Should I Sell My Home?

Are you currently living in the Fort Myers or Cape Coral areas and wondering if you should sell your home right now?

It seems like a simple question, yet ask 10 people and you will likely get 10 different answers. Within real estate markets there always seems to be so much conflicting information. Plus, everyone thinks they are an expert! Even people who have never owned a home suddenly have profound real estate insights to share. With all the confusion, how do you decide if selling your home is the right move?

Let’s be clear on a fundamental truth, the decision to sell your home is a deeply personal decision. Naturally, factors such as market conditions, equity in the home, and your financial situation are factors to be carefully weighed. Ultimately, you need to do what feels right for you and your family even if the market stars are not aligning perfectly. There are always great reasons to sell your home and we are going to share three of them with you.

You Need More Space

This is one of the most common reasons for selling a home. Single individuals and young families often buy a “starter home”. These tend to be affordable, small homes that fit a first time home buyer budget. Over time, there is a need for more space. A single adult may have more furniture, want room for guests, adopt pets, or get engaged. Young families may need more room for kids that are older and need their own space, to accommodate more children, or to make space for a beloved elderly relative.

“Moving Up” to a bigger house can be exciting. Imagine not having to share a bathroom with the kids or with guests? A bigger home can provide a lot more than more bedrooms and bathrooms. You may gain a garage, a bigger backyard, a finished basement, larger entertainment areas, and…a full sized kitchen with a pantry. Divine, right?

Beyond the changes in daily living, a more spacious home can offer a delightful change of lifestyle. Your new, larger home will likely accommodate guests more comfortably, especially for extended family visits. Instead of cramped dinner parties, you may host events that flow between spacious rooms and outdoor areas. Your new home may even become the family favorite for celebrating holidays!

If the thought of dozens of people walking around your house gives you anxiety, remember, you don’t have to host guests! Whether you invite people into your space or not, a bigger home gives you a lot more space to enjoy. If you are not into having guests, that spare bedroom can become an office or a beautifully appointed library. Your days can be filled with light, air, and silence – all in a spacious home that is all yours.

You Need Less Space

Oh, we can wax poetic about the joys of a dedicated laundry room, but we recognize that not everyone is looking for more space. The opposite may very well be true. You may find yourself at the stage in your life when the big house is more hassle than comfort.

“Downsizing” can be equally as exciting as “upsizing”. There are so many options ahead! Whether it’s a cottage on the beach, a high-rise condo in an urban area, or even a well-appointed apartment in a retirement center, shopping for a smaller home can be an adventure.

If you are truly adventurous, you may even decide to try a Tiny House. These small, portable homes are typically hand-built and can be “parked” on designated lots, backyards, tiny home communities, and more. Providing between 100 to 500 square feet of living space, these homes comes with a crash course in economy of space.

Yet tiny homeowners love it. They can build their house to their own specifications with many features of the home serving double duty. Everything has its spot and there is a designated spot for everything! It’s not for everyone, but those who have adopted the lifestyle often talk about the incredible feeling of freedom that comes with living in a tiny house.

Sea-side living, urban dwelling, senior communities, and tiny homes are all great options for enjoyable housing solutions once you sell your home. Many individuals who downsize report a feeling of “lightness” once they let go of all their “stuff”. Regardless of where you downsize to, take the time to evaluate what needs to go and what keepsakes need to adorn your new, streamlined world.

You Need a Change of Venue

Sometimes it’s not about more space or less space, it’s about different space. If you have spent all your life in quiet country living, maybe you are craving the faster heartbeat of city life. Or conversely, maybe urban life has worn you down and small town life is calling. You need a change and the one thing you can’t take with you is your home (well, unless you own a tiny house!).

Renting your home to tenants may be a reasonable solution, but often a permanent change of venue requires selling your home. The proceeds of the sale may support your move and fund a whole new life. In some circumstances, the financials are a not a factor and selling the home is more a symbolic “letting go” that allows you to fully embrace your new adventure.

Make sure you are prepared for the logistics involved in selling your home to move away. You will need to decide whether to stay in the home until it’s sold or to go ahead with the move and leave the home vacant to sell. Both are viable options that require planning and patience.

If you stay in the home, you will likely need to stage it for sale. Be prepared to have buyers viewing the home and to accommodate open house events. If you move, you need to ensure you can financially maintain two residences and that you have excellent communication with your real estate team. Either way, remember the sales process is only temporary and eventually you will be fully rooted in your new home.

Embrace the Sale

Regardless of your reasons for selling your home, relocating can be immensely exciting. Not only do you gain a new place to live, you will likely have a new job, meet new neighbors, and build new friendships. New places can bring wonderful new experiences and introduce you to exciting new cultural vibes – enjoy it!

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What Is A Mortgage?

What Are Real Estate Commissions?

 

Curious about real estate commissions in Cape Coral and Fort Myers Florida?

Like the video says – real estate agents aren’t paid by the hour! They’re paid a percentage of the purchase price in a successful real estate transaction.

When one agent represents the sellers and another represents the buyers the commission is typically split between them.
In the US, real estate commissions are commonly 6% of the transaction usually 3%/3% when split.

No government or industry body sets commission rates.  Legally, commission rates ARE negotiable.  However, remember that agents only earn their commission on successful sales.

Consider the work you want them to do for you to evaluate the value you should put on the commission they earn.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Large A Down Payment Do I Need?

How Large A Down Payment Do I Need?

 

In the process of looking for a home in the Fort Myers or Cape Coral areas and wondering how large a down payment you may need?

There are mortgage options now available that only require a down payment of 5% or less of the purchase price. You’ll see some pictures in this video to help you remember later – the larger the down payment, the less you have to borrow and the more equity you’ll have.

Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan.

When considering the size of your down payment consider that you’ll also need money for closing costs moving expenses, and – possibly – repairs and decorating.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What Is Loan To Value (LTV) And How Does It Affect The Size Of My Loan?

What Is Loan To Value (LTV) And How Does It Affect The Size Of My Loan?

 

Are you purchasing a home in Fort Myers or Cape Coral? Have you heard of the term “LTV” and wonder what it means?

While this video simplifies things to help you remember, the loan to value ratio or “LTV” is the amount of money you borrow compared with the price or appraised value of the home you are purchasing.

Each loan has a specific LTV limit. For example: With a 75% LTV loan on a home priced at $100,000 you could borrow up to $75,000 (75% of $100,000) and would have to pay $25000 as a down payment.

The LTV ratio reflects the amount of equity borrowers have in their homes. The higher the LTV the less cash homebuyers are required to pay out of their own funds.

So, to protect lenders against potential loss in case of default, higher LTV loans (80% or more) usually require mortgage insurance policies.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Does Purchasing A Home Compare With Renting?

How Does Purchasing A Home Compare With Renting?

 

Struggling whether to purchase or rent your next home in the Fort Myers or Cape Coral area?

Like the guy in the video says, the two don’t really compare at all.

The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity take advantage of tax benefits and protect yourself against rent increases. Also, you may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity increasing YOUR net worth. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities like insurance, real estate taxes, and upkeep which can be substantial.

But given the freedom, stability, and security of owning your own home they maybe worth it.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Does The Interest Rate Factor In Securing A Mortgage Loan?

How Does The Interest Rate Factor In Securing A Mortgage Loan?

 

If you are buying a home with a loan in the Fort Myers or Cape Coral areas, understanding the impact of your interest rate is important.

As you’ll see in the video, a lower interest rate allows you to borrow more money than a high rate with the some monthly payment.

Interest rates can fluctuate as you shop for a loan so ask lenders if they offer a rate “lock-in” which guarantees a specific interest rate for a certain period of time.

Remember that a lender must disclose the Annual Percentage Rate (APR) of a loan to you. The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate. It is generally higher than the mortgage interest rate because it also includes the cost of points, mortgage insurance and other fees that maybe included in the loan.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: Are There Special Mortgages For First Time Homebuyers?

Are There Special Mortgages For First-Time Homebuyers?

 

Thinking about buying a home for the first time in the Fort Myers or Cape Coral areas?

Yes. Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.

Lenders may now be able to help borrowers who don’t have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or who have experienced income irregularities.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What Steps Need To Be Taken To Secure A Loan?

What Is An Appraisal?

 

Getting a home appraised in the Cape Coral or Fort Myers area?

Every house is unique; appraisers are trained and licensed for expertise in putting a value on properties.

Appraisers don’t work for the buyer or the seller;  their primary mission is actually to protect the lender who’s risking money against the home’s value.

Appraisers have to weigh factors about the property and location – including size, condition and comparable properties – to appraise its current value.

They know how to focus on conditions that affect value; dishes in the sink don’t; damage and neglect do.

Appraisals lower than the proposed purchase price can affect transaction details. The seller might have to lower the price or the buyer might have to increase down payment or fund additional escrow.

Appraisal seems a lot like inspection, but they’re not the same.

You can think of it this way:

Appraisers report on value to the lender.

Inspectors report on condition of the house and major components to the buyer.

So – expect both appraisal & inspection in your transaction.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Can The FHA Assist Me In Buying A Home?

How Can The FHA Assist Me In Buying A Home?

 

Buying a home soon in the Cape Coral or Fort Myers area? An FHA loan maybe worth exploring.

Remember these points from the video:

The FHA works to make homeownership a possibility for more Americans.

With the FHA, you don’t need perfect credit or a high-paying job to qualify for a loan. The FHA also makes loans more accessible by requiring smaller down payments than conventional loans.

In fact, an FHA down payment could be as little as a few months rent. And your monthly payments may not be much more than rent.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Can I Keep Track Of All The Homes I See.

How Can I Keep Track Of All The Homes I See?

 

Buying and trying to organize all the homes you are looking at in Fort Myers or Cape Coral?

There are some great tips in this video, like:

If possible, take photographs of each house: the outside, the major rooms, the yard and extra features that you like or ones you see as potential problems.

Write things down as you go. And don’t hesitate to return for a second look.

Use the HUD Home Scorecard (www.hud.gov/buying/checklist.pdf) to organize your photos and notes for each house.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Do I Begin The Process Of Buying A Home.