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Buying A Home | Elite Results Realty Blog

Thursday, September 3, 2020   /   by Vyral Marketing

Why Is Now Such a Great Time to Buy a Home?

Despite rising prices, now is a great time to buy a home; here’s why.


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Many buyers in today’s market are wondering how they can afford homes when prices are going up so much. One thing to consider is that there is a difference between the price of the home and the actual cost of the purchase.

As you’ll see in the chart at 0:27 in the video above, the cost of owning a home has been going down or staying stagnant because interest rates have been very low. People in today’s market wish they could go back in time to purchase a home at a lower price than what it currently is, but our low interest rates actually provide the opportunity to buy a home for the same cost it would have been just a couple of years ago.

Simply put, our low interest rates have made buying homes more affordable. But why are rates this low?

The government has been printing money, and they ...

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  buying a home

Monday, August 3, 2020   /   by Vyral Marketing

Can You Buy Your Dream Home With No Money Down?

You can buy your dream home with little or no money down. Here’s how.


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Are you looking to buy a nice, custom, or semi-custom home but you’ve found that prices seem a bit out of reach? There are two strategies I’ve learned from millionaires that will allow you to get the home of your dreams:
1. Buy a smaller, more affordable home now. Once you’ve bought a more affordable home, you can make improvements to it, pay down the principal, and watch the value increase over time. Once your equity has grown, you can then sell the home in the future, using your equity as a down payment to buy a new one.


2. Buy a second property that will earn you money by renting it out. By renting out a second property, you can put away a certain portion of the rent collected each month and then apply that toward the down payment on the home of your dreams. If you also choose to rent out ...

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  buying a home

Monday, July 6, 2020   /   by Vyral Marketing

Should You Have Representation When Buying a New Build Home?

Should you have buyer representation when buying a new home from a builder?


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Some people think you can save money by not using an agent to buy a new build home, when in fact, that’s not the case. There are no cost savings if you purchase without an agent; if you go directly to the builder, they’ve already built in the commission. Sometimes, we can even negotiate a discount—I’ve negotiated $10,000 in savings on a new home from the builder when two representatives said that there was no way they could go under the list price. Those savings represented more than 3% of the new home’s value!

That’s why it’s so important to understand that the representative of the new home is there to protect the interests of the builder. They’re only there to get the most money possible for the builder.

Registering with a buyer’s agent is the b ...

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  buying a home

Wednesday, June 24, 2020   /   by Vyral Marketing

How Can Buyers Compete in This Hot Market?

Buyers: Here’s how to gain an edge in our market.


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Right now, we’re seeing a lot of bidding wars in our hot seller’s market, and I’ve personally seen multiple-offer scenarios with $10,000, $20,000, and even $50,000 above asking price. In many cases, buyers are waiving appraisals and inspections altogether—that’s how crazy it can be out there!

So, as a potential buyer, how can you compete? Thankfully, there are real solutions that don’t involve getting yourself into a financial situation you’re not comfortable with. Recently, we helped one buyer get an offer accepted for less than asking price and beat out 10 other buyers in a very competitive price range. They didn’t have to wave appraisals or inspections either! Here are just a few of the ways that can happen for you:
1. Make your offer stand out. Working with a buyer who’s a ...

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  buying a home

Wednesday, June 10, 2020   /   by Vyral Marketing

How Mortgage Rates Are Calculated

Here’s why current mortgages rates hover around 3.5%, not 0.5% or 2.5%.


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Oftentimes, people will wonder why mortgage rates don’t follow suit when the fed funds rate drops significantly—as was the case at the onset of the COVID-19 pandemic and our current recession. The truth is, in today’s market, mortgage rates are not determined by the fed funds rate.

Though not calculated on the fed funds rate, mortgage rates do align closely with the 10-year Treasury yield. If you look at the history of the 10-year Treasury, you’ll notice that that yield tends to be about 2% lower than mortgage rates.

Back in 2007, when we saw the market crashing, mortgage rates were at 6.5% to 7%, and the Treasury yield was at 4.5% to 5%. It took a couple of years for the Fed to step in and start buying Treasury bonds, which caused the rates to go down.
 

The 10-year ...

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