Selling your home is a big decision, and it's often a long and complex undertaking. Hiring a real estate agent can make every step of the home-selling process easier, from setting an asking price to closing the sale. Here are four benefits of hiring a real estate agent to sell your home.

Pricing Expertise

Many homeowners have an idea of what their houses are worth, but their ideas are often not realistic. Their perspective may be based on emotion and sentimental value, rather than what the housing market will bear. Conversely, some homeowners undervalue their homes and ask for much less than the home is really worth.

An experienced real estate agent is an expert on the home prices in your local market. An agent will suggest an asking price based on a Comparative Market Analysis. A market analysis examines supply and demand in the area, along with the price and condition of similar properties. A market analysis ensures your home will be priced in order to sell as quickly as possible for the highest amount of money. By working with an agent, you'll arrive at an unbiased and accurate sale price for your home.

Access to Multiple Listing Service

Real estate agents are able to list your home on the Multiple Listing Service (MLS), greatly increasing its exposure. When your home is listed on the MLS, it will be seen by potential buyers and by buyers' agents. You have a good chance of finding a buyer quickly. Access to the MLS is one of the best benefits of hiring a real estate agent to sell your home.

Negotiation

The best real estate agents are skilled negotiators. Selling a home has several potential pitfalls, including repairs, inspections, and financing. If any questions arise, your agent will negotiate on your behalf to resolve the issues. If you receive multiple offers for your home, your agent will help you weigh the pros and cons of each one, ensuring you make the best decision.

Paperwork

Selling a home comes with a great deal of paperwork. Purchase agreements alone can be ten pages or longer.* Your real estate agent will read all of the fine print and will handle the necessary paperwork for you. He or she will draft your sales agreement, prepare the closing documents, and ensure you comply with all legal requirements.

The help a real estate agent provides during the selling process can be invaluable. The right agent will ensure you get a fair price and will make selling your home as easy as possible.

Most home buyers take out a mortgage to help finance buying a home. As a result, many homeowners are faced with a monthly mortgage payment during the time they are raising their children or sending them off to college. What if a way existed to pay off your home loan early in order to free up the money for the kind of adventures every family longs to have? Fortunately, a few strategies do exist that can help you to shave years off your mortgage term. All you need to do is incorporate as many of them as you can into your life to create the kind of impact you are looking to achieve. Here's a look at several easy ways to pay your mortgage off early.

Round Up Your Monthly Payment

Instead of paying the exact amount of your monthly payment, you can round up to the next even number. For example, if your monthly mortgage payment is supposed to be $1425, you can pay $1500. While this additional $75 may not seem like it is going to make a difference, it does. Plus, you probably won't even miss this small sum of money from your take-home pay

Put Your Bank Account Interest Toward Your Mortgage

If you have savings accounts at a local bank or credit union, you may want to consider putting the interest that you've earned toward your home loan. You have the option to do this at your discretion. However, if your money is tied into CDs, then you'll have to wait until the CD comes due. You won't miss this money because it isn't included in your take-home pay. Plus, it can help to whittle down the balance on your mortgage, especially when you combine it with other strategies.

Take Unexpected Financial Bonuses and Put Them Toward Your Mortgage

One way to pay down your mortgage debt is to take any unexpected monetary bonuses and put them toward the balance of your home loan. You can use lottery winnings, holiday bonuses, gifts of cash, inheritances, and tax refunds to decrease the amount of money you still owe on your mortgage.

Refinance Your Home Loan

Not everyone can save money by refinancing a mortgage. Evaluate the cost to do so and weigh it against potential savings on the debt. If you can save more money than you spend, refinancing provides an excellent option when you are looking to save money on your mortgage. Ideally, you can select a shorter term that allows you to shave years off your home loan. Alternatively, your monthly payments decrease, allowing you to put more money toward the  balance of your loan

Paying off your mortgage early can save you thousands of dollars in interest fees. Not only does this strategy help free up cash for family vacations, college, and special events, but it also helps you to avoid paying a lot more for your home than it is worth. Before you begin, you should talk to your lender and find out whether or not any penalties exist for early loan repayment.

If no penalties exist, you can move forward with your plan to pay off your mortgage early. Simply take the time to figure out which strategies are going to be the easiest to incorporate into your life and start paying down your mortgage now. Not only do you lower the balance on the payoff number, but you also lower the total amount of interest paid on your home loan.

Though most people believe that their home is a great place to live, others see the value in owning a home. It can be a great investment. However, if you are strapped for cash, it can be a source of ready cash.

You may decide to look into a loan so you can get some cash easily, with a home equity loan or a cash-out refinance loan, though you may just want to refinance your home (to make your payments more bearable.) You need to do your research before you decide how you want to proceed.

What is a Home Equity Loan?

A home equity loan should be looked at as a second mortgage. If you need to borrow money to update your house or do some renovations, you may want to look into a home equity loan. You may also find it helpful if you want to pay off some of your debt (credit cards, car loan, etc.)

To see if you are eligible for a home equity loan, you need to see if you owe less on the home than it is worth. Even if it isn't close to being paid off, you may have a few thousand dollars of home equity.

So, Why Would You Want a Home Equity Loan?

Most people choose home equity loans because you can often get a very low-interest rate on them. It might be cheaper to get a home equity loan for your next car than going through the dealership. If you are paying off high-interest credit cards, three or four percent interest is a lot better. You may actually be able to pay it off sooner than you thought.

What Does It Mean to Refinance Your Home?

When you go to refinance your home, you are just going to pay off one loan with another. You are taking out a new mortgage loan, to cover your old one.

So, Why Would You Refinance Your Home?

There are several reasons why someone would want to refinance their home.

• To make the payments easier. If you are able to get a better interest rate, you could really drop your monthly payments.
  
  
• To change the terms of the loan. Other people decide that, instead of a thirty-year loan, they want to pay it off sooner. You can refinance your home into a new fifteen-year loan. Your monthly payments should be similar, though you will be able to pay your home off sooner, saving you some interest.

What is a Cash-Out Refinance?

For those people who want to refinance their home, but they also need cash, many lenders also offer a cash-out refinance loan. This allows you to refinance your mortgage and get some cash for different reasons. Your cash-out refinance loan will be more than your current mortgage, so that you can have some money to take care of different things.

So, Why Would You Do a Cash-Out Refinance Loan?

There are a few reasons why you might want to get one of these loans.

• You can pay off your current mortgage (though you will have a new one)
  
  
• You might be able to pay your home off quicker (or decrease your monthly payments)
  
  
• You have some extra cash to help you pay off debts, do some house renovations, or even buy a large item (such as a car).
  
  
• You only have one payment every month, instead of a mortgage, second mortgage, loans, and credit card bills.

How Should You Choose?

The best way to decide which is best for you is to speak to a professional. He or she can talk to you about your options and what your payments are going to look like so that you can make an informed decision that is going to work best for you.

If you are beginning the home-buying process, you may begin to wonder how long it will take until you find the perfect home for you and your family. The answer to that varies due to different factors. Check out these three factors on how many homes you will tour before buying:

The State of the Market

A buyer's market is when there are few houses for sale and the ones that are available, sell quickly. This creates a higher demand for houses as people scramble to buy what they can. If the location you are considering seems to be a buyer's market, you may be competing with multiple buyers for the same house. If you are hesitant with a house because you think a better one is out there, someone else may swoop in and sign a contract. This leaves you with fewer options and a long time trying to find a house. If you find yourself in this situation, you will probably need to move as quickly as possible if you want to secure a home.

Knowing What You Want

If you are specific about the type of house you would like, then it is usually much easier for a real estate agent to suggest properties to tour. For example, if you insist on living in a house with a backyard, they will refrain from suggesting a high-rise condo. If you are more open to various options, you have a bigger playing field, and it may take some time to sort through the selection. Before you begin your search, take some time to really consider what you are looking for.

Your Willingness to Compromise

Home buyers usually have a list of things they absolutely need to have in their potential home. However, all of the amenities you are looking for might not be in the right location or fit within your budget. For example, a three-bedroom house a short drive from downtown may cost thousands more than that same type of house further away. If you are willing to compromise on what you want, you can find a home much quicker. 

Finding the perfect house for you can take weeks, months, or even longer. To shorten this length of time, know what you want, and be willing to compromise. Soon, you will be able to find the home you have been dreaming of and begin life as a homeowner.

Spring may be the most popular time of the year to buy a new home, but is it the best time of year to go home shopping? While the best time to browse real estate is when you need a new home, there are advantages to shopping in each season. As you prepare to buy a home, learn what to expect when home shopping in spring, summer, fall, and winter.

What to Expect When House Hunting in Spring 

As winter ends and weather starts to warm up, people emerge from their houses. The same flurry of activity holds true for house shopping. Suddenly, there are many more homes for sale on the market, and many more interested home shoppers. 

Sellers who took their listings off-market during the winter may renew listings now. Nice weather means homeowners can make improvements, so in the spring real estate market you're likely to see high-quality homes listed at market-rate prices. 

More inventory is offset by higher competition for premium homes and higher prices. Sellers are optimistic that they will be able to sell their home before summer, so they may be less likely to accept a lowball offer. 

What to Expect When House Hunting in Summer 

The summer market is similar to the spring real estate market, except that fewer houses will come online. Homes that were listed early in the spring and have not sold may see their prices decrease; sellers may be more likely to compromise on price now. Since there are still new homes coming on the market, there are lots to see and do. 

Many buyers want to close on homes for sale before summer, so the children can start at a new school. As summer stretches on, expect to see fewer homes for sale and less competition for premium properties.

What to Expect When House Hunting in Fall 

The real estate market starts to slow down in fall. With children in school, families who were considering a move may put it on the back burner since the timing is no longer ideal. This means fewer crowds at open houses and an easier time getting into showings for listed real estate. 

You will notice fewer new listings of homes for sale; here again, prices may drop. At this point, home sellers can become extremely motivated to sell their homes before the end of the year. It's bargaining time! 

What to Expect When House Hunting in Winter 

In areas with four seasons, fewer people list their homes for sale in the winter. Those who do put their houses on the market in wintertime tend to do so because they need to sell their home quickly and they cannot wait for an ideal real estate market. Now you really have a buyer's advantage. The caveat here is that homes on the market now may be in fair condition and require a lot of work: fixer-uppers, in other words. Don't let that deter you from house hunting, because you never know what you will find. There may be a diamond in the rough.

Ultimately no matter what season you decide to look for a home, there are pros and cons. When you understand what to expect in each season, you can evaluate properties, understand trends, and make the right decision with less stress.

It's Sad To Say Goodbye, But It's Time To Modify Your Home

For the vast majority of home buyers, obtaining a mortgage will be a vital part of the purchasing process. Of course, in order to be approved for that mortgage, you will need to ensure that your credit score is in good shape. Luckily, there are a few steps that you can take to boost your score before starting your application, such as:

Fix Reporting Errors

When compiling your credit report, it is not at all unusual for the credit bureaus to accidentally place an incorrect or inaccurate note in your file. For example, if an individual who shares your name has fallen behind on their car loan it can occasionally appear on your credit report. As such, before you apply for a mortgage, it is a good idea to check your report for any mistakes such as these. If you spot any mistakes, report them to the agencies and they should be able to remove the errors in a relatively timely manner. Once the negative mark has disappeared, your credit score will quickly move upwards.

Reduce Your Balances

Your outstanding credit balances are an important factor in determining your credit score. As such, if your balances are currently quite high, it would be a prudent move to try to reduce them as much as you can. By reducing these balances, you are both improving your credit score and improving your debt to income ratio, making it just a little bit easier to be approved for your mortgage.

Avoid Opening New Credit

Each time you apply for new credit, it causes a small ding in your credit score. With this in mind, you should try to avoid opening up new credit cards or taking out new loans for around a year before you plan on purchasing your house. That year will allow time for the effects of previous credit applications to drop off of your report, and you will eventually end up with an impressively high score.

Pay Your Bills On Time

The most obvious way to boost your credit score is also the best way to do so. During the year that you are waiting for your score to recover from any previous credit applications, you should make a concerted effort to pay all of your bills on time. By establishing a pattern of on-time payments, your score will soon show you to be a reliable and trustworthy borrower.

Obtaining a mortgage is an essential part of the home buying process. By following the advice contained in this article, you will be able to boost your credit score and increase your chances of being approved for that mortgage.

When you decide to take your first step on the property ladder, you will have plenty of property-types to choose from. Many buyers prefer to buy an existing single-family home, some want to buy a plot of land on which to build their house, while others would like to get the keys to a condo.

If you are a member of the latter group, you may be interested in learning a little bit more about the benefits and drawbacks of purchasing a condo:

Pros

•    A Gated Community 

Condos often offer higher security than a traditional home as they usually sit within a gated community. There will be a security presence at all times at the gate, keeping a close watch on the people who enter and leave. If you are at all concerned about crime and theft in your area, this added security can do a great deal to set your mind at ease.

•    A First Home

If you, like most people, don't have a huge budget to purchase your first home, a condominium may be an attractive option. They are often available for a significantly lower price than similarly-sized single-family homes in the same neighborhood.

•    Easy Maintenance

When you own a condo, you can just kick back and relax on the weekends while the on-site crew takes care of all the maintenance and repair work on the property. Condo ownership means no more trimming the front lawn, cleaning the pool, or shoveling the snow.

Cons

•    Extra Fees

Owning a condo can be a liability as well as an asset. In return for the beautiful landscaping and pristine surroundings, you will need to pay condo fees. The exact amount of these fees will usually be determined by your board, but you can expect to pay at least a few hundred dollars extra each month.

•    Lack of Privacy 

A condo is first and foremost a community of people. As such, you will encounter other members of the community at various points in time throughout the day and night. If you would prefer to avoid this and instead lead a more private life, a condo may not be right for you.

In Closing

Finding the perfect home to buy is never easy. However, by carefully reviewing the pros and cons outlined in this article, you will be better able to decide if purchasing a condo is the right decision for you.

There are two options available when seeking a new home for your family. You can purchase a resale (meaning an older home that has already been lived in) or a new construction. While each choice provides a distinct set of pros and cons, purchasing a newly constructed home offers numerous comparative benefits. Below are just 10 of the primary benefits. 

1. Customization

New constructions allow homeowners to customize their homes with a variety of options prior to moving in, if they purchase during the pre-construction phase.

2. No Extra Work

Homeowners need not put in any work prior to move in. Resales, on the other hand, often require at least a minimal amount of renovations prior to move in.

3. Modern Appliances

A new construction will be equipped with modern appliances and conveniences, whereas resales may need to be updated. For example, most new homes are created with dishwashers, which are not often seen in older homes.

4. Stays Repair Free

Your home should be repair free for a minimum of two years. If anything does break during the first few years, most items will still be under warranty. 

5. Eco-Friendlier

With better construction materials that have yet to see the effects of time and weather, new constructions are much eco-friendlier. The environmentally-friendly new materials could help lower your utility bills for years to come. 

6. Modern Technologies

New constructions often come already equipped with modern technologies or 'gadgets.' Modern technologies could include a home security system, geothermal flooring, solar paneling, or smart home technologies, to name a few.

7. New Home Smell

As strange as it may seem, new constructions come with that new home smell and feel, which is distinctly appealing and satisfying. There is also the benefit of no 'strange' smells from age, as might come with a resale.

8. Higher Resale Price

If you decide to sell your home a few years down the road, a new construction will sell at a considerably higher price than older homes. Each time an older home is sold (unless it has undergone a full remodeling), it typically sells at a slightly lower price.

9. Community Features

New homes are often built in communities, which offer a lot of extra amenities and security features. Examples of extra amenities might include a pool, club house, security gates, game room for children, and many other things that will  provide convenient, safe areas for yourself or children to pass their free time.

10. Founding a Neighborhood

Many new homes are being built in areas where a neighborhood is not yet established. Being among the first to move in means you have the distinct privilege of helping found a safe neighborhood for your children (and their new friends) to grow up in.

Conclusion

Choosing to purchase a newly constructed house has several distinct benefits when compared to the alternative of purchasing a resale. This article discusses just 10 of the primary benefits homeowners may experience during their home buyer's journey. This list is not, however, all inclusive and each unique family (and home) will come with it's own unique benefits.

It is the perennial question for every first-time homeowner. How much house can I afford? As with so many life-changing decisions, there is no one right answer to this common query, and the size of the home you buy, and the mortgage you take out, will depend on several critical factors.

If you want to know how much home you can afford, you need to ask yourself the right questions. Even more importantly, you need to provide yourself with honest answers to those queries. Here are some things you should be asking as you get ready for the transition from renter to first-time home buyer. 

•What is my current income?

Is that income secure, or is my job in jeopardy? Your ability to pay the mortgage will depend on visibility of income, making the answer to this question extremely critical. 

•How much disposable income do I currently have?

How much of that disposable income can I devote to the costs of home ownership? Owning a home is more than paying the mortgage, and you will need to set money aside for repairs, upkeep, and other essentials. 

•Do I have money for a down payment?

The more you can put down, the smaller your monthly mortgage payment will be. Even if you can do it, financing 100% of the purchase price could make your mortgage payment unaffordable. 

•How much do I want to devote to savings, investments and other essentials?

Putting all your money into the roof over your head could leave you dangerously undiversified and put your financial future at risk. 

•What is my credit score?

What steps can I take to raise it quickly? A low credit score can mean a higher interest rate on your mortgage or even an outright denial. If your credit score is less than optimal, paying down debt and taking other steps to raise it will be to your advantage. 

•What other debts do I have?

Taking on a big mortgage payment when you have other debts can be risky, so take a hard look at your monthly expenses and your balance sheet. It may be worth putting off the home purchase until you have paid your other debts. 

•Am I willing to shop for a lower priced home if it means a more affordable mortgage payment?

You may need to give up some wants or consider a different neighborhood to find a home you can more easily afford. 

Shopping for your first home can be an intimidating process, but knowing how much home you can afford will make that process easier and less stressful. The real estate agent and mortgage broker will have their opinions about home affordability and optimal mortgage payments, but in the end, your considered opinion is what counts.

For many Canadians looking to purchase a home, bad credit scores stand in the way of getting a mortgage. Most lenders prefer your score to be 650 or higher. If they do allow for lower credit scores, it is typically because the interest ratings on those loans are considerably higher.

If you want to get a good deal on a mortgage with low interest rates, the best thing you can do is to improve your credit score. Here are three ways you can do just that.

1. Check Your Report

The very first thing you need to do is check your credit report. You are allowed one free credit report per year, but some sites will allow you to purchase a full report at any time for a small fee.

Scan the report to see if there are any errors. You'd be surprised to find out most people do have errors on their credit report. It might be in the form of something you finished paying but was never removed, or something that isn't yours to begin with.

Once these errors are removed from your report, your credit rating might go up anywhere from a few points to a few dozen. It just depends on how many errors there were and how largely they were impacting your score.

2. Start Paying Off Debts

If you have any outstanding debts on your report that are bringing down your score, start paying them off. It can be hard, but even if you can only allow $5 or $10 a week it can bring your outstanding debts down considerably over the course of a few months.

For example, let's say your total debts amount to $5,000. Starting with your smallest debt (because these will be paid off quicker), you can begin making $10 payments each week. Over the course of six months, you would have paid off $240, lowering your debt to $4,760. After a year, you'd have paid $480.

Also, take into consideration that most lenders are willing to bargain with you. They may allow you to pay between 50 percent and 75 percent of what the original debt amount was.

The reason they are willing to do this is it's better for them, at the point of collections, to receive some money than to receive none. That same $5,000 could be lowered to $2,500 to $3,250. With your $10 a week payments on top of that, you could make a major dent in your debt in a single year!

3. Credit Cards

Credit cards are one way to raise your credit score, but this only works if you use them responsibly. Keep the total amount used under 30 percent, and make sure you pay it off in full by the end of each month.

Some people have found great success in using their credit cards only for their morning coffee or daily lunch. At the end of the week, they pay off the amount and end up with higher credit scores as a result. 

The key is to continue spending within your budget. Think of your credit card as a debit card, but with a cash advance feature. If you don't know for certain that you'll have the funds for a purchase within one to two weeks, then don't make the purchase.

Conclusion

These three things can help you to slowly, but steadily (and possibly significantly) increase your credit rating. This can help you to not only obtain a mortgage with a low interest but increase the future chances you might be approved for other loans (like for vehicles) also. It is never a bad time to work on your credit score.

After sending the offer to purchase to the seller, there's nothing left to do but cross some fingers and hope for the best. Or is there? What happens now and when will the keys finally change hands? The time between the now and the closing date is probably one of the most stressful and critical periods in the buying process. After all, there are a lot of things happening at once. At the end of it all, a seller can accept the offer, reject it, ignore it, or send a counter-offer.

Acceptance of the Offer to Purchase

An offer to purchase will have a clearly stated consideration window. This means the seller has until the deadline to consider the buyer's proposal. Most buyers hope it's accepted right away, but that isn't always a good thing. Either party can make amendments to the document if the seller and buyer both agree to them. However, immediate acceptance can also indicate that the buyer made a mistake. Was the bid too low? Were the offer's conditions too generous? Did the seller price the property too low? It's worth considering.

When Sellers Ignore or Reject an Offer to Purchase

A seller might ignore the offer or reject it. This can happen if the seller receives several offers. He or she will focus on the ones that appear to be the most promising and ignore the rest. Alternatively, the seller might simply ask each buyer to submit their best offer, choose one, and close the deal. Immediate rejection could indicate that the bid price was too low, or the conditions were too aggressive. Either way, buyers will have the option to send another offer if they'd like to try again.

Counter-Offers and Negotiating an Offer

In many instances, the first offer to purchase acts as an anchor for negotiations. The seller will change the details he or she isn't happy with and return it to the buyer. The buyer can then make amendments to the offer and send it back to the seller. Sometimes, the changes are minor and easy to negotiate. Other times, things can get difficult, and the negotiations can go for weeks. The outcome depends on each party's needs and how good they are at the art of negotiations.

It would be wonderful if all offers were accepted right away and everyone could focus on moving, but that isn't always the case. Each situation is unique. Regardless of how a seller chooses to react to an offer to purchase, a knowledgeable and experienced real estate agent can help buyers proceed.