Greater Rochester Area Real Estate Podcast with Brad Saarela

How to Buy and Sell Simultaneously in Rochester

Brad@somersetlendingcorp.com (Brad Saarela) — Wed, 29 Jun 2016 09:06:00 -0700

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A common problem that my clients encounter is that they need to buy and sell a home at the same time. This is a difficult hurdle to jump, but it can definitely be done.

Your first and best option in this scenario is to speak with a mortgage banker to ensure that you have the income and the assets to complete a transaction like this. This will allow you to learn whether you need to buy before you sell a home. Most homeowners aren’t in a situation where they have the credit or funds to pay two mortgages at once.

This would lead to your next step: speaking with a local real estate agent. You’ll need a professional that knows the market well, and someone that would be able to time a transaction accordingly. Your agent needs to know how competitive the market is where you’re looking to buy, and what options you have moving forward in that market.

The benefit of working with my team is that I’m both a mortgage banker and a real estate professional, so in one conversation you can find out the easiest route to take in a simultaneous buying and selling position.

In just one hour, we could find solutions for you and your family. Please don’t hesitate to contact us today!

How to Win Bidding Wars in the Rochester Market

Brad@somersetlendingcorp.com (Brad Saarela) — Mon, 16 May 2016 10:40:00 -0700

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Are you prepared to win a multiple offer situation in Rochester as a home buyer? I’ve got some tips that can help put you over the edge and win those battles.

The first and most important thing is to hire a team that specializes in that particular area. My team, for example, has about 15 agents who are also top agents in the area. A lot of listing agents know who we are, so when we make an offer for you, there’s typically a relationship with the listing agent.

The second thing to look out for is what to do when making an offer over list price. If the list price is between $150,000 and $400,000, in most cases, offering $5,000 to $7,000 over should work. If you find yourself in a very competitive situation, try not to give appraisal guarantees, but a lot of times it can help. This means if the appraisal comes up short of the offer, you guarantee to cover the gap.

Another alternative if you can’t win a multiple bid situation is finding a great home in a great neighborhood that has good infrastructure, then add the cosmetic updates to your liking. Your goal should be to get about 5% to 7% sweat equity after that.

Thanks for watching today. If you have any questions, feel free to reach out to us.

Our Team Is Here to Serve You

Brad@somersetlendingcorp.com (Brad Saarela) — Fri, 13 May 2016 08:45:00 -0700

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It takes many different moving parts for a team to be successful like ours has been. We want to introduce you to our team today and give you a little bit of information about each of these people who work together to make our team successful.

Let’s start with Brad Saarela, our team leader at Andrews Realty Group and Somerset Lending. Over the last 15 years, he has helped over 1,000 families and is looking to help even more in the future. He enjoys spending time with his wife and children, listening to music, and reading about economics.

Travis Keck is a buyer’s agent and listing specialist, as well as a licensed mortgage banker. He is from Piatkowski, Michigan and brings a small-town mentality to the big suburbs. In his free time, he likes to hang out with his wife and play catch with his son.

Ryan Dillon is a listing and buyer specialist, as well as a licensed home builder. Ryan brings a unique perspective to the home buying and selling process. In his free time, he likes to kayak and bike in and around the Rochester area.

Jason Patrick is a buyer and listing specialist, as well as the recipient of the customer service award for three years running. He has a wife and three kids, and likes to write music in his spare time.

Miranda Kelle is a buyer’s agent and inside sales rep. With her passion and integrity, your home transaction will be an enjoyable experience. In her spare time, Miranda raises show pigs.

Nick Valitutti is a buyer’s agent and inside sales rep. Nick is a highly-dedicated team member that places emphasis on your goals. On the weekends, he likes to ride dirt bikes and compete in motocross competitions.

Ben Schomer is a buyer’s agent, inside sales rep, and mortgage banker. He can personally answer all of your questions from A to Z. In his spare time, he enjoys running on the trails in Rochester and coaching basketball.

Steve Barnett is our team banker at Somerset Lending. His pledge to you is to give you a quick and precise pre-approval. In his spare time, you can find him listening to music or out on the golf course.

That’s just an introduction to the great members of our team, who rank in the top 5% in Oakland County. If you have questions for any of us or need help with anything, give us a call or send us an email. We look forward to hearing from you!

Hear Testimonials From Happy Clients

Brad@somersetlendingcorp.com (Brad Saarela) — Fri, 29 Apr 2016 08:18:00 -0700

To hear more in depth testimonials from these clients, go here.

Why Is It Easier to List Your Home with the Andrews Realty Group?

Brad@somersetlendingcorp.com (Brad Saarela) — Thu, 14 Apr 2016 12:16:00 -0700

Want to sell your Rochester Area Home? Get a FREE home value report.

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If you’re looking for an effective and convenient way to sell your home, then look no further than the Andrews Realty Group.

Our listing staff has dual credentials. Myself and Travis are mortgage bankers and this comes in handy for appraisals. We won’t list or sell your home if we do not think that it will appraise.

Our listing agent, Ryan, is also a licensed contractor. This will help you prepare for inspections, and it will be helpful when you’re making repairs around the home.

Our dual expertise has paid dividends for past clients as well as current ones. We have the skills to do just about anything to get your home sold, and we would love to prove this to you!

Everything You Need to Know About Our VIP Buyer Program

Brad@somersetlendingcorp.com (Brad Saarela) — Wed, 13 Apr 2016 08:39:00 -0700

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Today, I’m going to discuss how being a VIP buyer with us gives you an advantage over any other agency. There are three distinct advantages.

1. You have access to our in-house mortgage company, Somerset Lending, which was Small Business of the Year in 2013. Not only is this convenient for you, but also most listing agents in the area are comfortable with our pre-approvals.

2. Most of our buyer’s agents have multiple credentials. A few of us are mortgage bankers and real estate agents. One of our buyer’s agents is also a licensed contractor. When you walk through a home with him, he can point things out that other agents might not notice. He’ll also let you know what updates you can make so you know quickly if this home is for you.

3. Our VIP program will help alleviate stress and concern during difficult transactions, such as competing against multiple offers or not finding what you want on the market. We can help our VIP buyers get into homes that aren’t even on the market yet. Our resources allow us to brand you as a buyer to certain homeowners in certain neighborhoods, and those sellers know our brand and come to us.

Being a VIP buyer can help you get into the Rochester home of your dreams. If you have any questions, give us a call or send us an email. We would be happy to help you!

Rochester Area Real Estate: Why Work With Us?

Brad@somersetlendingcorp.com (Brad Saarela) — Mon, 21 Mar 2016 12:36:00 -0700

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Beware of the Hidden Costs of Selling in Rochester

Brad@somersetlendingcorp.com (Brad Saarela) — Wed, 9 Mar 2016 11:19:00 -0800

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How much does it actually cost to buy or sell a Rochester home? This is a question on the minds of buyers, of course, but it’s also on the minds of homeowners who are wondering how much they can net on the sale of their home. Here are a few of the fees you can expect to pay when selling:

Commissions: 6%

Listing agent: 3%

Buyer’s agent: 3%

Transfer taxes & title fees: 1.5-2%

Altogether, a conservative estimate is that selling will cost you about 8% of the purchase price. To figure out how much you’ll actually net, take the potential purchase price and multiply it by 92%, and then subtract your loan balance plus per diem per.

Beware that there are many hidden fees that could pop up during a home sale. The best way to mitigate these costs, or to handle them as smoothly as possible, is to work with a real estate professional who knows the process inside and out. They will look out for your best interests to ensure you’re not take advantage of in the process.

If you have any questions about this or if you need real estate assistance of any kind, please don’t hesitate to reach out to us. We would love to hear from you!

Avoid Frustrations By Hiring a Real Estate Team

Brad@somersetlendingcorp.com (Brad Saarela) — Tue, 8 Mar 2016 08:01:00 -0800

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Today, we'll talk about why it’s important to use a team when buying a home. Here are the benefits.

It’s for your personal convenience. If you’re working with a lone Realtor, how will you get the opportunity to seek out those quickly selling homes? You won’t, because they’re working with at least a dozen other buyers.

A team revolves around your schedule. My team has the ability to be available on demand. In case of emergency, we have agents on call to cover you!

Additionally, teams personally match buyers to the agents. It could be based on personality, area of expertise, or even location. We want to ensure you have the best, most enjoyable customer service experience possible. For instance, our agent, Ryan, is also a licensed builder. Some homes in the surrounding area are only live on the MLS for a few days or less. If you’re going to build or upgrade a home, he’s someone you should work with.

Frequently, teams have a lead member as an anchor. On my team, I overlook as the anchor. I make sure everything is going well, such as with contracts or tough negotiations.

If you’re thinking about buying or selling in the surrounding Rochester area, give me a call or send me an email today. We look forward to hearing from you!

What Homes Are in High Demand in Rochester?

Brad@somersetlendingcorp.com (Brad Saarela) — Wed, 17 Feb 2016 11:07:00 -0800

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Today we are going to talk about some of the homes that are in demand right now in Rochester. What we have found is that our buyers in particular are looking for a few different kinds of homes.

The first, and most sought-after type of home is the ranch-style home. Not many of them were built over the last 20 years, so the ones that are left are updated and in high-demand. Our company has a lot of retirement-aged buyers looking to buy ranch-style homes but have been unable to do so.

If you are or you happen to know someone who is selling a ranch home in the Rochester area, we would love to pair it up with one of our many buyers. Split-level homes are in high demand as well from our buyers.

If you have any questions, feel free to give us a call or send us an email. We would love to hear from you!

Avoid Missing Out in Rochester

Brad@somersetlendingcorp.com (Brad Saarela) — Tue, 16 Feb 2016 11:44:00 -0800

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If you’re thinking about buying in the spring, the buying process might take longer than you think. The process accounts not only touring homes, but finding the right property, going under contract, applying for a mortgage, and closing successfully.

Ideally, you should account for 120 days to buy a home. The first 30 to 45 days should be spent shopping around for the right house. Next, you need to allocate 45 to 60 days for the mortgage process. This includes inspection, appraisal, and due diligence with the appraiser. Additionally, expect to give 3-5 business days dedicated solely to TRID.

If you’re looking to move your family into a new home, start looking now! Start before the vacation season and before school is out. Additionally, there aren’t as many buyers out now compared to the peak of the springtime market. Give me a call or send me an email!

Are You Looking for a More Fulfilling Career?

Brad@somersetlendingcorp.com (Brad Saarela) — Tue, 29 Dec 2015 09:34:00 -0800

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Today, I want to explain why I love coming into work every day, and why now is a great opportunity to join our firm. Here are just a few of the many reasons to consider working with us:

Accountability: We fine-tune our metrics. We know that our 500 to 600 inbound leads every month will ultimately convert into about $4 million to $5 million in listings and purchase transactions. This is because of the four refined ISAs we have constantly working leads.

Daily collaboration with the team: There are no closed offices here. Everyone works together and cooperates so that no one is left in the dark. It's a great team environment that will allow you to do what you do best.

Dual income opportunities: If you're a loan officer who wants to break into real estate, you can do that here. If you're a Realtor who has always wanted to make a little bit more per purchase transaction, you can do loans here too.

If you're interested in learning more, don't hesitate to reach out to us. We're always looking for great talent and would love to sit down with you to see if you're the right fit for our team. We hope to hear from you soon!

What Raised Interest Rates Mean for You

Brad@somersetlendingcorp.com (Brad Saarela) — Tue, 22 Dec 2015 08:46:00 -0800

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On December 15th, the benchmark interest rate went from a range of 0-0.25% to 0.25 to 0.5%. In the last two years, the big price changes have already happened, it’s already built in. Today, we can say rates haven’t changed.

What impact has it had on the markets? As of December 17th, the stock market went up in the U.S. The rest of the world experiences this, too, because we’re coming out of a recession. The biggest economy in the world is showing confidence with unemployment at 5% and low inflation.

What does this mean for you, the consumer? Rates will go up, but only slowly. Don’t panic because it’s not urgent to refinance your loan or buy a home within the next sixty days. However, this would be a good year to do it. With a recovering economy, you can earn top dollar for your home and get a superb interest rate on your next one.

If you’re thinking about buying or selling a home, please reach out to us! We’d be happy to serve you in 2016.

*Due to fluctuating market conditions, information is subject to change

Thank You for an Incredible Year

Brad@somersetlendingcorp.com (Brad Saarela) — Fri, 11 Dec 2015 12:18:00 -0800

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Today I just wanted to take a moment to thank each and every one of you for your support over the last year. We have been able to help over 100 families in 2015, and it’s all thanks to you.

While the market may slow down a little bit during the holiday season, there are still tons of buyers out in the market right now. We’ve got a motivated crowd of buyers that we’re working with and they’re looking for good homes. If you’ve been thinking about selling, this might be a great opportunity for you to sell while inventory is limited.

If you have any questions for us, don’t hesitate to give us a call or send us an email. Happy Holidays!

Being a Smart Consumer During The Holidays

Brad@somersetlendingcorp.com (Brad Saarela) — Wed, 9 Dec 2015 09:20:00 -0800

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A lot of people use their credit card when they do their holiday shopping for their families. It's tempting to sign up for the store credit card when they offer a major discount, but the truth is that these cards usually max out instantly, and your score will then drop 30-40 points.

If you have to use a credit card, it's best to use multiple cards and keep each card below 30% of the balance. This will help to keep your risk low.

Using your equity line is another risky thing to do. Your line of equity is the same thing as a credit card that you use against your home, so you're not really getting anywhere by doing this.

I recommend taking out a small loan against your car because that won't hurt your credit. You can buy plenty of Christmas gifts with that money, and it won't hurt your credit because it's backed by collateral.

If you have any questions about buying or selling this holiday season, please don't hesitate to contact me. I look forward to speaking with you!

What's Happening with Foreclosures and Short Sales in the Rochester Area?

Brad@somersetlendingcorp.com (Brad Saarela) — Thu, 12 Nov 2015 08:24:00 -0800

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Can you still snag a deal on foreclosures and short sales? From 2008 to 2012, many of my closings were foreclosures or short sales.

More recently, only 5% to 10% of transactions include foreclosed homes. Most foreclosed properties need repairs, and many buyers don't want to deal with them. Other properties have been repaired by banks. These specific properties are priced correctly for the market, so buyers can't get as much of a deal on those properties.

Deals are still out there, but those properties may be in remote or undesirable locations. Ultimately, foreclosures and short sales are not as popular today comparatively. Most deals are gone.

If you have any questions, please give me a call or send me an email. I would be happy to help you!

Do You Know the Role of an Appraiser in a Home Purchase?

Brad@somersetlendingcorp.com (Brad Saarela) — Wed, 4 Nov 2015 12:27:00 -0800

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When a loan is involved, the appraiser is chosen randomly from a pool. When an appraisal is turned in, it goes through an audit process with a management company. In theory, appraisers are supposed to be unbiased.

There are two kinds of appraisals: refinance and purchase. A refinance appraisal doesn’t account for the value you want, but a purchase appraisal requires a look at the purchase agreement.

These days, in either case, an appraiser is not afraid to appraise your home short. That’s why it’s important to understand the steps an appraiser takes. Here is what an appraiser actually does:

1. Inspects the property. Take measurements and photographs of your property.

2. Compares similar homes. An appraiser looks at similar properties to determine the value of yours.

3. Makes adjustments to:

Date of sale time
Location
Site
View
Design
Construction quality
Condition age
Square footage
And more

When you work with my team, we have banking experience and knowledge of how the appraisal process works. Don’t find yourself in a contract that won’t appraise! We can help you save time and money.

When Is the Best Time of Year to Sell a House?

Brad@somersetlendingcorp.com (Brad Saarela) — Mon, 12 Oct 2015 07:55:00 -0700

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A lot of people have been asking me, "When is the best time of year to sell my house?" Unfortunately, that question is tough to answer, especially when the weather in our state tends to be colder. As a seller, it really depends on what you're selling.

If you live in a lake house, it may be more difficult to sell in the winter because people cannot see the lake. That particular situation is pretty obvious, but for other properties, it's not so clear.

If you're in a neighborhood and you've made a lot of updates to the interior of your home that sets you apart from other properties in the area, then you can sell at any time of the year.

You should also consider how many homes are on the market. In winter, there is less competition, which could be better for you. Buyers also have more competition in spring or summer, so if you buy in winter or fall, multiple offer situations are less common. Also, sellers may be more motivated in the winter. Maybe they've been relocated and have to sell their home within a certain timeframe.

The best thing for you to do is consult a real estate professional, like myself, who can help you examine the market and make the best decision for you. Give me a call or shoot me a quick email if you need help with anything real estate related. I would love to hear from you!

How Can You Maximize Your Rochester Home's Sale Price?

Brad@somersetlendingcorp.com (Brad Saarela) — Fri, 9 Oct 2015 09:30:00 -0700

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If you want to sell your home quickly and for top dollar, what's the best strategy to follow when pricing your home?

That's a great question, and I believe that I have the answer. About two weeks ago I listed a ranch-style home at $200,000, and then the neighbors (who owned a replica home) listed their property at $209,000. So we had two identical homes, but one was $9,000 more than the other.

What happened?

In less than two weeks we received multiple offers and ended up taking $204,000 for the home. The neighbor got one offer and sold for only $200,000.

The neighbor's strategy didn't work because home buyers are savvy and they know when they're getting a good deal. They can see that the home isn't really worth the extra $9,000, and they'll go on to the next one (which happened to be my listing).

The first two weeks that your home is on the market are extremely crucial to the overall sale. You want to create a buzz in the market with an attractive sale price. The best thing to do is price your home right at or right below the market value. This will open up the largest pool of buyers, and you'll have the best chance to get top dollar for your home.

If you have any questions or concerns about this issue, or if you'd like to talk about real estate in Rochester, please don't hesitate to contact me!

Should You Make an Offer on a New Listing?

Brad@somersetlendingcorp.com (Brad Saarela) — Wed, 2 Sep 2015 13:13:00 -0700

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In this market, a lot of people are wondering, "Should I put an offer on a new listing?" When people ask this, they are mostly concerned about overpaying. However, I think you absolutely can make an offer on that new listing, and there are a few simple things you can do to make sure you get a good buy.

First of all, make sure you hire a local real estate expert. My team shows homes every day here in Rochester. We know the market trends, and what homes are selling for.

Second, make an offer based on market value. We can certainly help you with this. Ignore the list price - the seller might be hoping to get higher offers. Oftentimes, I see a home sell for 5% or 10% less, and then go to pending in two days. Your agent can help you make sure that you make a good offer.

If you have any questions about today's video, give me a call or send me an email. I'd be happy to help you!

Is it Better to Have Bad Credit than No Credit?

Brad@somersetlendingcorp.com (Brad Saarela) — Wed, 2 Sep 2015 10:25:00 -0700

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If you're going to obtain mortgage financing, which is worse: no credit, or bad credit?

The short answer is that having no credit is worse. You'll have a hard time getting a credit card or a mortgage because you have no history to present to a creditor or a bank.

You have to start somewhere to build credit. You need to build installment credit with things like car loans or mortgages, and you need to pay off credit cards. Ultimately, having no credit makes it tougher to get a loan.

If you have bad credit, you can get a loan, but you will pay more on interest.The best thing to do is take care of bad credit. Pay down your cards to 25%, make your payments on time, and stay away from bankruptcy or foreclosures.

If you have a low credit score but can make mortgage payments on time, we can cut into the credit cards and get you a better credit score, which will get you a better interest rate.

If you have any questions, please give me a call or send me an email. I'd be happy to help you!

How to Win a Bidding War on a Rochester Area Home

Brad@somersetlendingcorp.com (Brad Saarela) — Thu, 30 Jul 2015 12:53:00 -0700

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Today we're going to talk about how to approach a bidding war if you're a buyer. Usually a bidding war starts because the home itself is a good investment. The home could also be in a good neighborhood, or near a school that everyone is trying to get into. Basically, it's a result of supply and demand.

If you find yourself in a bidding war, how can you win? The best thing to do is hire an agent who knows the pulse of the local market. They are usually connected with other agents, other agents trust them, and they know a good lending company.

Another strategy for winning a bidding war is making a cash offer, or offering a large down payment. You could also offer a few thousand over list price, and guarantee any appraisal gap coverage - meaning, if you offer $3,000 over list price and it doesn't appraise, you will pay up to $3,000 over the appraised value, not to exceed the contract price. You'd be surprised at how often that works, and the home does appraise.

Ultimately, a home is in high demand because it's a great investment. You don't want to buy a home that's been on the market for three months and there's no demand for it, because when it's your turn to sell, you might have a problem.

If you have any other questions about today's topic, or about real estate in general, please give me a call or send me an email. I'd love to hear from you.

What Are the Benefits of Working with a Real Estate Team?

Brad@somersetlendingcorp.com (Brad Saarela) — Tue, 28 Jul 2015 14:00:00 -0700

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When you work with a team of real estate professionals, one of the first advantages you get is flexibility. Instead of waiting for one agent's time to open up, you have multiple people to rely on.

The second advantage that you receive is that you get a collaborative team that can accomplish more and in a shorter time period. We all specialize in something different, so this also allows us to accomplish things with a higher level of quality.

Working with a team will also prevent burn out between you and a solo agent. With a team, you're not always seeing the same faces, you're working and interacting with someone different.

The best part about working with a team is that you pay the same price as you would to a single agent. Why not get 10 agents for the price of one?

As always, if you need any assistance when you're buying or selling in Rochester, please don't hesitate to contact me!

How to Obtain the Best Mortgage Rate

Brad@somersetlendingcorp.com (Brad Saarela) — Wed, 24 Jun 2015 09:17:00 -0700

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Welcome back to our blog. A lot of people have bought homes lately in Rochester, and buyers are taking advantage of historically low interest rates. In order to get the best interest rate from a mortgage company, you need to understand all the factors that go into determining the type of loan you qualify for. There are three basic pillars that determine your eligibility for a mortgage: your credit, your income, and your collateral.

I would say credit is the most important, because most banks have a tier system to determine your rate based on your score. If you have a credit score of 740 or higher, that's exactly what you need to get the best rate. Credit can be quite difficult to understand, but as long as you remember to keep your credit card balance down and always have some kind of credit (like an auto loan or mortgage).

As far as income is concerned, you need to have been in the same line of work for 2 years prior to getting pre-approved.

For collateral, your down payment minimum on a conventional loan is 5%. However, the more you put down now, the less you'll have to pay in interest down the road.

If you've got a good credit score, 2 years on the job, and are able to put 5% down on a home, you're going to get a great rate. If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you!

Can You Trust Zillow to Give You an Accurate Home Evaluation?

Brad@somersetlendingcorp.com (Brad Saarela) — Wed, 17 Jun 2015 07:21:00 -0700

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As the Rochester market continues to heat up, many homeowners are going to Zillow to see how much their homes are worth. Are these online home value estimates accurate? Should you trust them?

In most cases, Zillow estimates are anywhere from 5%-15% off. They use a basic algorithm that uses similar home sales in your neighborhood to come up with a value. However, finding the true value of a home is not that simple.

The best way to find a home's value is to talk to an agent who will pull comparables and physically assess your home. There is no way for Zillow to account for all the things that give a home its value. Zillow is a great tool to get an idea of your home's value, but not to find an accurate home value.

If you would like to have an agent give you an in-depth market analysis, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you in any way possible.