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In 2013, 38 percent of home buyers were first-time buyers. Because first-time buyers can face unique challenges that other buyers may not, Supreme Lending and United Real Estate have partnered together to assist more people in achieving the dream of home ownership.
The statistics on first-time home buyers.
First-time home buyers tend to be young adults with an average age of 31. Around 56 percent of first-time buyers are married and 30 percent are single. The majority of first-time buyers, 59 percent, don’t have children. They tend to purchase homes around 1,570 square feet, and they have an average income of $64,400.
Specific challenges first-time home buyers face.
Did you know:
- The average age range for first time home buyers is 25-35, which also happens to be the age group hardest hit by the recession. This means that they may still be building their careers or do not have the employment history that older buyers do.
- Credit scores can also be a challenge for first-time home buyers because they may not have the long, established credit histories lender look for.
- Down payments can be a problem for first-time home buyers. Some lenders require first-time buyers to put down 10 to 20 percent of the purchase price of the home, which can be difficult to come up with when the buyer might be just starting in their career.
- Many buyers in this age group are also dealing with paying back substantial student loans. Having student loans can significantly impact the approval and even size of a home loan.
- It’s their first time. Many first-time buyers are simply overwhelmed by the home buying process. This can result in them agreeing to a term or percentage without really knowing what it means for them or giving up the process entirely.
What you can do:
- Make a list of must-haves and nice-to-haves. Buying a home can be an emotional experience, but it is important to try to put emotions aside and focus on finding a house that has what you’re looking for AND you can afford.
- Take ALL of the expenses into consideration when deciding on your budget. Don’t forget to add in utilities, cost of commuting, insurance and other fees.
- Read the homeowners association contract before you put in an offer. It could have conditions that make or break your decision.
- Ask for help! You don’t have to go through the process alone. Make sure that you choose loan officers and real estate agents who are dedicated to making the process as simple as possible.
Sources: https://www.discover.com/home-loans, http://www.realtor.org, http://blakesloanradio.com
Questions for us? Email email@example.com or call (877)316-0296
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When you’re determined to purchase your own home, it doesn’t have to be a single-family house. Condos make great investments and offer several advantages over other types of residences.
These are just some of the benefits you’ll enjoy when buying a condo:
- Access to amenities. You don’t have to pay for separate memberships to a local pool or golf course. Living in a condo means that you’ll be able to use the amenities your condo community offers, such as clubhouses, pools and fitness center.
- Low maintenance. When you live in a condo, you only have to maintain your living space. You’re not responsible for maintaining the building, grounds or common areas.
- Financial incentives. Owning a condo gives you a chance to build equity, and you’ll also be able to use tax deductions on property taxes and mortgage interest payments.
- A sense of community. Living in a building that has a lot of other units occupied by owners, rather than renters, means that you’ll have a good sense of community. Some of these also offer planned community events.
Need additional information on buying a condo? Contact United Real Estate, and follow our Facebook page.
Having a vacation home to go to on weekends saves you the hassle of booking a room when you want to get away. With more demand for these homes in recent years, it’s a good time to consider buying a vacation home.
Keep these tips in mind when you start your search:
- Save up money. Many buyers pay for their vacation home in cash. This isn’t a requirement, but it could boost your chances of finding and buying a home more quickly.
- Have enough for a down payment. If you can’t pay cash for a vacation home, at least have a large enough sum of money set aside for a down payment. Plan on having around 30 percent in savings for this.
- Consider buying a foreclosure or doing a short sale. A large percentage of vacation home buyers end up saving money through short sales or foreclosure purchases. These are more complex ways of buying a home, so you’ll need the help of a good realtor if you plan on going this route.
Ready to start searching for a vacation home? Contact United Real Estate, and follow us on Facebook.
Buying a home together as a couple is an exciting time, but don’t let it become a source of tension between you. Owning a home is a huge commitment that both of you need to be ready for.
Use the following tips for couples purchasing a home before you start looking at available properties:
- Discuss your preferences. It’s crucial to sit down and talk about what each of you wants in a home. Discuss things like location, type of home and what local amenities you prefer being close to. When you don’t talk about these beforehand, you could find out that your preferences are drastically different.
- Check your credit reports. You both need to check your credit reports before applying for a mortgage. Take care of any errors, and talk to a lender about which debts you should try to pay off before submitting your application. Keep in mind that lenders weigh the lower credit score more heavily.
- Get a mortgage pre-qualification. This provides you with a rough estimate of the amount you can qualify for on a mortgage. Factor this into your budget.
Ready to begin looking for a home? Call United Real Estate and follow our Facebook page.
When calculating the cost of your first home, don’t forget to factor in home insurance. This insurance, which is required in order to purchase a home, provides financial coverage in case your home is damaged.
When insuring your first home, keep these tips in mind:
- Get full coverage. Don’t attempt to save money now by skimping on coverage. Your insurance should be enough to cover the cost of having to rebuild your home. Ideally, you should get extended replacement coverage and an inflation guarantee.
- Get liability insurance. This insurance pays for legal and medical costs that you might be faced with if someone is injured on your property. It also covers you in case someone in your family causes damage to your neighbor’s property.
- Cover your valuables. These won’t be included on your homeowners insurance policy, so you’ll be out of luck if they’re damaged or stolen. Purchase additional coverage to make sure that you’ll have enough money to replace jewelry, antiques and other valuables in your home.
Need professional help finding and buying your first home? Visit United Real Estate to find a local agent, and follow us on Facebook.
Looking for your very first house can be exciting yet overwhelming. There are a lot of factors to consider before beginning your search.
The following tips on buying your first houseshould make the experience less stressful:
- Location is everything: Look for a home that’s in a good neighborhood with decent property values. You might also want to be near good schools, your workplace and local amenities.
- Know what you want: Write down the features you must have in a home on one list, then make other lists with features you don’t necessarily need and those you don’t want at all.
- Gather information: Search online for information on recent home sales in your area, and look at the listing price for homes that are currently on the market. You’ll get a better idea of how much you’ll be paying that way.
- Get a mortgage preapproval: Have a lender determine roughly how much you can afford to borrow for a mortgage.
- Take notes: Keep track of the homes you see, and note the features each one has for the sake of comparison.
Need more advice on buying your first house? Visit United Real Estate, and stop by our Facebook page.
While foreclosure rates have dropped in the past few years, there are still plenty of foreclosed homes around that are for sale. You can save a significant amount of money on a new home bybuying a foreclosure.
When you’re looking into foreclosed homes, ask the following questions. This will help ensure that you get your money’s worth:
- How long has it been empty? You can expect a greater amount of damage if the house has been empty for a long time.
- What condition is the house in? Hire an inspector to give the house a thorough walkthrough, and make note of anything that needs to be repaired or replaced.
- How much will repairs or renovations cost? Factor this cost into your budget when deciding whether or not to buy a foreclosed home.
- What’s the neighborhood like? Avoid buying a home in an area with a high crime rate or several other foreclosed homes, since this affects its property value.
- Has the landscaping affected the house? Dead tree branches, roots and untrimmed shrubs can damage the house and the pavement around it.
Ready to get started on buying a foreclosure? Visit United Real Estate to get started, and check out our Facebook page for more home-buying tips.
Searching through page after page of property listings online or looking through them in your local paper can be time-consuming. Fortunately, there’s a much more efficient and convenient way to find potential homes.
Real estate search apps make it easy for you to browse through home and condo listings on the go. United Real Estate offers browsing apps for several different devices. You can download and use these apps on your iPad, iPhone, BlackBerryor Android device. These apps also let you keep track of properties that have had a price reduction and those that are having an open house. With these convenient apps, you don’t have to wait until you’re sitting in front of your computer or laptop at home in the evening to search for properties. Search for your next home no matter where you are.
Providing browsing apps is just one of the ways that United Real Estate makes the home-buying process run smoothly. The company has other technological tools, as well as seasoned professionals, available to help you find your next home.
Need more tips on making the most of our real estate search apps? Visit United Real Estate and stop by our Facebook page.