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How Big a Home Do You Truly Need? 5 Questions to Ask to Figure That Out

When it comes to homes, the popular credo is that bigger is better. More square feet = a larger slice of the American dream, right? Not necessarily. For one, bigger homes obviously cost more, and oversized McMansions can be harder to sell. As such, you’ll want a home that’s neither too big nor too small. But how do you strike that balance? Here are five questions to ask yourself that will help you determine how much space you really need.

1. Is this my ‘forever’ home, or is ‘right now’ good enough?

While you can’t predict the future (darn those unreliable crystal balls), it is possible to evaluate the likelihood you might be moving in coming years. If so, then maybe you don’t need to buy that perfect ‘forever home’ where you’ll grow old; maybe a ‘right now’ home is good enough.

“There’s a common perception that you should be searching for your ‘forever home,’ and that pressure to find a place that has all the space you might ever need often leads buyers to purchase a home that might be too big,” warns Jackie Hinton, a real estate agent with Center Coast Realty in Chicago. “It’s OK to know that you’ll only live in a home for the next five or six years, and to buy a home that will serve your needs during that period. You can always re-evaluate and upgrade to a bigger space later.”

2. What will my income look like later?

If you’re early in your career, odds are decent that your income will increase over the years. Or, if you’re reaching the end of your career, you may be looking at flattened or declining income. In either case, it’s never a good idea to get a mortgage at the max of what you can afford, it’s better to go small and have some wiggle room.

“Nothing causes more stress than financial strain,” says Bill Rice, president of MyPerfectMortgage.com. “A mortgage on a home that is a size too large is most likely to be your biggest burden, and a hard one to overcome. Happiness is often one size smaller than your dream home. That way, you can enjoy your home without dreading your monthly mortgage payment.”

Also, remember more space means more time and money spent on upkeep and maintenance, more rooms to fill with furniture, and higher utility bills to heat and cool the home.

“Any future improvement projects, like installing new floors or replacing windows, will cost more when the space is bigger,” says Hinton.

3. What are my priorities?

Another question to consider is what you’ll use all that space for-and be honest: While you might dream of hosting epic dinner parties in that big formal dining room, will you really? Can you say with honest certainty that your in-laws will descend on you during the holidays and need a guest bedroom to crash in, or might they be just as comfortable in a nearby Airbnb?

Aside from justifying what you’ll use each space for, ask yourself what you’re giving up. If you dream having a secret “travel fund” so you can see the world, that maybe be possible only with a smaller mortgage (and house). Or, perhaps you value things other than space, like school district or a walkable location. So make sure to factor those variables, too-and make sure you aren’t sacrificing them for space you don’t need.

This is why real estate investor Kathy Kettke decided to buy a smaller home so she could live in her “dream location” near the beach. “Being open to a smaller home allowed us to be in a higher-priced market we wouldn’t have been easily able to afford otherwise,” she says. And best of all, her home doesn’t feel cramped-particularly since she can pop out and stroll along the ocean anytime.

4. How much space do I want from my own family members?

If you absolutely must have privacy-to, say, get work done in a home office or chill out in your man cave-then that extra square footage may be well worth the money. But if you’re more the type who loves having their family members nearby, a large home gives people plenty of alone time…sometimes too much.

Fettke, for one, is glad her home is small because it keeps her in close contact with her kids. “I’ve found that my daughter’s friends who live in large homes rarely even run into their parents,” she says. But since her own home is smaller, her kids are constantly underfoot-just the way she likes it.

“Plus it seems that most of our daughter’s friends hang out at our place, even though it’s tiny,” she says. Sure, the beach nearby may be one draw, but so may be the cozy, close-knit family environment a smaller home forces you to have. “Maybe they like the homey environment and being able to smell the cookies being baked around the corner,” she says.

5. Does this home feel spacious even if it doesn’t have much space?

Keep in mind that even small homes can feel spacious purely based on an open floor plan and lots of light. Meanwhile, large homes can still feel cramped if they’re dark or poorly laid out. So, when shopping real estate listings, know that the little number next to square footage may not tell the whole story.

“The total square footage of a house can be deceiving,” says Patrick Ryan, senior vice president and managing broker of Chicago-based Related Realty. “Features like a long hallway may increase the total, but they are spaces you pass through, not a true destination within the home.”

So instead of homing in on total square footage, “buyers should focus on the size of individual rooms where they see themselves spending the majority of their time,” says Ryan. In other words: Who cares if your bedroom isn’t massive, since all you plan to do there is sleep?

Source: Julie Ryan Evans | www.realtor.com

 

Posted in: Buyers, News and Announcements, RE/MAX Advanced Tagged: Buying, Buying a Home, Finance, financial, Fort Collins, Home Buying, northern colorado, RE/MAX, RE/MAX Advanced, Size of Home, Square Footage

Game-Changing Real Estate Trends in 2018

From housing inventory to price appreciation to generational shifts, look for real estate markets to “reshape” in 2018, according to the National Association of REALTORS®.

Game-changer #1: Supply finally catching up with demand

After three years of a shrinking supply of homes for sale, the realtor.com economists predict that the shortfall will finally ease up win the second half of 2018.

“The majority of the year should be challenging for most buyers. But we do expect growth in inventory in the fall,” says Danielle Hale, chief economist for realtor.com.

If housing inventory increases as predicted by fall, that will be the first net inventory gain since 2015.

Bullish construction is the engine that’s turning this ship around, bringing new home inventory to the market and creating opportunity for people to trade up into new homes.

But first time buyers may have to be patient for a while longer.

“Overall, prices are expected to increase, and we’re expecting to see more of that in lower-priced homes,” Hale says.

Along the Front Range, appreciation for homes priced above $750,000 will slow down while homes priced less than $500,000 will continue to see appreciation but not at the rate seen in recent years. This is due to the lack of supply (many builders are focusing on higher price point properties) and a large demand for real estate as a result of continued net migration.

Game-changer #2: Millennials starting to come into their own

The housing market in 2018 will continue to present challenges for millennials but there are some bright spots on the horizon.

Because of the strengthening economy and their developing careers, millennials are taking on larger mortgages and bypassing entry level homes.

As millennials reach their 20s to 30s when they’re settling down and starting families, they’re particularly motivated to buy. Millennials could make up 43% of home buyers taking out a mortgage by the end of 2018, up from an estimated 40% in 2017.

With mortgage rates expected to increase during 2018 due to stronger economic growth, millennials would be wise to buy sooner than later.

Game-changer #3: Tax reform

The new tax plan will change things up, in a nutshell causing short-term rates to rise more rapidly than anticipated as the Federal Reserve seeks to “get ahead” of possible inflation. The tax plan will also flood the market with a little more liquidity, keeping the economy moving at least another year.

Sources: Glen Weinberg, www.cobizmag.com, Cicely Wedgeworth, www.realtor.com

Give our office a call to discuss your real estate plans for 2018!

 

Posted in: Buyers, News and Announcements, RE/MAX Advanced Tagged: Buying, Buying a Home, Finance, financial, First Time Homebuyers, Fort Collins, Home Buyers, Home Buying, Millennials, northern colorado, RE/MAX, RE/MAX Advanced, Real Estate, Real Estate Trends, Tax Reform

Open House Etiquette Do’s and Don’ts

It’s a marathon house-hunting day. As you check out listing No. 5’s brand new windows, it suddenly hits you: “Oh man, I have to go to the bathroom.”

Should you, or shouldn’t you?

Navigating do’s and don’ts of the open house experience can be totally awkward, so we asked the pros everything most buyers secretly want to know.

Well, Can I Use the Bathroom?

If you’ve got to go, you’ve got to go — but don’t just wander off and take care of business. It might not work in every house. Literally.

“Ask permission,” says Pat Vredevoogd Combs, past president of the NATIONAL ASSOCIATION OF REALTORS® who works and lives in Grand Rapids, Mich. Vacant houses, especially in winter, may have the water shut off, so there’s no way to flush. That’s something you really  want to know before you go.

And if you’re at a busy open house, being in the loo for more than a minute means other potential buyers can’t check out the facilities — and may not want to after you’ve, um, done your business.

To be safe, schedule a few pit stops at restaurants or gas stations along the way!

Is it OK to Bring in My Coffee?

We’re pretty sure ordering house hunters to forgo coffee qualifies as “cruel and unusual punishment” in some states. But if you’re carrying a drink, be careful — unless you’re prepared to go mano a mano with the floor.

“So many first-time home buyers are millennials, and I almost never see them without a cup of Starbucks in their hand,” Vredevoogd Combs says. “I had one guy spill his coffee on white carpeting and we had to get down on our hands and knees to clean it up.”

Food, on the other hand, is no bueno, unless the seller has left out cookies. By all means, take one, but eat it in the kitchen. Preferably over a napkin.

Can I Peek in the Closet?

“Absolutely,” says Tg Glazer, 2016 president of the New Jersey Association of REALTORS®. “Buying a home is probably the biggest purchase you’re ever going to make, and you need to check out everything.”

Basically, look all you want, but don’t rifle around. You’re shopping for closet space, not a new wardrobe.

How About a Quick Selfie With This Awesome, Lemon-Colored Range?

With smartphones being practically an appendage for many buyers, snapping pics to share with friends and family is so easy. But hold your trigger finger, especially if you’re planning to share the images online.

Whether you can take photos and videos “seems to be a regional custom,” Vredevoogd Combs says. “In some cases, sellers have valuable things and don’t even want their homes promoted online. Ask permission first.”

Can I Plop Down on That Chaise Lounge?

Vredevoogd Combs says she’s not a fan. “Feeling comfortable enough to want to sit on  the furniture might be a good intent to buy, but it isn’t your furniture and you’re not buying it.” Plus, that cozy looking couch or comfy bed might be staged for the open house — air beds or cardboard boxes wearing fancy clothes — you might take a spill.

If you need to sit, for health reasons or that sprained ankle from your last marathon, just ask. That’s not unreasonable.

Final Thoughts

The bottom line is the old-fashioned Golden Rule: Do unto others’ homes as you’d have them do unto yours.

“Be on your best behavior,” says Combs. Pretend the seller is there — and sometimes they are, even if you can’t see them. They might be waiting next door at a neighbor’s house and wander back at any minute. So it’s also a good idea to keep comments to yourself. You wouldn’t want them to overhear how much you love the master suite — that could mess up your negotiating power if you decide to buy.

 

Source: Stacey Freed | www.houselogic.com

Posted in: Buyers, News and Announcements, RE/MAX Advanced Tagged: Buying, Buying a Home, Do's and Don'ts, Etiquette, Fort Collins, Home Buying, northern colorado, Open House, Open House Etiquette, Open House Questions, RE/MAX, RE/MAX Advanced

First-Time Homebuyers Checklist

what-to-do-aA real yard.Closets bigger than your average microwave. The freedom to decorate however you darn well please! Making the switch from renting to owning is exhilarating, but many rookie homebuyers find the process trickier to navigate than they expected.

This is why we created our First-Time Homebuyers Checklist. The 12-month timeline will help you sidestep common mistakes, like paying too much interest or getting stuck with the wrong house. (Yep, it happens!)

12 Months Out

Check your credit score. Get a copy of your credit report. The three credit bureaus (Equifax, Experian, and TransUnion) are each required to give you a free credit report once a year. A Federal Trade Commission study found one in four Americans identified errors on their credit report, and 5% had errors that could lead to higher rates on loans. Avoid last-minute bombshells by checking your score long before you’re ready to make an offer. And work diligently to correct any mistakes.

Determine how much you can afford. Figure out how much house you can afford and want to afford. Lenders look for a total debt load of no more than 43% of your gross monthly income (called the debt-to-income ratio). This figure includes your future mortgage and any other debts, such as a car loan, student loan, revolving credit cards.

There are plenty of calculators on the web to help you determine what you can afford. if you’re pushing the limits, start reducing your debt-to-income ratio now.

Make a down payment plan. Most conventional mortgages require a 20% down payment. If you can swing it, do it. your loan costs will be much less, and you’ll get a better interest rate. If, however, you’re not quite able to save the full amount, there are many programs that can help. FHA offers loans with only a 3.5% down payment. But they require mortgage insurance premiums, which will drive up your monthly payments. The U.S. Department of Housing and Urban Development (HUD) provides a list of nonprofit homebuying programs by state. Also check with credit unions; and your employer might even have an assistance program.

As you’re planning your savings strategy, keep in mind that banks like you to “season” your money. That is, they like to see that you’ve had stable funds in your account for 60 to 90 days before applying for a loan. Don’t worry: You can still use a financial gift from a family member or bonus received near the time you buy.

9 Months Out

Prioritize what you want in your new home. What’s more important in your new home? Proximity to work? A big backyard? An open floor plan? Being on a quiet street? You’ll make a much better decision on what home to buy if you focus on your priorities. If it’s a joint decision, now is the time to work out any differences to avoid frustration and wasted time. Perhaps most important: Know what trade-offs you’re willing to make.

Research neighborhoods and start visiting open houses. The fun starts here! Use property listing sites, such as realtor.com, to find out about neighborhoods, public transport, and cost of living.

Start visiting open houses to get an idea of what kind of homes are in your price range and what neighborhoods appeal the most. Seeing potential homes will also keep you motivated to continue reducing your debts and saving for your down payment.

Budget for miscellaneous homebuying expenses. Buying a home has some miscellaneous upfront costs. A home inspection, title search, property survey, and home insurance are examples. Costs vary by locale, but expect to pay at least a few hundred dollars. If you don’t have the cash, start saving now.

Start a home maintenance account. Speaking of saving, start the good habit now of putting a little aside each month to fund maintenance, repairs, and home emergencies. It’s bad enough to have to call a plumber. it’s worse if you’re paying credit card interest on that plumbing bill.

6 Months Out

Collect your loan paperwork. Banks are very particular when it comes to mortgage loans. They demand a lot of paperwork. What they’ll want from you includes:

  • W-2 Forms- or business tax return forms if you’re self-employed- for the last two to three years.
  • Personal tax returns for the past two to three years.
  • Your most recent pay stubs.
  • Credit card and all loan statements.
  • Your bank statements.
  • Addresses for the past five to seven years.
  • Brokerage account statements for the most recent two to four months.
  • Most recent retirement account statements, such as 401(k).

If you start collecting these documents now, it’ll lessen the stress when it’s time to get your loan. Bonus: Looking closely at your loan documents each month will also help you stay focused on saving for your down payment and keeping your debt-to-income ratio low.

Research lenders and realtors. Start interviewing realtors and specifically buyers’ agents. A buyer’s agent will work in your best interest to find you the right property, negotiate with the seller’s agent, and shepherd you through the closing process. Your agent also can be instrumental in finding a lender who’s familiar with first-time home buyer programs.

Even better, look for a mortgage broker, who will shop for a competitive loan rate for you among multiple lenders, unlike a bank, which can only offer its own products.

To find a realtor, click here!

3 Months Out

Get pre-approved for your loan. At this point, if you’ve been following this timeline, your credit score,paperwork, and down payment should be on track. You’ve done your research on lenders and buyers’ agents. Now it’s time to start working with them. First you’ll need toget pre-approved for a mortgage.

Make an appointment with your lender or mortgage broker and bring all your paperwork. He’ll run a credit check on you and tell you how much of a loan you’re approved for It often makes sense to borrow less than the maximum the lender allows to you can live comfortably. Draft a budge that accounts for mortgage payments, insurance, maintenance, and everything else you have going on in your life.

Start shopping for your new home. Once you’re pre-approved, the buyer’s agent you’ve chosen will be able to target homes that meet your priorities in your price range. This way you won’t be wasting time looking at homes you can’t afford.

2 Months Out

Make an offer on a home. It usually takes at least four to six weeks to close on a home. So if you have a firm move-out date, allow enough time to deal with any hiccups that can delay closing.

Get a home inspection. One of the things you’ll want to do after an offer is accepted is have a home inspector look at the property. If the home inspector finds something that needs repair, that’s a common example of something that can delay closing.

In the Last Month

Triple-check that all your financial documents are in order and review all lending documents beforeclosing. You’re in the home stretch! If you’ve been keeping your documents up-to-date, and your down payment is in reverse, these final steps are the easiest. Reviewing the mortgage documents is probably the most difficult. Your agent can help guide you through them.

Ge insurance for your new home. Don’t forget to secure insurance before closing. You’ll need to bring proof of insurance to closing.

Do a final walk-through. Do a final walk-through of your new home, usually a day or two before closing, to make sure the home is in the shape you and the seller have agreed upon.

Get a cashier’s check or bank wire for cash needed at closing. Make sure you get an exact amount of cash needed for closing. You’ll get that number a few days before closing so you can secure a cashier’s check or arrange to have money wired. Regular checks aren’t accepted.

That’s it. Congratulations first-time homebuyers!

Posted in: Buyers, News and Announcements, RE/MAX Advanced Tagged: Buying, Buying a Home, Finance, financial, First-Time Homebuyer, Fort Collins, Home Buying, Homebuyer Checklist, northern colorado, RE/MAX, RE/MAX Advanced

Juggling a Sale and a Purchase

Juggling a Sale and a Purchase

Selling one home and buying another at the same time requires solid financing, careful planning, flexibility, risk tolerance, and creative transaction management. If possible, sell before you buy. You probably started looking online at homes for sale before you explored what it would take to sell your current home. While it’s good to know about housing inventory for sale, the first step is to sell your current home.

How can you manage two transactions?

Whether you sell first or buy first, these steps provide critical information. Talk with your real estate agent about the current housing market, and determine a market value for your home. Your agent will also provide an estimated amount of cash you can expect from a sale. Next, unless you can pay cash, talk to your mortgage lender about financing your new home.

  • Can you qualify for your next home without selling your current home?
  • Can you obtain a bridge loan secured by equity in your present home to fund a down payment so you can buy first, then sell?

Once you have gathered this information, you are well prepared to shop for your next home.

SELL First then BUY

Consult with your real estate agent about how to prepare your home for sale, which may include a home inspection, making necessary repairs and cosmetic changes. Discuss the best time of year to sell your home. Spring and fall are busy buying seasons, but other seasons may have less sales competition. In our busy Northern Colorado market you usually can sell your home in any season!

Once you list your home for sale, you may begin the search for your next home. However, in a seller’s market, you can be a more competitive buyer if your current home has sold.

When an offer is submitted, evaluate options for a longer escrow period, or a leaseback, to allow time to find your next home. To be flexible with closing and possession dates for your sale and purchase, consider temporary housing options. Once you accept an offer and are ready to look for a new home, wait to submit an offer until you resolve most of your buyer’s contract contingencies.

BUY First then SELL

You found a home to buy and completed the research, but your present home is not listed for sale. In a buyer’s market, you may find a seller who willing to accept a contingency for the sale of your current home. In our Northern Colorado seller’s market, contingent offers are less desirable than those with no sale contingency. Builders may accept a contingent offer due to the necessary time frame for home building.

If your offer to purchase is accepted, it’s important to quickly prepare and list your home for sale. Consider pricing that will result in a contract quickly. This may not be the time to “try” an above market price with the intention of reducing the price later. Focus on selling your house with flexible showing times and maintaining your home’s appearance.

When you get an offer, you will likely be considering contingencies and deadlines that impact your purchase transaction.

When you’re selling your present home and buying your replacement home, understanding the process and your options ahead of time will better prepare you for challenges.

Contact an agent to discuss your next move!

 

Posted in: Buyers, RE/MAX Advanced, Sellers Tagged: Buying, Finance, financial, Home Buying, Managing Transactions, RE/MAX, RE/MAX Advanced, Selling, Selling and Buying

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