What Home Buyers Want
For most people, their home is not only the roof over their heads; it is the most valuable financial asset they possess. As such, sellers should expect to make the most profit possible from its sale. With this goal in mind, if you are a seller preparing to put your house on the market, it is essential to consider what features buyers view most favorably.
In the process of getting your home in tip-top shape for the market, you may plan to do some upgrades. That’s a good idea, providing you do not go overboard on improvements. To spend your money wisely, it pays to know what features make a buyer’s heart beat faster when they are looking at homes.
Here are some of the features that turn lookers into buyers.
Color me surprised, but a separate laundry room has become a game-changer with homebuyers in recent years. A dedicated laundry room was the number one feature in a National Association of Home Builders survey, with 91 percent of buyers saying, “I need one!” If you have the washer and dryer in the basement as many people do, consider kicking the space up a notch with some cabinetry, shelving and a folding table.
Buying a Home in Today's Market is a Challenge
You are rooted in the trenches in your quest for home ownership. The last property you toured had the kitchen of your dreams, but it is too close to the highway. The retirement condo you saw on the internet has everything on your wish list, but the building doesn’t have an elevator.
A warning to buyers, especially first-timers, in this market, finding everything you want is rare when there are not many homes to choose from, and properties rarely last a week without an accepted offer. Although you agree that compromise is a given, it’s wise to remember that some factors cannot be changed if you discover the deal you made is not working. You don’t get an opportunity to test drive a home.
In a recent survey by Trulia, 51 percent of homeowners have regrets about some aspect of their home. It is a given with the lack of inventory and the stiff competition for homes, circumstances may call for more compromise than you may want from your sacred wish list. There is nothing wrong with being adaptable. However, there are certain things you should never concede if you're going to be among the 49% without buyer’s remorse. ...
It Isn’t a Race – Take Your Time
The decision to buy your first home is a major, life-changing event and should never be taken lightly or made quickly. Not only is it the most significant financial purchase you will likely ever make, but it’s also a commitment to your lifestyle and personal sense of well-being.
Certainly, a home is a valuable asset, but it is much more than a number we see on a financial spreadsheet. It’s our haven. It’s where we plan to raise our children. It’s where we will dream about our future. It’s where we will celebrate our victories and cope with the setbacks of life. There is the whole story of homeownership.
Yes, buying real estate is a big deal, and I won’t lie to you, it can be a stressful and intimidating process, especially for a first-time buyer. However, it isn’t written in stone that it will be this way for everyone. It can and should be an exciting and joy-filled process. Being financially ready is critical in making it work in your favor.
Let’s look at five positive signs that say you may be in the financial position to become a homeowner.
1. Your Finances Are Solid
One thing I know for sure is the passage of time always brings change in its wake. Fashion, food, hairstyles, home décor, and lifestyles have become extremely sensitive to trends. Some embrace change and others fight it. Whichever the case, a constant we can depend on is trends are going to come and go regardless.
Sifting Through The Mount Everest of Home Buyers Advice
Along with changes in style, there is an incredible amount of advice available about what we should hold on to and what we should let go. Real estate is no different, and it is essential that we weed through all the bits and pieces of information and discover what is still meaningful and what no longer serves us when we decide to put a roof over our heads.
Purchasing a house is the most expensive buy of a lifetime for most of us. It is predominately a joyful experience, but a certain amount of stress is inherent in the process, especially for first-time homebuyers. We want to make the right choices, so we look for advice from family, friends and the internet. But with so many tips out there, how do we know which are keepers and which we should ignore? Here are several pieces of home buying advice that have not met the test of time.
You Will Always Be Better Off Owning Than Renting
The Ups and Downs of the 2018 Housing Market
The 2018 housing market has sure been a wild ride. The year began with rapidly rising home prices and low mortgage interest rates. Bidding wars were the norm for highly desirable homes. It was not unusual for sellers to find a buyer in the first few days after putting their house up for sale, generally at full asking price or even above. Sellers were riding high while buyers struggled to close a deal on a home.
But in the last few months of the year, we begin to see a shift in the market. Prices are finally stabilizing or increasing at a slower pace. Interest rates reach 5.2 percent, an 8-year high. Though now rates have fallen back to 4.59 as a benchmark for a 30-year fixed rate mortgage. The market still favors sellers but to a lesser degree.
2017 compared to 2018
- new listings down -0.3%
- pending sales down -3.6%
- closed sales down -3.4%
First Time Home Buyer Options in the Twin Cities
It’s an indisputable fact that buying a home today is a complicated process. It can be especially intimidating for a first-time buyer. Also, there is a severe shortage of inventory in the category of entry-level homes making the transition into homeowner a challenge. The home buying process in the Twin Cities Metro is not as simple as searching for a house, finding one that suits you, making an offer and going to closing. Although these are indeed the basics, it is not the complete picture. There are a lot of pesky details that are not understood and become fertile ground for the seeds of mistaken beliefs. The topic that seems to represent the most confusion is obtaining a mortgage. Let’s take a closer look at some of the most common myths about mortgage eligibility.
First Time Home Buyer Mortgages and Myths
Many people still believe you need a 20% down payment to buy a home in MN. No, you don't. Although a buyer needs to put 20 percent down on a home to avoid paying Private Mortgage Insurance, most can buy a house with much less money. When you look at real estate market statistics for...