Real Estate Agent Specializing In First Time Home Buyer – When you buy a home, how do you know what the right price is? A home inspection can tell you if there are structural issues and a bank can tell you if you can afford it, but you can get a true sense of the “fair” price by comparing the prices of similar homes. That’s where real estate comes in. “Comparable real estate listings” or “comps” for short provide information about the prices of homes similar to the one you are looking at. A real estate agent can refer you to comps to help you figure out if you’ll pay the right price. Comp listings have tons of great data, so they can also help you learn more about your local housing market. Here’s how real estate agents create comp listings and what you need to know about them as a home buyer. What’s in a Real Estate Comp List? Say you’ve found the perfect home and checked all your boxes. It’s in the area you want, the commute will be good, and you’re close to a well-recommended school. The price tag seems reasonable, but you don’t know the area very well. [Here’s What to Expect from the Twin Cities Housing Market in 2021] A real estate agent will put together a real estate listing of similar homes so you can see if the price is representative for the area and type of home. Comps also help sellers determine a listing price. Comps can have different criteria, but here are some common factors. Houses near the one you want to buy. If you’ve heard the phrase “location, location, location,” here’s why. Location is the primary driver of home prices. That’s why an agent will limit their listings to just a mile or so from the home you want to buy. The closer to your target area you look, the better idea you have of home prices in that part of town. Homes that have sold a lot recently. The housing market is always in flux. Prices go up and down with lifestyle trends and regional development. The Twin Cities housing market is currently a seller’s market, meaning prices are going up because fewer people are selling their homes. But it can change at any time based on economic changes and householder attitudes. A good real estate comp will factor in closing costs from a few months ago. Homes that look like the one you want to buy, and with similar features. Obviously, more square footage usually means a higher price. The same goes for house features such as recent renovations, number of bedrooms and bathrooms, views, driveway, garage, yard. When comparing home prices, try to match the features of another home to the one you want to buy and see how their prices compare. Remember: Reviewers get the final cut. As a buyer, you will use comps to determine how much you will pay on the home. But after you sign the contract, the bank will call in a special appraiser to make sure they agree with your appraisal. The bank has a vested interest in making sure you don’t pay for the house, as long as they get your mortgage. That means whatever you, the seller, and the agents say the home is worth, it’s up to the appraiser to prove the price is fair. Even first-time home buyers can make a rudimentary version of a real estate listing. Websites like Zillow, Trulia, and Redfin make it easy to narrow down your search by area and put a list together for reference. But because they have experience and exclusive tools, a real estate agent can give you an in-depth look into the current housing market. This can give you important perspective on home prices and whether or not your dream home comes with a price tag to match.
Monisha Washington-Richard works on the Twin Cities Habitat for Humanity’s Black Homeowner Advisory Council, which is owned by Habitat…
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Giving back to your community is more than an act of charity, it’s part of a deeper personal journey.
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The leaves on the trees are vibrant, there is a crisp breeze in the air, and winter is just around the corner. Make the most of the remaining weeks… Buying a home doesn’t have to be expensive. We’ve broken it down into the top five home buying checklists and the process. This five-point checklist will help you prepare and set your expectations for the entire buying process when you’re ready. It will also help to reduce obstacles and to make it manageable and predictable to buy a house. Complete each step of the home buying checklist below and you’ll be well prepared on your path to home ownership!
Check your credit from all three credit bureaus. If you find any mistakes, correct them as soon as possible. It may take time, but you want to find out now rather than later. At the mean time, gather all the necessary financial documents such as bank statements, 401K statements, tax returns etc. If you are getting a VA loan, you need to get a Certificate of Eligibility and Form DD-214 ready.
Find out if you have the right type of loan, based on your financial situation. You may qualify for a special loan such as the VA or USDA. Once you find the type of loan program you want to go with, ask for quotes from several lenders and compare prices and terms. Remember NOT all lenders are equal. When you have decided which lender you want to do business with, get pre-approved for a mortgage. This is when all your financial documents are needed.
After you’ve been pre-approved for a mortgage, you already know how much you qualify for and how much your monthly mortgage payment will be. Find properties in your price range in the city or neighborhood of your choice. Drive and spend some time in that area, find nearby amenities and picture your family living there.
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Start listing your dream home. Start with “must haves” then “nice to haves” and finally “dream features” If the list doesn’t have a price range, try to shorten the list. Be honest.
After you have a pre-approved letter from a lender, your preferred city or neighborhood and your dream home listing, it’s time to start touring homes. Contact Swee Ng to arrange a complimentary consultation.
We would love the opportunity to help you find the home of your dreams! ☎️ Call or 📱 text us at 480-721-6253 today.
Swee Ng, Realtor and Phoenix East Valley resident who specializes in win-win real estate transactions through great communication and fighting for the best interest of his clients. After all, this is more than real estate, this is about your life and your dreams.
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A Home Shopping List will help you prepare and set your expectations for the entire buying process when you are ready. It will also help to reduce obstacles and to make it manageable and predictable to buy a house. Complete each of the steps below and you’ll be well set on your way to home ownership!
All data related to real estate for sale on this page comes from Broker Reciprocity (BR) of Multiple Listing Service, Inc. Detailed information about real estate listings held by brokerage firms other than Real Estate with the listing broker’s name. Neither the listing company nor Real Estate will be responsible for any typographical errors, inaccurate information, publications and will be held harmless. The retailer providing this data believes it to be correct, but advises interested parties to verify anything before relying on it in a purchase decision. The information contained herein is reliable but not guaranteed.
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Swee Ng is a participant in an affiliate advertising program designed to provide a way for sites to earn advertising fees through advertising. Swee Ng has affiliate relationships with other companies, people and brands and when you click on a link and make a purchase, you may receive a direct benefit. Whether you are a first home buyer or a homeowner. experience, this checklist can help you. to prepare for the home buying process. It will help make your home buying experience much easier.
Click here to access the Home Mortgage Payment Calculator. Simply add in your projected home price and the calculator will return your estimated home payment. Change the length of the loan and interest rates to adjust the results.
See the Phoenix AZ Housing Market Report. The data used in this Phoenix AZ Market Report is compiled from multiple sources and includes current listings, recent sales, and more. Whether you are a buyer or a seller, the knowledge you gain will be helpful
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