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Claudia Hargrove Thoughts

Latest Trends For El Paso, Texas.

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September 8, 2017

- Claudia Hargrove Thoughts

Analysts at realtor.com have once again gathered data and compiled a list of the latest market trends in El Paso, Texas:

New Listings: 231
Since the end of July, 231 new homes have been added to El Paso’s real estate market. Browse the new properties here.

Price Reductions: 131
Since the last market report from realtor.com, 131 properties have lowered their asking price. Click here to view these properties.

Median Days on Market: 91
According to realtor.com, the average amount of time a home stays on the real estate market in El Paso, Texas is 91 days. More stats can be viewed here.

For more information, or to view all listings in El Paso, click on this link.
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Claudia Hargrove Thoughts

Secret Listing Tips

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September 7, 2017

- Claudia Hargrove Thoughts

Here are some not-so-known listing tips that can boost your property’s listing value:

1. Staging changes from season to season
The concept of staging was once a secret. That cat’s been out of the bag for a while now, but the practice of staging homes continues to evolve — and it can be much more complicated and elaborate than simply creating a cozy conversation area in a living room. For instance, did you know that it’s better to use shorter furniture during summer months? “It makes the room feel bigger, longer, and in the potential buyer’s mind, a better fit,” says Brian Pickler, president of Nadeau – Furniture with a Soul. Another staging secret is to play soft background music during showings to make a home seem cozier.

2. People love a healthy lawn
Who can resist the smell of freshly cut grass? Apparently, buyers can’t. Bryan Clayton, CEO of GreenPal, knows one Nashville, TN, real estate agent’s secret: “She uses our platform to order last-minute lawn mowing before every showing. I’ve seen her get one home’s lawn mowed three times in one week.”

3. Pricing-strategy bands are important
Setting the right price so your home will sell is not a secret, but have you ever heard of pricing within “bands?” Don Tepper, a Virginia real estate agent, explains: “Buyers who want to spend $340,000 on a property may look between $325,000 and $350,000. If that’s the seller’s target market, then pricing a home at $351,000 will result in a lot of potential buyers missing the listing altogether.” So what’s the secret solution? Tepper says to price the home at $349,000. If you price it at $351,000, you’ll get people looking at the band between $350,000 and $375,000. “Those buyers probably want something fancier or nicer than a $351,000 house,” he says.

4. Black holes exist in real estate listings
People can’t see black holes; no light gets out, making them invisible. If your listing falls into a real estate black hole, no one will see it either. “Most cities have listing black holes — times when listings get lost to weekends of sun, family vacations, and nonbusiness topics,” says Matt Parker, a Seattle, WA, real estate agent. If you list right before people go out of town, such as before Memorial Day or the Fourth of July, your listing may get buried before potential buyers see it.

5. Exaggerations in listings only disappoint
People on dating sites often fudge their age or post a photo that makes them look more athletic than they really are. This works in the short term to capture attention, but when the face-to-face meeting happens, those exaggerated online claims often lead to disappointment. The same happens with real estate listings. “If your home is located near a tiny pond, don’t describe it as if it’s this huge, luxurious waterfront lake desirable to all,” says Chantay Bridges, a Los Angeles, CA, real estate agent. “Take what you do have and describe the best features of it. Otherwise, buyers may be turned off and disappointed.”

6. A listing can’t sit too long
In a hot market, “too long” for a house to sit unsold is three to four weeks, max. “That’s a sure sign [the house] is overpriced,” says Miller. If you don’t want to appear desperate by dropping the value, price the home realistically from the start. “It’s much better to be in a position where the seller has multiple offers than to get greedy trying to obtain an unrealistic price — only to reduce it later,” Miller adds.

7. There is a home-buying month
Many real estate agents mark February’s Presidents Day weekend as the unofficial start of the housing season, which runs through September. There is then a steady decline in activity until the next year. But there’s one month during housing season that consistently performs better in sales than all the others. Can you guess this secret month? If you answered June, you would be correct. Housing sales in June are typically 29% above average.


Thanks to Laura Agadoni for these insightful tips.

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Claudia Hargrove Thoughts

My Favorite Tips For New Home-Buyers

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September 1, 2017

- Claudia Hargrove Thoughts

Here are my top five favorite tips ( courtesy of USA Today):

1. Start saving for a down payment early
It’s common to put 20% down, but many lenders now permit much less, and first-time home buyer programs allow as little as 3% down. But putting down less than 20% may mean higher costs and paying for private mortgage insurance, and even a small down payment can still be hefty. For example, a 5% down payment on a $200,000 home is $10,000. Play around with a down payment calculator to help you land on a goal amount. Some tips for saving for a down payment include setting aside tax refunds and work bonuses, setting up an automatic savings plan and using an app to track your progress.

2. Check your credit
When you’re taking out a mortgage loan, your credit will be one of the key factors in whether you’re approved, and it will help determine your interest rate and possibly the loan terms. So check your credit before you begin the home buying process. Dispute any errors that could be dragging down your credit score and look for opportunities to improve your credit, such as making a dent in any outstanding debts.

3. Pause any new credit activity
Any time you open a new credit account, whether to take out an auto loan or get a new credit card, the lender runs a hard inquiry, which can temporarily ding your credit score. If you’re applying for a mortgage soon, avoid opening new credit accounts to keep your score from dipping.

4. Consider what type of property to buy
You may assume you’ll buy a single-family home, and that could be ideal if you want a large lot or a lot of room. But if you’re willing to sacrifice space for less maintenance and extra amenities, and you don’t mind paying a homeowners association fee, a condo or town-home could be a better fit.

5. Set aside more money for after move-in
Sorry, that’s not all you need to save up for before home shopping. Once you’ve saved for your down payment and budgeted for closing costs, you should also set aside a buffer to pay for what will go inside the house. This includes furnishings, appliances, rugs, updated fixtures, new paint and any other touches you’ll want to have when you move in.
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Claudia Hargrove Thoughts

Letting Go Of Your Old Home

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August 29, 2017

- Claudia Hargrove Thoughts

Disassociate Yourself With Your Home

Learning how to let go is difficult. You’ve lived in this home for years, and it’s become part of you. However, you’ve got to make that break. Here are a few tips:

  1. Say to yourself, “This is not my home; it is a house — a product to be sold much like a box of cereal on the grocery store shelf.

  2. Make the mental decision to “let go” of your emotions and focus on the fact that soon this house will no longer be yours.

  3. Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners!

  4. Say goodbye to every room. Stand in the doorway and talk out loud about your memories.

  5. Don’t look backwards — look toward the future.

De-Personalize.

Pack up those personal photographs and family heirlooms. Buyers can’t see past personal artifacts, and you don’t want them to be distracted. You want buyers to imagine their own photos on the walls, and they can’t do that if yours are there! You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.”

  1. De-Clutter is the number one priority – People collect an amazing quantity of junk. Consider this: if you haven’t used it in over a year, you probably don’t need it:

    1. If you don’t need it, why not donate it or throw it away?

    2. Remove all books from bookcases.

    3. Pack up those knickknacks.

    4. Clean off everything on kitchen counters.

    5. Put essential items used daily in a small box that can be stored in a closet when not in use.

    6. Think of this process as a head-start on the packing you will eventually need to do anyway.

  2. Rearrange bedroom closets and storage cabinets – Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:

    1. Alphabetize spice jars.

    2. Neatly stack dishes.

    3. Turn coffee cup handles facing the same way.

    4. Hang shirts together, buttoned and facing the same direction.

    5. Line up shoes.

  3. Consider renting a temporary storage unit – Almost every home shows better with less furniture.

    1. Remove pieces of furniture that block or hamper paths and walkways and put them in storage.

    2. Since your bookcases are now empty, store them.

    3. Remove extra leaves from your dining room table to make the room appear larger.

    4. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around. You don’t want buyers scratching their heads and saying, “What is this room used for?”

      For more great tips, read this article.

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Claudia Hargrove Thoughts

9 Ways To Boost Your Curb Appeal

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August 25, 2017

- Claudia Hargrove Thoughts

You know curb appeal when you see it. A house with curb appeal looks loved and nurtured, designed with integrity and accented with creative details. It has healthy, beautiful landscaping, attention to color and a welcoming approach. When people see a house with curb appeal, they often think, “Wow, I could live there.” At its best, giving your home curb appeal means creating the characteristics that elicit strong emotional appeal for you, your family, neighbors—and potential buyers when the time comes to sell.
Whether you want to punch-up your house for a quick sale or inspire family and neighborhood pride, here are 9 things you can do to get your home’s exterior looking great:

1: Lose the junk
Get rid of anything that is an eyesore, including old vehicles, lawn furniture, swing sets, empty planters, unruly garden hoses, dead bushes…you get the idea. If it isn’t attractive or necessary to your lifestyle, give it away, sell it, recycle it or toss it. While you’re at it, find an out-of-sight place to hide garbage and recycling cans. The idea here is to cut loose the clutter. Our articles on Garage Storage and How to Build a Lean-to Shed may help.

2: Mow and nurture the lawn
Rolling out a sod lawn is a way to instantly transform the yard. Because lawns are usually a major part of the front yard, the condition of your lawn can dramatically impact curb appeal. If your home has a lawn, mow, rake, edge and manicure it. Pull or kill the weeds. Then keep it well watered and fertilized. If you live in a region where drought is an issue, consider drought-tolerant landscaping, but be advised that it can take a long time and considerable expense to bring this type of landscaping to maturity.

3: Spruce-up the approach
Power wash pathways and driveways to clean and brighten them. First impressions happen as people approach your house. With this in mind, get the walkway, steps, porch and front door in top shape. Pull weeds from the walkway and repair any cracks. Consider edging a plain concrete walkway with bricks or stones. Lighting is important, too. Outdoor lighting makes a house beautiful at night and adds safety and security. Think about installing low-voltage landscape lighting to accent trees, walkways and landscaping.

4: Focus on the front door
Because every visitor sees your front door, make sure it looks great. Wash or, if necessary, refinish or paint it. If that doesn’t do the trick, consider replacing it with a new one. See Front & Entry Doors Buying Guide. The door’s hardware makes a difference, too. Remove tarnished hardware and polish it with metal polish. If it’s in shoddy shape, replace it entirely. A shiny new metal kick plate at the door’s base can add a touch of elegance and hide scuffs and animal scratches. While you’re dealing with the front door, don’t forget to welcome guests with a friendly doormat.

5: Prune bushes and trees
Trees and bushes can bring a sense of fullness, maturity and majesty to a property. But these wonderful additions to a landscape can become rangy and overgrown, detracting from a property’s beauty. They can overshadow gardens that need sun and block views that you want to accent. If your trees and bushes are out of control, prune them or have them professionally trimmed.

6: Plant flowers and shrubs
A house’s foundation is one of its least attractive elements. If your home’s foundation is visible, camouflage it with flowering hydrangeas, azaleas, rhododendrons, knockout roses or large-leafed, flowering plants that have a generous, leafy spread. The best choices for this purpose grow 3 to 4 feet in height and offer a touch of color. Plant them at lease 2 feet from the house. Ask your nursery person for recommendations that will thrive in your region. If you don’t have room for gardens, consider filling pots and containers with colorful flowers. A container garden can add beauty to the entire front area of the house.

7: Add interesting details
You can add a touch of elegance with shiny new house numbers, a stylish front porch light and a brilliant doorknocker. In the garden, consider a water feature, birdbath or garden sculpture.

8: Wash the house
Sweep away dirt and cobwebs, working from the top down. Then use a garden hose or pressure washer to wash the walls. If you don’t have a pressure washer, scrub dirty walls with a long-handled soft-bristle brush and a soapy solution of non-phosphate detergent and water, and then rinse from the top down. A pressure washer makes washing dirty or mildewed siding an easier job, but be sure you know how to use it if you decide to go this route—the strong spray can peel paint or erode siding. For a two-story house, invest in a telescoping wand so you can work from the ground. Use a low-pressure nozzle to spray-on siding cleaner according to label directions, working from the bottom up. Then, use a high-pressure 20- to 40-degree nozzle to rinse with clear water from the top down. Keep moving and hold the nozzle at least 12 inches from the surface so that the powerful spray doesn’t damage the siding. Don’t spray electrical wires, light fixtures, outlets or windows, and be careful not to drive water up under the siding. For more, see How to Clean Siding. If washing doesn’t do the job, the house may need a new paint job. For more about painting your house, see 10 House Painting Rules You Should Never Break.

9: Don’t forget the garage door
The garage door, usually one of the largest surfaces at the front of a house, can be a visual asset or liability, depending upon its condition. If it isn’t in good shape, refinish or paint the garage door or—if necessary—replace it. A new garage door can really add a sense of style to a home, and there are many handsome new options, from modern translucent doors to traditional carriage-house beauties. See Garage Doors Buying Guide. If you decide to install a new garage door, opt for an automatic door operator—this will help ensure that the door stays closed.

A very interesting article, view the original post here.
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Claudia Hargrove Thoughts

Mortgage Tips For 2017

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August 22, 2017

- Claudia Hargrove Thoughts

1. You can make a small down payment — or none at all

Lenders say they often dispel the mistaken idea that homebuyers have to make down payments of at least 20 percent. In fact, some loan programs allow qualified people to buy homes with no down payment at all. Other loan programs allow down payments as small as 3 percent or 3.5 percent. The Department of Veterans Affairs guarantees zero-down VA mortgages for qualified borrowers: veterans, active-duty service members and certain members of the National Guard and Reserves. The U.S. Department of Agriculture guarantees zero-down mortgages as part of its Rural Development program. The loan guarantees are available in eligible areas — mostly rural areas, though some are suburban. Navy Federal Credit Union offers zero-down mortgages for qualified members to buy primary residences. Finally, Federal Housing Administration-insured mortgages allow down payments as small as 3.5 percent. And a few lenders offer conventional mortgages with down payments of as little as 3 percent with private mortgage insurance.

2. With FHA, you can get a loan with imperfect credit

Federal Housing Administration-insured loans are appealing because they’re widely available to borrowers with imperfect credit. In 2016, the average credit score for an FHA homebuyer was around 686, while the average conventional homebuyer had a credit score around 753. You need a credit score of 580 or higher to get an FHA-insured mortgage with a down payment as low as 3.5 percent. If your credit score is between 500 and 579, you need to make a down payment of at least 10 percent to get an FHA mortgage. But first you would have to find a lender that would approve the loan. Here are more crucial facts about FHA loans.

3. Keep some savings in reserve

Mortgage lenders don’t want you to deplete your savings on the down payment and closing costs. They want you to have “reserves” — cash, or assets that can be sold quickly, so you can take care of unexpected expenses without missing house payments. Your lender will calculate the minimum reserves you’ll need to qualify for a mortgage. There’s a possibility that the reserve requirements will oblige you to unexpectedly make a down payment of less than 20 percent, triggering the need for mortgage insurance. To avoid mortgage insurance in this case, you’d have to cancel the deal, scrape up more money for a down payment and wait while you put aside more money. Lenders would rather you have an emergency fund than not, even if it means you’ll have to make higher house payments because of mortgage insurance. Depleting your reserves is just one of five first-time homebuyer mistakes.

4. You can save by refinancing into a 15-year loan

Even though mortgage rates are likely to rise in 2017, some homeowners will have reason to refinance. There are various refi triggers, even after interest rates have risen above record lows:

  1. Divorce.

  2. Finally recovering from a low credit score.

  3. To get rid of mortgage insurance.

  4. Finally having positive equity.

  5. To cash out some equity.

  6. To save money in the long term by refinancing into a 15-year loan.

The last item — refinancing into a 15-year mortgage — saves money in two ways: 15-year mortgages tend to have lower interest rates than 30-year loans, and you pay interest over a shorter period. In most cases, the monthly payments on a new 15-year mortgage are higher than for a 30-year loan, but the total interest paid over the life of the loan is less. There are also drawbacks to refinancing into a 15-year mortgage.

5. Borrow what you can afford to repay

When people buy homes, they often “stretch” to make their initial monthly payments, on the theory that their incomes will go up over time, making house payments easier to cover. But it’s smarter to live within your means. You can move up to a more expensive house after (and not before) your income rises. A conservative rule of thumb is that all of your monthly debt obligations, including the house payment, shouldn’t exceed 36 percent of your income before taxes. Let’s say your household income is $5,000 a month: The monthly house payment, car payments, student loans, credit cards, child support and other obligations shouldn’t be more than $1,800, or 36 percent of that $5,000.

For more mortgage tips, or to access the original article, click here.

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Claudia Hargrove Thoughts

El Paso, TX Housing Market

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August 17, 2017

- Claudia Hargrove Thoughts

Realtor.com has provided us with the latest information on El Paso’s housing market. These numbers are up-to-date as of June 2017.

Median Listing Price
The median listing price for the current homes on the market is around the $165,000 price range.

Price per square foot
With the median listing price in mind, the average price per square foot for homes on the market is around $90.

Median Closing Price
The median closing price for the current homes on the market is around the $115,00 price range.

For sale
Currently, there are 5,402 homes for sale in El Paso, Texas.

For Rent
Currently, there are 1,179 homes for rent in El Paso, Texas.

More data can be retrieved here.
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Claudia Hargrove Thoughts

Factors to Consider Before Refinancing

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August 9, 2017

- Claudia Hargrove Thoughts

 

Consider the following to get a sense of how likely a refinance is to help you, if you’re eligible for one, and how to go about structuring it:

1. Current Interest Rate
Simply put, if you can get into a lower rate mortgage, a refinance is worth looking into. That said, consider how long it will take you to recoup closing costs.

For example, if you paid $2,000 to refinance your mortgage to a lower rate and your payment dropped by $150 per month, it will probably take you just over a year to break even. Generally, at least a half point to a full point reduction in the interest rate will save you enough money to cancel out the closing costs within a few years.

2. Jumbo Loan
If your initial mortgage was a “jumbo loan,” but you have since paid down the balance to less than $417,000, you may be able to get a “regular” refinance. In other words, there’s a good chance you’ll qualify for a lower interest rate even if rates in general have not gone down significantly.

3. Closing Costs
Since every mortgage, including a refinance, has fees associated with it, you need to understand how you’ll be paying them and if even it makes sense for your situation.

For example, in a “no cost” mortgage, you are either tacking the fees onto the loan balance or accepting a higher interest rate to cover those fees. If you can afford it, you’ll save money over the long-term by paying the fees out-of-pocket. However, if you can’t afford it and plan to stay in your house for a while, adding the fees to your loan balance is likely to work out better than accepting a higher interest rate. But if you expect to move over the next few years, accepting the higher interest rate will be more advantageous.

Consider your whole financial picture when determining whether or not to finance your closing costs. For example, if you have high interest credit card debt, but have cash on hand to afford the closing costs, it might make sense to pay off the high interest debt and finance the closing costs instead. Then, you can direct the payments that would’ve gone to your credit card to your home loan. In this way, you could pay off the closing costs faster than you could have paid off the same amount of credit card debt.

4. Mortgage Prepayment Penalty
Some mortgage brokers and banks offer loans that have a mortgage prepayment penalty. While a loan with a prepayment penalty usually has lower fees or a better rate, if you pay the loan off early, you’ll owe a fee which can be steep. The penalty is in place for a set period of time and can sometimes go down with time. But if you want to refinance your mortgage before the prepayment penalty expires, you’ll have to pay the penalty, which can ultimately make refinancing more expensive than it’s worth.

5. Length of Time You Stay in the Home
This is important in the context of closing costs and especially if you’ll consider a new loan with a prepayment penalty. When it comes to closing costs, you want to make sure you recoup the expense before you move.

For example, if you paid $2,000 in closing costs and you now pay $100 less in interest each month, it will take 20 months before you actually break even and start seeing real savings. If you financed those closing costs by adding them onto the loan balance, it will take even longer.

If you aren’t planning to be in your home for at least two years, it’s probably not worth refinancing at all – unless, perhaps, you refinance from a very high rate to a much lower one, or if you trade out-of-pocket closing costs for a higher interest rate that is still lower than your original mortgage rate.

If you’re entertaining the idea of tacking a prepayment penalty onto your new loan to get a lower rate, you should be committed to staying in your home through the prepayment penalty period, which could be as long as five years or more.

6. Your Credit Score
If your credit has improved since you got your original mortgage, you may now qualify for a lower rate. Check your credit report before you begin the process to confirm whether or not this is the case. Often, a few years of timely mortgage payments will improve your score such that you qualify for a lower interest rate.

Also, compare your debt and income now to what it was when you took out the original mortgage as banks generally require that your debt to income ratio fall below 36%. If you’ve since accumulated significant debt or if your income has declined, you may not qualify for a lower rate or a refinance at all in spite of stellar credit.

7. Amount of Equity in Your Home
Most lenders want to see some amount of equity in order to qualify you for a loan. Generally speaking, the more equity in your home, the easier it will be to refinance. A minimum of 20% is ideal, but you may still be eligible for a refinance even if you have less, such as 10%. However, the terms may not be as favorable.

8. Adjustable-Rate or Balloon Mortgage
Most people who have an adjustable-rate mortgage or a balloon payment mortgage count on refinancing at some point if they plan to stay in their home. Since refinancing can take a while, give yourself enough time to apply and get approved before your rate adjusts or your balloon payment comes due. Double-check your loan documents to make sure you know exactly when this date is and plan ahead.

9. Loan Term
Many people refinance into a new 30-year mortgage over and over, and never get closer to the goal of owning their home outright. Since interest makes up the large majority of your payments in the first ten to fifteen years, you will pay a lot more in interest if you keep resetting the clock.

Therefore, it’s generally a good idea to request a loan term as long as the number of years remaining on your original mortgage, as long as you can afford it. This allows you to pay off your mortgage according to the original schedule, while still reducing your rate. You can even refinance into a shorter term, which may raise your payment, but could get you an even better rate and set you up to pay the loan off sooner.

Remember, don’t focus on the monthly payment to the exclusion of the loan’s term, your rate, and closing costs. For example, some unscrupulous mortgage broker may show you a loan with a lower payment that actually has a 30-year term, high expenses, and a rate that isn’t much lower than the rate on your current mortgage.

10. People Listed on the Refinanced Mortgage
Generally, if you’re trying to add or remove someone from a mortgage, such as after a marriage or divorce, the lender will require you to refinance. This is done to determine whether or not the other person will qualify, or if you will qualify alone.

However, you may be able to work something out with the mortgage lender in order to accomplish your goal without going through a full refinance. This is especially true if the person who will have been on both mortgages can qualify for the mortgage by themselves.

11. Second Mortgage or Home Equity Loan
If you have a second mortgage, a home equity loan, or a home equity line of credit (HELOC), you may be able to save a lot of money by refinancing that into your primary mortgage.

To determine if you can, add up all your home loans together. If your home’s current value exceeds the value of the loans, you may be able to refinance your loans into one. In this way, you’ll pay one low rate on the entire amount instead of one low rate on your primary mortgage and a higher one on the second.

The rest of the article can be retrieved here

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Claudia Hargrove Thoughts

Home-buyer Tips

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August 2, 2017

- Claudia Hargrove Thoughts

I am here to help!
Let’s face it, home-buying can be an equally frightening and exciting endeavor. Luckily, I am here to provide assistance – both digitally and in person. Whether we’re walking through the home-buying process together, or you’re going solo, I have your back! Here are the 6 home-buying tips I believe are most important:

Find out what your total monthly housing cost would be
Include taxes and home insurance in your cost. In some areas, what you’ll pay for your taxes and insurance escrow can almost double your mortgage payment. Compare mortgage rates now to find the right loan for you. To get an idea of what insurance will cost you, pick a property in the area where you want to live and make a call to an insurance agent for an estimate. You won’t be obligated to buy the policy, but you’ll have a good idea of what you’ll pay if you decide to buy. To estimate what you’ll pay in taxes, check your property appraiser’s website. Just remember that exemptions and the intricacies of local tax law can create differences between what a homeowner is currently paying and what you can expect to pay as a new homeowner.

Find out how much you’ll likely pay in closing costs
The upfront cost of settling on your home shouldn’t be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items like homeowners insurance or homeowners association fees.

Look at your budget and determine how a house fits into it
Fannie Mae recommends that buyers spend no more than 28 percent of their income on housing. Push past 30 percent and you risk becoming house-poor.

Look at the big picture
While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there’s no landlord to turn to, and these costs can quickly drain your bank account. 7. Prepare for the hunt If the numbers make sense for you, making these additional moves at the very beginning of the purchase process can save you time, money and aggravation.

Examine your credit
Blemished credit or the inability to make a substantial down payment can put the kibosh on your homeownership plans. That’s why it pays to look at your creditworthiness early in the homebuying process. Get your free annual credit report and examine it for errors and unresolved issues. If you find mistakes, contact the credit reporting bureau to make sure they are corrected. It’s also a good idea to get your FICO credit score, which will cost you a small fee. . 9.

Get your docs in a row
Collect pay stubs, bank account statements, W-2s, tax returns for the past two years, statements from current loans and credit lines, and names and addresses of your landlords for the past two years. Have all of that paperwork ready for the lender. It may seem like a lot, but in this age of tight credit, don’t be surprised if your lender wants a lot of documentation.

Full article can be read here
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Claudia Hargrove Thoughts

Women in Real Estate

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July 27, 2017

- Claudia Hargrove Thoughts

Women are gaining notoriety in commercial real estate, but more support within the industry is necessary to encourage future female entrepreneurs to ascend the ladder of leadership, panelists said during the Chicago Association of REALTORS®’ recent commercial forum. The discussion was part of the forum’s annual

“Successful Women in Commercial Real Estate” series, which aims to highlight women as thought leaders and provide mentorship opportunities for aspiring professionals in the commercial field. “Women need to collaborate and boost each other up to succeed in any industry, but especially in high-demand commercial real estate,” said Chicago association CEO Ginger Downs. “Diverse companies with more women statistically perform better. We need to promote mentorship and look at what initiatives can make an impact, like slashing the wage gap and increasing the number of women executives.” Here are some of the most important takeaways from the discussion.
  1. The human touch is paramount in real estate. “Disruption has been coming for more than 10 years now and still hasn’t happened,” said Constance Freedman, founder and managing partner of real estate venture capital fund Moderne Ventures. “People still want a person as an advisor or consultant.” Karin Kraai, senior managing director at commercial real estate firm Newmark Knight Frank, added that technology disruption has largely eluded the commercial space because “brokers don’t want to be disrupted.”
  2. Technology must meet your needs. “Question a technology provider if they will not entertain integration with other applications essential to business,” said Emily Line, vice president of commercial services at REALTORS Property Resource®. “Strong providers recognize the value in open architecture, allowing an overall easier workflow through the connection of services needed to efficiently conduct business. If they won’t share with you, they are not your friend.”
  3. Quality of life at work matters. Real estate companies are shifting their culture not only to attract younger talent but also to improve satisfaction among current agents and staff. “Millennials will soon be the largest demographic in the workforce, so it’s important to consider what they are looking for in a workplace and find spaces to make those dreams a reality,” Downs said. “Because so many of us live tech-heavy, fast-paced lives, we need our workplaces to be innovative and efficient.”
  4. Effect change by becoming part of it. “One of the most effective ways for women to establish themselves in the male-dominated tech space is by embracing opportunities to test technology offerings,” Line said. “Don’t just use a commercial real estate technology—give feedback. Become an active user.” Freedman added that getting involved in such a way also helps you build relationships with startups and companies.
  5. Commercial clients demand smart tech, too. There is a movement toward smart buildings in smart cities. “Buildings are becoming greener and offering more smart tech options for tenants,” Kraai said. “We are seeing a definite desire on the part of tenants and firms to have a smaller footprint.” Office buildings that can automatically adjust the space for employees are more desirable than traditional spaces, where a company must pay extra fees to turn an entire floor back on for an after-hours work session, for example.
  6. Women must make their presence known. In order for women to become local real estate authorities, they have to “go to the events and make the effort to get to know people,” Freedman said. “Make the calls to connect with mentors; show up and ask questions.” Though women are obvious assets to their companies, they walk a fine line in commercial real estate, Kraai added. She noted that at least 20 percent of key positions at the top 20 tech firms in the nation are held by women. “We have to be confident but not too assertive. The key is to let people know us. To be human.”

                       —Jacob Knabb, National Association of REALTORS®

Full article can be found here

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