The 10 Mortgage Commandments When Buying A Home

Home Loan or Mortgage Loan in Dayton Ohio

When buying a home and applying for a mortgage, you should always follow a few important rules. Once you’ve been pre-approved for a home loan, searched homes for sale, submitted an offer to purchase and have an accepted contract, you must now secure the mortgage loan.

Just because you have a pre-approval letter from a mortgage professional (lender) doesn’t necessarily mean that you are able to secure the mortgage loan and close on the home. Remember this: your home loan is never secured until you’ve actually closed on the home. In order to ensure you’re home loan process goes as smoothly as possible, please follow these 10 commandments.

1) Thou shalt not change jobs, become self-employed or quit your current job.
2) Thou shalt not buy a car, truck or van (or you may be living in it).
3) Thou shalt not use charge cards excessively or let your accounts fall behind.
4) Thou shalt not spend money you have set aside for closing costs.
5) Thou shalt not omit debts or liabilities from your home loan application.
6) Thou shalt not buy furniture for your new home before closing on your new home.
7) Thou shalt not originate any unnecessary inquiries into your credit.
8) Thou shalt not make large cash deposits into your bank account.
9) Thou shalt not change banks, bank accounts or financial institutions.
10) Thou shalt not co-sign a loan for anyone.

If you’re buying a home in Dayton Ohio or surrounding areas and would like to speak to a mortgage banker please contact Matthew Edwards at Citizens Home Loans of America, Inc. | NMLS# 1026303 | OH# LO.024146.001

Matthew Edwards – Mortgage Banker
7601 Paragon Road #202
Dayton, OH 45459
(937) 607-3741
MEdwards@CtzHomeLoans.com

Selling With The Best Real Estate Listing Agents in Dayton

Selling My Home in Dayton Ohio | Real Estate Listing Agent

Are you selling a home in Dayton Ohio? Determining the best real estate agent to list your home for sale should be a well thought out choice. Two of the biggest mistakes home sellers make when choosing a listing agent are selecting an agent based on:

1) Hiring a real estate agent that gives you the highest list price for your home.

2) Hiring a discount brokerage to list and sell your home for a lower commission.

Upon reading this, a seller might say, “What? Are you crazy?” Sellers want to list their home for sale at the highest possible price, net the most amount of money, and pay the least amount of commission as possible. But the two criteria listed should play absolutely no part in helping you choose a listing agent – especially if you want a competent Realtor that keeps your best interests at heart.

Do Not Choose A Realtor Based On The Highest Suggested List Price

There is not one real estate agent in Dayton Ohio that can tell you how much your home will sell for. A listing agent can show you comparable sales (comps), pending sales and active sales within a 1/4 mile, 1/2 mile, 3/4 of a mile and even 1 sq. mile from your home. But you (the seller) choose the sales price and potential buyers will tell you if the price is right.

1) In order to secure a listing, some agents contort the truth
Because no agents can guarantee that your home will sell for a specific price, the listing agent who suggests the highest price is probably exaggerating the numbers. Ask the real estate agent to show you numbers supporting the inflated list price. More than likely, the agent will not be able to show you comparables supporting their inflated list price. If they do show you comps supporting the inflated list price, make sure the agent is not showing you homes that are located in a different neighborhood.

2) Talk to a listing agent who offers you a range
There should always be a price range. There may be a $10,000 to $15,000 price difference from the low-end versus the high, but there should always be a range in price. When listing a home, there are many different factors that determine the price range. Some of those factors include location, school district, home improvements, and the current market.

3) Correctly pricing a home to sell is an art
Pricing your home correctly from the beginning is one of the most important factors in selling your home. The optimal time to receive an offer on your home is within the first 30 days it’s been on the market. If your listing agent has done a good job and your home is priced right, you’ll more than likely get an offer. If your home is priced too high, you may not even get any showings; buyers will avoid your home and you’ll eventually end up reducing the price, leaving potential buyers wondering what’s wrong with your house.

Be Careful Choosing A Real Estate Agent That Offers A Lower Commission

Yes, there are always underlying circumstances as to why a real estate broker or real estate agent is willing to discount his/her commission. Most of the time, it’s the only way the broker or agent feels he/she can compete in a highly competitive business. Generally, real estate brokers/agents are willing to cut commission because they are unable to compete with other highly skilled Realtors in areas such as negotiation skills or internet marketing (advertising).

If the only real benefit a real estate agent brings to a table is a cheap listing fee (lower commission rate), ask yourself why. Is the real estate agent desperate for business, unqualified or both?

Circumstances Where A Qualified Real Estate Will Offer A Lower Commission Rate

There are a few specific instances where a fully qualified real estate agent will negotiate a lower commission rate to list your home for sale.

1) You’re not only listing your home, but also buying a home utilizing the same real estate agent for both transactions.

2) You’re willing to pay for all advertising materials & other expenses related to the sale of your home.

3) You do not have enough equity in your home to pay the full 6% commission rate.

4) You have referred other business to your real estate agent.

5) You’re selling multiple homes.

Should I List My House For Sale During The Winter Months?

House For Sale: Listing Your Home For Sale During Winter Months

Listing your home for sale and selling your home during the cold Winter months is a much more profitable idea than many sellers think. Most people interested in selling their home choose to hibernate all Winter long, just waiting until Spring arrives to have a Realtor list their house for sale. When Springtime finally rolls around, real estate listings hit the market in droves and your house will be just one of the many homes for sale in your neighborhood.

SELLING A HOME IN THE WINTER MEANS LESS COMPETITION

Listing and selling a home during the Winter months often equates to less competition. Every seller wants buyers to give their home as much attention as possible. You can help your home stand out from the crowd by listing and selling when most everyone else is not. When there are less real estate listings on the market for buyers to choose from, you are creating a seller’s market.

WINTERTIME REAL ESTATE LISTINGS TEND TO ATTRACT MORE SERIOUS BUYERS

Believe it or not, there is a strategy to listing and selling homes. Listing your home for sale during the Winter months will likely attract more serious buyers. Think about it for a moment… if you list your home for sale during the Winter months, any potential buyers willing to schedule a showing and trek out into the freezing cold weather to view your home are probably serious buyers. Contrary to many beliefs, most people do not contact a Realtor, schedule showings, and spend hours casually looking at homes for sale with no intention of buying.

SHOULD I LIST MY HOME ON THE MARKET FOR LESS BECAUSE IT’S WINTER?

The short answer to this questions is “No!” Just because it’s Wintertime doesn’t mean that you should ask less for your home. As a matter of fact, I would suggest asking a little more for your home because there are less homes on the market for potential buyers to choose from. If you choose to ask a little more for your home during the Winter and for some reason it doesn’t sell, you can lower the price come Springtime and market the home as “price reduction” and a great deal.

Ohio Real Estate Guys
28 E Rahn Rd #213
Kettering, OH 45429
(937) 490-9743
info@ohiorealestateguys.com