The John Barrett Real Estate Team
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Posted by The John Barrett Real Estate Team on 8/15/2018

If you intend to find your dream house, it helps to establish a homebuying strategy. That way, you can enter the real estate market with a plan in place to accomplish your desired goals.

Now, let's take a look at three tips to help you craft an effective homebuying strategy.

1. Create Homebuying Criteria

If you know where you want to reside, you can narrow your house search. As a result, you may be better equipped than other buyers to accelerate the homebuying journey.

Creating a list of home must-haves and wants usually is a great starting point for homebuyers. This list typically forces homebuyers to think about what separates an ordinary residence from a dream house. And once a homebuyer crafts a list of home must-haves and wants, this buyer can search for residences that meet his or her expectations.

2. Budget for a Home

In most instances, homebuyers lack the necessary financing to buy a house. Luckily, lenders are available that can help a homebuyer assess mortgage options and get pre-approved for home financing.

Budgeting for a home is a major part of the homebuying process. Because if you know exactly how much you can spend on a residence, you could speed up your house search.

To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. Then, when you find the right mortgage, you can enter the real estate market with a budget at your disposal.

3. Hire a Real Estate Agent

There is no requirement to hire a real estate agent before you pursue your dream house. Yet the advantages of hiring a real estate agent can be significant, and perhaps it is easy to understand why.

For homebuyers, a real estate agent takes the guesswork out of finding the right house at the right price. A real estate agent also collaborates with a homebuyer and will go above and beyond the call of duty to ensure a buyer can achieve the optimal results.

If you want to purchase a house as quickly as possible, it may be a good idea to hire a real estate agent sooner rather than later. Oftentimes, a real estate agent will meet with you and learn about your homebuying aspirations. He or she next will work with you to craft a homebuying strategy and launch a successful house search.

Furthermore, a real estate agent is a housing market expert who will help you overcome any potential homebuying hurdles. A real estate agent understands the challenges associated with purchasing a house and will help you identify and address such issues before they escalate. And if you ever have concerns or questions as you search for your ideal residence, a real estate agent will respond to them.

Enter the real estate market with a plan in hand – take advantage of the aforementioned tips, and you can create an effective strategy to streamline your search for your dream residence.




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Posted by The John Barrett Real Estate Team on 8/8/2018

Want to buy a house for the first time? Create a budget, and you can move one step closer to transforming your homebuying dream into a reality.

Now, let's take a look at three budgeting tips that every first-time homebuyer needs to know.

1. Don't Wait to Start Saving for a Down Payment

In most instances, a down payment on a home ranges from 5 percent to 20 percent. With a large down payment, you may be able to reduce your monthly mortgage expenses.

A lender may be more willing to provide you with a favorable mortgage if you can afford an above-average down payment. This means if you have plenty of money for a down payment, you could save money over the life of your mortgage.

2. Take a Look at Your Outstanding Debt

Student loan charges, credit card bills and other outstanding debt may make it tough for you to get the financing that you need to buy a house. Fortunately, if you pay down your outstanding debt as much as possible, you can boost your chances of buying your dream house.

Evaluate your current spending and make cuts if possible. For example, if you dine out several times a week, it may be more cost-effective to buy groceries and cook your own meals. Then, you'll have extra money that you can use to pay off outstanding debt and save for a house.

3. Understand Your Credit Score

Do you know your credit score? If not, you may be missing out on opportunities to eliminate outstanding debt and increase your home savings.

You are eligible for a free annual copy of your credit report from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Take advantage of this perk, and you can receive insights into your credit score.

If you obtain your free credit reports and find outstanding debt, you should try to pay off this debt sooner rather than later. Because the longer that you wait to pay off outstanding debt, the longer it may take you to acquire your ideal residence.

Furthermore, if you discover errors on a credit report, contact the reporting bureau immediately. This will enable you to fix any report errors before you get a mortgage.

If you need additional assistance as you map out a homebuying budget, it often pays to collaborate with a bank or credit union. In addition to providing you with multiple mortgage options, a lender will offer expert recommendations to help you budget for your first home purchase.

Lastly, don't hesitate to reach out to a real estate agent as well. This housing market professional is happy to help you get in touch with the best lenders in your area. And when you're ready to kick off your inaugural homebuying journey, a real estate agent can provide you with the support you need, precisely when you need it.

Use the aforementioned tips, and you can establish an effective homebuying budget.




Tags: Buying a Home   budgeting  
Categories: Uncategorized  


Posted by The John Barrett Real Estate Team on 7/11/2018

If you intend to buy a house, you probably will check out a lot of home listings over the next few days and weeks. However, it is important to note that not all home listings are created equal, and how you analyze home listings may dictate your homebuying success.

Ultimately, there are several factors that homebuyers need to consider as they assess home listings, and these factors include:

1. Price

The price of a home is one of the key factors – if not the most important factor – that a homebuyer needs to consider in a home listing. Because if you ignore a home's price, you risk wasting precious time and resources as you pursue a home that falls outside your price range.

When it comes to buying a home, it pays to develop a budget ahead of time. That way, you'll know how much you can spend on a residence and can tailor your home search to fit your budget.

You may want to get pre-approved for a mortgage prior to looking at home listings as well. By doing so, you can enter the housing market with a budget in hand and explore available residences that won't force you to spend beyond your means.

2. Condition

Are you looking for a fixer-upper or a brand-new residence? Take a look at a home's condition, and you can determine whether a particular residence is right for you.

Oftentimes, a decades-old residence may require myriad upgrades. This means you may need to allocate significant time and resources to enhance the condition of an old house after you finalize your home purchase.

On the other hand, it is essential to remember that a new house may prove to be more expensive than an old residence. And if you're on the lookout for a bargain, you may want to shy away from listings for brand-new houses.

3. Features

Creating a list of must-have home features is ideal, as this will enable you to narrow your search for your dream residence.

For instance, if you want a home that has a big swimming pool, you can browse home listings accordingly. Or, if you would like to buy a house that is located near some of the nation's best schools, you can focus on home listings in cities and towns that feature top-rated schools.

If you want to streamline your home search, it usually helps to look beyond home listings. Fortunately, real estate agents are available to help you accelerate your search for the perfect residence.

A real estate agent understands the ins and outs of the housing market. He or she will learn about your homebuying goals and provide you with the latest home listings. Then, a real estate agent will work with you to simplify your home search and ensure that you can discover a terrific residence at an unbeatable price.

Take the guesswork out of reviewing home listings – use the aforementioned tips, and you can quickly evaluate a wide range of home listings and find your dream house.




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Posted by The John Barrett Real Estate Team on 5/2/2018

Filling out a mortgage application may prove to be a long, exhausting process. Fortunately, we're here to help you streamline the mortgage application process so you can move one step closer to acquiring your dream house.

Now, let's take a look at three tips to help you approach the mortgage application process with confidence.

1. Be Thorough

A mortgage application likely requests a lot of information about you, your finances and your employment history. However, it is important to answer each mortgage application question to the best of your ability. Because if you fail to do so, you risk delays in getting approved for a mortgage. Or, perhaps even worse, a lender may decline your mortgage application.

In addition, be honest in all of your mortgage application responses. This will ensure that if your mortgage application is approved, you will receive a mortgage that corresponds to your finances.

2. Ask Questions

There is no need to leave anything to chance as you complete a mortgage application. Thus, if you're uncertain about how to respond to various mortgage application questions, reach out to a lender for assistance.

Remember, there is no such thing as a "bad" question, especially when it comes to filling out a mortgage application. Lenders employ friendly, knowledgeable mortgage specialists who are happy to assist you in any way possible. Work with these mortgage specialists, and you can get the help you need to finalize your mortgage application.

3. Get Multiple Quotes

It may seem like a good idea to complete a single mortgage application to request home financing from a single lender. Yet doing so may be problematic, particularly for those who prioritize affordability.

Ultimately, meeting with multiple lenders and getting several mortgage quotes is ideal. If you shop around for a mortgage, you may be eligible for a low interest rate that helps you save money when you complete a home purchase.

Once you finish a mortgage application, it may be only a matter of time before you find out if you have received approval. Then, if you receive a "Yes" from a lender, you can accelerate the homebuying journey.

Of course, for those who plan to buy a home soon, it may be beneficial to employ a real estate agent. This housing market professional can put you in touch with the top lenders in your area, as well as help you complete a home search in no time at all.

A real estate agent typically learns about a homebuyer's goals and crafts a strategy to help this buyer accomplish his or her aspirations. Furthermore, a real estate agent provides recommendations and tips to help a homebuyer make informed decisions throughout the property buying journey. And if a homebuyer ever has concerns or questions, a real estate agent is available to respond to them.

Ready to complete a mortgage application? Use the aforementioned tips, and you can finalize a mortgage application, obtain home financing and make your homeownership dream come true.




Tags: Mortgage   Buying a Home  
Categories: Uncategorized  


Posted by The John Barrett Real Estate Team on 4/4/2018

Whether new or old, many homes can have issues that aren’t obvious from photos. Many of the most common problems in a home have to do with the plumbing system. Since water can be so damaging, it’s especially important to get these issues out in the open prior to sale.

Some sellers might be aware of their plumbing issues, others may have no clue at all. Oftentimes, if a home was previously occupied by only one or two people who didn’t entertain many guests, they may not be aware of the strain that a larger family could have on things like the septic system.

In this article, we’ll cover some of the most common plumbing issues that a home has and help you identify these issues before you buy a new home.

The small fixes

Let’s start with some problems that are common and simple to address. When touring a home or performing an inspection, test all of the home’s faucets. Dripping faucets might not seem like a big issue, but the cost of wasted water can add up on your utility bill.

Leaking pipes are another issue that is seemingly harmless, but can lead to bigger problems that could cost thousands of dollars to repair. Check ceilings, floors, and underneath cabinets for signs of water damage.

Flush the toilets in the house to see if they continue running. Toilets that continue running water is often a simple fix, like replacing the chain or flapper in the tank. However, a leaking toilet could be symptomatic of a bigger problem that could include having to replace the toilet.

Sewer line and septic systems

Ask the owner about the history of the sewer or septic system. Find out if they’ve had problems recently and when the last time they were taken care of. If there is a septic tank or field on the property, look for signs of issues such as the grass having been dug out, water pooling in the yard, or foul smells in the area.

When it comes to septic and sewer issues, always reach out to a professional. They will be able to give you an accurate assessment and estimate of costs.

Inspect the pipes

Spot-checking the pipes in the home will tell you a lot about the state of the plumbing. Pipes that are old, worn, and lacking insulation are signs that plumbing issues could be coming. Rust is a major red flag. The water lines that lead out of the house for lawn faucets should also be wrapped to avoid freezing in the winter months.

Hot water heater

Just like the septic system, you’ll want to ask about the history of the home’s hot water heater. If it’s over ten years old, you might have to replace it soon after purchase.

You should also consider the size of the hot water heater. You’ll want to be sure it can accommodate your expected water usage. If children are in your future, having a bigger hot water heater might be something you want to plan for to avoid cold showers in the morning.







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