How to Deal With Post Home Purchase Anxiety

You just bought a new house. You should be happy, right? But unfortunately, you can’t quite shake this sinking feeling that somehow you’ve made a big mistake.

The good news is that feeling anxious after a big purchase is totally normal and there are ways you can deal with it. Here are a few proven methods you can use to help conquer that feeling of buyer’s remorse.

REMIND YOURSELF WHY YOU BOUGHT THE HOUSE

When you first began your home search, did you write out a list of what you wanted and needed in a home? Now is the time to revisit that list. Does the home you just purchased tick off many of the items on your list? What was it about the house that made you originally fall for it? You might discover that it isn’t the house itself that is provoking your anxious feelings. It could just be that any home purchase would trigger these feelings. It can be incredibly reassuring to remind yourself of why this house is the one for you.

MAKE A LIST OF YOUR WORRIES

Home ownership can bring with it a new set of worries that you might not have anticipated. Go ahead and make a list of what’s worrying you. This could be everything from not being able to afford your mortgage payments to making needed repairs on the house. After you’ve gotten all those doubts on paper, choose one worry and tackle it. Maybe it’s a small repair you can finish in an afternoon. Or perhaps it’s a plan for how you’ll pay your mortgage if you suddenly find yourself without a job. The best way to banish your worries is to confront them head on.

PICK YOUR FAVORITE SPOT

A great way to ease any worry is to be mindful and present. Walk around your new house and really see and experience every room in the present moment. How does the light hit the wall in the afternoon? Which window affords the best views? How nice is it going to feel sitting in front of a fire in the new fireplace? Imagine taking a bath in that new Jacuzzi tub. Pick a favorite spot in your new home that you can retreat to when you’re feeling particularly anxious. Take some deep breaths and remember that this feeling of buyer’s remorse is only temporary.

HAVE A HOUSEWARMING PARTY

Nothing makes a house feel more like home than filling it with friends and family who love you. Don’t feel like your house needs to be “finished” before inviting people over for a housewarming party. Have a barbecue, cook a three-course meal in your new kitchen, or get your friends together to watch the big game. It doesn’t matter what the reason is, just get your favorite people together to celebrate you and your new home. You’ll be amazed at how their excitement for you will make you feel.

Ultimately, when feeling anxious about your new home purchase, simply remember that this is a natural part of the home-buying process. Soon those feelings will pass and you’ll wonder why you ever worried in the first place.

How to Sell Your House When You Work From Home

According to the Bureau of Labor Statistics, nearly one quarter of employed Americans work from home. Innovations in technology coupled with a changing economy have made it easier than ever to do your job from the comfort of your own home. And while working from home is often more convenient for most people, it can be somewhat of a challenge when it comes time to sell your home. If you are a telecommuter getting ready to put your home on the market, here are our best tips for navigating the process.

SET UP PARAMETERS FOR SHOWING TIMES

One of the realities of selling your home is that ideally it should be ready for appointments at a moment’s notice. This may not always be possible if you work from home. Be clear with your real estate agent from the beginning about any restrictions you may need to place on showings and open houses. Request that you be given at least 30 minutes notice before a prospective buyer shows up, or ask that your home only be shown at certain times of the day. This gives you time to plan in case you need to vacate while you’re working. While your agent may not be able to accommodate you every time, you will be inconvenienced less frequently.

MAKE ADJUSTMENTS TO YOUR WORKLOAD OR WORKSPACE

If you are interrupted while you are working, have a contingency plan in place. Do you have any work that can be completed in advance? If so, try to use your free time to get ahead on work. This way, if you have to step away for an hour or two during the day you won’t be missing any deadlines. Does your work require that you be at home? If not, find a local coffee shop or library with Wi-Fi so that you can relocate easily during the day when needed. If those kinds of public spaces have too many distractions, considering temporarily renting a spot in a co-working space.

KEEP YOUR WORKSPACE TIDY

This should go without saying, but when you’re showing your home, it needs to be spotless. This goes for your workspace too – which may be tough for those of you who thrive with a messy desk. Every morning before you begin work, and every evening at the end of the workday, take a few minutes to clean. Organize papers, tidy your desk, wipe down surfaces, clear away dishes and cups from lunch and sweep or vacuum the floor. Although you are actively working in the space, it needs to have the appearance of being neutral. Remember, you want potential buyers to be able to imagine themselves in your home. Don’t make it harder for them by leaving evidence of your workday behind you.

TAKE TIME OFF

While it may not always be possible, if you have some flexibility in your work schedule, why not take some time off? This gives you the time and space you need to focus on getting your home sold quickly, and it will save your work from constant interruptions. After all, isn’t flexibility with scheduling one of the greatest perks of working from home? Use it to your advantage during what can be a hectic time.

What Are Closing Costs?

When buying a home, you know you should expect to have a certain amount of money saved for a down payment. But have you stopped to consider how much you’ll need to have set aside for closing costs?  Here we’ll break down the fees associated with closing on a home.

What are closing costs?

In a nutshell, closing costs are those fees charged by third parties who are involved with the sale of a home. These can include your lender, the title company, local government offices and land surveyors. While closing costs can vary significantly from location to location, you can expect to pay up to five percent of the home’s selling price in additional fees.

Who pays the closing costs?

In general, both buyers and sellers are responsible for paying the closing costs. However, buyers typically pay a larger percentage than sellers – around three percent. While most of the fees are paid during closing, some are paid upfront, such as the inspection fee.

What are the fees due at closing?

The fees associated with closing can vary depending on where you live, but these are some of the costs you’ll most likely encounter:

• Application fee paid to the lender to process your application.
• Appraisal fee paid to the appraisal company assessing the value of the home.
• Attorney fee paid to an attorney reviewing closing documents.
• Closing fee paid to the title or escrow company.
• Courier fee paid to companies transporting documents.
• Credit report fee paid when your lender reviews your credit to determine the interest rate on your loan.
• Home inspection fee paid to the inspector verifying the condition of the property.
• HOA transfer fee paid by the seller to verify payments are current.
• Homeowner’s insurance fee paid to insurance company to cover first year’s insurance.
• Origination fee paid to lender to cover administration costs.
• Prepaid interest fee paid to lender to cover interest that will accrue between closing and the first payment on your mortgage.
• Private Mortgage Insurance (PMI) fee that is levied if you put down less than 20 percent for your down payment.
• Property tax fee paid to lender for any taxes due during the first 60 days of purchase.
• Recording fee paid to the local recording office for public records.
• Survey fee paid to survey company to verify property details.
• Title search fee paid to a title company to search the property’s records.
• Transfer tax fee paid when the title is transferred from the seller to the buyer.
• Underwriting fee paid to lender for research involved with approving your loan.

Can you estimate the closing costs?

When your lender provides you with a loan estimate, they will also include what your closing costs are expected to be. However, understand that these numbers are an estimate and can change. You can also check out this online calculator that will help you determine what your closing costs may be. Before your closing date, your lender will give you a Closing Disclosure statement, which will outline what the final closing costs will be.

HOW TO WIN A BIDDING WAR

Buying a home is an emotional, complex and often stressful process. This is doubly so if you’re buying in one of the country’s hottest real estate markets, where there are more buyers than there are houses available. It’s quite likely in these situations that you’ll find yourself in a bidding war with other buyers. If you want to ensure your bid is the winning offer, follow these strategies.

Pay with cash

This won’t be possible for everyone, but if you have the cash, make an all-cash offer. In a particularly hot market, cash will always win out. Sellers prefer buyers who pay cash because the deal will not be dependent on whether or not the buyer can secure financing.

Get preapproved for a mortgage

If paying all cash is not an option, you must get preapproved for a mortgage before making an offer. You’ll get a letter to submit with your offer that shows the seller how much money you qualify to borrow. In a scenario where a seller receives multiple bids, you’ll automatically count yourself out if you are not pre-approved.

Study the market

Before you begin your search in earnest with the intent to make an offer, spend some time researching online listings for the neighborhood. Know what kinds of houses are available, what the inventory is like, and what the prices tend to be.

Submit the first and best offer

In a tight market, it pays to be aggressive. When you find a house you like, be the first to make an offer. Not only that, but make sure your offer is the best. If the seller has listed the home at an appropriate price, be prepared to offer what they are asking.

Include an escalation clause

If you’re willing to go higher with your offer, consider including an escalation clause. This gives you the option to increase your offer should another buyer bid more than you. It also signals to the seller that you are serious about your offer. However, you should know what your price ceiling is, and stick to it. Otherwise you run the risk of the appraisal coming in for less than your offer, which could affect your ability to secure a loan.

Limit contingencies

Contingencies let a buyer out of a contract if certain issues aren’t addressed. Sometimes buyers want to include a contingency that the sale only goes through if their own house sells first, or if certain items are repaired. If you know a house is going to net multiple offers, you must limit the number of contingencies if you hope to win a bidding war. Sellers will generally choose offers with the fewest contingencies.

Get personal

Do you really love the home? Can you imagine your kids enjoying that backyard tree house, or see your dog loving the enormous backyard? Then write a letter to the seller explaining your reasons for wanting the house. Appealing to a seller’s emotions can be incredibly persuasive, and you may be rewarded with the winning bid.

HOW TO MAKE BUYERS FALL IN LOVE WITH YOUR HOME

When a buyer decides to make an offer on your home, they usually make the decision with their heart, not their head. Buying a home is an emotional decision, and smart sellers will leverage this information to make the quickest sale for the highest price. Just in time for Valentine’s Day, here are our best tips for how to make buyers fall in love with your home.

Take great photos for your online listing

In today’s real estate market, most buyers begin their home search online. For this reason, it’s essential that you have great photos for your listing. Put yourself in the buyer’s shoes. What kind of photos would you like to see of a potential new house? Make sure photos are well lit, rooms are clean and all your home’s qualities are emphasized.

Give the exterior a facelift

Once a buyer has browsed through the online listings, they’ll determine which houses they’d like to see in person. But just because they found something they like in the listing, doesn’t mean that feeling will automatically transfer when they show up to your front door. First impressions count. You only have a few seconds when the buyer arrives at your house to make it look inviting. They will assume what they see on the outside will be reflected inside. Take time to give the exterior of your home a facelift so that it has the best possible curb appeal. Clean up the yard, trim trees and bushes, plant annual color, power wash the outside and give the front door a fresh coat of paint.

Clean, de-clutter and de-personalize the interior

To make buyers fall in love with your home, you must make it easy for them to imagine living there. That can be difficult if there’s a giant framed photo of your grandmother staring at them, or worse, sports paraphernalia from an opposing team. Give your home a thorough cleaning and remove clutter, including bulky furniture. Take down all family photos and store all personal items. Your home should feel fresh, clean, spacious and neutral.

Appeal to a buyer’s senses

In order to work on a buyer’s emotions, you must appeal to their senses. Fill the air with good scents, like fresh flowers, baking cookies or brewing coffee. Set out some light snacks and drinks. Play some soothing, ambient music. Use fabrics with a variety of colors and soft textures for beds, couches, curtains and tablecloths. You want to make your home feel warm and inviting and leave potential buyers feeling relaxed and happy.

Price it right

One of the most important details that will move a buyer from “like” to “love” is offering your home at just the right price. Do you homework and research comps in the neighborhood. Talk with your real estate agent about how to best price your home to sell – not too low, not too high. You want to hit it right at the sweet spot, which an experienced agent can help you do.

Are you ready to make buyers fall in love with your home for sale? Then follow these tips and you’ll be on your way to closing day.

10 SIGNS THAT IT’S TIME TO MOVE

While moving can be a real drag, sometimes it’s obvious that it’s time to go. A move can be just the thing you need to jumpstart your life and invite positive change. If you’re unsure whether or not you’re ready to take the plunge, here are 10 signs that now is the time to relocate.

1. You’ve outgrown your space

Have you resorted to renting a storage unit, even after you’ve de-cluttered your home with the KonMari Method? Then it may be time to upgrade to a bigger space. Wouldn’t it be nice to have some room in your closets and cabinets again?

2. Your finances have changed

Are you making significantly more or less money than you were when you moved into your current space? If you find yourself with nothing to spare at the end of the month – or much more than you know what to do with – then you might want to consider moving into a home that is more in line with your current financial situation.

3. Your family is growing

Are your kids getting tired of sharing a room – and there’s another one on the way? Or maybe it’s time to start a family and you’re not happy with your current school district. Either way, a growing brood is a good indication that it could be time to move into a home that is more family-friendly.

4. The house feels empty

Are your kids off to college, or grown with their own families? Do you suddenly find you have more rooms than you know what to do with? Why not downsize so you have less to take care of?

5. The neighborhood has changed

Are crime rates going up?  Are there more empty houses or yards that aren’t being maintained? Sometimes neighborhoods change. If you don’t like the way it’s heading, it could be time to go.

6. You hate the weather

Those snow days were fun – at first. Now hauling out the snow shovel every few days is getting to be a bummer. If you find yourself pining for sunny days and warmer temperatures, it might be time to relocate to a more temperate climate.

7. Your commute is wearing on you

Studies show there is a direct link between commuting time and happiness levels. If you’ve found your good mood waning recently, think about moving closer to your job.

8. You’re in a new relationship

While we wouldn’t recommend moving every time you meet someone you like, there are moments when you know you’ve found the person you’d love to spend the rest of your life with. If your current place is too far away from them, it makes sense to move closer.

9. Your house needs work

Are you getting tired of making trips to the home improvement store every weekend? Is your to-do list getting longer instead of shorter? Then maybe it’s time to give your wallet and your free time a break with a new place that requires less maintenance.

10. You like the idea of a fresh start

Sometimes there aren’t black-and-white reasons to move. Maybe you’ve just gotten the itch to explore a new place, to expand your horizons. And that’s perfectly okay. If your intuition tells you that it could be fun to move on, then now may be the perfect time for a new adventure!

SURVIVING YOUR LONG DISTANCE HOME PURCHASE

Buying a new home can be stressful. But when you have to do it from across the country, it can be doubly so. If you’ve recently gotten a new job, committed to a new relationship or just need a change of pace, you may soon find yourself in the position of house-hunting from another state. Here’s what you need to know so you can survive the process.

START ONLINE

In today’s technological world, much of your home search can be conducted online from the comfort of your current home. Check out real estate websites to see what’s listed in the local market. Post on social media that you’re looking for a house in the area. Get a sense of what prices are like and what you’ll be able to afford. Use Google Earth to take a virtual tour of potential neighborhoods. There is so much you can learn without even visiting.

INTERVIEW REAL ESTATE AGENTS OVER THE PHONE

Even though you can’t meet them in person, you should still take time to interview potential agents over the phone. Your relationship with your agent is an important part of the process, and you’ll be relying on them even more when moving from a long distance. Working with someone who is extremely knowledgeable about the market you’re moving to is important. Try to interview at least three agents to find the one that is most compatible with your needs.

GET CLEAR ABOUT YOUR NEEDS

When you’re searching for a home nearby, it’s easy to take an afternoon to look at potential homes, even if you don’t think they’re a perfect fit. Not so if you’re moving far away. In order to maximize the time you have to look at homes, you need to get very clear about what it is you want and what you can afford. Make a list of what you can’t live without and a list of what might be nice to have. Be sure to communicate these desires to your agent so that they can be sure to schedule viewings only for homes that fit your needs.

TAKE A WEEKEND VISIT

If possible, you should try to get out to your new city for a couple of days to look at houses in person. If you’ve gotten specific about your needs and communicated them to your agent, you should have enough time to see the homes you would be genuinely interested in. You can also use this time to drive around potential new neighbors and get a feel for them.

CONSIDER SHORT-TERM HOUSING

If all this sounds too stressful, you might consider simply living in short-term housing when you first arrive. Look online for short-term leases or sublets in the city where you want to move. Taking a few months to get to know a neighborhood can help make your housing choices clearer, and it can relieve some of the stress as you are packing up and getting ready to move.

While buying a home from across the country can be daunting, it isn’t impossible. With a little planning and a trusted agent at your side, you can complete your home purchase more easily and be settled in no time.