Thursday, June 29, 2017

Why Summer might be the best season to buy

We've all heard of a busy #Spring Real Estate Market. The Fall is another time in which Real Estate picks up. Winter tends to be too cold and people seem to be preoccupied with the Holidays. Summer might be a fantastic time for you to move into a new home because of the simple fact that the Spring frenzy has ended.

During the Spring season we see a lot of activity in the market, it can be harder to nail down moving plans because everyone has the same mentality at this point. Moving companies are getting lots of requests from people taking advantage of great weather. The market tends to be more competitive, more desirable homes might get several offers. That's added stress that you might not need. Real Estate Agents will have a bit more time in their hands now that the worst season is behind them, giving you the attention you deserve.

The Fall might be another season to consider if you're thinking of buying but historically we see some of the same issues we have during the Spring and if you experience any delays in the transaction you may end up having to move in the middle of Winter. This is why the Summer could be the perfect season to buy!

As always, if you have any questions on how the home buying process works, don't hesitate to give me a call!

Sunday, June 11, 2017

Concerned about Student Loan when applying for a Mortgage Loan? Read below why you shouldn't be!

If you've graduated in the past ten years or so, you might still be paying student debt. Depending on your career path this could equal thousands of dollars. Even with low interest rates, student loans can feel like a big burden especially if you're thinking of buying a home. Most people think that if they have a big student debt that they may not qualify for a mortgage loan because their debt to income ratio might be too high.

In the past, mortgage lenders would calculate 1% of your student loan as your monthly payment. So if you had $100k in debt, which is possible if you chose to be a doctor or a lawyer, your monthly payment would be considered to be $1,000 per month.

Fortunately the rules have change. Your actual student loan payment could be much lower and as long as this is reflected on your credit report we are able to use that as your monthly payment. In many cases this will result in buyers being able to borrow a more realistic amount that fits their budget.

This change on how we calculate student debt took effect this year and it does not apply to all loans, just certain types of loans. If student debt is something that has been keeping you from buying I strongly suggest that you revisit applying for a loan now that things have changed benefitting buyers.

As always I am here to provide information on how to apply for a loan and making the process of buying much easier for our buyers! Don't hesitate to call me if you're thinking of buying, you'd be surprised on some of the things we can do to help our clients.

Wednesday, June 7, 2017

Meet Your Builder!

Being in my industry right now is great. The housing market is better than it has been in many years. The economy and jobs have been making a steady comeback for the past few years and we're finally seeing some of those benefits. The only problem is that even though people are looking to buy homes, there isn't a ton of inventory out in the market. Why? Interest rates were high when people bought a number of years ago and people want to make sure they aren't losing money when they sell. It's a reasonable way of thinking but it puts potential buyers in a bit of a bind!

So as you can probably imagine builders are trying their best to provide more housing opportunities for buyers. There's lots of builders out there right now and getting to know them all can be overwhelming. Realtors should get familiar with all the different builders because it opens up a whole other market for their buyers.

Different builders have different: styles, quality, locations and square footage. Each builder brings something to the table that the next doesn't and it's important for lenders and realtors to get familiar with those differences. At the end of the day if we find the right home for our clients, we are successful at our job.

This is why I love being part of the Home Building Association of Richmond, there's so many great events that help connect Realtors, Builders and all sorts of Contractors. One of their biggest events is coming up soon, Builder Bash. The tickets for this event are sold out and it will take place at Bon Secours Washington Redskins Training Center on June 8th at 5pm. I suggest that you visit to keep up with coming events if you'd like to get involved and get to know some really great people in the industry. I'm glad I joined!