Keys to Maintaining Your Credit Score While in Escrow

While waiting for final approval or a "clear to close" mortgage, underwriters will monitor your credit and bank accounts up to the hour of closing to ensure that you have not assumed any new debt that could affect your ability to pay your mortgage. Here are a few more tips to help keep your credit consistent during closing.

Plan Ahead to Avoid Closing Surprises

The clock starts ticking as soon as the seller formally accepts your offer and the contract becomes bilateral. Knowing the next steps towards closing on your home purchase may not eliminate surprises along the way, but it will help you understand what to do when something unexpected occurs. About Closing Costs in Florida

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Rocky Point is a bedroom community located in Stuart, Florida. It is situated just off the Saint Lucie Inlet adjacent to the Atlantic Ocean and Manatee Pocket. Rocky Point offers a variety of family-oriented neighborhoods, many with access to docks, marinas, boat ramps, and luxury homes with private docks. Residents enjoy the "Old Florida" setting yet are minutes to all the area offers, including nearby dining, shopping, commuter highways, top-ranked Martin County schools, and medical facilities.

New Listing

Check out this updated pool home with high-end finishes, including wood & marble floors, a gourmet kitchen with Thermidor, Miele & Sub-Zero appliances, a wood-burning fireplace, a spacious covered patio with an adjacent office, lush landscaping, a huge screened-in pool, and more! Offered at $949,000. Learn More

How to Find and Buy Off-Market Properties

Have you ever noticed a home that sold without even a for-sale sign in the yard? Often sold by word-of-mouth or as "pocket listings," these off-market properties may provide you an opportunity to see and purchase your dream home before it hits the market. That is how we found our Florida home in the height of the last boom market.

In my case, I began scouring the classifieds when my Realtor came up short on houses. In the end, I discovered a property that was an FSBO (for sale by the owner) but he refused to work with my agent. So I found myself a home and a new career in real estate after putting the deal together on my own.

Click here to join our interest list, and we'll keep you updated on homeowners with off-market properties who have contacted us about getting ready to sell. Joining the off-market interest list can be an excellent addition to your toolbox if you want less competition in your home search.

Yacht & Country Club of Stuart This is an off-market 3-bed/2-bath pool home in a guard-gated community under renovation. Call 772-678-1600 for Info or click here to learn more.

What is an unlisted home?

Also known as off-market homes, they are houses and condos not yet on the multiple listing service (MLS). These are homes where the owner is still deciding when to sell, homes previously listed but didn't sell, or even celebrity's homes that demand anonymity. Unlisted properties may be more common in areas where it's a sellers' market with more buyers than sellers or limited real estate inventory.

Cobblestone in Palm City: This is an off-market 3-bed/2-bath pool home. Upgrades include tile floors, accordion shutters, and a whole-house generator. Click here or call 772-678-1600 for Info.

Finding the Best Deals on Florida Homes for Sale

It can be hard to track down great deals on Florida homes for sale, but this is the place to start if you want to be among the first to know about upcoming listings and off-market properties before they hit the MLS. Learn More

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Renting vs. Buying: Which One's Right for You?

By Keith Loria

Today's real estate market pluses include low mortgage rates and attractive prices, but many Americans still find purchasing a home difficult. Renting and buying both have their benefits and challenges depending on each person's circumstances. Therefore, it's essential to weigh the pros and cons.

A good rule of thumb when considering whether to rent or buy is to predict how long you will stay in the home. If you plan on moving and selling in less than five years, renting is probably a better option right now.

One of the main factors keeping people from buying is the difficulty in obtaining the mortgage they want to afford the property they desire, causing them to either shop for something smaller and less expensive or rent until they can improve their financial situation.

The main problem most people have with renting is that you won't be gaining equity, and it feels like you're throwing your money away. Plus, there's no tax advantage to renting, and there will be restrictions on changes you can make to the home.

Still, there are many benefits to renting. For one, you don't need to make a long-term commitment, and it gives a future homebuyer the flexibility and time to figure out the best course of action, both personally and economically. Other positives include being able to move when the lease expires, there's less maintenance work required, and you don't need to have a large sum of money available up-front to live in a lovely home.

For those who choose to buy, the mortgage balance decreases over time, and equity builds. You also have the freedom to make any decisions you want—including tearing down walls, building decks, and remodeling any room the way you have always dreamed.

While every situation is unique, there is a plethora of rent vs. buy calculators available on the Web to help make your decision easier. Contact our office today to discuss whether renting or buying is right for you.

Reprint with permission from RISMedia. ©2015. All rights reserved.

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How Stuart Home Prices Compare to Today's Median U.S. Home Price of $375K

Homebuyers these days have plenty of questions. They want to know how high mortgage rates will rise. How to win insane bidding wars. Whether to join the suburban rush or the big-city retreat.

What You Get for $375,000 Around the Country

• San Jose, CA / 458 SqFt • Phoenix, AZ / 1,476 SqFt

• Youngstown, OH / 4,540 SqFt • Stuart, FL / 1,359 SqFt

But perhaps the most frequently asked question is this: Just how much home can I get for my money? And more than ever, the answer is this: It all depends on where in the country you're looking. Read More

Homes for Sale in Stuart, Florida Under $375,000

How much will today's median home price—$375K—get you in Stuart, Florida? Click on the image below to see what's on the market in Stuart, priced under $375,000.

$375,000 doesn't get you very far in Stuart, Florida, as well as many other popular U.S. cities. But first-time buyers in Stuart can still find starter homes for under $375,000 working with a local real estate professional.

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An Introduction to The Home Buying Process

Still a great time to buy! First-time homebuyers ready to enter the current real estate market in Stuart, Florida, can still take advantage of affordable pricing, low-interest rates, and diverse loan programs for first home buyers. But buying your first home can be a complex, intimidating experience. Working with a qualified real estate buyer's agent can help you achieve your goal of finding a home in the shortest time, for the best price, and with the least stress.

Are You or Your Spouse Previous Homeowners?

Even if you previously owned a home, you (or your spouse) may be eligible for first-time homebuyer perks! Click here to join our interest list or get our guide to down payment assistance for homebuyers.

Working with a Buyer's Agent - What to Expect From Our Team

As first-time buyer-time buyers, we will meet with you to discuss your wants and needs. Usually, in this first meeting, we accomplish three goals:

1. We'll discuss your motivation to own a home, including:

- Your needs/wants in a home
- Insight into your lifestyle
- Your timeframe for moving
- Financing and affordability
- Locations, including neighborhoods / schools / commute times

2. We'll cover any questions you may have. Some ideas:

- How do we work with our clients?
- How deep is our knowledge of the local real estate market?
- How does our role as your exclusive agent work?

3. We mutually decide whether or not we're a good match for one another for your home search.

Should we decide to work together, rest assured of my fiduciary loyalty and dedication to your best interest?. To guarantee this, we offer an optional "Exclusive Buyer/Tenant Representation Agreement." Having an agreement in place ensures you have the proper representation and a dedicated real estate professional working for you and not the seller.

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Frequently Asked Questions in Real Estate

Should I Negotiate Repairs Before Closing?

Q: The home inspection just completed on a home under contract had some issues. Should I insist they meet repairs before closing?

A: It depends. Everyone wants a smooth closing, and home inspection negotiations are where a deal can fall apart. Here are some things you wish to consider:

1. If you require the seller to make the repairs, do you think they do as well as you would? After all, they are ready to move on to their next home. So while the repairs must meet specific quality standards, they might not measure up to your high standards (though they technically fulfill their end of the bargain).

2. Ask yourself how much the repairs matter in the grand scheme. For example, are you quibbling over some peeling linoleum in a kitchen you are already planning to renovate from the floor up?

3. The back-and-forth over repairs could delay your closing. Remember, getting the work done will involve selecting a contractor, scheduling the appointment, and reviewing the completed work.

Inspection reports can be long and extensive. We can guide you through the findings and help you decide your next steps. Info: 772-678-1600.

Download Report

Alternatives to Making Repairs Before Closing: Cashback Credit for Repairs

Instead of having the repairs made before closing, you might seek a cashback credit at the close of escrow. This way, you can have the work done on your terms and your timeline after closing (and you might also offset some of those closing costs).

You deserve a home in good shape! How it gets that way is often negotiable. Negotiating cashback at the close of escrow is just one of the many reasons working with a real estate professional is to your benefit.

Donʼt go it alone! I am happy to help you get the most out of your next real estate experience.

But not everyone is permanently sold on suburban or rural life. Instead, some choose to purchase a second home as a co-primary residence or frequent getaway. Without the requirements of a five-day commute, many homeowners feel less tethered to their primary residence.

If you're feeling cramped in your current space, you've probably considered a move. But what type of home would suit you best: a move-up home or a second home? Let's explore each option to help you determine which one is right for you.

WHY CHOOSE A MOVE-UP HOME? A move-up home is typically a more extensive or nicer home. It's an excellent choice for families or individuals who need more space, a better location, or want features their current home doesn't offer—like an inground pool, a different floor plan, or a dedicated home office. In addition, most move-up buyers choose to sell their existing home and use the proceeds as a downpayment on their next one.

If you're struggling with a lack of functional or outdoor space in your existing home, a move-up home can significantly improve your everyday life. And with mortgage rates at their lowest level in history, you may be surprised how much home you can afford to buy without increasing your monthly payment.3,4

One significant benefit of choosing a move-up home is that you can typically afford a more excellent place if you spend your entire budget on one property. However, if you're longing for that vacation vibe, a second home may be a better choice for you.

WHY CHOOSE A SECOND HOME? Once reserved for the ultra-wealthy, second homes have become more mainstream. Home sales are surging in many resort and bedroom communities as city dwellers search for a place to escape the crowds and quarantine in comfort.5 With air travel on hold for many families, some are channeling their vacation budgets into vacation homes that they can use throughout the year.

A second home can also be a good option if you're preparing for retirement. By purchasing your retirement home now, you can lock in a low-interest rate, start paying down the mortgage and begin enjoying the perks of retirement living while you're still fit and active. Plus, it's easier to qualify for a mortgage while you're employed, although you may be charged a slightly higher interest rate than on a primary home loan.6

One advantage of choosing a second home is that you can offset a portion of the costs—and in some cases turn a profit—by renting it out on a platform like Airbnb or Vrbo. First, however, be sure to consult with a real estate professional or rental management company to get a realistic sense of the property's true income potential.

WHICH ONE IS RIGHT FOR ME? You may read this and think: I'd like both a move-up home AND a second home! But if you're dealing with a limited budget (aren't we all?), you'll probably need to make a choice. These three tactics can help you decide which option is right for you.

1. Determine Your Time and Financial Budget You may meet the bank's qualifications to purchase a home, but do you have the time, energy, and financial resources to maintain it? These concerns are essential questions to ask yourself, no matter what type of home you choose.
   
   Most buyers realize that a second home will mean double mortgages, utilities, taxes, and insurance. But consider all the extra time and expense to maintain two properties, such as two lawns to mow or two houses to clean. In addition, two sets of systems and appliances can malfunction. Second homes aren't always a vacation. Make sure you're prepared for the labor and carrying costs of maintaining another residence.
   
   Of course, some move-up homes require more work than a second home. For example, if your move-up option is a major fixer-upper, you'll probably invest more energy and capital than you would on a small vacation condo by the beach. Have an honest discussion about how much time and money you want to spend on your new property. Given your parameters, would a move-up home or a second home be a better fit?
   
   
2. Rank Your Priorities If you're still undecided, make a wish list of the characteristics you'd like in your new home. Then rank each item from most to least important.
   
   
3. Explore Your Options Once you've determined your parameters and priorities, it's time to begin your home search.

If you're still unsure whether a move-up home or a second home is right for you, we can help. First, contact us to schedule a free consultation. We'll discuss your options and help you assess the pros and cons of each, given your unique circumstances. We can also send you property listings for both move-up homes and second homes within your budget so you can better envision each scenario. Sometimes, viewing listings of homes that meet your criteria can clarify the decision.

LET'S GET MOVING Whether you're ready to make a move or need help weighing your options, we'd love to help. For example, we can determine your current home's value and show you local properties that fit within your budget. Or, if your heart wants a second home in another market, we can refer you to an agent in your dream locale. So contact us today to schedule a free, no-obligation consultation!

Sources: Zillow – https://www.zillow.com/research/coronavirus-remote-work-suburbs-27046/ The Harris Poll – https://theharrispoll.com/should-you-flee-your-city-almost-40-have-considered-it-during-the-pandemic/ MarketWatch – https://www.marketwatch.com/story/mortgage-rates-keeping-falling-so-will-they-finally-drop-to-0-2020-08-13 Toronto Star – https://www.thestar.com/business/2020/08/07/you-can-get-a-fixed-rate-as-low-as-184-per-cent-which-is-unbelievable-low-mortgage-rates-driving-up-home-prices.html Kiplinger – https://www.kiplinger.com/real-estate/buying-a-home/601091/timely-reasons-to-buy-a-vacation-home The Press-Enterprise – https://www.pe.com/2018/11/17/5-tips-on-when-should-you-buy-a-retirement-house-hint-before-you-quit-work/

Reprint with permission from RISMedia. ©2015. All rights reserved.

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