Most potential buyers start to look for a new home in the spring or summer, which is why these seasons are known as the busiest times of the year for the real estate market. But, this does not mean that buying a home on the Goldsmith real estate market in the winter is a bad idea. In fact, there are many advantages to shopping for a home in the winter instead of in the spring or summer.

Less Competition

Since most buyers wait for the spring or summer to look for a home, there is less competition during the winter. As a result, buyers will probably not have to worry about getting in a bidding war or having to sweeten offers in order to make a deal. It also means buyers do not have to rush to schedule an appointment to see a home the moment it hits the market since there are fewer buyers that are actively looking and making offers during this time of the year. Take your time exploring the market and finding the perfect home now that you won’t have to fight off competition.

Lower Prices

Because there is less competition in the winter, prices also tend to be lower than they are during other times of the year. Buyers shouldn’t expect home prices to drop drastically, but there should a slight decline in the average price of listed homes during the winter. For example, median home prices in the summer of 2014 were around $220,000. However, this number dropped down to $200,000 in January of 2015. This illustrates the typical difference in price between homes sold in the summer and homes sold in the winter. Learn about the best time to buy a home.

Highly Motivated Sellers

It is very common for sellers to be eager to make a deal during the winter. Why? Sellers are aware that there is less demand for new homes in the winter. If a buyer shows interest in a home, the seller is more likely to do what it takes to close the deal so he doesn’t lose the buyer. As a result, buyers may be able to negotiate deals with lower prices or other perks, such as a quick closing or shared closing costs.

Attentive Agents

Real estate agents have fewer clients to manage in the winter, which means they will be able to pay more attention to you if you are shopping during this time of the year. This is perfect for buyers that have never purchased a home before or aren’t quite sure what they’re looking for in a home. In the winter, an agent will be spend ample time with these buyers to ensure they find the home of their dreams.

Are you ready to find your dream home on the Goldsmith real estate market this winter? If so, get in touch with the professionals. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

Homebuyers who are not paying in cash will hear two terms rather frequently when shopping for a new home. These two terms are pre-qualified and pre-approved, and both are related to the process of applying for and securing a loan through a lender. While some may use the words interchangeably, they have two entirely different meanings. Before searching for a home on the University Hills real estate market, it’s a good idea to learn what it means to be pre-qualified and pre-approved.

Pre-Qualification

Getting pre-qualified is the first step that all potential homebuyers will take when trying to obtain a mortgage. Before pre-qualifying someone for a loan, the lender will view the borrower’s debts, assets, and income. Then, the lender will tell the borrower how much he will be approved to borrow. The borrower will then use this information to set a budget. For example, if the borrower has been pre-qualified to receive a $200,000 mortgage and he has $20,000 to put towards the down payment, he now knows that he cannot afford homes that are over $220,000. Learn more about pre-qualified vs. pre-approved: what’s the difference?

Pre-Approval

Getting pre-approved for a loan is the next step in the process. Buyers must fill out a mortgage application, pay a small application fee, and allow the lender to run a credit check. This is an important difference between the two processes. The lender does not run a credit check before pre-qualifying a buyer, but this must be done during the pre-approval process.

In the pre-qualification process, the lender will trust that the buyer is providing accurate information. But in the pre-approval process, the lender will need to see documentation that shows their income, debts, and assets. For example, the lender may ask the buyer to provide tax returns, pay stubs, and credit card statements.

The lender will tell you what type of loan you have been approved for after carefully reviewing your documentation. You will learn the exact loan amount that you qualify for as well as the interest rate that the lender can offer to you. Most borrowers will then ask the lender to provide them with proof that they have been pre-approved for a mortgage. If you make an offer on a home, this document can be shown to the seller as proof that you are serious about the deal. A lot of deals fall through because the buyer is unable to secure financing, but having this pre-approval letter shows the seller that financing will not be an issue.

Sellers know that getting pre-qualified is much easier than getting pre-approved, which is why a pre-qualification letter does not carry as much weight as a pre-approval letter. If you want the real estate transaction to go as smoothly as possible, it’s strongly recommended that you get pre-approved before shopping for a home.

Now that you know the difference between these two important terms, are you ready to find the home of your dreams? If so, get in touch with the professionals. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

It can be difficult to find a home that has everything you’re looking for unless you’re building it from the ground up with an unlimited budget. Most buyers must make compromises and give up a few items on their wish list when looking for a home. But, there are a few things that no buyer should ever have to give up. Here’s a list of non-negotiables for Lowry real estate buyers:

Good School District

Buyers often compromise on the location of their future home. For example, living in an exclusive neighborhood may be out of their budget, so they may settle for something right outside of the area instead. Although it’s fine to compromise on the location, don’t compromise on the school district. Even if you don’t have children, it’s strongly recommended that you choose a home within a good school district. If you don’t, it could be difficult to resell the house in the future.

Layout

Layout should be another non-negotiable for real estate buyers. Changing the layout of a home can be expensive and may require gutting the entire interior of the house. This is not an easy task, which is why it’s best to find a home with the layout you desire instead of planning on changing it later. Learn how you can avoid buying a home with a bad layout design.

Condition

Some people don’t mind buying a home that is not in good condition even though it means investing time and money in order to fix it up. However, the majority of buyers are not interested in buying a home that needs a great deal of work. If you are not interested in buying a fixer upper, make sure your agent knows this is a non-negotiable.

Monthly Expenses

Before making an offer, calculate the monthly expenses of living in the home. Some homes will have higher HOA fees than other, so this will impact how much you will have to pay every month. The cost of insurance can also vary from home to home, especially if the home is in an area that is prone to flooding.

If the monthly expenses of a home are more than you can afford to pay, cross this home off of your list. This should be a non-negotiable so you don’t put yourself in a bad financial situation.

Size

Buyers shouldn’t feel pressured to compromise on the size of their new home, either. If you buy a home that is too small, your family will quickly outgrow it. If a house is too large, it can cost a lot of money to fill it with furniture and turn it into a home. For this reason, buyers should never compromise when it comes to the size of their new home.

Are you ready to find your dream home on the Lowry real estate market? If so, get in touch with the professionals. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

Finding the perfect home for your family can be challenging. Buyers have to make sure that the home they choose fits every family member’s needs—not just their own. How will you know when you’ve found the right one? Follow these tips to spot a family-friendly home in Observatory Park:

Outdoor Space

Ideally, a family home will have plenty of outdoor space that your kids will be able to enjoy. The yard should be fenced in so you don’t have to worry about your children or pets running out into the street. If the home doesn’t have a sizable yard, see where the closest playground or park is located. As long as something is nearby, the size of the yard doesn’t matter as much.

Large Kitchen

Parents will spend countless hours cooking meals and making snacks for their children in the kitchen. For this reason, it’s a good idea to look for a large kitchen that has plenty of seating space. Many kitchens will either have an island with bar stools or a built-in seating area where kids can gather while their parents prepare food. This is a great space for kids to sit and talk to their parents after school or in the evenings, so this is a must-have in all family-friendly homes. See 19 family-friendly kitchen design ideas.

Multiple Bedrooms and Bathrooms

Do you plan on having more children in the future? Even if you don’t plan on expanding your family for a few more years, it’s a good idea to buy a home with enough space now. Experts recommend that you assume you will spend at least five years in your home. This means if you plan on having more children within the next five years, you will need to think about how many bedrooms and bathrooms you will need to accommodate your growing family.

Spacious Master Suite

Being a parent can be exhausting, which is why it’s so important to find a home with a spacious master suite. Why? You deserve to have a comfortable and luxurious place to go when you need a break from your kids. A master suite with a private bathroom and walk-in closet is a must, but a master suite with a private balcony and beautiful view is even better.

Flooring Materials

You should also pay attention to the flooring materials when looking for a family-friendly home. Materials such as laminate and vinyl are much more durable and kid-friendly than light-colored carpet or hardwood. Flooring can always be changed, so this shouldn’t be a deal breaker, but it is much easier to move into a home that doesn’t need to be renovated.

Open Floor Plan

If you have young children, look for a home with an open floor plan. This type of floor plan gives parents the ability to keep an eye on their kids even when they’re doing something in the other room.

Ready to find a family-friendly home in Observatory Park? If so, get in touch with the professionals. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

Many couples decide to buy a home on the Lowry real estate market together after getting married. This is a logical next step to take in your relationship, but it’s not right for everyone. Some couples choose to buy a home and only put one spouse’s name on the deed. Why would this be a good option? Are there any downsides to not putting your spouse’s name on the deed? Here’s everything you need to know before making this decision:

Mortgages

It may seem cruel to leave your spouse’s name off of the deed, but sometimes doing so is best for the couple. This is especially true if one spouse has really good credit and the other does not.

Getting a mortgage in both of your names may be more difficult because of your spouse’s bad credit. This means you may not be approved for as much or you may be forced to pay higher interest rates. To avoid this problem, many couples choose to only use one party’s name. But, keep in mind that if your spouse is not included on the mortgage, the lender will only be able to use your income when calculating how much to lend to you. Read what is a good credit score? The number you need to buy a home.

Cash Contributions

Couples may decide to only put one party’s name on the deed if one spouse paid for the entire house using money that he earned prior to the marriage. There’s no law that requires couples to do this, so this is a personal matter that must be discussed between the two of you.

Creditors

Is your spouse drowning in debt? If there are creditors that are currently going after your spouse, it’s a good idea to leave his name off of the home. Creditors can try to go after any property that your spouse owns in order to repay what he owes to them. Keeping your spouse’s name off of the house will ensure that your home is protected from creditors.

How to Involve A Spouse Without Putting His Name on the Deed

Your spouse may feel uncomfortable not having his name on the deed, which can make it difficult to turn your house into a home that you both love. To prevent this problem, make sure that your spouse is involved in the process of finding the right home. Even though his name will not be on the deed, he should still be happy with the home that you are both going to live in. By leaving him out, he could end up feeling as if he is simply moving into your home instead of moving into a home that is both of yours.

Are you and your spouse ready to find the home of your dreams on the Lowry real estate market? If so, get in touch with the professionals. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.