first time home buyer Archives - Page 4 of 6 - Preferred Properties of Texas Home & Ranch Properties Stephenville

Spring Housing And What To Expect

March 25, 2022 by chorton Leave a Comment

You want to be prepared for the spring housing market. There are many factors that can cause uncertainty such as the conflict in the Middle East, rising inflation and the first rate hike from the Federal Reserve over three years , but the housing market seems relatively stable.

Here are some predictions from experts about spring.

Mortgage Rates Will Rise

Freddie Mac The 30-year fixed mortgage rate increased by more that a full percentage in the last six months. Experts believe that rates will rise over the next 90-days, despite mild fluctuations in recent week.

If you are a first-time buyer, or a seller looking to move into a better home, you should know that you will pay a higher interest rate if you wait. This higher rate can increase your monthly payments and add up over the loan’s life.

Housing Stock Will Rise

Buyers looking for homes to buy may find some relief. Realtor.com reported recently that the number new homes increased for each of two months. The National Association of Realtors just announced that the month’s supply of inventory increased. This is the first time it has happened in eight-months. Based on the activity in recent months, it appears that the inventory of existing homes will grow every spring.

It looks like buyers who are frustrated by the lack of homes for sale could be able to find relief this spring. If you do find the perfect home, it is important to act fast.

Listing now is better than waiting for more competition if you are a seller. As more homes are added to the market, your leverage in negotiations will be affected.

Home prices will rise

Supply and demand determine prices. Despite the increasing number of homes on the market, buyer demand is still very strong.

What does this mean for you? Home prices will continue rising as the demand for housing continues to outpace supply. Experts believe that the rate of appreciation will decline from the double-digit highs we have seen in the past two years. This means that prices will continue rising, but at a slower pace. Experts predict that home prices will not fall.

Will Increasing Mortgage Rates Not Cause Home Prices to Fall?

Experts disagree with the belief that a 1% rise in mortgage rates will cause home prices to drop.

If you are a first-time or repeat buyer, you will likely pay more to buy a home late in the year if you wait.

Three things seem certain about the spring housing market

The mortgage rates will continue to rise
There will be a slight increase in the number of homes for sale
The pace of home price appreciation will be slightly slower, but it will not stop.

You should act quickly if you are thinking about buying a home. Selling is a good option if you want to beat rising competition. Contact Preferred Properties of Texas to speak with one of our knowledgeable agents today!

Original Blog: https://www.keepingcurrentmatters.com/2022/03/24/what-you-can-expect-from-the-spring-housing-market/

New Year’s Resolutions That Can Help You Buy a Home

January 13, 2022 by chorton Leave a Comment

New Year, new home! To improve your chances of buying a home, you need to get your financial records in order.

Are you thinking of purchasing a home in the new year? Five New Year’s Resolutions to help you maintain a strong financial record are listed below.

1. Avoid job-hopping

When evaluating mortgage applications, lenders will look closely at income and employment history. While a new job can be a great career move, if your goal is to purchase a home in 2019, it’s important to know that some lenders may not approve of job hopping, especially if the applicant is moving to another industry.

It is ideal to have a steady job history with few, if any, gaps in employment in the last two years. This allows lenders to better predict your future income.

Notify your lender immediately if you find a job that is not related to home-buying. This doesn’t necessarily mean that you will not be eligible for a mortgage. However, be prepared to provide additional documentation.

It may be beneficial to your application if you are moving from an hourly or commissioned job to one that is salaried with the same or higher compensation. Lenders prefer that borrowers have steady, predictable incomes.

2. Subscribe to a limit on monthly services

Although monthly subscriptions are convenient, they can be costly. Even if you make your monthly payments on your credit card, your credit report could be pulled at any point during your credit cycle.

Consider reducing your monthly subscription if you are thinking about buying a house this year.

3. Credit history building

Your credit history is one of the first things that a lender will examine. Lenders favor borrowers who pay off their credit cards and other debts on a timely basis. This signals that they are more likely to approve you for borrowing.

It may be more difficult and time-consuming to secure a home loan if you don’t own credit. A history of paying rent and utilities on-time, along with student loans debt and cell phone bills can show potential lenders that you are capable of managing monthly payments.

4. Verify your credit

Your credit score could have a major impact on your ability buy a house. Low credit scores can have a negative impact on how much money you are able to borrow from lenders and your interest rate.

A few percentage points difference in the interest rate could cost you thousands of dollars over the loan’s life. To avoid any unexpected surprises that might delay your loan application, be sure to monitor your credit, particularly for fraud.

Many financial websites provide credit score monitoring. You can also get a complete credit report once per year if you are unsure about your credit score.

5. Avoid large purchases

Before buying a house, avoid taking on excessive amounts of debt. Even if you are preapproved, this is a good idea.

The ratio of your income to debt, which is how much you earn compared to the amount of debt you have, will impact how much money a lender will lend you. A lower debt load can make home-buying easier.

Like proofreading your resume before applying for a job, a clean financial resume can improve your chances of purchasing a home.

When Your ready for your NEW HOME give Preferred Properties of Texas a call. We are here for All Your Real Estate Needs!

Orignal blog: https://clarkwilsonbuilder.com/5-new-years-resolutions-that-can-help-you-buy-a-home/

Preparing For Homeownership While Renting

September 15, 2021 by chorton Leave a Comment

While you may not be ready for your first home purchase, it doesn’t mean that you shouldn’t start planning now. Here things you can do while renting to help you be in a better place when you’re ready for buying.

Although you cannot predict every cost of homeownership, you can make a rough estimate about how much it will impact your budget. A REALTOR(r), can help you determine how much you can afford, what your mortgage payment would be, local property taxes and any repair costs that you may want to consider as a homeowner.

Request a free credit report before you apply for a loan. You can correct any errors in your credit report before they impact your eligibility for a mortgage loan. You might also be able take steps to improve credit before you purchase a property.

Although there is no home that offers every amenity you need, you can get a good idea of what you are looking for. A home with less than two bathrooms might not be an option, but you may find the value in a home with a smaller kitchen and a less appealing exterior.

When your ready to buy a home give us a call, we can answer your questions about the home buying process and help you avoid surprises along he way.

Original Post At: https://www.texasrealestate.com/members/posts/3-ways-to-prepare-for-homeownership-while-renting/

Take Advantage of Today’s Low Rates Before They Begin to Rise

July 26, 2021 by chorton Leave a Comment

Mortgage interest rates in today’s realty market are at or near record lows. If you have owned your home for many years, and haven’t refinanced recently, it’s likely that you have an interest rate on your mortgage that’s higher than the current average.

Many of today’s homeowners are rethinking what they need in a home and redefining what their dream home means. For some, remote work means they need additional space. Some people may choose to move to a less expensive area or downsize. These are great options if you’re thinking about moving.

Today’s rates are less than 3%. But experts predict in the coming years, rates will rise.

Take advantage of the opportunity to get a lower interest rate on your mortgage if it is higher than average. Lower rates mean you may be able to get more house for your money and still have a lower monthly mortgage payment than you might expect.

As mortgage rates rise so does your monthly payment.

Even a slight increase in rate can make a big difference in your monthly mortgage payment.

To keep your monthly payments the same, you will need to consider a home that is less expensive.

Whatever your reason for wanting to move up or down, this is the best time to do it. Even a slight change in interest rate can make a huge difference to your purchasing power.

Consider refinancing if making a move now doesn’t feel right. If you want to reduce your monthly mortgage payments and remain in your home, refinancing may be a good option.

Take advantage of today’s low rates before they begin to rise. Whether you’re thinking about moving up, downsizing, or refinancing, contact Preferred Properties of Texas today to discuss your options.

Why Getting a Real Estate Agent Helps For Home Sales And Purchases

July 12, 2021 by chorton Leave a Comment

A person selling or buying a house may not be aware of all the work involved in these types of real estate transactions.

These steps can be broken down into the following categories:

Activities that are not yet on the list.
Listing appointment presentation
Posting a listing agreement
Managing the entry for multiple listing service (MLS).
Marketing the listing
Handling and evaluating offers and contracts.
Tracking the loan process, home inspections, appraisals, closings, and follow-up.

Although not all steps are involved in every transaction the services list gives a clear picture about the complexity of the business. This is despite the fact that there are many digital technologies available for 2021.

An experienced licensed agent can help sellers and buyers save a lot of time. Due diligence is an extensive and thorough process. The experience and connections of a Realtor in the area as well as their referrals are invaluable. This process usually requires the involvement of appraisers. Surveyors. Inspectors. And attorneys.

It is hard to overstate the financial benefits of working with a real estate agent. Our experience shows that homes that are marketed by a Realtor sell for a higher average price than those owned by the owners. A buyer who uses an agent to sell their property can often negotiate a lower price or better terms due to the agent’s experience.

In a fast-moving market for real estate, buyers need to act quickly in order to secure their properties. Agents often know about properties on the market and can notify their buyers immediately to get the contract written. Agents should review the contract with potential buyers before they find a property. This will allow them to move quickly and is a good idea since you don’t often have much time.

There are two types, licensed agents and registered Realtors. The state licenses agents to practice. Realtors can also be licensed to practice by the state. Realtors must adhere to a higher standard of ethics.

Buyers and sellers should feel at ease knowing that strict standards of conduct have been adhered to and that all parties are treated equally. These standards of professionalism are constantly updated and improved to meet the changing needs of the real-estate industry.

HM Properties understands the importance of staying informed and up-to-date about what’s happening in our community and around the globe. We are taking steps to encourage and engage in activities to raise awareness for agents and staff about diversity and inclusion.

There are two types: a full-service broker who works with HM Properties clients or a limited-service broker. Although limited-service brokers may offer lower commissions than full-service brokers as the name suggests, they don’t provide all the same benefits. They could, for example, limit their services to listing a property on the MLS. However, they would not conduct a market analysis, promote the property, or negotiate on behalf of the seller. This scenario would place the seller in a disadvantage as they would need to communicate directly with the buyer’s agent.

Finding the right agent is difficult due to the large number of Realtors available in the area. It is always a good idea to ask a friend, family member, or colleague for recommendations.

Online research can help you find out the number of homes that an agent has sold, what their focus is, and how much experience they have. It’s a smart idea to interview multiple agents to compare their credentials and find the right fit.

It is your choice whether you work with a real estate agent or a realtor. It is important to search for an expert but it also helps to connect with one. A lot of information about you and your finances is shared with an agent during a real estate transaction. It is important to trust your agent with this sensitive information.

Agents should have a deep understanding of the area. It is a huge difference to be able to sell a lakefront property than one in Uptown. You’re likely to be completely uninformed if your agent isn’t familiar with the area. This is especially true if you are moving from another part of town.

A seller should look for an agent with prior marketing and listing experience. Although there are agents that can represent buyers and sellers, the success of the seller will depend on the location and the price, it is important to find an agent who has previous listing experience in the area.

It is also important to determine whether agents work in the industry full-time or part-time. It is a full-time job and requires constant attention. Agents who make it a career and run their business full-time are the most skilled.

A real estate agent is a valuable resource for both sellers and buyers. They can make selling and buying the biggest home or condo easier. Realtors can work with other agents to help them in their purchase transactions.

If your in the process of selling or buying, contact our office and speak with an agent. We are here to help make things go smooth.

Still Renting?

June 29, 2021 by chorton Leave a Comment

Each person has to ask the question, “Should I buy a home or rent one?” If you don’t have a mortgage or aren’t familiar with the process, it can be daunting to owning a home. Many renters believe they cannot afford to buy a home due to not having the right kind of job or the funds. No matter what your thoughts about owning a house or renting, we can help you to overcome any doubts and false assumptions.

It is easy to own a home. If you are planning to live in your home for at least 2 or 3 years, it is a smart financial move to purchase instead of renting.

Most people realize the financial benefit of owning a home after they have lived there for between 3-5 years. This depends on the price of the house.

You have so many advantages to being a homeowner

You are in control of the style and design aspects of your home.
Fido and Fifi, Tigger, or any other pet, are allowed to stay with you. No pets allowed in your home. Pet deposits are not required.
No deposit. You don’t have to worry about paying 3 months rent or whether your landlord will retain your deposit when you move out.
If you take care of your home, you don’t have to worry. You are the owner of your home. This means you have total control of how your home looks. There’s no need to wait for approved maintenance men to come by at unfavorable hours or at all.
Avoid sudden rent and utility expense increases. Renters who have ever rented know that they can be notified by the landlord that additional charges will appear on their next rent/utility bill. You may find yourself in a difficult situation when your yearly lease is due to expire. You may also find that your monthly bill comes with “additional” fees.
There is no reason to be concerned that your rental home may be sold. This is a real possibility. It can be frustrating to finally feel at home in a place and to then discover that the owner has decided it is time to move on.
You can build an asset that can help your financial goals over the long-term by planning and buying smartly.
Renting is a great way to generate additional income. Consider adding your home to a larger retirement plan once you have lived in the house for some time. Your home can be used to earn rental income, long-term or short-term. Passive income can be a very exciting possibility that I would love for you to explore.

Most people aren’t able to become homeowners because of these excuses.

You don’t need any money to pay down a mortgage payment. If you have at least $1000 in savings, two years of work history, and are either a first-time home buyer or have never owned a home for three years, you may be eligible to receive down payment assistance. For low- and middle-income households who wish to be homeowners, there are many programs.

Bad credit. You can get help from a caring, knowledgeable loan originator to repair your credit. You can raise your credit score by as little as 2-6 months and qualify for a mortgage. It takes only a few months to get your credit score up to 640 and qualify for a mortgage.

Locked into lease agreements The realtor or loan originator can help you pick a closing day that allows you to live in your new home for two months without paying a mortgage. Save the money to pay off your lease. You should also consider the time required to close on a house. It is possible that you will have to wait between when you submit your offer and when it is time to make your first payment on your mortgage. The monthly mortgage payment will likely be lower than the rent. Plus, you can stay in the house for up to two months without having to make any payments.

You haven’t been at your current job for a while or you are self-employed.

The key is two years.If you’ve been working in the same type of job for at least two consecutive years, you may apply for a loan. It is not necessary to live in the same company or location, but you must have worked in the exact same job field for at least two consecutive years.

Self-employed must have at least two years of tax returns showing enough income. You may need to take some deductions depending on your circumstances so you can show the right income.

I hope you found this helpful and that it has shown you how easy it can be to become a homeowner. A little preparation and planning can make it possible to buy a house in two months to two year.

When your ready to buy a your home give Preferred Properties of Texas a call. We Love To Help!