Blog
Thinking About Selling?
By: Tamika L. York
November 2, 2022
Are you a homeowner and you're thinking about selling your home, and you want to sell it fast?
Here are a couple of tips that can help you do that.
1. Tip one. Make sure that you get a real estate agent. You need someone that can help you navigate the process, especially in this particular seller's market that we're in right now. I know that pocketing the money would be better for you, or you would think that it was better for you, but keep in mind that 88% of sellers eventually end up using a real estate agent.
So make sure you use a real estate agent to help you through this process.
Tip . I know they say don't judge a book by its cover, but in this instance, you want to make sure that you have curb appeal. So make sure that the yard is clean, the grass is cut, and the house looks great in front.
Tip Use neutral tones. Repaint it with neutral tones if you have other tones up in the house. This can help the buyer to better picture themselves purchasing the home. So those are just some tips that you can use when you're thinking about putting your home on the market.
July's National Market Update Part 1
By: Tamika L. York
July 8, 2022
Summer is here. And so are your plans for buying or selling a home this summer. But is that a good idea? Well, let's see what the experts have to say about the market, what it currently looks like, and where it's going.
I want to help guide you towards the best decision for your family and your biggest asset: your home. Now, looking at mortgage rates, Sam Khater, chief economics with Freddie Mac, says, "Mortgage rates continue to inch downward this week, but are still significantly higher than last year, affecting affordability and purchase demand.
Now, heading into the summer, the potential home buyer pool has shrunk and supply is on the rise and the housing market is normalizing." After the way the housing market looked these past couple of years, this is a welcome relief to many.
Now, with less buyers and more sellers out there, there is hope out there for the buyers that are staying in the market. In addition to this, data from Freddie Mac suggests that mortgage rates have hit a plateau in the last six weeks, giving even more hope to buyers that fewer people will see themselves being priced out of the current market.
Now, that's where we are right now. Now, keep coming back as we break down the market even more.
Divorce and Selling the Family Home
By: Tamika L. York
July 4,2022.
Divorce is never an easy process, especially when there are assets involved. Now, one of the largest assets divorce couples have to talk about is the family home. Not everyone chooses to sell the home, but if you are considering it, it never hurts to get a head start on things. I am a certified real estate divorce specialist. And we can help you through this difficult time.
Now, here are a few things you should think about. Now, consider keeping the home furnished or stage if someone is going to move out or even if someone is going to continue to live in there. Stage home sale quickly and for more money, but staging can be pricing as well. We understand that.
That's why we include it in our real estate fees. Now we specialize in helping divorcing couples sell their home, and we can also help you navigate through all the additional complexities that come with selling a home while going through a divorce, including helping you to try and keep the costs down with the lawyers by involving them only when it is deemed necessary.
Now, please consult with your attorney only about finances and divorce, but let your agent handle the sale and only involve the attorneys on things that are absolutely necessary. Sending an unnecessary email can cost you hundreds of dollars.
Also, we can also help you stay calm. Emotions tend to run high during these type of situations and those emotions can hurt the process more than they can help it. We can make sure that everything is fair between all parties and get you to the closing table as smoothly and as quickly as possible.
Now give me a call or message me, and I'll be more than happy to help you through this difficult time. But please keep in mind that I am not an attorney or a tax consultant. I'm just giving some free advice. So be sure to consult with the appropriate parties during this difficult time. Talk soon.
June's National Market Update Part 3
By: Tamika L. York
June 20,2022
Forbearance was a huge topic two years ago, but what happened to it? Did it actually help homeowners or has it put all of us in a bad situation?
I'm going to share with you how forbearance may have affected the housing market. Two years ago, forbearance was used as a tool to help homeowners with their mortgage, and it caused a lot of unease concerning the long-term effects. The good thing, the numbers concerning forbearance look great.
With about 4.2 million people using forbearance at the start, we are now down to 690,000 loans still in forbearance. Now, according to the black Knight, 92% of those in forbearance have since come out of it. Now, whether they went through modifications or paid it back already, the majority of people are through this bump in their road. Now, for those who have not found a solution yet, there are still options available, a number of them, to help you resolve your situation.
Now, the big takeaway here is that because of the number of people still in these situations and the number of options available leads experts to believe that forbearance will not create a housing bubble or a major downturn in the market.
Now, if you have any questions about the market, reach out to my team and we can help you decide what's best for you and your family in this housing market.
June's National Market Update June Part 2
By: Tamika L. York
June 13, 2022.
With such a major seller's market, interest rates on the rise and prices skyrocketing, will we see another 2008? Well, there are two things that set today's market apart from 2008. I'm here to break down the market differences for you so that you can make an informed decision about the housing market.
So let's take a look first at risk, product risk and borrower risk. Now loose lending standards were a huge contributing factor in the 2008 market. And as you can see, the high risk indicated here, but you can also see that this is no longer a factor. The type of loans that cause those issues, they are no longer in existence.
And this has also led to our second factor to look at, which is foreclosure. Foreclosure in the US is at an all time low. We can contribute much of this to a stricter lending standard. With more qualified buyers this should also lead to lower chances of having to foreclose on the home.
But what about rising home costs, right? Well, more expensive homes and higher interest rate must make it hard to find really qualified buyers. Well, according to the federal reserve, this is actually not the case.
Now, while it has risen recently, the ratio of mortgage to disposable income shows that we have seen much, much worse, and we are in a good place, very different from 2008. Now buying a home right now is absolutely an option. And we are here to help you with all your home buying and selling needs. Now, if you have any questions about the market, reach out to me and my team, and we'll be more than happy to see if this market is the best time for you to buy or sell a home.
June's National Market Update Part 1
By: Tamika L. York
June 6, 2022
ow are we not in a housing bubble? Looking at the history of the housing market, we are not in a place where the market is ready to burst. And I am here to break all of that down for you guys today.
Now, if we take a look at the history of the modern housing market, looking specifically at prices, then we see that there was only ever one significant fall in home value and that was back in 2008. And there were two major reasons for this. It was because of loose lending standards and cash out refinances.
Back then people could apply for a loan that they did not qualify for, then cash out on their home to finance a lifestyle change. But will we see something similar today?
Well, as Danielle Hale from Realtor.com says, "We have learned from history that prices can fall. The more important question is if it's going to happen right now." The last two years have been unprecedented and have led us here, unprecedented times led to unknown results. But one thing we do know, this is not 2008.
Now, if you have any questions about the market, reach out to me and my team and we can help you navigate through this market and see what's the best thing for you and your family at this time.
National Market Update Part 4
By: Tamika L. York
May 30, 2022
We all know that owning a home is a great investment. Why would we pay someone else's mortgage when we can be paying our own, right? But with inflation on the rise, is there another benefit to home ownership?
I have some great news for you. If you are a homeowner or if you are soon to be one, with inflation still rising and heavily affecting the economy, home ownership can be a hedge against the effects of inflation.
Now, as you can see here, most decades, home price appreciation outperforms inflation. According to HPES, based on the increasing home equity, if you were to have purchased a 360K home in January of 2022, then you would see $96,342 in equity after just five years.
Now, appreciation in home value outpaces the cost of rising inflation. And you don't want to miss out on equity. Now, if you are ready to start getting equity in your next home or cash out on the equity you already have accrued, feel free to reach out and contact me.
May National Market Update Part 3
By: Tamika L. York
May 25, 2022
Inventory is still low and home prices are expected to continue to drive. Now, these are huge factors when we look at what the market may be looking like in upcoming months. Let's take a look at what experts have to say about all of this that's going on and how it will affect the market and your ability to buy or sell a home.
The NAR says, "While higher short term interest rates will push up mortgage rates, I expect some of this impact to be mitigated eventually through lower inflation. Thus, I expect the 30-year fixed mortgage rate to continue to rise, although we aren't likely to see big jumps that occurred over the past few weeks." Now, inflation is driving this rise in interest rates. And as long as that continues, we will continue to see a similar rise in interest rates.
Now, Freddie Mac says, "History suggests that when rates rise, there is an initial bump in home prices, as many move quickly to buy a home before rates continue to increase further. But after that period, home prices will slow. Freddie Mac analysts show that a 1% increase in mortgage rates results in the home price appreciation that is four percentage points lower. For instance, a 1% increase in mortgage rates will change home price growth from 11% to 7%."
This means that though homes will continue to appreciate, we won't see the high speed increase like we've seen in the past. Now, that's what the experts are saying we will see in the market. Reach out to me if you have any questions about the market or where it's going.
May National Market Update Part 2
By: Tamika L. York
May 19, 2022
Interest rates have everyone asking question, how will this affect my ability to buy or sell a home? Well, we are going to turn to the experts to find out what we may be seeing in this market.
I'll help you sort through all the uncertainties in the market and give you the facts so that you can make an informed decision about your home. So let's take a look at the past so that we can better understand the idea of what our future will look like. Now, if we look back at data from October of 1993, provided by Freddie Mac, we see that there was a comparable spike in mortgage rates.
Now, at that time, we saw no negative impacts on home prices, and they still appreciated by 8%. There was also a decrease of 11% in home sales that same year. Now, so many people were likely priced out of buying a home due to the market conditions. Now, we are looking at a very different environment though, because we are not expected to see the rate increase that we saw from October of '93 to December of '94. Now, overall, we see about a 2% impact on home sales with a positive or negative.
Now, if we take out the outlier of '05 and '06, which led up to the housing crisis, then we see that overall, rising impacts do not have a large impact on the home sales. That's what the experts are seeing.
Now, if you have any questions you can always reach out, and we can see if now is the best time for you to make your real estate move.
By: Tamika L. York
May 17, 2022
Market Update Part #1
Interest rates are rising like crazy. We all knew it was coming, but what does this actually mean for the real estate market and your ability to buy or sell a home? And I've sold homes in its market, and I can also help you navigate through this one as well.
Now, rates are expected to continue to rise as we continue to go out this year. Now, we started 2022 with a mortgage rates at about 3.11% for a 30-year fixed loan according to Freddie Mac. Now, as the year has gone on, the most recent data from Freddie Mac shows that rates have risen to 4.76%.
Now, Freddie Mac actually addresses this rise in rates by stating, "Mortgage rates are likely to continue to move higher throughout the balance of 2022." Now, "Although the pace of the rate increases is likely to moderate much of the increase in rates in early 2022, if in anticipation of what will happen later this year, especially with the Federal Reserve interest rate policy."
Now, all the experts have been projecting this. We knew this was going to come, but we are hopeful that the upward climb of interest rates will be slowing down as the year goes on. Now, this month, what we will be focusing on and taking a look at is past markets that reflect what we are currently seeing today, and see what the experts are saying about what this means for us.
Are Zestimates accurate??
By:Tamika L. York
04/22/2022
Would you even marry someone without ever seeing them or getting to know them personally? Would you ever just go on a app, like the way that their picture looked and ask them to marry you? Or better yet, would you ever compare someone you wanted to marry to their friends based on your decision to marry them based upon the way their friends looked or acted? Of course, you would not do that.
That would be very crazy. Wouldn't it? We couldn't possibly judge someone's character based upon their friends.
Marrying someone without seeing them is just like trusting Zillow to value your house. You see, Zillow is an algorithm and they get their information from public data. Zillow has never seen the inside of your home and it's a computer. It based the price of your home based upon what the neighbors are doing.
It's basically the same thing as marrying someone based upon their friends. Zillow comes up with the value based upon what your neighbors are selling for. They look at their like size bedrooms, bathrooms, et cetera, and they compare them to your neighbors, but they cannot take into consideration upgrades, views, location, amenities, desirability, and market climate. A computer cannot take those types of features into consideration when giving you a Zestimate and all of these factors have a huge impact on the value of your home.
Here's the crazy thing though. Zillow even acknowledges their lack of accuracy stating that in the United States as a whole, Zestimates are currently within 10% of the final sale price, 71.5% of the time.
And they encourage you to get a more accurate evaluation by a licensed agent or appraiser. That's what my team and I do. I live and I play in this area and I've sold a lot of homes in this area as well. I take into detail a look at not only the comparable, but also what the absorption rate is as well. Many other factors also, when determining what to list your house at.
Now, you have to consider inventory levels, buyer demand, interest rates, market climate, and so many other considerations in addition to upgrades, amenities and locations. But let me show you what I mean. And by relying on Zillow as an accurate evaluation to price your home can vastly impact your sale.
Now relying on Zillow for the value of your home is the exact same thing as relying on a picture when choosing your mate, maybe you should have swiped left instead of right. You're only seeing half the picture. And lastly, call a professional who has the experience and the ability, the assets to value your home based upon taking everything into consideration, not just things that they see.
Cons of getting your RE license for Investors
By: Tamika York
04/13/2022
Now that we know the pros to having your license when dealing with investing, let's discuss some of the cons. Hi guys, I'm Tamika York with EXP Realty. And first off, the cost to get your Alabama license and start working is around $3,000 upfront.
Now, classes run about $500 and you have to pay for a background check, get finger printed and also apply with the Alabama Real Estate Commission. Then you have to pay for and pass the test, and get signed up and pay for the MLS fees, and join the National Association of Realtors as well, which is also an additional fee.
Now, next is picking a brokerage and then paying them their fee. Now, as you can see, it's quite an investment. So another con is that even though you pass the test, that doesn't mean that you'll have the skills necessary to do the job. The state test is largely legal information, and it doesn't give you real-world, working knowledge of the industry.
Now, it may take you a couple of years and multiple deals before you feel confident going out on own. And you also have to keep in mind, now you also have to put budget for out-of-pocket expenses for everything that you'll need for your business, like marketing, signs, key boxes, printing material, and the list can go on and on.
Now, everything you do regarding your real estate practice is out of your pocket. Now, in the grand scheme of things, most investors are better off sticking to one or the other, and finding a good, qualified real estate agent that they can add to their team of professionals. And that's actually my area of expertise. And I would be glad to put in the work for any investors that are interested. Now, my goal is to help my clients make investments to grow their real estate portfolio long term or flip homes on the short.
HG TV vs Investment Flipping
By: Tamika York
04/12/2022
Let's talk about HGTV versus actual investment flips. Now, HGTV makes flipping houses look so easy, don't they? Well, the reality is, however, nothing like what they portray.
Those are episodes and those episodes are scripted and they're planned, and that's just not how things happen in the real world. You're probably wondering, "Well, what's the difference?" Well, hi guys. First of all, you need a good amount of time to invest and have available capital if you want to be successful in the world of flipping. Now, you have to be able to plan for any and all issues. Honestly, if walls could talk everyone would do it, but the truth is there will be unforeseen issues and cost so the big question you have to ask yourself is, "Do I truly have the time and the money to overcome these issues and cost?"
Now, the first item on your list should be finding a good list of professionals that you can turn to for advice and instruction. Now, you need to make sure that if you choose to hire a realtor that they truly understand the process from beginning till end and what your actual profit potential will be.
Now, whether you buy to flip, buy to repair, restore to flip or keep the property for a long term investment, it's totally fine. Our team has experience in the field of flipping and we have a solid grasp of the rental and retail housing market. Now, if you would like more information about flipping, please feel free to reach out. I would love to help you. I'm Tamika York, a dream home matchmaker, where I love where I live and I want you to love where you live, too. Have a great day, guys.
Financing for RE Investors
04/08/2022
By: Tamika L. York
So you're planning on calling your traditional mortgage lender to finance the property that you want to fix and flip, right?
Well, please don't call them just yet. Watch this video and see how you can save tons of money. I get it. I was shocked too when I found out that the financing process is totally different when you're flipping a home. Then I was overwhelmed.
Most traditional mortgage lenders don't provide loans for flip and fix projects. It's a ton of liability for them and their company because these homes, generally, have safety or health issues. Now, they really love to lend you money for a move in ready home or a safe home that just needs minor updates. A house that's in really bad shape and ugly, not so much.
Who can you call to gain access to funding if you don't have cash sitting in your account? Well, here are a few options. Hard money lenders can help you at a cost because they're willing to take on the risk of the home. Now, they're generally a group of people or an individual who will help fund the project at a higher interest rate and a lower loan to value ratio. Now, they can close the project even faster than a bank can, which puts you in a better position when you're ready to present an offer on a property.
Now, these loans generally need to be repaid at a certain time, before they start getting even more expensive. But if you are working on a fixed and flip project, then you should be okay with that, because you want to finish your project as soon as possible, otherwise, your holding costs are going to start eating up your profit.
Are you a first time RE Investor
04/06/2022
By: Tamika L. York
Why should you use an agent for real estate investing? Are you new to the real estate investing market? Starting in real estate investing can be overwhelming, and I can completely understand that. You may be afraid to pull the trigger on projects because you are unsure of the values and you do not want to lose any money.
A real estate agent is a very important member of your team that you should not overlook. Whether you are a buy and investor, a flipper, or a hard money lender, the value of the home is the most critical number, which needs to be correct and accurate in order for the investment to be successful. Now, not only can an agent pull comparable sales, but they can also tell you what the competition is doing, and that's very important. Sharing my contacts such as title companies, lenders, and surveyors would also be an added benefit of working with me.
Now, concerning rentals, an area can be oversaturated with rentals, and vacancies will be very high. You may not know this on your own. There may appear to be great deals in these areas, but if you have to have a vacancy for three months or lower your rent to compete, then your return on investment could be much lower than you anticipated. Now, if you are a flipper, I can inform you of the hot areas and what buyers are looking for in the current buying environment.
Believe it or not, inspection items can be a deal breaker, if they're not remedied ahead of time. Now, I can educate you on the safety and the health items that are scrutinized during the inspection. Remember, cosmetic updates get them in the door, but the big systems like roof and plumbing is what keep them under contract. And if there are too many deficiencies, the buyer will lose faith in the home and you might hear the term, the contractor/owner just put lipstick on a pig, and you don't want to hear that.
Do you know the nuisances of the neighborhoods that you are currently investing in? Is one side of the street more desirable than the other? Are there buyers out in full force, or is the market slowing down? Do you know the average days on market or vacancy rates? There are so many factors that you may not think of that a knowledgeable agent will be able to bring to the table. Even if you're mainly dealing with off market properties, an agent can be a very reliable information source for you, to help you evaluate the property.
Now, what you don't know can be very expensive in real estate. I'm not saying that the realtor should evaluate the properties for you or anything, but I'm saying that the knowledge of the market of an educated agent should be considered. Even if you are a wholesaler yourself, an agent can be a great source for you. If you are ready to start your investing career, or if you have some questions that weren't answered, please feel free to give me a call.
Happy investing.
Market Update
04/04/2022
By: Tamika L. York
Where's the market heading?
What's happening with mortgage rates?
What's going on with the fed?
What's inflation doing?
There are so many things speculating in today's market. So let's see what the experts have to say. Let me put all of this information into a better perspective for you. Our biggest factor right now to look at is that listings are harder than ever to find right now. And according to realtor.com, the national average number of home on the market we saw from December, 2020 to December, 2021 was almost 27% down year over year. And even with how difficult it has been to a snag home, it has not slowed down buyers. According to the ShowingTime monthly index, the numbers of showing that happened in November of 2021 is greater than in November of 2020.
The president of ShowingTime says, and I quote, "Traditionally showings during the holiday season. But the data we're seeing shows that buyers demand is still strong." The fact that every reason showed a year over year increase indicates that buyers are undeterred and it speaks to their desire to find their next dream home. And these numbers are absolutely crushing the showing numbers from before the world went upside down. Now buyers are out there.
National Market Update
03/29/2022
By: Tamika York
It feels like everywhere we look, prices are on the rise. From food to gas, we are paying more. Well, rent and housing prices are not immune to this phenomenon, but there are huge benefits to owning a home during the time when prices are so uncertain. Hi guys, I'm Tamika York with EXP Realty. Now let's talk about the benefits of home ownership during a time when we see so much high inflation.
Now inflation gives homeowners a buffer zone when inflation is on the rise, and as inflation goes up, home price appreciation rises faster according to the National Association of Realtors. Now Investopia says real estate is one of the time honored inflation hedges. It's a tangible asset, and those tend to hold their value when inflation reigns, unlike paper assets. More specifically, as prices rise, so do property values.
Homes are consistently increasing in value right now. Forbes put it simply when they said, "Homeowners are shielded from mounting rental prices because their cost is fixed, regardless of what's going on in the market." They're locking in their payment at today's rate.
Now let's take a look at foreclosures for a moment, since we always get asked a question to compare it to 2008. Now this last year, we have had 442,360 fewer foreclosures over the past two years, according to the NY Fed. Now we had over 9 million in 2008.
So things are looking very different. Now we are also having the slowest refinance rate since March of 2020. Now with all of these questions that you may have about the market, it's going to be really important that you partner with the best agent before buying or selling your home.
Cons of getting your Real Estate License if you are a investor!
03/12/2022
Now that we know the pros to having your license when dealing with investing, let's discuss some of the cons. Hi guys, I'm Tamika York with EXP Realty. And first off, the cost to get your Alabama license and start working is around $3,000 upfront. Now, classes run about $500 and you have to pay for a background check, get finger printed and also apply with the Alabama Real Estate Commission. Then you have to pay for and pass the test, and get signed up and pay for the MLS fees, and join the National Association of Realtors as well, which is also an additional fee. Now, next is picking a brokerage and then paying them their fee. Now, as you can see, it's quite an investment. So another con is that even though you pass the test, that doesn't mean that you'll have the skills necessary to do the job. The state test is largely legal information, and it doesn't give you real-world, working knowledge of the industry.
Now, it may take you a couple of years and multiple deals before you feel confident going out on own. And you also have to keep in mind, now you also have to put budget for out-of-pocket expenses for everything that you'll need for your business, like marketing, signs, key boxes, printing material, and the list can go on and on. Now, everything you do regarding your real estate practice is out of your pocket. Now, in the grand scheme of things, most investors are better off sticking to one or the other, and finding a good, qualified real estate agent that they can add to their team of professionals. And that's actually my area of expertise. And I would be glad to put in the work for any investors that are interested. Now, my goal is to help my clients make investments to grow their real estate portfolio long term or flip homes on the short.
Financing for Real Estate Investing.
So you're planning on calling your traditional mortgage lender to finance the property that you want to fix and flip, right? Well, please don't call them just yet. Watch this video and see how you can save tons of money. I get it. I was shocked too when I found out that the financing process is totally different when you're flipping a home. Then I was overwhelmed.
Most traditional mortgage lenders don't provide loans for flip and fix projects. It's a ton of liability for them and their company because these homes, generally, have safety or health issues. Now, they really love to lend you money for a move in ready home or a safe home that just needs minor updates. A house that's in really bad shape and ugly, not so much.
Who can you call to gain access to funding if you don't have cash sitting in your account? Well, here area few options. Hard money lenders can help you at a cost because they're willing to take on the risk of the home. Now, they're generally a group of people or an individual who will help fund the project at a higher interest rate and a lower loan to value ratio.
Now, they can close the project even faster than a bank can, which puts you in a better position when you're ready to present an offer on a property. Now, these loans generally need to be repaid at a certain time, before they start getting even more expensive. But if you are working on a fixed and flip project, then you should be okay with that, because you want to finish your project as soon as possible, otherwise, your holding costs are going to start eating up your
profit.
Are you a First Time Real Estate Investor?
02/21/2022
Why should you use an agent for real estate investing? Are you new to the real estate investing market? Starting in real estate investing can be overwhelming, and I can completely understand that. You may be afraid to pull the trigger on projects because you are unsure of the values and you do not want to lose any money. A real estate agent is a very important member of your team that you should not overlook. Whether you are a buy and investor, a flipper, or a hard money lender, the value of the home is the most critical number, which needs to be correct and accurate in order for the investment to be successful.
Now, not only can an agent pull comparable sales, but they can also tell you what the competition is doing, and that's very important. Sharing my contacts such as title companies, lenders, and surveyors would also be an added benefit of working with me. Now, concerning rentals, an area can be oversaturated with rentals, and vacancies will be very high. You may not know this on your own. There may appear to be great deals in these areas, but if you have to have a vacancy for three months or lower your rent to compete, then your return on investment could be much lower than you anticipated.
Now, if you are a flipper, I can inform you of the hot areas and what buyers are looking for in the current buying environment. Believe it or not, inspection items can be a deal breaker, if they're not remedied ahead of time. Now, I can educate you on the safety and the health items that are scrutinized during the inspection. Remember, cosmetic updates get them in the door, but the big systems like roof and plumbing is what keep them under contract. And if there are too many deficiencies, the buyer will lose faith in the home and you might hear the term, the contractor/owner just put lipstick on a pig, and you don't want to hear that.
Do you know the nuisances of the neighborhoods that you are currently investing in? Is one side of the street more desirable than the other? Are there buyers out in full force, or is the market slowing down? Do you know the average days on market or vacancy rates? There are so many factors that you may not think of that a knowledgeable agent will be able to bring to the table. Even if you're mainly dealing with off market properties, an agent can be a very reliable information source for you, to help you evaluate the property. Now, what you don't know can be very expensive in real estate. I'm not saying that the realtor should evaluate the properties for you or anything, but I'm saying that the knowledge of the market of an educated agent should be considered. Even if you are a wholesaler yourself, an agent can be a great source for you. If you are ready to start your investing career, or if you have some questions that weren't answered, please feel free to give me a call. Happy investing!
3 Tips to becoming a Real Estate Investor!
02/17/2022.
Do you want to get a head start on becoming the next Chip and Joanna Gaines now that Fixer Upper is coming back in 2022? Or maybe you are a new real estate investor, and you have actually no idea where to start. Regardless of where you are in the process, you need to watch this entire video series. In the meantime, I'm going to suggest three things that you should consider when building your team and searching for investor friendly real estate agent.
The tips that I'm going to share with you guys today, you can utilize these tips even if you do not have a real estate license. Listen, most of the investors that I work with, they don't have a license either.
So, here we go.
Tip 1. You must become laser focused on what area it is that you want to work in. Now, I want you to dial down to the zip codes rather than using the area codes.
Tip 2. If you don't have access to MLS data, then you're going to want to use sites like Zillow or Realtor.com, and you're going to want to look at the last three to six months of transactions in the zip codes that you've chosen. Now, what you're going to be looking for are cash transactions, properties that were distressed, and the sell of fully renovated homes. You would then begin to see who the agents are involved in the transactions. Typically, you're going to be looking for the agents on the buyer side of the cash transactions and the agent of the selling side of the distressed and renovated homes. And sooner or later, a pattern is going to eventually develop, which I will cover with you guys in a few minutes.
Tip 3 . You're going to have to get out and you're going to have to connect. Now, what I mean
by connection. You're going to have to attend meetups or groups in the areas that you are wanting to work in. Now typically, there are investor groups and groups that are run by agents. You can also do things like drive by the neighborhoods in the zip posts that have identified, and you are looking for homes in. Now, you can typically tell this by dumpsters that are in the driveway or the street. Now, once you've identified those addresses, what you want to do is work backwards to find out who the agent was in the transactions. See, our goal is to come up with a good solid five to 10 solid agents that you can reach out to and interview. Now, you can typically tell this by dumpsters that are in the driveway or the street. Now, once you've
identified those addresses, what you want to do is work backwards to find out who the agent was in the transactions.
See, our goal is to come up with a good solid five to 10 solid agents that you can reach out
to and interview. Now, you should want to work with someone that's a community market leader like me.
Those are typically the agents that you want on your team. Now, I know that you're going to have a ton of questions and I'm here to help. So, reach out if there's anything that I can do for you.
Can I purchase a home with High DTI Ratio?
12/15/2021
By: Tamika L. York
Can you purchase a home if you have a high debt to income ratio, but you have a good credit score?
That's a great question. I actually have a couple of clients that are dealing with this particular issue right now. Now, first let's discuss what debt to income ratio actually is and what role it plays in the home loan process. Now, debt to income ratio plays a large role in whether you're ready and able to purchase or qualify for a mortgage. It's the percentage of your income that goes towards paying your monthly debt.
And it helps lenders decide how much house you will actually qualify for. Now, debt to income ratio is just as important as your credit score and job stability, if not more so.
Lenders calculate your debt to income ratio by dividing your monthly debt obligations by your pre-tax or gross income. Most lenders look for a ratio of 36% or less.
Now remember in the previous video, I discussed with you guys on how to know the difference between eligibility and affordability. And I informed you that lenders do not consider your monthly bills that are not reported to your credit bureau. DTI sometimes leave out monthly expenses as well, like food and utilities, amongst other things. Lenders may not even consider those expenses and may qualify you to borrow more than what you're actually comfortable paying.
So make sure that you keep all of this information in mind as you evaluate how much house you're willing to pay for each month when you're qualifying for a home loan. And you want to make sure that you get the lowest DTI possible, not just to qualify for the best mortgage lender or even to get the best house, but just also to ensure that you're able to pay your debt and live comfortable at the same time. So to answer your question, a high debt to income ratio could mean that you will pay more interest or you could be denied for the loan altogether. Now, if your debt to income ratio is more than 50%, then
maybe you should wait on a home loan. There's nothing wrong with saying that I need to wait another year before I buy a home.
Now, for more information on debt to income ratio, contact a lender in your local area. And if you don't have a lender, feel free to give me a call or message me, and I'll be more than happy to send you to some of the great lenders that I work with. Now, I hope this was able to answer some of the questions you were asking.
Should I get more than 1 preapproval letter?
By: Tamika L. York
12/08/2021
Should I get multiple pre-approval letters from different lenders? Listen, there's nothing wrong with getting pre-approvals from more than one lender and doing so is a good way to see if you can qualify for a better loan with lower interest rates and fees.
And the pre-approval process, however, does take some time so you'll need to send your documents to every lender that you wish to seek pre-approval from.
And keep in mind that some lenders do charge small fees, usually $40 or less, depending on what lender you go to and this is to cover the credit check during the pre-approval process.
Now if you do decide to get more than one pre-approval letter, FICO.com says it considers all mortgage applications which include pre-approvals within a 45 day window as just one credit event. So if you complete all of your mortgage pre-approvals within this timeframe, you can limit the hit to your credit.
Now if you have any questions or would like more information about the home buying process, feel free to reach out, I'll be more than happy to assist you. I'm Tamika York, your Dream Home Matchmaker. Have a great day.
Steps to entire home buying process.
B: Tamika L. York
11/17/2021.
Purchasing a home is most likely going to be one of the biggest investments you make in your life. So you're going to need an experienced agent to walk you through that process to ensure that your best interests are being protected. Now, I've been in the industry for a while now, and I've assisted several buyers over the years. Here's what I can do to help you.
First,
I'll make sure that you're qualified to purchase a home. You'll know things like what type of loans you qualify for and what your full payment would be, and that's including the payment, interest, taxes, and insurance. And then once we know that you're qualified, we'll go out house hunting.
I'll make sure that you're fully aware of the neighborhoods, the schools, and anything that could possibly be problematic for the area or the house, and could potentially affect your value in the future.
I'll help you negotiate an offer in a way that's beneficial for both you and the seller.
Now once the offer is accepted, we'll open up escrow. And then we'll give them the initial deposit and start scheduling inspections and the appraisal.
Now I'm very diligent about making sure that we don't miss any contractual deadlines, so that we keep your deposit safe. And we don't want to be at risk of losing that. And it's super important after the inspection that you know what's customary to ask for and what not to ask for from the seller.
Now, we'll be in constant communication with everybody that's included in the transaction to ensure that your best interests are always covered and that we can close and close on time.
Now, there are so many different parts to the transaction that I could talk to you about it for hours. But better yet, just give me a call and I'll become your trusted advisor, walking you through step-by-step and ensuring that you make the right decisions all the way up until I give you the keys to your new home. And then we'll be friends for life thereafter.
Oh, and don't forget, the seller pays my fees. So it doesn't cost you anything to utilize my services. But I can guarantee you, it will cost you if you don't have proper representation from an experienced professional on your team.
November 9, 2021
By: Tamika L. York
Most people are on a journey of becoming a homeowner or maybe even an investor, which is really great. But what I always want you to remember is that there is a difference between eligibility and affordability. Eligibility means your income, credit and equity meet the program guidelines that you qualify for and what I mean by equity is your down payment and your closing costs, and then own officer will issue you your pre-approval letter and then you can go and search for your dream home.
Now, affordability is just a little different. Affordability is even though you've been pre-approved, you have to ask yourself, can you really afford this home? Because keep in mind, lenders qualify you based off of your gross income, but you pay your bills off of your net income, meaning after taxes. So look out up for my next video where I'll give you an example of exactly what I'm talking about.
October 19, 2021
By: Tamika L. York
Many sellers think the spring is the best time to put their home on the market because that's normally when more buyers are out during that time of year. But what they fail to consider is that every other homeowner is thinking the exact same thing, which means they'll have competition.
The number one reason to list your home this winter is less
competition. Listen, the inventory usually is at its lowest points in the winter. So the options a buyer has will be limited and the sweet spot for listing your house to get the most maximize exposure happens in the late fall and winter months. Typically, between November through January.
Now, when the spring rolls around temperatures aren't the only thing they go up. So do the number of listings. So don't wait for all the competition to show up before you decide to put your home on the market.
And there's an added bonus to selling during the winter. The buyers who come out, looking in the cold and in the snow, they tend to be very engaged and serious. So you'll be much less inconvenienced by those casually looking or just want to get decorating ideas for their own home.
You may be surprised at how often that happens, but it does happen in active markets.
Now in the winter, the lookers are out at the mall or they're doing their Christmas shopping online, so you don't have to worry about it.
So if you're thinking about selling your home, or if you're just curious about the market in a Mobile and Baldwin County area, feel free to give me a call, my name is Tamika York. I'm with EXP Realty.
October 27, 2021
By: Tamika L. York
4 Things you should know if you are considering or going through a Divorce.
When you decide to get a divorce in Alabama, there are a lot of the issues that need to be dealt with and agreed upon that can be downright overwhelming and emotionally draining. One of the most emotionally charged decisions that must be made involves deciding the fate of the family home. And the family home is more than just four walls and a roof. For most
people it's the place where you've built a life with your spouse and often raised a family. There are typically many memories, a lot of security wrapped in a family home also. So when it becomes time to decide who gets the home in a divorce settlement, or is it going to be sold, it's understandable that many people find it difficult to approach this particular decision, 100% rationally. But I want you to keep in mind that allowing your emotions to cloud your judgment can have a long-term lasting and damaging consequences.
The earlier in the divorce process you discuss and decide what's going to happen to the family home, the better off you're going to be. Here are four key questions to be asked and agreed upon by both parties before considering selling your home.
- Will the property be sold? And if so, when?
- Which spouse will stay in the home until the property is sold?
- Who will pay for the mortgage, the maintenance costs, and other expenses associated with the home until it's sold?
- If one spouse wants to keep the home as a part of the divorce settlement, what arrangements will be made to do so?
Now, if both parties have agreed to sell, now would be the perfect time for you to
find a reputable realtor to represent both of you in your best interest and guide you through the process of selling your home. If you'd like additional information on this topic and others, please reach out to me.
October 1, 2021
By: Tamika York
Local Market Update October 2020 Market Update for Mobile County. The seasons are changing, but we are still in a global pandemic. What does this mean for the market? Get my advice with the latest reports on what is happening in the real estate world and what it means for your home!
By Tamika L. York
10/05/2021
By : Tamika L. York
Are you constantly on Amazon or any other stores shopping online? Listen, this past year, I bet everyone has been doing some online shopping. Let's face it, being placed on lockdown for the last past year, what else are we supposed to do besides eat and shop. Right? Well, guess what? Real estate is no different. When selling your home, placing a yard sign in the front lawn and putting on a MLS is very basic and old school. But I want you to ask yourself a question. Are you missing out on social media platforms with the most traffic? what you need is maximize exposure to get your home in front of the most potential buyers.
Did you know that 95% of buyers search for homes online, and 77% use social media to do so, yet only 16% of agents use social media in their marketing strategy?
And only 1% are doing it correctly. As a real estate professional, I want to offer you more and better. So I came up with a disruptive strategic digital marketing plan that places your home in front of the thousands of potential buyers weekly. Now, you probably are looking at this video as a result of all those efforts. Now, if you would like to learn more about how I use tools of the fortune 500 companies to get your home in front of more buyers.
By: Tamika L. York 10/10/2021
Have you been thinking about selling your home but you're not sure if you should sell it now or wait until spring? Well, stick around and watch this video and I'll give you three compelling reasons not to wait.
Hi, I'm Tamika York and I'm with EXP Realty and here are your three reasons why you should sell your home now.
- there's less competition now. When there are fewer choices for buyers, sellers will get a higher price for their homes, especially if it shows well.
- demand is strong. We're still seeing multiple offers and reduce marketing times in certain price ranges.
- it's a great time to move up or downsize. Interest rates are still very low but are expected to increase throughout this year. So if you act now as a buyer, you'll be able to afford more. And as a seller, you'll have a larger pool of buyers that are able to pay more for your home.
Now, feel free to reach out to me. If you have any questions, both real estate-related and community-related. As always, please like, and share this video. And again, my name is Tamika York. I'm with EXP Realty, your dream home matchmaker.
3 Reasons why you should sell your home now!!!
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Why Do You I need a Approval Rather Than Prequalification?
By Tamika L. York Oct. 14, 2021
Why do I need an approval rather than just a pre-qualification? Hi guys, Now listen, it can end up being very costly for you to not be truly qualified. A pre-qualification is not a true approval, it's just the initial step in the home loan process, where you discuss with a lender your financial situation, but they do not verify anything. Whereas the approval is what the buyer provides the lender with all the necessary documentation to tell them things like what they'll be approved for, what loan product works best for them, and it gives the buyer a better idea of what the interest rate will be. And you want to make sure that you go through the entire process. The lender has done things for you like verify your employment, they've seen your taxes, they've looked at your bank statement. They've truly verified everything you need in order to let you know how much your loan will be and how much your payment will be. It's very essential that you do this. Otherwise, you could stand to lose your initial
deposit and you can lose any money on things like an inspection or an appraisal. So listen, don't fall for the trap. Call me. Let me walk you through the safest and most strategic way to become a homeowner. And don't forget, it's free for you. The seller pays my fee, but I'll be here to protect you and your best
interests.
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Dream Homes By Tamika is a licensed Realtor in the state of Mobile. My love for the community I live and work in are why I do what I do. Stop by the office and experience the Dream Homes By Tamika way of Mobile County area real estate.
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