The Final Walkthrough: A Smart Homebuyers Best Move

You’re about to close on your new home.

SUPER exciting! But don’t let your excitement cloud your business sense. During the home inspection and negotiations there are bound to be things that were agreed upon and while it’s nice to have trust in other people, it’s also important to go to the closing table confident that you are getting what you’re paying for.

That’s why a final walk-through is crucial.

A final walk-through is your chance to check out the house one last time before signing on the dotted line. In order to be sure you have given the owner sufficient time to take care of everything and that you are seeing the home in its’ most current state, schedule to do your walk-through as close to the actual closing as possible (as in the day before or the day of). Here are some of the things that you will want to confirm.

• While you should have received receipts for all repairs and had the option for a re-inspection, now is the time to see for yourself that all repairs have been completed. It is best to bring a list along with you of everything you want to check out to avoid arriving at the house and losing focus as you try to figure out which direction your sofa is going to face or what color you want to paint your daughters room.
• Is there any new damage that was not there before? This could be caused by the previous homeowner on their moving day. Many people hire moving companies so they may not even be aware that the damage has been done. Regardless of the cause of the damage, repairs are not your responsibility.
• By closing day, you will have already changed the utilities into your name and had them turned on to assure a smooth transition. Take a few minutes to go through the house and check the electricity, water, and any other service that should be in working order.
• Look around the entire property. While your main focus will be on the house, you need to walk around the entire property and make sure everything is okay. Did the moving truck drive over the in-ground sprinkler system? You never know - so it’s good to have a peek at everything.
• Did you have items in the negotiations that were to stay with the home: stove, refrigerator, washer and dryer? Now is the time to take inventory of those items and make sure they did not inadvertently get moved.

As you can see, this is a lot to take note of so be sure to bring a notepad and pencil. Don’t rely on your memory. Also, snap pictures of things that have you concerned. Documentation is your friend!

For more information on the final walk-through process and other tips you need to know on closing day, visit us at EREALTY & ASSOCIATES, INC. and request your free Home Buying Guide. No obligation now or ever.

Millennials Put a New Spin on Homeownership

We’ve keep hearing about millennials with regards to the workforce, relationships, and education. Now the older half of the generation is fast approaching their 30’s and they’re becoming a force to be reckoned with when it comes to homeownership.  The March 2015 National Association of Realtors reports that millennials make up 32% of the home buying market and the 2015 TD Bank Mortgage Service Index states that 50% of Gen Y’s are either “extremely” or “very” likely to buy a home in the next 12 months.

So why does this matter and why are we talking about it?

Not your typical home-buyer demographic

Millennials are flipping the script on what the traditional homeowner of generations past looked like. Many are choosing to buy a home as a single versus waiting to get married. Older generations were known to tie the knot, get their first apartment, and save for their first home. It is not uncommon for a 20-30 something year old to live with mom and dad up until they transition to their own (purchased) home.

The burden of student loans

It’s no secret that the amount of student loan debt is growing in leaps and bounds. In the Forbes article, How Student Loan Debt is Affecting Home Ownership, the author shares: “According to the Federal Reserve Bank of New York, the average sum a student repays at the end of his or her education is increasing. In 2003, most graduates left with a loan (or several loans from different sources) that was between $10,000 and $15,000. But in 2012, that average increased to between $20,000 and $22,000.” Many things are taken into consideration when applying for a home loan and student debt is one of those things. Many new graduates, who are able to land a good job, started to create “good” credit while they were in school, and did not incur a ton of other debt, often have little to no issues.

Short-term vision

One of the characteristics of a millennial is their desire to be a nomad. Frequent job changes and relocations are part of their lifestyle. Few millennials look for a long term career at one place of employment and they also don’t buy homes with the idea of being in that same home when their grandkids are born.

Not afraid of DIY home improvement projects

Do-It-Yourself home improvements are all the rage. Thanks to social media platforms like Pinterest, a new homeowner can embark on a journey of painting, wallpapering, cabinet makings, bookcase building, landscaping, gardening, and backyard ambiance creations with little technical skills. Shows, like Flip This House, have younger home buyers not afraid to look for a home in need of a bit of tender loving care versus the parade of homes model. Now please don’t start sending me hate mail about my so-called generalizations of millennials. We all know that no group of people will all fall into the exact same mold. However, we also know that each generation forge paths that are different from the generation before them and the millennial approach to home-ownership is no exception.  

Millennials also are research savvy and do their homework beforehand. That is why we love to be able to offer our Free Guides for both sellers and buyers. We know there are a lot of agent choices out there and we fully believe people should be allowed to find out what they need to know before choosing. They should be allowed to get their questions answered without giving their phone number away to an agent who will pester them before they are ready to take the next step. So, enjoy your Free Guide and should you want to talk further, the ball is in your court.

Buyer Beware! Why You Should Consider Having a Buyer Agent

While buying a home is one of the most exciting time in a person’s life, it can quickly turn into the most frustrating and disappointing.

There is often a simple reason for this turn of events. The buyer did not secure a buyer agent.

What does this mean?  

Let’s imagine that you and your spouse have decided to buy a bigger home in the wake of your growing family. You talk about the area of town you’d like to live in and begin to take Sunday drives in some of the neighborhoods that seem to be calling your name. We have seen an increase in Families looking to upgrade to neighborhoods like Cary, Apex and Morrisville. All three of these areas were ranked in Movoto's, 5 best Raleigh suburbs. 

So, you come across three homes that you would really like to take a look at and see if they fit your needs. Two of them have a realtor sign on the lawn and one is for sale by owner. You jot down all three names and phone numbers and start calling and setting up appointments on Monday morning. How exciting! During the week you visit all three homes. You are accompanied by the realtors on the two home visits and you and your husband go alone to see the “for sale by owner” home.  

Do you see any problem with is scenario yet? 

Who is representing YOU??? Who has your back? Who is asking all the right questions on your behalf? 

The answer, is no one. When you call the realtor listed on the sign in front of the home, you are being shown the house by the person who is contracted to do business that is in the best interest of their client....the seller. Any information you share with them regarding your needs, financial situation, etc. will be shared directly with the homeowner giving them the upper hand in negotiations. A big problem for you, the home buyer. 

When you deal directly with a homeowner in the situation of a for-sale-by-owner, there is also no one giving you guidance or making sure that the home is not overpriced and over represented. This is also a problem.

You need someone who is very knowledgeable in the home buying process which includes gathering all the information to help you make an informed decision, reducing your risk, and advising you of the current-market trends in Raleigh. Don’t count on the homeowner or their contracted agent to give you that info. Can you imagine them telling you that they would love for you to buy the home which happens to be a resale trap? It’s just not going to happen.  

So, what can you do to protect yourself?  

Secure a buyer agency. It is your right to have a professional agent represent you and protect your best interest. After all, isn’t that what the seller has? If you aren’t familiar with a buyer agency and what they can do for you, simply get your free Buyers Guide and watch “Home Buying Guide: Video 8- Why Have a Buyer Agent?” That will help answer most, if not all, of your questions and there is zero obligation. If you have any additional questions or concerns, we’d be happy to help!