Tips for Buying a Home in Virginia Beach!

To everyone trying to buy homes in Virginia Beach, stay strong! With Virginia Beachexperiencing one of the highest bidding wars in the country, yes, the entire country, there issure to be some upset. Do not fear though as we are here to help tip you in the right direction!According to Redfin, Virginia Beach is ranking number eight in the country with 75% of offersfacing highly competitive bidding wars. Though the military population influx weighs heavily on the market, do not be discouraged.There is a house out here in Virginia Beach just waiting for you to make it your home.It is no secret that the inventory in VB is lower than the demand so you will find yourselfcompeting with more people for the same home. Here are some important tips for homebuyerslooking to finally make their dream home a reality. Be thorough; know the ins and outs With demand being so high, make sure that you are cognizant of every detail pertaining to thetransaction and process. Your agent should walk you through everything thoroughly andexplain everything in detail. However, if they do not, you should prepare yourself.Know the type of loan you are going to use, how much you are willing to offer, and askquestions about inspections. That way, as the home buyer, you are analyzing everything frompoint A to B about the offer. You should never submit an offer just off a whim and not know thenitty-gritty. Pro Tip: turn in your documentation for the offer early to show the seller just how ready andserious you are about buying their home. Show the seller WHY they should choose YOU! Aside from the money, sellers have ulterior motives when choosing their buyer.Some sellers want a cash offer. Others may need a longer amount of time to move out. Whilesome want a quick closing, or just want to feel a genuine connection or feeling about a buyersince it may be a home that holds a lot of intangible value to them. With all these reasons beingsaid, if you have the means, an earnest money deposit would never be a bad idea to really putyour offer over the top. An earnest money deposit (EMD) shows just how eager and committedyou are to purchasing their home. Pro Tip: Appealing to the seller’s specific needs may help you stand out amongst the otheroffers and really beat out the competition. Good things come to those who wait In this highly competitive market, many buyers will jump on the first home that only checkssome of their boxes. This could lead to buyer’s remorse down the road. We want to avoid that.When looking at houses the moment they hit the market, you may be setting yourself up forheartache. Waiting a week may not be such a bad idea. Pumping the brakes on the need to putin an offer letter after the property has just been on the market for 24 hours, could lead tosome good fortune. Pro Tip: The longer a house is on the market, the more buying and negotiating power you have.Especially in this market. So, if the house is still there after a week, you may be able to obtainmore assistance than you would have if you had placed an offer immediately. Choose the right agent Shopping and ultimately buying a house is stressful. You want to be sure that the person youtrust as your agent works with you and alongside you, not just someone who is in it for thepaycheck. With all the components and constantly changing details involved in buying a home, an agentwho is attentive, detail-oriented, driven, and organized is only going to take the burden andstress off you. Make sure that the agent has your best interest in mind and only wants what isbest for you and your checkbook. Pro Tip: Have your bank or mortgage entity vouch for you to a potential seller. This showsserious interest in the home and could potentially set you apart from other buyers andcompeting offers. Don’t give up This is huge. Just because your offer was not accepted does not mean your dream home is outof grasp. In fact, Alexander Graham Bell said it best: “When one door closes another dooropens; but we so often look so long and so regretfully upon the closed door, that we do not seethe ones which open for us.” Shake off the rejection and contact your agent to open the nextdoor quite literally to your potential dream home for you!

If You’re a Homeowner, You Have Incredible Leverage When You Sell Today

n today’s housing market, homeowners have a great opportunity to sell their house and receive the best terms for their personal situation. That’s because there’s a limited number of homes for sale, which is creating competition among buyers. Right now, homebuyers want three things: To be the winning bid on their dream home To buy before mortgage rates rise more To buy before home prices go even higher These buyer needs give you an amazing advantage – also known as leverage – when you sell. What Does This Mean for Sellers Today? You might already realize this enables you to sell at a good price, but you’re also in a great position to get the best terms to suit your needs. According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), the average home sold is receiving 4.8 offers. That’s why there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, you should look closely at the terms of each offer to find out which one has the best options for you. And if you have questions at any point in the process, remember your trusted real estate advisor can help. They’re experts who understand the fine print, know how to compare the terms of various offers, and will help you select the best one for your situation. Bottom Line If you’re thinking of selling your home, know buyer demand in today’s market gives you a great opportunity to get the best terms and price when you sell your house. Let’s connect today to discuss how much leverage you have as a seller in today’s market.

VA Loan! What does that mean?

The VA loan is a government backed loan, which means that VA will reimburse the lender in theevent of loss due to foreclosure; this guarantee takes the place of the down payment. The VAhome loan was introduced by the G.I. Bill, and was created with the intent to help Veterans,Servicemembers, and their families have the freedom of buying a home during a time oftemporary financial hardship. With this background knowledge, you may now be wondering“how do I get started”? The beginning of the process for using a VA home loan would be to verify your eligibility. Youreligibility is decided by the VA based on certain criteria such as: your length of service, dutystatus, and character of service. This verification can easily be done yourself by reading chapter7 of the M26-1 Guaranteed Loan Processing Manual. However, if you want some help, call alocal lender or broker and they would be happy to walk you through the verification process aswell! Once your eligibility status has been established, the next step would be to apply for your VAhome loan Certificate of Eligibility (COE). This step is crucial to the process as it verifies to yourlender that you qualify for the loan. Since the VA home loan can be used multiple times, lookingat a current COE will help you determine your remaining entitlement or if it was restored.Next, look at your current financial standing. You want to make sure to understand where yourcredit score is at, what your monthly budget is and then perform a self-evaluation to determine ifyou are ready to buy a home. Though buying a home is a great step, it may not be the bestdecision at the current time. It is imperative to make wise financial decisions so that you areapproved by your future lender as well as to ensure you have peace of mind and are confidentin your decision to move forward. The last step in this process would be choosing a lender. If you meet the VA eligibilityrequirements, this does not automatically qualify you with a lender. Most lenders will have setrequirements that need to be met before you are approved. Not all lenders will have the samestandards in place, so make sure to find someone who works best with you and where you areat. Having a lender that respects your wants and needs as well as who meets you where youare in your financial journey will make for a smooth and enjoyable experience on both sides!Now it is time for the best part: Shopping!

Three Tips for First-Time Homebuyers

Buying your first home is a major decision and an exciting milestone. Even though it can feel daunting at times, it has the power to change your life for the better. If you’re looking to purchase your first home, you may be wondering what’s happening in the housing market today, how much you need to save, and where to start. Here are three things that can help give you the information you need to confidently pursue your dream of homeownership. 1. Consider All Options When the Number of Homes for Sale Is Low Today, there are far more buyers in the market than there are homes available for sale. When that happens, it’s a good idea to do what you can to increase your pool of options. That could mean expanding your search to include additional housing types. For first-time buyers, considering condominiums (condos) and townhomes can be an excellent way to increase your choices. According to Bankrate: “Townhomes often cost less than single-family homes of a similar size in the same location.” In another article, Bankrate also says: “Buying a condo can be a great way to dive into homeownership without worrying about the upkeep that comes with single-family homes and townhouses.” Condos and townhomes are both great entryways into homeownership. When you buy either one, you can start building equity which increases your net worth and can fuel a future move. 2. Know Your Down Payment Could Be More Within Reach Than You Think Saving for a down payment can feel like one of the biggest obstacles for homebuyers, but that doesn’t have to be the case. As the National Association of Realtors (NAR) says: “One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.” Data from NAR shows the median down payment hasn’t been over 20% since 2005. The graph below breaks down the median down payment by age group for recent homebuyers according to the 2022 Home Buyers and Sellers Generational Trends Report from NAR (see graph below): Based on the data above, the median down payment for all homebuyers is only 13%. That’s well below the common misconception of 20%, and it’s even lower for younger buyers. This could mean you may not need to save as much for a down payment as you initially thought. There are also down payment assistance programs available for many buyers. Not to mention, some loan options require as little as 3.5% (or even 0%) down for buyers who qualify. While there are advantages to putting 20% down, especially in today’s competitive market, know that you have options.  To get more information on how much you may need to save and the help that’s available, talk with a professional. 3. Work with a Trusted Real Estate Advisor Throughout the Process Finally, no matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional. If you’re just starting out, they can help you with the initial steps, like educating you on the process and connecting you with a trusted lender to get pre-approved. Once you’re ready to begin your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to make an offer, they’ll be an expert advisor and negotiator to help your offer stand out above the rest. Bottom Line Knowledge is key to succeeding on your homebuying journey. Knowing market trends, what you need for a down payment, and what options you have as a buyer today can give you the confidence you need to buy a home. Let’s connect so you have an expert on your side who can help you navigate the homebuying process.