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


Posted by Mary Foley Real Estate Inc. on 6/8/2021

Searching for a house should be a fun, exciting experience. It represents an opportunity to discover a residence that you can transform into your very own home. As such, conducting an effective home search may require both hard work and patience to ensure that you can achieve the best-possible results.

Ultimately, there are many factors to consider as you search for your ideal house, and these factors include:

1. Location

A home's location can have far-flung effects on a homeowner's day-to-day activities, and perhaps it is easy to understand why.

For example, a city home may provide quick, easy access to a wide range of attractions. On the other hand, this home may be located near major highways, which could create traffic problems for those who need to commute to school or work regularly.

As you search for your dream house, consider where you want to live both now and in the future. If you enjoy the hustle and bustle of city life, you may want to pursue houses in big cities. Or, if you prefer the serenity of small town living, you can search for a top-notch home in the suburbs.

2. Home Condition

It is paramount to assess a house's condition. Otherwise, you risk making an offer on a home that may have many "hidden" problems that probably will need to be corrected in the foreseeable future.

A home requires maintenance over time, and an older house may be more susceptible than others to costly, time-intensive structural problems. Thus, depending on a home's age, you may need to account for many potential upgrades sooner rather than later.

It also may be worthwhile to find out which home upgrades that a home seller has already completed. If a seller recently replaced a house's roof or heating and cooling system or performed other major home upgrades, you may be able to reap the benefits of these house updates for years to come.

3. A Home's Price

The initial asking price of a home rarely, if ever, is set in stone. Therefore, if you find a house that is priced above your budget, you may be able to negotiate the house's price with the seller.

If you find a house that you want to buy, it helps to submit a competitive offer right away. This offer should account for the age and condition of a house, as well as the current housing market's conditions. And if the offer meets a seller's expectations, he or she should have no trouble accepting the proposal.

Lastly, if you need help searching for a house, you may want to hire a real estate agent as well. This housing market professional can keep you up to date about new houses that become available, provide plenty of homebuying tips and suggestions and help you submit an offer on your dream house. Perhaps best of all, a real estate agent is happy to respond to your homebuying questions, guaranteeing that you can make informed decisions at each stage of the homebuying journey.





Posted by Mary Foley Real Estate Inc. on 5/18/2021

Buying your first home is undoubtedly a long and complex process for someone who has little to no experience in the subject. Your average first-time homeowner learns as they go, with the help of their real estate agent and mortgage lender.

But, even so, first-time buyers often make many mistakes along the way that they could have avoided with prior knowledge and preparation.

In todayís article, weíre going to cover 5 of the most common mistakes that first-time homebuyers make when purchasing a home. From the first house you look at up until closing on your first home, weíll cover common mistakes from each step of the way to give you the knowledge you need to make the best home buying decisions.

1. Shopping for homes preemptively

Once you decide that youíre interested in potentially buying a home in the near future, itís tempting to hop online and start looking at listings. But, searching for your dream home at this stage is a poor use of your time.

Itís best to use this time to start thinking about the bigger picture. Have you secured financial aspects of owning a home, such as a down payment, a solid credit score, and two years of steady employment history?

Youíll also need to have a clear picture of what you want your life to look like for the next 5-7 years. Will you still want to live in the same area, or will your job lead you elsewhere?

These are all questions to ask yourself before you start house hunting that will inform your process along the way and make your hunt a lot easier.

2. Not knowing your budget

Itís a common mistake for first-time buyers to go into the house hunting process without a clearly mapped budget. You want to make sure that after all of your expenses (mortgage payment, utilities, bills, debt, etc.) that you still have leftover income for savings, retirement, and an emergency fund.

Make a detailed spreadsheet of your expenses and determine how much you can afford each month before you start shopping for mortgages.

3. Borrowing the maximum amount

While it may be tempting to buy the most expensive house you can get approved for, there are a number of reasons this might be a bad idea for you, financially. Stretching your budget each month is putting yourself at risk for not being able to contribute to savings, retirement, and emergency funds.

Furthermore, you may find that the extra square-footage you purchased wasnít worth having to cut corners in other areas of your life, like hobbies, entertainment, and dining out.

4. Forgetting important expenses

If youíre currently renting an apartment, you might be unaware of some of the lesser-known costs of homeownership. Your chosen lender will provide you with an estimate of the closing costs, which youíll have to budget for.

However, there are also maintenance, repairs, utilities, and other bills that youíll have to figure into your monthly budget.

5. Waiving contingencies or giving the benefit of the doubt

While it may seem like an act of goodwill to give the seller the benefit of the doubt when it comes to things like home inspections, itís usually a bad idea to waive contingencies.

The process of purchasing a home, along with a purchase contract, have been designed to protect both your interests and the sellerís interests. It isnít selfish to want to know exactly what youíre getting into when making a purchase as significant as a home.





Posted by Mary Foley Real Estate Inc. on 3/9/2021

If you've been pre-approved for a mortgage, you can enter the housing market with a budget in hand. In fact, this mortgage will enable you to spend up to a certain amount on a house. But in many instances, it pays to buy less house than what you can actually afford.

Ultimately, there are many reasons to consider purchasing a house below your means, such as:

1. You might not have to worry about significant home maintenance.

A small house likely means less home maintenance than would be required in a large house. Therefore, you may be able to spend less time worrying about keeping your residence looking great if you acquire less home that what you can afford.

Of course, let's not forget about the money that you might save by purchasing an affordable residence. If you buy an inexpensive home, you may be able to use the money that you save to hire professional home cleaners, landscapers and others to help you enhance your residence's appearance.

2. You'll be better prepared than ever before for unexpected expenses.

There is no telling when a family emergency, natural disaster or other dangerous situations may arise. Fortunately, if you spend less on a house now, you may be better equipped than ever before to handle the expenses commonly associated with these unforeseen events.

Purchasing a cheap house may prove to be valuable if you encounter costly, time-intensive home repairs down the line too.

For example, your home's roof won't last forever, and you likely will need to fix or replace it at some point. But if you purchase a budget-friendly home, you may be able to save extra money that you can use to cover the costs associated with various home repairs.

3. You'll have more money that you can use to personalize your house.

The money that you save on a house today may be used to upgrade your home both now and in the future.

For instance, if you want to install a deluxe swimming pool or fire pit in your backyard, spending less on a house now may provide you with the financial resources that you need to fund these projects. And if you complete a broad range of home renovations, you may be able to increase your house's value as well.

Deciding how much to spend on a house can be a tough decision for any homebuyer, at any time. If you collaborate with a real estate agent, you can explore a vast array of residences that fall within your price range.

A real estate agent will learn about your homebuying goals and tailor your home search accordingly. He or she also will set up home showings, keep you informed about new residences that become available and ensure that you can discover a home that matches or exceeds your expectations.

Consider your budget closely as you prepare to kick off a home search. By doing so, you should have no trouble finding a terrific house at an affordable price.





Posted by Mary Foley Real Estate Inc. on 1/26/2021

Purchasing a house can be tricky, particularly for those who are dealing with a high-pressure negotiation. Luckily, we're here to help you get the best results from any homebuying negotiation, at any time.

Now, let's take a three must-haves for those who are getting ready to negotiate a home purchase.

1. Housing Market Data

An informed homebuyer is a smart shopper. As such, this individual will obtain a large assortment of housing market data that he or she can use to make the best buying decision.

For homebuyers, it is important to understand how one house stacks up against comparable residences in any real estate market. That way, a homebuyer can submit a competitive offer that is based on pertinent housing market data.

Examine the prices of recently sold houses similar to the one that you'd like to buy. Also, check out the prices of comparable houses that are currently available. And with this housing market data at your disposal, you can boost your chances of getting the optimal price for your dream residence.

2. Self-Confidence

Let's face it Ė a homebuying negotiation is stressful, regardless of whether you're a first-time homebuyer or have purchased many residences over the years. But if you remain confident throughout a negotiation, you can take a calm, cool and collected approach, even when times get tough.

A confident homebuyer will have no trouble standing his or her ground during a negotiation. And if this individual is uncomfortable with a home seller's counter-proposal, he or she will be willing to walk away and restart a home search.

Furthermore, a confident homebuyer will remain open to new ideas and consider the home seller's perspective. This will enable a homebuyer to examine both sides of a negotiation and proceed accordingly.

3. An Experienced Real Estate Agent

When it comes to negotiating a home purchase, there is no need to handle a negotiation on your own. Fortunately, an experienced real estate agent is happy to offer guidance at each stage of a homebuying negotiation.

An experienced real estate agent understands what it takes to purchase a great home at an affordable price. As a result, he or she will go above and beyond the call of duty to negotiate with a home seller on your behalf.

Typically, an experienced real estate agent will act as a liaison between a homebuyer and home seller. This housing market professional will keep you up to date about whether a home seller accepts or rejects your proposal to purchase a home. He or she also will provide recommendations and suggestions to help you transform a stressful negotiation into a successful one.

Perhaps best of all, an experienced real estate agent is ready to respond to your homebuying concerns and questions. He or she will provide you with the support you need to ensure you can make informed decisions throughout a homebuying negotiation.

Get ready for a homebuying negotiation Ė consider the aforementioned factors, and you can move one step closer to finalizing a home purchase.





Posted by Mary Foley Real Estate Inc. on 1/19/2021

The decision to buy a home can bring all sorts of emotions. From stress to joy to fear, you need to be prepared for any situation to arise. From saving up enough money for a down payment to securing financing to hoping for a smooth closing, buying a home is a complex event. Just about the worst thing that can happen in the process is finding the home of your dreams and then having your offer rejected. If you do lose out on the house to another bidder, below, youíll find a few reasons why.


The Home Is Above Your Means


If you go after a home thatís above a price that you can afford, itís likely that your offer will be declined. Look at all of your numbers and find a reasonable price point with your real estate agent. Be sure that your agent wonít show you homes that are far above your budget. Donít risk falling in love with a house that you canít afford. If you start big, you may be disappointed at the type of home you actually can fit in with your budget. 


A Better Offer Came In


In high competition markets or for a home thatís receiving a lot of attention, sellers may get multiple offers. All that attention is why itís always best to keep your offer as close to the asking price as possible. Donít assume that other buyers will bid low. Remember that sellers want to get the most return on their home, which means they are going to take the highest offer in most cases.


You also donít want to get too carried away in asking for contingencies. If you ask too much of a sellerís, they wonít bother giving your offer serious consideration when other buyers have asked them to put less time and money into the home. Donít ask for unnecessary repairs or over the top back costs. 


Youíre Not Approved For A Mortgage


The seller wants you to have a home loan pre-approved so that the process of selling their home will be that much smoother. Some seller may only consider bids by buyers who have been pre-approved for a loan. You should definitely be pre-approved before you even set out on your home search.


To get your offer accepted on a home you love, you need to do your homework. As a buyer, you want to keep the needs of the seller in mind. Although you want the best deal for yourself, you're more likely to get a property that you want if you compromise a bit. 





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