Realty Vision


Posted by Realty Vision on 4/9/2015

Buying your first home can be confusing. Securing a mortgage is one of the most important parts of the home buying process. Making sure that you have the right loan and have chosen the right loan officer are among the things a first time buyer has to do to start the process. Here are some more tips on how to ensure a successful purchase: 1. Make sure your deposit is in order. Talk to your loan officer about what amount of a deposit is required for the purchase and type of loan. You will also want to make sure the funds are accounted for and readily available. You can expect deposits to run anywhere between 3 and 20 percent of the purchase price. 2. Plan to have a cash reserve in addition to your deposit. You may want to have a reserve of at least two months mortgage payments. 3. Ask your lender to go over all the fees that apply to the purchase. It is better to be prepared and know how much the actual purchase will cost. These costs are typically added into your loan but there may be some out of pocket expenses too. 4. Consider how much you can comfortably afford not how much you have been approved for. These numbers may vary considerably. Your mortgage costs should not be more than 30% of your household income. 5. The lowest rate is not always the best deal. You will want to look at not only the rate but also the terms and fees associated with the loan.      





Posted by Realty Vision on 5/15/2014

Whether you are a buyer or a seller it is time to get off the fence. Despite years of bad news surrounding the real estate market, the time has come when it is both a good time to be a buyer and a seller. Why Buy? Here are just a few reasons why you should get off the fence and buy: 1. When investors start gobbling up real estate you know it's a good deal. In 2011, investors upped their buying by 64%.  While it is still not time to start flipping for a profit the clock is ticking down to an uptick in prices. 2. Interest rates are historically low. You have been hearing this for a while but they are hovering right around 4%. 3. First-time buyers are in a unique position. They didn't lose money in the housing market. 4. It's a great deal! Prices are at all-time lows. So you may be saving as much as 40% off a home if you buy now. Why Sell? Here are just a few reasons why you should get off the fence and sell: 1. Inventory is shrinking. Demand is up and in certain areas and price ranges there is limited inventory so putting your home on the market now will most likely result in a sale. 2. Mortgage availability has stabilized. Mortgage restrictions are loosening and especially first-time buyers are able to get mortgages as they were not affected as much by the financial crisis. 3. Unemployment is not as bad as you think. One is 30 Americans is unemployed as a result of the recent financial crisis. There are lots of able buyers out there. 4. Houses are selling and some are even going to bidding wars. Homes that are priced according to the market are selling and selling quickly. 5. Don't wait for prices to increase. This could be a long wait.





Posted by Realty Vision on 1/16/2014

You've been thinking about buying your first home and it is a very big decision. It is typically not a decision you make overnight instead you need to take the time prepare yourself.  Here are the basic steps that you should follow when it is time to buy a home.

  1. Ask are you ready? Home ownership is quite different than renting. It is a lot more expensive than renting. You will have added expenses and responsibility. There will be expenses like repairs, added utility costs, such as garbage and water, plus taxes and insurance related to your home. You will want to make sure to have an emergency fund, before you purchase your first home.
  2. Shop for a loan. Your first step will be to get preapproved. Knowing how much you can afford will help you to look for homes within your price range.
  3. Figure out how much you can afford. Just because you are preapproved for a certain loan doesn't mean you can afford that in the real world. A good rule of thumb is to keep your mortgage along with your taxes and insurance between twenty five and thirty percent of your income. You don't want to be house poor.
  4. Use a real estate professional you can trust.  A good real estate professional will listen to your wants and needs carefully. It is important that you are also educated on the process of buying a home. A good real estate professional will help meet your needs while navigating you through the process and advocating for your best interests.





Posted by Realty Vision on 6/6/2013

According to Lawrence Yun, the National Association of Realtor's chief economist, the spring housing market is starting off strong. "If activity is sustained near present levels, existing-home sales will see their best performance in five years. The NAR expects sales to rise between 7% and 10% in 2012. What does that mean? Strong demand has melted away inventory in some housing markets with investors and first-time buyers vying for bargains, homes are being snatched up as soon as they hit the market. Prices may not be shooting up, but homes are once again selling at a rapid clip in many markets, draining the multiple-listing services and turning up the competitive pressure on buyers. Multiple offers and bidding wars are back. Lately if a buyer is not there the first day a home comes on the market, it's gone. When a quality property that is priced accurately comes on the market, it's not going to sit around. In some areas the competitive environment has already begun to nudge prices up slightly. Bargain prices and historically low interest rates are bringing buyers back. The belief among buyers is that the housing market has already turned the corner and that there won't be a better time to land an affordable home. National Association of Realtors President Moe Veissi, broker-owner of Veissi & Associates Inc. in Miami, says market conditions are improving as supply and demand have become more balanced.





Posted by Realty Vision on 4/11/2013

If you are thinking about owning a piece of property to live in while wanting to have an extra section to help pay the bills, then you will find that there is an effective way to do it. Today, many people are considering the idea of buying a multi-family home, because this allows you to have your own space for you and your family while getting extra income from renting the other apartments. Keep in mind that as advantageous as this is, there are a few points that you have to consider. The first thing to keep in mind is becoming a landlord will require some extra work. When repairs are needed, or a tenant does not pay the rent it can cause some unwanted worries. This being said it can also be a great way to start off allowing you to live, in some cases, rent free while getting monthly income to help pay down your mortgage. Another point to remember is that when it comes to renting, is choosing the right tenants, you have to remember that you are in fact running a business, as you will be collecting an income from the home you are renting. Take the time to choose the right tenant, a credit check, otherwise you might find yourself in a situation where you will be losing money if your tenant does not pay up at the end of the month. If you are willing to put in the work, purchasing a multi-family home can be a great way to invest.







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