Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 8/25/2016

When you’re shopping for a home, there’s so much to consider. Between the questions of what neighborhood you should live in and what style house you like, you need to think of the most important thing: finances. When you think that you’re financially ready to buy a home, you often will get the notion that it’s a good time to just start shopping. There’s several steps that you must take first before you start shopping for a home. One of the first steps you should consider taking before you make the leap into home ownership is to get preapproved. While buyers still tend to skip the preapproval process, doing this can help you immensely throughout the home buying process. While it may seem an insignificant and kind of boring step, getting preapproved is important for your finances. It may even help you to land in a home that you love faster. It’s actually detrimental to make an offer without a preapproval, because some lenders won’t accept an offer without one. Many realtors verify and require that offers come along with the stamp of preapproval. What Does Getting Preapproved Involve? You may have heard of a prequalification. This is much different from being preapproved. Prequalification involves buyer provided information, just to get a sense of how much they can spend on a home. Preapproval involves credit scores, bank statements, tax returns and more. This process states exactly how much lenders will be willing to give to the borrower. All of the documents needed for preapproval are the same exact documents needed for a mortgage. This helps you as the borrower prepare ahead of time as well. These are some of the kinds of documents that you’ll need for preapproval: Pay stubs W-2s from the previous year Federal tax returns from the past two years Two Months of Bank Statements from all of your accounts A credit report While a preapproval is only one step in the long process of buying a home, it speeds up the later steps of securing a mortgage. The process also helps buyers face their financial reality. Don’t put off the important process because you fear that you won’t be approved for the amount that you need. It’s also common for buyers to assume that because someone they know has been approved for a certain amount of money that they will be able to get that same loan amount as well. This isn’t always the case and another great reason to get preapproved. Errors On Credit Reports Often, there are errors on credit reports. That’s why you need to check them often. If you have some errors on your credit report, getting preapproved is a great way to check if there are any errors and give you time to fix them before you apply for a mortgage.




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Posted by Collins & Demac Real Estate on 3/31/2016

Businesspeople imitating see, hear, speak no evil conceptThe country’s long history of racism and racial discrimination effected many aspects of life in the U.S. and the world of real estate was no exception to this. In the past, real estate agents would practice things such as “steering” and “blockbusting.” In both cases real estate agents played a part in segregating different communities by race.  Whether by steering, suggesting clients look in certain neighborhoods based on their race, or blockbusting, convincing homeowners to sell their homes quickly and at low prices by instilling the fear that minorities would soon be taking over the area, their practices did not have their clients’, or the general populations, best interests at heart. In fact, ‘steering’ and ‘blockbusting’ allowed agents to reap many fiscal rewards of racism. Modern day real estate agents have a very high standard of ethics and laws in place in regard to discrimination for these very reasons. These standards make the content an agent can provide his or her clients with limited at times. There is certain information your agent can not and should not provide. An agent cannot and should not attest to the specifics of a certain neighborhood. The agent shouldn’t tell a client the area is perfect for single persons or on the other hand describe a neighborhood as family-friendly. Your agent can suggest you speak with some of the homeowners in the neighborhood in order to get a better grasp on the neighborhood’s atmosphere. Similarly, If you want to know if the area you’re looking in has a good school system, an agent can point you in the direction of where this information and data is readily available, perhaps online, and allow you to do your own research and make your own assumptions. An agent, generally, cannot provide you with his or her personal experience or opinion on these sensitive topics. This is not detrimental to you as a buyer or a seller. As a seller you are ensured your agent is showing any and all interested buyers, and as a buyer you know your agent is showing you the optimal number of homes and neighborhoods based on your desires not your race. As your real estate agent I’d be happy to point you in the right direction of any information you may be seeking while abiding by all of the highest moral standards of my profession. It is my job to have your best interests in mind.





Posted by Collins & Demac Real Estate on 3/17/2016

To buy or not to buy that is the question. There are reasons for or against homeownership on both sides of the fence. So here are the pros and cons of buying a home. You decide... Pros: 1. It Costs Less- With record low interest rates, and low home prices a mortgage payment on a house can be less than a rental payments. 2. Equity -If you own a home rather than rent you are building equity. If you pay rent you have nothing to show for it. If you own a home you are building equity. Even if housing prices stay flat part of your mortgage payment goes towards the principal balance and eventually you will own the home. Cons: 1. You Could Get a Better Money Return-A home may not be the best return on your money. You may find a better return on capital in the stock market. If you are just looking at it in a strictly financial way there are better investment strategies. Historically, the S&P 500 has returned an average of 13.4% -- 4.8% higher than the 8.6% average return on housing. 2. It is a Big Commitment-You can't just sell your house and move quickly. It is a long term decision. If you job requires frequent moves this can be a significant consideration. Now that you have seen some of the pros and cons the decision is ultimately up to you and what is best in your circumstance. The pros cannot be disputed. Low rates and prices almost make buying a no-brainer if it fits within your financial situation.





Posted by Collins & Demac Real Estate on 2/4/2016

Trying to buy and sell a home at the same time can be tough. Sometimes these buyers and sellers are referred to as being in a sandwich because they are in the middle. The reason this can be difficult is because there is no guarantee that your new home will close at the same time as your old home. Selling and buying a home at the same time is possible but you will need help. Here are a few tips on how to get into your home while closing on your own home: 1. Hire a real estate professional. This is almost an impossible task without having a seasoned professional by your side. There are lots of details that go into selling and buying and an experienced real estate professional will know just what to do to get you to both closing tables. 2. Sell first, and then buy. This is probably the easiest and safest plan. List your home for sale and secure a buyer. You can either close on your home before purchasing another one, or ask the buyer for a contingency to allow you time to find a new home before closing on the previous one. There are many advantages to selling first, it allows you to know how much you can spend on a new home, and you don’t have to worry about temporary financing. 3. Try to schedule the closing date on the purchase of your new home on the same day, but after the closing on the home you are selling. This way, you can stay in your present home until you move into your new one. Bottom line, when it comes to selling and buying a home use the expertise of your real estate professional. Your plans may change depending on your circumstances and your local market.





Posted by Collins & Demac Real Estate on 1/21/2016

Owning your own house or apartment is a gratifying experience, as you not only have a place you can call home, but you also have the freedom to live the way you choose once you enter your domain. However, to find a home that can truly make you happy, there are a few points that you should consider beforehand. The first point to think about is the neighborhood (where your home will be located). This is important, because you need to feel that the area you are living in will be safe from crime, and that it will also be easy to commute to work on a daily basis. In the end, you do not want to spend too much time traveling in the evenings or in the mornings, as this can only make life more difficult. The next point to think about is how much space you want, as well as how many responsibilities you are willing to put up with. In other words, you could either choose to find a home that has a huge garden and a swimming pool, which is perfect if you enjoy gardening and going out for a swim, or, you could decide to do away with these extra bells and whistles if you hate gardening and do not want to spend time cleaning the pool. In other words, you want a home that you can truly feel comfortable living in, as this in turn will ensure that you can keep your life as stress free as possible. Price is always important, and you want to make sure you look for a home that you can afford. There are a lot of other expenses you have to think about, cable TV, insurance, taxes, telephone, heat, electric, maintenance etc. So make sure you factor all of these into your monthly budget. You do not want to be house poor and buying a home that you may fall in love with can in the end be very stressful if you are struggling to pay for it every month. Look for a home at a good value and that may need some cosmetic fix ups and grow into the home with home improvements down the road. This will bring value to your home and in turn be a good invest when you go to sell the home.







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