Joyce Johnson's Blog
- The age of the roof: There are a lot of variables, when it comes to the life expectancy of roofing materials. With harsh weather conditions -- including sweltering summer days and annual ice buildups -- Mother Nature subjects your roof to a lot of wear and tear. If it's been more than 20 years since your roof was last replaced, the shingles are probably starting to show visible signs of deterioration. That's definitely not a selling point for prospective buyers. What house hunters do love to hear is that the roof is relatively new and has been replaced within the past five years. Although prices vary and can run higher, roofs typically cost at least $10,000 to replace. Many potential buyers would be turned off by the prospect of having to shell out that kind of money after they close on the house. Others might use that as a bargaining chip to get you to lower your asking price. In either case, an old roof puts you at a disadvantage.
- Completed remodeling projects: Although some home buyers thrive on the idea of renovating a property themselves, most would prefer an updated home. Recently remodeled bathrooms and kitchens will make your house much more appealing and marketable to would-be buyers. If those closely scrutinized rooms look dated or poorly maintained, you can be sure that will negatively impact the selling price and/or the amount of time your house stays on the market.
- Mechanical and electrical upgrades: People like to hear about improvements like a new central air conditioning system, a furnace replacement, or an upgraded electrical panel. These can all be major selling points, especially among prospective buyers who have had trouble with any of these vital systems in the past.
- Miscellaneous: Other features that could help sell your house may include energy-efficient windows, new flooring, lighting, security systems, room additions, a new driveway or walkways, a finished basement or attic, basement waterproofing, new siding, fencing, patios, porches, and landscaping improvements.
15 Kelsey Drive, Fremont, NH 03044
Creating curb appeal is an essential ingredient to attracting potential buyers to a house for sale. Similar to the concept of "dressing for success," when you make a strong first impression, your chances for producing positive results are greatly enhanced.
Looking good from the outside is the first step to capturing people's interest, but that's only the first of several hurdles that you have to clear. The last thing you want to do as a home seller is disappoint prospective buyers when they start looking around inside. That's why it's important to start strong and finish strong! While that may be easier said than done, it's a principle of success you can't afford to ignore.
Once you put your house on the market, there are two factors that could potentially work against you: the elements of time and competition.
- Time is of the essence: Time can either be your friend or your adversary, depending on how long your house has been on the market. When house hunters see the words "just listed," it creates a feeling of excitement and urgency. For many eager home buyers, those two words mean there's a fresh opportunity to discover the house of their dreams... or at least a reasonable facsimile! It's especially enticing to frustrated buyers who have already looked at a lot of homes, without having found the right one yet. When a new house is listed and put on the market, couples will be thinking and saying "Maybe this house will be the one!" Your challenge as a home seller is to do everything possible and cost-effective to live up to their expectations! An important factor to keep in mind is that the longer a house is on the market, the less appealing it generally is to prospective buyers. Once a house has been languishing on the market for more than a couple months or so, it also puts the sellers at a negotiating disadvantage.
- Competition is a fact of life: Buying a house is weighty decision. No one takes it lightly, and few buyers are going to make an offer on a house if they haven't looked at several others, too. Well-organized house hunters will have wish lists, "must have" requirements, and detailed notes and recollections about how each house stacks up. So it's important to work with your real estate agent to present your home in its best possible light. When your home compares favorably to other similar properties on market, your chances of getting it sold within a reasonable period of time are greatly improved.
You may see homes listed as in a search for a home that are denoted as a “Homepath property.” You may wonder what this means and if you’re even eligible to buy the property. It is a specialized program, so you’ll want to be informed on what it means to use it and what the process is.
Fannie Mae Programs
What was formerly known as a Homepath property is now known as The Home Ready Mortgage by Fannie Mae. With the Homepath program, people are able to find and purchase homes with a bit more ease and less financial risk. If you’re buying your first home, this could be the perfect way to get it. This program offers a list of foreclosed properties with really good deals on them. Repeat buyers can also find some great deals through this program, so it has something for everyone. It has so many benefits for anyone who is looking to buy a home.
How To Get A Homepath Property
Fanie Mae does require that you place a bid through a realtor. The program is designed for buyers to better understand the risks with buying foreclosed homes, while giving them a better opportunity to purchase a foreclosed home. Since foreclosed homes are sold as-is, there’s a risk that the home actually has some serious damage that needs to be repaired at a high cost. This is where a realtor comes in, as they can help buyers to understand ho much work a property may need and the exact risks involved.
Low Down Payment
Even if a home through the Homepath program requires extensive repairs, it’s not an opportunity that you should should shoot down right away. Unlike traditional mortgages where you’ll typically need 20% down to purchase, Fannie Mae only requires that buyers place as little as 3% down. This means that with the low cost of the available homes and the small down payment required, buyers can save thousands of dollars in total. Of course, this savings can help buyers to make the required repairs to the home.
There’s not many stringent requirements to be eligible to buy a Homepath property. Most people actually can be found to be eligible for these purchases. The biggest requirement is that before buyers reach the closing table, they’ll need to take an education course. This allows buyers to get assistance with the closing costs.
Learn More About Homepath
If you’re looking to buy a home at a low cost, you should definitely talk to your realtor about the Homepath program. They can also explain more about specific eligibility requirements. It’s easy to make use of this program, so start saving right now and search for a Homepath property.
Want to find your dream house quickly and effortlessly? You're not alone. In fact, many homebuyers across the United States browse the real estate market regularly in the hopes of finding their perfect residence.
Fortunately, there are numerous ways for homebuyers to accelerate the process of purchasing a house, and here are three tips to help homebuyers discover their dream houses without delay.
1. Set Realistic Expectations for Your Home.
When it comes to finding a residence, it is important to note that every house has its strengths and weaknesses. Thus, you'll want to set realistic expectations before you begin your search for the perfect home and differentiate the must-haves from the must-wants.
For example, you will need electricity, hot water and other utilities at your new home. On the other hand, you may want a house that features an indoor swimming pool, a fenced-in backyard and other deluxe amenities, but you need to keep in mind that you can live without these features as well.
Make a checklist of what you need and what you want from a future house. By doing so, you can simplify your home search and move one step closer to checking out houses that fulfill your needs perfectly.
2. Get Pre-Approved for a Mortgage.
What good is finding your dream home if you are unable to afford it? Instead, get pre-approved for a mortgage before you start your home search – you'll be glad you did. This will allow you to establish a budget for your home search and browse properties accordingly.
Don't forget to consult with multiple lenders as you explore your mortgage options. If you meet with a variety of banks and credit unions, you can find out about all of the financing options that are available.
Furthermore, be sure to check your credit score and get a copy of your credit report from each of the three major reporting bureaus (TransUnion, Equifax and Experian). You are entitled to a free copy of your credit report from each of the major reporting bureaus annually. And if you obtain a copy of your credit report, you can find out your credit score, work to improve it and boost your chances of securing a mortgage.
3. Employ a Real Estate Agent.
Hiring a real estate agent is essential for those who want to accelerate the homebuying process, and for good reason. With a friendly, professionally trained real estate agent at your side, you can learn about new homes that are available, submit offers on residences and more.
Your real estate agent will act as a liaison between you and a home seller. As such, he or she will work on your behalf to ensure you can purchase your dream home as quickly as possible.
Find a real estate agent to help you move along the homebuying process. This housing market expert will be happy to respond to your homebuying concerns and queries, and ultimately, make it easy to navigate each step of the homebuying journey.