Want to get started on your path to becoming a homeowner? Four tips that will help you navigate the home buying process.

 

With the holidays over, some people are gearing up to make their next purchase – a home. The homebuying season is in full swing. Below are four tips you can share to help consumers make the best homeownership first time homeownerchoice in 2017: strengthen their credit, shop wisely for a mortgage, choose the right house and negotiate the best price.

  1. Strengthen your credit score before looking for a mortgage. The majority of people don’t know their credit score until they begin to look for a home or a mortgage. Since finding the right house takes an average of one to three months, it could pay off to use the time to strengthen your credit score, especially if it means getting a lower mortgage rate. The benefit varies from lender to lender, but a strong credit score can cut as much as half a percent from your rate. A NeighborWorks® Rochester Housing Advisor can provide guidance on what to do to boost your credit score while shopping for a home.
  1. Shop around for the best mortgage. Not every lender offers the same mortgage rate, so shopping around is essential. Yet, according to the Consumer Financial Protection Bureau, nearly half of people who apply for a mortgage don’t shop around. The price of failing to do so can be quite significant after several years. As important as it is to obtain the best mortgage rate, it’s also crucial to be aware of fees charged by mortgage lenders. These fees go by various names—another reason to work closely with a NeighborWorks® Rochester Housing Advisor throughout the process.
  1. Choose your house carefully. With a mortgage-approval letter in hand, it’s time to find your home. A market with low housing supply requires a buyer to look for a “diamond in the rough”—a not-so-perfect house that could be rehabbed to make it suitable. That doesn’t you should settle for a house that doesn’t meet your basic needs. Keep your list of must-haves front and center, but make sure they are not really “nice-to-haves.”
  1. Negotiate, negotiate, negotiate. If real estate is location, location, location, then homebuying is negotiate, negotiate, negotiate. Unless you’re buying in the most heated and competitive markets, there is always room for negotiation. Here’s where selecting the right real estate agent pays off. Whether it’s the price of the house—probably the most important item to negotiate—the portion of closing costs to be paid or whether a warranty for major appliances is included, presenting the seller with a list of requests is important. Remember, the seller wants to sell and you want to buy. Home purchases that are mutually beneficial are made in the middle.

The path to your first home can be stressful and confusing. Following these tips and working with the team at NeighborWorks® Rochester will help you successfully find your “home sweet home.” Get started, and learn even more great tips, by attending one of our free monthly Homebuyer Orientations. Sign up on our website.

Celebrate City Living!

Celebrate City Living
Celebrate City Living
The City of Rochester and the Rochester Coalition for Neighborhood Living, which NeighborWorks® Rochester is a part of, have launched Celebrate City Living, a new program to help homebuyers and renters learn about the benefits of living in the city and find the resources to make it easier to buy or rent a home in Rochester.
“Rochester’s neighborhoods are a great place to grow and Celebrate City Living is our way of making sure everyone knows why,” said City of Rochester Mayor Lovely Warren. “I want to thank the Rochester Coalition for Neighborhood Living and all of our sponsors for helping us create an exciting new opportunity to celebrate city living and invite more people to choose Rochester as their home. People who know why Rochester is a wonderful place to live can become active partners in our mission to create more jobs, safer, more vibrant neighborhoods and provide all of our children with a quality education.”
“The Rochester Coalition for Neighborhood Living is extremely proud to partner with the City of Rochester to promote city living by helping potential homebuyers and renters fully appreciate and enjoy the amenities of living in Rochester,” said Coalition Chairs Beverly Fair-Brooks, Vice President, Regional Community Reinvestment Officer of M&T Bank; and Ted Wood, Realtor, Construction Manager and Real Estate Broker at the Ibero American Development Corp. “Celebrate City Living is a fun and exciting way to increase investment and build a stronger sense of community in all of Rochester’s neighborhoods.”
Celebrate City Living is a year-round program designed to encourage city residency for consumers at every stage of the housing search, including renters, first-time homebuyers, experienced owners, those who require financial assistance and those seeking high-end, luxury spaces.
The program places a special emphasis on the distinctive settings and wide variety of housing choices in each of Rochester’s neighborhoods. The goal is to help consumers understand that Rochester is a city of neighborhoods and they can quickly focus their search for an ideal home by learning about the characteristics of each neighborhood.
The event website and an annual event will help consumers search city neighborhoods for a house or apartment and connect them to available resources, including Realtors, lenders and non-profit agencies that specialize in city housing. NeighborWorks Rochester will be there to assist all first time home buyers learn more about our programs and resources.
The website features a custom search engine that filters available housing choices by neighborhood along with profiles of the neighborhoods. The site is interactive and will include a social media center and enable neighborhood residents and merchants to submit neighborhood events to a community calendar.
The inaugural Five Star Bank Celebrate City Living Housing Expo will be held from 10 a.m. to 3 p.m., Saturday, April 16 in City Hall, 30 Church St. The Housing Expo will serve as a resource fair, where home hunters can meet representatives of each neighborhood along with Realtors, lenders and non-profit agencies who specialize in serving city customers.
Exhibitors will also include home décor stores, food vendors, entertainment venues and health and recreation facilities.
On Sunday, April 17 many open houses will be held at available city properties. In addition, the Landmark Society of Western New York will host three bus tours of city neighborhoods on April 9, 15 and 16. All tours start at 1 p.m. and depart from City Hall. Visit www.celebratecityliving.com to register for a tour.
Along with the annual Housing Expo, CCL will also partner with neighborhood representatives along with Canandaigua National Bank to host a series of Celebrate City Living neighborhood celebrations throughout the year, where neighborhood leaders and merchants can highlight the distinct benefits of their neighborhood in a festive setting.
The Rochester Coalition for Neighborhood Living members are: The City of Rochester, M&T Bank, NeighborWorks® Rochester, Ibero-American Development Corp, The Housing Council at PathStone, Citizens Bank, The Landmark Society of Western New York, Greater Rochester Association of Realtors, Game Plan Marketing, ROC City Realty, New2U Homes, Hart’s Local Grocers and Magellan Realty. This year’s title sponsor for the Home Expo is Five Star Bank.