Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png Top 10 Home Buying Misconceptions – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 04 Aug 2015 11:30:23 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 Top 10 Home Buying Misconceptions[/caption] Buying a home is often paired with stress, anxiety, and uncertainty.  There are many common questions that home buyers have before they begin their house hunt, during their house hunt, and after they've found their dream home.  Unfortunately there is lots of bad information and advice available to home buyers whether it's via the internet or from friends, family members, or colleagues. There are lots of common home buying misconceptions out there.  Many of which can deter a potential home buyer from deciding to actually attempt to buy a home.  These common home buying misconceptions also can create problems for a buyer throughout the home buying process as well as afterwards.  It's important that potential home buyers avoid believing these common home buying misconceptions at all costs! What are the most common home buying misconceptions?  Below you will find the top 10 home buying misconceptions.  These home buying misconceptions are extremely common and it should be known that they are not the reality and not believed! To Buy A Home I Need Lots Of Money To Put Down A common home buying misconception is the belief that when buying a home, a large amount of money is required to be put towards a down payment.  The most popular percentage that people believe is required for a down payment is 20%.  There are actually many ways that a home buyer can buy a home with little to no money down. One of the most popular ways to buy a home with very little money down is a FHA, Federal Housing Administration, mortgage.  A FHA mortgage allows a buyer to put as little as 3.5% down towards a home.  Obviously 3.5% down is much different than believing you need to have 20% down to buy a home. To Buy A Home All I Need Is The Down Payment Even though a large amount of money is not required for a down payment on a home, another home buying misconception is the belief that the only money needed to buy a home is the down payment.  This is incorrect. There are many costs that are associated with buying a home, many of which you may not be familiar with.  Some of the costs that you can expect when buying a home include;
  • Real estate taxes
  • Bank appraisal
  • Mortgage application
  • Underwriting fee
  • Attorney fee
  • Various inspection fees (ex; home inspection, radon test, septic inspection, etc...)
  • Mortgage insurance
The above costs are just some of the more common fees associated with buying a home.  There are many nationwide, statewide, and local home buyer programs and grants available for home buyers to help cover the other costs of purchasing a home.  Don't fall for the common home buying misconception that the only money required to buy a home is the down payment, because it is incorrect. To Buy A Home I Need To Have Perfect Credit [caption id="attachment_2948" align="alignleft" width="450"]Perfect Credit Scores Are NOT A Requirement For Purchasing A Home Perfect Credit Scores Are NOT A Requirement For Purchasing A Home[/caption] First and foremost, credit scores do have an impact on whether a buyer is able to buy a home or not.  There is a common home buying misconception however that you need to have a "perfect" credit score to buy a home.  There are several mortgage products available for home buyers that allow credit scores in the 620's. It's important to understand that while you don't need to have perfect credit to buy a home, having a lower credit score will impact a mortgage.  The biggest impact a lower credit score will have is the interest rate a buyer is able to secure.  The lower the credit score, the higher the risk for the lender, therefore the higher the interest rate. Since mortgage rates are currently hovering at historic lows, there is a good chance that a buyer with a lower credit score is getting a better interest rate than a buyer who bought a home 10 years ago with perfect credit. I Need To Find A Home Before Talking With A Bank Or Mortgage Company One of the biggest home buying misconceptions that exists is the belief that finding a home before speaking with a mortgage company or bank is the correct order when buying a home.  It's critical when buying a home, you discuss your financing options before looking at homes and get a mortgage pre-approval for many reasons. Why is having a mortgage pre-approval important before looking at homes? The number one reason to have a mortgage pre-approval before looking at homes is because a seller will require proof prior to accepting a purchase offer.  Depending on your local real estate market, not having a mortgage pre-approval can put you at a huge disadvantage if your real estate market is a sellers market.  Buying a home in a sellers market often means you will face competition from other buyers and not having a pre-approval is a great way to lose out on your dream home. Other popular reasons to discuss your financing options with a bank or mortgage company before looking at homes include;
  • Understanding the costs associated with buying a home
  • Know that you are looking at homes that are within your comfortable budget
  • Make sure you're getting the best interest rate and mortgage product
To Buy A Home It's Not Important To Have A Real Estate Agent Another popular home buying misconception is that when buying a home, it's not important to have a real estate agent.  It is possible to buy a home without the assistance of a real estate agent, but why would you do such a thing? First it's important to understand that in the majority of situations, a buyer will not be responsible for paying their real estate agent.  Having a top-notch buyers agent when buying a home can make the process much easier and less stressful than not having a buyers agent.  It is important to remember when deciding on who to choose as a buyers agent, that all buyers agents are NOT the same. It's strongly recommended when deciding on a buyers agent that you know how to properly interview prospective buyers agents.  Also make sure you don't select the first agent you speak with because they are your colleagues brother or sister.  Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an advantage in a competitive sellers market. Any Home I Buy Will Be Worth More Money In Future Years It's always difficult for a seller to hear from a real estate professional that the home they bought a few years ago has not increased in value.  A common home buying misconception is that any home that is bought will be worth more money in future years. [caption id="attachment_2950" align="alignright" width="450"]Belief That All Home Values Will Increase Is A Common Home Buying Misconception Belief That All Home Values Will Increase Is A Common Home Buying Misconception[/caption] Every home is unique and has it's own features, amenities, location, and desirability.  It's possible when purchasing a home that a buyer is paying top market value for the property in a market that does not see lots of appreciation in home values.  If this same buyer is attempting to sell in a couple of years, it's possible their home value may have remained the same or even decreased. It's important when purchasing a home that a buyer knows how to pick the neighborhood they are looking to buy in, but also has an understanding for the local real estate market.  If a buyer does not do their research, it's possible they maybe disappointed when they find out their home has decreased in value. Online Home Valuation Estimates Are Accurate Another common home buying misconception is that online home value estimates are correct.  There is nothing more frustrating for a seller to receive a low ball offer on their home because a home value estimate was much lower than the listing price for their home. There are many online websites that offer home buying tools for home buyers that are quality and useful.  One tool that is not helpful for home buyers are these online home value estimates.  In most cases online home value estimates are inaccurate. One of the most popular websites that provides home value estimates is Zillow.  During a recent case study of Rochester, NY home sale prices versus Zillow's "Zestimates" showed that almost 40% of the sale prices on a given day were $18,000 or more off of what the "Zestimate" called for. It's Not A Good Time To Buy A Home Many home buyers believe the misconception that now is not a good time to buy a home.  In reality there are many reasons why buying a home now is actually a very good idea. The most important reason why now is a great time to be buying a home is due to the historically low interest rates.  If interest rates were to increase as little as 1%, the number of home buyers who were able to buy a home would decrease significantly.  Other popular reasons to buy a home now and not believe this common home buying misconception include;
  • Property values are expected to increase
  • Cost of renting is increasing
Buying A Home Is A Quick & Easy Process Buying a home can present many hurdles and pitfalls that need to be overcome throughout the process, therefore buying a home is not always a quick and easy process.  The majority of homes will take roughly 60 from contract date to closing date, depending on many factors. The home buying process itself has many moving parts and several different parties involved.  Some of the most common reasons why the home buying process is not a quick and easy process include;
  • Title related issues
  • Instrument survey related issues
  • Mortgage conditions
  • Low home appraisal issues
  • Coordination of closing date with buyer, seller, and attorneys
I Should Start Low With A Purchase Offer To Leave Room For Negotiation Many home buyers believe that their initial purchase offer should be much lower than the homes asking price.  This is a very common home buying misconception and can often lead to an irate seller.  There are certainly cases when a buyer is correct in offering a very low offer. Knowing exactly how much a buyer should offer for a home is not easy.  There are many tips that buyers should be aware of though when deciding how much to offer a seller for their home.  It's important that when deciding how much to offer for a home, you have done your research and homework before making that initial offer, as it maybe your only opportunity. Final Thoughts Believing the above home buying misconceptions can be harmful to a home buyer.  Whether these home buying misconceptions lead to a buyer not pursuing a home or it leads to an unsuccessful home buying experience, it's important you're aware of these misconceptions. Other Top Home Buying Resources If you're buying a home in Rochester, NY, make sure you don't believe the above home buying misconceptions.  A buyer who is aware of the above misconceptions will give them an advantage in the competitive Rochester, NY real estate market.  If you don't have a buyers agent yet, contact me and I'd be happy to discuss your housing needs with you and interview for the opportunity to be your buyers agent!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 10 Home Buying Misconceptions" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]>