Imagine you’ve made an offer on a house. You’re excited. The property is perfect— it has a beautiful kitchen, brand new hardwood floors, high-end kitchen appliances, and a beautiful garden. It’s a short commute to work, walking distance from the best local schools, and is even close to downtown. Then, your agent tells you that you lost it— even though you offered above the asking price. Even worse— you could…
If you’re trying to buy a home in a seller’s market, you’re going to find a lot of buyers and very few desirable homes. That means you’re going to face bidding wars. If you want to make a winning bid, you need to put yourself in the home seller’s shoes. What does the home seller want from your offer? What makes you more attractive to a seller? Follow the steps…
Last night, after months of speculation, concern and endless arguments; England voted in favor of Brexit. What is Brexit? Brexit is a nickname for “the British Exit”, in reference to Britain’s Exit from the European Union. Why did Britain want to leave the EU? Since the beginning of the European debt crisis, Britain’s national sentiment has become increasingly anti-EU. This, along with the Migration Crisis, has made many British citizens…
When buying a home, what’s the difference between prequalification and preapproval? Prequalification is the first stage of the home buying process. Lenders assess your financial status to get a basic idea of what your mortgage could be. This includes whether you have a steady income and how long you’ve been employed. Preapproval is a much more in-depth process that includes completing an official mortgage application. The lender will perform an extensive check on your financial…
Most people consider buying a home to be one of the biggest investments of their lives. Due to the weight of this investment, a potential homebuyer’s first impression of a home plays a huge role in whether or not they inquire further. If you are planning to sell your home, its exterior and interior must appear clean, attractive, and problem-free. It’s important to appeal to your buyers so that you can sell your home…
The home buying process can be an overwhelming, stressful, and sometimes a maddening experience—but it doesn’t have to be! Save yourself the headache and consider the following tips before making what very well may be the most important investment you’ll make in your life. Choosing the wrong real estate agent Finding the right real estate agent can really make or break the entire home-buying experience. Take the time to educate yourself…
It is becoming clear that the availability of new and existing homes is limited. 26% of surveyed home buyers were concerned about affordability and 15% are worried about low inventory of homes. High demand and low supply means higher prices. In April 2016, the average price was $379,800, with the median being $321,100. In 2002, 30% of homes were sold at $150,000 and under. In contrast, only 2% of homes were…
While much of the world perceives millennials (also known as, “Generation Y” or “Gen Y”) to be fun seeking, tech-savvy, and an experimental bunch; many of you are starting to settle down and giving more serious thought about the future. As the older members of Gen Y are entering into your thirties, it’s only natural that many of you are shopping for a first home for your young families. According…
A fixed-rate mortgage is a mortgage with an interest rate that does not change during the term of the loan (i.e. it remains fixed). They are the most uncomplicated mortgage options available to homeowners–they remain constant, so you always know how much you will be paying. This is the common alternative to the adjustable-rate mortgage (ARM), which has a interest rate that varies periodically depending on the interest rate index…
An adjustable-rate mortgage (ARM) is a home loan with an interest rate that varies throughout the term of the loan. The common alternative to an ARM is a fixed-rate mortgage, which has an interest rate that doesn’t change. ARMs come with a pre-set margin that doesn’t change, and are tied to a major mortgage index. That means the bank can’t arbitrarily choose a mortgage rate—it stays true to the market. How…
