The Residential Specialist

FEBRUARY 27, 2024

New home construction can be a profitable niche for real estate professionals who are willing to dedicate the time and effort By Myrna Traylor Most residential real estate professionals enter the real estate field with an eye on the largest market—resales of existing homes. New construction is always seen as much more expensive.

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Realtor.com

MARCH 8, 2021

Instead, you might need a construction loan. In this installment from our Guide to Building Your Own Home , we’ll cover everything you need to know about construction loans. What is a construction loan? This down payment is based on the combined cost of the land and estimated construction costs.

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Housing Wire

NOVEMBER 3, 2023

*Rebates are not available in all markets or where prohibited by law and are subject to lender approval; may not be available for all transaction types, including but not limited to Short Sales, For Sale by Owner (FSBO), New Construction and iBuyer sales. Total credits to borrower cannot exceed actual closing costs.

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Realtor.com

NOVEMBER 17, 2022

Many homebuyers may find the added expense of new construction well worth it, due to the money they stand to save on renovations and repairs that might crop up in an older home. But homebuyers should also know that they can lower the costs of new construction right when they make the purchase through some smart negotiation tactics.

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Housing Wire

APRIL 26, 2023

Brian Parkinson, a loan originator at Alerus Mortgage , says that niche loans – including bridge loans, construction loans, doctor loans and professional series loans for CPAs and attorneys – are a great way to grab an agent’s attention in a market where referrals are critical.

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Housing Wire

APRIL 9, 2024

Last week, we wrote a Letter to FHA , offering constructive suggestions to ensure a level playing field between borrowers where the seller agrees to fund buyer brokerage commissions and where the seller doesn’t. All these homebuyer charges add up. We need to rein them in. Three yards and a cloud of dust.

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Realty Biz

APRIL 12, 2023

Buying a new construction home involves a different process than buying an existing home, and some people wonder if they need a real estate agent at all to buy one. While you technically do not need a realtor to represent you when you buy a new construction home, there are a few reasons it would be in your best interest to do so.

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Housing Wire

MARCH 7, 2024

In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters. It is also wary of some of the proposals.

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Housing Wire

MARCH 22, 2023

The program provides direct loans to Native American veterans and veterans who are married to Native American non-veterans to help with the purchase, construction or renovation of a home on trust land. The program is separate from the broader VA loan program that is available to all veterans.

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Housing Wire

FEBRUARY 3, 2023

The program was launched “to take the guesswork out” for customers and curb concern about changes in the market affecting their ability to afford a home before construction is complete, Jim Colella , the national builder program manager of Guaranteed Rate, said.

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Realtor.com

NOVEMBER 7, 2022

to “Purchase before X date, and we’ll pay all of your closing costs.”. While builder incentives may be found as price cuts on the actual house, homebuyers may more commonly see offers to help reduce costs on the financing front, with builders offering to buy down the interest rate on the home loan or pay some or all closing costs.

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Keeping Current Matters

NOVEMBER 11, 2020

2,055 grants totaling $118 million were provided to help seriously disabled Veterans purchase, modify, or construct a home to meet their needs. Fewer closing costs , which may be paid by the seller. Facts about 2019 VA Home Loans (most current data) : 624,546 home loans were guaranteed by the Veterans Administration.

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Housing Wire

OCTOBER 21, 2021

The Affordable Housing Program (AHP) requires that each of the 11 FHLBanks in America contributes 10% of the preceding year’s net income to the purchase, construction, or rehabilitation of homes. The resources help families with 80% or less of the area median income for down payments or closing costs, for example.

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Banks Loans Equity Finance 320

HomeLight

APRIL 14, 2023

But even though the monthly mortgage payments fit into your budget, you’re concerned about coming up with enough cash for a myriad of closing costs in addition to the down payment. Find a Buyer's Agent What are closing costs? Some of these costs, such as property taxes and insurance, apply to homeownership in general.

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Marco Santarelli

FEBRUARY 19, 2024

Mortgage Rates and Home Affordability Mortgage rates are expected to drop further in 2024 , which could make homeownership more attractive for some renters who can afford the down payment and closing costs. Home prices have surged in recent years, driven by low inventory, high demand, and limited construction.

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Realty Biz

FEBRUARY 19, 2024

For example, it is common for conservation boards to ask builders to put up siltation fences during construction. Do You Need a Land or Construction Loan? If you plan to build immediately, you'll want to utilize a construction loan. Construction loans are an excellent way to finance your building project.

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HomeLight

APRIL 13, 2023

Once you’ve found your dream house in Florida and settled on the purchase price, you might think you know the final cost you’re responsible for. However, there’s another set of fees and charges you must be prepared for, and those are closing costs. Find a Buyer's Agent What are closing costs? of the sales price.

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HomeLight

APRIL 12, 2023

Editor’s note: This post will help answer the question: How much are closing costs in Massachusetts (MA)? The example costs provided are based on median home prices and typical fees. Your closing costs may differ depending on your circumstances and the terms of your home purchase. What are closing costs?

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Closing costs Closing Purchase and sale agreement Title search 79

HomeLight

APRIL 14, 2023

Editor’s note: This post will help answer the question: How much are closing costs in Michigan? The example costs provided are based on median home prices and typical fees. Your closing costs may differ depending on your circumstances and the terms of your home purchase.

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HomeLight

DECEMBER 30, 2021

A Loan Estimate is a document provided by your lender that includes the terms of your mortgage loan and an estimate of your closing costs. Estimated closing costs. Estimated cash needed to close. Closing costs check. New construction documents. Source: (Surface / Unsplash). Loan Estimate.

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Toronto Realty Blog

AUGUST 12, 2022

” I don’t know what would be worse: wanting to assign a pre-construction condo that you purchased two days ago, or wanting to sell a pre-construction condo that you bought in February at the market peak. I’m not exactly complimentary of the pre-construction industry, or developers, or assignments,” I added.

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Broke Agent Media

MAY 16, 2023

In fact, homes are selling more quickly in 2023 than in 2019—a year that brought an increase in new construction , improved affordability , and a boost in home purchases. Just over one-third of buyers and sellers (34%) cited the lack of housing supply as an issue for them, despite the significant shortage of affordable home construction.

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Realty Biz

JULY 20, 2022

This type of mortgage can be used, not only, to buy homes in rural areas, but also for renovations, new constructions, and relocating a house. Along with zero down, it offers lower interest rates and closing costs. Money from this loan can be spent on a land purchase, and for connecting utilities. Down Payment Assistance.

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RIS Media

MARCH 31, 2022

Create a set of business-builder videos that teach agents how to do everything from constructing a business and marketing plan to engaging with prospects to attracting sellers. Agents can plug into these videos whenever they’d like and get help with whatever skills they need to fine tune. Supplying Support.

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Toronto Realty Blog

FEBRUARY 24, 2022

Last month, one of my clients was emailing me pre-construction projects in Georgetown, Ontario, as we both lamented the ridiculous prices in the GTA, and he dropped this knowledge bomb on me: And this is why a lot of us pre-con specialists in TO have skipped the last two years here and have gone balls deep in Calgary.

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HomeLight

AUGUST 16, 2021

Some savings you can use toward a down payment and closing costs? Estimate your down payment and closing costs. During the budgeting process, you should also think about how much you want to set aside for down payment and closing costs. Assess your readiness. Do you have a secure source of income?

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HomeLight

AUGUST 26, 2020

The national cost of building an “average” home in 2020 is $248,000 (for comparison, the average cost to build a low-end home is $178,000 while the average cost to build a high-end home is $416,000.). The cost of the home will also vary depending on whether it is a custom or production home.

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McKissock

JULY 26, 2022

Constructing a real estate offer is an art. In order to reach an acceptable agreement with the most favorable terms, make sure your buyers are aware of the market and the most important factors when constructing an offer. Closing dates. Requests to sellers to pay closing costs. Making an offer. Property insurance.

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Purchase and sale agreement Title search Inspection Construction 81

Redfin

JULY 27, 2023

Do you want a new construction home or an older property with character? You’ll also need to have some additional funds saved for a down payment, closing costs, home insurance, and other expenses that go into buying a home. Are you looking for more space or a big backyard?

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HomeLight

APRIL 11, 2023

Best Cash Offer in Texas shares on its website that by using an in-house construction team, it is able to keep offers both fair and consistent throughout the transaction (some house-buying companies are known to drop the value of their offer last minute before closing). Individual investor fees may vary.

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Purchase and sale agreement Closing costs Closing Agents 74

Toronto Realty Blog

SEPTEMBER 13, 2021

So people are still curious about pre-construction condos in Toronto? I wrote my friend back and said that I wouldn’t feel comfortable connecting him with my client, but more to the point, my client doesn’t “invest” in pre-construction anymore for a multitude of reasons. I thought that ship had sailed.

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RIS Media

JANUARY 14, 2022

If the seller has not yet found a suitable home, the seller has chosen a new house but the closing has been delayed, or the seller is having a house built and there is a construction delay, a rent-back agreement can give the seller flexibility and stability before it’s possible to move into the new house.

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Real Trends

MARCH 22, 2023

Notice if there are any details listed These details could include FHA approval, seller financing, closing cost assistance or as-is conditions. Is there new construction in the area? If that information is not included, call the agent and find out what the seller’s priorities are beyond the price.

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Realty Biz

MARCH 30, 2023

Also, make sure that you have a clear understanding of who is responsible for the closing costs and other associated fees. At the same time, inflation is driving up the cost of building materials and other construction costs. Refinancing Options Most people choose to refinance their mortgage loans at some point.

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Real Trends

OCTOBER 5, 2022

Why buy your listing when there’s new construction with builder incentives? Have your seller contribute $10,000 toward the buyer’s closing costs. Why would a buyer’s agent choose yours to show today when there are five other choices? But, the market has changed and buyer concessions are becoming a thing.

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Windemere Buying

NOVEMBER 1, 2021

Closing Costs Before your home purchase is a done deal, you can expect to pay closing costs, which usually total somewhere between 2-5% of the total mortgage value. The terms of the purchase agreement will dictate how you and the seller will split the closing costs.

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HomeLight

AUGUST 17, 2022

Buying a new construction home can be intimidating. If decisions aren’t your thing, you might be able to buy a new construction home that is already built and ready for you to move in. Find a buyer’s agent who works with new construction. Find a Buyer's Agent to Help You Buy A New Construction Home.

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