Saturday July 16th, 2016 & Sunday July 17th, 2016
From 11:00 AM to 6:00PM
Refreshments will be served
Your first time housing hunting is a very exciting, yet scary time. There are so many factors that go into buying a home that it can be a bit overwhelming at times. Once you find and buy your home, the satisfaction you get will definitely be worth it. Before you begin the house hunting process here are a few tips you should know.
- Look for up-and-coming neighborhoods
When you start your search, research neighborhoods that are in between. That means find a neighborhood that is on its way up, this is where you’ll get the most return on your investment. As the neighborhood continues to grow you’ll find that the demand will increase. But remember there are no guarantees, neighborhoods may be on their way up and then in an instant, they decline. Here are a few things you should keep an eye out for when looking for an up-and-coming neighborhood:
- New restaurants and bars
- Unique architecture
- A growing arts district
- Close proximity or easy access to major cities
- Good nightlife
- Low crime rates
- Good schools
- Look beyond cosmetic issues
We know how turned off you can be when you see a home that has wallpaper from the 70s and shag carpeting. Some people even have trouble seeing past the furniture the current owners have. These kinds of issues are easy to change and should be overlooked when looking at homes. You should never turn down an eligible home in a good neighborhood because you don’t like the decor.
- Look and then look again
The first time prospective buyers look at a home they tend to be hung up over certain figures of the home, like beautifully painted walls or a pool in the back yard. It’s best to come back and check out the house with a fresh set of eyes. Make sure when you come back and see the house to check:
- Water pressure – turn on the faucets and shower
- Check all the windows – Make sure they open and close
- Check all cabinets – will there be room for all your kitchen supplies?
- Check the attic, basement, and crawl space – is there any missing insulation that can cause heating and cooling problems. Also, is there enough room in the crawl space for the inspectors or is there water leakage in the basement?
- Keep an eye out for hidden variables
There are more expenses beyond the mortgage when you close on a home. Make sure you ask your agent and the seller about the following:
- Utilities – Ask the previous owners what their average monthly utility bill is. If they are in an HOA, make sure you look over the contract before signing anything.
- Your surroundings – Who are the neighbors? Is there anything you should know about them? It wouldn’t hurt to drive past the neighborhood at different times of the day so you can get a feel for what goes on there.
- Don’t skip the inspection
Now that you have gotten past the housing hunting process and you have found a home it’s important that you take this step before you apply for a loan. An inspector will give you a list of what you can’t see, like the foundation, electrical system, mold, condition of the roof, and if the house is up to state and city standards. Some people skip this step in order to speed up the process, but this could be one of you biggest mistakes. These inspections could save you hundreds if not thousands of dollars down the road.
336 El Segundo Blvd Los Angeles
Saturday July 9th, 2016
From 11:00 AM to 5:50PM
Refreshments will be served
Beautiful Single Family home upgraded from the inside out. Custom cabinetry, granite counter tops, new flooring,& much more! Don’t miss out on this great Opportunity.
1766 E 112th Los Angeles
Sunday July 10, 2016
From 11:00 AM to 6:00PM
Buying a home is like getting married and like getting married, it’s a big commitment. You’re full of good nerves as you make the offer, then you’re over the moon once it’s accepted. Then as the big day (closing day) approaches, you begin to worry that you’ve made a mistake. It is very common for first-time buyers or even second or third-time buyers to get cold feet before closing. The major reason for cold feet is that all the “what-ifs” begin running through your head. Here is how you can overcome cold feet so you can enjoy your new home
A great concern for most homebuyers is “what if I can’t make the monthly payments,” this happens, especially for people who are buying at the top of their budget. If you’re really that worried about the mortgage, sit down with your financial advisor and discuss the numbers once again. You’ll want to factor the whole cost together, including the mortgage, taxes, utilities, and insurance. The monthly payments should not be more than 28 percent of your total monthly income, but if it does, do not worry. Sit down with your financial advisor and they may be able to work out a budget for you.
“What if I overpaid?” is another common worry for buyers. First, you have to consider if you were in a bidding war in order to land the offer, if so, you WOULD have to pay over the listing price. When you put in an offer, it automatically includes the appraisal contingency. That contingency is required by your lender and involves a third-party appraiser. If the appraisal comes back lower than your purchase price, you lender will approve a loan only up to the lower amount. You can decide if you want to walk away from the deal or pay the difference yourself.
“What if a better property comes along?” Many people experience this question when they are buying during the spring/summer season because there is a larger inventory on the market. This is a very real concern, especially if you’ve viewed other properties before submitting your offer. You have to put things into perspective and realize that you’ve probably viewed hundreds of properties online. If you’re still afraid that you’re making the wrong purchase, ask yourself how much do you love your new home on a scale from 1-10. If you’ve rated your home an eight or higher than you’re making a good purchase. People can search for years and still never find the perfect home.
With years of experience in negotiation, we fight to get our clients the best deal possible. We work closely and develop strong relationships with our clients so we can learn their goals and desires to ensure their satisfaction with their purchase.
Buying a home is a huge commitment, but an exciting one nevertheless. Whether you’re a first-time buyer or a veteran, there is always something to be learned about the process since the process is ever changing. Today, there are many online tools that can help you find a home, learn about its history and the surrounding neighborhood, but the overall process is not something you can just quickly learn from a Wikipedia article. Here are a few of the steps you need to take before you can begin looking for your new home.
1. Start with your credit score
Your credit score shows habits when it comes to paying your debts. Your score is a number calculated from a formula based on information from your credit score. It is important to know your credit score before you begin your house hunting journey. A low credit score will lessen your chances of getting a good interest rate or your chances of getting financing at all. So it is wise to get your credit score early in case it needs some fixing.
2. Set your budget
Again, before you begin your house hunting journey, sit down and budget what you can afford. There are plenty of online calculators that can help you with this. For a more accurate number, get pre-approved by a lender who looks at your debt, income, and credit to determine what kind of loan is right for you. If you don’t accomplish this step first, you may begin looking and fall in love with homes you can’t afford. A good rule of thumb is to look for homes that cost about two and half your gross annual income. Also, another rule of thumb is that your monthly mortgage payments shouldn’t exceed 36 percent of your monthly income.
3. Line up cash
You’ll need to save up some money for a down payment, closing costs, and any other unexpected fees. Typically lenders like to see a 20 percent down payment, but many accept anything as low as three percent. Just a warning, if you do plan to put down less than 20 percent you will be required to obtain private mortgage insurance. PMI is just a safety net for lenders in case you fail to make payments. Once you’ve saved for the down payment make sure you save for closing costs and any additional fees like appraisal fees, loan fees, attorney fees, inspection fees, and the cost of title search. These fees altogether can easier add up to over $10,000. If you are having trouble coming up with the additional fees after the down payment, first-time buyers can receive up to $14,000 without paying a gift tax.
4. Find an agent
Most sellers sell their home through an agent. This agent works for the seller, not the buyer, so it is best if the buyer gets an agent for themselves. An agent will work with the buyers to help find a home, negotiate prices and maintenance, and deal with all the paperwork involved.
5. Search for a home
Now that you have everything in order you get to move on to the fun process, searching for a home. Now this can be a bit stressful, disappointing, and tiresome, but in the end, it will all be worth it. You should begin your search by discovering your desired neighborhood. Look for a neighborhood with economic vitality, along with a mixture of younger families and older couples, low unemployment, and low crime rates. Don’t be too restrictive on your search criteria. For example, select a price range 10% above and 10% below your true range. Add a 10-mile cushion to the location you specify.
Before the open house frenzy starts, you begin to prep your home by giving it a deep clean, organizing it, and maybe adding a few extra pieces of furniture. This is all great and should be done, but one thing that many sellers don’t realize is the exterior of their home is the selling point. Whether people are looking at photos online or driving by, the presentation of your home is what can turn people into potential buyers. We’ve all learned not to judge a book by its cover, but this is not the case. Everyone will be judging your home by its cover. Here are 5 open house hacks that will sell your home before the buyers come knocking.
- Paint your front door
You may not have the time or the money to paint your entire home, so why not opt for something smaller. The front door of your home is like the eyes to a face, it’s the first thing people look at. Giving your door a fresh coat of paint is cheap and can give your home the facelift it needs.
- Fake a ‘just landscaped’ landscape
If you don’t have the time to re-landscape your whole front yard, you can fake the look by adding mulch around in-ground plants to give your home a fresh look. You should also trim any overgrown trees or plants. If you also don’t have time to get to all your shrubbery, trim the ones that look overgrown or that are obstructing views of the house.
- Greet them with fresh flowers
On the day of your open house add fresh flowers to a pot and set them out front. This will make your home look more welcoming and inviting. The fresh flowers will also distract your potential buyers from other flaws that you may have not had time to get to. Also, keep the flowers related to the season. Now that spring is upon us, choose daffodils or tulips to decorate your front porch.
- Spruce up the mailbox
Our mailboxes can become weathered and unsightly over the years, yet still go unnoticed because they are not a major accessory of our homes. If you mailbox is rusty and gross it may be time for a new one, but some may just need a fresh coat of paint. You can even match the color to the front door, adding that little accent of color.
- Tie is altogether
Adding a fresh new welcome mat will clean up the look of your home, but before you do that you should get a new door knob, knocker, and porch light, that match. Having these matching pieces will tie everything together, giving you home a complete and finished look. You want to make your potential buyers fall in love with your home before they even walk in the door.