Archives for December 2016

Buying a Home? 4 Requirements to Make on Your Real Estate Agent


Are you thinking of buying a home? Are you dreading having to walk through strangers’ houses? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of buying. A great agent is always worth more than the commission they charge, just like a great doctor or great accountant.  And the great news is….as a buyer, in most instances, the seller pays their commission.

You want to deal with one of the best agents in your marketplace. To do this, you must be able to distinguish an average agent from a great one.  Taking time to interview a Buyers Agent is just as important as it is for a Seller to interview a Listing Agent.

Here are the top 4 requirements that you should be looking for when choosing your agent:

1. Comparable Home Analysis to be Performed on Purchase Offers

When making an offer on the home you want to buy, make sure that your agent walks you through their plan for getting both the seller – and the bank – to accept that price. Too many agents will just take the offer that you suggest and then try to ‘work’ both you and the seller in the negotiating phase later. In a competitive market, you need an agent who is going to help you make the best ‘initial offer’ so that you stand out from the crowd. Every house in today’s market must be sold twice – first to you and then to your bank.  Your lender and your agent should be in communication with each other to ensure that your offer is matching your Buyer Credit Approved Loan.

2. Understand the Timetable with Which Your Family is Dealing

You will be moving your family into a new home. Whether the move revolves around the start of the new school year or a new job, you will be trying to put the move to a plan.

This can be very emotionally draining. Demand from your agent an appreciation for the timetables you are setting. Your agent cannot pick the exact date of your move, but they should exert any influence they can to make it work.

3. Remove as Many of the Challenges as Possible

It is imperative that your agent knows how to handle the challenges that will arise. An agent’s ability to negotiate is critical in this market.

Remember: If you have an agent who was weak negotiating with you on parts of the purchase offer, don’t expect them to turn into a superhero when they are negotiating with the seller for you and your family.

4. Find the Right HOUSE!

There is a reason you are putting yourself and your family through the process of moving.

You are moving on with your life in some way. The reason is important or you wouldn’t be dealing with the headaches and challenges that come along with buying. Do not allow your agent to forget these motivations. Make sure that they don’t worry about your feelings more than they worry about your family; if they discover something needs to be done in order to attain your goal, insist that they have the courage to inform you.  Be sure that they are willing to show you homes that meet your purchase price point, location and goals.  No sense taking time in viewing homes that don’t meet your family needs.

Good agents know how to deliver good news. Great agents know how to deliver tough news. In today’s market, you deserve a GREAT real estate agent to guide you through the home-buying process.


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Think All Millennials Live in Their Parent’s Basement?


According to the Census Bureau, millennials have overtaken baby boomers as the largest generation in U.S. History. Millennials, or America’s youth born between 1982-2000, now represent more than one quarter of the nation’s population, totaling 83.1 million.

There has been a lot of talk about how, as a generation, millennials have‘failed to launch’ into adulthood and have delayed moving out of their family’s home. Some experts have even questioned whether or not millennials want to move out.

The great news is that not only do millennials want to move out… they are moving out.  The National Association of Realtors (NAR) recently released their 2016 Profile of Home Buyers and Sellers in which they revealed that 61% of all first-time homebuyers were millennials in 2015. 

The median age of all first-time buyers in 2015 was 31 years old. 

Here is chart showing the breakdown by age:


Many social factors have contributed to millennials waiting to buy their first home. The latest Censusresults show that the median age of Americans at the time of their first marriage has increased significantly over the last 60 years, from 23 for men & 20 for women in 1955, to 29 & 27, respectively, in 2015.

Those who went to college and took out student loans are finally paying them off, as the terms on traditional student loans are 10 years. This means that a large portion of the generation is making its last loan payments and is working toward saving for a first home.

As a whole, the first-time homebuyer share increased to 35% of all buyers, up from 32% in 2014. Not all millennials are first-time buyers, they also made up 12% of all repeat buyers.

Bottom Line

Millennials will continue to drive the housing market next year, as well as in the years to come. As more and more realize that owning a home is within their grasp, they will flock to own their piece of the American Dream.  For REALTORS®-  do you have your plan of action to attract these Millennials?  And to the Millennials-  are  you ready to buy your first home…perhaps your 2nd?

As a Licensed Senior Mortgage Loan Officer, my team and I are prepared to assist you both.

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Why is a Consumer Credit Score Different from a Mortgage Credit Score?


Scoring models are formulas or algorithms that assigns points based on known information to predict and unknown future outcome.  The Credit Monitoring Services and Nationwide Credit reporting agencies sell credit reports to consumers.  The scores that are sold to consumers are educational credit scores to prepare for loans, managing debts and to check for fraud/identity theft and to ensure information is being reported accurately.

When a Mortgage Lender pulls a credit report, they are using formulas that are based upon historic information in the mortgage industry. The reasons credit scores differ are due to the different models/formulas/algorithms that are being used.  Auto loans use formulas for the auto industry.  Credit cards use formulas for the credit card industry and mortgages use formulas for the mortgage industry.

Here is an article that comes directly from Equifax.  You can now learn more directly from the source.


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