Posts with tag 'Finances'

Even with home prices rising slightly in some areas around Roanoke, there remains a solid demand among buyers to purchase second properties. I'm a big fan of second homes if the purchase makes sense for you. Because no matter how you intend to use the property, the right second home can be an excellent investment in your financial future.

Before you jump in, let's talk about some of things you should do to ensure you have a clear idea of your options.

Determine the purpose of the property

Very often, I'm working with clients from out of the area who are looking for a retirement (or vacation-to-retirement) home. Perhaps they have family in the area and want to get back this way to be closer to children and grandchildren. In fact, it's sometimes the children who contact me first.

In these...

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With fall settling in all around the Roanoke Valley and winter just on the horizon, many potential buyers are asking themselves whether they should buy now or wait until the new year. After all, the next couple of months are a busy time for everyone. Adding a home purchase on top of it all might be more than you want to take on.

Even so, there are good reasons to stay in the market and buy a house before the end of the year. So before you hang up your house-hunting hat, consider these advantages to buying now.

Mortgage rates are still low

After a surge in mortgage rates in late 2016/early 2017, rates on 30-year fixed mortgages largely trended downward until September. Now, they've started to inch upward again, as this graphic from lender FreddieMac shows....

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You've decided to buy a house and are working with a Realtor to find your next dream home. You're in the zone: You've separated your must-haves from your nice-to-haves, you've been prequalified, you've found lots of homes within your budget.

Now, put all that on pause for just a second.

In all the excitement and activity around buying a new home, let's stop for just a minute and think like a seller. When it's time to put this home on the market, what sort of return will you see on your investment? Will you get your money back? Better yet, will you be able to realize enough profit to make your next housing decision?

The potential resale value of your home won't be THE deciding factor...

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I love my job because it's different every day. One day, I might be working with a family who is relocating to Roanoke, and I get the opportunity to show them my hometown. The next day, it might be empty-nesters who are looking to downsize into their next dream home.

I also work a lot with real estate investors. These folks buy homes that are in poor condition, often have been foreclosed on, and are in the hands of the bank or a foreclosure company. After the purchase, the investors rehab the house -- doing repairs and adding upgrades that get the home back in liveable condition -- and resell it, hopefully at a profit. This is also called "flipping."

What I love about rehabbed homes is that they often present super opportunities to buyers who otherwise wouldn't be able to afford a home with all the upgrades found in a rehab: A...

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I'm not a big fan of surprises on closing day. Usually, when someone at the closing table is surprised, it's not about something good.

Whether you're a buyer or a seller, knowing what you're on the hook for when we get to your closing helps keep surprises to a minimum. Federal regulations require lenders to issue a Closing Disclosure three business days before you're scheduled to close. The document spells out in detail what each party has to pay at closing. If you see things that don't make sense or that you didn't expect, the three days gives us time to get it resolved.

The specific terms of an individual real estate transaction vary based on our negotiations with the other party, but in general you can expect to see these items in your disclosure:

Paid by the seller

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