Blog | Daytona Beach Property Search

What FICO® Score Do You Need to Qualify for a Mortgage?

It’s common knowledge that your FICO® score plays an important role in the homebuying process. However, many buyers have misconceptions regarding what exactly is required to get the loans they need.

While a recent announcement from CNBC shares that the average national FICO® score has reached an all-time high of 706, the good news for potential buyers is that you don’t need a score that high to qualify for a mortgage. Let’s unpack the credit score myth so you can to become a homeowner sooner than you may think.

With today’s low interest rates, many believe now is a great time to buy – and rightfully so! Fannie Mae recently noted that 58% of Americans surveyed say Continue reading…

62% of Buyers Are Wrong About Down Payment Needs

Contrary to common misconception, a down payment is often much less than many believe.

According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:

“More than 6 in 10 (62%) Americans believe you must put at least 20% down in Continue reading…

5 Home buying Acronyms You Need to Know

Some Highlights:

Learning the lingo of homebuying is an important part of feeling successful when buying a home.
From APR to P&I, you need to know the acronyms that will come up along the way, and what they mean when you hear them.
Your local professionals are here to help you feel confident and informed from start to finish…and this infographic will help you as you go.

3 Signs the Housing Market Is on the Rebound

The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound.

1. Existing Home Sales (closed sales) are up, marking two consecutive months of growth.

2. Pending Home Sales (contracts signed) are up with each of the four major regions reporting both Continue reading…

4 Tips to Improve Your Home and Save on Your Energy Bill

By making a few key upgrades to your home, you’ll save on your utility bills and improve the energy efficiency of your home. When you’re ready to sell your house, these key features will make it even more attractive to potential buyers.

As a homeowner, it’s important to keep your home running efficiently, not only to save money, but also to Continue reading…

What to Expect from Your Home Inspection

You made an offer and it was accepted. Your next task is to have the home inspected prior to closing. Agents often recommend you make your offer contingent upon a clean home inspection.

This contingency allows you to renegotiate the price you offered for the home, ask the sellers to cover repairs, or in some cases, walk away if challenges arise. Your agent can advise you on the best course of action once the report is filed.

How to Choose an Inspector

Your agent will most likely have a short list of inspectors they’ve worked with in the past to recommend to you. HGTV suggests you consider the following five areas when choosing the right home inspector for you:

1. Qualifications – Find out what’s included in your inspection and if the age or location of your home may warrant specific certifications or specialties.

2. Sample Reports – Ask for a sample inspection report so you can review how thoroughly they will be inspecting your dream home. In most cases, the more detailed the report,
the better.

3. References – Do your homework. Ask for phone numbers and names of past clients who you can call to discuss their experiences.

4. Memberships – Not all inspectors belong to a national or state association of home inspectors, and membership in one of these groups should not be the only way to evaluate your choice. Membership in one of these organizations does, however, often mean continued training and education are required.

5. Errors and Omission Insurance – Find out what the liability of the inspector or inspection company is once the inspection is over. The inspector is only human, after all, and it is possible they might miss something they should see.

Ask your inspector if it’s okay for you to tag along during the inspection, so they can point out anything that should be addressed or fixed.

Don’t be surprised to see your inspector climbing on the roof or crawling around in the attic and on the floors. The job of the inspector is to protect your investment and find any issues with the home, including but not limited to: the roof, plumbing, electrical components, appliances, heating and air conditioning systems, ventilation, windows, fireplace and chimney, foundation, and so much more.

Bottom Line

They say, ‘ignorance is bliss,’ but not when investing your hard-earned money into a home of your own. Work with a professional you can trust to give you the most information possible, so you can make the most educated decision about your purchase.

How Does the Supply of Homes for Sale Impact Buyer Demand?

The latest edition of the Realtors Confidence Index from NAR sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand). Until the supply of homes for sale starts to meet buyer demand, prices will continue to rise.

The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; only 2 of the 50 states have a ‘weak’ demand. Overall, buyer demand is slightly lower than this time last year but remains strong.

Seller Supply

The index also asked: “How would you rate seller traffic in your area?”As the map below shows, 18 states reported ‘weak’ seller traffic, 29 states and Washington, D.C. reported ‘stable’ seller traffic, and 3 states reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are looking for homes.

Bottom Line

Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in our market now.

Homeowners Are Happy! Renters? Not So Much.

When people talk about homeownership and the American Dream, much of the conversation revolves around the financial benefits of owning a home. However, two recent studies show that the non-financial benefits might be even more valuable.

In a recent survey, Bank of America asked homeowners: “Does owning a home make you happier than renting?” 93% of the respondents answered yes, while only 7% said no. The survey also revealed:

More than 80% said they wouldn’t go back to renting
88% agreed that buying a home is the “best decision they have ever made”
79% believed owning a home has changed them for the better

Those surveyed talked about the “emotional equity” that is built through homeownership. The study says more than half of current homeowners define a home as a place to make memories, compared to 42% who view a home as a financial investment. Besides building wealth, the survey also showed that homeownership enhances quality of life:

67% of current homeowners believed their relationships with family and loved ones have changed for the better since they bought a home
78% are satisfied with the quality of their social life
82% of homeowners said they were satisfied with the amount of time they spend on their hobbies and passions since purchasing a home
75% of homeowners pursued new hobbies after buying a home

Homeowners seem to be very happy.

Renters Tell a Different Story…

According to the latest Zillow Housing Aspirations Report, 45% of renters regret renting rather than buying — more than five times the share of homeowners (8%) who regret buying instead of renting. Here are the four major reasons people regret renting, according to the report:

52% regret not being able to build equity
52% regret not being able to customize or improve their rentals
50% regret that the rent is so high
49% regret that they lack private outdoor space

These two studies prove that renting is just not the same as owning.

Bottom Line

There are both financial and non-financial benefits to homeownership. As good as the “financial equity” is, it doesn’t compare to the “emotional equity” gained through owning your own home.

Are You Ready for the ‘Black Friday’ of Real Estate?

According to a new study from realtor.com, the week of September 22 is the best time of year to buy a home, making it ‘Black Friday’ for homebuyers.

Every year, ‘Black Friday’ is a highly anticipated event for eager shoppers. Some people prepare for weeks, crafting and refining a strategic shopping agenda, determining exactly when to arrive at each store, and capturing a wish list of discounted must-have items to purchase. But what about buying a home? Is there a ‘Black Friday’ for the home-buying process? Believe it or not, there is.

According to a new study from realtor.com, the week of September 22 is the best time of year to buy a home, making it ‘Black Friday’ for homebuyers.

After evaluating housing data in 53 metros from 2016 to 2018, realtor.com determined that the first week of fall is when buyers “tend to find less competition, more inventory, and the biggest reductions on list price.”

The report explains,

“During the first week of fall, buyers tend to face 26% less competition from other buyers, and they are likely to see 6.1% more homes available on the market compared to other weeks of the year…nearly 6% of homes on the market will also see price reductions, averaging 2.4% less than their peak.”

What’s so different about the first week of fall?

George Ratiu, Senior Economist with realtor.com says,

“As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again…as seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today’s low mortgage rates and increased purchasing power.”

Learn more about how prices, listings, and buyer competition stack up during the first week of fall in your metro area.

Bottom Line

If you want to take advantage of the ‘Black Friday’ of home buying, let’s get together to discuss the benefits of making your next move this fall.

Should You Fix Your House Up or Sell Now?

If you’re thinking about remodeling your house before you list it, take a look at these three tips to help you decide if you really need to fix it up before you sell. The answer may surprise you.

With the fall season upon us, change is in the air. For many families, children are growing up and moving out of the house, maybe leaving for college or taking a jump into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize?

If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is, allowing a potential buyer to do the updates and remodeling. If you’re one of the many homeowners this camp, here are a few tips to help you decide which way to go.

1. Analyze Your Market

A real estate professional can help you to understand your market and the potential level of buyer interest and demand for your home. Are you in a seller’s market or a buyer’s market? This can change based on the price range of your home, too. A professional can also give you some insight on what you can change or remodel, and how to declutter your house to make it attractive to buyers in your area.

2. Get an Inspector

Right now, the average length of time a family stays in a home is between 9-10 years. That’s a little longer than the historical average, so if you’ve been living in your home for a while, it might be time to make some significant improvements. Think: electrical system, HVAC units, roof, siding, etc. An inspector can give you a better idea of the condition of your home, if it is up to current code standards, and recommendations on how to have your house ready before you put it on the market.

3. Decide If You Need to Remodel

You may also be thinking about driving buyer appeal with something like a kitchen or a bathroom remodel. If so, first dig into the market value of your home, and compare it to the actual cost of the remodel. A local real estate professional can help you determine your home’s market value, and you’ll want to get a few quotes from contractors on the potential remodel pricing as well. Once you have those two factors narrowed down, you can to decide if a remodel will give you a return on your investment when you sell. Oftentimes, it is actually more advantageous to price your house to sell, list it competitively, and then let the buyer pick the colors they want for their bathroom tiles and the type of countertop they prefer. The 2019 Cost vs. Value Report in Remodeling Magazine compares the average cost for remodeling projects with the value those projects typically retain at resale.

Bottom Line

Nationwide, inventory is low, meaning there is less than the 6-month housing supply needed for a normal market. This drives buyer demand, creating a perfect time to sell. If you’re considering selling your house, let’s get together to help you confidently determine what will be the best choice for you and your family.

What FICO® Score Do You Need to Qualify for a Mortgage?

62% of Buyers Are Wrong About Down Payment Needs

5 Home buying Acronyms You Need to Know

Some Highlights:

3 Signs the Housing Market Is on the Rebound

4 Tips to Improve Your Home and Save on Your Energy Bill

What to Expect from Your Home Inspection

How to Choose an Inspector

Bottom Line

How Does the Supply of Homes for Sale Impact Buyer Demand?

Buyer Demand

Seller Supply

Bottom Line

Homeowners Are Happy! Renters? Not So Much.

Renters Tell a Different Story…

Bottom Line

Are You Ready for the ‘Black Friday’ of Real Estate?

What’s so different about the first week of fall?

Bottom Line

Should You Fix Your House Up or Sell Now?

1. Analyze Your Market

2. Get an Inspector

3. Decide If You Need to Remodel

Bottom Line

James Jestes, Your new favorite Realtor.

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