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There are many things to do and learn when buying a home. A little preparation and knowledge can go along way and help eliminate some of the stress and headaches that can occur.  Here are a few tips to follow to make the whole process easier:

Tip #1

If you are going to get a mortgage for the purchase of your new home, a word of advise is to shop around, so you can get the best interest rate and loan type. There are many different programs to choose from like, fixed rate, adjustable rate, interest only, and there are also many Government based programs that you may qualify for. And you can get different terms as well, such as a 30 year or 15 year mortgage. By doing a little comparison shopping you can insure that your monthly payment is manageable and of the most benefit to you. Read the rest of this entry »

Thinking of buying a home? Have you read a lot about what to expect in the process? Are you thinking of changing homes or refinancing? If any of the aforementioned are true, there are some things you should know to avoid doing that may cause your loan profile to go from good to not so hot.

For instance, don’t go out and buy a big screen television and surround system before you buy the house. I’m sure the house you’re considering has the perfect spot for the new gadget in that awesome family room. In fact, that’s one reason you are drawn to the property, right? But consider this point: you don’t want to elevate your debt right now. Buy your home first. Then see if you can get the “football” package. Most of the time, these purchases show up on a credit card. Then your average monthly payment goes up. I’ve seen where an extra $50 month payment can make the difference in a loan approval and a loan denial. And be careful about paying cash for that item as well. You may need to show cash reserves to qualify for your loan. Don’t confuse reserves with cash to close. The lender sometimes wants to see there will still be some money in your checkbook left over after you write a check for closing costs. Read the rest of this entry »

The alarms about the housing market have caused many people to hesitate in buying a home. In other cases; however, many others are snapping up what they consider to be excellent deals. It is not at all uncommon for many buyers to purchase homes at prices that are at least 10% below the asking price. As a result, many of the buyers closing on homes right now were not even considering the purchase of a home until they realized that if they did not take advantage of the current market they might not ever find something similar for the same price again. Read the rest of this entry »

The alarms about the housing market have caused many people to hesitate in buying a home. In other cases; however, many others are snapping up what they consider to be excellent deals. It is not at all uncommon for many buyers to purchase homes at prices that are at least 10% below the asking price. As a result, many of the buyers closing on homes right now were not even considering the purchase of a home until they realized that if they did not take advantage of the current market they might not ever find something similar for the same price again. Read the rest of this entry »

This article is written for buyers of real estate in California, but most of the tips are applicable to every state. The State of California and the California Department of Real Estate now strongly recommend that every buyer of property in the State have a professional home inspection.

1. What is a home inspection?

A home inspection examines the physical and operational condition of a property through visual means and through testing of plumbing fixtures, electrical systems, appliances and heating and air conditioning systems. Inspections include the roof, foundation, water drainage, walls, floors, windows, doors, and more. Home inspections do NOT include inspection for living organisms including mold and termites. However, most home inspectors will comment if they see evidence of water, mold, infestation and/or damage from any of those. Read the rest of this entry »

Buying your dream home is as easy as A-B-C. Follow the simple steps below. It may take months or even years to be prepared for your purchase; don’t get discouraged, just keep working on it every day. Once you move into your new home, it will be worth all the planning and preparation! So just keep focused on your goal and be persistent.

A. PREPARE FOR PURCHASE:

1.      Write down your family’s financial goals (short term and long term). For example: Buy a house within one year; Be debt-free within 10 years.

2.      Prepare a monthly family budget. Your monthly debts (including car payments, child support, and credit card payments) should be 10 - 15% of your gross monthly income. Contact your financial planner for assistance.

3.      Upgrade your credit report. Make all credit payments on time for at least 6 months. Make arrangements to clear up any unresolved items such as charge-offs or defaulted student loans. Read the rest of this entry »

It’s obvious that the best way to make money in real estate is to buy low.  The best strategy for real estate is to purchase when the conditions are in the favor of the buyer.  A buyers market occurs when the number of homes on the market exceeds the number of buyers.

With the current slump in the housing market and interest rates at near-historical lows, it has never been a better time for buyers. A recent AP article states that U.S. home prices fell nationwide in August for the eighth consecutive month. And many sellers are in a must-sell position and may take little or no profit from the sale of their homes.  As a result, many markets are HOT for buyers.  Some of these markets include Florida, Utah, Arizona, and the D.C area.  In some cases you can by a house for 5 to 10 percent below the asking price.  According to economist Mark Zandi, “We are half way done in terms of price decline.  Prices are down about 4% and I expect another 4% to 6% drop-off.  Home prices in early 2008 will be back to where they were in 2005.” Read the rest of this entry »

1. Price - Its important to realize that the market has changed and price it to sell. Homes priced too high at the initial listing experienced a sales price 88% less than the listing price, whereas homes that didn’t have price reductions sold for 97% of the listing price.

The take-away: A home priced too high and then reduced seems to give buyers the idea that more reductions are possible and the low ball bidding begins in earnest. Read the rest of this entry »

It’s important to choose the highest quality neighborhood when buying a house. Why? It’s not only good for you and your family, but you will realize the highest increase of appreciation. In other words, your property value will rise faster in a better neighborhood.

Why does appreciation matter? Because when you later sell or rent out your house, you’ll command the highest prices. By attracting buyers and renters who are willing to pay more, you’ll realize more profitability. Read the rest of this entry »

Some buyers are hesitating to buy their first home now. Perhaps you are unsure because you’re worried about the real estate market, or you’re afraid you can’t qualify for a mortgage loan. Maybe you don’t want to make a move yet, because you’d like to wait until you think the market is going to hit bottom.

But did you know that RIGHT NOW is the best time to buy? Buying an owner-occupied house is not based on the market, it’s based on YOUR family’s needs and capabilities. If you can afford the monthly mortgage payments, then seize this opportunity to provide your family with the security of owning their own home. In fact, right now IS the best time to buy your first home. Why? Read the rest of this entry »