18 Jul 2024
By RESCO Realty

How Appraisals Impact the Sale Price of Your Property

Real Estate, ,
When you're selling your home, one crucial step in the process is the home appraisal. This evaluation plays a significant role in determining the sale price of your property. Here’s a guide to understanding home appraisals and their impact on your home sale: What is a Home Appraisal? A home appraisal is an unbiased estimate of the fair market value of your property conducted by a certified appraiser. Lenders require appraisals to ensure that the property's value is sufficient to secure the mortgage loan amount. Factors Considered in a Home Appraisal: Property Features: The appraiser evaluates your home's size, condition,…
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17 Jul 2024
By RESCO Realty

Challenges and Opportunities Millennials Face in the Housing Market

Real Estate, ,
The generation, born between 1981 and 1996, known as Millennials is forced to face a complex landscape influenced by economic shifts, technological advancements, and changing societal norms. Here’s a closer look at the key hurdles and the potential bright spots for millennial homebuyers. Challenges 1. Student Loan Debt Many millennials are burdened with substantial student loan debt, which affects their ability to save for a down payment and qualify for a mortgage. The average millennial carries around $33,000 in student loan debt, making homeownership seem like a distant dream for many. 2. Rising Home Prices The real estate market has…
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16 Jul 2024
By RESCO Realty

When to Ask for Repairs vs. Taking a Credit

Mortagage Tips, ,
Buying a home is a significant investment, and ensuring the property is in good condition is crucial. There are times when asking the seller for repairs is the best course of action, but in other situations, requesting a credit may be more beneficial. Understanding when to choose each option can help you navigate the buying process more effectively. The Impact of Loan Types on Repairs Certain loan types, such as Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, require the home to meet specific condition standards. If the house doesn’t meet these standards, the loan could be rejected. This…
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