Tagged : home buying

Inflation, home prices and interest rates were higher in 2022 than they’ve been in years, but if you’re planning to become a homeowner in 2023, you’ve got time to improve your buying power.

TheMortgageReports.com recommends talking to a mortgage lender, even if you aren’t ready to buy until later in the year. They can “review all aspects of your financial picture” and help you find sources for a down payment, help you raise your credit score to improve your future borrowing rate and help you find ways to reduce your existing debt without triggering costly inquiries into your credit history. Most important, they can help you understand the differences between conventional (Fannie Mae, Freddie Mac) and government-guaranteed (FHA, VA, USDA) loan

Summer is traditionally a busy time for buyers and sellers. This year has been no exception—and with lower interest rates, many homebuyers are finding the competitive environment challenging. With multiple buyers competing for properties, even terrific offers are often being outbid. Fortunately, there are some things you can do to make your offer more attractive to the sellers and increase the chances of getting the property.

• Have Full Pre-Approval – A step beyond pre-qualification, a pre-approval involves submitting your full application to underwriting. Your lender will collect all your financial data and submit for review. This is stronger than a pre-qualification; a pre-approval requires the buyer to provide the proof of their ability to

If you love your neighborhood but need more space, you might consider an addition to your home. If expanding on the first floor is not an option, then adding a second floor might be an option. Unlike ground-level expansions, adding a second floor is more complicated—before you embark on this kind of project, there are some elements you should consider first.

• Cost – You already know that adding square footage will not be cheap, but adding a second story comes with additional costs. You will need to consult a structural engineer and plans should be drawn up by an architect. You’ll also need to add at least one staircase. You might need to relocate HVAC, ducting, and any other items housed in the current attic space.

• Construction – Living on

Each home listing has a status that’s updated by information that the listing agent feeds into the multiple listing service (MLS). A home listed contingent or pending are under contract, but there’s still a chance for you to buy it.

Most purchase offers for the buyer to back out if they can’t get financing, the home doesn’t pass inspection, or the home price doesn’t meet appraisal. In some cases, the listing agent will update the listing with showing instructions, according to Rocketmortgage.com, such as:

Contingent - continue to show (CCS), the seller wants to pivot to a backup offer is the buyer can’t perform.

Contingent - no show, the seller believes the buyer will have no problem removing the contingency.

Contingent - with kick out,

In 2021, existing-home sales rose 8.5% during 2020, the highest level since 2006 as supplies of homes for sale fell to an all-time low of 910,000, equivalent to 1.8 months of available inventory.

In December 2021, housing sales declined 7.1% over December 2020. The National Association of REALTORS (NAR) explained that the dip was likely due to supply constraints over decreasing demand from homebuyers. Employment in December rose by nearly 200,000 and the unemployment rate was 3.9%. Also favoring homebuyers, salaries rose 4.7% year-over-year, even while those gains were countered by the highest rate of inflation since 1982, a 7% increase from 2020.

The cost of housing, including owner-occupied and rented homes, rose 4.1%, the fastest rate

The way Americans use their homes has changed since the advent of the pandemic and has encouraged interior design trends for 2022.  These ideas are so smart, they’re likely to stick around even after the pandemic is over.

Smart furniture – According to Puffy.com, the smart furniture industry is on track to reach $244 million by 2024. Televisions can double as artwork when turned off, couches, beds, and chairs offer charging ports, but most exciting are coffee tables that come with refrigerator drawers so you never have to leave the game to grab a cold one.

Muted but colorful décor – Color palettes for 2022, such as those suggested by Benjamin Moore, are calling for blue, green and yellow colors on the paler side, far from the dark and moody

Consumers who make late credit payments have no idea how badly their credit scores can be affected or how long it takes to repair the damage.  According to Nerdwallet.com, a late payment of 30 days or more can knock as many as 100 points off your credit score and stay on your credit report for up to seven and a half years.

FICO scores, the credit-scoring system used by the Fair Isaac Corporation, help banks and other lenders determine a borrower’s creditworthiness. Your scores can change with every new report from a creditor, but nothing impacts credit scores like a missed payment. Your payment history accounts for 35 percent of your FICO score, advises credit bureau Experian.com. Other factors include the amounts owed (30%) credit history

Mortgage lenders depend on the information found in credit reports and credit scores. One of the numbers that cause fluctuations in a consumer’s credit scores is inquiries.

Inquiries, according to Equifax.com, are “entries that appear on your credit report when your credit information is accessed by a legally authorized person or organization (including yourself).” Inquiries can include “an application for credit, goods or services; an account review made by a company that you already do business with; or a preapproved offer of credit.”

Inquiries can be either hard or soft. Soft inquiries such as account reviews, preapproved credit applications, and employer checks don’t impact credit scores. Consumers can check their own credit without

Typical real estate offers include a wide variety of standard contingencies. These can include home inspections, appraisal, and loan approval. In a fast-moving, seller’s market, one of the ways to make an offer more appealing is to remove contingencies.

Real estate contingencies are intended to protect the buyer from unforeseen issues. Once these contingencies are removed, the buyer typically has no recourse from these issues. The most important contingencies include:

• Home Inspections – including mold, well/septic, structural, geological

• Lending Approvals – including appraisal, title, loan rate and terms, final loan approval

• Property Condition – this relates to the final walk-through, ensuring the property has been maintained during

How to Add Interest to your Garden

We’ve all seen the wrong way to add “art” to a yard; pink flamingos, cement deer, and colorful gnomes are all examples of what NOT to do. Yet adding interesting sculptures, fountains, pots, or art is a great way to add detail and enhance your garden. By following a few tips, you can easily bring these elements into your yard.

• Location – Place your art carefully, considering how it will look from all sides and areas of the yard.

• Neighborhood – Consider any possible violations of your homeowner’s association rules.

• Prune – Make sure your art is always on display by pruning plants away from the piece.

• Lighting – Add some special lighting to show off the art, fountain, or sculpture.

• Don’t Mix