Category Archives: Real Estate Advice & Tips

Money Monday: Financing first for most home buyers

The smoother home-buying experience means getting financing figured out first.

This infographic is from CAR.org.

Money Monday: Mortgage hurdles

Many first-time buyers don’t realize that there’s many steps to getting a mortgage.

  1. Get pre-approved
  2. Have the home appraisal
  3. Keep your credit consistent
  4. Review the closing disclosure
  5. Go through underwriting

This infographic is from CAR.org.

Money Monday: Preparing for a recession

4 things you can do to be recession-ready

real estate market and recession

Thankfully, there are things that all of us can do to prepare for our country’s next recession, regardless of when it hits. Here are a few moves that’ll help you get ready.

1. Build an emergency fund

2. Diversify your investments

3. Get a side job

4. Lower your fixed living costs

And for more details, read Money CNN’s article on the topic: “4 things you can do to be recession-ready.”

Money Monday: Rejected home purchase offers

If you’ve been rejected after making a purchase offer on a home, you may have made the wrong financial offer.

There’s a few common reasons why a seller could have rejected your offer; here’s some monetary reasons:

  1. You offered too much. 
  2. You requested too much additional money toward closing. 
  3. Your financial picture raises questions. 

Rejected purchase offers in real estate

This infographic is from CAR.org.

BEWARE For Sale By Owners!

Year after year, the statistics show that For Sale By Owners or FSBO’s make less money year after year after year than selling with a seasoned Real Estate Agent.

Nationwide the statistics are staggering.  While being the average of selling for 20% less than a Real Estate Agent with the nationwide example from a recent article from Realtor.Org, it obviously doesn’t make sense to take this much of a loss.  With the exception of FSBO selling to a close friend or family member for a discount based on property not being in good condition, this would be the only exception not to do anyone else favors.

For all you out there contemplating or in the process of selling on your own, this would be the single most valuable advice you could ever read.

For a free accurate evaluation of your home, I can be reached at 619-890–3648.  Thank you!  John A Silva, Berkshire Hathaway, San Diego, CA.

Read more on the statistics for selling your home on your own here: http://economistsoutlook.blogs.realtor.org/2018/07/09/selling-your-home-solo-to-save-money-youll-actually-make-less-than-you-think-2/

Money Monday: First-time landlord tips

Renting out your home or another property can be nerve-wracking.

There’s a great article from Yahoo Finance on how to go about being a landlord. Here’s a handful of their tips, but click over to their article for all of the tips and details.

  • Make rent collection a priority.
  • Purchase and require insurance.
  • Screen all potential tenants.

Money Monday: Saving for major expenses

Here’s a quick estimate on how much you should save per major expense.

save money

Photo by 401kcalculator.org

“With interest rates going up, the cost of borrowing money to pay for major life expenses is also going up. The Federal Reserve has already raised the interest rate three times this year and will most likely raise rates again before the year is out. After years of relatively unchanging rates, it’s become more important for consumers to plan for major expenses. Planning can include researching prices, creating a budget and – most importantly – saving as much as possible to put toward the goal.

“The key to preparing for any major expense is knowing how much to save. While everyone’s financial situation is different, there are some rules of thumb to keep in mind for most major expenses.”

Read the rest of U.S. News’ article here: “How Much Should You Save to Fund Major Expenses?”

Money Monday: When to DIY or hire a professional

What to spend money on (and what to DIY) as a new homeowner

diy home improvement“After the thrill of buying a new home wears off, new owners can get overwhelmed thinking about all the new costs incurred.

“You may be tempted to outsource it all. But maybe you’re not made of money? Besides, there are things that are worth doing yourself.

“For homeowners embarking on something new, it may not be clear what to take care of or how, and when to try to do it yourself and when to call the pros.” Here are some guidelines from CNN:

What to spend money on (and what to DIY) as a new homeowner.