How to Write a Winning Real Estate Offer Letter

How to Write a Winning Real Estate Offer Letter

You’ve found the house of your dreams and you’re ready to make an offer; but how do you compete with a handful of other prospective buyers who’ve also deemed the home “the one”? This is a dilemma buyers are facing all over the country in today’s fast-paced, low-inventory housing market. And the reality is, you aren’t always going to be able to submit the highest real estate offer for your dream home.

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Want To Increase Your Family’s Wealth? Here’s How!

Want To Increase Your Family’s Wealth? Here’s How!

Everyone should realize that unless you are living somewhere rent-free, you are paying a mortgage – either yours or your landlord’s. Buying your own home provides you with a form of ‘forced savings’ that allows you to use your monthly housing costs to increase your family’s wealth.

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7 Things To Avoid After Applying for a Mortgage!

7 Things To Avoid After Applying for a Mortgage!

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

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The Difference Having a Professional on Your Side Makes

The Difference Having a Professional on Your Side Makes

Today’s real estate market is highly competitive. Having a professional who’s been there before to guide you through the process is a simple step that will give you a huge advantage! As a home buyer, this is FREE to you! #homebuying

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Six Critical Considerations Before Starting the Pre-Approval Process

Six Critical Considerations Before Starting the Pre-Approval Process

Yes, this is one of the beginning steps of the home buying process, but before you jump straight into the pre-approval process, let's understand what that means. It’s important to make sure that before starting the pre-approval process, you consider these 6 things.

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Buying a House This Year? This Should Be Your 1st Step!

 Buying a House This Year? This Should Be Your 1st Step!

Many potential homebuyers overestimate the down payment and credit scores necessary to qualify for a mortgage. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so today.

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Belief in Homeownership as an Investment is Far from Dead

Belief in Homeownership as an Investment is Far from Dead

Following last year’s real estate market was like riding a rollercoaster. The market started off strong in 2018 and then softened before finishing with a mild flurry. However, one thing that did not waiver was America’s belief that owning a home makes sense from a financial standpoint.

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Buyers: Don’t Be Surprised by Closing Costs!

Buyers: Don’t Be Surprised by Closing Costs!

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.

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17 Steps to Buying a Home

17 Steps to Buying a Home

Are you ready to buy a home but not sure where to start? Check out our step by step guide to help you through the process of buying a home. Filled with free resources and tips, this will be the perfect guide for you!

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5 Tips When Buying a Newly Constructed Home

5 Tips When Buying a Newly Constructed Home

Watching your home come to life is a wonderful experience that can sometimes come with hassles. To avoid some of these headaches, keep these tips in mind!

If you are ready to put your current home on the market and find out what new construction is available in your area, let’s get together to discuss your options!

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5 Tips for Starting Your Home Search

5 Tips for Starting Your Home Search

In today’s real estate market, with low inventory dominating the conversation in many areas of the country, it can often be frustrating to be a first-time home buyer if you aren’t prepared. Make sure you know these five steps to make your home buying process the best!

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You DO NOT Need 20% Down to Buy Your Home NOW!

You DO NOT Need 20% Down to Buy Your new home! (1).png

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them.

This brings us to two major misconceptions that we want to address today.

1. Down Payment

A recent survey by Laurel Road, the National Online Lender and FDIC-Insured Bank, revealed that consumers overestimate the down payment funds needed to qualify for a home loan.

According to the survey, 53% of Americans who plan to buy or have already bought a home admit to their concerns about their ability to afford a home in the current market. In addition, 46% are currently unfamiliar with alternative down payment options, and 46% of millennials do not feel confident that they could currently afford a 20% down payment.

What these people don’t realize, however, is that there are many loans written with down payments of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO®Scores

An Ipsos survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores for approved conventional and FHA mortgages are much lower.

The average conventional loan closed in May had a credit score of 753, while FHA mortgages closed with an average score of 676. The average across all loans closed in May was 724. The chart below shows the distribution of FICO® Scores for all loans approved in May.

 

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Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but you are not sure if you are ‘able’ to, let’s sit down to help you understand your true options today.

Homeowners & Appraisers See the Most Eye-to-Eye on Price in 3 Years

Homeowners & Appraisers See the Most Eye-to-Eye on Price in 3 Years

Every house on the market must be sold twice; once to a prospective buyer and then again to the bank (through the bank’s appraisal). With escalating prices, the second sale may be even more difficult than the first. If you are planning on entering the housing market this year, let’s get together to discuss this and any other obstacles that may arise.

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4 Steps to Follow When Presenting an Offer in Today’s Market!

4 Steps to Follow When Presenting an Offer in Today’s Market!

Whether buying your first home or your fifth, having a local real estate professional who is an expert in his or her market on your side is your best bet in making sure the process goes smoothly. Let’s talk about how we can make your dreams of homeownership a reality!

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