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Buying A Home | Elite Results Realty Blog

Tuesday, May 18, 2021   /   by Vyral Marketing

Is Now a Good Time To Buy if Prices Go Down in the Future?

Waiting for a market correction to buy might not actually cost less.

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Many people are asking if they should purchase a home if there's a coming price correction in the future. I’d like to discuss the ramifications of buying a home now even if there's a potential downturn in the market in the future. I’d also like to go through a little bit of a demonstration of what could happen with prices based on the current trends.
Over the last year, we've seen prices appreciate about 30% and many people are concerned if that continues then prices have a good probability of going down. Let's take a look at a scenario of somebody looking to buy a home for $400,000 right now. They may have been able to purchase that home for under $300,000 a year ago and feel like they're overpaying if the current trends continue. However, if an additional 30% appreciation occurs, they could be looking at the . ...

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  buying a home

Friday, March 12, 2021   /   by Vyral Marketing

Buyers: How Much Must You Bring to the Table?

Here’s a deeper look at the total cost of purchasing a home right now.

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Traditionally, buyers have had to budget for some closing costs, a down payment, and any other fees associated with the lender. How much money does a buyer need to bring to the table in order to purchase a home in today’s red-hot market?
In every market, you’ll need a down payment. The specific amount will always vary depending on the loan type. VA loans usually allow you to put 0% down, FHA loans require at least 3.5% down, and conventional loans can be anywhere from 3% to 20% or more. Keep in mind that those are minimum requirements; if you’re willing and able, you can go beyond them.
"Buyers in today’s market may have to pay $3,000, $5,000, or even $10,000 over the appraised value."

In addition to your down payment, you’ll also need to pay closing costs, which include title fees. ...

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  buying a home

Friday, February 26, 2021   /   by Vyral Marketing

Will Home Prices Continue to Rise in 2021?

How long can we expect to see home appreciation continue like this?

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Many are happy to see that home prices have appreciated just over 21% in the last year, but the question becomes, “How long will this continue? What signs should we be looking for to know when the market will change?”
First, know that there are around 4,300 listings currently available on the market, where there would normally be around 30,000. That’s a drastic reduction of inventory. With just over 15 days of inventory on the market, that means if no other homes came on the market, we would sell out of everything in about two weeks.
When supply is low, home prices rise because there are more buyers available than there are homes for sale, and people who need to buy a home will pay more in order to outbid competing buyers on the market.
We’ll be watching these trends closely and let you know what w. ...

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  buying a home

Friday, January 29, 2021   /   by Vyral Marketing

When the Appraisal Is Lower Than the Contract Price

What do you do when an appraisal comes in lower than the contract price? I'll explain.

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When an appraisal comes in lower than the contract price, we first look for mistakes in the appraiser’s report. Appraisers are very busy, especially in today’s market, and sometimes they might overlook square footage, or the comparables they used might have been inappropriate. People can make mistakes. You can submit a rebuttal when this happens, but it’s rare to get the appraiser to change their opinion of the home’s value. After all, an appraisal is the appraiser’s opinion of the value based on their research.
Often, it’s easier to influence the appraiser’s opinion of value before that opinion has been formed. On our team, we reach out to the appraiser before they visit the property so we can influence them based on data that will help our clients get the best v. ...

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  buying a home, selling a home

Tuesday, January 12, 2021   /   by Vyral Marketing

How Location Makes a Difference When Buying a Home

Location truly does matter when buying a property, and I’ll share why.

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Today I’d like to discuss a few different ways that a home’s location can make a difference when you’re in the market to buy.
At 0:28 in the video above, you’ll see two different homes that were built by the same builder. They have the same floor plan, with only a few slight changes as far as exterior upgrades go. Chances are that you’d guess one costs more than the other simply because of the better picture. One of the homes was built in Chandler, and the other was built in Gilbert, so they’re within 10 miles of each other. When they sold, one sold for about $100,000 more than the other, and the differentiating factor was the more expensive home’s location.
According to The Washington Post, homes close to a Target sell for 5% more on average than other homes. Forbes said . ...

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  buying a home