Articles Tagged "First-time buyers"

As we move closer to the New Year, many homeowners and aspiring homeowners wonder what exactly 2021 has in store. No one could have predicted that 2020's pandemic would have such a dramatic, long-lasting impact on nearly every person, place, and industry around the world. One of the industries that has been surprisingly resilient in much of the United States is the real estate industry.

Real Estate in 2021: What to Expect

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No matter how carefully you examine a home during an open house or private viewing, there will be aspects of a home that a professional home inspector will be needed to identify. While a home inspection isn't always mandatory, getting a home professionally inspected will help you determine whether the house you have your eye on is truly ready for you to move in. 

Home inspectors must be licensed in Tennessee and in many other states. It takes specialized training to identify various home building materials, learn current building codes, and spot specific signs of damage or deterioration. Our real estate agents want you to know what to expect when home inspectors are looking at Chattanooga homes for sale. 

A Look Around 

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House hunting is an exciting but stressful exercise. You're looking for a home you'll fall in love with, but also one that comes closest to your needs, in terms of location, size, and cost. Along with the excitement come concerns about going over budget and other pitfalls. 

As you search for Chattanooga homes for sale, you need a strategy. To get you started, here are several things you should do before you get serious about house hunting.

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You've done your homework. You've been pre-approved. Now, you want to be one of this year's 5 million homebuyers. Finding your dream home takes patience, research, and a little luck. Whether you buy the first or 50th home you view, use the list below crafted by our REALTORS® to help determine that the search is over, and you've found the home of your dreams.

1. The House Matches Your Checklist
   Before starting your search, you probably made a personal checklist of your dream home. Depending on your lifestyle, the list may include the number of bedrooms, bathrooms, kitchen area, home office, and backyard space. The house matches everything (or almost everything) that is on your list.
2. An Instant Feeling of Home
   After viewing numerous houses, you realize this is the only one that embraces the feeling of being home. Using your intuition is essential in finding the right home for you. Do you get the overall sense you are home? Then, the house is the one for you. 
3. Fits Your Budget
   Remember to stay within your budget! No matter the number of other listings in your budget, you keep returning to one particular home that stands out. 
4. Right Location
   The location of the house is perfect for you. When looking at homes, the community is always a priority. The house matches your needs for commutes, public transportation, or neighborhood activities.
5. You Are Already Decorating Inside and Out
   Before placing an offer, you are already decorating the home. The empty walls are calling for new paint and customized décor. Each room comes alive in your mind with the arrangement of furniture and other details. Starting with the interior design to the outdoor landscape, you can view the home's entire appearance.
6. You Find the Minor Flaws Endearing
   Is the second bathroom smaller than you wanted? Or does the kitchen need upgrading? Every house on the market will have its own set of minor flaws. If you are willing to overlook the little imperfections and instead are thinking of opportunities for improvement, the home is a match. 
7. You Share Your Excitement for the House
   The excitement you have cannot be contained! You immediately begin sharing all the amenities of the home with your family and friends.
8. You Cannot Wait to Entertain
   When you stand in the middle of the house, you immediately envision future events. You can easily see birthday parties, holidays, or family gatherings in the home. The idea of bringing friends and family into this particular house is a good sign.
9. You No Longer Want to Look at Other Houses
   When the desire to look at other houses is gone, it's a pretty good sign the search is over!

The ongoing search for your dream home can be both exciting and frustrating. Need some help with your search? Our team can tell you more about Chattanooga homes for sale! Contact us today.  

Closing costs are inevitable when you purchase Chattanooga homes for sale. It is essential to include these in your accounting when choosing your home. Knowing what these fees are, and how much they will cost, will protect you from "sticker shock" during the closing process. When closing on a home, be aware of these potential closing costs you may run into. 

• Origination Fees & Points
  As a general rule, you can expect all of your closing costs to run between 2% to 4% of the total purchase price. The final amount is heavily dependent on the origination fees and points assessed by the lender. The law requires lenders to provide a loan estimate to buyers that provides a full accounting of application/origination fees, and points.
  
  Points are fees paid to the lender at closing to secure a lower interest rate. This can be a wise investment that can save you significant money over the years. 
   
• Title Fees
  Roughly 70% of your closing costs will be related to title fees. These fees cover the cost of conducting a title search, securing title insurance, and settlement services.  

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Judge Judy has mediated many a dispute between neighbors who have quarreled over the location of property lines. Fortunately, determining accurate boundaries doesn't have to be that dramatic. Use these helpful methods to find the correct property lines of Chattanooga homes for sale.

1. Check the Deed 
   All deeds include a legal description of a property's boundaries. This often takes the form of a metes and bounds survey, which delineates boundary lines by terminal points and angles. "Metes" are measurements between two points along a certain direction, while "bounds" refer to roads, trees or other landmarks providing visual markers. 
   
   Metes and bounds surveys are useful but approach with caution. They're sometimes difficult for a layperson to interpret, and depending on when the survey was completed, the landmarks may have changed or disappeared completely.
   
   

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The process of buying a home starts long before you start looking at listings. It starts when you begin building credit. The ways you spend money and the debts you carry will have a significant impact on your credit. Our REALTORS® are here to help you understand the "Five C's" of credit and what lenders are looking for when you're buying a home.

1. Character Counts
   Lenders will examine your credit report to determine your credit risk. They will look at how long you have worked for an employer and how long you have lived at the same address. Lenders want to see stability and consistency as these are the foundations of good character.

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Whether you're buying or selling a home, the neighborhood where that home is located should always be one of the most important considerations. A strong school district, attractions, parks, shopping, and employment options nearby can all make a neighborhood a more desirable place to call home. When a neighborhood becomes more attractive to a wide range of potential residents, real estate values in the area tend to go up. Museums, in particular, can help add significant value to nearby properties, and the Hunter Museum of American Art in Chattanooga is a great example of the concept in action. Our REALTORS® have more on how museums add value to neighborhoods, and what you can expect at Chattanooga's Hunter Museum.

How Popular Museums Bring Added Value to Nearby Real Estate

When the world-famous Guggenheim Museum opened in Bilbao, Spain in 1997, the city was well-known, but not yet an iconic international destination for the arts. The museum quickly changed that, turning Bilbao into one of the hottest arts and culture destinations in the world, which lead to a massive increase in real estate values. This effect can be seen to varying extents whenever a popular museum opens, proving that museums can add value to a neighborhood in a variety of different ways.

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If you're looking to buy your first home, then look no further than Chattanooga homes for sale. Buying a new home is a big decision, and there's quite a lot to consider – mainly can you afford a new home? If the answer is an unequivocal "yes," then you can afford to buy a home in Chattanooga. Here's how.  

3 Steps for Buying a Home in 2019

1. Save for Your Down Payment
   Saving for a down payment can be challenging and requires some discipline, but it absolutely can be done. First, it's helpful to know how much you're looking at spending on your home, and that will determine where to start with a down payment.

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