SPECIAL SECTION REAL ESTATE
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 where you’re
interested in moving. The agency can offer guidance and support
throughout the entirety of your home buying or selling process.
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. Mortgage rates and tax limits.
Unfortunately, not all news is good news for
first-time buyers. Mortgage rates are predicted to
continue to rise in 2018, expected to reach 5 percent
toward the latter hal