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StickyNotes_May2017_Postcard_WEB

Pinellas Realtor Organization

 PROFARM Neighborhood Advocates
Sticky Notes – Hire a REALTOR® (May 2017)

 

When you’re ready to buy or sell a home, write yourself just one note: Call a Realtor® Today!

You may be ready to sell your home, or you may have already picked out a few homes online you think are perfect for you. But do you know how many steps and tasks are involved in the buying and selling process?

If you are thinking about buying or selling on your own, you’ll need to be prepared to undertake the following:

  • Figure out your budget and how much you can afford
  • Check your credit report
  • Save for a down payment
  • List current home on the market
  • Market current home on for sale
  • Clean and repair home for showings
  • Consider offers
  • Negotiate the contract
  • Find an attorney to review the contract
  • Hire an attorney or title company to complete the closing
  • Research types of mortgages
  • Find a mortgage lender
  • Get pre-approved for a mortgage
  • Decide where you want to live
  • Decide what you want in a home
  • Check local school system report cards
  • Check local property taxes
  • Go to open houses
  • Research local amenities
  • Figure out how much you can offer
  • Submit an offer
  • Complete mortgage application
  • Order inspections
  • Obtain certificate of occupancy
  • Negotiate any repairs
  • Have the property surveyed
  • Review H.O.A. documents
  • Order title search
  • Obtain title insurance
  • Secure homeowners insurance
  • Secure flood insurance
  • Calculate closing costs and how much you need to bring to the table
  • Conduct final walk through

Here’s a list of 184 Tasks REALTORS® do for you (via the Ohio Association of REALTORS®): http://ohiorealtors.org/consumers/184-tasks-agents-do-for-you/

Feel overwhelming? It is! That’s why it’s important to hire a REALTOR® who can help you through every step of the process. The home buying journey is usually wrapped up in many emotions, so don’t put added pressure on yourself by trying to do it all!

Watch the “Sticky Notes” video here (via Florida Realtors®)

http://www.floridarealtors.org/MediaLibrary/media.cfm?id=261159

When you’re ready to sell your current home, or to find the home of your dreams, ask agents you meet if they’re a REALTOR®. A REALTOR® is different from a regular agent in two ways:

First, REALTORS® are members of the 100+ year old National Association of REALTORS® (NAR), with more than 1.1 million members around the world.

Second, only a REALTOR® subscribes to the strict NAR Code of Ethics. Also more than 100 years old, REALTOR® members have pledged to abide by this code of conduct and take biannual Code of Ethics training.

Home transitions can be overwhelming. But know if you call a REALTOR®, he or she will be your guide and trusted advisor through your journey to the perfect home.

Please don’t hesitate to email at AnnalisaWeller1@gmail.com or call at 727-804-6566, if I can be of service. Thank you so much!
© 2017 Pinellas Realtor® Organization

Buying a Home? Do You Know the Lingo? | Keeping Current Matters

Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home.

Freddie Mac has compiled a more exhaustive glossary of terms in their “My Home” section of their website.

Annual Percentage Rate (APR) – This is a broader measure of your cost for borrowing money. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay. Because these costs are rolled in, the APR is usually higher than your interest rate.

Appraisal – A professional analysis used to estimate the value of the property. This includes examples of sales of similar properties. This is a necessary step in getting your financing secured as it validates the home’s worth to you and your lender.

Closing Costs – The costs to complete the real estate transaction. These costs are in addition to the price of the home and are paid at closing. They include points, taxes, title insurance, financing costs, items that must be prepaid or escrowed and other costs. Ask your lender for a complete list of closing cost items.

Credit Score – A number ranging from 300-850, that is based on an analysis of your credit history. Your credit score plays a significant role when securing a mortgage as it helps lenders determine the likelihood that you’ll repay future debts. The higher your score, the better, but many buyers believe they need at least a 780 score to qualify when, in actuality, over 55% of approved loans had a score below 750.

Discount Points – A point equals 1% of your loan (1 point on a $200,000 loan = $2,000). You can pay points to buy down your mortgage interest rate. It’s essentially an upfront interest payment to lock in a lower rate for your mortgage.

Down Payment – This is a portion of the cost of your home that you pay upfront to secure the purchase of the property. Down payments are typically 3 to 20% of the purchase price of the home. There are zero-down programs available through VA loans for Veterans, as well as USDA loans for rural areas of the country. Eighty percent of first-time buyers put less than 20% down last month.

Escrow – The holding of money or documents by a neutral third party before closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.

Fixed-Rate Mortgages – A mortgage with an interest rate that does not change for the entire term of the loan. Fixed-rate mortgages are typically 15 or 30 years.

Home Inspection – A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation.

Mortgage Rate – The interest rate you pay to borrow money to buy your house. The lower the rate, the better. Interest rates for a 30-year fixed rate mortgage have hovered between 4 and 4.25% for most of 2017.

Pre-Approval Letter – A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer. Having a pre-approval letter in hand while shopping for homes can help you move faster, and with greater confidence, in competitive markets.

Primary Mortgage Insurance (PMI) – If you make a down payment lower than 20% on your conventional loan, your lender will require PMI, typically at a rate of .51%. PMI serves as an added insurance policy that protects the lender if you are unable to pay your mortgage and can be cancelled from your payment once you reach 20% equity in your home.

Real Estate Professional – An individual who provides services in buying and selling homes. Real estate professionals are there to help you through the confusing paperwork, to help you find your dream home, to negotiate any of the details that come up, and to help make sure that you know exactly what’s going on in the housing market. Real estate professionals can refer you to local lenders or mortgage brokers along with other specialists that you will need throughout the home-buying process.

The best way to ensure that your home-buying process is a confident one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher,’ and who puts your family’s needs first.

re-posted from:

Only ethnic demographic to increase homeownership rate

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The homeownership rate for Hispanics increased in 2016, contrary to other ethnic groups, who all saw a decrease in homeownership.

from http://www.housingwire.com/articles/39132?sf55059658=1

The homeownership rate among Hispanics increased to 46% in 2016, up from 45.6% the year before, according to a report from the National Association of Hispanic Real Estate Professionals. Data from the U.S. Census Bureau shows the overall homeownership rate dropped from 63.7% in 2015 to 63.4% in 2016. At the same time, the African-American rate also dipped from 43% to 42.2% and the Asian-American rate dropped from 56.5% to 55.5%.

Hispanics were the only ethnic demographic with an increase in their homeownership rate. Hispanics also led the nation in household formations with a net increase of 330,000 households in 2016.

The overall homeownership rate in the U.S. is currently hovering at the lowest level in 50 years. Hispanics broke the trend due to their high workforce participation rate, according to NAHREP’s report.

Also helping advance the growth is the increase of Hispanic entrepreneurs in mortgage banking and the real estate brokerage business.

“With credit remaining tight and limited housing inventory in several markets, these numbers are extremely encouraging and a testament to the economic resilience of the Hispanic community,” 2016 NAHREP President Joseph Nery said. “As the mortgage industry continues to recognize the exceptional opportunities in serving the Hispanic market and adjusts accordingly, we expect these numbers to only improve.”

http://www.housingwire.com/articles/39132?sf55059658=1  Kelsey Ramírez

This post below has some great information on how to choose an inspector when purchasing your next home. I would also add to schedule your home inspections as soon as possible after your offer is accepted. You want to allow enough time for repairs to be completed before closing. If there is too much wrong with the house, you will want to move on quickly to find the right house for you.

So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. More often than not, your agent may have made your offer contingent on a clean home inspection.

This contingency allows you to renegotiate the price paid for the home, ask the sellers to cover repairs, or even, in some cases, walk away. Your agent can advise you on the best course of action once the report is filed.

How to Choose an Inspector

Your agent will most likely have a short list of inspectors that they have worked with in the past that they can recommend to you. Realtor.com suggests that you consider the following 5 areas when choosing the right home inspector for you:

  1. Qualifications – find out what’s included in your inspection & if the age or location of your home may warrant specific certifications or specialties.
  2. Sample Reports – ask for a sample inspection report so you can review how thoroughly they will be inspecting your dream home. The more detailed the report, the better in most cases.
  3. References – do your homework – ask for phone numbers and names of past clients that you can call to ask about their experience.
  4. Memberships – Not all inspectors belong to a national or state association of home inspectors, and membership in one of these groups should not be the only way to evaluate your choice. Membership in one of these organizations often means that there is continued training and education provided.
  5. Errors & Omission Insurance – Find out what the liability of the inspector or inspection company is once the inspection is over. The inspector is only human after all, and it is possible that they might miss something they should have seen.

Ask your inspector if it’s ok for you to tag along during the inspection, that way they can point out anything that should be addressed or fixed.

Don’t be surprised to see your inspector climbing on the roof, crawling around in the attic, and on the floors. The job of the inspector is to protect your investment and find any issues with the home, including but not limited to: the roof, plumbing, electrical components, appliances, heating & air conditioning systems, ventilation, windows, the fireplace & chimney, the foundation and so much more!

Bottom Line

They say ‘ignorance is bliss,’ but not when investing your hard-earned money in a home of your own. Work with a professional you can trust to give you the most information possible about your new home so that you can make the most educated decision about your purchase.

http://www.keepingcurrentmatters.com/2017/01/29/what-to-expect-from-your-home-inspection/

Annalisa Weller, Realtor®, Certified International Property Specialist

(727) 804-6566
AnnalisaWeller1@gmail.com

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