Wichita KS Realty News

Tag - buying a home

Is Avocado Toast Getting A Bad Rap?

Avocado Toast is Trending

WICHITA, KS:  (Wichta KS Realty News)  Why is is Avocado Toast getting a bad wrap tonight?  Well,  it is like this; Tim Gurner,  an Australian property mogul used Avocado Toast and Coffee as poster children of bad spending habits for millenials.  And it has gone viral.  Twitter #AvocadoToast is trending with many people taken issue with the example.  But let’s step back a second and take a breath before we retweet and share this obvious assault on our beloved avocado toast!

Ok, now take another breath.  And another.  And another.  What is being overlooked is what Mr. Gurner is saying.  To paraphrase, he is using Avocado Toast and Coffee as an example of priorities.  When we are younger, with limited income (relative to when we get older, hopefully), but we choose to spend those dollars in a less than thrifty way, we make affording a home, which should be an equity, more difficult.  And yes, before you start, times are harder after the financial crisis in 2008.  Lending institutions have tightened requirements and incomes haven’t risen alongside the current surge in housing prices.  Nonetheless, you as a possible borrower CAN’T control these issues, but you CAN control your spending.  This is his point, and he is right.  The blow up and viral move surrounding Avocado Toast is picking at words, acting triggered, and doesn’t help anyone unless they are looking for a great snack choice.  YUM.

And just for good measure, #avocadotoast!

Get Pre-qualified: Your Best First Step When Searching For Your New Home

Get Pre-qualified Wichita real estate

 

WICHITA, KS:  (WichitaKSRealty.News)  Counting all of the steps we have when we begin our search for a new home, one option stands out as as our best choice.  Get Pre-qualified!  There is nothing more disheartening than finding the perfect home and not be able to buy it!

This entails getting with your local bank, credit union, or mortgage broker and begin the process of qualifying for a loan.  Think, Capitol Federal and/or Credit Union of America, two local lenders that have years of experience in our local market.

The benefits to getting pre-qualified are tremendous.

  • You will know precisely the limits of your price range.  While getting online and looking at million dollar plus homes in the Flint Hills area is fun, it isn’t very realistic for most of the residents of the Wichita area.  Though it’s still nice to look at these types of “dream homes”, the likelihood of actually buying one is slim to none.  Once you have pre-qualified, you will better be equipped to hone in on areas and homes within your price range.
  • Provides Greater Impact to sellers during negotiation.  There is nothing more frustrating for a seller, and their agent, to negotiate, re-negotiate, sign contracts, set up inspections, title searches, and other closing needs only to have all these efforts go to waste when a potential buyer can’t arrange financing.  It happens, and it is very frustrating!  Once you are pre-qualified, unless something changes in your financial position, you are almost guaranteed to get the loan.  I said almost, well, because things can still happen in a closing.  Nothing is done until it is done.
  • Positions yourself above other offers.  Still on negotiation here, but in today’s low inventory environment, seller are receiving multiple offers.  Put yourself in their shoes; You receive two separate offers, same net price, one from a pre-qualified buyer, one not pre-qualified.  Which one would you be more apt to take?  Yep, the pre-qualified one, of course.  And in some instances, you may even be able to be slightly lower on your offer since the seller is more assured of your ability to close the sale.
  • You have tho opportunity to fix potential problems.  When you get pre-approved for a loan, you are able to see how your current debt structure is impacting your borrowing ability.  Sometimes, subtle change can make a huge impact on how much of a mortgage you can get.  This is a great time to truly evaluate your debts and fine tune them to help benefit your financial position.
  • You typically have a chance to lock-in rates.  Rates are moving up, not by much but they still are.  The trend is for a couple more federal reserve rate hikes this year.  These typically increase mortgage rates.  You have the opportunity to lock in rates when you get pre approved.  Discuss this with your lender for the details.

All in all, getting pre-qualified is the best first step when you are searching for a new home in earnest.