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Tips for first time home buyers

Tips for First-Time Home Buyers

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Are you planning to buy a home for the first time or are you among First-Time Home Buyers? Well, that’s undoubtedly a smart financial move. However, you may have to face certain challenges such as finding the right location or financing your purchase during the initial phase.

So, before you take a step ahead in achieving your American dream of homeownership, you should gain some practical knowledge of investing in real estate. It will help you get a bird’s eye view of the current market situation, ensure you won’t end in smoke, and make your abode journey easier.

Considerations Before You Take the Plunge

Here are some basic yet important questions you need to answer before proceeding. They will positively help you navigate in the right direction.

1. What Kind of Property Will Meet Your Needs?

Buying a home for the first time can be a test of your patience and forbearance. Don’t get us wrong, but finding a home that meets your needs is actually not a cinch. It’s better you start the journey by making a list of all the features/amenities you expect in your dream home.

Let’s say your goal is to have a spacious home located in the central area of NY with a small backyard. Then, you can either opt for brownstones or townhouses. If you want a cost-effective property with low maintenance, walk-up housing, which is the most common housing in New York, would serve your purpose. You have to figure out things according to your preferences and standard of living.

2. Do you qualify for the Mortgage You Expect?

During the home-buying process, it’s crucial for you to know how much mortgage you qualify for. You may plan to buy a home with a net worth of $450,000. However, the lender may not provide more than $250,000. Why?

The lender will analyze certain factors such as your total income, job security, and outstanding debts prior to assigning you the capital. They’ll directly say no if your debt-to-income ratio depicts that you’ll not be able to afford the mortgage payments. So, it’s a wise step to calculate your credit before applying for a mortgage loan.

3. Do You Have a Trusted Source Who’ll Guide You throughout the Process?

As we mentioned earlier, buying a home can be a daunting task. A trusted source can prove to be a boon for a first-time house buyer because no matter how much groundwork you do, there will always be something where you’ll feel the need of seeking professional help. A real estate agent can provide you with a number of options that match your expectations and are within your reach in terms of the price range. In addition to that, they can also help you get a loan, complete the paperwork legalities, and streamline the process. Therefore, you must contact an experienced real estate agent in NY to make your transition a hassle-free one.

Home Buying Process

Here are the five significant steps that can demystify the entire home-buying procedure.

1. Pick the Right Type of House

Contradictory to the common mindset, there are a plethora of affordable real estate properties for sale in NYC. Make sure to do thorough research on such properties, online as well as by paying a personal visit.

First, check out the houses on the internet by exploring the property listing pages of top real estate companies in NY. This way, you’ll get the description of available houses including their high-quality images.

Once you’re done, choose the top 10 or top 5 houses of your choice and contact the real estate agent for further details. Sort out the best property and move on to the next step for fulfilling your desire.

2. Explore Your Secure Financing Options

Assistance programs that offer low down payments and discounted interest rates for first-time buyers are available across different states of NY. Therefore, you must discuss the different types of mortgages with your real estate agent. Investing your time in exploring secure financial options may seem like a mentally draining process but, it will surely pay off in the long run.

3. Make an Offer

Many people get confused during the negotiation and end up frustrated. To avoid such situations, talk turkey to the real estate agent and decide a final price that you can offer for the property. Your real estate agent will then proceed and keep your proposal to the seller.

4. Consider Doing a Home Inspection

Once the seller agrees to your proposal, consider doing a home inspection by personally visiting the house. You can also hire a professional home inspector to save yourself from any kind of pitfalls. If you find something major that needs to be repaired, ask your seller to either do the needful or deduct the price from the final offer. First-Time Home Buyers should be very careful with this.

5. Close the Deal

You’ll need to sign a ton of legal papers while closing the deal. Carefully read the ‘legal jargon papers’; if everything falls into place, go ahead and sign the agreement to seal the deal.

Mistakes to Avoid as First-Time Buyer

Buying a home for the first time is indeed very special. Even the slightest mistake while buying a home can result in failure. To verify the following things first and then take a decision.

1. Looking for Home First and Loan Afterwards

This is the most common mistake that first-time buyers do and regret later. As a first-time home buyer, you need to keep in mind that the property might fall into foreclosure or short sales if you fail to repay the loan within the specified period. So instead of daydreaming about the home, face the practical world by visiting a lender’s office first.

2. Not Paying Attention during Home Inspection

All that glitters is not gold. Therefore, paying undivided attention during the home inspection is necessary. Make sure you access everything including the drainage system, roofing, plumbing, and electrical wiring.

3. Fraudster Alert

Don’t fall into the honey trap of fraud sellers who offer you unbelievable deals. The modus operandi of fraudsters is to take advantage of your ignorance. Stay cautious and understand all the clauses while you sign the agreement. The best way to avoid real estate fraud for First-Time Home Buyers is to seek professional help. It will significantly minimize real estate-related risks.

The Bottom Line

In a nutshell, the more informed you are beforehand, the less stressful you’ll feel during the decision-making process for First-Time Home Buyers. Do follow these tips sincerely and we’re sure you’ll get your dream house in New York soon!

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Why Getting a Remodeled Homes is better than a New One for a First-time Buyer?

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There are times when it becomes difficult to take any decision especially when it comes to real estate affairs. Deciding whether to buy a remodeled homes, or a new one is definitely a time-consuming and challenging task for a first-time buyer as both have their pros and cons. Since buying a real estate property is a long-term commitment; you shouldn’t take it lightly and gain apt information regarding the laws, finance, and practical aspects before proceeding.

While we comprehend the appeal of investing in a new property, buying a renovated house might just be the wise decision you’ll make. To make your real estate journey a hassle-free experience, here’s an important question you need to ask yourself.

Does Remodeled House in NY Make Sense for Your Needs?

If we keep aside the real estate technicalities, one major issue that might arise during the decision-making process is budget: Is it convenient to buy a remodeled house as a first-time buyer? The answer to this question will depend on your financial planning and your family’s needs. First, you need to contact an experienced real estate agent and discuss all your concerns in detail. The real estate agent will show you the renovated house for sale according to your needs and if you feel satisfied with the features of the remodeled home; you can go one step ahead and do an analysis of the remodeled house price with respect to its current condition and location.

To find out remodeling house estimated costs, consider visiting the neighbors. You can inquire regarding the newly remodeled houses for rent as well as sale in the locality. It will give you a rough idea in reference to the house prices in that area. In addition to that, just speak to your real estate expert about the additional hidden costs and precise tax rate which you will need to pay for buying a remodeled home. This step-by-step procedure will definitely help you overcome the decision-making dilemma.

Advantages of Having Remodeled House

It’s always good to take calculated risks while investing in real estate. We are sharing the top benefits of investing in a move-in-ready property to help you take a crystal clear decision.

1. Significant Money-Saving

The prices of real estate properties in NY are at an unswerving high. However, remodeled houses are considerably cheaper than newly built ones. According to our recent survey, the investment in new real-estate property could cost you 20% to 30% more in comparison with a remodeled home in NY. So, as a first-time buyer buying a remodeled home can be a smart financial move.

2. Better Neighborhood

Existing homes are generally near downtown areas, more often in a centralized location, unlike new homes which are mostly built in exurbia.  So, you won’t have to face any problems with commuting and have easy access to local markets, hospitals, banks, educational institutions, and your workplace.

Another advantage that you get with a remodeled home is an established neighborhood. Having a decent neighborhood is imperative as moving to a house is a long-term commitment. Apart from that, it is necessary from the point of view of safety and security too. So, that’s a huge advantage that shouldn’t be overlooked.

3. Upgrade to a Larger Space

Remodeled homes are much more spacious than the houses that we see in metropolitan cities today. In addition to that, you can also add a second story to increase the house per square footage. However, the rationale for a remodeled property in NY may vary from locality to locality. Be sure to research regarding the codes and laws in the locality where you intend to buy a remodeled house.

Choosing an experienced real estate salesperson could play a vital role in such cases. They can help you with the most authentic information about your neighborhood. Once you are aware of the local zoning laws, it becomes easier for you to take a decision.

4. Less Paperwork and Legalities

Legal paperwork and documentation are crucial parts of selling and buying a real estate property. In the case of a remodeled house, you won’t have to redo the entire documentation work. You’ll just need to change the personal details on the original documents and pay the required transfer and re-registration fees. Furthermore, mortgage frauds are much more evident in New York City nowadays.

Many unscrupulous house owners who’ve purchased a new property but failed to pay the mortgage loan may sell you their foreclosed or distressed property. However, when you buy a remodeled house, such risk won’t be there. But as a first-time buyer, you should scrutinize the documents properly to avoid such scams.

5. Retain Repairing Costs

Renovated homes can easily stand the litmus test of time aesthetically as well as structurally for a long period. Even if something needs to be fixed, you don’t have to worry about the repair credit. It would entirely fall into the realm of responsibility of the seller for a substantial amount of time. It could be between 10 to 20 years. Just make sure to discuss the ‘home warranty’ clause with the seller prior to signing the home agreement.

However, the renovation process consumes a noticeable amount of time, and the probability of getting a remodeled house in NYC at your convenience isn’t always facile. There might be several elements that you would like to implement in the remodeled home before stepping in. For example, the old stone foundations, sinks, or chimneys might require tuckpointing, and for that, you will have to keep patience until the home which you aim to buy gets completely ready. On average, the renovation process might take several weeks or even months. You can hire ‘we buy houses for cash company in NY to avoid such complications and have a hassle-free transition. In addition to that, they can also help if you have an unused property that you want to renovate and sell fast.

Property Listing

As per our current data & statistics, nearly 60% to 70% of remodeled homes in NY are yet to be sold. To reap a rewarding experience, you can take guidance from a reputed ‘we buy houses for cash company in NY. You can visit their website and check the property listing of available remodeled homes along with a detailed description and images.  Once you like a property, you can contact the company’s representative for a detailed quotation. Don’t hesitate to negotiate the price and choose the best one which meets your need.

Final Word

All the above-mentioned advantages give a leading edge to the renovated house/remodeled homes in the new-versus-renovated home battle. We suggest you settle upon a trust-worthy real estate company and do a realistic assessment of the renovated home for sale if the scenario is that the remodeled house is available in a much lesser price range, you can buy remodeled home in NY straight away.

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The Advantages of Downsizing your Home

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The amount of downsizing homes has gradually increased in the past few years, and we do suggest trying it out for yourself. Even though this idea wasn’t one among your all-American dream, sometimes stepping down from your current home to a much smaller one would be the best strategy to save yourself from a financial crisis or being bankrupt. Life might turn upside down without your consent and going along with the flow might submerge you in deeper troubles.

But, a majority of people fail to understand the right time to let go of their current home to a smaller one. By the time he/she picks up the situation, it might be too late. Downsizing homes in NYC is pretty much simple with all the experienced real estate agents in the locality. Well, the ‘we buy a house for cash’ campaigns of most of the real estate brokers in NY are pretty endearing too. Let’s have a look at the advantages of downsizing houses in NYC.

What are the advantages of Downsizing?

1. Gradual Increase In Cash Flow

Whatever the plot is, it always comes down to finance. The less you spend, the more you save. The same goes for real estate platforms too. If you are spending less or paying a lesser mortgage amount to your property owner, you are likely to save a few more bucks every month that you can allocate for other needs. Some extra money can come in handy always.

2. Save on Utility Bills

A smaller house uses less energy on electricity and other resources. Well, air conditioning in a smaller room is a lot more energy-efficient and pocket-friendly when compared to a larger room. The same goes for water too. By downsizing homes, you can see a drastic decrease in utility bills.

3. Save More Time

Let’s talk about maintenance now. Even if you have rooms that aren’t being used on a regular basis when it comes to a home renovation or house painting you must include these extra rooms too. This results in more maintenance and time. Shifting to a small house in NY will always help you to save some extra time and effort.

4. Less Stress

With everything going along as you desired, less responsibility, more leftover money, and greater flexibility, the amount of stress you’ll experience will be less. Homeowners who have successfully downsized appear happier when they are no longer overwhelmed by the demands of a larger home.

The Right Way to Downsize in New York

1. Plan for a Long-Term

Planning is the core of everything. Considering all the scenarios before searching for your new home is a wise plan. Whether you need a guest room, a home office, or even an extra garage, make sure all your requirements are met accordingly in your new house. You can hire a real estate expert in NY to sell your home and buy a new house in NYC.

2. Keep an account of the Hidden Expenditures

Well, downsizing seems like a pretty good idea, but it does involve selling your current home. Make sure your home is in sellable condition. If not, you should use some resources and money to make the home sellable. So, when it comes to the final expenditure make sure you aren’t losing money.

3. Hire an Expert

It would be better to hire a real estate company in NYC to sell your current home and buy a new one. They can make the whole process easy and hassle-less. Selling your house to ‘we buy houses for quick cash’ companies in NY will be an excellent choice if you are in a hurry to shift to your new home. Having an expert in the real estate sector is always an advantage.

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Why Selling Home to Cash Buyer Is a Blessing in Disguise

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Are you planning to sell your house for cash? Accepting a deal for your property from a cash buyer might be the best decision that you’ll never regret later in the long run. With numerous ‘we buy houses for cash’ companies being established in the locality, the demand for cash buyers is running over the roof. Even though such companies and establishments might seem shady to the naked eye, they are indeed a blessing in disguise.

Introduction

When you are planning to sell a property in NY, most of you will be left with few options opting for a property chain to top the list. Even though a property chain to sell your house in NYC seems to be a profitable idea it can really get on your nerves within no time once the mortgage gets declined, or buyers refuse to commit to buying your property. The property chain scenario will blow off your dreams of buying a new house with its prolonged time period and complicated procedures. The only thing that can be your pipe dream is the ‘sell your house for cash’ scenario. Here are some of the advantages of selling a house to a ‘we buy house for fast cash’ company.

Sell Your House Fast

Selling to a cash buyer in NYC is indeed an excellent opportunity for everyone. But it is more suited to people who ‘need’ to sell their property, rather than just ‘want’ to sell.

Did you understand the difference between need and want here?

Well, allow us to make the frame clear to you.

Selling a property for cash will be apt if you are facing foreclosure, bankruptcy, or other financial difficulties. This approach is feasible when selling your house and is the last resort you can try. The traditional home selling procedures will take a lot of time and might be hefty on your bank. Well, you can’t expect foreclosure to wait around till you’ve found a suitable buyer. Instead of waiting for someone to show up with a prominent offer for your foreclosed property, a cash sale is much faster. This will save you from foreclosure and becoming homeless. You’ll be able to arrange the desired money right in time to relocate or buy a new home quickly.

Sell Your Home As Is

When a cash buyer offers a price for your home, it means they are fine with buying your home as-is. You don’t need to worry about the extra renovation charges or repair costs. Well, this might be a massive relief for you as we do know how the expenses can shoot up when trying to replace the air conditioning or demolish the wearied-out patio. By selling your house to a cash buyer, you shouldn’t be worried about putting your home in a showroom condition which means you save a lot of time and money. If you are hoping to sell your house hassle-free, finding a company that buys houses for all cash in NY can be your best option.

A Hassle-Free Real Estate Solution

The house selling process tends to be lengthy and complicated. A person who doesn’t know his/her way around the industry will find it difficult to sell the property in NY. Find a suitable and professional cash buyer who can offer fair prices for your property. You’ll experience real estate at its best with hassle-free services. Forget about all those hefty paperwork, loan denials, unsure buyers who always back out near the end, and much more. Speed, convenience, and the ability to avoid complications still matter when it comes to selling a property that you’ve been holding near to your heart. With less hassle, you’ll move on faster from your emotions towards the home.

Conclusion

Always look for someone who is professional and has experience in real estate. An experienced cash buyer might be able to get you the right price you’ve always wanted for your house. Find the nearest property dealer or a real estate company in NY. They’ll help you in selling your home for fast cash and to sell it quickly.

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How to Buy and Sell a House At the Same Time in New York?

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We all know how much effort and sleepless nights it would take for buying a house. Right from searching the enormous database of listings to finding the perfect neighborhood and with an ever-lasting list of paperwork waiting, purchasing a home can indeed become hectic and frustrating. Well, how better can it be when you plan to couple it with selling a house simultaneously? You also have to think about Buy and Sell a House At the Same Time.

Talk about an overwhelming headache right?

Buy and Sell a House At the Same Time in NYC at the same time is all about timing. It might seem like a Sisyphean task but, with the right approach and a bit of luck, it can be possible. Your primary goals for buying and selling the house at the same time might be to get the highest reasonable price for your current residence, to buy a new one at a lower price, and to get done with the whole process without any hassle. Well, with an experienced real estate agent by your side, all of these can be fulfilled with ease. Allow us to break this whole scenario into fragments so that you can digest it better.

Let’s categorize this into two different strategies:

  1. Buying a house before selling the current house in NYC
  2. Selling house before buying a new one in NYC

Each of these instances mentioned above will have its pros and cons, and it’s you who must decide which is more feasible according to your living standards. Let’s have a brief look at each of these strategies.

Buying a House Before Selling in NYC

Just as the title states, the process is relatively straightforward. You will proceed with the purchase of a new home while your current home is already listed for sale. You can already see through the disadvantages of this approach. This might never bother you if you are financially capable but, the real question is,

Are you really up for it?

You might never know when you are going to end up selling your old home after you’ve listed it for sale. The longer it takes, the longer you’ve to pay mortgage payments. Now you’ll have to pay the mortgage for two properties for an unknown period.

Another challenge is finding the fund for down payments and closing costs for the new home. As we said earlier, this wouldn’t bother you much if you are financially stable.

The next step is checking the equity on your old home. If you have equity in the old house, then you’ll make a profit whenever you sell it. If you have negative equity, then there are a whole new set of challenges that you need to face.  If you owe more on a mortgage loan than the house is worth, you will have a hard time selling it. Negative equity complicates the whole process of buying and selling a home.

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Then, how can I make it happen?

1. Purchase with Significant Savings

Simple but effective. If you have enough savings to pay for your new home’s down payment, closing costs, inspections, and moving expenses, proceed with this strategy. You can sell the old home later after the dust settles. You can also sell your house to “we buy houses for all cash in NYC” companies. They can provide you with faster settlement and cash.

2. Purchase with a Home Equity Line Of Credit

Being eligible for a HELOC will aid you in purchasing your house before selling the old one. A home equity line of credit allows you to borrow against the equity in your current home. If you qualify, then you can access money for your down payment with HELOC and then pay it off when you sell your home.

3. Bridging Finances

Bridge loans or Bridging finances are similar to personal loans but offered at rates substantially higher than regular home loans. This is a short-term loan provided by a bank to cover your immediate fund needs for your new home’s down payment.

4. Renting Home

Listing a house for rent in New York can be one of the best options. You can try it when you are planning to buy a house before selling the old house. This will allow you to cover the mortgage costs while delaying the need to sell the home. List your home now and find renters for your old home. If you don’t want to go through the troublesome process of finding a proper renter, it would be a wise decision to hire a real estate agent to cover up for you.

5. Buy From a Trusted Network

Don’t be deceived by the outer attractions of a house. When you are planning to buy a new home with a lot of dollars involved, make sure you are getting the best. Well, you don’t need a downgrade right? Buy or look for new houses from trusted real estate agents in NYC.

Selling a House Before Buying in NYC

Most of you might find this a safer option as there is less financial risk involved. It is simple and clear because you use the money that you get from selling the old house to fund the down payment and closing costs of the new house. Buy and Sell a House At the Same Time will also negate the risk of ending up with two mortgage payments. But there are more logistical hurdles involved than meets the eye for this approach. There’s a long history of homeowners who’ve overestimated their current home prices and purchased with an optimistic foresight only to find themselves in a deep financial crisis.

You’ll have to move in twice! Since, you’ll need to find a new place to rest your head at the time of selling the house, stepping into an apartment or a rental would be required. This is still a waste of funds according to the size and nature of space your family needs. Selling your house before closing in your new desired home might also end up in tragedy. You’ll never know how much time it would take to find a perfect new home to fit your family and make yourselves comfortable. If you are proceeding without a proper plan, this whole scenario can be a single ticket for being homeless.

 

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How to proceed with it then?

1. Start Searching For A New Home Now

The moment you list the house for sale, start searching for a new one right away. Finding a perfect home just like in your dreams might be a bit challenging especially taking into account the less period of time you’ll have. Hire an experienced real estate agent to find you a new home to ease out all the stressful dwelling procedures.

2. Sell Distressed House Fast

Finding a buyer for distressed houses can be challenging. Opting for “we buy houses for all cash companies in NYC within 3 days” for selling distressed property is the best and smartest option. Most of the trustworthy real estate companies in New York will buy houses in 4-5 days if the required formalities are met from both your side and the company.

3. Rent a House

Sometimes closing one sale before starting another one can be the best option. It would be wise to rent out a home or an apartment all throughout the procedure to make sure everything goes along smoothly and subtly.

4. Sign a Rent-Back

Most of you might not be aware of a rent-back provision. A rent-back provision is an agreement where the new owner allows you to stay for 60-90 days longer in your old home. This will give you enough time to deal with all the moving and paperwork without making things complicated. But, before you proceed with this option make sure you are in a seller’s market where buyers have to be more flexible in accepting to your terms.

The Benefits of Simultaneous Buying and Selling

When it comes to buying and selling houses, many homeowners find themselves faced with the dilemma of how to manage both transactions simultaneously. Buy and Sell a House At the Same Time, this dual process can actually offer several benefits.

  • Firstly, by buying and selling at the same time, you can avoid the hassle of moving twice and the associated costs.
  • Additionally, you have the potential to save on financing costs, as the proceeds from the sale of your current home can be used towards the purchase of your new one. When you buy and sell simultaneously, you may be able to negotiate better terms and prices for both transactions. This can result in cost savings and a more favorable overall financial outcome.
  • You have the ability to set your own timelines and make decisions that align with your goals and priorities. This can create a sense of empowerment and ensure that the process is tailored to your specific needs.
  • Other is the potential for a seamless transition between homes. By coordinating your transactions, you can minimize the time spent between homes, avoiding the need for temporary housing or storage solutions. This can save you both time and money.
  • Furthermore, by synchronizing the transactions, you minimize the risk of being left without a place to live during the transitional period.
  • Simultaneous buying and selling also allows you to take advantage of favorable market conditions and capitalize on potential gains.
  • Overall, the benefits of managing both transactions together far outweigh the challenges that may arise.

The Challenges of Buying and Selling Houses Simultaneously

Buying and selling houses simultaneously is not for the faint of heart. It can be a complex and challenging process that requires careful planning and execution.

  • One of the main challenges is coordinating the timelines of both transactions. You need to find a buyer for your current home while also finding the perfect new home to purchase. This can be a delicate balancing act that requires a strategic approach.
  • Another challenge is managing the financial aspect of the dual transactions. You may need to secure financing for your new home while also ensuring the sale of your current home goes smoothly. This can involve coordinating with lenders, appraisers, and other professionals to ensure everything is in order.
  • Additionally, there is the emotional aspect of the process. Moving can be a stressful experience, and when you add the pressure of buying and selling simultaneously, it can feel overwhelming. It’s important to take care of your mental and emotional well-being throughout the process, as it can have a significant impact on your overall experience.

Tips for a Successful Simultaneous Buying and Selling Process

To ensure a successful simultaneous buying and selling process, consider the following tips:

  • Start early: Begin preparing your current home for sale and searching for your new home well in advance to allow ample time for each step of the process.
  • Communicate openly: Maintain clear and open communication with your real estate agent, mortgage specialist, and other professionals involved in the process.
  • Be flexible: Understand that unexpected delays or changes may occur, and be willing to adjust your plans accordingly.
  • Research and educate yourself: Stay informed about market trends and seek expert advice to make informed decisions.
  • Stay organized: Keep track of important documents, deadlines, and appointments to ensure a smooth and organized process.
  • Seek professional guidance: Work with experienced professionals who specialize in simultaneous buying and selling to guide you through the process.

By following these tips, you can navigate the dual process of buying and selling houses with confidence and success.

Winding Up

If you’re considering these strategies for buying and selling a house in NYC at the same time, we recommend consulting with a real estate agent before proceeding further. A listing agent might be the perfect one to suggest what’s best for you. He/she can find a proper buyer/ renter for your old home and can find you a perfect new home as in your dreams for Buy and Sell a House At the Same Time.

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How to Know When It’s The Right Time to Sell Your House!

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Buying your house might have probably been one of the most significant investments you’ve ever made as a homeowner. But as time passes you might feel like your “All American Dream” fell a bit short. As much as buying a house is difficult, it is also quite daunting to selling house when you’re in need.

Spending every lunch break and recess time surfing through the local real estate listings might help you in knowing the current market value of your property, but it’ll never tell you the right time to sell it. Trusting your basic instincts and moving forward with selling your house might lead you to a large pit rather than filling your bank with dollar bills. Well, if you are confounded with the jejune offers you got for your property, step down from selling your house. Our life can take unrealistic and unpredictable turns here and there. This might leave us in a financial crisis or even a mental crisis. Maybe it might also force you to sell your hard-earned house to meet your immediate money needs. But, you must make sure that selling your home should be your last resort before jumping to conclusions.

Knowing the right time to sell your house has always been challenging and a daunting task. One must be aware of all the market trends and anti-swindler strategies before ripping off the Band-Aid and selling his/her house.

Here are some signs which can help you to understand that it is officially the time to part ways with your house…

1. Your Family Grew and Doesn’t Fit In Anymore

Your current house must have felt perfectly comfortable when you were newlyweds. Well, a 2bhk apartment or a condo must have been sufficient for both of you. But as time passed by, you began thinking of adding a new member to your family. Times were joyous and momentous with the new baby’s arrival, and you were living the dream. Fast forwarding a few more years, now you have a dog, toddler, and a new baby on the way which makes your house ill-fitting for accommodating all. This is the moment you must decide you need a bigger home to provide for the needs of everyone.

While searching for the optimal house, make sure your kids get independent rooms to sleep in and have ample space for storing all toys and amenities (especially for babies). Getting a house within a limited period might be challenging, so it would be a wise decision if you start looking for remodeled homes or hire an experienced real estate agent.

2. You Know The Market is Active and Strong

Living in a potential property market can be intriguing and at the same time exciting. The constant proposals from real estate agents and brokers making your mornings miserable and the periodic ‘sold-out’ boards that pop up in your neighborhood might urge you in selling the house. And don’t forget how your neighbor managed to gain a fortune just by selling his/her house.

The key to finding whether it’s the right time to sell your home depends on the market. If the market is hot, you must go for it without any second thoughts. For example, consider you bought your house in the late 2008s for a whopping $870,000. Within a decade your locality has flourished, and the property market has shot up with the arrival of a new highway or a metro station. Now, you might have offers for your house starting from a minimum of $1,050,000. You got two options, either wait for the price to upsurge more or sell it now and start fresh somewhere else with a hefty profit.

3. You Are in Need Of Some Immediate Money

We’ve mentioned how life can take unexpected turns. If selling your house is your only way out from a gruesome incident, then you must go for it. But, make sure selling your home is your last resort and not your first option. The money you get from selling your house can indeed help you out of this temporary financial situation, but it will leave open the gates for a homeless life if you don’t plan the whole situation with negligence.

Selling your house to “we buy houses for cash” companies might be the best alternative if you need some immediate money.

4. Your House No Longer Fits Your Lifestyle

If your lifestyle has changed drastically in these past years and your house isn’t providing you with all your needs, then you must consider selling your home. Well, what would you do with a mansion, when all your kids have moved out and you barely use the rooms apart from the living room and bedroom you sleep in?

Another scenario can be jobs. Your company might assign you to a different place for job purposes which in turn extends your commute. What if your new office is on the other side of the state? Selling your house and looking for a new one in the locality of your new office might be the best possible solution you have. Finding a new home immediately might be difficult. Hiring a professional property agent and signing for a remodeled house can meet your immediate house needs.

5. You Need To Save Yourself From Foreclosure

Facing foreclosure? Selling your home to save yourself from foreclosure is a pretty good idea if you have no other way to pay your defaulted mortgage. Inform your mortgage provider and agree with listing your house under short sales. Short sales will grab the attention of many property dealers, property agents, and potential property buyers. If you are lucky enough you can land a great deal that can save you both from foreclosure and bankruptcy. Well, all you need is a short sales expert by your side.

6. You Have a Distressed Property

Keeping a distressed property or being an owner of distressed property is a headache. The trouble of finding a buyer or any interested agents might be challenging. Since these properties aren’t in good shape with almost nil repairs and refurbishments, assigning a proper price tag for these houses can get really tricky. Most of the owners might nod unwillingly for a price tag that is far too less than the market value.

Keeping hold of distressed property is a hectic situation where the owner might even be willing to sell the property at half the price. Well, it all depends on the buyer’s ability to negotiate. So, selling your distressed property won’t help you much financially, but it can eliminate any future complications. Selling your house to companies that buy houses in any condition can be a great opportunity to start your career in real estate.

Conclusion

There are many “we buy houses for cash” companies in the market. Selling your house to companies that buy houses for cash can help you land a great deal without any hassle. Hiring a real estate agent might be the best possible decision you can take in selling your house immediately.

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Why Should Invest In Hiring Real Estate Agent?

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The aggrandizement of services that aid homebuyers and sellers in completing their own real estate needs is relatively recent, and it may have left you pondering whether procuring a real estate agent is becoming a relic of a bygone era. Hiring real estate agent is a daunting task. Going solo when it comes down to real estate might save you a handful sum of money. And you can cut down the significant commissions you need to pay the agents.

Well, the question is:

Would you rather try flying solo or reach out for a helping hand? 

Hiring Real Estate Agent may save you a lot of money as well as time.

Buying or selling a property even in a buyer’s market is challenging and time-consuming. A significant proportion of people don’t trust or rely on real estate agents to meet their needs. However, these guys will be forever missing the luxuries of what a real estate agent can bring to their plates. Buying and selling properties indeed take time, and with the help of the right expert, one can surely save a lot of time and make things hassle-free for themself.

Here’s how hiring a real estate agent can assure you of achieving the ‘all-time American Dream’ of owning a property in your name…

1. Hiring an Expert

Rather than being entitled as an agent, they prefer being called experts. Real estate agents are the best when it comes to their line of business. You’ll experience the pinnacle of professional real estate services by hiring a property expert. Right from negotiations to the final settlement of the price, they’ll act as a loyal mediator between you and the seller omitting you from all the hectic formalities and paperwork.

Negotiation is a tricky business, and there’s an excellent chance that the other party can easily bamboozle one without an adequate record of experience in this line of business. A real estate expert has enough experience when it comes down to revealing all the ambushes and deceptions and taking countermeasures. So, whether you are selling a property or buying one, hiring a real estate expert will always give you the upper hand.

2. Are The Encyclopedias of Property Listings

Finding a house with your specific interests can be challenging. If you are a working person who rarely gets time to spare, this becomes even more challenging. Moreover, what if the house with your interests is on the other side of the state? This is where a real estate agent comes in handy! They have an enormous database of property listings that can match your interests. Tell them what kind of house, neighborhood, or even locality you need. They can present you with the shortlisted properties which resemble your attention. All you need to do is pick one.

Most real estate agents have a secure and robust network when it comes to property listings. They make use of these networks to keep in touch with all the property owners and sellers all over the state. A real estate agent can not only experience hassle-free services but also be given access to the network mentioned above of extensive property listings.

3. Saves Time and Money

Roaming around your locality or neighboring state in search of available properties can drastically eat your time and money. Well, we would say there’s no point in drifting along with the current without a destination or goal. With the aid of a property dealer, the path toward your target will be apparent, and you can set the course at full speed. Property dealings always include a lot of paperwork and legal procedures and don’t forget the expenses too. A real estate agent can volunteer for you to take all the trouble of hefty paperwork and costs providing you with the ownership of the property or house.

For example, selling a property that is listed under foreclosure or short sale is pretty challenging and hectic. Most of you might feel like you are going through the most terrible phase of your life. With the property listed under foreclosure or short sales even, interested buyers might back off thinking of all the legal troubles they might need to go through. By hiring an experienced real estate agent, selling your foreclosed or distressed properties will be quicker and more straightforward.

Still not convinced about hiring a real estate agent?

Let us brief you on a few more scenarios in the real estate business. When stepping into the real estate business, most of you might have come across the terms like foreclosure, short sales, distressed properties, estate sales, probate sales, and much more. Hiring a real estate agent will make it easy to acquire properties that are under these complex scenarios.

a. Real Estate Agent For Foreclosure

Foreclosure of property occurs when the borrower fails in paying the mortgage he/she is obliged to pay the property owner. Even though the number of foreclosed properties is gradually decreasing in number these days, they still do exist. As for a buyer looking for potential property, there’s a fair chance that a foreclosed property might exactly be the house in his/her dreams. However, the reality is pretty much harsh. Instead of a smiling face handing over the key to the property, you’ll be welcomed with a ton of paperwork and legal procedures which can even last up to a minimum of seven months. The same happens when you are trying to sell one too.

With a real estate expert who knows his way around the market and its characteristics, selling or buying a property in foreclosure doesn’t plot an issue. Since they are experts in their line of business, finding a buyer for your foreclosed home will be more comfortable. Their motto is to help you by leaving you out of all the troubles by providing a hassle-free business deal. You need to select the shortlisted buyers provided by the agent who is willing to give you a fair deal for the property.

b. Real Estate Agent For Short Sales

A short sale specialist or a lawyer? This might be the first question that comes to your head when planning to list your property for short sales. Opting for a short sale specialist rather than sticking to a lawyer can help you in many ways. Since lawyers only know about legal procedures that need to be presented in the court regarding the property they won’t do much help in advising what to do and what not to do when going for a short sale.

A short sale specialist has completed thousands of these cases. He is much more experienced when it comes to such scenarios. They can even find you a proper buyer for your property who can provide you with a fair and desired price. Don’t forget that the legal procedures will be taken over by the agent itself. It’ll indirectly imply they’ll be providing everything a lawyer can provide.

c. Real Estate Agent For Distressed Properties

Distressed properties have always been a headache for property dealers. These are the properties that are rarely maintained or nearly distressed but still pack a punch. Finding potential buyers for your distressed property can be challenging and daunting without a property expert. They are professionals in negotiating and convincing buyers to buy the property. The same goes when you are planning to buy a distressed property to save your wallet. Since every distressed property isn’t approachable even though they look promising from the outside. An expert beside you who knows what to look for in distressed property and understands its market value can land you a great deal without hurting your pocket.

The Bottom line

Investing in hiring a real estate agent will always be a boon when planning to buy or sell a property. They can lead and guide you in the right way to meet all your real estate needs.

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How Investing In Real Estate Can Be The Next Big Thing In 2018

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Last year in 2017, the U.S. economy started with a boom with heavy investments in the stock market and investing in real estate but slowed down during mid-year followed by climatic disasters which solely contributed to approx. $93 billion in economic losses which were mostly covered up with a major rise in imports at the end of the year – resulted in an overall economy of 2.6% annual growth rate.

The three dominant factors that will be a driven impact on the real estate investment:

The rise in demand for warehouse needs with E-commerce growth:

With a tremendous sweep in the e-commerce market fueling, the gargantuan warehouses’ need for goods storage has expanded drastically in the recent past. Business analysts already have estimated the future demands which are going to grow exponentially in the coming years. With demands including for large distribution centers or mini delivery hubs, will still be remaining high even if the pricing goes up as per the market set standards.

Pent-up housing demand among millennials:

The need for housing in the forthcoming lustrum is the second big dominant factor. Housing prevails over other secondary investments and therefore bolsters real estate demands.

It is to be estimated that around 23 million millennials in coming next five years who are currently studying and residing with their parents are likely to be moving to bigger cities like NYC, Los Angeles, Washington D.C., Chicago, and Las Vegas for job and work opportunities and thus demand for housing apartments will be going to rise up.

Increased Interest rates:

The Increasing economic growth results in a rise in interest rates. Real Estate is likely to be beneficial from it. The shift in the mortgage interest rates and properties, and state and local sales taxes are likely to be beneficial to commercial real estate investors. These interest states are in high-cost metro regions like New York, DC, LA, Chicago DC, and the Bay areas. As job seekers and workers, are moving to the suburbs for renting closer to their work areas. This will be good news for house owners and landlords.

The New Tax scheme favors the real estate

As for now, there are no changes have been made to the prevailing FIRPTA (Foreign Investment in Real Property Tax Act), LIHTC (Low Income Housing Tax Credit), carried interest rules, and 1031 revenue reinvestment laws,  which suggests that commercial real estate market continues to remain irresistible to both overseas and domestic investors.

Real estate experts forecast the GDP growth to be increased by approximately 2.6% in 2018. This is a more rapid growth than the average of a 2% annual pace over the past seven years.

Why does investing in Real Estate bring a hefty return?

It is to believe that investing in the stock market is one sort of investment. It brings a huge return in a very short period of time. But also, it takes moments of time for it to crash and incur major return losses.
But this doesn’t generally happen in the case of investing in real estate. The investment should be made in the right market under the right conditions. This can be really helpful in generating the most consistent flow of passive income. Also, you will have the privilege of the increased property value over time with appreciation.

A city’s asset plays a big role

Every city has its key asset which attracts new visitors and residents – investing

In those cities initially may cost you big, but it definitely yields a high return in a long run.

Also, many of the small cities like – Portland, Telluride, Aspen, or the other new developing ones, are trying to create an environment. This allows residents, tenants, and visitors – to live, work, and have all needful amenities covered up. It should be with a mix of office, retail and residential spaces so residents don’t have to travel far for their needs. These small cities in the coming years will be a boon for real estate business and investing in these cities will definitely be a smart choice.

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Welcome to Elite Properties Blog

Welcome to Elite Properties Blog

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An Elite Page With Abundant Information on Real Estate and Much More

Real Estate is one of the finest investment strategies you can look forward to if considered seriously. It indeed isn’t child’s play. One might become a millionaire or easily lose property worth his lifetime savings just in a blink of an eye. Well, every business has its pros and cons. And Elite Properties will help you to get best offer. But that doesn’t make the real estate business something you should leave only for white-collared professionals. Everyone got a shot at real estate. This is the only profession where you can clearly see how much you have escalated both mentally and financially.

We, Elite Properties have been one of the prominent real estate companies in New York City since 2009. Throughout our 9 years of thriving for success, we have learned and practiced many strategies which will impact a drastic inclination on your success graph. With a determined motto for sharing the information we acquired, Elite Properties are starting a blog that only contains legit information on all real estate-related conveyancing and vendor ship. Through this blog, we intend to share all the pivot information and tips for a fast and hassle-free real estate business.

What Elite Properties Have to Offer You?

Elite properties are one of the top-notch real estate platforms in NYC. We help you buy and sell a house in a hassle-free manner. Property consultants at Elite Properties are extremely professional. They have years of experience in dealing with all kinds of real estate matters. Here’s why you should opt for Elite Properties to buy a house in New York.

  • Unbiased Approach –

    Customer-eccentricity is the key feature of Elite Properties. They value the time and money of their customers. Rather than making tall claims, they are committed to satisfying the needs of their clients.

  • Thorough Evaluation –

    Consultants at Elite Properties provide you with an honest market analysis and exact portfolio valuations. The valuable insight will help you understand the current trends in the real estate market in NYC.

  • Clear Objectives –

    Depending on your financial status they recommend the best property deals for you. They keep everything transparent and along with the benefits. They will make you understand the risks associated with the real estate sector.

Buying or selling a property when it’s under some legal consequences or formalities is hectic and daunting if not proceeded cautiously. People who don’t know much about real estate and the jargon might really feel like they are running around circles when it comes to selling or buying. Real Estate agents and dealers take advantage of this situation. They convince their clients to accept an unfair offer on their property. It would be too late when they finally realize they have been framed. Being a regular visitor to our blog will help you to get a hang of all the recent updates on real estate and its hurdles.

So, if you are facing any trouble in understanding what real estate is and the things adjoining it like foreclosure, short sales, estate sales, probate sales, trustee, distressed properties, tenants, or anything else related to the aforementioned things, the Elite Properties blog should definitely be one among your bookmarks. Our blogs will also be covering all the tips and tricks you must follow to buy or sell your property quickly. We’ll also let you know which locality is reigning ahead in the real estate business so that if you have a property nearby it would be high time you thought of selling it.

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