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Five Tips for Buyers

8/31/2016

1 Comment

 
No matter how much time you spend researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips to avoid rookie mistakes with your first home purchase.

1. Who’s your agent:

In most states, including Rhode Island, real estate agent fees are paid by the seller, not the buyer. Sellers have their own agent & you should too--someone that represents your interests first and foremost. A great agent will also serve as a concierge throughout the home-buying process and beyond.
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2. Be thorough with mortgage shopping & get Pre-Approved:

​There are countless resources out there that can help you get the best terms for your mortgage. It may seem like a lot of work to shave less than a point off your mortgage rate, but it’ll save you thousands in the long run.

When it comes to down payments, the good news is that you may not have to put 20% down. There are a lot of funding options available, from 0% down to 3%, 5%, & 10%--each of these options have their pros & cons.

​You should talk to at least two different lenders & compare the offered rates, I can help you find a lender to work with that will help you to determine the best financing option that meets your particular needs. A lender will pre-approve you for financing which is generally required when you are ready to submit an offer on a property.
​3. Learn the market online & by going to open houses:

Now that you are pre-approved & know your home-buying budget, you can use the fantastic tools available online to find properties in your preferred areas. These sites will help you to better understand actual property values as well as compare real estate taxes. Visiting open houses in different areas will also give you a better sense of the market value in different locations. When you're ready, I can join you at these open houses & set up appointments for private showings as well as help you identify potential properties to consider.
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4. Figure out your non-negotiables vs preferences: 

Wallpaper & carpet can be removed & replaced, but you can’t change the location. Know the difference between your non-negotiables, what you absolutely need a home to offer, & mere preferences, or those things that shouldn’t make you automatically rule out a potential property. I always encourage my clients to see as many properties as possible--you may be surprised how your preferences evolve as you go through the house-hunting process. It doesn't matter to me whether we look at five or fifty homes--it's important to take the time to make sure you find the home that's right for you!
5. Anticipate the emotional ups & downs:

​This may be my best tip & it's not one that you'll find on many lists. Buying a home can be extremely stressful & at times very overwhelming--especially the first time around. You'll have doubts, you'll feel anxious, you'll question your judgement. I will be here to guide you through each step & we'll work together to alleviate your fears so that you can feel confident in your choices. We will find the home that is best for you!
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1 Comment

Selling? What's it really worth?

8/31/2016

0 Comments

 
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Maybe you're thinking of selling, maybe you're thinking of refinancing, or maybe you're just curious about the market. But the question is, "What is your property worth?”

Such a simple question should be returned with a simple answer, right? Well unfortunately, determining the value of your home--or any property for that matter--can be a tricky process. Nowadays there are endless websites that will promise you a fast answer with fancy charts and graphs. Or sites like Zillow will give you a "Zestimate". As tempting as it may be to trust this information, be wary of letting an automated algorithm tell you what your largest investment is worth.

The trouble with these websites is that they have little to no local market information. In some locations property values can vary widely street to street, these websites do not take that into consideration. Nor do they compare similar properties--a renovated property does not compare to a distressed property.  Additionally, these websites are not aware that a new park is being built, or that a four-lane highway is being re-routed, or that you've lovingly cared for and maintained your home.

The bottom line is this: if you're serious about getting an informative valuation for your home you should contact a local real estate professional--like me! I work with the actual people who will ultimately determine the value of your home--the home buyer themselves. This is my profession and I would be happy to take the time to sit with you and explain the current market conditions that affect your home value.
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    Jess Powers

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JESS POWERS
eXp Realty
​Associate Broker

​401-559-7674
jesslpowers84@gmail.com
eXp Realty
​Serving communities throughout
Rhode Island
​  Southern MA & Eastern CT
RI License #: REB.0018505
MA license #: CN237390
CT license #: 
RES.0823074
RI office: 101 Franklin St Westerly, RI 02891


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  • HOME
  • HOME BUYER BOOTCAMP
  • MARKET NEWS
  • LIVING IN RI
    • Living in East Greenwich
    • Living in Cranston
    • Living in Edgewood Cranston
    • Living in Pawtuxet Village
    • Living in East Side PVD
    • Living in Elmhurst PVD
    • Living In Warwick
  • BLOG
  • BUYERS
  • SELLERS
  • WORKSHOPS
  • About Me.....
    • MY TEAM
  • CONTACT
  • What's My Home Worth
  • First Time Home Buyer
  • Making an Offer on a house
  • Your accepted offer: now what?
  • Closing Checklist
  • Mortgage Calculator
  • Seller Guide
  • PPS Bash