Tony Economou - RE/MAX Advantage I



Posted by Tony Economou on 8/17/2017

Buying a house is one of the biggest decisions you will make in your life, both financially and otherwise. Just like retirement funds, buying a home and paying off your mortgage can be a significant long term investment.

It will take time to prepare for buying a home. Youíll need to build credit, save for a downpayment, and find a degree of financial stability to ensure you can pay your mortgage each month.

This article is catered towards homebuyers who have already met those prerequisites and are ready to jump in and start hunting for houses. For those of you curious about exactly how long it will take from the time you view your first house until you close the deal on your new home, read on.

Home buying by the numbers

On average, buyers can spend 30-60 days looking at homes and anywhere between 15 and 60 days longer to close on a home. Of course, these numbers depend on a lot of things such as how eager you are to buy, how  effectively youíre able to work with agents and sellers, and on just sheer luck.

How can I speed up the process?

Preparation is the number one thing to focus on when it comes to buying a home. First, double check your finances. This means taking time to run a credit report and challenging any errors that may be lowering your credit.

Next, take time to sit down and discuss with your family (if applicable) your moving goals. Are you trying to move closer to someoneís place of business or to a particular school district? Having these discussions will make it easier to eliminate houses and to narrow your search, saving you time in the long run.

Before you start looking at homes, itís a good idea to being the process of getting preapproved for a loan. This can take weeks, so you want to get this step done early to know where you stand when it comes time to start house hunting.

Next youíll want to meet with a real estate agent who has extensive knowledge of your area. Theyíll send you listings that meet your criteria, stylistically and financially.

The offer and closing

Now that youíve found the right home, youíll have to enter the next part of the process: making an offer and closing. This step isnít entirely within your control. Some sellers will delay in accepting, others will reject, and others will give a counter offer. The best way to save time on this step is to give a reasonable offer from the start, showing the seller that you are serious and worth negotiating with.

Once your offer has been accepted, your work is still far from over. There will be a lot of paperwork to fill out, but youíll also have to schedule a home inspection to ensure there are no problems with the home that you havenít already been made aware of.

Once all of these steps are complete, you will have purchased a new home.





Posted by Tony Economou on 8/10/2017

Moving into a new home can be overwhelming. Once you have gone through the long process of buying a home, when the keys are your hand, your mind could be swirling with tons of ideas for what you should do in your new space. There are a few important things that you need to complete before you get into painting those walls or buying a new sofa. Read on for tips.


Look At Your Things


In the excitement of moving, you may forget about all of the stuff that you actually moved into the home. If you hired movers, check your boxes. Make sure that nothing is broken or damaged from the move. If there is anything wrong, you can file a complaint with your moving company.


Turn The Utilities On


The utilities need to be turned over to you from the previous owner. In many cases, youíll need to contact the local utility companies in order to get the bills switched to your name and the services started. This is important for you to have a completely functioning household. Cable and Internet is a choice provider that youíll also need to set up ahead of time before your move.


Unpack Your Stuff


Rome wasnít built in a day but you need certain things like clothes and coffee makers as soon as you move into a space. Find the boxes that have the most important things in them like sheets, blankets, clothing, and important appliances. Work your way out. You donít want your new home to stay a complete disaster zone forever. 


Organize Your Stuff


Moving into a new home gives you a new opportunity to get organized. Get everything in order the first time. This will keep you from needing to clean up constantly at a later date. When you start off with good organization youíll be a lot happier in your new home. 


Think Security


Make sure that your new home is secure for your family. Think of everything from accidents to crime. Install an alarm system. Change the locks. Inspect the property for any hazards. All of these activities can help to make your new home a more secure place to live. 


Learn About Your New Surroundings


When you move into a new neighborhood, you should take the time to get to know the area. This includes meeting your neighbors and taking a stroll around your neighborhood to see the area more closely. Discover the highlights of the area like restaurants, shops, and other activities. Enjoy the new place that you call home to the fullest!




Categories: Uncategorized  


Posted by Tony Economou on 6/1/2017

Searching for the ideal home is an exciting adventure, but it can also be fraught with setbacks, delays, and disappointments. With a little preparation, however, you can avoid many of the potential pitfalls that could happen along the way.

One of the secrets of successful house hunters is to adopt a positive attitude, but temper it with a dose of realism.

Flexibility is also important, but it pays to be steadfast about your absolute requirements, also known as your "must have" list.

To help ensure a successful house hunting experience, here are a few of the key attitudes and qualities that are worth taking inventory of and cultivating.

Persistence: Although it does happen, it's unlikely that the house of your dreams is going to show up at the beginning of your search. As seasoned house hunters know, it's not unusual to have to look at dozens of houses for sale before finding just the right one. But even when you've reached that turning point, there still may be obstacles, hurdles, and challenges to deal with. The perfect example is a bidding war. What if you're all ready to make an offer on the ideal house, but it turns out that one or more other buyers have their sights set on that same house? That can not only be stressful, but it can stretch your housing budget to its outer limits (and beyond)! On one hand, you have to be willing to walk away from a property that would leave you "house poor", but on the other hand, you may want to consider pursuing a real estate deal that's on the high end of your budget, but financially doable. Working with a knowledgeable real estate agent who's a skilled negotiator can help give you an edge when you're confronted with a so-called "bidding war."

Optimism: If you view house hunting as a process which will eventually produce your desired outcome, then you'll be a lot more motivated to go the distance, rather than lower your standards or give up entirely. A positive attitude will help you overcome setbacks, identify workable solutions, and recognize opportunities when they present themselves.

Organization: Whether you prefer the idiom "The devil is in the details" or "God is in the details," the lesson is still the same: Small details can have a big impact. Staying goal-oriented and organized can help propel you forward and avoid frustrations. Knowing your credit score, establishing a realistic housing budget, and scheduling meetings with mortgage lenders will help you stay on course, be prepared, and steer clear of unnecessary delays. It also helps to take notes, create lists, and follow a daily or weekly action plan.

Buying a house is an important priority which can affect the quality of your life in many ways. By staying organized, focused, and positive about your search, your chances of success will be enhanced many times over.




Categories: Uncategorized  


Posted by Tony Economou on 4/20/2017

Owning a home seems like a logical step in the game of life that most people take. Itís a good investment and better for your finances than renting. Just because it seems like the right thing to do, doesnít actually mean that it is the right thing to do for you and your situation. There are a few clear-cut signs that youíre just not ready to buy a home. 


Your Income Is Too Low


Even if you think that you make enough money to buy a home, you need to take a look at your own finances before you start looking. Youíll need a large sum of money upfront to buy a home, so saving will need to be our thing. Between closing costs and the 20 percent down payment that you should have to buy the home, you donít want to spread your income too thin. Financial experts recommend that your monthly mortgage payment isnít more than around 30 percent of your monthly income. 


Debt Has You Pinned Down


Even if you do have enough money to buy a home and make monthly mortgage payments without worry, you may have too many other bills to pay. If you have massive amounts of student loan debt, maxed out credit cards, or other large loans, you may want to think twice before you buy a home. Lenders will look at whatís called your debt-to-income ratio. Your load of debt should be 38% or less of your monthly income. If you have too much debt, it may not only strain you financially, it could prevent you from getting a loan altogether.


You Started A New Job


Lenders like income and job history to be consistent. If you are coming off a period of unemployment or have just started a new job, you could look like an unstable lender. Lenders typically like people who have been doing the same job for about two years or more. If the stability of your income looks uncertain, you may not just look bad to lenders, but you could put yourself at risk as well. 


Your Savings Is Depleted


You need more than just the down payment saved up to be in a good place to buy a home. There will be plenty of things that youíll need once you move into a new place including furniture to repairs to renting a moving truck. You should have some additional money on hand in case of an emergency as well. 


Buying a home is a huge financial commitment. You should be absolutely sure that youíre ready for the commitment before you dive in.





Posted by Tony Economou on 3/30/2017

Do you enjoy the hustle and bustle of the big city? If so, you're sure to enjoy a city home.

Ultimately, there are many reasons to consider purchasing a home in a big city, including:

1. You can enjoy quick, easy access to public transportation.

Let's face it Ė owning a car sometimes can be problematic, and the costs associated with fuel, insurance and maintenance can add up quickly. However, you may be able to cut out some of these expenses if you live in the city.

Many cities feature public transportation systems that make it simple to travel from one location to the next. That way, you can avoid the hassles commonly associated with car ownership.

2. You can check out a broad assortment of attractions and entertainment.

The lights are always brightest in the city. Here, you can visit museums, historic landmarks and other attractions any time you choose.

For those who live in the city, you should have no trouble accessing a massive assortment of attractions and entertainment. From live theater performances to sports events, you can enjoy fun experiences in the city year-round.

3. You can visit a wide range of high-quality restaurants.

Foodies rejoice! Cities are home to some of the world's best restaurants, guaranteeing you can sample gourmet cuisine that you may struggle to find elsewhere.

Whether you appreciate traditional pub fare or elegant French dishes, you're sure to find exactly what you're looking for at a city restaurant. Plus, many city restaurants offer take-out menus, ensuring you can get first-rate cuisine delivered to your home.

How can you obtain a home in the city?

You don't need to be a millionaire to purchase a city home. In fact, here are three tips to ensure you can acquire an outstanding city house at a price that meets your budget:

1. Browse the housing market closely.

New homes reach the real estate market every day. As a homebuyer, you'll want to explore the housing market closely to find a residence that you can enjoy both now and in the future.

Examine the prices of recently sold homes in the city. Also, be sure to check out a variety of residences in-person. By doing so, you can understand what you can afford and map out your homebuying journey accordingly.

2. Get pre-approved for a mortgage.

Meet with multiple banks and credit unions before you begin your search for a city house. This will enable you to get pre-approved for a mortgage and kick off your home search with a homebuying budget in hand.

3. Work with a real estate agent.

Hire a real estate agent who understands a city's real estate market. This real estate professional will offer honest, unbiased homebuying recommendations. That way, you can accelerate the homebuying process and avoid the risk of spending too much on a city home.

Use the aforementioned homebuying tips, and you can move one step closer to securing your dream home in the city of your choice.




Categories: Uncategorized  




Tags