SPECIAL SECTION REAL ESTATE
5. Be patient; it’s a process.
Unfortunately, you’re not the only buyers in the market.
Many are looking for similar offerings in a home. You may
lose out on what you think is the perfect home, but keep
your head up! Something just as good, if not better, will
come along—because where there are buyers, there are
sure to be more sellers!
Whether you’re looking to buy or to sell, there are hundreds
of resources available to you and your family. Start smart by
doing your research. Is now the time to put your home on
the market? What’s the buyers market like this season? Don’t
rush to make a decision just because spring is here. Homes are
bought and sold throughout the year, so make sure the time is
right. As a first step, review your finances. If you’re on the right
track to having a good bit saved, you’re probably ready to start
your must-have/wish lists. Reach out to a real estate agent to
help you get acquainted with the communities you have in mind
and the neighborhoods you can afford. If you’ve been talking
about moving, take a look at your home. Do you have repairs to
make before putting your home on the market? You’ll want to
make any small upgrades, declutter and rearrange rooms prior to
taking pictures of your home to show potential buyers.
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!
Importance of a Local Real
Estate Agent
You wouldn’t undergo surgery without a surgeon, or do a root
canal without a dentist, so why would you buy or sell a house
without a real estate agent? Agents have in-depth knowledge of
local communities, an insider’s view of the real estate market, and
early access into listings that go on the market. By having a real
estate agent on your team, you can take full advantage of these
perks when trying to buy or sell a home!
Moving into a new community? A real estate agent is familiar
with the lay of the land—from what the neighborhood is like,
to the local hotspots. He/she will be able to guide you in the
decision that best fits your ideal location and wish list. Making
a move into a new neighborhood or town with kids makes a
real estate agent even more necessary. Agents can provide an
inside look into school districts, sports teams and available extra-
curricular activities that could be a game-changer for you and your
family.
Having an agent as an insider into all things local is just one
benefit. With access to other real estate professionals, such as
mortgage lenders, home inspectors, attorneys and title companies,
agents are valuable in streamlining the process of making a
transaction. They also have access to the multiple listing service
(MLS) to provide you with information on available homes.
Access to the MLS is restricted to licensed agents and brokers,
providing them with a wealth of knowledge that they can then
pass along to you. This includes information that sellers don’t
necessarily list on public sites, such as square footage, seller
disclosures and HOA regulations.
Armed with facts from the MLS, including comparable listings
in the area, real estate agents can negotiate on your behalf. They
are able to develop an offer that reflects market value, while still
staying within certain budgetary guidelines. Once these offers are
reviewed, agents can make recommendations from inspections on
repair costs and how to appropriately counter an offer.
If you are in the market to buy or sell, start by doing some
research on a real estate agency that is right for you. Have new
neighbors? Ask who their agents were. They obviously did a good
job of selling your neighborhood to buyers. If referrals aren’t
available, look for a local office in your neighborhood or in the
neighborhood wh ere you’re interested in moving. The agency can
offer guidance and support throughout the entirety of your home
buying or selling process.
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
Continued on next page >
FOX CHAPEL AREA
❘
SUMMER 2018
63