Rising First-Time Landlords

It's been an interesting real estate year so far and as prices goes up, there is an increase of first-time landlords entering the market.  Typically, if a homeowner want to buy a new house, they would sell the old one and use the equity as a down payment.  Especially for homeowners who move out-of-town.

With rising rents, there is a new approach.  Buy a new house. Keep the old house and rent it out.

Perhaps this is one reason why there is limited inventory for homes for sale.

If you would like a complimentary rental market report for your property, contact us.

What every Buyer needs to know!

Before you start searching the MLS for your dream home, take a look at these tips that every buyer should know.

1) GET PRE-APPROVED!! Get yourself pre-approved by your local bank or a mortgage banker.  Find out what is your price range before "falling in love" with a home that may not fit your budget.  Remember that most pre-approval letters are good for three months.  

2) Credit Scores - Mortgage rates are based on your credit score.  It's true that interest are the lowest but the interest rates you see advertise are often interest rates based an excellent score. You can get a free credit score on the internet.

3) Savings - make sure you have enough funds to cover your downpayment, 3 months of your "soon-to-be mortgage" payment, and closing cost (estimate 3% to 4% of the purchase price).  

4) Make a "Wish List" with your top five "Must-Haves" - it's easy to lose focus during your home search.  Remember, if you find a home or condo with 85% of your wish list - it's a contender!  

5) Choose a realtor that you are comfortable with.  You will be spending a lot of time together - during the homes tours to the close of escrow.  

6) Have fun! This is an important life changing event!  

For more tips and the top 10 frequently asked questions, go to BetancourtRealEstateGroup.com/buyers