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For most people, the finances are the most stressful part of buying a home. There is much to consider from the time you create a budget to the time you are negotiating with a seller. With this, here are a few important home finance tips for buyers today.

Don’t put too much stock in Zestimates.

Online zestimates can sometimes be helpful when searching for your next home. However, buyers need to understand that they oftentimes can have a wide margin of error. In most cases, the best way to determine if a home is priced accurately is to lean on the expertise of your agent. Your agent should know how to look at comparable homes in the area and know if a home is priced correctly. 

Don’t assume you won’t qualify for a loan.

Do not assume because your credit is not great that you won’t be able to qualify for a loan on your home purchase. There are many resources available to you to find alternatives to conventional bank loans. Be sure to consult a mortgage broker because they will help you explore your options.

Always anticipate bidding wars.

In a sellers market where inventory is low and there are many buyers on the lookout for their next home, bidding wars are especially common. However, even with that being true, a buyer needs to accept that bidding wars are always a possibility. Many buyers find success in their home search by looking at homes that are at the lower end of their price range so they can bid higher if necessary.

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For many first-time homebuyers, the process of buying a home can be daunting to say the least. However, the right planning and preparation can help put your mind at ease. Check out these tips on how to prepare as a first-time homebuyer.

Find the right agent 

You are not expected to know everything about buying a home. This is why it is important to work with a real estate agent who can guide you through the entire home buying process. Do not feel like you have to choose the first agent that you speak to. You want to find someone who you trust and are comfortable working with. Also, do not be afraid to ask for references after speaking with an agent.

Formulate a budget

This is one of the most important steps when purchasing a home. However, there are many first-time homebuyers who do not put nearly enough thought into how much they can actually afford. Today, there are a multitude of tools available online that can help you determine your price range on a home. You never want to stretch yourself too thin with a home purchase. 

Review credit score of inaccuracies 

The vast majority of first-time home buyers need to take out a mortgage on their home purchase. In order to be approved for a loan, buyers need to reveal to lenders their credit history. One of the best steps a buyer can take when beginning a home search is to review your credit score. You may be surprised to find that your score is lower than you anticipated. In some cases, homebuyers realize inaccuracies on their credit report that are bringing down their score. It is in the best interest of a buyer to take care of any issues before submitting an offer on a home.

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There are a multitude of factors that go into the process of selling a home. If you are new to the process, it can be especially challenging to navigate your way through it. However, there are always some core principles that you want to be mindful of when you go to sell your home. Here are 3 helpful tips for first-time home sellers.

Don’t skimp out on photography

In order to capture the best possible listing photos you need the right equipment, as well as someone who has the expertise in photographing different rooms of a home. A good photographer will know which angles work well in each room, and know how to achieve the best lighting possible. 

Do not overprice your home

There are a variety of tools available today to determine the price of a home. In most cases it is not overly difficult to determine if a home is priced accurately. Also, buyers lean on the expertise of their agents who can let them know if a home is overpriced. Another issue with overpricing your home is that there is a good chance that it will sit on the market. The longer a home sits on the market, the less favorable it is in the eyes of buyers. By overpricing your home, you may actually end up costing yourself money. 

Make homeshowings a priority

Sellers need to make themselves as flexible as possible when it comes to home showings. In today’s real estate market, there are likely several buyers who would like the opportunity to see your home in person. While it may not always be convenient or enjoyable for you, you want to accommodate buyers the best you can because that may make a difference in whether or not your home sells quickly. 

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Whether you are buying or selling a home, it is almost in your best interest to lean on the experience of a local real estate agent. The right agent will have the knowledge and skills to aid you with your real estate plans. However, because there may be thousands upon thousands of real estate agents in your local area, it may be challenging to choose the right one. Read on and discover a few tips for selecting a real estate agent in 2021. 

They work for a globally recognized firm.

When researching agents online be sure to pay close attention to which firm an agent works for. Keep in mind that many of the globally recognized firms will only hire real estate agents who have a certain amount of experience. If an agent works for a well-respected firm, you should at least some reassurance they are a reputable agent.

They demonstrate their knowledge of the local market.

It is usually in your best interest as a buyer or seller if you select an agent who knows the local area. This is because they can give you their own personal insight on things that could help you with a real estate transaction. For example, they may know specific perks of living in a neighborhood that you may not find on your own by researching online. 

They are happy to provide you with references.

Unless you know an agent personally and are informed of how they are as an agent, you should always request references before hiring anyone. If they are unable to supply you with references, they should raise some red flags. However, the exception to this is if the agent is new to the real estate industry and does not have many transactions under their belt yet.

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When inventory is low, it can be extremely challenging to find and buy the right home. If you are trying to buy a home on a sellers market, there are a variety of steps you can take to place yourself in the best position possible to close on a home.

Set a budget and stick to it.

This is without question one of the most important steps a buyer must take prior to their home search. There are a variety of factors to consider when formulating a budget, such as income levels, lifestyle, number of children, amount of existing debt, etc. Most people have an idea of how much they want to spend on their next home; however many do not actually sit down and crunch the numbers. Once you have arrived at your budget, it is important to understand you must stick to your budget. It is easy to get caught up with your emotions when buying a home and pay more than you can really afford.

Be ready to make a decision on a home.

The best way to give yourself a competitive advantage over the competition is to be prepared to move forward with an offer at any given moment. In addition to having a set budget, you should also do your due diligence by getting pre-approved so you and the sellers know how much of a loan you qualify for. In real estate, you do not always have the luxury of taking your time to think decisions over. You need to be ready to act when the right opportunity presents itself.

Bid competitively if you are serious.

While this is not true in all cases, you must be prepared to bid competitively in a tight real estate market. You may only have one opportunity to throw out a bid, so you think the home is worth it to you. It may be the case where you bid right at the top of your budget to help ensure you get the home.

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People have been hosting open houses for decades. While there are many people today who feel that open houses are not worth the effort, there are a variety of reasons why they should remain a consideration for sellers. Here are some of the main reasons why open houses are still important in 2021.

They bring in traffic

Although open houses often bring nosey neighbors and people who are not looking to buy anytime soon, it does often bring potential serious buyers. If a buyer is serious, they are more likely to schedule a showing after they tour the open house.

They allow buyers to gauge their interest

It can sometimes be challenging to get a full feel/understanding of a home from just looking at listing photos. A buyer who is on the fence about a home from seeing photos online can casually drop by the open house to see if it is worth their consideration. People still love open houses because they can view a home at their leisure without an agent standing beside them. Also,many people like touring homes this way without having to coordinate showing. If a seller is in fact interested in potentially making an offer on the home after the open house, they follow up by scheduling another showing.

They generate buzz.

Open houses serve as a way to generate excitement about a home listing. We must not forget that word of mouth goes a long way in real estate. A person who is touring a house may not be interested in buying the home; however, they may have a friend or family member who is looking to move into the area. The news of a new home listing travels fast and hosting an open house remains an excellent way to alert the community a home is for sale.

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