Mary Foley Real Estate Inc.
Mary Foley Real Estate Inc.


Posted by Mary Foley Real Estate Inc. on 1/7/2020

A home inspection is one of the final stages of the property buying journey. If an inspection goes according to plan, a buyer may be able to seamlessly close on his or her dream residence. On the other hand, if problems are discovered during a house inspection, these issues may slow down or stop a home sale.

For property buyers, it helps to plan ahead for a home inspection as much as possible. Thankfully, we're here to help you do just that.

Now, let's take a look at three things that every buyer needs to know about home inspections.

1. A home inspection typically is performed after a seller accepts a buyer's offer to purchase.

With a home inspection, a buyer can review a house with a property expert and identify any underlying problems. If a buyer finds problems during an inspection, this individual can rescind his or her offer to purchase, modify the offer or move forward with a home purchase.

It typically helps to hire a highly qualified and experienced home inspector. By having a skilled home inspector at your side, you can gain the insights you need to determine whether a house is right for you.

2. A buyer is not required to go to a home inspection, but it generally is a good idea to attend.

Usually, a buyer, his or her real estate agent and a home inspector will walk through a house together during an inspection. It also is important to note that a buyer is not required to go to an inspection, but in most cases, it is a good idea for a buyer to attend.

A buyer who attends a home inspection may be able to receive home insights that he or she won't necessarily find in a house inspection report. As such, this buyer can obtain the house insights that he or she needs to make an informed homebuying decision.

3. A home inspection may require several hours to complete.

There is no time limit for a house inspection, but an average home inspection takes several hours to complete. After the inspection is finished, a property inspector will prepare a report that details his or her findings and provide it to a buyer within a few days. Then, a buyer will need to review the report and determine how to proceed.

As a buyer gets ready to enter the housing market, and eventually, perform a home inspection, it helps to hire a friendly, knowledgeable real estate agent. This housing market professional can help a buyer find the right home, submit a competitive offer to purchase and conduct an in-depth home inspection. And after a buyer completes a successful home inspection, a real estate agent will help this individual navigate the final stages of the property buying journey.

Simplify the homebuying process employ a real estate agent, and you can get the help you need to locate and purchase your ideal residence.




Categories: Uncategorized  


Posted by Mary Foley Real Estate Inc. on 12/17/2019

There is no feeling like the one associated with buying a house. If you know how to navigate the homebuying journey, you can boost the likelihood of enjoying an unforgettable property buying experience.

Now, let's take a look at three tips to help you seamlessly navigate the homebuying journey.

1. Create Homebuying Criteria

For those who want to enter the real estate market, it generally is a good idea to establish homebuying criteria. That way, you can focus on properties that match your expectations.

Think about the features you want to find in your dream residence. For instance, if you want to own a house that offers a spacious backyard, you can narrow your property search accordingly. Or, if you want to purchase a residence close to some of the nation's top schools, you can hone your property search to a select group of cities and towns.

You may want to conduct extensive housing market research too. Because the more you know about the local housing sector, the better equipped you will be to find a home that you can enjoy for years to come.

2. Get Pre-Approved for a Mortgage

If you want to buy a house, you likely will need a mortgage. Lucky for you, banks and credit unions are available nationwide, and these financial institutions can help you get pre-approved for a mortgage.

Meet with a variety of banks and credit unions. By doing so, you can learn about all of your mortgage options and select a mortgage that corresponds to your finances.

Also, if you are uncertain about how a mortgage works or require other home financing insights, reach out to a bank or credit union for support. Banks and credit unions employ courteous, knowledgeable mortgage specialists who can teach you everything you need to know about home financing. As a result, you can work with these mortgage specialists to make an informed home financing decision.

3. Employ a Real Estate Agent

A real estate agent is a must-have, particularly for an individual who wants to minimize stress during the homebuying journey. In fact, this housing market professional will do whatever it takes to help you find a terrific home at a budget-friendly price.

With a real estate agent at your side, you can streamline the homebuying journey. A real estate agent will help you establish realistic expectations for a home search, set up house showings and keep you up to date about new residences that become available in your preferred cities and towns. In addition, a real estate agent will help you put together a competitive offer to purchase your ideal residence. And once you are ready to close on your dream house, a real estate agent will make it simple for you to do just that.

As you get ready to pursue your dream residence, it helps to prepare as much as you can. Thanks to the aforementioned tips, you should have no trouble enjoying a fun, exciting homebuying experience.




Categories: Uncategorized  


Posted by Mary Foley Real Estate Inc. on 11/26/2019


 Photo by Dede via Pixabay

Mortgage rates in 2019 are as low as they’re ever been. The downward trend caught a lot of people by surprise. In 2018, there were predictions that they’d be on the rise, possibly moving to 5 percent and higher. Instead, they’ve ducked comfortably under 4 percent. Will they stay there? If you’re thinking of buying a home, do you have to jump in now or say goodbye to your best opportunity to nail down inexpensive financing?

Will Low Rates Continue?

Most experts think so. A survey of 10 real estate and finance professionals by The Mortgage Reports found that most of them expected 2020 rates to continue at 2019 levels. The average prediction was that rates will remain under 4 percent, with 30-year rates in the high threes and 15-year in the low threes. Two disagreed, with one saying they would move back above 4 percent and one forecasting they would dip below three.

Could the Experts be Wrong Again?

After all, the drop in 2019 fooled them. There are several things that could happen in 2020 to change the outlook. We’re overdue for a recession – the economy has been growing for 10 years now and it won’t grow forever. A severe one could drop rates even lower. Another X-factor is trade wars, which tend (although not with absolute predictability) to foster low rates. A resolution of international trade disputes could actually cause mortgage rates to rise. Also, the increasing federal deficit is bringing new debt to the market, which may cause mortgage rates to have to rise to attract investors.

Historical Perspective

Most young people and many middle-aged people have no recollection of inflation and high interest rates. In the 1980s, mortgages peaked around 16 percent. There was a slow decline until the turn of the century, and even in the first decade of the new century rates hovered in the 5 to 6 percent range. It’s only since 2009 that they’ve dropped to under 5 percent. Even a rise from today’s level would leave a rate that’s low by historical standards.

What Does This Mean for Buyers?

Continued low interest and mortgage rates (along with other factors such as low unemployment) will continue to stoke demand and keep housing prices on the rise. Low rates put home ownership within the reach of more buyers: on a $250,000 home, a 1 percent change will make a difference of about $200 in a monthly payment.

Even if mortgage rates get lower, some of a new home buyer’s savings will be offset by a faster rise in prices. If you’re not in a position to buy today, indications are that the low rate opportunity will be open for a while longer. But if you’ve been thinking about moving on home ownership, it’s hard to imagine there’ll be a more opportune time to get a friendly mortgage. With rates as low as they are, if the experts are wrong there’s more room for interest to move up than to move down.

This may also be an excellent time for current homeowners to refinance, especially those with high rates or variable rates. Consider all the costs as well as the length of the new mortgage, but there’s a good chance the numbers will work out.





Posted by Mary Foley Real Estate Inc. on 9/3/2019

If you decide you're ready to purchase your dream house, you should submit a competitive homebuying proposal from the get-go. Otherwise, you could risk missing out on the opportunity to acquire your ideal residence.

Submitting an offer to purchase your ideal house that meets the expectations of a property seller can be simple. Now, let's take a look at three tips to help you craft a competitive offer to purchase your dream house.

1. Examine the Local Housing Market

The price of a home in a big city may prove to be much higher than the price of a comparable house in a small town. Much in the same vein, a housing market that features an abundance of sellers is likely to be far different from a market that includes many buyers. However, if you assess the local housing sector closely, you can identify real estate market patterns and trends and craft your homebuying proposal accordingly.

Oftentimes, it helps to look at the prices of recently sold houses in the city or town where you want to live. You also may want to find out how long these homes were available before they sold. That way, you can differentiate a buyer's market from a seller's one and put together a competitive offer to purchase based on the present's real estate sector's conditions.

2. Analyze a Home's Age and Condition

A brand-new home may prove to be more expensive than an older house that is in need of major repairs. Comparatively, a recently renovated house is likely to be a great choice for buyers who want to avoid property repairs, while a "fixer-upper" home may be a top option for those who are ready to tackle property repairs on their own.

As you analyze a home's age and condition, you should consider how much you are willing to pay for this residence. It sometimes helps to consider potential home upgrades and repairs that may need to be completed. And if you evaluate possible home improvement costs, you can account for these expenses in your offer to purchase.

3. Consult with a Real Estate Agent

A real estate agent is a homebuying expert, and his or her goal is to ensure you can acquire a great house at an affordable price. Thus, if you collaborate with a real estate agent, you can put together a competitive offer to purchase in no time at all.

Typically, a real estate agent will offer housing market insights that you may struggle to find elsewhere. And when you're ready to submit an offer to purchase your dream home, a real estate agent will help you craft a homebuying proposal that is sure to get a seller's attention. Plus, a real estate agent will negotiate with a seller's agent to help you get the best price on your ideal house.

Ready to submit an offer to purchase your dream home? Use the aforementioned tips, and you can put together a competitive homebuying proposal and quickly accomplish your homebuying aspirations.





Posted by Mary Foley Real Estate Inc. on 8/13/2019

If you want to find and purchase a great house at a budget-friendly price, it helps to enter the homebuying journey with a plan in hand. Lucky for you, we're here to help you prepare for all stages of the homebuying journey.

Now, let's take a look at three tips so you can set yourself up for success as you search for your dream residence.

1. Make a List of Home Must-Haves

The definition of a dream home varies from buyer to buyer. To define your dream home, you should craft a list of house must-haves and use this list to streamline your quest to acquire your ideal residence.

Think about which home features you need. For instance, if you require a house that boasts multiple bedrooms, you can tailor your house search accordingly. Or, if you need a home that is close to your office, you can search for a residence that provides convenient access to your office.

You may want to make a list of preferred cities and towns, too. This list will enable you to focus on available houses in cities and towns that match your expectations.

2. Create a Homebuying Budget

Learn about different types of mortgages you'll be glad you did. Because if you make an informed mortgage selection, you can begin your home search with a budget at your disposal.

Generally, it is a good idea to meet with banks and credit unions before you launch a house search. Banks and credit unions are happy to teach you about myriad types of home financing. Then, you can select a mortgage that can help you make your homeownership dream come true.

If you are unsure about how various mortgage options work, there is no need to stress. Banks and credit unions employ courteous, knowledgeable mortgage specialists, and these professionals can teach you everything you need to know about home financing.

3. Collaborate with a Real Estate Agent

A real estate agent is a homebuying expert who is happy to share his or her housing market insights with you. By doing so, a real estate agent will help you achieve your desired homebuying results as quickly as possible.

Typically, a real estate agent takes an in-depth approach to the homebuying journey. He or she first will learn about you and find out what you want to find in your dream residence. Next, a real estate agent will help you narrow your house search to residences that satisfy your needs and keep you up to date about available homes that may suit you perfectly. If you find a home you want to buy, a real estate agent then will help you craft a competitive offer to purchase this residence. Finally, if your offer to purchase a house is accepted, a real estate agent will help you complete the homebuying journey.

Want to acquire your ideal residence? Take advantage of the aforementioned tips, and you can put yourself in position to succeed as you pursue your dream home.




Categories: Uncategorized