Friday, January 27, 2023 / by Ameil Gill
RATEGIES TO BUY WITH CURRENT INTEREST RATES
As rates have been inching higher, buyers and lenders have been adapting their strategies to help make mortgage payments more manageable.
Here are a few strategies for getting the best rate and a payment that works for your budget:
• Buy now at the current rate (with less buyer competition, and lower prices), and plan to refinance when rates decrease.
An Adjustable Rate Mortgage (ARM) can be a great option if you’re considering refinancing in a few years (or few months) when / if rates drop. You can lock into a fixed rate for 3, 5, or 7 years, and refinance before your fixed rate “adjusts.”
• Buy down your interest rate.
There are a few ways you can do this. You can purchase “points” (these are typically 1% of your loan amount), which will decrease your interest rate for the life of the loan. Another option to consider is a 2-1 Buydown. By paying a few points upfront, your interest rate . ...
Monday, January 23, 2023 / by Ameil Gill
Are you curious as to whether or not buying a home is within reach? It’s important that you feel confident about how much house you can afford before you hit the ground running and start home shopping. The first step in house hunting is getting pre-approved, but in case you’re not quite ready to commit, I’ve outlined a few guidelines that can provide a starting point for answering the question: how much home can I afford?
Most financial experts say housing expenses should be no more than 25% of your total pre-tax (gross) income. This includes your monthly principal and interest mortgage payment, homeowners insurance, property taxes, PMI payments (if applicable), and any HOA/Condo fees.
For example, if your salary is $65,000 per year, your gross monthly income is $5,416 ($65,000 / 12). Therefore, your total housing costs (principal, interest, taxes, and insurance) shouldn’t exceed $1,354 per month (25% of $5,416).
It’s important to also keep ! ...
Friday, January 20, 2023 / by Ameil Gill
THE IMPORTANCE OF STRATEGIC PRICING IN A SHIFTING MARKET
Pricing your home correctly is the single most important factor to consider when you’re selling your home. When you want top dollar, it is best to have the right price the day your house goes on the market. The first few weeks of any property sale are key, so you must price your home correctly from the start if you want to maximize interest. There’s nothing wrong with listing your home on the high side of fair value, however, overpricing your home so that there is “room to negotiate” can backfire. Why?
The more you overprice, the fewer buyers will come to see it. Today’s buyers are educated and have all the data in their hands with the internet and home valuation sites. They know if a home is overpriced, and will wait for price decreases.
Very few buyers will even make an offer on an overpriced home — they will wait for the price to drop.
Your property attracts the most in. ...
Thursday, January 19, 2023 / by Ameil Gill
WHAT YOU CAN DO NOW TO PREP FOR THE SPRING MARKET
Thinking of selling this spring? Believe it or not, NOW is the time to prepare your home for the market. A few home improvements can go a long way toward making a favorable impression on potential buyers when you decide to list.
Getting your home looking its best doesn’t have to be costly or complicated either — here is a list of suggestions I typically give my sellers on how to prep their home to sell quickly and get top dollar.
? Clean & Declutter You want buyers to focus on how great your space is, not how messy or dirty it looks. You want buyers to envision themselves in your space, so keeping up a tidy house is crucial. Start by depersonalizing and organizing, and getting rid of anything that you no longer want or need.
? Neutral ColorsAs much as you might love your bright red kitchen or plum purple living room, buyers may not. Repaint any bold-colored rooms with neutral tones such as light grays and whites. ...
Wednesday, January 18, 2023 / by Ameil Gill
WHAT TO FOCUS ON WHEN HOME SHOPPING
So you’re starting your house hunting journey… you’ve set your budget, gotten pre-approved, and discussed your wants and needs, and now it’s time for the fun part — going to see the homes you’ve narrowed down!
However, the universal truth of home buying is that you will never find a house that has every single thing on your “must have” list. So, when walking through houses, it’s important that you try and focus on your list of needs… specifically on the things you cannot change.
To help break it down for you…
Pay attention to:
• Location, neighborhood, and distance from your work, shopping, schools, etc.• Yard size and the view / what is surrounding the home• Square footage of the home, • The number of bedrooms / bathrooms, the bedroom sizes, etc. • Your non-negotiables list• Make sure to look at the condition of major systems like the H! ...