3 Reasons to Buy Your First Home This Year

Everyone aspires to own their own home someday, but most of us don’t move out of our parents’ home and into our first purchased house immediately. Apartments tend to be a more common starter home, or rented houses. Renting has downsides — as the months or years go on, you could be paying more for a rental property than you would for a purchased house. But because the initial down payment to buy a home is so much more than monthly rent, many millennials and young professionals put off buying their first home until the right time.

If you’re looking for the right time, 2019 may very well be it. According to the 2018 Home Buyer and Seller Generational Trends, millennials actually led the way in terms of home purchases in recent years, despite the stereotype of millennials not buying homes. Here are a few reasons why it’s never been a better time to buy your first home.

More Homes On the Market

Last year, and even in the beginning of this year, there was a fear throughout much of the country of a “housing bubble,” in which the demand for housing far exceeds the supply, causing prices to shoot upwards. However, more and more homes are becoming available in 2019, so you have a better chance of finding your dream home without a long, stressful house hunt or bidding wars. As more houses become available, there’s also a chance that the market will swing in favor of buyers again. Since housing market trends can be rather fickle, it’s best to jump on this when you have a chance.

Sellers Are More Open to Lower Bids

Again, in the past couple of years, this wouldn’t have been true. In a housing bubble, buyers are lucky to get the house they want by offering the asking price. There was often a chance of entering a bidding war and having to offer something higher. Now, as we move back into a buyer’s market, sellers are more open to lower bids, especially if the alternative is that their house stays on the market for a month or longer.

Mortgage Rates Are In Decline

Mortgage interest rates can be a daunting prospect for first time home buyers. After all, why not just pay rent if you’re going to be paying mortgage for what seems to be forever? However, towards the end of 2018, mortgage interest rates began to drop. 2019 started the year with an average 30 year fixed mortgage rate as low as 4.45%. Much like the housing market, mortgage rates can change quickly, so applying for a mortgage while rates are still low is a good thing to take advantage of.

Buying a house for the first time can be an exciting process, as well as an involved one. To make sure you’re prepared to enter the house hunt and find the house of your dreams, reach out to an expert College Station realtor.

3 Reasons Your Home Isn’t Selling

Home sellers are often so anxious to close on the house so they can continue with their move that any amount of time on the market can feel like too long. However, if your home has been listed for longer than 30 days and you still haven’t found a buyer, there could be an actual problem with your listing. Whether it’s the house or the list price, it’s something you’ll want to take care of as soon as possible. The longer your house is on the market, the harder time you’ll have finding interested buyers. Can’t put your finger on why your home isn’t selling? Here are a few common reasons.

Your Online Listing

As we move further and further into the age of social media, online listings that are easy to find are essential to selling your home. A 2017 survey by the National Association of Realtors® found that 44% of buyers look at online properties first to narrow down their list. Additionally, your listing photos should be high quality. 89% relied on listing photos. If your listing photos don’t grab the attention of buyers from the moment they find your listing online, they may never bother to see your house in person.

Your List Price

Can’t find anything wrong with the staging of your home? Maybe you’re scratching your head because you’ve made all the necessary upgrades and repairs and your curb appeal is neat and eye-grabbing, but your house still won’t sell. If you can’t find anything wrong with the property itself, chances are your list price is too high. Talk to your realtor about what’s realistic for your property and lower it accordingly. If you don’t think the price needs to be lowered, consider changing your marketing strategy to attract buyers who will see the value in the home.

The Time of Year

There are no strict seasons when it comes to buying and selling homes. You can choose to list your home at any time of year, and there will be people who choose to move at any time of year. However, there are times when it will be easier to sell your home than others. In College Station, late spring/early summer is the time when people are most likely to move, especially for family homes. It allows kids in school to finish out the year in one place and start the year fresh in the next place. College students at Texas A&M will also be more likely to move around that time. You’ll have the best luck selling your home when you plan it according to market trends throughout the year.

Selling your home can be a tricky process, with so many variables that are important to your success. It helps to have a professional on your side to guide you through the process and negotiate with your best interests in mind. Contact your experienced College Station realtor today for more information about how to get your home off the market sooner.

How to Save For Your Upcoming Move

There’s no question that moving is expensive. Between buying a new house, paying for the movers, and any new furniture or appliances, and potential HOA fees, there’s almost no way to move without having to budget and save first. Keep in mind you will have a mortgage loan to help with the costs, as well as profits from the sale of your previous home if you currently own a home, but that ultimately won’t mean that you shouldn’t plan your budget months or even a year in advance.

Put 20% Aside for Your Down Payment

Consider your budget for your new home, taking into account that you will almost certainly be applying for a mortgage loan. In most cases, you’ll pay somewhere between 10 and 20% for your down payment, so for the sake of being prepared, it’s best to set aside about 20%. This can also help you get an idea of what your budget is for the house overall. A good rule of thumb is to pay no more than 25% of your monthly take home pay for your down payment. Calculate that number times 5 (if 20%) or 10 (if 10%) and you’ll have a realistic budget for your house.

Consider The Costs Beyond the House

The biggest expense when moving will, of course, be buying the house. However, you’ll have to budget for much more than the down payment of the house. Consider the cost of the moving company, packing supplies, HOA fees, home insurance, and any other fees that might occur. If you’re moving long distance, you should even budget for the cost of the gas for your own car as you drive from one location to the other. Keep in mind, too, that movers are often tipped, and you’ll want to take the gratuity into consideration as well.

Start Looking for Savings

Of course, there are ways to save money on your move. Ask if there are any empty boxes at work that you can use for packing, or check with local stores that often have used boxes piled up in storage. If your budget is a little too tight for a moving company, find friends who will help you move or consider renting a van. Need new furniture? Consider looking at thrift stores or discount furniture stores rather than name brands. Set out a clear idea of the things you want in your new home and the things you absolutely need so your realtor can help you find something that fits your needs and your budget.

Get Pre-Qualified and Pre-Approved

Time to search for mortgage loans? Many homeowners get pre-approved before they make an offer on a house, but not pre-approved. Pre-qualification tells you the kind of loans you’re eligible for and might have a rough idea of the kind of support that loan will offer. Pre-approval offers a much clearer picture. Pre-approval also instills confidence in the seller, so when you do put in an offer on your dream home, it will look that much better.

Worried about staying on budget for your upcoming move? Work with a College Station realtor. They can help you search for a new home with your budget in mind and support you during the offer process to get the best deal for you.

Taking on House Painting DIY

You’ve closed on your dream house, and it’s now yours to do with as you will. But even the perfect house for your family might need a fresh coat of paint. You can hire professional painters to do the job, but many homeowners opt to take on house painting themselves in order to save money on the cost of labor. Fortunately, house painting is a DIY project you can take on fairly easily. There are, of course, missteps that can be made, as well as tips that can make things a little easier.

Paint Before or After Moving In?

Some homeowners prefer to paint before they move in. This gives the paint time to dry and clears the overpowering smell from the house before your family actually starts to live there. However, some interior design professionals warn against this, as you want to be sure that your paint color goes with the colors of your furniture and home decor. If you know how you’re going to fill a room, you may be able to take pictures of your furniture and decor with you when picking out your paint color. This is a choice that has advantages and disadvantages on both sides, so it’s really up to you.

Paint On Dry Weather Days

Yes, this still applies when talking about interior house painting. On humid days, that humidity can get into your home and cause paint to drip or dry more slowly than you’d like. If you can’t get around painting on a humid day, you may want to use a dehumidifier to make sure that it affects your interior walls as little as possible. On the bright side, slow drying paint due to humidity will give you an opportunity to fix any mistakes you may have made or spots you may have missed. But ideally, a dry day is best for painting.

Take Your Time With Prep

Most people know that you can’t simply paint a new coat of paint over the old paint and consider the job done. First, you have to apply primer for a more neutral coat that won’t interfere with the new color you’ve chosen. But before you apply primer, you also have to prep the walls. Are there any spots with cracks or peeling paint? Sand the walls first to smooth out these areas, and rinse to clean it before applying primer. If you don’t take care of the issues with the current paint job first, those same peeling and cracking spots will appear on your new paint job. This is also a good time to start taping the boundaries of your wall so you know where not to paint.

Pour Paint Cans Into One Large Bucket

Even when you buy several cans of the same color, the vibrancy of that color might be a little different from can to can. Many homeowners start with one can of paint only to find when they open the next can and begin to paint that the color on their wall doesn’t quite match. You can get around this problem by pouring all the cans of paint you bought into a bucket — 5 gallons is usually a safe size — and mixing the content. From there, you can paint with a consistent color.

One of the best things about home ownership is that you have the ability to make the house your own, truly turning it into your dream home. But to find the right house in the first place, contact a College Station realtor today.