Month: October 2022

Nationally, we have been in a seller’s market for quite some time, but there are signs that maybe changing. The seller’s market was fueled by tight inventory and high demand, and was punctuated with bidding wars and cash offers. A move towards a buyer’s market would mean that houses stay on the market longer and prices stabilize or even drop. Signs of a buyers market include, higher inventory, prices getting lowered, the aforementioned increase in days on market, as well as things like incentives offered by the seller such as help with closing costs or renovations. The old adage about everything in real estate being local means that some areas maybe in a buyer’s market while others not so much. And while it might not be a buyer’s market, it…

As home prices have risen dramatically the last few years (yes, they are starting to inch down now), many people find their dream house seemingly out of reach. Don’t despair, here are some tips to save a thousands on your home purchase and lower costs. Move Out Of Your Comfort Zone Ok maybe not your comfort zone, but expanding your search area can make a big difference. If you are priced out of your preferred neighborhood, try expanding your search to nearby areas where housing prices can be significantly lower. Credit Check? Check your credit score and see if there are any issues that need to be addressed. Since your credit score has a big impact on getting lower interest rates, if there are fixable issues it can make a…

As we continue to see low inventory in the housing market and high rent prices, many home owners are adding ADUs (which stands for Accessory Dwelling Units). ADUs often called granny flats, are guest houses or rooms added to garages to create rental income for home owners. Home owners typically add ADUs to increase cash flow, as well as looking for their property value to appreciate. Whether ADUs are right for you, depends on a number of factors. ADUs often costs at least $100,000 to build so being in a high rent market helps to offset the initial investment. You’ll also need to make sure local ordinances allow them and what the regulations are. The old real estate adage about location stays true for ADUs as well. If you are…

You may not be familiar with a joint mortgage – this is where there are two or more parties on a mortgage. Commonly friends, family or a partner will combine their incomes and assets to buy a house. This is often done when one party cannot qualify or can’t afford a property on their own. Unlike a typical mortgage all parties are on the mortgage and all assume responsibility for paying it. The main benefit of a joint mortgage is being able to afford or qualify for more of home than one party is able to on their own. As you may have guessed this creates a more complicated situation where you can have co-ownership, and may be dependent on multiple parties making payments. Further you could have one party…

If you’re in the market for a new house, you’ve probably heard that you want to get pre… qualified or pre-approved? What’s the difference anyways? There’s actually a big difference. Pre-qualified is more of a preliminary step. It gives you a general idea of much home you can afford. We will examine your credit, income, assets, and debts and you’ll have a general idea of the price range you’re looking for. You may also see that you need to increase your savings or lower debts before you buy. While pre-qualifying is an initial step, pre-approval is a deeper dive and being pre-approved carries more weight with sellers. To get pre-approved we will verify you income, assets, etc. and you will be more official (of course you still have to apply…