Donna Coakley McGowan's Blog
For many people, summertime represents an ideal time to buy a residence. Ultimately, there are many terrific reasons to purchase a house in summer, including:
1. You can move after the school year ends.
When the school year draws to a close, you and your child can focus on relocating to a new residence.
Purchasing a house in summer guarantees that you can avoid the challenges commonly associated with relocating to a new residence during the school year. Instead, you and your child can spend summer looking for the perfect residence and buy a house before the new school year commences.
Furthermore, don't forget to consider the quality of schools near a residence before you finalize a purchase agreement. By doing so, you'll be able to find a home that is located near a great school for your son or daughter and ensure that your child can receive the best education possible.
2. You can complete many outdoor home improvement projects in summer.
Typically, purchasing a fixer-upper, i.e. a home in need of advanced repairs, may prove to be a viable option in summer.
If you buy a fixer-upper, you'll likely want to complete a broad array of home repairs immediately. Meanwhile, a summer home purchase ensures that you can enjoy warm temperatures for outdoor property improvement projects. As a result, you can perform roof repairs, home exterior maintenance and other outdoor home improvement tasks without having to worry about cold temperatures.
For those who are interested in finding a fixer-upper, there should be no shortage of properties available in summertime as well. Many home sellers add their properties to the real estate market in summer, guaranteeing that you can browse a large assortment of houses and find one that suits you perfectly.
3. You can work with an experienced real estate agent.
Buying a home in summer can be difficult, particularly for those who are exploring the real estate market for the first time. Lucky for you, many experienced real estate agents are available to guide you through the homebuying process.
An experienced real estate agent will help you find your dream home in no time at all. This professional understands the ins and outs of the summer housing market, and as such, will do whatever he or she can to help you discover the right house.
For example, if you are uncertain about how to obtain a mortgage, an experienced real estate agent can point you in the right direction. He or she may be able to put you in touch with nearby credit unions and banks, ensuring that you can secure a mortgage. Plus, your real estate agent might even be able to offer tips to help you boost your credit score before you apply for a mortgage.
This summer, collaborate with an experienced real estate agent to get the support you need to purchase a home. With an experienced real estate agent at your side, you can transform your homeownership dream into a reality.
As a first-time homebuyer, it is easy to feel plenty of optimism as you search for your dream residence. And if you find your ideal house, it may seem likely that a home seller will accept your offer on the residence right away.
However, it is important to remember that a home seller might reject a first-time homebuyer's proposal, regardless of whether this homebuyer submits a competitive offer. In this scenario, a homebuyer needs to know how to move forward and continue to pursue his or her perfect residence.
What should a first-time homebuyer do if a home seller rejects an offer on a home? Here are three tips that every first-time homebuyer needs to know.
1. Learn from the Experience
If a home seller rejects an offer on a house, there is no need to worry. In fact, a first-time homebuyer may be able to resubmit an offer and find out why a home seller rejected his or her initial offer.
For example, a first-time homebuyer may lack financing at the time that he or she submits an offer on a house. But if a homebuyer gets approved for a mortgage and returns with a new offer, he or she may be more likely than before to gain a home seller's approval.
On the other hand, a homebuyer should be ready to move forward with a home search if necessary. Thus, if a home offer is rejected, try not to get too emotional. Instead, a homebuyer should be prepared to reenter the housing market and start his or her search for the perfect home from stage one.
2. Don't Dwell on the Past
For a first-time homebuyer, it can be frustrating and annoying to conduct a home search, find the ideal home and receive a rejection after a proposal to buy the house is submitted. But there is no reason to dwell on the past for too long, as doing so may force a homebuyer to miss out on opportunities to pursue other residences.
Remember, the housing market often features dozens of outstanding houses to match all homebuyers' price ranges. This means if you receive a rejection on one home proposal, you can always restart a home search. And ultimately, a diligent homebuyer should have no trouble discovering a terrific residence, even if his or her initial offer on a residence is rejected.
3. Consult with a Real Estate Agent
A real estate agent is a housing market expert who understands what it takes to submit a competitive offer on a house. Therefore, he or she will help you prepare a fair offer on a home before you submit it.
If a home offer is rejected, a real estate agent can help you alleviate stress. This housing market professional may be able to explain why the offer was rejected and help you plan your next steps in the homebuying journey.
Don't worry if your first offer on a house is rejected – conversely, use these tips, and you can move one step closer to acquiring a stellar residence that matches or exceeds your expectations.
Let's face it – all homebuyers want to enjoy a fast, successful property buying experience. Yet transforming this vision into a reality can be difficult for first-time and experienced property buyers alike. Lucky for you, we're here to help you streamline the homebuying journey.
Now, let's take a look at three tips to help you enjoy a seamless homebuying experience.
1. Understand the Challenges Associated with Pursuing a Home
Planning ahead for the homebuying journey generally is a good idea. That way, you can identify potential homebuying hurdles and resolve these issues before they escalate.
Oftentimes, it helps to craft a homebuying strategy. This plan enables you to map out each stage of the homebuying journey, and by doing so, prepare for any challenges that may come your way.
You also may want to create a list of homebuying criteria. This list will make it simple to narrow your house search, and as a result, ensure you can discover your ideal residence without delay.
2. Get Your Finances in Order
You know you want to purchase a house, but you still have no idea about how you will pay for a residence. Fortunately, if you get pre-approved for a mortgage, you can enter the real estate market with your finances in order.
To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can explain the differences between fixed- and adjustable-rate mortgages and help you determine which mortgage option best suits your individual needs.
Furthermore, you should review all of your mortgage options closely. Because if you understand your mortgage options, you can make an informed mortgage selection that will serve you well for years to come.
3. Hire an Expert Real Estate Agent
If you want to simplify the homebuying journey, you should hire an expert real estate agent. In fact, with an expert real estate agent at your side, you can get the help you need to quickly and effortlessly make your homeownership dream come true.
A real estate agent is a homebuying professional who is happy to share his or her expertise with you. Therefore, if you have any concerns or questions during the homebuying journey, a real estate agent can respond to them immediately. And if you are uncertain about how to proceed at any point during the homebuying journey, a real estate agent can offer data-driven recommendations as well.
Let's not forget about the assistance that a real estate agent can provide when you decide to submit an offer to purchase a home too. At this time, a real estate agent will help you put together a competitive homebuying proposal. And if your offer is accepted, a real estate agent will help you finalize your house purchase. Or, if your proposal is rejected, a real estate agent will help you reenter the real estate market.
Take the guesswork out of acquiring your dream house – use the aforementioned tips, and you can boost the likelihood of enjoying a fast, successful property buying experience.
You may have been thinking that you’d like to sell your home. You probably want to sell it at the right time and you want to go about it for the right reasons. There’s so many different that you may want to sell your home that you probably haven’t even thought of.
There’s Not Many Homes To Choose From
If there’s a lack of inventory on the housing market, it’s a great time to put your home up for sale. Certain times of the year have lower inventory than others, so you may want to consider the fall and winter as a prime time to sell. If you know your home is in a great location, or has little work to be done in it, you’re probably going to want to sell sooner rather than later if you have been contemplating the idea in a low inventory market.
Remember That Spring Starts Early
Especially in warmer climates, “spring” is a relative term and can start as early as January. People will start their searches online early in the year and the demand for homes only becomes more crucial as the year goes on. The earlier the listing, the better chance the home has to stand out on the market, even if it doesn’t sell right away. In fast moving real estate markets, it may not matter what time of year you sell your home. If the demand is there, you have a great chance to sell the home.
The lower the price point on a home, the faster it will generally move off the market. First-time homebuyers want homes and they want them fast. when your home is priced lower, it’s probably going to move a bit faster no matter when or where you’re selling it. Buyers are always looking for a good deal.
Interest Rates Affect Home Sales
If there’s rumors that interest rates will rise in the coming months, buyers will be on the hunt for a home. That’s when it’s a good time for you as a buyer to put your home on the market. When buying power for those searching is high, you’re better off selling because you’ll get a lot of interest. Your home will leave the market much faster as well.
The Decisions Is Yours
Selling your home is not a small decision. You’ll need to find another place to relocate to. Your kids may have to switch schools, and your lives can be a bit disrupted in the process of moving. If you think the time is right to move, you can keep the above suggestions in mind in order to make the entire process a bit more seamless for you.
If you have seen your latest credit score and feel like you’re less than financially fit, don’t fret. There’s plenty of reasons why people end up with bad credit. There’s also plenty of things that you can do to amend and work with your bad credit.
Mortgage lenders look at a variety of factors when it comes to your credit and determining if you’re ready for a home loan. These include:
- Age of credit
- Payment history
- Amount of credit debt
If you have opened new accounts frequently or ran up credit card balances without paying them down, these behaviors could negatively affect your credit score.
Changing Your Habits
Just changing one of these bad habits can help your credit score in a positive way. This also means that a bad credit score doesn’t equal not being able to get a home loan. Your home loan may just come at a higher price.
What If You’re Turned Down For A Loan?
You can ask your lender why you’re unable to get a loan. Some possible reasons that you’re getting rejected:
- Missed credit card payments
- Failure to pay a loan
- Overdue taxes
- Seeking a loan outside of what you can afford
- Legal judgements
- Collection agencies
If you have defaulted on a loan, missed payments or filed for bankruptcy, chances are that you’ll have trouble securing a home loan. Other factors that can affect your credit score include negative legal judgements that have affected your credit, or having a collection agency after you.
How To Fix It
If you have bad credit, it’s not the end of the world. It’s possible that lenders can give you a loan if your credit score isn’t too low. You could, however, face higher interest rates as a penalty for a low credit score. This is due to the fact that you’re more likely to default on a loan based on your risk factors.
You can improve your credit score by:
Keeping existing accounts open
Refraining from opening new accounts
Trying not to approach too many lenders to find the right interest rate. Every time you get a credit check, it affects your score.
Finding A Loan
Signs of bad credit can take awhile to disappear from your credit report. Sometimes, you have the opportunity to explain to lenders what these factors are in detail so you can secure the loan. There are even mortgage companies that assist you through the loan process to give you a boost in getting the loan.
FHA loans are a great program option especially for people with bad credit. These loans offer low down payment options and have lower credit score standards. FHA loans have been helping people to secure their first homes since 1934.
If you have bad credit, the dream of home ownership is still possible. If you’re early in the process, get to work and keep that credit score up so that when you head out to apply for a loan, you’ll be able to secure it.