Don’t Underestimate the Importance of Using an Agent When Selling Your Home

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When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold.

In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. For the past three years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors’ most recent Profile of Home Buyers & Sellers.

However, the report also revealed that 95% percent of buyers that used the internet when searching for a home purchased their home through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know.

Buyers search for a home online, but then depend on an agent to find the actual home they will buy (53%), to negotiate the terms of the sale & price (48%), or to help understand the process (60%).

The plethora of information now available has resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots.” This is obvious, as the percentage of overall buyers who used an agent to buy their home has steadily increased from 69% in 2001.

Bottom Line

If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process.

2 Myths About Mortgages That May Be Holding Buyers Back

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Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.

Many believe that they need at least 20% down to buy their dream home. New programs actually let buyers put down as little as 3%.

Below are the results of a Digital Risk survey of Millennials who recently purchased a home.

 

As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!

Myth #2: “I need a 780 FICO Score or Higher to Buy”

The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify.

Many Americans believe a ‘good’ credit score is 780 or higher.

To help debunk this myth, let’s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans. As you can see below, 54.1% of approved mortgages had a credit score of 600-749.

 

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.

Reasons To Love Living in Ypsilanti #1 - The Events!

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There's so much to do and see in Ypsilanti, Michigan! It's the end of August and even though it's almost time for the school season to begin, the summer is by no means over. Community events define Ypsilanti culture and focus on promoting local music, artists, and businesses.  

This weekend (August 26 - 28) bring the whole family to the Ypsilanti Heritage Festival - an annual event that's been held for over 35 years. It has a ton of kid-friendly events including a bounce house and a children's tent complete with magic shows and clowns.  There's also educational tours around town, events at local museums, vendors and food. Best of all, it's FREE.   

Just a few blocks away (you can walk along Huron River through the beautiful Frog Island Park to get there easily)  is the DIYpsi Art Fair - held at Ann Arbor Brewing Company/Corner Brewery. It's a great place to find unique, hand-made gifts and support local artists at the same time. If you didn't get enough to eat at the Heritage Festival, you can always find some amazing food and drink here too.  

If you can't make it into town this weekend, plan for next Friday, September 4 for the First Friday event - "a self-guided monthly art and culture walk" around Ypsilanti.  In fact, the first Friday of any month, April through December, is a great day to hang out in Ypsilanti. Many businesses participate and host gallery showings, live music and more. 

There's always something to do in Ypsilanti! To check out more events see our calendar, or visit YpsiReal for more ideas. 

 

If you're considering moving to Ypsilanti (or just "Ypsi" to us locals) let the team at Hinton Real Estate help you find your home! We know the area because we love living here too! Call us today at (734) 476-2041.