Wednesday, June 27, 2018
You DO NOT Need 20% Down To Buy Your Home NOW!
The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them.
This brings us to two major misconceptions that we want to address today.
1. Down Payment
A recent survey by Laurel Road, the National Online Lender and FDIC-Insured Bank,revealed that consumers overestimate the down payment funds needed to qualify for a home loan.
According to the survey, 53% of Americans who plan to buy or have already bought a home admit to their concerns about their ability to afford a home in the current market. In addition, 46% are currently unfamiliar with alternative down payment options, and 46% of millennials do not feel confident that they could currently afford a 20% down payment.
What these people don’t realize, however, is that there are many loans written with down payments of 3% or less.
Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.
2. FICO®Scores
An Ipsos survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores for approved conventional and FHA mortgages are much lower.
The average conventional loan closed in May had a credit score of 753, while FHA mortgages closed with an average score of 676. The average across all loans closed in May was 724. The chart below shows the distribution of FICO® Scores for all loans approved in May.
Bottom Line
If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but you are not sure if you are ‘able’ to, sit down with a professional who can help you understand your true options today.
Source: Keeping Current Matters
-
On average The Sarasota Native Group® has helped customers save 3% off the list price (or $3,000 for every $100,000) using our years of negotiating experience and knowledge of the local real estate market. (This does not include helping buyers save money by recommending trusted service providers in the area. Our contacts become your contacts.)
Are you not seeing your dream home on the market? Contact us to discuss the possibility of having our team target off-market homes that have high selling potential that match your specific criteria. We only provide this service to committed customers because of the time and effort we put into finding the home of their dreams.
The Sarasota Native Group® will negotiate to get you the best deal possible and we would be delighted to work with you and anyone you know who is currently looking to purchase a home.
Contact us today!
The Sarasota Native Group® | www.TheSarasotaNativeGroup.com | 2000 Webber St. Sarasota, FL 34239 | 941-822-1519
Wednesday, June 20, 2018
The Top Landscaping Trends for 2018
Source: RealtorMag
Native plants, outdoor yoga spaces, and charging stations are among the hottest landscaping trends growing in consumer demand for 2018, according to a new report released by the American Society of Landscape Architects. Landscape architects were asked to rate the popularity of several residential outdoor design elements. Landscape architects noted a growth in the use of native plants, low-maintenance landscapes, and flexible-use spaces, for yoga classes or movie night.
Overall, landscape architects ranked the following outdoor design elements as the overall most popular in 2018:
- Fire pits/fireplaces
- Lighting
- Seating/dining areas
- Outdoor furniture
- Outdoor kitchens
- Decking (i.e. rooftop decking)
- Grills
- Movie/TV/video theaters, wireless/internet, stereo systems
- Outdoor heaters
- Stereo systems
- Pools and spa features (hot tubs, Jacuzzis, whirlpools, indoor/outdoor saunas)
- Utility storage
- Hammocks
- Outdoor cooling systems (including fans)
- Showers/baths
-
On average The Sarasota Native Group® has helped customers save 3% off the list price (or $3,000 for every $100,000) using our years of negotiating experience and knowledge of the local real estate market. (This does not include helping buyers save money by recommending trusted service providers in the area. Our contacts become your contacts.)
Are you not seeing your dream home on the market? Contact us to discuss the possibility of having our team target off-market homes that have high selling potential that match your specific criteria. We only provide this service to committed customers because of the time and effort we put into finding the home of their dreams.
The Sarasota Native Group® will negotiate to get you the best deal possible and we would be delighted to work with you and anyone you know who is currently looking to purchase a home.
Contact us today!
The Sarasota Native Group® | www.TheSarasotaNativeGroup.com | 2000 Webber St. Sarasota, FL 34239 | 941-822-1519
Saturday, June 9, 2018
Buying A Home? Save Money & Your Sanity By Doing This One Simple Thing
by: Alex Morel
Are you ready to buy a home? Great! Buying a home is a very exciting, but also expensive and stressful endeavor. Wouldn't it be nice to enjoy the process with less stress and potentially save thousands of dollars while doing so? We think so too! How do you do that? Keep reading.
Ok, let's first look at the most important thing a buyer should do before visiting available homes on the market. (Of course you have already been browsing homes on your magical internet device, and that's ok!)
Unless you have tens or hundreds of thousands of $1 bills in suit cases or under your mattress (more likely in a bank account) you are going to need to get pre-approved for a mortgage from a lending institution. (Note: You should have a pretty good idea of how much you want your monthly payments to be, so budgeting is key too.) This sounds easy enough, right? Not so fast. What if I told you that lenders are not created equal and that each lender only offers a certain amount of mortgage programs, and that each program has its own credit score and down payment requirements to qualify. How would an uninformed buyer know that? You wouldn't because you are not out buying a home every other weekend. Keep reading.
Ok great, maybe you found a lender who made you feel all warm and fuzzy inside and they have a mortgage program that they feel fits your current situation and your credit score is high enough to qualify, but you have also learned that the down payment requirement to qualify for that program is more than you currently have in your bank account. Game over right? Wrong! There are other programs and techniques available to get you the down payment money you need. But you wouldn't know that because you are not a house buying know-it-all. Not a problem! Keep reading.
So now you are pre-qualified by a lender who, again, made you feel all warm and fuzzy inside, and you are now ready to start looking at potential homes, right? Wrong! Um, wait a minute... that's not right. Of course you are ready! Phew! But, before running out and viewing homes on your own, there is one other major thing you need to seriously consider. "Really? This already feels like a lot of information to consider!" I know, but this could literally be a life or death decision. OK, that is not entirely accurate. It is, however, a decision that could help the level of stress you will incur, which in turn will help your relationship with friends and loved ones during this time, and could also help you save thousands of dollars in the transaction. Keep reading.
So, what is this very important decision you will have to make? Whether or not you will work with a Realtor® to represent your sole interests as your "Buyer's Agent".
There is something you need to understand. Around 90% of home seller's will have their interests represented by a Realtor® they established a relationship with through word of mouth or responding to an agent's advertising efforts. The seller's Realtor® becomes ethically and legally bound to the seller through their relationship and a signed listing agreement to sell the house, which includes "loyalty" to the seller. You should have loyal representation of your interests in the transaction as well (This is especially important when you consider the other 10% of homes that are sold by the owner without representation, or better known as a "For Sale By Owner" property. And yes, most FSBO's will work with a buyer's Realtor®). Another thing to consider is that the listing agents top priority is to sell the home at the highest possible price for their client. The listing agent's ethical requirement also negates them from giving you the type of representation you deserve and should have. Keep reading.
In a healthy real estate market finding a suitable home is usually the easiest, most exciting and least stressful part of the process. What comes after finding the home of your dreams is where it can get more challenging, and where a good "Buyer's Agent" will shine and make the process as stress free as possible for you. A buyer who chooses not to have their interests represented by a Realtor® will certainly overlook many very important aspects of the transaction that could cost them thousands of dollars. These items include: buyer contract rights, price negotiations, repair negotiations, inspection result details & responsibilities, proper home evaluation, property issues, title issues, permit issues, insurance issues, insurance credits, etc. Keep in mind that this is going to be one of the largest purchases you will make in your lifetime and there are legal ramifications when there is a transfer of real property from one party to another that you may not be aware of.
So, what does a "Buyer's Agent" do for you? Well, I am glad you asked!
So, what is this very important decision you will have to make? Whether or not you will work with a Realtor® to represent your sole interests as your "Buyer's Agent".
There is something you need to understand. Around 90% of home seller's will have their interests represented by a Realtor® they established a relationship with through word of mouth or responding to an agent's advertising efforts. The seller's Realtor® becomes ethically and legally bound to the seller through their relationship and a signed listing agreement to sell the house, which includes "loyalty" to the seller. You should have loyal representation of your interests in the transaction as well (This is especially important when you consider the other 10% of homes that are sold by the owner without representation, or better known as a "For Sale By Owner" property. And yes, most FSBO's will work with a buyer's Realtor®). Another thing to consider is that the listing agents top priority is to sell the home at the highest possible price for their client. The listing agent's ethical requirement also negates them from giving you the type of representation you deserve and should have. Keep reading.
In a healthy real estate market finding a suitable home is usually the easiest, most exciting and least stressful part of the process. What comes after finding the home of your dreams is where it can get more challenging, and where a good "Buyer's Agent" will shine and make the process as stress free as possible for you. A buyer who chooses not to have their interests represented by a Realtor® will certainly overlook many very important aspects of the transaction that could cost them thousands of dollars. These items include: buyer contract rights, price negotiations, repair negotiations, inspection result details & responsibilities, proper home evaluation, property issues, title issues, permit issues, insurance issues, insurance credits, etc. Keep in mind that this is going to be one of the largest purchases you will make in your lifetime and there are legal ramifications when there is a transfer of real property from one party to another that you may not be aware of.
So, what does a "Buyer's Agent" do for you? Well, I am glad you asked!
A "Buyer's Agent" services include, but are not limited to:
- Helping you shop around to compare different lender programs and rates in an effort to get you pre-approved.
- Work with you to find a home (whether it be an existing home or helping you with a *new construction home) that fits your wants and needs and provide general information on the prospective homes and communities.
- Research market conditions and perform an analysis to determine the home's market value.
- Gather information on the home including local government regulations, community association regulation's and fee's, property taxes, property assessment's, property permit history, potential property lien information, potential insurance premium, etc.
- Discuss an offer strategy. Create, review and explain the purchase agreement paperwork (from at least 12 to over 20 pages) with necessary disclosures, addendum's, plus other necessary forms and paperwork.
- Negotiate purchase price and purchase terms on your behalf to meet your defined purchase goals.
- Schedule and coordinate access to the property for all home inspectors, contractors, appraiser, surveyor, etc.
- Negotiate any repair items that are needed & based on professional inspector or contractor's reports.
- Review community association documents, financial records, rules and regulation documents for common concerns that include pet restrictions, lease restrictions, automobile restrictions, common area restrictions, owner rights, board member rights & buying requirements, etc.
- Troubleshoot and help resolve any issues that may arise from lender requirements, inspection results, association documents, liens, outstanding permits, property encroachments, etc.
- Coordinate all necessary paperwork with seller's real estate agent, the lender's agent, the closing agent, the title agent, the insurance agent, the appraiser, the inspector, the surveyor, the utility department, etc. and make sure all paperwork is accounted for, filled out correctly and timely delivered to all necessary parties.
- Coordinate the closing procedure including scheduling, closing documents, wiring instructions, closing instructions, etc.
- Conduct final walk through and make sure all required repairs are completed and the house is ready for buyer's occupancy.
- Attend closing with you.
- Celebrate with you!
(* If you decide to purchase new construction we perform many of the same duties above as well as monitor the build and stay in contact with the builder through the entire process.)
The Sarasota Native Group® is made up of full-time agents; this is not our retirement career nor is this a second job while also waiting tables. Collectively we have been full-time real estate agents going on 15 years. We were born and raised in Sarasota and we know the area and the market very well.
-
On average The Sarasota Native Group® has helped customers save 3% off the list price ($3,000 for every $100,000) using our years of negotiating experience and knowledge of the local real estate market. (This does not include helping buyers save money by recommending trusted service providers in the area. Our contacts become your contacts.)
Are you not seeing your dream home on the market? Contact us to discuss the possibility of having our team target off-market homes that have high selling potential that match your specific criteria. (We only provide this service to committed customers because of the time and effort we put into finding the home of their dreams.)
The Sarasota Native Group® will negotiate to get you the best deal possible and we would be delighted to work with you and anyone else you know who is currently looking to purchase a home.
Contact us today!
The Sarasota Native Group® | www.TheSarasotaNativeGroup.com | 2000 Webber St. Sarasota, FL 34239 | 941-822-1519
Monday, June 4, 2018
What Does A Buyer’s Agent Do For You?
When it comes to buying a home there are many things the buyer
needs to consider. In a healthy real estate market finding a suitable home is usually
the easiest, most exciting and least stressful part of the process. What comes
after finding the home is where it can get more challenging, and where a good
agent will shine and make the process as stress free as possible for you.
Buyers who choose not to have their interest represented by a
licensed Realtor® will generally overlook many very important aspects of the
transaction that could cost them money. These items include: buyer’s contract
rights, price negotiations, repair negotiations, inspection result details
& responsibilities, proper home evaluations, property issues, title issues,
permit issues, insurance issues, insurance credits, etc.
Remember, the selling agents top priority is to sell the home at
the highest possible price for their client. The seller’s agent has an ethical
responsibility to their client that negates them from giving you the type of
representation you should have. Our buying clients’ satisfaction means more to
us than getting the most out of any single transaction. The way we see it, if
we can get you a better deal and you are happy with the result of the
transaction, you are more likely to refer us to your friends and family and
continue to use us again in the future!
Buying a home is the biggest purchases you will probably make in
your lifetime, so working with a licensed real estate professional, who handles
real estate transactions on a daily basis, knows what to look for and how the
process works will only benefit you.
As a
Buyer’s Agent our services include, but are not limited to:
- Helping you shop around to compare different lender rates & get pre-approved for a mortgage.
- Work with you to find a suitable home and gather information about the home and the community.
- Research information regarding the estimated market value of the home, community regulations & fees, property taxes, property assessments, outstanding property liens, property title issues, permit issues, insurance premiums etc.
- Creating the purchase agreement with necessary addenda and forms based on what you want to offer for the home and specific terms.
- Negotiate on your behalf directly with the seller's agent once the offer has been submitted.
- Review all Home Owners or Condo Association documents; including Rules & Regulations, FAQ’s, Articles of Incorporation, By-laws and financial records.
- Schedule and meet the home inspector, appraiser, surveyor, contractor etc.
- Negotiate any repairs found during inspections.
- Coordinating the closing procedure with closing agent and all parties involved with the closing of the home.
- Take care of the paperwork including the purchase agreement, community association documents, disclosure forms and any other miscellaneous forms associated with the sale, to make sure all paperwork is accounted for, filled out correctly and timely delivered to all parties involved in the transaction.
- If it is a New Construction Home: Once construction starts we will monitor the build every couple weeks to see how home is progressing. (New construction sales agents generally pass you through their company to someone after you sign a contract and you may not hear from that agent as you are no longer their priority once you sign the contract; we will personally go to your site and take pictures and talk to contractors to see how the construction is coming along.)
- Conduct final walk through to make sure everything is as it should be.
- Coordinate final details with you including closing procedure, wiring instructions and then attend closing with you. (Don’t forget your driver’s license.)
- Lastly, celebrate with you on your new home!
We would be delighted to represent your interests as a buyer’s agent if
you are not currently working with another trusted Realtor®. Contact us today.
-
On average The Sarasota Native Group® has helped customers save 3% off the list price (or $3,000 for every $100,000) using our years of negotiating experience and knowledge of the local real estate market. (This does not include helping buyers save money by recommending trusted service providers in the area. Our contacts become your contacts.)
Are you not seeing your dream home on the market? Contact us to discuss the possibility of having our team target off-market homes that have high selling potential that match your specific criteria. We only provide this service to committed customers because of the time and effort we put into finding the home of their dreams.
The Sarasota Native Group® will negotiate to get you the best deal possible and we would be delighted to work with you and anyone you know who is currently looking to purchase a home.
Contact us today!
The Sarasota Native Group® | www.TheSarasotaNativeGroup.com | 2000 Webber St. Sarasota, FL 34239 | 941-822-1519
Subscribe to:
Posts (Atom)