Here’s a parenting hack for the books!
Who knew turning back the clock could be so effective? Have you ever tried this trick with your little ones?
Share your thoughts in the comments below!
Outdoor Projects Can Boost Curb Appeal When You Sell
Some Highlights
- In real estate, a good first impression is key. If the outside of a house looks welcoming, more people will want to come in and see it.
- Your agent helps you by giving advice on what you may want to prioritize, finding easy fixes that make a big difference, knowing what buyers in your area like, and showing off your updates in your listing.
- Let’s connect so you have expert advice on what’ll have the biggest impact in our area.
Downsizing After Retirement
- Gaining Financial Freedom
Considering downsizing for retirement? By moving to a smaller home, you can cut down on mortgage payments, energy costs, and maintenance expenses. Plus, selling your current home means making your home equity available.
- Harnessing Home Equity
Home equity can be a significant source of wealth for retirees. With the right real estate agent by your side, you can navigate the downsizing process smoothly, from setting the right price to finding your perfect smaller home.
What Every Homebuyer Should Know About Closing Costs
March 25, 2024
Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too.
Here’s some helpful information on what those costs are and how much you should budget for them.
What Are Closing Costs?
A recent article from Bankrate explains:
“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”
Simply put, your closing costs are the additional fees and payments you have to make at closing. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:
- Government recording costs
- Appraisal fees
- Credit report fees
- Lender origination fees
- Title services
- Tax service fees
- Survey fees
- Attorney fees
- Underwriting Fees
How Much Are Closing Costs?
According to the same Freddie Mac article mentioned above, they’re typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to budget.
Let’s say you find a home you want to purchase at today’s median price of $384,500. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,690 and $19,225.
But keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.
Make Sure You’re Prepared To Close
Freddie Mac provides great advice for homebuyers, saying:
“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”
The best way to do that is by partnering with a team of trusted real estate professionals. That gives you a group of experts to help you understand how much you’ll need to save and what you’ll want to be prepped for. It also means you have go-to resources for any questions that pop up along the way.
Bottom Line
Planning for the fees and payments you’ll need to cover when you’re closing on your home is important. Partnering with a local real estate professional can give you the guidance and confidence you need throughout the process.
Know Your Dues
Get to know your HOA dues like a pro Encanterra!
Test your knowledge with a quick game and see if you can beat our experts.
Think you’ve got what it takes? Let’s play!
Comment to join the fun!
Downsizing When Resizing
Considering downsizing in retirement? Here’s why it might be the smart move:
- Lower bills
- Reduced upkeep
- Potential windfall from selling your current home
Don’t overlook your home equity!
It could be a significant source of wealth in retirement. Use it wisely to find a home that better fits your needs today. Your real estate agent can guide you through the process.
Ask yourself these questions, then connect with us for personalized advice:
Are my current housing needs still in line with what I originally bought?
Could a smaller space better suit my lifestyle now? How much could I save by downsizing?
Supra Box!
Secure your home showings with a Supra lockbox!
No more worries about unauthorized access.
Plus, it provides detailed tracking for every entry, giving you peace of mind. Ready to ensure the safety of your property?
Connect with us to learn more!
Weed Hacks
Ready to tackle those pesky weeds?
Here’s a pro tip: always spray or pour with the sun at your back.
As the soil warms up, weeds start popping up everywhere, but with this hack, you’ll spot them all.
Don’t let weeds ruin your garden game! For more tips, contact us!
The Benefits of Downsizing When You Retire
If you’re taking a look at your expenses as you retire, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home.
When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:
“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”
That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Daniel Hunt, CFA at Morgan Stanley, explains:
“Home equity can be a significant source of wealth for retirees, often representing a large portion of their net worth. . . . Retirement planning can be complex, but your home equity shouldn’t be overlooked.”
And when you’re ready to use that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate.
What This Means for You
If you’re thinking about downsizing, ask yourself these questions:
- Do the original reasons I bought my current house still stand, or have my needs changed since then?
- Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
- What are my housing expenses right now, and how much do I want to try to save by downsizing?
Then, meet with a real estate agent to get an answer to this one: What are my options in the market right now? A local real estate agent can walk you through how much equity you have in your house and how it positions you to win when you downsize.
Bottom Line
Want to save money in retirement? Consider downsizing – it could really help you out. When you’re ready, let’s connect about your goals in the housing market this year. Message us @SHEA PREFERRED REALTY GROUP
Follow My Listing Prep Checklist
1. Cleaning Police
Dust and wipe down every surface, corner, hidden nook, blind and fan. Invest in a steam cleaner. The before and after may shock you but, from personal experience, the satisfaction is unparalleled.
2. De-Cluttering Dynamo
Bulky furniture or too many personal items can make a home appear smaller than it really is. Consider temporarily renting a storage unit for any excess belongings.
3. Handyman Hero
Tighten the leaky faucet, fix the squeaky door hinge, and paint the spot on the ceiling. The fewer issues a buyer can spot, the more appealing your home will be.
4. Exterior Achiever
Crisp and clean windows, a manicured lawn, fresh mulch, and a few pops of seasonal flowers go a long way for our first impression!
5. Staging Magician
Staging has been shown to increase a home’s sale price by 1-5% and decrease the time it spends on the market. (Say less!) We’ll hire the pros for this and watch their magic unfold before our eyes.
