Tami Pelletier

Home Buying Process

Buying a Home

Buying a home is a process - Pelletier Realty Group can help you through it!

Here is a list of steps involved in purchasing your home:

  1. Financial - What can you afford?
  2. Needs - What do you need the property to have?
  3. Community - Where do you wish to live?
  4. Property type
  5. Market data - What has sold in the area?
  6. Identify available property
  7. Visit properties
  8. Evaluate & prioritize
  9. Decide
  10. Negotiate
  11. Inspections
  12. Contingencies
  13. Renegotiate
  14. Arrange for move
  15. CLOSE!

NH Home Sales Up 10.5%!

According to NH Association of Realtors, NH residential Home sales are up 10.5% over November of last year. The inventory levels are at a 7.7 month supply, which is considered a balanced market. Now is a great time for both buying or selling a home. Pelletier Realty Group is a full-service NH Real Estate agency which can navigate you through the process of Buying or selling your home

 

 

What in the World is TRID?

What in the World is TRID?

TRIDWell, first off let me say that as a Real Estate Agent and not a Mortgage Broker it is easy for me to simplify this topic seeing how I am not the one preparing these required disclosures etc. TRID is not just a bunch of new disclosures and paperwork that the government(The Consumer Financial Protection Bureau(CFPB) has decided to impose on the lenders....it is actually New Closing Rules that affect all parties involved in a transaction when there is a mortgage that the buyer is obtaining to purchase a residential property.

History behind this change:

  1. TRID stands for TILA-RESPA Integrated Disclosure; this title says exactly what it is; which is a combination of TILA (Truth in Lending Act) and the RESPA (Real Estate Settlement Procedures Act). Any transfer that involves a mortgage will use new disclosures required by the CFPB in order to simply matters and merge the two laws.
    • TILA, the Truth in Lending Act required lenders to layout information to all consumers when they shop for mortgages.
    • RESPA, Real Estate Settlement Procedures Act required lenders to disclose all costs involved with the transfer of a residential property.
    • With the passing of the Dodd-Frank Wall Street Reform Act after the financial crisis, the CFPB was then directed to simply the two laws and merge them.
  2. This is NOW in effect as of OCTOBER 3rd, 2015.

What changes are there?

  1. There will no longer be an HUD settlement statement or a Good Faith Estimate (GFE) now there will be a new LOAN ESTIMATE & CLOSING DISCLOSURE.
  2. Lenders will have to tell consumers (Loan Estimate) what the costs for the loan are within 3 business days of a loan application. Loan providers will also have to provide more precise figures for the borrowers.
  3. The buyer will have to know precisely how much the transaction will cost 3 DAYS prior to the transaction.

How will this affect the Buyers and Sellers?

  1. Consumers have 10 days to decide if they want to go forward with the loan after receiving the Loan Estimate. Some items will be estimates but most charges itemized will be actual true costs.
  2. Both Buyers and Sellers need to know if there are changes then the timeline will be affected.
  3. TILA will be in effect for ALL LOAN TYPES!
  4. Final week of transfer the Closing Disclosure must reach the consumer 3 DAYS before closing act

What flexibility is there prior to closing?

  1. There are changes that can be made several days before the closing or at the closing table with the EXCEPTION of the following:
    • The interest rate changes on a fixed rate by an eighth of a percent or a quarter of a percent on an adjustable rate.
    • Consumer changes their rate from fixed to adjustable.
    • Lender changes to mortgage terms by adding prepayment penalty.

How does this affect the Purchase and Sales?

  1. Add an additional 2 weeks to the previous timeframes from an effective contract to closing.
  2. Complete the final walk through several days prior to closing instead of 24 or 36 hours.
  3. The new closing rules apply to the residential market and do not apply to commercial sales or all cash sales.
  4. The Home Buyer Closing Disclosure will typically be prepared by the lender instead of the title companies.

The Real estate industry is now starting to work through these changes and learn to adjust the contracts, timeframes, and content in order to adhere to the new rules. These new rules may seem foreign and confusing but as we become familiar with all these changes it will start to be as common as an HUD and GFE.

You can read more at www.consumerfinances.gov

Market Conditions

According to the National Association of Realtors, distressed sales have decreased and the amount of first time buyers have increased compared to August 2014. 

The median sale price in the Northeast was $271,600, which is 2.4 percent above August 2014.The amount of Homes on the Market have decreased from the amount in August of 2014. 

If you are thinking about selling your home in Manchester, Weare or surrounding communities our full service NH Real Estate agency will provide professional & personnal service and get your NH Home SOLD!   

 

Classic New Englander in Weare

By Tami Pelletier pelletiergroup.com

Just in time for Fall we have this classic New Englander filled with yesterday charm and character.

The house sits up on a gentle knoll (2.2A) overlooking the town center. Enjoy a walk to the nearby village store or stroll to Nana's snack shack for some lunch.

You can head up to the farmers markets and watch the geese land on Duck Pond. This time of year you can't help but feel nostalgic especially at this property with its barn, tree house and paddocks. Fire up the pellet stove and enjoy the sunny views thru the newer windows. The deep pumpkin colored wood floors and front porch are just some of the features that will inspire you to make this house your HOME!

Front of House in Weare NHPaddock Area with Run in Stalls - Weare NH HomeWeare NH Town Center

 

 Click here to view additional listing details and photos!

 

NH Ranks as BEST State to Live In!

By Tami PelletierLive Free or Die pelletiergroup.com

You may have heard about this report created by the Organization for Economic Cooperation & Development (OECD) on the news or read other articles ranking NH#1 in best overall performance when comparing quality of life indicators with all 50 states. The most important indicators are as follows:

1. Health 2. Safety 3. Housing 4. Access to broadband 5. Civic engagement 6. Education

This has lead me to believe that we have been underestimating our little State in quality of life and perhaps taking it for granted a bit. Obviously we are doing something right. Of course as a Realtor I was most interested that they gave NH a PERFECT 10 for housing. Again I think housing opportunities have been taken for granted and overlooked as well.

Now it is loud and clear that NH is a great place to live. Most people living here don't need a report to tell them that but it is reassuring when a report supports it; especially one that compares us to the rest of the nation. It's certainly something to smile about as you throw on a sweater, head up to the apple orchards or take your boat off the lake this weekend!

 

Looking to buy or sell a home in NH?

Click here to get in touch with Pelletier Realty Group, NH's most knowledgeable local real estate experts.

 

Sell Your Home in NH this Fall!

Fall in NH9/29/14 By Tami Pelletier pelletiergroup.com

If you are selling a home in NH you know that sometimes it's easy to get discouraged as the season starts to cool down. Keep in mind though that buyers never stop looking and buy all year long.

A lot of times when sellers think back about when they bought they realize, "ooh yah, we closed in January!" As the NH Fall season rolls in remember that every showing is an opportunity to impress the buyer with your property.

You may be tired of having it ready for showings but this property is "new" to every buyer who is seeing it for the first time. Sometimes it is easy to let the little things start to slide but they can start to add up and in this market every seller is competing.

Here are a few helpful reminders on sprucing up before showing your house in NH this Fall:

EXTERIOR:

  1. Nothing beats a just mowed & trimmed lawn, especially after being raked clean of leaves during a NH Fall season
  2. Keep the garden beds & walkways weeded and edged
  3. Keep shrubbery trimmed and perennials cut back
  4. Add a splash of color with mums & pumpkins
  5. Fresh paint on the front door
  6. Wash windows

INTERIOR:

  1. Clear out the excess!
  2. Accent the fireplace or wood stove if applicable
  3. Add a bowl of fresh picked apples to give it that "Fall in NH" smell & look
  4. Update the kitchen faucet & cabinet knobs if dated
  5. Organize your closets, linens and storage
  6. Clean out the cobwebs, dust off light bulbs and clean out overhead lights

No property is perfect but when you are selling your home in NH let it SHINE!  Home buyers will appreciate your property that much more if they see it in it's best possible condition.

 

Have a home to sell in NH?

Click here to list your home with Pelletier Realty Group, NH's most knowledgeable local real estate experts.

 

Elderly Parent Refusing to Move

Elderly ParentBy Tami Pelletier pelletiergroup.com

I spent some time yesterday discussing with a real estate client about our aging parents, both of whom live alone in NH homes. I completely understand that when our parents dig their heels and say" I am not moving"...they really will not move!  What do you do when you are faced with this situation where you can see that very soon they really should not be living alone! This may not be an issue so much when you live 15 mins away from them, but it can become a big one when they are 30 mins away or worse yet in another state. I don't think I am alone in this and would love to hear from others on how they are working or not working this out.

Of course services are great in NH if your parent lets them in, which mine does NOT. I know there is help you can hire for meals and cleaning but the problem is my parent likes being in control and even though it is clear to ME that accepting my help or others is what can KEEP them independent my parent is adamant that "Help is not necessary."

What really struck me talking to my client is that his parent was exactly the same way. They love where they live in NH and don't want to be a burden to anyone else. They both have a fierce independent streak that is passionate. That is really great and all as when I'm in my eighties I don't expect to be told what to do either.. don't they deserve to make up their own minds??? Unfortunately for us as their children it is so much more complicated; health, driving, maintenance, finance, YIKES, there is a lot to worry about.

In regards to housing what will this look like when it is inevitable that our aging parents cannot be alone and refuse to go into assisted living or care? I would gladly take in my parent and rework my living space to accommodate their needs, but not everyone has this option. Are in-law apartments or extended family residences going to be more important as our society lives longer?

This is the world we find ourselves in today especially as baby boomers are retiring in droves and elderly parents are living longer. We need to find a solution to this problem with the right balance for everyone involved!

 

Balanced Market vs Buyer's Market

As with everything in NH real estate it's all about location, location, NH Real Estate price, price and condition, condition! This combination is the key to selling. In certain markets demand is out weighing supply however most local markets are seeing supply increasing to keep up with demand (aka "balanced market"). Changes the sellers experience in a balanced market is an increase in activity right when the listing comes on the market. The buyers experience a quicker market in which they have to act fast in order to compete with other buyers.

So whether you are looking to sell a home in NH or buy a home in NH, it is always smart to be aware of current market conditions in the area and adjust your approach accordingly.

Tami Pelletier

tami@pelletiergroup.com