Why Should You Get a Home Inspection?

Why should you order a home inspection before you close on a property? I’ll explain today.

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Do you need to get a home inspection when buying a home? Absolutely.

The home inspection is very important. When you walk through a house, you’re going to look at the floor plan, the rooms, and the area. You won’t necessarily be inspecting the home.

You need to know about any latent defects in the property, so hire a professional home inspector to go in and look through the home. You’re probably not going to look at foundation issues in the basement or how much insulation is in the attic on your own, but you need to know those things.

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You need to know about the condition of the home and maintenance costs.

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You’re going to want to know what the maintenance costs for the property will be. You’ll also want to understand what the long-term costs will be, which is why it’s very important that you have a home inspection before closing on a property.

If you don’t know any home inspectors, we can recommend a professional to you.

If you have any other questions about home inspections or buying a home, just give me a call or send me an email. I would be happy to help you!

New Homes vs. Resale Properties

How do you know if you should buy a new home or resale home? I’ll explore the pros and cons of each today.

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Which is a better investment—new homes or resale homes?

I get this question a lot from buyers. Ultimately, it all depends on your perspective.

A new home is a great investment if you’re looking for a low-maintenance home. If you’re looking for everything under warranty and you don’t want to make improvements to the property right away, then a newer home is going to be the better option for you. A new home will also maintain its value longer than a resale property.

If you are interested in making improvements, you can get a resale property at a lower price and make upgrades to increase the property’s value.

You can get a resale property at a lower price and add upgrades to improve its value.

Both are good investments. It ultimately depends on your perspective and how you want to manage your time and money in the property.

If you have any other questions about buying a home, just give me a call or send me an email. I would be happy to help you!

What’s the Difference Between a Pre-Qualification and a Pre-Approval?

If you’re a homebuyer in our market, it’s better to get pre-approved than pre-qualified. Here’s why.

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What’s the difference between being pre-qualified and being pre-approved? Which one should you strive for as a homebuyer?

Being pre-qualified involves just getting on the phone and having a short conversation with a lender. They’ll take some basic information from you, and how they qualify you is based solely on the information you give them. However, this information, through no fault of your own, might not be accurate.

Being pre-approved means filling out a loan application, meeting with a lender in person, and giving your whole file to an underwriter. You’ll then get pre-approved by the underwriter. Once you’re pre-approved by that underwriter, you’re actually qualified to buy a home.

If you want to beat out other buyers, get pre-approved.

In this market, it’s especially important to be pre-approved. Sellers won’t want to take an offer from a buyer who is only pre-qualified—they’ll want a full pre-approval. If you want to beat out other buyers to the best deals in our market, get pre-approved.

If you have any questions about pre-approvals or pre-qualifications or you’re thinking about buying or selling a home in our market, don’t hesitate to reach out to me. I’d be happy to help you.

What Comes After the Home Inspection?

After the home you’re looking to purchase has been inspected, what comes after? Today I have some advice about what steps you should expect to come after.

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A home inspection is the process in which an inspector comes to the house being sold to find out any potential issues with the home that could affect its value. But what do you do after that initial inspection is over? Today, I’d like to give you some advice about the next step.

After you do a home inspection, the secondary negotiation period begins. The primary negotiation is where you initially discuss price and terms, but you have a secondary negotiation period that a lot of people don’t necessarily think about.

The important part of this secondary period is that you’re going to be able to negotiate the condition of the property that you’re looking to purchase. Take this time to ask the seller to make repairs that you find to your subjective discretion.

After you do a home inspection, the secondary negotiation period begins.

We will provide a document called an inspection objection to the seller, we’ll object to those items, and then the seller is going to provide us an inspection resolution. This is the agreement that you and the seller will come to regarding what they’ll repair on the property. That way, we can be confident about the property that you’ll be purchasing.

If you have any questions about what comes after a home inspection or anything else that relates to real estate, please feel free to give us a call or send us an email. Hope to talk to you soon!

Why You Should Stop Renting and Start Owning

Is it better to rent or own? A lot of people ask this question. To me, the answer seems obvious.

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Is it better to rent or buy?

This is a question on the minds of a lot of people in today’s market. However, it seems like an obvious answer to me. Then again, I’m in real estate.

Nevertheless, I think you might be interested in hearing my insider’s opinion on why it’s better to buy.

First of all, you have the opportunity to grow your credit when you buy. Purchasing a home is a long-term way to have a positive influence on your credit score.

Also, buying a home will build your equity. You may not stay in this house forever, but the equity you build from it can help go towards your future nonetheless.

You have the opportunity to grow your credit when you buy.

We’ve got a wonderful rental here in Colorado Springs. If you move up to a different property after purchasing your first home, you can still keep your current house as a cash-flow property for your future.

Renting out your previous property after moving to your new residence can be a great way to take on some extra income.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

How Can You Get Your Kids Excited About Moving?

There are many things you can do to make a move fun for your kids. Here are a few of them.

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I grew up as a military brat, so my family moved around a lot. My parents were great about getting us involved in different activities to make the process more fun.

One thing they did was pull out a map and have us guess where our new home was. We also guessed the distance between where we lived and where we were moving to. The winner always got a prize.
 

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The winner always got a prize.

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Another thing is letting the kids help with decorating their room. Get them involved with picking colors, furniture, and more. You can also have them learn about the new location by telling them about the nearby attractions that they can visit.

If you have any questions for me about moving or anything else, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Are You Ready to Own a Home?

How do you know when you’re ready to buy a home? I have a few tips to help you come up with a strategy.

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A lot of buyers will ask me, “How do I know when I’m ready to buy a home?”

I recommend that you go see your real estate professional. We’d love to talk you through the process. As a certified real estate strategist, I can put a plan together to help you determine exactly when you’re ready to buy.

We will look at different factors on the lending and real estate side to make sure that you are ready to buy a home. First, we have to find out if you will qualify for a mortgage. We’ll look at your FICO score, debt-to-income ratio, and consumer debt. We want to put you in the best situation possible to buy a home.

There are a few other factors to consider. For example, are you in a lease? Are the kids in school? When do you want to move?

Ultimately, you’re the only one who knows when you’re emotionally ready to buy a home.

I can help you get a strategy in place. Ultimately, you’re the only one who knows when you are emotionally ready to move.

If you are thinking of buying a home, just give me a call or send me an email. I would be happy to help you!

How Do You Determine How Much Home You Can Buy?

If you want to accurately determine how much home you can afford to buy, there are two professionals you must speak with.

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Buyers ask me all the time, “How do we determine how much we can afford for the new house we’re looking at?”

First, speak to a lender before you start shopping for a home. They can give you accurate information regarding your debt-to-income ratio and your FICO score, which are the two key ingredients to knowing what you can afford.

On the real estate side, speak to a real estate professional. They will be able to provide you with accurate information that will affect your monthly payment. This information includes what your property taxes will be, what your HOA payments will look like, and how these factors will affect your debt-to-income ratio.
 

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Getting a professional opinion
on both the real estate and lending sides is your best bet.

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You can research some of these things on your own, but getting a professional opinion will best determine how much you can truly afford for the home you intend to purchase.

If you have any questions about this topic, please don’t hesitate to reach out to us. We’d be happy to help you.

Don’t Overlook These Housing Needs During Your Home Search

Here are few things most buyers don’t think about that you should consider carefully if you’re starting your home search.

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When starting a home search, buyers often think about factors like the number of bedrooms, the square footage, and maybe even the location of the home in town. Here are few things most buyers don’t think about that you should consider carefully if you’re starting your home search because they could play a big role in your future purchase.

First, what size of a yard do you want? A larger yard or a smaller yard? Also, what type of landscaping will the yard have and what kind of maintenance will it require from you in the future?

Speaking of future, what will your family’s future needs be? Is your family growing or shrinking in size? Analyze what your needs might be as far as the number of bedrooms in your home and its overall size.
 

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How many bedrooms will your home need to fit your family?

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Next, think about what HOA desires you have. Do you want to be in a neighborhood that’s pristine and well-kept because the HOA is very strict, or do you want to have more latitude in your area and not necessarily even have an HOA?

Lastly, consider which direction your house is facing. In the wintertime, it can make a big difference whether it’s facing north or south.

If you have any questions about starting your home search or would like a home evaluation, don’t hesitate to reach out to us. We’d be glad to help.

Can You Buy a House Without a Down Payment?

With the El Paso County Bond Money Program, you can get a grant that you don't have to pay back.

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If you don't have money for a down payment, can you still buy a house?

Absolutely.

In fact, there are a lot of down payment assistance programs out there right now that are great for homebuyers. I think the best one right now is the El Paso County Bond Money Program, which is a turnkey program that allows you to buy a house with zero money down. Using an FHA loan, El Paso County will grant you that money for your down payment.

Since it's a grant, you don't have to pay it back and there's no interest. Of course, there are qualifications for this program, but it's the program that I would recommend the most.

There are a couple other great options like C.H.A.C. and C.H.A.F.A.

C.H.A.C. (Colorado Housing Assistance Corporation) and C.H.A.F.A. (Colorado Housing Finance Authority) both allow you to get into a home with no money down. You might need $1,000 in earnest money to put down on a house, but in most cases, you'll be able to get that back at closing.

 

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With the El Paso County Bond Money Money Program, you can get a grant that you don't have to pay back.

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Basically, you can have no savings and buy a house. How great is that?

If you have any other questions about buying a home, don't hesitate to give us a call or send us an email soon. We're here to help.

Why Should You Consider Getting a Home Warranty?

Home warranties are beneficial to buyers, sellers, and homeowners. Here’s how.

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The U.S. News & World Report states that every year, homeowners spend 1% to 4% of their home’s value on repairs and replacements. How can you alleviate some of those costs and concerns?

Get a home warranty!

Home warranties are great for sellers that are looking to sell their house faster, for buyers who are lacking confidence in a home they want to purchase, and for homeowners that have owned their home for a long time but want an extra layer of protection.

If you’re a buyer and you want to make sure the home you’re about to purchase is safe, getting a home warranty will protect you from any and all mechanical problems that could go wrong, even after closing.  

If you’re a seller, the psychology of selling your house is the most important thing. When a buyer comes through your house, they want to feel safe and protected. When they leave one of your showings, you want to make sure they have the least amount of questions in their head so they’re more apt to write an offer. Having a home warranty will provide that conscious and subconscious belief that you’re taking care of them and that they’re protected in the transaction.

A home warranty can save you thousands of dollars over time.

For all homeowners, having a home warranty can save you a lot of money. A furnace could go out, for example, and cost you $3,000 to $4,000 to replace. A home warranty, by comparison, costs only $300 to $400 a year. You could have a home warranty for 10 years and, over that time, if you replace the furnace just once, you’ll pay for the cost of the home warranty. This can include many other mechanical items that the home warranty could be used for besides the furnace, too.

If you have any questions about this or any other topic, please feel free to give us a call or send us an email. We look forward to talking with you!

How to Make a Strong Offer in a Competitive Market

Price is an important aspect of your home offer, but it’s not the most important part. There are three things that can strengthen your offer just as much.

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When buying a home in a multiple offer situation, it’s important to know how to write an offer so that it stands out among the others. Increasing the price of your offer will always make it stronger, but there are ways to make a stronger offer without necessarily increasing the price. Here are three ways to do that:

1. Create a closing date as close to your offer date as possible. The longer it takes a home to close, the more risk the seller takes on. A lot of things can happen in a month or two, so making sure you reduce the length of your closing will reduce the seller’s risk and strengthen your offer.

2. Reduce or eliminate as many contingencies as possible. Especially in a multiple offer situation, if you can reduce or eliminate some contingencies, your offer will be much stronger in the seller’s eyes.

3. Write a personal letter. In today’s society, we are as disconnected as ever due to technology and social media. A lot of personal touches aren’t used anymore. Write a letter to the seller that tells them how the house makes you feel and how much you want to continue to build memories in it. I have seen a personal letter win one of my clients a home in a multiple offer situation where their purchase price was lower than others.

Those are just three ways you can negotiate a strong offer without paying the highest price. If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you.

Why Are Home Inspections a Good Idea?

   

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Today we are talking about home inspections. A lot of first time buyers will ask us if an inspection is necessary for them. Our answer is always yes! You would much rather make a $300 mistake than a $300,000 mistake.

Before the inspection process, the seller provides the buyers with a disclosure, but it is on the buyer to understand the condition of the property to the best of their ability.

During a home inspection, an inspector will look at every single detail of a home. From its structural condition and plumbing, to appliances, mechanical systems, and more. In Colorado, the buyer has a period of time to object to anything concerning the condition of their home. You are protected in Colorado when you write an offer on a home, and won't be penalized if a seller doesn't want to fix something you consider "a deal breaker."

The last thing about home inspections is you want to do them as quickly as possible so as to not delay the closing process. If you're purchasing a home with a loan, don't do it until after the inspection is completed and the terms are agreed upon. If you have ordered an appraisal, that is a $400 charge that you can't get back if you don't close on the home. 

So, get a home inspection and get it done quickly so you can move on to closing on your dream home. If you have any questions for us, give us a call or send us an email. We look forward to hearing from you!

What Colorado Communities Are the Best?

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Hey everyone, welcome back. Today we are going to take a look at some of our favorite areas in Colorado Springs. As you will soon see, there is a little something for everyone here, no matter what your lifestyle is like.

If you're looking for more established and popular neighborhoods, you might want to think about the Village 7, Vista Grande, Fairfax, and Briargate areas. These areas are going to retain their value and reputation as good places to live as time goes on. They have mature trees, walking paths, parks, and good schools.

Speaking of schools, if they are a primary concern for you and your family, we suggest living in one of the nationally recognized school districts in the area. District 20 in Northern Colorado Springs, District 12 in Cheyenne Mountain, and District 38 in Monument are all highly sought after. 

There is a lot of building going on right now in Colorado Springs, and if you want to get a brand new home, the Cordera and Wolf Ranch areas are a hot spot for great community living.

If you want a more laid-back lifestyle, Meridian Ranch, just 5 miles east of The Springs, is a great option and is nestled on an 8,000-yard golf course. Another great area is the Kings' Deer community, in the District 38 area. It's got great views and smaller lots, making it ideal for retirees or new families. The homes in these areas are only going to increase in value as time goes on.

I hope you got some insight into some of the great areas of Colorado Springs today. If you have any questions for us, feel free to give us a call or send us an email. We would love to be of assistance in any way possible!

What's Happening with Colorado Springs Real Estate?

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Today I wanted to provide you with a brief real estate market update for our local market. We're in the middle of the busy season right now, so it's going to be short and sweet.

• Home prices have increased by 9.8% since this time last year
• Inventory in Colorado Springs has decreased by 30% since this time last year, and a lot of homes under $250K are getting multiple offers
• Sellers have been receiving 99.6% of their asking price, which is great if you're looking to sell your home
• Interest rates are extremely low right now, with most rates sitting in the high 3's or low 4's
• There are also many zero down loans available, including the El Paso County Turnkey Program
• It's often more affordable to buy a home than it is to pay rent monthly

With all this being said, it is a very good time to be buying or selling a home right now. Please contact us if you need assistance with your real estate transaction in El Paso County.

We're always willing to help!

How Should You Handle Multiple Offers?

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The real estate market is heating up here in Colorado Springs. With this being said, we're seeing a lot of multiple offer situations. In today's video I'll be telling you how to handle them as a buyer and also as a seller. 

Conventional wisdom would tell you that as a buyer, the best way to secure a home in a multiple offer would be to offer the highest price. While this usually helps, there are other ways to win homes.

Sometimes the trick is to have the best terms and conditions with your offer. You can close in less time or you can agree to pay more of the closing costs. There are many ways to have your offer stand out with terms and conditions. 

Another helpful thing we can do is write a personal letter to the seller explaining how important this home is to you and why you are so desperate to purchase it. 

Overall, if you're a buyer trying to win a home, you will need to satisfy the needs of the seller. That's really all they want. This is why communication is so important.

As a seller, a multiple offer situation is much less stressful. However, you have to be careful about which offer you choose. One thing you will really want to look for is a very short closing period, because anything can happen in that time frame. 

You shouldn't feel badly if you accept an offer with a little less cash if the terms are also good. I also don't recommend waiting for lots of offers. Your home will sit longer and this will gradually decrease your sale price. 

If you need any help buying or selling a home in Colorado Springs, please don't hesitate to contact me!