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When you’re shopping for a home, it’s easy to be overzealous in your attempt to find the perfect property. One of the biggest regrets of home buyers is that of paying too high a price for their dream home. There should be a balance between cost and the right property for you. No matter what kind of house you’re looking to buy or where you plan to buy it, a little planning goes a long way to help you get the most for your dollar when buying a home. Below, you’ll find some tips to help you avoid the dreaded mistake of overpaying for a home.


 Look For Amenities That Increase Value


Does the neighborhood you’re looking to buy in have a lot of cool perks? Perhaps the property is close to the heart of downtown or close to one of the most desirable schools in the area. These features add value to the home based on the demand in the neighborhood. 


You should also consider if the neighborhood is known as what’s termed “up and coming.” The potential that a neighborhood is also a factor in the price of a home. Is there a lot of construction going on in the area? Is the home you’re buying in a great area but considered a “fixer upper”? High potential properties in desirable areas can actually give you a bargain. A nice property in an area that is still being established can also be a bargain but beware. You may end up paying a higher price as sellers and developers understand that people are eager to move into the neighborhood. Also, if a neighborhood seems to be built up too much, it’s not a good sign. An overdeveloped area can lead to decreased property values over time.         


Inside the home, look for things that have been updated to increase the value of the property. An updated kitchen and bathroom add the most cost to a home as these are the most expensive rooms to renovate. Other perks in a home that greatly increase the value include new flooring, new roof, being situated on a cul-de-sac or dead end street, and easy access to highways and main routes.  


Know That Some Features Decrease Value


Things like power lines, poor economic growth in the community, high-traffic areas, foreclosures, and unkept homes can all drag down the value of a property. If you happen to be looking in one of these areas, understand that you shouldn’t be paying top dollar for a home there. Look for bargains. Whether you plan to stay or simply flip a property, you need to know at what point the price will be right without overpaying for the home.    



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.


If a seller rejects your offer to purchase his or her house, there is no need to panic. At this point, there are many things you can do, including:

1. Craft a New Offer to Purchase

If at first you don't succeed, try again. Remember, if you find your dream house but your initial offer to purchase is rejected, you can always create a new homebuying proposal. And if you submit a new offer to purchase that falls in line with a seller's expectations, you may receive an instant "Yes."

For those who decide to submit a new offer to purchase a residence, it is important to avoid making the same mistake twice. Thus, you should analyze the home you want to purchase, along with the current housing sector. Because if you use a variety of real estate market data, you could submit a competitive offer to purchase your dream house.

2. Reenter the Housing Market

A seller may reject your offer to purchase his or her house, and as such, you may need to continue your home search. Fortunately, quality residences are available in cities and towns nationwide, which means there are lots of great houses at your disposal.

Of course, you may want to put together a homebuying budget, too. If you have a homebuying budget in hand, you can search for houses that match your price range.

To craft a homebuying budget, you should meet with banks and credit unions. These financial institutions can offer home financing insights and help you get pre-approved for a mortgage. And once you have a mortgage, you will know exactly how much you can spend to acquire your ideal house.

3. Consult with a Real Estate Agent

A real estate agent is happy to help you determine the best course of action after a seller rejects your offer to purchase. In fact, he or she will do everything possible to help you streamline the homebuying journey.

Typically, a real estate agent will learn about you and your homebuying goals. He or she then will create a homebuying plan designed to help you achieve your desired results. Next, you and a real estate agent will work together to transform your homebuying vision into a reality. And as you navigate the homebuying journey, a real estate agent will provide comprehensive housing market insights you may struggle to obtain elsewhere.

Let's not forget about the assistance a real estate agent will provide as you get ready to submit an offer to purchase a house, either. A real estate agent will help you craft a competitive offer to purchase any home, at any time. Best of all, if your homebuying proposal is accepted, a real estate agent will help you finalize your house purchase as quickly as possible.

Clearly, there are many things you can do if your offer to purchase your ideal house is rejected. If you start planning ahead for the homebuying journey, you could boost the likelihood of enjoying a seamless property buying experience.


FHA loans have long been a valuable resource for Americans who want to fulfill their goal of homeownership but who don’t have the benefit of a lengthy credit history and equity.

If you’re hoping to buy a home in the near future but want to explore all of your options in terms of financing, this article is for you.

Today we’re going to talk about FHA loans and how to know if you qualify for one.

What are FHA loans?

FHA loans are issued by private mortgage lenders across the country, just like regular mortgages. The difference, however, is that an FHA loan is “guaranteed” by the federal government.

Lenders decide your borrowing eligibility, and how much you can borrow, by determining risk. If you don’t have a sizable down payment (oftentimes 20% or more) and you have a low credit score, most mortgage lenders will see you as a risky person to lend to.

When you get an FHA loan, however, the federal government assumes some of that risk, allowing you to secure the loan anyway.

This means you can buy a home with a low credit score, a smaller than usual down payment, and save on some closing costs.

How do I qualify for an FHA Loan?

To find out if you qualify for an FHA loan, you’ll head to the same place as a traditional mortgage--a mortgage lender. Oftentimes, you can simply call or visit the website of lenders to get the process started.

As with all things, it’s a good idea to shop around for a mortgage lender. Their offerings will be largely similar, but there might be minor differences that make one better than another for your particular circumstances.

Down payment requirements

To secure an FHA loan, you will need to make a down payment of at least 3.5%. However, this low down payment comes with a price. You’ll typically be required to pay private mortgage insurance (PMI) fees on top of your accruing interest for your loan.

Credit score requirements

While you can often secure a mortgage with a lower credit score through an FHA loan, there are still some requirements. To secure a loan with the lowest possible down payment (3.5%), you’ll need a credit score of 580 or above.

Previous homeowners and FHA loans

A common misconception about FHA loans is that they are only for first-time homeowners. However, you can still qualify for an FHA loan if you’ve owned a home before as long as it has been three years since you’ve had a foreclosure or two years since filing for bankruptcy.

If you meet these three conditions, you should be able to secure an FHA loan through a traditional mortgage lender.


The year’s end brings a lot of joy, a lot of stress, and hope for the new year. One thing that you may not consider at the end of the year is buying a house.


There are pros and cons to buying a home at the end of the year. The positive being that you can get a home for a better deal. The negative is that there is often a limited selection of homes. There’s much more to this. 


Sellers Avoid The End Of The Year


Sellers tend to avoid listing at the end of the year. It could be because of wintry conditions, short days, or the notion that buyers won’t bite at this time of year. People who are selling at the end of the year are highly motivated. They need to move their property fast for one reason or another. Life circumstances like a death in the family, a job change, or divorce can lead to the need to sell at this time of year. As a buyer, you can take advantage of the need for these sellers to get a property off their hands. 


Limited Supply


The limited selection of homes is perhaps the most significant downside to searching for a home over the holidays. The limited supply problem is where your real estate agent will come in handy. Your agent can access expired listings. These are homes that were formerly for sale and have faded off the market. The seller may have decided not to sell, were lacking offers, or just didn’t pay enough attention to marketing their listing and let it fall by the wayside.


Your real estate agent can also contact other agents who tend to work in a preferred neighborhood or area. Your agent can get the inside scoop on homes that aren’t listed for sale yet but are being prepped to go on the market. These properties are known as “coming soon.” 


Less Competition


Another significant advantage to buying a home during the holiday season is that there’s not a lot of competition. This means you can possibly avoid bidding wars, get a home at a better price, and even find sellers who have their homes on the market for less than you would during a peak season.


Easy Access To Realtors


Another advantage to buying during the holiday season is that of easy access to real estate agents. These professionals are less busy during this time of year, meaning they have more time to spend with each client. You can often get an agent’s undivided attention. Open access to an agent means that you can get to see more home showings with the listings that are available and be able to look at the homes in detail.   

              





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