Page not found – Tony Farah https://tonyfarah.com Coldwell Banker Real Estate LLC. Sat, 23 Mar 2024 23:43:54 +0000 en-US hourly 1 Coldwell Banker Real Estate LLC. Page not found – Tony Farah false Page not found – Tony Farah podcast Coldwell Banker Real Estate LLC. Page not found – Tony Farah https://tonyfarah.com/wp-content/plugins/powerpress/rss_default.jpg https://tonyfarah.com c9c7bad3-4712-514e-9ebd-d1e208fa1b76 What Are Experts Saying About the Spring Housing Market? https://tonyfarah.com/2024/03/23/what-are-experts-saying-about-the-spring-housing-market https://tonyfarah.com/2024/03/23/what-are-experts-saying-about-the-spring-housing-market#respond Sat, 23 Mar 2024 23:43:54 +0000 https://tonyfarah.com/?p=404 If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season. Odeta Kushi, Deputy Chief Economist, First American: “. . . it seems our general […]

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If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season.

Odeta Kushi, Deputy Chief Economist, First American:

“. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”

Lisa Sturtevant, Chief Economist, Bright MLS:

There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”

Danielle Hale, Chief Economist, Realtor.com:

“Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.

Skylar Olsen, Chief Economist, Zillow:

“There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.

Jiayi Xu, Economist, Realtor.com:

“While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.”

If you’re looking to sell, this spring might be your sweet spot because there just aren’t many homes on the market. Sure, inventory is rising, but it’s nowhere near enough to meet today’s buyer demand. That’s why they’re still selling so quickly.

If you’re looking to buy, the growing number of homes for sale this spring means you’ll have more choices than this time last year. But be prepared to move quickly since there’ll be plenty of competition with other buyers.

Bottom Line

No matter what you’re planning, let’s team up to confidently navigate the busy spring housing market.

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The Latest Trends in Housing as of March 15 2024 https://tonyfarah.com/2024/03/15/the-latest-trends-in-housing-as-of-march-15-2024 https://tonyfarah.com/2024/03/15/the-latest-trends-in-housing-as-of-march-15-2024#respond Fri, 15 Mar 2024 14:23:58 +0000 https://tonyfarah.com/?p=401 Some Highlights With the number of new listings going up and average days on market going down, buyers may have more options, but will still want to move fast. For sellers, inventory is still low and houses are selling fast, meaning your house should stand out and may get multiple offers if you price it right. If you want to know more about what’s happening in our area, let’s […]

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Some Highlights

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The Spring Market Is a Sweet Spot if You’re Looking To Sell https://tonyfarah.com/2024/03/08/the-spring-market-is-a-sweet-spot-if-youre-looking-to-sell https://tonyfarah.com/2024/03/08/the-spring-market-is-a-sweet-spot-if-youre-looking-to-sell#respond Fri, 08 Mar 2024 13:18:10 +0000 https://tonyfarah.com/?p=393 Some Highlights Wondering if now’s a good time to sell your house? Based on how many homes are on the market, there are two big reasons why this spring is looking so good for sellers. Thanks to an uptick in inventory over last year, you’ve got more options for your next home. But there are still fewer homes for sale […]

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Some Highlights

  • Wondering if now’s a good time to sell your house? Based on how many homes are on the market, there are two big reasons why this spring is looking so good for sellers.
  • Thanks to an uptick in inventory over last year, you’ve got more options for your next home. But there are still fewer homes for sale than there’d normally be, meaning your house should stand out and get a lot of attention from buyers.
  • If you want to sell your house, this spring is the sweet spot. When you’re ready, let’s chat to get the ball rolling.

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Your Comprehensive Guide to Getting Pre-Approved for a Mortgage https://tonyfarah.com/2024/03/01/your-comprehensive-guide-to-getting-pre-approved-for-a-mortgage https://tonyfarah.com/2024/03/01/your-comprehensive-guide-to-getting-pre-approved-for-a-mortgage#respond Fri, 01 Mar 2024 15:45:19 +0000 https://tonyfarah.com/?p=385 Are you ready to take the exciting leap into homeownership? Getting pre-approved for a mortgage is a crucial first step in the home buying process. It not only gives you a clear understanding of how much house you can afford but also demonstrates to sellers that you’re a serious buyer. In this guide, we’ll walk […]

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Are you ready to take the exciting leap into homeownership? Getting pre-approved for a mortgage is a crucial first step in the home buying process. It not only gives you a clear understanding of how much house you can afford but also demonstrates to sellers that you’re a serious buyer. In this guide, we’ll walk you through the steps to get pre-approved for a mortgage and highlight the key factors that can influence this process.

What is a Mortgage Pre-Approval?

A mortgage pre-approval is an official evaluation by a lender to determine how much money they’re willing to lend you for a home purchase. It involves a thorough review of your financial background, including your credit score, income, assets, and debts. Unlike pre-qualification, which is an informal estimate based on self-reported information, pre-approval requires documentation to verify your financial standing.

Steps to Get Pre-Approved for a Mortgage:

  1. Check Your Credit Score: Your credit score plays a significant role in the pre-approval process. Aim for a score of 620 or higher to qualify for most conventional loans. You can obtain a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year at AnnualCreditReport.com.
  2. Gather Financial Documents: Lenders will require various documents to verify your income, assets, and debts. These may include recent pay stubs, W-2s or 1099s, bank statements, tax returns, and proof of additional income sources.
  3. Calculate Your Debt-to-Income Ratio: Your debt-to-income (DTI) ratio is a crucial factor in determining how much you can borrow. Aim for a DTI ratio below 43%, although some lenders may accept higher ratios depending on other factors.
  4. Shop Around for Lenders: Don’t settle for the first lender you come across. Shop around and compare mortgage rates, terms, and fees from multiple lenders to find the best deal. Consider both traditional banks and online lenders in your search.
  5. Submit a Pre-Approval Application: Once you’ve chosen a lender, complete their pre-approval application and provide all requested documentation. Be prepared to answer questions about your employment history, income, assets, and debts.
  6. Wait for the Decision: The lender will review your application and documentation to determine whether you qualify for a mortgage and, if so, how much you can borrow. This process typically takes a few days to a week.
  7. Receive Your Pre-Approval Letter: If you’re approved, the lender will issue you a pre-approval letter stating the loan amount you qualify for. This letter demonstrates to sellers that you’re a serious buyer and can afford the home.

Factors That Can Affect the Pre-Approval Process:

  1. Credit Score: A higher credit score typically results in better loan terms and a higher pre-approval amount. Conversely, a low credit score may limit your options or require a larger down payment.
  2. Income and Employment History: Lenders prefer borrowers with stable employment and a consistent income stream. Frequent job changes or gaps in employment may raise red flags during the pre-approval process.
  3. Debt-to-Income Ratio: A high DTI ratio indicates that you may have difficulty managing additional debt, making lenders hesitant to approve your application or offer favorable terms.
  4. Down Payment: While it’s possible to get pre-approved with a minimal down payment, a larger down payment can strengthen your application and potentially result in a lower interest rate.
  5. Assets and Reserves: Lenders may require you to have sufficient assets and reserves to cover your down payment, closing costs, and several months’ worth of mortgage payments.
  6. Property Type and Condition: The type and condition of the property you’re purchasing can impact your pre-approval. Lenders may have specific requirements for certain property types, such as condominiums or fixer-uppers.
  7. Other Financial Obligations: Additional financial obligations, such as student loans, car payments, or child support, can affect your pre-approval amount by increasing your DTI ratio.

By following these steps and understanding the factors that can influence the pre-approval process, you’ll be well-equipped to navigate the journey to homeownership with confidence. Remember to do your research, shop around for lenders, and maintain open communication throughout the process to ensure a smooth and successful outcome. Happy house hunting!

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Expert Home Price Forecasts for 2024 Revised Up https://tonyfarah.com/2024/02/22/expert-home-price-forecasts-for-2024-revised-up https://tonyfarah.com/2024/02/22/expert-home-price-forecasts-for-2024-revised-up#respond Thu, 22 Feb 2024 23:44:49 +0000 https://tonyfarah.com/?p=376 Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall. So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change. 2024 Home Price Forecasts: Then and Now The chart below shows what seven […]

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Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.

So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change.

2024 Home Price Forecasts: Then and Now

The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections:

a blue and white graph with text

The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you’ll see they’ve all updated their forecasts and now think prices will go up more than they originally thought. And some of the differences are major.

There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. According to Business Insider:

Low home inventory is a chronic problem in the US. This has generally kept home prices up . . .”

A lack of housing inventory has been pushing prices up for a long time now – and that’s not expected to change dramatically this year. But what has changed a bit is mortgage rates.

Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, mortgage rates were up and buyer demand was more moderate.

Now that rates have come down from their peak last October, and with further declines expected over the course of the year, buyer demand has picked up. That increase in demand, along with an ongoing lack of inventory, is what’s caused the experts to feel the upward pressure on prices will be stronger than they expected a couple months ago.

A Look Forward To Get Ahead of the Next Forecast Revisions

Real estate experts regularly revise their home price forecasts as the housing market shifts. It’s a normal part of their job that ensures their projections are always up-to-date and factor in the latest changes in the housing market.

That means they’ll continue to revise their projections as the housing market changes, just as they’ve always done. How those forecasts change next is anyone’s guess, but pay attention to mortgage rates.

If they trend down as the year goes on, as they’re expected to do, that could lead to more buyer demand and even higher home price forecasts.

Basically, it’s all about supply and demand. With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too.

Bottom Line

At first, experts believed home prices would only go up a little this year. But now, they’ve changed their minds and forecast prices will grow even more than they originally thought. Let’s connect so you know what to expect with prices in our area.

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It’s Time To Prepare Your House for a Spring Listing https://tonyfarah.com/2024/02/19/its-time-to-prepare-your-house-for-a-spring-listing https://tonyfarah.com/2024/02/19/its-time-to-prepare-your-house-for-a-spring-listing#respond Mon, 19 Feb 2024 14:52:23 +0000 https://tonyfarah.com/?p=373 If you’re thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it’ll be important to make sure your house shines bright among the competition. Here are some valuable tips you can use to get your house market-ready. Declutter and Organize First […]

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If you’re thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it’ll be important to make sure your house shines bright among the competition.

Here are some valuable tips you can use to get your house market-ready.

Declutter and Organize

First impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it’s about creating a sense of space and openness that allows potential buyers to envision themselves living in your home. According to Moving.com:

Decluttering and organizing your space will go a long way in appealing to potential buyers. . . .decluttering will help the buyers see themselves living in your home. Less clutter inside a home also helps a place appear larger and cleaner, which should attract more buyers.”

Deep Clean Your Kitchen and Bathrooms

The kitchen and bathrooms are focal points for many buyers, and often influence their overall opinion of the house. Ensure these spaces dazzle by giving them a thorough deep cleaning. Pay attention to details like scrubbing grout lines, polishing fixtures, and decluttering countertops. A sparkling kitchen and bathroom can leave a lasting positive impression on potential buyers.

Maintain Your Yard

Your home’s exterior is the first thing potential buyers see, so it’s important to make a good impression from the moment they arrive. A well-maintained yard not only enhances curb appeal, but also shows buyers the home has been well taken care of.

Take the time to spruce up your yard by mowing the lawn, trimming bushes, and clearing away any debris or dead plants. Remember, the goal is to create a welcoming environment that entices buyers to step inside and imagine themselves living there. U.S. News says:

“A beautifully landscaped front yard can elevate an ordinary house into a charming home and will help homes sell faster and for more money.”

Find a Listing Agent

A skilled listing agent is your partner in minimizing stress when selling your home. Lean on your agent for advice on decluttering, staging, and enhancing your home’s appeal to potential buyers. Their insights into market trends and recommendations for reliable contractors and stagers are invaluable. As Realtor.com says:

“A good listing agent will help you price your home . . . recommend a photographer and stager to make it look its best, and put your home on the multiple listing service.”

Bottom Line

By decluttering, deep cleaning, and tidying up your house, you can create a welcoming environment that resonates with buyers and increases your chances of a successful sale. Let’s connect on what you need to do to get your house ready to sell this spring.

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Winning Plays for Buying a Home in Today’s Market https://tonyfarah.com/2024/02/10/winning-plays-for-buying-a-home-in-todays-market https://tonyfarah.com/2024/02/10/winning-plays-for-buying-a-home-in-todays-market#respond Sat, 10 Feb 2024 22:45:59 +0000 https://tonyfarah.com/?p=369 Navigating today’s real estate market to buy a home can be challenging, but having the right strategies in place can make a significant difference. Here are ten winning plays to help you succeed in purchasing a home: Get Pre-Approved for a Mortgage: Before you start house hunting, secure a mortgage pre-approval. This will show sellers […]

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Navigating today’s real estate market to buy a home can be challenging, but having the right strategies in place can make a significant difference. Here are ten winning plays to help you succeed in purchasing a home:
  1. Get Pre-Approved for a Mortgage: Before you start house hunting, secure a mortgage pre-approval. This will show sellers that you’re serious and ready to buy when the perfect home comes along.
  1. Know Your Market: Research local market trends, including pricing and inventory. Understanding the local scene can help you act swiftly and intelligently.
  1. Be Ready to Move Fast: In many areas, homes sell quickly. Be prepared to make decisions promptly once you find a suitable property.
  1. Craft a Compelling Offer: Work with your real estate agent to make your offer as attractive as possible. This might include a higher earnest money deposit or fewer contingencies.
  1. Consider a Personal Letter: A personal touch can make your offer stand out. Consider including a letter to the seller explaining why their home is the perfect fit for you.
  1. Broaden Your Search: Don’t limit your search to a small area. Consider surrounding neighborhoods or ones you hadn’t previously considered that still meet your important criteria.
  1. Hire an Agile Real Estate Agent: An agent experienced in winning competitive bids can be a great asset. They will have the knowledge and strategies to help you stand out.
  1. Stay Flexible: Flexibility on things like closing dates or lease-back agreements can make your offer more appealing to sellers who need that extra time.
  1. Conduct Thorough Due Diligence: When you’re ready to make an offer, be sure to conduct all the necessary home inspections to avoid any costly surprises down the road.
  1. Keep Your Emotions in Check: It’s easy to get attached to a home, but staying objective about the financial and practical aspects is crucial. Your agent can help maintain this perspective.

Some Highlights

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Why Having Your Own Agent Matters When Buying a New Construction Home https://tonyfarah.com/2024/02/05/why-having-your-own-agent-matters-when-buying-a-new-construction-home https://tonyfarah.com/2024/02/05/why-having-your-own-agent-matters-when-buying-a-new-construction-home#respond Mon, 05 Feb 2024 21:48:58 +0000 https://tonyfarah.com/?p=349 Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a larger percent of the total homes available for sale than normal. That’s why, if you’re craving more options, it makes sense to see […]

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Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a larger percent of the total homes available for sale than normal. That’s why, if you’re craving more options, it makes sense to see if a newly built home is right for you.

But it’s important to remember the process of working with a builder is different than buying from a homeowner. And, while builders typically have sales agents on-site, having your own agent helps make sure you have proper representation throughout your homebuying journey. As Realtor.com says:

“Keep in mind that the on-site agent you meet at a new-construction office works for the builder. So, as the homebuyer, it’s a smart idea to bring in your own agent, as well, to help you negotiate and stay protected in the transaction.”

Here’s how having your own agent is key when you build or buy a new construction home.

Agents Know the Local Area and Market

It’s important to consider how the neighborhood and surrounding area may evolve before making your home purchase. Your agent is well-versed in the upcoming communities and developments that could influence your decision. One way a real estate agent can help is by reviewing the builder’s site plan. For example, you’ll want to know if there are any plans to construct a highway or add a drainage ditch behind your prospective backyard.

Knowledge of Construction Quality and Builder Reputation

An agent also has expertise in the construction quality and reputation of different builders. They can give you insights into each one’s track record, customer satisfaction, and construction practices. Armed with this information, you can choose a builder known for consistently delivering top-notch homes.

Assistance with Customization and Upgrades

The most obvious benefit of opting for new home construction is the opportunity to customize your home. Your agent will guide you through that process and share advice on the upgrades that are most likely to add long-term value to your home. Their expertise helps make sure you focus your budget on areas that will give you the greatest return on your investment later.

Understanding Builder Negotiations and Contracts

When it comes to working with builders, having a skilled negotiator on your side can make all the difference. Builder contracts can be complex. Your agent can help you navigate these contracts to make sure you fully understand the terms and conditions. Plus, agents are skilled negotiators who can advocate for you, potentially securing better deals, upgrades, or incentives throughout the process. As Realtor.com says:

“A good buyer’s agent will be able to review any contracts before you sign on the dotted line, ensuring you aren’t unwittingly agreeing to terms that only benefit the builder.” 

Bottom Line

If you are interested in buying or building a new construction home, having a trusted agent by your side can make a big difference. If you’d like to start that conversation, let’s connect.

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Why It’s More Affordable To Buy a Home This Year https://tonyfarah.com/2024/01/28/why-its-more-affordable-to-buy-a-home-this-year https://tonyfarah.com/2024/01/28/why-its-more-affordable-to-buy-a-home-this-year#respond Sun, 28 Jan 2024 17:45:03 +0000 https://tonyfarah.com/?p=337 1. Low Mortgage Rates One of the most significant factors driving affordability this year is historically low mortgage rates. With interest rates hovering near historic lows, homebuyers can lock in favorable terms, resulting in lower monthly mortgage payments. By capitalizing on these record-low rates, you can save tens of thousands of dollars over the life […]

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1. Low Mortgage Rates

One of the most significant factors driving affordability this year is historically low mortgage rates. With interest rates hovering near historic lows, homebuyers can lock in favorable terms, resulting in lower monthly mortgage payments. By capitalizing on these record-low rates, you can save tens of thousands of dollars over the life of your loan, making homeownership more accessible than ever before.

2. Flexible Financing Options

Another advantage of buying a home this year is the availability of flexible financing options. Lenders are offering a variety of loan programs tailored to meet the diverse needs of buyers, including low down payment options and assistance programs for first-time buyers. Whether you’re a seasoned buyer or entering the market for the first time, there’s a financing solution that can help you achieve your homeownership goals without breaking the bank.

3. Seller Incentives

In addition to favorable financing conditions, many sellers are offering incentives to attract buyers in today’s competitive market. From covering closing costs to offering credits for home upgrades, these incentives can significantly reduce the upfront costs associated with purchasing a home. By leveraging these seller concessions, buyers can maximize their savings and secure a better deal on their dream home.

4. Growing Inventory

While housing inventory has been tight in recent years, the tide is beginning to turn as more homes come onto the market. Increased inventory provides buyers with greater choice and negotiating power, allowing them to find the perfect home at a price that fits their budget. With more options available, buyers can take their time exploring different properties and make informed decisions without feeling pressured to settle for less.

5. Favorable Market Conditions

Finally, the overall economic climate is conducive to affordable homeownership this year. With steady job growth, rising wages, and a robust housing market, conditions are ripe for buyers to capitalize on favorable pricing and financing opportunities. By taking advantage of these favorable market conditions, buyers can make a sound investment in their future while enjoying the many benefits of homeownership.

In conclusion, there has never been a better time to buy a home than right now. With low mortgage rates, flexible financing options, seller incentives, growing inventory, and favorable market conditions, affordability is within reach for aspiring homeowners. So don’t let the fear of high costs hold you back—seize the opportunity and embark on the journey to homeownership today!

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“10 Essential Real Estate Terms Every Homebuyer Must Know for a Successful Purchase” https://tonyfarah.com/2024/01/20/10-essential-real-estate-terms-every-homebuyer-must-know-for-a-successful-purchase https://tonyfarah.com/2024/01/20/10-essential-real-estate-terms-every-homebuyer-must-know-for-a-successful-purchase#respond Sat, 20 Jan 2024 14:28:12 +0000 https://tonyfarah.com/?p=297 Every journey to homeownership is paved with a language of its own. Understanding key terms not only makes you better informed but also empowers you to make decisions with confidence. So, whether you’re a first-time buyer or just needing a quick refresher, here are 10 essential real estate terms to keep in your lexicon: 1. […]

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Every journey to homeownership is paved with a language of its own. Understanding key terms not only makes you better informed but also empowers you to make decisions with confidence. So, whether you’re a first-time buyer or just needing a quick refresher, here are 10 essential real estate terms to keep in your lexicon:
1. Pre-Approval: This is a lender’s conditional agreement to lend you a specific amount based on your financial credentials. It’s a strong signal to sellers that you’re a serious and capable buyer.
2. Fixed-Rate vs. Adjustable-Rate Mortgages (ARMs): A fixed-rate mortgage has the same interest rate for the life of the loan. An ARM typically starts with a lower interest rate, which changes over time based on market conditions.
3. Closing Costs: These are fees paid at the closing of a real estate transaction. They might include title insurance, attorney fees, appraisals, taxes and more.
4. Earnest Money: Often called a good faith deposit, it’s a portion of the down payment which indicates the buyer’s intent and capability to purchase the property.
5. Escrow: This is a neutral third party or account that holds funds until the deal is consummated and all conditions met.
6. Inspection Contingency: A clause in an offer to buy a home that allows the buyer to have the property inspected within a certain time period.
7. Appraisal: It’s a professional assessment of a home’s value to ensure it’s worth the selling price.
8. Title Insurance: Insurance that protects the owner in the event someone challenges the title to the property.
9. Amortization: The process of paying off a debt over time through regular payments.
10. Equity: The difference between the market value of your home and the amount you owe the lender who holds the mortgage.
Navigating these terms is just one part of your home-buying adventure. For continuous support and expert advice, consider enrolling in one of our Tom Ferry coaching programs. They’re not just an investment in your real estate knowledge but a cornerstone for your overall success in the marketplace.

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