Would you buy a property in an HOA?
- An H.O.A, or Homeowners Association, is a “group of homeowners in a defined area or neighborhood” which could range from a two-unit townhome, a development of condos, or an entire master-planned neighborhood of single family homes.
- Most HOAs are non-profits, and the money generated from them is used to upkeep the shared property including landscaping and community areas.
- HOAs have boards, and volunteering to sit on one can work to your advantage! Not only will you become extra familiar with the rules, but you will get to know your neighbors and have a say in how your home is run.
Would you buy into an H.O.A.?
Let’s eclipse!
The VA will allow Veterans to pay commission, a competitive advantage!
The VA is keeping their eligible Veterans competitive in the Real Estate Market place. There have been so many changes since the class action lawsuit from the justice department and NAR that today the VA announced that one of their loan products, the VA-guaranteed home loan can be used to compensate their buyer’s broker commission.
This is a critical move from the VA to keep Veterans competitive and not disadvantaged in the buying process. In the article they have mentioned they are putting their Veterans and their families in the best possible position
As usual all commission fees are negotiable.
We at Eclipse, will continue to keep the public updated and monitor any additional changes that can affect the public at large.
Let’s eclipse!
Have you been presented with a buyer’s agreement?
A buyer’s agreement is a crucial document in real estate transactions that outlines the terms and conditions of the relationship between a buyer and their real estate agent or broker. Here are several reasons why a buyer should consider signing a buyer’s agreement:
- Clarity of Expectations: A buyer’s agreement clearly defines the roles and responsibilities of both the buyer and the agent. It ensures that both parties are on the same page regarding what services the agent will provide and what is expected from the buyer in return.
- Exclusive Representation: Signing a buyer’s agreement typically means that the buyer is working exclusively with one agent or brokerage. This exclusivity ensures that the agent is fully committed to finding the right property for the buyer and prioritizes their interests.
- Focused Attention: With a buyer’s agreement in place, the agent is more likely to dedicate time and resources to the buyer’s needs since they have committed to working with them exclusively. This can lead to a more personalized and focused home search.
- Legal Protection: Buyer’s agreements often include clauses that protect the buyer’s interests, such as confidentiality clauses, dispute resolution procedures, and disclosure requirements. These clauses provide legal protection for both parties in case of any disagreements or issues during the transaction.
- Commitment to Representation: By signing a buyer’s agreement, the buyer demonstrates their commitment to working with the agent or brokerage, which in turn motivates the agent to invest time and effort into helping the buyer find the right property.
- Access to Listings: Some agents may only provide access to certain listings or services to buyers who have signed a buyer’s agreement. By signing the agreement, the buyer ensures that they have access to all available properties that meet their criteria.
Overall, signing a buyer’s agreement can offer several benefits, including clarity of expectations, exclusive representation, legal protection, and access to additional services. However, it’s essential for buyers to carefully review the terms of the agreement and ensure that they fully understand their rights and obligations before signing.
Who you work with matters.
Let’s eclipse!
I’m ready to SELL, should I have a checklist?
Here are some items that should be addressed when you have decided to move forward and list your house:
- Declutter and Depersonalize: Remove personal items like family photos and excessive decorations to help potential buyers envision themselves living in the space. Decluttering also creates an illusion of larger spaces and allows buyers to focus on the architectural features of the house. Ensure the house is spotless from top to bottom. Pay special attention to kitchens, bathrooms, and floors. Consider hiring professional cleaners if necessary. A clean house creates a positive first impression and signals that the property has been well-maintained.
- Make Repairs and possible upgrades: Fix any noticeable issues such as leaky faucets, chipped paint, or broken fixtures. Addressing these minor repairs shows potential buyers that the house has been cared for and is in good condition. It also prevents buyers from being deterred by visible defects during showings. If there are any areas that can use an upgrade and your timeline allows it, Upgrade.
- Enhance Curb Appeal: First impressions matter, just like the inside matters so does the outside. Make sure the exterior of the house looks welcoming and inviting. This may include mowing the lawn, trimming bushes, planting flowers, and painting the front door. A well-maintained exterior sets the tone for what buyers can expect to find inside.
- Stage the Space: Arrange furniture and decor in a way that showcases the functionality and potential of each room. Use neutral colors and minimalistic decor to appeal to a broad range of tastes. Professional staging can help maximize the appeal of the home and increase the likelihood of a quick sale. Your real estate professional can offer some tips and tricks if a professional stager is not in your budget.
- Work with a professional: Who you work with matters, by now your real estate professional should have prepared a comparative marketing analysis or CMA. It will list the most recent sales in your area that compares to your home, the condition in which they were sold and at what price they were sold for. All of these factors are incredibly important because they will be used to price your home. Pricing your home RIGHT is of utmost importance, it sells quickly, you would have attracted the most buyers at the first open house. Keep in mind to not use price to “test” the market. The right professional will use PRICE as a strategy not to constitute value.
By following these steps, sellers can significantly increase the attractiveness of their property to potential buyers and improve their chances of securing a successful sale at the most desirable price.
Let’s eclipse!
Three things to consider for your homebuying budget
- Gross income- estimating how much home you can afford, comfortability with your budget and knowing your current finances are vitally important. Keeping abreast with how your income plays a major role in how much house you can afford is imperative.
- Credit score – it is important to monitor and maintain a good credit score when preparing to buy a home. Eligibility for grants and competitive mortgage rates rely heavily on your score. Monitor your score months before applying for a preapproval that way you will be in the know and ready to move forward when you feel the time is right.
- Down payment – depending on your loan you will need between (3-20%) down. As they say the more the merrier, aim to put down as much as you can however there are many grants and programs that offer assistance for down payments and closing costs which has location perimeters and income limits.
Who you work with matters. It is important to team up with a real estate professional that can drive you to the close not just expeditiously but with your best interest in mind.
Let’s eclipse!
What are the most desired home features today?
What are the most desired home features today?
Depending on location and price points choosing or selecting the features of your home will differ for most but here are few universal wants that buyers desire, now:
1. Laundry room – not just any laundry room but a dedicated laundry room with utility sink, folding area and quiet energy efficient appliances.
2. Patio – while some buyers might not have the extra cash to install a deck which can cost, some would love a curated patio with throw pillows and concrete slabs and a wood burning outdoor pit can transform your outdoor space.
3. Energy Star Windows – with utility prices up who doesn’t want to make sure that they save on their energy footprint both economically and comfortably. The Department of Energy also offers federal tax credits on qualified energy star windows. https://www.energystar.gov/about/federal-tax-credits/windows-skylights
4. Hardwood floors in the main living space – they are easier to maintain and is more durable than carpet which is typically replaced every 10 years. There are many options if you’re on a tight budget, like engineered wood which comes in different grades for e.g. AB, ABC, ABCD, and CD. AB is prime grade, ABC is select grade and so on. Visit a floor manufacturer or retailer for more details.
5. Full bath on the main floor – allows the family to do many things together while still keeping an eye on each other like small kids during bath time while cleaning up the kitchen after dinner for example.
These are just a few of the most desired features and remember they will vary based on location, size of family and use of space.
Let’s eclipse!
Should I rent or should I buy?
Should I rent or should I buy?
The answer to this question at this time in our economy will be different for everyone. There is no right or wrong answer. It is our belief that your decision should rely on your stage in life, your finances, your job or business and most of all your family. Deciding whether to rent while continuing to consider the uncertainty of rental increases and the rising cost of mortgage rates will be one that is for YOU to decide.
Learning about the pros and cons by some experts in the field is great for expanding your knowledge but should their decision be YOURS. Rents will keep on renting, prices will keep on pricing and life will keep on living so review your finances, have a sit down with your family and meet with a few professionals in the field to gain knowledge and understanding so you can make an informed and well thought of decision that is best for you.
Let’s eclipse!
What to do when looking for a mortgage?
If you are at the point in time where you feel your finances are in order and that you can afford to purchase a home, here is a list of actions you should probably partake in:
1. Shop around yes just like you would for a dress or shoes but this is obviously much more serious. You are looking to buy one of the most expensive assets in your lifetime possibly so it is important that you shop around to find the right loan product that will work for you, your finances and your family. You can find a range of loan products and even interest rates from different banks.
2. State grants exist, yes they do. In many states there are grants that help potential homeowners fulfill their dream, like SONYMA in New York and Homeward Board Program in New Jersey. If you haven’t by now look for a Realtor that can offer a few loan officer referrals that are knowledgeable in the process and can lead you to the close.
3. Gifts are absolutely accepted from family and friends if you are offered any and are considering accepting them just your loan officer, mortgage broker will let you know what you need to provide to keep in compliance with the law.
4. After you have weighed loan options with a few different lenders apply for a loan however you will need to supply the lender with some paperwork, like your pay stubs, federal tax return and bank statements just to name. few.
Start looking at homes with your trusted Broker and Realtor®, Eclipse, Let’s eclipse!
Should I use a Real Estate Agent to purchase a home?
Should I use an Agent?
In recent developments concerning real-estate commissions, buyers have been wondering if it’s even worth it to work with an agent. Besides being real estate professionals, we have detailed a list of whys we feel it is imperative to have a representative at your side.
Here are some reasons we feel that working with a buyer’s agent should be on your list of things to do when looking for a home:
- Negotiation skills – Your agent will be at your side negotiating, educating and providing the very best knowledge from possible pricing for repairs to replacements and a myriad of things during a sale that would need to be addressed. themselves about the community, and with this knowledge they will know how to write an offer to ensure the best possible outcome.
- Is an expert guide – not just a location guide with their knowledge about the community, new homes that list daily and with the variety of forms, reports and financial documents you need to secure the deal.
- Has access to more listings than you might discover – Your agent should have access to a range of opportunities within your price point in many locations so you can expand your search for the best deal.
- You need someone that is objective in all facets when you’re looking for a home. One that is able to be unbiased and has the information to make sure you make the best decision for you and your family.
- Be your rock – A home is so much more than walls and a roof. It is where you and your family can start or continue to grow and develop loads of memories. In addition, for most buyers, a home is the biggest purchase they’ll ever make. With that in mind your rock will help you stay focused on the issues that are most important.
Can outdoor spaces get revamped without an outdoor?
Outdoor spaces are getting a bit revamped with must haves including color, yes color. However even if you do not have any outdoor space and live in an apartment we have included options for you as well. Our recommendation is to bring the outdoors inside and designate an area for a few indoor plants spreading the joy and greenery for pleasing eye candy.
Here are a few outdoor-indoor features to enjoy your outdoor-indoor space:
- Outdoor kitchens – homeowners are asking for not just stoves and islands but cabinets and outlets.
- Weather Resistant landscaping – depending on where you live sometimes we all deal with extreme weather patterns so seeking native plants and solar can help reduce not only your footprint but all keep you on budget.
- Go GREEN inside – go to your local nursery and ask for friendly indoor plants that can be beneficial for your lifestyle, for e.g. require little maintenance, little light or even ones that don’t grow too large.
- Adaptable spaces – Some homeowners want spaces that are adaptable and even adjustable meaning that they have multiple functions. An outdoor kitchen that can also double as an entertainment space or turf instead of lawn for the visual appeal but also to enjoy outdoor games.
- Window Boxes – Depending on where you live and if there are any rules to abide to include window boxes as a way to enjoy beautiful seasonal plants and flowers. They are not only gorgeous but require very little maintenance.