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Articles Tagged "Down payment"

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January
17

Brighton Market Report

Are you ready to start the new year off with all of the latest Livingston County real estate market data and trends? The more you know about the real estate market, the easier it is to accomplish your goals when buying or selling a home. If you're planning on a move in 2022, it's important to stay up to date with the latest local trends. Our real estate agents are here to keep you up to date on all of the latest Livingston County real estate trends, and we've got the details in our January Market Activity Report.

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November
22

Market Cooling Down

It's no secret that the housing market has been HOT for the past several years. However, all market trends eventually come to an end. Buyers have started asking our real estate agents whether things are finally cooling down and what they should expect going forward. 

While no one has a crystal ball, the latest data shows that inventory is creeping up, some homes are staying on the market for longer, and some home sellers are cutting prices. What does this mean for you and your home buying or selling prospects? Here are a few of our predictions. 

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October
25

October Livingston County

Thinking of buying or selling a home in Livingston County? The more you know about the latest trends in the local real estate market, the easier it is to accomplish your goals. We keep a constant eye on the real estate trends in our area so that you can make informed decisions based on the latest data. Our real estate agents have all of the details in our report on October Market Activity for Livingston County.

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August
9

Vacation Home

If you've dreamed of owning a vacation home your whole life, you're certainly not alone. Vacation home purchases were up 16% in 2020, an increase that was driven by the pandemic and the flexibility of remote work. Whether you need a new place to rest and relax, or you're looking to supplement your income with a rental property, it's easy to see the appeal behind investing in a second home.

Especially here in Livingston County, with our close proximity to relaxing lake living.

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June
15

Bidding War

When the real estate market favors sellers, our real estate agents know that it's common for homebuyers to get into a bidding war. A bidding war occurs when two (or more) potential buyers put in offers on a home at the same time.

If one offer includes terms or conditions that are more favorable, the seller can select that offer. However, it's also possible that the buyers will need to revise their offers one or more times until one offers a higher price. Here are some guidelines to follow when you're in a bidding war. 

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February
1

VA Loan Changes

Our real estate agents work with many military veterans interested in buying a home. Servicemembers have unique access to a special mortgage loan program sponsored by the Department of Veterans Affairs. Known as the VA home loan, it provides mortgage loan options with favorable terms and few upfront costs.

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September
28

Closing Process

So you made an offer on the home of your dreams, and the seller accepted. The last thing you want to do is prolong the closing. Your mortgage is contingent on you maintaining the same financial profile throughout the closing period, and any abrupt changes may lead to problems or delays. Our real estate agents made a list of the five things you shouldn't do during the closing process.

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September
10

Competitive Market

In a competitive real estate market, home sellers have an advantage over buyers. You can still find a great home at a price you can afford, even in this type of market, but you may need to make your offer stand out in case the seller receives other offers. The amount of money you're willing to spend is important, of course, but there are also other ways to give your offer a boost in the eyes of the seller.

Our real estate agents suggest the following ways to make your offer stand out in a competitive housing market:

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July
13

Real Estate Myths

Everyone who has ever bought or sold a home has opinions about the real estate market, which can make it hard to separate fact from fiction. Some of the most common tips that you'll hear about the real estate market are based on myths, and some of those myths have had impressive staying power across generations. Our real estate agents are here to set the record straight, with 5 myths that you shouldn't believe about the real estate market.

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August
12

Raise Credit Score - Griffith Realty

Searching for Brighton homes for sale is an exciting experience. Our REALTORS® want to ensure that you're fully prepared to make an offer that puts the deed in your hand and the keys in your pocket. Unfortunately, many homebuyers don't realize that there are a few elements within a real estate transaction that may prevent you from owning your dream home — especially your credit score.

Credit scores change over time, and although you may be diligent and responsible with your debt, a mistake can drop your credit score to a level that's not attractive to mortgage lenders. A fraudulent or incorrect transaction that you're unaware of can also harm your score. Credit scores range from 300 to 800; the higher the score, the better it looks in the eyes of lenders. Thankfully, even a really low credit score can be raised to an acceptable level with a little planning and discipline. Here are five ways home buyers can increase their credit score while house hunting.

  1. Keep an eye on your credit score.
    To take care of your credit score you first must know what it is. One of the worst things you can do is not check this number regularly. Many financial institutions and credit card companies even offer free credit score reporting every month. This enables you to see your score each month without potentially lowering it. If your report seems lower than it should be, investigate the previous months that show a drop. There's always a possibility that your card may have been used fraudulently. If you see a transaction that wasn't yours, report it immediately.

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December
31

Brighton Buy a Home
Buying a home is a significant investment that requires you to dig deep into your pockets. At first, it may feel like an impossible challenge. However, it is not as impossible as it seems. With a little planning and the application of a smart financial strategy, you can move into your new home sooner than you may think.

Four Strategies that Lead to Homeownership

  • Get Your Financial House in Order
    As a general rule, you will need to save at least 5% of the home's price for a down payment. That is why our REALTORS® recommend getting your financial house in order as soon as possible. This involves cleaning up your credit, paying down debts, and trimming your monthly expenses to the bare minimum. You may need to sell-off non-contributory assets such as extra cars, refinance existing loans, or cut back on the weekly latte meetings with friends. These factors have considerable influence on your ability to save. When these are taken care of, you will find it much easier to save up the down-payment. How long it takes to accomplish these objectives is up to you. Motivated buyers have been known to do all of this in one year. More commonly, it takes between two to three years.

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