Navy Fellas Realty Group

Real Estate, Residential sales and purchase

The Top Home Buying Regrets and How to Avoid Them

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Purchasing a home is one of the most important financial and emotional decisions most people will make. While it can be exciting, it can also lead to disappointment if key factors are overlooked during the process. As a real estate professional, I often hear from buyers who wish they had done things differently. Below are the most common home buying regrets and what you can do to avoid them.

1. Underestimating Total Costs
One of the most common regrets is failing to account for the full cost of homeownership. Many buyers focus solely on the mortgage payment, overlooking additional expenses such as property taxes, insurance, maintenance, and utility bills. These costs can add up quickly and impact monthly budgets.
How to Avoid It: Ask your real estate agent and lender to provide a complete cost breakdown before you commit. Budget for regular maintenance and set aside funds for unexpected repairs.

2. Buying Too Quickly
In competitive markets, it is easy to feel rushed into making an offer. Some buyers later regret not taking enough time to research the neighborhood, inspect the property thoroughly, or weigh all their options.
How to Avoid It: While acting quickly is sometimes necessary, do not skip due diligence. Review inspection reports carefully, visit the home at different times of day, and talk to neighbors if possible.

3. Choosing the Wrong Location
Buyers sometimes fall in love with a home and overlook the location. Later, they may find the commute is too long, the school district does not meet their needs, or the neighborhood does not feel like home.
How to Avoid It: Location is one of the few things you cannot change. Make sure to consider your lifestyle needs, future plans, and local amenities before making an offer.

4. Settling on Size or Layout
Another common regret is buying a home that is either too small or not well suited for the buyer’s long-term lifestyle. It might seem like a smart compromise at the time, but living with limited space or an awkward floor plan can quickly become frustrating.
How to Avoid It: Think ahead. Will the home still work for you in five years? Consider growing families, work-from-home needs, or aging in place. Prioritize layout and functionality over cosmetic finishes.

5. Skipping a Home Inspection
In hot markets, some buyers waive the home inspection to make their offer more competitive. Unfortunately, this can lead to major regrets if serious issues go unnoticed.
How to Avoid It: Always have a professional home inspection, even if you need to shorten timelines. An inspection provides peace of mind and can uncover issues that may affect your decision or future expenses.

Home buying should be a rewarding experience, not one filled with regrets. By planning ahead, asking the right questions, and working with a trusted real estate professional, you can make confident decisions that lead to lasting satisfaction.

How to Buy a Home Before Selling Your Current One

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Buying a new home before selling your current one can feel like walking a financial tightrope. While it allows for a smoother transition and avoids the need for temporary housing, it also requires thoughtful planning and the right strategy. If you are considering making a move without selling first, here are key factors to understand and steps to take to make the process work for you.

Assess Your Financial Position
The first and most important step is to review your financial situation in detail. Can you afford to carry two mortgages, even for a short time? Speak with a lender to determine how much home you can qualify for while still owning your current property. A strong credit profile, steady income, and manageable debt will be essential. Some buyers use savings, a bridge loan, or a home equity line of credit to help fund the purchase before selling.

Consider a Bridge Loan or HELOC
A bridge loan is a short-term loan that allows you to use the equity in your current home to fund the down payment on your next home. While convenient, bridge loans tend to come with higher interest rates and fees, so it is important to review terms carefully. A home equity line of credit (HELOC) is another option if you plan ahead. This allows you to borrow against your existing equity, often with more favorable terms, but must be set up before your current home is listed.

Get Your Current Home Market-Ready
Even if you are buying first, preparing your current home for sale in advance is crucial. Complete any necessary repairs, declutter, and stage the property so that it is ready to be listed quickly. A home that is move-in ready can sell faster and help reduce the amount of time you carry two homes. You can also consult with your real estate agent about pricing strategies and local market timing.

Make a Contingent or Extended Closing Offer
In some cases, you may be able to make an offer on a new home that is contingent on the sale of your existing one. This can protect you from having to own two homes at once, although sellers may be less inclined to accept contingent offers in a competitive market. Another approach is to negotiate a longer closing timeline, giving you extra time to sell your current home before closing on the new one.

Work With the Right Real Estate Professionals
Successfully buying a home before selling requires expert coordination. A knowledgeable real estate agent can help you evaluate timing, negotiate contract terms, and connect you with lenders who offer creative financing options. Working with a professional who understands both the buying and selling process will reduce stress and improve your chances of a smooth transition.

While buying a home before selling your current one comes with challenges, it can be done successfully with the right financial preparation and professional guidance. Whether you are upsizing, downsizing, or relocating, thoughtful planning will help you move forward with confidence.

How Earnest Money Protects Both Buyers and Sellers

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What Is Earnest Money?
Earnest money is a good faith deposit that a buyer submits shortly after their offer on a home is accepted. It is typically held in an escrow account by a third party, such as a title company or real estate brokerage, until the transaction is complete. This deposit shows the seller that the buyer is serious and financially prepared to proceed with the purchase.

The amount of earnest money can vary depending on the market and the price of the home, but it generally ranges from one percent to three percent of the purchase price. In more competitive markets, a higher deposit may help strengthen a buyer’s offer.

Why Does Earnest Money Matter?
Earnest money is important because it helps protect both parties in a real estate transaction. For the seller, it offers reassurance that the buyer is acting in good faith. Accepting an offer means taking the property off the market, and the earnest money deposit helps compensate the seller if the buyer backs out without a valid reason.

For the buyer, it shows commitment and increases the likelihood that the seller will accept their offer, especially when multiple offers are on the table. Once the transaction is completed, the earnest money is usually applied toward the buyer’s closing costs or down payment.

What Happens If the Deal Falls Through?
Whether or not the buyer gets their earnest money back depends on the circumstances and the terms outlined in the purchase agreement. If the sale is canceled for reasons that are covered by contingencies, such as financing issues, an unsatisfactory home inspection, or problems uncovered during the appraisal, the earnest money is typically refunded to the buyer.

However, if the buyer simply changes their mind or fails to meet agreed-upon deadlines, the seller may be entitled to keep the earnest money as compensation for the time and opportunity lost.

How Buyers Can Protect Their Earnest Money
To protect their deposit, buyers should work closely with a real estate professional to ensure all contract terms, timelines, and contingencies are clearly outlined and understood. It is also essential to stay on top of deadlines and communicate proactively throughout the process.

A well-written contract, combined with guidance from a trusted real estate agent, helps avoid misunderstandings and keeps both parties on track to a successful closing.

Earnest money may only be a small percentage of the total cost of a home, but it carries significant weight in a real estate transaction. Understanding how it works, when it is refundable, and why it matters can give buyers peace of mind and a stronger position in a competitive market.

The Most Important Rooms to Focus on When Buying a Home

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When searching for a new home, buyers often get caught up in curb appeal, square footage, or how recently the roof was replaced. While those details are certainly important, focusing on the most impactful rooms inside the home can help determine whether a property will truly meet your needs and lifestyle. Here are the key rooms to evaluate carefully when buying a home.

The Kitchen: The Heart of the Home
For many buyers, the kitchen is the most important room in the house. It is not only where meals are prepared, but it often serves as a central gathering spot for family and guests. Consider the layout, counter space, storage, and the condition of the appliances. Is there room to cook comfortably? Can multiple people move around easily? Also, pay attention to the quality of the cabinetry and flooring. Renovating a kitchen can be expensive, so it is worth evaluating whether the current setup meets your expectations.

The Living Room: Where Life Happens
The living room is where most daily activities occur, from relaxing after work to hosting guests. Look at the size of the room, the natural light, and the layout. Is there enough wall space for your furniture? Can the room accommodate your current lifestyle, whether that includes movie nights, kids’ toys, or space for pets? A functional and inviting living room can make a house feel like a home from day one.

The Primary Bedroom: A Place for Rest
Do not overlook the primary bedroom, as it is the one place in your home meant to offer peace and privacy. Size matters here, especially if you have large furniture or plan to add a seating area or workspace. Closet space is another essential factor. Walk-in closets or built-in organizers are often high on the wish list for buyers. Think about the windows, the noise level, and the proximity to the bathroom or nursery if needed.

Bathrooms: Function Over Flash
Bathrooms should be comfortable, clean, and functional. The number of bathrooms often plays a role in resale value, but layout and condition are just as important. Check for proper ventilation, water pressure, and overall upkeep. A beautifully remodeled bathroom is a plus, but even an older bathroom can work if the space is well-designed. Pay attention to how many people will use each bathroom daily, and if the home has a convenient half bath for guests.

Bonus Rooms: Prioritize Your Lifestyle
Finally, think about any extra spaces that might be important to you. A home office, laundry room, or finished basement could make a huge difference depending on your daily routine. Focus on rooms that support your lifestyle rather than being swayed by trendy upgrades or decor that can be changed later.

While it is easy to be swayed by surface details, focusing on the functionality and comfort of key rooms will help you make a more confident and informed home purchase. Always picture yourself living in the space, and prioritize the rooms where you will spend the most time.

What’s Ahead For Mortgage Rates This Week – July 28th, 2025

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Very little was released this week due to the major inflation data releases from the previous week. The Leading Economic Index was the most significant—and only—impactful release this week, showing a further decline in overall sentiment about the current economic situation. The majority of the decline was largely driven by expectations for business conditions. The decline was faster than expected, enough to warrant continued monitoring of the Leading Economic Index going forward.

Leading Economic Indicators
The Conference Board Leading Economic Index for the US declined by 0.3% in June 2025 to 98.8, after no change in May (revised upward from -0.1% originally reported). As a result, the LEI fell by 2.8% over the first half of 2025, a substantially faster rate of decline than the -1.3% contraction over the second half of 2024.

Primary Mortgage Market Survey Index

  • 15-Yr FRM rates saw an increase of 0.05% with the current rate at 5.87%
  • 30-Yr FRM rates saw an increase of 0.01% with the current rate at 6.74%

MND Rate Index

  • 30-Yr FHA rates saw no change for this week. Current rates at 6.39%
  • 30-Yr VA rates saw no change for this week. Current rates at 6.40%

Jobless Claims
Initial Claims were reported to be 217,000 compared to the expected claims of 227,000. The prior week was 221,000.

What’s Ahead
Personal Income & Spending and PCE Prices will lead the way for data releases next week. Followed up by the Nonfarm Payrolls giving a strong indicator of where the economy is headed for the average consumer.

How to Spot a Great Deal in Real Estate

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The first step to spotting a great deal in real estate is to understand the current market conditions. Is it a buyer’s market with plenty of inventory and lower prices, or a seller’s market, where competition is high and prices rise quickly? Knowing the market type helps you identify opportunities. In a buyer’s market, you might find undervalued homes or motivated sellers. In a seller’s market, great deals might be rare but still possible with the right strategy.

Compare Comparable Properties
Researching comparable properties, often called comps, is essential. Look at recent sales in the neighborhood for homes similar in size, condition, and features. If a property is priced significantly below these comparables, it could be a great deal. However, be sure to investigate why it is priced lower. Sometimes repairs or location issues explain the difference. A good real estate agent can help you analyze comps accurately.

Check the Property Condition
A property priced below market value could have hidden repair costs. Before deciding it is a deal, have a professional home inspection. Look for signs of major issues such as foundation problems, roofing damage, or outdated electrical systems. Some buyers seek fixer-uppers for the lower price, but it is important to factor renovation costs into your budget.

Look for Motivated Sellers
Sellers who need to move quickly because of job transfers, financial challenges, or personal reasons may be more willing to negotiate. You can often find great deals by identifying these motivated sellers. Your real estate agent can provide information about seller motivation through conversations and market insight.

Consider the Location and Future Potential
Location remains a key factor in real estate value. Even a well-priced property may not be a great deal if it is in an undesirable location. Conversely, a property in an up-and-coming neighborhood may be undervalued today but appreciate significantly in the future. Research local development plans, school quality, and community amenities to assess potential growth.

Use Financing and Timing Strategically
Sometimes a great deal is about how you finance the purchase and when you buy. Pre-approval for a mortgage can give you an edge in competitive markets. Also, homes that have been on the market for a longer time may have sellers open to price reductions or incentives. Patience and timing can be powerful tools to secure a great deal.

Work With a Knowledgeable Real Estate Agent
Finally, working with a skilled real estate agent is invaluable. Agents have access to detailed market data, off-market listings, and negotiation experience that help identify true bargains. They can also guide you through evaluating properties and making competitive offers.

Spotting a great deal in real estate requires a combination of market knowledge, careful research, and professional guidance. By following these steps, you can increase your chances of finding a property that offers excellent value and fits your goals.