If my offer is conditional upon financing until Thursday, Jan 5, 20xx, when does it expire? Thursday or Friday?

Buying a home is an investment in the neighborhood as well as the house. In fact, the character and amenities of the neighborhood may be as important to the property value as the house itself. No matter what kind of neighborhood you’re looking for, it's important to know its history and future when you decide to buy. Here’s what to research:

1. Recent sales - Find out if the market is slow and what homes have been selling for.

2. Homes now for sale - What homes are listed in the area, and are they listed above past sales? This will give you a good idea of the area's overall market value.

3. Home appreciation - Historical data on sales gives the best indicator of a neighborhood's potential. Are homes appreciating at 3%, 5%, 10% or higher every year?

4. Schools - School scores and district boundaries are very important to research before moving into a neighborhood. The closest school is not always in your district, and school scores reveal if a neighborhood is invested in the schools' success.

5. Crime - Get the hard facts about any problems in the neighborhood -- don't depend on anecdotal information.

6. Demographics and growth - Find out how the area is growing and changing.

7. Community -- Learn about neighborhood features, such as public schools, shopping areas, parks, commuting options and more.

First-time buyers are often unsure about the financial aspects of buying a home, and you may have many questions swirling in your head. How much can I afford? Do I need a large down payment?

Your home price range will be determined by your income, credit history, the cash you have for a down payment and closing costs, and your debt. How much you earn compared to how much you owe will likely determine how much the bank allows you to borrow.

The financial rule of thumb is: your total monthly debt service, which will include your monthly mortgage, shouldn’t be more than about 36 percent of your gross monthly income. Most experts say that your monthly housing expense, including taxes and insurance, should not exceed about 28 percent of your gross monthly income.

Naturally, every situation is different, and each lender has different rules about working with buyers. A number of choices within your control can affect your monthly payment as well. For example, you might choose an adjustable rate loan, which has a lower initial payment than a fixed rate program. Similarly, a larger down payment may lower your monthly payment.

When you’re thinking about making a move, the first steps in the home buying process are:

1.     Deciding when you want to make your move

2.     Considering how much money you would like to spend

3.     Thinking about what type of home you would like

4.     Deciding where you would like to live

The next step is usually finding out how much loan you can qualify for and deciding the type of financing will work best for you.

If you’re in the “thinking about it” stage, you will want to speak with a lender about receiving pre-qualification. If you choose to become pre-qualified, the lender will determine how much you can borrow based on financial information you provide to the lender. Pre-qualification is useful for making preliminary decisions about how much home you can afford, but does not assess your creditworthiness.

You will need to fill out a loan application and go through the lender's loan approval process at a later date. When you decide to buy a home, you will want to become pre-approved for a loan prior to beginning your home search.

When you’re thinking about making a move, the first steps in the home buying process are:

1.     Deciding when you want to make your move

2.     Considering how much money you would like to spend

3.     Thinking about what type of home you would like

4.     Deciding where you would like to live

The next step is usually finding out how much loan you can qualify for and deciding the type of financing will work best for you.

If you’re in the “thinking about it” stage, you will want to speak with a lender about receiving pre-qualification. If you choose to become pre-qualified, the lender will determine how much you can borrow based on financial information you provide to the lender. Pre-qualification is useful for making preliminary decisions about how much home you can afford, but does not assess your creditworthiness.

You will need to fill out a loan application and go through the lender's loan approval process at a later date. When you decide to buy a home, you will want to become pre-approved for a loan prior to beginning your home search.

When you’re thinking about buying your first home, it’s essential for you to be confident in your decision to buy instead of rent. However, you may not know about the many great reasons to buy a home! Here are just a few of them:

Smart investment
When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you’re still paying off your mortgage. You even get to live in it while your investment matures.
 

Tax advantages
Since both mortgage interest and property taxes are tax deductible, homeownership can save you significant amounts of money every year.

Planned housing costs
You decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.
 

Improvements to your taste
You can choose which improvements to make your own property, such as a deck, kitchen remodel, or new paint, instead of needing permission from your landlord.

If you have more questions about making the decision to buy a home, please feel free to call or email.

How to Obtain Top Dollar for Your Home

If you are considering selling your home in the next 3-6 months, you are probably asking yourself questions like these:

• Should I replace the tile counters in the bathroom with granite?
• Does the wallpaper make the house look dated?
• Is the cost of installing new kitchen cabinets worth the expense?
• Do I need to put on a new the roof or can I just have it inspected and replace the deteriorated areas?
• Is it necessary to paint all the interior walls, or would touching-up the obvious areas work just as well?
• Would installing new carpets and/or refinishing the wood floors be worth the expense?
• What about exterior paint—should I have the house painted before putting it on the market, or use that as a bargaining point in negotiating the sale?

These are all good questions. And none of them has an easy yes or no answer. Your home is unique, as is the neighborhood you live in.

Part of my expertise is helping sellers prepare their homes with the right improvements that bring in top dollar. I would be happy to stop by and do a simple walk-through to point out areas to focus on to improve your house’s market value—as well as what projects will not likely give you a good return on your money or time.  

There is no charge for this service. My goal is to be the neighborhood expert. The more neighbors I talk to and the more familiar I become with the homes in our neighborhood, the better level of service I can offer to families moving into our area.

If you are interested in having me doing this free walk-through to get your house market-ready, please feel give me a call or email me. I’ll also do my best to answer any other questions you have.