Getting your finances in order is vital when preparing to purchase a home. If you’re looking to buy a house, one of the first things you’ll need to consider is how much down payment you’ll need to make.
Depending on the type of loan you’re applying for, the size of your down payment could vary.
Generally, most conventional loans will require at least a 5% down payment. Some government-backed loans, like FHA or VA loans, may allow for a down payment as low as 3.5%. And if you’re eligible for a USDA loan, your down payment could be as low as 0%.
Of course, the size of your down payment isn’t the only factor affecting your home buying experience. You’ll also need to consider your credit score and the current market conditions.
So, how much down payment do you need to buy a home? As we indicated above, the answer depends on various factors, but you’ll need at least 5% in most cases. Keep in mind, though, that the size of your down payment also affects the competitiveness of your offer.
A high down payment shows the seller you’re serious about buying the home. It also demonstrates that you have the financial resources to follow through on the purchase. This advantage can be significant in a competitive market, where the seller may have to choose from several offers.
A high down payment also gives you more leverage in negotiations. If the seller knows you’re willing and able to put more money down, they may be more likely to accept your offer – even if it’s not the highest one.
So, if you have the means, a high down payment is always the best way to go when buying a home. It will make your offer more attractive to the seller, lower the amount you need to borrow, and give you more negotiating power. Just be sure you have a solid plan for how you’ll finance the rest of the purchase.
If you’re interested in learning more about low-down-payment options, there are several places to go.
There are programs for qualified buyers with down payments as low as 3.5%. There are also options like VA and USDA loans with no down payment requirements for qualified applicants.
To understand your options, you need to do your homework. If you want to learn more about down payment assistance programs, information is available through sites like downpaymentresource.com. Be sure to also work with a real estate advisor from the start to learn what you may qualify for in the home buying process.
Call me. I can put my years of experience to work and point you in the right direction!
Are you preparing for a move? In addition to all the packing, cleaning, and organizing you must do, you also need to notify the right people and organizations of your change of address. Here is a list of who to notify when you are moving.
- Family and friends: Of course, you’ll want to let your family and friends know you’re moving. You may even get help from them come moving day!
- Landlord: If you’re currently renting, give your landlord your notice as specified in your lease agreement.
- Employer: Be sure to let your employer know of your upcoming move so that they can update your records and contact information.
- Utilities: Notify your gas, water, and electric company at least a week before they can shut off/transfer service to your new address.
- Internet/cable: Call your internet and cable providers to set up or transfer service to your new place a few days before the move.
- Postal services: Remember to fill out a change of address form with the post office to forward your mail to your new home.
- Banks/financial institutions: Be sure to notify your bank(s) of your upcoming move.
- Subscriptions: If you have any magazine or newspaper subscriptions, remember to update your address with the publisher. The same goes for any online subscriptions like Netflix or Hulu.
- MVD: Remember to change your address with the Department of Motor Vehicles so that your driver’s license and registration reflect your new home.
- Government agencies: Any federal, state, or local government agencies you deal with should be notified of your move. This includes the IRS, Social Security office, and your voter registration office. Change your address for tax purposes by filing Form 8822 with the IRS.
- Medical and educational facilities: If you have children in school or see a doctor regularly, update your contact information with their office.
- Insurance companies: Let your insurance company know of your move so that they can update your records and make sure you’re still covered.
Make sure you give yourself plenty of time to notify everyone on this list. The last thing you want is to worry about changing your address while trying to settle into your new home.
Moving can be a lot of work, but it’s worth it when settling into your new home. If you want to move but need help finding the right home, I’d love to help you with your real estate needs. Let’s connect today! Kim Shaw (928) 710-9148
Downsizing your house may seem daunting and overwhelming, but it can be a great way to simplify your life and save money in the long run. Whether you’re an empty nester, looking to simplify your lifestyle, or ready to retire, downsizing can be a great option. In this blog post, we’ll explore the benefits of downsizing, tips for decluttering and organizing your home, and how to make the transition to a smaller space as smooth as possible.
An article by The Balance states that:
“There are many reasons to buy a smaller home—or to downsize from your present home—but sometimes, the idea that “less is more” is what propels homeowners to buy a smaller home.”
Finding the Right Home to Fit Your Needs
The National Association of Realtors (NAR) determined multiple factors why people of retirement age choose to move. The top three reasons include:
- Need for a smaller home.
- Desire to be closer to loved ones.
- And simply, retirement itself.
When your lifestyle changes, you may also need your home to change. The Balance also determined that home maintenance is less time-consuming with downsized homes, leaving more time to spend with the people you love or exploring newfound hobbies.
Equity Can Make a Big Impact
Home equity can be critical in downsizing and when you sell your existing house and move. CoreLogic’s latest Homeowner Equity Insights stated that the average homeowner gained about $55,300 in equity over the past 12 months.
Chief Economist at CoreLogic, Dr. Frank Nothaft, explained that:
“Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth, . . . For low- and moderate-income homeowners, home equity has historically been a major source of wealth.”
Home prices are rising, but so is your equity! This equity may allow you to make a significant down payment on your new home. More money down will create more financial freedom with a smaller monthly mortgage payment. With today’s competitive housing market, more money up front will help you stand out above the rest.
The Process of Downsizing
- Start by reassessing your needs and wants.
- Sell, donate, or recycle your unwanted items.
- Invest in clever storage solutions.
- Focus on quality over quantity.
- Embrace the freedom of a simpler life.
I’d love to help you through this process. As a trusted real estate advisor, I will help you reach your homeownership goals and guide you through selling your current home and buying your new one.
Downsizing your house might seem intimidating, but it can be a great way to simplify your life and save money. By decluttering, organizing, and transitioning to a smaller space, you can enjoy all the benefits of a more minimalist existence. Whether you’re an empty nester, looking to simplify your lifestyle, or retiring, downsizing can be a great option.
If you’ve decided to downsize, let’s connect so we can work together to find a home that matches your situation. Call me Kim Shaw (928) 710-9148.
If you’re hosting an open house, you’ll want to ensure you have some food available. Here are ten open-house food ideas that will make your open house a success:
- Finger foods.Finger foods are always a hit at any party, and an open house is no exception. Consider offering some bite-sized appetizers that your guests can quickly grab and go.
- Fresh fruit.Fresh fruit is a great way to ensure your guests have something healthy to nibble on.
- Veggies and dip.Veggies and dip are another healthy option that your guests will love. Offer a variety of chopped veggies, along with a variety of dips.
- Cheese and crackers.Cheese and crackers is another classic open-house food option your guests will love. Be sure to offer a variety of cheeses, as well as some gluten-free crackers for those with dietary restrictions.
- Sandwiches. Sandwiches are always a good option if you want to offer something a little more substantial. You can make them beforehand or set everything up so your guests can build their own.
- Soup. Soup is another excellent option for an open house, especially if it’s chilly outside. Set up a crockpot with your favorite soup and let your guests help themselves.
- Chili.Chili is another great option for an open house, especially if you’re expecting many people. Set up a crockpot with your chili and let your guests help themselves.
- Dessert.No open house is complete without some dessert! Offer your guests a variety of cookies, brownies, or other sweets.
- Coffee and tea.Make sure you have coffee and tea and some sugar and milk available for your guests if they want it.
- Water. Remember the most important beverage of all: water! Be sure to have plenty of water for your guests to stay hydrated.
Selling homes is my specialty! When you are ready to sell, call me, and together we can make your home sale a smooth and successful process! Kim Shaw 928-710-9148
Better Homes and Gardens has a bank of recipes on their website. Here is a fantastic recipe for your next open house!
These bacon-wrapped smokies will disappear from your party spread in a flash. A coating of brown sugar before baking ensures that each of these little smokies has the perfect sweet and savory flavor combo.
Nonstick cooking spray
1 16 ounce package small cooked smoked sausage links
15 slices bacon, each cut crosswise into thirds
¾ cup packed brown sugar
- Preheat oven to 350 degrees F. Line a 15x10x1-inch baking pan with foil; lightly coat with cooking spray. Set aside.
- Wrap each sausage link with a bacon piece, overlapping the bacon piece at the end. Press the end of the bacon piece to seal or secure it with a wooden toothpick.
- Place brown sugar in a large plastic storage bag. Add several bacon-wrapped sausages to bag and seal. Shake bag gently to coat sausages with brown sugar; place sausages in prepared pan. Repeat with remaining bacon-wrapped sausages and brown sugar.
- Bake about 30 minutes or until the bacon is browned. Serve immediately. Makes about 45 appetizers.
Prepare as directed through step 3. Cover and store in the refrigerator for up to 24 hours. To serve, uncover and bake as directed in step 4.
Prescott Valley, Arizona, is a unique and dynamic town. It is in the stunning Bradshaw Mountains and offers incredible views of the surrounding high desert terrain. Settlers found Prescott Valley while looking for gold in the early 20th century. The town has since grown into a vibrant community with plenty to offer its residents and visitors. Prescott Valley is the perfect place for those seeking an escape from the hustle and bustle of city life with an array of outdoor activities, such as hiking, mountain biking, and horseback riding. With so much to offer, it’s no wonder that Prescott Valley is one of Arizona’s premier locations.
Prescott Valley, Arizona, is a thriving family-oriented community located 85 miles north of Phoenix and sits at an elevation of 5,000 feet. Prescott Valley is a few minutes east of historic downtown Prescott. Prescott Valley was the seventh fastest-growing place among all cities and towns in Arizona between 1990 and 2000 and presently has approximately 50,000 people calling it home.
Strong in economic development, the community attracts retailers and restaurants such as Kohl’s, Dick’s Sporting Goods, T.J. Maxx, Chick-Fil-A, Sprouts, Hobby Lobby, Culvers, Popeyes, Buffalo Wild Wings, and a host of independent food and shopping choices.
There is no shortage of places to spend leisure time in this vibrant town. Visit Fain Park for a picnic and fishing, enjoy the Mountain Valley Splash Pool, and take in special events such as Prescott Valley Days, Balloon Glow, and the Christmas Valley of Lights.
Many people have chosen to buy homes and relocate to Prescott Valley because of its strong work ethic, solid educational system, family values, and positive outlook under sunny Arizona skies. The mild climate, convenient location, and surrounding lakes, fishing, and hiking trails make this popular community attractive for families and retirees.
PRESCOTT VALLEY’S HISTORY
Gold in Prescott Valley: The Walker party discovered gold along Lynx Creek in 1863. In the 1930s, a gold dredging operation, the Doodle Bug Diggings, was farther east in Lynx Creek Canyon. The Lynx Creek placers produced a recorded 29,000 troy ounces of gold. Estimates of the actual amount of gold produced were 80,000 troy ounces, which would be worth about $85 million at today’s prices.
Name Change: Prescott Valley was formerly known as Lonesome Valley. The area was settled by ranchers in the 1880s, raising beef to supply the miners and new settlers. The Fain family still ranch in the valley.
Fain Park: Thomas Gibson Barlow-Massicks arrived in the area in the early 1890s and built the historic “Castle” in Fain Park. The Castle still stands in Fain Park today. Messick’s had a hydraulic gold mining operation in Lynx Creek Canyon and built the company mining camp just east of his Victorian home, a.k.a. the Castle.
Incorporation: In the mid-1960s, a real-estate company from Phoenix purchased land 10 miles east of Prescott, known as Lonesome Valley. In 1966, representatives from Prescott Valley Inc. began traveling to the Midwest to sell home lots. By 1978, more than 1,500 residents lived in the unincorporated area now known as Prescott Valley. In 1978, 80% of the voters of Prescott Valley voted for incorporation as a town.
If you would like to know more about the Prescott, Arizona, area, give me a call – I love to talk Prescott! Kim Shaw 928.710.9148
With remodels within your home, kitchens and living rooms will take victory when ranking importance to potential buyers. However, don’t forget the bedroom! A stale and outdated bedroom style could be a deal-breaker to many buyers. Buyers will envision themselves in each room of the home, and with a bit of freshening up, the bedroom can become a relaxing, calming space to invite those potential buyers in.
Remove distracting knick-knacks off nightstands, organize the closet, and store away roughly 2/3 of your belongings. Consider using the Kon Mari Method to remove the clutter from your life.
Fresh Paint & Remove Outdated Wallpaper:
A fresh coat of paint is a considerable step in updating your bedroom. Does your bedroom have a paint color that could be off-putting to buyers or have outdated wallpaper? Remove the wallpaper or off-putting color, and choose a neutral color to create a relaxing space. Light gray or blue are often recommended colors. If wallpaper is involved, don’t be afraid of the wallpaper removal process; here are tips by HGTV for wallpaper removal.
Remove Popcorn Ceilings:
Popcorn ceilings can date a room. Popcorn ceilings catch dust quickly and are difficult to clean and repair. Removing your popcorn ceilings will instantly modernize your bedroom. This Old House offers three popular removal options, including scraping, covering with a new layer of drywall, or skim coating with plaster to create a unique texture.
Light & Windows:
Lighting is essential, but make sure it’s the right kind of light. Don’t create a dim dark space, and don’t utilize fluorescent lighting. Instead, take advantage of natural light, lamps, and low light. Clean the windows to receive the most natural light. Along with this, choose light bulbs with warmer tones.
Make your bed look as comfortable as possible! Puff it up and make it cozy, or consider purchasing a fancy comforter. Create an inviting place they will want to relax in. Ballard designs has multiple possibilities to arrange your pillows to ‘cozy up’ your bedroom.
Mirrors can offer reflected light to make a bedroom look more prominent; however, too many mirrors can create a fun house environment. Find a balance, don’t go overboard, but instead, one or two mirrors strategically placed can create a larger-looking bedroom.
Check those bed skirts, window dressings, and curtains. Excessive frills can scream, “Outdated!” toning down the frills will bring your outdated look up to date.
These steps will freshen up that room and take it to the next level! If you need someone to evaluate your interior appeal, I would happily share my thoughts and guide you toward maximizing your home’s appeal!