HOW TO: Buy in a Tight Market

June 20, 2017June 5, 2017 / movemetotx / Leave a comment

The National Association of REALTORS® publishes a guidebook with a TON of great information to help buyers understand what to expect during the real estate purchasing experience. We’re posting some of our favorite articles here.

Interested in learning more? E-mail us for your own copy today! katie@movemetotx.com

Increase your chances of getting your dream house in a competitive housing market.

Get prequalified for a mortgage.
You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.

Stay in close contact with your real estate agent.
Your agent will be on the lookout for the newest listings that meet your criteria. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.

Scout out new listings yourself.
Browse sources such as realtor.com and local real estate listing sites (HAR.com). Set up alerts for the neighborhoods and characteristics you’re looking for. Drive through your target neighborhoods, and if you see a home you like for-sale, send the address and listing agent’s name to your agent, who can schedule a showing for you.

Be ready to make a decision.
Spend plenty of time in advance deciding what you can afford and must have in a home so you won’t hesitate when you have the chance to make an offer.

Bid competitively.
Your first inclination may be to start out offering something less than the absolute highest price you can afford, but if you go too low in a tight market, you will likely lose out.

Keep contingencies to a minimum.
Restrictions such as needing to sell your home before you move can make your offer unappealing. Remember that, if the market is tight, you’ll probably be able to sell your house rapidly. You can also talk to your lender about getting a bridge loan to cover both mortgages for a short period.

But don’t get caught in a buying frenzy.
Just because there’s competition for a home doesn’t mean you should buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure the house is a sound investment.
Coldwell Banker United, Realtors – Greenway Plaza
MOVEMETOTX – Katie Day Team
2 Greenway Plaza #150 Houston, TX 77046
Phone: 832.317.6006
Email: katie@movemetotx.com
Web: http://www.katiedayteam.com | http://www.movemetotx.com

Friday Feature: 1134 Bonner Street

June 16, 2017June 12, 2017 / movemetotx / Leave a comment

This Washington Corridor two-story 2 bed, 2 bath town home is in the PERFECT location for the ultimate inner-loop dweller. Just off of Washington Ave and close to I-10, this home is just minutes from countless restaurants, bars, and shopping. Multiple grocery stores are within a few miles of your new home. If staying active is more your style, Buffalo Bayou Park & the Heights Bike Trail aren’t far away, in addition to many yoga studios, fitness studios, and gyms.

This two story home features one private bedroom & shared bath on the first floor, along with your attached two car garage. On the second floor, enjoy an open living-dining room concept, perfect for dinner parties with your friends and family. Your master bedroom has an en-suite bathroom with double sink vanity.

Schedule your private tour of 1134 Bonner Street today.

Current List Price: $305,000
Sq. Feet: 1,224

For more info, visit our website today.

Coldwell Banker United, Realtors – Greenway Plaza
MOVEMETOTX – Katie Day Team
2 Greenway Plaza #150 Houston, TX 77046
Phone: 832.317.6006
Email: katie@movemetotx.com
Web: http://www.katiedayteam.com | http://www.movemetotx.com

QUESTIONS TO ASK: When Choosing a Lender

June 16, 2017June 5, 2017 / movemetotx / Leave a comment

Interested in learning more? E-mail us for your own copy today! katie@movemetotx.com

Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are a few things you should ask about.

General questions:
What are the most popular mortgages you offer? Why are they so popular?
Are your rates, terms, fees, and closing costs negotiable?
Do you offer discounts for inspections, home ownership classes, or automatic payment set-up?
Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required?
What escrow requirements do you have?
What kind of bill-pay options do you offer?

Loan-specific questions:
What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?
Which type of mortgage plan would you recommend for my situation?
Who will service this loan—your bank or another company?
How long will the rate on this loan be in a lock-in period? Will I be able to obtain a lower rate if the market rate drops during this period?
How long will the loan approval process take?
How long will it take to close the loan?
Are there any charges or penalties for prepaying this loan?
How much will I be paying total over the life of this loan?

Need help finding a mortgage professional? Let us know and we can send you a few professionals we’ve worked with in the past!
Coldwell Banker United, Realtors – Greenway Plaza
MOVEMETOTX – Katie Day Team
2 Greenway Plaza #150 Houston, TX 77046
Phone: 832.317.6006
Email: katie@movemetotx.com
Web: http://www.katiedayteam.com | http://www.movemetotx.com

HOW TO: Prepare to Buy a Home

June 14, 2017June 5, 2017 / movemetotx / Leave a comment

Interested in learning more? E-mail us for your own copy today! katie@movemetotx.com

Talk to mortgage brokers.
Many first-time home buyers don’t take the time to get pre-qualified. They also often don’t take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely.

Be ready to move.
This is especially true in markets with a low inventory of homes for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they don’t act quickly enough. By the time they’ve made their decision, they may find that someone else has already purchased the house.

Find a trusted partner.
It’s absolutely vital that you find a real estate professional who understands your goals and who is ready and able to guide you through the home buying process.

Make a good offer.
Remember that your offer is very unlikely to be the only one on the table. Do what you can to ensure it’s appealing to a seller.

Factor maintenance and repair costs into your buying budget.
Even brand-new homes will require some work. Don’t leave yourself short and let your home deteriorate.

Think ahead.
It’s easy to get wrapped up in your present needs, but you should also think about reselling the home before you buy. The average first-time buyer expects to stay in a home for around 10 years, according to the National Association of REALTORS®’ 2013 Profile of Home Buyers and Sellers.

Develop your home/neighborhood wish list.
Prioritize these items from most important to least.

Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account nearby schools, recreational facilities, area expansion plans, and safety.

HOW TO: Prepare for House-Hunting

June 12, 2017June 5, 2017 / movemetotx / Leave a comment

Interested in learning more? E-mail us for your own copy today! katie@movemetotx.com

Know that there’s no “right” time to buy.
If you find the perfect home now, don’t risk losing it because you’re trying to guess where the housing market and interest rates are going. Those factors usually don’t change fast enough to make a difference in an individual home’s price.

Don’t ask for too many opinions.
It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of the people who will actually be living in the home.

Accept that no house is ever perfect.
If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go. Also, accept that a little buyer’s remorse is inevitable and will most likely pass.

Don’t try to be a killer negotiator.
Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or refusing to budge may cost you the home you love.

Remember your home doesn’t exist in a vacuum.
Don’t get so caught up in the physical aspects of the house itself that you forget about important issues such as noise level, access to amenities, and other aspects that also have a big impact on your quality of life.

Plan ahead.
Don’t wait until you’ve found a home to get approved for a mortgage, investigate insurance, or consider a moving schedule. Being prepared will make your bid more attractive to sellers.

Choose a home first because you love it; then think about appreciation.
A home is still considered a great investment, but its most important role is as a comfortable, safe place to live.

7 Reasons to Own A Home

June 10, 2017June 5, 2017 / movemetotx / Leave a comment

Interested in learning more? E-mail us for your own copy today! katie@movemetotx.com.

Tax benefits.
The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
Appreciation
Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®. The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.
Equity.
Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
Savings.
Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
Predictability.
Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.
Freedom.
The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.
Stability.
Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.

Friday Feature: 11130 Speer Landing

June 9, 2017June 5, 2017 / movemetotx / Leave a comment

If you’ve been looking for a five bedroom in the Willowbrook South area, now’s your chance!

Check out 11130 Speer Landing in the Heron Nest subdivision. This home is conveniently located off of Gessner and the Tollway, close to 249 and not too far from 290. Willowbrook Mall is just minutes away!

Built in 2003, this five bedroom features a huge floor plan. Downstairs, you’ll find a formal living and dining room, family room with fireplace, and eat-in kitchen. Enjoy afternoons in your fenced in back yard.

Upstairs, you’ll have a large game room, plus your big bedrooms with tons of storage space.

Schedule a tour to check out 11130 Speer Landing today.

Current List Price: $214,900
Sq. Feet: 3,185

For more info, visit our website today.

7 Reasons to Work With a REALTOR®

June 7, 2017June 5, 2017 / movemetotx / Leave a comment

From the National Association of REALTORS®

REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. This is the REALTOR® difference for home buyers:

Ethical treatment.
Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As a REALTOR®’s client, you can expect honest and ethical treatment in all transaction-related matters. The first obligation is to you, the client.
An expert guide.
Buying a home usually requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also, there’s a lot of jargon involved, so you want to work with a professional who can speak the language.
Objective information and opinions.
REALTORS® can provide local information on utilities, zoning, schools, and more. They also have objective information about each property. REALTORs® can use that data to help you determine if the property has what you need. By understanding both your needs and search area, they can also point out neighborhoods you don’t know much about but that might suit your needs better than you’d thought.
Expanded search power.
Sometimes properties are available but not actively advertised. A REALTOR® can help you find opportunities not listed on home search sites and can help you avoid out-of-date listings that might be showing up as available online but are no longer on the market.
Negotiation knowledge.
There are many factors up for discussion in a deal. A REALTOR® will look at every angle from your perspective, including crafting a purchase agreement that allows enough time for you to complete inspections and investigations of the property before you are bound to complete the purchase.
Up-to-date experience.
Most people buy only a few homes in their lifetime, usually with quite a few years in between each purchase. Even if you’ve done it before, laws and regulations change. REALTORS® handle hundreds of transactions over the course of their career.
Your rock during emotional moments.
A home is so much more than four walls and a roof. And for most people, property represents the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you.

Interested in working together? Send us an e-mail or give us a call today!

movemetotx

Katelyn Day, Texas Real Estate Sales Agent and REALTOR®

Month: June 2017

HOW TO: Buy in a Tight Market

Friday Feature: 1134 Bonner Street

QUESTIONS TO ASK: When Choosing a Lender

HOW TO: Prepare to Buy a Home

HOW TO: Prepare for House-Hunting

7 Reasons to Own A Home

Friday Feature: 11130 Speer Landing

7 Reasons to Work With a REALTOR®