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Spring Is A Time To Be Ready For Real Estate Options

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Real estate buying and selling options were way down in March 2020 as a direct result of the Coronavirus outbreak. As potential buyers and sellers watched the economy fall apart across the country, real estate suffered as people who may have been in the market to buy or sell a newly built or existing home, decided to shelter in place versus splashing out their money on a mortgage.

There is no doubt it was the right thing to do at the time. Research on Zillow shows that signed contracts on houses are about one-third lower right now than they were at this time last year with people protecting their cash and other investments. There is – though – a glimmer of hope.

Spring always feels like the perfect time to explore your real estate buying and selling options as the weather gets warmer. This year the threat of Corona is still real, but there is an added feeling of hope that comes with spring.  Retail sales for housing picked up as we moved through April.  This may be a sign the worst part of the crisis – at least from the perspective of the housing market – could be over.

Web traffic – another great indicator of housing interest – also picked up during the last two weeks of April, though the numbers are still lower than average in major metros like New York City and Boston where the virus is a bigger problem. How much of this is people being bored sitting at home versus people actually looking to buy a house is up for debate, but on the back end of this it’s entirely possible that people who were happy with their living condition pre-Corona will be looking for something a little different – a move to space in the suburbs perhaps – that they wouldn’t have considered before.

The whole real estate market has turned virtual in the last month and this is important to consider if you are looking to buy or sell. Housing values have remained steady – impressive given some of our economic markets have gone into free fall.  So if you are someone considering your real estate buying and selling options you should be using this time to get your house prepared and learning about the new methods to be on top of the situation when you decide to make the move.

Article by Vital Guidance

Buying A House Can Be Easy When You Prepare For It

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Are you interested in buying a house? If yes, then you’re are at the best place for insights into the whole process. Buying a house, once considered can become a very emotional activity. You might find yourself stalking listed homes on your home-browsing app or allowing your schedule to accommodate drive-by viewings.

It is very easy to purchase a house you cannot afford and that mistake can seriously impair your ability to accumulate wealth down the line. Understanding the right way to buy a home helps you avoid grievous financial mistakes.

When to purchase

Before anything else, you have to consider timing. Evaluate your finances and make sure you have a steady income and enough cash saved for the down payment. You also have to consider the housing market because you want a home that will go up in value. Discuss the market with your real estate agent. Consider your life stage. The process of buying a house is expensive and you should not invest that much into an activity when you may move the next year.

Save up

Don’t restrict your financial growth by making decisions with a short-sighted perspective. A weak financial foundation is key to regretting your home purchase. You have to be financially ready to buy a house and this means paying off debts and saving up three to six months of expenses. When you become the home owner, you will be in charge of paying for repairs. Saving for the down payment is one of the most difficult aspects. You may consider saving up as much as 20 percent of the home value for a down payment to avoid Private Mortgage Insurance (PMI).  Moving expenses should also be taken into consideration as part of your total savings for a home purchase.

Get preapproved

The optimal way to get a house is with cash. It may sound far out but people do it. If it is not feasible for you, you’ll require a home mortgage loan. To get prequalified to buy a house, a lender will find out about your income, assets and down payment. Getting preapproved is more of a challenge. The lender will confirm your financial information and submit your application for preliminary underwriting. When you begin your home search, a preapproval letter shows you are a serious buyer. Mortgage options varies so decide on the best one for your financial status.

Find the right agent

You can do a lot on your own but getting assistance from an expert will go a long way in finding and securing the perfect place. A buyer’s agent can even help you find a house before it is listed for sale. The agent will also do the job of negotiating offers for you. In most cases, the seller even pays your agent’s fees.

House hunting

Before starting your search, make a list of features of a home that are vital to you and don’t compromise on them to avoid regret. Once you have clarity on what you want, share it with your agent. Your agent will help set realistic expectations and streamline your search to areas you can afford.  One thing to keep in mind is that a great house in a bad neighborhood may not be a good idea.  Your home may be your biggest investment so select a home that should grow in value.

Article by Vital Guidance