10 Steps to Buying a Home

10 Steps to Buying a Home

10 Steps to Buying a Home This Summer [INFOGRAPHIC] | MyKCM

Some Highlights:

  • If you are thinking of buying a home, you may not know where to start.
  • Here is a simple list of 10 steps that you will go through to purchase a home.
  • Make sure to ask your agent for details about each step and what else may be required in your area!

Posted on July 8, 2019 at 6:10 pm
Cherie Poirier | Posted in First Time Homebuyers, For My Buyers | Tagged , , , , , , ,

What is Important to Boomers when Selling their House?

What is Important to Boomers when Selling their House?

 

 

If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.

The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics.

Percentage of Buyers who Looked Online First

  • All Buyers: 44%
  • Younger Boomers: 46%
  • Older Boomers: 44%

Where Boomers Found the Home They Purchased

The two major ways buyers found the home they purchased:

  • All buyers: 50% on the internet, 28% through a real estate agent
  • Younger Boomers: 46% on the internet, 33% through a real estate agent
  • Older Boomers: 36% on the internet, 35% through a real estate agent

Distance Seller Moved

The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.

  • All sellers: 20 miles
  • Younger Boomers: 27 miles
  • Older Boomers: 50 miles

Tenure in Previous Home of Seller

The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.

  • All sellers: 16%
  • Younger Boomers: 20%
  • Older Boomers: 31%

Primary Reason to Sell their Previous Home

  • Want to move closer to friends or family
  • Home too large
  • Retirement

View of Homeownership as a Financial Investment

  • 83% of Younger Boomers see homeownership as a good investment
  • 82% of Older Boomers see homeownership as a good investment

Bottom Line

If you are a boomer and thinking about selling, now might be the time to contact an agent to help determine your options.


Posted on July 2, 2019 at 8:11 pm
Cherie Poirier | Posted in Baby Boomers, For My Sellers |

Buying a House This Year? This Should Be Your 1st Step!

Buying a House This Year? This Should Be Your 1st Step!

Buying a House This Year? This Should Be Your 1st Step! | MyKCM

In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show that you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are not in an incredibly competitive market, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you through this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential homebuyers overestimate the down payment and credit scores necessary to qualify for a mortgage. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so today.


Posted on July 2, 2019 at 8:01 pm
Cherie Poirier | Posted in First Time Homebuyers, For My Buyers | Tagged , ,

What You Need to Know About Private Mortgage Insurance (PMI)

What You Need to Know About Private Mortgage Insurance (PMI)

What You Need to Know About Private Mortgage Insurance (PMI) | MyKCM

Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI).

What is PMI?

Freddie Mac defines PMI as:

“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.

Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. Freddie Mac goes on to explain that:

“The cost of PMI varies based on your loan-to-value ratio – the amount you owe on your mortgage compared to its value – and credit score, but you can expect to pay between $30 and $70 per month for every $100,000 borrowed.” 

According to the National Association of Realtors, the average down payment for all buyers last year was 13%. For first-time buyers, that number dropped to 7%, while repeat buyers put down 16% (no doubt aided by the sale of their homes). This just goes to show that for a large number of buyers last year, PMI did not stop them from buying their dream homes.

Here’s an example of the cost of a mortgage on a $200,000 home with a 5% down payment & PMI, compared to a 20% down payment without PMI:What You Need to Know About Private Mortgage Insurance (PMI) | MyKCMThe larger the down payment you can make, the lower your monthly housing cost will be, but Freddie Mac urges you to remember:

“It’s no doubt an added cost, but it’s enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment.”

Bottom Line

If you have questions about whether you should buy now or wait until you’ve saved a larger down payment, let’s get together to discuss our market’s conditions and help you make the best decision for you and your family.


Posted on July 2, 2019 at 7:50 pm
Cherie Poirier | Posted in For My Buyers | Tagged , , , , ,

Before You Look for Your Dream Home: Know What You Want vs. What You Need!

Before You Look for Your Dream Home: Know What You Want vs. What You Need!

Before You Look for Your Dream Home: Know What You Want vs. What You Need! | MyKCM

In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.

If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale through rose-colored glasses.

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the “man cave” of your dreams be a future renovation project instead of a make-or-break right now?

The first step in your home buying process should be getting pre-approved for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it.

The next step is to list all the features of a home that you would like, and to qualify them as follows:

  • “Must-Haves” – if this property does not have these items, then it shouldn’t even be considered (ex: distance from work or family, number of bedrooms/bathrooms).
  • “Should-Haves” – if the property hits all of the ‘must-haves’ and some of the ‘should-haves,’ it stays in contention but does not need to have all of these features.
  • “Absolute-Wish List” – if we find a property in our budget that has all of the ‘must-haves,’ most of the ‘should-haves,’ and ANY of these, it’s the winner!

Bottom Line

Having this list fleshed out before starting your search will save you time and frustration. It also lets your agent know what features are most important to you before they start showing you houses in your desired area.


Posted on July 2, 2019 at 7:48 pm
Cherie Poirier | Posted in For My Buyers | Tagged , , ,

ARE YOU A MOVE-UP BUYER? SELLERS IN Q3 OF 2018 NETTED 61K!


Posted on November 14, 2018 at 5:14 pm
Cherie Poirier | Posted in Uncategorized |

4 Top Trends for Kitchen Designs

2017’s Top Kitchen Design Trends
While a home’s curb appeal may draw buyers in, its interior matters just as much, if not more. Several features are high on the wish list of today’s homebuyer, including a modern kitchen. Whether you’re thinking of starting a remodel or you’re just curious about what the future holds, check out these trends that turn kitchens into buyer bait.

Hidden appliances: Upgrading appliances is one of the quickest ways to add value to a kitchen. If you’re looking to impress a buyer with deep pockets, look into hidden appliances. What’s the appeal? Less obvious appliances keep the eye on the kitchen’s overall flow and design.

Personalized pantries: The utilitarian kitchen pantry has evolved into a trending design element. Whether you choose a pocket door and complementary light fixture or a rustic barn door and wallpaper, there’s no shortage of ways to express your personal style.

Creative countertops: Looking for a revamp with an immediate impact? Upgrade the counters. Quartz and butcher block, both easy to maintain, are quickly replacing traditional marble and granite surfaces. You can dress up your kitchen further with sleek waterfall-edge countertops that extend vertically to the floor.

Mixed-up metal accents: Accessorizing with different finishes is a trendy, cost-effective way to update your kitchen. In addition to stainless steel and gold, homebuilders are seeing copper accents emerging as the metallic detail of choice.

Don’t let a dated kitchen cost you when it’s time to sell your home. Incorporating a trend or two could be enough to give your kitchen the face-lift it needs to entice buyers.

Thank you so much for reading my blog. Please keep me in mind when you are looking to buy or sell your home!

CHERIE POIRIER
COASTALEDGE GROUP at KINLIN GROVER / Broker-Associate
EMAIL cpoirier@kinlingrover.com
PHONE 508-344-0564
ADDRESS 45 Court Street Plymouth, MA 02360
Designed and Delivered By OutboundEngine, Inc


Posted on May 10, 2017 at 4:38 pm
Cherie Poirier | Posted in Kitchens, Trends | Tagged ,

Prepping for a Home Sale or Purchase

http://cheriepoirier.myhomehq.biz/essential-checklists-for-homebuying-and-selling

Spring has sprung, which means the housing market is in full bloom. Each year, roughly 40 percent of real estate transactions occur between the months of May and August. If you’re feeling inspired to buy or sell a home soon, make sure you’re prepared. Use these checklists to catch anything you may have missed.

When You’re Ready to Buy a Home
Purchasing a house is one of the biggest transactions you’ll ever make. Whether it’s your first time or the fifth, tackle the following prep work:

Calculate what you can afford. Use a home affordability calculator to make sure you’re ready for the mortgage payments.
Check your credit score, and fix any inaccuracies you discover ASAP. Errors can impact your ability to get a good interest rate.
Save up for a down payment. Most lenders require 5 to 20 percent, and larger down payments can lower the amount you pay each month.
Be ready for additional closing costs. Plan to have approximately 4 percent of the home’s purchase price on hand to cover taxes, fees and other necessary charges.
Re-evaluate your insurance coverage and update all of your policies, including life and car insurance.

When It’s Time to Sell
Putting your home on the market is a process that can take months. Before you do, complete this home seller to-do list:

Declutter, clean and get your home ready to show. You only have one chance to make a first impression.
Take inventory of what needs to be fixed and make a schedule to complete any updates, such as roof work, new paint or landscaping.
Decide on an appropriate selling price. Pulling comps in your area can give you a better idea of your home’s value.

Thank you so much for reading my blog. Please keep me in mind when you are looking to buy or sell your home!

CHERIE POIRIER
COASTALEDGE GROUP at KINLIN GROVER / Broker-Associate
EMAIL cpoirier@kinlingrover.com
PHONE 508-344-0564
ADDRESS 45 Court Street Plymouth, MA 02360
Designed and Delivered By OutboundEngine, Inc


Posted on May 10, 2017 at 3:53 pm
Cherie Poirier | Posted in Buying and Selling | Tagged