Remote Work: Unleashing New Homebuying Opportunities
As some companies start transitioning back to the office, it's evident that remote work remains a popular choice among many professionals. If you find joy in working from home or aspire to do so in the future, you're not alone. According to a recent survey, a majority of working professionals prefer either fully remote or hybrid work setups. This growing trend is a boon for those seeking to buy a home, as remote or hybrid work can offer solutions to the current challenges of housing affordability and limited inventory. The flexibility of remote or hybrid work brings about a myriad of opportunities. With the freedom to work from anywhere, you are no longer constrained to living close to your workplace. Instead, you can explore more affordable areas that may be further away from bustling city centers or your office. This newfound flexibility can be a game-changer, especially in a time when higher mortgage rates are making homeownership more challenging for some. The New York Times (NYT) highlights how remote work can be a valuable asset in overcoming these challenges: “. . . take advantage of the opportunity remote work has presented to move to more affordable communities (either farther out in the suburbs, or in another part of the country).” Furthermore, since the housing inventory is still limited, finding a home with all the desired features may be a challenge. However, remote work allows you to expand your search radius, giving you access to more areas and a larger pool of options to choose from. This means you have a better chance of finding a home that meets your needs without stretching your budget. In conclusion, working remotely not only offers more flexibility in your job but also presents an excellent opportunity to explore a wider range of homes. The ability to look beyond specific locations enhances your choices and helps you find the perfect home that aligns with your lifestyle and preferences. Let's connect and discuss how remote work can expand your possibilities and lead you to your dream home! Graham Team Real Estate • (702) 930-9551 • Team@grahamteamnv.com Instagram | Facebook | YouTube | LinkedIn | TikTok 980 American Pacific Dr. Ste. 111 Henderson, NV 89014
A Step-by-Step Guide to Buying Your Perfect Home
Congratulations on deciding to become a homeowner! Buying a home is one of the most significant things you will do in your lifetime. There are so many things to think about and understand during the process that it can be overwhelming. You don’t need to know everything about buying and selling real estate. If you are working with The Graham Team we will be with you every step of the way. The information here will give you all the basic home buying information you will need to know. We will walk you through the process of selecting and buying a home, offer tips on how you can simplify the process and get a mortgage, and provide information about the process. Step One: Is owning a home right for you? There are many factors to consider when contemplating home ownership. While there are benefits and drawbacks to owning a home, you have to decide what is best for you. Homeowners experience the freedom of having a place of their own and the benefit of an investment where the equity potentially increases each year. Home ownership also means you are responsible for all maintenance and repairs. In addition to paying the mortgage every month, there are other expenses to keep in mind: homeowner’s insurance, property taxes, condominium fees and utilities. In the event you wish to move, selling a home is more difficult and more time consuming than giving notice to a landlord. Step Two: Figure out your finances How much can you afford? Once you have decided to become a homeowner, you should review your finances and determine how much you can afford per month. Begin by analyzing your current monthly expenses. It may be necessary to cut back on some areas of spending in order to afford a mortgage payment and the other costs of owning a home. After paying your current monthly expenses (rent, groceries, etc.), do you have any money left over? How much are you willing to spend on housing each month? How much money can you use as a down payment? Check Your Credit Report When applying for a mortgage, a lender will look at how much you can afford to pay and your credit history to determine if you qualify for a loan. Consumers should check their credit report for discrepancies before going to a lender. Obtaining a copy of your credit report is simple for consumers and in some instances the report is free. The report will detail your credit history, including credit cards, loans and any court judgments or collection notices. When you receive the report, verify that all of the information is correct. If you find a discrepancy, write a letter to the credit bureau to correct the entry. Mortgage Pre-Qualification A mortgage pre-approval is not the same as pre-qualification. A pre-approval means you have completed the application process and have a written commitment from the lender to give you a mortgage loan for a certain amount. Pre-approval gives you an advantage when dealing with a seller since you already have financing in place. Typically, the home remains under contract while the buyer obtains financing. The seller will be able to complete the transaction sooner to a pre-approved buyer. Step Three: Find the home you want! What kind of home is right for you? Everyone’s dream home contains different things. While your next door neighbor may want a backyard pool in his dream home, you may want a large yard for the children to play in. Since there are many different ideas of what makes a dream home, you need to decide what features you absolutely must have in your new home. Homes come in many styles and sizes. There are single family dwellings, duplexes, town homes, apartment like condominiums and cooperative units. Within each home, there are many differences, such as the number of bedrooms and bathrooms. Create a list of things you must have for your new home. Then make a wish list of those amenities you would like to have, but can live without. What kind of home do you want? How many bedrooms, bathrooms do you need? Where do you want to live? Are schools and shopping conveniently located? What kind of transportation is available? Find A Real Estate Agent Today, it is common for home buyers to engage a real estate agent to assist them in finding a home. A seller’s agent is obligated to the person selling their home and will look out for their interest. A buyer’s agent is responsible to you and is obligated to follow your instructions. Real estate agents receive a portion of the sale price as their commission. The commission is typically paid by the seller. Selecting a Home Once you have selected a Graham Team Agent to help you in your search, share your home requirements and wish list with your agent. The more you share with your agent about the home you are looking for, your agent will be able to focus on the homes that have what you want. Your agent will then show you homes that fit your needs. Take your time when viewing a home for sale. It may be helpful for you to take notes and photos indicating what you like and what you don’t. You should ask questions about the neighborhood, the quality of the home and what it takes to maintain it. Once you have found a home you would like to own, work with your agent to prepare a purchase offer for the seller to consider. This offer will often be accompanied by a good faith deposit (earnest money) that will be part of your down payment. Making an Offer A purchase offer is a written proposal stating what you are willing to pay for the home, when the closing date will be and any other terms that will be included in the contract the buyer and seller need to agree upon. The offer will also include an expiration date, at which time the offer becomes invalid if the seller has not responded. If the seller would like to change any portion of your offer, you may receive a written counter-offer detailing their changes to your offer. You are free to accept the counter-offer or make one of your own. The proposal does not become a binding contract until both parties agree to the terms and provide their signatures. Home Inspection A professional home inspection should be completed prior to closing. The purchase offer and purchase contract must contain a clause that allows you to renegotiate with the seller or decide not to purchase the home if the professional home inspection reveals serious problems with the home. It is a good idea to be present during the home inspection. The inspector will conduct a visual survey of the structure and systems of the home from crawl space to roof. The inspector will provide you with an objective written assessment of the home and any problems discovered. An inspector will also provide you with an estimate for any repairs listed in the report. Your agent or attorney can help you work with the seller to fix the problems, negotiate the repairs or lower the purchase price. Depending upon the home you choose, other inspections besides the physical above could include: Septic Certification: If the property you are purchasing contains a septic tank, a system certification by an engineer or septic expert may be required. Well Testing: Wells should be tested for contaminants and you will be given the results. Consider test findings carefully and contact the county health officers if you have any questions. Termite Inspection: In certain areas, a termite inspection must be completed prior to the closing. The seller generally pays for the property to be inspected for termite damage and other pest problems. A certificate of inspection should be delivered to your lender before the closing. Certain financing programs require a pest inspection such as VA and FHA financing and Nevada bond programs. If the home has a fireplace and is in Reno/Sparks or Washoe County it will require an exemption certificate by the county. Final Walk-Through The sales contract will include a clause allowing you and your agent to conduct a walk-through inspection of your new home within 3 days prior to the closing. This final inspection gives you the opportunity to see that the seller has moved out and completed all repairs agreed to in the sales contract. Make sure all appliances and systems are working and that any items the seller agreed to leave behind are in the house. If you have any questions, please do not hesitate to reach out. Our goal is to set you on the path to successful homeownership! Graham Team Real Estate • (702) 930-9551 • Team@grahamteamnv.com Instagram | Facebook | YouTube | LinkedIn | TikTok 980 American Pacific Dr. Ste. 111 Henderson, NV 89014
Owning a Home Grows Your Wealth Over Time
How Owning a Home Grows Your Wealth with Time If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership. Over time, homeownership allows you to build equity. On average, nationwide home prices appreciated by 290.2% over the last 32 years. That means your net worth can grow significantly in the long term when you own a home. Let’s connect so you can start your homebuying journey today. Graham Team Real Estate • (702) 930-9551 • Team@grahamteamnv.com Instagram | Facebook | YouTube | LinkedIn | TikTok 980 American Pacific Dr. Ste. 111 Henderson, NV 89014
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