Looking for an updated, move in ready condo conveniently located in the Woodland Manor Community? This is it. Finished lower level adds 224 sq ft of extra space perfect for additional living room or office. Remodeled eat in kitchen with slider leads to the back patio area and good sized yard.
Know more about this lovely home: http://199homesteadstreetc10.thebestlisting.com/ #PriceReduced #Manchester #SellingCT #SimardRealtyGroup
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So you’ve been searching for that perfect house to call a ‘home’ and you finally found one! The price is right, and in such a competitive market you want to make sure you make a good offer so that you can guarantee your dream of making this house yours comes true!
Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective.Here are the 4 Tips they covered along with some additional information for your consideration: 1. Understand How Much You Can Afford “While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.” This ‘tip’ or ‘step’ really should take place before you start your home search process. As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace). 2. Act Fast “Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.”According to the latest Existing Home Sales Report, the inventory of homes for sale is currently at a 4.7-month supply. This is well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream home. Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible. 3. Make a Solid Offer Freddie Mac offers this advice to help make your offer the strongest it can be: “Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.” Consider ways of making your offer stand out! Many buyers write a personal letter to the seller letting them know how much they would love to be the new homeowners. Your agent will be able to help you figure out if there are any other ways your offer could stand above the rest. 4. Be Prepared to Negotiate “It's likely that you'll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you'll be glad you did your homework first to understand how much you can afford. Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.” If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home. If the inspection uncovers undisclosed problems or issues, you can typically re-negotiate the terms or cancel the contract.” Bottom Line Whether buying your first home or your fifth, having a local real estate professional who is an expert in their market on your side is your best bet to make sure the process goes smoothly. Happy House Hunting! SOURCE KCM #FirstTimeHomebuyers #ForBuyers #RealEstateAdvice #SimardRealtyGroup CoreLogic’s latest Equity Report revealed that 91.1% of all mortgaged properties are now in a positive equity situation, while 75.9% now have significant equity (defined as more than 20%)! The report also revealed that 548,000 households regained equity in the second quarter of 2016 and are no longer under water. Price Appreciation = Good News for Homeowners Frank Nothaft, CoreLogic’s Chief Economist, explains: “Home-value gains have played a large part in restoring home equity. The CoreLogic Home Price Index (HPI) for the U.S. recorded 5.2 percent growth in the year through June, an important reason that the number of owners with negative equity fell by 850,000 in the second quarter from a year earlier.” Anand Nallathambi, President & CEO of CoreLogic, believes this is a great sign for the market in the coming year as well, as he had this to say: “We see home prices rising another 5 percent in the coming year based on the latest projected national CoreLogic Home Price Index. Assuming this growth is uniform across the U.S., that should release an additional 700,000 homeowners from the scourge of negative equity.” Below is a map illustrating the percentage of households in each state with significant equity: Many homeowners with more than 20% equity in their home would be able to use that equity as a down payment on either a larger home, or even a retirement home.
Bottom Line If you are one of the many Americans who are unsure of how much equity you have in your home, don’t let that be the reason you fail to move on to your dream home this year! SOURCE KCM #Equity #HomeOwners #SimardRealtyGroup When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold.
In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. For the past three years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors’ most recent Profile of Home Buyers & Sellers. However, the report also revealed that 95% percent of buyers that used the internet when searching for a home purchased their home through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know. Buyers search for a home online, but then depend on an agent to find the actual home they will buy (53%), to negotiate the terms of the sale & price (48%), or to help understand the process (60%). The plethora of information now available has resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots.” This is obvious, as the percentage of overall buyers who used an agent to buy their home has steadily increased from 69% in 2001. Bottom Line If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process. SOURCE KCM #WhyHireARealtor #RealEstateNewsandAdvice #HomeSelling #HomeBuying #SimardRealtyGroup Some Highlights:
#SoldHouses #InfoGraphic #ForSellers #ForBuyers #SimardRealtyGroup Owning a home has great financial benefits. Because of this, more and more experts are growing concerned about the ramifications of a falling homeownership rate. Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.
The outcomes of a falling homeownership rate can be devastating. As explained byApartmentList.com: “Our research indicates that not owning a home has a sizable financial cost, as renters miss out on low mortgage rates and are hit by higher rents. This phenomenon may exacerbate inequality in our society, as those wealthy enough to invest in real estate benefit from lower interest rates, whereas minorities and younger Americans, hit by rising rents and student debt, risk being locked out of homeownership.” What proof exists that owning is financially better than renting? 1. A study published by the Joint Center of Housing Studies at Harvard Universityshows the financial benefits of homeownership. The study mentions five major financial benefits:
3. Just last month, we explained that a family buying an average priced home this past January could build more than $46,000 in family wealth over the next five years. 4. Some argue that renting eliminates the cost of taxes and home repairs. Every potential renter must realize that all the expenses the landlord incurs are baked into the rent payment already – along with a profit margin!! Bottom Line Owning a home has always been, and will always be better from a financial standpoint than renting. SOURCE KCM #HomeBuyers #BuyingAHome #SimardRealtyGroup Over 2800 sq ft of living space set on an acre +. Generous sized eat in kitchen with stainless appliances, front to back living room/dining room, master bedroom with balcony and full bath, and a finished lower level with walkout.
View full details of this property here: http://20foxbrookroad.thebestlisting.com/ #ForSale #Hartland #SellingCT #SimardRealtyGroup There is no doubt that getting a mortgage is easier today than it was right after the housing crash a decade ago. However, the easing of credit availability has led to some questioning of whether or not we are headed for another housing crisis. Let’s put everything into the proper perspective. Mortgage Credit Availability Over the Last Three Years Getting a home mortgage has definitely gotten easier over the last three years as evidenced by the Mortgage Credit Availability Index, issued by the Mortgage Bankers Association, in the following graph (the higher the index, the easier it is to get a mortgage): However, if we look further back at the index we see quite a different story. Mortgage Credit Availability Today Compared to 2006 The graph below shows the index going back to 2004, and the first graph we showed you above is represented by the small, orange, triangular section all the way in the lower-right corner. As this visual easily illustrates, today’s index is nowhere near the levels it shot up to in 2006.
Bottom Line Mortgage credit is definitely easing. However, we are not coming close to the lax standards that caused the housing crisis of last decade. Source KCM #MortgageStandards #ForBuyers #ForSellers #HousingMarketUpdate #SimardRealtyGroup In many markets across the country, the amount of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach. Freddie Mac lays out the advantages of pre-approval in the My Home section of their website: “It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.” One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.” Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted. Bottom Line Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well. Source KCM #PreApproved #HomeBuyers #SimardRealtyGroup It’s difficult to know when is the best time to sell, or how to get the most money for your house, but you don't need to go through the process alone.
You may be wondering if prices are projected to rise or fall...or if you should rent your house instead of selling it. The free eGuide below will answer many of your questions and likely bring up a few things you haven’t even thought about yet. Check it out, and feel free to get in touch if you have any questions. |
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