Tag Archives: Real Estate in Jacksonville FL

8 Bad Reasons to Not Make An Offer On a Home

04 Thursday Mar 2021

Posted by in #HomeBuyer, #HomeBuyingTips, #HomeOwner, #housegoals, #househunting, #Jacksonville, #JacksonvilleFL, #KellerWilliams, #Movingday, #RealEstate

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Buying a home can be a nerve-racking experience, no matter what price range you’re in. Spending (or borrowing) hundreds of thousands of dollars, uprooting all of your belongings, and stepping into the semi-unknown can stress even the most level headed people, causing second thoughts and doubts. 

There are plenty of legitimate reasons not to make an offer on a house, like: structural issues, it’s over your budget, or the location isn’t ideal, to name a few. 

But, not all doubts are created equal. And sometimes we mistake trivial concerns for real ones, creating reasons not to buy a house that shouldn’t be there. 

Here are eight bad reasons for not making an offer on a house: 

1. Because you want to wait and see if the price goes down 

A wait-and-see approach is much more likely to end with someone else buying the house before you get a chance to. If you like it, there’s a high likelihood that someone else likes it too. Even if a house you like is overpriced, you’re better off making an offer and negotiating, than simply waiting for the owner to lower their price.

2. Because one of your friends doesn’t like it 

People’s opinions can impact us a lot. But when it comes to homeownership, you shouldn’t necessarily listen to what your friends think. After all, you’re the one who’s going to have to live there… so if you like it, go for it! 

3. Because the listing sites have a price estimate that’s different from what the seller is asking 

Some listing sites provide an approximate estimate of what a home is worth. But keep in mind that these are based on algorithms and publicly available data, not an in-person inspection and analysis of value. So, take them with a grain of salt, not as gospel. 

4. Because you don’t like the light fixtures (or something else that’s easy to fix) 

Small cosmetic defects can make a huge visual impact, but always try to focus on the big things, and not on things that are easy to change or fix. Items like light fixtures, paint color, and decor are easy to fix, so try and see past even the worst of taste.

5. Because you think mortgage rates will continue to fall 

In a competitive market, or on a nice-enough house, there are likely to be other bids, and sometimes more than just a few. Don’t let this deter you from making an offer though; you have as good a chance as anyone else, so just give it your best shot! 

6. Because there are already other bids 

In a competitive market, or on a nice-enough house, there are likely to be other bids, and sometimes more than just a few. Don’t let this deter you from making an offer though; you have as good a chance as anyone else, so just give it your best shot!

7. Because you’re afraid that the process will be too complicated 

Buying a home is a bit complicated. There’s a lot more to it than the average person ever knows. But, as long as you work with a great agent, the process shouldn’t be all that complicated for you. Most of that stuff goes on behind the

8. Because you want to wait for the “perfect” time to buy 

The “perfect” time to buy is when you want to or need to move. Timing the market is almost impossible to pull off. Usually, if the market does go down considerably, there are other factors at play that may get in your way of buying at that time anyway, whether it be interest rates, ease of getting a loan, or the overall economy and employment.

And #9 – the worst thing you can do is to not call us to help you! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Before Taking on a Fixer-Upper Right Now Consider These Current Issues

04 Monday Jan 2021

Posted by in #DIY, #HanleyHomeTeam, #HomeBuyer, #HomeBuyingTips, #HomeOwner, #HomeSeller, #housegoals, #househunting, #Jacksonville, #JacksonvilleFL, #KellerWilliams, #Movingday, #RealEstate

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With the inventory of homes so low, some buyers are binge-watching HGTV and beginning to consider buying a fixer-upper. Fixing up a property can be a fun, fulfilling experience for many homeowners. But fixer-uppers can be challenging in the best of times—and with some of the challenges in today’s market, this doesn’t exactly qualify as “the best of times.”

A recent article from realtor.com outlined some of the reasons why now might not be the best time to buy a fixer-upper property, including:

  • Material costs are high… The pandemic has created a high demand for home renovations, which has sent the prices for materials through the roof, doubling—or even tripling—in many cases. So, the renovations that you need to make on a fixer-upper property? They’re likely to cost significantly more than they would have at this time last year.
  • …and crews are busy. The demand for home renovations also has many contractors booked out for months—which means that, if you buy a fixer-upper, you could have to wait a significant period of time to start tackling projects.
  • There’s a higher risk for issues. Any property could have issues you don’t notice on your initial viewing—but the risk of safety, environmental, or inspection-related issues is much higher for older homes that need a lot of work.

The Takeaway:

Bottom line? There are definite challenges associated with buying a fixer-upper in today’s real estate market—and buying a new construction or a newer home with fewer necessary repairs is probably going to be a safer bet. But if you’re set on making a fixer-upper purchase? Talk to your real estate agent (us!) as we can help you better understand the challenges associated with buying a fixer upper—and help you get a plan in place for navigating those challenges. Kevin and Jennifer Hanley, REALTORS http://www.HanleyHomeTeam.com The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside

Why Lenders Use Gross Monthly Income vs. Take-Home Pay

18 Friday Dec 2020

Posted by in #HanleyHomeTeam, #HomeBuyer, #HomeBuyingTips, #househunting, #Jacksonville, #JacksonvilleFL, #KellerWilliams, #RealEstate

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It might seem strange that mortgage companies use gross monthly income when determining affordability instead of ‘take-home’ pay. After all, it’s the take-home pay that consumers use for their monthly expenses and bills – including the mortgage. But there are a few good reasons why lenders use the gross amount. 

First, it’s universal. Lenders A, B, and C all use gross monthly income to calculate debt-to-income ratio (and thus affordability), so everyone is qualified using the same guidelines. There are a few loans that do take monthly expenses and ‘residual’ income into consideration, but most every other program uses gross monthly income. 

Second, it’s a figure that most consumers readily know. Calculating net income with taxes, deductions, etc. is complicated and can vary month-to-month. Gross income is stable and easier to quickly calculate monthly. It would be impossible for lenders to adjust their loan programs for each individual’s specific expenses and deductions. 

Third, employers report income each year to the IRS, and the amount reported is gross income, not net. When consumers are asked to document income on their loan application, the last two years of W2 forms are needed along with recent paystubs. The gross amounts on the paystubs should align with the W2 forms. Trying to parse net income from these documents is impossible. 

If you’re thinking about buying your first home and want to know what you might qualify for, there’s no shortage of online prequalification calculators to help you get started. Just remember to enter your gross monthly income, not your net or take-home pay, so you don’t short-change yourself. We are here to help, too! Just reach out to Kevin and Jennifer Hanley, REALTORS, The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside – HanleyHomeTeam.com 904-515-2479

Getting Home Insurance Right

11 Wednesday Nov 2020

Posted by in #HanleyHomeTeam, #HomeBuyer, #HomeBuyingTips, #HomeOwner, #HomeSeller, #housegoals, #Jacksonville, #JacksonvilleFL, #KellerWilliams, #RealEstate

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HOMEOWNERS INSURANCE FEELS LIKE A “NECESSARY EVIL.” BUT IT DOES SERVE A SAINTTLY PURPOSE—TO PROTECT YOU. SINCE YOU HAVE TO PAY IT EVERY MONTH, THE TRICK IS TO PAY AS LITTLE AS POSSIBLE FOR AS MUCH COVERAGE AS POSSIBLE. HERE’S WHAT TO LOOK FOR.

If you own a home free and clear, you are not required to have homeowners insurance (also called hazard insurance). But if you have a mortgage on the property, your lender will require you to carry it. Here’s how to get quotes to compare prices and coverage.

What is a homeowners insurance quote?

A quote is an estimate of the price you’ll pay for a policy. It’ll be given to you either as a yearly, 6-month, or monthly amount. Make sure you’re comparing apples to apples when looking at different quotes. 

A quote will be based on the size of home, location and likely replacement value of the home, condition you want to replace it to, how far it is from a fire house, etc. 

Each company uses its own formula to calculate house insurance quotes, so prices can vary widely. You boost your chances of finding the best rate when you compare homeowners insurance rates from several companies. Get at least three quotes! The rate and amount of coverage can vary by hundreds of dollars.

A quote is only an estimate at the time it’s given. The actual amount you’ll end up paying will not be determined until the policy is issued. It’s usually close to the quoted amount, though.

Who gives homeowners insurance? 

Many companies, including the companies that you might already be insuring your car with. Examples include USAA, Farmer’s, State Farm, Travelers, Wawanesa, Desjardins, Allstate, and many others. 

What do you get from having homeowners insurance? 

Protection in case of damage or loss. These amounts can vary! These are broad averages only. If you get three different quotes, you’ll begin to see what kind of coverages are available for your property and can compare. For instance, if two quotes are similar, but one offers $8,000 of additional living expenses in case of a claim, and the other offers only $6,000, then the first might be a better policy for you (if all other factors equal).

How your price can change…

In addition to the standard coverages shown above, you’ll also need to make choices when you compare home insurance quotes. These choices will affect your price, so make sure you use the same choices when comparing different policy quotes. 

Your deductible. This is the amount you pay out of pocket, before the insurer will pay anything per claim. It’s typically $500 to $2,000 per instance. Choosing a higher deductible will lower your monthly premium payment. If you choose a higher deductible, make sure you can afford to pay that deductible.

Earthquake, flood or windstorm coverage. Standard insurance doesn’t cover earthquake or flood damage, and windstorm coverage is limited in some hurricane-prone regions. If you live in an area affected by these risks, you may want to ask about optional coverage. Flood insurance is required for some properties in high-risk zones.

Replacement cost coverage for your belongings. Most standard homeowners insurance policies won’t pay to replace old items with new ones unless you choose this upgrade. You can ask for more coverage for your belongings (like computers, clothes, art pieces, dishes, etc.). 

Extended or guaranteed replacement cost coverage for your home. Standard policies won’t pay more than your dwelling coverage limit to fix your house. Extended replacement cost coverage will pay out more if repairs require it, up to a specified limit, and guaranteed replacement cost coverage will pay the full cost.

How to get a homeowners insurance quote

You can call a local insurance agent or broker who can give you a quote. It’s often nice to talk to someone who specializes in insurance in your area. 

You can also contact insurance companies online and fill out their online quote request form. 

I prefer talking to an agent, because many of the items in the online forms are not applicable, and you’ll end up having questions. The live agent can help you faster, and often make suggestions you won’t get online. However, it might be wise to get at least one online quote, once you know what you want to be comparing.

KNOW SOMEONE WITH QUESTIONS ABOUT BUYING A HOME? PUT THEM IN TOUCH WITH US FOR HELP. Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside http://www.HanleyHomeTeam.com

How to Buy a Home Sight Unseen

23 Friday Oct 2020

Posted by in #HanleyHomeTeam, #HomeBuyer, #HomeBuyingTips, #HomeOwner, #housegoals, #househunting, #Jacksonville, #JacksonvilleFL, #KellerWilliams, #RealEstate

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If you’re thinking about buying a house right now, you’re probably wondering how best to go about it. The truth is, you can still do in-person tours in some places, depending on the local regulations, but many people are buying homes right now without stepping foot inside until the deal is done.  

Virtual Tour

Sight unseen deals are nothing new, but up until recently they were used mostly for foreign buyers, investors, or long-distance home shoppers. These types of remote deals have become more mainstream in the wake of the COVID-19 pandemic, and there’s evidence to suggest they’re more than a passing trend. 

A survey from 2018 showed that about 20% of homebuyers had made an offer on a home without seeing it first. A more recent, COVID-19-influenced survey, found that 45% of homebuyers in the last year had made an offer without seeing the property in person. In April of this year, Realtor.com found that “24% of 1,300 consumers surveyed said they’d be willing to buy a home without first seeing it in person.” 

If you’re considering purchasing a home sight unseen, keep these tips in mind: 

Work with the right agent
If you’re buying a house without touring it first, you have to depend on your agent to be your eyes and ears. It’s crucial that you go with a local expert, especially if you aren’t super familiar with the area. 

Take advantage of technology
Online listings with 3D home tours are up by more than 600% since the pandemic hit. Listings that have this functionality are likely to rise to the top because they give you a better feel for the home. Remember, whether you’re looking at a carousel of images or a 3D tour, don’t forget to ask your agent to go a step further.  

“Once you know which homes you’re most interested in, have your agent book some showings and take you along on the tour using FaceTime,” said HomeLight. Being able to view the property with someone in real-time will allow you to ask questions while getting an understanding of the “flow” of the home. 

Then, ask for a floorplan
Today, you’re more likely to find home listings that include a floorplan image. If you don’t see one, make sure to ask. While video tours offer an understanding of how a home feels, a detailed floorplan helps you ensure it measures up to your needs. 

Knowing the full layout of a home will give you some insight on what day-to-day life will be like. For example, watching a video tour might not reveal the fact that the new home office you’re excited about shares a wall with a noisy laundry room. Also, being able to quickly reference dimensions will allow you to imagine how you and your furniture will fit into the new space.  

Order an appraisal and a home inspection
Even in cases where they’re not required, you don’t want to skip these steps. Especially when you can’t or don’t want to tour a home yourself, having expert and objective documentation regarding the value and condition of the home is more important than ever.

It’s ALWAYS better to work with a team of agents with years of experience in helping buyers buy sight unseen. That’s where we come in! Kevin and Jennifer Hanley, REALTORS (with a combined 28 years of real estate awesomeness) The Hanley Home Team of Keller Williams Realty http://www.HanleyHomeTeam.com 904-515-2479

Understanding Price Per Square Foot

12 Thursday Oct 2017

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Front-2
Price per square foot is a concept in real estate which is easy to understand and just as easy to misuse. The formula is pretty simple: To determine price per square foot, you take a price, such as sale price of a home, and divide it by the square footage of the property.

Price per square foot is useful in looking at broad market comparisons, such as comparing one entire metro area to another, or looking at an area’s average change over time. It is not, however, terribly accurate in figuring out the value of your home.

Why? Well, price per square foot fails to take into account the most important factors when pricing a home.

First and foremost, it makes assumptions about the home’s amenities. We all know the quality of materials used in home construction and the condition of the home’s appliances and other features can have a dramatic impact on the value of a home. A kitchen with Italian marble surfaces versus one with pressboard countertops will have completely different values. Price per square foot in a given neighborhood will blend these homes together and produce an average.

Second, price per square foot assumes locations are identical, but in almost any metro area there are up-and-coming neighborhoods as well as neighborhoods in decline. Price per square foot near an abandoned industrial zone will vary considerably from one near a well-established downtown district with a great walkability score.

Third, even the simple methodology of calculating price per square foot can be influenced by how the total number of square feet has been calculated. If one has a garage converted into a mother-in-law, and another home doesn’t, which square footage is valid? And what about home or lot size? Sometimes above or below-grade lots can influence the price per square foot as well.

Price per square foot is more useful in commercial situations where there is tremendous uniformity in the design, construction, and location, but as a tool for assessing your home’s market value, it’s flat out dangerous.

Want a real estimation of your home’s value in its current condition and location? We’d be happy to help. Get in touch today, and we’ll show you what goes into determining the optimal price for your home.  Kevin and Jennifer Hanley, REALTORS – The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.TheHanleyHomeTeam.com

How to Shop a Farmer’s Market

13 Friday Jun 2014

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Never shopped a farmers’ market before? You’re missing out! They’re a great way to support local growers and eat the freshest food of the season. I’ve put together seven handy tips for next visit and would love for you to share yours.

With the rise of sustainability and “locavore” movements, farmers’ markets are growing in popularity almost everywhere you look. Farmers’ markets are a great way to lay hands on some of the freshest fruits and vegetables while supporting farmers and their families right in your community.

Though you might not be aware of it, there’s probably a farmers’ market near you. A good place to start is the Local Harvest website (http://www.localharvest.org/) which can help you find a variety of markets in the U.S.

If you’ve never shopped a farmers’ market before, don’t be intimidated! Below are some helpful tips to make your experience fun, affordable, and convenient:

1. Be sure to bring small cash bills (and change, if you have it). Typically ATM/Debit cards are not accepted. Payment is usually handled at farmers’ stands, not through a check-out line.

2. Having your hands free is a big plus, so consider carrying a fanny pack for securely storing your money. (Prevents you from having to put your wallet down… a big reason wallets get lost!)

3. Old strollers can make for handy shopping carts, plus they fold up nicely for transport to/from the market. Don’t forget any reusable bags you may have at home, too!

4. Don’t haggle for small lots of fruits and veggies. Looking to buy a big box? Then you might suggest a deal.

5. Some of the best tasting fruit may not look waxy and “supermarket fresh.” Don’t let this deter you. Often quality fruit from the farm is never shipped to supermarkets because it’s fragile. Handle gently, and don’t be afraid of minor cosmetic flaws.

6.If you want to ask farmers lots of questions, try to time your visit for very early when the market isn’t slammed.

7. Remember that fresh means seasonal! Go with an open mind, not a “must have” list. Part of the pleasure is discovering what’s at its peak and getting creative with ingredients.

Have you been to a farmers’ market in Jacksonville? We’’d love to hear what your favorites are! Kevin and Jennifer Hanley 904-422-7626 http://www.facebook.com/hanleyhometeam