Posts Tagged ‘buying a home’

How to Overcome the Overwhelm of Buying a Home

Saturday, March 30th, 2019
Overcome the overwhelm
Overcome the overwhelm of buying a new home. Find out the answers to these 7 important questions before you make an offer on that house.

Have you found THE home? How exciting! Are you feeling overwhelmed with a flood of questions that are coming to mind? If you are, it’s totally understandable since purchasing a home is probably the biggest decision you’ll make in your lifetime. But buying a home doesn’t have to be overwhelming. It can actually be a lot of fun. And obtaining the right information before buying THE home is just what you need to overcome the overwhelm.

Ask Questions to Overcome the Overwhelm

Take your time. Spend a lot of time planning and researching as much as you can. Here are seven great questions to ask to help you overcome the overwhelm you may be experiencing.

“How much money do I need for the down payment?”

You may have been saving money for quite a while, but is it enough? Should you wait another six months till you’ve saved more for a down payment?

In New York, the minimum for a down payment is almost always 20 percent of the selling price. If you secure a mortgage with a down payment of less than 20 percent, you’ll have to get mortgage insurance. But mortgage insurance doesn’t have to be a major stumbling block.

“How much house can I truly afford?”

There are almost always other costs beyond the purchase price of a new home. And first-time home-buyers are often surprised when they see how costs can add up.

  • Fees for other payments beyond the price of the home
  • Renovations
  • Repairs
  • Appliances
  • Blinds
  • Flooring
  • Lawn maintenance supplies
  • Maintenance fees

It’s wise to estimate your monthly mortgage payment first. Then make sure the other costs of items you’ll need beyond the monthly payments. You don’t want to go into more debt than you can pay for.

“Are my finances in good order?”

You need to show that you can close on the home you want to buy. Check your credit score and look for any discrepancies. If you find an error, get it corrected. If your credit history is blemished, you could be disqualified for the lowest mortgage rates. And it doesn’t matter if you show enough income.

Then, before you make an offer, get preapproved for a mortgage.

“What about the loan?”

Terms and differences in mortgages can be overwhelming. There are 15-year loans and 30-year loans, fixed-rate mortgages and variable-rate mortgages. And there is no one-size-fits-all home loan. So find a good lender who is very knowledgeable. They should know about every option that is available to you. And they should be able to show you how to get the most out of the loan process to get you as much house as you want.

“Were any claims filed on this property in the last seven years?”

This question may not have popped into your head, but it’s one you need to ask before you make an offer. What if the house had a termite problem in the past? Or was there damage of any kind to the house in the past? Request a copy of the C.L.U.E. report from the seller. C.L.U.E. is a database that maintains all insurance claims for homes and vehicles for up to the previous seven years.

“How much should I offer on this home?”

This is a good question to know the answer to if you want to overcome the overwhelm of buying a home. If you offer too little, you risk losing the home to someone else who offers more. Yet if you offer too much, you could wind up overpaying.

“Will there be more costs to prepare for at closing?”

Yes. There are closing costs in addition to the down payment. And depending on how you’re financing the home, there are more costs in addition to the one-time closing costs, such as:

  • Commissions fees
  • Appraisals
  • Surveying
  • Inspections and certifications
  • Tax and title services
  • Government record changes
  • Transfer taxes
  • Origination fee
  • Charge for specific interest rates
  • Real estate agent commissions
  • Home inspection charges
  • Title insurance

 And they are due at the time of signing.

Hire a Great Real Estate Agent to Overcome the Overwhelm

To overcome the overwhelm you need to hire a great real estate agent as soon as the house shopping begins. Charles D’Alessandro will tell you what comparable homes in the area have sold for. And he’ll help you make a solid offer the first time. If a counteroffer needs to be made, Charles will help you make one that fits your budget. And if multiple offers need to be made, he’ll guide you through them all. He’s here to help you, answer your questions, and guide you through the whole process from beginning to end.

Want to overcome the overwhelm that comes with buying a new home? Call Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate at (718) 253-9600 ext.206. Or email him at [email protected] right away.


Brooklyn Real Estate Agent

 Charles D’Alessandro

Your Brooklyn Real Estate Agent

718-253-9600 ext. 206

[email protected]

10 Reasons Why House Hunting in the Fall is a Wise Move

Friday, September 30th, 2016

House huntingIt’s a fact: Home sales heat up in the spring and summer and cool down in the fall, every year. By November, after the leaves have changed, people turn their focus from real estate to the holidays. House hunting slows down to a crawl, if anything. And that’s why now may very well be the best time to begin your hunt for a home.

 10 reasons why house hunting in the fall is a wise move

  1. Sellers are more motivated

More often than not, homes are listed when the real estate season is at its peak in the spring and summer. If a seller’s home is still on the market in the fall or winter, they will most likely be very eager to close on it. When owners are more motivated to close, owners may be more open to negotiating and making a deal.

  1. Buyers have more time to make decisions carefully

House bidding wars require fast thinking and fast action. When there are fewer buyers house hunting, the competition for properties is lower. Lower competition allows buyers to take full advantage of the slower pace and do more comparison shopping.  It gives them more time to make decisions carefully.

  1. Moving dates are more flexible

When you’re not involved in home bidding wars with other buyers, the power is in your corner, lots of corners. Need an earlier or later closing date? Ask the seller to adjust their move-out date to better fit your schedule.

  1. Lenders may be more willing to offer favorable rates

Business lulls and holiday bills happen for mortgage lenders, too, and they may be willing to offer slightly better rates in order to close a deal. Take the time to shop around. Negotiate on interest, points, or down payments. It’s possible you may negotiate numbers in your favor.

  1. You’ll see more of what the neighborhood is really like

Many neighbors are gone on vacation during late spring and through the summer months. Neighborhoods can feel empty and a little lifeless. But in late August when school starts again, so does neighborhood activity. Fall is a great time to visit neighborhoods and their schools and get a feel for what the neighborhood is really like.

  1. Inclement weather may be more revealing

Curb appeal is at its best on a gorgeous sunny day in the spring. But rain-soaked November days or a frigid January days during the off-season will allow you to see a truer picture of how a house is holding up under inclement weather.

  1. More of the real story about a home is easy to see

House hunting when the trees have dropped their leaves and the flowers are spent can be very telling.  Landscaping can camouflage peeling paint, a worn roof, cracks in the foundation and other issues with the home’s exterior. Exterior issues will be plain as day during the slow season.

  1. Contractors, movers, house painters and others are more available

The off-season is a slow season for handyman service providers, too. When you buy a home in the off-season, you’re apt to get things fixed quicker and for a better price.

  1. It’s the perfect time for more sales on new things for the new house

You may not have thought of this benefit of house hunting during the slow season. Sales are fantastic after the holidays just before spring! Vendors may have everything from a new fridge to a new rug drastically reduced.

  1. Agents are more attentive

The slowest time of year for real estate agents is September through January. If you’re house hunting during the slowest time of year, they’ll be willing to go the extra mile to get your business and keep it. They’ll search for the right home and help you get the best deal with more fervor than usual.

 

House hunting in the fall is wise. Contact Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate at (718) 253-9700 ext. 206 or email [email protected]. He’ll go the extra mile to keep your business and get the best deal on a home that’s just right for you.

Buying a Brooklyn Home for Sale by Owner: Pros and Cons

Sunday, June 5th, 2011


For Sale By Owner and your Brooklyn Home

Buying a Brooklyn home for sale by owner (FSBO) has benefits and drawbacks. Analyzing the pros and cons of buying a home directly from the homeowner can help you decide whether this is the best move for you.

Pros of buying a FSBO

  • You get the house you want. If the home of your dreams happens to be a  Brooklyn home for sale by owner, don’t worry.  You can still have your Brooklyn real estate agent represent you while buying the home.  That way you get the home you want with a knowledgeable agent looking out for your best interests and helping you get the best price and terms.
  • Sellers may price their homes too low. In their eagerness to sell their homes, sellers may offer their homes at prices lower than the market value.  But, don’t count on this because the typical FSBO is priced at or higher than the market average.
  • You can communicate directly with the owner. You and your Brooklyn real estate agent don’t have to go through a third party (the seller’s agent) to negotiate with the seller.

Cons of buying a FSBO

  • Sellers want to maximize profits. Why do owners decide to sell their homes as FSBOs?  It’s usually because they believe they can maximize their profits by not paying a listing agent to sell their homes.  They’re not doing it so they can give the buyer a great deal.   If you’re thinking you can pay less for a FSBO than for a home listed through a real estate agent, think again.  Statistics show that you pay as much or more for FSBOs, especially if you purchase it without the help of a real estate agent who is a skilled negotiator.
  • Homeowners may withhold important information. Even though homeowners are required by law to disclose any information that would impact the buyer’s decision to purchase the property, they may not.  They may intentionally withhold the information to get you to buy the house, or they may unintentionally withhold the information because they don’t know that it’s the law.
  • Difficult negotiations. Sellers may refuse to lower the price of their homes, even if the homes are overpriced, or they may not want to pay for needed repairs.  The home owner is also more personally connected to the property than a real estate agent would be and therefore may be more sensitive to any form of critique.

Whether you want to buy a  Brooklyn home for sale by owner or a home listed with a real estate agent, I can help you get the best terms and price.  I’ll also look out for your best interests and make sure all the i’s are dotted and t’s are crossed.  If that sounds good to you, Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate a call today at (718) 253-9600 ext 206 or email me at [email protected]