Colleen Griffin - RE/MAX Vision

Posted by Colleen Griffin on 3/14/2018

150 Lincoln St, Worcester, MA 01605



***New Listing!***GREAT INVESTMENT OR OWNER OCCUPIED OPPORTUNITY!....... Here is your chance to make a great return on investment or live in this 1 Bedroom/1 Bath Condo close to Downtown Colleges, Major Landmarks and Highways! Walking Distance to both WPI and .06 Miles to the Mass College of Pharmacy! Deeded Parking Spot. Laundry in Basement & Dumpster on Site for Trash. **Unit is currently vacant and easy to show ~ Projected rent in this market could be $825/month ~ Freshly Painted throughout ~ Updated Kitchen with Updated Appliances and Ceramic Tile ~ Updated Laminate Flooring ~ Updated Bathroom with Ceramic Tile ~ All the Work has been Done and is Ready for its New Owner! Conveniently Located just minutes to Rte 290, Rte 146, Rte 20, Rte9 and the Mass Pike! This is a Commuters Dream
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Tags: Real-Estate   Worcester   01605   condo  
Categories: New Homes  

Posted by Colleen Griffin on 3/12/2018

Buying a home is a big financial endeavor that takes planning and saving. Aside from a down payment, hopeful homeowners will also need to save for closing costs and moving expenses.

When it comes to the down payment amount youíll need to save, many of us have often heard 20%, the magic number. However, there are a number of different types of mortgages that have different down payment requirements.

To complicate matters, mortgages vary somewhat between lenders and can change over time, with the ebb and flow of the housing market.

So, the best way to approach the process of saving for a down payment is to think about your needs in a home, and reach out to lenders to start comparing rates.

However, there are a few constants when it comes to down payments that are worth considering when shopping for a mortgage.

In todayís post, weíre going to talk about some characteristics of down payments, discuss where the 20% number comes from, and give you some tips on finding the best mortgage for you.

Do I need 20% saved for a down payment?

With the median home prices in America sitting around $200,000 and many areas averaging much higher, it may seem like 20% is an unattainable savings goal.

The good news is that many Americans hoping to buy their first home have several options that donít involve savings $40,000 or more.

So, where does that number come from?

Most mortgage lenders will want to be sure that lending to would be a smart investment. In other words, they want to know that theyíll earn back the amount they lend you plus interest. They determine how risky it is to lend to you by considering a number of factors.

First and foremost is your credit score. Lenders want to see that youíre paying your bills on time and arenít overwhelmed by debt. Second, they will ask you for verification of your income to determine how much you can realistically hope to pay each month. And, finally, theyíll consider the amount youíre putting down.

If you have less than 20% of the mortgage amount saved for your down payment, youíll have to pay for private mortgage insurance (PMI). This is an extra fee must be paid in addition to your interest each month.

First-time buyers rarely put 20% or more down

Thanks to FHA loans guaranteed by the federal government, as well as other loan assistance programs like USDA loans and mortgages insured by the Department of Veterans Affairs, buying a home is usually within reach even if you donít have several thousands saved.

On average, first-time buyers put closer to 6% down on their mortgage. However, they will have to pay PMI until theyíve paid off 20% of their home.

So, if youíre hoping to buy a home in the near future, saving should be a priority. But, donít worry too much if you donít think you can save the full 20% in advance.

Categories: Buying a Home   down payment   saving  

Posted by Colleen Griffin on 3/5/2018

If youíre looking to buy a property in the near future, you may be considering a condominium as a part of your search criteria. Thereís so much to consider when you are deciding on whether to buy a condo or a traditional home. Condos can be great for the right buyers. You just need to be sure that your needs will be met by purchasing a condo. Hopefully, laying out the pros and cons will help you to make an informed decision thatís right for you.

The Positives

Thereís many great pros to buying a condo. For people who seek security and easy upkeep living, buying a condo can be great for the following reasons:   

Security: Many condominiums offer gated communities with security staff on duty. In this way, living in a condo gives you a special sort of safe community feel. 

Amenities: Condos also offer many different kinds of perks for owners. These can include a pool, a clubhouse, or community events. You wonít get all of these unique benefits living in a traditional house.

Maintenance: You donít have to worry about maintaining your home or the surrounding areas. In a condo, someone else takes care of it for you! When your heating unit fails, it will be taken care of. This is one of the great benefits to this style of home.  

Accessible prices: Condos are much more affordable than homes in many places.  Purchasing a condo can be a great first step to home ownership.   

The Negatives

HOA Fees: All of the amenities that condos carry come at a price. You as the homeowner cover the costs of maintenance and security in the community. This fee is paid on top of your mortgage payment. In some cases, the association fees can vary widely, so plan your finances accordingly. 

Privacy: Living in a condo is similar to living in an apartment. Thereís a lack of privacy that exists when youíre sharing walls with your neighbors. Youíll hear people going up and down the halls and fellow owners will be around you 24 hours a day. If you enjoy your privacy and space, condo living may not be for you. 

Selling: If you have seen one condo in a specific complex, you have seen them all. Thatís what makes selling a condo difficult at times. If a building has more empty units than not, the condo may be more difficult to sell. Keep this in mind when youíre searching.   

Condos Have Rules: Living in a condo means youíre living under the managementís rules. You may not to be able to install the technology that you want like solar panels and satellite TV under the community regulations, for example. A condominium's home owner association may limit things like what you can do in your yard or hang on your door.

In Summary

The decision to buy a condo over a single family home is a big one. Thereís many different things that need to be considered on an individual basis for your choice to be complete. Look at your decision from all angles. A condo could be a great pathway to home ownership for many people.       

Posted by Colleen Griffin on 2/26/2018

If you're ready to pursue your dream house, it generally is a good idea to enter the real estate sector with an open mind. In fact, there are many benefits to keeping your options open as you search for your ideal residence, and these benefits include:

1. You may be able to discover a bargain.

As you kick off your home search, it helps to pursue houses in a wide range of cities and towns. Doing so can help you separate your dream home must-haves from your wants. Also, this may enable you to find an affordable residence that matches or exceeds your expectations.

There is no telling whether a real estate market will favor buyers or sellers. The housing sector fluctuates constantly, and a buyer's market today may morph into a seller's market tomorrow.

Luckily, if you maintain an open approach to buying a house, you can remain patient as you search for your perfect residence. Perhaps most important, you can capitalize on homebuying opportunities as they become available and avoid the temptation to overspend on a house.

2. You can move quickly to acquire your dream residence.

With an open approach to the homebuying journey, you should have no trouble moving quickly to acquire your ideal residence. If the opportunity presents itself to buy a great house at a terrific price, you can submit an offer and proceed accordingly.

Of course, you should always think ahead before you submit an offer on any house, at any time. If you put together a competitive offer on a residence, you may receive an instant "Yes" from a home seller. Then, you can seamlessly finalize your home purchase and move into your dream residence.

3. You can minimize stress throughout the homebuying journey.

Buying a home is a major decision, and as such, stress can be problematic throughout the homebuying journey. If you are open to new ideas as you pursue a home, however, you may be better equipped than ever before to purchase your perfect residence.

Remember, stress may force a homebuyer to make rash decisions Ė something that a homebuyer probably wants to avoid at all costs. But if you're willing to take a deep breath and step back from the homebuying cycle at times, you can look at the big picture. And as a result, you can remain calm, cool and collected as you consider all of your homebuying options.

For those who are looking for extra help in their pursuit of the perfect home, it may be beneficial to hire a real estate agent too. This housing market professional can share details about a broad array of houses in cities and towns where you want to live. Plus, a real estate agent can keep you informed about new residences as they become available, help you submit offers on houses and much more.

Make your homeownership dream come true Ė take an open approach to the homebuying journey, and you may be able to accomplish your homebuying goal faster than ever before.

Categories: Buying a Home   buying tips  

Posted by Colleen Griffin on 2/19/2018

An open house represents a valuable opportunity for a home seller who wants to generate interest in his or her residence. This event enables homebuyers to get an up-close look at your house, and ultimately, may help homebuyers become comfortable with submitting an offer for your home. For home sellers, there are many great reasons to devote time and resources to get your residence ready for an open house, including: 1. An Open House Gives You a Chance to Make a Positive First Impression. Any home seller can showcase his or her residence online. Conversely, it takes a dedicated home seller to highlight the true value of his or her house to interested homebuyers as part of an open house. With an open house, you can boost your home's chances of making a positive first impression on homebuyers. Because homebuyers can browse your home with ease, they will be able to evaluate it in a no-pressure situation. Plus, if you employ a real estate agent, this professional will be available to provide homebuyers with additional details about your residence during an open house. Your real estate agent might even be able to offer information to homebuyers about your residence that they won't be able to find online as well. 2. You Can Choose the Date and Time of an Open House. Unlike a home showing, a home seller can select the date and time of an open house. This flexibility ensures a home seller can plan accordingly and guarantee his or her house is clean and neat when the big day arrives. In most cases, home sellers will host an open house on a Saturday or Sunday, and the event may take place over the course of an afternoon. Meanwhile, an open house might even feature fresh-baked cookies, coffee and tea and other assorted snacks and beverages that homebuyers can enjoy as they check out your residence. 3. You May Be Able to Convince a Homebuyer to Make an Offer. The odds that a homebuyer will submit an offer on your residence without an in-person evaluation of your house are slim. On the other hand, after a homebuyer walks around your residence and envisions what life might be like in your home, he or she may be convinced that your house is the perfect choice. Thus, he or she may make an offer on your residence, which means you can move one step closer to selling your house. When it comes to hosting an open house, you'll want to prepare as much as possible. And with a dedicated real estate agent at your side, you'll be able to receive expert tips to get ready for an open house. This real estate professional understands the importance of an open house, and as a result, will do everything he or she can to help your residence stand out to homebuyers, too. Prepare your residence for an open house, and you could improve your chances of generating significant interest in your residence among large groups of homebuyers.