Blog – Page 4

Should You Use A Local Lender Or One of Those New Online Banks

November 17, 2021 By Deborah Ward

You’ve seen the commercials. You know, the ones for those online banks with no actual branches. Supposedly a great alternative to the big banks and even the local lender- ones who are too expensive, can’t offer the same great rates, etc. but are they really the best idea when you are looking for a home mortgage? How great is that rate if you can’t use it?

High tech world

In today’s mobile, high tech world using an online bank isn’t out of the ordinary. You could actually bank and never need to use a physical bank branch. Between direct deposit, ATMs, mobile and online banking, it almost makes a physical bank branch unnecessary. Almost. There are times, though, when you should need an actual person, in the flesh. One of those times is when you apply for a mortgage.

Applying for a mortgage

Applying for a mortgage is a bit different than applying for any other type of loan. First, it’s a huge purchase. It requires more verification, time and complicated steps. Having a person available when you need them for questions or other things that could pop up is incredibly important. What would happen if you were in the middle of last minute negotiations and need a question answered or a concession made on the mortgage and you can’t get a person on the phone? With your small local lender your loan officer most likely will make sure you can get in touch with them at just about any time.

Communication

But really, you’re thinking, how often would that be a problem? More than you think. Here is a common scenario: you make an offer on a home that is PERFECT for you. The seller counter offers with a number that is just barely beyond the amount of your pre-approved mortgage amount. You know there are other offers on the table and you MUST get this home. Your local bank loan officer is a phone call away (one that will be answered) and gets you an answer or second approval right away. Your online bank, the one with no branches and just a big call center, isn’t answering, or answered and put you on hold so long the call dropped. Guess what? The seller isn’t going to wait for you to finally get in touch with your online bank and took another offer.

Unless you are a very techy person who doesn’t need personal help, go local!

The Top Two Reasons People Gave For Not Buying A Home Right Now

November 17, 2021 By Deborah Ward

Now would seem like the time to buy a home, but there are some people that aren’t. They are giving two reasons for not buying a home at the moment, most of them younger or first time buyers. The biggest reason was student debt. The second biggest was inability to sell their current home. Both are big hurdles and for some a complete wall around home ownership.

Survey

The Top Two Reasons People Gave For Not Buying A Home Right Now A survey done by the National Association of Realtors and American Student Assistance, SALTTM found that millennials fell into this category. They polled student debt holders who were current in their payments and had varying amounts of debt from college, either public or private. The survey found some interesting things.

Student debt

First, 71% of those polled that were non-homeowners, in other words prospective first time home buyers, felt that their student debt was a key factor in them not buying a home. 31% of those polled who were homeowners currently said that their home buying hurdle is their inability to sell their current home.

Delay home ownership

Of those polled who either haven’t purchased a home yet, or currently owned a home, 52% said that either reason; student debt or inability to sell; would put their plans to buy a home, or sell and buy another home, off for at least 5 years, if not more. 1 in 5 expected those reasons to delay their new purchase at least 3-5 years.

You know who that also impacts?

Their parents. Almost half of the respondents, 46%, lived with mom and/or dad. Some paid rent to their parents, some didn’t. 42% said that their student debt was the reason they moved back in after college and delayed getting their own place since then.

There are ways to work around those two reasons

For those currently in a home they own, trying a different pricing or updating could be the answer. For those first time buyers, there are programs out there that can help with procuring a home loan, despite student debt. There are also programs to help restructure student debt and lower payments.

Talk to your Realtor today about how to get yourself in a home.

3 Amazing Reasons You Should Move To Clearwater FL

November 17, 2021 By Deborah Ward

Tired of where you live? Is it too expensive? Is it too cold most of the year? Need a change? How about moving to somewhere better… somewhere like Clearwater, Florida.

Get more house for less $$

If you’ve ever lived in “hot” areas of the country you know that the cost of living can be sky high. Areas like Denver, Colorado have higher housing costs. Areas like the Baltimore/Washington DC area have high housing costs and high taxes, both real estate and income. Same with New York, Philadelphia and most of California!

Why not choose somewhere hot, yet affordable? Housing costs are at a premium. Why not cash in and find a less expensive place to live? Why not find someplace where you get more house for less money?

About those taxes…

Did you know that Florida has no state income tax? Think about what that means for your paycheck, your interest, your retirement income. One return to file. More money in your pocket. Other taxes are lower too. Home prices are more affordable. Clearwater in particular has great communities with great schools, amenities and a lower cost of living. The few things that are more expensive, like homeowners insurance, are more than outweighed by the savings in taxes and lower housing costs.

Beautiful beaches

Of course there ‘s the best reason for moving away from where you are to the Clearwater area… the BEACHES! The Clearwater area has miles and miles of beautiful beaches, white sands and crystal clear turquoise waters. These beaches are warm and sunny all year long. No snow. No shoveling out your car to get to work. No shivering in subzero temperatures. Warm. Sunshine. The best of Florida living.

Sure Fire Strategies To Help Homebuyers Win The Day

November 17, 2021 By Deborah Ward

You put an offer on the home you want and whether or not there are other offers outstanding, just wishing won’t get you the home. There are some strategies that can be used to help you win the day.

Get pre-approved

Sure Fire Strategies To Help Homebuyers Win The Day Strategy number 1: Get your mortgage pre-approved. This doesn’t mean a quick pre-qualification, but a full pre-approval. Not only does this keep you from overspending on a home, but it shows you have your stuff together.

Here is the message the seller gets when a buyer has pre approval for a mortgage: This buyer can afford my home. This buyer has his/her finances in order and has good credit so there is less of a chance of a snag in the process. This buyer can make the process faster because they have the mortgage process already underway. This buyer is SMART.

Be forthcoming with your financials

Next strategy, be a financial open book. Be sure to have proof of your down payment funds and provide them to the seller. When they know you are serious and have the down payment available now. This is especially helpful if there are more offers than just yours.

Another buyer who may be less forthcoming or not have their down payment quite handy will make you look better if you are and do. If you need some extra help, have your loan officer call the seller’s agent to update them on progress on your mortgage and such. Hearing from the person making the decision give a plug on your behalf as to your creditworthiness can be a huge help.

If you can, increase your down payment

It shows you are serious and able. Sellers like the idea that their buyer has the wherewithal to purchase, and the competitiveness to make it happen. Other ways to show the same thing can include waiving certain contingencies. Take some risk, just be careful and don’t completely throw caution into the wind.

The Difference Between Salt Water and Fresh Water Pools

November 17, 2021 By Deborah Ward

You’re looking at a few homes to buy and apples to apples they are about the same. The one difference? One has a typical chlorinated pool, the other a saltwater pool. Or, maybe you’re looking to install a pool and have to decide which type. So what are the differences?

One main difference is cost

It is less expensive to install and maintain a saltwater pool. It requires fewer chemicals to keep it clean. The expense comes in when your wood decking and metal parts deteriorate due to the salt after a few years. The pool’s chlorine generator cell, the part of the filter that extracts chlorine from the salt to clean and sanitize the pool, also deteriorates after a few years and needs replacing.

Health

Another difference is the health considerations. Typical pools use chlorine to kill off bacteria and keep the pool clean. the chlorine added to pools is highly concentrated and both added in high concentrations (called shocking the pool) and continuously fed through the baskets in the water return from the filter. In salt water pools, the natural process of electrolysis turns the salt into chlorine. It isn’t as concentrated, but does keep bacterial levels low. It also is lower in toxins.

Which is right

So which is right for you? It depends on your personal taste. If you are buying a home with a salt water pool, be sure to ask how old the parts are or how long it’s been since they were replaced. Of course, that’s a good question for a typical pool as well! No matter which you choose, just know that owning a pool takes work, but also provides years of fun.

Why You Should Use A Realtor To Buy Your Next Home

November 17, 2021 By Deborah Ward

If you’ve ever bought or sold a home, you know it can be a very complex, confusing and involved process. From listing to closing, there is a lot of things to know, do and take care of. Do you know them all? A Realtor does. In fact, navigating the buying process is a lot easier with the help of a Realtor.

Do you know how to find listings to go and see?

Searching listings to find homes that fit your needs and wants? Sure, you can use the plethora of real estate web pages, but if you want to be sure to get the listings you need to see, only a Realtor can find them all.

Once you find them how will you make the appointments to actually see them? Do you want to call and deal with the owners yourself? Do you think they will take you seriously?

Negotiating the price

Ok, now you found the home you want, do you know the ins and outs of negotiating the price? Do you have someone around to advise what it is really worth? What about counter-offering if the sellers come back with a counter to your initial offer?

Do you know what kinds of things can be negotiated in lieu of more or less money? Things like seller [pays for X and buyer pays for Y]. A really motivated seller can be persuaded into paying things like closing costs for the buyer. Do you know to even ask?

Good to go

The contract is signed and you’re good to go, right? Wrong. Now there are appraisals, inspections, repairs and all kinds of paperwork to shuffle. A Realtor will know what is needed when, who to call and how to get it done on time.You’re going to make the biggest purchase of your life. Do you really want to do it alone, without an expert to help guide you through it?

Looking for a great Clearwater Realtor? Give The Deb Ward Team a call today! 727-410-0336