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The Best Way to Save Money During the Home Buying Process

by Galand Haas

Good Morning!

Finding the perfect home to buy is only a part of the home purchase process.  Getting a mortgage loan is the second part and it can be complicated.  Not knowing the facts can cost you thousands up front and cost you far more down the stretch.  With mortgage loans, if it seems to good to be true, it probably is.  Do your research and don't fall for gimmicks or rates that seem to be much lower than the norm.  My suggestion is to find a qualified mortgage professional in your market area.  You can find them typically by asking your Real Estate agent, asking friends, etc.  Ask for references and talk to them.  This is serious business and you want to make sure that you get the best mortgage package available.  

Most of your "money" challenge rests, not with the purchase price, but with the cost of borrowing money to buy. Saving a few thousand on the purchase price, but jumping into a mortgage without any research may mean that apparent purchase savings disappear into massive accrued interest costs.

The cost of borrowing someone else's money to buy a house or condominium can add interest and other charges that result in you paying two or three times the original purchase price after a couple of decades of ownership.

Invest "brain time" learning about how to finance the purchase and you'll get pay-back in how much less you spend on borrowing the money.

For instance, if you want to buy real estate, have you taken time to…

  • Understand how to present the best possible credit rating to qualify for the best rate and terms?
  • Learn which mortgage terms, including amortization period, prepayment options, frequency of interest compounding, and many more, can cost you money and how to protect yourself before you sign on the dotted line?
  • Discover how and why you should repay your mortgage loan as quickly as possible and save on years of interest payments?

Once again, talk of rising interest rates has us mesmerized. Whether you are selling to buy, purchasing a new build, or entering the real estate market for the first time, mortgage rates are a topic you've been following. Unfortunately, tracking rates alone won't teach you enough about how to save and how to protect all your interests when buying a home. While borrowing rates are important, they are one of many factors to consider when arranging a loan.

The internet offers many good sources of refinancing information mixed in with sources of too much bad advice, dated content, and devious promotion. Stick to solid, reputable sources, including government agencies and consumer associations, and remain skeptical of all you hear and read. Ask a lot of questions and take notes. The "exam" is your financial wellbeing.

Our tendency to click around popular sites, which may have sometimes undisclosed agendas, can make learning about mortgages harder, not easier. Jumping from site to site, blog to blog, author to author can be confusing. Learn the basics, including terminology, before you look for slick tricks. Master the language of mortgages, so you can comfortably discuss your options with mortgage and real estate salespeople.

One great educational opportunity is to learn from the mistakes and mishaps of others. The Consumer Financial Protection Bureau (CFPB), established in 2010, describes itself as "a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives."

Make a Complaint: If you've experienced difficulties with a financial product, they want to hear from you.

They'll forward your issue to the company involved and provide you with status updates.

Read about Complaints: Complaint Database.

CFPB also provides educational support to head-off problems and explain new disclosures: Know Before You Owe.

If you are looking for a mortgage professional in the Eugene/Springfield market area, contact me.  I have a list of the best mortgage professionals in our area.  I can save you both time and money.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!



4215 Heins Ct

Price: $239,900    Beds: 3    Baths: 2    Sq Ft: 1489

Beautiful Brand New Home! Another great home from builder Gary Konold. Located in cul-de-sac w/ shopping only a 2 minute drive away! One level home offers  laminate wood flrs, granite counters...
View this property >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Market Activity for June 2015

by Galand Haas

Good Monday Morning!

The Real Estate market in the Eugene and Springfield area continues to soar.  June was a record breaking month for home sales.  At the same time the inventory of homes continues to decline, making the Eugene and Springfield area a strong sellers market.  Most of this hot sales action continues to be in the lower and mid range areas.  Sales of upper end priced homes continue to be sluggish.  This is something that is more unique to Lane county as many parts of the country are seeing a hot market even in the upper price ranges.

June was another great month for closed sales in Lane County. The 536 closings outpaced last month (411) by 30.4% and last June (389) by 37.8%. It was the strongest June for closings in Lane County on the RMLSTM record—the previous June record of 508 was tallied in 2004.

Pending sales (557) outpaced last June’s 428 by 30.1% and edged out last month’s 552 accepted offers by 0.9%. New listings (680) similarly outpaced last June’s 641 by 6.1% and May 2015 (672) by 1.2%.

Inventory in Lane County decreased to 2.6 months in June. Total market time decreased to 73 days in the same period.

Year to Date Summary

Activity is up during the first six months of this year compared to the same period last year. Pending
 sales (2,695) are up 29.9%, closed sales (2,164) are up 28.0%, and new listings (3,594) are up 12.0% this year compared to the first six months of 2014.

Average and Median Sale Prices

Comparing 2015 to 2014 through June of each year, the average sale price rose 3.0% from $234,300 to $241,300. In the same comparison, the median sale price rose 4.3% from $210,000 to $219,000.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!



2511 Garfield St
 

Price: $435,000     Beds: 3     Baths: 2    Half Baths: 1     Sq Ft: 3908

Spacious custom home w/ tree views! Beautiful 3 levels offer amazing treetop views from lg private master ste which occupies entire upper level. Grand KIT w/ very lg cook island, eat-bar, cherry cabs, corian counters & Wilsonart lam flrs that lead t...
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AND HERE'S YOUR MONDAY MORNING COFFEE!!

Top 3 Reasons a Buyer Chooses to Buy a Home

by Galand Haas

Good Monday Morning!

Over the past several weeks, I have been advising anyone who is considering selling their home to take action now while we have a strong sellers market.  Now, I would like to go over a few things that are important parts of being successful with selling your home.  You may notice that even during this strong market, there are homes that just sit there and don't sell.  There are reasons for that and to make sure that you do not experience this with your home sale, here are a few rules to live by as mentioned in a recent article in Realty Times.

You may think buyers will love your home because of your extraordinary taste in home furnishings or the incredible job you did with your home addition. Nope, it's not the décor or the vast add-on that gets them to commit, although they may help. There are three top reasons a buyer chooses to buy a home -- price, condition, and location.

Let's start with Price.

To choose the right asking price for your home, you need to know if your neighborhood is in a buyer's market or seller's market. A buyer's market is characterized by large inventories of six months' supply or higher, few buyers making offers, low offers, and many other concessions asked of sellers. A seller's market is characterized by low supply of six months on hand or less, heavy buyer traffic, multiple offers, and close to full price or full price offers.

Bankers, buyers' agents and buyers all have access to the same market information that your agent has given you. If you overprice for the current market, your potential buyers won't get to see your home, and even if they do, they won't get their loans approved.

 

Condition

Allow your real estate agent to help you market your home by putting it in the best condition possible. Buyer's pet peeves may be easy items to fix, but you don't want your house to go to the bottom of their list because you failed to paint, mow, replace the carpet, etc. Sometimes you have to invest a little money to make money.

Remember, today's buyers are more skeptical about buying a home, so creaky steps, dripping faucets, and outdated wallpaper just give buyers a reason to skip your home.

Location

You can't do much about your home's location, but you can make your home more attractive with lovely landscaping, fences to block out ugly views and sounds, a lower price and immaculate condition.

If you do have a great location, don't overprice. People expect to pay more for a great location next to schools, transportation, shopping and restaurants, but if you overprice, they will scrutinize the price and the condition.

It's hard not to be sentimental about the home you've lived in for years, but to buyers, your home is a commodity. Like you, they simply want to make a good deal on a home they love.

You'll quickly find out what real estate agents and their buyers think of your home. If you get a quick offer, you know you priced it right for the location, condition, and the current market.

If you don't get an offer within a couple of weeks, or whatever period is normal for your area, there's something wrong. Look at your price and condition and see if you can make your home a little more desirable.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

 


2060 McLean Blvd

Price: $305,000    Beds: 3    Baths: 2    Sq Ft: 2180

Beautiful and peaceful residence! From high up on a hill enjoy serene tree views. Sunlight floods inside through numerous large windows and 2 sliders. Relax next to the fireplace in the family room, take in the view from the living room, or outside ...
View this property >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Market Activity for July 2015

by Galand Haas

Good Morning!

If you think that it is too late in the season to put your home on the market, think again!  The Eugene and Springfield market area continues to have a very low inventory of homes for sale in many price ranges and areas.  This means less competition and a chance for you to sell quickly at top dollar value.  The other thing that is important to think about is the fact that your home value has most likely increased significantly over the past year.  This along with a robust housing market in our area makes this a great time to think about selling.  This market won't last forever.  We will see and end to this long run of low mortgage interest rates  and when that takes place, housing affordability will suffer and most likely demand will decline.

If you have been considering selling your home and just want to check things out, please contact me.  With a short 20 minute visit to your home, I can give you some ideas on what your home is worth and also give you some information on what it would take to sell your home.  

Have An Awesome Week!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-July-2015

 

THIS WEEKS HOT HOME LISTING!


28135 Spencer Creek Rd

Price: $1,250,000    Beds: 4    Baths: 4    ½ Baths: 2    Sq Ft: 6143

Just minutes from town! This gated country estate is spectacular with an exquisite manor featuring grand staircase, 4 bedroom suites, office, theater room, gourmet kitchen and more. Great shop for RV and storage, creek, waterfall pool, ponds for fishing...
View this property >>



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Displaying blog entries 1-4 of 4

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Photo of Galand Haas Team  Real Estate
Galand Haas Team
Keller Williams Realty Eugene and Springfield
2644 Suzanne Way
Eugene OR 97408
Direct: (541) 349-2620
Fax: 541-687-6411

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