Real estate is not what it first appeared to be a few years ago. Like any industry, it grows and changes with a target market’s wants and needs. It also rapidly evolves with the technology that becomes available to it. Although real estate may have changed in the last few years, it has done so for the benefit of all buyers and sellers in the market. By looking at a few key technological updates, we’re able to grasp exactly how one of the most lucrative industries has developed.
With the power of being plugged in online, listings have the ability to sell themselves without the buyer having to actually be present. This especially caters to international buyers who are unable to make the trip to see their new home. By listers uploading pictures/videos appealing to the potential buyer, there is able to be an accurate virtual representation. If seeing the home through photos/pre-made videos aren’t enough, then real estate agents have the ability to chat over the phone via video and walk the potential buyer through the home in a personalized manner. This is a perfect way for the buyer to see and ask questions about anything they were originally hesitant about at the beginning. When listings are offered online, deals are more likely to close faster, and the lister will have the opportunity to sell more over a shorter period of time.
Nowadays the buyer or seller don’t necessarily have to be present to close the deal, which will save time and money for both parties. With the advancement in technology, important contract papers are able to be scanned through from the comfort of a phone. Again, this is a great factor for those who live internationally because those people won’t keep having to travel back and forth. This may help those who only live in a different borough because it will save the normal commuting time.
Sometimes, seeing isn’t always believing when it comes to a new home. Potential buyers like to feel as if they’re really there to grasp the full experience. With the enhancement of virtual/augmented reality, that same buyer will have the capability to visit another home from the comfort of their current living room. This type of technology reality is much newer to the market, but it has been able to build trust and add credibility to those who don’t always believe a simple picture.
Mobile apps are a clear game changer to the market. Now sellers have the ability to upload listings on more than one platform, giving the home far more exposure than it once was able.This benefits the potential buyers in the same way. They are able to look at several listings at once, giving them more options.
With the mobilization of different online platforms, people now have more of an opportunity to invest their money safely online with a guaranteed return. One of the many ways investors are doing this is through crowdfunding. There happen to be several crowdfunding sites available that will match investors with new opportunities that will benefit them the best.
With the advancement in technology, marketing has changed immensely over the past few years. As an example, Instagram users have been creating different profiles specific to homes they’re renting or selling. This has allowed them to showcase the home in a unique way and highlight all of its unique features. By marketing in this way, a large audience may be reached and the platform has encouraged a larger engagement record.
Join us virtually for an exclusive open house!
Stunning Colonial in the Rockville Center school district. Boosting new kitchen and baths. This house is ready for its new owner, Gleaming hardwood floors, granite counters, ceramic tiles and a fresh new look.
Property: 1065 Long Beach Rd. S. Hempstead, NY 11550
Date: Saturday, April 25, 2020
Time: 2:00 p.m to 2:30 p.m
ZOOM LINK: https://us02web.zoom.us/j/84087015597?pwd=a2FxVzBnYXRteFo3YmhZdEdtNXBjdz09
Meeting ID: 840 8701 5597
All buyers, neighbors, brokers, and friends welcome to join this live virtual tour!
Prince & Associates Realty
If you are preparing to buy the house of your dreams then congratulations, this is a major achievement! However, the road to buying a home is a bit daunting, and if you don’t know where to start or have begun doing some research, this guide contains the five most important factors that you have to consider before making the big investment.
Today’s housing marketing has a very aggressive trend, which means you need to create a “task force” of all the right professionals who will help you make the right decision as a home buyer. This is just as important as getting your finances in order. Let’s look at five professionals you need to have on your team on your home-buying journey.
- Lenders. Compare Different Lending Institutions
The first major step you need to take get one step closer to buying your dream house is bringing a good lender on board. A lender that helps you make better decisions and guides you is a major win. Or if you manage to have one that you can get in touch with easily via phone or email can also be important for you.
If you are looking for a house in a hot market, the best thing you can do is hunt for lenders that offer a pre-approval letter. This can significantly help you solidify your offer. Moreover, if you’re searching for a lender that can deliver an affordable discount on your loan, ask them if they have savings offers based on where you are located, or if they offer lending offers for low to moderate income families such as Fanny Mae’s HomeReady.
Irrespective of what your personal needs are, it is vital to ensure that you understand the pre-approval process of each lender. If you think your lender is a being a bit difficult at the initial stages, drop it. But before you zoom in on another lender, get an official LE (loan estimate). The LE is a standard document that contains a clear summary of your monthly mortgage payment program, its features, and the risks and costs associated with it.
- Real Estate Agent. Make Sure You Thoroughly Interview and Evaluate Agents Before Hiring One
You would be surprised to hear that many people don’t conduct interviews with real estate agents before they decide to bring them onboard. You have to understand that not all real estate professional are equal in terms of expertise, skill and experience.
So it is vital to conduct evaluations and interviews with real estate agents before hiring them. You could also do some due diligence online, see if they have a portfolio on their website and be sure to check client testimonials and reviews. You could also individually get in touch with some of the clients via phone, to ask them how their experience was with a particular real estate agent. Remember that great real estate agents have a proven track record, which comprises of winning bids and happy clients.
- Real Estate Attorney. Research and Evaluate Properly
Real estate attorneys are responsible for helping clients draw up, negotiate and thoroughly review your terms of contract. This also includes different clauses pertaining to timelines and deadlines of the contract as well as other contingencies.
However, one of the most important benefits of a real estate attorney is the fact that they help protect your rights and ensure you are not swindled out of a good deal. They will evaluate and review all the necessary documentation such as disclosures and more importantly, your closing documents. They will also help eliminate any problems associated with title insurance.
So, you need to ensure you pick the best one for your team. Do some research online, look for credible attorneys with a solid track record and a list of happy client lists. Also, do not forget to interview the potential real estate attorney!
In addition, many states require attorneys by law and New York state is one of them.
- Home Inspectors. The Counterpart to Appraisers
Think of home inspectors as counterpart of an appraiser. Appraisers are sent in by the lender to estimate the accurate value of the property you intend to buy. Home inspectors on the other hand, are on your team. They will help inspect the entire property from roof to basement, looking for major and minor damages, potential restoration possibilities, code violations, structural damage, water issues, seepage, mold, etc.
Moreover, they will provide you with a detailed assessment of repairs and replacements costs on things like plumbing and heating, electrical, heating, air conditioning, insulations, etc. The same goes for roofs, walls and the exterior layout of the house. A routine home inspection can last about two to three hours and could cost up to a couple of hundred dollars. However, there are also some professional home inspectors that provide a whole range of repair and replacement services and could offer you a good discount deal if you hire them.
- Homeowner’s Insurance Providers
Homeowner’s insurance is very important; it can help protect you and your lender from bearing undue liabilities when it comes to major damages. And as a prerequisite to your lending application, your lender will require the total cost of your home insurance. They will also need a confirmation of the insurance cost paid before the loan is processed and finalized.
So, now you know about five important professionals you need to have on your team. Buying a home is a lot more than visiting nice homes and picking one. Not only do you need professional help when visiting the different houses, there’s a ton of paperwork that needs to be managed hand numerous formalities handled. You simply can’t do it all yourself. Remember the advice regarding how to hire and work with these professionals when you’re shopping for a house.
When you are considering looking for a home, a home buying seminar can provide essential knowledge and advice on managing the home buying process.
Even if you have owned homes in the past, it’s helpful to review the process, terminology and products before you hop back into the market.
And if you’ve never purchased a home before, a seminar can help answer questions, concerns and fears that a lot of homeowners feel when considering the biggest financial transaction of their lives.
Join us on March 21st, where we will go over the home buying process from A-Z!
One of the key aspects of buying a house anywhere is the location. The neighborhood is just as important as selecting the apartment or house itself. The area you choose to move in has to have low crime rates, it has to be affordable, and it should be easy for you to imagine making friends with the people living around you. Moreover, and this depends on whether you have kids, the location should have good preschools, high schools, playgrounds, etc.
If you’re planning to buy a home or apartment, it is important to understand that you don’t just have to consider the property itself, but also the neighborhood. So let’s see how you can go about choosing the ideal neighborhood as you look for a new home.
Make a List of Important Questions and Do Some Analysis on Your Own
It is vital to first think about all the qualities you seek in a good neighborhood. In your mind what constitutes as a good neighborhood? Understand that it isn’t just you that is going to be living in your new house. You have to consider the needs and well-being of your family as well. So ask questions such as:
- Would you prefer a busy area or some place that is nice and quiet?
- Would you prefer walking or do you need certain amenities?
- Do you want to live in a greener area, with trees, parks and a good flora and fauna?
- Should your house be close to restaurants, malls and hospitals?
- Do you have to move in to a newer development or are you fine with an older neighborhood?
- Do you prefer privacy or a well-knit community?
As you think everything through, these are some important questions to dwell on. Moreover, it would also help if you consult your spouse and children as well (if they are older). For example, if you have school going kids, would prefer to have separate cares or would you prefer public transportation? After you develop a realistic picture of the type of neighborhood you wish to settle in, mentioned below are some other important factors to consider.
Keep Your Month-to-Month Budget in Mind
One of the key factors to consider in selecting a good neighborhood is your monthly budget. Depending on what your monthly expenses are, some neighborhoods may either be too expensive or affordable. The first thing you need to consider is property tax. The amount of taxes in this category primarily depends on the location itself. For example, a posh or gated community may have a comparably higher property tax rate than a more common locale. Don’t forget that property tax rates increase with time, further adding to your monthly expenses.
See if the Local Lifestyle is in Line with Yours
Nothing is more important than moving into a neighborhood that is in line with your current lifestyle and will continue to augment your future lifestyle. You have to figure out what type of a community would be more comfortable in. For example, would it suit you to move into a modern and lively single-family neighborhood or a family-friendly and private area?
The best way to determine that is to first take a long drive along the neighborhoods you have shortlisted, try to get a sense of how the people are. In addition to getting a feel for the community, there are also some immediate factors to consider such as whether or not the area has a good school district, how the local transportation is, the commute times, etc. You could even easily do an online search or just discuss this with your real estate agent.
It isn’t that hard to buy a house or apartment, but what can be difficult is selecting the right neighborhood. Keep these points in mind before jumping the gun and buying a house. In many ways a neighborhood is an extension of your immediate home and it deserves proper consideration.