Our Delaware Property Blog

Buying Your First Home….Part 4

Finding Professionals to Get You Home!

2) Choosing a Realtor

Well, I’d be lying if I didn’t say that WE certainly hope that you’re going to work with the Home Star Realty Group to find your first home,(and all of the subsequent ones, like so many of our clients!) but lets look at the reasons choosing HOMESTAR IS a GREAT decision………

· Experience counts….do you want to work with someone who works “part time” at a profession, or who actually “does it for a living”, and their eating and having a roof over their heads depends on those efforts?

With HOMESTAR, you get a realtor who lists

and sells real estate FULL TIME, and has Real estate experience

of 24 Years, helping folks like you. After all, you decide on Doctors,

auto mechanics, lawyers and other professionals that way….

DO NO LESS when choosing your Realtor,

to assist you with the biggest purchase you’ll ever make?

· Do the Realtors you are considering do Buyer counseling? WE DO, and we can help you get familiar with the process, but you have to contact us to get that help! Call us!

· You need to choose “representation” to find your home. It’s not just finding a “tour Guide” who’ll look up properties to meet your needs as to size and price and location, and will meet you, or take you around to the properties that are available….

Choosing a Realtor now involves making an informed

decision as to who, and how, a REALTOR works with you.

Will they represent you, or the Sellers who pay the listing

commission? When you first meet with your “prospective”

Realtor, they should discuss “representation”, and whether

you want them to represent YOU, or represent the SELLER

of the homes you look at?

· Contact us, without obligation, to discuss your options……..

CHOOSE HOMESTAR REALTY GROUP @ COLDWELL BANKER PREFERRED AS YOUR REALTOR!!!

CALL US AT 1-888-382-6052,

OR EMAIL US AT INFO@HOMESTARREALTYGROUP.COM ,

“PROFESSIONAL SERVICE, WITH A PERSONAL TOUCH!”

Buying Your First Home….Part 3

Finding professionals to get you home!

Let’s talk about what type of professionals can make this process flow as efficient as possible. Once again, planning is key here!

1) Getting a Mortgage

If you have a copy of your credit report, it is a good idea to talk to a mortgage professional to find out what all of the numbers mean to your future. There are two types of folks who can help you with getting a mortgage…..Mortgage “Bankers”, and Mortgage “Brokers”, and YES, there is a difference!

· Mortgage “Bankers” work for a Bank, or Financial institution that does the lending directly to the home buyer. What this means is it’s a direct transaction, with no middle man, and no additional fees to that “middle man” in the transaction.

· Mortgage “Brokers” do just what their title implies, they “Broker” your application to several different lenders, to get you the best rate. If you have less than perfect credit, sometimes this is the approach that will be needed, but understand up front, the rates and fees you may pay could be higher as the “middle” man, the broker, needs to get paid for his efforts.

Home Star Realty Group works with several mortgage Bankers who have proven themselves to be efficient, and capable of getting folks great rates, and can also make sure if you are eligible for any State or Local programs that assist first time buyers, you’ll can get that benefit if you qualify…...

And YES, there are often government programs that will help you get into your first home….but not all lenders have the inside track to those programs, and if they don’t, they’re not going to refer you to someone who does have those programs……..

BUT WE AT HOME STAR REALTY GROUP WILL!!!

CALL US AT 1-888-382-6052,

OR EMAIL US AT INFO@HOMESTARREALTYGROUP.COM 

WE’RE ON YOUR TEAM!

Buying your first home….part 2

OK…..let’s get started. Buying your first home is a process, and it doesn’t happen just with luck. You need to take hold and control all of the financial variables in your life that you have an effect on, and work a “plan” to get into your first home!

The key now is Money, Money, Money. (You’re heard Location, Location, Location….but without Money, Money, Money, you’re going no where!) Your home is the biggest purchase you’ll make, and you will need to adjust your spending habits.

(Don’t tell me there’s no place to save money, cause there’s not enough money to pay the bills…Think about the little things you spend $$$ on every day. If you stop and buy coffee every morning, how much would you save if you made coffee at home instead? REMEMBER, it’s a mind-set and a process, and I didn’t say this was going to be easy, but it will be worth it in the end!) Look at your bills, and see if there’s anywhere you can cut back….drop the premium channels off cable? Cut your electric by turning off un-needed lights that are left on?...thing about it…YOU CAN SAVE IF YOU PLAN!

1) Start by saving all you can to build a nest egg. The best concept is to “pay yourself first”, which means when you go to pay your bills, make a deposit of 5-10% of your take home pay into your savings account, (or better yet a separate “money Market” HOUSE account, and you don’t touch that money!). While you need to save, it is vital that you keep all of your bills current, pay OVER the minimums required if at all possible, and always paid on time…NO LATE PAYMENTS.

2) Get a copy of your credit report to see where you stand now. There are three major credit reporting agencies that keep track of how you handle your finances, and these are the reports that will determine if you can get a mortgage, and if you’ll get favorable rates, or have to pay a premium (higher rates for less than perfect credit). You can contact the credit bureaus directly, or there are services out there like www.creditreport.com who charge a minimal fee so you can see where you stand. This also gives you the opportunity to check and make sure all of the information on your reports is accurate….mistakes are made, and starting this process NOW can avoid hassles BEFORE you find that dream home!

NEXT INSTALLMENT……….finding professionals to get you home!

Today’s HOMESTAR Realty Reality

Questions, comments...contact us at info@homestarrealtygroup.com

By Jeff Bater
From The Wall Street Journal Online

U.S. existing-home sales unexpectedly climbed in February, but subprime-market woes could chill demand farther down the road.

Home resales rose to a 6.69 million annual rate, a 3.9% increase from January's revised 6.44 million annual pace, the National Association of Realtors said Friday. January's rate was originally estimated at 6.46 million.

The median home price was $212,800 in February, compared with a revised $210,900 in January and a revised $215,700 in February 2006

NAR chief economist David Lereah said some of the rise might have been due to mild weather. "But fundamentals have improved in the housing market," he said.

The February resales level was above Wall Street expectations of a 6.33 million sales rate for previously owned homes.

Delinquency rates for subprime mortgage loans rose at the end of last year. Wall Street is worried tighter lending standards for borrowers with less-than-sterling credit could slow home sales in the future.

Mr. Lereah predicts subprime problems could cost between 100,000 and 250,000 annual sales of new and existing homes over the next couple years. "Will it affect the housing market? Yes," he said. "But it's not going to lead to an economic recession."

Inventories of homes were up 5.9% at the end of February to 3.75 million available for sale, which represented a 6.7-month supply at the current sales pace. There was a 6.6-month supply at the end of January.

Regionally, existing-home sales were mixed. Sales rose 3.9% in the Midwest, 14.2% in the Northeast, and 1.6% in the South. Demand in the West was flat.