• Is Buying A Home Right Now A Mistake?,Haydn Halsted

    Is Buying A Home Right Now A Mistake?

    When you see all those “for sale” signs pop up in your neighborhood — and then see them change to “under contract” shortly afterward — it’s easy to feel like you’re missing out if you’re not buying a home this summer. So, you run the numbers, spend nights scrolling through listings, and start to imagine your new life in your dream home. There’s just one thing: you may not be ready to buy a home right now. While most real estate agents point to a hot market (and still low-interest rates) as a good reason to start making offers, there are more factors that go into this big life decision. The real estate agents that automatically tell you that NOW is the right time to buy a home can’t know that without knowing the specifics of your situation. Before going down a long and stressful journey, let's go through some scenarios that might help you decide if it's the right or the wrong time for you to buy a home.   You have to get very creative to afford a down payment. Let’s face it: Saving enough for a 20% down payment on a home can be a daunting challenge. While many loans allow for lower down payments, these also often come with “hidden expenses” that add to your monthly mortgage costs such as private mortgage insurance (PMI) or higher interest rates. While every homeowner-to-be anticipates making sacrifices to afford their home, you don’t want to be in a position where affording your monthly mortgage payment requires serious hardship. In addition, your monthly mortgage payment isn’t the only expensive line item in your budget: you’ll need to be able to afford maintenance, furniture, and emergency repairs big and small.    Your friends are all buying homes and you feel left out. This is a big one. When everyone else is buying new places, it’s easy to fall down the spiral of judging yourself because you’re not doing the same. However, the grass may seem greener on the other side of that “sold” sign. Your friends may be showing off their new digs, but not telling you how they’ve had to put off going on vacation for at least a decade in order to afford it. Or, they may be able to afford it, but they’re not the ones who will be paying your mortgage. Don’t fall for peer pressure if your current place fits your needs right now.     Everyone keeps telling you you’re “throwing money away” on rent. It’s true that you do build equity after you buy a home, but it can take years before you see an effect on your net worth. If you need to move (for work, a relationship, family, or because the home doesn’t suit your needs) before you have positive equity in your home, then you won’t enjoy the boost in net worth. If you value flexibility more at this stage in your life, then renting makes more sense. You can build your net worth in other ways too, like contributing to a savings account, 401k, or other investments.   You have no idea what your current home is worth. Sometimes the market is just not in your favor right now, and there might be little changes you can make that can increase the value of the home you're currently in. Get a free and accurate home value report from one of our team members if you're unsure or haven't checked your home's value in a while. Get Your Home Value Report   You’re focused on the style of the home rather than the lifestyle of homeownership. You’ve passed by a certain home dozens of times and find yourself looking through the listing photos more often than you look at photos of your family and friends. You’ve mentally re-decorated and decided exactly where you’ll put your sofa. Fun, right? Now imagine waking up at 7 AM on a Saturday to mow the lawn, fix the toilet in the master bathroom, and find out what’s making that creaking noise in the attic. Or, having to cancel your weekend get-together with friends because your water heater decided to stop working and a repair person can’t get there until later in the week. Not as fun. Home maintenance is an ongoing project filled with unglamorous tasks that you may not be ready for just yet.     Your dream home will significantly add to your commute. While you may not think you’ll mind that extra hour on the road each way in order to have a garage to call your own, it’s likely you’ll feel differently after the novelty of the new home wears off. Though there are always trade-offs with homeownership, one involving location requires a huge life change — so it isn’t one to take lightly or rush into. This is also true when it comes to moving to a drastically different kind of area or any time you have to also consider a change of school systems.   The very idea of moving makes you panic. Even if you can afford the down payment, have leftover money for emergencies, are okay with the lifestyle change of homeownership, and have found a new home that offers way more than your current place, you still may not be emotionally ready to buy a home. Something to consider: if you’re feeling anxious or overwhelmed about the idea, or it’s causing conflict with your significant other, a timeout may be needed. Pick a date in the future to revisit the idea of buying a home, then see how you feel. If your gut says you’re ready, get in touch with a real estate agent who will find you a home that’ll make you excited to make the big move.   While we tried to point out every scenario we could think of... Your situation may not have been mentioned. We know everyone has different concerns and personal circumstances. If you’re still unsure if you’re ready to buy or just have questions about what the process will look like for you, we’re ready to walk you through every step of the process whenever the time is right for you! Let's Talk

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  • 7 Ways to Sabotage The Sale of Your Home,Haydn Halsted

    7 Ways to Sabotage The Sale of Your Home

    Through the years, we’ve worked with countless sellers. The sale of your home relies on a number of factors, and we understand it’s easy for things to fall through the cracks. Don’t let these traps sabotage the sale of your home.  We’re here as a resource for this potentially stressful transaction to be a smooth sail from listing to closing.   Mistake #1 - Not Knowing The Local Market   Knowing the sold price of homes in your neighborhood gives you a good idea of how much you should list your home for. Overpricing can leave your home on the market for longer than anticipated, putting things on hold. We keep track of the neighborhood statistics for you, so you’ll always be up to date.   Mistake #2 - Overlooking Easy Fixes Before An Appraisal   Pass your home inspection with flying colors! Low-cost updates throughout your home, especially in the kitchen, bathroom, family room, and the overall curb appeal can boost your appraisal. Be sure to keep a record of all major home renovations!   Mistake #3 - Keeping The Clutter    First impressions are long lasting. You may be blind to your home’s disorganization, but it will be the first thing a buyer will notice. When a buyer is serious about a home, they'll want to see every inch of it. Don’t forget to clear out closets, drawers, and all those small places where clutter can build up.   Mistake #4 - Poor Photography   When most home buyers begin their search online, photos are your home’s first impression. Instead of using an iPhone, we hire a professional photographer to show your home on its “best” day. Professionally staging your home paints a picture for potential buyers, which is a service we’re happy to offer.   Mistake #5 - Weak Marketing Strategy Most sellers don’t work with realtors who have a strong online presence. When you sell with us, we make sure your home gains maximum exposure to potential buyers. Our website and email blasts, coupled with our use of targeted Facebook marketing, allows our properties to reach thousands.   Mistake #6 - Selling Your Home FSBO (For Sale By Owner) & Not Using An Agent Some think selling a home on their own is easy, but at the end of the day, you’ll most likely need the help of an expert. Not only will we provide invaluable market insight, but we’ll help you through all the paperwork and negotiate for you. Homes also tend to sell for more when working with a realtor. (According to NAR, FSBO's accounted for 7% of home sales in 2017. The typical FSBO home sold for $200,000 compared to $265,500 for agent-assisted home sales.)   Mistake #7 - Life Happens   Some buyers might get cold feet or have a change of heart. This is one area where sellers have minimal control over, and most of the responsibility is on the buyer. Some need to make a big purchase right before closing, which can cause their loan to fall through. Some things are out of your control… but we’re here to ensure everything in our control goes smoothly.   Selling Your Home?  Get your home's value - our custom reports include accurate and up to date information.

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  • Is Selling Your Home Right Now A Mistake?,Haydn Halsted

    Is Selling Your Home Right Now A Mistake?

    Ask any real estate agent how the market is and you’re almost sure to get the same answer: “Great!” Even if the market is great, it still may not be a great time for you to sell. Many real estate agents will tell you that NOW is the right time to sell your home when in reality, they can’t know that without knowing the specifics of your situation. Before going down a long and stressful journey, let’s first decide if selling your home right now is a mistake. What’s true about relationships is also true about selling your home: When it’s time to make a big decision, go with your gut feeling. But like anyone who has ever put off a breakup, it’s amazing how easy it is to talk yourself out of what you really want to do. You’ll say you’ll get around to addressing the ‘80s curb appeal, that you can live with your shoebox-sized closets, and you don’t mind that the location limits your job opportunities. Really, you’re fine. Yet, you still can’t shake the feeling that it’s time to go. Though there are many ways to justify staying put, some of the most common doubts can be particularly persistent — and some may even masquerade as logical reasons.  Here’s how to identify these hang-ups so you can finally move on and own the home you truly want:   “What if my home ends up being worth more a year after I sell it?” Markets are about timing — yours could be on an upswing and selling could mean you’re missing out on receiving more for your home later. However, markets can also just as dramatically swing the other way, just like they did in 2008. The lesson? You can’t really time the market. Instead, focus on easy (and inexpensive) tasks in your control that can help your home sell for more whenever the time is right. Decluttering, painting your rooms neutral colors and even cleaning up your yard can sometimes bring a home’s value up regardless of what the market is doing.   “I don’t qualify for a different home.” If your credit has gotten worse, you’ve spent all your savings on the home you’re currently in, or your financial situation is just tight overall, it might be a mistake to sell your home right now. This is one of the trickiest thoughts about selling because it seems reasonable. You know your budget and you’ve probably even looked up what homes have been selling for in your neighborhood. But after researching, you honestly know you just don’t qualify for a new mortgage right now and would have to go back to renting if you did sell.      “My friend who’s a real estate agent told me I should sell now.” Working with close friends and family may not be the best decision. At first thought, it seems like a great idea because they know you,  your current situation, and you can (in most cases) trust them. But imagine what it will feel like five months from now when your home is still on the market with zero offers... Take time to think hard about who you’re hiring to sell your home. If your friend or family member feels like the best decision for you, go for it. Working with the right real estate agent can take the stress out of the selling process. That said, treat this decision like you would for anyone else who would provide a service for you and take the time to interview other prospective agents. This can help you screen the ones that may not be the best fit for your personality or even your home (especially if you have a unique property such as a vintage home). Focus your questions on their past experiences selling in your area, how long they’ve worked in your market, how well they know your neighborhood, and if they have worked with sellers who have similarly valued homes to yours. From speaking with several real estate agents (some you already knew and some you didn’t), you’ll also get a sense of how they communicate and if you’ll “click” during what can be a stressful process no matter who helps you.    "Working with the right real estate agent can take the stress out of the selling process. That said, treat this decision like you would for anyone else who would provide a service for you and take the time to interview other prospective agents."   “I have to make a lot of costly repairs before I can sell my home for as much as I would like.” Depending on the age of your property, your agent may suggest making a few repairs in order to command the highest price. The extent of repairs needed often has to do with the comparable homes in your area for sale. For example, if there’s a home exactly like yours on the market, but that one has a brand new roof, the agent may suggest replacing yours. But, you don’t necessarily have to make expensive repairs if you don’t want to — you could sell your home as-is. Some buyers like the idea of updating and customizing a property to exactly suit their needs. Others do not want to incur costly repairs on day one.     “I’m afraid to start over in a new location.” This is often the underlying fear when you have doubts about selling and moving to a new location. Even if you’re staying in the same town, your block will be different, your proximity to places like the grocery store or gym will change, and you’ll have to go through the process of getting to know new neighbors.  Is it a change? Yes. But, it’s not one you wouldn’t get used to. If you’re moving to a new city, the transition is obviously a bigger one. Look at it as an adventure. It’s a chance to start fresh, meet new people, find new favorite restaurants, and maybe even start a new career. Whenever you are ready to sell your home, I would love a chance to earn your business and hope you found our honest approach to advising our clients refreshing.

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