With the hubbub around our economy constantly hovering over our record-shattering real estate market, it's important that we know the fundamentals. With the feds raising interest rates and mass speculation around our surging prices, low inventory, and unique circumstances, we dedicated ourselves to writing about, and explaining the most common home mortgage types you're likely to come across in your Boca home search. With the help of our superb partners at supreme lending, we have access to dedicated professionals who are always on top of the latest news and changes to mortgage law. Read on and learn from our ultimate guide to mortgage types and see if these choices are right for you.
30 Year Fixed Rate Mortgage
A 30 Year fixed rate mortgage is as it sounds. Of the two major types of mortgages (fixed and adjustable rate), this is the most commonplace and usually the preferred financial product for first time homeowners.
15-Year Fixed Rate Mortgage
A 15-year fixed rate mortgage is a much greater risk to default, but in hindsight appeared to some to be the better mortgage as opposed to the 30-year variety. While the upfront costs are vastly higher, the lack of time for interest to compound usually ensures the final cost is much lower. Without the...
Realty can be a crowded profession! Over the years, Champagne & Parisi Agents have carved out a lasting impact in our community through every new client and transaction. We're proud of the relationships we've built and the deals we've made, so when it came time to ask some of our very best about what it took for them to stand out, we came up with this shortlist (among many traits) that have made our team so special over the years.
Find A Niche, But Don't Stick To It
Everyone has an angle and a way to connect with clients - whether it be multilingualism, a property-type specialist, or even an age bracket you're comfortable with. Having your "wheelhouse" is intrinsic to developing repeat business. In the case of our international Realtors, their multilingual nature and familiarity with the immigrant journey have put them in pole position to help others walking in their path. Some Realtors are commercial specialists, others work on the beach, and beyond. It's important to find what you're best at, but don't live and die by your bread and butter.
Utilize Social Media
There are two primary ways a brokerage like Champagne & Parisi can compete with local brokerages that are five times its size: superior client service, and the embrasure of modern technology. Without...
Whether looking to live full time, seasonally or simply invest in our explosive Boca Raton housing market, there are significant factors to consider when making your investment - especially as a landlord. Our rising prices, prime real estate, and a seemingly unyielding quantity of new candidates flocking to rent your home are substantial contributors to our overall buyers' boom. Still, there are many unique challenges that we face in our Boca Raton real estate market. Here are 5 of those challenges, as part of our rental home investor's guide, learn and adapt - as we've done over the years in South Florida.
Consider Flood Insurance
Hurricane Andrew was our (no pun intended) watershed moment. Building codes were updated, new preparedness measures were adopted, and the entire real estate market was forced to adapt from breaking ground to final sale. A plurality of South Florida real estate from Homestead to the Palm Beaches is less than 30 years old, with much of it post-dating Hurricane Andrew's landfall in 1992. With wind damage largely mitigated, we now turn our attention to some of the most deleterious elements of hurricanes, and our summer storms in general - flooding. Whether it be a massive storm or days of ongoing subtropical downpours, did you know most homeowners insurance doesn't come with flood coverage? This simple, specialized insurance...
Compared to other investment opportunities like the stock market or cryptocurrency, real estate is the most reliable, dependable, and longstanding. Despite the still substantial risks and high upfront cost, the physical backing of a manmade structure provides you with all the collateral you'd need to back your initial and ongoing investment. It's important to know what factors increase or devalue the price of your home. Some seemingly innocuous choices can have longstanding ramifications. These are 5 avoidable things that can devalue your Boca Raton home if you're not careful.
We're sure that much like your dating profile, the home you've listed on the market has more than meets the eye. However, that first glance, that initial impression, is a massive determinant of action or inaction. As Realtors, we put a major emphasis on our headshots, clothing, and general disposition. Much like ourselves, our homes are a reflection of who we are. If we choose to neglect the exterior and detract from the curb appeal, we are only harming ourselves, and forcing otherwise interested parties into a hard pass.
The kitchen is one of the...
You'll never truly know the value of your home until an in-person appraisal is undergone. A full walkthrough and boots on the ground with an appraiser that knows the area is the surest way to know you're getting a solid valuation of your Boca Raton home, townhome, or condo. However, without an appointment, time allotted, and often a hefty fee, you won't know much without finding an easier way to track your home value. We often weigh ourselves without knowing our exact body fat percentage, so in applying this same logic, get an educated guess on your home's current value through these powerful home cost estimator tools!
Eppraisal offers some of the most user-friendly data aggrandizement found anywhere online. Without entering so much as an email, you can freely obtain powerfully pertinent information that'll give you a solid estimate of your home value - without the deluge of marketing emails. Eppraisal offers prices on homes, details on homes solid nearby, refinancing rates, and more. For no commitment and no hassle, you can learn a great deal about your home value, or the true value of the home you're seeking to buy.
In today's world, the real estate market can be a hit and miss. With the fluctuation of the real estate market, some agents often wonder how they will survive. The business is hard, but working remotely can pose even more of a challenge.
Luckily, the rise of real estate teams has allowed remote agents the opportunity to work with a solid team that will build off each other's goals. Making the switch itself can be a scary leap off that ledge, but any agent looking to switch to a team setting immediately sees the benefits versus the latter.
We understand--life is hard, and sometimes we can't handle the stress. When you're a real estate agent, oftentimes you are forced into the field to do open houses--disallowing you from being at the office to tackle those important clients. But one thing you can count on when it comes to a real estate team is access to availability.
Rising to the challenge and tackling those responsibilities yourself is a noble cause, but realistically it's important to have backup when you need it. With a real estate team, everyone in the unit has a role or a task they are specifically assigned to, meaning you have more of an opportunity to make deadlines or deal with clients.
Choice of Role
We know our strengths and weaknesses. Every real estate agent, of course, has parts of the job that they absolutely...
The market is red hot right now! We can’t blame you if you’re looking to sell and move on to greener (and cheaper) pastures. Nowadays, it seems like there are more Boca Raton realtors than actual houses on the market. You certainly have the pick of the litter. In a city where our local realty looks good and our brokers even better, it may be hard to find the right one for you. Here are 4 essential traits to look for when choosing a real estate broker.
Do they reply to your e-mails within one business day? Do they use full sentences and proper punctuation? Some of us have taken these skills for granted, so it comes as a shock when the person you’re looking to entrust with closing the sale on your home writes at an 8th-grade level. Aside from a baseline of literacy, is the broker you’re speaking to transparent, or do they dance around the subject? Do you have a sense that they don’t have your best interests at heart? Seek out opinions from your friends, a simple referral can weed out the shysters. With transactions the size of your home, overcommunication from your realtor is much better than one who disappears for days at home.
The job market is red hot, and so is South Florida's booming real estate industry! Millions of Americans are putting in their 2 weeks’ notice and moving on to greener pastures, leaving their lightly used green pasture for you to move into. You should always keep your LinkedIn profile up to date, not simply for a job search, but to make the right impression on any new connections you encounter in your professional life. There are some best practices for how to set yourself apart from the crowd on LinkedIn!
Use a Good Photo
You might be thinking, “How can I market myself on LinkedIn,” as you look at yourself in the mirror one morning, followed by “Damn, I look good.” You flash yourself a smile as your confidence grows and then…you walk away. Wait! Come back! The answer was staring you right in the face. Put your best face out there and use a professional photo. Profiles with one, and we cannot stress this enough, up to 25 times more likely to be viewed than those without one. This is one of the most overlooked LinkedIn tips out there. “Smile at the world and the world smiles back,” goes the old adage. You could also say, “Smile at the world and the world clicks connect.”
Skill Me Up
There is a certain baseline of modesty out there. We understand, most of us are mild-mannered people going...
It's Cheaper To Rent Than own
In 2006, prior to the real estate collapse 2 years later, home buying peaked and has dwindled ever since. Remaining effects of 2008, the mass migration of young people to major urban centers, and many Baby Boomers aging out of their home are a few examples of why. With a higher demand on rent, rental costs are skyrocketing. In 2015 alone, rental prices nationwide rose 4.6%. When considering the tax implications of a mortgage and nearly comparable prices of rent - why not pay what's often even less to own your Boca Raton home?
You need to make a 20% down payment
You technically don't need to reach this mark, with some mortgages beginning at as low as a 3% down payment. However, 20% is ideal and without that magic number, you may be forced to take out private mortgage insurance. With good enough credit and a history of on-time payments, you may be able to avoid reaching...
If you’re a real estate professional, odds are that you’re pretty good with people. You can empathize, lead small talk to the sale at hand, identify subtle clues on a buyer’s face that can help you isolate problem areas for them during a showing, etc. You could be everything short of a mind-reader and all outside indicators are blinking green: you have a buyer that is ready to buy a new house! Well, apologies for the psychics out there, but everyone is capable of self-deception. Your buyer may be picturing their triumphant move to new digs, but they very well may be seeing their own situation through rose-colored glasses. Putting aside the benefit of the doubt, here are 5 cold hard signs that your buyer leads are ready to purchase a new house.
Good Credit and Financial Solvency
This seems pretty boilerplate, no? Well, it tends to be something that a buyer lead may try to obscure or downplay. Do they have a good credit score? How is their debt to income ratio (DTI)? Bad, but they’ve been making on-time monthly payments on their $25,000 credit-card statement? Your buyer leads may have formulated a plan to pay for their $3500/month principle plus HOA plus property taxes, but this is where a simple accounting course (available at reasonable rates at your local community college) can come in handy when vetting your buyer leads. Verify their employment and banks statements along with the aforementioned DTI to give yourself the clearest picture of your buyer lead’s financial picture and see if this...
The market has never been more competitive. We certainly chase quality leads and commissions, but the most valuable commodity of all tends to be overlooked: time. With a constant undersupply of properties and an oversupply of real estate professionals, only the leanest and meanest will be able to call this work a full-time career. There are no half-measures and managing your day-to-day is paramount as all industries demand higher productivity each year. It’s time to hack your routine with these 5 tips to maximize your time as a real estate agent.
Set Appropriate Boundaries
Want to go all-in for the first few years to build your reputation? Do it! Is it your priority to raise your family? Set your schedule to make sure you are available for them consistently. This is easier said than done, but regardless if you’re a fresh-faced agent with a newly minted license or a seasoned pro with a family, setting clear boundaries between your work and home life will stave off resentment for your work and eventual burnout.
It’s been proven that lots of little distractions that take you away from your work rob you of your momentum. Just like a car that has to stop for gas, it takes time to...
It seems like there will always be an ample supply of real estate agents. Thanks to the booms of the 90s and the 2000s, more and more people have snagged licenses to help with a career change or augment their income from a normal day job. Even when the market is flush with inventory, there will always be more licensed agents than available rooms. You probably know a handful of real estate agents casually and outside the sphere of mailers, billboards, or referrals. But how does one know which real estate agent is the real deal? Here are 4 ways to spot a good real estate agent.
They Present Themselves Professionally
Putting romance aside, imagine that you’re on a date with your agent. Have they dressed appropriately? Can they keep a conversation going? Do they know what they are talking about? Are they self-aware and honest? Can they keep your interest? Is the dashboard of their car clear of a three-month build-up of fast-food packaging? If you can answer yes to all six of these questions, mazel tov, you’re off to a strong start!
They Are Knowledgeable
Good real estate agents will know their market like the back of their hands. They stay constantly informed of the local home buying trends, which neighborhoods have seen the highest rates of...
For the past decade, Millennials have been the butt of late-night monologues and satirical cartoons. Often portrayed as listless, unmotivated hedonists, it’s a common misunderstanding that Millennials are flighty and entitled. These notions could not be further from the truth, especially as the 19-year old effigies of Millennials that have been so mercilessly lampooned no longer exist. The Pew Research Center identifies a Millennial as someone who was born between 1981 and 1996, meaning that the eldest of their cohort has just begun to turn 40. It’s highly unlikely that they’ll only be obsessed with Starbucks and Kanye, as the stereotypes may claim. More than likely, their Grande Frappuccino is cooling-off in the center console of their Camry with Kanye’s Graduation playing as they drive to the closing of their new South Florida home. Here are 3 things realtors need to know about millennials.
They’re All on Social Media
If you haven’t already, you’re behind the curve on this one. When the pandemic initiated a mass exodus of tenants from all metropolitan areas in Spring/Summer 2020, those residential real estate agents still left standing had to deal with a massively oversupplied rental market. Among them were Millennial and some enterprising Gen Z agents who took to social media platforms like TikTok and Instagram, collectively garnering millions of views and impressions that would have been out of reach to even the most seasoned realtor a decade...
As the housing boom of 2020 continues into 2021, a shortage of available homes on the market has spurred a feeding frenzy with home prices skyrocketing to their highest levels in decades. One might think that this is the perfect time to be a real estate agent but think again, as a dearth of inventory and an oversupply of real estate agents means that this is one of the most competitive eras in the industry’s history. Here are 5 skills successful real estate agents need to stand out in 2021 and beyond.
Mastery of E-Mail Marketing
The personal computer has been stable in the average American household since the 1990s. Phones keep us connected to our inboxes constantly. The age of being justifiably incommunicado is long past, as we can be contacted at any time. Now is the time to use that to your advantage! E-mail marketing software with built-in automation has never been more affordable. Maintaining a slow and steady, but continuous e-mail marketing campaign will allow you to remain present within the short and long-term memory of your would-be clients, making you the first person they’ll think of when the time comes to buy, sell, or make what will hopefully be a lucrative referral.
Show-Up as The Professional
We understand that some of you make work day in and day out in 90% humidity. While some of the most competitive markets...
We get it! Selling a house is hard and even worse in a buyer’s market. When you’re thinking of how to make your home extra-attractive to a buyer, aside from living in our perfect enclave of Boca Raton, opening up your inner-sanctum to anyone off the street (who might not even wipe their shoes at the door) might push the boundaries of your comfort zone. However, at the same time, you never know if your buyer will happen to see your sign and visit on a lark. Here are the pros and cons of an open house in Boca Raton.
Pro: First Hand Knowledge
No matter how gorgeous your pictures are, nothing can truly capture the essence of standing within the genuine article. The smells, the light, the sounds of footfalls on your tile. To the buyer, they can finally estimate the livability for themselves once stepping inside. Avoid waiting for someone to spy on your ad and call their agent by inviting them...
Compared to almost anywhere in the world, Boca Raton homeownership is like having your little slice of paradise. Much like other tropical climes of the world, there are many things to consider when relocating your family to Boca Raton. This includes much more than choosing the right home and schools. We know you have enough on your hands already, so we've made a quick list of 5 things to consider when moving to Boca Raton. Check them out below!
It's not the heat, it's the humidity
This is more than one of our favorite Dad-expressions. It's the absolute truth, and it's something few are prepared to encounter as part of their daily lives. While people moving from the Northeast have a bit easier time applying the heat to the existing east coast humidity found up the national coastline, it's the westerners that struggle to adapt. The biggest difference is, of course, the excessive humidity. If one could compare a massive Californian heatwave as standing in front of a recently opened oven, our Florida heat is like tossing a hot, damp blanket over us. It's stifling, but you're adaptable!
Upgrade Your Windows
Windows are one of the most important decisions any homeowner and homebuilder have to account for, but in...
Dreaming about becoming a Boca Raton homeowner? Who can blame you! Life here in the high tropics is near picture-perfect 300 days out of the year. If you ask one of the tens of thousands of people who relocate to Florida each year why they moved to the Sunshine State, they’ll tell you that our quality of life was their number one reason. While most of us see these people as new friends and neighbors, some see them as dollar signs. Here are 4 real estate hoaxes and scams to look out for if you are thinking of moving to Boca Raton.
Fake Rental Units
So you want to rent before you find a place to buy? Good idea! We agree that taking a month or two to get the feel of your new city is a safe and measured course to take, even if we are certain you’re going to love it here. However, with more and more people moving to Florida from the northeast, seasonal and full-time rental units have seen their supply begin to dry up and the scammers have found a score. Some scammers may have a key to show you an unfurnished (or even furnished) unit. They may put on a “hard sell” and say that they have offers, but a cash deposit on the same day will guarantee you the lease. Maybe that ad on Craigslist for a $900/month two-bedroom a block from the beach seems too good to be true? When in doubt, contact the local appraiser’s office for the name and contact information of the owner of the unit, to confirm the legitimacy of the let. Always write a check and always verify.
Unlicensed Real Estate Agents
Moving is a hassle, and as any homeowner knows, undertaking taking such a rigorous task requires a lot of preparation—mentally and physically. Home staging is the process in which the homeowner showcases the best features of a home. From the bathroom, bedrooms, kitchen, and foyers, it’s important to make your home a hot commodity on the Boca Raton housing market. Our expert realtors on the Champagne & Parisi team recommend home staging as a way to help you earn a quick sale, and make you walk away with the confidence in knowing you made the right choice. However, home staging can be a very time-consuming process and it’s important to know the right tips and tricks. The profit you make from your home is an important number when it comes to moving into your next home. These 4 tips will guide you down the right path towards earning your next dream home.
Rearrange Furniture to Open Space
You may love your big recliner right where it is, but when showing your home to a prospective buyer, open space is essential. Stoking the imagination of the buyer is much easier with less personal material and more open space in your home. When the buyer can visualize how they would utilize the space, their imagination begins to run and they begin to wrap their head around the prospect of living there. Obtrusive...
Many of us daydream from time to time about trading up to a new home, or ponder a downsize to a place that is easier to clean, but take it further and the logic center of our brains begin to heat up with questions. You might even doubt that you know enough about selling real estate to get the best deal, or if the time is right for selling a home in Boca Raton. The good news is the market is red hot right now and Boca Raton’s real estate inventory is shrinking by the hour. In order to get you on the right track with selling your room (or any property for that matter), we’ve broken down the Top 4 Real Estate Selling Myths for the Boca Raton resident!
MYTH #1: SHOW YOUR HOME TO YOUR PROSPECTIVE BUYERS
You may be the friendliest person one could hope to meet, but never do a walk-through of your home for a prospective buyer ever. Full stop. We may be a nice group of people in Boca Raton, but home selling is best left to your real estate agent. Behavioral surveys have found that showing a home with the owner present that create an awkward atmosphere that may feel like intrusion and prevents the prospective buyer seeing the house as their own.
MYTH #2: LOW COMMISSION = BIGGER PROFIT