Classified Realty Group



Posted by Classified Realty Group on 10/3/2017

Purchasing a residence can be quick and simple, particularly for those who know the ins and outs of the housing market.

At first, navigating the real estate market may seem impossible. Fortunately, homebuyers who consider the right questions before they browse residences can streamline the process of acquiring a house.

There are many key questions for homebuyers to consider prior to entering the housing market, including:

1. Where Do I Want to Live?

When it comes to the real estate market, it is all about location. Thus, you'll want to consider where you want to live and plan accordingly.

For example, if you enjoy the city life, you may want to purchase a house in a major metropolitan area. Or, if you prefer quiet country living, you might pursue houses in small towns.

Consider your current and future living situations as well. If you want to work in a particular city or town, you may want to purchase a nearby home. Or, if you plan to have children in the future, you may want to consider properties near schools.

2. How Much Can I Afford?

Unfortunately, bad credit may hinder your chances of securing your ideal residence. But if you know your credit score, you can work to improve it prior to searching for a house.

You are entitled to a free copy of your credit report annually from each of the three reporting agencies (Experian, TransUnion and Equifax). Request a free copy of your credit report, and you can learn your credit score and find out how it may affect your ability to buy a home.

Also, getting pre-approved for a mortgage may make it easy for you to secure a house that matches your budget. With a mortgage in hand, you'll be able to browse homes within a set price range and find one that you can enjoy for years to come.

3. How Do I Get Started?

Let's face it – the real estate market can be complex, but there are many ways to simplify the process of obtaining the perfect residence.

First, create a list of must-haves for your residence. This list will help you narrow your search and determine exactly what you'd like to find in a dream home.

Don't forget to work with an experienced real estate agent, either. This real estate professional can offer support in many areas and ensure that you can explore a wide range of houses at your convenience.

Your real estate agent will help you set up home showings, submit offers on houses and handle negotiations with home sellers. Plus, if you ever have homebuying concerns or questions, your real estate agent will be ready to respond to your queries immediately.

Employing a real estate agent enables you to get your home search started on the right foot. With a real estate agent at your disposal, you can learn about all aspects of the homebuying process. And as a result, you can streamline the homebuying process and find your dream home quickly and effortlessly.




Categories: Uncategorized  


Posted by Classified Realty Group on 9/12/2017

Purchasing a home in a buyer's market may seem like a fast, simple process. However, it is important to realize that homebuyers constantly compete for the best residences in cities and towns nationwide. And if you're not careful, you risk missing out on an opportunity to acquire your dream house.

What does it take to secure a home in a buyer's market? Here are three tips to ensure that you can do just that.

1. Study the Housing Market Closely

A buyer's market features a large assortment of top-notch residences and a shortage of property buyers. As such, this market heavily favors homebuyers, and property buyers who examine the real estate market closely may be able to boost their chances of purchasing a terrific house at a budget-friendly price.

For homebuyers, it is essential to establish criteria for your dream residence. With homebuying criteria at your disposal, you can narrow your search for the ideal residence and accelerate the homebuying process.

Don't forget to check out homes in-person, either. If you set up a home showing or attend an open house, you'll be able to envision what it's like to own a home and determine whether a residence is right for you.

2. Get Pre-Approved for a Mortgage

What good is shopping for a house if you cannot afford to pay for it? Fortunately, you can get pre-approved for a mortgage to understand exactly how much you can spend on a new house.

To get pre-approved for a mortgage, you'll want to meet with several banks and credit unions. These lenders will be able to offer insights into a variety of mortgage options, respond to your mortgage concerns and questions and help you select a mortgage that suits you perfectly.

Pre-approval for a mortgage is vital for homebuyers, particularly in a buyer's market. If you have a mortgage in hand when you explore available homes, you may even be able to avoid the temptation to overspend on a residence.

3. Collaborate with a Real Estate Agent

When it comes to navigating a buyer's market, a real estate agent can deliver outstanding support.

A real estate agent can teach you about the intricacies of buying a home and help you streamline the homebuying process. He or she also will be available to respond to your homebuying questions, ensuring you can make informed decisions as the homebuying journey moves forward.

Perhaps best of all, a real estate agent can help you alleviate stress as you search for your dream home. This housing market professional will keep you up to date about new properties as they become available, set up home showings and negotiate with home sellers on your behalf. By doing so, a real estate agent enables you to focus on what's important – purchasing a first-rate house at a price that matches your budget.

Buying a home can be challenging, even in a buyer's market. But with the aforementioned tips, you can simplify the homebuying process and move closer to securing a house that meets or exceeds your expectations.




Categories: Uncategorized  


Posted by Classified Realty Group on 7/4/2017

A home showing represents a great opportunity for prospective homebuyers, as it enables homebuyers to get an up-close look at a residence and determine whether to make an offer on it. As such, it is important to prep for a home showing; otherwise, a homebuyer could miss out on a golden opportunity to find the right residence at the right time. So what should you look for during a home showing? Here are three factors that every homebuyer needs to consider: 1. A Home's Exterior Although the home you're visiting caught your eye as you drove past it in your car, you may notice problems when you take a closer look at the residence's exterior. For instance, cracks or chips in the driveway or along the front steps may need to be repaired and may impact the amount that you offer for a residence – or whether you decide to submit an offer at all. Of course, no home showing would be complete without checking out the condition of the house's siding and roof, either. If you're uncertain about the condition of these areas, be sure to ask the home seller's real estate agent for more information. By doing so, you can make a more informed decision about whether a particular residence is right for you. 2. A Home's Heating and Cooling System Ideally, you'll want a house that stays warm in winter and cool in summer. But in many cases, an old heating or cooling system may prevent a homeowner from maintaining comfortable temperatures inside a house at all times. Ask about the age of a heating and cooling system during a home showing. This will allow you to find out if this system will need to be replaced or repaired in the immediate future. Find out about the efficiency rating of a house's heating and cooling system as well. Remember, the higher a heating or cooling system's efficiency rating, the more this unit will be able to save a homeowner on his or her monthly energy costs. And if you find a home that boasts a high-efficiency heating and cooling system, you may be able to save money on your energy bills down the line. 3. A Home's Doors and Windows Do a home's doors and windows open freely? If not, they may be in need of serious repair, which ultimately could put a major dent in your wallet if you decide to purchase a particular residence. The costs to repair or replace defective doors and windows can add up quickly. Thus, you'll want to ensure that all of a house's doors and windows are in great condition before you purchase a residence, and you can learn more about their condition during a home showing. When it comes to finding the right house, you'll always want to consult with a reliable real estate agent, too. Your real estate agent is readily available to assist you in any way possible, and he or she will be able to help you discover a top-notch house that meets all of your needs. Spend some time getting ready for home showings, and you'll be prepared to find an excellent home that you can enjoy for years to come.





Posted by Classified Realty Group on 5/30/2017

The sellers of your home will not be present during a home inspection. It constitutes a conflict of interest. In fact, in some cases, you may never actually get to meet the occupants of a home you’re considering buying. There’s ways that you can get in touch with the sellers. That’s through your realtor. It is a good idea to ask the sellers of a home plenty of questions that may concern you. It will help you to make a more informed final decision on the home you’re considering buying. Getting these answers also can help you to know what to expect once you actually live in the home. Unless you’re buying a short sale or a foreclosure property, you’ll have likely have this opportunity to ask questions.  Most of the things that you’ll ask the seller will be a bit more open-ended. Here’s some ideas of what you might want to ask the sellers of a home:


Have you ever had water in your basement?


While the home inspection can reveal traces of mold and mildew, the fact that water comes into the basement on a regular basis is a problem. Other questions related to this would be, “Do you have a sump pump?” If there are any major signs of water damage, you can ask that it be repaired before you even buy the home.


Have you had any structural problems repaired? Are there any cracks in the walls?


The seller will answer these questions honestly, allowing you to better assess the condition of the home. 



Has your roof ever leaked? When was the last time the roof was replaced?


The typical roof on a home lasts about 25-30 years. If the roof was replaced more recently, you won’t have to worry about it for years to come. The home inspection will also reveal a lot about the roof and any water damage that may have occurred.


How do the heating and cooling systems work in the home? How much do you typically spend on these utilities?


You should find out from the occupants how well the heating and cooling systems work in the home and if there are any problems that have been found. You can also get an idea from the previous owners of how much money you can expect to spend on gas, oil, and electricity in the home. Your home inspector will also give the heating and or cooling systems a good inspection and let you know if he sees any potential problems with the unit.  


Have you made any recent improvements to the home?


A bonus to any home purchase is if a seller has made any major recent upgrades to the home. Everything that the sellers have done from replacing windows to updating the kitchen to replacing the roof is all things that you won’t have to worry about until a much later date. 


Asking questions during a home inspection is always a great idea. It’s also even better if you get an idea of the condition of the home from the sellers themselves. The bottom line is that when you’re buying a home, you shouldn’t be afraid to ask questions!




Categories: Uncategorized  


Posted by Classified Realty Group on 5/16/2017

If you’re thinking about buying a home, you’ve probably heard a lot about closing costs. Closing costs can come at a hefty price- up to 5% of your home’s purchase price. When that amount must be paid up front, you need to make sure you have a sizable amount of cash on hand.  


There’s many different kinds of fees included in the closing costs. Your lender will give you an estimate of what your closing costs will be, but you may not know what any of the terms that are included actually mean.  


The Loan Origination Fee


This is the fee charged by your lender that covers the administrative costs that are associated with creating and processing a mortgage. This could also be called an underwriting fee.   


Title Search Fee


This is how much the title insurance company charges to perform research on the title of the home. In some cases, the title may have some issues associated with it, so this research is to protect you. There’s also title fees known as lender’s title insurance and owner’s title insurance. You need to have lender’s title insurance, but owner’s title insurance is completely optional.


Credit Report Fee


This covers the obtaining and review of your credit report. 


Application Fee


There’s also a fee when it comes to reviewing your mortgage loan application. 


Home Appraisal


This fee covers the appraiser who is chosen by your mortgage company in order to assess an accurate value of the home.  


Tax Monitoring Fee


This fee supports tax research on the home to determine if property taxes have been paid. 


Survey


The property survey covers all aspects of the property bounds including gas lines, roads, walls, easements, property improvements, and encroachments. 


Attorney Fees


The attorney fees will cover all of the document reviews, the agreements, and the escrow fees.


Insurance Payments


When you close on a home, your entire first year of home insurance payments must be made at the time of closing. If you have bought your home with an FHA loan, you’ll need to pay mortgage insurance premiums at closing as well. You’ll also need mortgage insurance payments if you put less than a 20% down payment on the home.  


Escrow Property Taxes


The lender requires that you pay your property taxes up front. This money will be held in escrow and the taxes paid from there.  


As you can see, there’s a lot that goes on during the closing of a home. Make sure you have some water handy, it’s going to be a long process! Understanding what will happen at closing when you buy a home can help you to avoid any surprise fees or financial burdens.