My Blog

New Year, New Home? Set Homeownership Goals Whether You’re Buying, Selling, or Staying Put

1/7/2021


New Year New Home - Social Media Image.jpg

The start of a new year always compels people to take a fresh look at their goals, from health and career to relationships and finance. But with historically low mortgage rates, increased home sales and price growth, and a tight housing inventory, the time is right to also make some homeownership resolutions for 2021.

Home buyers, is this the year you work to improve your credit score, pay down some debt, or save for a down payment?

Home sellers, I've laid out plans for you to get top dollar for your property, including timing your home sale, making your property stand out from the crowd, and investing in your extra living space.

And even if you’re staying put for awhile, homeowners, you can resolve to improve your status quo by evaluating your home budget, finalizing your home maintenance schedule, or maybe investing in a second property.

So no matter your homeownership status, i've got some ideas and advice for you to make this year your best one yet. Read on to learn more.

HOME BUYERS

 

Resolution #1: Qualify for a better mortgage with a higher credit score.

Your credit report highlights your current debt, bill-paying history, and other key financial information. Importantly for your home-buying journey, it is also used by lenders and companies to calculate your credit score, which partly determines if you are qualified to obtain a mortgage. Therefore, before you start house-hunting, make sure your finances are in the best possible shape by checking your credit report from Equifax, Experian, and TransUnion (via AnnualCreditReport.com). You can also obtain your credit score for free from some banks and credit card companies.

Your credit score will be a number ranging from 300-850. Generally speaking, a credit score of 740 or higher is considered very good to excellent. If your FICO score drops below 740, you might need to work at boosting your score for a few months before you begin house-hunting. Ways to do this are to pay your bills on time every month, keep your credit card balances low, and avoid applying for new credit.

Resolution #2: Improve your credit health by paying down debt.

Do you have student loans, credit card debt, or car payments tying up your income each month? That debt is hurting your “buying power,” or the amount of home you can afford. Not only is it money that you can't spend on your new home, but your debt-to-income ratio also affects your credit score, which we discussed above. The less debt you have, the higher your FICO score and the better mortgage you can obtain.

If you can, pay off some debt in its entiretylike a low balance on a credit card. Then apply that "extra" money you previously paid on that credit card to pay off bigger debt, like a car loan. Even if you can’t pay off all (or any) of your debt in full, reducing the balances of each account will help you qualify for the best possible mortgage terms.

Resolution #3: Create a financial safety net before applying for a mortgage.

Don’t forget that buying a home requires some cash as well. A down payment is typically 7% of a home’s purchase price, and closing costs currently average $3,700.  You’ll also need money for moving expenses and any initial maintenance tasks that might pop up. And as the pandemic taught us, you never know when an unforeseen event might cause a job loss, drop in income, or health scare, so having some liquid savings will ensure that you can still pay your mortgage if a crisis occurs.

Dedicate some effort to building up your reserves. Cut down on unnecessary expenses, and consider having a portion of each paycheck automatically deposited into your savings account to avoid the temptation to spend it.

As a local market expert, I have the knowledge, experience, and network to help you achieve your homeownership goals, whatever they may be. Reach out to me today for a free consultation and commit to a happy and prosperous new year.

Home Owners, are you looking to sell your home? Stay tuned..I'll be sharing plans and ideas on how to get top dollar for your property.  

 

 

What is the One Thing You Can Do as a Seller to Impress Buyers When Selling Your Home?

10/22/2020

                              Copy of Copy of Untitled.png

As a seller, there are a lot of things you can do to prepare your home for sale that will help attract buyers! However, there is one specific detail that really makes an impression that not many sellers are doing. 

My #1 Tip: PROVIDE THE PAPERWORK

Purchase a binder for $3 and start to accumulate all of the paperwork you have on your house. Receipts from updates you’ve done, permits that were pulled, manuals for appliances, smart home tech how to’s, and any information you have on the age of the Roof, AC, furnace and other mechanicals.

As a bonus, you could create a 1-2 page document that lists the ages of your mechanicals, the updates you’ve done, your favorite features and any other important information about your home. Put this list at the front of the binder and stick everything else inside.

Providing buyers with all of the home’s information up front, will not only make you stand out as a seller but it will really give the impression that the house has been well taken care of and that you also care about the next owners who are going to live there.

Do you want to learn more tips on how to impress buyers when listing your home for sale? Make sure you’re following my Facebook page and scroll through for other helpful blog articles and local information!

Page:  of 000  |