Cheryl Phelan - Coldwell Banker Residential Brokerage - Plymouth

Posted by Cheryl Phelan on 2/21/2018

When you’re shopping for a home, it’s easy to be overzealous in your attempt to find the perfect property. One of the biggest regrets of home buyers is that of paying too high a price for their dream home. There should be a balance between cost and the right property for you. No matter what kind of house you’re looking to buy or where you plan to buy it, a little planning goes a long way to help you get the most for your dollar when buying a home. Below, you’ll find some tips to help you avoid the dreaded mistake of overpaying for a home.

 Look For Amenities That Increase Value

Does the neighborhood you’re looking to buy in have a lot of cool perks? Perhaps the property is close to the heart of downtown or close to one of the most desirable schools in the area. These features add value to the home based on the demand in the neighborhood. 

You should also consider if the neighborhood is known as what’s termed “up and coming.” The potential that a neighborhood is also a factor in the price of a home. Is there a lot of construction going on in the area? Is the home you’re buying in a great area but considered a “fixer upper”? High potential properties in desirable areas can actually give you a bargain. A nice property in an area that is still being established can also be a bargain but beware. You may end up paying a higher price as sellers and developers understand that people are eager to move into the neighborhood. Also, if a neighborhood seems to be built up too much, it’s not a good sign. An overdeveloped area can lead to decreased property values over time.         

Inside the home, look for things that have been updated to increase the value of the property. An updated kitchen and bathroom add the most cost to a home as these are the most expensive rooms to renovate. Other perks in a home that greatly increase the value include new flooring, new roof, being situated on a cul-de-sac or dead end street, and easy access to highways and main routes.  

Know That Some Features Decrease Value

Things like power lines, poor economic growth in the community, high-traffic areas, foreclosures, and unkept homes can all drag down the value of a property. If you happen to be looking in one of these areas, understand that you shouldn’t be paying top dollar for a home there. Look for bargains. Whether you plan to stay or simply flip a property, you need to know at what point the price will be right without overpaying for the home.    

Categories: house prices  

Posted by Cheryl Phelan on 1/24/2018

If you're on the fence about whether to attend an open house, there is no need to worry. Ultimately, it is always better to err on the side of caution, especially if you're on the hunt for your dream home. And if you attend an open house, you may be better equipped than ever before to determine whether a particular residence is right for you.

There are many reasons why you should attend an open house, and these include:

1. You can assess a house both inside and out.

An open house provides a stress-free opportunity to walk through a house and examine it on your own. As such, an open house is a can't-miss event, particularly for a homebuyer who is actively seeking the perfect residence.

Of course, an open house enables you to learn about a home's condition both inside and out. And if you find that you like a home after you attend an open house, you can always set up a one-on-one home showing with a seller's agent or submit an offer to purchase.

2. You can envision what life may be life if you purchase a particular home.

It's one thing to look at pictures of a home and imagine what it would be like to live there. However, homebuyers who want to do everything possible to find the right residence should attend an open house to fully capture what it may be like if they purchase a particular residence.

Remember, how a home makes you feel can have far-flung effects on your decision about whether to submit an offer. And if you attend an open house, you may quickly discover whether you can picture yourself as the owner of a residence. Or, if you find that you are uncomfortable with a home, you can instantly move on and pursue other houses.

3. You can obtain home insights that you won't necessarily find in a house listing.

A home listing often contains details about a home's age, recent house upgrades and other pertinent information. But a home listing alone rarely provides you with all of the insights you need to make an informed decision about whether to submit a homebuying proposal.

During an open house, you can ask a seller's agent lots of questions about a residence. This will enable you to obtain insights that you otherwise may struggle to discover in a home listing. And as a result, you'll be able to make the best-possible decision about how to proceed with a residence.

Clearly, there are many reasons to consider attending an open house. If you need extra help as you pursue residences and debate whether to attend open houses, you may want to hire a real estate agent. This housing market professional can offer expert guidance throughout the homebuying journey. By doing so, a real estate agent will make it easy for you to find your ideal residence in no time at all.

Categories: Buying a Home   open house  

Posted by Cheryl Phelan on 10/25/2017

Ready to make your homeownership dream a reality? In some cases, you may need to submit a home offer that surpasses a home seller's initial asking price, and these cases include:

1. You've fallen in love with a house.

Once you've found your dream residence, you'll want to do everything possible to secure this home as quickly as possible. Therefore, if you fall in love with a house, you can submit an offer that exceeds a home seller's initial asking price in the hopes of streamlining the homebuying journey.

Of course, before you submit an offer on any house, it is paramount to understand what differentiates an average home from a great one.

A great residence is one that you can enjoy both now and in the future. It likely will require minimal initial repairs, and as such, will be worth your time and resources.

2. You are facing steep competition.

For homebuyers who are competing for a high-quality residence in a buyer's market, it often pays to submit a home offer that surpasses a homebuyer's initial asking price. By doing so, you can guarantee your offer will stand out from others and boost the likelihood of securing your dream residence.

In a competitive real estate market, there is no need to hesitate to submit an above-average home offer, either.

A home offer that impresses a homebuyer may set the stage for a quick home sale. And if you put your best foot forward with a home offer, you should have no trouble acquiring a terrific residence, regardless of the current housing market's conditions.

3. You have substantial financial resources at your disposal.

A diligent homebuyer may choose to get pre-approved for a home loan. As a result, this homebuyer may be better equipped than others to submit a home offer that is higher than a home seller's initial asking price.

For example, a homebuyer who receives pre-approval for a home loan can start the homebuying journey with a budget in hand. This homebuyer then can check out houses that fall within his or her price range. And after this homebuyer discovers the perfect house, he or she can make an above-average proposal to acquire the residence.

To get pre-approved for a home loan, a homebuyer should meet with multiple lenders. Next, this homebuyer can review various home loan offers and select one that corresponds with his or her finances.

Lastly, if you need extra support during the homebuying journey, it pays to collaborate with a real estate agent.

A real estate agent will help you evaluate a broad array of houses in your city or town. In addition, this housing market professional can help you put together the right offer on a house to ensure you can secure your dream residence in no time at all.

Take the next step to acquire your ideal house – reach out to a local real estate agent today, and you can move closer to finding and purchasing your dream residence.

Categories: Buying a Home   house prices  

Posted by Cheryl Phelan on 9/13/2017

Buying a home may seem like a smart financial move. However, it may not always be the right time or the right move for you. While buying a home is a great investment, you may not be ready to buy a home of your own. The following questions should help you to determine whether or not you are fully ready to buy a house in the near future.

How Much Money Do You Make? How Much Have You Saved?

buying a home is a significant expense. First, you’ll need quite a large sum of money for a downpayment and closing costs on the home. Second, to get approved for a mortgage, the lender will look at every part of your finances from your income to your assets. Once the home is purchased, you’ll also need quite a bit of capital for expenses including insurance, taxes, HOA fees, emergency funds, utilities, and furniture. You don’t want to buy a home only to be overwhelmed with costs. You want enough of a financial cushion to enable you to furnish your home, decorate your home, and not have a completely empty bank account. That’s why you should make sure that you do make enough money to buy a home.

How Much Debt Do You Have?

If you have established that your income is enough to buy a home, the next thing that you need to establish is that your debt isn’t too high. Before you enter into the adventure of homeownership, you’ll need to make sure that your bills are under control. These expenses include things like car loans, student loans, and credit card bills. Your lender will put your debt into consideration as a part of your entire financial picture. Your debt (including your proposed mortgage payment) should be less than around 36% of your gross income. Before you take the leap into buying a home, you’ll need to make sure that your debt is under control. If you need to take a step back and pay your bills down before you start house hunting, you should as it will make buying a home easier for you.

Are You Seasoned At Your Job?

In order to secure a mortgage for a home, you’ll need to show that you have been at the same job for a certain period of time. Your average income will probably be calculated based on how long you have been at the company and your job history. You should be able to explain any income gaps, changes in positions or companies. Otherwise, you’ll appear to be an unstable person to lend to. Lenders want to know that you’ll have a steady, stable income.

How Is Your Credit?

In order to secure a mortgage, you’ll need to have a good credit score. Check on your credit report when you begin thinking about buying a home. If your credit is on the low side, you’ll want to work on bringing that score up. 


Tags: Buying a home   finances  
Categories: Uncategorized  

Posted by Cheryl Phelan on 2/22/2017

Have you found the home of your dreams but are overwhelmed by the price tag? This is a no-win situation that challenges even the most patient, resourceful homebuyer, and perhaps for good reason. Finding the perfect home may take days, weeks, months or years. And if you discover a residence that meets all of your needs but falls outside your budget, you're likely to be tempted to overspend to acquire this residence. However, you'll want to take a step back and think carefully about your decision, and those who weigh the short- and long-term ramifications of their decision ultimately will be able to make the right choice. Furthermore, you should consider the following factors as you try to resist the urge to overspend on a house: 1. Your monthly mortgage payments Although you may be able to handle a higher monthly mortgage payment in the short-term, you'll want to think about your long-term plans before you finalize your purchase. For example, do you plan to raise children? Or do you anticipate a career change over the next few years? You'll want to consider any plans that could impact your budget and determine whether you're ready to handle your monthly mortgage payments both now and in the future. 2. The quality of the home Although your dream home likely is of the highest quality, you'll want to ensure this residence won't require any immediate improvements. The quality of the home will dictate whether this residence will require substantial short- and long-term maintenance and repairs. And if you find there are many home improvement projects that may need to be completed soon, you may be better off considering other homes on the real estate market. 3. Your wants and needs Ideally, you'll want to find a home that fulfills all of your wants and needs instantly. But in today's highly competitive real estate market, only a fraction of houses may come close to meeting all of your demands. Differentiating between your wants and needs, however, is critical, as this will allow you to distinguish what you need to enjoy your home versus what you'd like your home to include in a dream scenario. For instance, your home needs electricity, running water and other everyday essentials. On the other hand, you may want a home with a pool, a spacious back yard and other distinct features, but you should not rule out homes due to the fact that they lack some of these non-essential amenities. Take a close look at your priorities and your budget, and you'll be able to make the right compromises to find a home that won't require you to break your budget altogether. Remember, your home is what you make it, and overspending to acquire a house may leave you satisfied in the short-term but struggling to pay your bills over an extended period of time. Make the right compromises as you explore the real estate market and set realistic expectations for the houses you check out. By doing so, you can improve your chances of finding a high-quality residence that meets your personal and budgetary needs.

Categories: Uncategorized