SPECIAL SECTION:
Real Estate
6. BUYING/SELLING:
Your real estate agent matters.
According to Zillow CEO Spencer Rascoff, research shows
gender matters when choosing a real estate agent. Rascoff says
men will get your home sold closer to asking price because
they are stubborn, while women will negotiate and close the
deal faster. Most importantly, find an agent who will work on
your behalf. Ask friends and family for references of agents
they’ve used in the past. Look up their current listings to see if
they align with the type of home you want to buy or sell. This
will also indicate their knowledge of the market.
7. BUYING/SELLING:
Get a second opinion.
When you have lived in your home for years, it’s easy to
overlook problems that potential buyers may spot right away.
Have a relative or trusted friend come over to spot any small
fixes that you can make prior to putting your home on the
market to make sure it’s in optimal condition prior to selling.
When considering buying a home, it’s also helpful to have
someone who is not buying the home go with you to take a
look. He/she will be able to point out potential issues that you
may not see when trying to make such an important decision.
8. SELLING:
Ignore the housing market.
Don’t waste your time watching the housing market for
the best time to sell. According to Investopedia, “it doesn’t
matter what your home is worth at any given moment except
the moment when you sell it. Being able to choose when you
sell your home, rather than being forced to sell it due to job
relocation or financial distress, will be the biggest determinant
of whether you will see a solid profit from your investment.”
Continued on page 27 >
WHAT FIRST-TIME
HOMEBUYERS
SHOULD KNOW
Last year was a great year for new homebuyers.
According to the National Association of Realtors,
about 35 percent of the homebuying market was
made up of first-time buyers. Yet, each year is not
created equally in the mortgage industry and real
estate market. Changes happen frequently and it is
often hard to keep up. If you’re looking to break into
real estate for the first time, here are some insights
into how to navigate the market.
Saving. Step number one for a first-time
homebuyer should always be saving. Take a look
at your current finances. It’s recommended that
your mortgage payment not exceed 30 percent of
your gross monthly income. See where you can cut
back spending to put away a little extra out of your
paycheck every month for your new home. Not
only can this cash go toward a down payment, but
most likely you’ll need furniture, appliances, and
decorations to furnish your new home. Don’t just
calculate the amount of money needed for a down
payment. Keep in mind the unforeseen expenses
such as home repairs, agent fees and closing costs.
You can never save too much!
1. Mortgage. Applying for a mortgage can be
an intimidating process, but if you prepare
accordingly, you’ll be happy with the outcome.
According to LendingTree.com, mortgage lenders
are allowing higher debt levels for borrowers with
lower down payments (as little as 3 percent on a
conventional mortgage loan). You may not need
the typical 20 percent down that was required of
homebuyers a few decades ago. If your debt-to-
income ratio is high, you may not have to worry.
Mortgage companies are making it easier for
borrowers with more debt to still qualify.
2. Agent. Having a real estate agent in your corner
for a first-time purchase is key. Agents will not only
help you navigate the home-buying process, but
can also be a valuable resource for an inside look
at new homes that go on the market. This gives
buyers the opportunity to view homes that may
Continued on page 27 >
CHARTIERS VALLEY ❘
SUMMER 2019
25