How To Get Pre-Approved For A Home Loan First-Time Buyer

Getting pre-approved for a mortgage is an essential step in home-buying. It not only gives you a clear idea of how much you can afford to borrow but also shows sellers that you are a serious buyer. Let's dive into the details!

How Long Does A Pre-Approval Take?

The pre-approval process involves a thorough lender evaluation of your financial situation. They will assess your income, credit history, employment status, and other relevant factors to determine the maximum loan amount you can qualify for. This evaluation helps you understand your budget and sets realistic expectations when searching for a home.

To get pre-approved, you typically need to gather some documents. These may include proof of income (such as pay stubs or tax returns), bank statements, employment verification, and details about your assets and debts. It's important to have these documents ready to speed up the process. Most lenders we work with can issue a pre-approval within a day if they have all your information.

Once you have your documents in order, you can approach a lender or mortgage broker to begin the pre-approval process. They will review your information, run a credit check, and assess your financial stability. Based on this evaluation, they will provide you with a pre-approval letter stating the maximum loan amount you qualify for.

It's worth noting that pre-approval is not a guarantee of a mortgage. It's an initial assessment based on the information provided. When you find a home and make an offer, the lender will conduct a more detailed evaluation before finalizing the loan.

The benefits of getting pre-approved are numerous. Firstly, it helps you narrow your home search to properties within your budget. This saves time and prevents disappointment from falling in love with a home you can't afford. Secondly, pre-approval strengthens your position as a buyer. Sellers prefer working with pre-approved buyers as it indicates a higher likelihood of a successful transaction.

In summary, getting pre-approved for a mortgage is a crucial step in the home-buying process. It provides a clear understanding of your budget, helps you focus your search, and increases your chances of securing your dream home. Good luck with your home-buying journey! Get started here!

First-Time Home Buyer Tips - Get A Home Inspection

The Importance Of A Home Inspection

When buying a house, a home inspection is an essential step that should be considered. A home inspection is a thorough examination of a property's condition conducted by a professional inspector. It helps potential buyers identify any existing or potential issues with the house before purchasing.

One of the key reasons why a home inspection is necessary is that it provides buyers with a comprehensive understanding of the property's condition. The inspector will assess various aspects of the house, including the foundation, roof, electrical systems, plumbing, HVAC, and more. By doing so, they can identify hidden problems that may not be apparent to the untrained eye.

Having a home inspection can save buyers from unexpected and costly repairs down the line. For example, if the inspection reveals a faulty electrical system or a leaky roof, buyers can negotiate with the seller to either have the issues fixed or adjust the price accordingly. This can potentially save buyers thousands of dollars in repair costs.

Furthermore, a home inspection can also help buyers prioritize their renovation or improvement plans. The inspector's report will highlight areas that require immediate attention and those that can be addressed later. This information can be invaluable for buyers who want to budget their expenses and plan their renovations accordingly.

Another important aspect of a home inspection is that it gives buyers peace of mind. Buying a house is a significant investment, and knowing that a professional has thoroughly examined the property can alleviate any concerns or doubts. It allows buyers to make informed decisions and purchase confidently.

Types Of Inspections:

Buyers can inspect any aspect of the house that they choose. The most common inspections buyers conduct are complete home inspection, termite/wood destroying insect, well, septic, and structural. The home inspector may recommend more detailed inspections of some of the home's systems, such as HVAC, fireplace, mold, radon, and asbestos.

Does a house have to pass inspection to be sold?

Required Inspections:

Many people are surprised to hear that home inspections are not required. The home inspection is for the buyer's benefit. Certain loans do require specific inspections. The VA loan requires the buyer to have a wood-destroying insect inspection. Most loans require a structural inspection for the purchase of a manufactured home.

In summary, a home inspection is crucial when buying a house. It helps buyers understand the property's condition, identify potential issues, negotiate repairs or price adjustments, prioritize renovations, and gain peace of mind. Buyers can make a more informed decision by investing in a home inspection and ensuring a smoother and more secure home-buying process.

Thanks for taking the time to examine what Home Experts Realty offers our agents. 

Suppose you have ever considered becoming a real estate agent or are currently licensed and looking for ways to improve your career. In that case, you have come to the right place. We would love to have a confidential conversation with you.

We desire to give agents more power, money, and exceptional free tools with programs to build your business—a genuinely agent-centric company with a model geared for succeeding in any market.

Keep More Of What You Earn!

You don't go into business to make someone else rich. Keeping more of what you earn is essential. At Home Experts Realty, the agents keep most of the commission. Please take a look at our commission plan.

High Commission Splits & NO Desk Fees:

• 70/30 for all new agents to the business and agents with less than $2 million in sales over the past 12 months
• 75/25 for agents who close six sides in the first six months with Home Experts Realty
• 80/10 for agents who sold $2-4 million in the last twelve months
• 90/10 for agents who sold over $4 million in the last twelve months
• 100% on personal properties
• No Roll Backs
• $12,000 cap for single agents each calendar year (once the company makes $12K from a single agent, that Agent goes to a 100% split the remainder of that year)

Agent-Centric Model:

Home Experts Realty is all about the success of each Agent.

•  Driving business to AGENTS, not the brokerage.
•  One name and number on sign & ads... YOURS!
•  Clients connect directly with agents one on one.
•  Clients know that YOU can accomplish their goals.  
•  NO monthly broker fees!

We look forward to talking with you about joining us. Remember to ask us about a discount on Real Estate School.

Tips For Selling A House

Selling a home can be complex, but with the right tips, you can make it a smooth and successful experience. As your trusted Highland County Real Estate Pros, we are here to walk you through the process. Here are ten tips to consider:

1. Enhance curb appeal: First impressions matter, so make sure your home's exterior looks inviting and well-maintained. Consider freshening up the landscaping, painting the front door, and ensuring the exterior is clean.

2. Declutter and depersonalize: Potential buyers want to envision themselves living in the space, so remove personal items and excessive clutter. This helps create a neutral canvas for buyers to imagine their belongings.

3. Stage your home: Consider hiring a professional stager or doing it yourself. Staging can help highlight your home's best features and create an appealing atmosphere for potential buyers.

4. Make necessary repairs: Address any visible issues like leaky faucets, broken tiles, or faulty electrical outlets. These small repairs can make a big difference in the overall impression of your home.

5. Price it right: What's Your Home Worth? Research the local real estate market and set a competitive price for your home. Overpricing can deter potential buyers and lead to missed opportunities. To help determine the best list price, we will do a complete CMA (Comparable Market Analysis). 

6. Market effectively: Utilize various marketing channels to reach a wide audience. This can include online listings, social media promotion, and traditional methods like yard signs and flyers.

7. Professional photography: High-quality photos can significantly impact buyers' interest. Consider hiring a professional photographer to capture your home's best angles and showcase its unique features.

8. Be flexible with showings: Make your home as accessible as possible for potential buyers. Accommodating their schedules and allowing for easy showings can increase the chances of a successful sale.

9. Highlight unique selling points: Identify and emphasize the unique features of your home that set it apart from others in the market. This could be a spacious backyard, a newly renovated kitchen, or a desirable location.

10. Work with Vance Team Realtors: Our goal is to provide every client with a Five-Star Experience when they partner with us. We will be by your side to help you every step of the way. 

Remember, selling a home can take time, so patience is key. By following these tips, you'll be on your way to a successful sale. Connect with us today to get started on your home-selling journey.

Don't forget to download our FREE "Staging To Sell" Guide.

Highland County Real Estate Market Trends

🏡 Attention Highland County, Ohio Buyers, and Sellers! 🏡 

📅 June 2023 Update 📅

📊 Market Trends Report 📊

🔵 Bryan & Rene Vance, your trusted REALTORS®, here with the latest data on Highland County's real estate market. Let's dive in! 

📈 Inventory Update: Currently, there's only 1.1 months supply of inventory available. That means the market is highly competitive, making it a great time to sell. 🏠💨

📉 Decreasing Inventory: Over the last 12 months, the Months Supply of Inventory has dropped by a staggering -99.18%. This indicates a strong demand for properties in our area. 📉🔥

💰 List to Sold Price: Sellers, you'll be delighted to know that the List to Sold Price percentage is 92%! This means homeowners are getting a great return on their investments. 💵💪

⌛️ Quick Sales: Highland County homes are flying off the market! The median days on the market are just eight days. It's essential to act fast if you're a buyer, as properties are selling rapidly. ⏰⚡️

💲 Median Sold Price: The median sold price in Highland County is currently $192,500. This showcases the value and desirability of our local real estate market. 💲💎

📣 Whether you're a buyer or seller, it's crucial to stay informed about market trends. As your dedicated REALTORS®, we're here to guide you through every step of your real estate journey!

📞 Call Bryan & Rene Vance - Vance Team Realtors at Home Experts Realty today to discuss how these trends may impact your buying or selling decisions. Let's achieve your real estate goals together! 🤝🔑

What's My Home Worth?

Establishing the right asking price is critical to the home selling process. Some sellers have said, "I need to start high because I can always come down, but I can't go up." That is not a good way to hit the market as a new listing. Research has shown that being overpriced is the number one reason houses don't sell. When your house goes on the market, the greatest potential for buyer traffic is in the first 30 days. By pricing it high to drop it later, you bypass your best candidates for buyers.

How To Determine The Right Asking Price?

There are a few ways to determine your home's worth. The fastest is a Property Value Website. The property valuation website uses the AVM or automated value model to estimate a property's worth. This is the fastest but least accurate. The values generated by AVMs are based on automated computer modeling from public records. They may not represent the home's actual value as they cannot consider the nuances of our local market. 

The second way is to hire a licensed real estate appraiser to appraise your property. We don't recommend hiring an appraiser for two reasons. The first reason is the cost, and the second is the appraisal report doesn't count for anything should you decide to sell your home. The only appraisal the buyer's lender will accept is the one they order. 

The third way to determine the value of your home on the market is a Comparable Market Analysis (CMA). A CMA is a free report prepared personally by one of our agents that compares your home to similar properties in your neighborhood that are currently for sale or have recently sold. By taking into account certain aspects of a home that may affect its value and marketability, including market conditions, location, and the home's amenities and overall condition, we can better assist you in determining the value of your home. Connect with us now to get started with a FREE CMA.

Should I Buy A House Now Or Wait Until 2024?

Should I buy a house now or wait for a recession?

This is one of the most popular questions we have heard over the past year.  If you are on the fence and need help deciding "Should I buy a house now or wait until 2024," download the FREE PDF report we posted.

Get the FREE Report "Should I Buy A House Now Or Wait Until 2024" Here!

Steps to Buying a House for the first time 

We meet people who are on a journey to purchase a new home daily. For many of the people we meet, this is the first time they have purchased a home. Many people we meet need help figuring out where to start with the process. Today we discuss the Steps to Buying a House for the first time.  

Step one: Meet a realtor. Years ago, this was done at t real estate office. With advancements in technology, that is no longer the case. Meeting a real estate agent is usually done over the phone, through an online property search website, or at a property.  

Step two: Determine the home purchase parameters. Where do you want to purchase, how much do you want to spend, and what features are you looking for?

Step three: Get Pre-Approved. Your real estate agent can share a list of preferred mortgage lenders with you, or you can use your local bank. 

Step four: View homes with your agent. Home buying is a process of elimination. Viewing homes, you don't like is not a waste of time. It helps you find the one you want. 

Step five: Write an offer/contract. Your agent will help you with the purchase contract terms and prepare the documents for you to sign.

Step six: Earnest Money Deposit. Earnest money is a good faith deposit the buyer puts down to show the seller that they are serious. The buyer gets the earnest back as a credit at closing. We will discuss earnest money in more detail at a later date. Earnest money is not required by law and is uncommon in some areas.

Step seven: Perform home inspections. Vance Team Realtors always recommend home inspections. Certain loans require specific kinds of inspections. Inspections are the responsibility of the buyer.

Step eight: Final walkthrough. After the lender has approved the loan and issued the "clear to close," the buyer can do a final walkthrough and verify the property is in the same condition as the day the contract was written.

Step nine: Closing. Closing day is the day you become the new homeowner. Closing is held at a title company or real estate office. 

Step ten: Possession/Occupancy. Possession/Occupancy varies from deal to deal. Sometimes, you get the keys at the closing table, and sometimes sellers might need a few days to move out. In our area, possession/occupancy is a negotiable part of the contract.

Download your PDF Home Buyers Process Checklist here.

Value Of US Residential Housing Has Almost Doubled Since The Early 2000s

According to recent data, the total value of US residential housing is estimated to be around 43 trillion dollars. This includes all types of residential properties, such as single-family homes, apartments, and condominiums.

The value of US residential housing has been steadily increasing over the years, driven by population growth, low-interest rates, and a strong economy. In fact, the value of US residential housing has more than doubled since the early 2000s.

One of the main reasons why the value of US residential housing is so high is because of the high demand for housing in the country. With a growing population and a strong economy, more and more people are looking to buy or rent homes, which drives up the value of residential properties.

Another factor that contributes to the high value of US residential housing is the quality of the properties themselves. Many homes in the US are built to high standards, with modern amenities and features that make them attractive to buyers and renters alike.

Overall, the value of US residential housing is a testament to the strength of the country's economy and the high demand for housing in the country. While there are certainly challenges and risks associated with the housing market, the overall outlook for US residential housing remains positive.

CoreLogic has a great article on the value of US housing. You can check it out here.

What Does The Pause In Interest Rate Hikes Mean For Home Buyers?

Overall, the Federal Reserve's decision not to raise rates this time is a positive for the real estate market, as it will likely help keep interest rates stable and support continued growth in the housing sector. However, it's essential to remember that many other factors can impact the real estate market, and it's always a good idea to stay informed and keep an eye on the latest trends and developments.

The National Association Of Realtors has a great article that details what this means to the real estate market.  You can read the full article here.