Essential Things Every First-Time Homebuyer Should Know

Are you looking to buy your first home? Here are some essential things that you should know!

Get Your Finances in Order

  1. Get preapproved for a mortgage
  2. Make your own home buying budget
  3. Maintain your credit 
  4. Save for a down payment and closing costs
  5. Budget for repairs
  6. Speak with a lender and understand your different loan options

Find a Real Estate Agent

  1. Reach out to multiple offices to find the right fit for your needs
  2. Agents will be there to help you every step of the home buying process

Make Your Home Buying Wish List

  1. Include your must haves, nice to haves, and nonnegotiables
  2. Don't fall in love with a house - determine what home would be the best for your needs now and in the future

Don't Make Big Changes

  1. Finance big ticket items 
  2. Switch jobs
  3. Close credit cards

"A qualified buyer’s representative can guide you through all the steps to purchase your first home, including assistance programs in your area. They’ll help you ask all the right questions, consider all your options, and point out the pros and cons of any house you are considering." (NAR.com)

Contact us for more useful tips if you are thinking of buying! For the best selling, buying, or renting experience, call "The Best Team in Town" at 603-526-4116!

Sources:
https://homebuying.realtor/content/5-essential-things-every-first-time-homebuyer-should-do
https://www.rocketmortgage.com/learn/first-time-home-buyer-tips
https://realestate.usnews.com/real-estate/articles/fast-tips-for-first-time-home-buyers

Top 10 Reasons to work with a Better Homes and Gardens Real Estate The Milestone Team Professional


  1.  A BRAND WITH A LEGACY ®
     It’s more than just a name you know, it’s a name you trust. The Better Homes & Gardens brand has been a trusted source for homeowners, buyers and sellers since the 1920’s.
  2.  AUTHENTIC CONNECTIONS
    The Better Homes and Gardens Real Estate brand comes with a network like no other; which means more connections to potential buyers and sellers for your next home transaction.
  3.  PASSIONATE PROFESSIONALS
    We are affiliated with a network of over 12,000 affiliated real estate professionals who are united by common core values and compassionate culture… all with the main goal to serve YOU!
  4.  A BRAND FOR YOUR LIFESTYLE
    We know that you are not buying a home but buying the home in which to live your best life in; our unique tools allow us to help you in that process.
  5.  EXPECT BETTER®
    Our promise to you: to bring all the skills, credibility and marketing power that you would expect from a brand whose focus is to help you achieve your dreams of homeownership and beyond.
  6.  INDUSTRY-LEADING TOOLS
    Our cutting-edge tools, technology and resources will allow affiliated agents the ability to help guide you through your transaction with ease.
  7.  PART OF A FAMILY
    As part of a great Better Homes & Gardens family, affiliated Better Homes and Gardens Real Estate agents are a step ahead on things such as interior design, outdoor design and lifestyle trends and can share this with you to help you live your best life.
  8.  TOP SEARCH ENGINE RESULTS
    Better Homes and Gardens Real Estate listings are prominently displayed on major search platforms, and affiliated agents can promote these listings through a highly targeted digital marketing campaign to ensure they are seen by thousands of potential buyers.
  9.  A BRAND WITH A SOUL
    We are fueled by the desire to make a difference in our community and the world community. The Better Homes and Gardens Real Estate network has teamed up with New Story, a charity devoted to building life-changing homes for impoverished families in El Salvador.
  10.  FACILITATING A STRESS-FREE MOVE
    When you work with an affiliated Better Homes and Gardens Real Estate agent, you have access to amazing discounts from companies like PODS®, Mohawk® Flooring, and ADT that you can use to help with your transition into your next home.


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The Importance of Buyer Representation for Smarter Transactions

The real estate market is ever-changing. Though the real estate transaction has not changed, it is still an intricately detailed process that needs many hands to complete. We highly encourage sellers to offer contribution to a buyer‘s agent fees, as part of this very involved transaction.

Fact: The real estate transaction is one of the most complicated and regulated consumer transactions. The average conventional buyer will need to spend at least $75,000* to purchase your home between their down payment, financing closing costs and related moving expenses. *National Association of Realtors & Mortgage Bankers Association

Fact: Homebuyers work with exceptional buyer agents, typically for long periods of time, and need to ensure their fee is paid as well. A seller that can offer a level of certainty and transparency surrounding the process and buyer representation fees will appeal to more buyers in marketing their home.

Key takeaways to consider:

  • Proper representation of buyers leads to smoother transactions, reduced risk during and after closing, as well as a better overall experience for all.
  • There will always be a competitive advantage to the seller that offers to participate in buyer representation fees, as it adds a level of transparency and clarity to potential buyers.
  • Buyer broker fees may ultimately be negotiated as a sales concession.

Is Owning a Home a Good Investment?


Is Owning a Home a Good Investment?


The short answer is YES. According to House Logic and The BHG Milestone experts, owning a home has financial – and emotional – benefits! Consider:

  • Long-term financial growth. Real estate appreciates!
  • Building equity. From your downpayment to your mortgage payments (minus fees and interest), each dime adds to your home’s equity.
  • Income tax advantages. The sale of your primary residence allows you (in most cases) to avoid tax on your profit ($250,000 for an individual; $500,000 for a couple).
  • Additional itemized deductions. If you itemize your taxes, you can deduct property tax, some closing fees (like points), and mortgage interest!
  • Fixed monthly payments. Your rent might (will) increase – but your mortgage payment is fixed.
  • Improved credit score. Pay on time and reap the benefit!
  • Your space – your castle. When you own your home, you can remodel and decorate any way you desire!
  • Your sanctuary. Your home is your private sanctuary. It’s all yours!


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#buyahome #homefinancialbenefits

How to Save to Buy a Home Part II


Photo by Alexander Grey on Unsplash   

Part 2 of Our Two-Part Series:


In our April 3rd post, we gave you 5 ways to save for your home purchase down payment. Here are The Milestone Team’s second five tips to get you on the road to home ownership and your own special place in the world:

6.  Make your savings work for you. Invest your down payment nest egg in a high-interest money-market or savings account. Avoid riskier investment (like stocks or crypto) so your principle is safe.

7.  Start a side-hustle. Forbes recommends turning hobbies and passions into a side-business to earn additional income. You can also take a part-time job or…

8.  Ask for a raise at work. The sooner you ask, the sooner you can save more for your new home.

9.  Talk to a mortgage lender. Knowledge is power. Your local lender can offer steps and ideas so you can afford your dream home sooner. And…

10.  Talk to your local real estate expert. Sure, you’re not buying your home today. However, you do not need to wait until you are shopping to engage your real estate agent. The Milestone Team members are experts and have the experience to help you save and shop wisely!


Don't forget for more expert advice to:

How to Save to Buy a Home

Photo by micheile henderson on Unsplash   


Part 1 of Our Two-Part Series: 


According to the National Association of Realtors, the most difficult step for buyers is saving for a down payment. 

20% down is the market standard- although you may qualify for as little as 3.5% (FHA). It’s still a daunting challenge for many buyers to save even that 3.5% for a $300,000 purchase - which would amount to $10,500. 

So, what do you do? 

Here are The Milestone Team’s first five tips to get you on the road to home ownership and your own special place in the world:

  1. Create a vision board. Using a corkboard – or even your refrigerator! – display images of beautiful living spaces, décor you love, gardens you would want. The inspiration helps you prioritize saving for your special place versus spending impulsively.
  2. Get on a budget.Review and reduce your spending to maximize your monthly savings. Some ideas:
  3. Pay yourself first. Financial experts recommend “paying” yourself by setting aside 20% from each paycheck. Automate your savings by setting up an automatic transferwith your bank.
  4. Pay off debt. This seems counter-intuitive – “Shouldn’t I be saving every dollar towards my downpayment?” Every dollar that’s not costing you, yes. Paying off high-interest credit cards and auto loans not only saves you on interest each month, but also reduces your debt-to-income ratio and increases your credit score – which will help you qualify for your mortgage.
  5. Bank your next raise or tax refund. Yes, you really want that new flat screen television – but making the temporary sacrifice adds those extra funds to your down payment account!

Want more expert advice to save for your dream home? See our Part 2 later this month!
 

Top 5 Loan Killers

Top 5 Loan Killers

If you plan on getting a mortgage or have already started the loan process, you need to be extra cautious with your finances. Here are the top 5 show stoppers you should avoid.

  •  Purchasing large ticket items. Don’t buy a new car or even furniture until after the loan closes. New payments will impact how much money you can borrow or can even prevent you from qualifying for a loan.
  • Paying late on bills. One 30-day late payment can subtract 80 to 110 points from your credit score. Many lenders require at least 12 consecutive months of on-time payments
  • Shuffling money around. Lenders scrutinize all your bank statements as part of the approval process. Any unusual deposits or withdrawals will require clear documentation of what they are. A large sum of money transferred into an account right before closing could be lethal.
  • Job changes. Taking on a new job can present some hurdles as lenders like stable income that will likely continue. Changing job fields or starting your own business will be a red flag.
  • Getting a new credit card. Even something as simple as getting a Kohl’s credit card will impact your credit score.

Give me a call if you want to work with a Realtor who can help you avoid the common pitfalls when buying your dream home.

Contact Donna Forest: 603-526-4116; www.DonnaForest.comDonna@DonnaForest.com

You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team

Is Now a Good Time to Buy?

Is Now a Good Time to Buy?

Despite headlines about high interest rates, a recession, and some even saying there is a housing bubble, the reality is that it’s still a good time to buy a home. And below are the reasons why!

  • The number of homes for sale are increasing. Danielle Hale, Chief Economist for realtor.com, said new listings were up 6% above one year ago.
  • Buyer demand has moderated with the higher interest rates, which means buyers should face lower competition at a less frenzied pace.
  • Experts are forecasting homes to continue to appreciate in price. None are saying prices will fall. The home price forecast for 2022 averages out to an increase of 8.5%. After 2022, the home prices are expected to increase 3-4% each year.
  • Rents are rising faster than they have in years due to the high demand. Buyers with a mortgage can at least know the majority of their monthly housing costs will remain fixed going forward.
  • Interest rates over the last few years were artificially low as the Feds tried to boost economic activity. The latest rates are still comparatively low when looking at them historically since 1971. An average 30-year, fixed mortgage rate of around 6% is still well below the historical average of nearly 8 percent.

There is no perfect advice as to when to buy a house. However, don’t base your actions on what you read in the headlines as waiting could cost you. It’s a personal decision based on your finances and goals. Contact me for expert guidance on buying your dream home.

Donna Forest ~ donna@donnaforest.com ~ 603-731-5151

Real estate markets are local, and we have the real scoop on ours.  

Better Homes & Gardens Real Estate - The Milestone Team

Tips for Buyers in a Competitive Market

Tips for Buyers in a Competitive Market

Given I haven’t seen a whole lot of homes come up for sale these days, it goes without saying buyers are still facing a very competitive market when trying to purchase a house. Below are some tips to increase your chances of getting that dream home.

  • Move quickly when something new pops on; homes tend to sell within the first few days of being on the market.
  • Offers need to be submitted with proof of funds or a lender letter. Get pre-qualified with a local lender or better yet, get pre-approved. Pre-approval means you submitted verification of your finances and had a credit check.
  • You typically only get one shot to compete so put in your highest and best offer up front.
  • Find out the ideal closing date for the sellers and use in your offer. Flexible dates can make your offer more attractive.
  • Have inspections for informational purposes only or waive a certain amount of dollar repairs so sellers know you will not be re-negotiating the price.
  • If possible, guarantee you will purchase even if the home’s appraisal is less than the contract price by stating you will pay the difference between the two.

Addressing price, time, convenience and certainty can position you for success in this competitive market. Contact me to put my 28 years of experience to work for you.


Contact Donna Forest: 603-526-4116

www.DonnaForest.com 

Donna@DonnaForest.com

You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team

 

5 Reasons to Use a Buyer's Agent


5 Reasons to Use a Buyer’s Agent

Recently a friend asked me to give them some advice for their son who is trying to buy a home in Utah. It’s an extremely competitive market there. My first question was does he have a buyer’s agent and if no, why not?! If you are trying to buy a house, it only makes sense to use an experienced professional to guide you through the process. Here are only a few of the reasons why buyers should use a buyers’ agent.

  • A buyer’s agent works in your best interest. The listing agent works on behalf of the sellers and not for you.
  • An experienced buyer’s agent will advise on how to structure a competitive offer to help better position you as the winning bid in a multiple offer situation.
  • Buyers will need inspectors, lenders, closing companies, etc. Good agents will provide a recommended list of top performing providers.
  • You get local knowledge and insight into the market area.
  • A buyer’s agent will help overcome setbacks and provide advice on how to proceed and negotiate.

When you hire a buyer’s agent, you’re hiring a professional to look out for your best interests during one of the largest purchases you’ll ever make. Contact me to put my 27 years of experience to work for you.


Contact Donna Forest: 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com


Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team