February 2018 RE/MAX National Housing Report

Before You Buy A House, Get Your Ducks In A Row

Before You Buy A House, Get Your Ducks In A Row

 

Not ready to buy now? That's not always a bad thing. It gives you time to get everything together. 

This information that I'm going to give you will benefit you so you can have everything you need prior to starting out on your home buying transaction.

INCOME

  First of all you need to get your proof of income together. That is your last three years tax returns and your last 6 months of check stubs if applicable. If you haven't filed this year's tax returns get advice from your loan officer first. Your annual household income will help you determine your purchasing power. In the average case a person can buy a house worth 3 times what their annual income is. For example if your annual household income is $150,000 then your purchasing power will be approximately a $450,000 house give or take, depending on your credit score and your debt to income ratio also known as DTI.

CREDIT

 Speaking of credit that's the second thing you need to have knowledge of. What your debt to income ratio is now and what it will be after you purchase a home. New lending requirements have lowered the debt to income ratio which will weaken your purchasing power. You might have to pay off a couple bills and I can refer you to my loan officer for more accurate information on that. You only need a 580 credit score to qualify for an FHA loan.

LOANS 

Speaking of loans, that is the other thing you need to have knowledge about. An FHA loan only requires a 3.5% down payment and a conventional loan can be anywhere from 5% to 20% for the down payment. So you need to have some money saved up for your down payment and 6 months of escrow, my loan officer can give you more details if you don't have one yet. There are FHA loan limits in Florida so click here to check for the county you want to live in.

AREA

Know the area you want to buy in. What are the home prices and do they match your home needs? What is most important to you- the area, the schools, the home, the proximity to attractions or shopping etc. Select your most important priorities and figure out what your deal-breakers are to save you and your real estate agent some time.

Buying a home isn't as difficult as it may seem if you have solid support and guidance along the way.

Priscilla Hammond Real Estate Agent

Desari Jabbar Realty Group

925 Main St #104, Stone Mountain, GA 30083

Direct 678-378-1802
My real estate website

Happy home hunting!!

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2BR 2BA Condo For Sale in the Renaissance of Pompano Beach

Yes this can be your new home!! Enjoy this tastefully remodeled northeast corner unit with ocean, canal and intracoastal views!! This unit is very spacious and has a renovated kitchen and bathrooms with lovely tile floors throughout. Two balconies with spectacular water views overlooking the Atlantic Ocean and Intracoastal. Washer and dryer in the unit. Boutique building that is very well maintained and managed located across the street from golden sand beaches. Deeded 40-foot dock can be purchased for an additional $50,000 and a covered parking space can be purchased for an additional $30,000.

Located in the Renaissance of Pompano Beach condominium community the complex features a secured lobby, elevator, a billiards room, clubhouse, club room, community room, exercise room, extra storage, heated pool and hot tub.

The unit features fire sprinklers, walk-in closets, dishwasher, disposal, high impact Windows, high-impact glass, high impact doors and so much more come and see for yourself.

Listing provided courtesy of:

 Christian Duhaime 
Remax Consultants Realty 1
1625 South East 17th Street Causeway Fort Lauderdale Florida 33316.
And you can contact me for showings or more information

Priscilla Hammond

.Remax Consultants Realty 1
1625 South East 17th Street Causeway Fort Lauderdale Florida 33316

305.783.4269

 

1361 S. Ocean Blvd., 33062    google map | yahoo map

Bedrooms: 2

• Location: Ft Lauderdale, Pompano Beach, FL

• Post ID: 79253497 ftlauderdale

 

#luxury Florida condo for sale #pompano beach florida #floridarealestate #buying a home #selling a home

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$450,000, 2br, Fabulous 2R 2BA Condo For Sale in the luxurious Porto Bellagio Condominiums (Sunny Isles Beach, FL) real estate for sale: homes for sale

 

Going Through A Divorce In Florida And You Need To Sell Your Home???

Going Through A Divorce In Florida And You Need To Sell Your Home???

Agreeing to sell your home can be a wise decision when getting a divorce because you can easily divide up your assets and use the money for new financial expenses that may arise for both parties.

Since you and your husband or wife have decided to sell your home because you're getting a divorce this information is vital for a successful transaction.

You will need to choose the real estate agent who is committed to hustle and put in the time and effort needed to sell your house fast.

The agent you select will have to be great at marketing and advertising your property to a wide variety of platforms and qualified buyers.

Finding a qualified real estate agent will help save you time and trouble and is your best option under any circumstance.

 One of the things that you don't want to do when you list your house for sale with the real estate agent is make your listing a cash only or all cash listing. This can cause unnecessary delays because pre-qualified buyers are prevalent in every real estate market more so than someone who can afford to pay a million dollars cash for a house. Or any amount for that matter. Make sure the listing agent inputs a variety of financing options for a quick home sale.

Time is of the essence so you should accept all financing types as long as the buyer is pre-approved.

You will need to know the fair market value of your home contact me for a complimentary home value report. During this transition in your life I'm happy to help in all ways possible.

Priscilla Hammond

Real Estate Agent

RE/MAX Consultants Realty 1

1625 SE 17th St. Causeway

Ft. Lauderdale, FL 33316 Office 954-767-4667

Direct 305-783-4269 

#sellyourhome #sellingahome #sellingahomebecauseofdivorce #listyourhouseforsale

Superbowl 2018 Tailgating Recipes, Drinks and Games

The Top 5 Mistakes Home Buyer's Make

The Top 5 Mistakes Home Buyer's Make

This blog post is inspired by some of my previous experiences with people who have contacted me that want to buy a house.

These are 5 biggest and most common mistakes I've seen that ruin a buyer's chance to buy the home of their dreams.

1. Have sufficient income but claim part of it as a loss on your tax returns. The income that you've claimed as a loss will not count toward your qualifying income for a mortgage loan to buy a home in Florida. Most lenders will use the last 2 years of tax returns if you're self employed and your net income is traditionally the only income that will count.

2. Lack of knowledge about the area they think they want to buy or live in. Several buyers say they want to live in a certain area but they have no direct knowledge of the area, the schools, the shopping centers, the entertainment and most importantly of all-the prices of the homes in the area. I'm paying for a lead service for zip code 33024 in Cooper City Florida and you wouldn't believe the number of people looking to buy foreclosures and fixer uppers in Cooper City. Those home types in that area are few and far between, can we just say "looking for a needle in a haystack". If you want to buy a home in Cooper City Florida, the average home price is $465,000.

3. Uneducated on the price range in the area they're looking to buy a Florida home in. You cannot say you're looking to buy in an area where the median home price is $500,000 and want to find a home for $100,000. Either you would want to adjust your price range for the area you want to buy a home in or adjust the area you want to buy a home in to the price range you want.

4. Not using a licensed Real Estate Agent to buy their home. The market in South Florida is tricky because the "regular" home buyer has competition from investor buyers and it makes it difficult for an unlicensed person to know exactly what and how to negotiate the sale. Make the best home buying choice by selecting a licensed professional to help you. We're legally licensed and officially trained to help you find the home you want to buy anywhere in the state of Florida.

5. Not having enough saved for their closing costs. There are some ways to buy a home with no money down, but for the most part you'll need approximately 5-20% of the purchase price saved for a down payment, earnest money and your closing costs combined.

If you're in the market to buy a home in South Florida please take this advice to heart and make wise money moves that will ensure you have a pleasant and successful home buying experience.

Priscilla Hammond
Licensed Real Estate Agent
RE/MAX Consultants Realty 1
1625 SE 17th St. Causeway
Fort Lauderdale, FL 33316 Office 954-767-4667
Direct 305-783-4269
Direct 770-875-4780

Top 4 Reasons You Need A Termite Inspection When Buying A House

 

Top 4 Reasons You Need A Termite Inspection When Buying A House

You're in the process of buying a home and your Real Estate Agent calls you and tells you that the seller has accepted your offer on your dream home!!  Woohoo, Yippee, Hooray!!!!  Then your Agent tells you that the seller doesn’t have a termite letter and you should get a termite inspection.

 What is a termite inspection and do you really need one?

The answer is most definitely, yes. It's a minuscule cost for such a major investment.
 

1. The termite inspection can save you a lot of money, time and trouble down the road. 

2. You want to be aware of any termite damage to the home before ownership of the home is transferred to you. If termites are found, the real estate agent who's representing you can go back to the seller and attempt to re-negotiate your sales contract before you purchase the home. If the seller has not already given you a credit for repairs on the home and sometimes even when they have.

3. If you’re getting a loan for the home your lender will usually require a termite letter dated within a specified time frame of your closing. As soon as the termite inspection is performed, the buyer’s agent or the buyer should make sure the lender gets a copy of the report.

4. A termite bond is a contract between the property owner and a termite treatment company which addresses future termite infestations.

A re-treatment bond obligates the termite company to re-treat the property in the event of a future termite infestation.

A repair bond obligates the termite company to re-treat the property for future infestations and repair any damage caused by the termites. There is traditionally a limited dollar amount for those repairs specified in your contract/bond with the termite company. This is the preferred option.

Should you buy a home that the termite company has found to have termites or termite damage? That is mainly up to you and would depend on several factors. How bad do you want the home? The extent of the infestation and the damage? Are you comfortable with having the termite company treat and/or repair the home?

#termite inspection #termite bond  #buying a home  

Priscilla Hammond, Licensed Real Estate Agent

RE/MAX Consultants Realty 1 Office (954) 767-4667                

Direct (305) 783-4269