Buying Archives - CENTURY 21 MarketLink Realty

How to Build a Winning Home Buying Team

January 28, 2015 By CENTURY 21

Buying a home is a huge milestone – especially if you are buying for your first time. Although buying a home is exciting, there is a lot to keep track of and manage. It’s imperative to have a solid team behind you. Aside from having an excellent real estate agent to guide you through showings and the closing process, there are other essential people that you should have on deck.

Meet your home buying team:

1. Real estate agent: Your agent will help you research the homes that cater to your needs, negotiate with the seller, and help you find the rest of your home buying team. (Learn more about how your agent can help you.)

2. Lender: If you’re purchasing a home, you will most likely need a loan. Your lender can come from your bank, mortgage company, credit union, etc. Once you apply for a loan the lender will then decide if you qualify.

3. Home Inspector: An inspector will make sure that the home you hope to purchase is in good shape. Even if the seller has already had the home inspected, it’s a good idea to have someone else double-check and triple-check.

4. Appraiser: An appraiser will determine a “fair price” for the home by evaluating the home and comparing it to similar homes on the market. It is best to have an appraiser come before you negotiate with the seller.

5. Attorney: Your attorney will write contracts, settle any disputes, and review all documents before the closing.

6. Escrow officer: An escrow officer takes care of everything happening during escrow—the amount of time between when the purchase contract is signed and the date of the closing. The officer works for both the buyer and seller. Their main job is to hold onto all the documents and money during escrow, making sure that everything is taken care of.

With a team of professionals to take you step by step through the process, you’ll have a very positive home buying experience so that you can enjoy what matters most – your new home.

Recommended Reading:

-Open House Advice for Buyers

-On the Road Again: The Ultimate Moving Checklist

-We Asked, You Answered: Advice for First-Time Homeowners

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Open House Advice for Buyers

November 19, 2014 By CENTURY 21

You may fall in love with a home based upon it’s online listing but don’t forget to visit it in person before you make the commitment. Visiting an open house is a great way to get a feel for the property and see if it will work for you and your family.

Keep these things in mind during the open house to ensure that you get the most out of your visit.

1. Keep a poker face: Don’t be overly enthusiastic. It is best to remain calm, cool, and collected. Dull your emotions, whether good or bad, so you don’t compromise your position as a buyer. (Boston.com)

2. Pay close attention: Pay attention to everything. Keep a look out for cracks in walls and ceilings, damages to the floors, and the windows. Watch the other attendee’s reactions to certain things. If you see people abruptly leaving, there may be something wrong with the home. If people are mingling and taking their time it may be a sign that it will be a home with a lot of offers. (AOL)

3. Ask before taking photos: While looking at homes, it’s helpful to take photos to help you remember specific features of the home. During an open house, or any showing, it’s best to ask the homeowner before you start snapping pictures. (Frontdoor)

4. Look but don’t snoop: Storage can be a deal breaker when it comes to buying a home. If there isn’t enough room in closets and cabinets, it may sway your opinion. Look through storage spaces but don’t go rummaging through people’s belongings. Respect their home and their space. (Frontdoor)

5. Don’t bad mouth the home: If you don’t have anything nice to say, don’t say it at the open house. You may walk into a house and dislike it, but try to keep harsh opinions to yourself. Wait until you leave the open house to voice your opinion. You never know who may be listening and how it could work against you in the future. (Frontdoor)

6. Ask questions: Ask the owner, your real estate agent, and the listing real estate agent any question you might have.

Use these tips at every open house to help increase the efficiency and effectiveness of your home buying experience.

Recommended Reading:

-We Asked, You Answered: Advice for First-Time Homeowners

-Open House Oops: Don’t Make These Mistakes

-Benefits of Working With a Real Estate Agent

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Evidence That Buying a Home Can Be Just Like Dating

August 28, 2014 By CENTURY 21

Overwhelmed with the idea of buying a home? It can be a lot to handle, so try thinking of home-buying like dating. It’s a process that’s sometimes frustrating, but ultimately you’ll be glad you held out for “the one.” Here are some things to remember.

Make sure you’re worth the investment.

“Are you homeowner material” is kind of like, “Are you boyfriend or girlfriend material?” Banks, like dates, aren’t going to take a chance on someone they don’t see a future with. That means a credit score above 600 will increase your chances of getting approved for a homeowners loan.

It’ll cost you money.

Think of it as a “wine and dine” process – you’re going to have to woo a loan program with a down payment 3.5 to 20 percent of the price. After that, it’s common practice to spend about 30% of your gross income on your mortgage.

Compromise.

Your relationship with the seller will be one of compromise – price and closing details are something you’ll probably have to go back and forth on. If you’re unsure of how much you should be offering, read our guide on how to determine an appropriate amount.

Accept that nothing’s perfect.

The home for you probably won’t be perfect. But overall, will the home make you happy the way a true love can? Remember, if you can change your mate’s habits, you certainly can tear down a wall or redo a floor to get exactly what you want.

Trust your friends.

Think of your CENTURY 21 ^®Real Estate Agent as the friend who will help guide you through the process. They’ll introduce you to prospects, give you advice, and just generally be your support until you sign and close.

The road to home-buying isn’t easy, but it’s worth it. Just remember that with the help of these steps, you’ll be living your happily ever after in the home that suits you.

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Myth vs. Fact: Home Buying

June 17, 2014 By CENTURY 21

Buying a home is a big commitment, and it’s important to get the right information before making such a big decision. Like anything else, do your research beforehand. There are plenty of misconceptions when it comes to real estate and where you should spend your money but we are here to help.

Myth 1: You should get pre-qualified for a mortgage loan after closing on your house.

Fact 1: Early in the process, you’ll want to get pre-qualified for a mortgage loan. It enables you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property. A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you’ll be able to finance through a loan and what your monthly payment will be. Another figure that lenders use to evaluate how much you can afford is the housing expense-to-income ratio. It is determined by calculating your projected monthly housing expense, which consists of the principal and interest payment, property tax payments and insurance premiums on your new home loan (also known as PITI). Use our Mortgage Calculator, Refinancing Calculator, and Amortization Calculator for insights.

Myth 2: You need at least a 20% down payment.

Fact 2: A common myth is that the more money you put down, the less you’ll have to borrow and the easier it will be to get a loan. While this is ideal, there are other options as explained in The US News article, Alternatives to Putting 20 Percent Down on a Home. Each buyer is unique, and a mortgage professional can help you find out just what you can afford. Your income and debts will typically play the biggest roles in determining your price range. It’s simple to make an estimate – just run the numbers for yourself using our Affordability Calculator.

Myth 3: Buying is always better than renting.

Fact 3: Some people argue that renting is throwing away money. However, there are instances where it would be better to rent. You have to consider the housing market, the price of repairs and maintenance, property taxes, school taxes, mortgage, and more. Compare your options with the Renting vs. Buying Calculator.

Agents affiliated with the CENTURY 21^® System are ready to make a commitment to help you capitalize on current market opportunities and assist you in making an informed decision. A CENTURY 21 Agent can help ensure you make the right choice for the long term, get a better understanding of different neighborhoods, schools, and market conditions, find a mortgage specialist, and more. Get started now!

Recommended Reading:

-Buying Advice

-5 Tips for First Time Homebuyers

-We Asked, You Answered: Tips for First Time Homebuyers

-3 Powerful Real Estate Investing Rules for Regular Folk

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