Having a place to call your own—whether you’re going to be there for four years or forever—is an essential part of the American dream. The U.S. Department of Veterans Affairs offers plenty of great programs to help those who have served in the military get a home loan, but the process isn’t foolproof. First-time home buyers aren't the only ones who make buying mistakes. Even people buying their second home, or their 10th, can be thrown off course when buying a new home and dealing with lenders.
You can avoid your own buyer's tale of woe (or headbanging frustration) by avoiding those mistakes before you start your home search. We asked VA-savvy real estate agents to tell us which missteps they see the most—and how you can avoid them when you apply for and get a VA loan.
If you’re getting a VA loan, make sure you work with a real estate agent who understands the VA home loan process.
“I see a lot of people go with an agent who doesn’t understand the VA system,” says Katie Fraser, a Realtor® with Trident Realty Group Northwest in Seattle. “The VA won’t underwrite just any house. It is a huge, huge, huge deal to use an agent who understands the VA home loan system, the VA appraisal process, and what that all really looks like.”
When you’re buying through the Veterans Affairs department, you’ll need to find a home that meets VA home loan property requirements. A VA loan program appraiser will have specific criteria (e.g., fixer-uppers, and even some newer homes, won’t qualify). An agent experienced with home loans for veterans will also know about VA loan limits, the debt-to-income ratio lenders will expect you to have to qualify for a home loan, and other essential information.
Save yourself the headache of making an offer on a house that may not get approved, or for which you may not qualify for a VA loan, and work with a VA-experienced real estate agent from the start. Ask another veteran for a referral, or get help from Veterans United Realty to find the right real estate agent.
Veterans have access to arguably the most powerful home mortgage option on the market, but about 33% of home-buying veterans don’t know they have a home mortgage benefit, according to the VA.
When you first meet with your lender, be sure to discuss your service member status so you can be informed about all of the potential advantages for veterans.
One of the biggest benefits you’ll get with a VA loan is the ability to buy with a 0% down payment (yes, we're totally serious). Not having to make a down payment can make it possible for veterans to buy a first home, often years sooner than if they had to save up for a down payment first.
VA loans also come with low-interest-rate mortgages, don't require mortgage insurance, and have more forgiving credit eligibility requirements.
"Veterans should ask their lender if they offer any incentives for veterans," adds Alissa Gerke, broker and owner of Select Realty Group, in Columbia, MO. "I’ve seen lenders waive appraisal fees, offer a waiver of origination fee if the veteran has a certain credit score, or other lender credits."
Pretty much everything will get easier as soon as your lender knows your eligibility for veteran status, so speak up!
While you'll have a ton of financial advantages with your VA loan, you willhave some borrower costs to deal with.
“Probably the biggest mistake I see is active-duty members coming into the home-buying process and not knowing there are other closing costs and fees necessary for buying a home,” Fraser says.
When you’re buying a home, even if you have little or no down payment, you’ll likely have to plunk down a bit of cash for things like a home appraisal and inspection. It might not cost much in the large scheme of things, but it'll help speed things along if you come prepared knowing what you'll have to shell out for.
Maybe you think there's no sense in buying if there's a chance you might be relocated in the next few years. But that doesn't mean you shouldn't buy; in fact, that home could end up being a smart investment.
By searching in high-demand areas or choosing a popular home style and size (say, 1,500 to 2,000 square feet), you’ll give yourself a better chance at resale if you need to move later. Or, you can hang on to it and rent it out.
My clients and I "often go out and look for their first rental home, not just a home for their family," Fraser says. "With so many in transition, they’re able to purchase a home and it becomes an investment property for them when they go on to their next duty station or they move.”
Don’t like the idea of becoming a landlord? A VA loan is assumable (meaning you can transfer the loan and the property to another vet), or you can just sell the home to a nonmilitary buyer. And don’t forget: You can use your VA home loan benefits again and again, so you can own a rental property and a new home. You can even refinance a VA loan if you are an active-duty service member. You may want to refinance if you have a non-VA loan, to increase your loan amount and tap into your home equity, or if you can get a better interest rate with a new VA loan.
Once home buyers find a home and their offer is accepted, they can be excited about moving in and making it theirs. Maybe you have an eye on a new big-screen TV, and you're looking into financing a new living room set you love. But don’t do that until you're really a homeowner, even if your lender has approved your mortgage loan.
It's easier to get a VA loan than a conventional, non-VA loan, but you still must meet lender requirements.
“Opening a line of credit or making a big purchase after mortgage approval is a common mistake,” Gerke says. “This can oftentimes change the veteran's credit score and make them ineligible for the loan.”
Wait until after closing to make any other financial moves, just to be on the safe side and to keep your loan on track.
| Aug 20, 2019
I can help you find the right priced home
The single most important factor to consider when you're selling a house is that you've priced it correctly. You must pick the absolute right price tag based on how much your house is worth if you want it to sell.
You don't want to overprice the house because you're going to lose the freshness of the home's appeal after the first two to three weeks of showings. Demand and interest wane after 21 days or so. Of course, there's nothing stopping you from dropping your price later, but this can be a matter of too-little-too-late.
On the other hand, don't worry about pricing it too low because homes priced below market value will often receive multiple offers. This will then drive the price up to the market. Pricing is all about supply and demand. It's part art and part science.
No two agents price property in the same way. Some agents are much better at figuring out how to price your home than others, and most will do a lot of this work for you and prepare a comparative market analysis ahead of time. These are the basic components of the process.
Look at every similar home that's been listed in the same neighborhood as your property over the last three months. Appraisers don't use comps that are older than three months.
The list should be limited to homes within a 1/4 mile to a 1/2 mile radius unless there are only a handful of comps in the general vicinity of the property is rural.
Pay attention to neighborhood dividing lines and physical barriers such as major streets, freeways, or railroads. Don't compare inventory from the "other side of the tracks." Identical homes directly across the street from each other can vary by as much as $100,000 in some neighborhoods. Perceptions and desirability have value.
Compare similar square footage within a 10% variance up or down if possible.
Compare similar ages. One neighborhood might consist of homes built in the 1950s right next to another ring of construction from the 1980s. Values between the two will differ. Make sure you're comparing apples to apples.
Honestly, assess desirability. If you're fortunate enough to own a dream home that will cause buyers to faint upon entering, you might be able to get away with tacking on a premium.
Now compare original list prices to final sales prices to determine price reductions. Compare the final list prices to actual sold prices to determine ratios. It's common for homes to sell for more than 100% of list price in a seller's market. Homes generally sell for list price or less in a buyer's market.
Adjust pricing for lot size variances, configuration, and amenities or upgrades.
Pull the history for any expired and withdrawn listings to determine whether any of them were taken off the market and relisted. If so, add those days on market back to these listing time periods to arrive at an actual number of days on the market.
Look for patterns as to why these homes didn't sell and note any common factors they might share. Which brokerage had the listing? Was it a company that ordinarily sells everything it lists or was it a discount brokerage that might not have spent sufficient money on marketing the home?
Think about the steps you can take to prevent your home from becoming an expired listing based on this information.
The ultimate sales prices of these homes are unknown until the transactions close, but that doesn't stop you from calling the listing agents and asking them to tell you how much the property is selling for. Some agents will. Some won't.
Again, make a note of the days on the market. This can have a direct bearing on how long it will take before you see an offer. Examine the history of these listings to determine price reductions.
Bear in mind that sellers can ask whatever they want. That doesn't mean they'll get that price. Tour these active-listing homes so you can see what buyers will see when they visit. Make note of what you like and dislike and the general feeling you got upon entering the homes. Recreate the positive feelings of reception in your own home if possible.
These properties are your competition. Ask yourself why a buyer would prefer your home over any of these others and adjust your price accordingly.
The buyer's lender will order an appraisal after you receive an offer so you'll want to compare homes with similar square footage to come as close to the eventual appraised value as possible.
Appraisers don't like to deviate more 25% and they prefer to stay within 10% of net square footage computations. If your home is 2,000 square feet, comparable homes are those that are 1,800 to 2,200 square feet.
Average square foot cost doesn't mean you can simply multiply your square footage by that number, at least not unless your home is average-sized. The price per square foot rises as the size decreases and it decreases as the size increases. Larger homes have a smaller square foot cost and smaller homes have a larger square foot cost.
After you've collected all your data, the next step is to analyze that data based on market conditions. For comparison purposes, let's say that the last three comparable sales in your neighborhood were $250,000.
Your sales price might allow some wiggle room for negotiation in a buyer's market, but you'll want to be strong enough and close enough to the last comparable sale to entice a buyer to tour your home. You might need to price your home at $249,900 and settle for $245,000 to sell in this market.
You might want to add 10% more to the last comparable sale in a seller's market. You can ask more than the last comparable sale, and you'll likely get it if there are little inventory and many buyers. That $250,000 home might sell for $265,000 or more.
In a balanced or neutral market, you might want to initially set your price at the last comparable sale then adjust it for the market trend. If the last sale closed three months ago but the median price has edged upwards of 1% per month since then, pricing at $254,500 would make sense.
At the time of writing, Elizabeth Weintraub, Cal
Dana Point is the perfect place in Orange County for families to create long lasting memories together. The city is home to some of the best beaches in Orange County and luxurious resorts. When looking for the best place to plan your next family staycation, Dana Point is one of the top choices to have a getaway full of sun and fun.
There are many resorts in Dana Point that each offer a different vacation experience. The DoubleTree Dana Point is just a few steps away from the beach. They have luxurious suites and guest rooms that offer beautiful ocean views. Your family can rent a bike and cruise around Dana Point when staying at the DoubleTree Dana Point.
If you’re looking for a luxurious resort on the cliffs over the pacific ocean, The Ritz-Carlton is the ideal destination. The resort offers the best dining experiences in Orange County; a beautiful sandy beach just steps away from your hotel room and luxurious guest rooms. Your family will want to spend every minute of your staycation at the resort when staying at the Ritz-Carlton.
For the families looking to incorporate golf or spa into their staycation, the Monarch Beach Resort is the perfect place. The resort has one of the best golf courses in Orange County, a beach shuttle, and a beautiful pool. One of the perks of staying at this resort is that your family will have access to the exclusive Monarch Beach Club that offers stellar dining and a private beach.
There are a lot of choices when it comes to having breakfast in Dana Point. One of our favorite places to go in the morning is Proud Mary’s. The restaurant is located in the Harbor so families can enjoy beautiful ocean views while savoring a filling breakfast. There is usually a wait on the weekends, but your kids will be kept entertained while looking at the sea life swimming in the harbor. If you don’t want to dine out, room service is always a favorite for the kids.
If you’re staying a the Monarch Beach Resort, then you’ll want to have lunch at the Monarch Bay Club. The restaurant is exclusive to club members and resort guests and is located right on the beach. The food is stellar, the views are spectacular, and the service is phenomenal. Your family can spend the day at the beach and then take a short break for lunch at the Monarch Bay Club restaurant.
When it comes to dinner, your family will want to enjoy food from the best restaurant in Dana Point, Raya. The restaurant is located in the Ritz-Carlton Laguna Niguel. While on our recent staycation, we had a sunset dinner at Raya and the food was the best that we have ever had. The entire meal was an unforgettable experience.
Parasailing
A new activity that recently came to Orange County is Dana Point Parasailing. You don’t have to go to Mexico, Hawaii or the Caribbean to parasail anymore, and can now do it right in our backyard. Your children can soar over Orange County and enjoy beautiful coastal views while parasailing. The company offers a photo package to capture memories, and the experience takes about an hour.
Sailing
One of our favorite things to do in Dana Point is to go sailing. Westwind Sailing is located right in the harbor and offers private lessons for families. While learning to sail in Dana Point Harbor, we saw dolphins and sea lions and had the time of our life.
Paddleboarding
If your family has a set of boards, Dana Point is the best place in Orange County to go paddleboarding. The harbor has the perfect loop around the harbor that is the ideal distance for a family to experience paddleboarding for the day. Your family can take a break at Baby Beach in between boarding. If you don’t have boards, your family can rent them from Westwind Sailing.
Parks
One of our favorite parks in Orange County is Lantern Bay Park in Dana Point. It has a large play structure, plenty of grass space and ocean views. Bring a picnic lunch and spend the afternoon playing with your children at this beautiful OC Park.
Nature Center
Your children can learn about the nature in Dana Point at the Dana Point Nature Interpretive Center. The center has volunteers who will educate children about the wildlife, and they offer complimentary binoculars for children to see sealife from the bluffs. There is a short nature path at the center that your children will love.
Dana Point has everything your family needs to have the staycation of a lifetime. Have fun exploring Dana Point!
Posted by Shelby Barone on Aug 13, 2017 in Dana Point, Featured, Kia, Staycation, Travel
At different stages in life, each of us is faced with a number of opportunities.
These opportunities (sometimes disguised as work!) might not always be as obvious to see!
I’m happy to be able to say that I have jumped on most of them: some turned out to be regrettable; however, none of them was as exciting as my move to become a real estate agent.
Dare I say it out loud: I love real estate!
Contrary to popular belief, becoming a real estate agent isn’t just another change of jobs or a last option job; it truly comes with a complete change in lifestyle. There’s no other job that can even come close to it.
A home on a golf property is the ultimate investment.
Teeing off anytime you feel like doing so, wandering around landscaped surroundings, and living on prime property, have perks you can never resist.
Of course, there’s no such thing as a perfect investment. Properties on golf courses have their own risks.
The good news is a discerning eye, some research, and lots of good judgement will make sure you’re putting your hard-earned money in the right place.
Consider the following when investing in a golf property:
Golf properties that are “destination courses” – located high up in the mountains and the like – have their own set of patrons.
But there’s certainly greater demand for those found near major transportation hubs and routes.
They enjoy what is called a heavier attendance, which translates into a steady source of income for the property. This, in turn, guarantees that the course won’t close down anytime soon, and keeps the value of the golf property up.
These play a big role in determining the value of your property overtime. As a rule of thumb, older golf properties are only good investments when properly maintained.
On the other hand, younger properties (those less than 5 years old) should be completely developed. Aim for a golf course that is at least 5 years old and has a reliable financial history you can track up to its third year of operations.
Have a go-see around the neighborhood where the golf property is located. Check for shops, stores, and other indicators of a good neighborhood.
Don’t expect free membership to the golf course the moment you buy property within the vicinity.
Make sure the price tag on the property includes membership and use of golf club services, if any.
Looking to sell your home in 2019? The real estate market is constantly changing, and while the last few years have been kind to sellers, the tide could be about to turn. With preparation, you can sell your home for a good price at any time.
But what do you need to know about selling your home in 2019? Who are the home-seekers perusing the market, what do they want and how can you deliver? Read on, and we’ll discuss these questions and more.
It’s a good idea to be aware of market forecasts for 2019, both those with a wide scope and the localized ones. In general, house prices are expected to show a slight increase of around 1.7% across the country on average, as the market slows down and stabilizes due to higher interest rates. This is likely to result in more people looking to sell to a shrinking pool of buyers, making the need to stand out more important than ever.
Thoroughly research your local market before pricing and listing your property to ensure your home is desirable. It’s good to be prepared to sell and to have everything in place to ensure the transaction can go ahead without delay, as buyers attempt to avoid higher interest rates over the next few months.
Get an early valuation and ensure you have all the necessary paperwork. Deeds and insurance documents can take weeks to release, so it’s a good idea to get the ball rolling as soon as you can.
Understanding your target market is essential, and in 2019 in excess of 45% of buyers are expected to be millennials. Of course, this may not be the case in your area, so be sure to do your research. Generally speaking, urban areas, in particular, are expected to see higher levels of millennial buyers than in previous years.
This will impact how and where you promote your listing, and what you do to your home in preparation for selling it. Most millennials rely on online listing portals when house hunting, and expect high-quality listings that show them everything they need to know before they even consider making contact.
When making improvements to your home prior to sale, bear in mind that younger buyers may be more open to bolder colour schemes, but will also be more likely to want to renovate and put their own stamp on the place. With this in mind, it might be best to forgo that kitchen renovation and just ensure everything is clean and clutter-free, allowing buyers to let their imaginations run wild.
If you want your listing to stand out in 2019, a virtual tour is almost essential. A younger market who have grown up using the Internet for anything from banking and working to gaming and socializing will inevitably turn to it when house hunting. A virtual tour will allow potential buyers to get a good look inside your home, and give them a better understanding of how the space works.
This allows them to be sure they’re interested in making an offer on your home before they come and see it in the flesh. As a bonus, a virtual tour can filter out those who wouldn’t know they didn’t like your home until they had spent 30 minutes walking around it, saving you time and stress by avoiding having to keep preparing the house for visits.
As proof of climate change mounts up, the call to become ever more energy efficient has never been more relevant. Paired with lower utility bills, this makes energy efficient homes increasingly popular. Get rated, and when making upgrades to appliances and utilities, seek out the most energy-efficient models.
Think about how you can improve your energy efficiency with renovations. For example, replacing the insulation in the attic can drastically reduce heat loss, while switching to energy-saving sensor-driven light bulbs can slash electricity bills. This adds value to your home, as buyers see the long-term benefits of your upgrades.
Smartphone usage is spreading to almost all industries, and real estate is no different. More and more buyers use their phones to browse real estate listings throughout the day, so it’s important to ensure your listing looks amazing on a mobile.
Seek out real estate agents that can ensure good mobile access and visibility. In this way, your listing can reach a much wider, and possibly more relevant audience.
Selling your home in 2019 might seem more challenging than in previous years, but new technology and a changing market can also make it easier to reach more potential buyers. Keep ahead of the game, and use the tools at your disposal to ensure your sale runs smoothly.
Most home sellers contact agents who are experienced, knowledgeable, and have sold multiple homes in their neighborhood. However…
Through my 40 year journey as a realtor and hundreds of pre-listing appointments, I understand that for a homeowner to determine exactly which questions to ask is no easy task. To that end, I offer you the following questions as a guide to assist you in finding a top-performing, service-focused real estate agent, as well as how I answer these questions when asked:
1. Who will I be interacting with on a regular basis, and who will respond to inquiries about my property?
I answer ALL my calls myself. Clients, buyer agents and independent buyers speak directly to me for all matters, the only exception is appointment scheduling for inspections. My trusty assistant handles organizational tasks to maximize the time I am available for clients and to respond to listing inquiries. You will not be bounced around between a “team of agents”. You will interact with me throughout the entire sales process.
2. What kind of response time can I expect to calls, emails and texts? Not just messages from me as the home seller, but also inquiries from perspective buyers?
Real estate is not a 9 to 5 job, and good realtors know they must be “on call” nearly all the time. I am available from early in the morning until late at night, 7 days a week via phone, email and text. It is my primary goal to respond to most inquiries within minutes, and all within one hour unless I am in an appointment. If you copy my assistant, and I happen to be with a client, she will either answer your question or let you know when I will be free to respond.
3. How does the agent deal with unexpected and/or difficult situations and negotiations?
Past clients often joke that nothing rattles me. The truth is, after 22 years in real estate, there is rarely a situation that I haven't encountered before. I've seen it all and I know how to calmly address any possible crisis. Often, I will be able to give you a few options on how we could proceed.
4. How will the agent respond to buyer agents when they call with questions after seeing my home? Do most buyer agents think the agent initially prices a home too high, too low or just right? What is the agent’s negotiating style when an offer is presented?
I have worked very hard over my career to network with other agents and maintain an excellent reputation within my industry. When buyer agents see my name on a listing, they know the property will be in optimal condition and will be priced fairly. Agents look forward to showing my listings – I make it easy for them to access me, and I negotiate fairly and respectfully. In addition, I provide highly detailed listing materials that provide all the data needed to craft a strong offer for their client.
FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn't issue loans or set interest rates, it just guarantees against default.
FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.
Orange County is a popular destination for those looking for premier Senior Community Homes ( communities with a resort-like active lifestyle to those age 55 and above). There is an abundance of activities for retirees in The OC. With some of the most beautiful beaches near by, there are several beautiful retirement communities with something for everyone in South Orange County California. Examples are: Casta del Sol and Palmia, in Mission Viejo,San Clemente has 'The Gallery' in Talega, Corona del Mar has the Terraces and of course, there's Laguna Woods and the multiple options there..
Search all Orange County Senior 55+ Community Homes currently available for sale, listed in the MLS including short sales and foreclosures. For more information about any of the homes, call us at (949) 625-4533
Are you looking for a starter home? Are you looking in a Senior Community? Are you looking in a luxury Community?
Take a quick look here for a condo of your choice.
I work with first time buyers, experienced buyers, and investors. Call me now at 949-625-4533.
