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 25 >
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 not have made it onto real estate
websites for public viewing.
3. Location. Your dream house may not be in your dream
location, and your dream location may not have your
dream house. Don’t get stuck in a rut if you’re not seeing
everything you want in your price range. Typically,
Continued on next page >
MURRYSVILLE ❘
SUMMER 2019
23