5 Confidence-Building Strategies to Empower First-Time Homebuyers

Are you a first-time homebuyer feeling overwhelmed and unsure about the home buying process?

Don't worry, you're not alone. Buying your first home can be an intimidating experience, but it's also an exciting milestone in your life. We want to help build your confidence as you embark on this journey towards homeownership. In this guide, we'll share five strategies that will empower you as a first-time homebuyer, so you can approach this process with knowledge and confidence. 

Educate Yourself
One of the most important things you can do as a first-time homebuyer is to educate yourself on the home buying process. This includes understanding the different types of mortgages, knowing what costs to expect, and familiarizing yourself with real estate terminology. By educating yourself, you'll be able to make informed decisions and avoid any surprises along the way. There are plenty of resources available, such as online articles, books, and workshops, that can help you learn about the home buying process.

Buying a home can be a fun and exciting experience, especially when you do it as a team. If you're buying with a partner or spouse, involve them in the process from the beginning. This not only allows for equal decision-making but also ensures that everyone is on the same page. When both parties are involved and working together, it can make the homebuying experience more enjoyable and less stressful.

Set a Budget
Before you start looking at homes, it's essential to know how much you can afford to spend. This will help narrow down your search and prevent any disappointment or financial strain later on. Take the time to sit down and calculate your monthly income, expenses, and savings. This will give you a clear idea of how much you can comfortably spend on a home and the associated costs.

When setting your budget, be sure to be realistic. Don't forget to factor in additional expenses such as property taxes, insurance, and maintenance costs. It's also crucial to consider your future plans and potential changes in income or expenses. While it may be tempting to stretch your budget for a dream home, remember that being financially comfortable is more important in the long run.

Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage is an essential step in building confidence as a first-time homebuyer. It involves meeting with a lender and providing them with your financial information to determine how much they are willing to lend you. Pre-approval will give you a clear understanding of your budget, making it easier to shop for homes within your price range.

It's recommended to get pre-approved for a mortgage at least three to six months before you plan on purchasing a home. This will give you enough time to shop around for different lenders, compare interest rates and terms, and make an informed decision. Plus, having a pre-approval letter in hand will show sellers that you are a serious buyer and can potentially give you an advantage in a competitive market.

Work With a Real Estate Agent
As a first-time homebuyer, working with a real estate agent can be incredibly beneficial. They have the knowledge and experience to guide you through the home buying process and provide valuable insights into the local market. A good real estate attorney or agent will also advocate for your best interests and help you find the right home for your needs and budget.

However, not all real estate agents are created equal. It's essential to do your research and find an agent who has experience working with first-time homebuyers and comes highly recommended. Look for someone who is transparent, responsive, and willing to answer any questions you may have. Don't be afraid to interview multiple agents before making a decision, as it's crucial to find someone you feel comfortable working with.

Trust Your Instincts
At the end of the day, remember that this is your home, and it's essential to trust your instincts. Don't feel pressured to make a decision that you're not comfortable with, and don't be afraid to walk away from a deal if it doesn't feel right. Trust yourself and the knowledge you have gained throughout this process.

While you should trust your instincts, it's also essential to be aware of any warning signs during the home buying process. Some red flags to look out for include overly pushy real estate agents or sellers, homes with a history of major repairs or issues, and properties that are priced significantly higher than similar ones in the area. It's also crucial to thoroughly inspect a home and do your due diligence before making an offer to avoid any unexpected surprises. If something doesn't feel right, don't be afraid to step back and reassess the situation before moving forward. Though you may not have the experience, your instincts are a valuable tool in the home buying process, so don't ignore them.

Buying your first home is an exciting and significant milestone in your life. It's normal to feel overwhelmed or unsure, but by following these five strategies and staying informed and confident, you can successfully navigate the home buying process. Remember to educate yourself, set a budget, get pre-approved for a mortgage, work with a real estate agent, and trust your instincts. With these tools in hand, you'll be well on your way to becoming a confident first-time homebuyer! 

Read more at Rismedia.com

Related Links

• Worried About Mortgage Rates? Control the Controllables

• Do Elections Impact the Housing Market?

• Is White Boxing Really the Best Way to Prepare a Home for Sale?

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Is White Boxing Really the Best Way to Prepare a Home for Sale?

For years, the general rule of thumb when prepping a home for sale that requires improvements has always been to just "white box" – essentially, paint everything white – from the walls and ceilings to the kitchen cabinets and built-ins.

The purpose is to clean the slate so the original condition no longer risks offending prospective buyers. White walls, cabinetry, doors, simple hardware and clean floors leave room for the imagination to run wild and attention to focus on the home's potential rather than the objectionable condition. However, many fail to realize this is not a one-size-fits-all approach. So often, white boxing a kitchen will draw unwanted attention to its flaws when an alternative color palate could easily mask the defects we aim to disguise.

Furthermore, buyers have grown somewhat tired of the stark and cool impact all-white spaces can have on the senses. Expectations and preferences are changing, and it's critical to be conscious of these changes. What was once a seamlessly reliable and failsafe system now risks coming across as profoundly ordinary and potentially undesirable altogether.

The Case for White Boxing 

While the white box approach may not be suitable for all homes, it still has its merits, particularly for those in poor condition that lack meaningful charm or character. Conceptually, whites are often synonymous with freshness and newness.

For homes that lack unique or special attributes, such as crown molding and wainscoting, arches, oversized windows or soaring ceilings, it is important to represent a blank canvas worthy of a buyer's artistry and personality. The intention is to avert deleterious first impressions so prospective buyers won't have to waste time struggling to see past neglect and dereliction.

Brutalized kitchens and bathrooms, paint peeling from the walls and ceilings, and lacerated floors are impossible to ignore and distract from the positive. Often, negative first impressions will linger and interfere with one's ability to consider a home's latent potential, ultimately leading to apathetic interest and lack of appreciation for the home's more resounding attributes.

Think About Buyer Preferences and Market Trends 

Most buyers today are focused on turnkey properties, unwilling to consider homes requiring even the most straightforward modifications. The goal for preparing a home for sale should focus on producing the best possible presentation for the smallest feasible investment.

In some cases, embracing the purity of white boxing offers a tantalizing blank canvas for eager buyers. However, for homes of distinguished pedigree that have not been maintained, a fervent dedication to restoration and revelation is imperative. It's not solely about the home's condition, but also about understanding current buyer preferences and market trends specific to certain style homes. Understanding when to restore timeless original parquet flooring in lieu of installing 7-inch wide oak planks or when to choose antique brass finishes versus polished chrome or nickel is paramount. By doing so, we can ensure that our strategies align with the needs and wants of potential buyers, increasing the chances of a successful sale.

Traditional Homes: Know What to Preserve 

Traditional homes, imbued with history, often require the most careful attention to detail. Making the appropriate selections to modify and improve the home's presentation properly will deeply influence how buyers respond. Knowing what to preserve and how to preserve it is critical. From crown moldings to wainscoting to parquet flooring to ornate doorknobs and gilded chandeliers, there are so many elements to a traditional home that must be gently safeguarded. Given that today's buyers seek the extraordinary, skillfully blending tradition with modernity can be transformative. Implementing rich jewel tones and contemporary wallpapers in kitchens, bathrooms and accent walls can achieve this dramatic effect. Jewel tones, such as emerald green, sapphire blue and ruby red, bring depth and richness, creating vibrant and alluring atmospheres. When paired with contemporary wallpapers featuring bold or textured designs, these colors can enhance any room's visual interest and character.

Using rich jewel tones for your kitchen cabinetry, or even just for the lower cabinets, can bring elegance. In bathrooms, these tones can add spa-like or hotel qualities, transforming a mundane area into an exciting retreat. Accent walls in living areas and bedrooms can serve as focal points, drawing attention and adding a touch of drama. Rich jewel tones and modern wallpapers can achieve a striking effect, blending traditional charm with contemporary flair.

Bring Out the Kitchen's Full Potential 

Let's consider a traditional rundown kitchen: Typically, you'll find dark and heavy but solid wood upper and lower cabinets in desperate need of sanding and restaining, with dark-speckled granite countertops sandwiched in between. Maybe you'll come across cracked tile flooring, worn kitchen taps and broken cabinet pulls and knobs. If we used the white box method, we would simply paint all the cabinetry white and replace the existing taps, basins and any other hardware with builder-grade polished chrome substitutions. While this would provide a necessary refresh, it may fail to highlight the kitchen's full potential and its most unique features.

Instead, by embracing the spirit of the home and leaning into its origins, we can offer something refreshingly different for buyers to consider. White uppers coupled with rich lowers will not only brighten the existing countertops but also facilitate the necessary fashion buyers are searching for. Choosing the simple yet sophisticated antique brass hardware for your taps and pulls will instantly tie everything together. Rather than installing your average run-of-the-mill flush mount ceiling fixture, opt for something with a touch of panache that complements your hardware selections.

Rich Hues in the Bathroom 

In bathrooms, similar principles apply. Instead of opting for a stark, all-white look, consider rich hues in the navy blue or hunter green families for accent walls or vanities paired with modern, patterned wallpapers to create a spa-like retreat. Updated brushed gold or antique bronze fixtures can complete the look, making the space feel current yet everlastingly luxurious. In bathrooms, more so than any other room in a home, light fixtures act as jewelry; it's the finishing touch. Carefully selecting the right jewelry is imperative; it can easily make just the right bold statement to intrigue buyers.

Consider Each Property’s Unique Characteristics

White boxing has long been a standard practice in preparing homes for sale. However, it's essential to recognize its limitations in today's evolving market. While it may work well for some properties, particularly those lacking in distinct charm or character, it's not a one-size-fits-all solution. Buyers' preferences are changing, and they often seek homes with personality and uniqueness.

For traditional homes with historical significance, preserving and enhancing their distinctive features is crucial. By incorporating rich hues, bold finishes and thoughtful design details, you can showcase the full potential of any space and leave a lasting impression on potential buyers.

Ultimately, the key to preparing a home for sale lies in understanding its unique qualities and aligning your approach with current market trends and buyer preferences. By carefully considering each property's individual characteristics and making strategic design choices, you can maximize its appeal and increase the likelihood of a successful sale.

Read more at RealEstate.USNews.com

Related Links

• Worried About Mortgage Rates? Control the Controllables

• Do Elections Impact the Housing Market?

• Does Your Driveway Need a Boost? 4 Types of Outdoor Lighting to Add

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Do Elections Impact the Housing Market?

The 2024 Presidential election is just months away.

As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market.

It’s a great question because buying or selling a home is a major decision, and it’s natural to wonder how such a major event might impact your plans.

Historically, Presidential elections have only had a small, temporary impact on the housing market. Here’s the latest on exactly what’s happened to home sales, prices, and mortgage rates throughout those time periods.

Home Sales

During the month of November, in years when the Presidential election takes place, there’s typically a slight slowdown in home sales. As Ali Wolf, Chief Economist at Zonda, explains:

“Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.”

This is mostly because some people feel uncertain and hesitant about making big decisions during such a pivotal time. However, it’s important to know this slowdown is temporary. Historically, home sales bounce back in December and continue to rise the following year.

In fact, data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows after nine of the last 11 Presidential elections, home sales went up the next year (see graph below): 

The graph shows annual home sales going back to 1978. Each year with a Presidential election is noted in blue. The year immediately after each election is green if existing home sales rose that year. The two orange bars represent the only years when home sales decreased after an election.

Home Prices

What about home prices? Do they drop during election years? Not typically. As residential appraiser and housing analyst Ryan Lundquist puts it:

“An election year doesn’t alter the price trend that is already happening in the market.”

Home prices are pretty resilient. They generally rise year-over-year, regardless of elections. The latest data from NAR shows after seven of the last eight Presidential elections, home prices increased the following year (see graph below): 

Just like the previous graph, this shows election years in blue. The only year when prices declined after an election is in orange. That was during the housing market crash, which was far from a typical year. Today’s market is different than it was back then.

All the green bars represent when prices rose the following year. So, if you’re worried about your home losing value because of an election, you can rest easy knowing prices rise after most Presidential elections.

Mortgage Rates

Mortgage rates are important because they affect how much your monthly payment will be when you buy a home. Looking at the last 11 Presidential election years, data from Freddie Mac shows mortgage rates decreased from July to November in eight of them (see chart below): 

Most forecasts expect mortgage rates to ease slightly throughout the remainder of the year. If they’re right, this year will follow the trend of declining rates leading up to most previous elections. And if you’re looking to buy a home in the coming months, this could be good news, as lower rates could mean a lower monthly payment.

What This Means for You

So, what’s the big takeaway? While Presidential elections do have some impact on the housing market, the effects are usually small and temporary. As Lisa Sturtevant, Chief Economist at Bright MLS, says:

“Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.”

For most buyers and sellers, elections don’t have a major impact on their plans.

Bottom Line

While it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. If you have questions, reach out to a local real estate agent. They’re here to help you navigate the market, election year or not.

Read more at KeepingCurrentMatters.com

Related Links

• Worried About Mortgage Rates? Control the Controllables

• Savings Strategies Every First-Time Homebuyer Needs To Know

• Does Your Driveway Need a Boost? 4 Types of Outdoor Lighting to Add

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Worried About Mortgage Rates? Control the Controllables

Chances are you’re hearing a lot about mortgage rates right now.

You may even see some headlines talking about last week’s Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do.

The truth is, mortgage rates are impacted by a lot of factors: geo-political uncertainty, inflation and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky.

That’s why it’s generally not worth it to try to time the market. There’s too much at play that you can’t control. The best thing you can do is control the controllables.

And when it comes to rates, here’s what you can influence to make your moving plans a reality.

Your Credit Score

Credit scores can play a big role in your mortgage rate. As an article from CNET explains:

“You can’t control the economic factors influencing interest rates. But you can get the best rate for your situation, and improving your credit score is the right place to start. Lenders look at your credit score to decide whether to approve you for a loan and at what interest rate. A higher credit score can help you secure a lower interest rate, maybe even better than the average.”

That’s why it’s even more important to maintain a good credit score right now. With rates where they are, you want to do what you can to get the best rate possible. If you want to focus on improving your score, your trusted loan officer can give you expert advice to help.

Your Loan Type

There are many types of loans, each offering different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:

“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.”

When working with your team of real estate professionals, make sure you find out what’s available for your situation and which types of loans you may qualify for.

Your Loan Term

Another factor to consider is the term of your loan. Just like with loan types, you have options. Freddie Mac says:

“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”

Depending on your situation, the length of your loan can also change your mortgage rate.

Bottom Line

Remember, you can’t control what happens in the broader economy. But you can control the controllables.

Let’s connect to go over the things you can do that’ll make a difference. By being strategic with these factors, you may be able to combat today’s higher rates and lock in the lowest one you can.

Read more at KeepingCurrentMatters.com

Related Links

• Selling Smart: Why a Real Estate Agent Makes All the Difference

• Savings Strategies Every First-Time Homebuyer Needs To Know

• Does Your Driveway Need a Boost? 4 Types of Outdoor Lighting to Add

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Does Your Driveway Need a Boost? 4 Types of Outdoor Lighting to Add For Looks, Safety & Even Insurance Discounts

When it comes to improving your home’s curb appeal, pretty landscaping, an attractive front door (and doormat!), or a fresh paint job on the exterior are great places to start. But have you considered lighting?

Driveway and front-of-house lighting can be transformative, illuminating dark pathways, driveways, and dormers to beautiful effect. It can even get you a discount on your insurance policies and increase your property value.

If your home at night is the black box on the block, here are four types of lighting to consider for a more welcoming (and safer!) outdoor atmosphere.

If you want to create a dreamy walking path: Add some path lights.

Path lights are exactly what they sound like: they illuminate walking paths! Not only is this an important safety feature to prevent you or someone else from falling or tripping over steps or potted plants, pathway lights can also offer lovely, atmospheric lumination. The most common type of path lights are individual, weather-proof lights that can be simply stuck into the ground, no hardwiring required. Place them along the walkway up to your front door, around the side of the house, or along your driveway. Many are also solar-powered, so they’re pretty and energy-efficient.

Buy them:

XMCosy+ Solar Pathway Lights, $60 for a set of four at Amazon

Hampton Bay Duncan Outdoor Solar Path Light, $18 for a four-pack at The Home Depot

Member’s Mark 4-Piece LED Solar Path Lights, $20 at Sam’s Club

If adding an extra layer of safety is what you’re after: Go with flood lights.

Perfect for placing over the garage (especially if your garage door faces a dark alleyway) or around your backyard, flood lights have a wide, bright coverage area and can be mounted on trees, poles, fences, or built structures. Often motion-activated, flood lights provide extra security by lighting up large areas quickly. They may not offer the prettiest light around, but their functionality makes them a valuable addition to any outdoor lighting plan. Not to mention, they may help you qualify for a protective device discount on your homeowners insurance (sometimes of up to 15%). Be sure to check with your agent for further details.

Buy them:

LEPOWER LED Motion Sensor Outdoor Flood Light, $40 at Amazon

MaxDetect 240-Degree Motion Activated Wired Outdoor Flood Light, $50 at The Home Depot

Enbrighten 180-Degree Hardwired LED Motion-Activated Flood Light, $90 at Lowe’s

If your driveway could use an upgrade: Try recessed paver lights.

Love the idea of lighting your driveway or deck but want a clean, streamlined look? Recessed lights like paver lights or paver dot lights offer subtle, elegant illumination. Not only will they improve the safety of your driveway by keeping it sufficiently lit at all times, but they emit a soft, sophisticated glow for immediately improved curb appeal—and possibly even increased property value. Redoing your driveway soon? Consider adding these during installation, but don’t worry if you aren’t. They can still be installed even with an existing driveway or path.

Buy them:

Paver Lights, from $40 at Lumengy

Recessed Paver Dot LED Lights, from $23 at Dekor

If you’re looking for a little drama: Install uplights.

Uplights are spotlights that direct light, well, up! Place them at the base of trees, underneath windows, or around the bottom of your house to spotlight interesting architecture or make your house look like it’s “glowing” from within.

Buy them:

Gardenreet Solid Brass Landscape Spotlight, $150 for a four-pack at Walmart

Argolis Architectural LED Low Voltage Directional Uplight, $159 at Alcon

VOLISUN Outdoor Uplights, $42 for a six-pack at Amazon

Read more at Realtor.com

Related Links

• Selling Smart: Why a Real Estate Agent Makes All the Difference

• Savings Strategies Every First-Time Homebuyer Needs To Know

• 5 Costly Kitchen Problems That First-Time Homebuyers Often Overlook

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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