Tips to Sell Your Home Faster for More

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Most of us realize that making your home as inviting as possible will attract higher offers faster because home buyers feel more comfortable. But how do you make that happen without spending a fortune?

“One of the most common mistakes that home sellers make is overlooking the simple and inexpensive steps in favor of costly upgrades” says agent Tev Brackin adding, “simply decluttering, depersonalizing, deep cleaning and curb appeal boosting lawncare will do more for resale value than just about anything you can do.”

Use this checklist to knock out the basic tasks to maximize your home’s value:

  1. Declutter every room in your house, the garage, the yard and any storage buildings.
  2. Depersonalize your home. Remove your personality so that potential buyers can visualize how their own personality will look in your house
  3. Deep clean. Think about hiring a pro – your realtor should have affordable options. Not only will they make your home sparkle, they’ll also often notice things that you may overlook.
  4. Amplify your curb appeal. Small and economical upgrades like a few cheerful flowerpots, fresh paint around the doorway, and trimming overgrown shrubs will make a big difference. Realtor Kali Blakley advises her clients to “Take a step back and add some color with potted plants – and you can take them with you after you sell.”

Of course, there are a few tasks that you may not have thought about that are absolutely worth your time:

  1. Wow buyers with inviting pictures that compel them to take a deeper look. Most buyers begin their search online. Be sure to declutter, depersonalize, deep clean and brighten your home before taking your online listing photos. Consider hiring a professional real estate photographer to maximize your appeal.
  2. Avoid surprises by conducting your own pre-listing inspection. A pre-listing inspection provides sellers with upfront information about the condition of their property, which gives them more control over repairs and potentially strengthens their negotiating position.
  3. Adjust the thermostat to make certain that your home is comfortable for potential buyers when showing the home.
  4. Make your home smell free. Taking out the garbage and recycling is obvious but removing candles and room fresheners is important too. Any smell can spoil a buyer’s opinion of your property. “Some sellers are shocked when I tell them a buyer thought that the candle scent was covering up a musky smell in the home.” Recalled agent Shelby Enyart.
  5. Avoid signs of your pets in the home. While we love our pets, dander, excess fur and messes in the yard can turn-off potential buyers.

The to-do list or home sellers may seem never ending. Use this list to help your home make a powerful impression, entice buyers, and compel maximum offers early in the process.

Key Terms Every Home Seller Should Know

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Selling a home is a significant event that involves numerous steps, legalities, and jargon that can be quite overwhelming for the uninitiated. To ensure a smooth transaction and to empower yourself as a seller, it’s vital to familiarize yourself with the key terms used in the real estate market. Here’s a list of terms every home seller should know to navigate the sales process with confidence and clarity.

Comparative Market Analysis (CMA)

A Comparative Market Analysis is an evaluation of similar properties in the same area that have recently sold, are currently on the market, or were on the market and failed to sell. A CMA helps you price your home competitively by giving insight into how your home compares to others in terms of price, size, amenities, and conditions.

Listing Agreement

This is a contract between a homeowner and a real estate agent, detailing the conditions under which the agent will sell the home. It includes the duration of the agreement, the listing price, the agent’s commission, and other terms of the arrangement.

Asking Price

The asking price is the amount of money a seller requests when listing their property for sale. It can differ from the final sale price after negotiations and is often strategically set based on a CMA.

Offer

An offer is a formal proposal made by a potential buyer to purchase your home. It includes the offered price and may contain contingencies, which are conditions that must be met for the sale to proceed.

Contingencies

Contingencies refer to specific conditions outlined in an offer or a purchase agreement that must be fulfilled before a real estate transaction can be completed. Common contingencies include home inspections, appraisal, financing, and the sale of the buyer’s current home.

Escrow

Escrow is a neutral third party or account that holds funds in trust until all parts of a real estate transaction are complete. This process ensures that the buyer’s earnest money is safeguarded while purchase conditions are met.

Earnest Money

Earnest money is a deposit made by a buyer to demonstrate their seriousness about purchasing the home. It’s held in escrow until the closing and usually counts towards the down payment or closing costs.

Closing Costs

Closing costs are expenses, over and above the price of the property, incurred by buyers and sellers in transferring ownership of a property. These may include fees for attorneys, title search, escrow, home appraisal, and more.

Disclosure Statements

Sellers are usually required by law to provide disclosure statements, which reveal any known issues with the property that could affect its value or desirability. This might include past damages, presence of hazardous materials, or other significant flaws.

Title Insurance

Title insurance protects real estate owners and lenders against any property loss or damage they might experience due to liens, encumbrances, or defects in the title to the property.

Home Warranty

A home warranty is a service contract that covers the repair or replacement of home systems and appliances that break down over time. Offering one can sometimes enhance the attractiveness of the property.

Understanding these terms will equip you with the knowledge needed to engage in real estate transactions more confidently and effectively. Remember, always consult with professionals like real estate agents, attorneys, and financial advisors to guide you through the intricacies of selling your home.

Armed with the right information, you can look forward to a successful and stress-free home sale. If you’re preparing to put your house on the market, take the time to learn the lingo—it’s one of the first steps toward real estate success!

Would you like to delve deeper into any of these terms, or do you need assistance with another aspect of home selling?

ABOUT CJ REAL ESTATE:  CJ Real Estate is a full-service brokerage helping people across Oklahoma, Arkansas, Missouri and Kansas buy and sell residential, lake, land, ranch and commercial real estate with confidence.

MEDIA CONTACT:

Ronn Cunningham

1.918.550.8122

Info@CJ-RE.com

 

SOURCE: Cunningham-Johnson Real Estate

Hot 2024 New Home Features

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Welcome to the future of home buying in 2024, where home buyer priorities are shifting to focus on blending comfort, functionality, and an eco-friendly touch that tips its hat to the natural world around us. New research reveals that house hunters are willing to accept a smaller property if it includes key amenities. Learn more in this 3-minute article.

New home shoppers are making a surprising trade-off—they’re opting for smaller houses than we’ve seen in over a decade. With the average new house now sizing at just 2,479 square feet, the smallest in 13 years, it’s clear that owning a cozy corner of the world is becoming more of a priority than sprawling square footage. Interestingly, 38% of builders reported building smaller homes in 2023 and early new housing permits indicate the trend will continue.

Today’s buyers crave homes that feel distinctly theirs. People are placing greater value in personalization and authenticity. Realtor Alex Shibley relayed that he’s finding home buyers are looking for better quality, rather than bigger homes. “They want their new house to instantly feel like a home. Uniquely tailored to them and not a cookie-cutter of their neighbors’ homes.”

The NAHB’s survey, “What Home Buyers Really Want,” sheds light on buyers’ preferences. Nearly 40% are okay with a smaller yard if it means getting a home, and 35% would go for a smaller dwelling. When it comes to scaling down, kitchens and closet space are must-haves while buyers are swiping left when it comes to dining rooms and dens.

Beyond the home’s physical features, buyers are keen for specific amenities, valuing elements like laundry rooms, patios as well as Energy Star-rated windows and appliances. And true to the spirit of customization, technology plays a key role in modern homes, from security cameras to energy management systems— innovations aimed at making homes safer and more comfortable.

Another interesting trend is the growing popularity of multi-generational living, with over half of respondents expressing a preference for homes with dual primary bedroom suites.

While builders plan to include high-demand features like laundry rooms, spacious great rooms, and stylish kitchen islands in their 2024 projects, they’re less likely to incorporate less sought-after options like cork flooring or pet washing stations.

So what are the most sought after new home features in 2024?

Sustainability Takes Center Stage

The real estate scene is riding a green wave. Eco-friendly features like energy-saving appliances, solar panels, and materials that do less harm to our planet are moving from nice-to-haves to must-haves. The National Association of Realtors has highlighted a growing appetite for such homes. But it’s not just about eco-conscious living; it’s also about thinner utility bills!

Smart Homes Get Smarter

In our tech-savvy era, homebuyers crave properties that sync up with their digital lives. We’re talking about smart thermostats, high-tech security setups, and lights that dim with a single command. Thanks to platforms like Thumbtack, the surge in smart device installations is tangible. These gadgets promise not just convenience but a safer living environment too.

Luxury Kitchen and Bath Touches

Kitchens and bathrooms hold the throne when it comes to spaces that capture homebuyers’ hearts. The dream? Think large, sumptuous kitchens and bathrooms that rival a spa experience, marrying sleek design with utter functionality.

Home Office Space to Two

With the remote work trend showing no signs of fading, the demand for dedicated home offices is sky-high. Buyers are on the lookout for quiet, well-equipped spots where both bread winners can buckle down and work. It’s no longer a perk—it’s a staple for the modern professionals.

The future of homeownership is shaping up to be not just about having a place to live, but creating a space that reflects personal style and caters to modern needs—proving that sometimes, less really is more.

ABOUT CJ REAL ESTATE:  CJ Real Estate is a full-service brokerage helping people across Oklahoma, Arkansas, Missouri and Kansas buy and sell residential, lake, land, ranch and commercial real estate with confidence.

 

MEDIA CONTACT:

Ronn Cunningham

1.918.550.8122

Info@CJ-RE.com

 

SOURCE: Cunningham-Johnson Real Estate

Benefits of Being a Realtor

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Ask any real estate agent, and they will tell you there’s a special feeling that comes from helping others realize their dreams. It’s also no secret that being in the real estate business affords unlimited opportunities for creativity, with a sense of flexibility that attracts new people to the industry every year.

If you love helping people and scheduling flexibility, a career in real estate might be exactly what you need.

And, your income mirrors your efforts. If you are a goal-oriented, self-motivated, people-focused individual, realty could be a great fit.

Making Dreams Come True for Others

Being a part of someone’s journey to homeownership is an incredibly fulfilling endeavor. As a real estate agent, you are not just selling properties, but you are facilitating the realization of dreams, the creation of memories, and the establishment of sanctuaries.

When you assist a young couple in finding their first home, you are contributing to a foundation where they will build their life together. It’s more than just four walls and a roof; it’s a space where they will celebrate milestones, weather challenges, and create countless memories. The joy in their eyes when they find ‘the one’ is an experience that never loses its charm.

Similarly, when you help a family secure their dream vacation home, you are providing a haven for relaxation, a hub for reunions, and a retreat from the daily grind. You’re not just handing over keys; you’re unlocking a world of potential adventures and cherished moments.

Being a real estate agent goes beyond transactions and commissions. It’s about understanding people’s needs, recognizing their aspirations, and guiding them through a complex process with expertise and empathy. It’s about turning their dreams into tangible realities.

Every client has a unique story, and every property has the potential to become a cherished part of that narrative. With every successful deal, you’re not just closing a sale; you’re opening a new chapter in someone’s life.

Seeing the happiness and relief on a client’s face when they finally get the keys to their dream home is a reward unmatched by any other. This is the true beauty of the real estate profession. It’s not just about properties; it’s about people, their dreams, and the joyous journey of making those dreams come true.

Be Your Own Boss.

Becoming a realtor offers a sense of independence and the opportunity to be your own boss. It’s a profession that allows you to set your own schedule and define your own objectives. However, it’s important to acknowledge that being your own boss requires dedication and hard work. To succeed, you must be organized and diligent, as you’ll be responsible for managing various legal documents, attending daily meetings, handling multiple property listings, and fulfilling numerous other obligations that come with working for yourself. But rest assured, the rewards of this career path are immense, making all your efforts worthwhile.

Meet New People Every Day

Brace yourself for an adventure filled with new encounters and experiences every single day! Real estate isn’t just a career – it’s a vibrant, dynamic field pulsating with life and energy. It’s an arena where you’ll have the privilege to connect and engage with individuals from all walks of life, each with their unique stories, cultures, and backgrounds.

Picture the sheer joy and satisfaction that comes with not just making new friends, but playing a pivotal role in helping them find their dream homes. Imagine being the trusted guide for countless people as they navigate the complex and often overwhelming path to home ownership. Each day brings with it a new challenge, a new opportunity to make a difference in someone’s life.

Of course, working in real estate is not without its trials. Each culture, each individual, comes with their own set of unique customs and guidelines. This can sometimes present challenges as you strive to provide the best service to all clients. But don’t let this deter you. Instead, see it as an incredible opportunity for personal growth and enrichment. It’s a chance to broaden your horizons, to learn about different people and their fascinating cultures.

So, are you ready to embark on this rewarding journey? Are you prepared to experience the thrill of meeting new individuals daily, of constantly learning and growing, and of making lasting impacts in people’s lives? If so, then a career in real estate awaits you. Embrace the journey and get ready to turn dreams into realities.

Be a Trusted Resource

Real estate transactions are a labyrinth of complexity, often filled with jargon and intricate processes that can be hard for most people to navigate. As a realtor, you hold the map to this maze. You’ll become a master at making sense of these in-depth, detailed procedures and breaking them down into simple terms that anyone can understand.

Imagine being the beacon of light that guides your clients through the foggy landscape of real estate transactions. You’ll have a deep comprehension of how things work between your client and their loan officer, facilitating seamless communication and ensuring all parties are on the same page. This vital knowledge empowers your clients, making them feel highly aware and well-equipped to make informed decisions as they journey through the highs and lows of buying and selling properties.

But your role doesn’t end there. Inevitably, issues will arise – it’s part and parcel of the real estate world. However, armed with your expertise and problem-solving skills, you’ll know how to address these challenges head-on and keep your clients well-informed throughout the whole process. You’ll be their rock, their steady hand guiding them through the storm until they reach the calm shores of property ownership.

Picture the special day when the keys to their new property are finally placed in their eager, excited hands. The relief, the joy, the gratitude – all testament to your dedication and unwavering support throughout their real estate journey. As a realtor, you’re not just a professional providing a service. You’re a trusted resource, a confidante, and a friend who makes the dream of property ownership a reality.

Learn, Grow and Mentor Others

If you have a passion for learning, then a career in real estate could be your perfect match. To be successful in this field requires conquering a steep learning curve, as it encompasses a wide array of laws, regulations, financial intricacies, and other pertinent details that are crucial to facilitating successful real estate transactions. Rest assured, the learning doesn’t stop once you’ve entered the field – it’s a lifelong journey.

Continuous education is ingrained in the fabric of this profession. It involves constantly enhancing your knowledge and skills in sales techniques, customer service standards, and staying abreast of changes in laws and brokerage policies. This career is a fitting choice for those who thrive on continuous growth and relish the challenge of pushing their boundaries.

One of the fantastic aspects of a career in real estate is the opportunity it provides for perpetual learning and development. If the thought of being confined to an office, performing repetitive tasks day in, day out, makes you restless, then you’ll revel in the diversity that real estate offers.

In this dynamic field, you’ll be constantly exposed to new experiences and knowledge. You’ll stay on top of new trends, shifts in the market, and interact with a diverse range of clients. Whether it’s devouring the latest industry book, tuning into a new video blog on sales or marketing, or revisiting older resources for fresh insights, the opportunities for learning are boundless. You’ll find yourself reinventing your approach and your business, year after year. Embrace the joy of constant self-education that comes with being a realtor – it’s all part of the package.

No Degree Necessary

If the prospect of accumulating substantial student loan debt to kickstart your career doesn’t sit well with you, and traditional academic routes don’t appeal to your interests, then embarking on a career as a realtor presents an attractive alternative. The financial investment required to start selling real estate is relatively minimal – just a few hundred dollars for the necessary courses and licensing.

Sure, there are numerous ways to invest your time and resources to nurture your new business. However, unlike many professions, a hefty college tuition isn’t a prerequisite to earning a living in the real estate industry.

Flexible Scheduling at Your Fingertips

One of the undeniable perks of being a realtor is the autonomy it grants. As your own boss, you have the privilege to dictate your work schedule and decide when to take time off. This flexibility is one of the key attractions of a career in real estate – you’re in the driver’s seat when it comes to managing your time.

This level of control can pave the way for an enviable work-life balance. Whether it’s catching your grandchildren’s baseball games, attending your children’s recitals, or fitting in your gym and yoga sessions at your convenience, you’ll have the freedom to do it all.

Your Office, Your World

If the thought of a conventional office job leaves you cold, then real estate might be the perfect remedy. Say goodbye to the rigid structure of a 9-5 schedule, but be prepared to adapt swiftly when needed.

The beauty of this profession is that your business can be conducted virtually anywhere. Your home office can serve as your early morning command center for phone calls, followed by client meetings at a cozy coffee shop mid-morning. Negotiate deals over a leisurely lunch, and cap off the day with a house showing in the evening. In the world of real estate, the world truly is your office.

Enriching Lives

Purchasing a home often ranks as one of the most exhilarating, yet nerve-wracking experiences in a person’s life. As a real estate professional, you have the privilege of guiding them through this journey, answering their queries, and ensuring they relish the process of buying and selling homes. The ultimate payoff? Helping them secure the maximum value for their property or aiding them in discovering the perfect new home – thereby enhancing their lives. This sense of fulfillment at the end of the day is truly gratifying.

If you derive joy from showing genuine care towards others and delivering exceptional customer service, then a career in this industry is likely an excellent match for your interests.

Master Your Field

If you thrive on imparting knowledge to others, a real estate career could be your calling. As you accumulate the experience necessary to become a seasoned professional in this field, you’ll find yourself becoming the go-to expert for friends and family seeking advice. Additionally, rookie realtors will lean on your wisdom and experience as they navigate their nascent careers.

Cultivate Your Personal Brand

A crucial aspect of being a realtor is self-promotion. Regularly generating leads equates to having more clients to serve. However, this requires a consistent flow of innovative ideas and a generous dose of creativity.

Your familiarity with platforms like Facebook and Instagram can be leveraged in a real estate career, making digital marketing an enticing prospect. Harnessing your social media prowess to amplify your name and business can give you a competitive edge over other agents who haven’t embraced the online realm.

Command Your Schedule

One of the prime advantages of a career in real estate is the control it grants you over your time. You have the liberty to decide when and how long you work. This flexibility allows you to modify your schedule at will, whether that means taking a week-long family vacation or working marathon 16-hour days. Your success hinges on you, and your schedule can be tailored to prioritize what’s most important to you.

Dictate Your Earnings

In contrast to salaried positions, where earnings are capped regardless of hours worked, being a realtor – an independent contractor – gives you significant influence over your annual income. The ceiling is as high as you set it. With real estate, you’re free to earn as much or as little as you desire year after year. Naturally, this freedom is accompanied by the need for strategic, diligent work. However, the independence this affords is highly rewarding.

One of the great perks of a real estate career is its limitless earning potential. Work full-time and you could pull in a seven-figure income, or treat real estate as a side gig and still make thousands. Remember, real estate is commission-based, so your success depends on your sales skills.

Take the Next Step

Whether you’re considering making real estate your career, or you’re a seasoned professional, CJ Real Estate offers an environment that values your contributions, skills and customer-centric thinking. And, CJ Real Estate, we’re committed to helping you find success through cutting edge technology, robust resources, friendly teammates, and ongoing support.

Learn more about making your career at CJ Real Estate. Reach out to Ronn Cunningham or Eric Johnson today.

ABOUT CJ REAL ESTATE:  CJ Real Estate is a full-service brokerage helping people across Oklahoma, Arkansas, Missouri and Kansas buy and sell residential, lake, land, ranch and commercial real estate with confidence.

 

MEDIA CONTACT:

Ronn Cunningham

1.918.550.8122

Info@CJ-RE.com

 

SOURCE: Cunningham-Johnson Real Estate

Advantages of Home Ownership

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What are the Advantages of Home Ownership?

 

If you are someone who has been considering buying a home lately, then you must have also been wondering about the advantages of home ownership. Owning a home is a significant investment, and it is always a big deal to take the leap. However, the truth is that there are several advantages to owning a home that makes it an appealing investment for anyone. In this blog post, we will delve deeper into the advantages of home ownership and give you compelling reasons why owning a home is a great decision.

 

Builds Equity:

One of the biggest advantages of owning a home is that it builds equity over time. As you pay your mortgage every month, you are building equity in your home. Essentially, equity is the difference between your home’s value and the remaining mortgage balance. Equity is an asset that accumulates over time, and it can be used to secure loans for other investments in the future.

 

Tax Deductions:

Homeownership comes with several tax benefits. For instance, the interest you pay on your mortgage is tax-deductible. Additionally, the property taxes you pay are also tax-deductible. These deductions can significantly lower your overall tax bill, and you’ll get to save a lot of money.

 

Stability:

Owning a home provides stability in many ways. You are in control of your living space, and you can do what you want with it. You have the freedom to make improvements, decorate, and even expand if needed. Homeowners can also establish roots in their community, have a sense of belonging, and enjoy better neighborhood relationships.

 

Appreciation:

Another significant advantage of owning a home is the potential for appreciation, which refers to an increase in your home’s value over time. Over the years, homes typically appreciate in value, which can be beneficial when you decide to sell your house in the future.

 

Lower Long-Term Costs:

Although owning a home may seem more expensive than renting in the short term, it can be less expensive in the long term. For instance, as a homeowner, you won’t have to worry about rent increases, and you’ll have a predictable monthly payment for your mortgage. Additionally, once you pay off your mortgage, you will no longer have monthly housing expenses.

 

Conclusion:

In summary, home ownership comes with numerous advantages, including building equity, tax deductions, stability, potential for appreciation, and lower long-term costs. We hope this blog post has helped you see why owning a home is an excellent investment. It’s essential to do your research and make sure you are financially ready, but when the time is right, buying a home is an investment that can pay off in a big way.

Home Buyer Checklist

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Homebuyers Checklist: What You Need to Know

 

Buying a home is one of the most exciting and biggest financial decisions that anyone can make. It’s exhilarating to go out and search for that perfect house that would be your haven for decades. However, it’s essential to realize that the process of buying a house is not just about finding a home that fits your lifestyle and budget. There’s a lot of work involved, including financial planning, research, and due diligence to ensure you make a wise investment. This article covers a buying checklist for first-time homebuyers to help you navigate the home-buying process with more knowledge, confidence, and success.

 

Determine What You Can Afford:

Before starting your home search, take time to assess your financial status and determine what you can afford. Consider your income, expenses, debts, credit score, and other financial obligations. Use a mortgage calculator to determine how much you can afford and the monthly payment that works best for you. Knowing your budget will help you avoid over-straining yourself and finding a home that fits your budget.

 

Get Pre-Approved:

Getting pre-approved for a mortgage is essential. This is different than pre-qualifying.  Pre-qualifying only gives you an idea of what you can afford. Pre-approval means that the lender has approved your loan for a specific amount and criteria. With pre-approval your realtor and sellers know that you’re a serious buyer. And, you’ll know what price-point you are able to shop within making your home search more comfortable.

 

Hire a Real Estate Agent:

Hiring a real estate agent is essential when buying a home. A real estate agent has knowledge of the local market, understands the home-buying process, and can help you navigate the process. They can help with finding homes that fit your criteria, negotiate on your behalf, and guide you through closing.

 

Research Neighborhoods:

Researching neighborhoods is critical to finding the right home that fits your lifestyle. Determine what areas you prefer based on your work, family situation, and other factors. Research the surrounding neighborhoods, schools, amenities, and other factors that could affect your daily life. You can visit the neighborhood during different times of the day to get a feel of the area and see whether it would work for you.

 

 

Get a Home Inspection:

Getting a home inspection before closing is crucial. This ensures that the home you’re buying is in good repair and helps identify any potential problems. You can arrange for a home inspection to spot any significant defects such as roof problems, water damage, mold, and other safety concerns. You can also use the findings to negotiate the price or request repairs before closing.

 

Conclusion:

The home-buying process can be stressful to navigate for first-time homebuyers, but it doesn’t have to be. The process is much easier when you have an understanding of what to expect and the potential pitfalls. Take the time to educate yourself using a home-buying checklist. Remember to take advantage of helpful tools such as getting pre-approved for a mortgage, working with an experienced real estate agent, and conducting a home inspection. With a clear plan and the right people, first-time homebuyers can find their dream home with ease. Buy your home-joyful and happy journey.

 

ABOUT CJ REAL ESTATE:  CJ Real Estate is a full-service brokerage helping people across Oklahoma, Arkansas, Missouri and Kansas buy and sell residential, lake, land, ranch and commercial real estate with confidence.

 

MEDIA CONTACT:

Ronn Cunningham

1.918.550.8122

Info@CJ-RE.com

 

SOURCE: Cunningham-Johnson Real Estate

Home Buying Financial Considerations

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What are the Financial Considerations of Home Ownership?

 

Buying a home is a significant decision that comes with a lot of important financial considerations. As a first-time homebuyer, it’s essential to understand the full cost of owning a home and how it impacts your finances. From mortgage payments to home maintenance, there are several long-term expenses to account for before taking the leap into homeownership. In this blog post, we’ll explore some financial considerations you need to keep in mind when buying a home.

 

Mortgage Payments

One of the most significant expenses of owning a home is the monthly mortgage payment. When considering purchasing a home, it helps to have a good understanding of your budget. With a budget in mind, calculate how much your mortgage payment will be. Don’t forget to factor in the down payment, the interest rate, and any taxes and insurance required by your lending institution.

 

Property Taxes

In many cases, property taxes are included in your monthly mortgage payment. However, depending on where you live, the property taxes may be separate from your mortgage payment. Property taxes are levied by local government, and the amount you have to pay depends on the location of your property. Make sure to research the property tax rates in your area to account for this expense accurately.

 

Homeowners Insurance

Homeowners insurance is another essential financial consideration when buying a home. It’s necessary to have homeowners insurance to protect your investment from unforeseen events like natural disasters or accidents. The cost of homeowners insurance varies depending on the location and value of the property, among other factors. Shop around for different insurance rates to find the most affordable premium.

 

Home Maintenance and Repair costs

Home maintenance and repair costs are among the most overlooked expenses of homeownership. Regular maintenance, such as lawn care and upkeep, can add up over time. Repairs, such as fixing a roof or replacing windows, can be expensive in the long run. Creating a home maintenance budget is crucial to ensure you keep up with all necessary repairs and maintenance.

 

Utilities

Utilities are another significant expense to keep in mind when purchasing a home. This includes electric, gas, water, and internet service. The cost of utilities can vary significantly depending on where you live and how you use them. Make sure to research the utility providers in your area to find the best rates and factor them into your budget.

 

Conclusion

Purchasing a home is an exciting and life-changing experience, but it’s also a significant financial commitment. As a first-time homebuyer, it’s essential to understand the full cost of owning a home to make an informed decision. This includes calculating monthly mortgage payments, property taxes, insurance, home maintenance, and utilities. While these costs can seem overwhelming, understanding them and budgeting correctly can help ensure you can afford your new home and enjoy it for years to come.

How to Choose the Right Realtor for You?

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How to Choose the Right Realtor for You?

 

Real estate can be tricky to navigate, especially for renters. There are countless realtors to choose from, each claiming to be the best at what they do. How do you know which one is right for you? Whether you are looking for your first home or some land to spread out on, it is essential to choose the right realtor to help you. Here’s how.

 

Look for Experience:

When searching for a realtor, it is essential to look for someone who is certified and has experience in the local market. Realtors should have a valid license to operate in their state, and they should be knowledgeable about the area you are looking to rent in. Experience is crucial, as it helps to set them apart from other realtors who might lack adequate skills.

 

Read Reviews and Recommendations:

Another essential factor when choosing a realtor is checking their online reviews and recommendations. Read through their social media platforms or website to get a feel of what clients are saying about them. Look for the recurring themes in the reviews to determine their strengths and weaknesses. Additionally, it would help if you sought recommendations from friends and family who have recently worked with a realtor.

 

Interview Multiple Realtors:

Do not settle for the first realtor you chance upon or recommended to. You should interview multiple realtors before deciding on the one that fits your needs. This will help you evaluate their personality, professionalism, and passion for their work. An excellent realtor will be willing to engage with you in an open, honest, and constructive way.

 

Seek Clear Communication:

Find a realtor who is transparent in their communication with you. They should be upfront about their commission, fees, and scope of services. A good realtor will listen to your needs, requests, and concerns and provide timely feedback. Their ultimate goal should be to secure the property that fits your needs and budget.

 

Comprehensive Market Knowledge:

Finally, consider a realtor’s understanding of the market and trends currently shaping the real estate industry. A well-rounded realtor should have in-depth knowledge of the local market and can advise you on things like rental prices, areas of high demand, and underlying factors that may affect your decision. By working with a realtor who is well-rounded and up-to-date with current trends, you can be confident that you can make an informed choice.

 

Conclusion:

Choosing a realtor may seem challenging at first, but with the right tips and tricks, you can easily make a well-informed decision. When looking for a realtor, remember to research thoroughly, read reviews, and recommendations, and interview multiple agents before deciding on the best fit. A good realtor will be transparent and communicative, have ample experience, a comprehensive knowledge of the market, and be passionate about their work. By choosing a proven and experienced realtor, you can be one step closer to finding your dream home.

What is PMI?

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What is PMI and How Does it Affect Your Home Buying Process?

 

Purchasing a home is one of the most significant investments you will make in your life. However, it can be a little confusing, especially when navigating through the financial aspect of buying a new home. One thing you may have come across in your research is something called Private Mortgage Insurance or PMI. In this blog post, we’ll dive a little deeper into what exactly PMI is and how it affects your home buying process as a first-time homebuyer.

 

PMI is a type of insurance that lenders require borrowers to pay when they have a down payment of less than 20% of the total mortgage amount. This insurance protects the lender in case the borrower fails to meet their mortgage payments. The cost of PMI varies based on the loan amount, credit score, and down payment, but it typically costs between 0.3% and 1.5% of the loan amount annually.

 

PMI is usually added to your monthly mortgage payment, increasing your overall monthly payment. It’s essential to factor in this cost when budgeting and calculating your mortgage payments. If you put down a down payment of less than 20%, you cannot avoid paying PMI unless you refinance or pay off the loan until the mortgage amount is less than 80% of the value of the property.

 

There are two kinds of PMI: borrower-paid and lender-paid. Borrower-paid PMI is the most common form, where the borrower pays the PMI premium to the lender. In contrast, Lender-paid PMI is where the lender pays the PMI premium, but this usually comes with a slightly higher interest rate, which may be more costly in the long run.

 

The good news is that PMI is not a permanent addition to your mortgage payments. Once you have paid off enough of the loan balance until the mortgage amount is less than 80% of the property’s value, you can contact your lender to remove the PMI. You must also have a good payment history with no late payments.

 

Understanding PMI is crucial when it comes to home buying. As a first-time homebuyer, you want to ensure you can afford the monthly payments that come with homeownership. Knowing that PMI is an additional cost to your monthly mortgage payment, you should factor in this expense when budgeting for your new home. It’s always best to speak with a mortgage specialist to review your options and figure out what loan works best for you. That way, you can make a sound financial decision on your home purchase, and avoiding PMI is always the goal.

First Time Homebuyers Guide

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First-Time Homebuyer’s Guide

 

If you are renting, you may be questioning whether home ownership is worth the investment. Renting may seem easier since it requires less upfront expenses, but owning a home brings many benefits that renting can’t offer. Here are several advantages of home ownership that could change your mind about buying a home.

 

What are the Advantages of Home Ownership?

 

  1. Build Equity Over Time. One of the most significant advantages of home ownership is building equity over time. Equity is the amount of your home’s value that you own compared to the amount you owe on the mortgage. As you pay off the mortgage, your equity increases. As your home’s value increases over time, so does your equity. Building equity through homeownership gives you access to funds, provides financial security, and builds wealth over time.

 

  1. Tax Benefits. Homeowners are entitled to various tax deductions that renters aren’t. Mortgage interest and property taxes are tax-deductible, which can significantly reduce the amount of tax you owe each year. When you own a home, you can itemize your deductions, which can lead to significant savings.

 

  1. Control Over Your Investment. When you own a home, you have full control over your investment. You can make changes, upgrades, and renovations as you see fit. As a homeowner, you can decorate your home to your taste, put up shelves, and even remodel when needed. Beyond the physical changes, homeowners have more control over the quality of their community and the safety of their neighborhood. You can meet your neighbors and get involved in activities that interest you. You can also influence and participate in your neighborhood’s decisions.

 

  1. Forced Savings. When you own your home, you must save money regularly to maintain and repair your property. These expenses may seem like a burden, but they are essentially forced savings. By paying maintenance and repair costs, you preserve the value of your home, protect your equity, and avoid costly surprises down the road.

 

  1. Long-Term Financial Benefits. Homeownership can have long-term financial benefits that far outweigh the cost. Owning a home offers greater financial stability, provides a hedge against inflation, and provides the opportunity to build wealth over time. If you stay in your home for an extended period, you may own the home outright and be free of mortgage payments altogether.

 

 

What are My Financial Considerations?

 

The decision to buy a home is one of the most significant financial commitments you’ll make. It’s not just about finding your dream home; it’s also about weighing the financial factors involved. Owning a home is a substantial investment, and it’s essential that you’re prepared for the hidden costs beyond your mortgage payments. As a renter, you may have considered buying a home, but you may be hesitant because of the financial considerations involved. Here are the key financial factors you should consider:

 

  1. Upfront Costs: One of the most important financial considerations for home buying involves upfront costs. These include expenses such as closing costs, home inspections, appraisals, and down payment. Closing costs include attorney fees, title insurance, and transfer taxes. Home inspections can uncover unforeseen repair expenses. You will also need an appraisal to ensure that you’re paying a fair price for the home. Don’t forget to factor in your down payment, which is typically around 20% of the purchase price of the home. Knowing about these expenses upfront will help you budget and prepare for the buying process.

 

  1. Monthly Bills: As a homeowner, you will be responsible for new bills that you may not have had as a renter. These bills include property taxes, insurance, maintenance, and utilities that were previously included in your rent. Property taxes can vary significantly by state and locality and can be a considerable expense. Additionally, homeowner’s insurance is typically more expensive than renter’s insurance. Ongoing maintenance, repairs, and utilities can add up, so it’s essential to be realistic about these expenses.

 

  1. Long-Term Financial Planning: As a homeowner, you’ll need to think about long-term financial planning. Owning a home can provide a sense of stability and a long-term investment, but there are also costs involved, such as future renovations or upgrades. Additionally, you’ll need to consider the resale value of the property. An essential financial consideration can be the impact of putting down roots, making it harder to relocate for job opportunities. It’s crucial to be honest with yourself about your long-term financial goals and how a home purchase fits into those plans.

 

  1. Market Conditions: Another critical financial consideration for home buying is to consider market conditions. The housing market can fluctuate rapidly, and you may end up paying more for a home than what it’s actually worth. That being said, it can still be a good financial move to buy a home during an economic downturn when lower prices and interest rates can benefit you financially in the long run.

 

  1. Closing Costs Assistance Programs: Lastly, it’s worth mentioning the financial assistance available for first-time homebuyers who need financial help with upfront costs. Many states offer closing cost assistance programs that can help you cover these expenses, making the process of homeownership more feasible.

 

  1. Financial Stability: Unexpected circumstances are an integral part of homeownership. It is essential to be financially prepared for the expenses that come with owning a home beyond the upfront costs. Seek to ensure that the home you buy is a good investment and has the potential to retain its value over time. Maintenance and repairs will be your responsibility. Remember to take your time when considering buying a home and make sure that you are financially prepared for this significant investment.

 

 

Lifestyle and Location:

 

Lifestyle and location go hand-in-hand when deciding whether to continue renting or buy a home. If you have a job that requires frequent relocations, renting may be the better option since breaking a lease is typically easier than selling a home. If you have children or are planning to start a family, buying a home in a desirable school district may be a priority. Additionally, proximity to public transportation, entertainment, and necessary amenities should be taken into account when considering which housing option is right for you. Here are a few key factors first-time homebuyers should consider before buying their first home:

  1. The Location. One of the essential factors in home buying is the location of the property. There are several aspects of location that first-time homebuyers need to consider before buying a home. For instance, you need to choose a location that meets your desired commute. The location should be near your workplace, child’s school, and other amenities you frequently use, such as grocery stores, hospitals, and recreational parks. Also, you need to consider the neighborhood’s safety, and if it’s near public transportation systems, shopping centres, or restaurants.
  2. Another crucial factor when it comes to home buying is affordability. Before buying your first home, you need to determine the budget you are working with. You need to calculate your monthly budget that you allocate for mortgage payments, utilities and other housing-related expenses. Additionally, you also need to factor in the down payment and closing costs to avoid unexpected costs during the home buying process.
  3. Your lifestyle. Your lifestyle is another critical consideration when buying your first home. You need to ensure that your new home suits your lifestyle preferences. For instance, if you love outdoor activities, you can consider buying a home within a location that offers various outdoor amenities such as parks, hiking trails, and bike paths. Alternatively, if you enjoy hosting guests, you should choose a home that has sufficient living and entertainment spaces, including a backyard, patio or deck, and additional guest rooms.
  4. Property size and type. The property size and type are also essential considerations when choosing your first home. You need to determine if you require a single-family home, townhome, or a condo. Additionally, you should choose a property size that accommodates your current and future household needs. For instance, if you plan to start a family, you need a home with enough bedrooms and space for children’s play areas.
  5. Property condition. Finally, first-time homebuyers need to assess the property’s condition before buying a home. The condition of a property often determines the cost of repairs that you may be required to undertake should you buy the property. Therefore, you need to hire a qualified home inspector to evaluate the property’s overall condition before making an offer. A home inspection report can help you understand what repairs necessary and which you can defer to a later time.

 

Home Maintenance:

 

It’s crucial to understand what you need to maintain to keep your property in good shape. Homeownership requires ongoing maintenance and repairs. Owning a home allows you the freedom to customize and improve your living space to suit your personal needs and tastes. If you’re willing to invest the time and money it takes to maintain a home’s upkeep, homeownership can be a rewarding experience. Here are the most critical home maintenance considerations for new homeowners:

  1. HVAC Systems. A properly functioning heating, ventilation, and air conditioning (HVAC) system is critical for maintaining indoor comfort and air quality. As a homeowner, you should understand the basics of how your HVAC system operates. Check the air filters monthly and change them regularly. Schedule regular HVAC maintenance with a licensed and qualified technician to keep your system operating efficiently and identify potential issues before they become costly repairs.
  2. Gutters and Downspouts. Gutters that are clogged with leaves, debris, and water can cause significant damage to a house’s foundation and roof. As a homeowner, inspect and clean the gutters and downspouts regularly. If left unchecked, clogged gutters can lead to water damage, foundation problems, and basement flooding.
  3. Electrical Systems. Your home’s electrical system is complex and vital to everyday life. Inspect your electrical outlets and wiring regularly for signs of damage and wear. Check the circuit breaker panel to see if any breakers have tripped and replace any that continuously trip. If you notice any electrical issues, hire a licensed electrician to diagnose and repair the problem.
  4. Water damage can be an expensive and time-consuming problem to fix. Regularly inspect your pipes and plumbing fixtures for any leaks, rust, or corrosion. Ensure that the drainpipes and gutters are functioning correctly and keep an eye out for any water spots or discolored walls and ceilings. If you have any concerns, consult with a licensed plumber.
  5. Roof and Windows. Your roof and windows are your home’s primary defenses against the elements, so it’s essential to maintain them. Conduct regular inspections of the roof and look for any signs of wear or damage, such as cracked or missing shingles. Clean your gutters and downspouts to prevent clogs that can lead to water damage. Inspect the windows and look for any cracks, leaks, or damage.

 

Investment Potential:

 

Buying a home can be a good investment in the long run, but it’s important to consider the potential return on investment. If you live in an area with high demand for housing or a steady increase in property values, your home’s equity could appreciate over time, providing you with a return on investment. On the other hand, if the housing market is unpredictable or the demand for housing is low, homeownership may not be the best investment.

 

Emotional Factors:

 

Your emotional state should also be taken into account when deciding whether to continue renting or buy a home. Homeownership can be incredibly rewarding as it provides a sense of stability and ownership, but it can also be stressful and lead to unexpected expenses. Renting can offer flexibility and the option to move without the burden of selling a home but can also feel transient and lack the sense of permanence that homeownership provides.

 

Conclusion:

 

When deciding whether to continue renting or to buy a home, there are many factors to consider, including financial considerations, lifestyle and location, home maintenance, investment potential, and emotional factors. Ultimately, the best decision is one that takes into account your unique personal situation and preferences. As you explore your options, carefully consider each factor and seek advice from trusted professionals, such as a financial planner or a real estate agent, to help you make an informed decision that aligns with your goals and aspirations.

 

Owning a home can provide a sense of stability and investment return but requires careful planning and budgeting. Be realistic about your budget and financial expectations, and don’t forget to factor in hidden costs beyond your mortgage. With the right mindset and approach, buying a home can be a rewarding and sound financial decision.

 

ABOUT CJ REAL ESTATE:  CJ Real Estate is a full-service brokerage helping people across Oklahoma, Arkansas, Missouri and Kansas buy and sell residential, lake, land, ranch and commercial real estate with confidence.

 

MEDIA CONTACT:

Ronn Cunningham

1.918.550.8122

Info@CJ-RE.com

 

SOURCE: Cunningham-Johnson Real Estate