Cove Real Estate



Posted by Cove Real Estate on 1/18/2019

What does it take to acquire a top-notch home in a seller's market? Ultimately, it may prove to be a lot of work, especially for first-time homebuyers.

In a seller's market, there is an abundance of homebuyers and a shortage of home sellers. As a result, high-quality houses sell quickly, and homebuyers who lack real estate insights may miss out on an opportunity to purchase their dream residence.

Lucky for you, we're here to teach you about the ins and outs of a seller's market and ensure you can secure a first-rate house in any housing market, at any time.

Now, let's take a look at three tips for homebuyers who want to purchase a house in a seller's market.

1. Understand Your Homebuying Needs

Know what you want to find in a dream home before you start checking out properties. That way, you can narrow your home search and pounce on new homebuying opportunities as soon as they become available.

Creating a list of must-haves for your dream home may prove to be a great idea. This list will enable you to refine your home search and accelerate the homebuying process.

Also, consider your immediate and long-term home needs. If you plan to raise a family in a new home, you may want to consider exploring houses that are close to schools. Or, if you don't own a car but work in a major city, you may want to assess properties near public transportation.

2. Examine Your Finances Closely

Let's face it – the temptation to outbid rival homebuyers can be overwhelming in a seller's market. However, homebuyers who understand what they can afford can map out their home search accordingly.

Get pre-approved for a mortgage before you start looking at homes in a seller's market – you'll be glad you did. With a mortgage in hand, you'll know what you can spend on a new house and tailor your home search based on your budget.

Don't forget to meet with several banks and credit unions to explore all of your mortgage options as well. By doing so, you can learn about different mortgage options and select the right one based on your finances.

3. Work with a Real Estate Agent

A real estate agent understands that buying a home in a seller's market can be exceedingly difficult. As such, he or she will do everything possible to help you purchase a great residence at an affordable price.

Collaborating with a real estate agent is a must, especially for homebuyers who are operating in a seller's market. A real estate agent can set up home showings and negotiate with home sellers on your behalf. Plus, he or she can keep you up to date about new houses that will meet or surpass your expectations.

Buying a home should be a fast, easy process, even for homebuyers who are searching for a residence in a seller's market. Thanks to the aforementioned tips, you should have no trouble navigating a seller's market and acquiring a superb residence.




Categories: Buying a Home   buying tips  


Posted by Cove Real Estate on 1/4/2019

Moving into a new home can be overwhelming. Once you have gone through the long process of buying a home, when the keys are your hand, your mind could be swirling with tons of ideas for what you should do in your new space. There are a few important things that you need to complete before you get into painting those walls or buying a new sofa. Read on for tips.


Look At Your Things


In the excitement of moving, you may forget about all of the stuff that you actually moved into the home. If you hired movers, check your boxes. Make sure that nothing is broken or damaged from the move. If there is anything wrong, you can file a complaint with your moving company.


Turn The Utilities On


The utilities need to be turned over to you from the previous owner. In many cases, you’ll need to contact the local utility companies in order to get the bills switched to your name and the services started. This is important for you to have a completely functioning household. Cable and Internet is a choice provider that you’ll also need to set up ahead of time before your move.


Unpack Your Stuff


Rome wasn’t built in a day but you need certain things like clothes and coffee makers as soon as you move into a space. Find the boxes that have the most important things in them like sheets, blankets, clothing, and important appliances. Work your way out. You don’t want your new home to stay a complete disaster zone forever. 


Organize Your Stuff


Moving into a new home gives you a new opportunity to get organized. Get everything in order the first time. This will keep you from needing to clean up constantly at a later date. When you start off with good organization you’ll be a lot happier in your new home. 


Think Security


Make sure that your new home is secure for your family. Think of everything from accidents to crime. Install an alarm system. Change the locks. Inspect the property for any hazards. All of these activities can help to make your new home a more secure place to live. 


Learn About Your New Surroundings


When you move into a new neighborhood, you should take the time to get to know the area. This includes meeting your neighbors and taking a stroll around your neighborhood to see the area more closely. Discover the highlights of the area like restaurants, shops, and other activities. Enjoy the new place that you call home to the fullest!




Categories: Buying a Home   Moving Tips   movers  


Posted by Cove Real Estate on 12/28/2018

An offer to purchase represents a key milestone in the homebuying journey. Ultimately, it helps to plan ahead to ensure you're ready to submit a homebuying proposal. Because if you know what it takes to put together a competitive offer to purchase a house, you can boost the likelihood that a home seller accepts your proposal.

Now, let's take a look at three tips to help you get ready to submit an offer to purchase.

1. Study the Housing Market

The housing market fluctuates frequently. As such, you may enter a real estate market that favors buyers but slowly shifts into sellers' favor, or vice-versa. But if you examine the real estate sector closely, you can differentiate a buyer's market from a seller's one and submit an offer to purchase that accounts for the current housing market's conditions.

If homes are selling quickly at or above their initial asking prices, you may be working in a seller's market. Comparatively, if houses linger on the real estate market for many weeks or months before they sell, you may be operating in a buyer's market. As you start to craft an offer to purchase a house, you should analyze the real estate market. By doing so, you can submit an offer to purchase that matches a seller's expectations.

2. Get Your Finances in Order

Entering the housing market with a budget in hand usually is beneficial. If you get pre-approved for a mortgage, you can narrow your house search and stick to a budget as you pursue your dream residence.

Banks and credit unions can teach you everything you need to know about fixed- and adjustable-rate mortgages. Perhaps best of all, lenders employ mortgage specialists who can respond to your mortgage concerns and questions. If you collaborate with a lender today, you can get the financing you need to buy a house. Also, you can conduct a search for homes that fall within your price range and reduce the risk of submitting an offer to purchase that surpasses your budget.

3. Avoid a "Lowball" Offer

Submitting a "lowball" offer to purchase a home may seem like a good idea at first. Yet submitting a homebuying proposal that falls short of a seller's expectations is unlikely to help you acquire your dream house.

In most instances, a seller will instantly reject a lowball offer to purchase. And if you receive an immediate "No" from a seller, you risk missing out on the opportunity to purchase your ideal residence.

Allocate time and resources to craft a competitive homebuying proposal – you'll be glad you did. Otherwise, you run the risk of putting together a lowball offer that will miss the mark with a seller and force you to look elsewhere to purchase a house.

Lastly, if you need extra assistance as you perform a house search, you may want to hire a real estate agent. By employing a real estate agent, you should have no trouble crafting a competitive offer to purchase any home, regardless of the housing market's conditions.





Posted by Cove Real Estate on 12/7/2018

Anyone can buy a home – all it takes is hard work and diligence to evaluate your home financing options. Fortunately, we're here to help you streamline the process of finding the financing that you'll need to pay for a residence.

Now, let's take a look at three tips to help you determine how you will afford a house.

1. Take a Look at Your Current Financial Situation

Put together a monthly budget that outlines your current spending patterns. This will enable you to review how much you earn, what you're paying for housing and other pertinent financial information.

After an in-depth review of your current financial situation, you'll be better equipped than ever before to determine how much you can pay for a house. Then, you can create a homebuying budget to help you move closer to acquiring your dream residence.

2. Get a Copy of Your Credit Report

In all likelihood, a lender will receive your credit score to determine whether you are a viable candidate for a mortgage. If you request a copy of your credit report today, you can learn about your credit score and take steps to improve it before you apply for a mortgage.

The three major credit reporting bureaus (Equifax, Experian and TransUnion) provide one free copy of a credit report annually. If you submit a request for your credit report, you can gain unprecedented credit insights in no time at all.

Furthermore, if you find errors on a credit report, don't hesitate to contact the reporting bureau. This will enable you to fix any credit report mistakes prior to applying for a mortgage.

3. Reach Out to Local Lenders

Banks and credit unions are happy to meet with you and discuss a variety of mortgage options. These lenders are available in cities and towns nationwide and can teach you everything you need to know about home financing.

Ultimately, lenders can explain the home financing process and ensure you can avoid any potential pitfalls along the way. And if you ever have mortgage concerns or questions, lenders are available to respond to them at any time.

If you need extra help prior to kicking off a home search, you may want to contact a real estate agent as well. This housing market professional understands the ins and outs of purchasing a house and can help you plan accordingly.

Oftentimes, a real estate agent will meet with you and learn about your homebuying goals. This housing market professional then can ensure you won't have to break your budget to afford a terrific residence.

If you want to buy a home but have limited finances at your disposal, a real estate agent is happy to assist you. Or, if you are searching for a mortgage but don't know where to begin, a real estate agent can put you in touch with top lenders.

Work with a real estate agent, and you can improve your chances of acquiring a first-rate house at an affordable price.





Posted by Cove Real Estate on 11/23/2018

Many factors come into play when determining whether you can afford to buy a house. Since the monthly rent for an apartment is often close to what a mortgage payment would be, you can't help but wonder if your rent money would be better spent building equity in your own home.

While this is often the case, first-time home buyers often underestimate or overlook expenses that accompany home ownership. Although a mortgage broker or bank loan officer can help you calculate the maximum mortgage you can afford, here are a few tips to keep in mind as you weigh your options.

  • Create a detailed budget. By taking the time to figure out how your income stacks up to your monthly expenses, you can get a clearer picture of your financial situation. If you have a good credit score, a positive monthly cash flow, and enough funds to pay closing costs and a down payment, then home ownership may be a viable option. (Your credit score, which you can obtain once a year for free from the three main credit reporting companies, will have a major impact on both your interest rate and your monthly mortgage payments.)
  • Factor in other expenses: Figuring out your current budget is relatively easy, but predicting your future budget as a homeowner can be a lot more challenging. A big part of the equation will depend on the amount of property taxes and school taxes that will be tacked on to your mortgage costs. A real estate agent can provide you with those figures, as well as other information you need to calculate how affordable it would be to live in a particular house. They have access to a wide range of relevant information, such as utility expenses, water bills, and homeowner association fees (if there are any). Since property taxes sometimes cover the cost of services like garbage and yard waste collection, you may not have to factor in those items into your projected budget. Your real estate agent can help you come up with a rough estimate of home maintenance costs -- especially if they're familiar with the history of the home you're considering buying. As the process moves forward, a property inspector can provide you with more details about the condition of the home and whether any costly repairs are likely to be needed soon.
  • Home maintenance and furnishing costs: Other possible expenses to consider when estimating the cost of home ownership include yard maintenance, landscaping, HVAC service calls, electrician services, plumbing repairs, and homeowners' insurance. If you're a first-time home owner, there's also a good chance you'll need to buy some furniture to fill out those additional rooms!
  • Buying your first home definitely takes a lot of planning, budgeting, and research, but the rewards of owning your own home will more than justify the effort!