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Showing posts with label Buyer tips. Show all posts
Showing posts with label Buyer tips. Show all posts

Breaking News: The Real Estate Market’s Hidden Window of Opportunities



Here’s why the next 60 days is a crucial time for homebuyers.


 

I’m joined today by Amit Singh, a representative from Neo Mortgage. He’ll share with us his expert insights on what’s currently happening in the real estate market.


Amit believes that the market will be providing some of the greatest opportunities we've ever seen in the next 60 days. Economic data, particularly the forthcoming core CPI reports, indicate that inflation has likely peaked. We're expecting to see deflationary events soon, which is crucial given the rampant inflation that has led to a sharp increase in interest rates over the past year and a half.


This inflation has almost tripled interest rates in just 18 months, unfortunately resulting in a housing market teeming with pent-up demand with low inventory. However, this environment has also created significant opportunities. Despite the lack of inventory and high interest rates, people have managed to purchase homes at better price points and negotiate beneficial seller credits. These strategies have helped buyers secure better interest rates on their homes and improve their monthly payments.

"Now is the time to evaluate your options."

Due to the anticipation of inflation peaking, the next 60 to 90 days will offer a window of incredible opportunities for potential buyers. Those who have been waiting on the sidelines due to high interest rates will find this period particularly advantageous. The initial shock from home prices and interest rates is beginning to subside, opening up a range of opportunities. Over the next two months, buyers can secure homes at excellent price points and benefit from larger lender or seller credits.


However, this scenario will not last forever. Once interest rates start to decline dramatically, these opportunities will disappear. The market will witness a surge in competition, leading to a significant increase in home prices and demand. A large number of people who were previously unable to buy homes due to high prices or interest rates will reenter the market, and the competition will likely eliminate the current advantageous conditions.


If you are considering purchasing a home, now is the time to evaluate your options. We recommend meeting with a real estate professional to assess what you're comfortable with and what you can truly afford. Our team can provide a financial analysis to help you navigate the market and start building wealth effectively.


Feel free to reach out to us by phone, text, or email. We're here to assist you and look forward to speaking with you soon.




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What You Need To Know About Turnkey Homes



Many buyers are choosing to buy turnkey homes, and for good reasons.


 

Why are buyers interested in purchasing turnkey homes? For those people that may not be familiar with this real estate term, a turnkey home is one that doesn't need any type of improvements, so someone can move right in. There are a few reasons why buyers would want to buy this type of home, and today I’m sharing a few of them.


1. They have a new-home feel. Turnkey homes are staged, clean, and smell nice. They are often an emotional purchase, which appeals to many people who want their properties to be perfect. Then the buyer doesn't have to do anything other than move their clothes in, put some furniture in, and make the house their own.


2. Fewer transactions to deal with. With these properties, buyers don't have to deal with city permitting, hiring contractors, spending additional money, making more decisions, etc. Homeownership is a long process and takes a lot of effort. For someone who may have a busy work or family life, they just want to keep it simple. Making sure that the house is already ready to go is the best possible option for them.


"When buying turnkey homes, you should always still get a home inspection."


3. Less stress for investors. Investors are looking for turnkey properties so that they can just close escrow, get the keys, and immediately start renting the property out. It's an income property, and they want to start making rental income.


When buying turnkey homes, you should always get a home inspection. They range anywhere from $300 to $600, depending on the size of the house. Your home inspector will point out if there are things that could cost you a lot of money and headache in the future, whether it's a primary residence or an investment property.


Home inspections are worth the money, and you'll be able to figure out if there's anything truly wrong with the house. Even though it looks great, there still may be some fundamental problems with it.


If you have any questions or comments about turnkey properties or real estate in general, feel free to reach out to me either by phone call, text, or email. I look forward to hearing from you soon!


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Location: Southern California, CA, USA

Bidding Wars: Dos and Don’ts for Buyers


Here are buyers’ dos and don’ts for preparing for bidding wars.


 
In this time of bidding wars, multiple offers, and everything moving so quickly, make sure you’re doing the right things when submitting your offer as a buyer. Here are three dos and two don’ts to keep in mind:

Dos

1. Get pre-approved. I always tell my clients we need to bypass the pre-qualification and go straight to pre-approval. You’ll go into underwriting with your lender, which means they’ll get all the information and qualify you for a loan. They’ll ensure all your forms are done, your income checks out, and everything is verified. Underwriters go through steps the federal government requires for a loan, so the sellers will know that you will be able to close on the home.

2. Make a strong offer. Make sure you’re putting as much money down as you can; the more money down, the stronger you appear. There are a few ways to do this, but one way is to put down more earnest money. An experienced real estate agent can guide you on this, but generally, the earnest money is 1% to 3%, but if you can put down double or four times that amount, your purchase is almost guaranteed, as long as your agent doesn’t remove any contingencies. Put down as much money as you can to help cover all of your closing costs, escrow fees, etc. The seller will take notice if you’re putting down more money than any other offer.

3. Take note of the condition when considering buying as is. When you’re walking through the house, take notes on the eaves, woodwork, plumbing, furnace, air conditioner, and roof, and write down questions to ask the selling agent. Make sure all the maintenance has been updated. These are things you should know about before going under contract. If you decide to buy as is, you’ll know what may need to be repaired. Often, it’s just something small, but if you’re not paying attention, there could be a large expense you’ll be required to pay for after you close.

" Bypass the pre-qualification and go straight to pre-approval."


Don'ts

1. Don’t eliminate the inspection. I would never buy a house without a home inspection, even if it looks great. Make sure it’s done by a qualified inspector who will give you the report in a timely manner so you know exactly what needs to be done when you buy the house.

2. Don’t remove your financial contingencies. If you’re buying with a loan, you have to get an appraisal and get the loan approved. If you remove the loan contingency, you could have huge issues when it’s time to close.

If you have any questions or comments about these points or real estate in general, feel free to leave them below or call, text, or email me. I would love to help you.
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Location: Mission Viejo, CA, USA

What Buyers Are Looking for in 2021


Buyers are specifically looking for a couple of new things this year.



 
Today I want to talk about the top three buyer preferences that sellers should know about. When getting ready to sell your home, buyers are specifically looking for a couple of things this year:

1. Office space. Since COVID, the main thing buyers are now looking for is an office space where they can close the door and have some quiet while they're on Zoom calls. They want a nice background behind them without a lot of clutter.

2. Storage. Buyers want a nice organized storage place. This goes for all kinds of areas such as the garage, in the kitchen, and closets. 

3. Outdoor space. Having a place outside where we can get some fresh air is a huge selling point. These include backyards, a patio, or even a balcony. This is somewhere where people can get out and relax with comfortable furniture, plants, and maybe a barbecue.

If you have any questions or comments, reach out to me either by phone, text, or email. I look forward to talking with you soon.


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Are These Home Buying Myths Preventing You From Making a Move?


Today, I’d like to address two common misconceptions people tend to have about purchasing a home in our market.


Today I’m joined once again by Frank Blakely of Bay Equity Home Loans to talk about a question that arose while talking to some of my clients: “How am I going to get into the Southern California market?”

According to Frank, this concern actually arises as a result of two common misconceptions people have regarding the home purchase process.

The first misconception is that you need to put 20% down to secure a home. The truth is that you can put down as little as 3% to qualify for a conventional loan under $450,300. In high-cost areas of California, Fannie Mae and Freddie Mac allow people to secure conventional loans up to $679,650 for just 5% down. For that same price range, people in these same areas can obtain an FHA loan with as little as 3.5% down.

While it’s preferable to have a higher credit score when purchasing a home, it’s certainly possible to qualify with a lower one

People often think it’s better to wait and save up money, but by the time they have a higher down payment saved, home prices may have also risen.

The second misconception people often have is that you must have a perfect credit score to purchase a home. It’s true that a higher credit score will earn you a better rate, but there are absolutely options for people with lower scores. For example, you can still qualify for an FHA loan with a credit score as low as 580. For a conventional loan, your score can be as low as 620. So, while it’s preferable to have a higher score, it’s certainly possible to qualify with a lower one.

If you have any other lending questions for Frank, feel free to give him a call at (949) 433-0539. And, as always, if you have any other questions or would like more information about real estate, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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Location: Orange County, CA, USA
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