Targeting single women as first time home buyers

The number of single women buying homes is on the rise.  Do you have a marketing plan to target single women? Maybe you should. According to data from the National Association of Realtors, single women – a group that represents divorced, widowed and never married – represents 20% of all home sales. That is second only to married couples, who are about two-thirds of the market, and it’s twice the level of single men at only 10% of the home buying market.

Another Tool For The Belt

When a client is looking to sell their property they now have a whole host of exciting new tools to help them.  Technology has changed the real estate game for the better by providing both agents and sellers more information.  As realty agents it is our job to help our clients understand these new technologies.  Part of that responsibility is discovering how much a home or property is worth.  In 2006 a company named Zillow created an online tool called Zestimates that aids home sellers in focusing in on a value.  Six years later Redfin, Trulia, and the major banks began to follow suit.

Closing the Deal

We have arrived at the final segment of our first-time home buyers series. Last time, we covered the do’s and don’ts of searching for a home. So, now that you’ve found that perfect place, you can make it your own. The following are a few questions and answers to help you be prepared for this final step.

You’re Mine: Closing Q & A’s

 

What factors should I consider when making my offer?

First of all, ask your agent if there are multiple offers on the property. If so, this means that you are going to have to make a competitive bid to get the home. Maybe you’ll need to bid closer to or at asking price or find another way to make your offer appealing, like a cash down payment. You’ll also want to know what other homes are selling at in the immediate neighborhood. Your agent will be happy to share these figures with you. Finally, you should consider the overall condition of the home, and whether or not any repairs or renovations will be a significant expense. If so, subtract those figures from the price of the home.

Do I really need an inspection?

Yes. You cannot fully judge the condition of a house based on what you see or what the seller shares with you. There may be hidden damage that even the seller is unaware of. So, a few hundred spent on the inspector could save you thousands spent on repairing damages. An inspector will review both the interior and exterior condition of the home to make note of such things as the safety of the electrical system, the structural quality of the foundation, the amount of wear on the roof, and so on.  If there is anything major, your agent can help you estimate the cost of such repairs and help you renegotiate with the seller to settle on a fair price.

What is homeowners’ insurance? Do I need it?

While your state might not force you to buy homeowners’ insurance, it is in your best interest that you do (plus, your mortgage lender is going to require it. So, unless you buy your house with cash, then be prepared to factor this cost into your total.). Policies may vary, but a “standard” one will most likely suffice. You will be protected against damages caused by major disasters but not all (such as floods and earthquakes). If you live in an area that is affected by specific natural disasters, you should make sure your policy includes them.

What happens at the closing?

At a closing, the ownership of the property will officially become yours. A title company will gather documents related to your home’s deed (such as easements, tax assessments, covenants, etc.). If the title report has been approved by buyer and lender, then you will proceed to sign all the related closing paperwork. An escrow account may also be set up if your lender is going to pay your insurance and taxes from this account. Be prepared to pay closing costs at this time as well.

Congrats! You are now well on your way to starting the exciting process of finding and buying a home of your own. We will have more real estate topics in the near future, so please come back and visit us soon!

What First-Time Homebuyers Need To Know (Part 2)

Welcome back to the second part of our first-time home buyers series.  Last time we guided first-buyers through the financial aspect of the house buying journey, and now the next step is finding the right Realtor for you.

Finding the Right Fit

Consider the Realtor your guide through the wilderness of home buying…as important as Sacajawea was to Lewis and Clark. But how to find a good one?

•  Word of mouth  Ask family and business colleagues: If they had a good experience with a Realtor, they will be happy to recommend them to you.

• Search Engines Check your local paper and websites: Realtors who advertise or host blogs are working hard to stay visible. You want a dedicated professional on your team.
• What kind? Look for Realtor who specializes in selling residential (not commercial) property in the area in which you are interested in buying: They’ll know the history of the homes available, the price points of the area, important facts about the neighborhood and its residents, and might even know of homes soon-to-be-listed before they even go “on sale.”
• Face to Face Narrow your list and interview the Realtors.  Explain your situation, your price range, what type of home you are looking for and see how the Realtor listens to you, asks pertinent questions and gets back to you with information. They should compete for your business and be enthusiastic about working with you.
• Ask away Listen carefully how fully the Realtor answers your questions (and educates you by answering questions you haven’t thought to ask) and how available they are to you both by phone (or via email if you prefer) and how responsive they are to arranging showings according to your schedule.
• Connections Find out if realtor is technically savvy in a way that fits your technology prowess? Can they send you photos and home tour videos via email of homes for sale? Is the Realtor comfortable texting or tweeting you? Down the road a bit, there may be a home you are competing for and time may be of the essence. Can they use technology to be the first off the mark?
• Fine print Can you understand it easily when the Realtor explains the paperwork involved in your home search (including the agreement you sign with the Realtor him/herself)? Make sure everything is clear to you before you sign.
• And the winner is Pick the Realtor that you feel comfortable with and intuitively trust. You are partners in this important chapter of your life—buying your first home—and you deserve to expect a professional and caring partner in the Realtor you choose.

One of the expert Realtors at C21 Affiliated Chicago will be delighted to help you begin searching for your first home and will welcome your call to interview them. The next step in your journey is finding the perfect home!