Tag: “first time homebuyer”

First-time FAQ: what does homeowner's insurance cover?

You probably know that buying a home comes along with the need for a homeowner's insurance policy. However, many of us don’t know much beyond that when it comes to protecting our property. If you need a little guidance when it comes to the ins and outs of homeowners insurance, you’ve come to the right place. Below is an explanation of what you need to know about your eventual policy, starting with the basics: So, what is homeowner's

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3 things to know if you want to keep your earnest money deposit safe

Once your offer finally gets accepted, one of the first things you’ll do is submit an escrow deposit. This money -- your “good faith” deposit -- helps show the seller that you’re serious about buying the home. If the home closes successfully, that money is applied to your downpayment. However, if the deal falls through, there is a chance that you could lose out on thousands of dollars. With that in mind, many buyers want to know what

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4 things you need to know about preliminary title reports

If you’re planning on buying a home, it’s probably best that you put your book of the month subscription on pause, 'cause with most major life (and financial decisions), the process of purchasing a home involves a lot of reading. From sellers’ disclosure documents to rent rolls to floor plans to stacks on stacks on stacks of property reports, buyers must sometimes wade through quite a bit of dense documentation before they actually buy a home. Disclosure packages

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Here's 3 tips to avoid rejection when you make your offer on a house

We all know rejection sucks. House hunting is a very emotional process. Finding a home you really love only to have your offer rejected can be confusing and frustrating. The experience can feel personal and leave buyers apprehensive to make another offer. But, the fact of the matter is that offer rejection is a very common part of the process, especially in seller's markets. Some might even call it a right of passage on a buyer’s journey to homeownership.

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If at first you don't succeed: when your offer on a house gets rejected

Unfortunately, not every offer on a home is a winner, especially in competitive markets. But, that’s not to say that you should just sit back and wait for fate to take its course. If you’ve had bad luck with submitting offers and want to make sure that the next one you submit sticks, we’ve laid out some of our best tips to help you get noticed by sellers. Here's how to stand out from the crowd &

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What is PMI? Breaking it down

Like many terms in the real estate industry, it can be hard to really get a handle on what a term like "PMI" means, but we’re breaking down the facts behind PMI once and for all. Read on to see what it actually means, how it works, and why it may have gotten a bad rap. So, what exactly is PMI? “PMI” stands for Private Mortgage Insurance. These days, it’s common for lenders to require it

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Buying your first home? Here's 5 things to consider.

Buying a home for the first time is a bit like training for a marathon. A successful end result depends heavily on preparation. After combing through feedback from our buyers and drawing on knowledge from Open Listings buying agents who have helped buyers purchase almost $1 billion worth of homes, we’ve come up with some insights to help get you through the various different stages of your home-buying journey. Here are a few key things you should know to

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Here's the 1 major 🔑 new homebuyers learned from their first rejection

While there's lots of things we can’t tell you -- such as when you should leave home to avoid standing traffic on the freeway or how long that avocado will actually last in your fridge (because, you know, avocados gonna avocado) -- we can provide some insight into one crucial pitfall many new homeowners wish they’d avoided before they experienced their first offer rejection during their homebuying process. While this should come as no surprise, rejection doesn’t

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What's love (and real estate) got to do with it?

First comes the home, then comes marriage in the millennial age With Memorial Day weekend recently kicking off the unofficial start of Summer, America's kicked into both peak homebuying and wedding season. Open Listings' own internal data shows that June is the most popular month to buy a home in major metro real estate markets such as Los Angeles, Austin, and Chicago. June is typically followed by August as the second busiest home buying month after homebuyers take a reprieve

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Avoid being "house poor" by taking these 4 steps

We’ve all heard cautionary tales of new homeowners who have ended up “house poor.” Yes, their homes may be gorgeous and enviable, but that asset is all they have. But in reality, they’re struggling to afford their homes and live their lives comfortably. And, if there’s one thing you don’t want to do as a buyer, it’s to find yourself in a similar position. Here are the steps you can take during your home search

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OL buyer story: Tiffanie & Brett

From renters for life to SoCal homeowners When Malibu, CA-based blogger and Mom Tiffanie Anne and her soon-to-be husband Brett started looking for a new place for them and their 1.5 year old daughter, Tenley, the idea of buying a home in Southern California seemed completely out of the picture. As her apartment hunt grew fiercer -- finding a 2 bedroom apartment in the Calabasas / Malibu / Agoura Hills neighborhood area for under $2,400 is no small feat --

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Going on a home tour? Here's 5 things to overlook.

When you’re looking at homes, it can be hard to be objective. After all, since you're paying so much money, it’s only natural to want a home that's totally perfect for you. That said, sometimes, it pays to be blind-ish. In this crazy market with limited inventory, not every home issue should be a dealbreaker. Don't miss out on your perfect home by paying too much attention to these five things that don't really matter on your next

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OL buyer story: Jessica & Sam

First-time homeowners find stability in a hectic market After a decade of renting, Jessica and her fiancé Sam grew tired of the volatility that came with the increasing costs of living in Los Angeles. So, as median monthly rents creeped up ~5.5% each year, the couple looked to home ownership for greater financial security and peace of mind. "I mainly wanted to get out of renting because I was scared of getting pushed out [of my place],"

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Escalation clauses: what are they, and why should you be careful with them?

For many buyers, adding an escalation clause seems like the answer to a big problem: the end to endless negotiations in a bidding war. Especially in seller’s markets like the ones we’re seeing today, this clause may seem like a huge relief. But, there are several considerations before deciding to include one to ensure you've got your best foot forward. What is an escalation clause? An escalation clause is most often seen in markets where multiple offers are

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Breaking it down: accessory dwelling units

With the rising costs of real estate, more home owners and prospective buyers are looking to make the most out of their property. Whether you call them by their proper name -- accessory dwelling units -- or you know them as something else, we're breaking down what the term means, why these units are so popular, and, if you’re interested, how you can go about putting one of your own on your new property. So, what is an accessory

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