11 Reasons Buyers Should Work With a Pro

Why Hire a Real Estate Agent? 11 Reasons Buyers Should Work With a Pro

If you're thinking about buying a home, especially for the first time, you might have lots of questions. Maybe you've even heard someone say they bought a house without using a real estate agent, and now you're wondering if you really need one.

The truth is, yes, you can buy a house without an agent, but having a real estate professional can make the whole process much easier. A good agent can help you find the right home, get a fair price, and make sure everything goes smoothly.

Here are 11 reasons why hiring a real estate agent is a smart move:

1. Your Buyer’s Agent is on Your Side
Your buyer’s agent is there to help you. They handle a lot of the hard work, like finding homes you may not find online, setting up showings, giving advice on mortgages, negotiating on your behalf, and making sure all the paperwork is completed correctly.

2. Your Buyer’s Agent Knows the Market
Your Buyer’s Agent understands the housing market better than the average agent. They know what homes are worth, which neighborhoods are up-and-coming, and how to spot a good deal. Our knowledge helps you make smart decisions when buying a home.

3. Your Buyer’s Agent Knows What a Fair Price Offering Would Be
Pricing a home isn’t just about what the seller is asking. Your Buyer’s Agent will tell you if a home is priced fairly based on the current market, helping you make a strong offer without overpaying.

4. Your Buyer’s Agent Finds Homes You Won’t See Online
Real estate agents often know about homes before they’re listed online. This means you might get a chance to see and make an offer on a home before other buyers even know it’s available!

5. Your Buyer’s Agent Has Connections You Need
Agents regularly work with other professionals like mortgage lenders, inspectors, and contractors. They can recommend trustworthy people to help with different parts of the buying process.

6. Your Buyer’s Agent Can Show You More Options
A good agent can introduce you to neighborhoods or homes you might not have considered. They might find a hidden gem that fits your needs better than what you were originally looking at.

7. Your Buyer’s Agent Can Identify Problems
Experienced agents can spot issues with a home that you might miss, like hidden damage or things that could cost you money later. This can save you from buying a home with serious problems.

8. Your Buyer’s Agent Can Make Your Offer Stand Out
In a competitive market, it’s not always just about offering the highest price. Your Buyer’s Agent has tricks to make your offer more attractive to sellers, like suggesting flexible terms including covering appraisal gaps, and/or escalation clauses.

9. Your Buyer’s Agent Handles the Paperwork
There’s a lot of paperwork when buying a home, and it’s important to get it right. An agent makes sure everything is done correctly and on time, so you don’t have to worry about missing something important.

10. Your Buyer’s Agent is a Great Negotiator
Buying a home involves a lot of negotiation, whether it’s about the price, fixing problems found during inspection, or setting the closing date. An agent knows how to handle these discussions and make sure you end up with terms that work best for YOU!

11. Your Buyer’s Agent Saves You Time and Stress
Buying a home can feel like a full-time job, and most people don’t have the time to do it all themselves. A real estate agent takes care of the tough parts, so you can focus on your life.

Your Buyer’s Agent is your knowledgeable guide through the homebuying process. They make sure you get the best deal and avoid common mistakes, making your homebuying experience much smoother and less stressful.

If you're interested in working with a buyer's agent from our team, click HERE to get connected!

Top 10 Things You Need to Know Before Purchasing Your New Home

Top 10 Things You Need to Know Before Purchasing Your New Home

We thought it would be beneficial to share with you the top 10 things you need to know before purchasing your new home, whether you're moving to Topeka from within Kansas, or relocating to Topeka from out of state, or maybe even just moving across town, these tips can help make your move a little easier.

 

“That’s The One!”

 

There is nothing better in the real estate biz than helping someone like you find ‘the one’. Usually we can tell by watching a client’s reaction when we pull up to the home when they find ‘the one’. Yours is out there somewhere!

You will find ‘the one’ much faster if you know what your WANTS and NEEDS are. If you haven’t already, we want you to take 5 minutes and write those things down! Not sure where to start? Ask questions like: “Why do I want a new home?” “Where will I want to live?” “When do I want to actually make the move?” Getting clear on these questions will really help me help you navigate through the home-buying process.

 

The Ups and Downs of the Process

 

Look, buying a new home is an emotional roller coaster. You may feel emotions that haven’t come up in a long time! Happiness. Anxiety. Sadness. Anger. Despair. It’s good to understand NOW that these are emotions you will likely feel at SOME POINT during this process. And that’s OK! 

 

What’s most important is to know this is a PROCESS. You will feel really happy when you find what you think is ‘the one.’ But you could be completely disappointed and sad if you find out that someone beat you to the punch and it’s already got a contract on it! It may even make you angry!

 
That will sometimes then lead to despair (“there’s not a single home out there for us…I knew I never should have even looked!!!”) It can be full of ups and downs.
 

You need to understand that ALL of these emotions are NORMAL. we’ve been through this process with LOTS of clients. In the end, we need to UNDERSTAND what you want and trust the process. Eventually, once you’re approved, we WILL make an offer on a home that you love. When we do that, several different things could happen:

 
  1. Your offer is accepted and we immediately move to the next steps in the process (like getting an inspection on the home).

  2. The seller doesn’t accept the offer you gave, BUT they make you a counter offer. We will be able to take a deep breath and together we can evaluate whether it makes sense for you to move ahead with that counter offer.

  3. You go to make an offer and find out there are multiple offers on the property. That is called a good old fashioned “bidding war” with everyone else! Remember: deep breath. Everything will be fine.  We have experience with these types of challenges and are here to help you navigate the best strategy to put our best offer in and give you a good chance to win!  ....That's why you hired us! 

There are other scenarios depending on what kind of property you are looking for, but the three examples above are the most common. 
 

Right now, (summer 2024) we’re in a “seller’s market.” That means that houses are not on the market for very long and we may need to move fast and navigate situations like multiple bidders. That’s why we are here. 

 

Having someone like us at your side that you trust and has a VAST knowledge of the Real Estate process is what will protect your interests.

 

Wants vs. Reality

 

Which one of us doesn’t want MORE in our lives?! Most of us do. Sometimes there can be things you want in a house, but you discover the financing company won’t lend you as much as you wanted to make that dream possible. That can be frustrating.

 

So it’s really important that you know on the front end of the buying process what your purchasing power is. If you are in the market for a new home or think you might be, the first thing to do is meet with a lender and see how much the bank is willing to loan you. 

 

Financing is probably the #1 thing that prevents or slows down a potential new home purchase. So whether you're actively looking for a home, or it’s on the horizon for you in the next SIX months, NOW is the time to meet with a lender.

 

If you need a good lender recommendation, reach out to us and we will be happy to send you three different names of reputable lenders you can talk to. 

 

“SOLD!” ….Almost....

 

After we make an offer on a home that is accepted, next we’ll enter into the contract phase. This seems like an intimidating and sometimes complex part of the process, but really all that happens is the specific terms of your home purchase are worked out. We start with earnest money which is a deposit required to purchase the home which is  placed into a special trust account as determined by your contract. It’s important to understand the stipulations for that deposit because you can’t always get it back! 

 

Again, it’s crucial you have someone who knows what they are doing advising you every step of the way.

 

Is the Home as Good as It Looks?!

 

We commonly recommend our clients get a home inspection before you close on a new home.

 

The goal of the home inspection process is to make sure there are no costly repairs needed in the home or problems with its major systems before you complete the transaction. The last thing you want (or your lender!) is to move into a home that has costly problems. The home inspection will highlight any major or minor issues associated with the home. Once we receive the home inspector’s report, you may be able to negotiate whether these items be repaired BEFORE you close on the home and who will be paying for them. 

 

EVERY home has things that need to be fixed. It’s the joy of home ownership. However not everything is a major issue, and you need someone you can trust advising you on what repairs you should ask for and how to negotiate those terms. 

 

Sometimes, there are issues with a home that do necessitate needing to break the contract and move on to find a different home. Again, TRUST THE PROCESS. Take a deep breath.

 

How Much Is The Home REALLY Worth?

 

At this point, you’re getting close to the finish line and owning a home. 

 

Your financing is PRE-APPROVED by the bank. Yes, we are getting close!

 

The seller accepted your offer and we’ve negotiated a fantastic deal for you! Bam!

 

Your home inspection is scheduled and you’re not expecting any surprises. Great! 

 

NOW, we place our trust in an appraiser to confirm how much the home is worth. The appraiser’s role is to make sure that the price we’ve contracted your home for is ACTUALLY what its worth. If the contract price and what the appraiser comes back with don’t match or are really out of alignment, we will have the opportunity to negotiate some changes with the seller.

 

The appraiser is hired by your lender and is there to protect both you and the banks interest in your new home.

 

Insurance, Insurance, and More Insurance! My Head Is Spinning!

 

Title Insurance. Home Insurance. Home Warranties. Driveway insurance. 

Kidding. There’s no driveway insurance (who knows, there might be somewhere).

 

Take a deep breath. If you’re hearing these terms, it means you’re getting really close to the closing table. What’s really important is that you’re working with a Real Estate team that focuses on quality and customer service. 

 

Most agents can recommend trusted vendors that will assist you through the vast ocean of paperwork you will encounter. The paperwork is all about making sure YOU are protected in the Real Estate transaction.  Rest assured that you’re not the first person to go through the confusing world of insurance, titles, and paperwork! It’s just part of the process!

 

The Closing Table

 

Behold, The Closing Table! In all its glory! It’s where homeowners past and present have done business for the most important asset in their life! 

 

When it comes to closing, you will be given dates, times, and the amount of money you will need to bring. 

The closing table can sometimes be intimidating, but I recommend bringing a relaxed attitude to the table. Basically, the closing officer is going to carefully review all of the paperwork, your title insurance, lender documents, and review all the costs and expenses associtated with your purchase. A good closing officer will explain to you everything you are signing and if you have any questions, just ask!

 

You will know the exact amount of money you will be required to bring to the closing and there’s almost always a statement sent out (usually via email) prior to the closing so it won’t be the first time you see it. 

 

Time to get your keys…

 

Honey, I’m HOME!

 

This is the magical moment. You’ve been through this very long and emotional journey and now you are the proud owner of your new home. 

 

THIS is the reason we are in this business: watching you light up and sometimes breathe a sigh of relief at the front of your new home!

 

The Most Important Part

 

Buying a home can be a long, emotional, and very rewarding experience.

What will make the process enjoyable and rewarding is finding the perfect REALTOR® to help you. A REALTOR® will be your guide every step of the way and someone you can call, email, text, high-five, and even cry to. 

 

No one is perfect. No process will be 100% completely smooth. Life happens.

 

But our mission is to serve you with world class customer service and expert real estate advice. We will never waver from that commitment and you should expect greatness from us.

 

As you choose a real estate agent, make sure it’s someone who will give you the treatment and attention that you deserve.

 

Home Buying Guide - Credit Score

Leveraging money in real estate investments is the real magic of real estate. In no other investment can you invest someone elses money and exponentially increasing your net worth.   #topeka #topekaks #topekarealtor #realestate #budgeting #realtor #buyahome #closingcosts #buyingahome #topekaagent #buyahome #buildwealth #investing #investment #invest #equity #rental #rentalproperty #cashflow #networth

Home Buying Guide - Setting Goals

Leveraging money in real estate investments is the real magic of real estate. In no other investment can you invest someone elses money and exponentially increasing your net worth.   #topeka #topekaks #topekarealtor #realestate #budgeting #realtor #buyahome #closingcosts #buyingahome #topekaagent #buyahome #buildwealth #investing #investment #invest #equity #rental #rentalproperty #cashflow #networth

The Investor's Toolkit: Tracking Essentials in Real Estate | A Deep Dive into Managing Expenses, Rent Income, Rehab Costs, and Growing Equity

If you have one property or if you have 150 properties. You, as a real estate investor, own an buisness. Wheather you have an LLC or your properties are in your personal name (I reccomend an LLC) you have an appreciating asset that a customer rents from you to create cash flow and income for yourself. By definition you own a buisness.

 

To ensure this buisness is a growing and profitible buisness it is important to track various aspects of your buisness. Not only is it important to track these aspects to ensure growth and profit, but tracking will also insure you have all the correct information you need when it comes tax time. In this article we will outline a couple of the most important figures to track in your rental real estate buisness.

Rent & Expenses

 

Renting a house is more than sticking someone in there and collecting a check every month. There are expenses that go into owning and maintaing the property. Managing and keeping track of your monthly and expenses on a monthly basis will ensure that you don’t end up holding onto a property for to long that isn’t making money. I have used simple excel spreadsheets in the past but have recently moved all my tracking to Quickbooks. This allows me to input the rent that I recieved, the mortgage, and any repair or maitenance costs, that come out of the rent each month. I also track what portion of that rent goes towards my vaccancy expense and my capitol expenditures each month and this shows me exactly what my cashflow was each month. Allowing me to see my annual cash flow per property. This will take into account any changes in rent or any changes in my mortgage payment as well. When I pull these reports I immediately know what my strong cashflowing properties are and what properties I may need to find a solution to increase the cashflow.

Rehab on New Purchase

 

This may be the most important piece to track if you are planning on buying run down properties to force equity into. Each item that I purchase for a rehab goes straight from the reciept onto a spreadsheet. I note what the item cost, how many did I purchase, and what the item is, sometimes include a brand or size so I can reference that later. I also catagorize what catagory this item is for; switches and outlets are “electrical”, vanities are “bathroom”, faucets are “plumbing”. You would want to catagorize what these are into data sets that work best for you. What I use this for is so that I can look back and say “a bathroom this size with these repairs will cost this much” it helps me get a better idea of what aspects and costs go into a rehab when I’m walking through and setting a budget for a new project. Keeping these notes also allow me to go back and replace it with the same part; for example if a bathroom faucet needs replaced in a 2 bathroom home I would want to get the same faucet to match so I can go back and find the part number and where I purchased it and it’s all right there. Keeping these records will help you maintain the property in the future, get closer estimates on your budgets for new projects and be an archive of expenses for when it’s time to do your taxes.

 

Equity Holdings

 

Last but certainly not least is tracking the amount of equity you have in each property. Every month I pull my mortgage balances and input them into a spreadsheet. This allows me to track the principal paydown on each loan. I can then compare this mortgage balance to the current market value of the property and that will show me the amount of equity I have in the property. This is important because you want your equity to be working for you. If at any point your equity is more than 30% LTV you may want to ask yourself if its worth getting a heloc or refinancing the property to put your equity in a different deal that may be more profitable. By tracking all of your equity you will also be able to determine if you have enough equity across all your properties to start looking into a bulk line of credit or a comercial loan on multiple properties to make a bigger deal happen. If you know what your equity is on each property it also allows you to pair that with your other financials to track your net worth.

By keeping a close eye on your equity and financials across all properties, you'll not only make informed decisions but also track your growing net worth. As you continue your journey in real estate investing, remember that meticulous record-keeping and financial management are the keys to long-term success.

Investing Pros and Cons in the 2024 Real Estate Market

The real estate investment market has been on a wild journey in recent years, and 2023 was no exception. It kicked off with historically low interest rates, soaring rents, and substantial appreciation gains, only to take a turn with rising interest rates, high inflation, and constant recession speculation for homeowners.

If you're feeling a bit disoriented by these ups and downs, you're not alone. The burning question now is whether investing in rental property remains a wise move in 2024.

To unravel the potential risks and rewards of the 2024 rental market.

Pros of Investing in the 2024 Real Estate Market 

 

1. Rental Homes: The Inflation Safeguard

 

As inflation takes its course, so do rents. Real estate investments, especially those tied to fixed-rate mortgages, act as a buffer against inflation. While interest payments remain fixed, rental income has the potential to ascend over time. The added benefit? Building equity in the property sets the stage for long-term gains from inflation and appreciation. With the higher interest rates it may be intimidating to purchase a property that may not have an exorbitant amount of cash flow. Keep in mind rent as well as home values are estimated to increase over the next couple years. 

2. Property Value Resilience Post Downturns

 

Despite recent economic hiccups, housing appreciation has witnessed remarkable spikes. While economic uncertainties pose a risk, historical patterns suggest that property values tend to rebound and soar after downturns. This implies that long-term investments may hold promise even amidst short-term value fluctuations. Values are still up and you may think that you should time the market and wait until they come down. You have a better chance of success if you hunt and find the properties you can get under market value. Some estimates of 2024 home prices still indicate a 13%-15% increase due to low supply and talks of bringing interest rates below 5%.

3. Fueling Rental Demand: Low Affordability

 

Housing prices might ease in some markets, but they remain beyond the reach of many Americans. Projections indicate that home prices will continue to climb in 2024 due to a shortage of available homes. This scarcity can sustain the appeal of rental investments in sought-after neighborhoods, attracting long-term residents with low vacancy rates. Along with home prices, Insurance and property taxes have also increased across the country. Not only is the renter to first time home owner gap expanding, I am expending more and more homeowners to be priced out of their homes from their payments going up. This won’t be a “flood” of inventory but you may have those homeowners selling or getting foreclosed and being forced to rent. 

Navigating the Risks in the 2024 Real Estate Market

 

1. Scarcity of Inventory for Lucrative Investments

 

In hot demand periods, many cities transform into seller's markets, presenting challenges for new investors in finding profitable opportunities. Existing property owners may reap benefits, but newcomers might face short-term hurdles in rental cash flow. Finding the opportunities to invest in will take significantly more work. Think about sellers that are distressed or don’t have to buy a new home. Finding off market properties is going to be paramount.

2. Persistent High Interest Rates

 

There are so many outlets forecasting different outcomes for the interest rates in 2024, navigating these conditions might require a substantial capital reserve for a sizable deposit. Don’t purchase anything with negative cashflow in hopes that interest rates will come down. If we do see a reduction in interest rates you could refinance and increase your cashflow. 

3. Potential Stall or Decline in Rental Prices

 

As inflation and home prices increase it could be that renters have less and less money for their housing. Rent prices may plateau as renters can’t afford the rising prices. Vacancy rates may increase. It may be that renters start looking outside of bigger cities in search of lower priced rents as well. 

4. The Looming Threat of an Economic Downturn

 

The trajectory of the U.S. economy remains uncertain in 2024, raising the specter of a potential economic downturn. Such an event could pose risks to house prices and rental growth. Thorough research into investment locations becomes paramount in potentially volatile markets.

As the real estate narrative continues to unfold in 2024, it becomes clear that the script is multifaceted, presenting both challenges and opportunities. Investors equipped with informed decision-making, strategic planning, and a nuanced understanding of market dynamics will be better positioned to navigate the complexities and find success in this dynamic landscape.

Topeka Real Estate Market

Topeka ranked No. 1 on Fall 2023 Emerging Housing Markets Index

Sunflower Association of REALTORS®, Topeka, Kansas (October 26, 2023)

Topeka, KS one of the real estate market areas served by the members of the Sunflower Association of REALTORS®, Inc., was ranked No. 1 on the Fall 2023 Emerging Housing Markets Index issued jointly today by the Wall Street Journal and Realtor.com®. Click here to read the Index. This is the 2nd time Topeka has been included in the index in 2023.

According to information published by The Wall St. Journal and Realtor.com®, “the index analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation. Markets offering lower-cost living, strong employment, and convenient commutes performed best as higher mortgage rates and prices have caused home sales to slow nationwide”

“Topeka’s market is showing no sign of decline and has been listed on the Wall St. Journal and Realtor.com® Emerging Markets Index seven (7) of the last eight (8) years. The cost of living is among the most affordable in the nation; our culture is diverse and inclusive; and the business environment is thriving. All reasons Topeka just might be on the Summer 2024 Index.” Linda Briden, CEO, Sunflower Association of REALTORS®, Inc.

Joining Topeka on The Top 10 Emerging Housing Markets for fall 2023 are:

1. Topeka, KS
2. Elkhart-Goshen, IN
3. Oshkosh-Neenah, WI
4. Fort Wayne, IN
5. Lafayette-West Lafayette, IN
6. Racine, WI
7. Manchester-Nashua, NH
8. Concord, NH
9. Columbus, OH
10. Johnson City, TN

The analysis highlighted the following key trends shared among markets on the list.

- More for less
- Demand outpaces inventory: price growth and dwindling for-sale listings
- Mid-sized markets gain popularity
- Home shoppers are browsing out-of-market

According to the jointly issued report, the index methodology looks at:

The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health and quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (16.6%), based on average pageviews per property; real estate supply (16.6%), based on median days on market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as the average number of stores per specific “everyday splurge” category (coffee, upscale/specialty grocery, home improvement, fitness) per capita in an area; commute (6.25%); and estimated effective real estate taxes (6.25%).

Calculate Your New Shawnee County Real Estate Taxes

Shawnee county, KS has seen amazing appreciation in real estate but a lot of people are upset at how much this has raised their real estate taxes. The new 2023 tax bill will come out in December this year and you should be prepared for your lender to either raise your payment to make up the deffiecny or ask you to make a defficiancy payment in a lump sum. Calculate your estimated taxes and start putting some money away for this day!   #topeka #topekaks #topekarealtor #realestate #budgeting #realtor #buyahome #closingcosts #buyingahome #topekaagent #buyahome #buildwealth #investing #investment #invest #equity #rental #rentalproperty #taxes #realestatetax

Appeal Your Shawnee County Tax Evaluation

March 1st Shawnee County mailed out tax appraisal evaluation notices. More than likely your tax value went up which in turn will increase your monthly payment to your escrow account. If you don't think your home would sell today for what they have it valued at you can appeal their evaluation. Here is the process! Give me a call at (785)-817-9724 for a free home evaluation. This evaluation can be used to provide proof that your tax appraisal is to high.

2655 SW Wanamaker Rd
Topeka, KS 66614