#firsttimehomebuyer

How Much Has Your Home Increased in Value?

How Much Has Your Home Increased in Value?

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor which determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

If you are planning to list your home for sale in today’s market, let’s get together to go over exactly what’s going on in your area and your price range. As a realtor in surrey for 7 years, i can provide you free home evaluation, no obligation.

Is It Time To Upsize?

Is It Time To Upsize?

This is great news if you own a starter home and are looking to move up to a larger home. If you bought your starter home more than 3 years ago then the equity in your home has risen as prices have gone up in last 3 years. Even better is the fact that there is a large pool of buyers out there searching for starter home cause that`s all they can afford now. Which gives your home an advantage to sell quicker.

There is a sense of pride that comes along with owning your own home and building your family’s wealth through your monthly mortgage payment.

It may seem hard to imagine that the first home you purchased  might not be the home that will allow you to achieve the rest of your dreams. The good news is that it’s ok to admit that your home no longer fits your needs!

 

If you have outgrown your starter home, contact a local realtor in surrey or real estate professional in your city who can explain the market conditions in your area and help you find your next home!

9 Things Every First Time Home Buyer Needs to Know

Buying a home is an exhilarating, exciting process even though there are many steps and factors to consider. Knowing what to expect, can make this journey easy. Here are some steps that can help you to prepare for home ownership. 


1. Cut unnecessary spending

Four-dollar lattes can quickly add up. Get serious about reducing expenses on carry-out food, restaurant meals, entertainment and new clothes. Make a realistic budget of how much you can afford to spend on costs that add up, such as eating out or shopping. When I bought my first home, I had to cut lot of extra spending to make my budget work out

2. Build a savings account

This is very important if you just started to think about buying your first home. Set up an automatic transfer to your savings account from each paycheck. You’ll need money for your down payment, and you may be responsible for closing costs on the loan. In addition to your mortgage payment, there will always be unexpected expenses and maintenance costs that come with owning a home. 

3. Review your credit report

Credit score is very important for loan approvals. If you have missed payments or maxed out credit cards, consider delaying the purchase of a home until you improve your credit score so you can qualify for a lower interest rate.

4. Buy within your financial comfort zone

Determine a price range that’s realistic for you by getting prequalified for a mortgage. By prequalifying  you will look at homes that are affordable and in your budget.

5. Make a list of priorities

Be honest with what is important to you. Is lack of public transportation a deal breaker? Do you want an older home to fix up or newer construction? Is the neighborhood walkable? Is the home energy-efficient?

6. Check out the neighborhood

Visit the neighborhood of your potential home at different times of the day to get a feel for what life is like there. Evaluate the condition of surrounding homes and access to your priorities, such as shopping, parks, schools or expressways.

7. Test-drive your commute

Try out your potential commute on more than one weekday. The longer your commute, the less likely you are to engage in community events, go for a workout or cook at home after work.

8. Know the pros

Who’s involved with home buying? Familiarize yourself with the key professionals involved in a real estate transaction.

  • Real estate agents are licensed to negotiate the sale and purchase of real estate. To find an agent who suits your needs. Be sure to find an agent familiar with the area where you want to live.
  • Home lending advisors will determine how much money you will be able to borrow and help you choose a mortgage option that best suits your financial situation.
  • An underwriter will assess whether you are eligible for the mortgage loan. The underwriter will approve or reject your loan application based on your credit history, employment history, assets, debts and other factors.
  • A real estate appraiser will examine the property you are purchasing and determine its fair market value.
  • A professional home inspector will make sure the home and its components and systems are in good condition. Make sure you have your home inspected before you sign on the dotted line.

9. Close on your new home

The closing occurs when all contractual conditions have been met and financing is in place. You will review and sign papers and ownership of the property will be transferred to you. Once the meeting is complete, it’s time to move into your new home.

If you think you are Ready to purchase your first home, what are you waiting for ????

Click Here to start searching your Dream Home Today.