Bill Hoey - RE/MAX Renaissance Inc.



Posted by Bill Hoey on 7/24/2019

Before you launch a home search, it helps to prepare for the property buying journey as much as possible. Fortunately, there are many things you can do to get ready to find your dream house.

Now, let's take a look at three tips to help you prep for a home search.

1. Establish Homebuying Criteria

If you know you want to buy a home, it generally is a good idea to define your ideal residence as well. That way, you can streamline your house search.

Consider where you want to reside. For example, if you work in the city, you may want to focus on houses in or near the city itself. On the other hand, if you plan to return to school, you may want to search for a home near top colleges and universities.

Think about what features you want in your ideal home, too. If you have always wanted to own a home that boasts a luxurious outdoor swimming pool, for instance, you can map out your home search accordingly. Or, if you want to purchase a residence that features a state-of-the-art kitchen, you can search for a home that offers this amenity.

2. Get Pre-Approved for a Mortgage

A mortgage typically is a must-have, regardless of where and when you search for a home. And if you enter the housing market with a mortgage at your disposal, you will know precisely how much you can spend on a residence.

Getting pre-approved for a mortgage can be simple. If you meet with banks and credit unions in your area, you can review your options and select a mortgage that complements your finances.

If you have concerns about home financing, don't hesitate to ask questions. Banks and credit unions employ courteous, diligent mortgage specialists who can respond to your home financing queries. As such, you can work with these specialists to gain the home financing insights you need to make the best-possible mortgage decision.

3. Hire a Real Estate Agent

As you get set to conduct a home search, there is no need to work alone. If you hire a real estate agent, you can collaborate with a homebuying expert who can take the guesswork out of finding and purchasing a house.

A real estate agent is happy to provide guidance throughout the homebuying journey. He or she can offer tips and recommendations to ensure you can find a terrific home at a price that matches your budget. Plus, a real estate agent will simplify the process of setting up home showings. Perhaps best of all, if you are uncertain about whether to submit an offer to purchase a home, a real estate agent is ready to provide insights to help you analyze all of your options.

Dedicate time and resources to prepare for the homebuying journey. By doing so, you can enter the housing market with the insights you need to succeed.





Posted by Bill Hoey on 4/24/2019

Let's face it Ė all homebuyers want to enjoy a fast, successful property buying experience. Yet transforming this vision into a reality can be difficult for first-time and experienced property buyers alike. Lucky for you, we're here to help you streamline the homebuying journey.

Now, let's take a look at three tips to help you enjoy a seamless homebuying experience.

1. Understand the Challenges Associated with Pursuing a Home

Planning ahead for the homebuying journey generally is a good idea. That way, you can identify potential homebuying hurdles and resolve these issues before they escalate.

Oftentimes, it helps to craft a homebuying strategy. This plan enables you to map out each stage of the homebuying journey, and by doing so, prepare for any challenges that may come your way.

You also may want to create a list of homebuying criteria. This list will make it simple to narrow your house search, and as a result, ensure you can discover your ideal residence without delay.

2. Get Your Finances in Order

You know you want to purchase a house, but you still have no idea about how you will pay for a residence. Fortunately, if you get pre-approved for a mortgage, you can enter the real estate market with your finances in order.

To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can explain the differences between fixed- and adjustable-rate mortgages and help you determine which mortgage option best suits your individual needs.

Furthermore, you should review all of your mortgage options closely. Because if you understand your mortgage options, you can make an informed mortgage selection that will serve you well for years to come.

3. Hire an Expert Real Estate Agent

If you want to simplify the homebuying journey, you should hire an expert real estate agent. In fact, with an expert real estate agent at your side, you can get the help you need to quickly and effortlessly make your homeownership dream come true.

A real estate agent is a homebuying professional who is happy to share his or her expertise with you. Therefore, if you have any concerns or questions during the homebuying journey, a real estate agent can respond to them immediately. And if you are uncertain about how to proceed at any point during the homebuying journey, a real estate agent can offer data-driven recommendations as well.

Let's not forget about the assistance that a real estate agent can provide when you decide to submit an offer to purchase a home too. At this time, a real estate agent will help you put together a competitive homebuying proposal. And if your offer is accepted, a real estate agent will help you finalize your house purchase. Or, if your proposal is rejected, a real estate agent will help you reenter the real estate market.

Take the guesswork out of acquiring your dream house Ė use the aforementioned tips, and you can boost the likelihood of enjoying a fast, successful property buying experience.




Categories: Buying a Home   buying tips  


Posted by Bill Hoey on 4/17/2019

If you discover a house that you want to buy, it generally is a good idea to submit a competitive offer. That way, you can move one step closer to acquiring your ideal residence.

However, the hours after you submit a home offer can be stressful, particularly for a buyer who fails to plan accordingly. Lucky for you, we're here to help you stay calm, cool and collected as you wait to receive a seller's response to your offer.

Let's take a look at three tips to help you get ready to handle a seller's response to your homebuying proposal.

1. Plan for the Worst-Case Scenario

Even the worst-case scenario is not the end of the world for a buyer who is awaiting a seller's response to a home offer. In fact, if a seller rejects your proposal, you can always reenter the housing market and continue your pursuit of your dream home.

As you await a seller's response to your home offer, you should not stop searching for available houses. Because if you continue your home search, you'll have no trouble moving forward in the homebuying journey if a seller rejects your home offer.

2. Consider All of Your Options

If you submit a home offer and a seller says "Yes," what should you do next? Consider how you'll proceed if a seller accepts your proposal, and you'll be better equipped than ever before to enjoy a seamless homebuying experience.

On the other hand, it helps to prepare for a potential counter-offer from a home seller as well. If you are open to negotiating with a seller, you may be able to find common ground with him or her and finalize a home purchase.

3. Consult with a Real Estate Agent

A real estate agent knows all about the stress that is commonly associated with submitting a homebuying proposal. He or she can help you minimize this stress and ensure you can achieve the best-possible results throughout the homebuying journey.

Typically, a real estate agent will work with you to submit a homebuying proposal. This housing market professional then will keep you up to date as you await a seller's response to your offer. And if you have any concerns or questions during this time, a real estate agent is happy to respond to them.

A real estate agent will make it simple to streamline the homebuying journey too. For instance, if a home seller accepts your offer, a real estate agent will be ready to help you move forward with a property inspection and appraisal. Conversely, if a home seller rejects your proposal, a real estate agent will be prepared to work with you to help you discover another house that matches or exceeds your expectations.

The waiting period after you submit an offer on a house may prove to be a challenging time. Fortunately, if you plan ahead for this period, you can maintain your confidence and continue to move forward in the homebuying journey.





Posted by Bill Hoey on 3/27/2019

Once you discover your dream house, you probably want to do everything possible to acquire this residence. However, it is important to remain calm, cool and collected as you navigate the homebuying journey. Because if you act too hastily, you risk overspending to purchase your ideal residence.

Let's face it Ė the temptation to submit an offer to purchase your dream home that may require you to break your homebuying budget can be overwhelming. Lucky for you, we're here to help you consider your offer to purchase closely and ensure you provide a competitive homebuying proposal that won't force you to exceed your budget.

Now, let's take a look at three tips to help you craft a competitive offer to purchase your dream house.

1. Analyze the Housing Market

The real estate market may have major ramifications on the offer you submit to acquire your dream residence, and perhaps it is easy to understand why.

For example, if you are operating in a buyer's market, there likely is an abundance of sellers and a limited number of buyers. If you find your dream house in a buyer's market, you may be able to acquire this residence by submitting an offer to purchase at or near a seller's initial home asking price.

On the other hand, navigating a seller's market may prove to be tricky. In a seller's market, there is a shortage of high-quality houses available and an abundance of buyers. Therefore, if you want to purchase your dream residence in a seller's market, you may need to submit an offer to purchase at or above a seller's initial home asking price.

Consider the housing market closely as you prepare an offer to purchase. If you can differentiate a buyer's market from a seller's one, you can submit an offer to purchase your dream house that falls in line with the current housing market's conditions.

2. Weigh a Home's Strengths and Weaknesses

When it comes to putting together a competitive offer to purchase, it helps to consider a house's strengths and weaknesses. That way, you can account for the costs of any potential home repairs or improvements in your homebuying proposal.

You should consider a home's location as well. For instance, a home in a remote town may prove to be more affordable than a comparable house near a big city. And when you craft an offer to purchase, you should always account for a house's location.

3. Consult with a Real Estate Agent

A real estate agent can help you submit a competitive offer to purchase at any time. This housing market expert is happy to provide a recommendation about how much to offer to acquire your dream home. And if you have homebuying concerns or questions, a real estate agent is ready to respond to them at your convenience.

Want to buy your dream residence? Use the aforementioned tips, and you can avoid the risk of spending too much to acquire your ideal house.




Categories: Buying a Home   buying tips  


Posted by Bill Hoey on 2/27/2019

Buying a house is arguably the most expensive purchase most people will make in their lives. With real estate prices steadily rising year after year, many Americans are finding ways to save on housing.

At the same time, rent prices too are increasing, especially around metro areas where many young Americans are entering the workforce. With costs rising and wages stagnating, it can be hard to find an affordable place to live while still building equity that can be used later on down the road.

One option that many Americans are considering is the fixer-upper route. However, it takes know-how and a lot of hard work to make this method a good choice to save you money. In this article, weíll tell you how to make certain buying a fixer upper is a good idea and what costs you can expect along the way.

Adding up the costs

Buying a house that needs work means youíll need to spend a good amount of time calculating costs and getting quotes from professionals. Even if youíre familiar with several home maintenance tasks, there are some jobs that are safer if left to the pros. This isnít only a matter of physical safety, however. If you start a job that you arenít qualified to finish you could end up paying much more than if you had just hired a licensed professional to do the job in the first place.

When estimating costs for reparations and renovations, aim high. Itís better to plan for it to be more expensive and have more left over than to underestimate your projects and go over budget.

Get an inspection report

If you arenít sure whether or not you want to go through with a deal, make sure you have an inspection contingency clause in your contract. This will enable you to back out if the home inspector makes you aware of any costs that you werenít told about by the seller.

Donít forget added costs

There are several closing costs youíll be responsible for as a buyer. Make sure you keep tabs on how much you can expect to spend closing on the home. If youíre going through a mortgage lender, they are required to give you an estimate of closing costs.

Once you know the purchase price of the home and the closing costs, make sure you account for other aspects of your renovations, such as getting required permits.

Borrow wisely

If you do plan on taking out a loan to cover the cost of renovations, be smart with how you get and pay back that money. One option is the FHA 203(k) loan or renovation loan.

Renovation loans help you save on closing costs and simplify the lending process by giving you one loan that accounts for the cost of the renovations and of the home itself.