Tag: Real Estate Agent - page 5

One of the most important aspects in selling your home is the staging process.  While staging your home you have the opportunity to freshen up the entire home inside and out.  Spring is the perfect season to help set the stage for selling your home.  When the sunshine is out and the fresh showers are turning everything green there are plenty of chances to stage your home to attract buyers.  Make the most of spring time with these staging revisions that are sure to attract serious buyers.

Spring Shape Up For Your Landscape: To sell your home quickly during the springtime season it is important that the exterior of your home is in shape.  Winter weather brings in some nasty debris that needs to be removed before you put your home on the market.  Spring is not always ideal for planting but if part of sprucing up your landscape is to bring in some color look for plants that are frost-resistant.  Don’t waste money on plants that will be damaged by a late cold spell if it should hit.  Spring growth is a perfect accent for sellers!

Interior Spring Cleaning: The spring season is naturally known for a time to clean.  Cleaning is also the perfect addition to any plan involving selling your home.  Spring cleaning lets your home sparkle and look even more appealing to buyers.  The scent of clean will fill the home, the home will glisten and you will have had an opportunity to go through everything you own getting rid of unnecessary clutter.

Entryway Spring Spruce Up: Pick up a fresh entry mat to make the entry way to your home fresh.  A freshened up entrance will set the tone for your homes showing.  Add some seating with fresh colors to add to the appeal.  A hanging basket is another way to freshen up the space.  If you are feeling really adventurous take time to update the paint on the entry door.  These small renovations bring your entry up to date and appeals to buyers.

Stash Winter Wearable’s: Winter clothing takes up a lot of space.  Spring is the perfect time to stash the winter wear and bring out the spring and summer wear.  Boots, scarves, hats, gloves and thick winter coats take up a lot of valuable space.  Put the winter wear in storage in order to reduce the clutter and show off the extra space within your home.

Bring In The Spring Scents: Spring is full of fragrant scents.  Don’t forget to bring the scents into your home as they work to put buyers in a good mood.  Open the windows, add some spring scented candles and fresh cut flowers can change the entire feeling of your home.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

It is that time of year when purchasing a home starts to pique people’s interest.  It is important to understand that although you can navigate the home buying process on your own it is much simpler when a qualified real estate is in your corner helping you along the way.

Benefits of Hiring a Realtor When Buying a New Home

• Comprehend Home Financing: Experienced realtors offer comprehensive knowledge in home financing. They have been through the closing process on buying homes and are familiar with a variety of scenarios that can come up throughout the process.  They can offer suggestions on mortgage brokers help with the preapproval process and offer guidance when it comes to choosing between several mortgage options.  They offer an outside opinion on the information you are receiving from the broker and lenders.
• Identify The Most Recent Listings: Another major benefit that comes from working with a real estate agent is that they have market connections.  This allows them the inside scoop on new listings, some even before they become available on the market.  This offers a unique opportunity to you as a buyer to have the first peak at homes.  Buyers have often been able to put an offer on a home and have it accepted without a seller having to go through the hassle of open houses and daily showings.  This can also make it easier to get a good deal on a home without ever having to enter into a biddig war with another buyer.

Types of Real Estate Agents

• Buyer’s Agents: This is an agent that is representing the best interest of the buyer within a real estate transaction. They are often compensated through commission which comes after the transaction closes.  The seller’s broker often splits the commission with the buyer’s agent.  Before signing a contract with a realtor it is important to understand who is paying the commission, how much they are being compensated and when this fee is expected.
• Sellers Agents: You may have guessed that this type of agent represents the best interest in the seller. This person is the listing agent on a home and is responsible for marketing to buyers in order to secure the best price and terms possible on the sale of the home.
• Dual Agents: A dual agent is uncommon but does occur within real estate transactions. A dual agent represents both the buyer and seller.  Dual agents are not always a good idea as they have a conflicting interest to both parties involved in the process.  Laws are incredibly strict with what a dual agent can do.  It may not be in your best interest to use this type of agent especially when buying our first home.  Perhaps when you are more familiar in real estate transactions a dual agency can save you money on commission.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

At the first sign of spring both home buyers and sellers get anxious.  This is the time of the year that many homeowners wait for to list their homes in search of something bigger and better.  The season brings a flux of new home buyers looking for their first homes, buyers looking to upgrade and sellers anxious to sell in order to move on to the next phase of life.  No matter where you are at or who you are in the equation one thing remains the same; spring is the perfect time to buy and sell real estate.

It is important to have the market on your side.  2016 is said to be a year filled with a new competition between buyers that hasn’t been seen in recent years due to the relatively low housing inventory, slow increase in interest rates and home prices.  People are ready to settle into a home at a reasonable price while taking advantage of the current lower interest rates.  Economists have long predicted that the interest market on home loans would start to see hikes as the economy recovers.  This article is filled with tips for both home buyers and home sellers so that they can understand what is important right now in the real estate market.

Top Buying Tips For 2016

• Don’t Delay: Many home buyers want to time their purchase to coincide with the spring or summer season. This is problematic because this is a theory many buyers use which leads to a high demand for homes within these seasons, which drives up competition and therefore the price sellers can ask.  Start looking for a home immediately.

  The home buying process is not something that occurs overnight.  Rest assured that beginning your search today doesn’t mean you will be moving right away.  Meet with a local, professional real estate agent right away. They will access your wants and needs and be able to locate homes within a database that may interest you.  Start the process by driving by the locations.  Scope out the neighborhoods, schools and other areas of interest; if you happen to love the home look at it but again the time table is one in which you set.

• Work With A Mortgage Specialist: A mortgage broker is a specialist who will look at your current financial situation and seek to find a mortgage lender and home loan option that is most advantageous. A mortgage specialist will help to find you the best type of loan and rate for you while examining just how much you can truly afford to take on.  A pre-approval from a mortgage broker is also a huge bonus when it comes to having an offer accepted on a home.  Sellers are looking for buyers that are committed and ready to buy.

• Consider New Construction: 2016 has been deemed the year of that new construction begins to surge. The prediction is that the new construction market will grow sixteen percent this year alone.  If you choose to buy a new home there is often less competition and a larger selection of homes to choose from.  The con however is that new construction homes often start at a premium price tag.

Top Selling Tips For 2016

• List Now: The prime season to buy a home is historically April through June. Now is the time to get your home ready to sell and listed on the market.  A larger population of buyers is said to be seeking to buy homes during the spring and summer seasons.  Take advantage of this.  More buyers can often lead to bidding wars resulting in higher prices and quicker closings.

• Be Reasonable: Don’t try to oversell your home. This is an issue many real estate professionals face when listing a home for a seller whom deeply regards every cent of home improvement that has been put into a home.

  It will not matter that you put in all new landscaping when you moved in five years ago other than the home looks better and is up kept.  Some renovations will not offer a return on investment.  Listen to the professionals when pricing your home to sell.  Price your home to sell based on the market and comparable homes in the area.  This will ensure it sells quickly and effortlessly.

• Offer An Incentive: No matter what is being sold people love a deal. Offer an incentive to buyers. Be willing to negotiate in areas other than the homes price.  For instance, if you live on the water and are moving inland consider throwing in the boat.  If a buyer mentions that love your dinette set be willing to counter offer a higher priced offer but include the dinette set.  This is often a win-win situation for buyers and sellers.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Spring is a great time to buy a home.  With the spring home buying season about to fully get underway there are a few strategies to keep in mind to ensure you find the home of your dreams within your budget.

Professionals within the housing market industry are anticipating a busy home buying season for 2016. The inventory is here, the market itself is stable and there are concerns that the interest rates on home loans have seen their lowest days are on the rise.

If you hope to be successful in the present market it is important to have a strategic plan in place to approach finding the home of your dreams.  Be prepared and incorporate the tips below when buying a home this spring.

• Ditch The Computer

With over ninety percent of homeowner looking online for the home of their dreams it may benefit home buyers to look elsewhere.  Get outside; start canvassing areas in neighborhoods that meet your needs.  Work with a realtor to help narrow the window of area homes that meet all of your wants and needs within your budget.  Having a real estate agent that completely understands what you are looking for at the start of the busy spring season is a must.  They often have ties to homes going on the market, which you can preview before anyone else.  New homes hit the market quickly.  Get in, preview the space and make an offer before the seller is even prepared to list the home to ensure you the pick of the litter when it comes to homes hitting the market this spring.

• Understand the Current Housing Market

Each housing market is a bit unique.  This is true of different neighborhoods, school districts, towns and more. The area in which you are looking is distinct and the housing market within will be exclusive to that space.  It is important that buyers understand the current housing markets of the areas that interest them and hire a real estate agent that fully embraces the concept.  The entire process can hinder on the uniqueness of the market in which you are looking.  Research and educate yourself before it’s too late.

• Get Pre-Approved and Lock In Low Mortgage Rates

Mortgage rates have begun to fluctuate.  The economy of 2016 is different than that of years past.  We are seeing economic recovery, new construction and home remodeling increases and with that eventually come higher interest rates.  Mortgage specialists have indicated that they don’t expect these low mortgage rates to last into the summer buying season.

Mortgage brokers have indicated that all signs pointing from the Federal Reserve are that interest rates will begin the spring buying season low and will increase slowly throughout the season and into the summer buying season.  The concerns about heightened home prices and increases in rent will continue to exceed the increase of earned wages; before it is too late lock in a low pre-approved mortgage rate.

• Construct a Dream Team

The spring home buying season can be competitive and fast paced.  With this in mind it is important that buyers have a team in place that allows them to make an offer on the perfect home at a moment’s notice.  Your dream team should consist of a professional real estate agent, a mortgage specialist with several lenders and loan options in place, a lawyer and home inspector.  With your pre-approval in hand you are ready to complete the mortgage process quickly once a property is found.  Eager sellers will often benefit from a quick sale and can compensate accordingly.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Do you think you are ready for the commitment of buying a home?  With the home buying and selling market that we are experiencing right now it is the perfect time to start looking.  Whether you are looking to buy your first home or upgrade the current interest rates and home market make it an ideal time to hire a realtor to begin your search.

A trusted realtor with experience in the local area is a must when you are looking to buying a home.  Some buyers are hesitant to use a realtor because they don’t want to pay the fees involved with using a realtor.  It is important to remember that the fees that realtors are paid, the commissions, are paid for by seller.  It is crucial that buyers remember that listing agents do not have their best interest in mind. They represent their client, the seller and their best interest.

No matter if you use a realtor to buy a home or not the commissions are paid by the seller.  Therefore not using one only allows for the sellers listing agent to be paid both sides of the commission.  Using an real estate agent that is savvy can help to protect your interests throughout the home buying process from negotiating the sale price to helping you navigate through the home inspection process.

Buying a home requires you enter into a legal contract.  One major difference in contracts dealing with the purchase of a home is that they are negotiable up until the time at which you sign on the dotted line to buy the home.  If you want time to review the home inspection report, time to obtain a well inspection or want to ensure that the sale is subject to a certain condition such as the ability to obtain a home loan this can be negotiated into the deal.

Buying a home is one of the biggest financial commitments that most of us will ever enter into.  With this in mind it is important to consider changes in your future before making a purchase.  If you are looking to start a family in the next two years buy won’t want to move again within that period of time it is essential you consider the additional member of your family in the purchase.  Consider the number of rooms in the home, the day care centers in the area, local recreation and all other aspects that are important to you.

When you buy a home you are making an additional commitment to your time.  You will need time to keep up on daily maintenance as well as future home improvements.  Find a home that meets the commitment level you are ready for.  If you don’t have lots of time for yard maintenance or exterior upkeep consider the purchase of a town home, condominium or home with significantly lower maintenance requirements.

An affordable home is important as well.  Take into consideration the amount you have to put down on a home, the interest rate you will pay, monthly utility payments and such before purchasing a home.  The cost of the home is essentially unimportant if you can’t afford to live in it.  All of these items should be added up and accounted for before fixating on a home of your dreams.  Affordability comes from more than just the initial cost to purchase the home.

An experienced real estate agent is invaluable to the buying and selling process.  They offer extensive knowledge of the process as a whole and therefore decrease the amount of stress that is usually associated with buying a home.  A great way to find a reputable real estate agent is to talk to family, friends and associates about their experiences.  Newer agents with less experience can still offer a reliable amount of knowledge to the process depending on your level of experience in home buying.  If however, this is the first time you are buying a home look to work with an agent that has been working within the industry for a significant amount of time.  Time in real estate improves upon the knowledge of an agent as well as the different number of situations they are familiar with.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

2016 around may just be the perfect time to buy a new home.  There are many factors that determine whether the timing is right for you to buy a home.  Below you will find 5 key elements that play into why 2016 is the year that you find your dream home.

• Interest Rates Remain Low For 2016

Interest rates may be slowly creeping up at the beginning of 2016 but overall still remain at an all time, historic even, low.  A common thirty year fixed mortgage loan is still hovering around four percent.   It is not uncommon to assume that interest rates may never see these low numbers again.  In fact many current homeowners have seen mortgage rates, in their lifetime, as high as eighteen percent.  The eighties were a notorious decade for impossibly high interest rates.

• Rent Prices Have Increased

Another reason homeowners should be looking into purchasing a home is the cost of rent is increasing.  Rent is outpacing the value of homes in up to thirty five percent of housing markets around the United States.  In 2016 rent payments are said to see increases of upwards of eight percent.  This is the perfect year to say good bye to landlords for good and say hello to a mortgage broker that can find you a home loan to match your needs.

• Home Prices Are Stabilized

Rising home costs are said to be stabilizing in 2016.  This will help to restore a common playing field for buyers looking capitalize on the opportunity.  Even in the most heated home markets buyers should expect to see home values stay relatively stable over the course of the year.

• Down Payment Are No Longer The Standard Twenty Percent

The biggest obstacle against home buyers of the past was the required twenty percent down.  This was almost impossible to obtain for many people looking to buy a home.  Recently mortgage lenders have loosened their down payment requirements and are allowing homeowners to buy homes with less down at closing with the addition of principal mortgage insurance, otherwise known as PMI.  Even with a lower than average credit score mortgage brokers are able to secure home loans with three percent down.

• Mortgage Insurance Rates Are Low

With lower down payments required a PMI is required until the equity in the home has reached twenty percent of the home loans value.  With this said the rates being charged along with this insurance is relatively low making the payment overall reasonable.

There are many reasons that you should look into meeting with a mortgage broker today.  Initial consultations and mortgage pre-approvals are free services offered by mortgage consultants every day.  Find out how much house you can afford, determine a down payment needed, meet with a local real estate agent and begin your quest to homeownership in 2016 today.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

The home buying process is not always easy.  The troubles however seem to disappear when the walk-through is scheduled.  A walk through happens at the end of the buying process.  The mortgage has been secured, the home inspected and a contract agreed upon; now all that needs to happen is a final walk through and the actual closing.

A walk-through is done by the buyer of the home and the real estate agent representing the buyer.  It is a time to explore the home that is soon to be yours.  You will be looking to make sure that the home is in the condition stated within the agreed upon contract.

When Buyers Should Schedule a Final Walk-Through:  A walk through should be scheduled within the last twenty four hours before closing on the home.  You want to wait until the last possible moment to do a final walk through to ensure that the home is left in the agreed upon condition.

If there is any damage, natural or seller induced, not addressed before closing they become your responsibility.  This is true even if the damage has happened before you technically own the home.  If the damage is not dealt with before you sign on the dotted line it becomes your issue to deal with.

If there were any repairs that were contracted to be made before closing you may want to schedule two walk-through appointments.  This will allow you to look at the repairs that were done and make sure they were done to your specifications.  If something is incorrect with the repairs or the contract isn’t fulfilled as stated it gives the buyer and seller time to resolve the issues.

What Can Home Buyers Expect During the Walk-Through Process:   Often buyers are disappointed at first upon the final walk-through.  Most contracts don’t state that the home must be left pristine.  Most of the time the home is clear of the previous owners mess but not necessarily cleaned to the buyers “deep-clean” specifications.

Regardless of how surface clean the home is here are the things that you should really be examining during the walk-though:

• Check on all the agreed upon items within the contract that needed to be fixed or left behind for the new buyer. If the swing set, appliances or such are missing and they have been written into the contract that is an issue that needs to be addressed in writing before the home is closed on.
• Test appliances throughout the home and make sure they are in working order. This also means that you should test the central heating and air conditioning systems to ensure that everything is in working order.
• Test outlets throughout the home with an inexpensive electrical tester to test for power. Check all flagged items within the home inspection and contract.

If A Problem Is Found What Should Home Buyers Do: If an issue is found and it is outside the normal range of expense excepted when moving into a new home it is time to that you and the buyer’s agent contact the sellers agent to negotiate a proper solution to the problem.  If a solution can’t be found and the problem is extreme you can stop the closing process.  Consider the cost of delaying the closing as well as legal fees to determine if the issue is worth pursuing or if you as the buyer can resolve the issue on their own.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

This is the year you are going to buy a home.  The excuses are all null and void as we enter 2016.  Now is the time to seek out an experienced, local professional to help you find the home of your dreams.  Below you will find four compelling reasons to stop procrastinating.  It is time to take the plunge.  2016 is the year for first time home buyers, home buyers looking to expand and retirees looking to consolidate because the conditions for both home buyers and home sellers are ideal.

Lower Than “Normal” Mortgage Rates

Mortgage rates have been continuing to teeter at all time lows for quite some time now; they are likely to start inching up.  It is important to remember however that even if rates do begin to rise they are still at an all time low over the rates that our parents experienced when buying their first homes in the early eighties.  Mortgage rates on average have been at or around four percent throughout 2015 where as our parents were experiencing mortgage rates in the high teens in late 1981.

Consistent Home Prices

Home values have been rising steadily over the past few years.  This pace is said to start slowing a bit in 2016.  Rates, according to Svenja Gudell, Zillow’s Chief Economist are expected to rise around three point five percent over the course of 2016.  Buyers who were hoping to time the market will not see the low prices and foreclosures of the far past but will see prices stay consistent.  With consistent home prices and the job market and wages on the rise the market is perfect for first time home buyers to jump in!

More Homes Listed on the Market

Sellers are also excited to hit the market as the equity in their homes will start to slow.  This will cause more homeowners to list their homes as they will be anxious to see the return on their investment and are ready to upgrade.  The market is perfect for buyers looking to take the equity in their current homes and reinvest it into a larger home or perhaps a home with more recreational appeal.

With a boost in starter homes hitting the market bidding wars will be almost nonexistent, home prices will be fair throughout the market and the process of finding and buying a home could be simpler than ever.

Rent Payments Are Expected To Continue To Climb

The cost of renting a home or apartment is expected to continue to rise.  This means that for many people buying a home could in fact be less expensive than renting.  Mortgage rates are currently a bit above four percent.  In order to make renting a better deal than buying the mortgage rates would have to rise to over six and a half percent.  Economists agree that this is unlikely given the rates we have been experiencing.  A slight increase in mortgage rates is to be seen but is not expected to grow to past five percent; thus allowing the purchase of a home, buying a home to be more affordable than renting.

Now get up off the couch and reach out to a local realtor.  2016 is the year that you begin investing in the real estate market.  Take advantage of all of the wonderful benefits of being a homeowner.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Bigger isn’t necessarily better:  We are naturally drawn in to the ideal that bigger is better.  The same is not true when buying a home.  A bigger home can often mean a bigger mortgage payment, higher expenses and more maintenance.  Also, buying the biggest, best home on the block can set you apart from the neighbors.

The appeal for the biggest home on the block is limited because it is different than the natural appeal of the neighborhood.  If the neighborhood is full of ranch homes with one car garages set within the one hundred and fifty thousand dollar range and you purchase the only home within the neighborhood with two stories and a two car garage for two hundred and fifty thousand dollars you have basically bought a house with little appreciation value overall.  Buying the worst home leaves a lot of room for appreciation upwards towards the highest valued home in the area.

Consider More than just the Mortgage Payment: The mortgage payment is not the only payment you need to concern yourself with.  It is just one of the many expenses that you will accrue when owning a home.  Consider the costs that come with owning a home before saying yes.  Look at the utilities as well as the hidden fees that are often unspoken like grinder fees and water fees.  Uncovering these sleeper costs will ensure that you are covered and can truly afford the costs that are associated with buying the new home.

Avoid Being Over Emotional:  Never buy a home based on emotions.  When you fall in love with a home you often make irrational choices that lead to bad financial decisions.  Trust your instincts.  Go for the overall value of a great house verse the obsession of a certain aspect of another.  As with any investment it is best to relax, breathe and think before reacting.

Have an Inspection Done: Never buy a home without having it inspected by a professional home inspection company.  It will save you thousands of dollars in the long run.  Being prepared for what is wrong with the home will allow you to negotiate prior to closing.  This ensures that you are at an advantage during the bidding process.  An inspection will prevent you from overbidding.  Paying too much for a home that has hidden work that needs to be done to keep the space in working order is a sure way your home will not build the equity you hope for.

Get to know the Neighborhood: Truly stalk out any neighborhood you are looking into before putting an offer in on a home.  Get a copy of the HOA rules and regulations, do a dry run to work at the times you will be going and coming and observe the behavior of the people within the subdivision.   Research the schools in the area as well, even if you do not have children.  A solid school district can increase the price a buyer is willing to pay for a home by up to twenty percent.

The number one secret in buying a home is using a qualified real estate agent who knows the local area and understands your needs as a buyer.  This will help determine if you get the home buying experience you have always dreamed of.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Keep All Money Right where it is: When you are looking into buying a new home it is crucial that you keep all of your funds right where they are.  For three to six months prior to buying a home avoid taking on any new credit card debt, making a large purchase or taking money out of your savings account.  Your credit report is what mortgage brokers rely on to help lenders determines your credit risk and therefore the interest rate on your new home loan.  It is crucial, in order to get the best mortgage rate, that lenders can visually see where your money is and what it has been spent on.   Now is the time to stick money away and not the time to start purchasing items for the new home.  Spending habits in the months before applying for a mortgage can either help or hurt your ability to receive reasonable mortgage rate.

Get Pre-Approved for a Mortgage: Two terms: pre-qualified and pre-approved are often used when consumers are looking to purchase a new home.   Pre-approval says that a lender has looked at you, your financial criteria and has agreed that you can afford a home and will give you a figure of exactly how much you can afford and how much they will lend to you.

Being pre-approved allows your realtor to narrow the focus down to homes that you are pre-approved for.  Knowing what you can afford significantly increases or decreases the market of homes for you to look into.  With pre-approved loans be sure you are getting the best mortgage available.  Look into hidden expenses and fees for processing; make sure you are not paying for extras in a home loan that are not necessary for your situation.

Survey Property for Boundaries:  When you find a home that you believe is the one the first step is to determine exactly what you are purchasing and for how much.  Do not rely on the property lines specified by the seller as these may be fictitious boundaries that have been observed over time which may not be entirely accurate.  Knowing ahead of time what you are purchasing helps to prevent issues further on down the road with neighboring homes.  It is also important to note that the property taxes that will be assessed are based on the property lines.  This new survey will allow you to have an accurate map drawn up that can be submitted to local property tax assessors.

Timing the Market is Unlikely:  It is unlikely that at any time, even with detailed research and experience in the market that you will be able to time the real estate market.  Don’t obsess trying to time the market; buy a home when you are in the position to and sell based on when it is right for you.  You will only find your perfect home when you can afford it because affording it is what makes it perfect.  The real estate market fluctuates all the time.  In one given year you will see highs, lows and then highs again.  If you wait to try to time the market perfectly it is most likely you will time yourself right out of buying a new home or selling your old one.

In our next installment exploring the secrets of buying a home we will look into why a bigger home isn’t necessarily better, looking into hidden costs outside those of the mortgage payment, the emotions of a buyer, home inspections and the purchase bidding process of a home.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.