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Welcome to the first installment of the Peninsula Properties Realty news roundup. At least twice a month, we'll bring you the best in real estate news, information and other helpful bits of information that will help you stay ahead of the curve.

 

May 13, 2014

Agents Tell Us What’s HOT and What’s NOT

Real Estate Trends:  Agents Tell Us What’s HOT and What’s NOT

HOT NOT

It’s no surprise that homes with “hot” features tend to sell faster than homes that have less desirable attributes. Knowing if your home is hot or not can help you determine your list price. “If your home is full of features that are NOT hot, you may want to consider doing some basic remodeling work or lower your expectations for how fast it will sell and at what price,”

Here are the features agents say are HOT among homebuyers…

  • Open floor plans
  • Turnkey homes (homes that are move-in ready)
  • Granite in areas such as bathrooms or kitchens
  • Upgraded windows
  • Locations near public transportation
  • Energy-saving appliances
  • Large closets
  • Updated lighting fixtures
  • Two-story home with a bedroom on the main floor
  • Wood floors

And those that are NOT…

  • Popcorn ceilings
  • Carpet
  • Lack of parking
  • Small kitchens and bathrooms
  • Minimal amount of natural light
  • Dated homes
  • Wallpaper
  • Low ceilings
  • Limited storage space
  • Loud location on a busy street

Which of these features is a deal breaker for you?

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March 25, 2010

Should We Talk To A Realtor Or A Bank First?

Should We Talk To A Realtor Or A Bank First?

Q: My boyfriend and I are thinking about buying a house. Should we talk to the bank first or a Realtor? I don’t even know where to begin…

A: Finding a mortgage and getting pre-approved BEFORE starting the home shopping process is the only intelligent way to go in my opinion. Buyers and their agents that choose not to do so are like shoppers that head to the mall without their wallets. It might be an interesting experience, but it won’t be very productive.

The first step in purchasing real estate and one that should be required by all real estate agents before showing property to prospects is to get their buyer pre-approved for a mortgage. Getting a mortgage, or rather getting pre-approved for a mortgage, lets a buyer and his agent know what he can to afford when looking for a home. It is critically important for a potential buyer to go through the pre-qualification steps and learn exactly what is required to secure a mortgage.

Buyers have many options to choose from when looking for a mortgage. There are banks, mortgage brokers, finance companies, credit unions and private lenders. Often experienced Realtors have in-house mortgage brokers or direct lenders that they work with frequently. Talk to your Realtor and look for a lender that has high standards, a good reputation and a verifiable track record. Don’t be afraid to shop around for the best deal either as mortgage costs can vary greatly.

When looking for a mortgage have a good idea how much you can afford to pay each month. Look into the past, present and future to determine this. It is of the utmost importance not to bite off more than you can chew when it comes to your finances and the affordability of a home that you are considering purchasing.

When applying for a loan an individual (or married couple) must provide documentation of income, expenses, and assets. Have your financial statements and tax returns ready and the process will be much easier.

Having a lender ready to go before finding a property will make the entire process smoother. Financing is harder to get these days and being prepared is always a wise first step in the home buying process.

Contact Peninsula Properties Realty, we can get you in touch with the right people!

 

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