If you’re thinking of buying a home and not sure where to start, you’re not alone. Here’s a map with 10 simple steps to follow in the home buying process.
![The Path to Homeownership [INFOGRAPHIC]](https://quailcreekhomes.com/assets/2021/07/kcm-path-to-home-ownership.png)
Let’s connect today to discuss the specific steps along the way in our local area.
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Buyer & Seller Tips • Real Estate News • Market Trends
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The one aroma to help sell your house quickly
True or false? When you’re selling your home, you should bake cookies before a showing or an open house. After all, who doesn’t like the smell of freshly baked cookies? Well, it isn’t like you can Betty Crocker your way to a sale, let alone at the highest price possible. Your entire house still needs to be appealing.
A batch of cookies isn’t going to hide bad odors enough or divert people’s attention from a messy house that needs repairs. Nor will a cookie-scented candle or plug-in air freshener.
In fact, some candles and plug-in fresheners can actually turn a buyer off — and may trigger curiosity about what odor the seller is trying to hide. However, there is one smell that will help your house sell… It’s called “clean.”
When you’re selling your house, there’s no substitute for a good, thorough cleaning to create an aroma that will appeal to any and all buyers. Whether you do it on your own, or hire a professional cleaning service, giving your house a good deep cleaning before (and while) your house is on the market is one of the most important things you can do.
7 things to avoid once you apply for a mortgage
Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home.
But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan. Following is a list of 7 things you shouldn’t do after applying for a mortgage! Some may seem obvious, but some may not!
1. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.
2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
3. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.Continue Reading
4 hidden costs of not owning your own home
There’s no arguing there’s costs associated with owning a home. But the opposite is also true; there are also definite costs associated with NOT owning a home.
The benefits of buying vs. renting has always been a hotly debated topic, with most people believing that — at least in the short term — renting is more cost effective. But most people don’t consider the hidden costs of not owning a home and sinking all of your money into your rental. Here are four sneaky ways that not owning a home will cost you:
1. Your cost is never guaranteed
When you own a home, there are no surprises when it comes to your monthly housing costs. Once you lock in your mortgage, your payment will remain constant throughout the length of your loan (unless you decide to refinance in the future). The stability of having a mortgage gives you the peace of mind of knowing what to expect each month — and not having to worry about unpleasant surprises that completely throw off your budget.
When you don’t own a home, you’re at the mercy of your landlord; they can (and often will) change the price of your rent often to keep up with market prices.
2. Investing in home improvement is a lost cause
Everyone wants to feel comfortable in the place they call home — whether they own or rent. When you own a home, making the improvements necessary to make your home feel comfortable makes sense. Whatever you do to improve your home will only increase the value, making it a sound investment choice.
But when you don’t own your home, making improvements to your home is like throwing money away. If you paint your walls or hang too much art on the walls, you’ll likely have the cost of getting the property repainted deducted from your security deposit when you move out. Some landlords might not even allow you to make any improvements or changes at all.Continue Reading
Your FICO score and how it affects your mortgage
Are you about to apply for a mortgage loan in order to buy a home? If so, you may be curious about your FICO credit score and how this might affect your financing.
Here’s a look at how FICO scores can affect your mortgage and ways that you can boost your score to ensure your mortgage application is approved.
What is a FICO Score?
The Fair Isaac Corporation (FICO) is the country’s leading producer of credit scoring information and the primary source most lenders will check to assess how much risk you present. FICO combines information from credit bureaus such as TransUnion, Experian and Equifax and produces a score ranging from 300 to 850. The the better your credit history, the higher your score, and the lower the risk you present to lenders.
In general, many lenders find scores above 670 as indicating good creditworthiness. Typically, the higher your score, the lower the risk and the more likely creditors are to lend to you. If you have a score below 620 or 630 you may find it challenging to get approved and below 580 it will be almost impossible.Continue Reading
Quail Creek debuts plans for new ‘Canyon Club’
The Canyon Club is now underway. Once completed, it will enhance the outstanding amenities currently offered at Quail Creek with approximately 36,575 sq. ft. of added indoor amenities, plus additional outdoor amenities. The preliminary plan for the Canyon Club will serve as a social hub of the community and will showcase a resort-style pool, a state‐of‐the‐art fitness center, Bistro, game room and much more. The multi-million dollar facility will also be home to many activities at Quail Creek’s resort-inspired 55+ community.
The Canyon Club is planned to showcase an indoor pool, state-of-the-art fitness center, game room, bistro with coffee/wine bar, multi-purpose room (e.g. social, ping pong, etc.), spa lounge, massage and locker rooms, and a barbershop. The vast outdoor space is planned to include a resort-style pool with shade sails, a whirlpool, an event lawn, and a terrace with a BBQ and pizza oven.
Concept Plan
Designed by two award-winning companies — SHJ Studio, Architect and KTI, Kimberly Timmons Interiors — the Canyon Club’s estimated 36,000 square feet will embody the spirit of the Southern Arizona ranch lifestyle offered at Quail Creek through its architectural character and composition upon completion.
“The Canyon Club will be a stunning and inviting place for residents to socialize, exercise, dine, relax, and enjoy.” according to Karri Kelly, Sr. Vice President of Residential & Commercial Design of Robson Communities.
‘Distressed’ properties: Foreclosures, REO’s, Short Sales
A “Distressed” property is the industry term encompassing foreclosures, bank owned (REO) and short sales. Many people think that going after foreclosures, bank-owned or short-sale properties is a good way of getting a great deal on a home. It can be. But it can also be a risky purchase, and tough to even buy one, especially when financing.
Foreclosures
Foreclosed homes are bank-owned properties that are usually sold at auction, where the bank tries to sell it for as much as possible to recover the money it lent.
Purchasing a foreclosure before it hits the open market (at an auction or Sheriff sale) requires that you take on all risk — they are sold “as is,” meaning no inspections, and no repairs. Oftentimes you can’t even see inside the home before you make an offer. And since most lenders won’t fund the purchase of foreclosed homes, purchasing with all cash is usually your only option.Continue Reading
Are mortgage myths holding you back from buying a home?
A recent survey from Fannie Mae finds that a huge percentage of Americans are overestimating what it takes to secure a mortgage — and those misconceptions about mortgage qualifications could be holding people back from purchasing their dream home.
Fannie Mae’s survey aimed at exploring how well consumers understand the basic requirements for obtaining a mortgage. And what they found were a lot of misconceptions.
For example, the average consumer believes you need at lease a 10 percent down payment and a credit score of 650 to secure a mortgage — when, in reality, you only need a down payment of 3 percent and a credit score of 580 to qualify. Most consumers (a whopping 77 percent) aren’t even aware that low down payment mortgage programs exist.
The Takeaway: Don’t let your misconceptions about mortgages hold you back from buying your dream home. Getting a mortgage might be more attainable than you originally believed — even if you have a less-than-perfect credit score or a smaller down payment.
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Three reasons to buy a home in today’s shifting market
The housing market is moving away from the frenzy of the past year and it’s opening doors for you if you’re thinking about buying a home. Housing inventory is increasing, which means more options for your search. Plus, the intensity of bidding wars may ease as buyer demand moderates, leading to fewer homes selling above asking price.
If you’re ready to buy a home, now may be the moment you’ve been waiting for. Let’s connect to start the home buying process today.
Infographic: Should I rent or should I buy?
It’s worth considering the many benefits of home ownership before you make the decision to rent or buy a home.
When you buy, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity. When you rent, you face rising housing costs, won’t see a return on your investment, and limit your ability to save.
If you want to learn more about the benefits of homeownership, let’s connect today.
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