Lately, I've been surprised to see our market area starting to experience multiple offer situations. While not an every day event, it certainly pays for buyers to be prepared should they find themselves in a bidding war. Here are some tips to help put your offer in the best position. 1. Keep contingencies to a minimum. Decide what inspections you can live without and don't add in extra clauses. 2. Find out the seller's ideal closing date and use it for your closing date. 3. Keep all contractual due dates in as short of time frame as possible. 4. Be prepared to offer over the asking price. With multiple offers, money talks and usually the higher price wins. 5. Cash offers beat offers with loan conditions. (Unless the offered price is significantly higher than the cash offer.) Present a pre-approval letter with your offer if it is based on obtaining a loan. 6. Even though you may be getting financing, you can write the offer as a cash sale with no loan contingency. You must be confident you will get the loan with no issues. Bidding wars are emotionally tough as someone always loses out. Give your best and final offer so you have no regrets if you don't get the home. Contact me if you want to work with a buyer's agent to help you navigate the challenges of buying a home. 603-526-4116, donna@donnaforest.com, www.donnaforest.com
Okay buyers, I know it’s like being a kid in the candy store when you are out looking in today’s market. There are plenty of choices. However, there is no reason to look at every home for sale in your price range. You are NOT going to find the perfect one – every house has trade-offs and it’s a matter of weighing the features important to you. Psychologists and economists have studied the issue of too many choices and have concluded that an overload of options may actually paralyze people. Buyers fear that whatever they select, the other option would have been better. Research shows that an excess of choices leads us to be less, not more, satisfied once we actually decide. According to the 2013 National Association of REALTORS® Profile of Buyers & Sellers, the typical buyer viewed 10 homes during their home search process. If you are spending hours researching and have looked at way more than 10 houses, it’s time to stop and focus. And be happy with what you decide! If you need help in focusing, then give me a call. As an Accredited Buyers’ Representative, I will put my years of experience to work for you. donna@donnaforest.com, www.donnaforest.com, 603-526-4116.
It’s time to go to the closing. How should buyers & sellers prepare so all goes smoothly? While the closing agent (an attorney or title company) handles most of the details, there are some actions you can take to avoid last minute surprises. Be sure you know where the closing is and at what time and bring photo ID. Your REALTOR® should review the closing statement with you for accuracy prior to the closing. Buyers should bring closing funds in the form of a certified or cashier’s check. Funds can also be wired, as long as it’s done in time to arrive for the closing. This usually means at least a day ahead. Wiring is not instantaneous. Sellers should bring the new deed, keys, and paid receipts if work had to be completed as part of the contract. Be aware that it is customary for the closing agent to disburse monies after depositing collected funds and recording the deed at the appropriate Registry of Deeds. This means there could be a delay in disbursement after the actual closing. Again, keep in mind that even wired funds take some time. The bottom line is that if you’re well prepared, closing day will be exciting and stress-free! Call me if you want to work with a REALTOR® who will make your closings stress-free. 603-526-4116, donna@donnaforest.com, www.donnaforest.com
Known for service, trusted for results – Coldwell Banker Milestone Real Estate
- 88% of current homeowners report that owning a home has been a positive experience
- A homeowner’s net worth is 34 times that of a renter’s
- 95% of homeowners believe that over a period of several years, it makes more sense to own a home than to rent - you are paying for housing whether renting or owning
- 77% of homeowners say it helps them achieve long term financial goals
- Homeowners reported higher life satisfaction, higher self-esteem, happiness, and higher perceived control over their lives
- Homeowners have better health outcomes, better physical and psychological health and also have a general increase in a positive outlook to life
Home ownership makes sense for many social and family reasons. It also makes sense financially. Give me a call if you are ready to pursue the benefits of home ownership! Donna Forest 603-526-4116, www.donnaforest.com
Source: Realtor.org
You’ll be moving in the right direction with Coldwell Banker Milestone Real Estate.
Every buyer wants to purchase at a great price and a low mortgage rate as that determines the monthly cost. Here’s how today’s buyers are being impacted: Price – Based on a home price expectation survey released by Pulsenomics on Aug. 8, more than 100 forecasters predict a 6.7% annual gain in home values for 2013. This rate is expected to slow to approx. 4.4% in 2014 and about 3.5% for the following 3 years. In other words, if you were waiting for the bottom of the market to buy, you’ve missed it. Prices are going up. Mortgage Rates – The Bankrate Mortgage Trend Index released Aug. 15 shows that 67% of the experts and Bankrate analysts believe rates will rise over the next week or so. Most experts believe the interest rate will level off between 4.5 and 5%. The Feds have artificially kept rates low in order to stimulate the economy. According to Frank Nothaft, Freddie Mac’s VP and chief economist, “as the economy continues to improve, we expect to see continued upward movement in long-term interest rates.” In other words, mortgage rates are going up. Increases in prices and rates impact you; your housing expense will be more a year from now if a mortgage is necessary to purchase your home. My advice is to buy now - it could lead to substantial savings. Contact me to work with the 2013 REALTOR® of the Year! Donna Forest 603-526-4116, donna@donnaforest.com, www.donnaforest.com
Why should you buy a home now? The cost of a home is determined by price and current mortgage rates. And both are going up. We’ve passed the bottom of the market and, according to NH Association of REALTORS® President, Bill Weidacher, the market is consistently heading in a positive direction. Here’s why waiting no longer makes sense.
Home Prices are Rising – According the Case-Shiller Home Pricing Index, nation-wide, home values have increased 10% in the last year. Many experts are calling for the prices to continue to rise. In NH, the median price is up 5% from last May and YTD sales are 11% ahead of last year. A 22.3% appreciation in home values over the next 5 yrs. is projected by the Home Price Expectation Survey.
Interest Rates are Rising – Freddie Mac reports that interest rates for the 30-yr. fixed rate mortgage has risen about 1/2 percentage point. The National Association of REALTORS®, the Mortgage Bankers Association, and Fannie Mae are anticipating the interest rates to further increase by ½ percent by this time next year.
If you are considering the purchase of a home and like the idea of saving money, then buying sooner rather than later should be on your to do list! Give me a call to work with a REALTOR® in the know and the 2013 Sunapee Region Board of REALTORS® REALTOR® of the Year. 603-526-4116, www.donnaforest.com
Why should you buy a home now? The cost of a home is determined by price and current mortgage rates. And both are going up. We’ve passed the bottom of the market and, according to NHAR Pres. Bill Weidacher, the market is consistently heading in a positive direction. Here’s why waiting no longer makes sense.
Home Prices are Rising – According the Case-Shiller Home Pricing Index, nation-wide, home values have increased 10% in the last year. Many experts are calling for the prices to continue to rise. In NH, the median price is up 5% from last May and YTD sales are 11% ahead of last year. A 22.3% appreciation in home values over the next 5 yrs. is projected by the Home Price Expectation Survey.
Interest Rates are Rising – Freddie Mac reports that interest rates for the 30-yr. fixed rate mortgage has risen about 1/2 percentage point. The National Association of REALTORS®, the Mortgage Bankers Association, and Fannie Mae are anticipating the interest rates to further increase by ½ percent by this time next year.
If you are considering the purchase of a home and like the idea of saving money, then buying sooner rather than later should be on your to do list! Give me a call to work with a REALTOR® in the know and the 2013 Sunapee Region Board of REALTORS® REALTOR® of the Year. 603-526-4116, www.donnaforest.com.
- Don’t try to second-guess interest rates or the market by waiting for the “right time”. If you find a home you like, buy it.
- Accept the fact that no house is perfect. Concentrate on the items important to you and let the minor flaws go.
- Get approved for a mortgage first before even looking at properties. This will set your price range and also enhance your offer.
- Don’t look at every house on the market just because they are there. You’ll get confused. Be picky and look at the most appealing. Then add to the list if nothing fits.
- Don’t worry if you feel buyer’s remorse after making an offer. It is common and will pass. Buying a home is a big decision but the benefits far outweigh the negatives.
- Work with an experienced local agent. Buying can be emotional so pick someone you’re comfortable with and respect.
If you are looking for an accredited buyer’s agent with over 18 years of experience to make your buying experience simple, give me a call! 603-526-4116; donnaforest@donnaforest.com.
Donna Forest, Associate Broker, ABR
How do you know what to offer? As much as you have heard that it’s a buyer’s market, this doesn’t mean it is always bargain pricing. In fact, low-balling tends to negatively affect the sale. Sellers generally will not even counter back; feeling that the buyers are not serious. To make an effective offer, work with your agent to get information on comparable houses sold within the past year and get the pricing of the competition. Chances are you have been out looking at the similar homes for sale, so you will have a good feel as to where this property is positioned in the current market. Another factor to consider is how long it has been on the market. If the listing has been on for much longer than the average, you may be able to offer a lower price. Find out the list to sell ratio for that town. In this area, selling prices in 2012 on average ran 94% of asking. The key to making a successful offer is to have good information. Working closely with a knowledgeable REALTOR® will make this process easier, so give me a call if you want to work with an Accredited Buyer’s Representative! 603-526-4116. donna@donnaforest.com
Donna Forest, Associate Broker, ABR
Here's your opportunity in Sunapee, NH. A two-story, low maintenance commercial building that was built in 2007. The lower level consists of office space with a porch overlooking the Sugar River and a garage/shop. The second floor is an upscale, 2 bedroom, 2 bath apartment with a deck overlooking the river. Offered at $320,000.
Jane Snow, Listing Agent
603-526-4116
This new listing in New London, NH fits the bill! Private, yet minutes to town, this home offers 7 bedroom and 4.5 baths. Great floor plan with 4 levels of living space means plenty of room for family and friends. Beautiful gardens and flowering shrubs. Terrific, level side yard perfect for soccer and croquet. For additional photos and information, visit www.159BirchAcres.com. Offered at $640,000. Abutting 2 acre lot behind the house is also for sale - house and additional lot offered at $750,000.