Sunday, December 17, 2023 / by Steve Ticknor
In just 10 days, we bid our final adieu to 2023. The busiest time of year to buy a Havasu home tends to be in late spring/early summer. But that does not mean that you should wait until then to look for your next property. Find out why the right time to buy a home in Lake Havasu may be right now.
Why Right Now May Be the Right Time to Buy a Home
Home Sellers are REALLY Motivated
First of all, as the year comes to a close, sellers tend to become more and more motivated to close a deal. That puts more bargaining power in your pocket. Make sure you talk over terms with your Havasu real estate agent before making an offer.
Next, as many people focus their attention on the holidays, they tend to put any plans of home buying on the back burner. That means less competition for you. Less competition also translates to more negotiating power when it comes time to make a deal.
Mortgage Rates Are on the Decline
Mortgage rates for a 30-year fixed-rate loan have been above 7Z ...
Sunday, July 9, 2023 / by Steve Ticknor
You scrimp and you save for months...maybe even years...to buy a home. Finally, the time feels right. You're ready to dig in your heels and start looking. You prepared yourself for some of the basic expenses. But did you ever stop to think about the real cost of buying a Lake Havasu home? Hint: there's more to it than a down payment.
The Real Cost of Buying a Home
Before You Buy
Down Payment - Of course. This is probably the first thing you thought of when I talked about "cost". Unless you pay all cash or are a veteran using a VA loan to purchase your property, you need to come up with a down payment. FHA loans require at least 3.5% down. On a $500,000 home, that means $17,500 at the very least. But that is only the first in a long line of actual costs.
Closing Costs - Closing costs are the fees for services required to complete the sale of your home. They include prorated HOA and property taxes, title search, loan origination, appraisal, credit check, and sales tax, among others.Z ...
Sunday, June 18, 2023 / by Steve Ticknor
Unless you pay all cash for a Lake Havasu home purchase, you probably need to contend with a lender. They may offer you the option of a conventional loan, a government-backed loan, or a VA loan. While conventional loans are the most common, many buyers opt for a government-backed loan. However, unless you are a military veteran or active member, a VA loan is off the table. That leaves FHA and USDA loans. Most Havasu home buyers utilize an FHA loan. What exactly do you know about it and how it works?
FHA Loan Explained
What is an FHA Loan?
This type of loan is backed by the Federal Housing Administration (FHA). However, that does not mean that they actually issue any money or approve a mortgage loan. Instead, they insure the loan. This helps buyers with a lower credit score obtain approval for mortgages that they would not receive with a traditional private lender.
In order to qualify for this type of loan, you must have at least a 500 credit score. But jZ ...
Sunday, March 26, 2023 / by Steve Ticknor
When asked about their least favorite subject in high school on a Thomas B Fordham Institute survey, students overwhelmingly chose math. But we actually do use math for all kinds of things as an adult. Balancing our checkbook. Making sure that we get the correct change back on a purchase. And when buying a home, to calculate its total square footage.
How Square Footage is Determined
What is Square Footage?
First of all, we've all heard this term before. But do you actually know what it means? In real estate terms, this is the total actual dedicated living space inside of a home. According to Bankrate, "livable space" must include walls, a ceiling, a floor, and heat. That means garages, unfinished basements, and patios/porches do not count as livable space. However, hallways and stairwells (for multiple-story homes) do count.
How to Calculate It
Determining the square footage for a whole house? Before you freak out, think about your house in terms of several smaller boxes. MeasurZ ...
Thursday, March 16, 2023 / by Steve Ticknor
When first starting out living on their own, many people rely on hand-me-downs from their parents, second-hand stores, or used furniture purchased on places like OfferUp or Facebook Marketplace to furnish their abodes. After all, new furniture can cost a pretty penny. Other people turn to those rent-to-own shops. Did you know that this might be a viable alternative to the traditional way of buying a home as well? It's true. But it comes with some pros and cons.
Rent-to-Own: Real Estate Edition
How Rent-to-Own (aka "Lease Purchase) Works
In this situation, you sign a lease with the owner of the house agreeing to pay a certain amount per month for a specified period of time. At the end of the lease, you agree to buy the home outright. Part of your lease payment gets set aside to use toward your down payment at the end of the lease period. However, a few things need to be clarified before entering this agreement.
What to Discuss Before Signing on the Dotted Line
First, wiZ ...