Tag Archive for: buying a house

Renting vs Buying

September 21, 2022/in Housing /by Cara Chatellier

Owning property is often considered one of the great landmarks of success and maturity. This mindset makes sense- it is no small feat to purchase a home! Though it should most certainly be something to strive for, buying a home before you are mentally and financially ready can be disastrous. You don’t want to purchase outside of your means, nor settle for a home you aren’t passionate about simply because you want one. There are many questions you should ask yourself before you begin the home-buying process, and an understanding of the current housing market in your area is vital. If you are reckoning with the pros and cons of buying vs renting, consider these factors before making the leap.

LOCATION, LOCATION, LOCATION

Are you comfortable in your current location? Is this spot somewhere you can see yourself in 5 years? 10 years? Reflecting on your location is key to deciding whether you should buy or rent in your current area. If you are unsure whether you want to stay put or take up space in another locale within the next 5 years or less, buying may not be right for you at this stage. Often we hear that renting is about pouring money into something that doesn’t belong to us, but in turn for the rent, you can live in an amazing space for a limited amount of time. In contrast, if you feel as though you want to stay where you are for the long run, it may be best to start the buying process so that you can invest in a property that belongs to you for years to come.

PURCHASING POWER IS KEY

Before you can make a sound decision on whether or not purchasing a house works for your lifestyle, you need to gauge your overall purchasing power. You can find calculators online that will give you a sense of how much you can afford. There are various factors that play into your purchasing power including credit score, savings amount, down payment, debt to income ratio, and payment history. Major debts such as past mortgages, credit cards, and car loans need to be factored into this decision. When determining your pre-approval amount, a loan processor will look at these factors to decide whether or not you are financially sound enough to purchase a home and how much you will be able to borrow. If you don’t meet all of the criteria or are on the lower end of the spectrum when it comes to purchasing power versus your wish list, renting may be the best option until you are able to bring all aspects to pristine health. During your rental period, focusing on cleaning up your credit and saving money diligently for your down payment are key aspects of growing your purchasing power.

THE FUTURE IS NOW

If you’ve decided that the home purchase route is the right one for you, consider what the future may hold. Reflect on questions such as:

Will I be married or have roommates now or in the future?
Do I plan to grow my family?
Do I want pets?
Do I plan to host holiday gatherings, events, or guests at my home often?
Do I want to build on or renovate a home or do I prefer a move-in-ready type?
What floor plan layout works best for my plans now and in the future?

Although you plan to purchase now, or in the near future, you must contemplate the wants and needs that may arise in the future. This way, your home will fit your changing lifestyle as you and your family grow and change. If you are uncertain of your future plans, renting would be the best option as you can oftentimes choose between a long-term or short-term lease agreement. Similarly, you may decide the timing is right for you but the market is not. Be sure to have a concrete understanding of the housing market before you make an investment that may not be as successful as you had planned.

When deciding whether renting or buying a home is the right option for you, there are many different factors to reflect upon before jumping in headfirst. Consider factors such as your financial buying power, your debt-to-income ratio, your savings and purchase plan, and your future personal goals. Understanding the full picture will allow you to make the best choice for you now. Still not sure what the best option is for you? Contact me today, I would love to help walk you through the process to determine the best route for you.

Fall Market Forecast

August 24, 2022/in Housing /by Cara Chatellier

Between the interest rates and low inventory, it has been a very strong housing market in the Northeast recently! But what can we expect as we enter the fall? Areas like New York City and Boston are experiencing a housing shortage with the high demand for homes since the pandemic, but not enough land to strengthen the inventory. Many people are interested in buying in the Northshore of Massachusetts due to our access to Boston, as well as the state’s access to healthcare, technology, and great education. Luckily, the economy has been going well and many experts are not anticipating a recession or housing market crash in the near future. Let’s look into what this means for both buyers and sellers in late 2022.

For Buyers

Things are looking up for home buyers as we enter the fall of 2022. Though the pandemic has brought on strong competition and high interest rates, we are now experiencing a healthier market overall. With fewer bidding wars and appraisal waivers, and an increase in home inspections, homebuyers are no longer taking the risks that were common in 2020 and 2021. Perhaps the best tip I have for buyers in this current market is to make sure you can see yourself staying in the home for a while. You will still be paying a lot for the property, so ensure that you will be able to build equity and make the home a strong investment. Ask yourself if you can picture living there for the next five years before you commit. Is it in a good location? Can you improve upon it? Do you enjoy being in the space? If you are comfortable with these things, you are most likely making a very good investment!

Navigating a seller’s market can feel overwhelming, but it’s possible to score the home you love, within your budget, when you want it. You have to be mindful of some top tips that can assist you in your home buying process. My advice for buyers falls within simple guidelines: prepare your wants and needs ahead of time, determine what you are okay to settle on, figure out your budget and work with a realtor who understands your ideal area. As a first-time homebuyer, or even a seasoned purchaser in the real estate market, knowing when the right time to buy is quite simple: buy when you’re ready. Focus less on the changes in the market and more on when is a good time for you, your family, and your finances.

For Sellers

Though things are looking up for buyers, you can still expect to sell a house fairly easily in this market. If you are pricing your home correctly, you should expect strong offers coming in! I recently read that the median home price in Beverly this summer has been around 600 thousand dollars, which is incredibly high. Even if you are not seeing bidding wars and high over-asking offers on your home, all it takes is one strong offer to make a sale! Be sure that you are putting your best foot forward to ensure the best offer. If you want to increase your chances of selling your home quickly and profitably, preparation is key. Before you decide on listing your home and posting the “For Sale” sign on your front lawn, consider these tips for how to maximize exposure and increase buyer interest. Once this is done, meet with your realtor to be certain that you are pricing your home correctly and competitively for the current market!

Bottom Line

The best time to buy or sell a house is going to depend on the best time for you! Although these tips are based on research and my personal experience as a realtor, we don’t know what interest rates will be next year, and we don’t know how inflation is going to impact this market. It is impossible to predict the housing market’s future with 100% accuracy, so it’s most important to base your decisions on your own financial state and needs.

Whether you are looking to buy or sell, getting in contact with a professional is a great first step. Please reach out with any questions you may have on the housing market, I’m happy to answer them to the best of my ability.

The State of the Massachusetts Housing Market

May 11, 2022/in Housing /by Cara Chatellier

I’m getting a lot of questions about what’s going on with the market. And it’s a great question, with no one specific answer! The drastic increase in home prices we saw last year has had a great many impacts on the process of buying and selling, including the frequency of bidding wars and the amount of cash offers over the asking price. Though the high demand and low inventory remain heavily in play, the Massachusetts housing market is not expected to be as intense as last year’s.

For Buyers:

If you’re a buyer, it’s important to note that interest rates are inching up, and they will probably continue to inch up this year. The average 30-year fixed mortgage rate is now at 5.11%—the highest level since 2010. So what you could have afforded last fall or last summer is likely going to be different than what you can afford now. This means it is important to check in with your lender, get an updated preapproval, and know what you can afford. On a more positive note for buyers, the increase in interest rates has led to a decrease in homebuyer competition for the first time in six months. This will probably, in some cases, lower the amount of multiple offers and over asking bids we’ve been seeing.

According to Redfin, “The drop in homebuyer competition is one sign that the housing market is starting to slow down. Mortgage applications, home tours, and online housing searches are also declining, and more sellers are lowering their asking prices after putting their homes up for sale.”

Home Inspections:

Another trend I am seeing, which is good for you buyers, is an uptick in home inspections. I had a property in Salem a few weeks ago which got four offers; three of which had home inspections. Many people chose to waive home inspections in 2021 in order to get an upper hand in buying property, due to the immense competition they were facing from their fellow buyers. Getting a home inspection can protect a buyer not only from costly repairs, but from potentially major structural or safety issues hidden within a property. It is reassuring to see more home inspections being performed, as they can significantly benefit a prospective buyer. You can read more about the benefits of home inspections here.

For Sellers:

If you are looking to sell, it is important to note that pricing is still very competitive. Though the large imbalance of supply versus demand is starting to improve, we still have a shortage of housing up here on the North Shore. If a house is being priced appropriately relative to the market, sellers are continuing to get plenty of appropriate offers, many of them over asking. But, just like I said for buyers, that trend may be coming to a slowdown as interest rates tick up. If you’ve been on the fence, this may be the year to strongly consider selling your home while the market is still strongly in your favor.

Massachusetts Housing Market- In Summary

Although these tips are based on research and my personal experience as a realtor, we don’t know what interest rates will be next year, and we don’t know how inflation is going to impact this market. It is impossible to predict the housing market’s future with 100% accuracy, so it’s most important to base your decisions on your own financial state and needs.

10 Common Homebuying Questions Answered

February 15, 2022/in Education /by Cara Chatellier

Whether you’re in the market for your first home or your tenth, buying a house is an exciting and sometimes, overwhelming time in your life. From your dream must-have lists to the ideal locations, school ratings, neighborhood amenities, and budget, there is a lot involved in the homebuying process. As you continue to navigate through your personal journey of purchasing your next home, many questions may arise throughout the process.

Today, we want to answer the ten most common questions that realtors get asked in the homebuying process. We hope our answers will give you some insight into the process and ease any anxiety about all that home buying entails. One thing’s for sure: buying a home may be a lot of work, but it is worth every list, question, and step in the process to get you into the home of your dreams to enjoy for years to come.

Here are the ten most common questions about buying a home.

1. What’s the first step in the home buying process?

Before you begin touring homes and popping into open houses, the first step is to obtain a mortgage pre-approval from a loan officer. This document outlines how much you can afford and how much you’ll get pre-approved for once finalizing your mortgage. This allows you to work directly with a realtor to search for homes within your budget and wishlist. Without it, you don’t have much ground to stand on or a solid number to work with on determining the best homes in your budget. The mortgage officer will run a thorough credit check, verify income, and review other financial documents to determine a max approval amount during the pre-approval process. You may also discuss what type of loan is best for you, downpayment requirements, and overall timeline.

2. How long does it take to buy a home from start to finish?

The timeline for buying a home varies by person and is mainly driven by how quickly you find a home you want to put an offer on. Some people go through 20 or more homes before finding their dream home, while others just visit a handful before submitting an offer. Once your offer is accepted, the standard timeline from approval to keys in hand ranges from 30 to 60 days based on the terms of the closing agreement.

3. How does a realtor help me?

Realtors are your go-to industry expert in the search for your next home. They help you schedule showing, provide detailed information on the neighborhood and home specifications, and are often well-versed in the area you are shopping in, giving you the insider scoop on what area, home size, neighborhood, and amenities are right for you and your family. Realtors also work with your mortgage company and other realtors to finalize documents once you’ve closed on a home. In short, realtors are your eyes and ears in the market during the buying process and your go-to expert throughout the entirety of the purchase transaction.

4. How much does a realtor cost?

In most instances, a realtor does not cost the buyer anything. During the home selling process, the sellers pay a fee to their realtor, which is typically split between the selling agent and buying agent at the time of closing. Buyers may opt into compensating their realtor as part of their realtor agreement.

5. Do I need to meet a minimum credit score?

Yes, you must meet and maintain a healthy financial status to qualify for a home purchase. Although different loans vary when it comes to credit score requirements, most require a score of at least 620 or higher. In rare instances, a score as low as 580 may work. During your preapproval process, speak with your mortgage specialist about your unique credit situation. If you do not currently meet credit score requirements, your mortgage lender will often provide you with a path to improve your score and qualify for the loan you need over a period of time.

6. How much does my down payment cost?

Down payment cost depends on the type of mortgage loan you use. However, in most cases, you can expect a down payment to range from 3% to 5% of the total cost of the home.

7. Besides the down payment, what else should I plan to pay for?

Planning out your financial path during the homebuying process is an essential part of setting yourself up for success. Although a down payment is typically the biggest chunk of the out of pocket expense you’ll face, there are other fees you should know about and save up to cover including:

Closing costs
Homeowners insurance
HOA fees (if applicable)
Property taxes
Home repair and maintenance

8. Are there any programs I could qualify for?

Yes, in some instances, you may qualify for special home buying programs such as:

VA Loans
USDA Loans
FHA Loans

Speak with your real estate agent and mortgage lender to determine what loans you qualify for.

9. What advice would you give first-time homebuyers?

Buying a home for the first time is a big feat, albeit exciting. There are plenty of things to consider before taking the leap on submitting an offer for your first home. Our advice is this:

Make sure you have a strong financial cushion to help pay for all costs associated with a down payment, closing costs, and other costs that may arise during the home buying process.
Keep an eye on your credit score and work with your mortgage officer to follow recommended steps to keep your finances in tip-top shape.
Use a realtor who understands the area and has experience working with first-time home buyers.
Don’t be afraid to ask questions.
Prepare to compromise on your dream wishlist.
Enjoy the journey!

10. Why buy a home in New England?

We may be biased, but New England has our heart. From the picturesque winters and crisp falls to the blooming springs and warm and welcoming summers, we couldn’t think of a better place to call home. There is nothing like experiencing all four seasons in the glory of your backyard. Not to mention, the schools are top-rated, the seafood is out-of-this-world and the history is all-encompassing. So whether you’re new to the area or have called New England home for a while, we couldn’t think of any reason not to consider calling this lovely side of the United States home.

If you’re in the market for a home this year, it’s always important to stay up-to-date on the latest market trends, understand the entirety of the buying process, and connect with professionals who are willing to travel the entirety of the home buying process with you to make all aspects of this next chapter easier on everyone. To learn more about buying a home, or to begin the process contact us today. We would love to help you get into the home of your dreams this year.

Understanding the Fees Associated with Buying a Home

February 11, 2022/in Loans & Mortgage /by Cara Chatellier

When it comes to buying a home, whether your first or tenth, understanding exactly what goes into buying it, especially when it comes to money, is crucial. Outside of the direct cost of a home, there are various fees associated with purchasing a home. Those fees can sometimes vary based on the offer presented to the seller, the current market conditions, and the type of home loan you decided to go with (and qualify for!).

Although it would be magical if all we had to worry about was the listing price, that’s just not the reality of the housing world. The good news is that my team and I believe in the power of transparency and getting you as ready as possible for the new big adventure in your life: a home purchase.

After you land on a favorable mortgage offer and solid preapproval, it’s important to remember that, although exciting, having a comfortable amount of money saved ahead of time will help you tackle all the fees associated with buying a home without the added worrying of scrambling to get your ducks in a row as you’re on the hunt for your dream home.

Let’s break down the costs associated with buying a home so that when you’re ready to step into the world of homeownership, you are ready and able to afford the home you adore.

1. Down Payment

A down payment is the amount of money you put down, upfront, on your total home purchase. It is deducted from the total purchase price at the time of sale and not part of your standard mortgage payment. Most home loans require a down payment of some kind. If you are opting for a conventional or FHA loan, a down payment is required. FHA loans require a down payment of at least 3.5%, while conventional loans vary based on property type, location, and loan terms. Conventional loan down payment amount is typically anywhere from 3% to 20%.

The only loans that do not require a down payment are VA loans (available only to military members) and USDA loans (used to purchase homes in rural areas as designated by the USDA).

It is a good rule of thumb to have about 10% of the total home cost saved for a down payment. If you spend less, great, as that can be used to cover other fees.

2. Closing Costs

Before you can get keys in hand for your new home, closing cost payout is required. “Closing costs” is an umbrella term used to describe all the fees associated with pulling a mortgage. Typically, they range from 2% to 5% of your loan’s principal.

Although different for every situation, they often include:

Credit check fee
Application cost
Appraisal
Home inspection
Underwriting fees
Title search
Title insurance
Transfer tax

In some cases, the sellers will cover closing costs (in partial or full) based on the terms of the final offer. Therefore, it is important to speak with your loan officer to determine exactly what fees you’ll need to pay out under your specific closing costs.

3. Homeowners Insurance

This type of insurance helps to protect you financially from unexpected events that could significantly damage your home. Think natural disaster, theft, or in-home accidents, like fire.

Homeowners’ insurance isn’t required by law, but most mortgage lenders require it. The cost varies by loan details and location and the options seem quite endless for coverage. We always encourage you to compare different options and rates to choose one that best suits your needs and budget.

4. HOA fees

If you’ve purchased a home within a designated community, there may be HOA or homeowner’s association fees you have to pay on a monthly, quarterly, or yearly basis. Although different for everyone, the specifics of your HOA requirements will be outlined in your homeowner’s purchasing agreement. Fees are extremely variable and are set into place by the homeowner’s association of your community.

Your dues cover specific services that the association provides, which may include security, a pool, a gym, or landscaping and maintenance.

5. Property Taxes

Like any big purchase, tax is something that comes with the territory. In most cases, property tax is included in your monthly mortgage payment but is separate from the interest and principal portions. Property taxes are paid for the entirety of homeownership and are based on the assessed value of your property.

There are various fees outside of the standard purchase price when purchasing a home to keep in mind. Although these are the most common and general fees, other fees could include home upkeep, renovations, or other non-standard items or requirements based on your unique home, location, or needs.

If you’re in search of your dream home and hoping to secure the funds needed to purchase, we’d love to help you through the process. Contact us today to start your journey to homeownership in New England.

10 Common Issues Found During Home Inspections

January 12, 2022/in Education /by Cara Chatellier

Whether you’re in the market for your first home, dream home, trying to sell a home, or simply curious about the home inspection process and common issues homeowners face when buying and selling a home, we’ve got you covered.

We understand that there is a lot that goes into the process of buying and selling a home. However, although not required, a home inspection is one of the most transparent ways to unearth your potential new home before you sign on the dotted line for the final time.

Let’s dive deeper into the most common issues found during the home inspection process.

But first, what is a home inspection?

In simplest terms, a home inspection is a thorough examination of the current condition and safety of a home. It is conducted by a licensed home inspector and reviews areas such as:

heating system
central air conditioning system
Interior plumbing
All electrical
the roof and attic space
visible insulation
Interior areas such as walls, ceilings, floors, windows, and doors
The home’s foundation and other structural components
The basement

What does a home inspection help with?

As buyers, home inspections are great ways to get to know the bones of your potential home, ask sellers to fix any significant and costly problems before purchase, and negotiate the terms of your offer to meet your financial needs while getting the house back in order.

As sellers, home inspections are a great way to gauge the overall condition of your home, get a better understanding of your home’s value, and work with your realtor and buyers to discuss options for fixing any major issues with terms that work for both of you.

What are the 10 most common issues found during a home inspection?

1. A faulty foundation

The most common signs of this issue include sticking windows or doors, cracks in the wall, especially above the doorway, sloping floors, or visible cracks in the exterior base of the home. One of the most costly issues to fix, an update to the foundation could cost upwards of $10,000.

2. An old roof

The life expectancy of most roofs is anywhere from 15 to 20 years. During the inspection, roof issues are often noted when there are loose or crooked shingles, leaks in the ceiling, or any loose flashing. Roof repair or replacement can cost between $5,000 to $10,000 or more.

3. Plumbing issues

Faulty plumbing can be noticed in things such as leaky pipes, backed-up sewage systems, or improperly functioning water heaters. The cost to repair plumbing depends on the location and severity of the issue.

4. Mold

Mold, especially hidden, can be highly detrimental to the overall health of a real estate property. Mold is caused by moisture, which in most cases indicates a leak somewhere in the home. The cost to mitigate mold depends on the severity of its spread.

5. Electrical issues

Poor wiring or other electrical hazards are frequent issues found during the home inspection process. The most common wiring issues are missing junction boxes, reverse polarity, and damaged receptacles. However, repair and replacement costs are relatively low compared to other reported home inspection issues unless the wiring problem is extensive and requires a complete home replacement.

6. Heating failures

Problems like a blocked chimney, faulty furnace, or non-working controls are enormous issues that home inspectors often encounter. Failed heating systems can cost a lot to replace, especially when your home requires a new furnace. Generally speaking, fixing common heating problems is between $5,000 to $8,000.

7. Structural damage

A common issue in older homes, structural damage can refer to various problems. The most frequent sagging floor joists, rafters, and door headers. Depending on the severity of the issue, the cost could range from minor to major. Review your report in detail to better understand exactly what structural issues are at play.

8. Pest infestations

The ever-so-devious pests come up often on home inspection reports. From rodents to termites, pests can cause serious problems in a home, especially when left untreated. The cost of pest removal depends on how much area the pests have destroyed and exactly what is needed to remove them.

9. Drainage Trouble

Surface grading around the exterior of a home can cause severe drainage issues. Extensive drainage issues can lead to mold and mildew growth, a leaky basement, or foundational issues if not tended to properly. The cost to fix surface grading is based mainly on the size of the area.

10. General cosmetic issues

Often seen by the naked eye, cosmetic issues are not something that most would think to see on a home inspection report. However, as a seller, it is vital to take care of cosmetic issues to show the buyer and inspector that you care for the property at all levels. Lack thereof could signal other issues to be found below the surface.

If you’re in the market for a new home or hoping to sell your home this year, it is important to consider all the factors that go into a home inspection. To learn more about the home inspection process or begin the home buying or selling process, contact us today.

House Warming Tips to Celebrate a New Home

5 Housewarming Party Tips to Celebrate Your New Home

November 12, 2021/in Uncategorized /by Cara Chatellier

What better way to celebrate your new home than by having a party with all of your favorite people to share the moment with? With all the new experiences that you may have been a part of this year, there is no greater feat than making a house that you love, the home you’ve always dreamed of.

One of the best ways to enjoy your new home is to celebrate this new life season with the people who matter most to you. After you have moved in, decorated your space and made it into something you adore, consider hosting a housewarming party to share the space with your closest friends and family.

There are various ways to throw a wonderful housewarming party. The best way to measure the success of your party is to know, good and well, that you’ve highlighted the space in a unique and personalized way and shared a piece of your world with others, without feeling as though you are overwhelmed with party planning or the small details of the event. It shouldn’t feel like a lot of work to celebrate your new home with friends and family.

Here are some of my favorite housewarming tips to celebrate your new home.

1. Prepare your space.

This may feel like an obvious tip, but often, new homeowners are so excited to show off their new home that they don’t spend enough time preparing it properly for guests or to host parties. Don’t rush the party, instead, focus on situating your space to your liking and comfort level before deciding on moving forward with a soiree. There is no harm in hosting a housewarming party 3 to 6 months after move-in day.

The extra time you spend focusing on decorating, organizing and turning your house into a home will pay off in the end when it comes to how your guests feel upon entry. There is no doubt that feelings of excitement and compassion will ensue, but don’t cut corners to get there, it will only cause more of a headache for you in the long run.

2. Register for gifts.

One of the best parts about owning your own home is turning it into a space that is uniquely you. From the home decor on the walls to the dishes on your shelves, your house should exude vibes that make you comfortable and happy in your space. When we move into a new house, the cost of the move can sometimes be a lot for us to handle.

Registering for gifts and essentials for your new house ia great way to ask others for help in a way that meets your needs. In all cases, friends and family alike want to bring gifts to your party, so why not give them options that you love instead of living with random home decor that doesn’t fit your style? Sure, registering for gifts may feel a little out of the normal for you, it’s nothing to feel awkward about. This is a great way to help people who love you gift you something they know you’ll love, a win-win for everyone involved. Some of my favorite shops to register through are Target, Pottery Barn or Wayfair.

3. Plan your guest list and send invitations with ample time.

One of the most fun, and important, aspects of party planning is knowing exactly who you want to invite and who decides on coming. Set your date out about 3 to 4 weeks and allow your guests ample time to determine whether or not they can attend. Don’t overextend your efforts by inviting too many people. Instead, write out a list of everyone you hope to invite then narrow it down to 15-25 people at most based on your space size and comfort level. You can always share your online registry with those who cannot attend as many will want to purchase you a special gift for you new home, even if they live across the country.

4. Decide on the food and drink options.

There are so many different options when it comes to the food and drink you can serve at a housewarming party. From a Sunday brunch theme to a swanky dinner party, choose food and drink options that fit your style and budget.

Other options include:

Focus only on appetizers
Choose easy-to-prepare finger foods
Opt for a wine tasting
Consider a potluck style
Serve desserts only
Throw a barbecue party

5. Make it uniquely you.

Above all else, this part should be uniquely created with your wants and needs in mind. Whether you’re hoping for a black and white dinner party or a casual backyard get together, doing what you love, with the people you love, in your new home is essential to the party’s success. Don’t overthink the details or overwhelm yourself with being politically correct when it comes to hosting a housewarming party. Focus on the aspects of the party that make you feel excited for it to happen and the party is already set up for success.

Congratulations on the purchase of your new home. We are so excited that you found a place that is sure to provide countless memories for you and your family. If you decide on hosting a housewarming party we encourage you to keep it simple and tailored to your interests. Include people you love and entertainment options that make sense for your space and budget.

If you are hoping to host a housewarming party in the near future, but haven’t secured the perfect home yet, we can help. Contact us today to get started on a journey you won’t forget.

Top 5 Real Estate Myths Debunked

August 17, 2021/in Education /by Cara Chatellier

Whether you’re in the market for your first home purchase or consider yourself a seasoned professional when it comes to house hunting and closing on properties that make your heart sing, you may have come across some common real estate myths in the process. Buying a home can be complicated for anyone. From a pre-home search checklist to a comprehensive closing guide, it can be overwhelming to ensure you’ve nailed everything down before move-in day. So don’t let common misconceptions about the real estate world send you into a tizzy.

Read on to learn about the 5 most common real estate myths- debunked.

1. Myth: You should pick out a house you love, then get a pre-approval.

Although the ultimate goal in any home search is to secure the home you love and live there for countless years after a seamless real estate transaction process, you must follow specific steps to get there first. It is beyond tempting to jump onto a home buying site in search of the perfect home that fits your criteria, but how can you know exactly what you can afford without a pre-approval? You can’t. It is always best to speak with a real estate professional and lender first, then proceed to home searching after you’ve received a pre-approval letter.

2. Myth: Open houses are a waste of time when you’re trying to sell.

There is no such thing as a waste of time when it comes to finding creative ways to sell your home. Open houses are the perfect opportunity to reach a broader group of potential buyers in the current seller’s market. Without requiring showing appointments, the amount of foot traffic you could receive on your home increases astronomically, which will ultimately turn into more offers on your property. Nix the worry that comes with hosting an open house and let your realtor take care of the details to increase the demand on your property.

3. Myth: Home inspections don’t matter.

Although it sounds incredible to save a couple hundred bucks after you’ve spent a lot of money securing your new home, don’t skip the home inspection. During this process, a specialized home inspector reviews your home from top to bottom, looking for over 1,500 things throughout it. From electrical and plumbing to the home’s foundation and ventilation system, a thorough inspection is completed that is worth its weight in gold. It is much better to know the ins and outs of your potential home upfront rather than discovering issues down the road post-purchase.

4. Myth: You’ll save money when you sell your home without a realtor.

It’s tempting to try and take on the sale of your home on your own. Unfortunately, many first-time sellers believe that a “for sale by owner” option is the best way to make the most bang for your buck. Although this may be true to an extent, having a real estate professional on your side to help you sell your home is invaluable. In these scenarios, buyers often overpay, or sellers undersell their property because they do not have a complete picture of the market. Realtors are trained to understand the full extent of the industry better than anyone else; trust them with your purchase or sale.

5. Myth: The only cost of buying a home is the down payment amount.

Often, when first-time homebuyers decide on buying a home, they don’t realize the costs associated with the large purchase outside of the price of the actual property. Along with the down payment cost, buyers often incur other costs such as a home inspection fee, termite inspection, and closing costs which typically range from 3% to 5% of the total purchase price. Make sure that you are in a healthy financial state with substantial savings to cover all costs associated with a home purchase. If you are unsure of what other fees may be involved, don’t hesitate to talk with your lender or realtor to learn more.

We understand that navigating the real estate market can feel like driving for the first time. A lot of uncertainty comes with diving headfirst into a home purchase, whether it’s your first or tenth time. We are here to help you understand the process from start to finish and guide you through the entire journey, allowing you to make informed decisions and secure the home of your dreams. Contact us today if you’re in the market to sell your home or want to take the next step in your homebuying journey. We can’t wait to help you.

Meet the Team: Connor Hayes

August 9, 2021/in Community /by Cara Chatellier

With record low mortgage rates and inventory at a staggering low, the real estate market is maintaining quite a boom as we head through the latter part of 2021 and into 2022. Growth is a beautiful thing when it comes to securing a new home for you and your family. We understand that this will most likely be one of the biggest commitments of your life and we want to ensure we provide you with ample assistance and direct care throughout your buying or selling journey. Your real estate venture is important to us. We care deeply about creating a long-term client-realtor relationship with you. Because of the increase in demand, our team is rapidly expanding and we are so excited to welcome new faces to the Keller Williams crew to help our amazing clients’ dreams come true.

We are thrilled to welcome our newest Massachusetts realtor, Connor Hayes. He is a wonderful addition to our Keller Williams team, bringing with him a plethora of real estate industry knowledge, a deep understanding of the local market and a commitment to our client-first approach. We know that he will do great things for the Maura Allard & Company real estate team.

Why did you get into Real Estate?

The world of real estate is unique, exhilarating and, sometimes, challenging. We believe it takes a certain type of person to excel within the industry. To be a successful real estate agent you need heart, commitment, strong customer service skills and a deep knowledge of both the home buying and selling processes. We are proud to say that Connor has all of that. He decided to become a realtor because he always loved the idea of having control over his career. He proudly states, “I get to plan every move and succeed in ways I never imagined with previous jobs.” He enjoys digging into new opportunities and discovering ways to capitalize on them through various means with a client-first mentality. Previously, Connor worked in the retail and sales field for over nine years which translated well when he decided to pivot to the real estate sector.

If you had to give someone one piece of realty advice what would it be?

When it comes to real estate advice, Connor’s is simple: “never, ever stop learning.” He wholeheartedly believes that every day presents itself with new opportunities to learn from both wins and mistakes that ultimately make you a better person and real estate agent in the long run.

Why did you decide to work with Maura?

Connor decided to work with Maura because their ideals aligned when it came to focus, passion and client care. He loves the way she, and her team of realtors, cares deeply about each client’s individual goals and wishes when it comes to both home buying and selling. He admires her deep industry knowledge and her solid roots in the Massachusetts and New Hampshire communities she works in. When asked his biggest reason to work alongside Maura he said, “I can see someone who is determined and focused. She has a hunger for real estate, much like myself, and I try to work with people that share the same passion and hunger as I do.”

What does your dream home look like?

Location, location, location. When it comes to Connor’s dream home, his choice is clear. He would love to live in Greece one day. There is definitely something to be said about the Greek coastline, the sunshine and all of the beautiful architecture there.

Give us 3 random fun facts about you.

We love to share fun facts about the people who mean so much to us. Here are three fun facts about Connor:

He is an identical twin.
He loves to travel around the world.
Family and friends are very important to him. He is constantly surrounded by both.

We are so delighted to welcome Connor to our team. He will work alongside us, assisting clients throughout Massachusetts. If you would like to learn more about Connor, or other members of our team in the Massachusetts or New Hampshire market, contact us to set up a consultation today. We are excited to meet you.

House Numerology 101

July 23, 2021/in Community, Education /by Cara Chatellier

When it comes to buying (or selling!) a home, numbers are everything! From the price of the home, closing costs, mileage from your preferred location, and square footage to the number of bedrooms, bathrooms and parking spaces, numbers rule. Whether you’re in the process of buying your first home or looking into upgrading your current home, numbers play a pivotal role in deciding whether a home is right for you. House numerology may be another numbers-based item you want to consider before signing on the line for your next big purchase.

We want all the good karma when it comes to your new home, so learn more about how house numerology can help you decide if the energy and essence of a potential home is right for you… or, if the home you’re living in now fits into your soulful vibration.

What is numerology?

In the most basic terms, numerology is the study of numbers and their effect on your life. It has been said that numbers have a universal language that can be decoded into different levels and types of energy. The main idea is that everything in the universe is made up of certain numbers and when we break the numbers down to the core numbers we can best determine their main purpose or soul path. This is true for both living and nonliving things.

Everyone has a life path number. You calculate this number by using the entirety of your birthday and then simplifying it to a single number that provides you with a deeper look and understanding into your soul’s purpose. For example, if your birthday was March 15, 1988, your life number would be 3 (month of birth) + 15 (day of birth) + (year broken down into single digits) 1+9+8+8 = 44. Then, take 4+4 = 8. Your life path number would be eight.

Each life path number, from 1-9, has a specific set of personality traits and characteristics that represent each person and thing that belongs within that path number. By knowing your life path number and diving deeper into understanding it, you may learn more about yourself and the path you are on in your life.

Why is house numerology, in particular, important?

For those who are innately curious about their own life path number, discovering your home’s number may be another way to determine if you and your home are in sync. The main idea behind house numerology is that each street address, and house number, has a specific energy and tone tied to it. Determining what that is helps you understand whether the home is compatible with you.

How do I find my house number?

Calculating your house number is simple and handled the same way you would your own life number. You take the number within the address and add all the numbers together. Then you add the numbers within the sum together until you get one digit. For example, if you lived on 1234 Main Street you would calculate it by adding 1+2+3+4 = 10, then add 1+ 0 = 1, so your house number, in numerology, would be one. If your normal address has a letter after the house number, say 1234B Mainstreet, you would treat the letter as an additional number. Going through the alphabet, each letter has a corresponding number. A=1, B=2, C=3, D=4 and so on. In this example it would be 1+2+3+4+2= 12, then 1+2 = 3, so your house numerology number would be three.

Understanding Home Numbers

Now that you’ve calculated your house number’s numerology, it is time to understand exactly what energy and traits your home holds.

Number One Homes

In basic numerology the number one represents a creative side, along with standing for innovation and the drive to fulfill a purpose. People who live in a number one home can tap into their creativity with ease and explore all that is available to them with the latest innovations. These homes are especially wonderful for entrepreneurs and those who work from home.

Number Two Homes

The number two represents a high level of sentiment and compassion, making these homes ideal for couples, families and close knit friends. Overall, these homes are perfect for a sense of bonding and togetherness.

Number Three Homes

The number three is the most social of all numbers. These homes are great for entertaining, socialization and overall welcoming interactions. These homes are ideal for hosting parties, both big and small, and being the leader in the neighborhood for general entertainment.

Number Four Homes

The number four is a grounded number that lends itself to a high level of practicality. These homes thrive on a constant sense for structure and organization, making them good fits for small businesses or quaint organizations.

Number Five Homes

Like three, the number five is a very social and outgoing number. These homes are rooted in celebrations and socialization, so gatherings are a must. People in these homes are often found to live more in the present moment, letting go of things of the past with ease. Number five homes are ideal for holiday celebrations and the most robust gatherings.

Number Six Homes

The number six is one of compassion, grace, security and generosity, making their homes an ideal fit for children, families and pets. These homes are often very warm and welcoming to all who enter.

Number Seven Homes

The number seven represents peace and reflectivity. Often, these homes are treated as solitude sanctuaries for those who live within them. They are the perfect place for those who love yoga, meditation, quiet reflection and mindfulness.

Number Eight Homes

Eight represents wealth and prosperity. This is the perfect home setting for those looking to grow in their career or business. Growth is the main focus within this home.

Number Nine Homes

The most loving of the numbers, nine represents outward love, happiness and acceptance. This is a home where everyone who enters instantly feels welcomed upon each visit. This makes it a social place filled with positivity and understanding.

Determining your home numerology number can be a great tool in deciding if a home is the right fit for you and your family. We would love to help you score the home of your dreams. One that checks off all of the items on your dream sheet, including fitting into your home numerology goals. Learn more about home numerology or set up a consultation with one of our realtors today.