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  • FIVE SMART HOMEBUYER STRATEGIES

    Written by RealtyTimes Staff on Thursday, 05 May 2016 3:30 pm

    The National Association of REALTORS has announced that there's a housing supply shortage. Homes are selling quickly and home prices are starting to inch up again. It's becoming a seller's market in many areas.

    Any time the market changes, it's time to change strategies. During a buyer's market, buyers have the upper hand and can make more demands to sellers over their homes' price and condition. During a sellers' market, buyers concede the upper hand to sellers and are more willing to accept higher prices and terms.

    When homes are in short supply, buyers don't have the luxury of taking their time, teasing sellers with lowball offers, demanding that every little thing be fixed, and shopping for homes with multiple real estate agents. Do these five steps instead.

    Make a good first impression. Not only do you need to impress sellers, you need to impress real estate agents. Hire one agent and let him or her profile your needs to the marketplace. Be specific about your must-haves so you don't waste your agent's and your time viewing homes that lack what you want most. When you find the home you want, send the seller a letter along with your offer outlining why you love the home.

    Get preapproved by a lender. Not only will you know how much home you can buy, you'll be ready to make an offer quickly. Your real estate agent can include the fact that you're financially preapproved by your lender in with the offer, which will carry weight with the seller.

    Shop within your price range. In a seller's market, it's wise to shop for homes within or slightly below your price range. This will give you more room to make full-price offers or above in case the home you want is in a bidding war with other buyers. You'll be able to pay your own closing costs. Trying to buy a home out of your reach during a seller's market will only cause you and your agent frustration.

    Be flexible. No home is perfect. To get more home for your money, you might shop for an older home that needs renovation. Try to look past ugly wallpaper and stained carpet and visualize the home with more attractive finishes. You may be able to get more living space in an established neighborhood than with a newer home that is priced higher for similar square footage.

    Be ready. Be ready to see a new listing at a moment's notice. Be ready to make an offer when you believe this is the right home for your household. Once a seller has accepted your offer, proceed as if you're in a normal market. Set a reasonable closing date that accommodates the seller as much as possible. Confirm the offer with your lender. Schedule the inspections you'll need and don't nitpick the seller over small things.

    Whether you're in a buyer's market or a seller's market, you should feel good about the home you choose, the deal you make, and the courteous way you treated all parties to the transaction.

  • 6/30/16 $45,000 Price Reduction on 43670 Piasano Pl., Temecula, CA, 92592. This beautiful home on 2.5 acres with 3613 Sq. Ft, has a welcoming covered front porch with large foyer, formal living and dining room, 4 large bedrooms, 3 1/2 baths, vaulted ceilings, custom built-in cabinets. Walk through the French Doors to a large office or hobby room. The formal living room has a beautiful fireplace with a large hearth. The Chef's Kitchen with granite counters, stainless steel appliances and beautiful custom cabinets allows for more than one cook! The large family room with fireplace offers access to the sun room with beautiful views of the Temecula Valley. The master bedroom has custom built-in cabinets with extra shelving, another fireplace, and en suite master bath that does not disappoint with a large walk-in shower and separate tub. Additional bedrooms have attached baths. Laundry day is a delight in this spacious laundry room with extra storage. The property is well landscaped with citrus, oak, and many varieties of palm trees. In addition to the pool and spa there is plenty room for RV, and boat parking. Room to plant your vineyard! - See more at: 43670 Piasano Pl., Temecula, CA, 92592.

  • From KeepingCurrentMatters.com

    by on March 14, 2016 in First Time Homebuyers, For Buyers, For Sellers, Move-Up Buyers, Pricing

    As a seller, you will be most concerned about short term price where home values are headed over the next six months. As either a first-time or repeat buyer, you must not be concerned only about price but also about the long term cost of the home.

    Let us explain.

    There are many factors that influence the cost of a home. Two of the major ones are the homes appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase their home. The rate at which these two factors can change is often referred to as The Cost of Waiting.

    What will happen over the next 12 months?

    According to CoreLogics latest Home Price Index, prices are expected to rise by 5.5% by this time next year.

    Additionally, Freddie Macs most recent Economic Commentary & Projections Tablepredicts that the 30-year fixed mortgage rate will appreciate to 4.5% in that same time.

    What Does This Mean to a Buyer?

    Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today:

  • From Zillow Porchlight

    TIPS & ADVICE / STORY / BY ON 22 FEB 2016

    Be a smart and savvy buyer to land the home of your dreams.

    The home-buying experience often portrayed in advertising generally seems to focus on couples and families. But these days, only 40 percent of first-time home buyers are married, down from 52 percent in the late 80s, according to Zillow research.

    The process of purchasing a home for a sole owner may be fairly similar to that of anyone else, but there are a few slight differences in how a single buyer might approach the home-buying experience.

    Here are five ways to make your solo house hunt a success.

    Find your agent

    Don't choose the first real estate agent you find in an online search. Try posting a query on social media to get insights from your friends and family, and search for agents in your area, taking plenty of time to read reviews. Look for positive agent reviews that may comment on purchasing alone versus as a couple.

    Once you find a few agent options, meet with each of them. You'll want to ask plenty of questions don't let them do all the talking.

    Read up on your resources

    So you've met with multiple agents and found the one for you. Great! But having a wonderful real estate agent doesn't mean you don't need to read up on your own.

    Don't rely on your agent to explain very detail of the process. They probably will, and should, but its your job to be an informed buyer. Head to the library or check out online resources to find out your rights as a buyer and learn about home-buying programs.

    When you're deciding how much home you can afford, consider all recurring expenses that come with owning a home. Think beyond mortgage payments and closing costs include expense ssuch as home maintenance and repairs.

    And if you're nervous about being turned down for a loan because you're buying on your own, try not to be. While qualifying for a loan on one income may mean you purchase a smaller home, it doesn't mean you cant buy. In fact, banks are not allowed to discriminate against potential home buyers based on marital status.

    Singles buying a home on one income should consider an FHA loan, as borrowers with good credit can qualify for a small down payment.

    Choose the right home type for you

    Are you looking for something to grow into? Or do you want a small starter home you can rent out in the future? Whatever your current and future home needs are, know that you have options regarding the type of home you purchase.

    Buying a condo or townhouse may leave you with a lower mortgage, but don't forget about possible homeowners association dues and storage fees. And while a smaller place means less to maintain for one person, regular maintenance is still a homeowner must.

    House hunt with confidence

    Pursuing home ownership on your own doesn't mean you have to decide everything solo. Bring one or two of your close friends who have recently purchased a home and who you know can offer honest feedback.

    If you plan to move to the suburbs to get more house for your buck, consider if you'd really be happy living away from your favorite downtown spots. Try commuting to and from your potential home from work, your friends homes, and your favorite shops and restaurants. If you discover its a tad too far for comfort, narrow your home search.

    Once you find a few neighborhoods you love, look at the crime data. There are plenty of online tools that can help you check the safety of a neighborhood. And as you scope out houses and communities, take note of enclosed backyards and security gates. Because there may not be someone home during hours you're typically away, you'll want to be mindful of security precautions during your house hunt.

    Make an informed offer

    If you're buying as a singleton, you may not have someone by your side to help you figure out what to offer or how to negotiate. This is where finding the best real estate agent for you will serve you well. Talk to your agent about how your offer may stack up against recent sales in the area, as well as the possible concessions you can get from the sellers.

    Whether you've just started considering purchasing your first home or you're newly single and buying on your own for the first time, these five steps will ensure you're a smart and savvy solo buyer, and help you land a home of your own.