Cove Real Estate



Posted by Cove Real Estate on 7/13/2018

When you buy a home, you may wonder what the benefits of having your own realtor to represent you are. If youíre a first-time homebuyer, you probably will have a lot of questions. If youíre a second-time homebuyer you may still have a lot of questions! Buying a home can be a long, tedious process. Itís very helpful to know that you have a knowledgable realtor by your side to represent you and help you through the home buying process. If youíre looking to buy a home in a tough market, hiring your own realtor to represent you as a buyer is especially important. 


First, you should consider interviewing some prospective buyers agents in your area. Maybe you can get recommendations from friends and family as well. Learn what you can expect from a top realtor who will represent you as a buyer. 


Honesty Is The Best Policy


Your agent should be completely honest with you. While they canít tell you what you personally want in a home, they should give you every last disclosure. No agent should put a home value or their own commission above their clients. This means that thereís strict documentation that realtors must follow including a code of ethics and standards for practice. A realtor must uphold these promises.  


Judging honesty in a realtor can be difficult. An honest real estate agent will help you through the home search process, for example. This is a good place to start. If the realtor points out some of the potential issues that you may have as a buyer in a home, you can see that honesty is one of their main policies.


Good Communicator


A realtor should be in frequent communication with you. Even if your home search isnít active, they will check in, and see where youíre at in the process and if your needs have changed. 

Your realtor should alert you if offers have been made on properties that youíre interested in as well. Your buyerís agent should reply to texts, e-mails, or calls within a short time frame of receiving them. Having a realtor thatís on top of things for you is important when it comes to buying a home since, without their help and information, the perfect home could slip through the cracks for you.                  


Knowledge Of Rules, Regulations, And Best Practices


Your buyerís agent should have extensive knowledge of the real estate rules and regulations that are within your state. Each state has different practices when it comes to buying a home. Hiring a buyerís agent is especially helpful if you are unfamiliar with a state or city. Your agent will be well-informed on all of your responsibilities as a buyer, as well as how and when you should complete these tasks and signings throughout the entire home buying process.





Posted by Cove Real Estate on 7/6/2018

When you think of your real estate budget, you should know that the more you spend on a home, the more overhead costs youíll face. Youíll need to pay for things like real estate agent fees, attorneys fees, and other closing costs. The more you pay for a house, the higher all of these fees will be since they are usually percentage based. So, the overarching question is how do you budget and find a reasonable amount of money to spend on a home? 


Prioritize


Your real estate agent may show you a myriad of homes across many different price ranges. Each property will have pros and cons. You can look at seeing these homes as an educational experience. Viewing properties could even help you hone in on what you want in a home. There are a few good reasons to look at homes above your budget range. 


Housing Prices Could Rise Or Drop


When housing prices begin to rise, people tend to believe that theyíll keep climbing. The panic couldnít be further from the truth. Eventually, the prices need to drop. The idea of buying a property and adding value is to make a bit of a profit back when you go to sell. You need to be prepared for anything when you head out to buy a home. Price changes will apply to you if you plan on living in your new home only for a specified period. If you donít have plans in your future to move, you may not worry about home value changes quite as much when shopping for a property. 


Mortgages End Eventually


If you plan ahead, you donít have to pay mortgages for the rest of your life. If you keep moving and taking out 30-year mortgages, you could be making mortgage payments forever. If the average family stays in their home for around a decade, that's not a significant amount of time. Here, youíll find a great reason not to max out your budget on a home. If you buy a less expensive house, you can get the mortgage paid off faster. You may even be able to take the mortgage out for a shorter term. Paying your home off more quickly allows your financial freedom. Itís simple, yet many people opt for a bigger house that they arenít planning on staying in, causing a bit of a financial headache.


You Need A Rainy Day Fund


If you avoid maxing out your budget to buy a home, youíll be able to save a bit for any emergencies that come up. You will be under less stress knowing that you have a little bit of money set aside in case your home needs major repairs, or you face a job loss or illness. In conclusion, itís never a good idea to max out your budget on a home purchase.                    





Tags: Buying a home  
Categories: budgeting  


Posted by Cove Real Estate on 5/18/2018

Buying your dream home should be simple. Unfortunately, challenges may arise during the homebuying journey, particularly for those who fail to budget accordingly.

Establishing a budget before you begin your home search is paramount. With a budget in place, you can explore houses that fall within your price range and move closer to finding a great residence that you can enjoy for years to come.

Ultimately, creating a homebuying budget can be easy Ė here are three tips to help homebuyers establish budgets.

1. Consider your utility costs.

Although you may be able to get pre-approved for a mortgage and determine exactly how much you'll need to pay for a house, you'll still need to account for utility expenses month after month.

Electricity, heat and other utility costs can add up quickly. However, a diligent homebuyer should have no trouble estimating his or her monthly utility fees.

Examining your current utility expenses can help you understand how much you may wind up paying in utility charges at your new address. Also, don't forget to consult with your real estate agent, as this professional may be able to provide details about the average utility costs associated with a particular residence.

2. Manage your debt.

If you decide to purchase a "fixer-upper," i.e. a home that requires extensive home repairs, you'll likely need to commit substantial time and resources to complete home renovation projects. Thus, you'll want to consider any home repair tasks that you may need to complete at a new address and budget for them before you make an offer on a house.

In addition, knowing your credit score can help you understand your debt. You are entitled to a free copy of your credit report from each of the three major credit reporting agencies (Experian, Equifax and TransUnion), and each report will provide information about any outstanding debt. That way, you can learn about your debt and find ways to minimize it prior to purchasing a residence.

3. Account for closing costs and miscellaneous expenses.

Home closing costs will include your loan origination, title insurance and appraisal fees and often range between 3 percent and 7 percent of your total loan amount. You'll want to account for these expenses as you establish a homebuying budget to ensure you can secure your dream house without delay.

Spend some time learning about all of the expenses that may impact your monthly home expenses too. For example, if you purchase a condo, you may face monthly homeowners association fees in addition to your mortgage costs. Or, if you plan to have a baby in the near future, you'll want to consider how the costs of raising a child may impact your ability to cover your mortgage expenses.

If you ever have concerns or questions about establishing a homebuying budget, be sure to consult with your real estate agent. Remember, your real estate agent is available to help you in any way possible and will do what it takes to ensure you can establish the right homebuying budget.




Tags: budgeting   Buying a home  
Categories: Buying a Home   budgeting  


Posted by Cove Real Estate on 4/27/2018

The homebuying journey should be fast and seamless, but problems may arise that prevent you from accomplishing your desired goals. For example, if a buyer with a poor credit score fails to get financing before submitting an offer to purchase a house, this individual may struggle to acquire his or her dream residence. Or, if a buyer fails to evaluate various housing market data, he or she may miss out on opportunities to purchase the right house at an affordable price.

There is no need to worry about homebuying crises. Lucky for you, we're here to guide you along the homebuying journey and ensure you can mitigate problems that otherwise may make it difficult for you to buy your dream house.

Avoid homebuying crises Ė here are three tips to help you minimize the risk of encountering problems during the homebuying journey.

1. Learn About the Local Housing Market

The housing market is complex, regardless of whether you are pursuing residences in small towns or big cities. Fortunately, plenty of housing market data is available to help you understand real estate patterns and trends. This information can help you map out your homebuying journey based on the current housing market's conditions.

Typically, it helps to look at the prices of recently sold houses in your preferred cities and towns. This information highlights whether house sellers are receiving offers at or above their initial asking prices and may help you differentiate a buyer's market from a seller's one.

You also should examine the prices of available houses that match your homebuying criteria. That way, you can hone your home search and accelerate the homebuying journey.

2. Get Pre-Approved for a Mortgage

Believe it or not, it usually does not take long for a homebuyer to get pre-approved for a mortgage. In fact, banks and credit unions can quickly teach you about different home financing options and ensure you can make an informed mortgage decision.

If you receive pre-approval for a mortgage, you can enter the housing market with a budget. Then, when you discover your dream house, you can submit an offer to purchase with home financing in hand.

3. Work with a Real Estate Agent

A real estate agent is a must-hire, especially if you want to limit the risk of potential crises during the homebuying journey. With a real estate agent at your side, you can identify homebuying problems and resolve these issues before they escalate.

Generally, a real estate agent will support you at each stage of the homebuying journey. He or she first will learn about you and your homebuying goals. Then, a real estate agent will create a personalized homebuying strategy to help you accomplish the optimal results. And if you have concerns or questions during the homebuying journey, a real estate agent is happy to respond to them.

Prevent homebuying crises Ė use the aforementioned tips, and you can increase the likelihood of a successful homebuying experience.




Categories: Buying a Home   buying tips  


Posted by Cove Real Estate on 4/20/2018

As a homebuyer, it is paramount to establish realistic expectations for the homebuying journey. That way, you can take a step-by-step approach to achieve various goals along this journey and acquire your ideal residence faster than ever before.

Setting realistic homebuying expectations can be simple. Now, let's take a look at three tips to help you set realistic homebuying expectations.

1. Assess Your Home Must-Haves and Wants

Dozens of homes are available in cities and towns nationwide. If you establish realistic homebuying expectations, you may be better equipped than others to determine exactly what you want to find in your dream house. As a result, you could reap the benefits of a quick, seamless homebuying experience.

Oftentimes, it helps to create a list of home must-haves and wants prior to searching for a house. This list can be updated as you proceed along the homebuying journey and will serve as a guide to help you discover your ideal residence.

2. Get Pre-Approved for a Mortgage

With a mortgage in hand, you can narrow your home search to residences that fall within your price range. Then, you can speed up the homebuying journey and find your ideal residence in no time at all.

To get pre-approved for a mortgage, you'll want to meet with banks and credit unions. These financial institutions generally offer a broad array of mortgage options. Examine all of your mortgage options closely, and you're sure to find a mortgage that matches your finances.

Also, don't hesitate to ask mortgage questions when you meet with potential lenders. Banks and credit unions employ friendly, knowledgeable mortgage specialists who are happy to help you in any way they can. Thus, you can gain expert insights from these mortgage specialists that could help you make an informed mortgage decision.

3. Collaborate with a Real Estate Agent

A real estate agent understands what it takes to purchase a home in any housing market. Therefore, he or she can help you prepare for the real estate market and establish realistic homebuying expectations from day one.

Typically, a real estate agent first will learn about your homebuying goals. He or she then will help you map out a successful homebuying journey, one that concludes with you discovering your dream house at a budget-friendly price.

A real estate agent offers plenty of support at each stage of the homebuying journey too. This housing market professional will set up home showings, keep you updated about new residences that become available and help you evaluate houses. And if you want to submit an offer on a home, a real estate agent will make it easy for you to put together a competitive homebuying proposal.

Achieving the optimal results during the homebuying journey sometimes can be difficult. But if you establish realistic homebuying expectations, you may be able to streamline the homebuying journey and ensure that you can purchase a great house that suits you perfectly.




Categories: Buying a Home   buying tips