Christine Sosa - RE/MAX On The River



Posted by Christine Sosa on 5/21/2018

You may be in the market to buy a vacation home in the near future. Getting ready to purchase a second home can be a big decision and a big financial commitment. Aside from a good investment, buying a vacation home brings enjoyment to you and your family. To help you make a good decision on when and where to buy your vacation home, read on. 


Itís All About Location


You need ton know why you want to buy a second home. Do you spend a lot of time in one specific area? Do you want to explore one particular place a bit more on a frequent basis? The reason behind why you purchase a home for vacation purposes will fuel your decision on location. If youíre looking for a simple getaway with your family several times a year, the answer may be different than if you want to have a rental property. Choose a location that has varied seasons. You donít want the prime time for use of the property to be the same as when youíd like to be on the property with your family.   


Donít Purchase On A Whim


While it can be tempting to search for homes while youíre on a getaway, you should rent several times before you make the decision to buy in a particular place. Vacations can give buyers this sense of awe that could quickly fade. You donít want your decision to be fueled by emotion. You need to be certain that youíll actually enjoy an area for the long term. 


Shopping for a vacation home is quite similar to shopping for your main house. You want to know youíre in a good area and that youíll enjoy the house or the long haul. Itís tough to do that if you donít have a basic understanding or appreciation of the area.  


How Often Will You Use The House, Really?


You need to be realistic about how often youíll actually use your vacation house. It may not be worth it to buy in an area that will only be used one week out of the year. If you know youíll be able to use the space all of the time, then go for buying a home in the location of your dreams. If, however, youíre unsure of how often youíll be able to get to the house you might want to think twice. You could do just as well finding a spot that you can use as a reliable rental when you want it. Donít forget that buying a second home means having a second home to maintain. Not everyone is up for that challenge.           





Categories: Buying a Home   vacation  


Posted by Christine Sosa on 5/7/2018

As a homebuyer, you may want to consider the seller's perspective before you submit an offer to purchase your dream house. That way, you can boost the likelihood of receiving an instant "Yes" to your homebuying proposal.

Now, let's take a look at three tips to help you analyze the seller's perspective.

1. Review the Prices of Comparable Homes

Once you find your dream home, you may want to take a look at the prices of comparable residences in the same city or town. This housing market data can help you narrow the price range for houses in a particular area.

With insights into the prices of houses that are similar to your dream home, you can put together a data-driven offer to purchase. Perhaps best of all, you can avoid the risk of submitting a "lowball" homebuying proposal that misses the mark with a home seller.

2. Assess the Housing Market

The current state of the housing market may have far-flung effects on how much you should offer to pay for a residence.

For instance, in a buyer's market, there is an abundance of available houses and a shortage of buyers. This often means buyers can browse dozens of outstanding houses and won't necessarily face steep competition to acquire the right residence at the right price.

On the other hand, a seller's market favors sellers. It generally features an abundance of buyers and a shortage of top-notch residences. Therefore, if you're searching for a home in a seller's market, you may need to submit a competitive offer to purchase to secure your dream house.

Review the housing market closely so you can differentiate a buyer's market from a seller's market. If you find houses are selling quickly at or above sellers' initial asking prices, you likely are operating in a seller's market. Or, if you find houses linger on the real estate market for many weeks or months and sell at or below sellers' initial asking prices, you may be working in a buyer's market.

3. Collaborate with a Real Estate Agent

A real estate agent is a homebuying expert who can provide you with housing market insights that you may struggle to obtain elsewhere. Plus, he or she can help you evaluate the seller's perspective so you can submit a competitive offer to purchase the home of your choice.

Let's not forget about the assistance that a real estate agent provides throughout the property buying journey, either. A real estate agent can help you hone your home search and find your ideal residence in no time at all. Furthermore, if you have concerns or questions at any point during the homebuying journey, a real estate agent is ready to address them.

Want to purchase your dream house at a price that matches your budget? Consider the seller's perspective Ė you'll be glad you did. If you review the seller's perspective, you can craft a competitive homebuying proposal and move closer to acquiring your ideal house at a budget-friendly price.




Categories: Buying a Home   buying tips  


Posted by Christine Sosa on 4/23/2018

A diligent homebuyer understands what it takes to shop for a residence. As such, this individual may be better equipped than others to discover a house that matches or exceeds his or her expectations.

Ultimately, there are many reasons to become a diligent homebuyer, including:

1. You can boost your chances of acquiring a top-notch residence.

Buying a home can be a long, complex process, particularly for those who lack housing market insights. Fortunately, it is easy for any homebuyer to become a diligent homebuyer, thanks in large part to the wealth of housing market data that is available.

A diligent homebuyer can analyze the prices of recently sold houses, along with the prices of homes that are currently for sale. By doing so, a diligent homebuyer can understand whether he or she is shopping in a buyer's or seller's market. This homebuyer also may be able to narrow his or her home search.

For those who want to acquire a first-rate residence, diligence is paramount. And as a diligent homebuyer, you may be able to identify many opportunities to purchase a deluxe residence.

2. You could save money on a home purchase.

When it comes to shopping for a home, there is no need to overspend, regardless of whether you're searching for a residence in a buyer's or seller's market.

Meanwhile, a diligent homebuyer is a thrifty home shopper who understands how to save money on a house.

A diligent homebuyer, for example, may be more likely than others to get pre-approved for a mortgage. This homebuyer will meet with a variety of lenders and learn about all of his or her mortgage options. That way, a diligent homebuyer can enter the housing market with a budget in hand and avoid the temptation to overspend.

Furthermore, a diligent homebuyer knows how to stay calm, cool and collected in stressful price negotiations with a property seller. This homebuyer will possess the housing market insights to make an informed purchase decision. In addition, he or she will have the confidence to walk away from a potential home sale if price negotiations get out of hand.

3. You can accelerate the homebuying process.

Although a diligent homebuyer analyzes real estate market patterns and trends closely, he or she usually realizes that navigating the housing sector alone can be tough. Thus, a diligent homebuyer may reach out to a real estate agent for extra help.

A real estate agent can provide even a diligent homebuyer with the necessary assistance to speed up the homebuying cycle. This housing market professional can help a homebuyer understand and overcome assorted property buying hurdles. Plus, he or she can offer expert insights into the housing market that a homebuyer may struggle to obtain elsewhere.

If you plan to purchase a house in the near future, it definitely pays to become a diligent homebuyer. This property buyer will be able to browse a broad array of high-quality houses, assess these residences effectively and seamlessly move through the process of acquiring the perfect home at the lowest price.




Categories: Buying a Home   buying tips  


Posted by Christine Sosa on 1/22/2018

If budgeting isnít your thing, youíll be glad to discover that itís quite simple. Thereís a way to categorize your spending and save money easily. If you learn the rule, it will become so automatic that you wonít even think about it. If youíre saving money for a home, this practice will be essential. Break your budget down into three categories: 


  • Living expenses
  • Financial goals
  • Personal spending


Half of your budget should go towards living expenses. This number includes all of the essentials like rent or mortgage, utilities, groceries, commute costs, and insurances. 


20 percent of your income should go towards other financial goals like savings, investments, or paying down debt. Credit card bills, student loans, and other bills would fall under this category. This category is also where youíd save for your down payment, closing costs, and other expenses. This percentage can be adjustable depending on how much debt you have or how much you need to save for retirement. 


The remaining 30 percent of your income can go towards personal spending. This category includes everything that you use your money for but isnít a necessity. This percentage is also flexible. If your lifestyle doesnít require you to use all 30 percent each month, you can indeed save more money.


A Clear Plan 


These categories simplify your budget. Even if you make some adjustments to the numbers, the outline truly makes budgeting easy even for the most scatterbrained among us. It allows you to see where your money goes clearly. It also works no matter what kind of living situation you have.


The great thing about this budgeting plan is that you have some future needs built into it. Many times, when we budget, we think of our immediate needs and our shorter term goals. Saving for any occasion can never happen too early. You are able to not only focus on your current goals and the future.   



Steps


First, determine your monthly income. This number is how much money you take home after taxes. From here, youíll be able to split your money into categories by percentages. If your income fluctuates frequently, youíll need to take an average of your monthly income to determine your numbers. 


Next, you should take a look at your spending habits. These include everything from your morning latte to your monthly rent payment. From here you can make adjustments. Perhaps you need to look for a less expensive apartment. Maybe you need to cut down your weekly pizza to a bi-monthly purchase. Whatever you see in your finances, a simple percentage rule gives you the tools you need to become a saver and be well on your way to the purchase of your first home.     





Tags: saving money   budgeting  
Categories: Buying a Home   budgeting  


Posted by Christine Sosa on 1/15/2018

You want to buy a house, but you know that you need to save as much money as possible for a down payment. Although you've tried to save money in the past, your best efforts have failed to help you collect the funds that you'll need to make a down payment on your dream residence.

Let's face it Ė saving for a home can be difficult. Fortunately, we're here to offer creative ways to help you get the money that you'll need to make your homeownership dream come true.

Now, let's take a look at three creative ways to save for a down payment on a house.

1. Start a Friendly Competition

Competition often brings out the best in homebuyers. Much in the same vein, you and your friends may be able to compete against one another to see who can save the most money for a down payment on a home.

If you and your friends intend to buy a home together or separately, a friendly competition can make a world of difference in getting the required funds for a down payment. In fact, you can even award the winner of this competition with an "Ultimate Saver" trophy or other fun prizes.

Ultimately, a friendly competition is a great way to have fun with friends and save money for a down payment on a house at the same time. Regardless of who wins the competition, you'll notice that your down payment savings will increase, moving you one step closer to acquiring your ideal residence.

2. Use a Rewards System

Saving for a down payment on a home may seem like a long, arduous process. However, if you build rewards into your day-to-day savings efforts, you can earn incentives as you reach various milestones.

For instance, you may want to reward yourself with a special dinner every time that you reach a savings milestone. Or, you can always celebrate hitting a savings milestone with a trip to the dog park with your puppy.

3. Trim the Fat from Your Budget

It sometimes can be tough to remove cable TV, takeout meals and other excess items from your budget. But if you consider the long-term benefits of these short-term sacrifices, you may be better equipped than ever before to save significant funds for a down payment on a home.

Look closely at your daily, weekly and monthly budgets. Then, you can determine which budget items are essential and which are not and trim the fat from your budget accordingly. This will allow you to speed up the process of saving for a down payment on a house and ensure that you can achieve your homeownership dream faster than ever before.

Lastly, as you prepare to explore available homes, don't hesitate to reach out to a real estate agent for extra help. By hiring a real estate agent, you can get the assistance that you need to discover a great house that falls within your price range.