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Red Flags To Look Out For During The Home Buying Process

Nov 04, 2021

We all know that the home buying process can be overwhelming to navigate. Aside from the usual stress of finding your new home, communicating with real estate agents and your lender, and making the largest investment of your life, there are a few red flags you should look out for. 


Not only do these red flags signal that something could be wrong, but they could also save you from an unnecessarily stressful home buying process. If you’re starting the process of buying a new home, here’s what you should be paying attention to.


Spotty Communication

There are a ton of moving parts in the home buying process. It is your real estate agent’s and mortgage lender’s job to communicate with you throughout the entire process. If you find that either of your home buying experts is inconsistent in their communications, leave out important details, or extend your timeline due to lack of communication, it’s time to reconsider.



Lack of Photos

Today, it is more than common to “tour” a home virtually before actually seeing it in person. New technological advances such as 3D virtual tours and models, virtual broker’s opens, and more make it possible for homebuyers to shop for their new homes online. 


This increase in technology can help you sniff out the bad before committing to an in-person tour. If you come across a home listing with little to no interior photos available to browse, you can almost 50% of the time assume that the interior is not great. If you’re truly interested in a listing like this, have your real estate agent contact the seller or listing agent to inquire about more photos to browse.


Home Maintenance Neglect

When you start touring homes, make sure to pay attention to the details. Burnt-out light bulbs, overgrown landscaping, patchy paint jobs, and smaller home details can tell you a lot about the overall health of the house. 


If you notice these signs in any of your home tours, be sure to mention it to your real estate agent and be prepared to receive a home inspection that reveals a whole lot more. If the current home seller is unable to keep up with the routine maintenance of the home, there’s no telling whether they have been attentive to larger issues.


DIY Renovations

After 2020 and COVID-19, many homeowners completed DIY home renovations to change up their space. While a vibrant accent wall and new kitchen cabinet hardware may not be something to worry over, bigger projects could be the red flag you’re looking for. 


If you notice anything more than the decorative facelift, make sure to take a close look at the handy work. Things like sliding barn doors, custom closets, or new light fixtures should be inspected with a careful eye to ensure nothing seems too out of place. Ask the seller about these home improvements to get a better idea of how they were done and whether they could potentially be harmful to the foundation of the home or become a nightmare problem in the future


Rates Too Good To Be True

In today’s competitive market, you may find that mortgage lenders are trying to find more and more ways to offer the best possible rate to you. If your offered rate seems too good to be true, it probably is. 


When shopping around for lenders, remember that the lowest rate isn’t always what it seems. Many lenders will advertise or offer rates made with discount points that lower the rate but are paid for as an upfront fee. This should be clearly outlined in an itemization sheet that lists out exactly what you are going to be paying your lender. If your lender doesn’t disclose this upfront, doesn’t provide the itemization sheet, or continues to add on fees, it may be time to run in the other direction


These are some red flags you should definitely look out for when going through the home buying process. Remember, while this process can be overwhelming, your real estate agent and mortgage lender should be the industry experts guiding you through each step of the process. If you, your agent, or your lender notice any of these red flags during your home buying process, it’s time to change course.


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Q1 Recap

By Mikaylah Collins • 12 Apr, 2023
We've begun to see signs that the Spring Market is here and could be robust! Here is what we know: According to NAR, home sales were up 14% in February over the previous month which marked the biggest monthly increase since July 2020. While March results are not yet published, the mortgage industry saw an increase in purchase applications for the 3rd straight month; a great sign for the housing market. Driving much of this activity is the stabilization of rates in January & February and lower interest rates this past month. We’re starting to see signs of a slowing economy and the markets are now pricing this in. This week we saw the 10-yr Treasury drop under 3.4%, a level it has not reached for quite some time and the lowest it’s been since September 9, 2022. This is great news for consumers as decreasing rates mean more home affordability. Over the past year, most markets have seen home prices stabilize if not even decline, albeit by a very small amount. This stabilization was still a relief for homebuyers as it helped to offset higher interest rates. As rates continue to decrease, we would expect home prices to again increase due to demand increases. In addition to increased demand, there is still a shortage of homes for sale nationwide and that will continue to worsen as more and more homebuyers enter the market.  So what does it all mean? Now is a GREAT time to buy a home! Rates and home prices are stable, there is not as much competition as there will be when rates do decrease, and buying a home is still extremely affordable for most. Once rates fall, we will likely see home prices rise and the competition for the shortage of homes will increase alongside it making the window of a buyer-dominated market very small.

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By Sarah Rubin • 10 Feb, 2023
We are well into Q1 and feel confident saying that the market appears to be stabilizing. Before we start looking forward, let’s quickly look back at the end of 2022.

Finding The Right Listing Agent For You

By Sarah Rubin • 15 Dec, 2022
Buying a home is a huge investment and one we talk about often - BUT the flipside is that you have an opportunity to cash in on that investment when you’re ready to sell your home! While you do have the chance to cash-in, a lot more work goes into selling a home than you might think! If you are considering selling your home, working with a listing agent will help you market your home, negotiate with potential buyers, work through paperwork, and ultimately close on your home! So what is a listing agent? In its most basic terms, a listing agent is a real estate professional who represents the seller in a real estate transaction. The listing agent lists the home for sale and works on behalf of the seller to sell the home at the best price and terms for their client. Listing your home is a BIG deal and it is not a place to try and DIY. But why can’t you just grab a sign at Home Depot and try and sell yourself? Well, there are lots of reasons some of which include: Professional consultation: A listing agent will walk you through each step and tell you what to expect along the way! They should understand the specific community you’re in and the current market environment and will help you determine a competitive but realistic asking price for your home. Marketing and selling your home: Your listing agent will list your home on the multiple listing service (MLS) in order to better market your home to potential buyers. They also can make staging recommendations and hire a photographer to best show off your home and its features. They’ll schedule house showings, and can be present to answer any questions. Communication and negotiation: Communication is key to both buying and selling a home in order to minimize stress and misunderstandings. Listing agents take care of this important task, by staying in touch with interested buyers and their agents, fielding questions, handling paperwork, and negotiating the final sale price and terms. Recommendations: Seasoned listing agents might come with a list of professionals who they have worked with in the past that they enjoy working with in order to make the selling process smoother for you! Some of these professionals include: real estate attorneys or title companies, inspectors, stagers, those who specialize in home improvement AND of course trusted Loan Officers. How do I find the right listing agent for my situation? In order to find the right listing agent for you, make sure your agent is licensed and has experience, references, and a professional website where you can learn more about them and their qualifications. Most real estate agents work with both buyers and sellers, but some might specialize in one or the other. Once you find a few agents through referrals or online research, meet with them in person to ensure they meet your needs and work well with your personality. It is also important to ask questions during your meeting with them and it’s imperative that you determine what you’re looking for in an agent so you make sure you are happy with the product being delivered. Selling a home can be stressful, especially for first-time sellers. A listing agent can help by taking on some of the burden and providing the information and resources needed to help sellers make informed decisions. We work with agents on both sides of the transaction – if you have any questions or would like a recommendation for an agent in your area, please reach out to us!
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