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What Should You Look for In Your Real Estate Team?
How do you select the members of your team who are going to help make your dream of owning a home a reality? What should you be looking for? How do you know if you’ve found the right agent or lender?
The most important characteristic that you should be looking for in your agent is someone who is going to take the time to really educate you on the choices available to you and your ability to buy in today’s market.
As the financial guru Dave Ramsey advises:
“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”
Do your research. Ask your friends and family for recommendations of professionals they’ve worked with in the past and have had good experiences with.
Look for members of your team who will be honest and trustworthy; after all, you will be trusting them to help you make one of the biggest financial decisions of your life.
Whether this is your first or fifth time buying a home, you want to make sure that you have an agent who is going to have the tough conversations with you, not just the easy ones. If your offer isn’t accepted by the seller, or they think that there may be something wrong with the home that you’ve fallen in love with, you would rather know what they think than make a costly mistake.
According to the Home Buyer and Seller Generational Trends Report:
“Buyers from all generations primarily wanted their agent’s help to find the right home to purchase. Buyers were also looking for help to negotiate the terms of sale and to help with price negotiations.” Additionally, “Help understanding the purchase process was most beneficial to buyers 37 years and younger at 75 percent.”
Look for someone to invest in your family’s future with you. You want an agent who isn’t focused on the transaction but is instead focused on helping you understand the process while helping you find your dream home.
Bottom Line
In this world of Google searches, where it seems like all the answers are just a mouse-click away, you need an agent who is going to educate you and share the information that you need to know before you even know you need it.
Why You Should Get Pre-Qualified When Buying a Home
Is Mortgage Pre-Qualification Necessary?
According to the Consumer Financial Protection Bureau, Pre-Qualification and Pre-Approval in practice both refer to a letter from a lender that specifies how much the lender is willing to lend to you. While there are some legal distinctions, basically both specify a loan up to a certain amount, based on certain assumptions. These letters provide useful information. However, loan offers are not guaranteed. Rather, the letter can help you make an offer. It gives the seller confidence that you will be able to get financing to buy the home.
A buyer in today’s market needs Pre-Qualification/ Pre-Approval. This is the preliminary step to the mortgage process. Consequently, talking with a bank or mortgage lender is vital. The lender will check your credit and ask specific financial questions regarding your income, employment and financial obligations. As a result, the letter is generated based on a “snapshot “ of the financials given. It’s the first step in understanding your eligibility when ready to look at homes to buy. And it keeps you in sync with your financial budget and means.
Are You Pre-Qualified?
“Are you pre-qualified?” is an important question your realtor will ask before showing you properties. If not and you’re serious about buying a home, now is the time to start engaging in mortgage conversations with a lender. A wealth of financial resources will be shared with you to get you started. And to keep you on track understanding the loan process, your eligibility, and working within your price range. The importance of this question will determine if you’re “ABLE” to buy… Now.
Understanding Loan Types is Important
The “loan type” you’re qualified for is of equal importance for you to know and understand. Because some homes, due to their condition, may not be eligible for all loan types. Thus, your realtor will be able to navigate the market for you, finding homes that best match what you are qualified for.
The goal and success of buying a home when financing is to be Ready, Willing and “Able.” Working closely with your buyers agent and mortgage lender will help prepare you for navigating a challenging market for buyers.
My advice to buyers entering the market … understand the market you’re about to enter. Prepare yourself! Have your financing in place, regardless if purchasing with cash or a loan.
Preparation is Key!
I can help you navigate your way through the process and connect you with the right mortgage lenders. Contact Me Today.
Barbara Tesa wins Fourth Quarter Sales Award
Green Team New Jersey Realty in Vernon, NJ is proud to announce that Barbara Tesa is the recipient of its Fourth Quarter Sales Leader Award.
Though relatively new to Green Team New Jersey Realty, Barbara is no stranger to the real estate industry – or to winning this award! She was also the recipient of the Third Quarter Sales Leader Award. When asked how she feels about winning the quarterly award for the second time, Barbara replied, “I’m certainly encouraged by my 4th Quarter sales results and I’m still smiling over that! The truth is, I love what I do and I’ve been fortunate to have met and helped really terrific clients with their real estate objectives in 2017. As I focus on 2018, while I plan to expand my marketing, those clients and their referrals will remain important to furthering my success…all of which is made easier through the continued support of the Green Team.”
Barbara has over 20 years of experience in residential and commercial real estate management and 10 years as a licensed real estate agent in New Jersey. Barbara and husband Rudi reside at Crystal Springs, where they enjoy resort living amid the natural beauty of Sussex County, and where Barbara also practices her craft. In addition to her expertise in the sale and purchase of resort homes, Barbara is a member of the Garden State Multiple Listing Service, National Association of Realtors and the Sussex County Association of Realtors.
Homeowners: Do You Know Your Home’s Value?
The latest edition of CoreLogic’s Home Price Index shows that nationally, home prices have appreciated 6.7% over the last year and 0.9% month-over-month. The release of the report included this headline,
“National Home Prices Now 50% Above March 2011 Bottom”
The real estate market has come a long way since 2011, which is great news for homeowners!
Nearly 79% of homeowners with a mortgage in the US now have significant equity in their homes (defined as over 20%), according to the latest Equity Report. The challenge is that not every homeowner knows how much their home’s value has appreciated.
Homeowners in Denver, CO lead the way with 8.7% appreciation over the last year, while owners in Washington and Utah have experienced a 3% increase in values since the start of this year!
Nationally, CoreLogic forecasts that home values will increase another 5.0% by this time next year.
Bill Banfield, VP of Capital Markets at Quicken Loans, recently explained the importance of knowing the conditions in your area,
“With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”
Bottom Line
Do you know what your house is worth? Have you stayed put because you are nervous you won’t have enough equity to buy your dream home? Get started with a quick and free home evaluation – Click Here
The Internet Vs. the Real Estate Agent
The Internet Vs. the Real Estate Agent
The Internet Vs. the Real Estate Agent. It may seem like the internet provides many all the tools that can make buying your dream home seem like a breeze. You can search online, see a home you like, take a video tour. Sure, there’s an Agent attached to the house, but that seems more a formality. That’s who you call because they have the keys to the house you want to see.. You’re tech savvy, you know where you can get a mortgage online, you know how to do your research. You’ve got this under control. Or do you?
The Real Estate Agent
The Real Estate Agent is more than the holder of the keys. Buying – or selling – a home is a process, one that has many steps. The experienced Real Estate Agent is there to act as your guide through the process. From beginning to end, your Agent is there for YOU! To find out what is really important to you in a new home. Help you obtain the most beneficial financing. And to help you get the most house for your money.
The home you eventually purchase may not be the one you found on Zillow.com. But that home gave both you and your real estate Agent an idea of what you are looking for. You will most likely visit numerous homes. Some may be listed by other Agents, but YOUR Agent can and will arrange for you to see them all, and will represent you! Your Real Estate Agent’s goal is to help you find the best home at the best price, and to make the process as easy and stress free as possible.
Using the Internet as a Tool
The internet definitely has a place in your search. You can take countless house tours without ever leaving your home. It can help you define the style of house you want, the must haves you’d like to have in that house, and the things you can compromise on. You can get statistics on neighborhoods and school districts. It can definitely be fun checking out all the beautiful homes shown on the internet, but when you make that decision that it is now time to buy or sell, it’s time to let the Real Estate Agent step in.
The Real Estate Agent, the Internet, and You … the Perfect Trio
Real Estate Agents work very hard at their jobs. Their goal is to help you either get into a home that you’ll love, or sell the home that you love, so you can move on to the next. They have the training and resources to check for homes both online or through other agency offerings and their knowledge of the local market. The Agent will find comparable housing prices in specific areas. In addition, they have access to sites with information not available to home buyers and sellers. And they know the different neighborhoods in the town or city you are looking for.
If you don’t qualify for the financing to afford a home in one specific neighborhood, they can recommend an area which may just be more affordable. A knowledgeable, local real estate Agent can translate the stats you’ve seen online into real life info that can help you achieve your goals! They help you navigate the maze of forms, regulations… of making offers – and counteroffers! They’ll be by your side. From visiting properties, through making your offer. Through having it accepted, then through your home inspection. They’ll help you handle some of those challenges that can arise, ranging from merely irritating to downright nerve-wracking! They will be by your side until the closing – when YOU become the holder of the keys!
After the Sale, your Real Estate Agent is still there for you!
Once you have either moved in, or moved on to your next home, your Agent remains a valuable source of information. And, while the internet can provide you recommendations for contractors and local businesses, the recommendations from your Agent will be based on working with those individuals and businesses. That can make a big difference when selecting people to turn your new house into your new home!
So, the Internet Vs. the Real Estate Agent? While the Internet may have played a part in the overall process, there is something that it just can’t do … and that is have the human touch!
Do You Know the Cost of Waiting? [INFOGRAPHIC]
Some Highlights:
- The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
- Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic.
- Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage!
Five Tips to an Accurate Credit Report
image by cafecredit.com
