Real Estate

Real Estate What Matters Warren
TOWN TIP THURSDAY- You don’t need perfect credit or a huge down payment to buy your first home!
February 22, 2018
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This week, BETH Medved Waller interviews Katie Brinson of McLean Mortgage for her TOWN TIP THURSDAY and they discuss mortgage industry tips for homebuyers.

Katie shares some insightful information that first time homebuyers will find helpful, “The number one thing is to establish credit. I tell everybody go to Capital One. Get yourself a little no fee credit card. I swear they’ll give everybody a $300 credit limit. Go get a credit card. Use less than 50%, pay it off every month. If they give you a $500 credit limit, use $250 or less and pay it off every month.  Do that for four to six months and it will establish a credit score for you because Capital One reports to all three bureaus. That’s the important thing. A lot of times if you go to your bank and get a credit card, they only report to one bureau and that really doesn’t help,” says Brinson in this remote interview via ZOOM:

Town Tip Thursday, a WHAT MATTERS Initiative Sponsored by BETH Medved Waller, Associate Broker KW-Solutions, Keller Williams Realty (Licensed in VA)  540-671-6145 or beth@whatmattersw2.com Reach out to BETH if you’d like a free video interview about your business, cause, event or announcement and if you have a real estate need she can help with. Find out more at www.whatmattersw2.com

Featuring Katie Brinson, McLean Mortgage www.katiebrinsonmortgage.com 540-212-8277 or kbrinson@mcleanmortgage.com

Katie is a mom of 3 boys and a mortgage ninja. She’s been in the industry for almost a decade and has seen it all! Helping over 500 families get into their dream home, she has assisted her clients with improving their credit scores, understanding low and no money down options, and has walked them through every step of the process from pre-approval to getting their new keys.

Are you interested in seeing where you are on the path to Pre-approval?

Fill out a secure application today at www.KatieBrinsonMortgage.com and you will receive a free copy of your credit report and scores, and a customized Action Plan that provides a step by step process for you to follow to get ready to own your very own home.

 

 

Real Estate
Renting out a room to travelers?
February 15, 2018
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Millions of people are renting rooms in private homes instead of hotels. And millions are doing the ‘hosting.’
Before you join the crowd to rent out a room for that extra dash of cash, review your homeowners insurance.

Likely, your homeowners insurance doesn’t cover damage or liability if you rent rooms, according to How Stuff Works.

Once you rent a room, your home becomes a business.

Be sure to talk to your insurance agent before you rent out a room. You might be well advised to get a landlord policy to cover liability and damage. That is especially true if you have a pool.

Real Estate
Ask the expert: What is a USDA loan?
February 14, 2018
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Many people are currently hoping to live the American Dream of becoming a homeowner, and according to Nerd Wallet, the U.S. Department of Agriculture’s special home loan might just be the ticket they are seeking.

While this department might seem an unlikely place to find a loan for a new house, the point of the program is to help growth in the more rural parts of the country where incomes are typically lower than their urban counterparts. To spur that growth, USDA loans come with excellent benefits.

One of the most significant incentives for going after a USDA loan is that they require no money down at all to secure the loan and it guarantees lower interest rates. This will help young buyers or families that otherwise struggle to save up for a down payment on a traditional loan. Nearly 140,000 families were able to take advantage of this in 2014 alone.

The loans work in a couple of ways: loan guarantees and direct loans. With a loan guarantee, a buyer will use a local lender affiliated with the program. Then, the government will act as the guarantor on that loan so that the buyer will have access to better terms, much like how it would work using a co-signer. A direct loan is one issued straight from the USDA, and these are found among the low- and very low-income applicants to the program. Subsidies with direct loans can bring the interest rate down to as little as one percent.

The supply of houses that are eligible for the loan are located in rural areas. There are, however, some options in more suburban locations that could strike a right balance for daily commuters. Applicants must also fall within some specific income, debt, and credit score thresholds and these vary from location to location. Typically, the monthly payment on the home cannot exceed 29 percent and credit scores should be at or above 660. USDA mortgage lenders will also be looking for a good payment history to other creditors, and applicants with a score under 580 will have to undergo a more thorough review.

Real Estate What Matters Warren
Warren County market real estate stats for August 2017
September 19, 2017
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What Matters Warren
Warren County Market Stats for August 2017
Data found on Metropolitan Regional Information Systems, Inc
Beth Waller, Associate Broker KW Solutions – Keller Williams Realty

A What Matters Initiative
Posted by Jennifer Avery, Jenspiration

Beth Waller reports Warren County real estate market stats indicate we are still experiencing a seller’s market. Inventory is low, we need more listings! Average sold price for August 2017 was 257K, this number is up 13% over this time last year. Outstanding days on market to be noticed with 16 homes sold in less than 10 days and 18 sold between 31-60 days. Short sale and foreclosures are notably down. Exciting news to report that there were 75 new construction sales so far this year compared to just 31 this time in 2016. Watch video to learn more!

Real Estate
What can a real estate agent do for me when I want to sell my home?
September 10, 2017
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The data tell the story: A real estate agent can sell your house faster and for a higher price than you would get by selling it on your own.

In fact, according to the National Association of Realtors, properties sold by an agent sold for $41,000 more.  Owner-sold properties sold for $174,900 in 2012 while agent-sold properties averaged $215,000.

People are getting the message.

The number of people attempting to sell their own homes dropped from 20 percent to 9 percent during the last decade.

No wonder. The legal paperwork and contracts are complicated today and 19 percent say they have problems understanding how to draw up contracts and legal documents. About 15 percent of sellers without an agent have problems getting the right price for the property and another 15 percent are confused about what fix-ups will make their property reach its full sales potential.

Professional agents simply have an advantage in this area.  A professional agent is familiar with the prices of similar homes in your area and can help you adjust the asking price higher or lower. Either way, the property will sell faster if the price is right. Real estate agents are good at pricing because they remove themselves from the emotional aspects of selling.

Taking the misery out of finding a buyer is one of a real estate agent’s great services.  You won’t be bothered by odd telephone calls and obvious “lookers” who just want to see your place. It will only be shown to serious and qualified buyers.

Marketing is a big part of the agent’s job. He or she will photograph the home and advertise it at no cost to you. It will be included in the Multiple Listing Service so anyone in the country can see it.

Handling the volume of paperwork involved in a closing is part of the agent’s job. Today, some purchase agreements are 10 pages long. Add to that the federal, state, and local disclosure papers. The agent can provide a list of professionals you can choose from whose services will be needed to close the deal.

After the closing and sale are complete, questions can arise on subjects that did not have to be considered at the closing.

Your agent will still be there for you to help you with any questions about property tax assessments or other matters that could come up months after the sale.

Are you a buyer?

If you want to buy a home, don’t just call the number on the sales sign and expect to make your best deal.  Without an agent, a buyer has no leverage.  It would be like going to court and letting the other guy’s lawyer represent you both.

Agents also help by giving buyers more choices, finding  properties that fit your needs, wishes, and price range, saving you a great deal of time and trouble. After that comes the price negotiating, helping to find financing, and everything to do with the closing. For that, buyers need someone on their side who is experienced at negotiating.