Thomas Murphy - Pine Shores Real Estate



Posted by Thomas Murphy on 8/23/2015

Trying to buy and sell a home at the same time can be tough. Sometimes these buyers and sellers are referred to as being in a sandwich because they are in the middle. The reason this can be difficult is because there is no guarantee that your new home will close at the same time as your old home. Selling and buying a home at the same time is possible but you will need help. Here are a few tips on how to get into your home while closing on your own home: 1. Hire a real estate professional. This is almost an impossible task without having a seasoned professional by your side. There are lots of details that go into selling and buying and an experienced real estate professional will know just what to do to get you to both closing tables. 2. Sell first, and then buy. This is probably the easiest and safest plan. List your home for sale and secure a buyer. You can either close on your home before purchasing another one, or ask the buyer for a contingency to allow you time to find a new home before closing on the previous one. There are many advantages to selling first, it allows you to know how much you can spend on a new home, and you don’t have to worry about temporary financing. 3. Try to schedule the closing date on the purchase of your new home on the same day, but after the closing on the home you are selling. This way, you can stay in your present home until you move into your new one. Bottom line, when it comes to selling and buying a home use the expertise of your real estate professional. Your plans may change depending on your circumstances and your local market.





Posted by Thomas Murphy on 6/7/2015

There are lots of different types of mortgages out there but the most popular mortgage is a fixed-rate mortgage. A fixed-rate mortgage has a fixed interest rate for the entire term of the loan. The interest rate is determined at the loan's origination. One of the main advantages of a fixed-rate mortgage is that the loan payment amounts will stay the same for the life of the loan and will not fluctuate with interest rate movements. Lenders offer 50, 30, 20, and 10-year fixed loans. The two most popular are the 30 and 15 year fixed loan. A 30-year fixed loan amortizes over thirty years, with the majority of early payments going toward interest, later payments go mostly toward the principal. A 15-year fixed loan, amortizes over fifteen years, and significantly reduces the amount of interest paid on the loan. When considering a mortgage understand and measure risks of all the different types of mortgages.





Posted by Thomas Murphy on 3/29/2015

Are you looking for a deal when buying your next home? Buying a fixer-upper home just might be the way to go but there are some important things to know before you buy. These helpful hints can help you save time, money and a lot of headaches when buying a fixer-upper. Set a budget: You need to know how much money you can afford to spend. You will want to factor in the price of the property plus the cost of the renovations. Remember to plan for the unknown, add at least 10% to it for "overruns". Most projects never seem to go as planned. Plan ahead: Buying a fixer-upper requires more planning. When looking at potential homes you will want to make a list of renovations. Try to come up with an estimated cost of the renovations. You will also want to identify whether or not you have the expertise to do the renovations or if you will need to hire a contractor. Get a home inspection: There are some things that are unseen to the untrained eye. A good home inspection will be able to tell you all of the needed repairs and potential pitfalls. Remember buying a fixer-upper is an investment. Follow the tips on this list and you will be prepared for the project of buying, renovating and owning a fixer-upper.





Posted by Thomas Murphy on 3/15/2015

Buying property can definitely be a very lucrative investment. However, before you decide on buying and selling real estate, you have to have a good understanding of the markets. In other words, if you are looking to buy so that you can sell down the road to make a profit on your real estate, then you are better off achieving this when the housing market is slow, as there is less demand for buying houses, thus forcing sellers to lower their prices. This in turn will allow you to get a home at the lowest price possible, and then being able to sell it at a higher price once the markets begin to move again. Of course, investing in real estate is not only about the current conditions of the housing market. In addition, you also have to look at other factors such as the location the real estate will be in, the condition of the real estate, and the reason why the owner is looking to sell. In the end, buying and selling real estate carries the same risks as any other type of investment, and the only way to avoid these risks is through proper research. More importantly, you will be spending a good amount of money on real estate compared to other types of investments, and so you want to make sure that your money is well spent. By keeping these valuable points in mind, you will be able to find the right property to invest in.





Posted by Thomas Murphy on 1/4/2015

Year after year, study after study, good market, down market the story is always the same...owning a home is a good investment. Not only does it build wealth but it also provides many psychological benefits too. A survey released earlier this year by the magazine Better Homes and Gardens found that eight in 10 respondents said homeownership is still a good investment and believe owning a home is a smart financial move and a source of pride. Here are some results of the 2,500 people surveyed online:

  • 86% of home owners still feel owning a home is a good investment.
  • 85% feel “owning a home is one of their proudest accomplishments.”
  • 69% of Americans who don’t currently own a home agree with the statement, “No matter what happens in the U.S. housing market, owning a home is still an important goal in my life.”
  • 68% of Americans plan to spend money on their homes in the next six months, with roughly half (49%) expecting to pay up to $1,000.
 




Categories: Buying a Home   Real estate