory. An agent can help you move quickly, putting together a strong offer that’s supported by recent sales data.

— Content provided by MetroDepth

Tips For an Easy Moving Day

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Your family has finally settled on a home, and now you are ready to make the next big leap in your life. Moving is a time of great excitement but can also be filled with stress and high anxiety. You don’t want to leave anything behind, and you don’t want to be caught up in limbo as you transition from your old home to your new one. Here are three tips for an easy moving day – so things can go as smoothly as possible and you can start adjusting to your new digs sooner.

1. Pack With Purpose

When you finally prepare to make a move, it can seem like you are standing at the foot of a gigantic mountain. It’s easy to see why so many feel overwhelmed when there is so much to organize, tear down, put away, and pack. The best way to eliminate unwanted stress and anxiety is by taking on a methodical approach to your packing. Separate the big task at hand into smaller, more manageable tasks. Break it down room by room or start boxing away decorations before moving onto clothing and furniture. Just like with climbing a mountain, there are many different paths you can take. As long as you plan your approach, you’ll reach the summit in no time.

2. Know When to Hire Help

As you set about the task to get your furniture packed up, you’ll quickly realize that even with the proper moving equipment, this is a job that cannot be done alone. You’ll need an extra pair of hands, or more, as you figure out how you ever got that L-shaped couch into your living room in the first place. For many, moving day itself can be one of the biggest hurdles to face, and if you’re balancing being a parent along with a moving an entire house worth of stuff, then it might be time to call in the cavalry. Hiring movers is the most practical solution if you are already juggling enough responsibility as it is. For a set price, you essentially cut the work you have to do in half, giving you more time to focus on preparing your family for the move itself.

3. Keep Pets Out of the Equation

If you think that the moving process is stressing you out, think of what it must be like for your pet. Both cats and dogs are territorially conscious creatures. When something changes in their environment, they are instantly aware and sometimes become unsettled. Now, imagine what it must be like to see your territory essentially uprooted, with all your favorite napping spots occupied by towering brown boxes. Moving can be extremely stressful for your pets, which is why you should consider hiring a pet sitter to watch them during moving day.

These are just a few useful tips to help you manage your move. Just remember that planning is an essential part to making your transition into a new home. Prepare for the unexpected and always keep essential items such as water, food, medicine, and some extra clothes on you while you embark to your new home. Reduce your and your pet’s anxiety by hiring a sitter, and don’t be afraid to hire professionals to give you a lift when you have your hands full. If you manage to do all of these things, your moving day will be a breeze.

Photo Credit: Pixabay
Article by Kelly Brewer – Kelli Brewer is proud of her military family and is passionate about supporting other military families through DeployCare.

Resource links

So much to organize –  https://www.hgtv.com/design/decorating/clean-and-organize/how-to-organize-your-move
Plan your approach – https://www.realsimple.com/home-organizing/organizing/moving/moving-checklist
Hiring movers – https://www.moneyunder30.com/how-to-hire-movers
Both cats and dogs – https://www.cesarsway.com/dog-care/travel/moving-with-your-dog
Hiring a pet sitter – https://www.rover.com/pet-sitting/
Photo Credit: Pixabay – https://pixabay.com/en/box-memories-photos-books-1209969/

New Home Buyer Guide

Getting a Home Inspection? What to Expect.

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Buying a house?  Then you’ll want to get a home inspection. Here’s what to expect.

I recommend making your offer subject to a satisfactory home inspection. These are some of the questions the home inspector should answer for you:

  • Action Steps First Time Home BuyersIs the home structurally safe?  Is it soundly built?
  • What condition is the home’s exterior?
  • What condition is the roof in?
  • Is the ventilation and insulation adequate?
  • Are the heating and AC systems working properly?
  • Are the windows and doors in good working order?
  • Are the plumbing fixtures working properly?
  • Where is the main water shut-off valve?
  • Is the electrical panel properly labeled?
  • Is there any evidence of water leaks in the basement or crawlspace?
  • Are the gutters and downspouts working as intended to control water?
  • Are smoke detectors and carbon monoxide detectors installed and working properly?
  • Does the home have a security system?
  • Is there evidence of pests (ants, termites, rodents)?
  • Is there mold, radon, or asbestos present?

Once the home inspection is completed, the inspector usually emails you a report with photos that you can use to negotiate any deficient items with the sellers. If inspector referrals are needed, just ask.  I know several good ones!

Is Fall the Best Time to Buy a Home?

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Fall may be notorious for a slowdown in the housing market. But for home buyers that shouldn’t mean they should go to an early hibernation. For home shoppers, Fall is likely the best time to buy a home.

Realtor.com® recently highlighted several reasons why the best time for your clients to buy is right now:

1. Lower home prices.

October can offer the best month for home deals, according to research by RealtyTrac of more than 32 million home sales over the last 15 years. In October, home buyers paid 2.6 percent below the estimated market value at the time for their homes, the study shows. In other words, on a $300,000 home, they could save $7,800 by purchasing it in October.

2. Less competition.

The home buyer rush from the summer days is over. Home shoppers this summer who were rushing to find a home before school started have already found one. Fall home buyers will have less competition. “Many folks will drop out of the market until after the new year,” says Bill Golden of RE/MAX Metro Atlanta Cityside.

3. More leverage.

Home sellers in the fall may be more pressed to sell. They are “generally people who need to sell, which can make for better negotiations for the buyer,” Golden says. The longer a home lingers, the more negotiating power the buyer likely will have. Plus, some sellers may want to get settled in their new home before the holidays and have more incentive to make a deal sooner rather than later.

4. Year-end tax credits.

Home buyers who close on a home by the end of the fiscal year may find a nice tax deduction awaiting them on April 15. They may be able to deduct closing costs, property tax, and mortgage interest to offset their taxable earnings.

Source: “7 Reasons Fall Might Just Be the Best Time to Buy a Home,” realtor.com® (Sept. 30, 2016)

Best Flooring for Pets

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Flooring for Four-Legged Friends of the Family

What’s the best flooring for pets? Of course, you want Fido to feel comfy, but you also need a tough, easy-care surface underfoot that will stand up to nails, dirt, hair, and, er, wet spots. Here, the lowdown on what to put down, whether you want all new floors or are redoing one room.
 

 

dog eating on a wood floor

 

Article by Kathy Barnes @ THIS OLD HOUSE MAGAZINE

Photo: Edward Fielding/Shutterstock
Pacific Northwest Home Sellers

How Smart Home Automation Can Save You Time and Money

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Wondering how smart home automation can save you not only time, but also money?

You could save 10-30% on your monthly electric bill by using a connected smart home automation products.  Smart homes can feature include HVAC automation, security automation, plus automation around curtains/blinds and lighting. Smart grid technology uses a wireless thermostat.

These gadgets are connected to the home network with thermostats and smart meters. By tapping into with the , smart meters can act on real-time pricing to change home energy usage patterns, like adjusting the during times of high prices. Examples of smart home gadgets are Google Nest Thermostats; Smoke + CO Monitoring, Samsung SmartThings and Apple Homekit.

Smart homes use wi-fi or blue-tooth to control, optimize and automate temperature and lighting.  Smart home technology also incorporates security and entertainment but with cyber crimes on the increase, it may not be worth the investment to incorporate your home security quite yet.

Read more at: http://phys.org/news/2015-01-consumers-favor-home-efficiency-smart.html#jCp

How Buying a Home Has Changed Since Your Parents’ Time

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Thinking of buying your first house?

It’s natural to ask your parents for their input if you are thinking about buying a home for the first time. Although they may have valuable advice to share, be mindful that the times have changed from when they bought their first home to now. Read the article and watch the video to see the differences in purchasing a home in 1985 and now.

Read Article at Realtor.com here

Buying a House – a Checklist

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by Tara Sharp, Windermere

There is a lot to consider when you decide to buy a house, especially if it is your first. How much home you can afford? What kind of loan should you choose? Which neighborhoods are both affordable and a good investment? These are just a few of the questions you’ll be asking yourself. But with an experienced agent to help you, you’ll get the guidance you need to come up with the right answers − and a home you love. Here’s a handy “Buying a House Checklist”: Read more