The Best Apps for Homebuyers

Technology has made a huge impact on the process of buying and selling real estate, and it continues to evolve and shape our experience differently each day. For some homebuyers, it may be easier to rely on your local Realtor® to guide you through the steps from searching for homes to writing an offer to closing on that perfect new house, but many will want to take advantage of the plentiful resources available to us. These apps are some of the best available to homebuyers right now. Read on for details.

KW Realty
Over time, the local MLS (Multiple Listing Service) has become more and more accessible to the general public. There are several home search apps that aid homebuyers, and Keller Williams has come up with one of the best. Not only does the KW app update regularly with the local MLS, it allows you to search for homes for sale or rent in the US and Canada. You can easily filter your search parameters, and once you find a home you like, simply hit the "Contact Agent" button to meet with a local Realtor® to view homes.

Free to download and use. Available for iPhone and Android. 

Homesnap
Another home search app, Homesnap takes things to a new level. While touring your favorite neighborhood, simply snap a photo of a home to get details like number of bedrooms, square footage, and price (this is estimated if it is not an active listing). Like the KW app, Homesnap is linked with the local MLS to give the most up-to-date information on the real estate marketplace. You can also easily share and send your favorite homes to anyone- including your local Realtor®. It's an extremely convenient way to interact with your agent as you flip through homes for sale anywhere you happen to be.

Free to download and use. Available for iPhone, Android, and Apple Watch. 

AroundMe
New to the neighborhood? Use AroundMe to locate local amenities including ATMs, coffee shops, hospitals, restaurants, and more. Once you find what you need, use the built-in GPS to get directions to your destination. Not just for home buyers, this app works around the world and is available in several languages. 

Free to download and use. Available for iPhone, Android, and Apple Watch.

WalkScore
Are you dependent on public transportation or simply don't want to have to drive everywhere you go? This is the app for you. Originally intended for rentals, WalkScore can be used by anyone who wants to know how to get around in their neighborhood. Find the Walk Score, Transit Score, and Bike Score for any area through this app. Scores are rated from 0-100, with a higher number meaning you're closer to a walker's/rider's/biker's paradise.

Free to download and use. Available for iPhone and Android.

MagicPlan
For the planners among us, having the dimensions of your new home before you move in would be great, right? Well you can do it with MagicPlan. Simply download the app and then take your phone along to your showing appointments to create a full floor plan of the home you plan to buy. Once you have followed the prompts from the app, you can choose to create your floor plan from several formats (some at a small fee), and then you will be able to visualize where your furniture will fit in the new space. 

Free to download with potential in-app purchases. Available for iPhone and Android.

Houzz
For your inner interior designer, Houzz is the best app to get design inspiration, shop for home decor items, and seek advice for your creative undertakings. Search by room type, design style, budget, and more to plan out color schemes, furniture purchases, and even landscaping projects. If you find that you need some guidance, you can reach out to the Houzz community or even search for a local professional through the app. 

Free to download and use. Available for iPhone and Android.

***Bonus for after move-in:
Nextdoor
Settled in your new place? Now it's time to meet the neighbors! Nextdoor allows you to do just that, in a secure space that is only open to people who live in your neighborhood. Each neighborhood can build the online community differently, but usually people will share news, post sale items, recommend local contractors, and invite neighbors to events, like any other social media platform. The app allows you to access the discussion on-the-go and is a great way to get involved in your new community. If your neighborhood doesn't have a Nextdoor page yet, you can start one yourself, and the site will help you do it.

Free to download and use. Available for iPhone and Android. 

Are you buying a home in Cincinnati or Northern Kentucky this year? Contact Greater Cincy Homes today to get started!

How the Appraisal Impacts Your Home Sale

Market value, appraisal value, what does it all mean? How do these numbers impact your home sale? The short answer is that the market value determines the price at which you list your home. This is the price that a buyer is willing to pay for your home in the current real estate market conditions. Your local Realtor will be able to assist in pricing your home to sell quickly.

The appraised value of your home comes from a report completed by a licensed appraiser. The appraisal is a part of most real estate contracts, as the buyer's lender will not award a loan on a home that is priced above the appraised value. Because of this, some sellers may choose to have an appraisal done on their home before listing it for sale. It's important to keep in mind that, as the market shifts, the appraised value of a home may not be its true market value.

In a buyer's market, when inventory is high and demand is low, the market value of a home will usually fall below the appraised value. In a seller's market, when inventory is low and demand is high, sellers need to be careful of pricing their homes over the appraised value.

If an appraisal comes in below the offer price, then there are a few options. The seller may decide to lower the price to the appraised value, or the buyer can bring extra cash to the table to purchase the home. The buyer's lender will not approve a loan on a home that is higher than the appraised value, so one way or the other, the money will have to be adjusted.

How to Prepare
Although many items that are covered in the appraisal are fixed within a home and the attached grounds, there are some things you, as a seller, can do to ensure your home is rated at its best value. Many of these things are also recommended when staging your home, so if you have taken those steps before listing, you will be ready to go.

• Clean up - A clean home will always make a better impression than a cluttered, dirty one. Cleaning your home also makes it easier for the appraiser to move about and get where he needs to go.
• Maximize curb appeal - Mow the lawn, tidy up the landscaping, and put a fresh coat of paint on that porch. Small maintenance items like these can go a long way in making a first impression.
• Feature your updates - Any permanent changes that you have made to the house should be documented and shared with the appraiser, if possible. This is especially important for less apparent updates like a new HVAC system or roof. The appraiser will appreciate having these pointed out to him.
• Show comparable homes - Your local Realtor should be providing you with current market updates before and while you are on the market, but if you don't have some comparable homes on hand, she should provide this for you and present it to the appraiser.

Are you buying a home in Northern Virginia this year? Contact Greater Cincy Homes today to get started!

Originally posted on www.sarahknobbs.com.

How to Write an Offer

You've met with a Realtor, you've viewed the best homes on the market, and you found the one. Now you have to write a great offer to entice the seller to work with you. In a buyer's market, you may have more flexibility, and in a seller's market, the sellers have the advantage. A combination of low inventory and high demand means well-priced homes in the area sell fast, so you have to be extra careful when submitting your offer. Your local Realtor will be sure to guide you, and this post will help you understand all the moving parts.

Price
Of course one of the most important factors to whether or not the seller will want to work with you is the price you offer on their home. It is crucial to consult your local Realtor on this. You hired her to be the expert, so listen to her advice. She will know if the listed price is fair, or if the home is overpriced. This will help you avoid giving a lowball offer, which may offend the seller and cause you to lose the home you love.

Earnest Money Deposit
As part of the real estate contract, you are asked to give consideration (i.e. a monetary deposit) with your formal written offer. Generally speaking, this amounts to 1-3% of the sale price of the home. If you are in a competitive situation and you can afford it, your agent may recommend offering a higher earnest money deposit, or EMD, to show the seller that you are all in and will work with them towards a mutually agreeable settlement.

Contingencies
There are several contingencies that may become a part of a real estate contract. The most common contingencies are financing, appraisal, and home inspection. Depending on the location of your home, you may need or want additional inspections such as well and septic. A radon test may need to be included. Your financing (or cash offer) may result in a different type of contingency as well. Your local Realtor will advise you on which ones you will need to include in your offer and the best way to present them to the seller. 

Timelines
Just as you have a date in mind by which you want or need to move, the seller is probably in the same boat. Merging schedules can be tricky, so make sure your local Realtor contacts the seller so that you can smooth over the detail of the settlement date early on in negotiations. Other timelines will need to be assigned to each contingency, and your local Realtor will be sure to advise you on what is best.

Are you buying or selling a home in Cincinnati or Northern Kentucky this year? Contact Greater Cincy Homes today to get started.

5 Unusual Items to Advertise When Selling Your Home

The great thing about homes are that every single one is unique. When you prepare to sell your home, the best things to focus on are the standout features of your individual residence. Of course buyers want to know about the kitchen, bathrooms, and outdoor spaces at a minimum, but there are some less obvious items that should not be overlooked when advertising your home to sell. See if your home boasts any of these 5 items, and shout it from the rooftop... or at least get it in the property description.

Storage
Everyone has stuff, and everyone needs places to put it. If you have large closets, built-in bookshelves, a pantry, or even an unfinished room in the basement, don't be shy about it. Buyers want to know that they can bring their collection of antique figurines or their massive library or whatever else is important to them. Plus, they want to make sure they can store their clothes and kitchen items with ease. Storage is a huge asset for any buyer.

Amenities
Does your neighborhood have a pool? A playground? A clubhouse? Walking trails? If you are nearby to any community amenities, let buyers know. Convenience can be a big motivator for buyers to make a move, especially if there are multiple homes in the same price range in your area. If you don't live in a neighborhood with a ton of amenities, think about other features of your location. Proximity to major roads, shopping, schools, and entertainment are all worth mentioning.

FlexibilityMany buyers look to stay in their home for several years and through multiple stages of life. Just because they are a young couple starting out doesn't mean they will stay just two. Buyers look for homes that have potential to grow and change with them. Empty nesters may look for a home with the option of single-level living to ease the way into old age, families might look for space in the yard for an addition, or a buyer might prefer an unfinished basement to add in a workshop or theatre room. 

EfficiencyEnergy Star- rated appliances, LED lightbulbs, tankless water heaters, multi-paned windows, and blown-in insulation are all items that should be advertised when selling your home. These features lower energy costs and are often things that buyers will not have to worry about or replace very soon after purchasing a home. An educated buyer will look for long-term saving options like these when searching for a home.

Eco-friendlinessGoing green is not just a trend anymore. The use of recycled materials in your home is something to share with potential buyers. Bamboo or cork flooring are beautiful materials that stand out in a listing description, as do recycled glass countertops or composite decking made from recycled plastic and wood products. Items that are eco-friendly are often also energy-efficient and long-lasting, so it's a win-win for the new owner. 

Are you buying or selling a home in Greater Cincinnati or Northern Kentucky this year? Contact Greater Cincy Homes today to get started.

Mortgages With Low Down Payments

Most of the news about the housing market has been good in recent months; we are recovered and moving on up. That's good news for buyers and sellers, but we are now seeing more buyers entering the real estate market than before the crash. At first the market recovery was almost too quick for many buyers; prices were rising fast, but we now see a steadier market with better affordability. The other big change we see is that the tightened lending regulations are able to open up at this point. More buyers are now able to buy with low or no down payment options.

VA Loan
The Department of Veterans Affairs provides guaranteed home loans to qualified veterans. Borrowers can buy with zero down payment, and there is no mortgage insurance. The borrower does pay a funding fee, which can range from 2.15-3.3%. That funding fee can be added into the total loan amount and paid as part of the monthly payment. The funding fee is determined by the type of service the veteran gave, whether it was National Guard, Reserves, or enlisted/officer in the military and by whether or not it is the borrower's first VA loan.

Navy Federal
Navy Federal Credit Union offers mortgages with no down payment to members of the military, Department of Defense, and their family members. The loan must be used for a primary residence, and it has a funding fee, like the VA Loan. The Navy Federal loan is only 1.75%, which gives it an edge over the VA Loan.

USDA
The Department of Agriculture supplies home loans, and not just for rural areas. They usually run out of money because of the popularity of this program. USDA loans have no mortgage insurance. They charge a 2% guarantee fee upfront, and then each year the borrower is charged 0.5% of the loan balance.

Mortgage Insurance
For borrowers with strong credit, this option allows a down payment as low as 3%. Private mortgage insurance (PMI) has stricter requirements than an FHA Loan (below), but it can cost less over the loan term. Another advantage of this over an FHA loan is that the PMI can be cancelled once the loan is under 80% of the mortgaged home's value.

FHA
The Federal Housing Administration offers loan products to borrowers with imperfect credit and not a lot of cash. This isn't the cheapest loan option, but it gives more buyers the opportunity to enter the real estate market, which is better for everyone. There is a premium of 1.75% charged at the start of the loan, and if the borrower paid the minimum down payment (3.5%), there is also an annual premium of 1.25%. This makes for a higher monthly payment on a similar property to a conventional loan, so borrowers' affordability is lowered in comparison.

No matter what your credit situation and down payment ability is, it is crucial to talk to a qualified mortgage professional before beginning your home search. Contact Preferred Realty Partners today for some great recommendations and to start your home search.

Originally posted on www.sarahknobbs.com.