When it comes to putting money down on a new house, your clients should:
- See if they’ll accept Monopoly money
- Put down as much as possible
- Put down as little as possible
- Pay in doughnuts
As much as Answer A would be nice, in most cases, your clients will put some sum of money down when buying a new house. But the amount will vary, and every situation is different. Plenty of clients have probably asked you about this part of the process. They’re wondering if they have enough money to slap down to buy the house and then finance the rest. Many people think they must have a big chunk of change for a down payment in order to even buy a home. That’s simply not true. Continue reading
You know the type. The know-it-all type. The person who, no matter who else is around, has all the answers…always the smartest one in the room.
In the age of seemingly infinite online resources that can teach anyone how to do (or at least attempt) almost anything, more people believe that they don’t need to hire a professional for much, if anything.
In some cases, that might be true. Google “How to fix a toilet,” “How to build a deck,” or “Tips for changing a riding mower belt,” and many people would learn enough to give it at least a shot. But just because they might be able to do those things (kind of) doesn’t mean they will be done exactly right or that they couldn’t benefit more by hiring a professional with the expertise to handle the task.
This is also true when it comes to buying and selling homes. With more and more home listings available digitally – photo galleries, 3-D virtual tours, and videos – some folks think they can act as their own real estate agent. I mean, how hard could it be – put a “For Sale by Owner” sign in the yard and wait for the phone to ring off the hook. Right? Continue reading
They say love is blind. These days, apparently so is house buying.
To say that the way we shop has changed significantly in the last 20 years is a considerable understatement. Before the internet, eBay and Amazon took over, consumers would never dream of buying clothes, vehicles, furniture, homes, or just about anything else without first seeing it, trying it on, or taking it for a test drive.
But, times have changed in a big way – even when shopping for a house. According to a Redfin-commissioned survey, nearly two-thirds (63 percent) of people who bought a home in 2020 made an offer on a property that they hadn’t seen in person – the highest share since at least 2015. Continue reading
Staging, the process of preparing a home to be sold, is a pretty straightforward concept for most of your clients to understand. The goal is to make the home, both inside and out, look as attractive as possible to potential buyers. The focus is mainly to make the house look bigger, brighter, and as updated as possible.
Why is staging so important? According to statistics provided by both The Profile of Home Staging from the National Association of REALTORS® and the 2020 Home Staging Industry Report (IAHSP), staged houses can sell for up to 20 percent more than the non‐staged competition. Simply taking the time to make a house look its best means it will sell faster and for a higher price.
But, here’s the thing: Staging isn’t always cheap. Whether it’s new paint, furniture, kitchen decor, landscaping, or other improvements, it’s going to cost money. But whose money? Continue reading
Build vs. buy? It’s a dilemma prospective homeowners wrestle with once they’ve gotten used to the idea that the next place they’ll call home is a house (not an apartment or condo).
According to a recent U.S. Census Bureau report, U.S. homebuilders started construction on homes at a seasonally-adjusted annual rate of 1.67 million in December 2020. That’s a 5.8 percent increase from November. Compared with December 2019, housing starts were up 5 percent, while permits were up 17 percent. That’s the highest level housing starts and building permits have reached since 2006. Continue reading
It’s no secret that rates have been historically low recently. In 2020, rates broke more than a dozen record lows
–in large part due to the pandemic. Those who weren’t afraid to relocate during such an uncertain time got some great deals. Deals they never would have gotten even five years ago. As far as interest rates were concerned, it’s been a game of limbo – how low can you go?
Inevitably, though, rates will start to level out ever so slightly and slowly – and home buyers and owners alike have taken notice and have shifted to act more quickly. According to the Mortgage Bankers Association’s seasonally adjusted index, mortgage applications to refinance a home loan recently spiked 20 percent compared to the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 2.88% from 2.86% the previous week for loans with a 20% down payment. (Diana Olick, 2021) Continue reading
The Transaction Coordinator provides support to Amerifirst Poland Ohio team to manage daily workflow and aid in the effective and efficient operation of the branch. They work cohesively with Loan Officers/LOAs and Processors, providing administrative support and assistance with processing loans. The Transaction Coordinator provides quality loan packages consisting of all necessary credit and loan documents for submission to the Processing Team. Continue reading
For most of your clients, there are five major areas of spending that will consume more than 50 percent of the money they earn in their lifetime:
Let’s put that in perspective. If your client earns an average of $50,000 per year and works 43 years as an adult (from age 22 to 65), they’d make roughly $2.15 million in their lifetime. About half of that ($1 million) will be spent across these five categories. Continue reading