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Smart living with home automation

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In today's fast-paced world, home automation is becoming increasingly popular among homeowners seeking to enhance convenience and reduce energy costs. With advancements in technology, smart home devices offer innovative solutions that not only simplify daily tasks but also promote energy efficiency and sustainability. Whether you're looking to upgrade your existing home or are in the process of building a new one, incorporating these home automation trends can significantly improve your living experience while saving you money in the long run. Smart Lighting - Automate your lighting to save on energy bills by setting schedules and controlling brightness and color through a smartphone app. Enhanced Home Security - Invest in smart security systems with features like facial recognition, motion sensing, and real-time alerts to enhance safety and provide peace of mind. Smart Thermostats - Use smart thermostats to learn your schedule and optimize heating and cooling, redu

Overwhelming advantages aside, there is still resistance to pre-approval

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Pre-approval is a comprehensive process where the lender verifies the buyer's financial information, including credit history, income, and assets. Pre-approval provides a conditional commitment from the mortgage company to lend a specific amount, pending appraisal of the property. Pre-qualification is an initial assessment based on self-reported financial information provided by the buyer. It gives a rough estimate of how much a buyer might be able to borrow but it is merely an opinion. Despite the well-known advantages of getting pre-approved for a mortgage early in the home-buying process, many buyers remain resistant even to their detriment. Here are several reasons why: Some buyers may not fully understand the benefits of pre-approval or may underestimate its importance. They might see it as an unnecessary step rather than a strategic move that can give them a competitive edge and streamline the home-buying process. Buyers often perceive the pre-approval process

Addressing the Buyer Agent's Fee

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Traditionally in the U.S. housing market, the seller has offered the buyer's broker and agent a share in the commission specified in the listing agreement between the seller and the listing broker and agent.   In a settlement between the National Association of REALTORS�, beginning on August 17, 2024, buyers will have to sign an agreement with their buyer's agent specifying what services will be available and the fee the buyer's agent is charging. Many sellers may continue to offer compensation to the buyer's broker and agent, maintaining the traditional practice of the seller paying both sides of the commission. However, when no offer of compensation is made, there are several distinct alternative ways to facilitate the buyer agent's fee, as well as a myriad of variations to suit different scenarios. In an instance where the seller doesn't offer compensation to buyer agents regarding a property you're interested in, there are several options to c

U.S. Homeowners Property Tax Increase

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Last year, U.S. homeowners faced an average property tax bill exceeding $4,000, marking the highest increase in five years, according to data from Attom Data Solutions , a real estate data firm. Property taxes nationwide amounted to over $363 billion in 2023, reflecting a 6.9% rise, largely attributed to inflationary pressures on local government costs and public employee wages. States with the highest effective property tax rates included Illinois, New Jersey, Connecticut, New York, and Nebraska, with notable disparities in tax increases observed across different regions, such as a 31.5% increase in Charlotte, North Carolina, and a 15.2% rise in Atlanta. Property taxes are determined by the assessed value of the property and applying the tax rates for the different taxing authorities for that year.   Generally, homeowners are notified of the assessed value of the property for that year, many times, even before the tax rate is set. There is often a procedure for disput

Tips for Hiring a Home Inspector

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Congratulations on your offer being accepted! In many cases, you may have a provision in your sales contract for a satisfactory home inspection.   You're one step closer to owning your dream home. Now is the time to choose a home inspector to take a closer look at the property. Inspectors are thorough and in some states are required to be licensed. They have extensive training and follow strict rules to inspect the home's structure, electrical systems, AC and heating, plumbing, appliances, and many other aspects. Inspectors find things you might not be familiar with or have overlooked. Even in brand-new construction, inspectors will find issues. This way, you know about the problems and can determine how to deal with them. Inspections help you make decisions. If the inspection uncovers big surprises, you may want to ask the seller to make repairs or lower the sales price. You may also decide to walk away from the transaction. It's better to know about problems

Use Ben's Balance Sheet to Decide

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There is a technique that has been attributed to Benjamin Franklin and used when faced with a decision.   As the lore goes, whenever Ben was faced with a decision, like you are now, he'd take a piece of paper, draw a line down the middle of it.   On the left side, he'd list all the reasons he should do something and on the right side, he'd list the reasons to avoid doing that thing. Would-be home buyers are faced with the decision of whether to buy in today's market with uncertainty about inflation, the presidential election, the economy, higher than recent mortgage rates, and increased home prices, just to mention a few. Some people have been put on the sidelines because they cannot qualify for a mortgage and others have sidelined themselves, even though they have the funds and resources, because of all the "noise" in the market.   Looking at the advantages of renting versus buying may bring clarity. Advantages of Renting: Financial Flexibili

Is a written buyer's agreement necessary?

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Beginning August 17, 2024, many agents will be required to enter into a written agreement with a buyer before touring a home either in-person or through a live virtual tour and buyers should be familiar with what it entails. There have been buyer agreements for decades in the real estate industry and it was always suggested that the agent have a buyer acknowledge it in their first substantive meeting.   The practice of when it was signed was not scrutinized which is why some buyers may not be familiar with the practice.   The agreements benefit both parties specifying obligations and duties.   The advantages for the buyer include: Dedicated Representation: A buyer's agreement ensures that the agent is committed to representing the buyer's best interests throughout the entire home buying process. Clear Expectations: The agreement outlines the scope of services provided by the agent, including their duties and responsibilities, helping to establish clear expectati