What Your Realtor May Not Tell You

When buying a home, a good Realtor is a valuable resource, especially if it’s your first time. They can guide you through the neighborhood and the home buying process, which can get complicated. They know mortgage brokers, inspectors and sometimes even listings that the rest of the public does not.

Many people like to consider themselves armchair experts when it comes to real estate, but the business is a nuanced one, best navigated by a professional. Here is something that most Realtors are too polite to tell you.

Qualified clients are the Realtor's priority.  If you have been pre-approved for a mortgage, know how much you can put down, understand and accept how much you will have to pay for a mortgage, then most Realtors will be happy to spend time finding you the perfect home.

If you are just testing the waters, still saving for a down payment or can't qualify at the present time, it's best to go to open houses as opposed to a private outing with an agent.  Open houses are designed to let people look and ask questions without wasting a Realtor's time. Along the way, you may find a broker you want to work with who can get into specifics for your budget and needs, when you’re ready to pull the trigger.

Generally, agents will ask you upfront if you’ve been pre-approved for a loan.  If you haven’t, they may ask you to call back when you have all your paperwork in order. This is because for a Realtor, time is money. At the end of the day, everyone hopes to be paid for a job well done.

If you are just getting started, a good Realtor will provide you with clear direction on how to begin the process and willl continue to be available to answer questions along the way.

Nancy Puder is a Realtor Broker in Arroyo Grande, CA with Nancy Puder & Associates. If you have any questions or concerns regarding your own property, contact Nancy at (805)710-2415 or email nancy@nancypuder.com.  Nancy always enjoys hearing from you!  Go to Facebook.com/Nancy Puder Realtor and "like" her page to access other real estate related articles. 

She always enjoys hearing from you!

 

Santa Will Be Coming Soon

With the holiday season rushing in, many home sellers are already withdrawing their homes from the market. That seems reasonable if the homeowner has small children and wants to simply embrace the joy of the season or if they have relatives coming in from out of town during this "merry time" and don't want the disruption of buyers walking through the home.

 

What surprises me is when a seller withdraws the home from the market because they have heard that no one is looking for a home during November and December.  The fact is that motivated buyers usually DO continue to look at homes during the holiday season. The buyers that stop looking during this time are the ones that are the least motivated and who really cares if those buyers come through the home anyway? The idea that a home won't sell from mid-October through December is a myth. 

 

Savvy sellers realize that although buyer traffic may slow down during the hustle-bustle of the season, a unique opportunity emerges for their home to stand out because of less competition.  

 

If you would like to discuss whether your home should be put on the market now instead of waiting until spring when everyone else is putting their home on the market, call or email me to discuss the pros and cons of when to begin the marketing of your home.  Initial consultations are always free of charge.

 

Nancy Puder is a Real Estate Broker in Arroyo Grande CA with Nancy Puder & Associates. If you have questions or concerns regarding your property, contact Nancy at (805)710-2415 or email Nancy@NancyPuder.com.  You may also go to Facebook.com/Nancy Puder Realtor and "like" her page to access other real estate related articles.

 

How to Get Your Home Sold

When selling your home, make sure that it is priced correctly.  Sellers who decide to "try" a higher price, sometimes end up trailing behind other comparable properties and actually end up receiving less in the end.

 

Pricing your home correctly from the beginning is the best way to attract buyers, but a marketing plan can be effective with strategic price reduction.

 

• If your home has been on the market 30 - 60 days with little activity or no offers, it may be time to lower the price to appeal to active buyers in your area.

 

• Don't wait to long to make a price adjustment if prices have fallen in your neighborhood since your home came on the market. If you wait too long, competing properties may decide to lower their price first, making your home less attractive to buyers.

 

• Remember that the longer your home sits on the market, the more it is perceived as undesirable. Buyers may think there is something wrong with the property even if it was because it was simply overpriced next to the competition.

 

• Delaying a price reduction could end up costing you. If the property takes longer to sell, you will still continue to pay mortgage, taxes and maintenance costs etc.

 

• Consider offering an incentives such as a home warranty or paying the association fees for one year in advance.

 

Nancy Puder is a Real Estate Broker in Arroyo Grande CA with Nancy Puder & Associates. If you have questions or concerns regarding your property, contact Nancy at (805)710-2415 or email Nancy@NancyPuder.com.  You may also go to Facebook.com/Nancy Puder Realtor and "like" her page to access other real estate related articles.

Lender Competition Good News for Buyers

Lenders are beginning to compete for buyers while easing some of the tight restrictions that have contributed to the slow housing recovery. The spotlight on the mortgage industry over the past several years showed that as a whole, lenders had become careless in their lending practices.   

 

The number of homeowners who lost their home due to foreclosure or took a heavy hit on their credit mainly because of irresponsible lending was staggering.  To "fix" the problem, the pendulum swung far to the other side, which has made it unreasonably difficult for buyers to buy a home and for sellers to refinance at all.

 

Thankfully, a little bit of sanity along with a semblance of logic, is beginning to return and buyers and sellers should experience more positive experiences in the near future when applying for a mortgage loan. 

 

Recently, Wells Fargo announced that they are lowering the minimum credit score required on Fannie Mae loans and are now willing to consider "compensating factors" regarding negative credit.

 

We are also seeing lenders begin to vie for customers with a lower credit score and a smaller down payment.  In addition, more lenders are willing to allow borrowers to use a gift for a down payment. These are big steps in helping the industry return to normal and for the pendulum to swing more to the center.  

 

As lenders relax some of their guidelines by not just lending to those with 20% down payment and with pristine credit, more buyers will be able to enter the market and this should significantly improve the housing recovery.

 

If you have been turned away for a mortgage purchase loan or a refinance over the past year or two, it may be time to re-apply for a mortgage to see if you could qualify today.

 

Nancy Puder is a Real Estate Broker in Arroyo Grande CA with Nancy Puder &Associates. If you have questions or concerns regarding your property, contact Nancy at (805)710-2415 or email Nancy@NancyPuder.com.  You may also go to Facebook.com/Nancy Puder Realtor and "like" her page to access other real estate related articles.