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Must-Read Books For Real Estate Agents In 2022

The best real estate books are those that inspire you to reach your goals and become an even better realtor. They provide a variety of effective techniques and advice that will help you connect with your customers and improve your day-to-day processes. Besides being able to provide you with advice, real estate books also offer valuable lessons that the authors have learned from their own experiences. If you’re looking for inspiration from people who started at the bottom and became successful real estate professionals, check out some of these great books on real estate.

Real Estate Success In 5 Minutes A Day – Karen Briscoe

Many real estate professionals share the same daydream: “If I only had a few more minutes each day, I would be able to improve my sales and marketing skills”. According to Briscoe, all it takes to become a successful real estate agent is five minutes each morning. How do you spend those 5 minutes you ask? By reading one of the 365 chapters of this book each day, for an entire year.

The Sell – Fredrik Eklund

One of the most prominent real estate professionals in the country, Eklund is known for his unique and entertaining behavior on the hit Bravo show “Million Dollar Listing New York.” In his book, he shares his top tips for becoming a successful real estate agent. The book also features a variety of advice on how to build a strong and effective relationship with clients and earn a good reputation.

Laugh Your Way To Real Estate Sales Success – Cathy Turney

In her award-winning book, Turney shares her thoughts on the humorless world of real estate, showing how funny the industry can be. Unlike the other books that claim to have the “how-to-make-a-million” advice, Turney doesn’t provide the same level of advice. Instead, she shares her thoughts on the little moments that real estate professionals encounter every day. In her book, Turney talks about her journey from being a sales rep to becoming one of the top real estate agents in the country. She also shares her experiences and advice that will help other real estate professionals succeed.

The HyperLocal HyperFast Real Estate Agent – Daniel James Lesniak

In his first year as an agent, Lesniak was able to close over twenty million dollars in deals. He was able to accomplish this through his hard work and dedication, and he shares his strategies and advice in his book “The HyperLocal HyperFast Real Estate Agent.” One of the most important factors that real estate professionals should consider when it comes to becoming a successful agent is mastering the art of local marketing. Lesniak shares his strategies and advice on how to improve his sales and marketing techniques. He also shows how to use a segmentation and positioning process to effectively target his clients.

Buying A Home In 2022

Real estate is constantly changing, and buying a home has become extremely difficult over the past few years. In 2021, property values skyrocketed, making real estate great for sellers but challenging for buyers. Experts expect the market to relax a little bit in 2022, but it’s still not the most ideal situation for many buyers. That doesn’t mean you should avoid buying all together. If you do your research and are diligent, you can certainly find your dream home. Read on to learn a little bit about buying a home in 2022.

 

Home Prices Will Keep Rising, But At A Slower Rate

Although home prices are expected to continue rising in 2022, they’ll be at a slower pace than they were in 2021. According to the National Association of Realtors, home prices are expected to increase by just 2.8% in 2022. Other experts, such as the mortgage bankers association and the housing finance company Fannie Mae, predict a more modest increase of around 7%.

 

Mortgage Rates Will Increase, But Still Be Low

Despite the expected increase in mortgage rates in 2022, the average 30-year fixed-rate remained at a historic low of 3% in 2021. It’s important to note that even if the increase is as predicted, the mortgage rates will still be fairly low.

 

According to Yun of the National Association of Realtors, the average 30-year fixed mortgage rate will increase to 3.7% in the coming months. Other organizations such as The Mortgage Bankers Association or Fannie Mae believe that it will raise to 4% and 3.3%, respectively.

 

Actually Buying A Home

Knowing a bit more about the housing situation in 2022, you may decide to go ahead and start house hunting. But are you prepared? Ask yourself a few questions to be sure you understand what you’re getting yourself into.

 

Are You Financially Prepared?

No matter what the housing market is like, it’s always important that you make sure you’re financially prepared to buy a house. This means a lot more than being able to make a mortgage payment each month. You’ll want to make sure you have the money put aside for closing costs, moving costs, potential repair costs and so much more. You’ll also want to make sure you have a high enough credit score to take out a mortgage.

 

Research Neighborhoods

It’s important to research the places you’re considering moving to. You don’t want to buy a house and then find out months later that you hate the area. If you have kids, research the local school system. You may want to look at crime rates, or what the weather tends to be like in the area so you can avoid potential flood zones. These things are important to make sure you’re happy with your home in the long run.

 

Find The Right Real Estate Agent

Finding an experienced real estate agent who cares more about making their clients happy than they do making a sale is integral to finding the perfect home. Research local realtor reviews, or ask friends and loved ones for recommendations. The agent you work with can make or break the entire homebuying process.

Direct Real Estate Investing vs. REITS

Many people are confused about how to invest in real estate, as there are many different types of REITs. Real estate investment trusts are corporations that manage properties for investors.

Direct Real Estate

Direct real estate investing is a way to get into the real estate market without having to spend a huge sum of money. It allows you to generate steady and attractive returns by investing in properties that are worth their rental income.

Direct Real Estate Pros

One of the many advantages of investing in real estate is that it can generate substantial cash flow. This can be done through various tax breaks. One of these is depreciation, which allows you to reduce the cost of buying and improving a property.

Even though the stock market fluctuates, the real estate market generally rises over time. This means that investors may be able to sell their properties at a higher price later.

With direct real estate, you have more control over your money and the properties you buy. For example, you can set rental prices, determine how many properties to buy and refinance your mortgage when the market drops.

Direct Real Estate Cons

One of the biggest disadvantages of direct real estate investing is that it requires a large amount of time and energy to be successful. Another disadvantage of direct real estate is that many investors require financing to pay for their investments.

If the market tanks, they may default on their loan. Real estate is not a liquid asset. This means you will not have the chance to sell a property quickly if you find yourself in need of emergency cash.

REITs

A REIT is a corporation that invests in income-producing real estate. It is typically modeled after mutual funds. In the US, there are more than 225 REITs that are listed on major stock exchanges. With a combined market value of over $1 trillion, these companies are the world’s largest REITs.

Pros and Cons of REITs

One of the main advantages of REITs is that they allow investors to access the profits of the real estate market without being bound by traditional real estate investing rules.

With a 5% dividend yield, REITs are likely to have the highest total return potential. They also have the potential to increase their capital appreciation. Like stocks, REITs trade under heavy volume. This means investors can buy and sell their shares without being forced to do so.

Some of the drawbacks of REITs are that they are not considered “qualified dividends” by the IRS. This means they are taxed at a higher rate than ordinary dividends.

Another downside of REITs is that they are sensitive to changes in interest rates.

Rising rates can make their prices go down while increasing interest rates can stimulate demand. One other thing that’s negative about REITs is that they tend to focus on a specific type of real estate, such as hotels. If this type of property is your main concern, then you’re prone to experiencing property-specific risks.

If you’re looking for a more conservative approach to real estate investing, direct real estate may be a better choice. It’s also likely to provide you with tax breaks. The appeal of REITs is that it allows people who don’t want to manage real estate to get into it. They also provide a good way for people who have limited time and energy to learn about the industry.

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Don’t Make these Mistakes as a New Homeowner

Moving into a new home is an exciting time, but it can also be stressful. There are so many things to do and decisions to make! But if you want your new house to feel like a true home, there are some mistakes that you should avoid. We’ve compiled this list of four mistakes that people often make when they’re first starting as homeowners:

Not getting to know the neighborhood

One of the best things about moving into a new home is getting to know your neighbors. But this can only happen if you take the time to get to know your neighborhood. Spend some time walking around and talking to people. Find out what kind of activities going on in the area, and see if there’s a neighborhood watch program or community garden that you can get involved in. The more connected you are to your neighborhood, the more comfortable you’ll feel living there.

Not decorating enough

It’s easy to want to just move all of your furniture in and call it a day, but unless you’re good at arranging furniture, your house is going to look pretty boring. Take the time to decorate your home in a way that reflects your personality. Hang pictures on the walls, put up some shelves, and buy some plants. Not only will it make your house more comfortable to live in, but it’ll also make it feel like home.

Not taking care of the basics

It’s easy to get caught up in the excitement of moving into a new home and forget about all of the basic upkeep that needs to be done. But if you want your home to last, you need to take care of the basics like painting, caulking, and repairing broken appliances. You don’t have to do all of this yourself, but it’s important to have a plan in place for who is going to do it and when.

Not getting organized

One of the best things about having your place is being able to finally organize all of your stuff the way you want. But this can only happen if you take the time to get organized right from the start. Create a system for everything and stick to it. This will make finding things a lot easier, and it’ll also help keep your home clean and clutter-free.

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Why Mortgage Reserves Matter

Mortgage reserves, also known as cash reserves, are finances available to lenders after paying their deposit and closing their home acquisition. The cash should be in liquid or able to be converted into cash quickly. The purpose of mortgage reserves is to secure several months of mortgage installments in case of any financial constraint. It is generally determined by the number of monthly deposits one can make based on the saved cash. The monthly installments should comprise the principal, interest, property taxes, and mortgage or homeowners’ policy. It also involves any payments for homeowners available, secondary, and leasehold disbursements.

Generally, purchasing a home requires a lot of money. Therefore, apart from saving for your deposit and closing price, you must keep your mortgage reserves for various months. The mortgage lenders must ascertain that one can afford the monthly installments after any financial challenges. Cash reserves also help individuals to become satisfied with their choice of purchasing a home. There are also various costs associated with buying a house. These include maintenance payments and getting extra furniture.

Regardless of the lender’s requirements, the homebuyers should save not less than 3 to 6 months of their mortgage and home payments. As a result, the housing expenditure should not be more than a quarter of the monthly income. One should save proper reserves in bank accounts or from profitable businesses. Lack of savings may lead to serious debt. However, staying without investing is also not a good idea.

Acceptable Assets for a Lender’s Reserve Requirements

In cases where reserves are needed, one has to provide evidence of the owned assets. An account with stocks and bonds, for example, is an easy way of transferring the required cash. The other assets comprise of:

  • Retirement accounts such as Roth and IRAs
  • Regular earnings
  • Trust and saving accounts with a bank or credit union
  • Committed finances in employee 401k accounts
  • Vested amount from life insurance
  • Court settlements, lottery wins, and disaster relief funds
  • Money market accounts, CDS, and short term treasury bills

It is advisable to budget for mortgage reserves for anyone planning to own a home. Using a mortgage calculator helps to determine the amount that someone needs to save. One should also seek advice from mortgage lenders to make an informed decision and plan accordingly.

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