Happiness Owning your own home is great! Fix it up, get a dog or cat, plant a tree… Make it your own!
Tax Savings Get excellent tax benefits and deduct the interest paid on your mortgage and other home-related expenses.
Appreciation Home values usually go up over time which becomes equity when you sell.
Equity Part of your monthly payment goes toward the principal balance of your loan, which builds equity.
Roots Homeowners stay in their homes four times longer than renters, helping them build ties in their community.
Education Homeowners’ students earn higher test scores and graduate at a higher percentage than those of renters.
Thinking of Buying a home? Contact me and let’s talk! Call or Text me @ 941.993.3125
Have a Great Day! Larry
As always, for all your Real Estate needs, call or text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
Meet with me, I am a professional Realtor, Broker Associate, (CRS) Certified Residental Specialist, (CLHMS) Certified Luxury Home Marketing Specialist Discuss the type of home you are looking for, including style, price and location.
Get Pre-Approved You will need pay stubs, W2’s and bank statements. Knowing what you can afford is critical to a successful experience.
Search for Homes The fun part! I will schedule showings and help you find the perfect home.
Make an Offer! I will prepare your offer based on the price and terms you choose.
Negotiation and Contract It may take a few tries to get there, but hang in there. You’re on your way!
Under Contract You and the seller have agreed to the price and terms.
Final Details and Closing Order the appraisal, have an inspection and review terms with the lender. Now you are ready to close.
CONGRATUALATIONS! You are now a homeowner!
Thinking of Buying a home? Contact me and let’s talk! Call or Text me @ 941.993.3125
Source: Breakthrough Broker
Have a Great Day! Larry
As always, for all your Real Estate needs, call or text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
Concerned that you could be in a bidding war? Use these strategies to increase your odds of getting your offer accepted.
7 Winning Tips for Buyers
1. Encourage your agent to reach out to the listing agent to find out what the seller is looking for, such as a quick close, an above asking-price offer or a waived contingency. This will help you and your agent craft a competitive offer.
2. Make a cash offer. If you are not in a position to pay cash, get preapproved for a mortgage and have your preapproval letter in hand.
3. Pay attention to the listing agent’s request. Many times, they will have you submit your highest and best offer. Ask your agent for some strategies on handling this type of offer.
4. Consider waiving contingencies. If you are financing, check with your lender.
5. Figure out where you can be flexible. You will need to move quickly, so know your must-haves versus your nice-to-haves before you start your search.
6. Don’t get emotional. Trust your agent to walk you through each step in the buying process.
7. Be available. Respond to inquiries quickly and ask your real estate agent to check in regularly with the listing agent to monitor the seller’s progress.
As always, for all your Real Estate needs, call or text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
Down payments should not be hurdle to home ownership. There are various lending programs designed to allow qualified borrowers the opportunity to finance up to 100% of the purchase price.
by Peter Crowley, President of RE/MAX Alliance Group
Peter Crowley, Broker/Owner RE/MAX Alliance Group
As prices continue to rise throughout the real estate market due to the imbalance of supply and demand, concerns over housing affordability are increasingly at the forefront of any skepticism about the sustainability of this market.
There are two main components of housing affordability – the amount of down payment required to purchase a home and the resulting monthly mortgage payment.
While most borrowers focus on the monthly mortgage payment, there is also a large misconception that at least 20% of the purchase price must be saved as a down payment on the purchase. Potential borrowers may be pleasantly surprised to learn that there are various lending programs designed to allow qualified borrowers the opportunity to finance up to 100% of the purchase price, thus reducing (and in some cases eliminating) the initial hurdle of setting aside a large sum of money to purchase a home.
The largest pool of products that provide for loans up to 95% of the purchase price are provided by government backed mortgages from Fannie Mae or Freddie Mac. These loans provide more traditional loan products to qualified borrowers with the addition of mortgage insurance to cover the increased risk for borrowers choosing lower down payments for their home purchase.
In some cases, borrowers that earn 80% or less of the median income for the county in which they are buying could qualify for 3% down and lower mortgage insurance. This contrasts with another federally backed loan product called an FHA loan which will allow borrowers to qualify for 3.5% down toward the purchase price. The main difference with this program is that it requires a fee of 1.75% mortgage insurance premium that can be financed into the loan and paying additional mortgage insurance for the life of the loan.
As previously mentioned, there are some loan products that will eliminate the down payment completely and provide 100% of the financing of the purchase price of the home. One program is the USDA home loan program that has certain restrictions for qualification. Most notably, USDA loans are only available to properties located in certain rural areas as defined by the USDA (visit the USDA website to search for eligible areas).
Another popular, but often underutilized program is the VA home loan program for military veterans (and others that qualify for a Certificate of Eligibility). This program provides 100% financing options for loans up to $1 million.
It is important to understand that all of these programs have certain limitations and underwriting guidelines to qualify. These products are not to be confused with the exotic sub-prime mortgages that contributed to the financial crisis in 2008. Those loans encouraged risky and sometimes predatory lending that led to the high level of loan defaults and subsequent foreclosure crisis. Today, however, federal guidelines and lender scrutiny have contributed toward a much more qualified pool of financed transactions with less risk of borrower default.
Since there are various limitations to each of these programs, it is important to consult with a local mortgage professional to assess the options that may be available. Some potential qualified buyers may be sitting on the sidelines of this robust housing market thinking that they do not have the funds to purchase a home, when in fact, the programs discussed above could provide a path to home ownership.
We would like to thank our guest author Peter Crowley Larry and Ann Brzostek
As always, for all your Real Estate needs in the Sarasota Area Call or Text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
Meet with a Real Estate Professional – Discuss the type of home you are looking for, including style, price and location. (The Buyer’s Advantage – As the homebuyer your agent’s commission is paid by the seller of the home in almost all circumstances. This means your representation costs you nothing!)
Get Pre-Approved – You will need pay stubs, W2s, and bank statements. Knowing what you can afford is critical to a successful home shopping experience.
Search for Homes – The fun part! I will schedule showings and help you find the perfect home. Advanced Search – Not all real estate websites are the same. My RE/MAX site has the tools and systems to ensure you see every available home that meets your criteria.
Make an Offer – I will prepare the offer based on the price and terms you choose.
Negotiation and Contract – It may take a few tries to get it just right, but hang in there. You’re on your way!
The Contract – in most cases the contract provides you with a timeline to obtain financing, as well as time to inspect the physical condition of the home. I will inform you of all your rights and responsibilities related to the contract.
In Escrow – You and the Seller have agreed to the price and term. The home is effectively held for you until closing.
Final Details – Perform due diligence, order the appraisal, conduct an inspection, and review terms with the lender.
Preparing for Closing – You will be finalizing your loan, reviewing documents, and discussing the findings from the inspection. As your agent, I will be managing this entire process for you.
Closing – This is the transfer of funds and ownership. A title company or an attorney typically acts as an independent third party to facilitate the closing.
CONGRATULATIONS! You are a New Home Owner!
Source: Breakthrough Broker
Have a Great Day! Larry and Ann
As always, for all your Real Estate needs, call or text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
Happiness The feeling of owning you own home is unmatched. You can fix it up, make it your own, get a dog, or plant a tree if you want. Doesn’t that sound exciting!
Tax Savings The government rewards homeowners by providing excellent tax benefits. The interest paid on your mortgage and other home-related expenses can generally be deducted from your income.
Appreciation Home values have a well-documented history of going up over time. This increase becomes equity you can benefit from when you refinance or sell.
Equity Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes toward the principal balance on your loan. This builds up your equity.
Roots People who own rather than rent stay in their homes 4 times longer. This provides an opportunity to get to know your neighbors and connect with your local community.
Education Research shows children of homeowners earn higher test scores and graduate at a higher percentage than those of renters.
Source: Breakthrough Broker
Have a Great Day! Larry and Ann
As always, for all your Real Estate needs, call or text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
Unfortunately, our homes don’t always grow with us. What may have initially worked fine for a single person, a young couple’s starter home, or a family with a newborn can quickly become too small as families expand and multiple generations live under one roof.
Remodeling and adding to your home is one option for creating more space, but it can be costly, and the size of your property may be prohibitive. That’s when moving to a bigger home becomes the best solution.
WHERE DO YOU NEED MORE SPACE?
The first thought when upsizing your home is to simply consider square footage, bedrooms, and bathrooms. But it’s important to take a more critical approach to how your space will actually be used. If you have younger children (or possibly more on the way), then focusing on bedrooms and bathrooms makes sense. But if your children are closer to heading off to college or starting their own families, it may be better to prioritize group spaces like the kitchen, dining room, living room, and outdoor space—it’ll pay off during the holidays or summer vacations, when everyone is coming to visit for big gatherings.
MOVING OUTWARD
If you need more space, but don’t necessarily want a more expensive home, you can probably get a lot more house for your money if you move a little further from a city center. While the walkability and short commutes of a dense neighborhood or condo are hard to leave beyond, your lifestyle—and preferences for hosting Thanksgiving, barbecues, and birthdays—might mean that a spacious home in the suburbs makes the most sense. It’s your best option for upsizing while avoiding a heftier price tag.
Have a Great Day! Larry and Ann
As always, for all your Real Estate needs, call or text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
Your moving day is set and it’s time to start preparing. As you’re making your lists and checking them twice, don’t forget to factor in your furry friends. Here are some tips for making sure the process goes smoothly.
Medical records When moving to a different city or state, one of the main things you need to take into consideration is finding a new veterinarian that is the right fit for you and your pet. If you have family or friends in the area ask for recommendations or do your own research by reading reviews and news articles. Once you find one, contact your current vet to initiate a transfer of medical records. Then schedule a “get to know you” appointment shortly after your move.
Transportation Whether it’s a short drive or a long plane ride, you pet will likely need to be put into a carrier. For most pets, this is a foreign concept and they require time to get comfortable with it. Start acclimating your pet as early as possible and use comfort items like treats and favorite toys and blankets to make the experience a positive one for your pet.
Acclimation Pad your moving schedule with ample time to get your dog or cat acclimated to their new home. While the movers are still hard at work, keep them safely away from foot traffic to reduce stress. Once they’ve left, make sure to clear anything that could be dangerous and block off areas as necessary then let them free to get a lay of the land on their own.
Have a Great Day! Larry and Ann
As always, for all your Real Estate needs, call or text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
The Difference Between Home Warranty and Home Insurance
The Difference Between Home Warranty and Home Insurance
When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on home insurance versus home warranty below to educate yourself on your options.
Home Insurance Homeowners insurance pays for any accidental damages and loss that are caused by fire, lightning strikes, windstorms, and hail, however, damage from earthquakes and floods is typically not covered. It also covers the replacement of personal property in case of theft or damage and liability if a person were to get injured in your home or on your property. According to American Home Shield, the average annual cost of a homeowner’s insurance policy ranges between $300 and $1,000, and the bank usually asks you to obtain a policy before the mortgage is issued. Make sure to keep in mind that each type of coverage in the policy is subject to a limit and, in most cases, you will have to pay a deductible.
Home Warranty A home warranty is designed to cover the cost of repairs and replacements of larger appliances and crucial systems in your home that may fail or break due to age and wear and tear. This includes but isn’t limited to HVAC, electrical, or plumbing components, kitchen appliances, and your washer and dryer. With a home warranty, you are required to pay premiums year-round, even if you do not use it, and it won’t cover damages if appliances were not maintained properly or if the damage is from a fire or other disaster.
Have a Great Day! Larry and Ann
As always, for all your Real Estate needs, call or text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don’t forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget.
Home inspection – This is a crucial step in the home buying process. The findings that come from the inspection can identify the condition of the home and maintenance or repairs that may be needed in the future. Generally, you can expect to pay between $300 to $500 depending on the home and the location.
Title services – Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.
Appraisal fee – When getting a loan, you will be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can be anywhere between $300 and $1,000, depending on the size of the home.
HOA fees – Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees begin around $200 per month but can be much more depending the amenities of the community.
Taxes – The taxes each buyer pays at the closing table differ, but it is not uncommon for an escrow account to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.
Have a Great Day! Larry and Ann
“My goal is listening to your Real Estate wants and needs then fulfilling them.” call or text me @ 941-993-3125 RE/MAX Site: (link opens in new window) LarrySellsSarasota.com Larry
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