Real Estate Information Archive

Blog

Displaying blog entries 1-3 of 3

The Top Ten Things to Look for When House Hunting

by Desi Sowers

House hunting can be overwhelming sometimes, especially when beginning the search for your first home.  Chances are you might get caught up in the process and important details might slip by you. While the number of rooms, condition of the kitchen, and size of the yard are important, there are other things to consider before you make an offer.  This list of things to look for can help get your search off to the right start.

 

  1.      Location, Location, Location
    They say that the 3 most important things to look for when buying a home are location, location and location.  While a home might not be perfect, loving your neighborhood and neighbors can make all the difference in living with imperfection.  And face it…you can change almost anything about your house, but you can’t change its location or the people living nearby.  When you go house hunting, make sure to consider the home’s proximity to your work, the appeal of the neighborhood, when in the neighborhood the home is situated, ease of access, noise from neighbors, traffic, pets and access to parks, shopping, schools and public transportation.

 

  1.      Home Placement
    Beyond location, look at how the home is situated.  If the home is on a hill does it have a view, a walkout basement, or lots of stairs to climb? Do neighbors' windows look directly into the home? Is the yard suitable for kids, pets, gardening, or other uses? Is their safe access to the home? These are all important questions to ask yourself when determining if it is the right property for you.

 

  1.      Check Out the Neighborhood
    While it’s important for your house to meet your expectations, it’s equally important that the neighborhood meets them too. Take a drive around the development you are interested in on week days and weekends, during the day and in the evening.  Are the homes in good repair? Are yards kept clean and tidy?  Is the neighborhood safe enough for people to walk, run or bike?  Are there children playing outdoors?

 

  1.       Consider a Home’s Curb Appeal
    You want a home that is going to reflect your lifestyle. Do you live a    casual, laid-back life? Then you probably won’t want a formal Victorian or Tudor style home.  A simple, contemporary home might better suit you.  Pay close attention to exterior features.  Think about maintenance.  For example, a brick home is easier to maintain than one with siding.  Do you like working in the yard?  If not, you might not want a house with extensive landscaping.  Is the roof in good condition?  Attention to detail will help you choose the home with the best curb appeal for you.

 

  1.       Size and Floor Plan
    You may be thinking about buying your dream home. But is your dream home practical?  Do you actually need 4 bedrooms and 4 baths when you live alone? A spacious home may provide  the extra room you've always wanted for a home office or a theater room, but you'll pay higher heating bills and have higher taxes. Additionally, it will take more furniture to furnish and money to decorate. Think about how the new home space will be used and whether it will fit your lifestyle now and in the future.

 

  1.        Bedrooms and Bathrooms
    Decide how many bedrooms and bathrooms you will need and only    look at homes that meet that criteria.  You don’t want to fall in love with what is otherwise a perfect house if it doesn’t provide the space needed for your family.  It’s smart to consider counting an extra bedroom in that number so that you have extra space for a home office or guest room. If you think you might add on to the home later, make sure you consult an architect who can advise you on space planning and regulations.

 

  1.         The Kitchen
    For many people, the kitchen is the heart of the home. Don’t settle for a home with a kitchen that doesn’t work for you.  Yes, you can remodel later, but at great expense.  If it’s an easy fix like replacing cabinets or countertops, get a price quote before committing the house so that you will know if it is within your budget to take that on.

 

  1.          Closets and Storage
    Older homes often have small closets and lack storage space.  As you’re looking at a home ask yourself where you will store your belongings.  Tiny closets don’t have to be a deal breaker.  There are ways to maximize storage without renovations. Newer homes tend to have lots of storage and you may sacrifice living space while having more closet space than you actually need.

 

  1.          Windows and Lighting
    While looking at a home keep in mind your preferences regarding light and privacy.  Do you want a lot of windows to provider bright, sunny rooms?  Pay attention to the locations of electrical outlets and fixtures to make sure they will meet your lighting needs. 

 

  1.            Finishing Touches
    Even a simple home can look spectacular with the right moldings, hardware, and a fireplace.  If elements like these are important to you, look for them while house hunting. 

 

You may not find everything you want in one house, but keep this list handy and you are more likely to find the home that best suits your needs and desires.  Happy House Hunting!

If you are interested in buying a New River Valley home, contact Desi Sowers at 540-320-1328, and discover the difference she can make during your family's move. 

 

Don’t Wait! Buy Your Home in 2017!

by Desi Sowers

If you have been thinking about buying a home, now is the time to do it.  And here are three significant reasons why:

  • Interest rates have begun to rise and will likely continue to do so.  Last year rates on 30 year mortgages bottomed out at 3.55%.  Now that the Federal Reserve finally decided to raise its key interest rate, mortgage rates have begun to slowly climb.  Currently the average rate is just above 4%; by 2019-2020, rates could climb to 6%.  The upside is that when rates go up, competition and housing prices generally go down.  Higher rates can mean that sellers might be more flexible in pricing.

  • Inventory is shrinking. In November, 2016, there were only 1.85 million homes for sale.  That is a 10% drop from the year before. And the number of homes for sale continues to steadily decline since just before the housing crash when inventory peaked.  It is predicted that that inventory will continue to shrink for the foreseeable future.  That means as a homebuyer, you have more homes to choose from today than you will next year. Or even next month.  Winter is commonly considered to be real estate’s off season. So if you get moving now, you’ll have less competition for those homes than you will in the peak spring and summer months.  The longer you wait to look for a home, the more competition you will face for fewer homes.
  • Home prices are still rising. Unfortunately for buyers, home prices now stand higher than before the 2007 crash.  They increased 5% between 2015 and 2016.  It is expected that they will continue to increase and additional 2% to 3% in 2017.  While it’s anyone’s guess how high prices will rise and how long they will remain high, the good news is that if you jump into the market right now you might just get into your home before prices go up! 

http://www.desisowers.com/Blog/Blacksburg-VA-Home-Sales-October-2016

http://www.desisowers.com/Blog/Mortgage-Information

 

 

 

 

If you are interested in buying a New River Valley home, contact Desi Sowers at 540-320-1328, and discover the difference she can make during your family's move. 

How to Get Out of Debt and Buy a House

by Desi Sowers

As a real estate agent, I love helping people purchase their first home.  However, there are two major challenges that I see time and time again with first time home buyers:

  1. They often carry too much debt.
  2. They don’t have enough cash for a down payment.

These two issues are strongly related in that people need to reduce debts that inhibit them from saving money.

We all know that we shouldn’t spend more than we earn, but falling into the debt trap is easy to do.  You see a pair of boots that you must have and you think, I will use my credit card now and pay for them with my next paycheck.  It sounds reasonable at the time, but next thing you know you’ve done something like that often enough that there is a beastly credit card balance hanging over your head.

So, now you’re in debt.  You have regrets, but no use doing the “should have, would have, could have” dance.  Now it’s time to move forward and take the steps needed to reduce your debt.  Here is a list of things to do to change the way you manage your money.  Follow these steps and before you know it you will be on your way to saving for a down payment on your first home!

 

  1. Stop adding to your debt. The first step to getting out of debt is to stop adding to your outstanding balances. To remove temptation, carry only one credit card with you…and make sure it is the one with the lowest limit so that it is impossible to get into serious trouble with it.  Leave any other credit cards in a safe place at home to keep yourself from going on an impulsive shopping spree. 
  2. Take an inventory of your spending habits. This may not be a fun activity, but it is helpful to see how you are spending.  Create a list of where your money goes each month including rent, utilities, car payments, food, credit cards etc. Once you have done this, split the list into two categories: bills you always have to pay every month and debts you need to pay off.  The second list then can be organized in order of urgency, either based on outstanding balance or highest interest rate.  Now you will have a clear picture of your debt situation. Inventory of Finances 
  3. Eliminate the largest debts first. Make a minimum payment for each of your credit card bills, but then make an extra payment on the bill that is at the top of your list. Do this monthly until that bill is paid in full.  Now take the money you were using for that bill and start applying it to the second item on your list.  Continue this until all of them are paid off. 
  4. Cutting expenses and making the payment.  If you are already in debt, how are you going to find money for an extra payment?  Well, some sacrifices will have to be made.  Cutting back on extras like trips to Starbucks, entertainment and eating out can free up cash that can go toward that extra payment each month.  40 Ways To Save on Monthly Expenses
  5. Prepare for the Unexpected. Sometimes life is a struggle and unexpected challenges such as car repairs or medical expenses will pop up from time to time.  As you cut expenses and start to save money, set up an emergency savings account just for these occasions.  That way you will be prepared and won’t have to use a credit card and add to your debt.
  6. Lower your interest rates. Give your credit card company a call to see if they will lower your interest rate. If they say no, shop around for a card with a lower rate and transfer your debt (be careful of transfer fees to make sure the transfer benefits you). You can also seek out a consolidation loan from your bank. They will pay off your debt and you can pay them back at a lower interest rate. How To Lower Credit Card Interest Rates
  7. Stick to it!  As you see your debt decrease and see your cash increase, don’t fall back into old spending habits. As you have more money available, put it right into your savings and soon you will have the money you need for a down payment on your first home!

 

http://www.desisowers.com/Blog/Knowing-When-Youre-Ready

http://www.desisowers.com/Blog/Buying-Remains-36-Cheaper-than-Renting

http://www.desisowers.com/Blog/Improve-Your-Credit-Score-Before-Applying-for-a-Mortgage-Loan

Displaying blog entries 1-3 of 3

Syndication

Categories

Archives

Each Office Independently Owned and Operated