Skip to main content

Featured

What's My Home Really Worth--- The Question We All Want Answered!

There are really just two major considerations when you determine the appropriate value for your Williamsburg VA property: market value and appraised value. This is where many people get confused on value--- So many people will say, “The assessed value is X, so that is what it is worth”. This is so not accurate. Many times a house will sell more than the assessed value as the assessed value is what the city/ county taxes you on. I’ve seen houses sell 30,000 over their assessed value and no one wants to leave money on the table. Do you? I didn’t think so! So let’s go back to the two values I was talking about earlier! Market value is the value that a buyer…today…is willing to pay for your home. The most effective way to determine market value is to look through the prospective buyer’s eyes---they are the ones you need to impress. Positioning your home properly among competing inventory is a critical step, and it’s important that your agent devotes the time necessary to stud

How Much Home Can I Afford?



How Much Home Can I Afford?

Figuring out how much you can afford or what your payment will be each month is one of the most asked questions I face as a Real Estate Agent. Picking up the phone and calling a lender you don't know can be scary. Looking at mortgage loan programs available can be confusing and understanding interest rates can be trying. 

There is an easy way to get started. 

Step One: Find out what the interest rates are at the current time. You can typically do this by searching on the internet or a quick call to a local lender. Get your rates on conventional fixed rate loans.

Step Two: To obtain the clearest picture of how much home you can actually qualify for, the best idea is to contact a reputable local lender and let them analyze your entire situation. 

This lender can calculate your income-to-debt ratio, do a quick credit score and give you the information you need. Typically, lenders like to see a ratio not exceeding about 28%. 

This does not take into consideration long term monthly debt. As an example, to qualify for a loan, lenders may require ratios of 28% or 36%. This means you can spend up to 28% of your gross monthly income on a mortgage payment, and no more than 36% of your gross monthly income on all forms of debt, mortgage included.

I work with a number of loan officers and can recommend one for you. Contact me from the sidebar! 

Thanks!

Leigh Ann 

Comments