Real Estate • October 4, 2024

Why Team with a Realtor to Sell Your House

by Austin Moyer

We know selling a home can be complicated! A realtor is your experienced partner in the process. We can help things move along at your desired pace because we can help you anticipate challenges, as well as prepare your home to be buyer-ready so you can get the best offers on your home. When you partner with the Austin Moyer Team at Coldwell Banker Custom
Realty, there are a few pillars of support that you can depend on so that you’re not taking on this challenge alone. Here are six reasons to partner with a realtor to sell your home.

Prepare your Home for Great Offers

1. Prepare your Home To Receive Great Offers – A realtor can walk through your home with fresh eyes–and the perspective of a professional to highlight unique and desirable features. When you’re accustomed to your home’s favorite features, you might overlook them as selling points (your hot water heater, your cozy porch, the kitchen layout). Sometimes, a realtor will stage changes to help buyers picture themselves living in your home. We like to help a potential buyer visualize the home as their own. That’s because once a buyer feels emotionally connected to your home, they’ll feel more comfortable or excited to make an offer.

Realtors Help Answer Buyer Questions

2. Realtors Help Answer Buyer Questions. A realtor is an expert in the local market. They can help you answer questions from potential buyers: questions about zoning, or walkability. What if a buyer is making their decision based entirely on school districts? While you can assure them like you were happy to send your kids there, your realtor can supplement your experience with data. This also comes in handy when you’re not personally sure about the details they’re curious about. We’ll highlight the features that justify the asking price.

Get Greater Marketing Exposure

3. Get Greater Marketing Exposure – A realtor can attract and help you sort through the most competitive offers. A realtor is more than just a name on a sign outside your home. They usually have a great network of professionals, or former and current clients (not to mention their friends and family) who will be excited to hear about your home.

Trust Us as Your Negotiation Pro

4. Trust Us as your Negotiation Pro – you’ll want a rock in your corner to get the best offer possible for your home in a given market. Home negotiation is not the same as flea market price haggling. The transaction is complex. We can help you navigate the entire transaction because we have practice with negotiations and we’re glad to handle it.

We’ll Break Down the Complexities of the Transaction

5. We’ll Break Down the Complexities of the Transaction – Similar to the support we can provide in price negotiations, we can guide you through the paperwork of selling your home. We have an experience in going over these documents, which might be new to you, so we can help you understand the process. Because we know what to anticipate, we can proactively avoid delays or costly mistakes.

Our Experience is Your Security

6. Experience from us is security for you – When you’re selling a home, you’re inviting strangers in to take a look inside. A realtor can help you screen who is a serious enough buying candidate to allow in. With our experience, we can help you avoid scams and wasted time.

Selling a home is more than just a big transaction–homes are where we make some of our memories! Selling a home is often an emotional process. It’s important that you feel you can trust your realtor with the questions and concerns you have throughout. We’re dedicated to supporting you through your real estate goals. Give us a call at 585-505-7012 to find out how to get started in the home selling process. We’re looking forward to hearing from you!

Real Estate • September 26, 2024

When Should I get Pre-approved for a Mortgage?

by Austin Moyer

When should I get pre-approved for a mortgage?

When you’re starting to take the journey of home-buying seriously, you’ll probably start thinking about budgeting for a mortgage. It’s a lot to learn and a lot of information to balance. One of the benefits of having a realtor by your side is that I can help you understand what these terms from your lender are, as well as when to consider them. I can even help you find a trusted lended.

What is pre-approval?

Being pre-approved for a mortgage means that you’ve approached a lender to essentially verify how much house you can afford. They’ll verify using factors like your credit score, income, assets, and debts. If you’re buying as a couple, this will combine both of your credit histories and assets, for better or for worse.

Why does getting pre-approved matter?

It’s important to get pre-approved so you can be prepared to make an offer. You want to be ready when you find your dream home! To be prepared, you want to be as realistic and accurate as you can when you’re serious about purchasing a home.

At first, you might use a helpful online mortgage calculator early in your home buying journey. Let’s call this the Dream Stage. You scroll though Zillow. You Google online mortgage calculators. The online mortgage calculator is there to help you ball park the types of homes you can dream about while you’re sitting on the couch scrolling through our listings. However- since they don’t usually ask for your income, debt history, and entire credit report, this is not the tool to rely on when you’re really ready to make the move to buy. Only pre-approval can place you within your actual home-buying budget.

When should you get pre-approved?

Typically, you want to get pre-approved as close to your contract as you can before the contract is in your hand.

The reason the timing is important is because every time you seek pre-approval, it will be recorded on your credit score. So if you get pre-approved too early, you may unwittingly cause damage to your credit score. On the other hand, if you get pre-approved too late, you may miss out on opportunities in a competitive market.

For a first time home buyer (or even for those who have done it before), this might feel tricky to get the timing right.

That’s okay! That’s what your trusted realtor is for. Since I have experience in supporting buyers with their pre-approvals, you can lean on me to help you. That’s one of the things your realtor is here for.

Once I’m pre-approved, how long does it last?

How long a pre-approval lasts will vary by lender. It’s important to shop around! Typically, they last between 30 and 90 days. These approvals are temporary because they take changing circumstances into account. A lot can happen over the course of a few months, right? Maybe you got promoted or paid off a small debt. These life changes will impact your credit score, which will impact your pre-approval. Once again, as your realtor, I can help you along in your buying journey to smooth out the steps between the dream stage, the pre-approval stage, and making offers.

If you have questions about pre-approval, or want to inquire about finding your dream home, please reach out! Team Austin is here to help with your Rochester Real Estate Goals.

Real Estate • September 10, 2024

VA Home Loans – 7 Home Buying Benefits for Veterans

by Austin Moyer

By Austin Moyer at Coldwell Banker and Rachel Wiener at M&T Bank

A VA Home Loan is a home loan provided by a lender with a portion of the loan guaranteed by the VA. The VA provides this benefit to veterans, service members, certain National Guard and Reserves, as well as eligible surviving spouses to help you find more favorable terms on your way to find the home of your dreams. Not sure if you’re eligible? Reach out to Rachel Wiener, the co-author of this article, for assistance!

What are the benefits of a VA Home Loan?

There is no need for a down payment. One of the greatest benefits of the VA Home Loan is that if you do not have a lot of money saved for a down payment, you may not need one. The guarantee from the VA can take the place of a down payment which means you can potentially move into your dream home sooner. In most counties, there is a limit on the amount you can mortgage without a down payment, so be sure to double check. We’ll help!
You may qualify for more competitive loan rates. This is because the VA has guaranteed a portion of your loan, so you may find more competitive rates from lenders. Lenders will still consider typical loan variables, like credit score and bank statements. The VA Loan can help provide more leverage for you.
The VA acts as a guarantor for a portion of the loan. This means that the VA will be responsible to the bank for that portion of the loan in the case of foreclosure. Your COE will tell you how much of the loan is covered.
The VA guaranteed amount does not limit the amount you may borrow for your mortgage. Your mortgage will be determined the same way as other home buyers with documents like W2s, paystubs, and banking statements, and credit score. As long as the lender approves your mortgage–meaning as long as you can afford the home, you can buy it without a downpayment. Talk to your lender about what will work best for you.
No need for private mortgage insurance (PMI). PMI is typically required on a home purchase with less than a 20% of a down payment. Because PMI is not required, you’ll end up saving on your mortgage.
There are no penalties for paying off the loan early which means you can save more money down the line.
You’ll move into a safe home. The VA will require an appraisal to ensure the home meets the VA’s Minimum Property Requirements (MPRs). A home inspection by an impartial party is always strongly recommended in any home purchase.

How do I use my VA Home Loan Benefit?

Make sure you’re eligible! Apply for your Certificate of Eligibility. We recommend applying through your lender because it will give you the opportunity to ask questions. We’re happy to be your partner in this journey. Click this link to Reach out to Rachel Wiener to discuss your approval today! Eligibility requirements will depend on length of service and type of service. The VA Home Buyers Guide can provide a few more details. We recommend that you determine your eligibility early in your home searching process so that your realtor can help you find homes within your budget.
Your Certificate of Eligibility, or COE, will determine the overall eligibility for the VA loans entitlement. The rest of the home buying process will be fairly typical, which means the lender will consider your credit score, income, tax and bank documents to determine how much you can mortgage.
Once you understand your entitlement and mortgage pre-approval, talk with your realtor. The Austin Moyer Team will be ready to help you find your dream home.

Realtor and Lenders like us are here to help. Reach out with questions. We’ll be here for you!

Author Bios

Rachel Wiener is a mortgage originator at M&T Bank with over 8 years of expertise in the banking/mortgage industry. With expertise in first time home buying, refinancing, and more, she’s committed to helping you find your dream home. Get in touch today!

Austin Moyer is a realtor at Coldwell Banker. He and his experienced team are prepared to help you find your dream home in Rochester, NY and the surrounding areas. He’s never too busy for you! Give him a call or send him an email at austin@coldwellbankerwny.com

Real Estate • September 2, 2024

What is the Real Estate Buyer’s Agreement Rule?

by Austin Moyer

What is the Real Estate Buyer’s Agreement Rule?

The Buyer’s Agent Agreement Rule was implemented on August 17, 2024 by the NAR (National Association of Realtors). It was created to protect the real estate buyer (you) by prioritizing transparency in pricing and services of your realtor. This is a written agreement upon your representation, ensuring that the buyer and the seller have different realtors to prevent a conflict of interest. It’s similar to how you wouldn’t want to have the same divorce attorney as your soon-to-be ex-spouse. You want someone who will act in your best interest. The agreement states which services your agent will provide and how much they will be compensated. You have the right to negotiate your terms, and even mutually agree to end or change the contract as you work together.

Why did the Real Estate Rule Change?

Previously, if you were selling your home, you would be responsible for the commission of your agent who helped you sell your home. Sellers would also be responsible for compensating the buyer’s agent. That cost would typically be factored into the final price of the home, but it wasn’t always clear what services were provided. Now, the buyer and the seller are each responsible for compensating their own agents. This is similar to how contracts have always worked for commercial and investment real estate purchases. The benefit of a Buyer’s Contract is that you can have more visibility into services and fees. You can even negotiate with your realtor on how you will compensate for their services!

How Does the Buyer’s Agreement Benefit the Buyer?

Transparency. The Buyer’s Contract will show you the fees associated with each home. This is important so that you can protect yourself from “steering.” This is an unfortunate practice of dishonest realtors who encourage you to buy a home whose sale will put more money in their own pocket, rather than prioritizing finding the home that’s best for your family. Visibility gives you power and prevents anyone from taking advantage of you.

Why Do I Compensate my Realtor Under the Buyer’s Agreement?

Buying a home is difficult to do alone–I wouldn’t recommend it! We want to provide excellent home buying service and support. The thing that keeps me up at night is helping you find the home of your dreams! That means you should tell us what you hope to get out of the partnership, like helping you to find homes that meet your criteria such as budget, location, style and more. We can agree to tours. We can agree to a time frame.

Another way to help you get value from our partnership is to provide feedback. If I show you a home that wasn’t quite what you were hoping to see–let me know! Don’t be shy about feedback. We can recalibrate, and I can get closer to finding you your dream home.

How do I Compensate my Realtor Under the Real Estate Buyer’s Agreement?

This can be done a number of ways, none of which are mandated by law. The only obligation is to have a written contract–it’s up to us as a team to decide on the terms. That may sound intimidating, but most realtors will have a standardized contract to give you a starting point. While the seller is no longer required to pay the cooperating brokerage agent, that’s an option that can be negotiated. Again, this document is here to create transparency and hold realtors accountable. While I’m happy to give you my word, I will gladly provide my signature.

Do I have to Sign a Buyer’s Agreement if I’m Just Going to an Open House for Fun?

No! There’s no need to sign an agreement when you’re casually touring an open house. All are welcome to the open house! In fact, if you’re very early in your home buying journey, going to open houses can be a great way to meet realtors in your area. There’s no need to enter into an agreement until you’d like the realtor to start providing services.

When Does My Realtor Officially Start Providing Services?

Common realtor services include support like sending you new and early listings, joining you on a home tour, or sending you a virtual home tour. They might also check out a home for you on your behalf. Maybe they’re guiding you toward pre-approval and recommending lenders. These are considered services which are worthy of compensation. If you are simply looking for a realtor, calling us and asking about our services, that should not be considered a service. For example, say you’re looking to buy your home in Rochester and you’re ready for professional support. You call a few different realtors to get a sense of what services they offer, and if they’re available to help you. That’s free. A realtor should not be compensated because you introduced yourself. We want to meet you! Once we decide to work together, we will enter a formal agreement that outlines how compensation will work.

What Next?

Even when change is good, we know it can be complicated. Give us a call or send us a message and Team Austin will be happy to answer your questions and put you on the path to your next home.

Real Estate • January 24, 2023

The Difference Between a Buyers and Sellers Market!

by Austin Moyer

A buyer’s market and a seller’s market are terms used to describe the balance of power between buyers and sellers in a particular market. As home prices fluctuate, how do you know when to sell your home? Or to have it ready for potential buyers? How do you know when to buy a home at the right time for you and your family? Let’s start by simplifying these common real estate terms: Buyer’s Market and Seller’s Market.

Buyer’s Market

When we refer to a buyer’s market, we’re talking about an abundance of properties for sale with relatively few buyers. This means that buyers have more options to choose from and have more negotiating power when it comes to price and other terms. Buyers may also have the upper hand in terms of timing, as they may be able to take their time to find the right property without feeling rushed.

Seller’s Market

On the other hand, a seller’s market is characterized by a shortage of properties for sale and a high demand from buyers. This gives sellers more control over the price and terms of a sale, as there are more buyers competing for a limited number of properties. Sellers may also be able to sell their properties more quickly in a seller’s market environment.

Are we in a buyer’s or seller’s market?

One of the key indicators of whether a market is a buyer’s or seller’s market is the inventory-to-sales ratio. A high inventory-to-sales ratio indicates a buyer’s market, while a low inventory-to-sales ratio indicates a seller’s market.

It’s important to note that real estate markets can change rapidly and what is considered a buyer’s market one day can turn into a seller’s market the next. It’s always a good idea to keep an eye on the local market conditions. But how? How can we keep up?

I recommend consulting with a real estate professional like myself. I can help you understand the state of the market as it changes. Whether you are buying or selling a home, you want to trust your real estate agent to help you understand the market.

Please reach out to contact me via phone or form. I’d be happy to help you with your next real estate move!

Real Estate • January 24, 2023

How Do Interest Rates and Inflation Correlate in the Market?

by Austin Moyer

Inflation and housing interest rates are closely linked, as changes in inflation can directly impact the interest rates that lenders charge for mortgages. In general, when inflation is high, interest rates tend to rise, making it more expensive for borrowers to take out a mortgage.

But why? Why is the relationship so complex in the housing market?

First, let’s get on the same page about simple supply and demand. Then we’ll layer in the complexity of the housing market, which is not so simple. We’ll use the classic example of the lemonade stand.

Think about a kid’s classic lemonade stand. Maybe you had one of your own! Your parents helped you get set up and you sold lemonade for $1 per cup–a fair price considering the cost of your supplies and labor. Once it ran out for the day, you found more supplies in your kitchen, and restocked so that you could stay in business at the same prices. Even if all of your supporting neighbors lined around the block, your pricing could remain stable as your suppliers (mom and dad) kept you stocked up with sugar and lemons and water from the tap. If you were business savvy as a child, you may have charged an extra quarter to slow demand while you managed supply. The lemonade stand is a simple business, so it’s fairly straightforward. The housing market? It’s different.

What happens when there’s a high buying demand in the housing market?

When there is high buying demand in the housing market, home prices go up just like they did with the popular lemonade stand. But unlike stirring up a cup of lemonade to meet demand, in contrast, the housing supply will remain limited. That’s because it’s much more difficult to quickly increase the supply of homes. It takes much more capital and much more time to build homes. So when supply is stagnant and demand is increasing steadily, home prices will increase. And since we can’t slow demand or increase supply, home prices are at risk of skyrocketing. Therefore, the federal government steps in to slow the home price increase with interest rates.

What do interest rates have to do with housing supply and demand?

The US Federal Reserve attempts to slow the demand for housing by raising interest rates on mortgages. Raising interest rates means that it will be more expensive for home buyers to borrow money. On top of the home prices increasing, buyers must also consider the increased cost of borrowing the money to buy the home. This is similar to how you charged an extra quarter to slow down his lemonade sales to keep your supply in check. Home buyers may have to adjust their home buying budgets to accommodate the increased cost of borrowing money on top of the cost of their dream home. By increasing interest rates, the Feds are attempting to control and slow the increase in the cost of a home. It’s a way to slow things down until supply goes up or until demand goes down.

How Should a Home Buyer Prepare for Changes in Interest Rates?

With interest rates increasing, buyers may have to rebudget or reconsider what they’re looking for in a home. The amount of money you have doesn’t change, but now you have to consider setting more aside for the cost of the mortgage, rather than the cost of the house itself. I can help you determine the best way to make adjustments as you’re looking for your dream home in Rochester. For example, maybe you wanted to stay in the Pittsford School District. Great! This might mean we find you a house with less square footage than you were originally looking for, or maybe skipping the brand new flooring for now. Your budget has been reallocated slightly from principal to interest.

What about when interest rates go down?

That’s typically a good thing for home buyers! You’ll be able to reallocate that percentage back toward your principal budget. The lower the rate, the more money you can put toward your dream home.

We can talk about the details when you reach out. My goal is to help you find your dream home and get the best value for your budget. I’ll gladly guide you through different ways you can approach home buying when we start working together. As always, your realtor is here to support you. Team Austin is ready to help you on the journey to your dream home.