Visiting Lenders and Insurance Agents
If you think you’d like to buy a home, begin now to plan your finances:
Visit lenders so you can judge the differences in your mortgage payment. Be sure to get the estimate of taxes from me before you go. When you bracket the lender’s numbers (see below), you can explore various financial options to plan ahead as the rate cuts happen.
Monthly payment with the current interest rate
There is a decrease of .5% interest
There is a decrease of .25% interest
There is an increase of $100,000 in down payment
There is an increase of $150,000 in down payment
There is a decrease of .5% in interest rate and an increase of $100,000 more in down payment
First-time buyer? Ask if they have a program for you
Visit insurance agents for estimates using the same address and similar coverage of any property you have looked at so you can find the best rate.
When the lender has the insurance figure and the tax, they can create the monthly costs of the property, which include the Principal, Interest, Tax, and Insurance.
Now call me, and we will begin the search.
Please visit my website and read the Buyer’s blogs and bio: richardwatkins-realestate.com
Richard Watkins DRE#00897399
When There Are Few Houses for Sale Part 1
Although the interest rates have started to come down, there are still few houses for sale in the current real estate market. If you are having trouble finding a house you are happy with, consider the following:
Of course, we will look at the available listings on the MLS first.
If the market does not have a house you find appealing, we can look through recently expired listings. Those owners have shown an interest in selling and some are more flexible if they are paying only one side of the commission.
You may want to review properties advertised for rent either privately or through management firms. Some of those owners might consider a sale, rather than going through another tenant placement.
We can locate and work with sellers who are selling independently (“For Sale by Owner”).
There are owners who would prefer to sell but are waiting for different market conditions. In a small community, talk to people of your interest in buying and try the following steps:
Step One: Visit the neighborhoods that most interest you and seem to have prices in your ballpark. I can help you to reach the owners and to estimate the value of their properties.
Step Two: You can write to the owners of the houses you find most appealing to see if they would consider selling. This outreach is called a Letter of Interest. Let me know if you’d like to learn more about this process. The personal connection
you make with the owner may also open doors to favorable interest rates or other terms as you will be able to speak directly with the owner to understand their needs and explain your situation as well.
I am happy to help with any or all of the 5 methods above. It’s best to review all possible sources to determine the best opportunity and then negotiate price and terms, knowing you can refinance later.
For more ideas, please read the next blog: “When There are Few Houses for Sale 2”.
When There Are Few Houses For Sale Part 2
With the current market of low inventory and high mortgage rates, Adaptive Real Estate finds creative ways to help you find the home that inspires and thrills you at an affordable price.
Of course you want to begin with speaking to a lender who can tell you what price range you are looking for. You also want to list the features you most want. But don’t get attached to that list because this is where the game changes.
Consider the following points when you are looking for a house to call your home:
The mood and feeling of a property may be more important than relying on listed objectives.
Everyone wants to buy a place that will appreciate well. However, square footage and assessed value may not be the driving factors for resale value. For example, orientation to the sun and the changing play of light on the interior create value.
The house you choose need not be as big as you may think if it has a great floor plan.
Outdoor spaces can produce more quality of life moments than a large interior that costs more to maintain.
Consider costs of maintenance, landscape and upgrades that would increase value and the joy of ownership.
Certainly, it must be a house you love where you see yourself surrounded by the people and things most dear to you.
You can make on offer on any home that interests you at a price that you think it is worth and that you can afford.
In the end, what you really want is a place to call home. So find a place you love that you will be happy with for years to come and make an offer. I’ll be there to negotiate that offer for you.