Buying a property in Virginia can be a great experience if you are lucky enough to find the professionals who can help you do it. Virginia is a state where rural and urban make a unique scene making sure that you can find whatever you search for. However, bear in mind that there is a long way from having an idea to move to Virginia to actually making the final decision and signing the necessary papers. There are some specific rules you need to be acquainted with, so you will need some help from a realtor. Here are some things that every real estate agent in Virginia needs to know.
Before
hiring a realtor
Here are some things that you
should know about working with a real estate agent in Virginia:
Let’s start with some good news – usually, the seller pays the commission which is divided between a seller’s and a buyer’s agent.
You should always check whether the agent you want to hire is licensed to do the job. Don’t rely on customer reviews on websites only and always ask for personal referrals.
Before you hire a real estate agent, you should try to figure out what you are actually looking for. Make a list of all the characteristics that you expect your new home to have. That will make yours and your realtor’s job much easier. While at it, you should decide what you are going to do with the possessions you are not planning to relocate. This might seem like thinking too far ahead, but it isn’t. Once you find the home that you want to buy or rent you will be too busy dealing with paperwork, credits, and inspections. The solutions for storing furniture in Virginia will probably be the last thing on your mind. A tip: Find and book them in advance!
Buying a property is probably one of the greatest investments you’ll have
Every real estate agent in Virginia
needs to know the statistics
Numbers and figures are something that every real estate agent just has to know
no matter where he/she lives and works. Virginia is a huge real estate
market with a lot of great listings so that everybody can find the property
they are searching for, be that a flat, an urban home, a ranch or a vacation home.
The Commonwealth of Virginia has it all!
At the moment, Virginia real
estate market is very hot. The average time that a home stays on the market
before being sold is 64 days. The hot market also means that over the past
year, the prices of listings have gone up 4.3%. The median home value in
the state at the moment is $264,200. Moreover, the predictions are that,
within the next year, the price will rise as much as 2.8%. The median
value that the sellers in Virginia expect to get for their property is $310,325.
On the other hand, the average amount that people are paying for their home in
the state is $269,900.
The average rent in Virginia is
somewhere around $1,700 per month.
A
good realtor is expected to know the history of listings they are showing
Buyers are curious, especially when they are about to make such an investment
as buying a property. And, who can blame them? Besides the common facts that
the realtor is expected to know about the property he/she is trying to earn on,
here are some of the questions that buyers in Virginia tend to ask:
Was this property the site of a meth lab and if so, was it cleaned properly and in accordance with the regulations?
Are there any defects to the drywall in the house?
Is this place within the area of military air installation? – It might sound silly, but these are the questions that a real estate agent in Virginia just has to be able to answer.
Whatever you are searching for, a good real estate agent in Virginia will help you find it
And,
a lot more
More details about residential
property disclosure can be found within Residential Property Disclosure
made by the Virginia Department of Professional and Occupational Regulation.
Plus, a good real estate agent would have to at least know to point their
clients in the right direction where they can find the answers he/she cannot
give them directly.
One of the qualities of a realtor
that cannot be learned by heart is just being friendly and welcoming to the
newcomers wanting to buy a property and stay in Virginia. They will like to
know more about the neighborhood and the county wherein they are searching for
a place. A good real estate agent has to have some additional info up their
sleeve. For instance, they should be informed about the top things to do in Orange County if that is the area of the buyer’s interest. Or, they
should have some basic data on local schools in the neighborhood.
A
real estate agent in Virginia needs to be familiar with paperwork a buyer needs
to go through
Whether you are a Canadian buying a property in Virginia, or a local citizen moving to another street, you will have a lot of paperwork to handle before becoming an official owner of a Virginia property. What is specific about the real estate market in this state is that a lot is left to the buyer to do. That is where a helping hand from the good realtor is priceless. Other than signing the purchase agreement, you will have to deal with taxes and mortgages. A realtor who always has a good piece of advice when needed is worth their weight in gold.
There are some more things that need to be done in order for a buyer to completely disclose the purchase. They have to provide the inspection report after having a house inspection done. This is done in order to identify the problems with pests, structure, drainage, mold, electrical, plumbing, heating, etc. Ok, how can a real estate agent help me with that? – you might be asking yourselves. Well, after you get the inspection results, a realtor can help you negotiate the price with the seller.
You will have to sign a lot of papers to disclose the purchase
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Norther Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
If you’re thinking about buying a home, you’ve probably heard, “location, location, location!” on repeat. Finding the perfect city or town is one thing, but you’ll need to take it a step further. The right neighborhood matters more than you think, so before you start your search, we have some tips to help you find the perfect spot!
Do Your Research
Before you start driving through prospective neighborhoods, you’ll want to do some research at home first. Finding the right place to live can be time-consuming, but some quick online searches can help narrow down your options. Many agents also spotlight certain neighborhoods on their website and tend to offer more in-depth guides—as well as more listings and home-buying tips.
After doing your initial research, you’ve probably narrowed your list down to a few neighborhoods. Now it’s time to delve deeper and look at these places by the numbers. It’s worth looking at stats like crime rate, HOA fees, and average property taxes. You might want to start your search with sites like Neighborhood Scout and City-Data—these sites give you localized data on demographics, schools, and more.
Scope Out What’s Around
While the actual neighborhood might seem perfect, what’s around matters a lot, too. Remember, you’re buying more than just a home—you’re finding a new place to thrive. If you’re looking for convenience, a community far-removed from amenities you love might not work. Be sure to take your commute into account, as well as the driving distance to places you go all the time.
School districts also play a big factor in which area you choose, especially for your kids. Even if you don’t have children, home prices in good districts are consistently higher than others, so it’s still something you should take into account. Want the inside scoop? Compare options by looking up which schools serve a community and exploring their ratings on sites like Niche.com.
Take a Stroll
Now it’s time for some field research! Once you’ve picked some neighborhoods that seem like a good fit, go do some exploring—you’ll want to do more than just drive around, though. Get out of the car and take a stroll during different times of the day! This is a fantastic way to meet potential neighbors and see the condition of homes.
You’ll want to ask yourself some crucial questions during each visit. How well do residents maintain their homes? Do you see a lot of people outside, or does everyone seem to keep to themselves? Is there any common space or amenities you’ll want to use? This is the best way to picture yourself living in an area before actually committing to a home.
Narrow Down Your Options
If you don’t have a clear winner in your head after you visit each community, it’s time to down and weigh the pros and cons. You should also evaluate the market—there might not be a home for sale that suits your needs in the neighborhood you love, so consider all of your options.
If you have any other questions, be sure to reach out to a real estate professional. They’ll use their expertise to help you make an informed decision, and can also show you spots you might have missed!
Ready to Find the Neighborhood of Your Dreams?
No matter where you are in your home search, we’d love to help make the process easier. We’ve got you covered, whether you’re still searching for the right community or are ready to look at homes. Give us a call today so we can chat—we can’t wait to be your local experts!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
The
first rule in home selling is to know your typical buyer. What most buyers would want to have in their homes is what
will eventually sell it. How soon – this depends on how well it fits their
needs. While you can’t fulfill everybody’s wishes, some features make your home
sell faster than others.
What Buyers Want
You
don’t have to get inside your buyer’s mind. Luckily, tips for selling a home are numerous and easy to find. They are based on surveys
and statistics and are usually related to a specific market. While steam ovens
and floor heating may be a good add-on to an upscale home, those upgrades
simply won’t pay off for most sellers. What the majority of people want is a
reliable, good-looking, practical, comfortable, and affordable home. The
most common features that would make your home sell faster are
Curb Appeal
Ample Storage Space
Sufficient Bedrooms
Eat-in Kitchen
Fresh Paint
Energy-efficient Appliances & Windows
Off-road Parking
Renovated Bathrooms
Hardwood Floors
Modern Lighting
Start With Entrance
The first step to boost the appeal would be to declutter your home, which also applies to your yard if you have it. If the exterior of your house is impressive enough, only then the prospective buyer will come inside and check the rest. To sell your home faster, you need to show to your buyer that you took good care of your home. Nothing shouts good maintenance like a neat exterior.
Outstanding curb appeal will make your home sell faster
You
might not have enough space for a garden, however, even a small secluded patio
with a pair of garden chairs or loungers and potted plants can create the feel
of a cozy getaway that most new homeowners look for.
Room for the things
There
aren’t many who can say that they have too much storage space. Those who need
extra storage simply call Verified Movers
and rent a storage facility but there is another option. With the help of
experts, it is possible to create extra storage and exploit otherwise
underutilized space. Additional space for belongings is especially important to
families with kids because they have plenty of useful things they don’t want to
dispose of even if they’re used only occasionally.
Walk-in pantry
In case there is enough extra space, usually 5×5 feet, creating a walk-in pantry in the kitchen is a big bonus. Non-perishables stored at the arms reach is something most would prefer. Even more so because they can save on the deals of bulk purchases. Walk-in pantries are affordable add-ons highly appreciated by families.
A kitchen with a walk-in pantry is a great asset
Walk-in closet
On
the other hand, walk-in closets are added to master bedrooms and are perfect
for empty-nesters in love with neatly organized apparel, jewelry, and
accessories. This feature can be made as a part of the existing bedroom or
placed in a separate, smaller room. Organizers and many shelving units are
worth their price. Walk-in closets are perfect for couples who share storage
space and are highly ranked among other features.
That extra bedroom
Nothing
attracts buyers more than a cozy extra bedroom. A guest bedroom is best suited
for loft space. After all, having a new bedroom in the attic is much better
than blocking the garage. If you opt for the renovation of your loft space,
consider adding a new small bathroom or at least a WC.
Hearth of your home
Making an eat-in kitchen would leave a good impression on families with children. Resurfacing cabinets and repainting walls is the least you can do to make your kitchen more attractive. A new trend and a highly popular and affordable one is adding lighting under cabinets. The effect is to give your kitchen depth and visually make the ceiling higher.
There
is nothing as attractive as new appliances so the first and most important on
the list should be a fridge. Prospective buyers are impressed with spacious and
clean refrigerators as this is the appliance they will use the most.
A new coat
The
most affordable and yet the best investment is fresh paint. Repainting your
walls and ceilings and adding a new coat on the outside leaves a good first
impression. Natural lighting is one of the most beneficial features a home
could have. Bright walls that reflect natural light will make space visually
larger and have a good psychological effect on visitors. If you wish to
attract buyers moving to Virginia from another state, for example, you should stick to neutral colors, appealing
to many.
Energy-efficient walls, windows, and appliances
If nothing else makes people care about the environment it’s the savings they secure by installing energy-efficient windows, adding insulation to their walls and purchasing energy star rated appliances. Any of these features would greatly appeal to millennials. They are both environmentally and financially conscious. Keeping the heat inside will help them keep their cool, too.
Room for your car
It is difficult to imagine getting anywhere without a car nowadays and having an (at least one) parking slot is a big asset to a home. If your garage space has been repurposed, make sure that you keep at least one off-road parking slot.
One of the first things buyers ask the real estate agents is if there’s a garage/parking space available. You too might need to hire a lawyer or a real estate agent if you’re buying a new property at the same time you’re selling. A garage can serve as additional storage and as such is indispensable.
Fresh & Clean
A
tidy and crisp bathroom is a feature no one is immune to, and refurbishing one
is a must. A bathroom is perhaps the only room in the house that is easy to
look luxurious and impressive with a relatively small investment.
Hardwood floors
Hardwood floors are durable and lasting and as a feature, they appeal to everybody. And why not; they are easy to maintain and keep clean.
Interior and exterior lighting
Modern exterior lighting is an add-on that sets your house apart. While an exterior illumination boosts your curb appeal, interior lighting is an affordable feature that will make your home sell faster.
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Norther Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
When you’re thinking about buying property, one of the
first questions that pop to mind is, “Should I do this on my own or hire
some assistance?” In a huge majority of cases, the answer is that doing
everything on your own will make the process much, much harder, and we’d also
be very surprised if you got a good deal without some assistance. In most
cases, the only real question is: “Should I hire a real estate agent or a
lawyer?” Both can be of invaluable assistance when it’s time to buy a
property, but the ways they can help differ.
Why
You Should Hire a Lawyer
What makes a real estate agent different from a lawyer when it comes to buying a property? First of all, by law, real estate agents cannot give legal advice. While you are not obligated by law to hire a lawyer when buying a property here (unlike in some other states), you may have some legal questions that only a lawyer can answer. For example, you may want to rent a property for some time (let’s say for a year) before making the decision on whether you should buy the property or not. If the seller agrees to that, an attorney can draft this unusual contract and provide legal advice on the matter that a real estate agent could not.
A good lawyer will help you by answering all the legal questions that a real estate agent cannot lawfully answer.
As lawyers charge an hourly fee,
before buying a property and moving in with the help of experienced
professionals from dumbomoving.com,
it’s a good idea to make a list of all the legal questions you may have and arrange
a meeting with an attorney. Then, you can ask everything you need, as well as
make arrangements on all the additional services you may need that a real
estate agent can’t help you with (drafting the contract from the previous
paragraph, for example).
Why
You Should Hire a Real Estate Agent
While a lawyer will help you with
some specific parts of the home buying procedure, you’ll still need to hire a
real estate agent as well. A real estate professional will be with you every
step of the way, acting as a sort of a guide to your home buying process. And
if you’re buying a property, you’ll be pleased to learn that sellers are the
ones who will pay the agents of both parties. The commission is usually 10
percent of the arranged home price, divided equally between the two agents. The
logic behind this rule is that sellers will be receiving a lot of money, and so
they should be the ones to pay all agents who will take care of the buying-selling
process.
So, if you hire a real estate agent, your wallet won’t have a problem with that; you will basically get an invaluable service for free. And what exactly does that service entail? Buying a property is a complex procedure – lots of paperwork will need to be done, inspectors will need to be hired, a comparative home prices analysis will need to be prepared, etc. While some lawyers will try to convince you that they can do everything on their own, that is most often not the case. Real estate professionals will be better at all of these tasks, simply because they have dedicated their lives to buying and selling real estate; they have much more experience and they know how to use it.
Apart from many other ways that a real estate agent can help you, he or she will be able to find a perfect house for you in the specified neighborhood.
This gives them an edge in all sorts
of home-buying tasks. Apart from the ones we have already mentioned, they are
also much better at negotiating. Let’s say that, for example, some parts
of the home will need to be fixed. You’ll need to determine whether you or the
seller will be the one who has to make these repairs. In this case, a good real
estate agent will help you negotiate an arrangement that is better for you
financially. What’s more, an experienced real estate agent who is a good fit
for you will be acquainted with the neighborhood where you’re looking for your
dream home. He or she will know just what to look for based on your
description.
Additional
Things to Have in Mind
So, should you hire a real estate agent or a lawyer? The answer is – why not both? Combining the individual strengths of these two professions will get you the best deal. Rely on attorneys for legal advice that a real estate agent cannot offer, and hire a real estate agent for everything else.
Before you hire a real estate agent and a lawyer who will seal the deal, you’ll need to have some things in mind. Alt text: A man signing a contract.
Still, simply hiring any real estate
agent and lawyer is not enough; you will need to find a dependable and competent real estate agent, and the same goes for your lawyer. Here is what to look
out for:
Sometimes, it may so happen that an opportunity to share a real estate agent with the seller emerges. In our opinion, that would be wrong to do. As real estate agents make a living off of commissions, they might be looking for the sellers’ best interest in this situation and not yours. Ethical agents who won’t do this certainly exist, but it’s best to be on the safe side anyway.
Real estate agents may press you to offer a higher price because of similarly unethical reasons. The more you pay, the larger their commission, after all. What’s more, some of them will be afraid to negotiate because doing so might mean that they won’t get to close the deal. If it seems that your agent doesn’t respect your opinion and is only looking to close the deal as soon as possible, it is best to find a different agent. Doing research on your own regarding home prices in the given neighborhood will help you avoid such unpleasant situations.
Most lawyers prefer to be hired and paid only after the home buying process is complete. However, it may suit you more to only pay for one consulting session or one or two specific tasks. That can be arranged, just have the arrangement in writing (better safe than sorry).
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Norther Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
Selling your home can turn into a genuinely lengthy process
if you have no information on how to do it properly. Making a detailed plan and
having an experienced professional agent by your side can significantly
decrease the time your home spends on the market. If you are willing to make an
effort, invest your time and some financial means, it will be easier to gain
competitive advantage and make your property more appealing than others. Thus,
here are some tips on how to interest your prospective buyers and succeed in
selling your home faster.
Improving curb appeal is the starting point
The first impression matters greatly when buying a property. Interestingly, sellers very often tend to forget this fact, so they focus intently on the inside of their homes. However, if you aim at selling your home faster, improving curb appeal is the most reasonable starting point. Firstly, pay attention to your lawn. Keep it neatly mown at all times since you never know when the potential buyers can come by. Also, it is necessary to trim trees and bushes regularly and to maintain your garden well enough.
Figure 2 Improving curb appeal is the most reasonable starting point when aiming at selling your home faster. Alt.tag: A beautifully decorated home entrance that can help when aiming at selling your home faster.
Pay special attention to the entrance. If it is necessary to
add a fresh coat of paint, do not hesitate to do it. A new house number and a
matching mailbox can easily catch everybody’s eye. Ideally, repainting your
front door will maximize the positive effect on whoever comes to tour your
home. Remember, what you want to achieve is making prospective buyers believe
your home is the right choice for them.
Decluttering is critical for selling your home faster
Clutter at your home threatens to prolong the whole process
or even reduce the price considerably. Getting informed on some key decluttering
tips can help you create an intimate and yet neutral and cozy atmosphere
that will enable your prospective buyers to envision their life and family in
this place. Furthermore, do not forget depersonalization. If a neutral territory is what you want to
achieve it is inevitable to remove all your family photos, children’s artwork, souvenirs
from various travels and so on.
Since it is essential
for potential buyers to move freely around your home, getting rid of bulky
furniture pieces is a must. Ideally, you can look for
an affordable unit to store your belongings and these furniture items
safely. Then, you can rearrange the rest of your furniture and maximize the
space. This will be highly appreciated and valued.
Make your home shine
You need to raise your cleanliness standards to the highest level until selling your home comes to its end. Paying special attention to all hidden areas is of utmost importance because your home needs to bear the scrutiny of various potential buyers. While it may be exhausting and quite challenging to keep your home in pristine shape for long, it is needed given the circumstances. Otherwise, you risk making one of the biggest mistakes when selling a home.
Figure 3 Make your home shine and prospective buyers will love it. Alt.tag: Cleaning brushes in various colors.
Natural light is a great benefit
Natural light is everybody’s favorite. It brings freshness,
calmness, and warmth to your space, so it has to be ample in order to attract
attention. Try your best to make your home as naturally lit as possible. Should
you find any problems with meeting this requirement, placing decorative lamps
around your home might help.
Selling your home faster requires making it available to prospective buyers
It is vital to make your home available to potential buyers.
Unfortunately, this most often means allowing them to tour your home whenever
it fits their schedule, even at weekends. This is a slight inconvenience you
will have to bear if you expect to succeed in selling your home faster. Buyers
themselves also feel nervous about finding the property that meets their criteria
once they realize that buying
real estate is a good investment.
Be realistic about the price
Making a decision about the price when selling your home is
a crucial task in the process. With the help of the internet, both sellers and
buyers can obtain information on the subject quite easily. Hence, it is
essential to be utterly realistic when setting the price. Defining the price
either too high or too low is very risky. Should you have any doubts,
consulting professionals is advisable.
If you, however, decide to set the price yourself, there is another step you need to define. Having a timetable for lowering the price can prevent your home from being on the market for too long. Instead, a reduced price after some time may incentivize those buyers who were having second thoughts. Eventually, selling your home faster becomes achievable.
Figure 4 Be realistic when setting the price for your home. Alt.tag: Three different piles of coins and a small wooden model house.
Taking some photos can help in selling your home faster
A great majority of prospective buyers start their search
for a perfect home online. Most of them prefer seeing photos of the houses
listed in order to take them into consideration. Thus, making high-quality
photos of your home can be very beneficial. If they emphasize all the appealing
and distinctive features, they will easily attract buyers in a short period of
time. Make sure you photograph both the inside and outside of your property. If
you are willing to invest in hiring a professional photographer, you can expect
favorable results very soon.
Feel free to spread the word
Although collaboration with your real estate agent is
compulsory, you can also contribute to selling your home faster. Feel free to
spread the word. Talk to your neighbors, colleagues, and friends. Use the
advantages of social networks and share your listing on various social media.
Understandably, the more people you inform the bigger the chance to find the
buyer soon.
Time matters
Among other factors, the time you list your home for sale determines how long it will stay on the market as well. When aiming at selling your home faster, it is, generally, advisable to list it in spring or fall. Reasons underlying this suggestion are understandable. The weather in spring is pleasant and people are willing to tour houses more often. The school is coming to its end, so moving will not cause any problems to families with children either. On the other hand, in the fall, the weather is still warm. People have come from their vacations and now they are ready to search for the property that meets their strict criteria. The school is about to begin, so prospective buyers have time to make the final choice and conduct their relocation. Use your chance and make selling your home faster possible.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Along with the excitement
that buying your first home brings comes the apprehension about the
decision. Millions of questions come to mind making your decision even harder
to make. The best tip that you can get is to get informed. But, do you
know what you have to get informed about? If you are thinking of buying your
first property ever, take a deep breath and start reading through the most
common mistakes first-time homebuyers make so that you can avoid making the
same ones.
Starting a House Hunt Without a Financial Plan
Since you are buying your first home, it is understandable that you are very excited about the idea and impatient to find the right one. However, that doesn’t mean that you should start your search completely unprepared. You should at least know what price range to look at. Since the real estate market is quite competitive and demand is almost always higher than supply you should come prepared. That means that you should be pre-approved for a loan before looking at listings. Then you will be more acquainted with your financial prospects and you will know what you can hope to find. By the way, there are so many facts you should know about mortgage before you apply, so do not rush it.
First-time homebuyers should be prepared before house hunting, Alt. tag: A model of a house made of words FOR SALE
Sticking to One Mortgage Lender Only
A mortgage is also a product
that you buy and can find at different prices with different sellers. Do
not make a mistake by not comparing the quotes before committing. Choose at
least three lenders and compare the estimates that you get. Remember, you are
looking for a good deal as well as the lowest rates you can get. You cannot
find those if you only consult one bank or lender. The same goes for finding skillful movers who can relocate your home – you need to make a list and then choose one company that
suits you best.
Not Paying Attention to Your Credit Reports
Your credit reports are extremely important to a bank or lender that you are considering taking a mortgage from. They will analyze every single detail of it, so you need to make sure that they like what they see. A credit report that contains errors may result in higher interest rates for you, so it is in your best interest to keep it as accurate as possible. The good news is that you can get a free credit report from any of the main credit bureaus at the end of a year so that you can correct any errors that you come across. The lenders need this report at pre-approval and before final loan approval. In the meantime, you shouldn’t be opening new credit cards and you should do your best to pay your bills on time every month.
Credit reports are extremely important to lenders, Alt. tag: Credit report of a first-time homebuyer
Thinking That You have to Make a 20% Down Payment
When you start calculating how much
money you need for your down payment, you will probably ask yourself whether buying real estate is a good investment
at all. Twenty percent of your future
property’s worth is a lot of money to prepare before you even start
searching for a home. Luckily, there are some loan programs that allow
you to make a down payment as low as 3.5% or even 0%. It goes without saying
that a bigger down payment means that you can get a smaller mortgage, so you
will have more money left in your budget every month.
On the other hand, while you are
saving money for your 20% down, the property prices continue to grow along with
the mortgage. So, the decision is all yours and you need to make sure that you
set a monthly payment that you can actually provide. And, do not forget that
you are obliged to pay the mortgage insurance in case your down payment
is less than 20%.
Not Considering Special Programs for First-Time Homebuyers
There are some special programs for
first-time homebuyers that offer low down payment loans. You should inform
yourself whether such programs exist in your state and learn about the
following:
FHA loans –
the down payment can be as low as 3.5%. Besides this obvious
rebate, the Federal Housing Administration is not so strict about
credit reports. But, once you commit to this loan, you will have to pay
for mortgage insurance as long as you have the mortgage to pay, which
means even after your equity is more than 20%.
USDA loans
– if you are planning to buy a property in a rural area, the chances are
that you qualify for zero percent down and 100% financing – a
program offered by the U.S. Department of Agriculture. If you opt for this
program, you will have to pay the guarantee fee instead of mortgage
insurance.
VA loans
– mortgages offered by the US Department of Veterans Affairs to
people who have served in the military. These loans allow veterans to put
a down payment of zero percent and get 100% financing. A funding
fee has to be paid instead of mortgage insurance.
Falling in Love With the Property and Failing to See its Faults
This can be a huge mistake. It often
happens that we like the house, but it turns out that its neighborhood is not a
place where we would like to raise our children. You should always visit the place
at least two or three times, at different times of day and week, before you
make a decision to buy. If you notice that there is something the seller is
trying to hide, that should be a red flag to look for.
First-time homebuyers are usually impatient to move in, Alt. tag: House door with keys
Wasting All Your Savings On Your First Property
This is one of the common mistakes
first-time homebuyers often make. They do this to add to the sum for a down
payment and lower the monthly payment rate. However, you still need to have
an emergency fund (three to six months of living expenses) because there
are so many things that can go wrong when you buy a property. It is better to
pay for mortgage insurance and still have your emergency fund untouched, just
in case.
Not Knowing About the Hidden Costs of Ownership
There are many costs of ownership that first-time homebuyers do not know about. Property taxes, insurance (mortgage, hazard, and homeowners), repairs, maintenance, and utilities are just a few of them.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
In Lake of the Woods for June, 2019 the statistics are as follows: A total of 39 homes were sold, all of them were standard sales. 15 homes sold between $175-250K, 20 sold between $250-350K, and 4 sold for over $350,000. Additionally, 5 lots were sold between $26,000 and $40,500.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Imagine, after weeks of searching, that you’ve finally found your dream home. It’s in the perfect location with the right features and exactly the amount of space you need. But after requesting more information, your agent informs you that there are already several offers made on the house. How do you stand out in a busy market and snag your dream home?
When buyers are looking to make a lasting impression on sellers, they often opt to submit a letter to the seller. In fact, a recent study found that buyers who submitted letters were 9% more likely to have their offer accepted.
A Buyer’s Letter can work both with you and against you, so it’s important to understand what they are and when you should use one.
What is a Buyer’s Letter?
A Buyer’s Letter is pretty much what it sounds like — a letter written by the buyer for the seller in order to stand out in a busy market. The letter is your chance to make a case for why you should get the home over other buyers.
Many people opt to write about how they envision their lives in the home, how well they would take care of it, how much owning this specific home would mean to them, and similar sentiments.
You might also use this space to talk yourself up, bringing up steady finances, your down payment, and job security — things geared towards making the seller confident in choosing you.
Advantages of a Buyer’s Letter
A Buyer’s Letter sets you apart from the crowd and makes you more than just an offer on a sheet of paper — it allows you to connect with the seller on a personal level. In a constantly growing and changing market, being able to stand out or connect puts you a big step ahead of other buyers.
Is the home close to a golf course? Does the seller have bikes in their garage? Are there signs of pets in the home? If you notice you have common interests, including them in the Buyer’s Letter can elevate your standing.
When you choose to forgo a Buyer’s Letter, you miss out on the chance to advocate for yourself, which can go a long way in the seller’s final decision.
Disadvantages of a Buyer’s Letter
While there are plenty of pros to using a Buyer’s Letter, there are also pitfalls to consider. Making your case is great, but it does give the seller leverage. If you really love the house as much as you say, then what’s to stop the seller from raising the asking price?
Maybe the seller accepts your offer, and you move to the home inspection stage. If issues turn up, then the seller might refuse to make costly repairs, assuming that you’ll buy the house no matter what.
Another unexpected con of a buyer’s letter? It can be tricky for sellers to navigate around discrimination issues. If a seller picks a buyer of a certain race, religion, gender, or family status instead of another, they could face backlash. Be aware of this when writing your letter so as to not put the seller in an uncomfortable position.
Need Help Standing Out?
If you’re kicking off the home-buying process and need help standing out, we’ve got you covered. Get in touch with us today, and we’ll help you secure your dream home, and answer any and all of your questions in the process.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your professionals for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia, we are your proven Real Estate professionals. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
