Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Why Go To Open Houses Even If You Don’t Want To Move?

by

Why Go To Open Houses Even If You Don't Want To Move?If you take a drive around your neighborhood, there is a high chance that you will see a bunch of houses for sale. All of a sudden, you feel a bit of curiosity strike you. You might not be looking to move, but you might want to go look at that house anyway. There is nothing wrong with doing so! There are several reasons why you should still go and take a look at houses that are for sale even if you are not looking to move.

You Can Estimate The Value Of Your House

One of the first reasons why you should check out an open house is that you get an estimate of the value of your home. Your house is an investment, and it is important to treat it as such. You can’t look up a stock ticker symbol for your house, but you can take a look at what other houses in your neighborhood are selling for. You can use this information to estimate the value of your home.

You Get Decorating Ideas

If you are looking for a way to remodel your house, you may want to figure out what is trendy right now. If you take a look at an open house, the style should be current because it is for sale. You can get some great ideas that you might want to use to update your own house.

You Learn What To Avoid

Even though it is important to figure out what you want to do with your house, it is also important to figure out what you don’t want to do. There may be an awkward living room configuration, there might be something blocking a major window, or you might notice a converted room that did not work out. Make a mental note of this.

Check Out A Few Open Houses

The next time you see an open house in your neighborhood, consider showing up. Sure, you might get a free snack out of it, but this is also an opportunity to take a look at what is “in,” what the prices look like right now, and what you might want to avoid in your own house. 

 

The Most Common Mistakes First-Time Sellers Make

by

The Most Common Mistakes First-Time Sellers MakeEven though many people are focused on some of the most common mistakes that first-time home buyers make, there are also a lot of mistakes that first-time sellers make. Your house is an investment, and the time to capitalize on that investment is when you sell your house. What are some of the mistakes you need to avoid if you want to find the best deal possible?

Setting The Price Too High

One of the most common mistakes that sellers make is setting the price too high. Yes, you want to get as much money for your house as possible, but you do not want to be unrealistic about the money you think you can get for your home. Remember that the list price is used to drive interest in your property. If you set the price too high, people may cross it off of their list before they even take a look at it. The more people you have interested in your property, the better. Make sure you set a realistic list price.

Automatically Taking The Highest Offer

Even though you want to get as much money as possible for your home, always take a look at the details of the offer before you accept it. For example, financing could fall through. Maybe the appraisal comes in too low, and the bank refuses to finance the property. Furthermore, if you accept slightly less money for a cash offer, you might be able to save money on closing expenses, which means more money in your pocket. Always take a look at the details of each offer before you decide which one to take.

Not Working With A Real Estate Agent

Finally, a lot of homeowners believe that they can simply sell the house on their own. Unfortunately, if you do not use a real estate agent, you significantly limit the exposure of your property because you cannot list your house on the MLS. This means that some people may not even know your house is on the market. This could limit the number of offers you get.

Therefore, you should always work with a real estate professional who can help you market your house, review your offers, and walk away with as much money for your house as possible. 

Maximize Your Investment: When To Sell Your House

by

Maximize Your Investment: When To Sell Your HouseYour house is an investment, and it is important for you to treat it as such. Therefore, when is the best time to sell your house? You need to figure out how you can get the most money for your home while also lining up the sale of your house with the timeline of your life. What do you need to know?

Sell Your Home When The Market Is Hot

First, you should sell your home when the market is hot. This means that there are more people looking for houses than there are houses on the market. This is basic supply and demand. If there is a lot of demand for houses, but there are not a lot of houses for sale, you should be able to get more money for your house. Typically, there are more buyers interested in purchasing a house when mortgage rates drop. Keep an eye on mortgage rates to figure out when to sell your home.

Sell Your Home When You Need The Money

You should also consider selling your house when you need the money. This means that if you have a major life event, you might need to tap into your source of reserves. For example, if there is a major medical bill, a death in the family, the arrival of a new baby, or a major move coming up, you should consider selling your house. That way, you have cash on hand to cover these expenses. 

Sell Your Home When You Have Other Sources Of Passive Income

Finally, if you feel like you have other sources of passive income, you may want to free up some cash by selling your house. Other ways you might generate passive income include stock dividends or the sale of a business. If you think you have enough other sources of passive income, it might be time for you to sell your investment property. 

Time The Sale Right To Maximize The Return On Your Investment

These are a few of the most important factors you should keep in mind if you are thinking about selling an investment property. Consider working with a professional who can help you maximize the return on your real estate investment. 

 

The Majority Of Millennials Plan On Buying A House In The Next Few Years

by

The Majority Of Millennials Plan On Buying A House In The Next Few YearsDuring the past year, the housing market has been on fire. There are not a lot of houses for sale, many people are interested in moving, and there is a rising demand from the people who put off moving during the coronavirus pandemic. Furthermore, Millennial demand is picking up, which will only make the housing market even hotter. Recently, a survey found that approximately two-thirds of people who qualify for Generation Y are thinking about buying a home in the near future. Many of them have improving financial circumstances, and they are looking for a way to build wealth and settle down. 

A Majority Of Millennials Are Now Homeowners

Millennials make up approximately 43 percent of all new home purchases so far this year, which is up from 37 percent in 2021. In addition, Millennials represent approximately 20 percent of the United States population, and they represent the fastest-growing segment of homebuyers in the country. Furthermore, approximately 53 percent of all Millennials now own their own home. Many Millennials have become homeowners by purchasing homes that require updating. As a result, many Millennials are spending money renovating and upgrading their homes.

Has The Housing Market Hit Its Peak?

Even though a lot of Millennials have become homeowners, there are many who are still struggling to afford the cost of a house. With rising mortgage interest rates and home prices, it will only become more difficult for them to do so in the future. Some people are wondering if the housing market has peaked. If a price correction takes place, it could make it easier for Millennials who have not yet purchased a house to do so. Even though it is impossible to predict the future, some financial experts believe that the housing market is headed for a correction.

More Homes Are Needed

One of the reasons why housing prices are so high is that there are not a lot of new houses being built. A shortage of labor and materials has made it difficult for construction companies to keep up with demand. If construction companies are able to start building more houses, it could increase the supply of homes on the market, reducing prices overall.

 

You Are A Serious Buyer: How To Show It

by

You Are A Serious Buyer: How To Show ItToday, the housing market is as hot as it has ever been. There are many people who are missing out on their dream homes because they are having a hard time competing with countless other people who are in the same position as them. If you want to put yourself in the best position possible to win a bidding war, you might be thinking about paying cash for your home; however, not everyone is in the same financial position. There are a few other ways for you to show a seller’s agent that you are serious about your offer.

Get A Pre-Approval Letter

This is arguably the most important step you need to take if you want your offer to be taken seriously. One of the reasons why sellers like cash offers is that they know that they do not have to worry about the buyer’s financing falling through. If you get a pre-approval letter from a lender, the buyer will know that you already have financing in place. If you want to go the extra mile, get a pre-approval letter from a local lender. If you get a better loan offer from a different lender down the road, you can always switch lenders at that time. 

Be Prepared To Pay Some Closing Costs

Traditionally, the seller is responsible for paying closing expenses; however, if you want the seller to pick your offer, consider shouldering some of those closing expenses. This will not have a long-term impact on your mortgage rate or monthly payment, but it could help you secure your dream home. You do not necessarily need to pay all of the closing expenses, but even paying a small percentage could go a long way. 

Put Down More Earnest Money

A lot of sellers are nervous about what the inspection might show. They don’t want a buyer to back out at the last minute. If you put down more earnest money, you can show a seller that you are serious because there will be a lower chance of you pulling your offer if the inspection reveals a few repairs. You should talk to a real estate professional about how much earnest money you should include for your offer to be considered competitive. 

A Guide To Finding The Perfect Property For You And Your Family

by

A Guide To Finding The Perfect Property For You And Your FamilyIf you are in the market for a new home, you have probably realized that there are a lot of options available. You may have a difficult time deciding what is right for you and your family, but there are several important factors you need to consider with every home search. Do not forget to reach out to a local professional who can help you assess these factors and find the right option for you and your family.

Location Should Always Come First

There is a saying that the three most important factors in real estate are location, location, and location. Therefore, think about the location of your home first. How far are you willing to drive to get to work in the morning? If you have children, what are the best school districts in the area? How important is it for you to be close to shopping and dining opportunities? Think about the traffic, crime rates, and amenities in the area.

Consider Your Budget

Of course, you need to think about your budget as well. Considering how much you are willing to put down for your house. If you are a first-time homebuyer, you might be able to qualify for a loan for as little as 3.5 percent down. Then, think about everything that will go into your monthly payment. You need to consider not only your mortgage but also the interest rate, property taxes, and home insurance premiums that go along with homeownership. You may want to have some extra money put aside for home maintenance and repair expenses as well.

Think About Size

Now, you can think about how big of a house you need. You should create a list of things that you must have and things that are nice to have. For example, you probably have a certain number of bedrooms that your new house must have. Do you want to have a guest bedroom? Do you want each of your children to have their own bedroom? 

Find The Perfect House

These are a few of the most important factors you should consider if you are looking for a home for yourself and your family. Consider reaching out to a professional who can help you during your home search. 

 

Does A Pool Increase The Value Of Your Property?

by

Does A Pool Increase The Value Of Your Home?If you are looking for a way to add value to your house, you may have thought about putting in a pool. After all, this is a great way to cool off during the summer while entertaining your family members and friends. At the same time, does a pool increase the value of your property? Learn more about the benefits and drawbacks below.

The Benefits Of Owning A Pool

If you decide to put in a pool, there are a lot of benefits you will enjoy. First, it will make your property look significantly more appealing. As long as you work with a reliable contractor, a pool will look attractive to the eye. Putting in a pool is also a luxury feature. This means that your house may look more appealing to people who have more money to spend. Putting in a pool can also reduce the amount of yard work you have to do. It may no longer take as long for you to cut your grass. Of course, there is also the functional benefit of having a pool. It is a great place to exercise, relax, and cool off during the summer.

The Drawbacks Of Owning A Pool 

On the other hand, there are a few drawbacks to owning a pool as well. Having a pool will probably increase your home insurance rates because people can get hurt in and around the pool. You also have to take care of the pool. You need to clean the pool, track the chlorine level, and filter the water. Finally, if you don’t live in a hot area, you may not be able to use the pool during all months of the year. 

It All Depends On Demand

Ultimately, the value of your house is dependent on how much someone else is willing to pay for it. If there are a lot of people who are looking for a home with a pool, then adding a pool could increase the value of your home. If you want to maximize the value of your home, you may want to reach out to a real estate professional who can tell you if putting in a pool is a smart idea. 

Use A Fixer-Upper Mortgage To Expand Your Options

by

Use A Fixer-Upper Mortgage To Expand Your Options

Many people purchasing a home for the first time are running into the same problem. There simply are not enough starter or entry-level houses available in the current market that are ready for people to move into. One solution some home buyers are exploring is to buy a fixer-upper home. With a home renovation mortgage, prospective homebuyers can qualify for a home loan that combines the cost of home improvements with the purchase price of the house.

A Lack Of Affordable Homes

Regardless of whether they are brand new or resale homes, there simply are not enough affordable homes for first-time homebuyers. A significant number of new houses are built for people who are looking to purchase their second or third home. Furthermore, because there is a lot of demand for affordable entry-level houses, their prices have gone up. This makes it very difficult for first-time homebuyers to qualify for a mortgage for an entry-level home. 

Consider Fixing Up An Existing Home

With a lack of affordable homes, it only makes sense for first-time homebuyers to consider buying and repairing entry-level homes that might be in need of repair. Because a lot of people do not want to purchase a house that requires repairs, first-time homebuyers might be able to save money by going this route. 

There are two separate home renovation loans available. The first is the FHA 203k loan, which is insured by the Federal Housing Administration. The other option is guaranteed by Fannie Mae, and it is called the HomeStyle loan. These loans can cover the cost of most home improvements, regardless of how large or small they might be. Both of these loans can be used to cover cosmetic and structural renovations. With access to this loan, it is possible for first-time homebuyers to begin work immediately after the closing process is done. 

Consider Taking Out A Home Renovation Loan

The FHA 203k is for primary residences only. The Fannie Mae HomeStyle loan can be used for either a primary residence or an investment property. They require a minimum credit score of 620 and a down payment of at least three percent. These loans could make it easier for first-time homebuyers to afford a house. 

 

How To Make Your Home More Sustainable in 2022

by

How To Make Your Home More Sustainable in 2022If you are looking for a way to make your home more sustainable in 2022, there are several options available. A lot of people are concerned about the environment, and you can do your part by reducing the amount of energy your home consumes. Furthermore, some of these home improvements are not that expensive and can actually save you money. Some of them might even increase the value of your house. Take a look at some of the top sustainable home improvements you should make below.

Install Energy-Efficient Windows

If you have not swapped out your windows in a while, you may want to upgrade them to energy-efficient ones. Energy-efficient windows can reduce the amount of heat and air conditioning your home consumes. If you combine your energy-efficient windows with exceptional insulation, you can significantly reduce the stress on your HVAC unit. This can help you reduce your utility bills. 

Upgrade Your Lighting System

You may want to install energy-efficient lighting as well. For example, LED lights use significantly less money when compared to regular bulbs. They can also save you hundreds of dollars per year on your utility bills. In addition, LED lights will last significantly longer than traditional light bulbs, so you don’t have to replace them as often, either. 

Make The Switch To Solar Energy

You can also make the switch to solar energy to reduce the amount of electricity you consume. Even though you can install solar panels on your roof, you may want to take a look at a few other solar upgrades as well. For example, you might want to use a solar attic fan, which can help you alleviate the heat trapped in your attic. You may want to install solar water heaters as well, which can reduce the amount of energy you spend heating your water.

Plant A Garden

Even something as simple as planting a garden can make your house a more sustainable place. Plants are natural air purifiers, they can improve the health of your soil, and they can attract pollinators, such as bees, that are important for our environment. Of course, if you plant fruits and vegetables, you can also save money on your utility bills.

 

Where Buyers Tend To Compromise When Buying A Home

by

Where Buyers Tend To Compromise When Buying A HomeIf you are in the market for a home, it is important for you to think about what is most critical to your housing search. Unless you have an unlimited budget, you will probably have to compromise somewhere to make a competitive offer on a house you can afford. Every buyer is different, but there are a few common themes regarding where buyers tend to compromise when looking for a house. 

The Condition Of The Home

One area where buyers tend to compromise is the condition of the house. Most buyers would prefer to purchase a new house that is move-in ready, but you may notice that it can be difficult to find a new house that is within your budget. If you are willing to purchase a house that is a bit older, you might be able to save money. Then, you can put this money towards home improvements. 

The Size Of The Home

If you want to keep your housing search under a certain budget, you may need to compromise on the size of the house. Particularly in an overheated market, you might be able to scale back the home’s square footage to make a more competitive offer on a house. This is particularly true if you are looking for a house in a specific school district.

The Style Of The Home

You might have always dreamed of living in a mid-century colonial home, but it might not always be possible to find a house of this style that checks the other boxes. If you are willing to purchase a house that doesn’t quite match your style, you might be able to find a home that has the other characteristics you need. 

Select The Right House

Everyone is different, and the right house for one person is not going to be the same as the right house for you. As you take a look at the houses available, think about what is most important to you. What do you need to have when you look for a home, and where are you willing to compromise? This can help you put yourself and your family in the best position possible to be successful during your housing search.