Consider This Before You Relocate

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Consider This Before You Relocate

 

Are you planning to relocate? There are a few things to consider before taking the next step. Consider the pros and cons of your big move, compare your salary vs. cost of living and your finances, and consider which city fits your personality and future. 

 

Pros and Cons

 

When considering a big decision like relocating, always weigh the pros and cons. First, ask yourself why you are relocating. Do you see yourself growing in the new location? Can you afford to relocate? These questions will help you decide if you are ready to relocate. Then, when you create your pros and cons list, here are a few things to think about: affordability, taxes, employment opportunities, real estate values, crime rates/ statistics, climate, etc. 

 

Salary vs. Cost of Living

 

Are you moving because of work? Are you moving to a new office or seeking better opportunities? First, consider your new role with a new salary. Next, research the cost of living, transportation, child care, and other expenses that add to your cost of living. Be sure you can afford to live in a new city or state without a salary increase. Next, research the tax levels of the location you plan to move to. You will never escape taxes entirely, but moving to the correct location can trim your tax burden. The Tax Foundation’s state-local tax burden reports can help you see each state’s different taxes. 

 

Finances

 

One of the most important things to consider before moving is the state of your finances. Before you proceed, look at your income, expenses, budget, and lifestyle to ensure the expensive moving process won’t put you in a financial bind. Make a moving financial checklist. It will help you determine your anticipated income and realistic expenses in your new city. You will figure out if your new city has a higher cost of living; if so, you will have a better idea of what you can afford. Before you move, it is essential to have 3 to 8 months of savings as a cushion in case you need a fallback plan or for unexpected expenses during your move. 

 

Does the city fit your personality?

 

Some cities are great to visit; can you see yourself living in one of them? Are you looking for a city that gets overlooked by tourists? Or are you looking for a city with nightlife? Practical things to consider when moving to a new town are job opportunities, the climate (snow or no snow?), and it will be easy to build a community. Do you know what you want to gain from a new city? 

 

Before you move, ask yourself, does the city I am relocating to fit my personality? Can I afford to move to a new city? Am I financially stable and prepared for unexpected costs? For more helpful tips, go to www.nancyopensdoors.com.

Five Signs Of A Good Real Estate Agent

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Buying and selling a home is stressful and finding a good real estate agent is also stressful. You need an agent that will carry you through the buying and selling process. There are many real estate agents out there, and here are five signs to look for when choosing your real estate agent. 

 

  1. Honest

Honesty is vital in any relationship. If your agent makes a lot of promises and gives you endless affirmations, most likely, your agent is not being truthful. A good agent will not be afraid to be honest with you about your budget, what you can afford, and how to correctly price your home. Your real estate agent must tell you each property’s pros and cons and if it may be good in investment. An excellent real estate agent will not always tell you what you want to hear, and that is always a good thing. 

 

  1. Responsive and Available

Communication between you and your real estate agent is vital. An agent that doesn’t return your calls or emails or doesn’t guide you through the process can make things more stressful.  Knowing the best way to contact your agent will help you choose an agent. In addition, asking questions like what days they are off and the best way to contact them will help you set your expectations and boundaries between you and your agent. 

 

  1. Experienced

It pays to have experience. While everyone has to start somewhere, choosing an agent with years of experience will be very beneficial for you. An agent with experience knows how to negotiate and guides you through financing and inspections. The best way to learn how much experience an agent has is to ask how many times they have renewed their licenses. Asking this question will teach you how long they have been a real estate agent. It varies state by state, but the average real estate agent renews their licenses between two and three years. Agents renew their license regularly without gaps can leave you confident that the agents succeed in closing deals. 

 

  1. Strong Network

Working with a real estate agent with a strong network can benefit you. Having a solid network shows that your agent has taken the time to build and cultivate a network of associated professionals. The network that your agent has created will make your experience go smoothly as possible. A good agent will have connections with professionals that can help in different situations such as financing, insurance, inspections, construction, trades, zoning, and more. You should be able to turn to your agent with a problem, and they will be able to give you the best recommendations that you can trust. 

 

  1. Familiar with the Area

Technically any agent can help you buy or sell a home. However, it will help you more if your agent knows the area you want to buy or sell a home. They can tell you the pros and cons of a neighborhood; they can answer questions about property taxes, water rates, local schools, etc. Also, if you are moving to a new state, you want a real estate agent that knows where to find the best homes that fit your lifestyle. 

 

As a home buyer or seller, the real estate agent you select will make your experience pleasant or unbearable. Before choosing your agent, be sure your agent is honest, responsive, experienced, has a strong network, and is familiar with the area. These traits will help you get the best deals when it comes time to close on a home. For more real estate tips, go to www.nancyopensdoors.com. 

Pros and Cons of Owning a Home

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Pros and Cons of Owning a Home

 

There are many advantages to owning a home, but there are disadvantages. If you are thinking about becoming a homeowner, you must weigh the pros and cons. Buying a home is one of the most significant investments in your life. Use this pros and cons list to determine if you are ready to purchase a home. 

 

Pros:

 

  1. Investing and Building Equity

Buying a home is a long-term investment. Your home’s value increases as you build equity. So over time, your home will appreciate in value. In July 2020, the average home price index went up 5.5%, according to the Home Price Insight Report. Whether you decide to sell or retire and downsize, you will walk away with a profit. The capital made can qualify you for a capital gains exclusion when you sell your home. In addition, it will allow you to enjoy the income tax-free. Be sure to meet with an accountant if you are unsure if you qualify.  

 

  1. Privacy and Control

Can you say total control? Unlike renting, buying a home gives you control over your home. For example, determining where you purchase your home, you may not need permission from the HOA or landlord to renovate your home to fit your lifestyle. You will not only have control, but you will also have privacy. Whether having a gathering or just relaxing in your backyard, you will have the privacy you need to do so in peace. 

 

  1. Improve Credit

You must maintain regular mortgage payments to build credit. As a result, your credit score will decrease when you take out a loan. Your credit score will go down because, on paper, it shows you took out a sizable loan that you have to pay off. However, as you make payments regularly, it will increase your credit score. 

 

Cons:

  1. Taxes and Fees

Owning a home comes with taxes and fees that will have to be paid regularly. Fees include property tax, HOA fees, homeowners insurance, private mortgage insurance, and more. Property taxes help pay for local services like roads, fire departments, schools, etc. Usually, your lender will include this in the monthly payment to the escrow account. If you purchase a home that operates under a homeowners association (HOA), expect to pay HOA fees that help pay for community amenities. More taxes and fees will be added to the list of payments as you go through the home buying process.

 

  1. Upfront Cost

You would need a 20% down payment to become a homeowner in the past. However, you can qualify for a mortgage in today’s market with a 3% down payment. It may sound like a good deal to have a low down payment, but you will have a high monthly interest rate in return. Your mortgage insurance payments will be high as well.

 

  1. Less Flexibility

When you are making the switch from renting to buying consider getting a rent to own agreement. You should also prepare to live in your home for at least 5 years if you want to make capital from selling your home. Being a homeowner does not give you the flexibility to live in an area for short periods of time if you plan to make money on your investment. 

 

As a future home owner remember to do your research and weigh the pros and cons. By doing this you will determine if you are ready to purchase a home. Ask yourself if you are ready to settle down, can you afford the upfront cost, are you ready to improve your credit and are your ready to be in control of your home. For more helpful homeowner and realestate blogs go to www,nancyopensdoors.com.

 

Wait! Before you Buy! – Buyers Checklist

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Wait! Before you Buy! – Buyers Checklist

 

Are you ready to buy a home? First, you must be personally and financially prepared. Next, prepare yourself for the home buying process. It’s normal to have questions; you are about to make a big purchase. Use this checklist to help you complete every step of the home buying process. 

  • Know Your Budget

The first step in purchasing a home is determining your budget. Look at homes you are interested in and can afford. Identify a realistic budget. Determine your debt to income ratio (DTI). The obligation to income ratio is your monthly expenses versus your monthly cash intake. To find your balance, you will take all the bills you pay divided by your gross monthly income. Recurring bills like student loans, car payments, child support payments, and anything you pay every month are included in your debts. When you calculate your DTI, it should be no higher than 43%. Your budget should also include breathing room so you will not have to worry about additional stress.

  • Save Up For Down a Payment

It’s essential to have a sizable down payment when purchasing a home. If your down payment is 20% or more, you will be exempt from private mortgage insurance. Typically your lender would require you to have private mortgage insurance if your down payment was less than 20%. It makes sure you will not default on the loan. Another benefit of having a sizeable down payment is lower interest rates. That is because a lower loan to value ratio will decrease the lender’s risk. In other words, the bigger the down payment, the lower the interest rate.

  • Pre-Approved Mortgage and Choose a Lender

Before you start looking for a home, shop for a mortgage lender or a mortgage broker to shop for you. Home sellers want to have confidence that you can and can purchase their home. The first step to that is preapproval. Next, finding a lender will help you choose the best loan type for you. Look at various potential lenders and choose the best one that can get you the best loan.

  • Choose Your Home and Make a Smart Offer

It’s time to choose your home and make an intelligent offer. Selecting a home can be overwhelming, but your real estate agent will make things easier. Listen to your agent’s advice. For example, home locations and nearby school districts or homes that have been on the market for a while. Do not only listen to your real estate agent but also listen to yourself. Look at homes for yourself, look online, and visit them to better understand your tastes and needs. Once you find a home you like and want, make an intelligent offer on the house. Again, your real estate agent will shine at this moment. Consult with them to decide how much to offer on the home. Your bid will depend on the housing market, how long the house has been on the market, and whether there are other offers on the house. Remember that your submission is not just a number but includes terms such as when you can move in.

  • Home Inspection

Although you will bear the fee, it is worth inspecting the home. The home inspection will protect you from unforeseen costs and liabilities. While examining the house, you will know how much roof life is left, if the foundation is falling, or if the electrical system is updated. You will find a minor problem but don’t worry. All home inspections do. Remember to get general home inspections but also consider specialty inspections such as mold. 

  • Prepare and Close On Your Home

Once the inspection is over, prepare to close on the home. First, double-check your finances and be sure they are in order. Make sure your finances are ready to pay all costs due at closing. Avoid making purchasing or financial changes that can affect your credit score. During this time, your lender will have an independent third party make an appraisal of the property.  If the assessment is lower than the agreed-upon price, buyers can ask the seller to lower the price or assume cost due at closing. Once cost and payments are finalized, it is time to sign a lot of papers. Be sure to bring all documentation to your home closing. You will need identification, proof of insurance, checks, or a cashier’s check to cover closing costs, and bring your patience! Your real estate agent and mortgage lender will provide you with a specific list. Once papers are signed, and all expenses are paid, you will have the keys to your new home.

 

As you start purchasing a home, use this checklist as you go through the process. Know your budget, and don’t go over. Save at least 20% of a down payment. Next, get pre-approved for a mortgage loan and find a lender. Next, choose your dream home and make an offer. Finally, have a general and specialty home inspection; once you have completed the first five tasks on the checklist, prepare to close on your home. For more helpful real estate tips and blogs, go to nancyopensdoors.com.

5 Tips on Staging Your Home

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5 Tips on Staging Your Home

 

There are many components to selling a home. One part of selling a home is staging. Home staging highlights a home’s assets and helps buyers imagine themselves living in the home. Many home buying agents believe that a staged home affects a buyer’s view of the home. Real estate agents also find it more accessible for homebuyers to visualize the home as their own. As a seller, home staging can increase the home’s value and decrease the amount of time the home is on the market. Use these five tips to help you stage your home.

  • De-personalize 

One objective of staging a home is to help prospective buyers visualize the home as their own. Your home should start as a blank canvas. You want your home to be stylish and comfortable but avoid personal touches. Remove private pictures, both framed pictures on the walls and surfaces. Store your clothes away and out of sight. Be sure to clean the bathroom counters of personal items, for example, toothbrushes and hair care products. Although de-personalizing your home may feel weird to live in, buyers need to connect with your home. 

  • Clean, Clean, Clean

Get rid of clutter and clean your home. Removing clutter will make your home look significantly bigger and more desirable. Remember, you do not have to get rid of your things forever, just until the home selling process is over. Clean out your hall closets and show how spacious it is. While you get rid of the clutter, do not forget to clean your home. Every square inch of your home should be squeaky clean. From the floors to the baseboards to the ceiling fans, do not neglect cleaning anything. 

  • Lighten Up the Place

Dark lighting makes rooms feel sad and small. Open all the windows and let as much light in. Light will make the room feel bigger. When you open your house up for showings, turn on all the lights in addition to opening the blinds. By doing that, you make your home feel more welcoming and save prospective buyers the trouble of having to figure out how to turn on the lights. 

  • Go Neutral

  Bright colors are a great way to show your personality in a home, but not when selling your home. However, bright colors can distract buyers from the home’s assets and can be a turn-off. Although this staging tip can get costly, it can be beneficial for you in the end. Using neutral colors like gray, taupe, and white will allow the buyers to imagine decorating the home. 

  • Stage Where Necessary

Staging a home can be costly, so only stage where it is necessary. All rooms are not considered equal. Focus your efforts on rooms with the most significant potential to influence a buyer’s decision to buy your home. The main rooms buyers are most interested in are the living room, master bedroom, and kitchen. Focus on the rooms that matter and save money. 

 

Get ready for your home to sell fast by using the five staging tips. First, de-personalize your home, although it may feel weird to live in. Get rid of clutter and clean every square inch of your home. Next, open all the windows and turn on your lights to brighten up the house. Next, repaint your home with neutral colors to help buyers visualize the home as theirs. Finally, remember to only stage necessary rooms, like the kitchen, living room, and master bedroom. If you need more home selling and buying tips, go to nancyopensdoors.com. 

Is it Still a Seller’s Market

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Is It Still a Seller’s Market?

 

In the past years, the home seller and buyer’s market has been affected. Because of the Covid-19 pandemic, finding a home for sale is more challenging, which means it is a seller’s market. A seller’s market occurs when there is more interest in buying a home rather than selling. As a result, the demand for buying a home exceeds the home selling supply. The signs that tell us that it is a seller’s market are:

 

  • Homes/properties are selling quickly and are on the market for a short time.
  • Homes/properties are consistently selling above the asking price.
  • There are often bidding wars among interested home buyers. 

 

When it is a seller’s market, buyers tend to double down to get their offer accepted. Buyers submit offers quickly and will stretch to stay competitive. Many factors cause a seller’s market, such as low mortgage interest rates, job market growth, and development limits imposed by local governments that keep home supply low. If you are a home seller in the seller’s market, there are a few things to be aware of and keep in mind. First, do not slack off even though the market is on your side and buyers are interested in your home. Keep your home in proper shape for interest buyers. Although you may be in control, remember to price your home fairly. Usually, homes priced below fair market price can end up in a bidding war and go over the asking price. Finally, remember to vet your buyer; your highest offer may not be the most qualified offer. 

As a seller, be sure to know the signs of a seller’s market and be mindful of home buyers. Homes are selling quickly, so keep your home in selling shape. Homes are consistently selling above the asking price, so price your home reasonably to begin with. There are often bidding wars, so it is important to vet your interested home buyers. For more helpful real estate tips and blogs, go to www.nancyopensdoors.com.

Three Ways to Find the Perfect Home For You

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Three Ways to Find the Perfect Home For You

 

Are you looking to find the perfect home for you? Three ways to help you find your ideal home are checking your home’s location, knowing your style, and knowing your finances. 

  •  Location, Location, Location!

Finding the perfect home for yourself can get a little tricky. You must do your research about the area. Ask yourself, is the house’s location in a safe place, is it near schools, is it near your job? If you can not answer those questions, drive around a 2-mile radius to see if the location best suits you. If you plan to sell your home in the future, it would be a brilliant idea to research the property value.

  •  Know Your Style

Do you know what style of home you are looking for? Do you like a rustic style home, or maybe a modern European style home? Knowing what type of home you are looking for will help you and your realtor find the perfect home for you. Consider maintenance. Do you want a big or small yard? Single-family homes offer more privacy if you have kids or pets, but that does mean you will have more maintenance. If you are looking into a condo-style home, you will have less maintenance and monthly dues to an association. 

  • Financing and Budgeting

Money plays a significant factor in purchasing a home. It helps to be pre-approved and know what you qualify for before buying a home. Be careful not to take out a mortgage that is too big for you to handle. It can go downhill very fast. Using the 28/36 rule will help you create a budget. When you follow the 28/36 rule, your monthly housing expenses should not go over 28% of your monthly gross income. Expenses such as housing costs, car payments, etc., should not exceed 36% of your monthly gross income. If you stick with this rule, you will be able to afford your home comfortably.

 

To find the perfect home, you need to research the location of your home. Drive around and see if schools, stores, and your job is close by. Research the area to see if it is safe for you and your family. Know the style of home you want to purchase. Single-family homes or condos each bring different factors to consider when buying a home. The 28/36 rule will help you budget and finance your home comfortably. For more helpful real estate blogs, go to nancyopensdoors.com. 

 

Five Ways to Make a Strong Offer

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The home buying process can get very competitive. To make a firm offer on a home, you need an aggressive realtor, offer above the asking price, pay with cash, determine your earnest money deposit, and set a budget. 

 

  • Realtor is Key

Your realtor is vital. Hiring an aggressive realtor and one that knows your goal and situation will help you purchase the house you want. A realtor that knows how to negotiate an offer will allow you to ease your mind and take some of the stress away during the home buying process. 

 

  • Offer Above Asking Price

Buying a home can get expensive. Low offers will not cut it in the selling and buying market. You need to make a solid offer to beat a possible multiple-bid situation. Don’t let the asking over offering price overwhelm you. Buying the house you want, you will most likely go above the asking price. Depending on the house and the market, you may only need $2,000 to $3,000 more to show the sellers you are serious and can be taken seriously as a potential buyer. 

 

  • Determine Your Earnest Money  Deposit Amount

Earnest money deposit ( EMD) is the money that goes along with your offer and shows the seller your seriousness. Earnest money deposit is also known as a good faith deposit. Traditionally the customary amount of EMD varies on the market. The amount can range from $500 to $1,000. It averages between 1% and 3% of the purchase price. If you want to be seen as a competitive buyer, offering a high earnest deposit will show the seller. 

 

  • Pay With Cash

Cash offers have an essential effect on keeping the deal primarily between the seller and the buyer. A financed deal usually comes with financing contingencies. Financing through a lender, you are at the mercy of the lender’s process. Paying with cash allows you to be in control instead of a lender.

 

  • Set Your Budget

Offering the above asking price and paying with cash when you buy a home means you need a budget. The first step in creating a budget is establishing a limit. Setting a limit will help create a budget that will help you determine how much you want to offer on the house. Be sure to only research and write offers for homes you can afford. 

 

To be competitive in the home buyer market, you need an agent that knows the market and can negotiate deals. Offering over the asking price, paying with cash, and setting your earnest money deposit will show the seller that you are a serious buyer. Remember to set your budget and only write offers that you can afford. For more helpful real estate blogs, go to nancyopensdoors.com. 

 

5 Tips to Help You Save For Your House

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I understand saving up to purchase a house can be difficult. Setting your goals, budgeting, setting up a new savings account, cutting costs, and controlling your debt; will allow you to save money easily. Use these helpful tips to help you save for your house. 

 

  1. Set Goals

The first thing you need to determine is how much you will need to save to buy your home and set up goals to help you reach that amount. You will need a 20% down payment to purchase a house. That can be your first goal. Setting a money goal every month will ensure that you stay focused and reach your final money-saving goal. 

 

  1. Start Budgeting

Budget, budget, budget! Having a budget and sticking to it is the key to saving money quickly. It is not going to be easy, but it will all be worth it in the end. Every bit of extra money will need to go towards your savings fund. Everyone budgets differently; find a budgeting system that works for you. Finding a budgeting method that works for you will help you reach your goals. 

 

  1. Set Up a New Savings Account

Saving for a specific goal will be most successful if you put the saved funds in a separate bank account. You don’t want to be tempted to pull from the money you saved for unnecessary spending. When you put aside significant amounts of money when saving for your home, be sure to make your money inaccessible, but you also don’t want it tied up in stocks. Think about using a checking account in a separate bank to help save your money.

 

  1. Cut Unnecessary Costs

There are many ways to save money. Using a few of these tips will help you cut costs and save money. 

  • Cancel unused subscriptions
  • Meal Prep
  • Stop eating out
  • Cancel vacations and expensive outings
  • Have regular spending freezes
  • Learn to say no

Using a few of these cost-cutting tips will help you save faster and help you stay on task.

  1. Control Your Debt

It is essential to control your debt when saving for a home. Carrying a lot of debt can make it difficult for you to save. Having a lot of debt means a big part of your income goes toward the payments. Controlling and lowering your debt will help you qualify for a mortgage. Do whatever you can to reduce your debt. 

 

Don’t get discouraged if you have a hard time saving money. Remember to set goals, budget, create a new savings account, cut costs, and lower your debt. All of these tips will help you save and purchase your home. For more helpful information, go to www.nancyopensdoors.com.

The Importance of Good Customer Service

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The Importance of Good Customer Service

 

Why is customer service important? Building a new business a customer’s happiness is one of your top priorities. Happy customers mean more money, growth, and sustainability. Good customer service is beneficial to your business, and here are some reasons why.

 

  1. Revenue Increase

Revenue determines every business decision that needs to be made. Customer service is important because it correlates to income. The more satisfied the customer is with your service, the more they will want to continue doing business with you. 

 

  1. Better Reputation

Reputation goes a long way in business. Having a positive reputation leads to higher growth. It can attract customers, partnerships, and investors. Buying a house can be overwhelming; a recommendation from a friend can often tip the scales. Improving your reputation starts with excellent customer service. 

 

  1. CLTV Improvements

What is CLTV? CLTV stands for Customer Lifetime Value. CLTV can reveal the potential amount of money a customer brings to your business over time working together. CLTV also correlates with revenue. Good customer service means higher engagement which leads to more money. 

 

  1. Brand Awareness

Whether it is positive or negative, a customer’s experience plays a significant role in brand awareness. These experiences often lead to word-of-mouth advertising. You must build a brand awareness strategy around customer loyalty. By creating brand awareness, the approach can help you provide a positive experience for your existing customers and have them raving about your brand. 

 

  1. Business Longevity

As a business owner, you take a huge risk when starting a business. Providing excellent customer service helps keep your business moving and minimize losses. Your business longevity depends on your customers, and your customer service will always determine the number of customers you have. 

 

It is vital to remember: happy customers spend more, satisfied customers advocate on your behalf, and focus on your customer, and your work will be more efficient. Remembering the tips given, you can improve your customer service and understand why it is essential to your business.