Tag: first-time homebuyer

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Home Buying Tips Home Insights Home Selling Tips Newsletter Featurettes

What You Need to Know Before Purchasing Summer 2019

What You Need to Know before Buying this Summer

With consumer confidence high and mortgage rates low, our local home-buying market is hot!  Here are some essential tips to get prepared and stay ahead of the pack as multiple offers and quick sales will rule the summer.

Get pre-approved

The first step in the home-buying process is getting pre-approved with a top lender.  That way, you’ll be all set to make a strong, serious offer when you find the right property.  Contact out in-house lenders at Prosperity Home Mortgage for great rates and service!

Be the first to know

With homes selling quickly, you’ll want to be the first to know about new listings as they hit the market.  Rector Hayden’s top local home search website – RectorHayden.com – is updated at the top of every hour, as is our mobile home-search app.

Do smart searches

It’s easy to do your home search, no matter where you are or how you like to get your information. Download the Rector Hayden Home Search app for iPhone, iPad and Android to get access to every home for sale on our Central Kentucky MLS. Our mobile app allows you to search based on plenty of different criteria. Use our app and find homes that fit within two different commute times (ex: close to work and close to school!).

Download our mobile app here on Google Play or here and here on Apple Store. You can save searches and receive alerts for homes that match your criteria!

Get to know your ideal location

As you narrow things down, visit your preferred neighborhoods and talk with neighbors and local businesses. To learn more about current issues and any concerns, contact the local neighborhood association.

Open House season is upon us

It’s an exciting time of year to explore your options. Check out our upcoming Open House list anytime at RectorHayden.com.

Make your first offer your best offer

It’s a seller’s market. You’ll want to discuss with your Rector Hayden Agent how to tailor your offer to appeal best to a seller.   An experienced agent can make all the difference in your negotiations!

Estimate the Value of your HOME

Click here to see an estimate or call your Realtor at Rector Hayden to get a more specific home value report.

Know your Market

Ask your Realtor to investigate our neighborhood, community trends, and give you a market report. You can also see the month of June’s market trends here!

 

curated by Keith Rector

 

 

Categories
Home Buying Tips Home Insights Newsletter Featurettes

5 Questions First-Time Buyers Can Ask When Hiring a Real Estate Agent

Buying your home is likely the biggest decision you’ve ever made, and it makes sense that you would want to partner with a trusted, professional REALTOR® who has your back and your best interests at heart.

Key insights:

  • Make sure your Realtor knows specifics about your market area. Even a personal referral or family friend should dig deep into your preferred neighborhood’s stats before expecting your business.

  • Ask if the Realtor works with a trusted lender who will get you pre-approved for a loan.

  • Go with your gut; even if a Realtor has all the right answers, half the battle of this working relationship is hiring someone you truly like and trust. If you’re not feeling it, then keep interviewing until you find the right fit.

1. How long have you been a real estate agent and do you typically work with first-time homebuyers?

Unlike the other questions we’ll share, there’s actually no wrong answer to this question – BUT it’s information you need. Most Realtors start by working with buyers, including first-time buyers, and as they begin to know more local homeowners, they transition their business to representing both buyers and sellers. Still others might continue to work only with buyers decades after they have been in the business.

2. I prefer to communicate via (phone calls, emails, texts). Can you work this way?

In our low-inventory market for starter homes, fast-paced communication will be necessary to getting an offer accepted on your dream house. For this reason, it’s important to discuss how you prefer to be contacted – and to share any communications restrictions you have.


3. How long do you expect the home buying process to take?

Whether you have a tight timeline or need to move when your current lease expires, you likely have an idea of when you want to buy a home. Don’t be afraid to express that desire with your potential agent so you can all get on the same page from day one.

4. What do you know about the area I want to live in?

If you’re like most first-time buyers, you’ve probably been searching for available homes online to determine the city or even neighborhood where you’d most like to live.

If the agent is very familiar with the area already, you can continue to ask questions about the market, including if homes are selling quickly or for more than asking. If the agent doesn’t know about your preferred area, request that they get up to speed and get back to you within a day or two with their initial thoughts. Part of being a great advocate is doing the research, so it’s okay to request that your Realtor put in some work before getting hired.

5. What kind of loan options are best for me, and which preferred lender do you use for first-time buyers?

First-time buyers have myriad loan options available to them, from government-backed FHA loans to VA loans (for military veterans) to more traditional private loans. The best way to determine your buying power, and which loan is right for you, is to get pre-approved on a loan as soon as possible.

When meeting to interview a Realtor, ask if they have a preferred lender they work with for first-time buyers and ask if they typically get their buyers pre-approved. Pre-approval is a smart step that helps you understand the loan package that would work best for you, gives you a great starting place for a budget and can give you an advantage over other buyers who aren’t pre-approved.

 

 

Categories
Home Insights Home Owning Tips Newsletter Featurettes

Great Gifts For New Homeowners

Here are some thoughtful and easy gift ideas for you to consider if you know young or first-time homebuyers purchasing in Lexington or Central Kentucky.  
(or…maybe you ARE a new homeowner and could benefit from some gift ideas to share with generous friends and relatives!).

 

Moving day pizza or local restaurant gift cards

Whether you’ll be helping on moving day or not, consider sending a pizza delivery to the new abode on the night the buyers will be moving in. While a surprise would be fun, it’s best to let them know in advance so they can plan for it. If you’re delivering pizza or dinner in person, bring a set of paper plates and napkins (and maybe a chilled bottle of champagne) so they create a memory they’ll never forget.

An alternative to this plan is to give a gift card to a new local restaurant they can try out in their first few days or weeks in their new area. Check out reviews in advance so you know you’re sending them somewhere great! We recommend looking through the VisitLex Beyond Grits: Local Restaurant Guide. See the online version here: http://www.visitlex.com/flavors/beyond-grits/

 

Hardware store gift cards

Even the most perfect new house will have a few idiosyncrasies, and you can ease a homebuyer’s burden by giving them a credit to a local hardware store. Big-box stores like Lowe’s and Home Depot are perfect for handy homeowners who have big or small projects they want to complete.

For those who may need a bit more guidance and who will be tackling smaller projects, a local hardware store gift card works well. If they need a photo-hanging kit, the section at their local Hardware may be less intimidating than the full aisle of options at a larger hardware store.

 

Address Label changes

Buyers often overlook the need for new address labels or an address stamp so this is a great idea they won’t be expecting. Online sites like Etsy shops, Sazzle, Shutterfly, etc. have dozens of affordable designs available.

 

Plants

Most homeowners have plenty of picture frames from their previous residence, but they may not have indoor plants to jazz up the décor and freshen the air. Consider the size of their new home and their style as you select planters and plants.

 

Sheets, linens and towels

Linens of all kinds — bed sheets, pillow cases, comforters or quilts — will always be appreciated for new bedrooms. Extra towels, whether for the bathroom or kitchen, are also a great gift. Consider giving a gift receipt so they can exchange for the colors or types they prefer.

 

Homeowner essentials

When you’ve lived in an 800-square-foot apartment, extension cords may seem like a laughable item. Homeowners, on the other hand, will know that items like extension cords, power strips, extra light bulbs, cleaning solutions and even duct tape are must-have homeowner essentials. Deliver a small package of these items within one week of their move.

 

 

 

 

 

 

Categories
Home Buying Tips Home Insights Newsletter Featurettes

5 Questions First-Time Buyers Can Ask When Hiring a Real Estate Agent

Buying your home is likely the biggest decision you’ve ever made, and it makes sense that you would want to partner with a trusted, professional REALTOR® who has your back and your best interests at heart.

Key insights:

  • Make sure your Realtor knows specifics about your market area. Even a personal referral or family friend should dig deep into your preferred neighborhood’s stats before expecting your business.

  • Ask if the Realtor works with a trusted lender who will get you pre-approved for a loan.

  • Go with your gut; even if a Realtor has all the right answers, half the battle of this working relationship is hiring someone you truly like and trust. If you’re not feeling it, then keep interviewing until you find the right fit.

1. How long have you been a real estate agent and do you typically work with first-time homebuyers?

Unlike the other questions we’ll share, there’s actually no wrong answer to this question – BUT it’s information you need. Most Realtors start by working with buyers, including first-time buyers, and as they begin to know more local homeowners, they transition their business to representing both buyers and sellers. Still others might continue to work only with buyers decades after they have been in the business.

2. I prefer to communicate via (phone calls, emails, texts). Can you work this way?

In our low-inventory market for starter homes, fast-paced communication will be necessary to getting an offer accepted on your dream house. For this reason, it’s important to discuss how you prefer to be contacted – and to share any communications restrictions you have.


3. How long do you expect the home buying process to take?

Whether you have a tight timeline or need to move when your current lease expires, you likely have an idea of when you want to buy a home. Don’t be afraid to express that desire with your potential agent so you can all get on the same page from day one.

4. What do you know about the area I want to live in?

If you’re like most first-time buyers, you’ve probably been searching for available homes online to determine the city or even neighborhood where you’d most like to live.

If the agent is very familiar with the area already, you can continue to ask questions about the market, including if homes are selling quickly or for more than asking. If the agent doesn’t know about your preferred area, request that they get up to speed and get back to you within a day or two with their initial thoughts. Part of being a great advocate is doing the research, so it’s okay to request that your Realtor put in some work before getting hired.

5. What kind of loan options are best for me, and which preferred lender do you use for first-time buyers?

First-time buyers have myriad loan options available to them, from government-backed FHA loans to VA loans (for military veterans) to more traditional private loans. The best way to determine your buying power, and which loan is right for you, is to get pre-approved on a loan as soon as possible.

When meeting to interview a Realtor, ask if they have a preferred lender they work with for first-time buyers and ask if they typically get their buyers pre-approved. Pre-approval is a smart step that helps you understand the loan package that would work best for you, gives you a great starting place for a budget and can give you an advantage over other buyers who aren’t pre-approved.

FREE Seminar: Buying Your First Home w/ Julie Morris, REALTOR

First Time Homebuyer

Join Julie Morris, REALTOR, and Marcos Volpini, of HomeServices Lending, at Rector Hayden on March 7th at 6:30pm to learn all about the process towards home ownership!

Pizza and drinks will be served.


1099 Duval St. Ste 250, 2nd floor – see balloons!
Lexington, KY 40515

FREE Seminar: Buying Your First Home w/ Kim Zander, REALTOR

First Time Homebuyer Seminar

First time home buyer presentation. Pizza provided.

Come learn about the home buying process, whether you are thinking about buying in 2018, 2019 or even later!

Loan officer, Amanda Neuhart, and Kim Zander, REALTOR®, will be there to discuss and answer your questions.

Please RSPV by texting or calling 859-230-4597, so that we can get enough pizza. Or, respond on the Facebook event page: facebook.com/events/211651139574100/

Categories
Home Buying Tips Home Insights Newsletter Featurettes

5 Questions First-Time Buyers Can Ask When Hiring a Real Estate Agent

Buying your home is likely the biggest decision you’ve ever made, and it makes sense that you would want to partner with a trusted, professional REALTOR® who has your back and your best interests at heart.

Key insights:

  • Make sure your Realtor knows specifics about your market area. Even a personal referral or family friend should dig deep into your preferred neighborhood’s stats before expecting your business.

  • Ask if the Realtor works with a trusted lender who will get you pre-approved for a loan.

  • Go with your gut; even if a Realtor has all the right answers, half the battle of this working relationship is hiring someone you truly like and trust. If you’re not feeling it, then keep interviewing until you find the right fit.

1. How long have you been a real estate agent and do you typically work with first-time homebuyers?

Unlike the other questions we’ll share, there’s actually no wrong answer to this question – BUT it’s information you need. Most Realtors start by working with buyers, including first-time buyers, and as they begin to know more local homeowners, they transition their business to representing both buyers and sellers. Still others might continue to work only with buyers decades after they have been in the business.

2. I prefer to communicate via (phone calls, emails, texts). Can you work this way?

In our low-inventory market for starter homes, fast-paced communication will be necessary to getting an offer accepted on your dream house. For this reason, it’s important to discuss how you prefer to be contacted – and to share any communications restrictions you have.


3. How long do you expect the home buying process to take?

Whether you have a tight timeline or need to move when your current lease expires, you likely have an idea of when you want to buy a home. Don’t be afraid to express that desire with your potential agent so you can all get on the same page from day one.

4. What do you know about the area I want to live in?

If you’re like most first-time buyers, you’ve probably been searching for available homes online to determine the city or even neighborhood where you’d most like to live.

If the agent is very familiar with the area already, you can continue to ask questions about the market, including if homes are selling quickly or for more than asking. If the agent doesn’t know about your preferred area, request that they get up to speed and get back to you within a day or two with their initial thoughts. Part of being a great advocate is doing the research, so it’s okay to request that your Realtor put in some work before getting hired.

5. What kind of loan options are best for me, and which preferred lender do you use for first-time buyers?

First-time buyers have myriad loan options available to them, from government-backed FHA loans to VA loans (for military veterans) to more traditional private loans. The best way to determine your buying power, and which loan is right for you, is to get pre-approved on a loan as soon as possible.

When meeting to interview a Realtor, ask if they have a preferred lender they work with for first-time buyers and ask if they typically get their buyers pre-approved. Pre-approval is a smart step that helps you understand the loan package that would work best for you, gives you a great starting place for a budget and can give you an advantage over other buyers who aren’t pre-approved.

Categories
Home Insights Home Owning Tips Newsletter Featurettes

Great Gifts For New Homeowners

Great Gifts for New Homeowners

Here are some thoughtful and easy gift ideas for you to consider if you know young or first-time homebuyers purchasing in Lexington or Central Kentucky.  

 

(or…maybe you ARE a new homeowner and could benefit from some gift ideas to share with generous friends and relatives!)

 

Moving day pizza or local restaurant gift cards

Whether you’ll be helping on moving day or not, consider sending a pizza delivery to the new abode on the night the buyers will be moving in. While a surprise would be fun, it’s best to let them know in advance so they can plan for it. If you’re delivering pizza or dinner in person, bring a set of paper plates and napkins (and maybe a chilled bottle of champagne) so they create a memory they’ll never forget.

An alternative to this plan is to give a gift card to a new local restaurant they can try out in their first few days or weeks in their new area. Check out reviews in advance so you know you’re sending them somewhere great! We recommend looking through the VisitLex Beyond Grits: Local Restaurant Guide. See the online version here: http://www.visitlex.com/flavors/beyond-grits/

 

Hardware tore gift cards

Even the most perfect new house will have a few idiosyncrasies, and you can ease a homebuyer’s burden by giving them a credit to a local hardware store. Big-box stores like Lowe’s and Home Depot are perfect for handy homeowners who have big or small projects they want to complete.

For those who may need a bit more guidance and who will be tackling smaller projects, a local hardware store gift card works well. If they need a photo-hanging kit, the section at their local Ace Hardware may be less intimidating than the full aisle of options at a larger hardware store.

 

New Address Labels

Buyers often overlook the need for new address labels or an address stamp so this is a great idea they won’t be expecting. Online sites like Zazzle and Shutterfly have dozens of affordable designs available.

 

Plants

Most homeowners have plenty of picture frames from their previous residence, but they may not have indoor plants to jazz up the décor and freshen the air. Consider the size of their new home and their style as you select planters and plants.

 

Sheets, linens and towels

Linens of all kinds — bed sheets, pillow cases, comforters or quilts — will always be appreciated for new bedrooms. Extra towels, whether for the bathroom or kitchen, are also a great gift. Consider giving a gift receipt so they can exchange for the colors or types they prefer.

 

Homeowner essentials

When you’ve lived in an 800-square-foot apartment, extension cords may seem like a laughable item. Homeowners, on the other hand, will know that items like extension cords, power strips, extra light bulbs, cleaning solutions and even duct tape are must-have homeowner essentials. Deliver a small package of these items within one week of their move.

 

 

 

Categories
Home Buying Tips Home Insights Newsletter Featurettes

4 Things You Should Know About Buying During the Holidays

For many buyers, purchasing a home over the holidays can be ideal. In addition to competing against fewer buyers, you’ll finish the season off with the greatest gift of all — a new place to call home for years to come. Here are four t insights you can use as you purchase a home in Central Kentucky this holiday season.

 

1. You’ll compete against a smaller, committed pool of buyers

The holidays are a less popular time to buy a home, so you may see fewer buyers at open houses. Don’t assume this means you are without competition – holiday buyers are more dedicated to getting to the closing table, and multiple offers are still possible due to limited inventory in many areas. Be prepared to move quickly on a home that meets your criteria.

 

2. Think twice about putting in low offers

You might think that people selling over the holidays may be extremely motivated to move and willing to accept an offer for well under asking price. While Scrooge would approve of this philosophy, most sellers simply aren’t that desperate. To avoid losing a home you love, make sure your initial bid is competitive.

 

3. Limit your travel and don’t overschedule yourself

It can be difficult to slow down during the holidays, but in our fast-moving market, you’ll need to work around seller schedules. Whether you find a house through online searches or your Rector Hayden Agent sends a hidden gem your way, your goal should be to see it in person as soon as possible.

4. Ready to find “the one” this holiday season?

If you’re hoping to get a head start on buying before the hectic spring market arrives, start now! Contact your Rector Hayden Agent today to get started.

Categories
Home Buying Tips Home Insights

Renting Vs. Buying – Which One Suits You?

Renting a Home versus Buying a Home


When Buying a Home Beats Renting

The past few years have given rise to the notion that, counter to the long-held “American Dream,” buying a house isn’t always the right decision. It’s the industry-old question of renting vs. buying. Some people consider their financial situation and other factors and find it makes more sense to keep renting.

But if you’re contemplating the decision, here are four signs — apart from interest rates or location, location, location — that it might be time to become a homeowner.

When it’s time to build wealth

It’s been said that paying rent is just throwing money away, and there’s some truth to that. If you’re in good enough financial shape to get and pay a mortgage, your money doesn’t go into a landlord’s pocket — it goes into your own. You’ll be building equity toward owning what could become a valuable investment.

Nothing’s guaranteed, of course, and it’s hard to predict whether a home’s value will increase or decrease in the short term. But, over time, housing prices almost always go up.

When you have the capital

Buying a home will put a dent in your finances, especially at first. You’ll need to make a down payment, and most lenders want 20% of the home’s value upfront. (There are vehicles, particularly ones backed by the Federal Housing Administration, that take down payments as low as 3%. Just know that a lower down payment means you’ll likely being paying more in mortgage insurance and carrying a higher interest rate.)

Add expenses such as earnest money and closing costs, and new homeowners can end up feeling “house poor” for a while. If you can afford these intimidating upfront costs and still have a some money left in savings, it may mean now’s the time to buy.

When you have no plans to move

If you anticipate that your career, your family or good old-fashioned wanderlust will have you looking to settle someplace else in the next couple of years, it’s best to keep renting. But if you can’t imagine living anywhere else, now might be the time to put down roots. A good rule of thumb is 10 years: If you don’t expect to be going anywhere for a decade, you’re more likely to come out ahead financially by buying a home and building equity.

When you’re looking to take control

Homeownership eliminates a lot of the uncertainty of renting — from depending on someone else for repairs to a sudden spike in your rent to perhaps the building where you live getting sold and you having to quickly find a new place. Your home is your own, and you call the shots. Nobody’s going to take your security deposit if you decide to paint the living room walls.

And if you’re still not sure about renting vs. buying, ask an expert. Rector-Hayden Mortgage can help customers decide whether buying a home is indeed the right decision.

Post written by: Doug Gross, NerdWallet

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