Mark Galante's Blog
Want to relocate to a condo? Buying a condo can be an uphill climb, particularly for homebuyers who are browsing the real estate market for the first time. Fortunately, real estate agents are available who will allocate the necessary time and resources to ensure you can find a top-notch condo in no time at all.
Ultimately, hiring the right real estate agent to assist you during your condo search can be easy. Here are three questions that you should ask a real estate agent before you hire him or her to guide you during your condo search:
1. How have you helped condo buyers in the past?
Ask a real estate agent about his or her past experience with condo buyers – you'll be glad you did. With this information at your disposal, you can find out how a real estate professional collaborates with condo buyers to help them achieve their goals.
A real estate agent should be a good communicator, i.e. someone who keeps condo buyers informed at each stage of the condo buying journey. That way, this real estate professional will keep you up to date about new condos as they become available and ensure you can find a great condo at a budget-friendly price.
When in doubt, be sure to ask for client referrals too. By doing so, you can reach out to a real estate agent's past clients to learn about their condo buying experiences.
2. How do you approach difficult situations?
Unfortunately, the condo buying journey sometimes can be filled with roadblocks along the way. For real estate agents, it is important to remain calm, cool and collected in these situations and do everything possible to limit their impact.
Ask a real estate agent to share details about past condo buying experiences that did not necessarily go according to plan. This will provide you with insights into how a real estate agent approaches unforeseen circumstances and whether he or she can thrive under pressure.
A real estate professional with condo buying experience should do whatever it takes to help his or her client get the best results possible. With this real estate agent at your side, you should have no trouble securing your dream condo, regardless of the challenges that you encounter along the way.
3. Why should I hire you?
There is no right or wrong answer as to why you should hire a real estate agent to help you find a condo. For many condo buyers, it is a gut feeling. Meanwhile, other property buyers will choose a real estate professional based solely on his or her education and past successes.
As a condo buyer, it is important to employ a real estate agent who you will feel comfortable working with at all times. This real estate professional should be happy to help you in any way possible and respond to your condo buying concerns and queries. In addition, he or she will go the extra mile to ensure you can buy a terrific condo that matches or exceeds your expectations.
Before you launch a home search, it helps to prepare for the property buying journey as much as possible. Fortunately, there are many things you can do to get ready to find your dream house.
Now, let's take a look at three tips to help you prep for a home search.
1. Establish Homebuying Criteria
If you know you want to buy a home, it generally is a good idea to define your ideal residence as well. That way, you can streamline your house search.
Consider where you want to reside. For example, if you work in the city, you may want to focus on houses in or near the city itself. On the other hand, if you plan to return to school, you may want to search for a home near top colleges and universities.
Think about what features you want in your ideal home, too. If you have always wanted to own a home that boasts a luxurious outdoor swimming pool, for instance, you can map out your home search accordingly. Or, if you want to purchase a residence that features a state-of-the-art kitchen, you can search for a home that offers this amenity.
2. Get Pre-Approved for a Mortgage
A mortgage typically is a must-have, regardless of where and when you search for a home. And if you enter the housing market with a mortgage at your disposal, you will know precisely how much you can spend on a residence.
Getting pre-approved for a mortgage can be simple. If you meet with banks and credit unions in your area, you can review your options and select a mortgage that complements your finances.
If you have concerns about home financing, don't hesitate to ask questions. Banks and credit unions employ courteous, diligent mortgage specialists who can respond to your home financing queries. As such, you can work with these specialists to gain the home financing insights you need to make the best-possible mortgage decision.
3. Hire a Real Estate Agent
As you get set to conduct a home search, there is no need to work alone. If you hire a real estate agent, you can collaborate with a homebuying expert who can take the guesswork out of finding and purchasing a house.
A real estate agent is happy to provide guidance throughout the homebuying journey. He or she can offer tips and recommendations to ensure you can find a terrific home at a price that matches your budget. Plus, a real estate agent will simplify the process of setting up home showings. Perhaps best of all, if you are uncertain about whether to submit an offer to purchase a home, a real estate agent is ready to provide insights to help you analyze all of your options.
Dedicate time and resources to prepare for the homebuying journey. By doing so, you can enter the housing market with the insights you need to succeed.
If you're on the fence about whether to attend an open house, there is no need to worry. Ultimately, it is always better to err on the side of caution, especially if you're on the hunt for your dream home. And if you attend an open house, you may be better equipped than ever before to determine whether a particular residence is right for you.
There are many reasons why you should attend an open house, and these include:
1. You can assess a house both inside and out.
An open house provides a stress-free opportunity to walk through a house and examine it on your own. As such, an open house is a can't-miss event, particularly for a homebuyer who is actively seeking the perfect residence.
Of course, an open house enables you to learn about a home's condition both inside and out. And if you find that you like a home after you attend an open house, you can always set up a one-on-one home showing with a seller's agent or submit an offer to purchase.
2. You can envision what life may be life if you purchase a particular home.
It's one thing to look at pictures of a home and imagine what it would be like to live there. However, homebuyers who want to do everything possible to find the right residence should attend an open house to fully capture what it may be like if they purchase a particular residence.
Remember, how a home makes you feel can have far-flung effects on your decision about whether to submit an offer. And if you attend an open house, you may quickly discover whether you can picture yourself as the owner of a residence. Or, if you find that you are uncomfortable with a home, you can instantly move on and pursue other houses.
3. You can obtain home insights that you won't necessarily find in a house listing.
A home listing often contains details about a home's age, recent house upgrades and other pertinent information. But a home listing alone rarely provides you with all of the insights you need to make an informed decision about whether to submit a homebuying proposal.
During an open house, you can ask a seller's agent lots of questions about a residence. This will enable you to obtain insights that you otherwise may struggle to discover in a home listing. And as a result, you'll be able to make the best-possible decision about how to proceed with a residence.
Clearly, there are many reasons to consider attending an open house. If you need extra help as you pursue residences and debate whether to attend open houses, you may want to hire a real estate agent. This housing market professional can offer expert guidance throughout the homebuying journey. By doing so, a real estate agent will make it easy for you to find your ideal residence in no time at all.
Home appraisals are an important part of the buying and selling process. Lenders use appraisals to make sure that the home is worth what the borrower is paying. A home’s appraisal value is based on a number of factors, all of which we’ll discuss in this post.
Whether you’re a buyer, seller, or are just learning about the process of buying a home so you’ll be better equipped in the future, this article is for you.
How is a home appraisal different from an inspection?
While home appraisals and inspections are performed by licensed or certified professionals, they have to different functions. An inspection ensures the safety of a home, as well as whether or not it will need repairs in the immediate or near future.
Appraisals, on the other hand, aim to value a home based on its property value, the size of the property, and the location of the property. The condition of the home is a factor in valuing a home, which is why some people confused appraisals with inspections.
Who pays for appraisals?
Like most closing costs, a home appraisal is a burden that falls on the buyer. Typically, the lender you choose will work with will actually order the appraisal. The cost, which usually amounts to a few hundred dollars, can be added to your closing fees. You can find the cost for an appraisal listed on the Closing Disclosure document provided by your chosen lender.
Which factors determine the home’s value?
To appraise the house itself, appraisers will look at the condition of the home. They’ll also weigh the features of the home in their valuation--things like the number of bedrooms and bathrooms, for example.
However, the two key characteristics of a home that contribute to its value are its age and size.
Which external factors contribute to the home’s value?
As you might suspect, the location of your home matters greatly when it comes to appraisals. Homes are appraised based off of average prices for their neighborhood and region.
Other location factors include how accessible the home is, if it’s located on a waterfront, and whether it has desirable views.
When does a home get appraised?
While your experience may vary based on your specific circumstances, most appraisals occur after a buyer has signed a purchase contract. One this is done, the lender will take the steps necessary to order and process the appraisal.
How long is the home appraisal process?
Once the buyer has signed a purchase contract, the appraisal is usually completed and processed within 7 days. The appraisal report will be sent to the lender. This report contains the appraised value of the home. Buyers are entitled to a copy of this report, and should keep one for their own records.
Buying a home is an extensive process that comes with a bit of a learning curve. For first time buyers, this process involves making mistakes and learning from them.
While we can never be 100% sure of our home buying decisions, there is a way to increase your chances of making the best choices when it comes to buying and maintaining your first home.
In today’s post, we’re going to do just that. We’ll take a look at some of the biggest things that homeowners wish they knew before buying their first house.
1. Forgetting to research the neighborhood
It’s easy to become so enamored with your dream home that you barely look beyond its fence. However, the neighborhood your home is in can have a huge effect on your daily life. Having local parks, safe sidewalks to walk on, and road infrastructure that doesn’t drive you crazy on your daily commute are all important aspects of choosing the right home.
2. Getting pressured into making a decision
Many times, a seller will want to portray their home as being highly sought after to encourage higher and more frequent offers. Similarly, you may find that your own family has time constraints and want to make a quick decision to buy a home.
It’s when we’re under pressure that we can make choices that we aren’t happy with in the long run. So, in these situations, make sure you don’t make any snap judgments on a home. If it seems like you’re being pressured into making a decision without enough time to consider all of the possibilities, there’s a good chance you should pass on this opportunity.
3. Forgetting that you might someday have to sell this home
Sometimes homes can be difficult to sell due to things like their location and surroundings. For instance, a home that is remote or one that is located in low-scoring school districts may not matter to you if you don’t plan on having children. But, they likely will be important to a lot of your potential buyers when it comes time to sell the home.
This lesson also holds true for what you do with your home once you buy it. Making renovations or design choices that won’t appeal to the average buyer can make your home more difficult to sell and harder to get top dollar for.
4. Didn’t consider all financing options
There are several steps and several options when it comes to financing a home. Not only are the several mortgage lenders to choose from, but there are also many different types of loans available.
While there may not be one “right” decision when it comes to financing your home, it’s a good idea to do your homework and browse carefully all of the lenders and mortgage types.
Consider ways to increase your credit score or save for a higher down payment before buying if possible, so that you can secure the lowest interest rate possible.