Real Estate Information Archive

Now is the time, now is the best time, now is the best time to purchase a home.  Do yourself a favor; don’t wait to purchase your dream home until the end of 2017.  If you have even given a small thought that you might want to move in the next year or so, go ahead and begin looking now so that you might be able to make that purchase today instead of tomorrow.   A few of the reasons why you should purchase your home before the end of the year are listed below for you. 

1.  One of the many reasons you should go ahead and purchase a home   before the end of 2017 is because interest rates are already beginning to rise.  The current average interest rate is a little above 4 percent but that rate could reach 6 percent by 2019.  Begin looking for the home of your dreams now so that you can purchase one and get moved in while the market is in your favor.
2. Fewer homes are available as the years go on.  Just a few short years ago there were plenty of homes to choose from; however this list is getting a bit smaller yearly.   Buyers of today will have many more homes to choose from than buyers of tomorrow so get out and get house shopping now!  Call your Realtor today if purchasing a home is on your mind. 
3. House prices are rising and will continue to rise in the future.  If there ever was a reason to go ahead and purchase a home before the end of the year, this is the one!  You just might be able to get more of a house for your money now than if you waited until later to purchase. 

Again, if purchasing a home has even been on your mind at all and you think you might want to move in the next year or so, get a jump start on your search by starting today.  It can’t hurt to start looking now because you just may be more likely to find it now than later.   Buying a home is a big deal and can cost quite a bit of money so it’s best to start looking now to find the home you have always dreamed of.  

Courtesy of Chester County PA Realtor Scott Darling.

You have finally found the home of your dreams and you are ready to pack all of your belongings up so that you can move into that home.  Moving doesn’t have to be a dread, rather if you hire the right moving company it can actually be somewhat fun.  Heed the following tips when hiring a moving company  and you are more likely to have a nice experience. 

1. Check the moving company’s reputation before you hire them to help you move from your old house into your new house.   You can do this by asking your friends and family and/or by checking with the Better Business Bureau.  If folks have had a bad experience with a moving company or any company for that matter they are going to be sure to spread the word. 
2. Make sure to get any estimates on moving your belongings in writing.  You don’t want to be scammed with the old bait and switch that so many moving companies are getting a bad rap about.  If you have an amount in writing you will be able to dispute if the company tries to change the price for no reason and hold your belongings until you pay the new price. 
3. Make sure that your belongings are covered in case they get harmed in transit.  It is worth it to get insurance  to cover your belongings if they mean anything to you at all.  Full value insurance is a good idea if you have a lot of valuables that you won’t be able to replace easily if they are damaged during the move.  It may cost a bit more than other insurance but it will be worth it in the long run.
4. If you want to make sure things are done right by the moving company you can always get in there and help out when they are packing your items up.  You can watch to make sure they do things right if you don’t want to help. 

Again, moving doesn’t have to be a huge hassle, it can be a good time and an exciting time in your life, especially if you are moving out of an old home into your dream home.  Don’t let hiring a less than stellar moving company be an issue for you.  Do your homework and hire a moving company that will do things right the first time. 

Courtesy of Chester County PA Realtor Scott Darling!

In a relationship, you count on your significant other to be there with you through the good and the bad. They are your best friend, your confident and your closest ally. And you count on being able to have important conversations with them as well.

One of those important conversations every couple should have focuses on money and each person's respective financial goals, especially if you are planning to purchase a home. However, 33 percent of married or partnered adults have difficulty discussing money with their significant other, according to a Wells Fargo survey. "I think money is one of those topics most couples put off discussing because it can be sensitive," says Arlene Maloney, senior vice president, Wells Fargo Home Mortgage. "However, if you don't discuss money before entering into a major credit purchase, like homeownership, you open yourself up for potential problems down the road."

Purchasing a home is one of the largest investments most people make in their lifetime. When two people decide to achieve the goal of homeownership together, it's important to understand not only your own finances and credit profile but your partner's finances and goals as well.

To help you broach this conversation with your partner, here are some things you should discuss before you move forward:

Where you will live and what you want to purchase.

Do you want to live in the city or the suburbs? Are you set on a single-family home or a condo? Do you want to build your home or purchase an established property? Having answers to these questions will help you speak to a lender and learn more about how the type of home you choose may affect loan approval requirements or what options exist if you want to build your home. You'll also learn if any bond or down payment assistance programs may be offered in the municipalities you are considering.

Your partner's credit score.

Lenders use customers' credit profiles to help determine your ability to repay a loan. When purchasing a home with someone else, both of your credit scores are considered. In most cases the lowest middle score between the two of you will be used. If you or your significant other has a very low score this may not only impact the loan amount you receive but also the interest rate. It may even prevent approval. If one of the credit scores is very low, as a couple you might discuss only one person applying for the mortgage loan.

Have an honest conversation about debt.

An important factor that lenders evaluate is your debt-to-income ratio. This varies by mortgage program but a good rule of thumb is to ensure your debt level is at or below 36 percent of your gross monthly income. Having an overabundance of debt could impact the amount of the loan or whether you receive mortgage approval.

How much money can you put toward the purchase?

It isn't necessary for you to put 20 percent down but most loan options require some sort of down payment. In many cases lower down payment options require mortgage insurance, which will increase your monthly payment.

Will one or both of you be on the note?

If purchasing a home with someone else, each of you must qualify in order to be on the note, and both of you are responsible for the debt. If only one person is on the note, the other may not engage in any transactions regarding the loan, including refinancing, or application for modification. If one of you has less desirable credit, you may decide that only one of you will apply for the mortgage. You should also consult your state's attorney general's office to see if any community property laws exist in your state. Such laws could make a spouse legally responsible for any debt acquired by the other spouse after marriage. If such a law exists in your state, it's important you are aware of it.

Purchasing your first home is an exciting time and, for many people, a sign of success. But while you may want to rush out and start the shopping process now, take your time. Having a conversation with your significant other about the topics above beforehand will ensure you're both on the same page and set you up to make the most of your future and the home it includes. (BPT)

Perhaps you have been searching for your dream home and you have already found the one you really want but before you get a chance to do anything about it you drive by and notice it is ‘under contract’ or ‘pending’.  If this happens to you, don’t give up on your dreams there are things that you can do to make things go in your favor.  Below are a few ideas for you to try if you find that your dream home is about to slip through your fingers.

• First of all if you find that the home you have your eye on is ‘under contract’ you need to know that you shouldn’t give up.  Under contract doesn’t mean that the sale has taken place it only means that an offer has been made but that it hasn’t closed yet.   There is still a good chance that the home may come back on the market again especially if the buyer cannot come up with the funds needed through financing.  Another reason a sale pending may fall through is if the inspection doesn’t work out.
• Talk to your Realtor and let she or he know that you are interested in the house that is under contract.  Many times seller’s agents will continue to show a home until the last minute.  They do so because they may be hoping for a better offer than they currently have.  They also do this so that if the funding falls through for the current bidder they will have someone else in line to make an offer quickly afterwards. 
• If you REALLY want this house and you don’t want it to slip through your fingers you can always make a higher bid than is currently in play.   If you can afford to do this, it can be an easy way to make things go in your favor. 
• Sending a handwritten note to the seller is a great way to let them know just how serious you are about purchasing their home.  Hand written letters are pretty much a thing of the past these days and a handwritten note may make all the difference in the seller’s decision. 

Some of these tips for snatching your dream home  out of ‘under contract’ or ‘pending’ status are pretty unconventional but if you really want the home to be your own you may be willing to do whatever it may take. In the end if you don’t end up getting the home, there is another one out there that is better for you and your family. 

Courtesy of Chester County PA Realtor Scott Darling.

When you are looking to find a mate to marry you may spend years and years before you find the one that is meant for you to be with, however you don’t need to look for years to find “the one” when it comes to house hunting.  There are ways to know when you have found the right house for you but you may need to make a few tweaks in your wish list to make it all possible.  Below are a few ideas to help make finding your dream home  a bit easier. 

• A good way to get started finding the house that you have always dreamed of owning is to make a list of your expectations.  You should list your must have items in order of how important they are to you.  As you begin house hunting you may want to rearrange your list a little depending on what you find on the market.  It may be helpful to put a star beside the expectations that are most important to you so that you don’t forget something.
• It’s perfectly alright to look online as much as you want at houses when you are shopping for a home but it may be wise to limit your actual house viewings.  If you visit too many homes during your house search you may find that it becomes a bit overwhelming and you may also realize that you are trying to create the home of your dreams by piecing together bits and pieces of each house you look at.  Narrow down your actual house viewings to about four of your top picks.  This will help you to more easily narrow down your search and to make a final decision more quickly.  
• If you find that you simply cannot find what you are looking for in the current real estate market, perhaps it may be best for you to stop looking for a month or two and wait to see what may pop up.  You may find that the home of your dreams is only a few short months away from being found. 

Again, you may need to make a few adjustments to your wish list once you start looking for a home but that doesn’t mean you cannot find the perfect home for you and your family.     If the house you choose doesn’t have everything you hoped it would, you can always add things once you move in. 

Courtesy of Chester County PA Real Estate Expert Scott Darling!

Whether you are selling your home or you are looking to buy a home, there are a few things that you need to know to help your home inspection go as well as it possibly can.  Home buyers need to know that the house they are buying is in good shape and home sellers need to be on the up and up when selling their home. When it comes to home inspections there are a few tips that can help the inspection go smoothly and the process be as stress free as possible. 

• If you are selling your home and you have a home inspection on the schedule, do your part to make it easy on the inspector by getting your pets out of the house while he or she is doing the inspection.  Your home inspector may love and adore animals as much as you do but your pets being under their feet during the inspection will not make the job any easier. 
• During a home inspection, typically the potential buyers are inside alone with the inspector and they may want to look around to take one last look at things before making a final decision.  If you want to make a good impression on those potential buyers, you may want to clean up the clutter you have left laying around.  Believe it or not clutter can cause a potential home buyer to walk away without making an offer.
• As a home buyer don’t freak out if the home inspector comes up with a list of things that need to be taken care of in the house.  You need to realize that most houses have some sort of upkeep or maintenance that needs to be taken care of and that inspector’s are known for being nitpicky.   Realize too that most everything can be fixed.  Even the dreaded mold and radon.  Realize as well that home inspectors cannot predict the future and won’t be able to tell you how long something will last; they will just be able to tell you that it needs attention. 

Hopefully these tips will help you out the next time you have a home inspector coming to your home, whether you are selling or buying.  Remember that the home inspector is there to help you not to harm you or to ruin your dreams.

Courtesy of Chester County PA Realtor Scott Darling.

The home loan process can seem intimidating, especially for a first-time homebuyer. It is not a simple process, but it doesn't have to be too complicated. There are many resources available to help you prepare for your home buying journey, and your mortgage lender can answer the questions you have throughout the process.

Here are some of the key steps to the home loan process, as well as some tips to help you understand what you can expect:

1. Preparation and self-assessment

Before you dive head-first into buying a home, make sure that you know how much you can afford.  The first step is to calculate your "debt-to-income ratio." You can do this by adding up your current monthly bills then subtracting your total current income. This will help you determine whether you can afford a mortgage payment, and if so, what amount might fit into your budget. Using an online mortgage calculator is a good way to help you determine what the estimated cost of your monthly mortgage payment will be. Doing these calculations first will help you assess your resources and determine your budget to purchase a home.

2. The loan application

Download a blank loan application ahead of time so you can look it over and familiarize yourself with it. This will give you an idea of the information you need when completing and submitting the application. The necessary documents may include: proof of income, proof of employment for the past two years, proof of identity, proof of residency and your social security card.

3. Origination and Underwriting

Origination - The loan officer will review your financing options, work with you to complete the credit application and create the loan account.

Underwriting - An underwriter will review the application and determine the level of credit risk you represent based on your credit score, income, existing debt and down payment. You may be asked to provide additional information about your finances during this step.

4. Satisfying loan conditions and full loan approval

In this step, you will receive a "conditions to approval" list from your lender, which outlines the tasks you must complete before the loan can be closed. For example, the lender may ask for additional documentation to verify income, savings or emergency funds or other proof that you can afford to repay the loan. At this point in the process the lender may offer a conditional loan approval and start the document verification process. If you accept the conditional loan approval offer, once all conditions have been met, the lender will issue a full loan approval.

5. Processing

Once you've selected your dream home, you'll sign a purchase agreement with the seller. The purchase agreement tells the lender how much you have agreed to pay to purchase the home. The lender may then have the home appraised and will provide you with a copy of the appraisal.

6. Closing

In the final step of the process, the lender works with a title company to obtain and review a title report and then finalize your title on the home. The titling company receives a closing package, which contains the documents that need to be signed, recorded and become part of your mortgage loan file. At the closing, you will sign all closing documents and pay any closing costs. The lender then receives all of this signed paperwork to complete the process.

Once this process is complete, you're ready to move into your dream home. The home loan process may take some time, but these steps are well worth the wait. (BPT)

The economy has been bad for quite some time now and although it has improved some over the last few years, it doesn’t seem to be getting a whole lot better.  A good way to save money is to downsize your home.  This is especially a good idea if you have already raised your family and you and your husband are left paying a mortgage on a home that is too large for you.  Let’s take a look at how downsizing your home will help you to save a bit of money, to live more comfortably as well as some easy ways that you can downsize.

• One easy way to downsize is to look for a home that has a small garage or even no garage at all.  If you and your spouse are living in the home alone and your children are grown it is likely that you don’t have a bunch of stuff to store in a garage.  Buying a home without a garage is a great way to get more house for your money and to downsize your payment. 
• Finding a home without a lot of land is another way to downsize and to save big.  You can find a lot of cute houses on the market these days that don’t have a ton of land with them.  It is also good to find a home without a lot of land if you are older and don’t have the stamina you once had to do all the yard work that is involved with a house with a lot of land attached. 
• Buying a home that is one story is also a good way to downsize and to save when it comes to buying a new home.  Buying a home without stairs is good for when you get older as well because you won’t want to or may not be able to climb them once you get up in years. 
• Realize that you don’t have to give up on the home of your dreams when you downsize.  There are plenty of adorable houses on the market that won’t break your bank account that are 1500 square feet or less.  Don’t let society dictate to you that you need a large house in order to fit in.  There are plenty of upsides to downsizing to a smaller home!

Once you set your mind in the right direction and you realize that you don’t need to have a huge house and that it’s no longer important to “keep up with the Jones’’ you will be well on your way to saving a lot of money.

Courtesy of Chester County PA Realtor Scott Darling!

It’s that time of year again, when little ones dress up and go out into the streets looking for tricks or treats.  Many older children as well as adults love to look for haunted houses to visit during this time of year as well.  While Halloween is all good and fun, no one wants to end up purchasing a home that gives them nightmares!  In this article we will look at a few tips on how to avoid haunting situations when buying a home.

• Avoid buying a home in a bad neighborhood  by going to your prospective place of residence during the weekends.  On the weekends folks typically get outside and do yard work around their homes.  You may even be able to talk to some of  the folks who live there to see what they are like before you make a home purchase in that neighborhood.  It’s also a good idea to drop by on a Saturday night to see if there are any loud parties and such going on.
   
• If the home you want to purchase is covered in siding, make sure to have it checked for any water issues so that you don’t end up being haunted by mold once you move in. 
   
• Always have a thorough home inspection   before you purchase a home.  This way if there are problems that need to be dealt with, you might be able to negotiate with the sellers to get the issues fixed before you buy.
   
• Whether or not your loan officer requires a water test, be sure to have one done before making an offer on a home.  You never know what may be in the water, especially if the home is in a rural area.  Don’t let hard water or water with worse issues haunt you…check to make sure it is safe and clean before you buy.
   
• Ask your Realtor to see the latest insurance bills for the home you are looking into buying.  This way you will have an upfront idea of what you may be charged each month and you will be able to set your budget around it. If the home you are looking at is in an area with high flood rates you need to definitely make sure you have all of your bases covered so that you don’t end up with a bill that is going to haunt you each month.

Lastly, ask your Realtor as many questions as you possibly can so that you will feel comfortable enough to make an offer without any fears or doubts looming over you.

Buying your own home is an exciting thing to do in your lifetime.  There are ways you can know if you are ready for home ownership or not.   Here are a few things you might want to think about before buying you own home.

1. One of the biggest things you need to consider before buying your own home is what your debt to income ratio looks like.  To find out what your numbers are you need to get on a budget and stick to that budget for a few months.  This will give you a good indication of just how much money is going out versus how much is coming in. 
    
2. Another thing to consider before buying a home of your own is how long you plan to live in a particular city or town.  If you know for a fact that your job is not going to move you or that your family will not lead you in another direction then you may be fine to go ahead and purchase a home of your own.  If you think that your job may lead you to another city in the next few years, it may be best to stay put if you can for a while and not take the leap into home ownership.  Once you find a place that you and your family are comfortable in and your job is steady and not moving you around, you will then be more likely to fare better buying your own place. 
    
3. Another thing to think about before making a home purchase is the neighborhood in which you are considering living.  For instance if you are an older couple and you notice all the other families in the neighborhood have little children running around, you might not feel comfortable living there.  Go to the neighborhood you are considering buying in on a Saturday afternoon and you will most likely be able to see what things are like in that area.
    
4. Lastly consider buying versus renting.  A recent study showed that you can expect to pay 15.3% of your monthly income on housing if you buy versus 30.1% on renting.  From these numbers you can see that the cost of buying is quite a bit less than renting.  As I said before however if you plan to move to another area soon it may be best to rent for at least a little while. 

Once you do decide to settle down and purchase your own home you will find that there is nothing like it!  Save your money and get your debt to income where it needs to be and you will be well on your way to owning your own home in no time!