Consider your Life Style when looking for your Home

Single individuals generally look for a condo as it doesn't interfere with their active lifestyle.  It is a place to hang out with friends and there is very little to do maintenance wise, as most of the outside of the home is taken care of for them. Some chose a small single family starter home close as they can get to "where the action is"

Married couples generally live in single family  starter homes or condos as well. This is generally a function of the income and activities that they enjoy and there is only two of them, so space is not much of a consideration.

Married with Children families generally are looking for a home with a bit more space and more of a community with other children and activities for the children. The cost is a bit higher as the couples are a bit more established and want more room, a larger lot and more play space.

Retirees are usually looking for homes with one level as they have spent a lifetime of climbing stairs. They are usually interested in Active Over 55 communities if they like many activities. Or maybe they want a single family home with a little maintenance and all on one floor. Another option is a town home with one floor, where they have little maintenance

Getting Pre-Approved is very important

The very important second step is the talk to your mortgage broker to get pre-approved for determining what price range you are eligible for and how much of a home you are qualified to purchase. This is important to negotiate with the seller so that they feel comfortable with accepting your offer in a very active Real Estate market. When you are Pre-Approved, you can get a letter from the mortgage company to provide to the seller when you find the home that you wish to purchase. There is a great difference between pre-qualified and pre-approved. Pre-qualified is much more a more casual term, just looking at your credit score and your comments on an application. Pre-approval is much more in depth and requires submission of  w-2 and other documentation and the investigation and approval by the underwriters.

Consider New Listings of homes

Now it is time to look at homes

The easiest thing to do is look at homes on line, but there is so much more that a Realtor can help you with. No matter how much research you can do on line, a Realtor has the local knowledge and additional resources to help in many circumstances, whether it is a new home or an after market home. Taking advantage of my help as a buyer agent doesn't cost anything and provides professional services to make sure you don't make costly mistakes in one of the largest purchases of your life. That includes new homes as well, builders are different and work differently and it is always a good idea to have someone represent you in any home purchase.

Schedule an appointment

When you find a home that you would like to see call me to schedule a showing so that you can get up close and really see he home closely. Some times it takes up to 24 hours to get confirmation of a showing. Then check it out to see if it meets your requirements - and the lenders requirements.

Like it- Make an offer

The next step in the process is to make the offer, and your Realtor will prepare the documents your offer to send to the listing agent who represents the seller. After perhaps some negotiation the seller signs the offer and the closing activities begin.  Checks  remitted, Due Diligence, inspections, appraisals and final approval by the lender leading to the final day to close.

2017 Market Predictions – A reason to buy soon

Major new policies coming soon

 

The Trump administration ushers in three major policies that could significantly affect the long-term trajectory of the U.S. real estate market: infrastructure spending, tax cuts and changes to immigration policy. Next year, as these policies begin to take shape, their effect will mainly play out in new construction and mortgage rates.

 

The Housing market is expected to grow slower

The housing market will continue to grow, but at a slower pace due to affordability pressures.

Next year the new administration will lead a shifting U.S. economy. However, the percentage of homes in America’s cities that are affordable on the median income has declined the past two years and may continue to fall in 2017. We think there will be a shortage of starter homes for sale, even as the inventory for expensive homes improves next year. Existing homes sales should increase about 3% percent in 2017, compared to the estimated 3.4 percent increase in 2016. It looks like price increases will hold steady, because homebuyer demand is stronger now than it was at the same time last year, and because we foresee a small uptick in homes for sale. With no increase in supply in the most affordable third of the market, we expect most of 2017 increase to be in the most expensive end of the market. Sales would be stronger if there were more starter homes on the market to meet demand from millennial homebuyers. The lack of starter homes will keep sales growth weak next year. First-time buyer clients need to make sure they’re educated on the strategies they can use to win bidding wars and protect themselves in this competitive market.

 

2017 homes will sell the fastest on record

We expect 2017 to break the 2016 record as the fastest market on record, measured by the average number of days homes spend on the market before going under contract. This year, the average home stayed on the market just 52 days, 2017 is expected to be even less.

 

New-construction growth will slow in 2017

Single-family new construction increased by 9 percent in 2016, but it’s still much lower than historical averages due largely to labor shortages. Given that nearly one in four construction workers are foreign-born, stricter immigration policies from the Trump administration are likely to make the problem worse. Growth will likely slow to 6 percent in 2017. Unfortunately, this affects the availability of affordable starter homes the most, which means higher prices for first-time buyers.

Mortgage rates will increase

Mortgage interest rates are expected to increase.  Already, the 30-year fixed mortgage rate has increased from 3.5 percent at the end of October to just above 4 percent following the election. Wall Street is now anticipating higher economic growth and inflation in 2017, and reshuffling to stocks from bonds. In general, when investors buy fewer bonds, bond prices fall (yield rises) which pushes up mortgage rates.

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