Home Buyer Guide November 3, 2024

What Makes a Good Customer

In real estate, the client-agent relationship can be delicate, and sometimes, the lines between what’s expected of both sides can blur. There are experiences that leave you reflecting on how things could have been handled better—not just on your side, but from the customer’s end as well. Here are a few stories from my own career that illustrate how important it is to handle expectations, maintain communication, and ensure both parties are clear about their goals.

I Ghosted a Customer – I Should Have Handled It Better

I was sent a referral by another agent for a retiree looking for a rental in Henderson. At first, everything seemed straightforward. The retiree had a friend join us on a video call while touring houses, which, in hindsight, should have been a red flag. This third-party presence started influencing the process more than I would have liked. The retiree wasn’t ready to move right away—she had about three months, but still wanted to look at houses, even though she wasn’t actively making a decision.

I showed over 10 houses, and while she found one she liked, she still wanted to hold off. I explained that properties in Las Vegas get leased quickly, and as time passed, the house she was interested in was gone. Naturally, she got frustrated. Here’s the kicker: instead of communicating her concerns with me, she started contacting listing agents directly. This was another red flag, signaling she was distancing herself from the process I was handling.

This situation taught me a valuable lesson: first impressions matter, and communication is key. I should have recognized the importance of setting clear expectations and boundaries from the start. I also learned that staying calm and assertive is critical. Real estate is stressful, but when you’re not loyal to the process, it only leads to more frustration. Loyal and ready clients are the best customers to work with.

I Got Ghosted by a Customer – I Should Have Done This First

In another instance, I was sent a referral by an agent for a couple of travel nurses looking for a rental in Inspirada. The nurse and her husband texted me saying they wanted to see three houses in person, and I was excited—there was no third party involved, and seeing houses in person is always better. I took the time to preview the homes and was ready to show them around. However, one of the properties was listed as “coming soon,” which meant the lockbox wouldn’t open, something I made sure to inform them about in advance. They understood, which was a relief.

The day I met them, I expected to meet both the wife and husband, but only the husband and their son showed up. I had dressed in the longest skirt and long sleeve buttoned up top, all black, intending to be respectful to the wife, but since she didn’t show, the husband thought I looked “stiff” and awkward. He wasn’t wrong. I’d overthought the situation, trying to impress them, instead of just staying relaxed.

Eventually, the clients ghosted me and eventually went back to the referral agent. I learned a couple of key things from this experience:

  • Stay true to yourself. No matter who you are working with, it’s essential to stay authentic.
  • Keep your brand image consistent. Being professional doesn’t mean you can’t be personable. I overcompensated in trying to impress them, but I should have simply stayed relaxed and let things flow naturally.

In the end, even though they weren’t interested in continuing with me, I learned not to put too much pressure on myself. I should have simply stuck to my usual approach without overthinking.

My Favorite Clients and Why They Make Real Estate Worth It

Every real estate professional has those clients who make their work truly rewarding. For me, it’s the no-nonsense, ready-to-move clients. These are the clients who walk into a property, know exactly what they want, and stay focused on getting it without wasting time. They are proactive, decisive, and serious about making a move. They don’t get distracted by unnecessary details or outside influences. It’s the type of professionalism and mutual respect that makes real estate feel like a true partnership.

In contrast, the challenges I’ve faced with other clients—like ghosting, mixed signals, or lack of follow-through—have only reinforced how important it is to attract clients who are ready, loyal, and serious Real estate can be stressful, but with the right clients, the job becomes much more rewarding.

The Takeaways: What Makes a Good Customer?

From ghosting clients to them ghosting me, there are several lessons I’ve learned in this journey:

  • Clear communication is key. Don’t assume anything, and always make sure both you and your clients are on the same page.
  • Stay true to yourself. Clients will appreciate authenticity and consistency more than anything else.
  • Loyalty and readiness are invaluable. The best clients are the ones who are committed to the process and ready to move forward.

As a realtor, I’ve learned that not every client will be a perfect fit, but by staying professional, respectful, and focused, I can navigate any situation. Ultimately, the clients who are clear about their needs and ready to act are the ones who make real estate the most rewarding profession.

Home Seller Guide October 31, 2024

Should You Sell Your Home Now?

Selling your home is a significant decision, and understanding the current market conditions is crucial. Here are some essential questions to help you determine if now is the right time for you to sell.

1. Is It a Seller’s Market?

If homes in your area are fetching high prices, you’re likely in a seller’s market, which is advantageous for you as a seller. This could mean substantial profits when you sell. To gauge your home’s current value, consider using online valuation tools or consulting a local real estate agent for an expert assessment.

2. Does Your Home Still Meet Your Needs?

Have there been changes in your life, such as welcoming a new baby, sending kids off to college, or accommodating an aging parent? Such shifts might render your current home too small, too large, or simply unsuitable. Additionally, if you’ve recently transitioned to remote work, this might open up new possibilities for where you can live. Reflect on your personal situation alongside market trends when deciding whether it’s time to move.

3. Can You Afford Your Home and Its Upkeep?

If circumstances like job loss or divorce have made your mortgage payments unmanageable, it might be wise to downsize to a more affordable home. Those nearing retirement may also choose to sell in search of a more pleasant climate or a property that requires less maintenance, like one without a large yard or pool.

Taking these factors into account can help you make a more informed decision about selling your home.

Luxury & New Construction October 24, 2024

Is Las Vegas Becoming the New High End Real Estate Capital?

Las Vegas has long been known as a playground for tourists and entertainers, but in recent years, it has begun to establish itself as a serious contender in the realm of high-end real estate. Once primarily targeting wealthy individuals from Texas and New York, the city is now attracting both old money and new money millionaires from all over the globe. With its unique blend of luxury properties, favorable tax conditions, and a relaxed lifestyle, Las Vegas is increasingly being recognized as the new high-end real estate capital of the United States.

Historical Context

The narrative of Las Vegas as a luxury destination took a significant turn in the mid-20th century with the arrival of cultural icons like Elvis Presley. His residency at the International Hotel (now the Westgate) not only cemented the city’s reputation as an entertainment hub but also hinted at its potential as a destination for the wealthy. Over the decades, the city’s appeal has grown, transforming into a home for celebrities and affluent individuals. Today, figures such as Celine Dion, Nicolas Cage, and Mike Tyson have made their homes here.

A Shift in Demographics

In recent years, Las Vegas has seen an influx of millionaires from more laid-back locales such as California and Hawaii. These individuals are drawn to the city not just for its entertainment offerings but for a lifestyle that emphasize relaxation and luxury without the burden of high taxes. Nevada’s lack of a state income tax is particularly appealing to those looking to maximize their wealth, especially compared to states like California and New York, where tax burdens can be significant.

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Local Events and Resources October 16, 2024

Las Vegas Book Festival

Get ready to celebrate the written word at the 2024 Las Vegas Book Festival! This exciting event is a dream come true for book lovers and promises a day filled with literary delights.

Location, Date, and Time

  • Location: Historic Fifth Street School, 401 South 4th Street, Las Vegas, NV 89101
  • Date: Saturday, October 19, 2024
  • Time: 10 AM to 6 PM PDT

Admission Is Free!

The best part? Admission is absolutely FREE! Everyone is welcome, so gather your friends and family and come explore the joys of literature together.

Home Buyer Guide October 14, 2024

5 common mistakes first-time homebuyers make

Buying a home is always an anxiety-ridden process, and that goes triple for anyone who’s embarking on homeownership for the very first time. There’s so much to do and so much you don’t know that “overwhelming” hardly seems like an appropriate description of how it feels.

Even though you don’t want to scare yourself away from the entire process, you still need to be wary of falling into a few common traps that first-time buyers generally don’t avoid. If you’re aware of these five potential mistakes — and able to keep yourself from making them — then you’ll be saving yourself some significant stress on your homebuying journey.

1. Not understanding your down payment options

The biggest headache for so many first-time buyers is the down payment. If you’ve ever bought a car, then you’re probably familiar with the concept — it’s money that you contribute to the total cost of the purchase.

  • A down payment of just a couple thousand dollars can get you a head start on your car. If you don’t have a certain amount to put down on your home loan, however, you might find yourself paying private mortgage insurance (PMI) on the lifetime of the loan.
  • Depending on your credit score, the bank and other factors, PMI could cost between 0.5 percent to 1 percent of the total loan amount.
  • Most banks require at least a 20 percent down payment before they will waive the need for PMI on the loan. And most homes in this area cost about $300,000, so that means a buyer would need to bring $60,000 to the table in order to avoid PMI.
  • Some government organizations and lenders try to incentivize first-time homeownership by offering free down payment grants or loans to qualified buyers. Depending on your age, income level, credit score and other factors, you could qualify for free money to wrap into your down payment; a full rundown of programs is available at downpaymentresource.com.

2. Not getting prequalified for a loan

Between the amount of money you plan to put down on the home, the potential PMI and other cost factors, your monthly cost could be significantly more (or possibly less) than some of those calculators will show you online.

So before you trust those “estimated monthly mortgage loan amount” numbers that you see popping up next to your potential new dream home on Zillow or a brokerage website, it pays to figure out what you can actually afford — and that means getting prequalified for a home loan.

This means you will need to talk to a mortgage loan officer and submit a slew of documentation, from your monthly pay stub to your credit score, in order for that loan officer to tell you how much money you can get for your home loan. It’s a little bit painful, but the prequalification letter you’ll get as a result is much more credible than a quick qualification you can pull up on an app — and that means sellers will take it more seriously when it comes time to put in an offer.

3. Not finding a qualified real estate agent

It’s so easy to find homes online these days that you may wonder why a real estate agent is even necessary. After all, isn’t the hard part — finding the place you want to buy — something you can do yourself?

Well, maybe. But in areas with red-hot markets, you’re probably not seeing the most updated listings — that home you just fell in love with online might be under contract before you can set up a time to tour it.

Not only can an agent make sure you have access to listings the second they hit the MLS, but a qualified agent should also provide expertise on the area where you want to move. Whether that’s feedback on who can help you with homeowners’ insurance quotes to warnings about some of the frequent pitfalls of owning a home in that neighborhood in particular, a qualified agent is an invaluable resource.

4. Not spending the night in the neighborhood

If it’s at all possible, see if you can find an Airbnb or another vacation-rental type of setup where you can crash for a night or two — preferably closer to a week — so you can try your new neighborhood on for size.

  • Is an 8 a.m. arrival time at work still reasonable with this neighborhood’s commute?
  • Where are the closest grocery stores, parks, rec centers and hiking trails?
  • What are the overnight noise levels? If there’s a train that rolls through town in the early hours of the morning, you’re near a highway or a flight path — and any of that is going to disturb you — then it’s best to figure it out before you’re spending your first night in your new home and wake up to unpleasant (and unexpected) noises.
  • At the very least, you can learn enough about the neighborhood to know how close to (or far away from) the bus line you need or want to be and target your home search accordingly.

5. Not understanding what’s fixable and what’s a deal-breaker

Those drop panels in the ceiling are hideous, and you can’t imagine how anyone can fit into that miniscule bathtub. Are those annoyances that can be fixed or deal-breakers that mean you should pass on the property entirely?

This is another area where a good real estate agent can help. They see so many houses in various stages of repair and updating that they can show you where you can claim another foot or two for bathtub space (and help you figure out how much it will cost and who’s trustworthy enough to take on the job) or let you know that the ceilings are too low for any changes to make much of a difference.

None of these mistakes will keep you from buying a home of your own — but they could delay the process and cost you hundreds (if not thousands) of dollars at the end of the day. But if you’re able to avoid them, you’ll be signing the closing papers on your dream home before you know it!

Home Buyer Guide October 10, 2024

How to Buy a House in 2024

Purchasing a home can be one of the most significant financial decisions of your life. As we move into 2024, the housing market continues to evolve, shaped by interest rates, inventory levels, and economic trends. Here’s a comprehensive guide to help you navigate the home-buying process this year.

1. Assess Your Financial Situation

Before diving into the housing market, evaluate your finances:

Credit Score: Check your credit report and score. Aim for a score above 620 for better mortgage rates.
Budgeting: Determine how much you can afford for a down payment and monthly mortgage payments. Financial experts often recommend that your monthly housing costs should not exceed 28-30% of your gross monthly income.
Debt-to-Income Ratio: Lenders typically prefer a ratio below 43%. Calculate your monthly debts and compare them to your income.

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Luxury & New Construction October 7, 2024

How to Market a Luxury Home

When you’re selling a luxury property, the usual rules about how to market a home tend to go out the window.

For starters, not all sellers want the universe to know that their home is going on the market, so you might not have the option of advertising the home on a real estate portal or even listing it on the multiple listing service (MLS). And depending on whether or not the seller (or the home) is noteworthy locally or nationally, there could also be quite a few “interested buyers” who don’t have the means to purchase a home but who still want to come inside and look around.

But that doesn’t mean that marketing a luxury home is impossible — far from it! There are specific tactics and strategies that wouldn’t make sense for another type of property but that are perfect for luxury homes, and you can use some or all of them to secure a qualified buyer without compromising privacy.

Keep it in your pocket

When a home is for sale but it’s not listed on the multiple listing service (MLS), it’s known as a “pocket listing.” There are many reasons why a seller might want to leverage a pocket listing instead of using the reach and network of the MLS, and privacy is usually at the top of the list.

  • If the address or the person who lives there is relatively well-known, then it probably won’t be too long before the media or a fan picks up on the home for sale and turns it into a story.That can be a tactic that works to your advantage, of course, but you might want to save the step of listing on the MLS until after you’ve used the local luxury network to shop the home (and you have not received any viable offers).
  • The local community can be your best asset in the home sales process. If you tell your friends, colleagues, and members of any clubs or organizations where you’re a regular attendee that you’re putting your home up for sale, the likelihood of you finding a qualified buyer is heightened — and your acquaintances can tell anyone they know about the fact that your home is for sale. You might not be telling every buyer in the market that you’re putting a house on the market, but you’ll certainly be reaching a large portion of people who are financially qualified to take on that investment … and possibly interested in buying it.

If you think you could stand to expand that network, host a party. There’s no better way to show off your home than when it’s packed with admirers.

The luxury world is a stage

Even the best-maintained luxury home looks more lived-in than magazine-ready most of the time, so before you showcase yours, it’s smart to take care of any cosmetic issues that might have been lingering and possibly even consider moving yourself and your things to a different location so that it can be staged and presented at its very best.

That might be an extreme idea in your opinion, and there’s a lot you can do to make your home shine short of moving out and leaving it to professionals. Start with the basic curb appeal

  • Is your lawn manicured and maintained, and is your landscaping polished?
  • Do you need more gravel or flowers anywhere?
  • Do your trees and shrubs — and grass blades — look healthy?

Inside, get the place deep-cleaned to within an inch of its life. Steam the carpets and polish the wood floors. Then look at the balance of furniture in the room — is it arranged to showcase the place at its best, or for human convenience? You might want to remove a piece of furniture or two for every room so that you have plenty of space around each item. Allow for smooth and uninterrupted traffic flow through each room. Some experts recommend leaving space (including between furniture and walls) around each piece of furniture.

Examine your decor with a critical eye, too. It might not be enough to remove those family photos from the guest rooms — you may also want to think twice about showcasing any artwork or decorations that are tailored to specific tastes. The idea is to invite visitors to imagine themselves living in the home, and some people might not be able to do that around certain images, so if your own preferences tend toward the risque or out-there, think about going a little more moderate while you prepare to sell.

Build your (visual) asset bank

If your home doesn’t sell as a pocket listing and you do decide to put it on the MLS, then you’ll need some high-quality images to help entice a qualified buyer to your doorstep.

The people who can afford to buy your home won’t want to waste time visiting a property that doesn’t meet whatever standards they’ve set themselves, and in this era of digital opportunity, it’s a huge mistake to ignore images when you’re trying to sell a luxury property.

It’s not enough to “just” have pictures, either. You want the lighting, staging, and finish that comes with a professional photographer and all of the accompanying cameras, lights, and other tools. And if you really want to make a splash, you’ll need to go a step further and think about creating a video that really showcases what makes your property shine.

Tell a story about the special features

A luxury home wouldn’t be a luxury home without sweeping people away somehow. Whether that’s an architect who’s a household name, finishes fit for royalty, or a view that leaves you breathless, you need to know what makes your home fit for the “luxury” label and how you can convey its attraction to people who have never seen it.

Pick the thing or couple of things that always elicit a comment from the people who visit your house.

You probably know them if you begin to think about them — the beautifully landscaped pool area, perhaps, or the industrially equipped kitchen, or the horse stables, or the view from the master bedroom. Then make sure you make those features a central focus of your property marketing. Help potential buyers feel what it’s like to wake up and look out those windows, or take a dip in that pool after dark. Luxury is a feeling, and if you can spark that feeling in the people who are searching for a place to live, you’ll be working toward a sale in no time.

Pricing and incentives

It can be difficult to price a luxury home to sell because they are usually much rarer than entry-level or mid-level homes, and therefore they don’t exchange hands quite as frequently. That makes it tough to pull comparable sales when you’re wondering how much your home might fetch on this market.

Talking to a real estate professional who specializes in luxury sales is essential when you’re trying to nail down the right price for your home.

If you overprice it, it will linger on the market for much longer than it should while you consider reducing the price or pulling it off the market — agonizing for any seller. And it’s equally bad to price it so low that you’re leaving money on the closing table when the time comes to walk away.

Don’t use the l-word

Most buyers in the market for a luxury home aren’t going to Google “luxury homes for sale in my area.” They look for clues that indicate a property is high-end without saying it outright: “gated community,” “estate,” “extravagant,” “opulent,” or “grand,” for example. They might also look for clues in a listing, like whether it’s a waterfront property or the price per square foot.

A real estate professional can walk you through the different cues and clues that qualified buyers in your area are going to be using and help make sure that your marketing materials and listing is peppered with them.

Home Buyer Guide October 5, 2024

5 People You Need In Your Homeowner Network

So you’re finally a homeowner – congratulations! This is an important step in anyone’s life, and it’s absolutely normal to feel somewhat (or wildly) unprepared for the realities of owning a place of your own. What if there’s an emergency, or what if something breaks? Do you know what to do?

Here’s the good news: Like so many things in life, it’s not what you know; it’s who you know. Some homeowners take years to get all of these names and numbers in their mental address books or their smartphones, but if you start trying to find these essential people in your homeowners’ network early, then you’ll have an easier time handling any problems.

1. An insurance agent

If you have a mortgage loan on your home, then you’re going to need homeowners’ insurance, which protects the asset being backed — otherwise known as “your house” — from risk. And to get the best deals on insurance and make sure you’re fully covered for everything that needs to be addressed, you’ll probably need to talk to an insurance agent about your options.

  • Most home insurance policies cover things like fire, for example, but they don’t automatically include coverage for other adverse events like a flood or an earthquake. Do you really need earthquake insurance? Well, your insurance agent can tell you!
  • You may also be eligible for discounts on other insurance policies when you become a homeowner, like your car insurance. In addition, you may want to increase your coverage for policies like car insurance; now that you’re a homeowner, you have a big asset that could become part of a claim if you get into a bad car accident, you’re at fault, and your insurance doesn’t fully cover the other party’s damages or injuries.

A good insurance agent can make sure you’re covered from all angles so that you can get on with the business of living your life.

2. A cleaner

Maybe you’re the type who really likes to clean — you find it relaxing or rewarding. Even so, you’ll still want to think about finding a cleaner who’s worth the cost in case you’re ever in a bind, such as if a health issue prevents you from cleaning and the mess is driving you bananas, or if you’ve got to leave town for an extended period of time and are thinking about turning your house into a vacation rental while you’re away.

“Worth the cost” can be a relative term! Try to find someone who has references so you can get a good idea of how thorough their cleaning is and how flexible they are with times. A really detail-oriented cleaner might charge more and have fewer time slots available every week or month, but like anything else, you get what you pay for, and it’s probably better to find someone who really knows how to deep clean instead of hiring a relatively cheap cleaner who isn’t actually going to evict all the dust bunnies.

3. A general contractor

As a homeowner, there are always going to be little things that need attention here and there, possibly as soon as you move in.

  • Chipped crown molding, holes in walls, broken windows, or doors that creak — whatever your issue, living with it might be fine for as long as you can stand it, but at some point, you’ll want your house to look as nice as it possibly can, even if that only happens right before you get ready to sell it.
  • Maybe you want to do some renovations or even add a room, a shed, a garage, a deck … if that’s the case, it’s even more important to find a reliable general contractor.

A reliable general contractor is one that shows up on time and who can accurately quote a project so that you can budget for it. Reliable contractors can explain timelines, the cost of different materials, offer options, and get the job done on time (or within a reasonable window).

4. A roofer

Depending on the type of shingles on your roof, you may not need to get them replaced at all while you live in the house, but you can bet that any buyers are going to ask when the roof was last replaced. Composition shingles usually last more than a decade but less than 20 years, wood shingles last somewhere between 20 and 25 years, and asphalt shingles can last anywhere from 15 to 30 years.

If you’re not sure how much longer your roof has, then talking to a roofer and making any necessary repairs before they’re needed — so a leaking roof doesn’t damage your house — is a good move.

5. A real estate agent

Of course, you aren’t ready to sell your house as soon as you move in — but keeping in touch with a local real estate agent is still a good plan.

  • Your agent is often the first to know not only who’s buying (and moving in) and who’s selling (and moving out), but also whether there are any new developments planned nearby, where the best restaurants and home improvement stores are located, if there’s a new hiking or biking trail planned, and much more.
  • When you are ready to sell, your real estate agent can help you decide what needs to be changed or fixed to make your home one of the most enticing in the neighborhood, can give you a good idea of when would be the best time of year to put your house on the market, how to price the place, and hold your hand from beginning to end. That’ll be easier to do if you’ve maintained a relationship with the same agent over time instead of scrambling to find one only when you’re trying to sell.
  • Plus, like your neighbors, a real estate agent can often help you fill in any gaps that are missing in your own personal homeowner network of helpers.
Local Events and Resources October 4, 2024

Supporting Las Vegas Rescue Mission

Get ready to lace up your walking shoes! On Saturday, October 12, 2024, the Las Vegas community will come together for the annual Walk A Mile In My Shoes event, benefiting the Las Vegas Rescue Mission. This is a fantastic opportunity to support a great cause while enjoying a morning of camaraderie and community spirit.

Event Details

  • Date: Saturday, October 12, 2024
  • Time: 9:00 AM – 11:30 AM PST
  • Location: The Expo North Parking Lot (Adjacent to World Market Center)
    209 South Grand Central Parkway
    Las Vegas, NV 89106 USA
    Google Maps

Why Participate?

The Las Vegas Rescue Mission is dedicated to serving those in need through food, shelter, daily necessities, and addiction recovery. Their mission is to offer hope to individuals and families through Jesus Christ. Your participation in this walk helps them continue their vital work in the community.

How You Can Help

There are several ways to get involved:

  • Register to Walk: Join the event by forming a team or signing up individually. Every participant matters.
  • Donate: If you can’t attend, please consider making a donation. Your support is crucial.
  • Spread the Word: Share this event with friends, family, and on social media. The more people know, the greater our impact will be.

Additional Resources

For more details about the event or to learn more about the Las Vegas Rescue Mission, feel free to reach out to the Walk A Mile Event Team:

Conclusion

Mark your calendars for this meaningful event! Together, we can make a positive impact in the lives of those in need. Let’s walk together to bring hope and support to our community. We hope to see you there!

Home Buyer Guide October 3, 2024

How To Manage Stress When Dealing With Home Financing

One excellent way to improve your financial profile is to buy a home of your own. But we won’t lie: It’s a long and potentially incredibly stressful process, especially when it comes to the dollars and cents of securing a mortgage loan.

So how do you navigate the stress of the journey in order to reach Destination Homeowner? There’s a lot that’s within your control to help ease some of that stress and make the whole thing a little bit easier. If you take a few steps upfront to manage the financial details early, you’ll thank yourself on moving day.

Get pre-approved for a mortgage

Getting your mortgage loan is arguably the most labor-intensive aspect of buying a home. You’ll have to submit documents that show your:

  • income and expenses
  • tax returns
  • bank statements
  • paystubs

A mortgage pre-approval is much more involved than its lighter cousin, the mortgage pre-qualification.
A pre-approval will help you understand exactly how your new home will fit into your finances and whether you can even afford the house you’re currently touring. Some buyers make the mistake of getting pre-qualified for a mortgage, making an offer on a house they love – and then discovering once they submit all their paperwork that they can’t actually get a loan for that amount.

Pick the best mortgage for your situation

All mortgages will help you buy a home, but not all mortgages are created equal when it comes to your own personal financial profile.

  • If you know you’re only going to be in your current city for two or three more years before pursuing a career change elsewhere, for example, then maybe a 30-year fixed-rate mortgage is the wrong choice for you.
  • You could build more equity in a shorter period of time with a 15-year mortgage, and an adjustable-rate mortgage might give you a more competitive rate for the time you’ll be in the home.
  • Conversely, if you are planning on digging in and staying for a while, then a 30-year fixed-rate mortgage might be exactly what you need.

Save as much as you can

Even if you’re securing a low-down-payment or no-down-payment mortgage, you should still expect some out-of-pocket costs that you’ll have to shoulder before you can start paying a mortgage instead of rent.
Depending on the sales contract, buyers will likely have to pay for the appraiser and the inspector to look at the house and (respectively) appraise and inspect it. A seller might request earnest money in order to accept an offer, so buyers will have to provide that.

  • Necessary repairs to the house might be taken on by the buyer in order to expedite the sale, so that’s another possible expense to consider.
  • There are closing costs that need to be paid to the title company upon closing, and if a buyer wants to purchase title insurance to protect the sale, that’s an additional expense, too.
  • And don’t forget about the cost of moving – you’ll need time off work and a truck at minimum, or to hire your own movers. Then once you move in, you might need to pick up some new furniture or other items for your new space.

Research before you bid

If you’ve found a home that could be yours and you’re ready to make a bid, stop and think before you decide on a number.

Offering the seller’s asking price may seem a perfectly safe move to make (and it might be), but how will you feel when you learn that most sellers in the area are negotiating down from their listing price? (Here’s how you’ll feel: Like you left several thousand perfectly good dollars on the table that could have been yours).

Offering less than asking price could also be considered a safe move in some markets, but in others, you might have priced yourself out of consideration from the opening bid.

A good real estate agent can explain your local market trends and help you come up with a bid that works with your budget and will be seen as serious and competitive by the seller. Agents can show you whether houses in the area have been selling for below or above the asking price and can help you find that sweet spot where both you and the seller are happy with the deal.