Sunday, December 30, 2012

Buying a home…where do I start?


So you have made the decision that you want to buy a home, but you don't know where to start. Here are a few tips to for you to consider to prepare you for home ownership.

Seek out a lender
The first thing that you should do is speak with a lender. Whether you are working with a bank, credit union or mortgage broker you need to get qualified and/or approved for your financing. Your lender will also pull a credit report to see if you have any credit issues. If there are any credit issues you will have time to start improving your credit score for when the time comes for you to lock in your loan rate and terms.

People often ask “what is the difference between being qualified or approved”? Being qualified means, based on the income and expenses you have provided to a lender, this is basically how much they feel you can afford for financing. Being approved means that you have gone through underwriting; your funding is secured. In today’s market, being approved is becoming more common, also, when it is time to put in your offer an offer that has approved financing is a stronger offer. The buyer knows that you are ready to go and they can proceed with final negotiations and get you to closing.

Take a home buyers class
When buying a home you are taking a very expensive and complicated risk. To help you better understand the process take the time to educate yourself. Friends, family, your lender, attorney and of course your real estate agent can be resources to you. Another idea is to take a first-time home buyers class. Educating yourself as much as you can will help you make the best decision for your new home.

You may even want to consider taking a few home repair classes. Unless you are buying a newly built home where everything is all shiny, chances are you are going to have to make some repairs as soon as you move into your home. Learning a few little things, like how to fix a leaky faucet or install a new lock can save you time and money. Get to know your neighborhood hardware store owner, not only can they help you find the right hammer but they can maybe even show you how to use it.

Hire a real estate agent
Friends, family and other acquaintances can be a great source in helping you find the right real estate agent that best represents you. I suggest you interview a minimum of three agents. You can ask questions such as, how many client are they currently working with, what type of training they have, do they specialize in anything specific. Get references and take the time to actually call them to see how their home buying/selling experience was with the agent.

Finding an agent that is right for you can be taxing. Make sure that they fit your personality

Start shopping
Consider the neighborhood in which you are living. Obviously your real estate agent will be a main source for seeking your new home. There are things that your agent can’t show you and it would be in your best interest to do some research on your own. There is much more to buying a house than just looking at four walls and a roof.

Consider contacting the police department to learn about crime in the area. Look at neighborhoods where you see lots of homes for sale, is there a reason that every street on the block is for sale? If you have children, research the school, actually take time to visit with the principals. Drive around the area during a weekend , when many people might be out in the yard, are their kids for your children to play with, are people taking care of their homes? You can find little things out about who potentially can be your neighbor. I know it might sound creepy but look at the inside of a garage; is it stacked high with junk? Is their lawn mowed? Do they have a lot of junk laying around? 

Of course you will want to look at homes, consider all your needs and wants when looking. Your agent can help you narrow your search to homes that really fit your dreams.

Be patient and don’t rush. You will find the home that is best for you. 

Leslie Mueller, Realtor
Keller Williams Preferred Realty


Saturday, December 29, 2012

Does Your Realtor Match Your Personality?


Whether you are an existing home owner or getting ready to venture into the amazing world of home ownership, finding the right real estate agent that fits your personality can be very taxing and stressful. Finding the right person to help you navigate through this transaction can make this process either fun or add to the stress.

You might have a friend or a relative that is a real estate agent, but you don’t know if they would be someone with whom you can work. You are saying, this is a business transaction why does it matter? I don’t know about you but I like doing business with companies and individuals who share similar business ideas and with whom I can relate. Do you have a customer that you really enjoy working with; when you see them it is like seeing an old friend?

When interviewing your agent consider these points:
  1. Do they listen?
  2. Do they ask questions or just give you ideas?
  3. How do they communicate? Does it match yours?
  4. How many clients do they have? Sometimes the really busy agents aren’t able to provide the attention you are expecting.

I know you are now asking yourself, what about their experience and knowledge of the market in your area? Yes, this is important, but I can personally attest that I have had listings and have helped buyers in areas of our city in which I have never been before. This is where “does my agent listen and ask questions” becomes critical. While I might not know the ins and outs of every market technology allows me the tools to educate myself. I also can network with other agents, whether in my brokerage or other firms.

Do you have a spouse or partner? What is their personality? If you are listing your home, do you have the same expectations for the length of time expected to have your home on the market? If buying, do you have the same wish list for what you want in a home? An agent working with couples needs to consider both of their needs and sometimes this can get pretty ugly. I can say that for my buyers, all but ONE, have couples, some married, some not. Understanding who really is making the majority of the decisions is sometimes hard to determine, but listening and watching both individuals an agent can help determine that both clients are getting the home that they both will love.

Here are some ideas to make sure that both you and your partner are on the same page when either listing or purchasing a home:
  1. Each person should make a list of expectations. How long are you planning on listing your home or looking for a home?
  2. Compare lists and see what you have in common.
  3. Pick your top 5 must haves that are different from the other
  4. Each pick your top 3 (compromise comes into play here)

 By doing this you can work through some of the bigger issues that might arise before you being the process of selling.

Show these to your agent so that he/she had your MUST HAVES. 
  1. If you are listing a home do the same list as above, taking in to consideration the following:
  2. How long do you expect your home to be on the market?
  3. What “home improvements” you will be willing to do to get a higher price?
  4. How many open houses are you expecting? I have had some clients that have not wanted to do any open houses.
  5. What do you feel your home is valued?
  6. How are you going to handle showings
    • Will you require a minimum notice?
    • Do you have pets?
    • Do you work out of your home?
Once you have taken a little time to do some pre-work, when you actually start interviewing agents you will quickly be able to determine who will be the one that will best suit your own personality and get your home listed or start your journey to buying your new home.

For more information or to talk work with Leslie you can contact her at:
LeslieMueller@KW.com or visit her website at: