Your At Home Team is . . . At Home in Alexandria » Alexandria Real Estate

Is it really a “buyer’s market”?

Sallie - Your At Home Team ... At Home in Alexandria — Sat, 18 Apr 2009 01:44:46 +0000

If you’re a buyer and listen to the news, you’re probably thinking “any seller should be happy to receive your offer” … even if it is 15-20% below the asking price. After all it’s a “buyer’s market” right? Wrong!

Many buyers are learning the hard way, that things are a changing. The old saying still applies, even in this market….a property in a good location, in good condition, priced right, will sell quickly. Sure enough these types of properties are going under contract as soon as they hit the market. It’s not uncommon for a property to have multiple offers, for full price with excalation clauses. This is a hard pill for buyers to swallow.

If you are a buyer, make certain you work with your agent and lender, so that you are in the best possible position to write a strong offer the first time. You may not get a second chance. Know how much money you will need to cover closing costs and where you financial ceiling is. Competition can cause people to make emotional decisions…don’t let emotion take over. This is may very well be the largest financial decision you will ever make.

We are often asked, “is it a good time to buy a house, or should I wait?”. Interest rates are at record lows and home prices are down. If you decide to buy, stay within your budget. Quality of life should also be a consideration. If you have to eat peanut butter and jelly every day because you’re over extended financially, that may not be the quality of life you were hoping for. Look for a smaller home. You don’t have the biggest and best the first time around.

Call us if you have questions or want to attend one of our “Buyer Seminars”. If you need a lender, fell free to contact the Mills Davis Team…tell them David and Sallie sent you.

You want to buy a house … where do you begin?

David - Your At Home Team ... At Home in Alexandria — Fri, 13 Feb 2009 01:19:45 +0000

Buying a home is a team effort (you the buyer, your REALTOR®, and your lender). A good agent will be there every step of the way to make certain you, the buyer, make it to settlement/closing and beyond. Your agent will work with you to help you accomplish your real estate goals. A good agent works closely with all parties involved in the contract; lender, home inspectors, settlement company, and possibly contractors to help insure your needs are met.

A successful purchase starts with the right representative….of course selecting David Rainey and Your At Home Team will make the process as smooth and stress free as possible. Many times buyers think it is in their financial interest to work only with the listing agent…..remember the listing agent works for the seller. Select an agent that will represent you, your needs, and negotiates the best possible contract on your behalf!

Know your budget. Tell your lender what you want for a monthly payment….this will let you know how much buying power you have. Feel free to contact The Mills Davis Team with Dynamic Capital Mortgage if you don’t have another source. Having the right lender supporting you is extremely important – it is your money we’re talking about after all!

Loan programs and mortgage rates seem to change on a daily basis. Each loan program has a different set of guidelines …. Example – FHA requires 3.5% as a downpayment and allows up to 6% seller subsidy (closing cost help from the seller), VA has no down payment requirement, etc. In today’s market, it is common to ask the seller to contribute towards the buyer’s closing costs. Very often all allowable costs can be paid depending on your loan’s guidelines.

The right team will work together so you get the best contract possible.

Are Your Real Estate Taxes Paid?

Sallie - Your At Home Team ... At Home in Alexandria — Thu, 02 Oct 2008 01:34:48 +0000

We were talking with one of our wonderful contractors recently and, of course, the topic of Alexandria foreclosures came up. I hear yeah, “so what else is new”….well, have you checked to see if your real estate taxes have been paid by your lender?

Here is the story – our contractor, let’s call him Joe, was at home when he had a visitor….a County Sheriff….serving a judgment for taxes that had not been paid for several years on a rental property! It just so happens that this property was financed by WaMu! Joe has always paid his mortgage on time. He never received notices that the taxes were delinquent…they were sent to WaMu! If Joe had not been home, the County would have booted Joe’s most valuable vehicle(s) to cover the debt. Fortunately Joe was just served the notice and is taking care of the issue.

Bottom line – things are not always as they seem…if your lender pays your escrows, verify your taxes and insurance are paid.