BossLady Does Real Estate #BLDR

Get access to the latest news, and resources to keep you informed about how to benefit from the Real Estate market.

Real Estate Interviews

About My Team

Thumbprint Realty prides itself on being the MOST TRUSTED Real Estate brokerage in the state of Massachusetts. In its short tenure, Thumbprint Realty was recognized by the Commonwealth of Massachusetts for their commitment to being a progressive community partner and building a strong presence in the community.

4 TIPS FOR HOMEBUYERS

Account for future repairs and maintenance costs

Unexpected repairs and maintenance was cited by 36% of owners as their biggest home buying regret (Zillow). Don’t let this be you. Home repairs and maintenance costs are a part of your homeowner responsibilities. These repairs typical result from aging systems and materials, weather, and unexpected accidents. Don’t let this deter you. Prior planning is the best way to overcome and practicing home maintenance routines can get prevent astronomical costs.

Explore Mortgage Options

The standard mortgage options include Conventional, FHA, and VA loans. Each have their advantages and disadvantages. Below is a brief description of each… (Source: Nerdwallet)

FHA – Loans insured by the Federal Housing Administration permit down payments as low as 3.5%.

VA – Loans guaranteed by the Department of Veterans Affairs sometimes require no down payment at all.

Conventional loans – A conventional mortgage is a home loan that isn’t backed by a government agency, such as the FHA or VA. Conventional mortgages often meet the down payment and income requirements set by Fannie Mae and Freddie Mac, and they often conform to the loan limits set by the Federal Housing Finance Administration (FHFA).

How to find the best rates? 

One thing for sure, there’s no better way to find the best resource than through a trusted referral. The best people in the business to find a good mortgage broker is to get a recommendation from an active real estate agent that is in your local area. The reason for this is because as you are going through this process, it’s about assembling the right team that will be responsive, timely, and ultimately get you the best rates possible. 

Explore local assistance programs

The biggest barrier many face when it comes to homeownership is saving up for the downpayment. The misconception is that you MUST put 20% down to purchase a home. This is false. Regardless of what you need to put down, many local agencies offer downpayment assistance to help homebuyers overcome this obstacle. Check your local government’s website for resources.

Maintain Good Credit

Most loan programs require a FICO score of 620 or better. When applying for a mortgage loan, the bank is essentially evaluating your finances to assess whether lending you money is a good risk. Banks will use your credit score as a risk assessment score to decide whether or not you are likely to payback the loan. Your credit scores are calculated by the following agencies…

  • Equifax – equifax.com
  • TransUnion – transunion.com
  • Experian – experian.com

A higher score can mean:

  • A better chance of getting a loan
  • A lower interest rate 
  • But what does this REALLY mean? In basic terms, interest is how much the loan costs. The better your credit, the more financially responsible you are thus making it less risky for the bank to loan you money. The more risky you are, the more expensive your loan will be. 

DO I NEED AN AGENT TO SELL? 

The short answer is NO. But there are many benefits to having an agent. Read below for a few benefits of using an agent…

Real Estate Is a Full-Time Job

Selling a home has it’s inconveniences and can real take over your daily life ranging from scheduling showings, managing offers, negotiating and coordinating legal work. Having an agent removes this hassle.

Weeding Out Unqualified Buyers

Agents are trained to identify qualified buy vs a dreamer or curious neighbor. Agents will certainly help with optimizing your time by helping you to avoid time wasters.

Realtors May Not Show FSBO

You may limit your exposure because some realtors may avoid FSBO homes citing the hassles and risks of trying to close the deal without a professional representing the seller—and without a guaranteed commission.

Agents Avoid Emotional Sales

It’s only natural for there to be an emotional attachment to a home. As a result homeowners are likely to make mistakes such as overpricing your home, or refusing to counter a low offer because you’re offended. Agents help prevent these mistakes by serving as a middle person serving as an objective resource to create a deal that makes the most sense to all involved.

Exposure to Legal Risks

A lot of legal paperwork is involved in a home sale, including seller disclosures, and closing documents that need to be completed by a professional. Agents are great resources to help facilitate with your closing attorney to ensure you are protected from preventable errors.

MARKET TRENDS YOU SHOULD KNOW

Real Estate Buyer and Seller Facts

Real Estate Pricing Facts

  • Starter home inventory rose 3.5% in the first half of 2019, while trade-up inventory rose 4.8%. At the same time, ongoing low inventory means prices rose 12.4% and 8.3% respectively. (Forbes)
  • A projected economic downturn or recession could mean lower interest rates over the next year or two with the prime lending rate expected to decline to 4.75%. (Kiplinger

Real Estate Rental Facts

  • Rental costs increased in 66% of US counties between March and April, 2019. However, in many markets, especially on the West Coast, it is still more affordable to rent. (Realtor.com)
  • The number of over-60 renters increased by 43% between 2007 and 2017 as retiring Baby Boomers chose to rent rather than buy when downsizing. (RentCafe)
  • In 2019, average rent growth nationally was at 1.6%, lagging behind the 3.1% growth in wages. This was welcome news in the midst of the housing affordability crisis in most major markets. (Apartment List)
  • Approximately half of renters are spending more than 30% of their income on rent. (PWC Emerging Trends in Real Estate)
  • In the last two years, multifamily property construction increased by 21%, indicating an anticipated market shift toward rentals. (Born2Invest)
  • 36.6% of US households are renting, the largest percentage since 1965. (Pew Research Center)
 

Real Estate Investing Facts

  • Home values in the United States have increased 7.2% since 2018. (Zillow)
  • In 2007, around two-thirds of investors were primarily focused on the stock market. That number has fallen to 50%, with many Millennials choosing to invest in real estate instead. (RealWealth)
  • The average nightly rental rate in the US for short-term rentals is $217 per night, with a range of $186 to $978 per night in popular vacation destinations. (vroomres)
  • The short term rental market was valued at $100 billion in revenue in 2016. It is expected to grow to $167.9 billion in 2019. (VRMA)
  • In a Zillow survey of real estate experts and economists, half are expecting a recession in 2020, 14% in 2021, and 24% in 2019.
  • 91 of the 100 top housing markets have seen rent increases over the past year. (Apartment List)
  • Individual real estate investors account for 74.4% of rental properties in the United States. (US Census Bureau)

Need to help Buying or Selling?

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