By Jamie Wiebe | REALTOR.COM
Homes aren’t impulse purchases. It takes time to sift through listings and make your way from one home showing to the next; then, of course, there are those agonizing hours you wait to find out if your offer on a house was accepted, whether you can secure financing, and any number of other holdups.
Just so you’re prepared to play the waiting game, here are the steps to buy a house and how long they typically take, so you aren’t sitting there holding your breath and wondering if something’s up.
How long does it take to find a real estate agent?
Answer: A couple of days to a few weeks
Your real estate agent should be...
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FROM OUR FRIENDS IN THE KCM BLOG
If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you.
While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side.
Here are some helpful tips you may get from a pro.
1. Explore Your Options for a Down Payment
If a down payment is your #1 hurdle, you may have options to give your savings...
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By Margaret Heidenry | realtor.com
The housing market has been stagnant for several years now, with high home prices and unpredictable mortgage rates sidelining buyers and sellers alike.
But some U.S. metros seem to be defying the real estate market malaise. In these places, not only are homes selling at a quicker pace than the rest of the country, but prices are up as well.
Indeed, in its latest data analysis, which ranks the nation’s 20 hottest markets, Realtor.com® found that home prices are flat everywhere, seeing only a 2% rise in March—except for the hottest markets, which rose by 5.3% annually.
“Prices increased slightly nationwide in March, but the month’s hottest markets saw more substantial price...
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From our friends in the kcm blog
Thinking about selling your house? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move.
Here’s something else to consider. According to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae, the percent of respondents who say it’s a good time to sell is on the rise (see graph below):
Why Are Sellers Feeling so Optimistic?
One reason why is because right now is traditionally the best time of year to sell a house. A recent article from Bankrate says:
“Late spring and early summer are generally considered the best times to sell a house. . . . While today’s rates are relatively high, low...
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From our Friends in the KCM Blog
Ever thought about living in the same house with your grandparents, parents, or other loved ones? You’re not alone. A lot of people are choosing to buy multi-generational homes where everyone can live together. Let’s check out why they think it’s a good idea to see if it might be a good fit for you, too.
Why People Are Choosing Multi-Generational Living
According to the National Association of Realtors (NAR), here are just a few key reasons buyers opted for multi-generational homes over the past year (see graph below):
Two of the top reasons had to do with aging parents. 27% of buyers chose multi-generational homes so they could take...
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By Clare Trapasso | realtor.com
When Palm Beach County Commissioner Gregg Weiss learned his windstorm insurance was doubling to $20,000 a year, his insurance agent had an unexpected solution: Pay off the mortgage on his West Palm Peach, FL, home and drop the insurance entirely.
So, two years ago, he did just that. He figured his century-old home had survived “numerous” hurricanes. The money he saved on the insurance was used instead for a new roof. He also installed impact windows in the three-bedroom home, which is located about a mile from the shore.
“It felt terrible. … [But] it just didn’t make sense anymore,” says Weiss, who is also a...
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By Kristine Gill | Better Homes & Gardens
Learn more about common contingencies in real estate and how they can affect the buying processes.
Buying and selling a home often requires a dictionary as you navigate a new litany of terms, each describing a crucial step in the process. In real estate, a contingent offer has a meaning all its own—one that can make or break a deal.
“It is a common misconception that once you are under contract, you are going to close with that buyer and seller—no matter what,” says Abbey Wostal, a broker and owner at Better Homes and Gardens Real Estate Wostal Realty. “This is absolutely false if there...
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From our friends in KCM
If you’re trying to sell your house, you may be looking at this spring season as the sweet spot – and you’re not wrong. We’re still in a seller’s market because there are so few homes for sale right now. And historically, this is the time of year when more buyers move, and competition ticks up. That makes this an exciting time to put up that for sale sign.
But while conditions are great for sellers like you, you’ll still want to be strategic when it comes time to set your asking price. That’s because pricing your house too high may actually cost you in the long run.
The Downside of Overpricing Your House
The asking...
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From our friends in KCM
Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too.
Here’s some helpful information on what those costs are and how much you should budget for them.
What Are Closing Costs?
A recent article from Bankrate explains:
“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”
Simply put, your closing costs are...
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From our friends in KCM
If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season.
Odeta Kushi, Deputy Chief Economist, First American:
“. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”
Lisa Sturtevant, Chief Economist, Bright MLS:
“There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”
Danielle Hale, Chief...
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