Tag Archives: buying a home

Money Monday: How to buy your first home

Ready to move on from renting? Here’s some tips on buying your first home.

home buying

Search for La Mesa homes for sale here!

1. Get your money in order

This might be the largest purchase you make, which makes sorting out your money a top priority!

2. Shop at more than one place for your mortgage

You don’t have to stick with the first place you go for a loan; check out other lenders.

3. Shop for your home

Part of shopping for a home means considering enlisting the help of a real estate agent; I would be honored to have the opportunity to earn the position. Give me a call to see how I can help you in your house search!

Delve into each deeper in CNN’s article here: “How to Buy Your First Home.”

Money Monday: Homebuying myths you need to avoid

Don’t fall for these 6 homebuying myths

home buying

“Buying a home is one of the biggest financial decisions you will make, and you’ll likely need to do a lot of planning and research before you take the leap. But don’t get snagged by misconceptions. Mortgage expert Tim Manni busts these six common real estate myths to help you find — and afford — your first home.”

  1. Your credit score is “good enough” to buy a home
  2. Loan pre-approval determines your price range
  3. Your home purchase is non-negotiable

Read the three other homebuying myths here, on Yahoo’s personal finance page: “Don’t fall for these 6 homebuying myths.”

 

How Homebuyers Can Overcome Tough Competition

Tips for homebuyers

Source: Kiplinger

Redfin Chief Economist says to win in a hot market, home buyers should take advantage of technology to find homes as soon as they are listed.

Making sense of the story:

  • Arm yourself with tech tools to find available homes quickly. With the variety of apps available today, you can receive listing alerts so that you’re notified as soon as a home in your price range or search area hits the market.
  • Buyers will gain an advantage from whatever concessions they can offer. Instead of a small earnest-money deposit, we’ve seen buyers put into escrow their entire down payment or even half of the purchase price.
    You needn’t waive a contingency for inspection in the purchase contract.
  • Rather, you can agree to pay the seller, say, $2,500, or next month’s mortgage payment, if you walk away.
    Work with a local or reputable lender to get a pre¬approval for your mortgage that includes full documentation of your means to obtain a certain amount of financing in advance of a signed purchase contract.
  • That may give you the confidence to waive a contingency for financing, and it’s almost as good as cash for closing a deal quickly.
  • Because sellers can sell their homes in days but may take months to buy, you can gain leverage by offering to “rent back” their home to them for a certain number of months.
  • Fall can be a good time to buy a home because prices generally peak in the summer and ease up in the fall.
  • There’s a bit less inventory, but many fewer buyers. Plus, sellers who list in the fall are serious because they must leave because of job relocation, divorce or something else that made them miss the top of the season.

Read the full story

Money Monday: Renters can buy

Even in California, buying can be more affordable than renting.

Renters That Can Buy

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Don’t make these homebuying mistakes

When venturing into shopping and buying a home, avoid some common mistakes:

home buyer regrets

  1. Interviewing only one lender
  2. Not getting pre-approved right away
  3. Maxing out your mortgage limit
  4. Letting your dreams and emotions dictate which house you purchase
  5. Waiving contingencies without understanding just what that means

More tips for homebuyers are available in CNN’s article here: “7 first-time homebuyer mistakes to avoid”.

Money Monday: Preparing to Buy a Home

Buying a home — it’s a big decision; one that you should prepare for in advance.

buyers and sellers real estate disclosures“One of the most important things a first-time homebuyer can do is prepare their budget for this big financial event.” (“How to Prepare Your Budget for Buying Your First Home”. http://finance.yahoo.com/news/prepare-budget-buying-first-home-123000854.html)

And there’s a few key ways that you can get your budget in order:

  1. Work on getting your credit score up
  2. Save for a down payment on a house
  3. Prepare for extra costs when buying

Read more on Yahoo’s financial advice on prepping your budget before buying here: “How to Prepare Your Budget for Buying Your First Home”.

Pets Influence Home Buying Decisions

The power of pets when buying real estate.

Care Your Pet

When home buyers have pets, that factors into their priorities for their future home. While the specific priorities differ from person to person, a massive 95% of consumers think that allowing animals within a housing community is important. Other preferences that consumers value include:

  • Nearby animal amenities (a walking path ranks at #1 at 54%; a nearby dog park or animal grooming also is included in the list).
  • Home features important to animal owners (not surprisingly, a fenced yard is vital to 91%, with a laminate floor coming in second as another priority for 66% of consumers).

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Ask Yourself These Questions Before Renting or Buying

Whether to buy or rent doesn’t necessarily have a clear-cut answer. But hopefully these questions will provide some guidance:

  1. What’s your top financial priority?
  2. What do you have savings for: down payment or first and last months’ rent?
  3. How long do you plan on living in the area?

There’s five more questions to ask yourself before you rent or buy; find them here on Yahoo: “8 Questions to Ask Yourself When Deciding to Rent or Buy a House.”