Category Archives: Home Buying

10 Tips for Real Estate Buyers

1. Find the right real estate agent
2. Get pre-approved for a mortgage
3. Create a “must have” list for the type of home and location
4. Be open to adjusting your “must have” list
5. Learn about the neighborhood once you identify a property
6. Always have a home inspected
7. Understand the process and the paperwork
8. Submit a reasonable offer
9. Don’t expect the seller to make too many improvements
10. Stick to your pre-determined budget

Wonder How Most Home Buyers Find an Agent?

Most buyers find their real estate agent in one of the following ways (listed from most common to least common):

1. Referred by a friend, relative or neighbor

2. Website

3. Used agent previously

4. Saw contact info on a For Sale or Open House sign

5. Meet agent at an open house

6. Referred by another agent

7. Personal contact by agent

8. Employer or relocation company referral

9. Office walk-in

10. Internet search engine

Source: National Association of Realtors®

How Buyers Can Turn-off Sellers

Here are a few of the ways that buyers can annoy sellers:

Disrespectful house visitors: This could include going in with muddy shoes and tracking up the carpeting, allowing children to run loose and play with the seller’s stuff, changing the heat and air settings, leaving lights on; and worst of all, leaving a door unlocked.

Submitting a long list of defects: Doing this will leave the seller questioning; does the buyer really want this place? If your wanting to buy a particular house, the better approach might be to give the seller a hand written note accompanying your offer introducing yourself and explaining why you would like to buy their house.

Too many visits: After committing to purchase a house, some buyers will want to get access to the property for a number of reasons prior to closing. These could include measuring for window treatments, planning furniture placement and obtaining repair estimates to name a few. Many sellers find the constant visits disruptive because they are in the middle of packing and making their own plans during this period.

Renegotiation: Once a contract is signed and the price and terms are agreed upon, many buyers will come back before closing and want more concessions from the seller. Most often this is being driven by the results of a home inspection. A realistic buyer should know that everything is not going to be in perfect condition, so common sense needs to come into play at some point when dealing with repair or replacement demands.

Sources: Bankrate.com & REALTOR® Magazine

Mortgage Credit Availablity Reaches 3-Year High

Access to mortgage credit is at its highest level in three years, and credit standards are expected to loosen even more this year, according to a newly released index by the Mortgage Bankers Association.

The Mortgage Bankers Association index rose to a 114 reading in March of this year, which is the highest reading in the gauge’s three year history.

Mortgage underwriting standards have gotten easier over the last two to three years, but nowhere near the loose standards of the 2005 and 2006 era.

Nearly 17 percent of the large banks recently eased their credit standards for prime purchase mortgages, while 5.6 percent have tightened their standards. The remaining banks have left their standards the same. This information comes from the Federal Reserve’s recent senior loan officer survey.

Source: Realty Biz News (4/14/2014)

Farragut – Custom Built / All Brick

Don’t miss out on this beauty. Master on the main, gourmet kitchen with custom made cabinets, walk-out basement, surround sound throughout. Enjoy the outdoors from the screened porch that overlooks wooded common space. The subdivision offers both a pool and tennis courts for added enjoyment. For additional information or to schedule your private showing, contact Lori Douthat at (800) 747-0713.

Keep Your Mortgage Application on Track

Follow these tips to improve your odds of getting a mortgage application approved:
•Do not quit or change jobs.
•Do not make any large purchases.
•Do not have your credit pulled.
•Do not deposit large sums of money.
•Do not open, close or transfer asset accounts.
•Do not increase your credit balances.
•Do not stop making payments on anything.
•Do not start a home improvement project that would require a loan.
•Do not co-sign a loan for anyone.
•Do not fudge on any of the facts on your loan application.

Younger vs Older Buyer Trends

Here’s what a recent survey revealed about the differences between younger and older home buyers:

Younger Buyers
•Typically bought homes built around 1986
•Bought a home within 10 miles of previous residence
•More likely to purchase in urban or central city
•Bought because they desire to own their own home
•Chose neighborhood for convenience to jobs, better affordability and quality schools
•Made more concessions regarding home purchase
•Found the home they purchased through the internet

Older Buyers
•Typically Bought homes built around 1996
•Moved longer distances, more than 20 miles
•More likely to move out of state or region
•Bought a home to be closer to family and friends
•Chose neighborhood for health care facilities and to be closer to family and friends
•Generally did not make any concessions on their home purchase
•Learned about the home they purchased through their real estate agent