Posted by Kim Thomas on 1/29/2019

Purchasing a condo should be fast and easy. However, negotiations with a condo seller can quickly become stressful and may put your chances to acquire your dream condo in danger.

Lucky for you, we're here to help you simplify the process of negotiating with a condo seller to ensure you can purchase your ideal property.

Here are three tips to help you navigate tough negotiations with a condo seller.

1. Consider the Condo Seller's Perspective

Think about the condo seller's perspective and try to find common ground with this individual. By doing so, you and the condo seller may be able to agree to terms that meet the needs of both sides.

When you initially submit an offer on a condo, ensure your proposal accounts for the condo's condition and the current state of the real estate market. That way, you'll be able to avoid the risk of submitting a "lowball" offer that falls below a condo seller's expectations.

Also, maintain open lines of communication throughout the negotiation process. This will allow you to listen to a condo seller's concerns and respond accordingly.

2. Collect Plenty of Housing Market Data

If a condo seller believes you are unwilling to pay a sufficient price for his or her condo, it is always a good idea to present housing market data to back up your offer.

Explore the housing market closely to learn about the prices of comparable condos in nearby cities and towns. This will allow you to see how a particular condo stacks up against similar properties in terms of price and condition.

In addition, check out the prices of recently sold condos in your area to identify housing market patterns and trends. With this real estate market information at your disposal, you'll be able to make an informed decision about whether to continue to negotiate with a condo seller or consider other properties.

3. Collaborate with a Real Estate Agent

A real estate agent will negotiate with a condo seller on your behalf. Therefore, he or she will help you minimize the stress and anxiety that is commonly associated with condo negotiations.

Typically, a real estate agent will submit an offer on a condo and wait to hear back from a condo seller. If a condo seller decides to negotiate, a real estate agent will work with you throughout the negotiation process.

A real estate agent will listen to your condo buying concerns and questions and respond immediately. He or she also will provide honest, unbiased recommendations to help you make informed decisions during negotiations with a condo seller. This real estate professional will even share your concerns with a condo seller to help you get the best results possible.

When it comes to a negotiating with a condo seller, there is no need to worry. If you collaborate with a real estate agent, you can take the guesswork out of condo negotiations. And ultimately, you may be able to move one step closer to buying a condo that meets or exceeds your expectations.




Tags: Condo   Buying a home   buyer tips  
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Posted by Kim Thomas on 1/22/2019

Saving for a down payment on a house can seem like an insurmountable challenge to first-time homebuyers. You don’t have the benefit of equity built from owning previous homes, and most, if not all, of your income could be tied up in other places like paying rent and bills.

If this sounds like you, don’t worry--you’re not alone. The good news is that there are some other things you might try before giving up on saving for a down payment.

In today’s post, we’re going to discuss a few techniques for saving for a down payment that you might not yet have thought of, and talk about how to can start saving sooner rather than later.

1. Know your options

Many first-time buyers aren’t aware of all of the different mortgage types that may be available to them. VA loans, USDA loans, and more are all available to buyers who don’t have a large down payment saved up.

There’s also the common myth that your down payment needs to be at least 20% percent of the cost of the home. However, this number is more like an ideal figure that will allow you to avoid paying private mortgage insurance (PMI).

Before determining how much you need to save, make sure you understand all of your options.

2. Learn the art of budgeting

Most of us use the term “budget” as a vague word that means the amount of money we can spend.

The true point of a budget, however, is to gain a detailed understanding of where your money goes and to develop a plan.

One good method of budgeting is to do what budget experts call, “giving every dollar a job.” This means that you know where each dollar o your paycheck will go.

There are many tools available for you to use when budgeting. You can use a free app like a spreadsheet from Google Sheets, or a service that connects you your bank account like Mint. Mint will also let you set goals (such as saving for a down payment) so you can track your progress.

3. Asking for a raise

Depending on how long you’ve been at your job and your work performance, it might be time to ask your employer for a raise up front. Many employers are more than happy to reward hard work and dedication, but just don’t hand out money if they aren’t asked.

4. Start that side hustle

There are a lot of ways to earn extra money in a service economy. From waiting tables at night to delivering packages for Amazon, and giving lifts in your car for Uber, there are numerous ways to earn some extra cash in the evenings.

Just remember that you want this project to be something that’s enjoyable or interesting, otherwise it’s easy to burn out from overwork.

5. See if you have employee assistance options

Some employers offer housing assistance programs to their employees as a work benefit. If you haven’t flipped through your HR packet in a while, now might be a good time to make sure you’re taking advantage of your options.





Posted by Kim Thomas on 1/15/2019

A successful homebuying experience is a pipe dream for many individuals. However, those who understand the key attributes of a successful homebuyer may be able to transform their homebuying dreams into realities.

Now, let's take a look at three key attributes of successful homebuyers.

1. Persistent

A successful homebuyer won't take "No" for an answer; instead, this individual will go the extra mile to ensure he or she can acquire a great house at a budget-friendly price.

Ultimately, a successful homebuyer is driven to accomplish his or her goals. This individual's persistence is distinct, and as such, may help him or her achieve the optimal results.

To be persistent throughout the homebuying journey, it generally is a good idea to monitor the housing market closely. Because if you keep track of new homes that become available in cities and towns where you want to live, you can pounce at the opportunity to acquire your ideal residence.

2. Data-Driven

A successful homebuyer likely realizes that he or she needs to learn about the real estate sector. Therefore, this individual will allocate the necessary time and resources to analyze housing market data.

With a data-driven approach to buying a house, a homebuyer can increase the likelihood of a seamless homebuying experience. In fact, myriad housing market data is available to help a buyer discover the perfect house in no time at all.

Homebuyers may want to assess the prices of recently sold houses in their preferred cities and towns. This information can help buyers differentiate between a buyer's and seller's market and map out the homebuying journey accordingly.

Furthermore, examining a personal financial data may be helpful before kicking off a home search. And if a homebuyer collaborates with a bank or credit union, he or she can get pre-approved for a mortgage and enter the housing market with a budget in hand.

3. Patient

A successful homebuyer understands the challenges associated with purchasing a house. As a result, this individual can take the right steps to avoid such challenges as he or she proceeds along the homebuying journey.

For example, a successful homebuyer won't feel stressed if he or she encounters problems during a home inspection. Conversely, the homebuyer will look at his or her options and determine the best course of action. And if this individual decides to walk away from a home sale, he or she will feel good about reentering the housing market and beginning a home search once again.

When it comes to enjoying a successful homebuying experience, it pays to hire an expert real estate agent as well. This housing market professional can help you evaluate a wide range of houses and find one that matches or exceeds your expectations. Then, a real estate agent will ensure you can put together a competitive homebuying proposal to secure your dream residence.

Consider the key traits of a successful homebuyer – you'll be glad you did. If you strive for success at each stage of the homebuying journey, you should have no trouble acquiring your dream residence.




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Posted by Kim Thomas on 12/11/2018

Dotting the I's and crossing the T's on a home loan application may seem like a daunting task, regardless of whether you're a first-time or experienced homebuyer. However, those who know what to expect when they fill out a home loan application may be better equipped than others to obtain a home loan that matches or exceeds their expectations.

When it comes time to fill out a home loan application, you'll need to provide a variety of information, including:

1. Personal Information

Allocate the necessary time and resources to provide as much personal information as possible on your home loan application. That way, you can make it easy for a lender to create a file for all of your home loan information.

Typically, your lender will ask for your Social Security number, date of birth, current housing information and school information. Provide accurate personal information at all times, and if you're uncertain about how to answer certain questions, consult with a home loan expert for additional support.

2. Employment Information

Where have you worked, and how much have you earned while you've worked for various companies in the past? As you complete your home loan application, you'll need to provide employment information to verify your current and past employment and income.

Usually, a lender will want you to provide the names, addresses and telephone numbers for any employers over the past two years. This will allow a lender to verify employment as part of the home loan application process.

You also will need to offer copies of your two most recent pay stubs to a lender. This will enable the lender to confirm your current income.

Lastly, if you are self-employed, you likely will need to provide a lender with a profit and loss statement for the past two years.

3. Financial Information

Tax forms, bank account information and asset details are some of the key parts of the financial information section of a home loan application.

Ultimately, the financial information section helps a lender verify if you have any outstanding credit lines, rental property and much more. This information will help a lender make an informed decision about your loan application and determine how much you are eligible to receive toward the purchase of a new house.

If you ever have questions at any stage of the home loan application process, don't hesitate to reach out to a home loan expert for help. This professional will be able to offer comprehensive insights to help you complete a timely, accurate home loan application.

In addition, your real estate agent may be able to put you in touch with various lenders in your area. With this housing market professional at your side, you can learn about different lenders and find one that can help you get the right home loan.

Finalizing a home loan application may seem like an uphill struggle. But if you act as a diligent homebuyer, you should have no trouble reviewing all sections of a home loan application. And as a result, you can provide a lender with relevant information and boost your chances of getting the perfect home loan.




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Posted by Kim Thomas on 11/27/2018

Purchasing a home in a buyer's market may seem like a fast, simple process. However, it is important to realize that homebuyers constantly compete for the best residences in cities and towns nationwide. And if you're not careful, you risk missing out on an opportunity to acquire your dream house.

What does it take to secure a home in a buyer's market? Here are three tips to ensure that you can do just that.

1. Study the Housing Market Closely

A buyer's market features a large assortment of top-notch residences and a shortage of property buyers. As such, this market heavily favors homebuyers, and property buyers who examine the real estate market closely may be able to boost their chances of purchasing a terrific house at a budget-friendly price.

For homebuyers, it is essential to establish criteria for your dream residence. With homebuying criteria at your disposal, you can narrow your search for the ideal residence and accelerate the homebuying process.

Don't forget to check out homes in-person, either. If you set up a home showing or attend an open house, you'll be able to envision what it's like to own a home and determine whether a residence is right for you.

2. Get Pre-Approved for a Mortgage

What good is shopping for a house if you cannot afford to pay for it? Fortunately, you can get pre-approved for a mortgage to understand exactly how much you can spend on a new house.

To get pre-approved for a mortgage, you'll want to meet with several banks and credit unions. These lenders will be able to offer insights into a variety of mortgage options, respond to your mortgage concerns and questions and help you select a mortgage that suits you perfectly.

Pre-approval for a mortgage is vital for homebuyers, particularly in a buyer's market. If you have a mortgage in hand when you explore available homes, you may even be able to avoid the temptation to overspend on a residence.

3. Collaborate with a Real Estate Agent

When it comes to navigating a buyer's market, a real estate agent can deliver outstanding support.

A real estate agent can teach you about the intricacies of buying a home and help you streamline the homebuying process. He or she also will be available to respond to your homebuying questions, ensuring you can make informed decisions as the homebuying journey moves forward.

Perhaps best of all, a real estate agent can help you alleviate stress as you search for your dream home. This housing market professional will keep you up to date about new properties as they become available, set up home showings and negotiate with home sellers on your behalf. By doing so, a real estate agent enables you to focus on what's important – purchasing a first-rate house at a price that matches your budget.

Buying a home can be challenging, even in a buyer's market. But with the aforementioned tips, you can simplify the homebuying process and move closer to securing a house that meets or exceeds your expectations.




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