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Broward Real Estate Homes for sale in the Fort Lauderdale and Miami Florida USA AntonioOrtegaLLC.com
Broward Homes Fort Lauderdale area Single Family Homes and Commercial Real Estate: Miami, Plantation, Davie, Las Olas Isles, Hollywood, Weston, Cooper City, images by Pixel Phone Text or Voice 954-648-6095.
Sunday, September 9, 2018
Closing Costs When Selling or Buying a Home
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Monday, September 3, 2018
Difference Between Prequalification Preapproval
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5. Pre-approved buyers can generally close escrow more quickly. Once you submit your credit package, most of the legwork has already been done.
We have a an Excellent Mortgage Broker / Lender on my team for fast Mortgage Qualification, if you don't have one yet.
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Credit Score Explained How to Build it Up
Credit Score Explained
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Wait to Buy Big Ticket Items Until you Buy Your Home
If you plan on purchasing a home wait until you buy it before buying big ticket items on credit because this can negatively affect your credit big time.
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How to Get your Home to Appraise Higher
Appraisers consider many factors when determining the worth of a home. While some of these, such as location, can't be helped, there are things a homeowner can do to ensure that the home is appraised for maximum value.
1. Information is King
Appraisers don't spend a lot of time in the home. In fact, Brian Coester, chief executive of appraisal firm CoesterVMS, tells CNBC that the interior inspection typically takes 30 minutes or less.
"After inspecting thousands of homes, it does become quite easy to quickly assess the amenities in a home," reiterates Ryan Lundquist on Sacramento Appraisal Blog. That isn't much time to make a good first impression, so line up those ducks in advance of the appraiser's visit. The first one should be a packet of information that you can hand the appraiser as he or she speeds out the door after the inspection. This packet should contain not only the basics about your home but anything that will help back up the buyer's offer.
Include a fact sheet about the home with the address, the year the home was built, the square footage, number of bedrooms and bathrooms, and the size of the lot. Also include a listing of recent sales in the area, especially if you know of any for-sale-by-owner homes that have sold or homes that sold for less than they should have for any reason. For example, a home may have been sold to a relative, or the owners may have sold quickly to take a job out of town. Yes, the appraiser has access to recent home sales, but there's always a chance he or she may miss something.
Create a list of any improvements you've made to the home. List them by date and include contact information for the contractor who did the work.
2. If It's Broken, Fix It
The appraiser will assign the home with what is known in the business as an "effective age."
It's largely based on the condition of the home and how well it has been maintained. This age may be older or younger than its actual age. "Say you have a cracked window, thread-bare carpet, some tiles falling off the shower surround, vinyl torn in the laundry room, and the dog ate the corner of the fireplace hearth, these items could still add up to an overall average condition rating as the home is still habitable, however your effective age will be higher resulting in comparable being utilized which will have the same effective age and resulting lower value," Doreen Zimmerman, an appraiser in Paradise, California, tells the Wall Street Journal.
Fix anything that will age the home in the eyes of the appraiser.
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How to Choose the Right Home in Broward
Looking for the right home can be a daunting process for first time buyers and seasoned vets alike. From the style of the house to the type of appliances, there are countless factors that can go into such a big purchase. The following short checklist outlines the most important things you should think about when you're on the hunt for a new home.
1. Define your budget:
It's never fun to fall in love with a house that you can't afford. Avoid the heartbreak by taking the time to analyze your financial situation before you begin the search. Start by reviewing your credit score, monitoring your debt and choosing an appropriate down payment. Meeting with a financial professional can help you get an accurate picture of your financial situation and the loans you are eligible for.
Looking at your debt-to-income ratio is one of the ways that creditors establish how qualified you are for a mortgage loan. Your debt-to-income ratio is determined by taking your monthly debt (think current mortgage payments, student loans, car loans, etc.) and divide them by your gross monthly income. Ideally, you want to keep that ratio at 43% or lower. According to the Federal Consumer Finance Protection Bureau, "studies of mortgage loans suggest that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments. The 43 percent debt-to-income ratio is important because, in most cases, that is the highest ratio a borrower can have and still get a Qualified Mortgage."
Don't skip the down-payment analysis! A huge factor in getting the best mortgage rate relies on how much cash you are able to put down initially. The rule of thumb has been to put 20% down as a minimum. Anything below the 20% rule will usually require mortgage insurance and end up costing you more on the loan long term. Determining the right path for you will require you to analyze your own situation—your budget, timeframe and any other factors involved in figuring out your financial capacity to save and put money away for your new home.
2. Your Must-Have List:
Always search for homes that meet your "must-have" list. A must-have list encourages you to write out exactly what you need in a new home and will significantly aid in narrowing down the scope of your search, especially when searching with another person. This list will also foster communication on critical aspects of your new home that might not have been discussed previously, and help you identify requirements that may be in conflict with each other.
Focus your list on the high-level, pricey aspects of a home. Minor changes such as painting and smaller renovation projects can be worked on down the road, but changes that add up in time and money should be avoided (think kitchen remodels or adding another bathroom). Narrowing down your search to homes that don't require major changes will help ensure you choose a home that is within your budget.
If you are struggling on where to start, think about what type of home you want to live in–Single Family or Townhome/Condo? How many bathrooms and bedrooms do you need? Do you want a fireplace or pool? What's the minimum lot size you would be comfortable with and do you require a garage? What about air conditioning?
Keep your list short and sweet–try to keep your must-haves on the shorter side by focusing on major requirements and ranking them by importance. Prioritizing your list will help when it comes to decision-making time, as selecting a home will often require some flexibility. Your list will provide you with an easy way to determine which aspects you can compromise on and which are red flags telling you to move on.
Compromise can be hard, but don't let small things completely take a home off of your short list. Remember, minor changes such as painting and smaller renovation projects can be worked on down the road, however, if there are a lot of these things the costs of those projects can add up. Focus on the minor modifications that you feel comfortable changing.
3. Location, Location, Location! While the importance of location is often a no-brainer, the location of your potential new home serves multiple purposes. Location will impact your daily life and happiness as well as your home's value down the road.
When looking at location in terms of resell value, you want to look at a multitude of things: school districts, crime stats, and the neighborhood & community. A little research can answer most of these questions, and this website offers Market Insider, a tool to give you details on all these factors and more! Besides looking at the current stats and trends, take this information and think about what the value of the area might be in 5 or 10 years when you potentially could resell your home.
Along with the resale value, analyze the location of a home from the perspective of your wellbeing and happiness. Things such as your daily commute, surrounding noise, and community will greatly shape your experience in the home.
Along with this checklist, seeking guidance from a professional is always a good idea! A realtor like me can offer a wide array of skills and expertise, from the showing of a home to the endless paperwork. You can count on me to guide you through the process and assist in your home buying decisions.
Finding the right home might not necessarily mean finding the "perfect" home, but rather, finding the right home for you to make your own. Hopefully this checklist provides you with a guide to start your journey towards the right home. When you're ready to start looking, don't hesitate to give me a call!
How Much will my Broward County, FL Home be worth in 5 years?
In the period of time from 2018 to 2023 Residential Real Estate Prices increased by a whopping 20% per year or close to 100% by 2023.
Is as though the world has taken notice and every one wants to move to Fort Lauderdale and nearby cities!
Going with a very conservative appreciation rate for Homes of 3.5% per year you can expect a $500K Home to appreciate to:
5 years $594K
10 years $706K
20 years $1 Million
Due to low interest rates and other issues home values in Broward County FL increased by at least 20% in 2021, so as you can see this is a conservative estimate of future value, we might get another interest rate decrease soon, we’ll have to wait to see how the home market will react, it is impossible to predict the future, we can only look back.
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