Tuesday, March 26, 2024 / by Laura Miller Edwards Realty Group
Some Highlights
If you’re looking to buy a home in 2024, getting pre-approved is a key piece of the puzzle. Mortgage pre-approval means a lender checks your finances and decides how much you’re qualified to borrow.
As more buyers re-enter the market, it’ll help you make a strong offer that stands out from the crowd.
Talk to a trusted professional to learn more and begin your homebuying process today. ...
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for buyers, first time home buyers, infographics, buying myths
Tuesday, February 27, 2024 / by Laura Miller Edwards Realty Group
Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it's a dream you can make come true, but there are some hurdles you'll need to overcome in today’s housing market – specifically the limited supply of homes for sale and ongoing affordability challenges.
So, if you're ready, willing, and able to buy your first home, here are three tips to help you turn your dream into a reality.
Save Money with First-Time Homebuyer Programs
Paying the initial costs of homeownership, like your down payment and closing costs, can feel a bit daunting. But there are many assistance programs for first-time homebuyers that . ...
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for buyers, first time home buyers, home buying, buying myths
Thursday, February 15, 2024 / by Laura Miller Edwards Realty Group
Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a larger percent of the total homes available for sale than normal. That’s why, if you’re craving more options, it makes sense to see if a newly built home is right for you.
But it’s important to remember the process of working with a builder is different than buying from a homeowner. And, while builders typically have sales agents on-site, having your own agent helps make sure you have proper representation throughout your homebuying journey. As Realtor.com says:
“Keep in mind that the on-site agent you meet at a new-construction office works for the builder. So, as the homebuyer, it’s a smart idea to bring in your own agent, as well, to help you negotiate and stay protected in the transaction.”
H. ...
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for buyers, first time home buyers, buying myths, new construction
Tuesday, January 30, 2024 / by Laura Miller Edwards Realty Group
If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.
The Mortgage Rate Lock-In Effect
Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains:
“The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the incentive for existing homeowners to list their property and move to a new house has greatly diminished, leaving them rate locked.”
These homeowners decided to stay put and keep their current lower mortgage rate, rather than move and take on a higher one on their next home.
Early Signs Show Those Homeowne. ...
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for buyers, housing market updates, buying myths, move-up buyers
Wednesday, January 3, 2024 / by Laura Miller Edwards Realty Group
If you’re planning to buy a home, knowing what to budget for and how to save may sound intimidating – but it doesn’t have to be. One way to ease those concerns is to make sure you understand some of the costs you may encounter up front. And to do that, always turn to trusted real estate professionals. They can help you set a plan and take a strategic look at your budget and your process before you even get started.
Here are just a few things experts say you should be thinking about.
1. Down Payment
Saving for your down payment is likely top of mind as you set out to buy a home. But do you know how much you’ll need? While every buyer’s situation is different, there’s a common misconception that putting 20% of the purchase price down is required. An article from the Mortgage Reports explains why that’s not always the case:
“The idea that you have to put 20% down on a house is a myth. . . . . ...
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for buyers, first time home buyers, buying myths, move-up buyers
