Tag - westlake realtor

Westlake Realtor

Fall Checklist

As your trusted Westlake Realtor and real estate team we’re here to remind you that there are many home maintenance items that you should take care of annually. Whether you are a first-time homebuyer or an experienced homeowner it is important not to forget to keep up with all of your home maintenance items. Keeping your home in the best possible shape will not only make it more enjoyable to live in but it will help your home retain its real estate value as well. Future homebuyers will want a home that has been well maintained. See below for a few home maintenance items that you will want to check on annually.
Appliances: Now is an ideal time to check on all your appliances before the holidays hit. Particularly if you plan on hosting or entertaining in any way you will want to make sure that all of your appliances are in proper working order now. If you find anything that needs maintenance, you have time before the holidays to have it repaired.
Carpets: The carpets in your home should be professionally cleaned at least once per year. Carpeting can harbor all kinds of dust and debris deep within the fibers that you will want it professionally steamed in order to ensure proper cleanliness.
Windows & Screens: It is no easy task to clean all of your home’s windows and screens. Schedule assistance for this project once per year so that the dirt and water stains do not build up to unmanageable levels.
Dryer Lint: Once per year you should take an extension device to your vacuum cleaner deep within your dryer vents and vacuum them out. No matter how often you clean out the link tray while using your dryer lint will still backup within your dryer. If it gets bad enough this can become a fire hazard.
Paint: As your local Westlake Realtor and real estate team we know how important it is to stay on top of paint touchups. This is a simple task that can get away from us so easily. Schedule a time to either do these touchups around the house yourself or have someone come in and assist you.

westlake realtor

Current Mortgage Interest Rates

It is no secret that the swift change in the real estate market has been directly related to the rise in mortgage interest rates. This quick increase since the beginning of the year has dramatically affected every family’s buying power while they search for the perfect home. As a local Westlake realtor and real estate team we understand how rates directly affect a family’s ability to purchase and we want to help you navigate this fast-changing market as best as possible.
Some experts predict that by the end of 2022 mortgage rates may be as high as 7%. Other experts such as Realtor.com predict that rates will hover at 6% consistently by the end of 2022. Zillow suggests that in general rates will be higher by the end of 2022 than they are today. The general consensus is that the market is too unpredictable today due to inflation to have a strong prediction about the specific numbers. However, the Federal Reserve expects to cut interest rates in late 2024. While they are not expected to be as low as they were in 2021, they are expected to decrease somewhat.
As your local Westlake realtor, what we do know is that we are not living in a bubble, much unlike that of 2008. Back in 2008 loose lending practices primarily led to many families getting in over their heads when it came to their house payments. This eventually led to an abundance of foreclosures which caused home values to crash. Today, home values continue to hold strong as families hold significant equity in their homes and lenders maintain strict lending practices. Homes today are not falsely overvalued as your basic concept of supply and demand has driven prices up. It is still currently a fantastic time to sell your home as the demand for homes for sale far outweighs the number of homes available.

Westlake realtor

Real Estate Appraisals

As your local Westlake realtor and real estate team, we understand the value of a proper real estate appraisal. We also understand that the process of an appraisal may seem a bit confusing. Whether you are buying or selling a home a real estate appraisal is important because it helps to establish the homes actual market value. This valuation is required by every lender as they want to verify that the property is at least worth what they are lending. Therefore, it is important that the appraisal comes in at the value of the contract in progress.
A real estate appraisal should not be confused with a CMA. A CMA stands for a comparative market analysis. This is different from an appraisal but is used to compare comps in the area to help determine a proper listing or offering price. An appraiser may use a CMA as part of their evaluation but only as part of it as each home is different. The official appraisal is the only data that a lender will consider when lending. Every appraiser is licensed by the state and needs to be an objective third party. The appraiser should have no financial gain in the transaction.
Every appraisal will show the details about the entire property, the overall current real estate market, and any specific/significant flaws with the property. The entire process should only take a few hours but will cost upwards of $300 depending on the size of the home in question. An appraisal is typically good for 4-12 months. As your local Westlake realtor our team is here to help you understand the entire buying and selling process. If you have any specific questions about how a real estate appraisal affects you, please feel free to reach out to us at any time.

Westlake Realtor

Homeowner’s Coverage

Purchasing a new home comes with a lot of additional steps involved. One of those steps is purchasing new homeowners insurance. You want to make sure that you are purchasing the best policy to fit your needs. Particularly if you are a first-time homebuyer you want to make sure that you ask a lot of questions so that you fully understand what it is you are getting yourself into. As your trusted Westlake Realtor and real estate team we have helped countless new homeowners figure out the best ways to insure their homes. It is certainly accurate to say that not all homeowners’ policies are created equal. See below for the three categories of homeowners insurance policies that you will need to consider.
1. Actual Cash Value: This is the most basic policy that you will find. Actual cash value only covers the cost of the house plus the value of your belongings after taking depreciation into consideration. Keep in mind that this will not cover the cost of what you paid for things but their current value after depreciation.
2. Replacement Cost: This policy covers the actual value of your home plus the cost to replace your belonging with no depreciation value taken into account. This policy allows you replace the actual cost of your belongings.
3. Guaranteed Replacement Cost: This is the most comprehensive policy available but also the most highly recommended. This policy takes inflation into account and covers whatever it costs to replace your home even if it exceeds the policy limits. There is usually a cap on how high above the limits the policy will cover usually 20-25%. This is the best way to make sure that you have enough coverage in the event of the worst-case scenario.
If you have any questions about the right coverage for your new home, please feel free to reach out to our team. As your trusted Westlake Realtor and real estate team we are always here to help you through the entire home buying process.

Hare and Associates