Real Deal Real Estate with Rob

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The largest obstacle that a renter faces when they’re considering the purchase of their first home is saving for the down payment. This challenge, of course, is only amplified by rising rents, which eat into those funds a renter has left over after paying all their normal expenses.

In combination with higher rents, we also see from survey after survey that most non-homeowners believe that you have to save upward of 20% for a down payment. In fact, a recent survey from Convergys Analytics found that 49% of all renters believe they need to save at least a 20% down payment.

The bottom line is this: The median down payment on approved loans last year was just 5%. With that said, if you’ve been saving for even just a little while, you may already have the down payment you need in order to purchase your first home. 

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So you’ve decided to make a move. You know that you need to sell your current home in order to be able to move into a new one, so how do you balance selling your home and buying the next one with as little stress as possible?

There are three key points to address when it comes to juggling two transactions.

For your convenience, I’ve cited timestamps below that will direct you to various points in the video above. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure: 

1:16—Phase No. 1: Marketing your current home to sell; beginning the search for your new home
2:16—Working with a lender who can help you close both transactions quickly
2:44—Phase No. 2: Negotiations
4:21—Reverse contingencies
5:10—Phase No. 3: Closing and possession

If you have any questions about this or other real estate topics, don’t hesitate to reach out to me. I’d be happy to hear from you.

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For more info check out our website at OmnipreresentHomesGroup.com or Send me a message on Facebook

It's bound to happen: You're browsing real estate listings and one day spot a house you'd love to see in person. Should you contact the listing agent directly for a home showing?

Can buyers contact a listing agent directly?

Technically—yes. The only people who may frown upon contacting a listing agent are buyer's agents, who make their commissions based on representing buyers. But there is no law or rule saying a buyer cannot contact a listing agent. If you're not actively looking to buy and are just curious about the house, simply be clear about that with the listing agent. Say you're in the early stages of the home-buying process and haven't yet employed the services of a buyer's agent. Ask when the listing agent will be in the neighborhood and would be able to show you the property

Do buyers need to sign an agreement to see a property?

Touring a property doesn't require signing any documentation. If a listing agent does ask you to sign something, make sure you thoroughly read it. Most likely it is a disclosure about agency, which is required by some local laws. Here is Kentucky, we do have a document that requires the signature of any consumer based on one of the following triggers:

1. The dissemination of any confidential info such as pre-approval amount, financial situation, etc. 2. By the end of the 2nd meeting or conversation and 3. When writing or presenting an offer. 

Agency refers to whom the agent represents—in this case the seller—and expectations you should have of the agent's professional responsibilities in regard to showing a property.

However, some agents may be asking you to sign an exclusivity agreement saying they represent you—for this particular property, or all properties you might see in the future. This is rare but possible, so you should make sure you're clear on what you're signing before you move forward.

Do buyers need to find their own agent to see a property?

Checking out a home doesn't require representation. The listing agent is usually present at the property simply for the security of the homeowner. Think of it this way: Viewing the property individually is the same as attending an open house. And you don't need a buyer's agent to attend open houses.

When do buyers need their own agent?

As a buyer, the option to be represented by an agent is yours. However, if you are actively looking for a home, consider getting a buyer's agent. The listing agent represents the best interest of the seller.

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Here are four reasons to consider buying today instead of waiting. Reach out with any questions by visiting OmnipresentHomesGroup.com

1. Prices Will Continue to Rise

CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 3.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.

Home values will continue to appreciate. Waiting may no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage have started to level off around 4.3%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings. Call or text me directly at 502.553.3277 or send me a Facebook Message here >> 

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With wages increasing, price appreciation moderating, and mortgage rates remaining near all-time lows, purchasing a home is a great move based on historic affordability numbers. For more infomation, visit us on the web at omnipresenthomesgroup.com

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Inside of this episode, I discuss three magical questions that you can ask yourself to help resolve nearly any situation or conflict with almost any relationship you have. --- Send in a voice message: https://anchor.fm/realdealrealestate/message

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