May 24, 2016

First Time Home Buyer

 

How to make the dream of buying a home not turn into a nightmare.  

You already know that buying a home is a process with many twists and turns.  While you can gather much information via the internet about a home, it takes the experience of a Realtor® to help you achieve your dream home.  Remember, the seller pays the commission, so why not be represented?

First, a few basics: You need to be employed or have a steady source of income, you must secure a lender, and you must be able to handle the responsibilities of home ownership. If you’re ready and considering looking for your very first home, you’re in luck! The market has many options at different price points.  The monthly payments may be quite a bit lower than rentals for comparable properties.  Mortgage Rates are still low making this a perfect time for first time buyers to jump in and find their dream home! 

Now for the current news:  The market for buyers in the greater Charlotte area today is getting very competitive. In a competitive market like this one, multiple bids on one home are fairly common.  We see this every day and we will work to guide you through the process to make your offer to purchase the one the seller accepts.  

Understanding the Home Buying Process

Buying a home can be a stressful process, but it doesn't have to be! This is what we do for a living at the Loretta Realty Group! Before you get a Realtor® and begin the process, here are a few things to ask yourself.

We have broken it down into 5 SIMPLE steps to consider! 

1. Is it the right time for you to buy a home?

We can’t state how important it is to figure out if you’re completely ready to own a home. If you’re not sure, take the necessary time to clean up your finances, and to learn as much as you can about the home buying and home owning processes. Give us a call to help determine if the best time for you to buy a home is now.

2. How much house do you need and how much can you afford?

One of the first steps of the home buying process usually involves securing financing. Working with a lender to get a pre-approval letter gives you an amount to work with, so that you can find a home in your budget that ultimately suits the needs of your family. As your Realtor® we work with a lender to help alert you to the best deals for first-time home buyers. For example, the lender our team works closely with has a variety of special programs for first-time home buyers that provide additional down payment assistance to those who might need it. Contact us for more information at 704.900.8743!

In a competitive market, having your pre-approval letter, and a firm grasp of what you can afford, can make all the difference in the buying process. Often, the buyer that is the most organized and ready to deal is the one that gets the home!

3. How high is your debt-to-income ratio?  

Do not buy more than you can comfortably afford even if the lender approves you for more than you budgeted. 

We will help you understand the debt-to-income ratio. This is what you owe in comparison to what you make. Naturally, lenders are going to look at this very closely, and they would prefer to see you with a debt ratio that is lower than 40% of your income. Your housing debts should account for less than 32% of your income. As any good lender or Realtor® will tell you, home ownership should not be a financial burden. If you want a home, our team will do their best to get you one, but everyone should be sure that it’s a home that you’ll be able to afford long into the future.  Our lending partners will help you compute your ratios and make suggestions that will help your score.

4. Where do you want to live?

Do you want a single family home or a condo? What about a large tract of land that allows you to have room for your horses? Is there a specific community, such as a lake or golf course, you’d like to call home? Understanding the community where you’d like to live will help you to narrow down what types of homes you’re looking for, and the best place to find them.  What schools are nearby? How about shopping and the commute time to work?

5. Should I buy new construction or an existing house?

Remember this, the SELLER PAYS THE COMMISSION, so you will want representation by one of our agents. The sales model agent works exclusively for the builder, NOT for you.  Whether it is negotiating with a builder or with an existing home seller, we have the experience needed to save you money in the transaction.

 

No matter what type of home you’re looking for, we can help with your dream of owning your first home!

One of the biggest battles, when it comes to buying your first home, is going to be enlisting the best realtor to help you with your needs. In the current competitive market, you need a real estate agent with a great team that uses all of the technological advances available to them to ensure that you end up in the home of your dreams! Loretta Realty Group will utilize every tool on and off the Internet and we will continue to fight on your behalf until you get the home you’ve always wanted!

 

Home buying can be a complicated process, and it can also be an emotional one. We’re here to take the frustration out of the process for you. We will do our best to help prepare you for any issues that might come up in the home buying process. We will help find the right first home for your budget, and for the comfort level of your family.

During the offer-making phase, we will go over your best chance to get the home you want, and though it can be an emotional process, it will be one that we will make as easy for you, as possible. If the home has multiple offers, we suggest a strategic plan that gives you a leg-up with the seller, so that you can get the home you want. 

There are a number of important and successful strategies that can be used when making your offer, and we will let you in on these things to give you a fighting chance to get the home you want. It doesn’t matter whether you’re paying cash or just have a pre-approval letter in hand. We are here to help you, no matter your situation.

As the buying process proceeds, and your offer has been accepted, it will be time to get a home inspection done. This is for your protection and I cannot state how absolutely important it is to do so. A home inspection will give you great insight to any problems in the home, which will allow you to either renegotiate your price or to ensure that the seller fixes any issues with the home before you take possession. Understanding your home inspection gives you a better chance to understand your future home, and to protect it. If there is something seriously wrong, you can negotiate, so that it will be fixed. If nothing is wrong with the home, you can proceed through the home buying process with the security of knowing that it will be a good investment for years to come. We have some great inspectors that we work with that will help you with your inspection, and help you understand the outcome of the results. 

Right before you take possession of the home, you’ll get a chance to go through the final walk through. This gives you one last chance to go through the home before the deal is done and the home is yours. While this is optional, it’s something we highly recommend to all of the people we serve. Once you’ve made sure the home is in order, and everything looks as it should, it’s time to sign the papers, and the home is yours!

The home buying process doesn’t have to be a difficult one. We are here for you to make it easier. Our team will work day and night to save you time and money. We won’t rest until you are in the home of your dreams! Contact us if you have any questions!  Call 704.900.8743.

 

 

April 22, 2016

New Construction Representation

Do I Need An Agent If I am Buying a New Construction Home?

 

Buyers today do have a great tool and it’s called the Internet.  Many buyers convince themselves that with the help of the internet and some good negotiating skills that they really don’t need an agent to represent them when building a home.   The biggest misconception by most buyers it that they will save money $$ by not using a licensed agent.

The friendly salesperson at the model represents the Builder’s interests exclusively. Many home builders agents in the greater Charlotte market are also licensed real estate agents.  If a builder advertises their home through the local real estate reciprocity system then the stated sales commission is built into the advertised sales price of their homes.  This means even if you choose not to use a real estate agent, you have thereby forfeited fees that would have been paid for your representation to the agent’s firm representing the builder.

 

You are about to embark on one of the great investments of your lifetime. An investment that could potentially take you 30 years to pay off.  A buyer’s agent is free for the buyer in our area.  Your agent’s job is to provide loyalty, obedience, diligence and care to all aspects of your transaction.  From initial discussion, contract negotiations, mortgage decisions, design center choices, throughout the construction process, home inspections and yes the closing, let a licensed real estate agent guide you through the steps and give you sound advice learned from experience. An agent can potentially represent repeat business for the builder and their new home community.  We can leverage our past transactions and potential future transactions to negotiate a great deal for you and make you aware of potential pit falls and advantages offered by this builder.  It’s usually not what you know but what you don’t know to even ask that gives you remorse. We all do jobs each day we were trained for.  Real Estate Agents are knowledgeable and licensed in their area of expertise and must complete hours of continuing education each year so that we can be kept abreast of changes to real estate law.  Don’t be foolish.  Save the bragging rights when you tell your friends and family about your decision to use your great real estate agent and the thousands of dollars you saved!