In this month's newsletter, read about...
the current state of the DMV real estate market,
how a simple DIY home project added a new focal point to my living room, and
a financial solution for buying your next home before selling your current place.
DMV Housing Market News
It's been a busy month! I helped clients find a great condo, a new house to renovate, and an investment property to be used for rental income.
From working with these three clients, I can tell you the market has slowed slightly, but it’s still hot! Prices are holding steady, and buyers have the opportunity to breathe and find great properties without the cutthroat competition we were seeing a year ago.
Cat’s Reno Corner: Tips for Functional, Cost-Effective Home Updates
For several years, I’ve wanted to add a mantel to my fireplace but wasn’t sure I could do it myself. Last weekend, I finally tackled the project.
First, I ordered a premade mantel from Wayfair. Then, I researched the best way to attach it to the tiled fireplace wall. I discovered I needed 2-inch drywall screws, a special drill bit for the tile wall, and my drill. After gathering all of the materials, the whole project only took about thirty minutes. Here are the steps I took:
Measured and marked where to drill the holes on the tile.
Drilled the holes and attached the hanging bar to the wall with the screws.
Used a level to verify that the hanging bar was straight.
Fixed the mantel onto the hanging bar and secured it into place.
This was a small project that made a big difference, and I’m glad I finally tackled it. Now to hang the rest of the holiday stockings!
The How-Tos of Buying a New Home Before Selling Your Current House
Buying your first home is a milestone worth celebrating, but most people will eventually want to move on to something else. While the logistics of that first purchase likely felt overwhelming at the time, things can get even more complex when you’re ready to sell while also looking to buy your next home.
If you’re like most homeowners, your cash is probably tied up in your existing home. So, where do you get the money for a down payment on your next place? One of the most traditional options is to make offers contingent on the sale of your current home. However, in today’s competitive market, this is rarely a winning strategy. So what are your options? A bridge loan might be the answer.
What is a bridge loan?
A bridge loan is a short-term loan in which a homeowner liquidates equity from their existing home before it is sold. This loan bridges the gap during times when funds are needed but not yet available.
Is a bridge loan right for you?
Here are five scenarios in which a bridge loan may be the perfect solution:
Increasing your purchasing power: If you are not able to make an offer and close on a house because your liquidity is tied up in the equity of your existing home, a bridge loan solves that.
Upping the strength of your offer: If you have lost out on multiple offers because of a home sale contingency, in some cases, a verified pre-approval letter for a bridge loan can remove the contingency and strengthen the offer.
Acting fast: Maybe you are relocating for a job, expanding your family, or have another situation where time is of the essence. Instead of dealing with selling your existing home while simultaneously looking for a new home, a bridge loan can ease some of that stress by allowing you to move first and then sell once you’re settled.
Feeling secure: In markets where there's low supply and high demand, your home may sell before you’ve found your next place, leaving you scrambling and stressed about where you’ll be sleeping when you hand over your keys. With a bridge loan, you can find your ideal home first, then put your existing home up for sale stress-free.
Gaining financial flexibility: Let’s say you were planning on liquidating stocks to make the down payment on a new home. Upon further thought or consulting with your financial advisor, you decide that cashing out those stocks may not be the best decision right now for various reasons. A bridge loan can get you the funds you need without you having to touch your portfolio.
What I can offer that other agents can’t
As a Compass agent, I can offer you two unique elements that set me apart from other agents:
We give our clients access to vetted third-party lenders with dedicated phone and email support and bi-coastal hours of service. We have done an extensive amount of research to find third-party lenders that not only provide competitive rates but also offer best-in-class customer service.
We offer the Bridge Loan Advance. Exclusive to Compass, this program fronts up to $50,000 to cover the first few payments of your bridge loan and eligible closing costs with no interest or hidden fees. You won’t find programs of this caliber with any other agency!
Ready to learn more?
If a bridge loan sounds like the right solution for you, reply to this email so we can talk about how I can help. You can also get more details about Compass Bridge Loan Services by clicking on the button below.
Can I Ask for a Favor?
As I'm getting my new real estate gig off the ground, I'd be forever grateful for any referrals you send my way. If you, a family member, or a friend are looking to buy or sell a home, please reach out!
Comments