How to Buy a Home With Student Loan Debt in 9 Essential Steps

What are the benefits of staging? I'm glad you asked! 1. It helps buyers envision the potential of a room - Seeing it complete with furniture allows them to focus more on the house and the flow, not spending time trying to figure out where furniture would go. 2. Sellers get more $$$ - Recent studies revealed that 81% of Buyer's agents stated that Buyers reacted more favorably to a staged home. Buyers also ranked rooms in which they found staging most valuable with the Living room first, primary bedroom second, and the kitchen third. Lastly, 20% of Sellers agents stated that staging increased the price offered by between 1% to 5%. 3. Professional staging improves marketing and presentation - Photos used in print and media show better, and are more inviting potential buyers. Photos appear more complete and more inviting as opposed to photos of empty spaces. Online listings draw potential buyers in to take more time viewing the rooms and photos, and have a better change of resulting in a showing. 4. Professional staging shows potential in tough spaces - If a buyer doesn't see the flow or potential of a space, they may choose to pass on a home. Awkward rooms and spaces can be a noticeable turn off to Buyers. Staging shows that there is a solution to any space! There's a reason that new home builders always stage their model homes! It works. Subscribe to our channel for more information about the area, Seller/Buyer tips, and to browse our active listings!

Selling your existing home can unlock vital equity for your dream home purchase, but timing can be challenging. This video explores the strategies and intricacies of contingent sales, allowing you to seamlessly sell-and-buy simultaneously. Learn how to navigate this powerful tool and make your move with confidence. Here are the main points to know! 1. Make sure your current homes is sale/marketing ready 2. Are you a Level 1, 2 or 3 Contingency? 3. Make sure you have enough time to move smoothly 4. Hire an agent with Contingency experience, and a strong reputation in the local market Subscribe to our channel for more information about the area, Seller/Buyer tips, and to browse our active listings!

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Sellers and Buyers ask me questions all the time about how real estate transactions work. Here are 5 things that you should be aware of if you're considering a move in the current market. 1. Information and home value sites are not always accurate! They're truly marketing platforms at their core; designed to sell the site traffic in one way or another. Many sites create more "sensational" content to get clicks, so be careful about the information you use to make financial decisions. 2. Both Sellers and Buyers have their own closing costs. Many clients are surprised to see that both sides have their own individual cost/fees. In the current market, it’s traditional for each party to pay their own costs. However, that can change depending whether it's a Buyer/Seller market. 3. Buyers don't have to put 20% down to purchase. There are loan programs with as little as 3% down. Some even allow Zero down, but keep in mind that sometimes the true cost of those low-down loan programs can be very expensive. 4. Traditionally sellers pay commissions for both sides of a home sale. Many buyers have asked me how the commission is paid. In real estate, everything is negotiable, but traditionally the Seller pays the commissions for both the Seller's Agent and the Buyer's agent. 5. List price is a starting point. The initial listing price doesn’t always indicated actual market value! Some seller choose to list their property higher, or lower, than the current market values. That can impact how fast a home sells, and how many offers it may have. Subscribe to our channel for more information about the area, Seller/Buyer tips, and to browse our active listings!

While you may not have heard the term recently, there's a possibility that this type of real estate sale may be slightly more popular over the next couple years. This information is related to short sales in the Sacramento area, as the legal process may be different in other states/areas. I don’t expect there will be nearly as many as the 2007-2011 real estate meltdown, but some home sellers in the Sacramento area may have no other option. As usual, this is general information and not intended to be legal or tax advice. If you’re considering a short sale, you may also want to talk with your CPA and/or attorney once you have more detail from your real estate professional. Let’s dive into it! 1. What is a short sale? When a homeowner has a financial hardship of some kind and needs to sell a home, but owes more than the value of the home, it is referred to as a Short Sale. The reason behind this is because the lending institution that holds the loan on the house agrees to take less than they’re owed when the sale closes. In effect, the lender is being “shorted” on the amount they’re owed. For example, a home owner loses their job and can’t afford to keep the home, so they decide to sell. They owe $700,000, but the home will only sell for $650,000. In this case the bank may agree to receive only $611,000 instead of the $700,000 they are owed ($50,000 loss + $39,000 in sales costs/fees) 2. Who qualifies for a short sale? While there is no “standard” answer to this, there are some general guidelines. Lenders will want to review a full financial package from the homeowners. They will want to verify that the financial situation has changed, and that there is truly a permanent hardship situation. This can be job loss, death, divorce, or any other life change that has a detrimental impact on the home owner’s financial situation. In some situations the lender/bank may offer to re-negotiate the terms of the loan to help the home owner get back to financial stability. In some cases the lender may decline the short sale, if they don’t feel home owner hasn’t shown a valid hardship. 3. How long does a short sale take? This can also vary greatly. I’ve personally seen short sale approval in as early as 30 days, or as long as 18 months. This depends on the size of the bank/lending institution, their familiarity with Short Sales, owner response times, or their work load. Sometimes the short sale package gets reset, or expires, and the process has to start over from the beginning. Other blogs on the site outline how to get a short sale approved faster! 4. What are the benefits of a short sale? Depending on the situation, a Short Sale may be a better option than a foreclosure or deed in lieu. The waiting period before someone can apply for a new loan is often shorter than with a foreclosure. Additionally, a deed in lieu or a foreclosure can cause a larger drop to credit scores. In many cases, a short sale can be completed in a shorter time frame than foreclosure proceedings. This can mean that there will be fewer non-payments showing up on a credit report. A deed in lieu can fall somewhere in the middle and also has it’s pros/cons. (Those are covered in other posts) 5. What is the liability of a short sale? Liability can vary based on each situation. In some cases the lender can require repayment of a small loan amount in order to approve the short sale. Sometimes this is a small percentage of the total amount. Additionally, the home Seller may have tax liability for the amount of the loan that was forgiven and the IRS can consider it “income” in certain situations. This can vary based on a few details. Is the home a primary residence or an investment property? Has the original loan be refinanced and cash taken out of the property? If you’d like a confidential review of your home for a potential short sale, contact me directly. I understand discretion in these situations is a primary concern. Having completed many short sales over the years, I understand how challenging and emotional they can be. My goal is to make sure you have the best chance to sell your home and walk away with as little financial damage as possible! Subscribe to our channel for more information about the area, Seller/Buyer tips, and to browse our active listings!

The topic of solar has been front and center recently due to the continued increase in utility costs. Homeowners are interested in saving money over the long run, but sometimes it can be a challenge to know if you’re getting the right value! Is it better to buy solar outright, get a loan, or take a lease? There are pros and cons to each, but consulting with a trustworthy professional will help you determine the best solution for your specific needs. Here are 3 things you NEED to be aware of if you’ve thought about solar. The clock is ticking! If you’re not familiar with the term Net Energy Metering (NEM), you should be. NEM 3.0 goes into effect on April 14, 2023!! This will cut the consumer credit for excess power by 75%! This means consumers will need to purchase a much larger solar system in order to break even on a yearly basis. You must be aware of this impending change if you’ve considered solar! Net Energy Metering relates to the way that local electricity providers bill their customers for usage. Years ago, customers were placed on NEM 1.0, and currently new solar customers are placed on NEM 2.0. As an example, imagine that a solar system collects $10 worth of electricity during the day, but no one is home to use it. That energy gets put back into the power grid during the day. During the evening and night time the panels are not producing power, but homeowners are home watching TV, doing laundry, charging devices, and using lights. Let’s assume that a home then uses $10 worth of electricity during the evening. That one day would net out to a $0 cost. Over the course of the year some days produce more, and some produce less. The goal is to end up at a “net zero” when determining how many panels to install on a home. That means that when the energy provider does a “true up” at the end of the year, you have as close to a $0 bill as possible. Under NEM 3.0 a homeowner might only expect to get a credit for $3.50 in the same example. Meaning they would need to purchase 4 times the number of panels to break even at the end of the year! That’s why its so important to act quickly if you’ve seriously considered solar. The push for energy storage. Another way to work around the upcoming changes would be to purchase a battery storage. This would allow a solar system to charge up the battery, or batteries, during the day, and then use that free energy during the evening and avoid drawing expensive power from the electric grid. This is a great option, but the cost for battery packs is still very expensive. Purchasing fewer solar panels and a battery pack will be similar to the cost of a larger solar panel system under NEM 3.0. There are still some energy tax rebates available. Some up to 30%! This is a great opportunity to take advantage of before these incentives start to wind down. Additionally, there is an opportunity to add a battery pack in the future and still utilize NEM 2.0. What are the options?? Currently there are multiple options to purchase a solar system. For this example, let’s assume the purchase of a 22 panel solar system that could cost around $30,000, and produce approximately 5.5-6.0 kW of solar. This is roughly enough to cover the average utility bill for a 2,000 sqft home. Since the cost of electricity is expected to go up, locking in your rate/production for the next 10-25 years is a positive no matter which option is chosen to obtain solar. Two of the most important questions are how long someone intends to own the home, and what the average monthly electric costs are. Many homeowners choose to pay for a solar system in full at the time of purchase. If the average electric bill is $300/mo (higher in summer, lower in winter) then the re-capture rate would be 8.3 years in order to start saving money. So if you plan to move in 8 years, that might not make much sense. However, if your average bill is $500/mo, you start saving money after year 5. That could be a better option depending on the timeline to sell the property. Another option is to lease the solar system. Much like leasing a car, you pay a solar company monthly for the use of the solar panels. There are pros and cons to this approach. Often homeowners have little or no money out of pocket which is very enticing. They pay a low monthly payment (probably close to $200/mo in this case) so the savings is almost immediate. However, payments usually last for anywhere between 15 and 25 years depending on the company and the plan. The other consideration is that if the home is sold, a new buyer will have to qualify to take over the payments on the lease. Lastly, the homeowner doesn't usually get the advantage of the tax credit since they didn't actually “purchase” the solar system. The third common option is to take out an energy efficiency loan to purchase the solar system. This payment may be higher, but at the end of the term, the panels and the system are owned outright. Additionally, the home owner would be able to apply for any tax credits that are available. In summary, there is an option that could work for almost any homeowner, but it’s advisable to act before April 2023!! Talk with a qualified professional that has your best interest in mind, and can explain each option thoroughly to empower you to make the best decision. Our mission here at Quantum Real Estate is to bring maximum value to our clients. Whether that is during the course of a sale or after! In order to add more value for our amazing customers, we’ve partnered with Apricot Solar! If you want to take advantage of this opportunity before NEM 3.0 impacts the industry, just call me to schedule your consultation, and text 916.677.9813 or email zac@quantumcalifornia.com a copy of your electric bill! It’s that easy, and there is no obligation.

Most often, selling a home is an emotional process, whether you’re leaving behind good memories or hoping for a fresh start. It’s another part of a real estate agent’s job. We’re there to acknowledge and support your emotional needs, while asking you to trust us to take the best possible care of your investment. That’s the story of the home on Brewery Ln in Auburn, California. Deal History Agent Elizabeth Turner first met this home seller years ago and they quickly became best friends. The seller inherited this house and lived there for several years making it her own. Like many Californians though, she was looking to move out of state. So when it came time to sell her home, she went straight to Turner to help her sale her home and move on. Deal Challenge With every new client, the Quantum Team takes a personalized approach. We aim to empower our clients by providing detailed information, data from the local market, and recommended next steps. In this case, Turner and Zac Bacon performed an extensive consultation with the seller and identified key areas where she could make minor property improvements with minimal costs. These repairs would greatly help how the property showed to potential buyers. Like many sellers, they want the highest price for their home, even if it’s overpriced for the neighborhood. However, Turner had a different strategy. She wanted to price it competitively to generate a bidding war. She asked the seller to trust her and her knowledge of the local market. Deal Success Turner was right to trust her instincts! After only six days on the market, they received six offers above-asking! They ended up closing for $30,000 over the asking price, higher than the seller’s original desired number! The seller was able to move out of state happily with extra funds from the sale in her pocket. To our seller, we wish you the best and thank you for trusting us with your home.

Buying a house is a big decision, and it can be challenging when your credit score is low. Research what loan options are available to you in your area, and try talking with a few different lenders to get all your questions answered.

If you’re in the market to buy a house, it can be an especially stressful time while you work to find the right house and compete with other buyers. The process can take quite a toll on your mental health, so it’s important to take some steps to minimize the stress as much as possible.