You've decide it's time to take advantage of low home prices and low mortgage rates and jump into this buyer's market.  Congratulations!  Now let's make sure it's a good experience.  Here are a few tips on how to avoid these 3 common home buying mistakes.

1. Don't withhold any information from your agent.  Trust your real estate professional - that's why you hired them!   Believe it or not, "there's little they haven't heard before." says Elizabeth Weintraub on About.com.  

Keep the lines of communication open.  If you are feeling buyer's remorse... don't wait, talk about it with your agent "who can help walk you through those anxieties and determine if you really need to cancel and, if so, manage the transaction so you can get your earnest money deposit back." says Weintraub.

Buyers withhold information for a number of reasons, she says, including feeling it's not important enough or worried about how they will be perceived.  Or perhaps you lack confidence in who is representing you and you are seeking information elsewhere, if this is the case... find someone else to represent you!

2. Do Not Alter Your Financial Picture in Any Way before Closing:  Your  loan is based on certain credit ratios and even what you might consider a minor purchase might change your whole financial picture causing the lender to throw out or deny your loan.

"Do not buy anything on credit and/or with a credit card once you have completed a loan application." says Weintraub. 

What Not to Buy Before Closing on Your New Home

• Automobiles
• Washers, dryers, refrigerators
• Lawnmowers or garden equipment
• Expensive electronics or computers
• Furniture for your new home

3. Don't Buy the Wrong House:  What? How could I be buying the wrong house?  Even though you may be restricted by a price range, you can still be choosy when looking for your home. Keep in mind, it is your home, not your friend's or parents or even the agent's home.  You will be the one responsible for the costs of upkeep and you will be the one living with the consequences of not waiting for the right house.  (sounds like dating advice, doesn't it?)

"The very first thing home buyers should do is to make a list of priorities and  home purchase objectives." writes Weintraub. "Figure out what features and benefits are most important and which you can live without. Before you close escrow, review this list. It's easy to overlook a major factor that could come back to haunt you later."

Home buying is a huge step in your life, trust your real estate professional to guide you through the process and help to make it a positive experience.

Read more at About.com.

Read: Tips For First Time Home Buyers.

photo credit: Jonathan D. Blundell

Posted in Buyer Resources, GenX GenY, Real Estate Trends

Moving to your new home is thrilling but can be bittersweet, as well.  You are excited about all the new memories you will be making but you are also leaving cherished memories and possibly friends and family behind.  What can you do to make the move easier?

Have a Moving Party, but not the kind you think.  Sure, you might need to enlist friends for the big moving day, but THIS moving party is one last hurrah in the "old" place to say goodbye. 

Start Organizing!   The more you do before moving day, the better off you will be.  Trim the clutter, donate or resell all items you haven't used in years and won't need in your new place.  That includes personal items, clothing etc.   This will save you time and money on moving day.

Hire the Movers: Don't put this off.   Research companies online and get a few bids.  Get recommendations from friends and ask your REALTOR®. A professional moving company has the experience and the right equipment to move your belongings safely to your new home.

Plan to spend a lot of time Packing....  Pack everything carefully, using good packing supplies and make sure you label everything neatly on the top and on the side including what room it will go into. 

Pack the Essentials for your first night in the new house.  Make sure you pack a backpack or box with all the essentials you will need to spend your first couple of nights in your new home.   Pack extra clothes, toiletries and pajamas!  Do this for every member of the house, including your pets!  Make sure you have their bowls, leashes, beds and food, to help them make the transition easier.

Create a floor plan for a faster move.  Clearly mark every room in the new house, so that the movers can put boxes and furniture in the correct rooms quickly and easily.  

Enjoy it.  Once all the boxes have been moved and the beds set up, take your time.  Everything will get put away eventually.  Enjoy your new home and don't worry about making everything perfect immediately.

photo credit: E. Bartholomew

Posted in Marketing, Buyer Resources, Ownership, GenX GenY

Buying a home for the first time can be overwhelming... where do you start?  Make your first time home purchase a good experience by following these tips

1.      Ask Questions!  Ask for agent referrals from family and friends and always interview several agents to make sure you find the right fit.  Make sure you get an agent who is knowledgeable in your local market, financing options and national trends.

2.      Research your Home Lender. Your agent is a good source to refer a mortgage lender.  Shop around for your mortgage lender and get pre-approved so that you know what your budget is and you can stick to it.  By being pre-approved, you can move quickly when the right home comes along.

3.      Narrow Down Your Search:  The typical homebuyer looks at 12 homes before buying.  Narrow the field by deciding ahead of time what type of home, neighborhood and area you are looking for.  Do you want to be close to work, want a great place for kids, quality school system, walkability?  Realize you won't find everything you want but keep narrowing the criteria until you come up with the top 5 or 6 "must haves" in the home you choose. 

4.      Look Around You:  It's easy to focus only on the house you are looking at, but pay attention to your surroundings.  What's next door?  Is it near a park or a busy street?  You might consider bringing along a digital camera to help you remember details later.  Start with a close up of the information flyer to help you identify which house is which.

5.      Take a Second Look.  Once you've figured out the houses you are interested in, ask to see them again, you will notice details you overlooked the first time.

6.      Follow Through:  Always get a home inspection done including repair estimates, look into home warranties and make sure you have a reputable title company before you take the plunge.  This is where your agent offers valuable expertise.

Buying your first home is exciting but all the details involved in home buying can be challenging.  Make it easier by following these tips for first time home buyers.

Are you Ready To Buy? Make it happen in 2012.

photo credit: WDanRoberts

Posted in Marketing, Buyer Resources, GenX GenY, Real Estate Market Conditions

    In spite of the news of renters flooding the market,

in many top US cities, it's still a homebuyers market. 

Trulia, the real estate marketing and research site, released their Summer 2011 Rent vs. Buy index which shows that it is still cheaper to buy a home in 74 percent of the 50 largest cities in the United States.

"While recent stock market volatility on top of the slow economic recovery makes homebuyers nervous, it has not destroyed the American dream of homeownership." said Ken Shuman, Head of Communications at Trulia.

Las Vegas and Detroit, as of August 2011, top the list of 50 cities where it is still less expensive to buy than to rent.  Many of these cities have been hard hit by foreclosures. But Miami, who topped the list in January 2011, has dropped to 20^th place as foreclosure freezes and foreign investors caused a mini-boom in the first quarter.

Denver moved from 22^nd place in January of this year, to 31^st place in the August report with a price to rent ratio of 14- anything 15 & under means it's still better to buy than rent.  Colorado Springs ranked 33^rd in August, with a ratio of 15, dropping from 31st place in January 2011.  The survey compares the median rent on 2 bedroom apartments, condominiums and townhomes to purchasing a 2 bedroom home.  The costs of homeownership, including closing and mortgage costs, taxes and insurance, were taken into consideration when factoring the results.

Read the full Trulia report.

photo credit: woodleywonderworks

Posted in Buyer Resources, GenX GenY, Headlines

"Just because your mortgage application has been rejected once, doesn't mean you won't eventually get funding." writes Vickie Elmer for the New York Times.  

Elmer says that some borrowers succeed on the second or third attempt, "after they have saved more money for a larger down payment or improved their credit score."

Find out why you were rejected.  Were you close to getting the approval?  Ask the lender who reviewed it, to see if it's something on your credit report that you can change. "Sometimes the gap is small," writes Elmer, "and could be bridged with, say, a few thousand dollars more for the down payment, or another home appraisal."

Shop around for lenders.  "You may want to go to a mortgage broker or an online network like LendingTree or Zillow's Mortgage Marketplace." Says Elmer, " An experienced broker or banker can discuss alternative products and loans available from the Federal Housing Administration, which has less stringent requirements, though applicants may have to take out mortgage insurance if their down payment is low." And don't forget to look at your local Credit Union.

Lenders still have to compete, even in this economy but make sure you are looking at properties you can afford.  "Applicants should also look at ways to strengthen their financial picture" before they seek financing, writes Elmer. Get a copy of your Free Credit Report.  "If your FICO score, for example, is 20 or 30 points below a bank's requirement, you may be able to inch it up by paying down your credit-card balances.  Just don't use up the money you need for a down payment or closing costs."

Do your homework when looking to apply for a home loan.  Understand all available loan options and get your finances in order before filling out the paperwork.  You can even find a lender to pre-approve you for a loan, which will make shopping for an affordable home that much easier.

Read the full article at NewYorkTimes.com.

Posted in Buyer Resources, GenX GenY, Real Estate Market Conditions, Headlines