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Celebrating all the amazing Moms out there! Happy Mother’s Day!!
Tags:Home Buying, home buying tips, home selling, Houston Home Buying, houston home buying tips, Houston Home Living, Houston Home Selling, Houston Real estate, houston realtor, mortgage and finance
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Let’s connect and I can give you more ideas to improve the marketability of your home and help you to get the highest possible price.
Tags:Home Buying, home buying tips, home selling, Houston Home Buying, houston home buying tips, Houston Home Living, Houston Home Selling, Houston Real estate, houston realtor, mortgage and finance
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Homeowners control four of these; your agent can be instrumental in maximizing your results through the marketing plan.
Tags:Home Buying, home buying tips, home selling, Houston Home Buying, houston home buying tips, Houston Home Living, Houston Home Selling, Houston Real estate, houston realtor, mortgage and finance
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Builders of new homes offer or are required to warrant their work for a specified period. Municipal inspections are generally required during different stages to “ensure the life, health, safety, and welfare of the public” but even if something is missed, the ultimate responsibility for building to code belongs to the builder, even if the municipal inspector misses something.
There are four basic stages of residential construction including:
A “Final Inspection” is done after all the periodic inspections have been completed and passed.
Defects that manifest themselves during the warranty period are the responsibility of the builder. Unfortunately, some things may go undetected until after the warranty expires leaving the repair expense as the sole burden of the buyer/owner.
A safeguard that the purchaser will not be out of pocket for repair expenses is a home warranty which shifts the liability to the warranty or service contract company. This is a negotiable item that can be paid for by the builder or the buyer. However, this warranty will have a time limit on it and to continue the coverage, the buyer/owner will have to renew it by paying the additional annual premium.
One more safeguard for the purchaser is to hire their own inspector, to conduct periodic inspections during the different phases of construction. Unlike an inspection made on an existing home, the inspector will have to visit the site multiple times during the process. For that reason, constructions inspections are more expensive.
When hiring an inspector for new construction, ask at what stages do they inspect. A typical new construction inspection might be at the end of the foundation stage, another at the end of the framing and rough plumbing, electrical, and mechanical, and the final inspection after the home is completed.
A provision allowing a buyer to hire their own inspector for periodic inspections should be included in the sales contract. Your agent can not only help you get that included but assist in negotiation of any issues that arise because of the periodic inspections.If you value this extra level of protection in the purchase of a new home, it is important that you have your agent first accompany you to the models so they will be registered as your agent.
Tags:Home Buying, home buying tips, home selling, Houston Home Buying, houston home buying tips, Houston Home Living, Houston Home Selling, Houston Real estate, houston realtor, mortgage and finance
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Ask someone who purchased a home in the 80s with high mortgage rates and inflation if it was a good decision.
Tags:Home Buying, home buying tips, home selling, Houston Home Buying, houston home buying tips, Houston Home Living, Houston Home Selling, Houston Real estate, houston realtor, mortgage and finance
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Tags:Home Buying, home buying tips, home selling, Houston Home Buying, houston home buying tips, Houston Home Living, Houston Home Selling, Houston Real estate, houston realtor, mortgage and finance
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Like opening and closing a faucet increases and decreases the water flow, lowering interest rates increases home sales and raising interest rates decreases home sales.
When home sales increase during periods of limited inventory, demand increases and prices go up. Contrarily, when home sales decrease, demand could lessen and prices moderate.
There is opportunity with higher rates because it affects sales and demand, which in turn keeps prices in check. By waiting for rates to come down, and no one knows by how much but certainly not to the 3-4% range, buyers’ pent-up demand will affect the already low supply and cause prices to increase.
Let’s look at a scenario where you could buy a home today for $400,000 with a 90% loan at 6.5% for 30-years with P&I payments of $2,275.44. If interest rates drop to 5.5% in one year but in that same period, the price goes up by 10%, the price would be $440,000 with a 90% loan at 5.5% for 30-years with P&I payments of $2,248.44.
The payment would go down by $27 a month but the price would have risen by $40,000 which would be equity of twice the down payment for the person who purchased a year earlier with a higher rate.
Purchase Price | Mortgage | P& I Payment | Equity EOY1 |
$400,000 | $360,000 @ 6.5%/30 yr | $2,275.44 | $84,023 |
$440,000 | $396,000 @ 5.5%/30 yr | $2,248.44 | $44,000 |
The takeaway in this example is that a person may experience more loss from unrealized equity during periods of high appreciation than waiting for a nominal drop in the interest rate. With rates being a deterrent to buyers that have led to sales slipping 22% year over year in March 2023, sellers may be willing to negotiate.
It seems counterintuitive but higher interest rates may be the help you need to buy a home.
Tags:Home Buying, home buying tips, home selling, Houston Home Buying, houston home buying tips, Houston Home Living, Houston Home Selling, Houston Real estate, houston realtor, mortgage and finance
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Talk to your agent about your goals and which type of property, price, location, and condition will help you achieve them.
Tags:Home Buying, home buying tips, home selling, Houston Home Buying, houston home buying tips, Houston Home Living, Houston Home Selling, Houston Real estate, houston realtor, mortgage and finance
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