Sumathi Narayanan Realty's Blog
Although you might have entered the housing market with a strategy to help you streamline your search for your dream home, it is important to remember that even the best-laid plan may need to be changed. And if you fail to discover your ideal residence after a comprehensive search, now may be a great time to revise your homebuying strategy.
Let's take a look at three tips to help you revamp your homebuying plan.
1. Consider Your Home Must-Haves and Wants
Creating a list of home must-haves and wants may be done at the start of a house search. Over time, however, this list may evolve. And if you update your list, you may be better equipped than ever before to reenter the real estate market with a fresh perspective.
Think about where you want to live in the foreseeable future too. Then, you can narrow your home search to specific cities and towns and accelerate the homebuying journey.
2. Review Your Budget
If you recently paid off your student loans or eliminated your credit cards, you may want to reassess your homebuying budget. That way, you can hone your house search and explore residences that fall within your up-to-date price range.
Of course, if you have yet to get pre-approved for a mortgage, you can still do so. Meet with banks and credit unions to learn about all of the mortgage options that are available. This will enable you to gain the insights you need to select a mortgage that matches your finances.
3. Learn About the Housing Market
The housing market may favor buyers or sellers. And if you have been searching for your dream home for several weeks or months, the market may have changed.
It does not take long for a buyer's market to become a seller's market, or vice-versa. As you consider your homebuying options, you should study the local real estate sector closely to determine whether the current housing market favors buyers or sellers.
Evaluating the prices of recently sold houses in a particular city or town usually is a good idea. This housing market data will enable you to find out whether sellers are receiving offers at or near their initial home asking prices.
You also should find out how long current residences in a particular city or town have been listed. If houses linger on the real estate market for an extended period of time, you may be operating in a market that favors buyers. Or, if homes are selling quickly, you may be operating in a seller's market.
Lastly, hiring a real estate agent often is helpful, particularly for homebuyers who are struggling to identify the perfect residence. A real estate agent can offer lots of tips as you conduct your search for your dream residence. Plus, if you need to revamp your homebuying strategy, a real estate agent will make it easy for you to do just that.
If you plan to pursue your dream house, it generally helps to evaluate housing market data. In fact, there are many reasons why homebuyers should assess real estate market data, and these include:
1. You can learn about mortgage interest rates.
Mortgage interest rates rise and fall frequently. As a homebuyer, you'll want to do everything you can to identify the lowest-available mortgage interest rates. And if you study the housing market, you may be better equipped than ever before to do just that.
In addition, it often helps to meet with banks and credit unions. These financial institutions can help you track mortgage interest rates and provide you with mortgage insights that you may struggle to obtain elsewhere. Plus, banks and credit unions can help you get pre-approved for a mortgage and ensure that you have finances in hand when you pursue your dream residence.
2. You can reduce the risk of spending too much to acquire your ideal house.
Let's face it – you want to buy your dream house, but you don't want to break the bank to do so. Fortunately, if you understand housing market data, you may be able to avoid the temptation to overspend on a house.
Examine the prices of available houses and recently sold homes in areas where you want to live. By doing so, you can establish a price range for your dream residence and find out whether you're preparing to enter a buyer's or seller's market.
3. You can quickly and effortlessly navigate the homebuying journey.
The homebuying journey may prove to be long and complicated, especially for those who fail to prepare for it. Luckily, housing market data can give you a better idea about what to expect as soon as you kick off your search for your ideal house. Then, you can use this information to identify and address potential homebuying hurdles faster than ever before.
For those who are unsure about how to collect and analyze housing market data, there is no need to stress. If you collaborate with a real estate agent, you can get the help the you need to discover your dream house.
A real estate agent can provide you with the right housing market data, at the right time, every time. He or she also will allocate the necessary time and resources to explain the importance of assorted housing market data and paint a picture of the current state of the real estate sector. That way, you can take a data-driven approach to buying a house.
Perhaps best of all, a real estate agent is available to take the guesswork out of the homebuying journey. This housing market professional will keep you up to date about new houses as they become available and ensure that you can find a terrific house that matches your budget.
Ready to make your homeownership dream come true? Use real estate market data, and you can become an expert homebuyer in no time at all.
Home buying can feel like a daunting task and usually encompasses more than just the financial and logical aspects. There are stressors surrounding the processes, possible rejections, the waiting game and a host of other personal factors that can influence your sentiments toward the whole ordeal. Fret not. Here are a few ways to ease the tension of your home buying stressors and get through the process successfully.
Declined & Approved
It’s always disheartening to get declined for something you were hoping for. The thought of the possibility may even lead to added stress during the process, but fear not. You have options. While it’s not uncommon to receive certain letters of declination or have a seller decline your offer, you can diminish the stress leading up to it by having solid contingencies in place.
Instead of setting your sights on just one house, try setting your sights on a type of house and choose a few in the region that you’d like to settle into. That way, if one of your offers is declined for another buyer, you’ll still be able to move on to the next home on your list with little to no search time. The same goes for loans.
If you understand your exact financial capacity, you’ll be able to apply for the right loan for you. Likewise, if you lack those few extra points on your credit score, explore all of your available options such as FHA or USDA along with conventional loan providers. If a conventional lender rejects your request for financing, you know where you stand and you can look to secure financing elsewhere.
Patience & Processes
One thing that can drive homebuyers crazy is the waiting. Sitting back and waiting for other parties to sign paperwork, examine offers or script up the inspection reports can make life a little extra stressful. Sometimes your mind will play tricks on you or you’ll ruminate on possibilities other than your desired outcome. Take a deep breath. There are ways to combat this.
When you sign or submit paperwork, be sure to ask about standard turnaround time for the decision or updates. Add a decent buffer of about 2 to 3 days to that estimate for any unforeseen issues that might come up.
Make sure that you also double check your portion of the work. While you may not control the time certain processes take, you can control your end of the processes. Make sure you have the right documentation, provide the correct information and ask if there is anything else that you need to provide during your communications and meetings.
Negotiation & Confidence
There will most likely be times when negotiations take a strange turn and require compromise. That’s okay, but take the time to remind yourself. While both parties typically understand that there is room for compromise and adjustments in contracts and agreements, but sometimes rationale gets lost in the stress. Remind yourself that you have a confident team behind you that includes your real estate agent, loan officer and the teams both bring with them.
You could also set parameters for yourself. Allow yourself a range for how far from your original deal you’re willing to stray. Giving yourself that mental wiggle room will help decrease the stress associated with not knowing where your own boundaries are and can aid in building confidence when the negotiations come to a head.
Let yourself breathe and take a step back once the processes start. There are going to be some ebbs and flows when buying your home, but the result is definitely worth the effort. Have confidence in your decisions and your team, and you’ll be able to control the stress instead of the other way around.
Ready to discover your dream home? With help from your loved ones, you may be able to accelerate your journey from homebuyer to homeowner.
Ultimately, there are many reasons to include family members and friends in your search for the perfect home, including:
1. Loved ones are happy to help you in any way they can.
Loved ones have your best interests in mind and will do whatever they can to assist you. That way, you can get extra help as you embark on the homebuying journey.
Before you begin your home search, it may prove to be helpful to meet with loved ones so that you can explain your homebuying goals to them. This will allow you to describe what you'd like to find in your dream home. Plus, meeting with loved ones gives family members and friends an opportunity to ask you questions about your home search.
If you and your loved ones are all on the same page, you'll be able to get ample support as you prepare to kick off your home search. Then, you and your loved ones can check out a broad array of houses and find one that matches or exceeds your expectations.
2. Loved ones can share their homebuying experiences with you.
For those who are entering the real estate market for the first time or have not purchased a house in several years, it may be beneficial to involve loved ones in the property buying process.
Loved ones who have recently purchased homes can provide real estate insights that you may struggle to obtain elsewhere. They can respond to your homebuying concerns and queries and help you prepare to enter the housing market.
Also, loved ones may be able to help you avoid potential pitfalls as you search for the ideal residence. Although some family members and friends may have made mistakes when they bought homes in the past, your loved ones can help you learn from their errors and ensure you can avoid various homebuying pitfalls.
3. Loved ones can help you make tough homebuying decisions.
Let's face it – the decision to buy a home is one of the biggest that an individual may make in his or her lifetime. As such, the decision to purchase a home is not one that should be taken lightly.
Loved ones are happy to listen to your homebuying concerns time and time again. They can offer suggestions and recommendations as you explore homes and help you remain calm, cool and collected at each stage of the homebuying journey.
Of course, if you want additional assistance during the homebuying journey, it never hurts to hire an expert real estate agent. This housing market professional can set up home showings, negotiate with home sellers on your behalf and provide comprehensive homebuying support at any time.
Reach out to loved ones for support as you get ready to search for your dream home. By doing so, you may be able to speed up the homebuying process.
When you decide to take on a home improvement project you are likely doing it to increase your own personal enjoyment of your home. Designing a luxury bath that allows you to have a spa-like experience in your own home is well worth the time and energy. However, you also may want to consider the value that these projects add to your home. By investing your money in home improvement projects that will increase the resale value of your home, you will be able to recoup those costs and then some should you decide to list your home on the market.
These are the home improvement projects that will add the most value to your home:
A Kitchen Remodel
Updating your kitchen can allow you to enjoy a fresh new look, but it's also going to make your home more valuable and appealing to any interesting home buyers. Some experts say that a kitchen remodel can boost your home's value by nearly $20,000, making this a worthwhile investment for both your personal enjoyment and your financial benefit.
A Bathroom Renovation
An updated bathroom - particularly one that includes an energy-efficient toilet or other sustainable upgrades - is going to boost your property's value and marketability significantly. Not to mention you can enjoy having a luxurious bathroom to use until you decide to sell your home.
A New Garage Door
Your garage door is likely not a home feature that you give a lot of thought to. However, you might be surprised to find out that your new door will end up increasing the value of your home by boosting the curb appeal of your property.
A New Patio or Deck
A functional outdoor living space allows you to relax and spend time in your own yard while simultaneously increasing the value of your home. Most homeowners today find that their return on investment increases when they opt for composite decking or stamped concrete patios, which are considered to be luxury items in the current market.
A New Roof
Purchasing a new roof may seem like a boring home improvement project. While this is not an exciting upgrade like a kitchen or bathroom it can significantly boost your home's value. Most homebuyers are searching for homes with practical features such as a new roof so this is a worthwhile investment.
A Finished Basement
Previous generations considered basements to be storage areas but today's homeowners like to transform these spaces into living areas. By finishing your basement and expanding the living space in your home, you will instantly add value to your property. Not to mention you get to enjoy a whole new section of your home for the time being.
Regardless of the size of your budget, these home improvement projects will instantly add value to your home. You might find that investing in your own home gives you the encouragement you need to move forward with the project you've been dreaming of.