Najib Alami, Realtor- Coldwell Banker DTC

There have been some big changes that have come to the real estate industry, and I’m here to break it down for you!

After a lawsuit, NAR (the National Association of Realtors) put forth a settlement agreement to help promote transparency in the industry. Part of the agreement states that compensation for buyer's agents is no longer guaranteed through the MLS, shifting the responsibility to buyers to negotiate and formalize payment agreements with their agents. This move promotes transparency and ensures buyers understand exactly how their agent gets paid. Understanding these changes is crucial as they reshape how buyers and agents work together.

Yes, it’s been all over the news, but I’m here to answer all your questions about the changes in real estate and how they affect you.

Just shoot me a DM or give me a call with any questions you have!

While I hope you enjoy your day off, real estate never sleeps. I’m just a phone call away for all your real estate needs!

What is PMI? Let’s Break It Down!

Private Mortgage Insurance (PMI) is a type of insurance that lenders typically require when your down payment is less than 20% of the home’s purchase price. This insurance protects the lender—not you—in case you default on the loan.
But when does PMI come into play, and can you get rid of it?
Conventional Loans: If you have a conventional loan, PMI is usually required until your loan-to-value (LTV) ratio reaches 80%. This means once you’ve built up enough equity—either through paying down your loan or your home increasing in value—you can request to remove PMI.
FHA Loans: With an FHA loan, things are a bit different. You’ll have to pay a form of mortgage insurance for the life of the loan if your down payment is less than 10%. The only way to get rid of this is by refinancing into a conventional loan once you have enough equity.
PMI can be an extra cost, but it’s also a stepping stone to homeownership! If you have questions about PMI or your mortgage options, drop a comment or send me a message. I’m here to help!

If you could add more space to one room in your home, where would it be?

Both options have their pros and cons. New builds offer modern amenities, energy efficiency, and customization options, while existing homes may have more character and established neighborhoods. Consider your priorities, budget, and the time you’re willing to wait for a new build versus the immediate availability of an existing home.

Contingencies are crucial in a real estate contract to protect your interests. Common ones include financing, home inspection, and appraisal contingencies. They allow you to back out of the deal if certain conditions aren’t met. Negotiate these carefully to ensure they work in your favor and minimize risk. A well-drafted contract is key to a smooth transaction!

No one likes a dark home. Before any showings, make sure to open all blinds and turn on all the lights to showcase you home is the “best light.”

If you could have a second home, where would it be?

You ready? Give me a call!

Underwriting is a crucial step in securing your home loan. Lenders assess your financial health and the property to ensure a sound investment.

Whether about selling, buying, or investing, I am hear to answer all your questions!

If you are planning to purchase a home soon with a mortgage, make sure you do not open or close lines of credit or change jobs. This can affect your ability to qualify for a loan.

Earnest money is a key part of the home buying process. It shows you're serious about your offer and is usually 1-3% of the purchase price, held in escrow until closing. This protects both parties and is typically refundable if a contingency isn’t met. Understanding its role can give you confidence in your home purchase journey!

Touring a home? Don't forget to ask these important questions so you have all the details before you make an offer:

What’s the age and condition of the roof? Are you going to need a new one soon?
How old are the major systems (HVAC, plumbing, electrical)? Are they going to need to be replace?
Are there any past or current issues with pests?
What’s included in the sale? Appliances? Furniture?

Now is the time to prep for fall. Bookmark this to-do list for later!

Online valuations are a starting point, but they can't replace a professional appraisal or market analysis because they are simply based on an algorithm. They can’t tell the difference between one community and another or take into consideration upgrades. Trust an expert to price your home accurately with a true Comparative Market Analysis.

Curious what your home is worth? Give me a call for a free valuation!

82% of experts recommend using warm-tined neutral colors for your walls prior to selling. Warm colors are welcoming without being too bright or too cold.

If you can’t decide, HGTV says, “When in doubt, white it out. Fixr's surveyed pros believe white paint will sell your home because not only does it provide future buyers with a blank slate, but it gives living rooms a fresh, well-kept appearance that appeals to the masses.”

If you haven’t already heard, there are some significant changes coming to the real estate industry starting today. If you are considering buying or selling and want to understand how these changes affect you, give me a call!

Home inspection essentials: check for structural integrity, roof condition, plumbing and electrical systems, HVAC system, and signs of water damage. A thorough inspection can save you from costly repairs later.

Assessing a property's value goes beyond the asking price. Start with a Comparative Market Analysis to find the fair market value. Consider future expenses like property taxes, insurance, and maintenance costs. Don’t forget to factor in any planned developments in the area that could impact property values. A thorough assessment ensures a smart investment!

Today is National Photography Day, and I cannot stress this enough. The majority of buyers start their search online - which means those pictures are their first impression of your home. Do not let cell phone photos be their first impression. Make those pictures the best they can possibly be!

I know those open shelves in the kitchen may look great when you are remodeling, but they remove some much storage space which could turn off potential buyers when you go to sell. Keep that in mind when you are considering a remodel.

This is your friendly reminder to check your smoke detector batteries!

On August 17, the NAR settlement will bring significant changes to the real estate industry. Key updates include increased transparency in commission fees and new guidelines for buyer's agents to disclose their compensation. These changes aim to foster a more open and fair market for all parties involved. Give me a call if you are curious about how these changes can impact you!

It may seem like a housing bubble is on the horizon, however, most analysts are still predicting growth over the coming year - 3.34% on average per year for the next 5 years. This is due to the continued shortage in housing and the high demand. What do you think will happen?

Are you a book lover or a gamer? Which is more up your alley?

Asking the right questions can make all the difference when buying a home. Find out why the seller is moving to understand their urgency. Ask about major repairs or renovations to gauge the home’s condition and future maintenance needs. Don’t forget to inquire about any known issues with the home or neighborhood. Knowledge is power in real estate!

Today is National Lighthouse Day (Did you know there was such a thing?)

As a real estate agent, it is always my goal to be a lighthouse for my clients. Guiding them home - you know, without hitting any rocks!

Paying down your principal means owning more of your home! Reducing the principal balance can also lower your interest payments over time.