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5 Benefits of Using A Real Estate Agent When Buying Or Selling A Home

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5 Benefits of Using A Real Estate Agent When Buying Or Selling A HomeIt may come as a surprise for some people to learn that not everyone uses a real estate agent when buying or selling a home. Whenever someone is looking to move, it is critical to rely on the experience of a real estate agent. There are a few benefits that everyone should keep in mind.

Tips For Price Guidance

The price is one of the most challenging aspects of either buying or selling a home. A trained real estate agent spends his or her days looking at the prices of homes that are bought and sold in the local area. 

Therefore, real estate agents can help someone sell a home both quickly and at the right price. If homes are left on the market for too long, prospective buyers might think that something is wrong with the house. This may make the home harder to sell.

Networking In The Real Estate Industry

Next, hiring professional real estate agent is important for accessing the professional network. Real estate agents typically have access to appraisers and inspectors who will be able to do a quick, easy, and cost-effective evaluation of the home. This will help the homeowner determine whether or not any repairs are necessary to get the house ready to sell.

Appropriate Financing Options

A real estate agent can also guide a prospective buyer through the financing options. There are lots of options when it comes to purchasing a home. A real estate agent can help someone review his or her options, helping a client find the right financing option for them.

Exposure For A Home Sale

One of the major benefits of working with a real estate agent is access to something called the Multiple Listing Service. This is a service where the vast majority of real estate agents list homes that are for sale. This will help any house being sold gain more exposure. The more exposure, the more potential offers, helping a house sell for a higher price.

Handling The Paperwork

One of the most often overlooked benefits of working with a real estate agent is help with the paperwork. The paperwork required to buy or sell a home can be significant. A real estate agent knows how to get through this paperwork quickly, efficiently, and accurately.

If you are in the market for a new home or interested in refinancing your current property, be sure to consult with your trusted home mortgage professional.

What’s Ahead For Mortgage Rates This Week -March 9th, 2020

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What’s Ahead For Mortgage Rates This Week -March 9th, 2020Home mortgage rates slipped to their lowest rates on record as uncertainty over the coronavirus continued to impact financial markets. Freddie Mac reported lower average mortgage rates for fixed and adjustable-rate mortgages.

Rates for 30-year fixed-rate mortgages fell by 16 basis points to 3.29 percent; the average rate for 15-year fixed-rate mortgages was also 16 basis points lower at 2.79 percent.

Mortgage rates for 5/1 adjustable-rate mortgages were two points lower on average at 3.18 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.20 percent for 5/1 adjustable rate mortgages. The 10-Year Treasury Yield, which tracks with mortgage rates, slipped to 0.90 percent last week; this was the first time the yield rate fell below one percent.

Homeowners rushed to take advantage of low mortgage rates through refinancing, but homebuyers could not gain the same benefits from record-low mortgage rates due to persistent shortages of available and affordable homes for sale. Analysts advised against waiting to refinance as home mortgage rates aren’t expected to fall much lower.

Construction Spending Rises, Fed Cuts Key Rate as National Unemployment Rate Falls

Analysts have long relied on home builders to ease chronically short supplies of homes for sale. Construction spending rose to 1.80 percent in January as compared to December’s rate of  0.20 percent. Analysts expected January’s construction spending to rise to 0.90 percent.

The Federal Reserve cut its target federal funds rate range by 0.50 percent to 1.00-1.25 percent.in a move to relieve the impact of the coronavirus outbreak on the economy. The Fed may cut its key rate by an additional  0.25 percent  when the central bank’s Federal Open Market Committee holds its scheduled meeting on March 17-18th.

Labor-sector reports showed mixed results for job growth. The government’s Non-Farm Payrolls report showed 273,000 public and private-sector jobs added in February, this pace was unchanged from January. ADP reported 183,000 jobs added in February as compared to 209,000 jobs added in January.

First-time unemployment claims fell to216,000 claims filed from the prior week’s reading of 219,000 new claims filed. Analysts expected 217,000 new claims filed. The national unemployment rate dropped to 3.50 percent in February as compared to January’s reading of 3.60 percent.

What’s Ahead

This week’s scheduled economic news includes readings on inflation and consumer sentiment. Weekly readings on mortgage rates and new jobless claims will also be released.

Coping With Relationships During The Moving Process

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Coping With Relationships During The Moving ProcessHeading to a new place can be an exciting time; however, this is going to have an impact on someone’s relationships with family members and friends. The idea of relocation can be stressful for these emotional attachments. This can cause some hesitation as individuals and families adjust to living in a new place.

These are a few tips that everyone should keep in mind.

Keep In Touch

Of course, one of the most important tips for coping with the move is to keep in touch. This doesn’t mean that these relationships need to die. Simply arrange ways to talk with each other.

This starts with phone calls, video chats, and emails. This is a great way to stay involved in the lives of close friends and family members. Once the move has settled, invite them out to take a look at the new place. It is exciting to move to a new city and this is an opportunity to share some hospitality with loved ones.

Memories Of Loved Ones Are Important

Be sure to take souvenirs, mementos, and reminders of the old home. Pictures are the easiest way to do this. Be sure to display these photos in conspicuous places in the new home. This will ensure that these relationships aren’t forgotten.

In addition to pictures, paperweights, trinkets, postcards, and other items make great mementos and can serve as decorations in the new home. Display these on a shelf or ledge where they can be seen. This will help someone adjust to living in a new place.

Explore The New City

It is important to move forward. In order for someone to truly be happy in a new place, they need to give this location a chance. Get out of the house and explore everything the new city has to offer. Check out the bars, shops, restaurants, community spaces, and people. This is extremely important. Try to make new friends and create a solid support structure in a new place.

While it is important to maintain old relationships with family members and friends, they will want you to be happy in your new home as well. Therefore, branch out and explore. This will make coping with the move easier. 

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional.

Most Renters Are Paying Far More Than Their Landlord’s Mortgage

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Most Renters Are Paying Far More Than Their Landlord's MortgageIn the overwhelming majority of the 50 largest cities across the U.S., monthly rent is more than the mortgage payment for single-family homes. In several cases, much more. 

Global answering service and chat support company Moneypenny compiled data from Zillow on median rent and mortgage payments from July 2014-July 2019.

In order to calculate the monthly mortgage payments, Moneypenny took the median home sale prices during the same time period and in the same major cities and then used nationally-average mortgage terms: 30-year fixed rate at 4% with approximately 6% down. 

Once the two figures — median monthly rent and median monthly mortgage — were calculated for each city, they were compared side-by-side. The data may surprise you. 

From Less Than Half To More Than Triple

In just seven of the 50 cities analyzed, tenants pay less rent than the owner’s mortgage payment each month. In 28 of the cities — well over half, tenants are paying more than 150% of their home’s mortgage. The city with the highest rent-to-mortgage ratio, Miami, shows that renters pay more than 300% of their landlord’s monthly mortgage payment on average.

Rounding out the top five are New York (276%); Riverside, California (231%); Boston (230%); and San Diego (221%). At the opposite end of the spectrum is New Orleans, where tenants pay just 49% of their home’s mortgage each month, followed by Richmond, Virginia (57%), and Kansas City, Missouri (82%). 

An interesting data point is that the median monthly mortgage payment in Miami is $720, while in New Orleans it’s $2,857. 

Not-Necessarily-For-Profit

While it makes perfect sense that rent prices in hot real estate markets are higher, some may still be surprised by the disparity between rental amounts and monthly mortgage payments. However, it’s important to note that even in the cities with the biggest gap, landlords are not necessarily pocketing the excess and enjoying a nice profit. While it’s certainly possible that they may be, homeowners are more likely putting some of that money back into the house in the form of improvements and maintenance, as well as setting some of it aside for large emergency repairs. 

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional to discuss financing options.

5 Essential Questions Real Estate Investors Should Ask Before Making An Offer

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5 Essential Questions Real Estate Investors Should Ask Before Making An OfferReal estate investing is not only a great way to diversify assets but can also be used to generate both income and capital appreciation. While this is a fantastic opportunity, it is also important to choose investment projects carefully. It is critical to ask the right questions before making an offer on an investment property.

Why Is The Building On The Market?

There is a reason why the property is on the market. It is important to know the answer to this question. Sometimes, the house is on the market purely because the owner is moving for job or family purposes.

On the other hand, there might be an issue with the integrity of the structure. Be sure to figure out the true nature of the building before making an offer.

What Are The Other Offers?

It is important to know the competition when purchasing an investment property. Those who are trying to get the best deal possible need to know what they are up against. Asking about whether a cash offer will sweeten the deal is a great way to garner some additional insights.

What Is The Recent Maintenance?

One of the most common hidden costs in the world of real estate comes in the form of deferred maintenance. If nothing has been done on the property recently, these maintenance costs are going to be passed on to the buyer, hurting any potential ROI. Be sure to ask about any recent repairs or replacements. It’s not unusual for someone to spend a third of the building’s value on repairs.

What Is The Seller Interested In?

Be straightforward and ask what is important to the seller. Some sellers want a quick close. Other sellers want to rent the property back. There are even some sellers who want to leave the furniture behind as well. Ask what the seller needs to offload the investment property.

How Long Has It Been On The Market?

Always check and see how long the building as been on the market. If the building has been on the market for a while, figure out why it hasn’t sold. On the other hand, if the building just landed on the market, there might be more room to negotiate.

If you are in the market for a real estate investment property, a trusted home mortgage professional can be one of your best assets. Be sure to make contact as soon as you are ready to start looking!

How To Keep Records For Your Real Estate Business

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How To Keep Records For Your Real Estate BusinessAnyone who is looking to build a successful real estate business needs to keep meticulous records. When buying and selling property, there are a lot of tax and legal responsibilities. While some people may not want to think about this issue, the IRS may audit a real estate business. In this case, it is critical to have documentation that demonstrates proof of income as well as any credits or deductions that might have been claimed.

Some of the most common deductions that are claimed in the real estate business include depreciation, mortgage interest, repairs, insurance premiums, administrative costs, and property taxes. In order to keep records for a real estate business, there are a few categories to consider.

Improvements That Have Been Made To Properties

There are two ways that someone can deduct the costs of improvements or repairs made to properties. First, someone can deduct the entire cost of the expense during the year that it was incurred. This means the cost of materials, labor, storage, and more. 

The other way that someone can claim this deduction is to depreciate its cost over a predetermined period of time. This time period is going to depend on the nature of the repair. In this case, the depreciation period would begin on the date the repair or improvement is made.

The Cost Of Cars, Mileage, And Parking

Another key category is mileage and parking. There are plenty of people who use a car to get from place to place. If this car is used for work purposes, it can be claimed as a deduction. In order to keep proper records of mileage and parking, it is important to keep either a digital or paper log for the purposes of each trip. 

Then, with the number of miles driven in hand, this can be multiplied by the suggested mileage rate provided by the IRS. The grand total can be deducted from someone’s gross taxable income that year. The alternative way to calculate this is to forgo the standard rate issued by the IRS and deduct the cost of gas, maintenance, and depreciation of the vehicle. Some people like to calculate the deduction both ways and use the larger total. Just be sure to have records to support this claim.

Remember that partenering with a trusted home mortgage professional can be a great asset for your clients and generate referral leads for your business.

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