Moving From The City To The Suburbs? Avoid These Mistakes

COVID-19 has caused many urban dwellers to forgo their big city lifestyle for the suburbs, where there’s more space.

But not every city-to-suburbs move is a successful one—and if you’re thinking about trading in city living for a home in the suburbs, there are a few pitfalls you’ll need to watch out for.

recent article from realtor.com outlined the most common mistakes people make moving from the city to the suburbs, including:

  • Only considering the house—and not the neighborhood. You might find the perfect home—but if it’s not in the perfect neighborhood, it might not be the best fit. Before you buy a home, spend time exploring the community and make sure it’s the right fit for you. For example, are the amenities you need nearby? Do the people seem friendly and welcoming? If you have children, are there other kids in the neighborhood? In the long-term, these neighborhood factors will be just as (if not more) important to your overall satisfaction than the house itself.
  • Factoring in commute time—but not commute quality. If you have to commute into the city for work, the commute time is important—but so is the quality of that commute. For example, spending 45 minutes commuting to work in bumper-to-bumper traffic on the freeway is probably going to feel a lot more stressful than an hour on an express train. Make sure that not only will your commute time be manageable, but the quality of that commute will be manageable as well.
  • Assuming there will be plenty of child care options. If you need child care, don’t just assume that your new suburb will have what you’re looking for. Before you commit to a home or neighborhood, make sure to vet the childcare options and make sure the kind of care you need is available and easily accessible given your daily schedule and travels.

The Takeaway:

So, what does this mean for you? If you’re considering leaving the city behind and buying a home in the suburbs, it could be a fantastic move—just make sure to do your research and avoid these common city-to-suburb moving mistakes.

Buyers Make Their Four-Legged Friends a Priority When Shopping For A New Home

There are plenty of things to consider when buying a home, from the size of the property to the location to the backyard. But for many buyers, it’s not just about what they’re looking for in a home; what their pets are looking for is just as important.

According to data from the National Association of Realtors and realtor.com (outlined in an article from REALTOR Magazine), a whopping 95% of pet-owning home buyers said their pet’s needs play into their home selection process. And if a home is otherwise perfect but doesn’t fit the needs of their four-legged friend? 68% of those buyers would pass on the property.

The Takeaway:

So, what does this mean for you? If you’re searching for a home and “perfect for my pet” is on the top of your must-have list? You’re not alone. Factoring your pet’s priorities into your home search will help ensure you find the perfect home for your entire family—human and animal alike.

Here’s What Real Estate And Independence Day Have In Common

What’s the first thing you think of when you think 4th of July?

Probably fireworks, right?

Okay, maybe you think about barbeques, pool parties, or parades first.

The point is, the first thought for most people isn’t about the nitty-gritty that we’re actually celebrating — our independence as a nation.

Deep down, we all know that’s what it’s all about. And we respect it. But, we’re also human. Who can blame us for enjoying our freedom watching fireworks, without giving all that much thought about everything our founding fathers did to get us here?

So it is in real estate…

There’s a lot of focus on the “fireworks” in real estate. The big, glorious, flashy, exciting moments. Like…

  • The moment your house first hits the market.
  • Seeing the pictures of your house all over the Internet.
  • Throngs of people walking through your first open house.
  • Receiving offers from buyers…maybe even multiple offers.
  • Going under contract.
  • Walking into “the” house, and falling in love with it.
  • Making an offer on the house you love, and having it accepted.
  • Closing on the sale or purchase of your home.

All really exciting “firework” moments.

But they’re not the full story. There’s a lot of stuff behind the scenes in order to get to those fun, celebratory moments. A lot of thought, knowledge, skill, and work… Not necessarily fun, or sexy stuff. But it’s all important. It’s all necessary to get to those exciting “fireworks” moments.

Not that the behind the scenes stuff should be something you think about. As a consumer, you should enjoy the glorious moments. Leave the nitty-gritty to your agent.

Just know that there’s more to it than the “fireworks” you want to see when you buy or sell a house.

What’s The Difference Between Mortgage Forbearance and Mortgage Deferment?

The COVID-19 pandemic is putting a lot of Americans under serious financial strain—and in an effort to relieve some of that strain, homeowners across the country are looking for mortgage relief. And for those homeowners, there are a few different options available—namely mortgage forbearance and mortgage deferment.

But what, exactly, is the difference?

recent article from realtor.com outlined the key differences between mortgage forbearance and mortgage deferment. According to the article, while both strategies allow homeowners to suspend mortgage payments for a period of time, the main difference is what happens at the end of that suspension period.

With mortgage forbearance, any payments that were missed are due in a lump sum at the end of the forbearance period. With mortgage deferment, lenders allow borrowers to either pay back the owed money over time or add the missed payments to the end of their loan.

If you’re concerned about your ability to make your mortgage payments, the most important thing to do is to talk to your lender. In the midst of the pandemic, most lenders are working with their borrowers to find solutions and offering more flexible forbearance and deferment programs—so get in touch, explain your situation, and find out what your options are. But do make sure you understand the terms they are offering you, and when and how the money you owe will need to be paid back.