Home Buying 101

Buying a home is a big decision. Thankfully, agents like Amanda and I are here to help.

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Recently I was joined by Amanda Keys, a great agent on our team, to talk about what’s happening in our market.

Amanda told me she has noticed homes have been selling very quickly recently. Homes are moving so fast that if you stop to think about whether to buy, you might miss out.

The saying, "If you choose to sleep on it, you may not sleep in it," really applies here. So, what happens when a buyer is afraid they might be making the wrong decision, even when they find a home they love?

If you choose to sleep on it, you may not sleep in it.

That very hesitation is where inspections come in handy. Having a professional thoroughly go over the condition of a home means that any potential issues can be uncovered and taken care of.

As agents, it’s our job to make sure that buyers are comfortable throughout the process.

We understand that buying a house is a big decision. Oftentimes, it’s the biggest investment a person will make in their life.

We want to help you make a wise decision, so that you can find and buy the home of your dreams.

So if you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

The Election's Effect on Real Estate and Lending

How has the world of real estate and lending changed since the election? Today I'm joined by mortgage lender Denise Lindsay of CIB Bank to help me explain.

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Today I'm happy to have Denise Lindsay with CIB Bank with me to discuss the effects of the election on our market.

According to Denise, the news has been creating some chaos in the mortgage industry when in reality, there hasn't been any change in the mortgage industry. The biggest change has been a 0.25% increase in interest rates. When the economy is strong, rates go up because they don't need to stimulate the economy like before.

Interest rates for a mortgage are actually dictated by the program you choose. For example, you can get a 30-year fixed rate mortgage with a 4.125% interest rate or a 30-year mortgage with a 3.375% interest rate. FHA and VA mortgages have rates as low as 3.5% for 30-year fixed rate mortgages, and rural housing loans have a similar rate.

How different is that from before?

Despite the chaos you hear in the news, the mortgage industry hasn't changed at all.

For a $100,000 house, the difference is an extra $0.21 per $1,000 or about an extra $21 a month on your house payment with rates going up 0.25%. As Denise points out, the news media tends to make a big deal out of it, but it's really not a big deal at all. In fact, Denise says, lending is easier because homebuyers can have a credit score as low as 620 and still buy a house with as little as a 3.5% down payment.

If you have any questions about improving your credit, saving for a down payment, or anything relating to preparing for a mortgage, you can call Denise at (217) 460-1588 or email her at Denise.Lindsay@cibbank.com. She can also tell you about some upcoming grant programs in Illinois that can help you buy a home.

If you have any questions about the central Illinois market or you're thinking of buying or selling a home, give me a call or send me an email. I'd love to help you!

Helpful Tips for First-Time Home Buyers

If you’re looking to purchase a home, take advantage of these tips for first-time home buyers. 

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Buying your first home can be overwhelming, so I wanted to give you some tips on how to ensure your home buying process goes as smoothly as possible.

The first thing you should do is talk to a local lender and get pre-approved for your mortgage loan, unless you are paying cash for the house. If you end up finding your dream home, you want to have the pre-approval letter ready so you can make an offer right away. Otherwise, you might risk losing it to a more prepared pre-approved buyer.

It’s also very important that you know which neighborhood you want to live in. Sure it’s fun to look at all the homes for sale online, especially the ones with pretty pictures, but you want to narrow your search down to the area you are going to feel the most comfortable in. If you’re not quite sure which neighborhood would suit you best, do some driving around and get to know different areas. By doing this, you’ll already know what amenities and highlights the neighborhood offers, so you can focus on finding the perfect house.

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Do some driving around to figure out which area will suit you best.

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Preparing for a Central Illinois Home Inspection

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Today, we're going to discuss home inspections. This is a crucial part of the buying process, and there are a few things you need to know.

First of all, we recommend hiring an experienced professional. You will want to interview several home inspectors. Ask how many inspections they've done this year, and interview them about their background. How much knowledge do they have about home structure?

Once you've hired the inspector, make sure you're available for the inspection itself so you can walk around with the home inspector. Know what questions to ask; don't just follow the inspector around. Ask about maintenance plans for the future. How old is the roof? You need to know about these things so you can budget for repairs later on.

If you have any questions about today's video, give us a call or send us an email. We look forward to hearing from you!

Is Making an Offer on a New Listing Smart?

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Today we are here to talk about making an offer on a new listing. It’s something that has been happening quite a bit in Central Illinois, so there are a few different things we want to discuss with you when it comes to bidding on these fresh listings.

First off, you need to understand the real estate market or at least hire a Realtor who does. Don’t be afraid of the listing because it’s new, use the expertise of your agent to determine the home’s value, and if the price lines up with that. 

One easy way to figure out the market value of a home is by looking at the prices that homes near it sold for. These homes, more than anything else, determine your home’s true market value. 

To give yourself an extra boost, we recommend writing a personal letter to the home seller letting them know how much you want the home for yourself and your family. Buying and selling is an emotional process and sometimes if you can really let the home seller know why you are so in love with the home, it just might help your case. 

If you would like assistance locking in your dream home, don't hesitate to give us a call or shoot us an email. We would love to hear from you!