Real Estate Information Archive

When considering a move, Omaha homeowners associations deserve careful attention alongside the home itself, as they can profoundly impact your experience in a neighborhood. Living under the oversight of such an organization has potential advantages, but also notable drawbacks.

Before making an offer, investigate thoroughly to ensure you understand the association's rules and their implications for your lifestyle.

What Is An HOA?

Homeowner associations (HOAs) are governing bodies in many communities. They are commonly found in gated neighborhoods, planned communities, and apartment and condo buildings. HOAs are funded and operated by residents, with oversight by a board of directors.

Homeowners associations (HOAs) hold meetings, draft budgets, and enforce regulations and rules. The rules established by an HOA are legally binding.

When properly managed, homeowners associations (HOAs) can increase Omaha property values by maintaining community standards for home and lawn appearance. However, poorly run HOAs can impose excessive costs and bureaucracy that make homeownership difficult.

Members of Homeowners Associations (HOAs) typically pay monthly, quarterly, or yearly dues to maintain shared amenities like clubhouses, pools, walkways, and lighting. HOA fees range significantly based on location and neighborhood, from as little as $50 a month to several thousand dollars per month.

How Do the Rules of an HOA Work?

If you are considering buying a home in a community with a homeowners association (HOA), it is crucial to thoroughly understand the HOA's rules, known as conditions, restrictions, and covenants.

Most HOA rules govern the exterior appearance of homes, such as lawn maintenance standards and approved paint colors for houses. For condominiums and apartments, HOA rules may also address interior issues like pet ownership.

If you don't follow your Homeowners Association rules, you will first receive a request to comply. Continued noncompliance may result in fines, and further violations could ultimately lead to a lawsuit.

Additionally, if you don’t pay HOA fees, the board can put a lien on your home or even require you to foreclose.

What to Find Out About an HOA Before Buying

If you’re looking at a home with an HOA, the following are things to find out or ask your real estate agent to find out for you:

• To get a sense of the board members' priorities and how they conduct HOA business, try to attend a meeting or, if that's not feasible, request a copy of the meeting minutes. Reviewing the minutes will reveal how the board interacts and whether they prioritize residents' well-being.
• Unless your homeowners association (HOA) maintains good financial standing, you may face unexpected assessments to fund necessary community repairs and improvements.
• Are there are a lot of issues between the board and homeowners?
• You'll need to think about whether the HOA's rules will align with your lifestyle and if you're comfortable with that level of oversight over your home and living space.
• Go over, in detail, what HOA fees will include.

When buying a home in Omaha, remember that HOA fees and restrictions could reduce resale value in the future. Over time, rising HOA fees may price out potential buyers and shrink your pool of prospects when you want to sell.

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If you've decided to sell or buy this year...congratulations!  What an exciting time for you. We're here to assist you every step of the way. Call our family team of experts today and we'll get down to business crafting your plan for real estate buying and selling success! 

As we enter the new year, it's the perfect time to breathe new life into our homes. And what better way to start than by giving well-deserved attention to our often-overlooked floors? Whether you're gearing up for a major makeover or simply replacing worn-out surfaces, 2024 promises an array of exciting flooring trends, transforming your space into a haven of style and comfort.

1. Warm Tile Tones for a Moody Elegance

Step into 2024 with a burst of warmth underfoot! Tile design is turning towards inviting hues like cream, beige, and grey, blending different large formats and tonalities to craft captivating patterns. Jordana Moche, the maestro behind Porcelanosa NYC, predicts a surge in popularity for medium and darker wood-effect tiles and earth-toned flooring. Picture a home with a cozy, moody charm—a true retreat with a touch of hospitality.

2. Retro Carpet Revolution: Nostalgia with a Twist

Hold on to your hats because the carpet revolution is here! Audra Keiber, Mohawk's design and development virtuoso, hints at a retro resurgence in 2024. Like vintage furnishings and retro colorways, carpets are making a stylish comeback. Step away from the mundane gray and embrace the unique patterns and warm tones of this nod to nostalgia. Our top pick? The upcoming Karastan release, Stitchery, weaves a classic herringbone pattern with traditional colorways for a truly inspiring finish.

3. Familiar Farmhouse Flooring with a Modern Twist

The modern farmhouse style still reigns supreme in 2024. According to Adam Vester, Mohawk's design maven, farmhouse trends are evolving towards warm minimalism with Scandinese influences. Raw textures and organic forms meet Scandi minimalism, creating a visually clean backdrop that transforms living spaces into soft-spoken retreats. Embrace the familiarity of farmhouse flooring with a modern, sophisticated twist.

4. Innovative Sustainable Floors: A Green Revolution

Eco-conscious living takes center stage as sustainability and inclusivity drive flooring choices. Audra Keiber emphasizes Mohawk's commitment to sustainability, introducing innovative bio-based flooring alternatives. Expect clean, renewable, and sustainable materials to take the lead in 2024. Join the green revolution and explore flooring options that align with your values.

5. Hardwood Floors Reign Supreme in Kitchens

In 2024, we'll see kitchens graced by the enduring elegance of hardwood floors. Mitchell Parker, senior editor at Houzz, unveils the trend, with a quarter of renovating homeowners opting for stained or unstained hardwood. Get ready for smooth surfaces, raw wood tones, and wide planks. While lighter hues make waves, rustic wood's earthy charm remains a steadfast favorite. Dive into the classic herringbone pattern for an elegant and classy appearance.

6. A Nod to Nostalgia Across Hard Surfaces

Nostalgia isn't confined to carpets alone—hard surfaces are joining the trip down memory lane in 2024. Adam Vester reveals a trend characterized by clean lines and a pared-back aesthetic. Visualize wood and laminate flooring with enhanced wood looks, featuring more minor character knots. This fusion of midcentury modernism with retro seventies vibes and futuristic elements creates an environment that transcends time, offering a sense of timeless elegance.

7. Universal Design for All: Future-Proofing Homes

Homeowners are embracing universal design principles, renovating with everyone in mind. Future-proofing becomes key, ensuring accessibility and convenience for all. Mitchell Parker points out the rising trend of addressing special needs during renovations, focusing on safety. Think nonslip bathroom flooring—a simple yet crucial upgrade that enhances safety for all ages.

In 2024, let your floors tell a story of warmth, nostalgia, and sustainability. Embrace the trends that resonate with your style, and transform your space into a haven of excitement and authenticity. Prepare for a year when flooring becomes the star of your home's design narrative!

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If you've decided to sell or buy this year...congratulations!  What an exciting time for you. We're here to assist you every step of the way. Call our family team of experts today and we'll get down to business crafting your plan for real estate buying and selling success! 

Whether you're a first-time Omaha home buyer or an experienced investor, it's crucial to be aware of the potential dangers lurking behind seemingly incredible deals. Our goal is to provide you with the necessary knowledge and tools to safeguard yourself from common real estate scams.

Utilize the following resources to educate yourself and make informed decisions throughout your property buying journey.

1. Research, Research, Research!

Before you even begin to consider a real estate transaction, arm yourself with knowledge by:

• Researching the market trends.
• Comparing property values.
• Verifying legal requirements specific to your location.

By educating yourself about the property market in Omaha and staying updated on current housing trends, you will not only gain a better understanding of what to expect, but also reduce your vulnerability to scam artists who target the uninformed. One way to do this is through our website and regular blog articles, so make sure you check back every week for more informative articles.

2. Be Wary of Unrealistic Deals

We've all heard the saying, “too good to be true,” and it applies even more so in the real estate world.

Scammers use incredibly low prices and promises of high investment returns to deceive victims. They are even attempting to sell other people's land without their knowledge. To protect yourself, trust your instincts, consult real estate professionals, and seek multiple opinions to avoid being scammed.

3. Work with Reputable Professionals

When it comes to real estate transactions, having the right professionals by your side can make all the difference.

Seek out licensed real estate agents, attorneys, and inspectors with solid reputations.

Scammers often pose as professionals, so verify their credentials and seek referrals from trusted sources before proceeding.

4. Always Inspect the Property

Buying a property sight unseen is strongly discouraged. If a seller refuses an in-person inspection, it is likely a red flag. Real estate fraud is on the rise in 2023, making it even more important to verify the property's authenticity. Insisting on a visit with a certified inspector is recommended to uncover any potential problems and ensure the property is legitimate.

5. Secure, Don't Wire

Be extremely cautious when it comes to wiring funds for a real estate transaction.

Scammers will often push for wire transfers and create urgent scenarios to pressure you into needing to make quick decisions.

Always verify the recipient's information directly and consider using more secure payment methods, especially for large sums of money.

6. Consider Using a VPN

In this day in the digital age, protecting your online interactions is critical. Scammers can exploit insecure connections to access sensitive information and wreak havoc on your property search.

If you’re wondering, “Do I need a VPN?” the answer is yes. A VPN will make it harder for hackers to intercept your data, especially when dealing with financial matters online.

7. Research the Seller

If you're dealing directly with a seller, do your homework on them. Cybercriminals pretend to be distressed homeowners or overseas sellers who need urgent transactions.

The best way to get a better seller identity is by:

• Looking up property ownership records.
• Confirming identities.
• Being wary of sellers who avoid personal interactions or try to rush the process. Don’t let their pushy attitude make your stress levels increase. There’s a reason they’re trying to get you to act fast.

In today's world, there are numerous real estate opportunities available, but it is crucial to be aware of the risks involved. Stay vigilant, gain knowledge, and follow the tips mentioned above, which include prioritizing cybersecurity and using a VPN. By doing so, you can protect your investments and dreams from falling victim to common real estate scams. Remember, being well-informed and making informed decisions is your best defense against these unethical practices.

Have your home needs changed in the past year? Perhaps you’ve outgrown your present home, or need to downsize to a more suitable home. If you’re ready to make a move, let’s connect and talk about all the amazing opportunities that are available to you!

When purchasing a home in Omaha, obtaining the title is a crucial step. The title serves as confirmation of your ownership rights for the property acquired from the seller.

Title insurance is an essential safeguard for homebuyers and mortgage lenders, providing protection against potential losses or damages arising from defective titles.

What Title Insurance Covers

A title insurance policy should provide coverage for various potential claims against a title, such as conflicting wills, tax liabilities, and property liens. Numerous scenarios, including code violations and legal complications, can result in title issues.

One potential issue that could arise after purchasing a property is discovering that the seller does not actually have a legal claim to it. Additionally, it is possible to find out that another party is disputing the seller's claim.

Title insurance is a valuable protection against potential title issues. While working with a title company reduces the likelihood of encountering problems, it is important to remember that they can still arise.

Types of Title Insurance

Title insurance is crucial in real estate transactions, with two types available: owner's and lender's. Both provide essential protection for all parties involved.

An owner's title policy is a recommended purchase to safeguard against potential risks. It is not mandatory, but it provides protection against various issues such as conflicting ownership claims, ongoing lawsuits and liens, inaccurate public records, fraud or forgery, and undisclosed easements or agreements that could impact the value or use of a property.

Title insurance is crucial for buyers as it provides peace of mind by addressing potential issues that may arise with a title later on. Even with a title company, there is always a possibility of such issues, making title insurance one of the best ways to protect yourself as a buyer.

The lender's title insurance policy functions similarly to an owner's insurance policy, as it offers protection to the lender against potential losses. This policy provides coverage up to the loan amount, but it does not extend protection to the buyer.

A warranty of title is an alternative to a title insurance policy. It guarantees that the seller has the legal right to transfer property ownership and that no one else can claim the property legitimately. If a claim arises later, the warranty allows the buyer to take legal action against the seller.

The cost of title insurance premiums can vary greatly. However, if you're purchasing the existing owner's policy, the cost may already be included in the property sale.

The biggest takeaway is that title insurance is optional. Whether or not you need to buy it depends on your individual circumstances and risk tolerance.

Having proper coverage for your property is essential to protect yourself from potential financial burdens. Without it, you could find yourself dealing with unpaid property taxes or fines for code violations. As the homeowner, you would be solely responsible for these expenses.

Buying a home or any property can be a stressful process. However, there are steps you can take to protect yourself and feel confident in the transaction. 

Have your home needs changed in the past year? Perhaps you’ve outgrown your present home, or need to downsize to a more suitable home. If you’re ready to make a move, let’s connect and talk about all the amazing opportunities that are available to you!

Equity in your Omaha home can be a valuable tool for building long-term wealth. By strategically tapping into your home's equity, you have various options to capture its value.

For instance, you can use it to pay off higher-interest debt or make home improvements that enhance your property's worth. Another option is to start a business or invest in the stock market, where potential returns may surpass the interest on your loan.

Another question people commonly have is whether or not they can use their home’s equity to purchase another property.

Can You Use a Home Equity Loan to Buy a House?

Yes, a home equity loan can be used to buy a house. However, it may not always be the best choice. A home equity loan is a second mortgage that allows you to tap into the equity you have in your home, which is the difference between what you owe and what your home is worth. It can be a viable option for purchasing a second home or an investment property, but there are important considerations to keep in mind.

The Upsides

When considering using your home's equity to purchase another property, it is important to determine whether you are buying a second home or an investment property. If your intention is to buy an investment property, utilizing a home equity loan can provide you with additional liquidity and potentially reduce costs.

• Investing in real estate with equity has the following advantages:
• You can increase your down payment. When you receive a home equity loan, the cash goes directly toward a down payment. Getting a lower interest rate and a lower monthly payment will allow you to be a more competitive buyer in the current market.
• Since down payment requirements for second homes can be higher, a home equity loan is a more affordable and convenient way to finance a second home.

Your current home is used as collateral for a home equity loan. You benefit from lower interest rates as a result.

Using your home equity to buy an investment property can help you build wealth. It's important to keep in mind that second homes don't generate income like investments. As a result, you'll be tying up your home in a loan, then taking on another loan, so you need to be financially stable.

The Downsides

The downsides of using equity to buy an investment property do exist. These include:

• Instead of having an asset, you will have a debt. You'll be converting the remainder of the home you own into a loan. This will mean you have a higher debt.
• If the market shifts, you will be more vulnerable, as you now own two properties. This doubles your risk. You could end up being upside down in your mortgage if your property values decrease.
• You could lose both properties if you default on your loan.
• Since most home equity loans are second mortgages, you could end up having three loans, as you have to combine it with another loan to purchase the home.
• Due to tax code changes in 2018, your interest payments will likely not be tax-deductible.

The conclusion is that using a home equity loan to buy a second home in Omaha can be a great option. You just need to weigh the pros with the cons and decide if the risk is worth it for your circumstances and goals.

Have your home needs changed in the past year? Perhaps you’ve outgrown your present home, or need to downsize to a more suitable home. If you’re ready to make a move, let’s connect and talk about all the amazing opportunities that are available to you!

When buying a home, a down payment is required by any bank or mortgage company. This down payment amount may vary depending on factors such as being a first responder or a first-time homebuyer.

Saving for a home down payment requires a detailed and actionable plan. It is recommended to consult with a mortgage broker or banker to understand available options and identify areas of improvement, such as reducing debt and improving credit score.

Here are some more tips to help you save effectively over the next five years:

1. Set a specific savings goal: To determine the amount needed for a down payment, it is important to break it down into monthly or yearly targets. This will provide a clear idea of the specific amount that needs to be saved each month.
2. Create a budget: Take a closer look at your income and expenses to find areas where you can cut back. Track your spending, prioritize essential expenses, and say goodbye to unnecessary or excessive costs.
3. Automate your savings: Take control of your savings goals with an automatic transfer from your checking account to a dedicated savings account. By setting up this simple system, you'll ensure that a portion of your income is saved before you have the chance to spend it. Don't let your hard-earned money slip through your fingers.
4. Reduce debt: Take control of your financial future by tackling high-interest debt head-on. Whether it's credit card balances or personal loans, paying off these debts will not only free up more of your hard-earned income for saving, but also improve your credit score. And a better credit score means a better chance of securing a favorable mortgage rate.
5. Increase your income: Whether it's taking on part-time gigs, diving into freelance projects, or starting your own side business, there are endless ways to earn extra money. And the best part? You can channel these additional earnings straight into your down payment savings, bringing you closer to your dream home with every dollar you make.
6. Cut back on expenses: Take a closer look at your monthly expenses and find opportunities to trim costs. Think about scaling back on discretionary spending for entertainment, dining out, subscriptions, or shopping. By doing so, you can free up more funds to contribute to your down payment fund.
7. Save windfalls and bonuses: When unexpected money comes your way - whether it's a tax refund, a bonus, or a generous gift - don't let it slip through your fingers. Instead, consider putting a significant portion of it into your down payment savings.
8. Housing assistance: There are a variety of local, state, and federal programs available to help you reach your goal of homeownership more quickly. Take advantage of these programs today and make your dream of owning a home a reality.
9. Invest strategically: If you have a longer time horizon, it's a great opportunity to explore low-risk investment options such as bonds or index funds. These options can help you grow your savings while minimizing potential risks.
10. Monitor your progress: Regularly monitoring your savings growth is essential to financial success. By assessing your progress, you can make any necessary adjustments to your strategy. Remember to celebrate milestones along the way to keep yourself motivated. Even if you've cut back on eating out, treat yourself and your spouse to a nice dinner to celebrate reaching a savings goal of $20,000.00. Discipline deserves reward!

Saving for a down payment requires time and discipline. It's not easy, but if you want it bad enough, you have to stick to your goals and plans with unwavering determination. The good news is that the payoff can be tremendous. By following these tips and staying committed, you'll be on track to achieve homeownership in no time. Start saving today and make your dream a reality!

Have your home needs changed in the past year? Perhaps you’ve outgrown your present home, or need to downsize to a more suitable home. If you’re ready to make a move, let’s connect and talk about all the amazing opportunities that are available to you!

It's common to hear the term "all-cash buyer" during real estate shows. It's often used as a way to sweeten a deal, but what's the reality? You can buy a house in Omaha with cash or with a mortgage, and each has its own pros and cons.

Buying a House with Cash Is Increasingly Uncommon

You're in the minority if you're able to buy a house with cash. Considering the median home sale price is in the mid-300,000s, most people cannot afford it. In 2020, the National Association of Realtors' Profile of Home Buyers and Sellers estimates that around 87% of home buyers finance their purchase.

There is no requirement that you show up with a suitcase full of cash if you have enough savings to buy a home outright.

What it means is that you're not getting a loan. The money may come from savings, the sale of another property, or the use of investments.

The Upsides of Paying Cash

If you can pay cash for a home, there are undoubtedly some benefits, including:

• Sellers find you more attractive as a buyer. Right now, this is a big deal. Omaha has a limited inventory of homes and a high demand for them. Bidding wars are inevitable. When making an offer, paying cash can help you be more competitive. That’s preferable to sellers because then they don’t have to worry about what happens if your mortgage financing falls through. A cash-only transaction is also usually faster, so you can get to the closing quicker, which sellers tend to like.
• You don't have to worry about mortgage payments when you buy a house in cash, but you also won't be paying the interest and fees associated with a home loan.
• Omaha home buyers who pay cash have lower closing costs because they aren't paying fees associated with mortgages like lender fees.
• It's not just the seller who benefits from a faster closing. It’s advantageous for the buyer as well. You might be able to close on a home within a week of your offer being accepted. If you buy with a mortgage, it can take a month or more.
• Once you close, the home really is yours. You don’t have the fear of not being able to make the payments and subsequently losing your home.

The Downsides of Paying Cash

There are a few cons of paying cash for a home that you do have to think about as well.

• There is no liquid money in your account. Your cash won't be easy to access if you use it all to buy a house.
• If you invest your money in something other than a house, you could make better returns.
• The mortgage tax deduction will not be available to you. Your taxable income goes down when you itemize deductions for the first $750,000 of mortgage interest.

Talk to a financial professional before buying a house in cash if you're weighing the option. You can discuss all the different scenarios and how that choice could affect you.

Of course, if you’d still have money in savings or investments after buying a house with cash, then it might make the decision easier.

Have your home needs changed in the past year? Perhaps you’ve outgrown your present home, or need to downsize to a more suitable home. If you’re ready to make a move, let’s connect and talk about all the amazing opportunities that are available to you!

Are you buying a home in Omaha or plan to sell your Omaha home? If so, you may be dreading the moving process. To be honest, it's never easy. But there are ways to make the process go more smoothly and with less stress. Here are some tips to help your nest move a successful one.

Plan as Far Ahead as Possible

When planning a move into a new home, it is important to start several months in advance of the actual move-in date. For long distance moves of several hundred miles or more, planning should begin at least twelve weeks in advance. This involves creating a moving timeline, hiring necessary movers or professionals, and notifying the post office and utility companies of the final move-out date. Proper planning ensures a smooth and stress-free move.

Don’t Do Everything on Your Own

Hiring professional movers is a wise decision as it saves you from doing the bulk of the moving work yourself. In addition, it guarantees the utmost safety for your belongings during the move. Professional movers are highly experienced and know the exact ways to transport your belongings from your old home to your new home with the highest level of care while working as quickly as possible. This ensures that none of your possessions get damaged during the move. Moreover, having professionals handle the move makes it faster and smoother overall compared to doing everything with just your friends.

Hiring additional movers can simplify your move. A reliable vehicle shipping company can transport multiple cars safely and efficiently. This enables you to keep your family together in one car during the move, or you can opt for a comfortable plane or train ride.

When planning a move, it's important to be cautious about who you hire to assist you. Before making any decisions, take the time to research moving companies online. Look for positive reviews on sites like Google and Better Business Bureau. Once you've identified potential Omaha companies, request quotes from each of them to compare prices. Don't hesitate to call and ask any questions you may have. If the company is friendly and able to answer your questions truthfully, they may be a good fit for your move.

Unclutter

Before your move, it's important to downsize your belongings. Take the time to go through everything you plan to bring with you and get rid of anything that you no longer use or need. If you have the budget, consider hiring a professional organizer to help you get everything in order before moving day.

Uncluttering before moving can greatly speed up the process. By reducing the number of items to be packed, transported, and unpacked, the entire process becomes more efficient. Packing fewer items takes less time and can be done more quickly, ultimately making the move faster.

Pack Methodically

It is important to prepare for a move in advance by gradually packing and labeling boxes by room. Rushing to pack everything in a short amount of time is not recommended. Prior to packing, it is helpful to declutter. Labeling boxes with their contents and designated room will simplify the unpacking process and ensure that items end up in their proper place.

To simplify packing during a move, it's worth considering using different types of boxes for different items. For instance, old beer boxes with handles can be useful for packing books. Additionally, packing smaller yet heavier items in rolling backpacks can make transportation easier. Rolling these items instead of carrying them can save time and energy.

When moving, the bottom line is the be as organized and prepared in advance as possible. Get professional help as much as you can afford to. Doing so will ensure your next move will go as smoothly as possible.

Have your home needs changed in the past year? Perhaps you’ve outgrown your present home, or need to downsize to a more suitable home. If you’re ready to make a move, let’s connect and talk about all the amazing opportunities that are available to you!

Important Factors to Consider in a Construction Company

• Commitment to safety. When undertaking new construction projects it is imperative that safety be the paramount priority of any organization. Ensuring compliance with all applicable laws and regulations, having comprehensive insurance and taking every feasible measure to ensure the safety of all workers greatly avoids potential issues on multiple levels. Firstly, there is a moral responsibility to prioritize safety over other aspects of a project. Additionally, there is an economic logic; by prioritizing safety companies drastically reduce their chances of experiencing delays due to accidents. Furthermore, employee morale and thus productivity often increases when employees feel secure in their work environment.
   
• Areas of specialty. What are the areas of expertise and specialty held by this construction company? Are they competent at building the type of house you want?
   
• Options and customization potential. How many options do you have when building a house with this company? Increasingly, construction companies are trying to streamline the design and preparation phase, relying on templates and simple modules for customization. If you're looking for something more unique, you'll need to find a construction company that can accommodate you.
   
• Past work/portfolios. How many houses has this company built? Can you tour some of them? What are the strengths and weaknesses of these houses, as you see them?
   
• Ratings and reviews. It's important to weigh in the opinion of past customers when considering a construction company. Be sure to read all customer ratings and reviews, as they can provide valuable insight into their experiences with the firm. Are there mostly positive or negative critiques? What are some of the most consistent compliments and complaints? Careful analysis of client ratings and reviews will help you get an informed sense of the quality of work this company does.
   
• Pricing and payment schedules. Cost is an important factor when choosing a construction team—some may be pricier than others, for a number of reasons. Make sure to take payment schedules into consideration, too: What are the respective amounts and due dates?
   
• Timelines. When building a new house, the typical timeline is 7-8 months from the point of obtaining permits to completion. However, it is important to note that this duration may extend or shorten depending on a range of factors. Be sure to clearly establish an understanding of the timeline and associated variables before starting the construction process.
   
• Contractors and subcontractors. When it comes to a construction project, it’s important to understand who is handling the work. The construction company no doubt relies on both its employees and contracted subcontractors as needed for each job. It's critical that the work meets quality standards, so make sure you know more about any contractors or subcontractors before committing; be sure to ask for references and reviews from previous customers. Additionally, ensure that all parties are properly insured and licensed so you can have confidence throughout the building process.
   
• Customer service. Client satisfaction is vital to ensure successful communication, organized progress, and an overall positive experience. Are you assigned a project manager for this process? If so, does this individual make themselves available as needed and respond to your queries objectively and truthfully?
   
• Terms and conditions. What other terms and conditions apply to this contract with this construction company? Do they make any assurances or guarantees? What happens if they can’t meet the original timeline? Will the price increase if the cost of materials increase?

Other Important Tips

• Set your priorities in advance. What are your biggest priorities when buying a house? You should know what these are long before you start looking for a construction company. For example, do you have a strict budget that's going to limit your options? Or are you willing to extend your budget if it means completing the house by a certain date?
   
• Shop around. Don't go with the first construction company you encounter. It's important to shop around and review many different options so you can properly evaluate each.
   
• Take your time. This is a huge decision, and not one you can afford to rush. If a construction company representative tries to pressure you into finalizing a deal before you're ready, push back.

After a red-hot real estate market during the pandemic & subsequent months, rising interest rates have cooled the chaos. But does that necessarily mean bad news for buyers? Maybe not, here’s why.

When the housing market skyrocketed, many would-be homeowners found themselves in a position of being unable to buy due to tons of cash offers and bidding wars that went sky-high, most-often thousands of dollars above asking price and almost always all contingencies waived. With interest rates rising, home prices are now edging down. 

In a recent Bloomberg article (October 2022) by Teresa Ghilarducci titled “Looking to Buy a House? It’s Not the Worst Time to Buy” she states “Buying an asset when the price is falling is generally a good thing. Buying a home now when mortgage rates are high and housing prices are falling means as mortgage rates stabilize or even drop, your house value will more likely inflate than if prices were rapidly increasing and mortgage rates were increasing. Rising mortgage interest rates and a potential recession may seem like bad news, but these trends could benefit would-be home buyers by cooling demand and dropping prices further, especially if the buyers are confident, they won’t lose their jobs and income.”  She further explained “Of course, a would-be home buyer must consider other important criteria besides housing prices before buying a house. Other important decision factors include having at least 20% for a down payment; whether you will live in the property for more than five years; and whether your monthly payment will be lower than 30% of your gross income.”

Although some may feel that buying a home while inflation & interest rates are higher is less than ideal, it may be a perfect time if you can afford it. You will avoid the bidding wars that kept so many buyers out of the market previously and you can refinance when the FED lowers interest rates, which some experts predict will start happening in 2023. 

If you’re considering a home purchase, or have questions about buying in this new market, please reach out and schedule a time with us to discuss your needs, options, and homes available to you.

Nancy Heim-Berg and The Heim-Berg Team
402-677-9024