Finding Your Next Home Online…
Hunting for a new home online is a great place to start your search, but it should not be your end all be all. Good listing agents are excellent at highlighting the best features of the home, but keep in mind there may be more than meets the eye. To make the most of your time and efforts and gather a well-rounded picture of home listings online, keep the following three things in mind.
Stay up to date.
- When you start your search, make sure you find a site that pulls up-to-date listings directly from the multiple listing service (MLS) where real estate agents actively post their most current homes for sale. Many online resources update less often or fail to remove listings that are off the market, making it more difficult to sort through the clutter.
Pictures can be deceiving.
- Real estate photographers are experts at showing a home in the best possible light. Many use tools and strategies to boost appeal, such as a fisheye lens to make areas look larger and creative editing to make colors and textures really pop. But, often listings will not contain photos of unappealing parts of the home, like small closets or outdated bathrooms.
See it to believe it.
- Once you find what appears to be your dream home online, call up your real estate agent and schedule a showing. You want to take the opportunity to vet the home in person and explore every part of it before beginning the offer process. Your real estate agent will help you cover all your bases and will ask questions you may not have thought of.
Doing your homework and using online house hunting resources is a great way to figure out what you want in a new home! I always appreciate good feedback and instruction from a client to help them in a home search. One thing to remember when using an online search sites to find your next home is that most of the sellers of those beautiful homes are represented by a REALTOR…level the playing field by making sure you are represented by one as well. When an agent is representing the sellers the commission being paid is already set by the sellers and their agent so make sure you are supported in the best way possible by bringing someone with your best interest in mind who is ready to fight for you and your needs.
Now for the sales pitch…I am dedicated to finding you the home that fits your needs and wants. I am a REALTOR® working in Western Montana who understands what it means to love where you live and believes in finding that for my clients is of the highest importance. My website www.mostadrealestate.com is a great source for the most up to date listings on the market.
WHICH DOWN PAYMENT STRATEGY IS RIGHT FOR YOU?
You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.
But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available.
The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and the lower your down payment, the more you’ll pay. You’ll also be offered a lesser loan amount than borrowers who have a 20-percent down payment, which will eliminate some homes from your search.
The national average for home appreciation is about five percent. The appreciation is independent from your home payment, so whether you put down 20 percent or three percent, the increase in equity is the same. If you’re looking at your home as an investment, putting down a smaller amount can lead to a higher return on investment, while also leaving more of your savings free for home repairs, upgrades, or other investment opportunities.
THE HAPPY MEDIUM
Of course, your home payment options aren’t binary. Most borrowers can find some common ground between the security of a traditional 20 percent and an investment-focused, small down payment. Your trusted real estate professional can provide some answers as you explore your financing options.