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Thinking of Buying your First Home? Consider these things First.

Buying your First Home is a BIG Decision.

The real estate market is constantly changing, so of course DO YOUR RESEARCH! DO NOT jump the gun on this one! Unbiased advice from family and peers may be kind, but you are the only one who knows what your needs are when it comes to buying a home.
WHAT MADE YOU CONSIDER OWNING A HOME?

Forget finances for a minute and focus on what made you consider even buying a home in the first place!

·      Is your family expanding?

·      Does your family feel safe?

·      Is there a STELLAR school system in the area so your     children can get the education they deserve?

·      How about that unbearable landlord?
WHICH WAY IS THE REAL ESTATE MARKET GOING?

DON’T SLEEP ON YOUR DECISION TOO LONG! Home prices are on the rise! Not only are they on their way back up, but these increases are happening monthly.

Don’t believe us? According to Existing Homes Sales Report from the National Association of Realtors (NAR), the average price of homes in May 2017 went up 5.8{21fd5c4e01e29521095b8da75d82adfac7b7b997f9f72aa45032cd25125086c0} from last year.

If you wait until next year to buy, you might be scrapping for change in the cushions to say the least! Not only will it cost you more to buy, but you will also need to increase your down payment to account for the higher price of the home.  The size of home you can afford to buy will decrease as the market prices increase.

 

WHAT IS THE MORTGAGE FORECAST?

The initial process of purchasing your home may seem easy and quick, but THERE IS MORE TOO IT! The ‘long term cost’ of buying a home WILL haunt you if you buy at the wrong time! Mortgage Bankers Association (MBA), and NAR have projected that mortgage interest rates will DEFINITLEY increase over the next twelve months. The smallest increase in mortgage rates can have a huge impact on a home owner.

 

FINAL THOUGHTS

If you and your family feel it is the right time to buy a home then GO FOR IT! Consider these points when making the final decision.

Don’t forget, this move is FOR YOU!

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Are these Home Buying Myths Holding you Back?

So You are Ready to become a First Time Home-Buyer.

Congratulations!  This is a big and exciting step! Not only do you earn the Pride and Joy of owning your very own home, but you also get to start building on your future.  It is your first home, that often gives you the ability and equity to afford to grow in home ownership as your family grows.  But with buying a home, sometimes there are some misconceptions that should be cleared up:

1. The first step is searching for a home.

I know it’s exciting to get out and start the house hunting.  As your Realtor- I love nothing more!  It is fun to get out and see what is available.  It’s fantastic to find that perfect one.  But how frustrating would it be, if you thought you found that “perfect one” for $250,000, but later found out you only qualify for $200,000?  What a disappointing moment.  Because of this- it’s important that your first step in the home buying process is: To speak with a lender.  I can send you an online application that you can complete anytime day or night to get that ball rolling.  You can have your pre-approval letter in hand the very next day- and with that we will be armed to make an offer on the RIGHT home for you!

2. You don’t need a Real Estate Agent.

For starters, it is customary in our area of Alabama- Baldwin County- Both the buyer and seller agent fees are paid by the Seller.  So as the buyer, you are able to utilize the professional services of a real estate agent for free. Having a real estate agent working for you, you will have access to all of the latest real estate listings and newest price reductions as they occur.  The websites online like Zillow and Trulia may seem handy to a buyer, but oftentimes there are many inaccuracies like homes that are no longer on the market, erroneous prices, and sometimes even scam listing.  With a Realtor you will also have protection when it comes to writing and negotiating contracts.   There is no reason for a buyer NOT to use an Agent- For FREE!

3. If you have Bad Credit, you may as well forget it.

If you have a credit score anywhere from the low 500’s there is a chance home ownership may not be too far off for you.   I can help you connect with the right lender who may be able to get you approved. If an approval isn’t immediate for you, my lender can give you pointers and a roadmap after reviewing your credit, to allow for some quick credit fixes that can often raise your score within 60-90 days.  It is always in your best interest and will save your pocketbook some extra interest the higher your credit score is.

4. Be prepared to put at least 10{21fd5c4e01e29521095b8da75d82adfac7b7b997f9f72aa45032cd25125086c0} down.

Think you have to sell an arm and a leg to buy a home? Not at all! An FHA loan only requires 3.5{21fd5c4e01e29521095b8da75d82adfac7b7b997f9f72aa45032cd25125086c0} while a conventional historically only requires 5{21fd5c4e01e29521095b8da75d82adfac7b7b997f9f72aa45032cd25125086c0}, my lender JUST gave me some info on a new conventional loan he has available to buyers with good credit, for only 1{21fd5c4e01e29521095b8da75d82adfac7b7b997f9f72aa45032cd25125086c0} down!!  There are also programs that can potentially help you with down payment assistance, allowing low to No money down. USDA and VA loans are the most popular 0{21fd5c4e01e29521095b8da75d82adfac7b7b997f9f72aa45032cd25125086c0} down programs. If you qualify, this can take a big chunk off the amount of cash you have to bring to the closing table.

5. You only need enough money for a down payment at closing.

This is one of the biggest misconceptions. There is a lot of cost that goes into buying a home, and that includes upfront costs. One of the mandatory costs are a termite and appraisal. If you are getting a mortgage, the home will have to appraise as well as require a  letter stating there are no termites in the home. A termite letter can run around $200 in our area. An appraisal can range from $500-$700 dollars. Aside from your down payment, you then have to pay for closing costs. These are the costs incurred by the title and mortgage companies for doing the prep work involved in getting you to the closing table.  Closing costs can range anywhere between 3-6{21fd5c4e01e29521095b8da75d82adfac7b7b997f9f72aa45032cd25125086c0} of the purchase price.

Often times some of these costs  can be negotiated in the purchase contract.  You may be able to get the seller to agree to cover some of these costs if you bring a good enough offer to the table.  This can be discussed with your agent on a case by case agent and decided at the time of the offer it is wise or not.

One of my favorite things to do as a Realtor is to work with first time home buyers.  I once was a single Mom, and had a great agent work really hard to help me get in my first home.  I would love to be able to be that person for you.  If you are searching for your first home anywhere in Baldwin County Alabama, please give me a call, text or email today! 251-609-4434

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Your Pride and Joy | Your New Home

There is no Better Feeling than Buying your First

Home.

Everyone dreams of it.  It’s something everyone wants.  Home ownership.  If you have yet to experience owning your own home, I will be the first to tell you, there is no better feeling.  I will admit, it can be a bit overwhelming at the closing table.  The MOUND of paperwork you are facing may seem a bit like you are signing your life away.  But in all actuality, this is where life can really BEGIN.

So yes, you probably had to sign your name easily 100 times, but with each signature you know you are closer to having the keys to your new home- YOUR VERY OWN home handed to you.  The drive from the closing to your new home is filled with much awaited excitement- to turn the lock and have the door open, it is yours.  Bye- bye mean old landlord, bye bye astronomical pet fees, and see ya- wouldn’t want to be ya- to the stoner neighbor that played his music way too loud, way too late.

And then the  joy of looking at all of your boxes.  Those pain in the butt boxes that took forever to pack and seal, are now exciting.  Where to put all of your belongings? Choosing their new location ever so precisely- it’s all just a great great feeling.

While home ownership does come with added responsibilities and sometimes added costs (when the refrigerator breaks down or the AC isn’t cooling so well), you will also be building equity.  Each payment you make will be socking away just a little bit more than the previous.  As the years go on, your payment will be helping more and more towards your retirement.  Knowing that you are building towards your future, and not Mr. Landlord’s is so self satisfying.

Home ownership also means new and lasting memories.  Think back to when you were a child.  Think about your home.  Are your memories fond? I hope that they were.  I can remember the rust colored shag carpet and the long hallway to my bedroom, I remember how my childhood home smelled.  I remember laying in bed with the windows open at night, feeling the cool evening breeze and listening to the locusts hum.  There is just something about having a home that burns images deep into your memory.  Because it was yours and no one else’s. It feels safe, and most importantly (especially to a child) it feels secure.

If you have been yearning for the feeling of owning your very own little slice of security anywhere in Baldwin County Alabama- get in touch, I’d love nothing more than to be the person that helps make that dream come true.  If the thought of home ownership is a little scary, or you think there are reasons you can’t own a home, check out my post about how sometimes there are myths about buying a house that aren’t necessarily true- Home ownership is possible for everyone if it’s something you really want.

251-609-4434

 

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