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  • "Manhattan real estate is the most expensive in the US per square foot with some properties topping $10,000: Study" - CNBC.com"Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows. Per square foot, real estate in Manhattan is the most expensive in the United States, with the average property in the borough eclipsing all other locals. Based on that metric, some city properties even top $10,000, according to a report published Thursday by real estate and data analytics firm NeighborhoodX..."
  • "Jacksonville industrial development would span 3 million square feet" - TheRealDeal.com"A Kansas City, Missouri-based company plans to buy 156 acres in Jacksonville to build three million square feet of industrial space. VanTrust Real Estate LLC expects to break ground next month and finish construction of the first building in September 2019. The company expects to build three million square feet in three to six buildings at a Jacksonville industrial park..."
  • "$1bn for empty space: the saga of the world's most valuable real estate" - TheGuardian.com"A billion dollars is a steep price to pay for a whole lot of nothing – even if the nothing in question happens to be a prime piece of open land with commanding views over the mansion-studded hills of Bel-Air and Los Angeles. Still, a billion dollars is what the owners of the 157 acres perched between Benedict and Franklin canyons say they want, and they are not in the mood for discounts. At least in theory, the listing – known variously as the Vineyard or the Mountain – is an invitation to the ultimate gazillionaire to build his or her palace of dreams above a city famously built on them..."
  • "Las Vegas median home prices ‘slowing down’ this summer" - ReviewJournal.com"After a stretch of roaring price hikes, Las Vegas’ housing market seems to be tapping the brakes. Price growth is cooling down, sales have slowed, and the industry’s biggest trade group in town is dialing back expectations that prices will reach their pre-recession peak this year. By all indications, Las Vegas is still a seller’s market and not undergoing a wrenching change, and prices continue to rise faster than the national average. But collectively, the shifts could give buyers some relief. Southern Nevada home prices have been rising at one of the fastest clips in the country this year amid low availability and strong demand. Things have been so heated that Fitch Ratings in June deemed Las Vegas the most overvalued market in the nation..."
Buying your first home (what to expect in 2018) - an offrs.com review

Buying your first home (what to expect in 2018) - an offrs.com review

There's a first-time for everything and when it comes to home-buying, small misunderstandings can mean significant loss in ROI or even the loss of the investment entirely down the road. Be sure to share this with your first-time homebuyer today.

As seen on Kinja.com, here is...

 

What Every First-Time Homebuyer Needs to Know

Congratulations! You’re ready to buy your first home. If you’re like most first-time homebuyers, it’s a very exciting time. But, since it’s something you haven’t done before, you need to make sure that you research the process, find out what to expect and what you can do to make the experience a success. Here are the most critical things a first-time home-buyer needs to know to get started.

 

Avoid Becoming “House Poor”

Okay, so you’re fired up about buying a house, but don’t forget that there are other things you like to (and have to) spend your money on. It’s easy to get caught up in the magic of house-hunting and end up paying more than you’re comfortable with. Just because you’re approved for a particular mortgage amount doesn’t mean you should use all the approved funds to buy your home.

 

Calculate the Cost of Home Ownership

You need to do the math. The cost of home ownership goes far beyond the mortgage payment. Make sure that you add in:

  • Property Taxes and Home Insurance: These two items are often included in your monthly mortgage payment, but keep in mind that many online mortgage calculators don’t take these into account.
  • Private Mortgage Insurance (PMI): If your down payment is less than 20 percent, you may need to include Private Mortgage Insurance (PMI) in your monthly mortgage cost.
  • Homeowner Association (HOA) Fees: If you move into a neighborhood that has an HOA, you’ll need to factor in a monthly HOA fee.
  • Utilities: Your utilities may be higher in your new home, so don’t underestimate the cost.
  • Maintenance: Even newer homes need occasional maintenance, so make sure to consider maintenance in your budget.

Decide What You Want to Pay Each Month

Based on the potential cost of a new home, decide what you’re willing to spend on this alone, each month. Your calculations may indicate that if you buy the most expensive home you can... you won’t have enough money each month to do the other things you enjoy doing. If that’s the case, set a price range for your new home that will let you have that desirable lifestyle that you also yearn for.

 

Get the Professional Services You Need to Get Started

You’ll need the services of a number of professionals as you go through the purchase process, but you need to start with these two.

  • A Real Estate Agent:? Find an agent that has experience working with first-time homebuyers. Choose wisely, and they can be a big help in ensuring that you enjoy your home buying experience. Hiring a relative or friend who just got their license, or who isn’t familiar with the neighborhoods you want to look in may not be the best approach.
  • A Mortgage Lender: Don’t delay finding a mortgage lender. You need to get pre-approved before you even start looking for a home. You’ll get a clear idea of what your mortgage costs will be, and you’ll put yourself in a strong negotiating position with home seller leads.

Clarify Your Needs and Wants

Realistically, you’ll never find a perfect house, so it’s important to make a list of things you need and things you want. The things you need should be those things that you don’t want to compromise on, while the things you want aren’t set in stone. You might even want to prioritize your “need” list. These lists will help you stay focused as you’re looking at prospective homes. For example, you may want a wrap-around porch, but you need to be in a particular school district. Review and revise the list with your real estate agent.

 

Have Fun!

There are other things you’ll need to know as you get farther into your home search. However, when you address the issues described above, you’ve set a good foundation for success! Remember to go in prepared but to make it a fun experience. Being ready to jump if you need to doesn't have to mean a stressful experience.

 

offrs collects and provides topical insights, statistics, reviews, humor and best practices gathered from real estate professionals and consumer homeowner industry peers. If you're a broker or agent interested in learning more about seller lead generation or automated marketing services and solutions, visit www.offrs.com or continue to browse our growing collection of industry articles at www.offrs.net.
 

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