Xcellence Realty
Welcome to Xcellence Realty. If you are interested in buying a home or selling your home, I encourage you to contact me through email or phone so we can further discuss your plans.
How do I navigate on your website? Let me explain a few ways. If you are visiting my website looking to find your next home, Welcome. You will notice a number of ways to search on my website for real estate in the area. I suggest you review the choice searches by clicking Sitemap on the bottom right of my webpage. You will find searches for Million Dollar Homes, Retirement Homes, Gated Community Homes, Lakefront Homes, Chain of Lake Homes, Pool Homes, Luxury Homes, Golf Community Homes, 5 Bedroom Homes, 6 Bedroom Homes, Active Adult Homes, 55+ Homes, New Construction Homes, No HOA homes, and Historic Homes.
Buyers can also search by a MLS number, City, Map, Community Name, and Zip codes under the Property Search tab. I think you will really enjoy the map abilities provided.
There are also a number of popular communities listed on the bottom of my website and the top under Featured Subdivisions.
Let me know if I can answer any questions or further assist in the selling of your home or purchase of your next home.
Buyer Tips
1. FIND YOUR REALTOR
If you are considering a home purchase, the very first thing you should do as a buyer is find the right Realtor for YOU.
How do you do that? Ask family and friends about the Realtor they used. What did they like? What did they not like? How many years of experience does he/she have in real estate? How does his/her type of service match up to your lifestyle?
Also, make sure to look at the Realtor's reviews from previous buyers. Look for common themes and get a feel for his/her work ethic. Every Realtor is a bit different from the next. Ultimately, find someone you can trust!
2. PRE-APPROVE NOT PRE-QUALIFY
What is the difference between being pre-approved and pre-qualified? Quite a bit actually!
Pre-qualified means the lender checked your credit scores and asked how much income you make each year.
Pre-approved means the lender looked at your credit scores, pay stubs, funds available, bank statements, income tax returns, w2 or 1099, investments, debt/income ratio, and verified employment!
In short, being pre-approved ensures your approval for financing is strong and less likely to fall through before closing.
Not sure which lender to choose for the pre-approval process? Ask your Realtor! He/She will be happy to give you a recommendation.
3. HOME FEATURES
Determine what you NEED in your next home. How many bedrooms? How many baths? How many people will be living in the home? Do you need a garage? If yes, for how many vehicles?
Does the laundry room need to be inside, or is a laundry hookup the garage ok? Do you need extra rooms like a home office, craft area, or bonus room?
Do you need a kitchen with a lot of countertop or cabinet space? What about an outdoor space -- acreage, screened porch, large yard?
Make a list of your WANTS too! Having separate lists of needs vs wants will help you quickly identify "deal breaker" items.
Share those lists with your Realtor to keep your home search moving in the right direction.
4. MAXIMUM PURCHASE PRICE
You already found a good Realtor, know your loan pre-approval amount, and made a list of needs and wants.
Next up -- decide how much you are willing to spend for a home that matches your list of needs.
Pro tip: if you're pre-approved for $400,000 but want to stay between $300,000 to $350,000, let your Realtor know. This will help them better curate the potential home list they share with you.
5. LOCATION LOCATION LOCATION
So many elements go into this one! How long of a commute are you willing to make? Does the neighborhood need to fall within a specific school zone? Are grocery stores and restaurants close by? Do they need to be, or are you content with more secluded areas? Do you spend a lot of time at the home of friends or family? Consider that drive time too!
Think about the overall community's location too! Are you happy with the neighbor's property maintenance? Does the community offer amenities that are important to you? Is it located in an area that you qualify as safe?
I recommend driving by any potential house BEFORE scheduling a showing. No need to waste your time touring the inside of a home if the physical location doesn't work for you.
6. DEED RESTRICTIONS
Ask for a copy of the deed restrictions, then review what the community allows. Make sure it matches your lifestyle!
How much are the homeowner's association fees, and when are they due?
Also, look for capital contributions when joining the community. These are amounts charged by the homeowner's association to join the community which are paid at closing.
7. COMPARATIVE MARKET ANALYSIS
If you've followed the previous steps, you found a home that will work for you. Woohoo!
Next, make sure that the purchase price is reasonable for the market and community.
Ask your Realtor to perform a comparative market analysis to make sure the asking price is sound.
This will help you make an educated offer on the home.
8. MONEY OUT OF POCKET
The first expense will be your escrow deposit or earnest money as it is sometimes called. It is usually 1% to 2% of the purchase price. This is within a few short days after you execute sales contract.
During the first phase you met with a lender to get preapproved. Part of that process will tell you how much you need for a down payment based on your loan program and desires. Some loans allow 3.5%, 5%, 10%, and 20% of the purchase price. The down payment is paid at closing and takes into account your deposit.
Inspections are the next expense. Depending on the inspections chosen, they can amount to $1,000 paid at time of inspection.
Most lenders ask you to pay for the appraisal at time of service. This can range from $400 - $800.
The lender explained closing costs at the time you were preapproved. These expenses are paid the day of closing and are included with the wire of the remaining down payment.
Thinking about buying a home? Ready to get started now? Call me today for a consultation with no obligation ~ David Shippey, Xcellence Realty, 863-521-4517.
