𝐅𝐑𝐄𝐄 𝟑-𝐃𝐚𝐲 𝐇𝐨𝐦𝐞𝐛𝐮𝐲𝐢𝐧𝐠 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞

🔊 Big Announcement! 📢

𝐅𝐑𝐄𝐄 𝟑-𝐃𝐚𝐲 𝐇𝐨𝐦𝐞𝐛𝐮𝐲𝐢𝐧𝐠 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞

Buying a home is a big process. This FREE 3-Day Challenge will walk you through the first steps by showing you the advantages and disadvantages of buying a home. It is a fun and easy way to decide if it is the right time for YOU! This is a good place to start if you're considering making a home purchase in the near future.

Sign up for the next session at: www.LauraKey.net

Buying a Home? Make Sure Not to Waive These Contingencies

Thanks to low inventory and high demand, competition for property has never been more fierce. And in response to the ultra-competitive market, some buyers are waiving their contingencies to make their offers more attractive to sellers.

But no matter how hot the market is, there are certain contingencies you should never waive. A recent article from realtor.com outlined the contingencies buyers should never waive during the home buying process (even in a seller’s market!), including:

• Home inspection. The home inspection gives you key insights into the condition of the home and any necessary repairs or improvements that need to be made. The home inspection will also alert you to any red flags that the house isn’t what it appears (for example, issues with the foundation)—which is why you should never waive it.

• Mold remediation. Mold can cause a host of health issues—and if your home inspection reveals that there’s a mold problem, you may want to ask the sellers to take care of it before you move in. Otherwise, you could find yourself dealing with the stress and expense of getting mold removed down the line—or, even worse, managing adverse health effects as a result of the mold issue.

• Appraisal. If you have a mortgage, you should never waive the appraisal. Otherwise, if the home appraises for less than the purchase price you agreed to, your bank may only cover the amount the home is appraised at—and you could find yourself on the hook for the difference.

The Takeaway:

Bottom line? Waiving contingencies might make your offer more attractive to buyers, but it could translate to a disastrous home purchase—so make sure to keep your key contingencies in place.

Ready to start your home journey?

www.HomeSnap.com/laura-key

Should You Accept the Previous Buyer’s Inspection Report?

Sometimes a home falls out of contract. Most buyers assume that it is related to a bad home inspection, but there are many reasons for a home to come back on the market that are unrelated to the condition of the home.

During the contingency period, most buyers can cancel for almost any reason – or even no reason. Of course, the listing agent and seller are motivated to get the home back under contract as quickly as possible and may offer the previous buyer’s home inspection report to the new buyer. Some may even ask that the new buyer remove their right to a home inspection, based on the one they offer. If you have been offered the previous buyer’s inspection report, you’re probably wondering if you should accept it and remove that contingency.

In a fast-moving seller’s market, it might be tempting, but before you accept the report, there are a few considerations:

• Before accepting the inspection, do your research. Who did the inspection? Is it a reputable, licensed home inspector? Check public review sites for comments and customer satisfaction. Check their license with the issuing board and see if they have had any violations or suspensions.

• Once you verify the company, give them a call. Make sure they have performed a comprehensive inspection. Many companies offer both a comprehensive and a simpler, cheaper, visual inspection.

• Finally, read the report carefully. If there are issues discovered, ask for clarification and consider paying for the inspector to meet you at the home to discuss the report in person with you.

Accepting the home inspection might seem like a good idea – both to make your offer more appealing to the seller and to save a few dollars – but before you remove the home inspection contingency, do your homework. Make sure you understand the real condition of the property before you buy it.

Buying or selling a home can be very stressful! Why not get educated now to be prepared. Sign up for your FREE homebuyer’s course today! bit.ly/housekey

The Internet Can’t Replace Your Agent

We live in the information age; the Internet offers advice on every topic and real estate is no exception. With more and more home buyers starting their home search online, they are bombarded with advice and information – it can be easy to think that you can learn everything you need to know just by reading articles online.

The truth is your real estate agent does much more than answer your questions and open doors with a special key. A professional real estate agent will be there every step of the way. They have the experience necessary to navigate the complicated home buying process and solve common hiccups that present themselves in every real estate transactions.

Your real estate agent is a local professional. They will start by presenting themselves to the buyer’s agent as someone who will work with them to see the transaction through to a successful conclusion. They have a network of professionals who will work as a team to help you through the process. These include such professionals as: lenders, title reps, escrow officers, transaction coordinators, home inspectors, contractors and handymen, among others.

Most importantly, your agent is your ally in the home buying process. They negotiate on your behalf – armed with experience and understanding of customary charges, costs and terms. They will ensure that the price you pay for the home is fair for the condition and neighborhood. They will negotiate repairs, if needed and make sure you are protected with the proper contingencies. The Internet offers lots of great information, but the most important step you can take when buying a new home, is hiring a local professional real estate agent. Their knowledge and expertise can’t be found by reading an article or two online.

I have been in the business since 2006 and I enjoy what I do! I love to educate you during this process so you UNDERSTAND the process and can be wise with your money.

Start your Los Angeles Area home search now! www.KeyCaliforniaHomes.com

How to Survive Buying a House With Your Relationship Intact

Guest Blogger: Natalie Jones

Whether you’re married or not, buying a house together can feel like the biggest commitment of your relationship. After all, you’re financially enmeshing yourselves in a way that a shared checking account just doesn’t do. It’s exciting and scary all at once, but signing the mortgage isn’t the only intimidating part of buying a house. House hunting itself can strain even the best of relationships if you’re not careful.

When you’re buying a house as a couple, the first thing to do is get on the same page about finances. You can’t afford to have any financial secrets. If you have thousands of dollars in unpaid debt that your significant other doesn’t know about, it will come out during mortgage pre-approval and lead to an argument. If there are unpaid debts or accounts in collections on your credit histories, find out what you can do to improve your credit score.

Once you’ve qualified for a mortgage, it’s time to decide how much you want to spend. The amount that you qualified for isn’t necessarily what’s right for your budget. One study from LendingHome showed that half of all home buying disagreements among millennials and Gen Xers stem from differences regarding the right amount of debt to take on. That makes this a necessary conversation. Sit down with your significant other and make a household budget. Once you’ve accounted for all monthly expenses, debt payments, and savings goals, settle on a price range you’d be comfortable paying toward housing each month. Make sure you consider homeownership expenses beyond the mortgage; you’ll also need to factor in utility bills, property taxes, insurance, homeowners association fees, and an emergency fund to cover unexpected repairs. According to reporting from CNBC, these hidden costs of homeownership rack up to average $9,080 every year.

Before you start looking at homes, have a conversation about your wants and needs for a new home. Any home feature that isn’t cheap or easy to change, talk about it — from the kind of neighborhood you want to the type of cabinetry you prefer. The goal is to come up with one single list of agreed-upon wants and needs. If your visions differ, this is the time to come up with a compromise. If you head into house hunting with different dream homes in mind, all you’re going to find is frustration.

While it’s important to have a shared vision for your future home, be prepared to change course if the market demands it. Many first-time buyers overestimate how far their budget will take them. You may have to revisit the discussion if the homes within your budget don’t live up to your dreams.

You should also consider how much time you’re willing to commit to finding a home. Are you going to spend every evening and weekend viewing homes until you’ve found the right one, or do you want to schedule some downtime into your house hunt? Are you willing and able to take off work to jump on the perfect opportunity if competition is high? What’s your deadline for moving? These are all questions to answer before you start contacting selling agents.

Don’t forget to plan for the move: You’re going to have different convictions about the best way to pack boxes and load a moving truck and the right hand signals to use when backing up a box truck. Those minor disagreements are only going to be magnified amidst the stress of moving day, so make a moving plan in advance. Establish a timeline and make a checklist of everything that needs to be done between now and moving day. Assign each task to one person or mark it down as a shared duty to reduce the chances that an important to-do gets overlooked.

Finally, be kind to yourself and each other. Buying a home and moving are stressful tasks and it’s normal for emotions to run high when you’re making major life decisions. If you feel your patience wearing thin or your relationship suffering, step back from house hunting to unwind, spend quality time together, and remind yourselves why you’re on this journey in the first place.

Natalie Jones, together with her husband (Jason), created Homeownerbliss. Since they've bought their home, she has decided to try to help others learn from their experiences. That’s how Homeownerbliss.info was born! She is passionate about making the process of buying a home less scary for first-timers, as well as inspiring homeowners of all stages enjoy the perks of home ownership!

Image via Unsplash

3 Homebuying Myths

I’m here to save you pain, buyers. There are myths about the home shopping experience that must be addressed. I like to make the home buying experience as stress-free as possible, so please hear me out on these three big myths about home buying:

Myth #1: “That house has been on the market so long I bet we can work the seller down easily.”

Not necessarily. Exceptionally high days on market could mean almost anything. The seller could be bullheaded about their price. The seller may not be particularly motivated to sell for emotional or other personal reasons. Don’t forget: A sales-weary seller isn’t likely to respond to your host of rational reasons why their house should be a bargain.

Myth #2: “I want to look at foreclosed homes because they’re a real bargain and the banks need to unload them.”

Banks, like entrenched sellers, don’t always make decisions which seem rational based on obvious information. You can have a hard time divining the reason a bank chooses to reject an offer for a foreclosed or distressed property, and their decision may be based on financials which seem counterintuitive. The truth is, many distressed sales can be longer and more fraught than regular sales.

Myth #3: “I liked this house a lot, but with this market, I bet it will still be there if I decide to buy it.”

It’s very, very painful to see a client love a home but fail to make a move to purchase that home. If you fell in love with it, why wouldn’t someone else? Just because a property has been on the market a little while doesn’t mean it will stay on the market. The bonus myth in this one? Your “perfect” home is probably going to be a home with some small compromises. If you don’t make an offer on a home, you’re effectively saying, “I’m comfortable losing this home.”

My job as an agent is to represent your interests and do my best to protect you along the way. If you’re pursuing a home purchase in the near future, please get in touch. There are many other ways I can lower your stress and help you find a great home!

Contact me to discuss your options:
Laura@LauraKey.net

2013 Home Buying Season Kicks Off Early

*This is a repost from a April 2013 blog.

Don't trust home searching sites that give you false info and show you homes that are actually NOT on the market! If you are looking for a home in the SoCal area, search for free from a trusted source!  bit.ly/realtygoddesshomesearch

Home prices are rising, the number of homes for-sale is showing a slight increase, and homes are selling faster—all signs that spring is in the air in real estate, according to the latest MLS data released by realtor.com®.

Nationwide, median list prices continue to tick up, reaching $189,900 in February. Inventories last month increased 1.15 percent month-over-month, after recently hitting record lows. Also, homes are selling faster with the median age of inventory at 98 days, a 9.26 percent drop from the previous month.

“As we enter the busiest time of the year for home buyers and sellers, our latest housing trend data shows just how competitive the market is with a significant housing recovery well underway,” says Steve Berkowitz, chief executive officer of Move Inc. “Looking ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions.”

Median list prices were up 5 percent or more in 51 markets on a year-over-year basis, according to realtor.com®. California markets are seeing some of the highest increases in list prices as well as some of the largest declines in for-sale inventory. Other top performing markets include Phoenix, Seattle, and Denver, according to realtor.com®.

“However, many smaller industrialized markets in the Midwest and the Northeast registered year-over-year price declines, as did Philadelphia, Chicago, and New York City,” Lexie Puckett reports in a recent realtor.com® blog post. “While the number of markets experiencing year-over-year list price declines had been increasing, this pattern appears to be turning around as home list prices increased in 78 markets last month on a year-over-year basis and declined in 39.”

Source: “Spring Home Buying Season Starts Early According to Realtor.com’s February Trend Data,” RISMedia (March 18, 2013)

Priority Tasks For Your Move In

Moving into a new home is an exciting time, and you're probably daydreaming about decor and paint schemes and new furniture. But before you get into the fun stuff, there are some basics you should cover first.

Change the locks

Even if you're promised that new locks have been installed in your home, you can never be too careful. It's worth the money to have the peace of mind that comes with knowing that no one else has the keys to your home. Changing the locks can be a DIY project, or you can call in a locksmith for a little extra money.

Steam clean the carpets

It's good to get a fresh start with your floors before you start decorating. The previous owners may have had pets, young children, or just some plain old clumsiness. Take the time to steam clean the carpets so that your floors are free of stains and allergens. It's pretty easy and affordable to rent a steam cleaner-your local grocery store may have them available.

Call an exterminator

Prior to move-in, you probably haven't spent enough time in the house to get a view of any pests that may be lurking. Call an exterminator to take care of any mice, insects, and other critters that may be hiding in your home.

Clean out the kitchen

If the previous occupants wanted to skip on some of their cleaning duties when they moved out, the kitchen is where they probably cut corners. Wipe down the inside of cabinets, clean out the refrigerator, clean the oven, and clean in the nooks and crannies underneath the appliances.

Blog Archive - Realty Goddess

I have been blogging for years and I love sharing information with you. Please be sure to check out my old blog posts for some awesome information. Then come visit my NEW website for new posts! www.LauraKey.net

https://realtygoddess.wordpress.com/

https://realtygoddess.wordpress.com/

Advice For Buyer's In A Seller Market

The market is crazy hot right now! How can you as a buyer in a seller's market reach the goal of homeownership?

With the high demand and low inventory, what can a buyer do to make sure they're getting the best price possible. How can they best compete with other offers?

The first thing buyers need to understand is they MUST NOT get over emotional. With so many people feeling desperate to obtain a home they are willing to offer well over asking on homes. I have seen homes go $60,000 over asking price, only to hit a major bump when it came to appraisal. Be patient, be wise. Have your agent run comps for the area before putting an offer in on a home and be comfortable if you are not the highest bidder at the time. I have closed a lot of "backup" deals because the first accepted offer did not close. Patience is key, if you are in RUSH at this time then it may not be time for you to purchase.

Do you foresee the current housing inventory issue lasting throughout the near future? In your opinion what circumstances would need to change to get the market out of this inventory crisis?

Unfortunately, I feel this market is going to continue to rise and buyers will be shut out with the current pricing trend. I believe SELLERS need to be more educated about putting their homes on the market. They need to understand that the "highest and best" offer is not always the best offer. In order for this market to change, sellers will have to see that buyers can no longer afford. Once that happens the offers will stop coming in and prices will be forced to drop in order for the buyers to afford the home of their dreams. At some point, the market is going to break and until money is not flowing it won't change.

How has the business of your real estate partners been affected? Are they doing anything different to combat it?

Deeper business relationships are happening. It is critical that all involved are on the same page. This includes Realtors, Lenders, Title Reps, Escrow professionals and even vendors. When all pieces of the puzzle are present it creates a unified front all with a single goal in mind to assist the buyers and sellers.

What steps would you advise a potential homebuyer to take when buying in this current market?

Patience and strategy! These two elements are a MUST. If you qualify for $400,000 then you must look at homes that are at least $15,000 to $25,000 under that asking price. This gives you room to play without going over your budget and pre-approval. Do not let emotions get the best of you. Bidding wars cause people to "lose their minds" and this could cause many problems down the line with the deal and with buyers remorse. Never buy ABOVE your means. What use is it to have a home if you can't afford it? You want your home to be a place of peace and wonderful memories.