Marianne Leonard Cashman's Blog
Although you may have listed your residence in the hopes of a fast home sale, the real estate market has been tough to navigate thus far. As a result, your house has lingered on the real estate market for several weeks, and no end to the home selling journey appears in sight.
Fortunately, we're here to help you generate interest in your house and speed up the home selling process.
Let's take a look at three quick, easy ways to stir up interest in your residence.
1. Clean Your Home Both Inside and Out
Your house's exterior can make a world of difference in the eyes of homebuyers. If your house has a pristine lawn, immaculate siding and other outstanding exterior features, it may stand out to large groups of potential buyers. Conversely, if your residence fails to make a positive first impression on homebuyers, it is unlikely that these buyers will set up home showings.
Mow the lawn, trim the hedges and perform assorted home exterior maintenance and repairs. By doing so, you can instantly boost your house's curb appeal and make your home an attractive choice to dozens of potential buyers.
Furthermore, don't forget to mop the floors, wipe down countertops and ensure your home interior dazzles. Because if your home interior impresses homebuyers, it may be only a matter of time before these buyers submit offers on your house.
2. Declutter As Much As Possible
Clutter can make your house appear smaller than it actually is and get in the way of a potential home sale. As such, you should remove as much home clutter as possible.
Renting a storage unit is a great option for any home seller. With a storage unit at your disposal, you can pack up excess items and store them securely until your house sells.
Also, keep in mind the homebuyer's perspective as you declutter your residence. A homebuyer wants to envision what life would be like if he or she purchases your house. Therefore, you should remove artwork, photographs and other personal mementos from your home to help a homebuyer imagine life as the owner of your residence.
3. Collaborate with an Expert Real Estate Agent
A real estate agent possesses the skills and know-how to help you promote your residence to the right homebuyers, at the right time, every time. Thus, if you hire a real estate agent today, you can move one step closer to selling your house.
Ultimately, a real estate agent will support you in a number of ways. He or she will help you list your residence, set up home showings and host open house events. Also, a real estate agent will keep you up to date about any home offers and provide recommendations throughout the home selling cycle.
Accelerate the home selling process – use the aforementioned tips, and you can quickly and effortlessly stir up plenty of interest in your home.
If rain arrives on moving day, there is no need to panic. In fact, there are many quick, easy ways to protect your belongings against rain and ensure that these items can reach your new home without delay.
Now, let's take a look at three tips to help you protect your belongings during a rainy moving day.
1. Park the Moving Truck Close to Your Home
Ideally, you'll want to limit the distance between the moving truck and your house. This will enable you to prevent large amounts of rain from drenching your personal belongings.
You also should try to keep your home's walkways clear on moving day. Because if you're forced to deal with lots of walkway clutter, and lots of rain, it may be tough to carry your belongings from your home to your moving truck.
2. Lay Towels or Blankets Down in Your Home
Let's face it – a rainy moving day likely will cause you and your entire moving day team to walk in and out of your home with wet, muddy shoes. Fortunately, if you lay down towels or blankets in advance, you can reduce the risk of making your floors messy on moving day.
Remember, when it comes to moving, it is always better to err on the side of cause. If you have plenty of towels and blankets at your disposal, you should have no trouble keeping your home's floors clean as you move your belongings into a moving truck.
Don't forget to have extra towels available for your moving team too. That way, all members of your moving team can dry themselves off as needed.
3. Cover Your Furniture
Excess rain can quickly cause substantial damage to chairs, couches and other furniture. Thus, you'll want to cover these items before you move them from your house to your moving truck.
In most instances, covering furniture with moving pads and bubble wrap will help protect your furniture against water damage. Also, you should always ensure that there are no leaks inside of your moving truck to further reduce the risk of property damage due to rain.
If you're uncomfortable moving all of your belongings in the rain, it may be better to postpone your moving day. This will enable you to let the rainy weather pass and resume your move when improved weather conditions arrive.
Furthermore, if you need extra help on moving day, you may want to hire a professional moving company. This business employs friendly, professionally trained moving specialists who know how to move items in any weather, at any time.
Of course, if you need help finding a moving company, you can always contact a real estate agent for assistance. In addition to helping you buy or sell a residence, a real estate agent can help you get in touch with the top moving companies in your area.
Take the guesswork out of a rainy moving day – use the aforementioned tips, and you can streamline the process of transporting your belongings to your new house.
The Federal Housing Finance Agency (FHFA) limits how much you can borrow to buy a house. If you want to take out a mortgage that is above the limits, you have to apply for a jumbo mortgage. As of mid-2019, the limits were increased to $484,350 for most of the country. Some places – states and counties – have a higher limit of $726,525. Those areas are places that have higher home values, and include Guam, Alaska, the U.S. Virgin Islands and Hawaii, among other places. Loans under those values are conforming loans, and those over are non-conforming loans.
Because jumbo loans are riskier, the applicant has to jump through more hoops to get one. The major hoop is that your credit score must be higher. Most jumbo lenders require you to have a credit score of at least 680, though some require you to have a credit score of at least 720 or higher. Jumbo loans are riskier because they are not backed by Freddie Mac or Fannie Mae, and because of the obvious — the lender is lending more money.
Additionally, your debt-to-income (DTI) must be lower than 43 percent, though some lenders will refuse to give you a jumbo loan unless your DTI is lower than 36 percent. Your debt-to-income ratio is the difference between your income and the amount you pay out in liabilities, including the mortgage.
Another common requirement of a jumbo mortgage is that you have to have cash on hand to cover a certain number of payments. Some lenders could require as much as six months of reserves.
Often, the APR on jumbo loans is higher than it is on conforming loans because of the extra risk involved in that type of loan. However, interest rates dropped in the second quarter of 2019 for jumbo loans, so you could get this type of mortgage for as low as 3.8 percent. If you are applying for a jumbo loan, be sure you check the requirements and rates of several lenders.
Jumbo Mortgage Down Payments
Previously, a lender might have required you to come up with at least 30 percent down payment for a jumbo loan. However, with the better economy, some jumbo lenders have loosened their restrictions, including lowering the amount of a down payment to as low as 10 percent. Again, if you prefer a lower down payment, shop around. You may also be forced to have private mortgage insurance if your down payment is less than 20 percent.
The cap on the mortgage interest deduction is $750,000, so you won’t get a large tax break on a jumbo loan. Make sure you consider that, among the other requirements as set forth above, before you fall in love with a house that requires a jumbo loan.
Looking to buy a house without having to break your budget? Put together a homebuying roadmap, and you can increase your chances of finding a top-notch house that falls within your price range.
Ultimately, there are many things to consider as you put together a homebuying roadmap, such as:
1. Your Dream Home Definition
Differentiate your dream home must-haves from your wants – you'll be glad you did. If you can determine exactly what you want to find in your dream house, you can narrow your home search accordingly.
For example, if you need a home with multiple bedrooms to accommodate your entire family, you should include this information near the top of your homebuying roadmap. You then can kick off a search of multi-bedroom homes and move closer to finding your ideal residence.
2. Where You Want to Live
Do you enjoy life in the big city? Or, would you prefer to settle down in a small town? Think about where you would like to call home so that you can effectively plan your homebuying journey.
Ideally, you should try to refine your home search to a small collection of cities and towns. This will enable you to speed up your home search and ensure you can find a house that suits you perfectly.
Keep in mind your day-to-day activities as you consider where you want to live too. For instance, if you work in the city, you may want to pursue houses in or near the city itself. On the other hand, you may be able to purchase a small town home for less than what you would have to pay for a city residence and commute into the city for work.
3. Your Homebuying Timeline
Determine how quickly you'd like to finalize a home purchase. That way, you can map out exactly how you want to approach the housing market.
If you are committed to buying a house as soon as possible, you'll need to be proactive. The top houses sell quickly, and if you don't act fast, you risk missing out on your dream residence to a rival homebuyer.
Conversely, if you can afford to be patient, you can avoid pressure throughout the homebuying process. In this scenario, you can pursue houses at your convenience. And once you find the right home, you can submit an offer and finalize your home purchase.
When it comes to creating a homebuying roadmap, it generally helps to get support from a real estate agent. In fact, this housing market professional can provide plenty of assistance throughout the homebuying journey.
A real estate agent will learn about your homebuying goals and help you develop a successful homebuying roadmap. Furthermore, he or she can keep you up to date about new homes as they become available and make it easy to discover a wonderful residence at a budget-friendly price.
Ready to get started on the process of purchasing a house? Consider the aforementioned items as you create a homebuying roadmap, and you can plan a successful homebuying journey.