Real Estate Information Archive

Buying a house is the largest purchase most people will make in their lifetime. And while the internet is a wonderful place to find information when it comes to home buying, there is also a lot of information out there that is misleading or downright not true. In today’s blog post we are going to be discussing four common myths about home buying - let’s dive in: 

1. The first myth that we are debunking is that you need a 20% down payment. While sometimes this is true and putting that much down can have its benefits, you don’t always need that much to buy your dream home. There are some loan programs that allow for half of that, or even less. 

2. The second myth that we are busting is that you have to be completely out of debt before you are able to own a home. Yes, that means if you are carrying student loans or other forms of debt, you could still qualify. Mortgage underwriters like to see you using and managing credit responsibly, so ensuring your payments are made on time is crucial. 

3. Piggybacking off our last myth, number three is that your credit score needs to be perfect to buy a home. Of course having a good credit score will only help you, but don’t stress if its not great. For a conventional loan approval, the minimum FICO credit score is around 620. 

4. The last myth we are exposing is that it is cheaper to rent than to own. In the short term there may be some truth to this statement, however if you plan on renting for a few years or longer, it could be in your best interest to put that money towards an asset you own. Renting is a great option for someone who moves around a lot, but if you are planning to stay in one place for a while buying can be a great option. 

Have other home buying questions and/or myths you want to discuss? Contact our experienced team today and let us help you find your perfect home in Omaha, NE! 

So you applied for a mortgage (congratulations!) and you are wondering if there are things you should avoid doing until the process is finalized. The short answer is yes, and below we have listed five things for you to review and (hopefully) avoid doing. Let’s dive in: 

1.It is so important to ensure your bills are paid on time and to not to miss any credit card and/or loan payments. Why you ask? Well when it comes to your credit score, payment history is one of the most important factors. It can really hurt you if you show late/missed payments on credit accounts. 

2. While this next one can potentially be out of your control, you don’t want to actively switch jobs during the loan-approval process. Doing so could lead to income adjustments and thus revisions to the total amount of money you are ultimately approved for. 

3. Applying for new credit is another big no-no. Knowing your credit can be pulled at any time until the loan is finalized, you want to steer clear of anything that can negatively impact your score. Opening new lines of credit can have negative impacts on your score and further debt accumulation can increase the debt-to-income ratio (which lenders don’t want to see). 

4. ​Avoid making large deposits without a paper trail as this can indicate newly borrowed money to a loan underwriter, which in turn could read as an increase to your debt-to-income ratio. Any large sum of money that is deposited should have a clear explanation. 

5. ​Steer clear of large purchases after applying for a mortgage. Doing so could either lower your savings amount if paying cash, or increase your credit utilization and debt-to-income ratio. Hold off on furniture and appliance shopping until after the mortgage is finalized.

Did you know the photos that are used in your home listing are a crucial part of the home selling process? It’s true! They can be a large factor in the amount of initial interest your listing receives, and can be a great tool to showcase your home with homebuyers out of state. Below we discuss a few tips and tricks to help ensure your images not only turn out well, but stand out from the rest. Let’s dive in: 

-Our first tip is to ensure that your home doesn’t appear too “lived in.” You want to spend some time decluttering your home to help that the images turn out clear and allow buyers can focus on the home - not your things in it.

-If you are finding you need extra space to store bulky furniture or miscellaneous items, you may want to consider renting a storage unit. It is a great way to keep your items safe and in good repair until the home sells, while also decluttering the space. 

-Staging a home is known to increase not only the amount of offers that come in, but also the price of those offers. You can either stage the home yourself or bring in a professional staging company to help ensure the home looks its best and is staged to sell. 

-You want to make sure to highlight all the natural light and/or pretty views as those features are a huge selling point for potential buyers. Make sure all your curtains are open and windows are cleaned. For a better photograph, you want to make sure all lights and lamps are turned on, inside and out, but to make sure that all ceiling fans are turned off.

-Lastly, it is important to take some time to depersonalize your home. This includes excessive family photos, refrigerator door clutter and kids toys. You want the images to showcase the home itself and not have potential buyers be distracted by the other items throughout your home. 

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Buying a house is likely the largest purchase an individual will make in their lifetime. It takes time to save for a downpayment, find the right real estate agent, tour potential homes and finally put an offer together. 

It is so important to be prepared when buying a house, especially first time home buyers, and make sure that you are getting the best deal you can. And as you may have guessed, that is exactly what we are going to be discussing in today’s blog post. Let's dive in: 

-One way to help ensure you are getting the best deal you can when buying a house is finding a great lender and figuring out the right mortgage for you. Taking time to shop around and finding the right fit could mean the difference of thousands of dollars over time.

-Finding a good real estate agent is another great way to ensure you are getting the best deal possible. You want to find an agent who is not only knowledgeable of the area and dedicated to helping you find your dream home, but also someone who will always keep your best interest in mind. 

-Buying a home during an off-peak time could work in your favor when trying to get the best deal. With spring and summer being peak housing sales seasons, trying your luck in the winter could get you the most bang for your buck. 

-Another way to get the best deal on a home is buying a fixer-upper. There are many homes that have a ton of potential, but lack the spark when you first walk in. A fixer-upper is a great way to increase the value of your home while also putting your personal touches on the house.

From new, modern homes to old fixer-uppers - whatever your taste let our experienced team help you find your dream home in Omaha, NE. Be sure to sign up for our listing alerts here!

Whether you are the buyer or seller in a real estate transaction, the home inspection is a very important part of the process. While the inspection is designed to protect the buyer of the sale and alert them of damage to the home, a poor result from the inspection can open the door to renegotiation. In today’s blog post we are going to be discussing what a home inspection is and all the ins and outs of the process. Let’s dive in:

A home inspection is a ‘non-invasive’ examination of the property and a crucial part of the home buying process. A licensed home inspector will come to the property and review the home for structural, mechanical and/or electrical defects. The process is designed to give the buyer a more comprehensive overview of the house they are purchasing and ensure there are minimal surprises when they move in. 

The home inspection process is not required by law, but it is definitely worth the money. It acts as a protection of the investment the buyer is making, while also giving them peace of mind that the integrity and condition of the home is in good repair. The inspection will typically take place a short time after the offer is accepted by the seller.

During the process, the inspector of the home will look for any issues having to do with the home’s electrical system, heating/cooling system, plumbing, windows, doors, foundation, roof and more. If you are the seller and are looking to prepare for a home inspection, there are a few things you can do. First, you need to ensure that all your paperwork is in order and begin addressing repairs that you know will be red flags to the inspector and need attention right away. Second, about a week before the inspection is scheduled, begin removing any clutter or items that could interfere with the inspection. Lastly, ensure your home is clean and everyone is out of your home on the day of the inspection.

Selling your Omaha, NE home? Allow our team of professional, knowledgable and trustworthy real estate agents to go to work for you! Additionally, don't miss our "Seller Tips" page here! 

During your hunt for a new Omaha, NE home you may come across properties that are listed as a short sale. If you are not familiar with this real estate phrase then you are in the right place as today we are going to be discussing not only what a short sale is, but also the pros and cons that can come along with it. Let’s dive in: 

What is a short sale?
When a property owner owes more on the outstanding mortgage than the home is worth a short sale can take place. Essentially, the bank or mortgage company will allow the owner to list and sell the home for “short” of the amount that is still to be paid. Even though this causes the lender to lose money in the deal, it is still seen as a better route for the bank and property owner than foreclosure. 

Pros of a short sale:
-The obvious upside of a short sale is price. A buyer has the potential to purchase a home for a lower price and get into a house/neighborhood they otherwise may not have been able to afford. 

-A short sale can be less risky than purchasing a foreclosure as the homeowners are likely to still be occupying and taking care of the property. 

-Another pro of a short sale is that you are likely to find way less competition as many buyers tend to shy away from situations that are not a standard transaction - this is especially true with first time home buyers. 

Cons of a short sale: 
-Homes are sold as-is in a short sale and the buyer is not able to negotiate price based on necessary home repairs, updates or improvements. 

-On that same note, you may find the home needing repairs/updates/improvements so it is a good idea to get a home inspection and factor these costs into your budget. 

-A short sale transaction has the potential to take longer than a traditional home sale as the lender that holds the mortgage has to approve the offer in addition to the seller. 

Selling your Omaha, NE home? Allow our team of professional, knowledgable and trustworthy real estate agents to go to work for you! Additionally, don't miss our "Seller Tips" page here! 

Buying a home is one of the largest purchases most people will make in their lifetime. Many people will find their desired community and ultimately the home they want to settle into - but what if that home seems to come with a questionably high price tag? 

Below we have a couple ways to help you figure out if the asking price matches the property - let’s dive in! 

-One way to figure out if the price is right is to compare the desired home to other properties in the area.  Comparing apples to apples will allow you to see how it matches up to other houses with similar features, which is ultimately a good indicator of how much you should be paying. You can look at homes that just sold, as well as similar properties that are currently for sale.

-Speaking with a reputable and knowledgeable real estate agent is another great way to figure out if a home is priced correctly. A good agent will have a pulse on the community and give you an idea if you would be paying too much for the property by doing a comparative market analysis. Additionally, if the home you are looking at does not pan out they should be able to show you other communities that are similar and fit within your set budget.

-Patience can be key when it comes to purchasing a home, especially if you believe it is priced too high. Some sellers will end up pricing the property too high because of their emotional attachment instead of setting a price that is more in line with what the home is actually worth. You may have to wait things out to see if the seller will either lower the price or be more willing to accept a lower offer if the listing has been on the market for a while. 

Are you interested in hearing what our amazing clients are saying about us? Be sure to check out the Testimonials page here!

Before we jump into the main topic of today’s blog post, it is important to understand exactly what a foreclosure is. A foreclosure is a property that has been seized by the bank who originally gave the owner the loan. In each mortgage contract there is what’s called a ‘lien’ on the property which allows the bank to take control of the property in the event the borrower fails to make mortgage payments. 

What are the benefits of buying a foreclosure?

-Price: One of the most undeniable benefits of purchasing a foreclosed home is that they will almost always be at a lower price point than other properties in the surrounding area. This is because the property is being sold off by the lender, who is motivated to sell quickly as they only make a profit if the home is sold. This creates an opportunity for below market purchase price.  

-Affording your dream neighborhood: A foreclosed home could be a great path to your dream neighborhood in which otherwise you wouldn’t have been able to afford.  

-Renovations: Another great benefit to a foreclosed home is the potential for renovations due to the home being priced to sell and leftover money in your budget. Is the kitchen not big enough? The powder room not to your liking? You are now able to shift the feel and look of the home to be more in line with your aesthetic taste. 

-Fewer title concerns: If you were to purchase a property from a homeowner there is a chance you may not receive a clean title (which is the legal right to own a property) due to liens on the home, backed taxes, etc. These are just a few reasons which could force the sale to be canceled. In a foreclosure the bank clears the title for you, thus eliminating these concerns.

-Loan configurations: Even though when you buy a foreclosure there might be a slightly different  buying and bidding process, you still have options when it comes to loans. As long as the home is in living condition, you can get a FHA, VA or USDA loan. 

From new, modern homes to old fixer-uppers - whatever your taste let our experienced team help you find your dream home in Omaha, NE. Be sure to sign up for our listing alerts here!

There is no denying that Omaha, NE is a hot real estate market! With that said, if you find the perfect home in the city it helps to be equipped with knowledge to help make your offer stand out from the rest. These tools may be the competitive advantage you need for sellers to accept your offer. Let’s dive into this more below: 
 
-Find a great rest estate agent that has a broad understanding of the current Omaha, NE market and who not only communicates well, but also is proactive during the entire process. Your agent will represent you and will be communicating with the listing agent to help push your offer over the finish line by inquiring on items such as timelines, seller’s goals, etc. 

-To make your offer appealing to the seller, it is best to keep your offer as simple as possible. This means fewer contingencies, making sure the offer price is reasonable and competitive, offering a quick closing, etc.

-Show that you are a serious buyer by providing the seller proof that you can afford the home. You can do this by obtaining a mortgage pre approval letter or if you are a cash buyer, you can submit proof of funds in combination with the offer.

-Lastly, you can make your offer stronger by offering to speed up the inspection time. A standard time period is around ten days, but offering to have the home inspector come out right after the contract is accepted can really make your offer stand out. 

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There is no better feeling than signing the final paperwork on your first home! And while the difficult hunt of finding your perfect property is over, there are still many items to check off your ‘to-do’ list before you can kick your feet up. 

We have dedicated today’s blog post to a list of items for you to consider after you purchase your first Omaha, NE home. Let’s dive in! 

-One of the first things you want to do after purchasing your Omaha, NE home is to change the locks and garage codes. This will ensure no one with previous access to the home is able to enter moving forward. You may also consider updating the home technology such as the security system for an added layer of protection. 

-You will want to use your home inspection report as a guide to address any issues that were flagged, and the seller did not fix. You don’t have to tackle these all at once – you can prioritize what needs to be completed on what timeline and gradually check items off. 

-Be sure to connect the utilities, such as electricity and gas, prior to your move in date. This will make for a smooth transition as you settle into your new abode. 

-Don’t forget to check carbon monoxide and smoke detectors to ensure they are in good working condition. You may need to change out the batteries or consider replacing the entire units if you feel they need to be updated. 

-Prior to your move in date you may consider hiring a professional team to deep clean the space before your belongings are hauled in. You can’t be sure what dust and/or allergens have accumulated and it’s always good to start with a clean, clear space. 

-In case of emergencies, be sure to familiarize yourself with emergency shut-offs, appliance manuals and the circuit box right when you move in. The least ideal time to search for these is in moments when you need them! 

-Lastly, don’t forget to update places such as your employer, insurance companies and banking institutions with your new address. Additionally, if you are moving from out of state be sure to set a date to visit the local DMV to update your license. 

Are you interested in hearing what our amazing clients are saying about us? Be sure to check out the Testimonials page here!