Summer Summer Summer Time

The beach calls, the kids are having fun, and coming up soon school!  That’s right, school is coming up fast. This post may have been about all those great trips you could take, but do not forget the most important trip you could take this year. The Trip to your NextHome! See what we did there. Parenting and being responsible for all the big decisions can be taunting. What school zone do you want to be in? Where is the best programs for athletics or jazz? Where are you going to move? Summer is suppose to be fun! let us help with the home part! If your interested in buying or selling contact me here!  Making sure you have enough time to get relocated and ready for the new year is a BIG DEAL, so let us help!

Here are some Great Vacation Spots to keep your eyes on in the mean time!

Grand Canyon

The Grand Canyon stretches an estimated 277 miles across Arizona and provides vacationers with space to hike trails like the Bright Angel or Rim, or whitewater raft the Colorado River.

St Lucia

The St. Lucia Jazz & Arts festival is an attraction for some visitors, as are the Chassin region’s rain forest and the island’s beaches.

Pompano Beach

Enjoy all that Florida beaches are known for—warm ocean waters, long stretches of golden sand, and tons of sunshine—at a fraction of the cost with a stay in Pompano Beach, otherwise known as “the Heart of the Gold Coast.”

 

Summer is here!

I love summer time, the warm sunny weather and pool days just breath new life into me. I also love to drive aimlessly listening to my favorite summer playlists, windows down, and music up loud. On these drives I take in the scenic view and of course, for sale signs! The amount of listings and new construction in Middle TN is rapidly expanding!

I love walking through a house for the first time, whether new construction or an old soul. Every house tells a story. A story of what was or what will be. A house is made a home by these very stories. Growing up I always considered home to be at my grandmother’s. Our family spent more time there gathered together than in our own separate dwellings. I think it’s part of the reason I love finding old 70’s styled houses with 90’s decor! I’m laughing just thinking about the wall paper and carpeting that covered that home of ours. It’s this part of my life that interested me in real estate.

When looking for that house you will make a home through your own stories, it’s important to cast that vision of what you want for your family. It’s also important to find a professional who can see that vision to fruition alongside of you. I look so forward to helping families find the house that will become a story telling home! And what better season than summer to get out there and start looking!

What is your home worth?

 

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Comparing the Worth of Your Home to the Market

A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home’s value. Your real estate agent can provide a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties. To help prevent you from overpaying, review comparable homes that have sold within the past year along with the listing, or asking, price on current homes for sale.

An appraisal of a home can be provided by a certified appraiser. After visiting the home to check such things as the number of rooms, improvements, size and square footage, construction quality, and the condition of the neighborhood, the appraiser then reviews recent comparable sales to determine the estimated value of the home.

The Difference between List Price and Sale Price

The list price is a seller’s advertised price, or asking price, for a home. This price is a rough estimate of what the seller wants to complete a home sale and can be priced high, low (which does not happen often), or very close to what they hope to receive. One effective method to determine if the list price is a fair one is to look at the sales prices of similar homes that have recently sold in the area.

The sales price is the actual amount a home sells for.

Lenders typically require an appraisal, which run between $200 and $300, before they will approve a mortgage loan. In doing so, the lender is protected by ensuring the home is worth the money you want to borrow.

You also can check recent home sales in public records, through private firms, and on the Internet to help you determine a home’s potential worth.

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Questions to Ask About the Neighborhood

Questions to Ask About the Neighborhood

Where you live should reflect your lifestyle. These questions will help you find the best community for you.

Is it close to my favorite spots?

Make a list of activities you engage in and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engage in your most common activities.

Is it safe?

Contact the police department to obtain neighborhood crime statistics. Consider not only the number of crimes but also the type and trend. (Is crime going up or down?). Pay attention to see where in the neighborhood the crime is happening.

Is it economically stable?

Check with your local economic development office to see if household income and property values in the neighborhood are stable or rising. What is the ratio of owner-occupied homes to rentals? Apartments don’t necessarily diminish value, but they indicate a more transient population. Are there vacant businesses or homes that have been on the market for months? Check news sources to find out if new development is planned.

Is it a good investment?

Ask a local REALTOR® about price appreciation in the neighborhood. Although past performance is no guarantee of future results, this information may give you a sense of how a home’s value might grow. A REALTOR ® also may be able to tell you about planned developments or other changes coming to the neighborhood — such as a new school or highway — that might affect its value.

Do I like what I see?

Once you’ve narrowed your focus to two or three neighborhoods, go and get a feel for what it might be like to live there. Take notes: Are homes tidy and well maintained? Are streets bustling or quiet? How does it feel? Pick a pleasant day if you can, and chat with people working or playing outside.

What’s the school district like?

This is especially important if you have children, but it also can affect resale value. The local school district can probably provide information on test scores, class size, the percentage of students who attend college, and special enrichment programs. If you have school-age children, visit schools in neighborhoods you’re considering.

Find Houses and Condos
Find Houses and Condos

LUKE

 

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How to Prepare to Finance a Home

How to Prepare to Finance a Home

Develop a budget.

Instead of telling yourself what you’d like to spend, use receipts to create a budget that reflects your actual habits over the last several months. This approach will better factor in unexpected expenses alongside more predictable costs such as utility bills and groceries. You’ll probably spot some ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.

Reduce debt.

Lenders generally look for a debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt—car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.

Increase your income.

Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.

Save for a down payment.

Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with 5 percent down or less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.

Keep your job.

While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.

Establish a good credit history.

Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off entire balances as promptly as possible.

Start saving.

Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs, which can average between 2 and 7 percent of the home price.

Obtain a copy of your credit report.

Make sure it is accurate and correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

Decide what kind of mortgage you can afford.

Generally, you want to look for homes valued between two and three times your gross income, but a financing professional can help determine the size of loan for which you’ll qualify. Find out what kind of mortgage (30-year or 15-year? Fixed or adjustable rate?) is best for you. Also, gather the documentation a lender will need to preapprove you for a loan, such as W-2s, pay stub copies, account numbers, and copies of two to four months of bank or credit union statements. Don’t forget property taxes, insurance, maintenance, utilities, and association fees, if applicable.

Seek down payment help.

Check with your state and local government to find out whether you qualify for special mortgage or down payment assistance programs. If you have an IRA account, you can use the money you’ve saved to buy your first home without paying a penalty for early withdrawal.

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Why you should get Pre-Approved

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Getting pre-approved for a loan with a lender is one of the most important first steps into the home buying process.

Getting pre-approved for a home loan is not as bad as it seems.  It takes little time and will give you an idea of your budget when house hunting.  Many lenders offer an online questionnaire you can fill out giving basic information like debt, income and assets.  Also, buy getting pre-approved your lender will be able to tell you about different home loans available for you.  There are several state and government programs that many consumers don’t know about.

Once you are pre-approved you are able to now start the house hunting process.  The letter will give you an idea of your budget for the purchase of your home.  You can start to narrow down your areas that fit within your budget.

Once you have found your property, the next step can go one of two ways.  This is the most important reason to get pre-approved!!!  Many Realtors and Sellers are less willing to accept an offer without a pre-approval or pre-qualification letter.  This is very vital to have especially in a competitive market.  By having a pre-approval letter, it shows the Realtor and Seller that you are serious about purchasing the home and have already started the process of obtaining a mortgage.

 

 

 

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Have you considered a THDA Home Loan?

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The Tennessee Housing Development Agency (THDA) is offering the Great Choice Home Loan Program offering affordable mortgage financing for middle/moderate income.  Every Great Choice Home Loan is a 30-year, fixed interest rate home loan.  Here is some basic information on the Great Choice Home Loan:

30 Year Term

Your monthly payments are spread out across 30 years to keep payments affordable.

Minimum Credit Score

To qualify for the Great Choice Home Loan, the credit score of everyone on the loan application must be at least 640.

Maximum household income

Your total household income must be below the annual income limit.  This limit varies by county and the number of people in your household.

Maximum purchase price

The maximum purchase price you can pay for the home and still qualify for the loan program also varies by county and is closely related to the income limits set for that county.

Down Payment Assistance

Everyone who qualifies for the Great Choice Home Loan Program also has the option for financial assistance with their down payment and/or closing costs.

 

For more information on the Great Choice Home Loan Program, you can contact me at 615-624-1436 or via email at Tiffany@mcrealtytn.com

Tiffany Orsino

NextHome Music City Realty

1804 Williamson Court #102

Brentwood, TN 37027

615-624-1436

Tiffany@mcrealtytn.com

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What to Know About Credit Scores

What to Know About Credit Scores

Credit scores range between 200 and 850, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

Your payment history.

Did you pay your credit card bills on time? Bankruptcy filing, liens, and collection activity also affect your history.

How much you owe and where.

If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, spreading debt among several accounts can help you avoid approaching the maximum on any individual credit line.

The length of your credit history.

In general, the longer an account has been open, the better.

How much new credit you have.

New credit—whether in the form of installment plans or new credit cards—is considered more risky, even if you pay down the debt promptly.

The types of credit you use.

Generally, it’s desirable to have more than one type of credit—such as installment loans, credit cards, and a mortgage.

http://www.nechole.nexthomemusiccity.com

 

 

LUKE

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5 Housing Trends to Watch for 2018

5 Housing Trends to Watch for 2018


                             5 Housing Trends to Watch for 2018

Home shoppers may have it easier in 2018. Inventory constraints of for-sale homes and rising home prices may finally start to ease next year, according to realtor.com®’s 2018 National Housing Forecast.
“Next year will set the stage for a significant inflection point in the housing shortage,” says Javier Vivas, director of economic research for realtor.com®. “Inventory increases will be felt in higher priced segments after spring home buying season, which we expect to take hold and begin to provide relief for buyers and drive sales growth in 2019 and beyond.”
But the big wild card for 2018 will be any impact from the proposed tax reform legislation, which is currently being debated by Congress, realtor.com® adds.
Here’s a closer look at realtor.com®’s five housing prediction trends for 2018:
1. Inventory to start increasing: Realtor.com® projects positive year-over-year inventory growth by the fall of 2018—which will be the first time since 2015. “Inventory declines are expected to decelerate slowly throughout the year, reaching a 4 percent year-over-year decline in March before increasing in early fall, after the peak home-buying months,” realtor.com® notes in its report. The cities expected to see inventory levels recover first are Boston; Detroit; Kansas City, Mo.; Nashville; and Philadelphia. The majority of this growth will be in the mid- to upper-tier price points (which includes homes priced above $350,000). On the other hand, recovery in the starter home market likely will linger since levels are “significantly depleted by first time buyers,” realtor.com® notes.
2. Price appreciation to slow: Home buyers likely will see home prices moderate in the new year. Realtor.com® forecasts home prices to slow to a 3.2 percent growth year over year nationwide. For comparison, home prices in 2017 posted a 5.5 percent increase. The majority of the slowing price appreciation will be centered in the higher-priced ranges as more inventory becomes available. Entry-level homes, on the other hand, likely will continue to see price gains due to a larger potential buyer pool as well as a more limited number of homes available for sale in this price range.
3. Millennials to gain market share: Finally, the long-held predictions may hold true. Millennials may reach 43 percent of home buyers taking out a mortgage by the end of 2018, up from an estimated 40 percent in 2017, realtor.com® projects. The largest cohort of millennials are expected to turn 30 in 2020. “Millennials are a driving force in today’s housing market,” Vivas says. “They already dominate lower price home mortgage and are getting close to overtaking older generations for mid- and upper-tier mortgages. While financially secure in general, their debt to income ratios have started to increase as they compete for higher priced homes.”
4. The South to lead in sales growth: Realtor.com® forecasts that Southern cities will top national averages in home sales growth in 2018. Markets like Tulsa, Okla.; Little Rock, Ark.; Dallas; and Charlotte, N.C., are expected to be the highest performers.  Sales in these markets are predicted to increase by 6 percent or more. Nationally, sales growths are predicted to grow by 2.5 percent. “The majority of this growth can be attributed to healthy building levels combating the housing shortage,” realtor.com® notes in its report. “With inventory growth just around the corner, these areas are primed for sales gains in years to come.”
5. Tax reform wild card: Tax reform could dampen 2018 sales and price forecasts, realtor.com® reports. The U.S. House has passed a tax bill, and the Senate likely will vote on one soon. “While the ultimate impact of tax reform will depend on the details of the plan that is finally adopted, both versions include provisions that are likely to decrease incentives for mobility and reduce ownership tax benefits,” realtor.com® reports. “On the flip side, some taxpayers, including renters, are likely to see tax cuts. While more disposable income for buyers is positive for housing, the loss of tax benefits for owners could lead to fewer sales and impact prices negatively over time with the largest impact on markets with higher prices and incomes.” Read more: Tax Reform Proposals Threaten Homeowners and REALTORS® Square Up After House Passes Tax Bill
Source: realtor.com®

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