Jane Cheetham - RE/MAX Acclaim



Posted by Jane Cheetham on 4/9/2019

Spring is a time of change. Everything feels new and exciting. It’s a great time to start searching for a new home. Before you head out on the house hunt, you should take the time to review what you can expect if you’re heading out on the house hunt this spring.


There May Be Less Inventory


If you’re a first-time homebuyer, you may be in a tight spot. As inventory is low over the entire market, there are less lower end homes put up for sale in the spring. Prices are rising as well so people who may have been in the market for more expensive homes may have recently seen their number of choices drop. It may take some extra time and effort for first-time homebuyers to find a property. 


Homes That Are On The Market Sell Fast


The springtime brings a bit more competition from buyers. Although there’s low inventory, the spring brings out more buyers which means more competition. If you find a home you love, don’t wait. Houses that are in excellent condition sell within days of being on the market this time of year. You may even need to pay a bit above asking price in order to secure a home you fall in love with. Being flexible in your contingencies and closing dates can help you to entice sellers a bit more when you put an offer in on a property. 


Keep The State Of The Financial World In Mind


Interest rates may rise by the time spring rolls around. You really never know. If you see a reasonable mortgage rate and can get pre-approved, lock it in. It can help you to balance out your finances when you’re purchasing a home. Keep in mind that higher rates may actually decrease your home buying power altogether. Do your research and talk to a lender to get the best rates especially when you’re buying a home in the spring.


Overlook Some Things


If you’re heading out to buy your first home in the spring, you may have along list of things that you’re looking for in a home. Try and be as flexible as you can with that list. If you’re serious about buying a home, you may have to look at properties with their potential in mind rather than their face value. 


Make Sure You’re Preapproved


Getting a preapproval is very important when you’re heading out to buy a home in the spring. This step can give you a leg up on the competition once you put an offer in. Having this piece of the puzzle during your home search can help you to get a home you love. 





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Posted by Jane Cheetham on 3/12/2019

An ambitious homebuyer goes above and beyond the call of duty to find a great residence at an affordable price. As such, this individual is better equipped than others to streamline the homebuying journey.

Anyone can become an ambitious homebuyer. Now, let's take a look at three tips to help you seamlessly discover your dream residence.

1. Create Homebuying Criteria

Buying a home can be simple, particularly for those who establish property buying criteria. If you enter the real estate market with homebuying criteria in hand, you can hone your search to residences that match your expectations. Then, if you find a house you want to buy, you can move quickly to acquire this residence.

As you craft homebuying criteria, it often helps to evaluate your short- and long-term aspirations. For example, if you strive to live close to the beach, you may want to pursue residences near top beaches in various cities and towns. On the other hand, if you require a house that includes a central air conditioning system, you can search for residences that boast this feature.

2. Develop a Budget

A homebuying budget is essential, as it will help you search for houses that fall within your price range. Perhaps most important, a budget limits the risk that you will be tempted to spend beyond your means to purchase your ideal house.

Generally, it helps to meet with banks and credit unions before you launch a home search. These financial institutions can teach you about a variety of mortgage options and help you make an informed mortgage selection. Best of all, banks and credit unions can respond to any of your mortgage concerns or questions, at any time.

3. Collaborate with a Real Estate Agent

If you want to speed up your home search, you may want to hire a real estate agent. Because if you have a real estate agent at your side, you can get the help you need to discover a terrific home that can serve you well for years to come.

A real estate agent understands the importance of conducting a comprehensive home search. Thus, he or she will do whatever it takes to help you find a home that suits you perfectly. From setting up home showings to helping you craft a competitive offer to purchase, a real estate agent is prepared to assist you in any way possible.

Furthermore, a real estate agent will offer plenty of guidance as you get ready to close on a home. The weeks and days leading up to a home closing can be worrisome, but a real estate agent will provide tips to alleviate stress. As a result, a real estate agent will help you enjoy a stress-free homebuying experience.

Want to navigate the homebuying journey like an expert? Take advantage of the aforementioned tips, and you can become an ambitious homebuyer and find and purchase your dream house in no time at all.




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Posted by Jane Cheetham on 2/26/2019

You've attended an open house – now what? Ultimately, there are many questions for homebuyers to consider after they attend an open house, and these include:

1. Did the home match or exceed my expectations?

It is important to understand whether a home is one that you could enjoy both now and in the future. And if you found that you liked a home after an open house, you may want to proceed with an offer on this residence.

Usually, it is a good idea to carry a checklist of your homebuying wants and needs that you can use throughout an open house. With this list in hand, a homebuyer can identify a house's strengths and weaknesses.

If you ever have concerns or questions during an open house, don't hesitate to find the listing real estate agent for assistance too. By doing so, you can gain the insights you need to determine whether a particular house is a viable long-term investment.

2. What would life be like if I purchased the home?

An open house can bring out a broad range of emotions in homebuyers, particularly if these individuals see things that they like in a residence.

For example, a homebuyer who sees a large outdoor deck may envision summer barbecues with family members and friends. Or, a homebuyer who views a spacious kitchen might picture dinner parties that he or she could host in the future.

If a home brings out positive feelings, it may be a keeper. As such, a homebuyer who feels good about a home after an open house may want to move forward with an offer.

3. Am I ready to submit an offer on the home?

Submitting an offer on a house can be tricky. On the one hand, you don't want to overspend to acquire a residence. Conversely, you want to submit a competitive offer that matches the home seller's expectations.

After an open house, it never hurts to meet with a real estate agent. Then, you can outline your homebuying goals and determine whether now is a good time to submit an offer on a residence.

If you decide to proceed with an offer, ensure that the proposal is fair and is submitted in a timely fashion. In all likelihood, the home seller will have 24 to 48 hours to accept, decline or counter your proposal. Once you receive a home seller's decision on your offer, you can determine the next step on your homebuying journey.

Lastly, if a home seller rejects your offer, there is no need to worry. With an expert real estate agent at your side, you can check out other open house events in your area. And as a result, you should have no trouble accelerating the process of going from homebuyer to homeowner.

Alleviate stress as you decide how to proceed after you attend an open house – consider the aforementioned factors, and you can determine whether a particular residence is right for you.




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Posted by Jane Cheetham on 12/18/2018

As the workforce changes and a growing number of companies seek out contractors and freelancers, many Americans find themselves in a gray area when it comes to their income. They may put in full-time hours, but on their taxes they work for themselves.

Mortgage lenders are cautious about who they lend to. They want to make sure you are a low-risk investment who has reliable, predictable income to ensure that they’ll earn money off of your loan.

This can sometimes make it difficult for freelancers, contract workers, or the self-employed. Not only might your taxes be unconventional, but your income could vary depending on the time of the year and the amount of business you receive.

It’s easy to see why many people would be anxious about applying for a mortgage under these circumstances. However, if you’re self-employed, there’s no need to worry. You can still get approved for a mortgage at a fair interest rate--you just need to do a bit of work to provide the right documents to your lender.

In this article, we’ll show you what documents and proof of income you’ll likely need and how to present it to a lender to make the process run as smoothly as possible to get you approved for your mortgage. Here’s what you need to do.

Organize your records

Before applying for a mortgage, it’s a good idea to take a look at your record-keeping process. As a self-employed worker, you’re probably already used to tracking your own income. However, this will help the lender analyze your income easier and move the process along more quickly.

Having a master spreadsheet of your dated invoices, paid amounts, and the names of your clients is a good place to start. You’ll also want detailed, easy to read information for your previous employers, landlords, references, and any other information you think will be pertinent.

Next, gather your tax documents for the last three to five years. As a self-employed worker, you likely file a Schedule C (Form 1040) and a Schedule SE. Make sure you have copies of these forms.

Dealing with deductions

Many self-employed workers write off business expenses in their tax returns. Travel expenses, internet, and other costs associated with doing business are all ways to save by reducing your taxable income. Doing so can save you money, but it can also reduce your net income which is what lenders will see when you provide them with your information.

If you’re hoping to get approved for a bigger loan, one solution is to plan your taxes in the year prior to applying for a mortgage. Make fewer deductions than you normally would to increase your net income.

Be ready to clarify

When a mortgage lender is reviewing your information, make sure you are open and available to provide any information that can be helpful to them in considering your application. Being prompt and accurate with your responses will signal to your lender that you are willing to work with them.





Posted by Jane Cheetham on 12/11/2018

Buying a home may seem like a smart financial move. However, it may not always be the right time or the right move for you. While buying a home is a great investment, you may not be ready to buy a home of your own. The following questions should help you to determine whether or not you are fully ready to buy a house in the near future.


How Much Money Do You Make? How Much Have You Saved?


buying a home is a significant expense. First, you’ll need quite a large sum of money for a downpayment and closing costs on the home. Second, to get approved for a mortgage, the lender will look at every part of your finances from your income to your assets. Once the home is purchased, you’ll also need quite a bit of capital for expenses including insurance, taxes, HOA fees, emergency funds, utilities, and furniture. You don’t want to buy a home only to be overwhelmed with costs. You want enough of a financial cushion to enable you to furnish your home, decorate your home, and not have a completely empty bank account. That’s why you should make sure that you do make enough money to buy a home.



How Much Debt Do You Have?


If you have established that your income is enough to buy a home, the next thing that you need to establish is that your debt isn’t too high. Before you enter into the adventure of homeownership, you’ll need to make sure that your bills are under control. These expenses include things like car loans, student loans, and credit card bills. Your lender will put your debt into consideration as a part of your entire financial picture. Your debt (including your proposed mortgage payment) should be less than around 36% of your gross income. Before you take the leap into buying a home, you’ll need to make sure that your debt is under control. If you need to take a step back and pay your bills down before you start house hunting, you should as it will make buying a home easier for you.


Are You Seasoned At Your Job?


In order to secure a mortgage for a home, you’ll need to show that you have been at the same job for a certain period of time. Your average income will probably be calculated based on how long you have been at the company and your job history. You should be able to explain any income gaps, changes in positions or companies. Otherwise, you’ll appear to be an unstable person to lend to. Lenders want to know that you’ll have a steady, stable income.


How Is Your Credit?


In order to secure a mortgage, you’ll need to have a good credit score. Check on your credit report when you begin thinking about buying a home. If your credit is on the low side, you’ll want to work on bringing that score up. 


     




Tags: Buying a home   finances  
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