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Exclusive Listing1/55 55New$ 235,000
2 Beds2 Baths1,091 SqFt8592 W Sunrise Blvd #416, Plantation, FL 33322
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Exclusive Listing1/39 39Active$ 355,000
3 Beds2 Baths1,222 SqFt4675 W 18th Ct #612, Hialeah, FL 33012
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Exclusive Listing1/27 27Pending$ 130,000
1 Bed1 Bath660 SqFt18760 NE 18th Ave #235, Miami, FL 33179
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SHOULD I BUY NOW OR WAIT?
SHOULD I BUY NOW OR WAIT?
Are you considering investing in real estate but unsure about the right time to make a move? The decision of whether to buy now or wait can be a challenging one, as it involves various factors that impact the housing market. In this blog post, we will explore the current state of the market, discuss the importance of considering the neighborhood, and provide a price comparison for a single-family home with 3 bedrooms and 2 bathrooms.Let's start by examining the market update. Currently, the real estate market is experiencing a period of high demand and low inventory. This means that there are more buyers looking for homes than there are available properties. As a result, home prices have been steadily increasing over the past year. If you decide to buy now, you may face higher prices due to the competitive nature of the market.On the other hand, waiting for a year may give you some advantages. It is difficult to predict the exact trajectory of the housing market, but some experts believe that there might be a slight cooling off period in the near future. This could potentially lead to a decrease in home prices or an increase in inventory, providing buyers with more options and potentially more negotiating power.When contemplating whether to buy now or wait, it's crucial to consider the neighborhood where you plan to purchase a home. Neighborhoods can have a significant impact on property values and overall quality of life. Research the area thoroughly, considering factors such as school districts, amenities, crime rates, and future development plans. If you find a neighborhood that meets your criteria and fits your lifestyle, it might be worth buying now rather than risking losing out on a property in that location.As for the price comparison of a single-family home with 3 bedrooms and 2 bathrooms, let's analyze the current market situation. Suppose the average price for such a home now is $300,000. If the market experiences a slight decline, the home's value might drop to $280,000 in a year. However, if the market continues to soar, the price could increase to $320,000 or more within the same timeframe. Therefore, waiting may save you some money, but there is also a risk of paying more in the future.In conclusion, deciding whether to buy now or wait depends on various factors such as the current market conditions, the neighborhood you desire, and your long-term goals. While waiting might provide some advantages, such as potential price decreases, it also carries the risk of rising prices. Take the time to research and consult with real estate professionals to make an informed decision that aligns with your preferences and financial capabilities. Happy house hunting!
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HOME INSPECTION DEBACLES
HOME INSPECTION DEBACLES
Closing on a new home can be very exciting, but sometimes you encounter inspection debacles that can break the deal. As a seller, inspection surprises can catch you off-guard forcing you to spend thousands before you can close. As a buyer, these surprises may prevent you from signing off on the home of your dreams. So, as you can imagine, the home inspection is one of the bigger points of contention in a real estate deal. With so much up for negotiation, the home inspection raises many questions. For example, what are mandatory repairs? And, who must pay for these repairs? WHAT ARE MANDATORY REPAIRS? Legally, there is no such thing as a “mandatory” repair after a home inspection. Some states have an “as-is” contract that releases the seller from any responsibility to make repairs. The buyer accepts the property in its current condition, but has the right to walk away from the deal if too many issues turn up. However, requirements that do need to be met by home sellers are largely dependent on three factors: The Purchase Agreement: Standard purchase agreements generally contain a home inspection contingency that allows the homebuyer to back out of the deal should the inspection turn up any major issues. Lender Requirements: Some lenders, particularly those that offer government loans, only approve mortgages on homes that meet their standards for safety, livability, and mandate that certain issues be addressed before closing. These lenders will have an appraiser inspect the property and appraise the value of the home before a deal can be made. Local Regulations: Some areas of the country have particular items that the seller of a home is responsible for before a sale can take place. For example, if a home inspector finds home improvements the seller made not to code or without securing a permit, the local building official will hold the seller liable. They will require the seller to bring the improvements up to code and pay increased permitting fees. Inspections can turn up an array of concerns, from very minor cosmetic issues to more severe issues that prevent the home from being inhabitable. With that said, home inspectors will qualify anything structurally or mechanically deficient, unsafe, not functioning properly, or not in accordance with a state’s standards. These need to be made top priority, and may include: Structural: Major structural hazards or against building code violations. Foundation: Damp or wet crawlspaces, windows and doors that show uneven gaps, sloping floors, and cracked concrete are indications that a home’s foundation is in need of repair. Pests: When looking through the home for any pests (bugs, small rodents, etc.), the biggest issue to keep an eye out for is termite damage. Water: Standing water in the basement, water stains on the ceiling, poor water pressure or leaks, and drainage issues could indicate bigger problems. Faulty Electrical: House fires are often caused by faulty electrical wiring. Mold: Mold usually indicates larger problems and need to be addressed quickly. Mold can also be a major health hazard, especially black mold, and may lead to asthma or other serious health issues. Rot: Rotting in framing or around wood decks, windows, or doors is also usually indicative of larger problems. Roofing: Roofing problems aren’t always cause for alarm, but when a home inspector sees structural damage, mold, or flashing damage, the roof is generally in serious need of repair. Toxic or Chemical Hazards: These may include a positive asbestos or radon test, a sure sign that your home has a significant indoor air pollution problem, or carbon monoxide leaks from appliances, such as water heaters or furnaces. WHO PAYS FOR REPAIRS? If any of these issues arise, they need to be addressed immediately, but who bears the responsibility to pay for them? Technically, all repairs are negotiable. As the seller, you are not obligated to pay for anything, but you should disclose all known issues in good faith and work with the buyer. If you don’t, you will be at risk of losing the sale. Some options might be: Make the Repairs: If the repair requests are reasonable and you can afford to complete them, this is usually the best course of action. If the deal falls apart, you’ll be required to disclose the findings of the report when you re-list your home, and you could risk scaring off a future buyer. Give a Credit: The sellers can negotiate to lower the purchase price to account for the cost of repairs or a cash allowance. That way, the homeowner doesn’t have to manage the repairs, but still absorbs some of the cost. Some buyers also like this option, as it allows them the freedom to pick their own contractors and make sure the work is done correctly. Offer a Home Warranty: Purchasing a one-year home warranty for the buyer can be a nice option too. It will only cost you a few hundred dollars, and it gives the buyer peace of mind in case any issues come up in the first year after closing. This is especially appealing for inspection findings that aren’t necessarily failing items, but aging systems that will need to be replaced within the next few years. Barter: You can always offer to barter with other items, like furniture that wasn’t originally included but the buyer might want, or appliances you weren’t planning on leaving behind.
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CLOSING COSTS
CLOSING COSTS
As a homebuyer, it’s easy to get caught up in the excitement of making plans for your new home. You have accounted for the mortgage payments, thought about décor and color schemes, and planned where every piece of furniture will go. But, there are still some very important transaction details you may have overlooked, such as the countless transaction fees charged to buyers, known as Closing Costs. These costs can add up quickly and catch you by surprise. Therefore, it is imperative to understand what each fee covers, how you can reduce or eliminate these fees, and how much you may need to pay. Closing costs are unavoidable when buying (or refinancing) a home. However, understanding what these costs cover, ensuring you’re getting the best rates, and budgeting for them will make for a smoother closing process. WHAT ARE CLOSING COSTS? Closing costs are standard fees collected to pay the various parties involved in processing your loan and transferring ownership of the house to you. Once you submit your loan application, your lender is required to provide you with a Loan Estimate. This estimate is legally binding and will outline all fees, the interest rate, and any other costs to close your loan. Review it carefully and if you have questions, be sure to ask your lender, the title company, or your real estate agent to clarify. Three business days prior to closing, your lender will provide a Closing Disclosure for final review. This will show the original estimated closing costs and final closing costs, as well as indicating the difference if costs were adjusted. If you see new fees that were not included in the original loan estimate, or notice that your closing costs are significantly higher, immediately seek clarification with your lender and/or real estate agent. While these figures might fluctuate by closing day, there shouldn’t be any big surprises. HOW MUCH ARE CLOSING COSTS? In general, the total closing costs range between 2% to 5% of the home’s purchase price, and will vary depending on state, loan type, and mortgage lender. Several factors influence your closing costs, and as a result, will vary from one home purchase to the next. It is best to estimate your closing costs at the high end of the range, and hopefully you will be left with extra money. There are many fees that make up the final closing costs when buying a home, most of which do fall on the buyer. PROPERTY-RELATED FEES Appraisal Fee: It’s important for a lender to know if the property is worth as much as you intend to borrow. The average cost of an appraisal by a certified professional appraiser ranges from $300-$400. Home Inspection: Most lenders require a home inspection, especially if you’re getting a government-backed mortgage, such as an FHA loan. Home inspection fees range from $300-$500. LOAN-RELATED FEES Application Fee: This is cost of processing a request for a new loan, and includes fees for credit checks and administrative expenses. The application fee varies depending on the lender and the amount of work it takes to process your loan application. Assumption Fee: If the seller has an assumable mortgage and you take over the remaining balance of the loan, you may be charged a variable fee based on the balance. Attorney Fees: Some states require an attorney to be present at the closing of a real estate purchase. The fee will vary depending on the number of hours the attorney works for you. Prepaid Interest: Most lenders require buyers to pay the interest that accrues on the mortgage between the date of settlement and the first monthly payment, and will depend on your loan size. Loan Origination Fee: Also known as an underwriting fee, administrative fee or processing fee, the loan origination fee is a charge by the lender for evaluating and preparing your mortgage loan. This can cover document preparation, notary fees, and the lender’s attorney fees. Expect to pay about 0.5% of the amount you’re borrowing. Discount Points: By paying discount points, you reduce the interest rate you pay over the life of your loan, which results in more competitive mortgage rates. However, paying points is worthwhile only if you plan to stay in the home for a long time. Otherwise, the upfront cost isn’t worth it. Mortgage Broker Fee: If you work with a mortgage broker to find a loan, the broker will usually charge a commission as a percentage of the loan amount. The commission averages from 0.5% to 2.75% of the home’s purchase price. MORTGAGE INSURANCE FEES Mortgage Insurance Application Fee: If you make a down payment of less than 20%, you may have to get private mortgage insurance (PMI). PMI protects the lender in case you default, and the application fee varies by lender. Upfront Mortgage Insurance: Some lenders require borrowers to pay the first year’s mortgage insurance premium upfront, while others ask for a lump-sum payment that covers the life of the loan. Expect to pay from 0.55% to 2.25% of the purchase price for mortgage insurance. FHA, VA, and USDA Fees: If your loan is insured by the Federal Housing Administration, you’ll have to pay FHA mortgage insurance premiums; if it’s guaranteed by the Department of Veterans Affairs or the U.S. Department of Agriculture, you’ll pay guarantee fees. PROPERTY TAXES, ANNUAL FEES, AND INSURANCE Property Taxes: Buyers typically pay two months’ worth of city and county property taxes at closing. Annual Assessments: If your condo or homeowners’ association requires an annual fee, you might have to pay it upfront in one lump sum. Homeowners Insurance Premium: Usually, your lender requires that you purchase homeowner’s insurance before settlement, which covers the property in case of vandalism, damage, etc. The amount varies depending on where you live and your home’s value. TITLE FEES Title Search Fee: A title search is conducted to ensure that the person selling the house actually owns it, and that there are no outstanding claims or liens against the property. Title search fees are about $200, but can vary among title companies by region. The search fee may be included in the cost of title insurance. Lender’s Title Insurance: Most lenders require a loan policy. This protects them in case there’s an error in the title search and someone makes a claim of ownership on the property after it’s sold. Coverage lasts until the loan is paid off. Owner’s Title Insurance: You should also consider purchasing title insurance to protect yourself in case title problems or claims are made on your home after closing. The owner's coverage lasts as long as you or your heirs own the property. CAN I REDUCE CLOSING COSTS? You might be overwhelmed and feel like you can’t afford all of these fees in addition to the down payment, moving expenses, etc. If you want to reduce your closing costs, it may take some leg work but it’s possible, especially in a competitive housing market. As a buyer, you can negotiate prices and fees with any party involved in the purchase process to reduce closing fees. In some cases, the seller may be willing to cover some or all of the closing costs to finalize the purchase. You may find you are better off in the long run by investing time before closing to negotiate lowering your costs wherever you can. In addition, consider the following options: Research First-time Homebuyer Programs: These programs specifically serve first-time homebuyers, especially buyers with moderate and lower incomes. A first-time homebuyer is anyone who has not owned a home in the last three years. So, even if you’ve owned a home previously, you might still qualify for one of these programs as long as you have not owned a home recently. Use Monetary Gifts: Homebuyers can also use monetary gifts from friends and family to pay for closing costs. Ask your lender about any gift letter requirements and limits on amounts. Shop Around: There are significant savings when you compare fees from lender to lender, and find the most competitive rates. This also applies to third-party services, such as homeowners’ insurance and title companies. Schedule End-of-Month Closing: A closing date near or at the end of the month helps cut down on prepaid daily interest charges. Appeal to the Seller for Help: You might be able to get a seller to either lower the purchase price or cover a portion of your closing costs. This is more likely if the seller is motivated, or the home has been on the market for a long time with few offers. Negotiate Loan-Specific Fees: If you notice duplication or suspect a lender has added unnecessary fees, known as “junk fees,” to your loan, be sure to ask the lender to remove or reduce these fees. Roll Closing Costs into Your Mortgage: The most cost-effective way to cover your closing costs is to pay them out-of-pocket as a one-time expense. However, if that’s not an option, you may be able to finance them by folding them into the loan, but you’ll pay interest on those costs through the life of the mortgage. Therefore, do this only as a last resort.
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