REAL ESTATE SPECIAL SECTION
Importance of a Local Real
Estate Agent
You wouldn’t undergo surgery without a surgeon, or do a root
canal without a dentist, so why would you buy or sell a house
without a real estate agent? Agents have in-depth knowledge of
local communities, an insider’s view of the real estate market, and
early access into listings that go on the market. By having a real
estate agent on your team, you can take full advantage of these
perks when trying to buy or sell a home!
Moving into a new community? A real estate agent is familiar
with the lay of the land—from what the neighborhood is like, to
the local hotspots. He/she will be able to guide you in the decision
that best fits your ideal location and wish list. Making a move into
a new neighborhood or town with kids makes a real estate agent
even more necessary. Agents can provide an inside look into school
districts, sports teams and available extra-curricular activities that
could be a game-changer for you and your family.
Having an agent as an insider into all things local is just one
benefit. With access to other real estate professionals, such as
mortgage lenders, home inspectors, attorneys and title companies,
agents are valuable in streamlining the process of making a
transaction. They also have access to the multiple listing service
(MLS) to provide you with information on available homes.
Access to the MLS is restricted to licensed agents and brokers,
providing them with a wealth of knowledge that they can then
pass along to you. This includes information that sellers don’t
necessarily list on public sites, such as square footage, seller
disclosures and HOA regulations.
Armed with facts from the MLS, including comparable listings
in the area, real estate agents can negotiate on your behalf. They
are able to develop an offer that reflects market value, while still
staying within certain budgetary guidelines. Once these offers are
reviewed, agents can make recommendations from inspections on
repair costs and how to appropriately counter an offer.
If you are in the market to buy or sell, start by doing some
research on a real estate agency that is right for you. Have new
neighbors? Ask who their agents were. They obviously did a good
job of selling your neighborhood to buyers. If referrals aren’t
available, look for a local office in your neighborhood or in the
neighborhood where you’re interested in moving. The agency can
offer guidance and support throughout the entirety of your home
buying or selling process.
What First-Time
Homebuyers Should
Know
Last year was a great year for new homebuyers.
According to the National Association of Realtors, about
35 percent of the homebuying market was made up of
first-time buyers. Yet, each year is not created equally in the
mortgage industry and real estate market. Changes happen
frequently and it is often hard to keep up. If you’re looking
to break into real estate for the first time, here are some
insights into how to navigate the market.
SAVING.
Step number one for a first-time homebuyer should
always be saving. Take a look at your current finances. It’s
recommended that your mortgage payment not exceed
30 percent of your gross monthly income. See where you
can cut back spending to put away a little extra out of your
paycheck every month for your new home. Not only can
this cash go toward a down payment, but most likely you’ll
need furniture, appliances, and decorations to furnish
your new home. Don’t just calculate the amount of money
needed for a down payment. Keep in mind the unforeseen
expenses such as home repairs, agent fees and closing
costs. You can never save too much!
1. Mortgage.
Applying for a mortgage can be an intimidating
process, but if you prepare accordingly, you’ll
be happy with the outcome. According to
LendingTree.com, mortgage lenders are allowing
higher debt levels for borrowers with lower down
payments (as little as 3 percent on a conventional
mortgage loan). You may not need the typical 20
percent down that was required of homebuyers a few
decades ago. If your debt-to-income ratio is high,
you may not have to worry. Mortgage companies are
making it easier for borrowers with more debt to still
qualify.
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