Popular Exterior Paint Colors for Selling Your Home

 When you are in the market to sell your home, one of the most important factors to consider is your home’s curb appeal. When a potential buyer pulls up to your home, the exterior is one of the first things they will see. Like in life, first impressions are very important and can impact a buyer's perception of your home. Your favorite dream home might be a white with bright blue trim, but this is not everyone’s favorite. Using a bold and unique mix of colors can make a home stand out in a negative way. If you are trying to decide on a color for your potential listing, consider these tips for selecting an exterior paint color.

When choosing a paint color to use on the exterior of your home that you are about to sell, there are many things to consider. First, remember that you are not choosing the color you want, but a color that appeals to the mass. To figure out the best option, take a look at the color schemes of your neighbor’s homes, your home’s architectural style, roof color, stonework and landscaping and construction materials. You want to keep up with the trends, however, you do not want to do anything too stylish or off-the-wall. A good choice is to go with warm, earthy neutral colors that blend well with your home’s natural environment. A classic that never goes out of style is classic white, simple and traditional.

There are other options, but you need to consider them carefully to make sure they fit. Charcoals and blacks are popular nowadays, especially on a modern home, but make sure these are not too bold for your neighborhood. Navy blue has also become a popular choice and can be used on a variety of home styles. If you can’t go without a pop of color, think about adding a bold color to your front door such as red, yellow or blue.

Remember seeking out your Realtor’s advice can be a win-win situation. A local sales agent will not only be familiar with what is trending but will also know what will fit on your home in your neighborhood.

Click Here For the Source of the Information.

Why House Hunters Will Be Ready To Buy In The Next Six Months

 According to a survey done by Realtor.com, 46% of potential house buyers said they were planning on purchasing a home within the next six months. This study looked at those who accessed listings and search results of homes on the site. The survey justifies that although we look like we are in a recession and the 30-year fixed mortgage rate is close to 6%, this is not detouring buyers in the market. This share of buyers reported is actually higher than reported in 2019 even with mortgage rates reaching the highest level since 2008 and home prices increasing.

Many potential home buyers are looking at the market as an advantage. Rising inventory levels are bringing more options for buyers to find a home within their budget. It is reported that two in five buyers feel that the U.S. economy is already in a recession but it will have no effect on their decision to purchase a home in the near future. Close to 27% of home buyers are more likely to purchase while the economy is in a recession. This figure is up 24% from what was reported in 2021 although there are many potential home buyers that are scared of the current market. In fact, the share of buyers who say they are more than likely not going to purchase a home during a recession rose from 5% to 6.5% this year.

The housing market is definitely tipping the scale from a sellers’ market over to a buyers’ market. Those in the industry said there are fewer buyers who are being outbid going from 12.6% to 9.4% from this spring to summer. The share of buyers who report being overbid on a home has decreased as the market has begun to correct itself

Even though there are home buyers who are willing to purchase in an uncertain economic time, it is still a sellers’ market. Twelve percent of first-time homebuyers are still being outbid in today’s market. Two in five first-time home buyers are also having a hard time finding a home within their budget. Currently, the median price of homes in the U.S. was $435,0000 according to Reatlor.com. This summer was at an all-time high of $450,000! Twenty percent of first-time homebuyers also said they are having a hard time buying because of their credit score.

If you are a first-time homebuyer or in the market to purchase a home, you will want to work with a local real estate agent who can help you navigate these uncertain waters. A local agent can help you find a home in your price range in your desired area.

Click Here For the Source of the Information.

Steps To Take When Buying A House

They say buying a house is part of the American dream. Buying a house is one of life's biggest events. When you are ready to take the leap, here are some steps you need to take.

What to Consider Beforehand

Make sure you are ready to become a homeowner because it is not always the best decision for everyone, renting might be the best way to go for some. There are a ton of responsibilities that come along with owning a home such as regular maintenance, inspections, taxes, and more.

Another thing to consider is the timing factor. Look at the mortgage rates and home prices are they rising or staying the same? If the rates are starting to take a leap, then you might want to move quickly. Also, the time of the season can also determine the best time for you to start your search. Spring is typically when listings hit the market. This means that there will be more options for you to choose from. On the downside, it is the most competitive season for buyers.

The last and most important thing is are your finances in good shape. Only set out to purchase a home if you are financially stable. Remember you will need to set aside savings for a down payment and closing costs. If your credit score could be higher, pay off some of your debt to boost your score.

How to Plan Your Budget

Budgeting is essential when it comes to buying a home. Set a time frame of how long it will take you to build up a good down payment. Once you have this timeframe, research Realtors in your area and find the best fit for you. Keep in mind that it takes around a couple of days to a couple of months to find your ideal home, then around 30 - 60 days to complete the transaction from contract to close.

Along with finding a real estate agent, you will need to find a mortgage lender. The best bet is to shop around for the best rates and offers. This will also depend on your credit score. Having an established credit history and a high credit score can allow you to get a better rate on a mortgage.

To check your score, obtain a credit report from Experian, TransUnion, and Equifax. These three credit bureaus allow a free report every 12 months. Lenders typically require a credit score of 620 or higher to be able to obtain a mortgage. If your score is a little iffy, raise it before you apply for a loan.

In order to raise your credit score you will need to pay your bills on time, pay off debt and keep a low balance on your credit cards, and check for any mistakes on your credit report. Lenders want to know they can depend on you to pay you mortgage payment on time.

If you are not able to raise your score or get it over 620, then there are other financing options available. The Federal Housing Administration (FHA) only requires a score of 500 with a 10% down payment or 580 with a 3.5% down payment.

How Much House Can I Afford

When buying a home, you are not just paying the listing price, there are hidden costs. When budgeting, allow for a down payment, closing costs, moving and maintenance costs, as well as an emergency fund for any unplanned maintenance.

You will need to set aside at least 20% of the price of the home for a downpayment on a conventional mortgage. Closing costs are another thing you will need to pay out of pocket which can be between 2% and 5% of the home's purchase price. Remember to always factor in closing costs to your budget! You will also need to pay to move and make any necessary repairs before moving in.

Along with your monthly mortgage payment, you will also have monthly expenses such as utilities, transportation, groceries, entertainment, childcare, credit card debt, savings, etc. A good rule of thumb is for your mortgage payment to be below 28% of your monthly income.

Shopping Around for the Right Everything

When purchasing a house, you not only have to shop around for the right home, but also for a Realtor and a mortgage lender. Doing your due diligence on both can save you time, money, and heartache.

There are many lenders out there who offer different rates and terms. Shop around for the best lender who offers better products. There are several different types of loans with different qualifications. A lender can help you choose the right one for you and also get you pre-approved.

A pre-approval letter can sometimes be the golden ticket for the seller. This tells the seller that you are a serious buyer and you have the finances to back it up. In order to get a pre-approval letter, your lender will need to verify your finances and check your credit score.

A Realtor is your saving grace through the entire process. When choosing a Realtor, it is always good to get referrals. You want to make sure the agent your are considering has a good reputation and experience. It is a good idea to interview several agents to see if they are a match and would work well with you.

Once you have a lender and a Realtor you need to find your home. An agent can help narrow your search by finding a home that fits most of your needs and wants. Your agent should have an extensive amount of knowledge about the neighborhoods you are interested in.

Reaching the Finish Line

Once you have found your home, it is time to make an offer. Your Realtor will advise you on the best approach and will negotiate your contract. Once everything is settled such as contingencies, a home inspection, and disclosures, you are ready to close. Remember your Realtor will help you along the way and make sure you get the best deal.

Click Here For the Source of the Information.

Seven Tips to Make Buying a House Easier

 
Photo by Kindel Media from Pexels

Purchasing a home is in the top five most stressful events. Buying a house can be a complicated process but there are ways to make the process easier. Here are seven things you can do to simplify the process of purchasing a home.

1. Get your paperwork in order

 

Photo by Sora Shimazaki from Pexels

Getting your paperwork in order such as two years’ worth of tax returns, current pay stubs, bank statements for the last three months, cancelled rent checks, or copies of your lease for a loan application is one of the first steps. You will need to be pre-approved for a specific amount. This will help you with how much you can afford on a house. Realtors and sellers both want to see a pre-approval letter that lets them know you can afford the home and you are a serious buyer.

2. Find a real estate agent you can trust

 

Photo by Kindel Media from Pexels

Finding the right sales agent is a very important step in the process of purchasing a home. Before choosing, interview at least three real estate agents. You will not only want to have a good rapport with an agent, but you will want to make sure they are well-rounded in the community you are looking to purchase a home in. You will want to choose an agent with the best track record of sales in your area, the best online or personal recommendations, and the one you like best. Staging, keeping a home show-ready, and listening to tactfully delivered feedback from people who’ve viewed your home means you’re going to be interacting with your agent a lot.

3. Start researching banks, credit unions, and loan officers

 

Photo by Matthias Zomer from Pexels

Just like choosing the right real estate agent, choosing the right place to apply for a loan for your home is just as important. There are many types of loans and different institutions to choose from. Sometimes it might seem best to use a bank or credit union, but this is not always the case. Many times the banks and credit unions have vested interest and might push you to use certain Realtors, attorneys and home inspectors because they receive a portion of the commissions.

4. Get your financing in order

 

Photo by Tirachard Kumtanom from Pexels

After you have chosen your mortgage lender, you will need to get pre-approved. As mentioned earlier, you will need to have your paperwork in order along with your finances. The pre-approval letter is your ticket to let sellers know you are a serious buyer who can afford their home.

5. Find a home inspector you can trust

 

Photo by MART PRODUCTION from Pexels

A home inspector is a key factor in the success of your home purchase. You want to choose an inspector you can trust who is looking out for your best interest. In an older home, a trustworthy inspector will point out areas of concern such as problems with termites, water seepage, or shoddy construction. Find an inspector who would not mind if you tag along during the inspection. This is a good time to ask questions and get their advice.

6. Consider investing in title insurance

 

Photo by Anthony Shkraba from Pexels

Purchasing title insurance is a safety net against anything that could pop up on the property such as a lien. Title insurance cost from $1,000 and $3,000 on average, or .05 percent of the purchase price and is worth the cost. In many cases, mortgage lenders will require you to get title insurance.

7. Get your tradespeople lined up

 

Photo by Life Of Pix from Pexels

Renovations or repairs are a big part of homeownership. Have tradespeople lined up so that when something does go wrong, you can call on the spot. It is important to make sure they are reliable and honest. Ask around at places such as an independent home supplier. An independent home supplier will usually have the low down on who does sloppy work and who does good work.

Remember never try to purchase a home on your own. Follow these steps to simplify your home buying process. A local real estate agent can guide you through the process.

Click Here For the Source of the Information.

Perks in the Housing Market For Present-Day Buyers and Sellers

The current housing market offers perfect opportunities for both buying and selling a home. In today's

market, there are a couple of perks for both home buyers and sellers that are hardly ever available.

This is a perfect time to purchase a home because of the historic low mortgage rates. The average mortgage interest rate has hit an all-time low. In fact, it is the lowest in the history of the Freddie Mac survey which dates back to 1971. Today's buyers can actually obtain a mortgage rate lower than the past two generations of homebuyers.

“Purchasing power rose 10% year-over-year…With interest rates hitting record lows, buyers were able to afford $32,000 “more house” as of July 23 than they could the year before with the same monthly payment,” according to the National Mortgage News.

Buyers will not only save money on a home, but they will have the opportunity to get more home for the money. This is especially appealing with today's pandemic pushing work from home. Homeowners are re-evaluating the amount of space they need in a home.

As for current sellers in the market, the low inventory has definitely been an advantage. According to the National Association of Realtors (NAR) the inventory of homes coming into the market continues to decline.  Even before the pandemic hit, the inventory was low. In today's market, houses are selling faster than they are being listed.

Bidding wars are the norm now. The fuel of low mortgage rates and low inventory is pushing buyers into bidding wars.

“Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply,” says Lawrence Yun, Chief Economist for NAR.

If you are in the market for a home or want to sell your current home, now is the time. Contact a Realtor in your area who can help you through the process.

Click Here For the Source of the Information.

Tips To Making A Competitive Offer On A Home

Today's housing market is definitely a seller's market. A buyer has to stand out in order to successfully win a bidding war. Here are five tips to follow in order to set yourself above other buyers.

 

Listen to Your Real Estate Agent

Going at it alone is not a wise move when it comes to finding and purchasing a home. According to an article from Freddie Mac, purchasing a home can be very emotional and a professional can help an emotional buyer stay on track.

“Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”

Understand Your Finances

Know what you can afford before you begin even searching for a new home. It is a must to have a complete understanding of your budget. Again, a professional can help you with this portion of the process. Find a mortgage lender who can get you pre-approved for a loan. Taking a pre-approval letter to a seller shows that you are serious and can follow through with your offer. Forty-four percent of homebuyers in the current market get pre-approved. In order to stand out, you must get pre-approved.

Be Ready to Move Quickly

The average property listed in today's market is receiving more than three offers in the first few weeks of being listed. This data comes from the National Association of Realtors' monthly publication called Realtors Confidence Index. This means as a buyer you need to be willing to make a move on the spot if you find the right home for your needs. Be prepared to submit an offer as quickly as possible.

Make A Fair Offer

Both the buyer and seller want to get the best deal possible. As a buyer, you do not want to overpay for a home, but you also do not want to give a low-ball offer. If a seller receives a low offer, they might question how serious you are about purchasing their property. Your Realtor will be able to guide you in the decision when it comes to your offer price. You will want to make your offer based on the market value of the home.

Be a Flexible Negotiator

A seller has the right to accept an offer, reject it or counter with an offer. In today's market with such little inventory and so many buyers, you must stay flexible with things such as move-in dates, a higher offer price than the home is listed for, or minimal contingencies. When it comes to contingencies, conditions you set that the seller must meet for the purchase to be finalized, Freddie Mac warns to stay firm when it comes to a home inspection.

Even in today's hot market, buyers can find and purchase the home of their dreams for the right price. Remember to always contact a Realtor who can help you along the way.

Click Here For the Source of the Information.