Well, it has been too long since I posted an update. For that I apologize.
Below is information that will give you a snapshot of the Real Estate Market in Olive Branch, MS for 2010 (as compared to 2009).
In 2010 708 homes sold in Olive Branch, which was down 5% from the 745 homes that sold in 2009. HOWEVER, the median sales price ROSE 2% to $167,000 in 2010, from $163,685 in 2009. The average sales price remained stable at just over $176,000.
Another piece of good news is that the average time on market for sold homes dropped from 138 days in 2009 to 114 days in 2010. This is a great trend and one that we hope to see continue in 2011.
Homes that had the best chance of selling in 2010 were those priced in the $120,000-$140,000 price range. The homes that had the hardest time selling were those priced above $350,000.
We saw a gain in home sales during the first three quarters of 2010, but a drop in sales in the last quarter as a likely result of the 1st Time Home Buyer Tax Credit expiring.
So, what do we see for 2011? Great question and one that there is no sure answer for. Our best estimation is that sales and home prices should remain fairly steady throughout 2011, with a hopeful gain to begin near the last quarter of the year. Obviously there are a lot of factors in play . . . the interest rates and general economy being at the top of the list.
Speaking of interest rates, they have started sliding up just a little bit over the last month. So, if you or someone you know is sitting on the fence with regard to buying . . . my suggestion is not to wait too long. We anticipate that the interest rates will continue a slow climb - THOUGH, they will still be great in the grand scheme of things.
If you would like a more detailed report on your area, or if you would like to join my NEIGHBORHOOD EXPERT PROGRAM so that you can stay up-to-date with values in your area in "real-time", shoot me an e-mail or give me a call.
Thank you for allowing me to serve you!!
Monday, January 24, 2011
Thursday, September 2, 2010
Is it time to refinance? Maybe so, maybe not.
The economy is tough right now, but mortgage interest rates are at historic lows, so naturally, many of us with mortgages are thinking . . . "Hey, I could sure use a little extra cash every month . . . maybe I should refinance the house."
Is this the right move for you? Well, it really depends on several things:
Is this the right move for you? Well, it really depends on several things:
- Your current interest rate
- Your current loan balance
- The type of loan your currently have (fixed, adjustable rate, etc)
- The length of time you plan on staying in your current home
- Your current borrowing qualifications (like your credit score and income to debt ratio)
Here are some thoughts:
- Typically the cost to refinance a loan is 2.5%-3% of the loan amount. This cost can usually be financed into the loan, so you don't necessarily need to have that money up front. However, you typically want to make sure that the difference in your monthly payment will recoup the refi costs within 24-30 months . . . AND you need to make sure that you are going to stay in your home at least that long. If the costs to refi will take longer to recoup . . . it might still be something you want to consider IF you plan on staying in your home for a long time.
- Generally speaking, if your loan balance is less than $250,000, then you may need to see at least a 2% rate drop for it to make sense for you to refinance.
- If you currently have an ARM (adjustable rate mortgage) and you are past any "pre-payment penalty" time period, you definitely want to consider refinancing, no matter how much it will save you each month. This is because your rate is not stable and when the market picks up (and it will) there is no telling where your rate may go.
I hope that this information has been helpful to you. If you would simply like to ask questions about refinancing, or check rates, please give Norma Owings with Magna Bank a call at 901-301-4914 . . . or e-mail her at Norma.Owings@MagnaBank.com. She helped me put together this information for you and would love to help you if she can . . . and she is a lot like me . . . helpful, without being pushy (that's how I think I am anyway . . . hope you do too!! LOL).
As always, contact me any time you have any type of real estate need or question . . . AND remember I live off of REFERRALS, so if you can think of ANYONE to whom I could be of service, I would love it if you would give me a shout.
Thanks!!
Your Realtor,
Tracy
Tracy Kirkley
Wednesday, March 11, 2009
Olive Branch, MS Market Update
Residential properties in Olive Branch can be found in a wide array of price ranges. There are currently 619 homes listed for sale with prices ranging from just below $100,000 up to over $500,000 . . . with just a few over the $1,000,000 mark. The pricing breaks down as follows:
< $100,000 = 17 homes (Avg Days on Market = 113)
$100,000-$149,999 = 123 homes (Avg Days on Market = 138)
$150,000-$199,999 = 148 homes (Avg Days on Market = 161)
$200,000-$299,999 = 225 homes (Avg Days on Market = 229)
$300,000-$400,000 = 70 homes (Avg Days on Market = 301)
> $400,000 = 36 homes (Avg Days on Market = 332)
Supply has dropped in all price ranges. This is a good trend for sellers.
The average days on market for these listed homes is 206 days (up from 166 on 8/18/08). The average list price is $230,877 (down from $253,937 on 8/18/08).
Of these 620 homes for sale, 43 are showing to be foreclosures (7%).
-----------------------------------------------------
In the previous six months in Olive Branch there have been a total of 220 listed homes sell. The sold homes for the last six months break down as follows:
< $100,000 = 21 homes (Avg Days on Market = 85)
$100,000-$149,999 = 58 homes (Avg Days on Market = 88)
$150,000-$199,999 = 52 homes (Avg Days on Market = 169)
$200,000-$299,999 = 73 homes (Avg Days on Market = 141)
$300,000-$400,000 = 12 homes (Avg Days on Market = 148)
> $400,000 = 4 homes (Avg Days on Market = 291)
Sales activity has dropped by 35% since the previous six month period.
The average days on market for these sold homes was 132 days (down from 139 days on 8/18/08). The average sold price was $188,966 (down very slightly from $189,908 on 8/18/08). This indicates that buyers are still buying in the lower price ranges and shying away from thos $300,000 and above. One main reason for this could be buyers’ ability to qualify for FHA loans, which in our area have a loan limit of $271,050. Loans above that must be conventional and require a larger down payment.
-----------------------------------------------------
Based upon the information above there appears to currently be a 16.9 month overall supply of homes in Olive Branch IF no other homes come on the market. This is Absorption Rate . . . the rate at which the current inventory of homes would be expected to sell. The breakdown regarding supply in the price ranges is as follows:
< $100,000 = 4.85 month supply (up from 1.9 on 8/1/8/08)
$100,000-$149,999 = 12.7 month supply (up from 7.1 on 8/18/08)
$150,000-$199,999 = 17 month supply (up from 9.4 on 8/18/08)
$200,000-$299,999 = 18.5 month supply (up from 17.5 on 8/18/08)
$300,000-$400,000 = 35 month supply (up from 22 on 8/18/08)
> $400,000 = 53 month supply (up from 46.7 on 8/18/08)
-----------------------------------------------------
OK! That is a lot of information and a whole lot of numbers to absorb, so what the heck does it all mean for the average buyer or seller??? Well, here are my thoughts:
BUYERS
Buyers, your best bets for getting the best deals are still going to be for homes $200,000 and above . . . and especially in the $300,00 and above ranges. These sellers are in heavy competition, especially with the builders . . . because this is where the majority of the new construction exists.
Deals will also present themselves below the $200,000 mark . . . but you will be in tighter competition for those deals, so be sure to act fast! If you are looking for a home below $100,000, you may be in a situation of “take what you can find” because those are in very short supply in Olive Branch.
SELLERS
First and foremost, get a great Realtor, who is backed by a great company and lots of support. This is NOT the time to be looking for “cheap” when it comes to who helps you get your home sold . . . especially if you are in a position that you HAVE TO sell. The agent you hire needs to have a top notch marketing plan and be able to show you that they can get results. Ask the tough questions about their average days on market, what support they get from their company, what they absorption rate is for homes in your price range (if they can’t tell you this, then they have not done their home work . . . or they don’t know what it is). Hire your agent based upon their marketing plan, their knowledge of the business, if you feel they can be trusted, etc . . . DO NOT hire an agent based solely upon what they tell you they can get for your home. An agent cannot determine a selling price . . . the market does that. The agent can only render their opinion based upon the market’s recent history, the current market competition, the absorption rate, etc.
Second, DO NOT over-price your home. There are many reasons for this. In a highly competitive market, overpriced listings stay on the market much longer . . . even if you do reduce your price throughout the life of the listing. Homes that have a longer than average days on market get “shop worn”. In other words, folks don’t get as excited about them and wonder what is wrong with the house, since it has just been “sitting”. Your prime time for attracting buyers is within the first 3-4 weeks . . . so it is imperative that your home is priced right from the beginning. After the first few weeks, all of the “pent up” buyers go away, and then all you have are new buyers coming into the market place. “Pent up” buyers are those who have been looking and haven’t found yet what they want . . . so when a new home comes on the market, it is like fresh meat and all of the “pent up” buyers go rushing to it.
Third, BE SURE your home is in tip-top condition. This means that it should be in good repair, squeaky clean (inside and out), and free of clutter. You may also want to consider having a professional stager assist with staging the home to sell. However, if you have hired a great Realtor and you listen to AND do the things that they suggest, you should be in a good position with this regard.
Fourth, focus on the features of your home that set it apart from others. For instance, if in your price range all homes have tile floors in the kitchen and baths, don’t focus on that. Instead, focus on the fact that your is in a quiet cul-de-sac and has panoramic views of the countryside . . . or whatever the special features of your home are.
Sellers who see the market for what it is and poise themselves to be one step in front of the competition (whether by marketing, price, condition, features, or all of the above) will see the best results.
Good luck to you all, whether you are buying or selling. Opportunities exist for everyone if you know what you are doing and hire a great Realtor.
For additional information, don’t hesitate to contact me at 662-895-8300 or 901-210-8045.
Tracy
The information regarding homes listed and sold was compiled from the MLS system of the Northwest MS Assoc of Realtors. It is deemed reliable, but not guaranteed.
< $100,000 = 17 homes (Avg Days on Market = 113)
$100,000-$149,999 = 123 homes (Avg Days on Market = 138)
$150,000-$199,999 = 148 homes (Avg Days on Market = 161)
$200,000-$299,999 = 225 homes (Avg Days on Market = 229)
$300,000-$400,000 = 70 homes (Avg Days on Market = 301)
> $400,000 = 36 homes (Avg Days on Market = 332)
Supply has dropped in all price ranges. This is a good trend for sellers.
The average days on market for these listed homes is 206 days (up from 166 on 8/18/08). The average list price is $230,877 (down from $253,937 on 8/18/08).
Of these 620 homes for sale, 43 are showing to be foreclosures (7%).
-----------------------------------------------------
In the previous six months in Olive Branch there have been a total of 220 listed homes sell. The sold homes for the last six months break down as follows:
< $100,000 = 21 homes (Avg Days on Market = 85)
$100,000-$149,999 = 58 homes (Avg Days on Market = 88)
$150,000-$199,999 = 52 homes (Avg Days on Market = 169)
$200,000-$299,999 = 73 homes (Avg Days on Market = 141)
$300,000-$400,000 = 12 homes (Avg Days on Market = 148)
> $400,000 = 4 homes (Avg Days on Market = 291)
Sales activity has dropped by 35% since the previous six month period.
The average days on market for these sold homes was 132 days (down from 139 days on 8/18/08). The average sold price was $188,966 (down very slightly from $189,908 on 8/18/08). This indicates that buyers are still buying in the lower price ranges and shying away from thos $300,000 and above. One main reason for this could be buyers’ ability to qualify for FHA loans, which in our area have a loan limit of $271,050. Loans above that must be conventional and require a larger down payment.
-----------------------------------------------------
Based upon the information above there appears to currently be a 16.9 month overall supply of homes in Olive Branch IF no other homes come on the market. This is Absorption Rate . . . the rate at which the current inventory of homes would be expected to sell. The breakdown regarding supply in the price ranges is as follows:
< $100,000 = 4.85 month supply (up from 1.9 on 8/1/8/08)
$100,000-$149,999 = 12.7 month supply (up from 7.1 on 8/18/08)
$150,000-$199,999 = 17 month supply (up from 9.4 on 8/18/08)
$200,000-$299,999 = 18.5 month supply (up from 17.5 on 8/18/08)
$300,000-$400,000 = 35 month supply (up from 22 on 8/18/08)
> $400,000 = 53 month supply (up from 46.7 on 8/18/08)
-----------------------------------------------------
OK! That is a lot of information and a whole lot of numbers to absorb, so what the heck does it all mean for the average buyer or seller??? Well, here are my thoughts:
BUYERS
Buyers, your best bets for getting the best deals are still going to be for homes $200,000 and above . . . and especially in the $300,00 and above ranges. These sellers are in heavy competition, especially with the builders . . . because this is where the majority of the new construction exists.
Deals will also present themselves below the $200,000 mark . . . but you will be in tighter competition for those deals, so be sure to act fast! If you are looking for a home below $100,000, you may be in a situation of “take what you can find” because those are in very short supply in Olive Branch.
SELLERS
First and foremost, get a great Realtor, who is backed by a great company and lots of support. This is NOT the time to be looking for “cheap” when it comes to who helps you get your home sold . . . especially if you are in a position that you HAVE TO sell. The agent you hire needs to have a top notch marketing plan and be able to show you that they can get results. Ask the tough questions about their average days on market, what support they get from their company, what they absorption rate is for homes in your price range (if they can’t tell you this, then they have not done their home work . . . or they don’t know what it is). Hire your agent based upon their marketing plan, their knowledge of the business, if you feel they can be trusted, etc . . . DO NOT hire an agent based solely upon what they tell you they can get for your home. An agent cannot determine a selling price . . . the market does that. The agent can only render their opinion based upon the market’s recent history, the current market competition, the absorption rate, etc.
Second, DO NOT over-price your home. There are many reasons for this. In a highly competitive market, overpriced listings stay on the market much longer . . . even if you do reduce your price throughout the life of the listing. Homes that have a longer than average days on market get “shop worn”. In other words, folks don’t get as excited about them and wonder what is wrong with the house, since it has just been “sitting”. Your prime time for attracting buyers is within the first 3-4 weeks . . . so it is imperative that your home is priced right from the beginning. After the first few weeks, all of the “pent up” buyers go away, and then all you have are new buyers coming into the market place. “Pent up” buyers are those who have been looking and haven’t found yet what they want . . . so when a new home comes on the market, it is like fresh meat and all of the “pent up” buyers go rushing to it.
Third, BE SURE your home is in tip-top condition. This means that it should be in good repair, squeaky clean (inside and out), and free of clutter. You may also want to consider having a professional stager assist with staging the home to sell. However, if you have hired a great Realtor and you listen to AND do the things that they suggest, you should be in a good position with this regard.
Fourth, focus on the features of your home that set it apart from others. For instance, if in your price range all homes have tile floors in the kitchen and baths, don’t focus on that. Instead, focus on the fact that your is in a quiet cul-de-sac and has panoramic views of the countryside . . . or whatever the special features of your home are.
Sellers who see the market for what it is and poise themselves to be one step in front of the competition (whether by marketing, price, condition, features, or all of the above) will see the best results.
Good luck to you all, whether you are buying or selling. Opportunities exist for everyone if you know what you are doing and hire a great Realtor.
For additional information, don’t hesitate to contact me at 662-895-8300 or 901-210-8045.
Tracy
The information regarding homes listed and sold was compiled from the MLS system of the Northwest MS Assoc of Realtors. It is deemed reliable, but not guaranteed.
Tuesday, November 18, 2008
Crye-Leike Realtors Launches New Program to Help Stem the Flow of Foreclosures
Crye-Leike, Realtors is launching a grassroots effort to Stem the Flow of Foreclosures.
Harold Crye and Dick Leike are calling on their agents & managers, to reach out personally and help a family facing foreclosure. Please read the letter below sent out to Crye-Leike agents from our Cofounders and help us "Save The Dream" for as many homeowners as possible.
Dear Crye-Leike Family,
There are now hundreds of thousands of families all across America facing foreclosure because they simply cannot afford their mortgage payments, or they owe far more than their house is currently worth. To make matters even worse, the Mortgage Bankers Association reports that approximately 50% of home owners who do lose their homes to foreclosure have never once contacted their lender.
With this stark reality in mind, we are writing to you today to initiate a system-wide Call-to-Action to the more the thousands of brokers, managers and sales professionals who are affiliated with us. We are asking each of you to help "Save the Dream" of home ownership for just one family facing foreclosure. We believe that we have both an opportunity and an obligation to help our neighbors and our local communities by trying to prevent as many foreclosures from occurring as possible.
This "Save the Dream" initiative may require several hours or even a few days of your time, but we are confident the end result will be well worth the effort, both personally and professionally. Specifically, we are asking each of you to find just one family in your local community who may be facing foreclosure and help them reach out to their lender or a housing counseling agency so that they can begin the process of exploring a loan workout solution and hopefully stay in their homes. If you don't know of anyone in this unfortunate position, we're confident that you can use your networking skills to find someone who needs this kind of help and approach them in confidence and with great sensitivity to the situation. Collectively, we can make a difference.
Here are direct links to two of the best resource sites available that you can use both to educate yourselves and to share with people in need of learning more about how they can help themselves avoid foreclosure:
Guide to Avoiding Foreclosure (U.D. Department of Housing and Urban Development)
The HOPE NOW Alliance and the Homeowner's HOPE Hotline (1-888-995-HOPE)
One thing we have learned during our career as real estate professionals is that we REALTORS® are very focused on community service. You spend time every year supporting a myriad of very worthwhile causes like Habitat for Humanity, Youth Villages, Big Brothers Big Sisters, Toys for Tots and Make-A-Wish, to name just a few. You know firsthand that doing good deeds is indeed good business. More than that, we know you care deeply about your communities.
America got into this foreclosure crisis one house at a time, and we need to resolve it one house at a time. Please help "Save the Dream" for someone today.
Thank you.
Sincerely,
Harold Crye and Dick Leike
If you know of anyone who is at risk of foreclosure, please contact me and I will do all that I can to help them keep their home. THANKS!
Tracy Kirkley
Crye-Leike Realtors
662-895-8300
901-210-8045
TKirkley@crye-leike.com
www.SearchOliveBranchHomes.com
Harold Crye and Dick Leike are calling on their agents & managers, to reach out personally and help a family facing foreclosure. Please read the letter below sent out to Crye-Leike agents from our Cofounders and help us "Save The Dream" for as many homeowners as possible.
Dear Crye-Leike Family,
There are now hundreds of thousands of families all across America facing foreclosure because they simply cannot afford their mortgage payments, or they owe far more than their house is currently worth. To make matters even worse, the Mortgage Bankers Association reports that approximately 50% of home owners who do lose their homes to foreclosure have never once contacted their lender.
With this stark reality in mind, we are writing to you today to initiate a system-wide Call-to-Action to the more the thousands of brokers, managers and sales professionals who are affiliated with us. We are asking each of you to help "Save the Dream" of home ownership for just one family facing foreclosure. We believe that we have both an opportunity and an obligation to help our neighbors and our local communities by trying to prevent as many foreclosures from occurring as possible.
This "Save the Dream" initiative may require several hours or even a few days of your time, but we are confident the end result will be well worth the effort, both personally and professionally. Specifically, we are asking each of you to find just one family in your local community who may be facing foreclosure and help them reach out to their lender or a housing counseling agency so that they can begin the process of exploring a loan workout solution and hopefully stay in their homes. If you don't know of anyone in this unfortunate position, we're confident that you can use your networking skills to find someone who needs this kind of help and approach them in confidence and with great sensitivity to the situation. Collectively, we can make a difference.
Here are direct links to two of the best resource sites available that you can use both to educate yourselves and to share with people in need of learning more about how they can help themselves avoid foreclosure:
Guide to Avoiding Foreclosure (U.D. Department of Housing and Urban Development)
The HOPE NOW Alliance and the Homeowner's HOPE Hotline (1-888-995-HOPE)
One thing we have learned during our career as real estate professionals is that we REALTORS® are very focused on community service. You spend time every year supporting a myriad of very worthwhile causes like Habitat for Humanity, Youth Villages, Big Brothers Big Sisters, Toys for Tots and Make-A-Wish, to name just a few. You know firsthand that doing good deeds is indeed good business. More than that, we know you care deeply about your communities.
America got into this foreclosure crisis one house at a time, and we need to resolve it one house at a time. Please help "Save the Dream" for someone today.
Thank you.
Sincerely,
Harold Crye and Dick Leike
If you know of anyone who is at risk of foreclosure, please contact me and I will do all that I can to help them keep their home. THANKS!
Tracy Kirkley
Crye-Leike Realtors
662-895-8300
901-210-8045
TKirkley@crye-leike.com
www.SearchOliveBranchHomes.com
Friday, October 17, 2008
$30 Million Subdivision Planned for Olive Branch - Caters to Seniors
According to the Desoto Times-Tribune:
Construction of a $30 million planned commercial subdivision that will cater to senior citizens is expected to begin in December in Olive Branch. Preliminary plans for the development, to go up at 5500 Goodman Road in Olive Branch, were approved by city planning commissioners on Tuesday.
For more of this story, click on or type the URL below:
http://www.desototimes.com/articles/2008/10/16/news/doc48f7177e1aca6492687363.txt
Tracy Kirkley
Crye-Leike Realtors
662-895-8300
Olive Branch Homes for Sale
Construction of a $30 million planned commercial subdivision that will cater to senior citizens is expected to begin in December in Olive Branch. Preliminary plans for the development, to go up at 5500 Goodman Road in Olive Branch, were approved by city planning commissioners on Tuesday.
For more of this story, click on or type the URL below:
http://www.desototimes.com/articles/2008/10/16/news/doc48f7177e1aca6492687363.txt
Tracy Kirkley
Crye-Leike Realtors
662-895-8300
Olive Branch Homes for Sale
Thursday, October 16, 2008
My Notes from a Presentation by Lawrence Yun, Chief Economist for NAR
I just got back from the Crye-Leike Fall Conference, where we were fortunate to have as one of our keynote speakers, Lawrence Yun, the Chief Economist for the National Association of Realtors.
Following are some of my notes from his presentation:
Following are some of my notes from his presentation:
- Normal unemployment is 5%, we are currently at 6%. While we could top out at 7%, he feels it is doubtful.
- The national housing market will start rebounding soon (some areas have already begun). However, we will not see the '05 or '06 frenzy anytime soon . . . there was too much speculative buying during that time.
- As the rebound happens, we will still have fewer buyers . . . however, they will be more qualified.
- Certain parts of the country are already beginning to rebound: ID, CA, NV, AZ, VA, FL.
- Areas that are still struggling are: AK, WY, MO, KY, IN, WV, WA.
- In the very affordable parts of the country (TN & MS included), one would think that sales would be fine. However they are still down because of two primary reasons: tightening of credit and low buyer confidence (which is due primarily to negative media).
- Washington is of the mind that to get the economy back on track, we must get the housing market back on track. Paulson asked that the currently tight loan requirements be loosened. The goal is to get the pendulum back to the meeting.
- Nationally, prices are beginning to stabilize.
- With regard to the First-Time Homebuyer Tax Credit: it can help unleash a chain reaction for the trade-up buyer. Also, even with the repayment requirement, it is still a great deal . . . because money today is always better than money tomorrow.
- FHA loan market share has gone from less than 5% in 2005-2007 to a projection of 20% in 2008 and 27% in 2009.
- Conventional loan products' default rate is consistently less than 5%.
- Subprime products' default rate is consistently 10%+ and is currently about 20%.
- There is neighborhood variation with regard to pricing stability. All real estate is local. Those neighborhoods in which buyers primarily used conforming loans, prices are remaining stable.
- Inventory of homes for sale is beginning to shrink . . . this will lead to greater demand and will help prices stabilize.
- The home price forecast from a survey of 800 economists is that nationally, housing prices will stabilize in the first half of 2009.
- The dollar is beginning to strengthen compared to the Euro, which will help bring oil prices down.
I hope you find this information useful. If you would like to discuss this, don't hesitate to give me a call.
Tracy Kirkley
662-895-8300
Olive Branch Homes for SaleWednesday, October 8, 2008
This is a Great Time to Buy a House . . . but
But . . . you don't know how to get started?
If you are a First-Time Homebuyer or a Seasoned Veteran Homebuyer, the dilemma can be the same . . . because let's face it, this is not something that most people do every day. So, here are a few pointers for you:
Find a Realtor to Help You. I really cannot stress this enough. By having your own Realtor, you can save time, save headaches, and save money. Your Realtor can help you save time because they are more familiar with the market and where the best places are to look for just the right house for you. So many folks spend time driving around in neighborhoods that end up being out of their price range . . . or they look through the magazines and call on every house that looks interesting, just to find out that the house is out of their range or has already been sold. That is a lot of time wasted. After you have a counseling session with your Realtor, they can "pre-screen" homes to make sure that they have the things your are looking for and are in your price range. Your Realtor can hep you save headaches because they know the ropes. They know what paperwork needs to be used and what it all means; they know how to help protect your interests by recommending home inspections, special contract addenda, financing options, etc; and they know how to help you steer clear of problems, or how to successfully get through problems that may occur. Your Realtor can help you save money because typically they have had special negotiating training and are practiced at it; they regularly become aware of some great deals before they ever come on the market; they know what "incentives" that local builders are willing to give (even thought the builders may not advertise it); and they can pull a Comparative Market Analysis (CMA) and help you analyze what similar properties are selling for. When choosing a Realtor, make sure that they are a good fit for you (see my post on Selecting the Right Realtor for You . . . it is geared more towards if you are selling a house, but many of the points/questions will work for a Buyer's Agent too). Also, once you have found a good Realtor, stick with them and listen to their advice. Also, most Buyer's Agents are paid through the listing side of the transaction, so you don't have to pay them.
Get Pre-Approved for Your Mortgage. Before you go out looking for a home is the perfect time to talk to a mortgage company. Not only will this help you establish the price range in which you should be looking, it will help to give you better negotiating power when you do find the right house. How does it do this? Well, think about this . . . if you make an offer on a house and you already have the backing of a strong mortgage company, the sellers know that they have a "real" buyer who can actually purchase their house and they are going to be much more willing to negotiate with you. This is as opposed to someone who makes an offer and has not been to a mortgage company. In this case, the sellers are not really certain that the buyer can buy, and so therefore may not be as willing to come off of their asking price.
Keep Your Finances Stable Until Closing. This means: don't go buy a new car, don't deplete all of your cash reserves, don't quit your job, don't go buy a new plasma tv (or any other high ticket item). In other words, once you are serious about buying a house, put all of the rest of your spending on hold at least until you have closed on your home.
Do Your Homework. Get online and do a little research about the area that you are thinking of moving to. This might trigger questions that you should ask your Realtor. This will also help you to determine how much house you can get for the money that you are planning on spending.
I could probably go on and on about the process and all of the things you need to look for . . . but if you follow my advice on item #1 (Find a Realtor to Help You), then your Realtor will walk you through everything.
Now, GO BUY A HOUSE . . . BECAUSE THIS IS A GREAT TIME TO DO IT!!!
Tracy Kirkley
Crye-Leike Realtors
662-895-8300
For more information on the home-buying process, go to http://www.tracykirkley.com/.
If you are a First-Time Homebuyer or a Seasoned Veteran Homebuyer, the dilemma can be the same . . . because let's face it, this is not something that most people do every day. So, here are a few pointers for you:
Find a Realtor to Help You. I really cannot stress this enough. By having your own Realtor, you can save time, save headaches, and save money. Your Realtor can help you save time because they are more familiar with the market and where the best places are to look for just the right house for you. So many folks spend time driving around in neighborhoods that end up being out of their price range . . . or they look through the magazines and call on every house that looks interesting, just to find out that the house is out of their range or has already been sold. That is a lot of time wasted. After you have a counseling session with your Realtor, they can "pre-screen" homes to make sure that they have the things your are looking for and are in your price range. Your Realtor can hep you save headaches because they know the ropes. They know what paperwork needs to be used and what it all means; they know how to help protect your interests by recommending home inspections, special contract addenda, financing options, etc; and they know how to help you steer clear of problems, or how to successfully get through problems that may occur. Your Realtor can help you save money because typically they have had special negotiating training and are practiced at it; they regularly become aware of some great deals before they ever come on the market; they know what "incentives" that local builders are willing to give (even thought the builders may not advertise it); and they can pull a Comparative Market Analysis (CMA) and help you analyze what similar properties are selling for. When choosing a Realtor, make sure that they are a good fit for you (see my post on Selecting the Right Realtor for You . . . it is geared more towards if you are selling a house, but many of the points/questions will work for a Buyer's Agent too). Also, once you have found a good Realtor, stick with them and listen to their advice. Also, most Buyer's Agents are paid through the listing side of the transaction, so you don't have to pay them.
Get Pre-Approved for Your Mortgage. Before you go out looking for a home is the perfect time to talk to a mortgage company. Not only will this help you establish the price range in which you should be looking, it will help to give you better negotiating power when you do find the right house. How does it do this? Well, think about this . . . if you make an offer on a house and you already have the backing of a strong mortgage company, the sellers know that they have a "real" buyer who can actually purchase their house and they are going to be much more willing to negotiate with you. This is as opposed to someone who makes an offer and has not been to a mortgage company. In this case, the sellers are not really certain that the buyer can buy, and so therefore may not be as willing to come off of their asking price.
Keep Your Finances Stable Until Closing. This means: don't go buy a new car, don't deplete all of your cash reserves, don't quit your job, don't go buy a new plasma tv (or any other high ticket item). In other words, once you are serious about buying a house, put all of the rest of your spending on hold at least until you have closed on your home.
Do Your Homework. Get online and do a little research about the area that you are thinking of moving to. This might trigger questions that you should ask your Realtor. This will also help you to determine how much house you can get for the money that you are planning on spending.
I could probably go on and on about the process and all of the things you need to look for . . . but if you follow my advice on item #1 (Find a Realtor to Help You), then your Realtor will walk you through everything.
Now, GO BUY A HOUSE . . . BECAUSE THIS IS A GREAT TIME TO DO IT!!!
Tracy Kirkley
Crye-Leike Realtors
662-895-8300
For more information on the home-buying process, go to http://www.tracykirkley.com/.
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