Bo Lee - CENTURY 21 Commonwealth



Posted by Bo Lee on 6/3/2018

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 Ė 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.




Categories: Buying a Home   buying tips  


Posted by Bo Lee on 5/6/2018

After you complete a home showing, you may face a dilemma. If you like a house following a showing, you may want to set up a follow-up showing or submit an offer to purchase. Or, if you are dissatisfied with the results of a home showing, you may want to continue your house search.

It helps to know what to expect after you attend a house showing. Because if you know what to do following a showing, you may be able to speed up the process of going from homebuyer to homeowner.

Now, let's take a look at three tips to help you make the best-possible decision about a house following a showing.

1. Assess the Pros and Cons of a House

Performing a comprehensive home analysis is a must after a showing. That way, you can weigh the pros and cons of a residence and decide whether a house is right for you.

Think about how you felt as you walked through each room of a house. If you can envision yourself as the owner of a home, you may want to move sooner rather than later to submit an offer to purchase.

Conversely, if you find a house is in need of major repairs or simply does not suit your lifestyle, you should not hesitate to continue your house search. With a diligent approach to home evaluations, you should have no trouble discovering your dream residence in the foreseeable future.

2. Consider the Next Step in Your Homebuying Journey

When it comes to finding the perfect residence, it helps to plan ahead as much as possible. And if you have a plan in place for what to do after a home showing, you'll be better equipped than ever before to prepare for the worst-case scenarios.

For example, a home seller could accept a rival buyer's offer to purchase before you have time to consider your options following a showing. But if you have a backup plan in place, you can move quickly to continue your homebuying journey, regardless of how a showing pans out.

3. Collaborate with a Real Estate Agent

If you are unsure about the best course of action at a home showing's conclusion, you may want to consult with a real estate agent. This will enable you to gain expert insights into the housing market and make an informed decision about how to proceed with a particular residence.

A real estate agent is happy to teach you about all aspects of the housing market. Following a home showing, a real estate agent can meet with you and help you review all of the options at your disposal. And if you decide to submit an offer to purchase a house, a real estate agent will make it easy to put together a competitive homebuying proposal.

There is no need to worry about what to do after a house showing. Use the aforementioned tips, and you can boost the likelihood of making the best-possible decision following a home showing.




Tags: Buying a home   showing  
Categories: Buying a Home   showing  


Posted by Bo Lee on 4/1/2018

As a first-time homebuyer, it is easy to feel plenty of optimism as you search for your dream residence. And if you find your ideal house, it may seem likely that a home seller will accept your offer on the residence right away.

However, it is important to remember that a home seller might reject a first-time homebuyer's proposal, regardless of whether this homebuyer submits a competitive offer. In this scenario, a homebuyer needs to know how to move forward and continue to pursue his or her perfect residence.

What should a first-time homebuyer do if a home seller rejects an offer on a home? Here are three tips that every first-time homebuyer needs to know.

1. Learn from the Experience

If a home seller rejects an offer on a house, there is no need to worry. In fact, a first-time homebuyer may be able to resubmit an offer and find out why a home seller rejected his or her initial offer.

For example, a first-time homebuyer may lack financing at the time that he or she submits an offer on a house. But if a homebuyer gets approved for a mortgage and returns with a new offer, he or she may be more likely than before to gain a home seller's approval.

On the other hand, a homebuyer should be ready to move forward with a home search if necessary. Thus, if a home offer is rejected, try not to get too emotional. Instead, a homebuyer should be prepared to reenter the housing market and start his or her search for the perfect home from stage one.

2. Don't Dwell on the Past

For a first-time homebuyer, it can be frustrating and annoying to conduct a home search, find the ideal home and receive a rejection after a proposal to buy the house is submitted. But there is no reason to dwell on the past for too long, as doing so may force a homebuyer to miss out on opportunities to pursue other residences.

Remember, the housing market often features dozens of outstanding houses to match all homebuyers' price ranges. This means if you receive a rejection on one home proposal, you can always restart a home search. And ultimately, a diligent homebuyer should have no trouble discovering a terrific residence, even if his or her initial offer on a residence is rejected.

3. Consult with a Real Estate Agent

A real estate agent is a housing market expert who understands what it takes to submit a competitive offer on a house. Therefore, he or she will help you prepare a fair offer on a home before you submit it.

If a home offer is rejected, a real estate agent can help you alleviate stress. This housing market professional may be able to explain why the offer was rejected and help you plan your next steps in the homebuying journey.

Don't worry if your first offer on a house is rejected Ė conversely, use these tips, and you can move one step closer to acquiring a stellar residence that matches or exceeds your expectations.




Categories: Buying a Home   buying tips  


Posted by Bo Lee on 3/18/2018

Getting a professional inspection is one of the most important parts of closing on a home. An inspection can save you endless time and money if it catches repairs that need to be made, and it can draw your attention to any problems that could be dangerous to you and your family.

Many buyers, especially those who are buying a home for the first time, arenít sure what to expect during a home inspection. They might have questions that theyíre afraid to ask the inspector, or they might feel like they should be asking questions but donít know the right ones to ask.

In this article, weíll give you the rundown on the home inspection process. Weíll explain how to get started, what to expect on inspection day, and what to do with your findings.

Contingency clauses

Before closing on a home, itís important to make sure your offer involves a contingency clause, otherwise known as a ďdue diligence contingency.Ē This section of your contract gives you the right to perform a home inspection within a given number of days.

Sellers may inform you that they have recently had the home inspected and even offer to show you the results of the inspection. However, it is best practice to have your own inspection performed with a trusted professional.

After your offer is accepted, you should begin calling and getting quotes from inspectors immediately.

Before the inspection

Once youíve considered your options of inspectors and chosen an inspector, itís time to schedule your inspection. Both you and your real estate agent should attend the inspection.

Youíll both have the opportunity to ask questions. However, itís a good idea to write down your minor questions and ask them before or after the inspection so that the professional youíve hired is able to focus on their work to do the best possible job inspecting your future home.

During the inspection

The inspection itself is pretty straightforward. Your inspector will examine the exterior and interior of your home, including several vital components and then will provide you with a report of their findings.

They will inform you of repairs that need to be made now, parts of the home that should be monitored for future repairs, and anything that poses a safety concern to you and your family.

The parts of your home the inspector will review include:

  • Roof

  • Exterior Walls

  • Foundation

  • Garage

  • Land grading

  • Plumbing

  • Electrical

  • Heating, ventilation, air conditioning

  • Appliances

There are some things your inspection wonít include. For example, mold, termite damage, and other issues that arenít easily observable without causing damage might be missed by your inspector and will require a specialist.

After the inspection

Once the inspection is complete, you will have the chance to ask any remaining questions. You can review the findings of your inspection report and make decisions about how you want to handle any repairs that need to be made.

You may choose to ask the seller to make the repairs noted in your inspection report. If they refuse, you can withdraw from your contract at any time.


Ultimately, the choice will be yours what to do with the findings from the inspection. But having one can save you immeasurable money on impending repairs that you may not have been aware of.





Posted by Bo Lee on 3/4/2018

If youíre buying your first home, there are plenty of things that youíll need to know. Being informed will allow you to avoid some of the most common mistakes that first-time homebuyers make. These errors and their remedies can be found below. Don't join the crowd and make an error, know before you buy. 


They Donít Have Enough Funds


Every homebuyer plans for mortgage payments. Not every buyer plans for all of the other costs that go along with buying a home. Just because you can afford mortgage payments doesn't;t necessarily mean that you can afford the house. 


Thereís so much financially that goes into owning a home. Youíll need to plan for things like home maintenance, insurance, taxes, closing costs, and more. All of this will need to be saved ahead of time in order to buy and maintain a house. Things like property tax and insurance can go up yearly, and these costs can be very unexpected. 


Not Securing A Loan


If you donít secure a loan first and find the home of your dreams, you could be in for trouble. If you havenít been pre-approved for a mortgage, finding a home and putting an offer in is a bit riskier. Many buyers donít realize that they canít qualify for the amount of loan that they think they can. Getting pre-qualified allows buyers to understand just how much house they can afford. 


Avoiding Real Estate Agents


If buyers go it alone, they are taking a risk. The seller pays the real estate agent fees in a home transaction. You really have nothing to lose getting a professional to help you. From there, your agent can recommend all sorts of professionals to assist you in your home search including lawyers, mortgage companies, home inspectors, and others. Itís essential for a smooth home transaction to work with people who are experienced and know what theyíre doing.    



Depleting Your Savings


When you buy your first home, youíre going to need a reserve of cash beyond what you have saved for a downpayment. This cash includes an emergency fund, money for repairs, furniture, new appliances, and other unexpected expenses. If you use all of your savings on a downpayment, youíll be in a dangerous financial situation. Just make sure you have saved enough extra for a rainy day fund.


Opening New Accounts


Before your loan is closed, you should be frozen- financially frozen that is! Donít open any new accounts. It can be tempting to head out and buy a new car that will look good in your new driveway or to fill your house with all sorts of brand new furniture, but you should wait. Once you get the keys to your new home, youíre in the clear to spend again and open new accounts. You donít want to overextend your budget of course. Just be sensible!      





Categories: Buying a Home  




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