This may sound like nonsense, but many Realtors do not like working with home buyers. How could that be? Why? Doesn't every real estate transaction need a Buyer... and a Seller? Of course they do.
But think about whom Realtor's actually work for in most transactions. Their commissions are generally paid by the Seller. That means they have a contract with the Seller to sell their house. If they successfully arrange for a qualified buyer who agrees, executes and closes on the deal, they receive their commission.
Are you ready to buy your first house? That's exciting and possibly terrifying at the same time. But don't worry, if you know what to look for and have a structured plan of attack, you can maneuver through the obstacles and reach the finish line with a great new home.
Before you start your search, there are few things you will want to watch out for. Also known as... common pitfalls to avoid. If you can recognize these and figure out how to bypass them before they cause a problem, you will save thousands of dollars and plenty of headaches.
Have you been looking at the housing market and thinking you want to buy a home?
Ads are everywhere listing properties.
It would be hard to make it through a day without seeing eye-catching photos of your possible dream home.
But before you fall in love with that home - any home - do you know what your credit score is? When is the last time you checked your credit report?
1) With zero or negative interest rates, many buyers consider Manhattan real estate to be like a secure savings account that will keep its value. When faced with the choice of a guaranteed loss in a bank, or real estate that holds real value and is expected to appreciate over time, buyers may continue to bid up Manhattan real estate prices.
2) According to CBRE research, the average price of property in New York sold for $842 per sq. ft. compared to London at $1,025 per sq. ft. and Hong Kong at $1,416 per sq. ft. This means that New York prices could continue to rise another 21 to 68 percent in order to reach the same relative price levels.
With the Homestart grant, you will receive $5,000 to help with your down payment and closing costs. Most first home owners will be required to put down 3.5% through a government housing loan (if in an urban area) or 0% down (if in a rural area). If you are looking for first time home owner grants, you are doing the right thing. The Federal Government has many programs in every state that will help with buying a home. Here in Salt Lake City, and throughout Utah and other western states, we have a home loan grant called Home$tart. This grant is managed by the Federal Home Loan Bank in Des Moines, IA.
The 10 A's are certain factors to keep in mind to guide the potential buyers on what they should be looking for in acquiring property:
1. ACCESSIBILITY - is one of the most important factors for consideration. Money can improve your property in the future, but money can do very little to improve your location and accessibility to where you go from day to day. So check the location of public transportation terminals, how many rides, how long the travel time, the traffic condition, etc. Because you are trying to improve your lifestyle, the property that you are acquiring must be easily accessible to your work, your children's schooling and your lifestyle, where you spend most of your time that defines your life. As Real Estate Broker for over 15 years, accessibility is what my clients are looking for in a property aside from the goodness of the property itself.
You've made the decision to buy a first home or trade-up to larger digs for the growing family. Or, as in my case, I'm in the hunt for a home after moving from Oklahoma to North Carolina. At any rate, I can tell you that the focus on shopping for a mortgage is every bit as important as finding the right house to buy.
In 2016-2107 home construction is projected to rise with housing prices going up. Mortgage rates will also rise as a byproduct of the Federal Reserve tightening credit.
If you're one of those homeowners who's been moaning about how hard it's been trying to sell your house, your bargaining power -- you remember that concept, right? -- hasn't been completely devastated just because a flood of new foreclosures is expected to hit the market as a result of the recent $25 billion "robo-signing" mortgage settlement.
In fact, while studies have shown your own property value could take up to another 4 percent hit if you're within a quarter mile of a foreclosure ultimately snapped up at auction or taken back by the lender, the thing to remember is this: Most buyers today are only interested in homes that are "move-in-ready," so if yours isn't ... well, there's your problem.