Now that 2021 is upon us, it is time to start working toward some New Year resolutions. Just about everyone can benefit towards setting a personal real estate goal. Maybe you are a renter looking to buy a home for your family or you wish to save money through tax exemptions. You could be a homeowner dreaming of living in a new community or you need to upsize or downsize as your family changes with new child births or your children flocking the nest. You may even love your current home and wish to make it more enjoyable for yourself while increasing your home’s value. No matter your situation, if you are looking to step up your real estate game this year, Michele Harmon Team is here to help! We have provided information on how to conquer your goals to buy, sell, or improve your current home.
Buying a Home
If you are in the market to buy your first home or if you are in need to upsize/downsize, these tips can help you make your dream a reality!
Create a Timeline and Work Towards Your Goal
Have you thought about when you would like to move into your new home? Establish your budget and make a down payment plan. If you need to fast track your down payment savings, you can consider cutting unnecessary expenses or picking up a second job.
Check Your Credit Scores and Work to Improve your Rating
Credit scores can range anywhere from 300 to 850 and in most cases, borrowers must fall within a certain range to qualify for a mortgage loan. Score requirements vary based upon the type of loan you choose to take out and who insures the loan. Think about what kind of loan you would like to take out and find out the minimum credit score required to qualify for it. If you are not at or above that range, do your best to improve your rating.
A few mortgage loans include:
- Conventional Loans
- Jumbo Loan
- FHA Loan
- VA Loan
- USDA Loan
If you have any questions about what type of loan may work best for you, click here to contact one of Michele Harmon Team’s preferred lenders.
Start or Increase Your Savings for a Down Payment
Decide on how much money you would like to use as a down payment early so that you can ensure the money will be available for your use. You most likely have heard that it is best to save a 20-percent down payment before you purchase a home. The logic behind this is solid because it shows you have the financial discipline and stability to save for a long-term goal. It can also help you receive favorable rates from lenders. However, there can be benefits to putting down a small down payment as low as 3 percent, even if you have the money available. Click here to learn more about what down payment strategy is right for you.
Get pre-approved for a mortgage prior to starting your home search. It will give you an idea of how much money you will be able to borrow, allowing you to narrow down your search to houses in your price range. In order to get pre-approved, gather documents that will provide your personal, financial, and loan information such as:
- Bank Accounts
- Income and Employment Details
- Property You Own
- Employer Contact Information
- Debts Owed and other Liabilities
Consider shopping around with multiple lenders before settling on one. Every lender has different guidelines and interest rate options.
Contact Michele Harmon Team
Texas is full of real estate agents. So, why should you choose Michele Harmon Team to help you with your real estate goals? Our team has the experience, the knowledge and the local expertise to get the job done. We are passionate and dedicated to providing the best client experience, and we always go above and beyond for every transaction. Our experienced professionals have access to top listings, a worldwide network, exceptional marketing strategies and cutting-edge technology to make your real estate experience memorable and enjoyable. The Michele Harmon Team has helped over 600 families and has sold over $200,000,000 in real estate. In addition, our team has earned numerous real estate awards including a spot in the RE/MAX Top 20 Teams in Texas and we rank in the top 1% of ALL Houston Area Realtors. To learn more about why you should work with Michele Harmon Team, click here.
Start Looking for Homes
Michele Harmon Team can help you find the perfect home for you and your family. We are knowledgeable about the area and can answer any questions you may have about a particular community.
Selling Your Home
If you are planning to put your home on the market this year, you can start getting it ready now!
Create a Selling Timeline
It can be helpful to set a selling timeline to work towards having your home ready to place on the market. If you are unsure about when the most ideal time to list your home, Michele Harmon Team can offer you advice based on the current market in your area.
Make Necessary Improvements
It is of the utmost importance to show your home in it’s best light to help it stand out above the crowd. Take time to highlight your home’s strengths and fix up its weaknesses. Doing so will make a big difference in how fast your home sells. For more information on what to do before listing your home, click here.
Not Ready to Buy or Sell?
You may not have plans to buy or sell this year. However, you can create a plan to increase your equity in your current home.
The mortgage rates are currently at a historic low. Take advantage of this by refinancing to a lower rate or consider refinancing to a shorter term loan. If you are in need of a reputable lender, click here to contact one of Michele Harmon Team’s preferred lenders.
Change Up Your Payment Plan
Changing up your payment plan can help you build your home equity. Consider making extra lump-sum payments using your tax refund, cash gifts, work bonuses, garage sale money, or any other unexpected income towards paying down your principal. In addition, paying every two weeks rather than once a month can substantially reduce the amount of interest you pay by breaking down the interest accrual from every 30 days to every 15. You can also consider paying a little extra each month. Even if you only round up to the next $100 increment, putting a little extra money towards your principal each month can add up!
Invest in Your Home
If you plan on staying in your home for a while, you can add a lot of value as well as enjoyment to your home by investing in improvements and upgrades.
According to HGTV, the following investments can pay off:
- Kitchen and Bath Upgrades
- Home Maintenance
- Curb Appeal
- Adding more Space
Click here for more information on HGTV’s tips for investing in your home.
You can also make eco-improvements to increase the sustainability of your home as well as reduce your long-term utility payments. Consider upgrading your furnace, updating your toilets and showers to low-flow, installing a programmable thermostat, or updating to energy-efficient appliances.
Whether you are looking to buy, sell, or make the most out of your current home, Michele Harmon Team is here to answer any questions you may have. Whether it be curiosity about the current real estate market, a referral for a great roof replacement company, information on a particular community, or anything in between, we are always happy to help.
If you have been thinking about buying or selling, Michele Harmon Team will work hard for you! We strive to make every real estate transaction as stress-free for you as possible as we guide you throughout the process. Give us a call at 713-818-1330 for questions or to get started today!