We just wanted to share with you, from one of our Team Lenders, current interest rates.
Of course, keep in mind that your rate is subject or your personal or specific credit situation, and they could vary. This is why we have all Buyers meet with a lender to have an accurate picture of their financial situation, and their buying power, BEFORE we go shopping for a new home!
Let us connect you with Kevin, or any of our Team Lenders and get you pre-approved TODAY!
Selling real estate is a full time job…and then some. At least in the way that I approach it with my clients. You won’t find one of those voice mail messages about what time calls are received and returned. If my phone rings at 9pm, it gets answered at 9pm. And if I’m traveling, I’m still available for my clients. Such was the case with Andrea and Gilberto.
I sold Andrea her condo back in 2016. Fast forward to 2021, and she now had a boyfriend, and they wanted to look for a home together. We had it Under Contract in a quick 5 days. So the house hunt began. They had done the right thing by having their pre-approval letter from a lender in place and ready to go. And it was the market of 2021…where homes are flying off the shelf. We went to one open house that was more like a garage sale. The people were lined up down the driveway to see the home. We made some 5 or 6 offers on homes, but kept getting beat out by the “all cash offer.”
It was the end of June, and I had a major trip planned and was going to be gone for a month. I told them I would have to refer them out to another agent to they could continue to look at homes. They said no! They wanted to keep working from me, and were ready to take a break from the house hunt and the contract frenzy.
While in Albuquerque, NM, they called to to say they were headed to an Open House and felt this really was “the one” they wanted. Sure enough, it was. We submitted our offer, and I continued to negotiate it as my trip wound up. We were Under Contract by the time I returned to Atlanta. Both Andrea and Gil and such kind words to say!
Let’s face it….moving….whether across town, or across the country is one heck of a big deal. You’ve landed that new job, or job transfer and it’s time to pack up your home or condo for the move. But it is a little more involved than than! However, if you have a moving plan, then here is a list of 10 Moving Mistakes You Should Not Make!
DeclutterWe all have stuff. A LOT of stuff. If you have a big house, you probably have even more stuff. But if you have less stuff to move, you can save not only time, but money. The more boxes or the more your move weighs, the more it can cost you. As you get ready to move, now it the time to clean out the basement, garage and the things in the waaaay back part of your cabinets that you have not used in years! You can donate them to a local charity that either has a re-sale store or in turn prepares kits of things to help less fortunate people that may just be getting into some kind of housing, and need everything from kitchen tools to linens. O
Once you have completed this step, and have less to move, you can start looking for a moving company.
When I was in corporate America ( I spent 25 years in the hotel business) I got moved around. In fact, I did 5 “corporate moves.” I say corporate in the sense that their was an management company that coordinated the move, and I did not have to search out the moving company. Of course, I was at the mercy of whomever they selected…and I had some amazing people and moves, and I had a disaster too. If you are moving across town, or maybe from an apartment into your first condo, you might be able to do it yourself…with the help of some football friends to move those bigger pieces of furniture. But, if you decide to use professional movers, make sure you do your research.
You can easily do a Google search and see what kinds of reviews they have from past clients. You may also find reviews at sites like Facebook or Yelp. Another source can be the Better Business Bureau.
You should not depend on an on-line estimate. To have a clear picture of what you have to move, the moving company should send a person to your home to do a detailed assessment of what you have to move. (Side note: When I moved from New York back to Atlanta – corporate move – they had someone come look at my stuff. The day of packing, they showed up and literally had 1/3 of the boxes they needed to fit all my “stuff.” It was a struggle the rest of the day until they finally realized I was right, and got someone to arrive with more boxes. THAT is moving stress!)
And get the estimate in writing. And get more than one estimate. If you are making a long-distance move, consider selling things and buying new when you get to your new home. Sometimes, this can be cost effective in saving you moving expenses, plus you get new furniture at your new place.
As you are house hunting, be sure to keep in mind where and how your furniture will fit into your new home. If you have some specific items that you know MUST come with you (think a family heirloom wardrobe or dining room set) you want to know they will fit in your new home. Take those measurement, and store them on your phone in some note-taking app. And when you are out touring new homes, have a tape measure with you. This way you can see if things will fit. This can also be a time where you decide something won’t make the move (see Decluttering above) and you can donate or sell it.
You can also have overall measurements of rooms. In your current home, your Owner’s suite is 12′ x 14′, so your king-sized bed and two dressers fit nicely. But the new home, the room is much smaller, even though it is still the main bedroom. Is that same furniture going to fit?
If you have time to plan for your move, and do things like declutter, or organize things to help with how they will get packed, this is the best way. You might have things in a closet in your current home, that can now be in a basement in the new home. So they can be packed and labeled that way. When I moved, my corporate relocations were all done quickly. I literally could be told on a Monday I was getting a transfer and had to be at the new hotel the following Monday. I would make a return trip back to be there for moving day, but I rarely had time to “prepare” for my move. As such, the unpacking at the other end was sometimes a long process because I did not have time to better organize.
This falls under the category of renting a truck yourself, packing your boxes yourself, and moving…..yourself. Ahhhh, not so fast!
Certainly this is an option if you are making a short move across town. But, who is going to help you with the big furniture? Do you have the equipment (dolly) to help haul boxes from the truck to an elevator? What if there is NO elevator and two flights of stairs to take everything up?
You can ask friends to help, but maybe last minute they have something come up, and can’t be there? Or you’ve got an awkward piece of furniture to get out of a truck and maybe up a flight of stairs. ( I helped move an upright piano for a friend once…..never again!) Professional movers can have equipment or even “hacks” on how to move something easier than you or I could.
Also, if you have children, think about how you can include them in the moving process. Maybe they have a box of things they will be taking with them to have on hand before the truck arrives at your new home. And speaking of those items you may need when you first arrive….
Before you movers arrive, make sure you have a special place for important documents and other things you will need…and that this box (or boxes) are safely tucked in your car so they don’t get packed by mistake. (That New York move….I had a brief case with important documents in the garage next to my car…yet to put it in there. Suddenly, it’s no where to be found. One of the movers randomly picked it up and onto the truck it went. It took 30 minutes and some UN-packing of the truck to find it. Not to mention it got damaged! UGH!)
Think of important papers such as car registrations, moving documents, medications, cell phone chargers, laptops and their charger. Think anything you use on a daily basis. Furthermore, you should pack a suitcase (or two) just like you are going on a trip. You will need clothes and those that get packed out of your closets and dressers…may not make it to your home for days, or maybe even weeks, if things go into storage for a time. Imagine you pack all your shorts and t-shirts because it’s January in Chicago, and you arrive in Atlanta and it’s in the 70’s, and all you have are sweaters and long pants!
We’ve already talked about the expense of moving, and getting rid of things you won’t need or use in your new home. But other ways you can save on moving? Moving boxes are an expense that can add up really quick!! Put out message via social media or other channels you may have to see who could of just moved and have all their empty boxes they would be happy to have you take off their hands! You can also get boxes from local stores. One thing to note…If you use uniform-sized boxes like those you get from a moving company, your packing of the truck will be much easier.
But don’t wait till the last minute to start looking for these other sources for boxes….you can flatten the boxes and start stacking them in one room to get ready to pack them.
Professional movers are pretty good and wrapping and protecting things. But, you may have special items (family heirlooms, collections) that require special attention. (And my require special insurance to move!) I have an extensive Matchbox car collection that if I was to move again, a moving company would want me to pay special insurance in case of any damages or heaven forbid, they lost them! I had a client with an extensive wine collection and the moving company would not move them. So he rented an SUV and made a special trip to move those to his new home.
You want to make sure you have insurance with your moving company, as well as with your own insurance company and know how they will protect you in the event of loss or damage.
Hey, they are part of the family, but you may not have thought about their special needs. First off, you don’t want them around on moving day. Animals have a keen sense of things going on, and all the boxing, noise from tape dispensers and such could really have them upset. Not to mention, if one of them is an escape artist and darts out an open door. Now you are chasing your dog around the neighborhood while they are packing your house!
Consider having them stay with a friend or other family member if possible. Have extra food put aside so it does not all get packed! Then you can pick them up for the trip to your new home, be it across town or across the state!
Lastly, but certainly not least, don’t forget to change your mailing address. You need to make sure any bills or statements that come to you via regular mail, will find you. Many of your payments may all be done on line, but you will still need to update those accounts with your new address. One thing I often see is the magazine subscriptions….they will come for weeks and months after you moved. And don’t forget those catalogs if you are one of those! If you depend on receiving that publication vs. it being online, then you need to put in for a change of address.
You can get a kit from the U.S. Post Office to help you with this process. But the change may not take effect immediately. If you sold your home, you can coordinate with your agent and the Buyer’s agent to get any important mail that shows up at your old home. I have often picked up a stack of mail and then sent it to my clients at their new home. They certainly appreciated that service!
Last WordsAs I mentioned in the beginning, I did 5 corporate moves, but there was at least double that amount of local moves that I did. Thankfully, I avoided most of these moving challenges, but there were still a few. My favorite was not having every single item boxed! How many little trips were made in the car between places to get all those odds and ends that never ended up in a box.
But if you make a list, and keep these things in mind, hopefully your move won’t be as stressful. Moving IS stressful, so planning can help take some of that stress away!
You’ve heard it many times before….buying a home is one of the biggest financial investments you will make in your lifetime. And one you will probably make several times during your lifetime. However, without the right information or guidance, you can make a serious mistake. Sure, you have been out looking at homes with your real estate agent, and you are excited because you have “found the one!” And this starts to become an emotional decision instead of a business decision, which is how you should look at it. So you don’t want to make a costly mistake, right?
If you are a first-time home buyer, all of this is really important. You don’t want to get started on the wrong foot with your first home purchase. It will have an impact when you go to make your second purchase.
Let’s take a look at 10 Mistakes Home Buyers Make When Purchasing a Home!
Unless you are a buyer with a truck-load of cash, you will be getting a mortgage to finance (pay for) your new home. And the terms of that mortgage will be based extensively on your credit score. If you don’t have a good score, you may not even qualify for a mortgage, may have a higher interest rate, or not be able to get a large enough mortgage for the home you want. You want to manage your credit score.
This is accomplished first and foremost by making all your monthly payments on time. But the accumulated debt you have will also impact your score, and could keep you from getting a loan. If you have ever filed for bankruptcy, or have accounts that may have been sent to debt collection, this will have a negative impact.
You can manage this is a couple ways. First, don’t open a bunch of credit accounts. Secondly, those you do have, pay them on time, and don’t run them up to their credit limits. Especially, don’t ignore medical bills. If you have had any “medical event” that you have bills for, most all medical institutions will work with you on a payment plan to keep you from going to collections. Also, you might have some kind of error on your credit report….you paid off a credit card, and “closed” the account, but it is still showing on your report. Getting these things cleared up in advance will help you in the future.
In today’s lending world (2021) there are so many different loan programs, it’s hard to keep track of them! (We have a great Lending Team that can find the right mortgage for you!) But you don’t need 20% of the purchase price as a down payment. You could find a mortgage with as little as 3% down payment, again based on the credit score we just talked about, as well as your income. But you need to have those funds already saved. The more you have saved, the better it is. If you have MORE than you need for a down payment, there are other things this money will be handy for. (See Emergency Fund later in this article). Yes, there are down payment assistance programs, and they come and go, and have numerous strings attached to them. We are not saying you can’t use something like this, but you may be better off having your down payment saved.
If you know you want to purchase a home, start saving sooner, rather than later. You can set up a special savings account and put money in there each month. A great way to build this balance is if you receive any kind of annual or quarterly bonus….deposit it right to the down payment account. You might need to establish a budget and cut some daily spending habits (yes, make your own coffee instead of that coffee shop on the corner!) Also, try to avoid taking on new debt while you are saving.
Yes, you are excited about your new home potential, and it’s so easy to “window shop” on the Internet on any number of real estate websites for your new home. But what if you see “that home” and then find out it’s more than you can afford? That can be some serious heartbreak! And we don’t want that!
By meeting with a lender first (or very early in the process) you will have a much better understanding of what you can afford, and what the costs will be. Besides the down payment we just talked about, there are closing costs associated with your mortgage. These also vary based on the type of mortgage you have, and are additional funds you may need to have. ( Your real estate agent may be able to negotiate to have some of these costs paid for by the Seller, but that is not always possible)
But knowing the price range you can afford, BEFORE you start searching, will help you focus on certain neighborhoods or buildings because of the price of those homes. Also, depending on your down payment amount, you pay have to pay for private mortgage insurance, which will affect your monthly payment. This is something you can discuss with your mortgage lender to see what is the best loan option for you.
If you pay top dollar for your home, it may take you much longer to see equity in that home. If you know you are going to be there for several years, this might be ok. But if you suddenly have to sell (job relocation, divorce, etc) you could end up in a difficult situation. If values keep rising, you may be fine. But if there is a bump in the road, you now may have a house that is not worth what you paid for it. And that leads us right into….
You want to look at the sales trend in the neighborhood or building where you are buying. If, and when, your needs change and you want to move up to a larger home, you want to look at the ability to sell your home in the future. Again, if you paid the highest price in the neighborhood, will you still be able to be the highest price again? Or will other homes in the neighborhood have risen in value as well? You also want to know that your home is a desirable floor plan, or lot location for a future buyer. In a condo building, you might think lower floor vs. a higher floor and what the current view is and what the future view can be. As you live in the home, you will want to keep the resale value in mind as you make changes to the home. You might love those trendy red cabinets, but the next buyer may not! Let’s keep looking at 10 Mistakes Home Buyers Make When Purchasing a Home.
Depending on your career, there may be ever present opportunities to make a job change for a better salary, or job location. Great…but don’t do it while you are in the middle of the home buying process. This can throw a real kink in your mortgage process. Lenders check your employment at the beginning of your loan process. And they do it again just before you close. If there is a possibility out there, discuss it with your lender. Sometimes, they can still move your loan forward, but you certainly don’t want to suddenly be in a position to have your loan denied, and be in default on your contract to purchase the home.
Simply put, you want to do nothing to change your credit during the loan process. We talked about your employment above, but you don’t want to make any large purchases that involve credit.
You found that great house, but you want all new living room furniture! Great! Just buy it AFTER you have closed on your home! Even if you have saving and want to pay cash, your loan approval may have been based on your cash reserves, and these can be verified again by the lender prior to your closing.
Ok, you are thinking, “How can this be a mistake?” A short commute? Save commuting costs? Sure, those are valid points. BUT…what happens when you change jobs? (Not during the loan process however!) Now you may have a really long commute. We are not saying this is not a good thing to do, but you want to take other factors into consideration. If you have a family, or are planning on one, schools might be more important than your commute time. Lifestyle? You want to be able to leave the car parked on the weekend and walk to parks or restaurants? But your job is in a suburban office park? Then you might want a longer commute as a trade-off to your weekend time and activities. It’s worth a few moments of thought.
Being a homeowner brings a level of responsibility. Maybe that refrigerator that was included with the sale goes on the blink. A roof leak appears. And of course there are the personal things (medical, dental) that you want to have some reserves for.
Future remodeling and changes is another “fund” you may want to set up. You bought the home or condo for the awesome location, view or floor plan, but really don’t like the bathroom finishes. You agreed this is something you could live with short term, but want to change in the future. Start tucking away a few dollars every month to get ready for that change, and when the time comes, you will have cash on hand to pay for the renovations.
We are here to help you navigate the purchase of your home, and make the process as stress free as possible. By knowing, and avoiding, these mistakes, it will be that much easier. A smooth closing is a wonderful event!
If you have any questions about the home buying process, we are always just a call, click or text away!
Selling real estate is not an easy gig. Anyone that says it is…ehhhh! But, it is also very rewarding. And certainly, it’s that part of it that I enjoy the most. There is a lot, and I mean A LOT of stress that I either absorb, or my clients may feel it to. From finding the right home, the negotiations, the inspection, the appraisal and any other of the countless landmines that can show up…. it can wear you out.
But, when you see the look on that Buyer’s face, when they find the right home….well, that’s a pretty big reward….at least for me. And I suppose it might even be a bit bigger when it’s a first time home buyer! I’ve been able to help them through the whole process, and explain it all, step-by-step. From getting their pre-approval, to finding that home, and making it to our Celebration Day….it’s awesome.
But, sometimes, there are some bumps in the road. We try to avoid them, but it happens. In Kaylynn’s case, the lender dropped the ball. We are not going to go into specifics, or call anyone out, but let’s just say when it is 8 days before closing and the bomb drops, it makes for some stressful living! Kaylynn’s file was transferred to another loan officer, and they did nothing short of a miracle to get us to the closing table, and only miss that day by one day!
I kept Kaylynn informed of what was happening, what our next steps were, and kept the necessary paperwork moving to keep our Celebration Day on track.
As Kaylynn said to us:
“I had a great experience working with this company. When literally everything went wrong with my lending company my Realtor, Mr. Abbott was the one person I could count on to be responsive, thorough, and straight forward. It was a pleasure working with him and I would recommend this company as well as Mr. Abbott to anyone.”
Well, I’m blushing, but I’m thankful to have been able to help Kaylynn through some challenging days and get us to our Celebration Day!
Congratulations Kaylynn and we hope you enjoy your new home!
I was cleaning my desk up and found an article I had meant to put into a blog post.
Then I thought, well, it’s still some interesting numbers, so why not still share it. The article was in the July issue of (I think maybe Atlanta Magazine?) and has various stats about what the COVID-19 impacts have been, and The Lockdown in Numbers.
Some interesting points :
We are still struggling to get back to “normal” and you have to wonder what that will actually be. To see the airports bustling…hotels filled with vacationers or business people at conventions. It must come soon, right?
