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The Biggest Roadblocks to Closing

Twenty-three percent of real estate professionals say they faced closing delays for a transaction in March, and 7 percent say the sale contract was terminated altogether, according to the REALTORS® Confidence Index, which is based on responses from more than 2,500 REALTORS® nationwide. Clients who had trouble obtaining financing was the most common reason for delays, respondents to the survey say, followed by appraisal issues.

Another problem: New Closing Rules Remain a Challenge

Though it remains the top roadblock to closing, fewer respondents cite financing as an issue today than when the survey began tracking such data. The decline may reflect the improvement in the economic environment, better credit histories from borrowers, and improvement in the loan evaluation processes of mortgage originations,” the report notes.

But appraisal issues are growing more common. Real estate practitioners say a shortage of appraisers, valuations that are not in line with market conditions, and “out-of-town” appraisers who are not familiar with the local market are the biggest problems they face concerning appraisals. Indeed, 55 percent of mortgage originators recently surveyed reported some level of difficulty getting appraisals, according to a separate NAR survey.

Source: REALTORS® Confidence Index


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3 Ways to Generate More Leads This Spring

More leads more conversions ,  More leads more profits. The perfect time to get in front of more leads.

Are you on the hunt for more customers? Now that it’s spring and people are emerging from winter hibernation, it’s the perfect time to get in front of more leads. And you know the best way to convert them to clients is through a face-to-face meeting, so Better Homes and Gardens Real Estate‘s Clean Slate blog offers some ideas to achieve that.
More Prospecting Ideas Creative Prospecting to Building Relationships 5 Things Prospects Can’t Say No To How to Get Online Prospects to Love You
Play a part in local events. From gardening shows to charity walks and music festivals, spring offers ample opportunity to meet people at local events. Attend or sponsor events to get yourself in front of your community. “Community events allow you to reach out, educate, and market to homeowners as well as potential home buyers,” BHGRE notes. “Such events enable you to build rapport with prospects while branding yourself as the expert. Being active in the community also separates you from direct competitors, as you show your prospects that you are a real estate agent who goes above and beyond.”   Attend garage sales. Sometimes, homeowners host a garage sale as a way to declutter prior to putting their house on the market. So by going to a garage sale, you could meet your next seller. Also, encourage your other clients to host a garage sale no later than a week after listing their home, BHGRE suggests. “Doing so will bring plenty of potential home buyers to the area to view the home and generate interest,” the blog notes. Make marketing materials about the home available for visitors to the garage sale as well.   Tailor your email campaigns. Show clients and prospects you’re the agent they need right now by providing content that’s most useful for the spring season. Send tips about how to increase curb appeal after a long, hard winter, or warn customers of the top spring selling mistakes. “As long as your email and marketing campaigns are specific to the season and bring value to the prospects, you should see a positive response,” BHGRE says.
 

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Think Your Credit Score Is Too Low To Buy A House? Maybe Not

 

When it comes to your credit score, how low is too low? The number you really need to buy a house.

We all know that when it comes to buying a house, there are a few things we need, like a down payment and a good enough credit score to qualify for a loan. But what does a “good enough credit score” really mean? Does your credit history have to be impeccable? Can you have a couple of boo-boos? And, if you do have issues on your report, how much of a hit will you take?

Your credit score is “a number, roughly between 300 and 850, that summarizes a consumer’s creditworthiness,” said Bankrate. “The higher the score, the more able and willing a consumer is to repay a loan, lenders believe. The best mortgage rates and terms go to borrowers with credit scores of 740 and higher.”

But most of us can’t measure up to that number. Thankfully, we don’t have to. There’s room for lower scores – even really low scores – depending on the type of loan you’re applying for, with a number of other factors (your income and work history, the amount of your down payment, the state of the economy) thrown in. Knowing where the bottom is will help you figure out how to proceed.

FHA loans

The advantage to a Federal Housing Administration (FHA) loan for many buyers is the low down payment. You may need only 3.5% down to purchase a home with this type of loan, which is backed by the government. But, you’ll need a minimum 580 credit score if you’re only planning to put 3.5% down. Can’t meet that benchmark? You’ll need more cash up front.

“If your credit score is below 580, however, you aren’t necessarily excluded from FHA loan eligibility,” said the FHA. “Applicants with lower credit scores will have to put down a 10 percent down payment if they want to qualify for a loan.”

For FHA loans, your credit score can be as low as 500. But, “Those with credit scores between 500 and 579 are limited to 90 percent LTV,” which leaves a lot of people out of luck.

Non-government-backed loans

The issue with FHA loans for many buyers: That pesky private mortgage insurance (PMI), which can add several hundred dollars to the monthly payment and is “required any time you put less than 20% down on a conventional loan,” said My Mortgage Insider.

If you have a larger down payment, you may be able to avoid paying PMI by going with another type of loan – but only if you have the credit score. “To qualify for a conventional mortgage, a borrower generally needs a minimum credit score of 680 and at least 5 percent down,” said Bankrate. “Many lenders require at least 10 percent down.”

There may be more wiggle room in that credit score if you can come up with more money for a higher down payment. But, if it’s too low, you’ll likely be pointed right back to FHA loans. On the other end, a higher score will get you the best possible interest rates.

Subprime mortgages

Have a credit score below 500? You’re officially in the “bad credit” zone. But, you may still be a candidate for a loan, even if you can’t qualify by FHA standards, by going with a subprime mortgage. The word “subprime” still sends shivers down the spines of many people because loans extended to what many industry professionals considered to be unqualified applicants were largely blamed for the last housing crash. Accordingly, many of these opportunities dried up in the aftermath.

Today, though, subprime mortgages are available. Keep in mind that minimum credit scores will depend on the individual loan and lender, and each borrower’s unique set of financial circumstances. And, you’ll pay for the privilege of being extended a loan with higher rates and/or fees.

“Subprime mortgage lenders mostly use collateral like equity earned when considering a ‘refinance’ or a more significant down-payment when talking about a ‘purchase money’ transaction,” said First Time Home Financing.

Private Money Lenders

If all other avenues fail, you may still be able to get a loan with your bad credit from a private money lender. These are individuals with money to spend who are looking for investments. Because your low credit score makes you risky, you’ll be charged more for your loan.

“Your personal credit is usually a smaller factor in these types of loans. However, you should know that the interest rate on these loans is much higher – in the range of 10-15%,” said First Time Home Financing. “If you really have bad credit, this could be your only option for the time being.”

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Is the Homeownership Rate Finally Stabilizing?

Is This the New Normal for Homeownership?

The U.S. homeownership rate was 63.6 percent in the first quarter of 2017, barely budging from last quarter’s reading of 63.7 percent, the U.S. Census Bureau reports.
Read more: Is This the New Normal for Houseownership?
After reaching a cycle low of 62.9 percent in the second quarter of 2016, the house ownership rate appears to be stabilizing. The ownership rate, however, still remains way below the 27-year average rate of 66.1 percent. The homeownership rate increased among all age groups in the first quarter, albeit slightly. The millennial and Generation X ownership rates increased by 0.1 percent while households aged 45 to 54 years old increased by 0.2 percent, according to the U.S. Census data. The houseownership vacancy rate remained at 1.7 percent, and the national rental vacancy rate also held at 7 percent in the first quarter—both low by historical standards. The number of households increased to 118.8 million in the first quarter, up by 1.2 million households from a year ago. “Growth in household formations will spur rental housing demand first, and ultimately, home sales,” notes the National Association of Home Builders on its Eye on Housing blog. Source: “Homeownership Rate Stable,” National Association of Home Builders’ Eye on Housing blog (April 27, 2017)
 

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Three Big Things Homebuyers Are On The Look-Out For

As a seller, you have a lot more control in pleasing buyers than you think. If you start the selling process by learning what buyers really want, you can prepare your home to come as close to their dreams as possible.

Here are the five biggest turn-ons for homebuyers and what you can do to please buyers.

Curb Appeal

You only get one chance to make a first impression. Your home should sell to the buyer from the curb. That’s how important curb appeal is. Your buyer should be so impressed, so charmed, so delighted that they want to leap out of the car and run inside.

How do you create curb appeal? Show attention to detail. Your home has to be prettier, cleaner and in better condition than its neighbors.

Start with sweeping the drive, walkway, and porch or entry of dirt and debris. Get rid of leggy bushes, wilted flowers and broken tree limbs. Plant fresh flowers in the front garden or in containers at the entry.

Power-wash the exterior and hand-wash the windows. Touch up paint around the windows, if needed. Paint the front door a fresh, modern color. Replace the door hardware and porch sconces.

Space

The number one reason why people buy homes is to have more room. Whether they’re moving from an apartment or moving up from the home they have, they want to have plenty of space to do the things they enjoy.

If you have a large home, you’re golden, but that doesn’t mean you’ve got it made. You can ruin a buyer’s first impression with too much clutter, so make sure to keep your home picked up so your buyer can see your home’s features clearly and easily.

What if you don’t have a lot of space? Plan to do some storing and staging. Rent a storage unit and put away all out of season clothes, toys, and home decorations and accessories. Clean off all tables and countertops so you have only the minimum of things your need to operate your home. Empty closets of anything that is “stored” and move it to the storage unit. The small expense you’ll pay in storage fees you’ll more than make back from your buyer’s offer.

Updates

There’s a reason why first-time buyers and singles tend to buy older homes – they’re more affordable than buying new. So unless your buyer is a building contractor, chances are they want a home that’s as updated as possible.

You may not be interested in putting in a new kitchen in order to sell your home, but you can do a few things to make buyers happy. Replace the most dated features – countertops, cabinet pulls, or appliances.

Bathrooms are so personal that they can easily turn buyers off. Invest in new towels, bathmats and a shower curtain. Throw out slimey soaps and limp ragged bath sponges. Replace with liquid shower and bath products. You can take all the new stuff with you to the next home.

Painting is expected by buyers, but don’t repaint the same colors that you chose 10 years ago. Pick an updated neutral like a warm grey instead of beige. Be sure to choose a color that will complement the architecture and flooring in your home.

Keep in mind that the typical home purchased in 2013 was 1,860 square feet and built in 1996, so homebuyers aren’t expecting your home to be a mansion, nor do they expect it to be new, but they do expect to see pride of ownership. The more tweaks, updates and repairs that you perform, the more confident your buyers will be that they’re choosing the right home.

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Homeowners: Should You Stay or Should You Go?

Should I stay or should I go. Its not just an anthemic line to a classic song from The Clash. It’s also an age-old question of homeowners everywhere. When your home’s not so perfect, you get the wandering real estate eye. But can another house really compare to what you’ve got going on?

It’s a conundrum. So much so that it’s even spawned the popular show on HGTV called Love It or List It, where owners of a problem pad fight over whether to remain in their home (with the help of a sizable budget and a skilled reno team) or move to something else.

“Families evolve, whether through the birth of children, the acquiring of possessions, or an increase in job rewards. That charming little cottage two lovebirds started out in often becomes an overstuffed matchbox with too few bedrooms and too many toys, tools, and tricycles, with people stumbling over one another in the course of daily life,” said Money Crashers. “Privacy is nonexistent, noise and tensions regularly escalate, and stress is a frequent guest at the dinner table. The only solution is more room.”

So how do you know whether to renovate or move?

CNN Money asked the same question, and has come up with “5 smart fixes” to the stay or go question.

“Happy with where you live but not so hot on your living space? Now might be the perfect time to address your abode’s architectural flaws,” they said. With real estate prices on the rise, it’s safer than it has been in years to invest in your home.”

Especially when “remodeling away your house’s shortcomings can cost tens of thousands less than trading up to an already remodeled house, which commands a major premium now. In addition, you avoid realtor fees, moving costs, and the inevitable expense of making a new place your own, no matter how ‘turnkey’ it is.”

Here are a few of their “cost-effective solutions to the issues that most commonly force people to move.”

1. Doubling the space in your kitchen

If your home was built before the 1980s, chances are your kitchen is small and closed off from the rest of the home. Removing a wall between the kitchen and dining room or kitchen and family room is an easy and affordable way to create “a feeling of spaciousness — and also clears room for an island or peninsula that can become a key workstation or a place for family and guests to congregate,” said CNN Money.

Kitchen Space

Expect to pay a minimum of $5,000 “to remove the wall and refinish the surrounding floor, ceiling, and walls,” and more if you need to add a structural beam or relocate any plumbing.

2. Adding a powder bath on the first floor

Older homes that don’t have a bathroom on the main level are not just difficult to sell — they’re difficult to live in. CNN Money says you can solve this issue by renovating existing space. “You can squeeze a powder room into a space as small as four feet by four feet or even three feet by five feet,” they said. “One option is to repurpose a large coat closet, pantry, or under-stairs cubby. Keep in mind that the closer you put the bathroom to existing plumbing, the less it will cost.”

Expect to pay a minimum of $10,000 if you use what you have and up to $25,000 if you’re building a room from scratch.

3. Turning the master bedroom into a master suite

If your master bedroom is adjacent to another room, you can take over the space. “A lot of people do this when the kids go off to college,” said CNN Money.

Remember that lowering the number of bedrooms in your home can also lower your home value, so consider the equation carefully. “You always want to keep your bedroom count on par with the neighborhood,” they said. “So, in a four-bedroom house area, dropping to three may not be a good idea. But in a predominantly two-bedroom neighborhood, you’d still be way ahead of the Joneses.”

Master Suite

Expect the cost to range from $40,000 to $80,000, depending on if you are adding a master bath and exactly how spa-like you intend for it to be.

4. Converting the attic

If you’re short of bedrooms, you’ve probably thought of adding on. But home additions can be very costly. A great solution can be moving into the attic.

“For growing families, the number of bedrooms is often the biggest factor motivating a move to a bigger and more costly home,” said CNN Money. “The ideal place to add bedrooms is the square footage you already own up in the attic.”

Expect to pay $20,000 and up depending on the space allotted and whether or not you need to add windows or a staircase.

Houzz has some great questions to ask yourself if you are trying to decide between moving or remodeling:

  1. “How do you feel about your neighborhood?
  2. Is there some intangible quality to your house?
  3. Does renovating make economic sense?
  4. Does the existing house have good bones?
  5. How will the latest zoning restrictions affect the project?

For more pointed questions that will help you determine if you’re willing to stay, or ready to go, see Houzz.

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FG Signs N13bn Mortgage Refinancing MoU on Workers’ Housing

Mortgage Refinancing

 

HoS), Mrs Wilfred Ekanem Oyo-Ita,
Head of Civil Service of the Federation (HoS), Mrs Wilfred Ekanem Oyo-Ita.

The federal government on Tuesday stepped up its desire to deliver decent and affordable houses for public workers by signing a Memoranda of Understanding (MoU) for N13 billion mortgage refinancing.

The MoUs were signed towards approving loan that would make it possible for some civil servants to purchase houses under the government backed Federal Integrated Staff Housing (FISH) progamme.

The mortgage refinance agreement was signed at the FISH Summit between Federal Government Staff Housing Loan Board (FGSHLB) and Nigeria Mortgage Refinancing Company, while the second MoU was entered between Family Homes Funds which is another government institution to provide affordable housing and the Federal Mortgage Bank of Nigeria.

The Federal Ministry of Finance and the Managing Director Nigerian Mortgage Refinance Company, Dr Charles Iyangete, signed the multibillion loan agreement,  while the  Executive Secretary Federal Housing Loans Board, Hanatu Fika, signed the second agreement with the Federal Housing Authority on behalf of workers.
There are over 30,000 registered and profiled off-takers who have authorised deductions of mortgage or loan repayment directly from their monthly salaries.

The Office of the Head of Civil Service of the Federation (HoS) also entered into partnership with the manufacturers of building materials led by Dangote Cement for discounted volume prices to down the cost of building the houses.

The HoS, Mrs. Wilfred Oyo-Ita, described yesterday summit as a golden opportunity to deliberate on strategies that would guarantee affordable housing as well as sustainable sources of funds for FISH Programme.
She lamented the cheap and poor quality housing workers reside in satellite towns has adversely impacted on productivity.

“The FISH Programme being a sub-set of the federal government mass-housing scheme provides an impetus for the uplifment of the welfare of the federal civil servants. It was designed to alleviate housing challenges of workers in the FCT,” Oyo -Ita said.

One of the high points of yesterday’s summit was the  donation of three bedroom flat to the man whose wife delivered quintuplets last Saturday, by one of the housing developers, EFAB Properties.
All charges relating to title documents plus the house were presented to Mr. Imudia Uduehi.
Oyo-Ita said the gift was a fulfillment of a decent home she promised after Mrs Oluwakemi Uduehi gave birth to five baby girls.

Meanwhile, the President Nigeria Stock Exchange, Aigboje Aig-Imokhuede, has clamoured at the summit that deposits from the Treasury Savings Account (TSA) be loaned to workers to enable them afford their own houses.

Aig-Imokhuede also said for FISH programme to be successful and sustainable,  it must recognise opportunity cost, market forces and create a win-win synergy for all participants.
He also called for the setting up of a trust fund from private sector to be managed by Nigerians with track record in trust funding, adding that both federal and state governments should also provide land and subside housing.


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Owners: Be Smart When Financing Renovations

The number of homeowners who are planning to take on home improvement projects or repairs this year is expected to increase 6.7 percent, according to the Joint Center for Housing Studies at Harvard University. As more owners look to remodel, they may be weighing how to fund their renovations.

Read more: What to Watch for in Home Renovations

One-third of affluent homeowners—those who earn at least $100,000 a year—plan to use credit cards to pay for home renovation projects, according to a new survey of more than 3,000 respondents conducted by LightStream, a lending division of SunTrust Banks. The percentage of those who are turning to credit cards to pay for their renovation projects is rising: This year, 32 percent said they would use credit cards, compared to 26 percent in 2016.

Homeowners may be using credit cards, even though they intend to pay for the balance as soon as it’s due, because they want the benefits of getting airline miles or other rewards from using the credit card, says Todd Nelson, LightStream’s business development officer. But for those who don’t intend to pay the credit card off right away, they may want to think twice about using credit cards to pay for their home renovation projects, warns Shomari D. Hearn, a certified financial planner with Palisades Hudson Financial Group in Fort Lauderdale, Fla.

“It’s fine to tap savings or use a home-equity loan or line of credit, but I don’t think it’s a good idea to use credit cards for home improvements,” Hearn says. “Interest rates on credit cards tend to be in the double digits, plus it’s personal debt and the interest is not tax-deductible.”

With recent home price increases of 5.5 percent in 2016, the number of mortgage holders who now have tappable equity is at 39.5 million, according to Black Knight Financial Services, a real estate data firm. With a HELOC—a home-equity line of credit—the interest may be tax-deductible and there are no upfront frees, says Ann Thompson, a senior vice president and divisional sales executive for Bank of America in San Francisco. A cash-out refinance is another option, where borrowers refinance for more than what they owe on the property and then take the difference out in cash.

For either a HELOC or cash-out refinance, homeowners do need to factor in added fees, such as refinance fees from the application, which start at $475 at Bank of America. There are also extra processing fees and closing costs to factor in too.

Source: “More Homeowners Pay for Repairs With Credit Cards,” realtor.com® (April 26, 2017)

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Buy vs. Rent? The Top-Rated College Towns

Baltimore, home to Johns Hopkins University, ranks as the top college town housing market where buying makes more financial sense than renting, according to a new analysis by realtor.com®. In Baltimore, the average monthly homeownership cost of $775 is more affordable than the average $1,443 monthly cost of renting.

Read more: 10 Best College Towns for Investors

For its rankings, realtor.com® compared the average monthly rental costs to the average monthly home payment (including mortgage, property taxes, and insurance) in markets near notable colleges and university.

“College tuition in the U.S. has increased more than 60 percent over the last 10 years,” says Javier Vivas, manager of economic research for realtor.com®. “Assuming you can afford the down payment, owning a home that your child can live in while at school can help cut the high costs of off campus living. It also makes a great future investment as a steady flow of students into the town continues to drive demand.”

In realtor.com®’s 10 top college town investment findings, researchers found it takes an average of 21 percent of the local median household income to buy a home in those counties, compared to 28 percent for the U.S. overall. Renting, however, in these markets is pricier, which requires an average 27 percent of income compared to 25 percent for the U.S.

The following are the top 10 college towns that topped realtor.com®’s list

  1. Baltimore (Johns Hopkins University): $775 (homeownership cost); $1,443 (rent payments)
  2. South Bend, Ind. (University of Notre Dame): $470 (buying); $856 (renting)
  3. West Lafayette, Ind. (Purdue University): $666 (buying); $970 (renting)
  4. East Lansing, Mich. (Michigan State University): $628 (buying); $930 (renting)
  5. Philadelphia (University of Pennsylvania): $964 (buying); $1,252 (renting)
  6. College Park, Md. (University of Maryland): $1,699 (buying); $1,971 (renting)
  7. Cleveland (Case Western Reserve University): $677 (buying); $866 (renting)
  8. Swarthmore, Pa. (Swarthmore College): $1,128 (buying); $1,252 (renting)
  9. Milwaukee (Marquette University): $856 (buying); $954 (renting)
  10. Champaign, Ill. (University of Illinois at Urbana-Champaign): $875 (buying); $956 (renting)

Source: realtor.com®


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The Definitive, No-Fail Way To Pick A Neighborhood You'll Love

Nothing stinks more than finding a home, spending hundreds of thousands of dollars, moving yourself your family your pets and all your stuff, and ending up with buyer’s remorse. Especially if you’re relocating to another area, it can be hard to know where to go, or even where to start. These tips will help you keep on track to find the best neighborhood for your needs.

Check the lists

Whether you’re looking to move across the country, the state, or the city, moving away can be an overwhelming proposition. Local real estate agents and relocation specialists are key to this process. But, if you’re just starting your search or have no idea where you may possibly be moving, do what so many other do today: Consult some of the many “best place” lists that are out there.

Google “Best place to live” and you’ll have pages of options to sift through. Getting more specific, you can find lists outlining the best cities in which to find a job, raise a family, be a successful millennial, retire, live off the grid—and that’s just the beginning. The great news is that these websites and news outlets have done a lot of the legwork for you, with data, statistics, and other details that can help you quickly see where you might want to concentrate your search. At the very least, it’ll provide a good starting point that will allow you to do further research.

Consider the value

There are countless ways to look at the value of an area. But one of the strongest indicators of growth in neighborhoods today is what can be found around it. Like a popular coffee shop. “Call it the Starbucks Effect: Proximity to a local coffee shop has a very real, and positive, effect on home values, new data shows,” said Time. “How much faster? Over 17 years…leading up to 2014, homes adjacent to the local Starbucks almost doubled in value, up by 96%. Those further out appreciated by 65% over the same period.”

And that’s not it. “Houses near Targets experience much higher appreciation, according to a new study from RealtyTrac,” said CBS News – as much as a 27 percent price appreciation and average property values of $307,286, or 72 percent higher than homes near Walmart locations.”

Whole Foods and Trader Joe’s also factor in. “A 2015 study by the real estate information company RealtyTrac analyzed this trend,” said US News. “The study included 4 million homes located in a ZIP code with either a Whole Foods or Trader Joe’s location, finding that average property values in a ZIP code with Trader Joe’s appreciated by about 40 percent since they were purchased, while homes with a Whole Foods in the ZIP code appreciated by nearly 34 percent, which matches the national average increase according to the survey.”


MichiganFitness.org

Look at the schools

Don’t yet have kids, never want them, or have an empty nest? It doesn’t matter. Living in a good school district still helps to maintain your property values. “Living near a high-scoring school can increase your home’s value by over $200,000, according to the Brookings Institution,” said AOL. “That’s not chump change. There are plenty of attractive advantages that come with proximity to a school, including increased police protection, personal use of school facilities and living in a ‘Drug-Free School Zone.'”

Make the drive

Commuting is a big deal for everyone, and if you have a limit to how much time you want to spend in the car, it makes sense to drive from any of the neighborhoods you like to work during rush hour and back as a test run. It might just turn out that the drive is so long it allows you to kick several options off your list.

Go to Starbucks

Once you recognize that the neighborhood Starbucks can help stabilize and even raise your property values, go hang out there for a while. Hit the park, one of the popular lunch spots, and the supermarket, while you’re at it, paying attention to the type of people who are there. Are they friendly? Rude? Is everyone in a hurry? Is there an interesting mix of people? Do you see families or retirees or whatever type of demographic you’re looking for? Spending some time in the area can tell you a lot about what it’s going to be like to live there.

Now, take it even more local

Case the specific neighborhoods you’re considering. Not in the “We’re going to rob you” way, of course. Spending as much time as possible in the area where you may soon be living will give you a better feel for how you’ll fit in. Maybe the streets fill with kids in late afternoon and you’re looking for a quieter environment. Or maybe there’s not a peep on the street at all, even on weekends, and you’re looking for a livelier atmosphere.

Listen to your head and your heart

Living on the beach would be amazing. Except for the fact that it would mean adding a good hour to your commute – each way. Understanding and accepting your priorities and then using them to establish an action plan is critical when choosing the right neighborhood. If you ditch your plan to find a great family home in a neighborhood with lots of kids and amenities nearby because you fall in love with a remote mountain enclave populated mostly by survivalists, you’ll probably end up frustrated down the line.

Don’t be blinded by a great house

Walking into a house and getting that feeling in your gut…you know, that intangible thing that just makes it feel right…is dreamy. We all want that “meant to be” thing. But a great house is only the right house if it actually works for you.

You don’t want to be a few months out and hating your life because you chose the home with the great bones but you don’t actually have the money to do the updates needed to bring it into this century. Or because the neighborhood just doesn’t meet your needs in terms of schools, commute time, amenities, neighbors, or all of the above.

Real estate experts often recommend choosing neighborhood over house, because, while you can change your house, it’s a lot harder to pick it up and move it to a better neighborhood.

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