The classic dilemma for many homeowners is whether to buy or sell first. There is no "right" answer. It depends on your specific circumstances.
Most homeowners agree that it's more prudent and less stressful if you sell your existing home before you buy a new one. You can often get top dollar for your home if you are not under pressure to sell. And you're in a better position to negotiate on the buying side of the transaction. If you have to make an offer contingent on the sale of your home, you often lose negotiating leverage.
If you sell your current home and the home you select isn't available when you're ready to move, you may end up with cash in hand in a short-term rental. No one wants to move twice, but it may be well worth it to eliminate risk and have more money to work with.
If you currently own a home we would be happy to provide you with a home valuation so that you know what your home is worth in today's market. If you provide us with some basic information on your home, we'll be able to give you a price range. That range will be determined using the information you provide to establish a list of comparable properties in your area as reported by the Multiple Listing Service (MLS). Or we can provide you with a more precise valuation by briefly visiting your home.
Please call or email us when you're ready to discuss your options or if you would like a valuation of your current home.
Sunday, October 10, 2010
Tuesday, October 5, 2010
The importance of your credit report
When you apply for a loan, your lender will look at several things:
* Down payment amount
* How long you have been employed in your current position
* Whether you have the funds on deposit for your down payment and closing costs
* Your income-to-debt ratio and your credit report
Lenders nowadays place much emphasis on the credit report. Credit bureaus compile a record of debts from credit card companies, banks, department stores, and other firms. This information appears on your credit report, so it shows whether you pay your bills on time. Lenders develop credit ratings based on how well you manage this function. The higher your credit score, the more flexible lenders will be in loan approval and specific requirements.
When you meet with lenders, ask how they decide if you are a good credit risk. It is likely to be from a credit report. Lenders can order the credit report for you and discuss your score. If your credit is less than sterling, they can usually offer suggestions on how to strengthen your credit position.
Please feel free to call or email me if you have any questions or would like additional information on financing.
* Down payment amount
* How long you have been employed in your current position
* Whether you have the funds on deposit for your down payment and closing costs
* Your income-to-debt ratio and your credit report
Lenders nowadays place much emphasis on the credit report. Credit bureaus compile a record of debts from credit card companies, banks, department stores, and other firms. This information appears on your credit report, so it shows whether you pay your bills on time. Lenders develop credit ratings based on how well you manage this function. The higher your credit score, the more flexible lenders will be in loan approval and specific requirements.
When you meet with lenders, ask how they decide if you are a good credit risk. It is likely to be from a credit report. Lenders can order the credit report for you and discuss your score. If your credit is less than sterling, they can usually offer suggestions on how to strengthen your credit position.
Please feel free to call or email me if you have any questions or would like additional information on financing.
Sunday, October 3, 2010
New or Resale
One of the decisions most prospective homebuyers have to make is whether to buy a brand new house or a previously owned ("resale") home. Here's a comparison of some advantages to each choice:
New house:
Modern floor plans that could include a "great room," bigger closets, more baths, etc.
The opportunity to choose upgrades and customize floor coverings, colors and more
More energy-efficient insulation, windows and heating/cooling systems
The added protection of a warranty from the home builder
Resale home:
Existing features, including window treatments and mature landscaping
Location -- existing homes are often closer to metropolitan areas
Established neighborhoods that provide a sense of community
The opportunity to use an existing home as a base to remodel and create a unique property
If you would like additional information on which option might be your best choice or are ready to look at homes, please call or email us. We would be happy to help you!
New house:
Modern floor plans that could include a "great room," bigger closets, more baths, etc.
The opportunity to choose upgrades and customize floor coverings, colors and more
More energy-efficient insulation, windows and heating/cooling systems
The added protection of a warranty from the home builder
Resale home:
Existing features, including window treatments and mature landscaping
Location -- existing homes are often closer to metropolitan areas
Established neighborhoods that provide a sense of community
The opportunity to use an existing home as a base to remodel and create a unique property
If you would like additional information on which option might be your best choice or are ready to look at homes, please call or email us. We would be happy to help you!
Subscribe to:
Posts (Atom)
