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Mortgage Interest Rates Have Dropped!

April 11, 2019 by Kyle Clayton in housing market, real estate

Let the rates drop! Well, they have. Mortgage interest rates are now at a TWO YEAR low! That is huge for buyers, who are ready and waiting to buy a home. In Phoenix, Arizona it is particularly good news because the inventory of homes is also on the rise.

The current rate for a 30-year fixed rate, conventional loan is at 3.82% with an APR of 3.94%, according to Freddie MAC. Some rates are as low as 3.62% for FHA loans, depending on your financial situation. The Mortgage Bankers Association expects the rate to continue on this path and we may even see another rate cut in the future.

Blah, blah, blah… What does that mean?

If you’re shopping for a home: Lock in your rate! With rates this low, you’ll want to try and lock it down. That will mean that you’re going to have to get serious and find a home you want to make an offer on. Buying a home now will mean that you get more property for your money and will pay less in interest over the life of the loan.

If you own a home: Check out your options for refinancing and see if it can save you money. The refinance process does cost money, so you’ll want to check that the savings is worth the cost.

If you’re almost ready to buy a home: Start getting your finances in order and talk to a mortgage broker. Then you will know what your rate would be and have a better idea on the cost to purchase a home. Your mortgage broker may also give you some homework to get you a better rate or loan.

So now that the rates have dropped, you may want to talk to a mortgage broker. I work with some of the best people in the industry, so give me a call! I can set up an introduction for you. Then they’ll work with you to accomplish your goals.

If one of those happens to be buying a home, let’s get house hunting! I would love to help you.

Talk to you soon,

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April 11, 2019 /Kyle Clayton
real estate agent, real estate investment, realtor, real estate market, real estate, reasons to buy a home, mortgage, mortgage broker, interest rates, mortgage interest rates, quicken loans, bank rate, fairway mortgage, wells fargo, freddie mac, market watch, housing market, phoenix housing market, remax, remax professionals, RE/MAX, RE/MAX Professionals, movement mortgage, nova home loans, zillow, opendoor, offerpad, az living, buying a home, buying a new home, home buying, how to buy a home, first time homebuyer
housing market, real estate
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Renewing My Real Estate License

January 17, 2019 by Kyle Clayton in real estate

We’ve all heard statistics about certain businesses, like 50% of restaurants will fail. These statistics are something you look at going in to things, in order to asses how much work it will take to succeed. Well, real estate is no different.

80% of newly licensed agents will never renew their license after TWO years!

Now that is a huge rate of failure! Only 20% of licensees move on to year three of their real estate career. That means the job of a real estate agent isn’t for the faint of heart and that succeeding means working really hard!

All of that is true. The last two years have been a lot of work. Not only the work of real estate but the work of improving and motivating myself to keep going. Even with my parent’s established team and systems, real estate was hard! It still is!

What they don’t tell you, is that the job isn’t about selling homes, it’s about successfully dealing with people of all different personalities and ushering them to a closed deal. It’s about being so self confident that you can handle rejection, stress, lost deals, no clients, and still keep going! It also has a lot to do with asking for business, something very uncomfortable. All of that, is why so many don’t succeed or quit right before a breakthrough is about to happen. It’s hard work!

So that is why I am celebrating this big win! I’ve made it to year three!!!

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January 17, 2019 /Kyle Clayton
real estate agent, realtor, real estate, REALTOR®, why real estate, team clayton real estate, hire a realtor, national association of realtors, buying a home, home buying, first time homebuyer, remax professionals, RE/MAX Professionals, remax, RE/MAX, real estate license, Phoenix, phoenix, arizona living, arizona, career, personal development, personal growth, business growth, business owner, business, entrepreneur, entrepreneurship
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houseforsale

Buy a House With a FREE Realtor®!

December 07, 2018 by Kyle Clayton in real estate

Did you know? When you buy a home it doesn’t cost you a dime to hire a Realtor®!

That’s right!

How is this possible? Well, the seller pays the commission! When you sell your home, the listing agent charges the seller a percentage for commission. That percentage is split between the selling agent and the buyer’s agent.

Why? In order to list your home on the Multiple Listing Service, where everyone who’s looking to buy can see it, you have to offer a commission. So the selling agent lists the percentage a buyer’s real estate agent will get paid listed with the rest of the home’s information.

So it’s a no-brainer to hire a Realtor®, whenever you buy a home. Why wouldn’t you want to hire a professional, who can negotiate for you, when it doesn’t cost you a dime? You get a lot of protection, advice, and solid experience when you decide to hire a Realtor®. So DO IT! It’s completely FREE! Let’s work together and find you, your perfect home!

Watch to learn more:

December 07, 2018 /Kyle Clayton
real estate agent, realtor, real estate, REALTOR®, reasons to buy a home, team clayton, RE/MAX Professionals, remax professionals, remax, RE/MAX, house hunting, house hunters, arizona living, arizona, buying a new home, home buying, how to buy a home, buying a home, first time homebuyer, tips for first time home buyers, homeowner, owning a home, hire a realtor
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5 Reasons to Buy a House in the Fall

October 25, 2018 by Kyle Clayton in real estate, housing market

Fall isn’t thought of as “the best” time to buy but that may be changing. Savvy buyers have an advantage when shopping for a home during the fall season. So here’s 5 reasons why fall is a great time to buy a home.

  1. Year-End Tax Breaks: any mortgage interest or property taxes paid by December 31st are tax-deductible for that year. This could increase what you get back or reduce what you owe the IRS.

  2. Less Competition: The National Association of Realtors® reports that almost half of the homes sold, happen between May and August. Luckily fall is the best time in Arizona for the weather, so house hunting will be cooler and even less stressful. You could avoid a bidding war, since most people wait until summer!

  3. Eager Sellers: not all homes will sell during that summer rush. So homes on the market during the fall will have sellers that are ready to move on. That may allow you to negotiate a better deal, with less competition.

  4. Less Expensive to Move: with most people focused on the holidays, moving companies have lighter schedules than during the summer. Pricing and scheduling during this time of year may be more flexible.

  5. Quicker Transactions: title companies are also experiencing a slow down as transactions tend to decline in the fall and winter. Pair that with a motivated seller and you could be in a house before the holidays hit!

If you’re ready to buy and just have been waiting for more homes to come on the market, let’s start looking now. You may end up finding the perfect deal, that you would have missed or had more competition on during the summer months.

Ready to start looking? Email me at kyle@teamclayton.com!

October 25, 2018 /Kyle Clayton
real estate, realtor, reasons to buy a home, real estate market, real estate agent, real estate investment, REALTOR®, american dream, team clayton, team clayton real estate, remax professionals, remax, RE/MAX, RE/MAX Professionals, house hunting, housing market, phoenix housing market, arizona, az living, fall, first time homebuyer, tips for first time home buyers, buying a new home, benefits of homeownership, buying a home, how to buy a home, homeowner, homeownership, house hunters, home buying, 5 reasons to buy a home, fall home buying
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How to Lose a House in Today's Market

October 19, 2018 by Kyle Clayton in real estate

Home buying is one of the biggest decisions we make in our adult life. Unfortunately, there are tons of things that can make a deal fall through– especially if you aren’t working with an experienced professional.

Here are 10 ways you might to lose out on your dream home (and how to avoid them):

  1. You don’t have enough saved for a down payment. Surprise! Houses are expensive. The down payment for which you’ve spent so much time saving might not be enough. In addition to closing costs, there can also be other fees. Make sure that you have significant cushion savings, in addition to whatever you plan on putting down for your house.

  2. You don’t have your ducks in a row. Staying organized is essential when you’re house hunting. Are you serious about the bid you’re putting down? Make sure that you’re fully aware of all deadlines, contingencies, and paperwork involved in moving forward with your home purchase.

  3. You’re shopping out of your budget. Looking for houses way outside of your budget is the first way to “lose a house”—you’ll just be losing a home you never had a chance of having. When you shop above your budget you’re sure to find a dream house that’s nothing more than that: a dream.

    Plan for the strong possibility of putting in an offer above asking price. This may mean looking at homes listed a few thousand below your budget to create padding in your budget to make a higher offer. 

  4. You lose a bidding war. Quick, decisive, assertive—these are all necessary traits to winning a bidding war. Working with an agent who can negotiate on your behalf is a great way to ensure you play your cards right.

  5. You come down with a case of buyer’s remorse. Buyer’s remorse plagues homebuyers across the nation. What’s the most obvious symptom of this condition? Cold feet. Sales contracts fall through all the time because buyers back out at the last second, succumbing to the fear of such a life-altering decision. Trust your gut.

  6. You close too slowly. Sellers are trying to get sales contracts through as swiftly as possible. In this climate of high demand and limited inventory, residential real estate is a hot market. There will almost always be someone behind you, vying for your potential future home—if you really want it, work hard to satisfy the seller and make things official as soon as possible.

  7. You don’t have an experienced agent. None of the above issues are simple. Having someone on your side that knows the ropes of the home buying process is the most valuable tool in your box. Your agent is there to take the brunt of the work off your shoulders and hold your hand along the way. Let a professional help you with the most important purchase of your life.

  8. Your inspections aren’t timely. If you’re lucky, all you’ll need is one inspection. However, the inspection is just a first step. If an inspector discovers any problems, you’ll have to start making appointments with specialists to look further into the house’s issues. Don’t waste any time getting the inspections going or you might find yourself without a house to inspect.

  9. Your Seller receives a low appraisal. An appraisal that comes in lower than anticipated is always taken by the seller as a personal blow. This proves to be an issue for the buyer, too. Either the seller will become difficult or, even worse, you’ll have to pay the difference between the appraisal and the sales price out of pocket.

  10. You can’t secure a mortgage. You’re so close to the finish—and then your mortgage application is declined. Nothing will lose you a house faster than the inability to pay for it! Apply for pre-approval so the seller knows that you’ll actually be able to buy their home; don’t wait for something to go wrong. If you are proactive throughout the buying process the odds of you losing the home are significantly slimmed.

Have questions or need an experienced Realtor® to help you win? Email me at Kyle@teamclayton.com or call 623-334-5144.

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October 19, 2018 /Kyle Clayton
real estate agent, real estate market, real estate, reasons to buy a home, realtor, REALTOR®, arizona, arizona living, buying a home, tips for first time home buyers, first time homebuyer, how to buy a home, homeownership, benefits of homeownership, homeowner, for sale, remax professionals, RE/MAX, remax, RE/MAX Professionals, team clayton real estate, team clayton, house hunting, housing market, Phoenix, phoenix housing market, moon valley phoenix, moon valley country club, zillow, millennials, million dollar listing, redfin, opendoor, homie
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6 Tips for Curb Appeal

May 31, 2018 by Kyle Clayton in real estate, housing market

First impressions are important in so many situations, like: meeting new people, interviewing for a job, and when buying or selling a house. Curb appeal can create a great first impression and make your home welcoming for visitors. So here's some tips:

  1. Red Door: Not only are they classic, red doors create a universal feeling of being welcome. Visitors will be drawn to the front door, wanting to come right inside! Talk about a great way to welcome people to your home!
  2. Flowers: Color is huge, so grab a tray of seasonal flowers and get them planted! In pots or in the ground, add some pop of color to your front yard. Just don't forget to water them!
  3. Curved Pathways: From the sidewalk, add a slightly curved pathway to your door. It will create a traffic pattern and give visitors a direct way to enter your home. Plus you can line it with flowers or other cool, local plants!
  4. Wreaths: Adding a seasonal wreath on your door adds another layer of curb appeal. People love the "homey" feeling a wreath can bring to a home. Tap in to those feelings! Not a wreath person? Do a cute sign or colorful mat!
  5. Contrast: Make your house stand out with contrasting colors! Have a white house? Try black! Have a gray house? Paint some aqua accents! The contrast in colors will make your home unique and memorable. 
  6. Fly a Flag: Owning a home is part of the American Dream, so fly your flag! Have a family member in the Military? Fly their branches' flag! Everyone loves a flag, so put one outside of your home!

These are some easy ways to spruce up your home, even if your not selling! Spring is the perfect time to do these projects, so just pick one that you can handle and tackle it! Share your pictures with me on Instagram or Facebook! I'd love to see what you do!

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May 31, 2018 /Kyle Clayton
curb appeal, real estate market, REALTOR®, real estate, reasons homes sell, real estate agent, reasons to buy a home, real estate investment, realtor, top reasons to sell, american dream, az living, arizona living, buying a home, how to buy a home, first time homebuyer, home improvement, home improvement ideas, first impressions, first time home seller, tips for first time home buyers, tips for first time home sellers, increase property value, buying a new home, this old house, HGTV, Curb Appeal HGTV, Fixer Upper, Joanna Gains, Magnolia Home, joanna gains curb appeal
real estate, housing market
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GREEN Designation, Explained

April 18, 2018 by Kyle Clayton in real estate, Health

Last week, I became a GREEN Designee with the National Association of REALTORS®. A designation in real estate signifies extra education or experience, that an REALTOR® receives in their career. So it was only appropriate that my first designation was the GREEN one!

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April 18, 2018 /Kyle Clayton
green, eco friendly, resource efficient home, green home, energy audit, energy star, sustainability, sustainable, REALTOR®, green resource council, GREEN designation, national association of realtors, LEED, HERS rating, blower door test, solar power, solar panels, buying a new home, buying a home, how to buy a home, reasons to buy a home, first time homebuyer, tips for first time home buyers, real estate agent, real estate, realtor, real estate investment, real estate market, reasons homes sell, RE/MAX, RE/MAX Professionals, remax, remax professionals, indoor air quality, green building, health, healthy living, healthy home
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new home arizona

Buying a New Home with a REALTOR®

March 28, 2018 by Kyle Clayton in housing market, real estate

When you want to buy a new home, you need to get a REALTOR® on your side, even before you visit the model homes. This is a crucial step that can save you money but more importantly, ensure you have representation on your side!

Usually when you buy through a new home builder, you use their financing too. So no one is on your side for the purchase contract OR the financing. You're all alone and the builder uses that to their advantage sometimes. Having a REALTOR® that can look over the contract and ensure nothing extra is in there, or who's aware of rates and loan costs, making sure you don't over pay! If costs seem high, they'll encourage you to shop the builders lender. Always on your side.

Negotiation time comes and it's just You vs Them, and the builder has more experience. So you may not do your best negotiating when it comes to add ons, landscaping, finishes, and final price. Plus if the builder discounts homes after your purchase, are you going to walk in there and renegotiate your price? Probably not but a good REALTOR® can and should be doing that for you!

So grab your REALTOR® (me) and let's go look at model homes together! I'll get you registered with the builder and I'll stay by your side until move-in. Let's buy a new house!

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March 28, 2018 /Kyle Clayton
new home builder, new homes, buying a new home, buying a home, how to buy a home, real estate market, realtor, real estate, real estate agent, reasons to buy a home, REALTOR®, real estate investment, taylor morrison, DR Horton, express homes, richmond american homes, shea homes, pulte homes, maracay homes, lennar homes, david weekly homes, toll brothers homes, meritage homes, eastmark homes, fulton homes, new home, new home community, building a house, RE/MAX, remax, RE/MAX Professionals, for sale, home builder, arizona, phoenix, chandler, peoria, scottsdale, gilbert, mesa, tempe, maricopa county, team clayton, housing market, phoenix housing market
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What Makes Team Clayton Different

March 15, 2018 by Kyle Clayton in housing market, real estate, entrepreneur

Everybody seems to know someone who's a REALTOR®, however some important things set us apart from the average real estate agent. Tom and Janet, have been full-time agents since 2002, that's a lot of experience supporting you! When you hire us, you're supporting a family business! You're also getting a whole team of agents for the price of one. That's just the beginning...

  • We're charitable: Team Clayton was just recognized as a Top 10 contributor in RE/MAX Professionals to the Children's Miracle Network, supporting Phoenix Children's Hospital. Not only that RE/MAX Professionals raised over $20,000 for PHX Children's in 2018!

  • We're top performers: Top 5% of agents nationwide! We do over 40 transactions every year, so all of that experience is working for you, to get you the best deal!

  • A team on your side: Tom, Janet, and Kyle Clayton are all full-time Realtors®! You get all of us, plus Stephanie, our Transaction Coordinator for no additional cost to you.

  • We don't drop the ball: We have the systems in place to get your transaction closed and the expertise to get your offer accepted. That's huge! Diann will be in constant contact with you and you can call any of us with questions.

We want to make buying and selling your home, an easy process. Our goal is to not only make sure you know what is going on at all times but also to ensure your transaction closes. Our experience and media presence can make the all the difference when selling your home. Team Clayton is the whole package and we continue to innovate. So let's work together!

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March 15, 2018 /Kyle Clayton
realtor, real estate startup, reasons to buy a home, real estate agent, reasons homes sell, REALTOR®, real estate market, real estate, real estate investment, american dream, increase property value, why real estate, top reasons to sell, az living, az 365, glendale az, Phoenix, phoenix housing market, homeowner, how to buy a home, home equity, home in 5 program, home appraisal, home value, home in five, home plus program, home loan, homeownership, why do homes sell, what is my home worth, buying a home, selling a home, first time homebuyer, Miracle Home Program, benefits of homeownership, first time home seller, home valuation, buying a new home, selling your home, tips for first time home buyers, tips for first time home sellers, home improvement, RE/MAX Professionals, RE/MAX, remax, REMAX4Kids
housing market, real estate, entrepreneur
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House Hunting In A Seller's Market

January 17, 2018 by Kyle Clayton in real estate

The real estate market today, has become a Seller's Market. That means there's not enough homes for sale, to keep up with the demand of home buyers. Finding the home you love, may be a challenge. 

When a new house comes on the market, there's going to be a lot of eyes on the property and if it meets a seller's needs, people will jump on putting their offers in. Buyers are having wait longer to find homes they like, so when a desirable home is on the market, they're ready to pounce on it! The house you saw today, may be the house someone else loved yesterday. So how are you going to navigate the market?

Here's some tips on finding a home in a Seller's Market:

  1. Be patient but vigilant. You're going to have to exercise your patience, especially if you have a certain area or budget. You may have to wait for new homes to come on the market. When you see a home you like, it's time to be vigilant and tour it as soon as possible. 
  2. Be ready to make an offer. Your competition for a home is ready to offer too, so be on the ball and get your offer out as soon as you can. In this market, it's important to submit offers that makes it easy for the Seller to say yes!
  3. Expand your possibilities. You may have to think about expanding your search area or what you will accept. Smaller house? Fixer-upper? Maybe your not getting the house you thought you would but you can turn it into your dream home.
  4. Negotiate. If you're asking for closing cost, could you come up in price? If you have a big down payment, is your REALTOR® making that clear to the Seller. Crafting a good deal for the Buyer that appeals the the Seller is an art. An experienced real estate agent won't have a problem explaining their method of negotiation. 

Don't worry, you'll find something, the journey may just be a little longer. 

As your REALTOR®, I will make sure you get the home you want but more importantly, want the home you get. So let's get together and talk about how we can work together to accomplish your real estate goals!

January 17, 2018 /Kyle Clayton
benefits of homeownership, closing costs, down payment, down payment assistance, for sale, first time homebuyer, real estate, real estate investment, realtor, buying a home, how to buy a home, home in five, homeowner, buying a new home, reasons to buy a home, tips for first time home buyers, arizona, arizona wine country, phoenix, RE/MAX, RE/MAX Professionals
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modern home

The Benefits of Owning a Home.

January 10, 2018 by Kyle Clayton in real estate, personal growth, housing market

We all need a place to call home and feel comfortable. It may be a house, apartment, condo, or townhouse. We all know that finding a place to call home can be a complicated and even become an emotional decision. Especially after the downturn, young people  may be hesitant to buy a home. The good news is homeownership is still beneficial in many ways. 

Health Benefits: Homeowners and their families are generally more engaged in the community surrounding their home. That makes for healthier individuals, mentally and physically, according to Mark Lindblad, research director at the University of North Carolina’s Center for Community Capital. Children who's parents own a home also do better academically. Having a consistent home and a consistent school, helps kids thrive.

Tax Benefits: If you're single or married, without any children, you probably don't have many tax deductions to help lower your overall tax burden. Owning a home automatically allows you to deduct taxes and interest paid that year, up to 10,000 dollars. Make sure you speak with an Accountant to make sure your deductions are correct. 

Stable Costs: Rents are rising in today's market and owning a home, with a fixed rate loan, makes your housing costs predictable. As you pay down the loan amount, your mortgage will cost you even less. Rent is always cheaper in the short term, but owning a home stabilizes that cost and lowers it in the long term. A rental will never do that. 

Build Wealth: Homes typically go up in value. Although that can fluctuate in the short term, home values in the long term are stable. Real Estate is a long term investment so be patient. Even better, there are monthly gains in equity as you continue to pay your mortgage down. The bottom line is that real estate is still a great way to build wealth for you and your family. 

Capital Gains Exclusion: When you sell your primary residence for a profit, you get to keep $250,000 if your single and $500,000 if you're married. You'll pay $0.00 in capital gains taxes. ZERO! You just have to live in the home for five of the last 8 years.

The financial benefits are clear but the social benefits are based on stability. So when thinking of buying a home, make sure you're going to stay there for the long term. Then get a fixed rate mortgage and look for down payment assistance, if needed. That, along with a stable job, will ensure that you reap the financial and social benefits of owning a home.

Need help making those housing decisions? Know someone buying or selling? Please contact me, I'd love to help! Visit: www.teamclayton.com or email kyle@teamclayton.com

January 10, 2018 /Kyle Clayton
buying a home, home loan, home plus program, home value, home valuation, homeownership, homeowner, home equity, benefits of homeownership, health, school, kids, children, social benefits, financial benefits, capital gains, selling a home, first time homebuyer, reasons to buy a home, buying a new home, arizona, phoenix, glendale, moon valley, moon valley phoenix, scottsdale, paradise valley, cen pho, cenpho, dtphx, downtown phoenix, arrowhead lakes, peoria, rovey farms
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downpayment

Down Payment Assistance in Arizona

January 02, 2018 by Kyle Clayton in real estate, entrepreneur

Down payment assistance programs are talked about a lot but some how they're still confusing! So here is some of the information about down payment assistance programs in Arizona. You DO NOT have to be a first-time home buyer to qualify for some of these programs. 

Home In 5 Program: This is the most popular down payment assistance program. 

  • 640 minimum credit score. Higher credit equals more assistance. 
  • Debt to Income ratio needs to be no higher than 45%
  • Online homebuyers course is required.
  • You can only buy a primary residence for under $370,000
  • No repayment is required after 3 years of living in home as primary residence.

What do you get? Up to 4.5% cash to help you with a downpayment. Now, that is the maximum amount of assistance, keep that in mind.

  • Teachers, Veterans, Law Enforcement, First Responders get an additional 1% in downpayment assistance!
  • 30 year Fixed Rate Loan.
  • Your APR depends on the loan type and financial data. It will be higher than market rate.

This is the most popular program in Maricopa County. I have seen buyers get almost $10,000 dollars towards the purchase of their home. That is a huge help and depending on your Realtor's® negotiating skills, you may be able to buy a home with little money out-of-pocket. 

See also: Home Plus Program or watch this video!

So if one of your dreams is homeownership, this can take you one step closer! Talk to a mortgage broker and see where your at, then give me a call! I'm here to help you get the home you want and want the home you get!

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January 02, 2018 /Kyle Clayton
real estate, real estate investment, realtor, home loan, home in five, homeowner, homeownership, buying a home, first time homebuyer, tips for first time home buyers, millennial, millennials, remax, remax professionals, team clayton, real estate market, Phoenix, arizona, maricopa county, down payment assistance, down payment, no money down, closing costs, how to buy a home, mortgage, mortgage broker, home in 5 program, down payment assistance arizona, home plus program, down payment programs
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downpayment

How to Get a Low Down Payment on a House

May 01, 2017 by Kyle Clayton in real estate

Homeownership is a goal that many people around the world share. Our desire for shelter is an innate need we have as humans. Sometimes, the only barrier to owning a home is coming up with the money down or not wanting to drain your bank account with a down payment.

Here's the most popular option for down payment assistance:

Home in 5 Advantage: this is the most used program for home buyers, offered through FHA. It offers up to 5% in downpayment assistance for eligible buyers. The requirements are that you: have a minimum credit score of 640, make less than 90k a year, buy a home less than 300K, and have a debit-to-income ratio of 45% (or better). You can use this program even if you own, or have owned a home! An 8 hour class on homeownership is also required, once you qualify for the assistance.

Bonus! If you work in a qualifying field, you may also receive an additional 1% in assistance!*

The catch? Your interest rate is going to be higher than average because you have less, 'skin in the game' so-to-speak. You will also have Private Mortgage Insurance included in your payment, that will cost you extra too. There are other administrative fees and closing costs involved, so you will still have to come up with some money out-of-pocket. However, your REALTOR® can also work to negotiate for the seller to help pay some of those closing costs. 

This assistance does not have to be repaid! Ever!

So if you need help with a down payment, don't hesitate to reach out to a mortgage broker and find out your options. They'll be able to let you know your interest rate, amount of assistance, fees, and other information; so you can get the full picture of your financial options when buying a home. Then we can search for homes within your financial comfort zone, to help you accomplish your real estate goals!

Have questions? Email me, kyle@teamclayton.com or connect with me on Facebook!

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*Qualifying fields include: Veteran, Police, Fire, Nurse, Teacher, First Responder, Doctor, Military, and others. 

May 01, 2017 /Kyle Clayton
home in five, down payment assistance, down payment, homeownership, home loan, homeowner, first time homebuyer, realtor, buying a home, closing costs, mortgage, mortgage broker, phoenix housing market, millennial, no money down, plebotomies, phoenix, real estate
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How to Buy a House With No Money

April 17, 2017 by Kyle Clayton in real estate

Well, not literally zero dollars. Unfortunately, it's rare to negotiate a deal with zero money down but it has been done. What is more common is purchasing a home with very little money down. It all depends on your financial situation, loan type, and the seller of the home you want to buy.

As a starting point, you're going to have to have $1,000 as an "Earnest Deposit". It's a way of showing that you are seriously interested in buying the property. That's going to be a part of every real estate transaction, it will credit to your sales price but it is still cash you have to come up with out-of-pocket. 

Secondly, you're going to have closing costs that range anywhere from 2% to 5% of your sales price. So, for a $100,000 home, closing costs would be $2,000 to $5,000 dollars, with the average being around $3,000. Having a REALTOR® on your side will give you the help you to negotiate a deal with those costs in mind. There are a variety of ways a REALTOR® can negotiate a deal to help you pay as little as possible. Closing costs are unavoidable but can also be gifted if that applies in your situation.

Now is the time where down payment assistance programs kick in, a popular one is the Home in 5 Advantage program. You could qualify for 2.5% to 3.5% of down payment and closing cost assistance, depending on your financial position. There is also the Home Plus program and each lender also has their own programs.

Depending on your loan, there may be other fees, costs, and rates that apply, they may even affect your monthly payment. It's important to have an open dialogue with your mortgage broker to make sure you know what fees and rates you will be charged. 

You have to balance your financial goals with your homeownership goals to find what is right for you. Focus on what is important to you—is it a certain budget, low interest rate, low out of pocket costs, or something else? Think about it, then talk with both your lender and REALTOR® so that they can help you achieve your goals.

When you choose to work with professionals, you will have a team on your side fighting for your goals. Literally. This is why using a licensed, full-time real estate agent is crucial to you buying a home with little money down. Finding the right mortgage broker is also important because they each have different styles and offer different programs, so don't be shy about shopping around.

Check out my video on down payment assistance programs for more information. 

Have any questions? Email me at Kyle@teamclayton.com or on Facebook!

kyle
April 17, 2017 /Kyle Clayton
mortgage, no money down, down payment assistance, down payment, earnest money, closing costs, interest rates, buying a home, first time homebuyer, mortgage broker, home loan, real estate, realtor, homeowner, homeownership, benefits of homeownership
real estate
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newhome

The Benefits of Homeownership

March 30, 2017 by Kyle Clayton in entrepreneur, young entrepreneur, real estate

We all need a roof over our heads, whether it's a home, apartment, condo, or townhouse. However, housing can be a complicated and even become an emotional decision. Especially after the downturn, people can be hesitant to buy a home, the good news is homeownership is still beneficial. 

Health Benefits: Homeowners and their families are generally more engaged in the community and healthier individuals, mentally and physically, according to Mark Lindblad, research director at the University of North Carolina’s Center for Community Capital. Children who's parents own a home also do better academically. 

Tax Benefits: if you're single or married, without any children, you probably don't have many deductions to help lower your tax burden. Owning a home automatically allows you to deduct taxes and interest paid that year. Make sure you speak with an Accountant to make sure your deductions are correct. 

Stable Costs: Rents are rising in today's market and owning a home, with a fixed rate loan, makes your housing costs predictable. As you pay down the loan amount, your mortgage will cost you even less. Rent is always cheaper in the short term, but owning a home stabilizes that cost and lowers it in the long term. A rental will never do that. 

Build Wealth: Homes typically go up in value, although that can fluctuate in the short term, house values in the long term are stable. Real Estate is a long term investment so be patient. Luckily there are also monthly gains in equity as you continue to pay your mortgage down. The bottom line is that real estate is still a great way to build wealth for you and your family. 

Capital Gains Exclusion: When you sell your primary residence for a profit, you get to keep $250,000 if your single and $500,000 if you're married. You'll pay $0.00 in capital gains taxes. ZERO!

The financial benefits are clear but the social benefits are based on stability. So when thinking of buying a home, make sure you're going to stay there for the long term. Then get a fixed rate mortgage and look for downpayment assistance if needed. That, along with a stable job, will ensure that you reap the financial and social benefits of owning a home. 

Need help making those decisions? Know someone buying or selling? Please contact me, Team Clayton Real Estate is ready to help you! Visit: www.teamclayton.com or email Kyle@teamclayton.com

March 30, 2017 /Kyle Clayton
homeowner, first time homebuyer, millennial, millennia, real estate, realtor, buying a home, benefits of homeownership, down payment assistance
entrepreneur, young entrepreneur, real estate
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