Foreclosed homes can be appealing to house flippers, investors, and ordinary homebuyers looking for a bargain. Once a lender takes possession of a foreclosed home, they will seek to sell it quickly. They are less concerned about making a profit and simply want to break even on the amount they lost due to non-payment of the mortgage.
There are several things that determine how much house someone can afford. Salary, savings, and credit history paint part of the picture. Add to that the buyer’s wish list for a house, the neighborhood, and the real estate market, and the answer comes further into focus.
People can have bad credit for all kinds of reasons. Does that mean they can’t own a home of their own? A bad credit score will make the process more challenging, but getting a loan and becoming a homeowner can happen.
For a lot of people, a brand-new home is appealing. But there are others who seek out older homes. In addition to charm and character rarely found in a new build, old houses often feature solid construction and expert craftsmanship. They are often found in established neighborhoods with bigger lots and more mature trees.
A stat cited in a 2018 Washington Post article estimated that 73% of homebuyers place a great deal of importance on schools when searching for a home. Education options often outweighed other items on a buyer’s wishlist, such as a garage, updated kitchen/bath, a certain number of bedrooms, or a large yard.
A month into the second half of 2021 and the hot housing market is showing no signs of cooling down anytime soon. This is great news for sellers. A lot of buyers, however, are feeling exhausted and frustrated.
Like most industries, the world of real estate has a language all its own. Sometimes the terms used can be confusing, especially for first-time homebuyers. If you find a house for sale with a status listed as “sale pending,” “contingent,” or “under contract,” what does that mean, exactly? Is the house off the market, or can you still take a tour or make an offer?
Anyone can use a search engine to find a real estate agent. You’re also sure to find a lot of articles online with general advice on how to pick one. What is often missing, however, are actionable, insider tips for tracking down the absolute best agents, and more importantly, the best real estate agent for you.
According to the National Association of Realtors, 41% of home sellers who used an agent found their realtor through a friend’s or family’s recommendation. Another 26% used the same realtor as they had previously. Needless to say, word-of-mouth and a positive experience play big roles in a real estate agent’s success.
This post is part two of our series on the similarities and differences between Missouri and Illinois, and what they mean for finding a house in the St. Louis Metropolitan area. You can read our first post on the differences between the two states here.