Listing Courtesy of PATTERSON-SCHWARTZ REAL ESTATE
A vital part of buying a Milton home is getting a Milton mortgage. But not all mortgages are the same. There are two general classes of mortgages; fixed rate mortgages keep the same interest rate for the full duration of the debt. The interest rates for adjustable-rate mortgages (ARMs) change every year after an initial period expires. You also choose the duration of the loan.
That’s the easy part. When it comes to choosing those details, coming up with the right option for your family can be a brain-twister (especially when you realize how big a difference different future scenarios might present). When you go about getting a Milton mortgage, you need to account consider the major factors -
· Affordability. Your budget for month-to-month payments is the largest single element to gauge when getting a mortgage in Milton. If you want to ensure lower monthly payments and minimize the risk of increases, tilt toward a longer-term fixed rate mortgage. If you can afford to risk a higher interest rate, a short-term ARM might be best.
· Future Rates. This can be a key issue when choosing between a fixed-rate mortgage and an ARM. If you suspect interest rates will decrease over time, you might tilt toward the ARM, since those mortgage payments will eventually decrease along with interest rates. If interest rates are headed up over the long haul, a fixed rate lets you to lock in today’s lower rates.
· Permanence. If you plan to live in your new home for just a short period, your choice for getting a mortgage may be less complicated. ARMs usually start out at a lower rate than do fixed-interest mortgages, and if you move before the adjustment period begins, you can take advantage of the lower initial rate and avoid the future possible payment increase.
Like all financial decisions, getting a mortgage in Milton should be carefully undertaken: always keeping in mind your long-term financial goals. I’m here to help clarify the many issues that enable my clients’ success: call me today if you are thinking about a move this spring!
Rushing to sell your home is never desirable — but circumstances sometimes require it. To sell your home in Ocean View quickly, the most important factor is finding the right price. Too high a price will dampen buyer interest — but of course you don’t want to set the price too low, either. Here’s one way to find the right price:
First, complete all repairs. They’ll have to be addressed at some point, so getting them out of the way first clears the deck for your sale. To sell your home quickly, you want to feature it in the best possible light…meaning that all of the little (as well as major) repairs have to disappear from the picture. A few hours or days of hard work can have a disproportionate impact on the ultimate selling price.
Next, familiarize yourself with Ocean View competitors. Scour the listings for homes in your area and attend any open houses you find. Get a feel for the way homes in the neighborhood are being listed, and which features look to be adding the most value.
It’s also a good idea to consult a qualified appraiser. Most homes will be appraised before sale anyway, and a certified appraiser will offer an unbiased view of your home’s value. Having a recent certified appraisal can also serve to encourage buyers to write an offer quickly.
At this point it will be possible to set the value. There are differing approaches to setting the price for a home, but they share a few things in common. Each generally takes into account average prices paid in recent comparable Ocean View sales combined with the appraiser’s feedback. To sell your home speedily, consider setting your price three to five percent below that formulation. While this may seem unnecessarily low, the idea is to encourage immediate interest from multiple buyers, setting up the potential for competing offers. One thing is nearly certain: a lower-than-average price will get more buyers through your door!
Planning to sell your home in Ocean View this spring? Contact me today to learn more about building a sales attack designed to get results!