Category: Home Buying

How Many Buyers in the New River Valley Are Cash Buyers?

“Cash is king”, they say. And for the last few months, reports have been floating around that as many as 50% of buyers in some real estate markets around the country are using cash to purchase their homes. Fifty percent. The New River Valley of VA isn’t the rest of the country, but I wondered how many buyers in 2013 used cash to buy their real estate. Of the 1476 homes sold in the NRV January 1 through November 30, 21.4% (317) of those transactions were listed as all-cash sales. Not exactly 50%, but statistically significant, I’d say. And that …

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32 Tips for First-Time Buyers

A month or so ago, I was contacted by a guy named Scott Riley, at HomeBuyerNation.com. I don’t know Scott Riley, and I have never heard of his website at HomeBuyerNation.com, but he asked a unique question for a post he was writing, so I played along, expecting that I really wouldn’t hear from him again. Turns out I was wrong. He wanted to know what was the one tip I would give every first-time home buyer. Without a doubt, I told him the number one tip I’d give every first-time home buyer would be to take your time. That perfect house …

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How To Protect Your Credit Score When Getting A Mortgage

A client, who’s buying a house and closing next week, was emailing back and forth with me this afternoon. When I told her we were “clear to close”, she said that this seemed like a good thing, and to let her know if it wasn’t. “Clear to close” just means that all conditions of the loan have been approved, and we’re ready to go, so I told her as long as she stayed employed and didn’t buy anything major that would affect her credit score, but she didn´t really need to worry about bad credit car finance deals so she …

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Robert Shiller Isn’t Saying NOT To Buy A Home

This link has been floating around the internet for a couple of days, and I want to respond. http://www.theatlanticcities.com/housing/2013/10/economist-who-just-won-nobel-prize-thinks-housing-terrible-investment/7240/ As I wrote on someone’s Facebook wall, I have no problem with the article at all – I don’t own a home (that I live in, anyway) either, and my income centers around people buying and selling homes so it’s important to me that people continue doing that. Shiller is VERY highly regarded in real estate circles, and his economic reports are the gold standard. But the title of the article is misleading – Shiller doesn’t say it’s a bad idea …

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A Government Shutdown and Your FHA, VA, or USDA Mortgage Loan

updated: seems there’s been a reversal on FHA mortgages, as first mentioned by Marianne Washington of Wells Fargo Home Mortgage. Certainly you’ve heard about this whole idea of a government shutdown. Regardless of your feelings on the issue, PLENTY of home borrowers and home sellers need to know what to expect moving forward. Several types of mortgage loans are backed by the United States Government, including FHA, VA, and USDA loans. If you are a borrower currently under contract on a property and have applied for financing under one of these mortgage programs, you are most certainly going to be …

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Part Four – What Is A HUD-1?

Welcome to “What Is A HUD-1?”, a four-part series breaking down the settlement statement that’s used in a real estate transaction. The settlement statement, also known as the HUD-1, is your receipt – it’s an itemization of every penny associated with the sale or purchase, so if it’s money-related then it’ll be shown on the HUD-1. Each party (buyer and seller) or signatory will sign multiple copies of the HUD-1. A quick note – HUD, which is short for the US Department of Housing and Urban Development, is a department in the federal government that oversees, among other things, housing, …

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Using Aerial Videography To Showcase A Home

Anyone who sells anything is always looking at finding new ways of reaching their target audience, or showcasing their product(s) in new, eye-catching ways. The real estate industry is no different. In fact, we might lead the charge for most ridiculous ways of showcasing a home – or even ourselves. And video has been at the heart of much of the talk in my industry over the last couple of years … more and more we’re seeing agents using video to showcase their listings, they simply get a led video curtain and run the video. There are plenty of examples …

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Part One – What Is A HUD-1?

Welcome to “What Is A HUD-1?”, a four-part series breaking down the settlement statement that’s used in a real estate transaction. The settlement statement, also known as the HUD-1, is your receipt – it’s an itemization of every penny associated with the sale or purchase, so if it’s money-related then it’ll be shown on the HUD-1. Each party (buyer and seller) or signatory will sign multiple copies of the HUD-1. A quick note – HUD, which is short for the US Department of Housing and Urban Development, is a department in the federal government that oversees, among other things, housing, …

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Will You Have Cell Phone Coverage In Your New Home?

Everyone’s done it – you’re walking through a building, holding your phone to the sky, trying to get a decent cell phone signal. Can you hear me now? Plenty of home buyers do it when they’re walking through a home, as well – can’t tell you how many times I’ve heard “uh oh … no cell phone signal here.” While in a meeting this morning at Nest Realty, we discussed a site called OpenSignal.com. This could be incredibly useful to a home buyer in the New River Valley, as it will not only show what cell phone providers are available …

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