Buying a home is an exciting but often overwhelming experience, particularly if you are buying your first home. As your REALTOR®, we can help you through the home buying process and assure that you find the right home for you, at the right price for you. Every homebuyer has a number of concerns, all of which we can help you with:Buyers Setting a Time Frame
There are a lot of variables in the home-buying process, which means the time it takes to find and buy your new home varies too. A typical home search process may take three to four months, including the mortgage approval process, comparing and evaluating properties, making an offer and the closing process. The loan process typically takes 30-45 days.
The Lending Process
Perhaps one of the most intimidating aspects of buying a home is the mortgage approval process. We’ll be here to help guide you through this, but there are many ways you can prepare early to make the process smoother. Start by making sure your budget is under control?make a list of all your monthly expenses, compare it with your income, and see if adjustments need to be made. You should also try to pay off small credit card balances. Start gathering documents you may need, such as W-2 forms, income tax returns for the past few years, pay stubs, records of child support or alimony, bank statements for the past several months, and your credit report. Also, be sure to allow for closing costs. Getting several offers will allow you to compare loans and get the best deal.
Determining How Much You Can Afford
A general guideline to consider is that most buyers purchase a home that costs about one and a half to two and half times their current annual income. For example, someone earning $50,000 a year might purchase a home for $75,000 to $125,000. Mortgage payments should be about 26-28 percent of your gross monthly income. Existing debt is also considered in the mortgage process, and total debt payments (car payments, credit cards, student loans, etc.) should not exceed 40 percent of your gross monthly income.
Finding a Home That Meets Your Needs and Wants
Before you start looking at properties, make a list of “must-have” features along with optional features you’d like to have. “Must-have” features may include the number of bedrooms and bathrooms you’ll need to accommodate your family, location (consider commute to work, which schools your children will attend, etc.), lot size and special needs (handicapped access, etc.). Optional features may include the architectural styling, bay windows, landscaping, etc. Having a clear idea of what you want in a home will help your REALTOR® find the perfect property for you. Educating yourself about the home-buying process is key to getting a home you love and can afford. As your REALTOR®, we am here to answer any questions you might have and guide you through this process.
Selling your home involves much more than just placing a “For Sale” sign in your yard and going to the closing. As a REALTOR®, Team Paradise is here to help you prepare your home for sale, market your home, and guide you through the sale process to ensure you sell your home within your time frame and get the best price possible. As your REALTOR®, we will determine the correct price range for your home, point out things you should do to make your home more appealing to buyers, and devise the most effective plan of action. Here are some of the steps we will take to sell your home:— Review the selling process without the technical jargon
— Perform a comparative market analysis
— Determine the list and target prices
— Market your property
— Keep communication open
— Present the purchase agreement
Factors That Affect Your Home’s Sale
There are three main factors that determine how marketable your home–price, financing, and time:
— Price: If your home is priced too high, you must be willing to wait much longer for your home to sell. Either it will take that much longer to find someone to pay more than the home is worth, or the market will eventually catch up to the asking price of the home through inflation.
— Financing: You may not realize it, but the financing of your buyer can have a tremendous impact on the success of selling your home. Try to offer very attractive financing options. Consider carrying the financing yourself at a below-market interest rate or preparing your home for government financing. This could open the door for many buyers that otherwise wouldn’t even consider your home.
— Time: If your time frame is important then you must be willing to lower the price./p>
How Much Should You Ask for Your Home?
Of course you want to get the full market value for your home. The first step to getting the best price is to determine your home’s value. Team Paradise can help you set an asking price by taking the following factors into consideration:
— Your home’s value may depend on recent selling prices of comparable homes in your area. After reviewing the selling prices for such homes, the price is adjusted according to current market trends.
— Buyers most likely look in the price range determined by their monthly payment ability and down payment. Buyers are often very knowledgeable in their price range and purchase by comparison. Unreasonable asking prices are an immediate turn-off.
— Inviting a potential buyer to make an offer shows that you are willing to bargain. However, if your asking price is outrageous, the buyer’s offer will most likely also be unreasonable.
— It’s necessary to offer pricing, terms and conditions that are competitive in your market. This will help you sell faster and get the full market value.