One of the best ways to attack a big goal is to break it down into smaller goals. So here are four smaller goals you can tackle to accomplish your larger goal of buying a home:

1. Prepare for battle: Before you begin looking for a house, look at your financial situation. Do what you can to clean up any credit blemishes, pay off debt and save toward a down payment.
2. Check your qualifications: There’s no sense looking for million dollar mansions if that’s not in your budget. Talk to a mortgage professional, or preferably several, to get an idea of what loan amount is available to you. Get preapproved for your mortgage so that you’re ready to make an offer when you locate your perfect Madison MS home.
3. Build your army: Finding a real estate agent that you click with can make all the difference in navigating the home buying process successfully. He or she can save you tons of time by pointing out the advantages and disadvantages of neighborhoods and homes so that you only look at places that truly fit your needs.
4. Define your perfect space: It’s worth spending some time considering which characteristics of a home are most important to you. Think about the neighborhood, school system, and commute times, along with basics like number of bedrooms and square feet.

Once you have a clear understanding of your financial situation, what you’re looking for, and have the help you need to find the perfect Madison MS home, you will be amazed at how much more prepared you feel to take on the next steps in the process.

If you want to discuss more details on the home buying process, contact me today at 601-942-3392 or Paula@KeyTrustProperties.com.

Paula Ricks
Broker/Owner, REALTOR®
220 W Jackson St, Suite 200, Ridgeland MS 39157
601-942-3392
www.PaulaRicks.com

When you understand the typical meaning of these code words, you’ll be better able to determine which Madison MS homes for sale are worth looking at in person.

• Cozy: Look at this home if you don’t mind a much smaller than average home.
• Rustic: If you want a home in the country (or one that looks like it should be in the country), take a look at this one.
• Move in Ready: Usually means it’s vacant.
• Starter: It’s smaller and less expensive than average homes in the area.  If you’re in the market for a starter home, this is the phrasing you want to look for.
• Needs TLC: It probably needs more than just a little work.  If you don’t mind that, check it out for yourself to see how much work it really needs.
• Handyman’s Special: Needs more work than TLC, which probably means you’ll need to hire professional contractors to get at least some of the work done.  If you like the home, have a home inspection to find all the problems and then negotiate for a good price.
• Investor Special: Best use of this property is to rent it out.
• Investment in Land: If there’s a house on the land, this means you’re probably wisest to tear down the home and rebuild.
• I’m Beautiful Inside: The interior is nice, but something about the exterior is unappealing.  It could be something easy to fix like old siding and cracked concrete or something impossible to remedy like being on a busy street.
• Honey, Stop the Car: This is a must-see home, if it fits your budget and needs.

If you’re looking at Madison MS homes for sale, let me help you crack the code.  I’ll help you find a home you’ll love and use my negotiation skills to get it at a great price.  For more information, give me a call today at  601-942-3392 or email me at Paula@KeyTrustProperties.com.

Paula Ricks Broker/Owner, REALTOR®
220 W Jackson St, Suite 200, Ridgeland MS 39157
601-942-3392
www.PaulaRicks.com

Before you make up your mind or put in an offer, take the time to prioritize the following:

• Location – Can you find land to build on in your desired location? If not, are you willing to consider a different area if it means you’ll get a house tailored to your specifications? If you’re extremely location focused, you might have to give up the idea of building your perfect house and concentrate on available homes in the area.
• Timeline – How flexible is your timeline? If you absolutely need to be moved into your new Madison MS home on a certain date, don’t even think about building. Building a house always seems to extend past the estimated completion date. If your timeline isn’t flexible, it might be time to start looking at existing homes.
• Renovation – Are you willing to renovate an existing house? With property values staying consistently lower than the cost of new, custom construction, renovating an older house may get you a lot more bang for your buck. However, do your homework first to find out exactly what needs to be done and at what price because renovation costs can skyrocket if you run into unexpected problems.
• Communication – Do you want to deal with builder headaches? Sometimes, even the best contractors can be difficult to work with. You’ll need time to drop by the building site on a regular basis to make sure everything is going according to your plan.
• Resale Value – Are you likely to re-sell your new property in the relatively near future? If so, you might be better off buying an existing house. In new construction neighborhoods, most potential buyers will be thinking about building instead of buying.

Ultimately, you can get a lot of satisfaction from either choice — just make sure you know what you’re getting in to. If you need help deciding whether to build or buy your new Madison MS home, call me at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks Broker/Owner, REALTOR®
220 W Jackson St, Suite 200, Ridgeland MS 39157
601-942-3392
www.PaulaRicks.com

While Will and Kate may never buy Madison MS real estate, plenty of foreigners are looking for investment and vacation properties within the fifty states.  If you live outside the United States and are considering purchasing property, below are a few tips to help point you in the right direction.

• Ensure you’ll actually visit – If your purchase is for pleasure, make sure you have the funds set aside to vacation at your new abode at least once a year. If flights are hard to come by and you can’t make the trip, you may come to resent your relaxing retreat.
• Hire a Madison MS real estate agent – Even if you visit the area often, employ the expertise of an agent who knows the location and the housing market. She or he will be able to provide you with a wider selection, find you hidden gems, know up-and-coming hot spots and send you information on properties that fit your priorities as soon as they’re on the market.
• Take advantage of tax benefits – The US government supports foreign investment and has created many tax deductions and credits for overseas buyers.
• Look into a real estate attorney – You may want to seek out and hire a lawyer who specializes in dealing with foreigners’ property purchases. He or she will be able to ensure all of your documents are properly drawn up, overseas legal errors are compensated for and you’re receiving all of the eligible tax breaks.

Don’t spend a minute feeling confused about the process of buying Unites States property. If you’re interested in Madison MS real estate, call me at 601-942-3392 or email me at Paula@PaulaRicks.com for more information … I promise to treat you like royalty!

Paula Ricks Broker/Owner, REALTOR®
220 W Jackson St, Suite 200, Ridgeland MS 39157
601-942-3392
www.PaulaRicks.com

• Investigate online.  Most people know to search for Madison MS homes for sale online, but what about searching for a neighborhood?  Although you can’t search each and every individual neighborhood, you can research almost any city online.  This gives you a pretty good idea of what the area has to offer in the way of schools, shopping and safety.
• Hire a buyer’s agent.  While you’re searching online, your buyer’s agent can search the Multiple Listing Service (MLS) for you.  She or he can email newly listed properties to you daily.
• Use your buyer’s agent as your eyes, ears and nose.  When you find a home that meets your needs, ask your buyer’s agent to visit it in person.  Have him or her take photos of the interior and exterior of the property and email them to you.  S/he can even take a video and post it on YouTube for you to see.  Ask your buyer’s agent to tell you what the home smells like and how loud (or quiet) the neighborhood is.
• Share as much information with your agent as you can.  The more you research the area, the more information you are going to have to give to your agent.  Talk with your agent and let her or him know what you have found and any areas that you may have decided against.  This will save you and your agent time.
• Visit to get a personal impression.  If at all possible, after you’ve narrowed the properties down to the top two or three, personally visit them.  While you can buy a house sight unseen, it’s best to make at least one trip to get a feel for which home most appeals to you.

For more information on long distance home buying or other tips to make your search for Madison MS homes for sale easier, give me a call at 601-942-3392 or send an email to Paula@PaulaRicks.com.

Paula Ricks Broker/Owner, REALTOR®
220 W Jackson St, Suite 200, Ridgeland MS 39157
601-942-3392
www.PaulaRicks.com

Mistake #1:  Assuming your credit is good.
The information in your credit report determines whether you can get a loan — and how much interest you will have to pay – so it pays to be certain your credit reports are accurate.

Check your credit reports for free from all three credit reporting companies — Equifax, Experian, and TransUnion — to make sure everything is correct.  If you find errors, contact both the credit reporting company and the information provider (the person, company or organization that provided information about you to a credit reporting company) involved in the errors and ask them to fix the credit report errors.

Mistake #2:  Getting pre-qualified, not pre-approved, for a loan.
It’s far better to be pre-approved for a loan than to be pre-qualified.   Here’s why…

With pre-qualification, your lender does a preliminary evaluation of your ability to pay for a home and gives an estimate of the mortgage amount they’ll give you.  The lender does not verify the information you provide.

With pre-approval,  your lender verifies your income, assets, debts and credit history.  They provide you with written confirmation of the mortgage amount for which you’re approved. That written confirmation demonstrates to the seller that you are committed to buying and can give you an advantage over other buyers.

Mistake #3:  Allowing emotions to influence your decisions.
Buying a home is an investment.  It needs to be treated as any other investment.  You don’t buy stocks because they are pretty and you shouldn’t pick your Madison MS home that way either.  Make sure the home you buy fits your needs and allows you room to grow over the next few years. As with any sound investment, time is the key to a good return.

If you are a first-time home buyer, I would be happy to help you find and get the best price for you first Madison MS home.   Give me a call today at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks Broker/Owner, REALTOR®
220 W Jackson St, Suite 200, Ridgeland MS 39157
601-942-3392
www.PaulaRicks.com

To help you with this process, here are answers to four of the most popular questions I’ve recently received from home buyers:

Q: Where can I find the best deal on Madison MS homes for sale?
A: The answer is almost anywhere. Because homes are sitting on the market for a long time, most homeowners are more willing than ever to negotiate.

Q: What about buying new construction?
A: The option for new construction is open to more people than ever before. Builders are offering extended home warranties and many upgrades to help move their inventory. Some builders now offer financial assistance to reach an even larger number of buyers.

Here’s the number one tip to get the best deal in new construction: Before starting your search for new construction, hire a real estate agent. Your real estate agent can negotiate the best deal for you, even in new construction. Be sure to visit new construction with your agent so the builder knows you’re represented. This representation costs you nothing and can save you a lot of money.

Q: Should I look at short sales and foreclosures for my best deal?
A: Not really. Although there are good deals to be found, the time and effort involved in purchasing short sales and foreclosures can be a huge negative. Negotiating with a homeowner can be much easier than trying to negotiate with a lender for the short sale or foreclosure.

Q: Should I wait for home prices to go even lower?
A: Definitely not. Prices of Madison MS homes for sale have come down from a few years ago and are much more stable and accurate. The days of inflated home prices are long gone. This does not mean that homes will not increase in value. It only means that they will do so at a rate that should prevent the upside-down mortgages that some people are facing today.

This is a prime time to purchase a home. With the large number of homes on the market, you are certain to find one to call home. Let me help you in your search. Call me today at 601-942-3392 or email me today at Paula@PaulaRicks.com.

KeyTrust Properties Paula Ricks
Paula Ricks Broker/Owner, REALTOR®
220 W Jackson St, Suite 200, Ridgeland MS 39157
601-942-3392
www.PaulaRicks.com

Here are 7 ways to reduce the stress often associated with buying a Madison MS home:

1. Hire a real estate agent who fits your personality.  Find someone who you trust, who communicates well with you, and who you feel comfortable being around.
2. Listen to your agent.  Once you’ve hired an agent you trust, listen to her advice.  Don’t stress yourself out by second guessing her.  You hired her because she’s an expert, so relax and take her recommendations.
3. Have it your way.  Make decisions based on your needs and desires, not those of your parents or friends.
4. Get early mortgage approval. The best time to shop for your mortgage is before you start shopping for a house.  Get approved for your mortgage, and then start your house search.
5. Know when to give in.  Are you really going to let that $500 the sellers refuse to give up keep you from owning the home you want?  Successful negotiation depends on both parties doing some give and take.
6. Focus on the positive.  It’s unlikely that you’ll ever find a home that meets all your needs, wants and desires.  Focus on the positive aspects of the home you’ve chosen such as location, comfort and safety; don’t worry about the minor negatives that can easily be changed such as the lime green wallpaper or the shag carpet.
7. Expect buyer’s remorse.  After making any big purchase, a little buyer’s remorse is bound to happen.  Remind yourself of all the things you like about your new Madison MS home, and the buyer’s remorse will pass.

If you’re in the market for a new Madison MS home for sale, I can help you find the best buys and accomplish your real estate goals while keeping stress to a minimum.  Give me a call today at 601-942-3392 or email me at Paula@PaulaRicks.com for more information.

KeyTrust Properties Paula Ricks
Paula Ricks Broker/Owner, REALTOR®
220 W Jackson St, Suite 200, Ridgeland MS 39157
601-942-3392
www.PaulaRicks.com

You’ve most likely heard of HOAs, but you may not know exactly how they operate and how they can impact you and your Madison MS real estate.  In this article, you’ll get information on some of the broader issues that you should be aware of when moving into a community governed by an HOA.

What is a Homeowners’ Association?  

It is a corporation formed by real estate developers to market, manage and sell homes and lots within a development.

Does the Madison MS real estate developer retain control of the HOA forever?  No.  After a predetermined number of homes or lots are sold, the control is turned over, first, to a handpicked group of homeowners.  Later in the process, elections are held once a year within the development to choose board members.

Can anyone be a board member?

As long as you’re a property owner in the development governed by the HOA, you can campaign for the position.  Elections are held once a year.  It is not a paid position; board members volunteer their time.

What is the primary function of the HOA?

The primary function of an HOA is to maintain the rules and restrictions that were put in place by the developers and to maintain the community’s common areas.

Common areas include streets, parking lots, parks or green areas, pools and buildings used by the owners like a clubhouse or fitness center.  If your Madison MS real estate is an attached condo unit, this would include the exterior of your unit as well.

Can I elect not to join the HOA?

No, HOA membership is written into the covenants, conditions and restrictions (CC&Rs) when the development is formed.  No matter how many times the property changes ownership, the HOA requirements remain with it. 

You’re also required to pay HOA fees, which are used to maintain the common areas.  If you do not stay current on the fees, the HOA can put an assessment lien on your Madison MS real estate.

Before buying into a development with an HOA, read and understand the CC&Rs.  Also, take the time to talk with some of the other homeowners in the development to find out how they feel about their HOA.

If you’re interested in buying Madison MS real estate, with or without an HOA, I can help.  Please give me a call at 601-942-3392 or email me at Paula@PaulaRicks.com. 

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
REALTOR® and Broker Associate
443A Northpark Dr, Ridgeland, MS 39157
601-942-3392
Paula@PaulaRicks.com
www.PaulaRicks.com

1. Going it alone.  Buying one of the Madison MS homes involves a lot of little (and big) details.  Additionally, buying a home is the most expensive purchase you’ll most likely ever make.  All that adds up to needing a professional on your side.

2. Hiring your cousin.   Although your cousin (or cousin’s best friend) may be a real estate agent, it doesn’t mean she’s the right agent for you.  Do your homework.  Interview at least three buyer’s agents to find the agent who meets all your criteria.  If your cousin meets all your criteria, then hire her.  But only after you’ve done all your homework.

3. Working with the seller’s agent.  One of the most costly mistakes you can make when buying a Madison MS home is working directly with the agent who is selling the home you want to buy.  They are not looking out for your best interests.  They are looking out for the best interests of the seller.  Instead, hire your own buyer’s agent. 

4. Assuming your lender is giving you the best deal.  Lenders are not required to give you the very best terms.  It’s your responsibility to shop for a mortgage the same way you shop for anything you buy.  Consider this:  You’re not just buying a home; you’re buying a very expensive financial product — a mortgage loan.  Getting the best mortgage terms can save you thousands of dollars.  For example, if you get a mortgage for $250,000, at 5 percent interest and keep that loan for a full 30 years, you end up paying $229,910 in interest alone.  Insist on the best mortgage terms, or find a new lender who’s willing to give them to you.

5. Making an unappealing offer.  Yes, this is a buyer’s market, but that doesn’t mean sellers automatically accept any offer that comes their way.  Make your offer impossible to resist by offering the highest price you can, making the largest down payment possible, getting preapproved for a mortgage and attaching a copy of the preapproval letter to your offer.

6. Forgetting about resale potential.  Statistics show that the average first-time home buyer only stays in a home for four years.  That means you need to consider the home’s resale potential now, before buying it.  You may love the hustle and bustle of life on a busy street, but the majority of buyers do not.  You may only need 2 bedrooms, but the average buyer wants 3 or more bedrooms.

If you have any questions about buying your first Madison MS home, or avoiding the mistakes many first-time homebuyers make, give me a call today at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
REALTOR® and Broker Associate
443A Northpark Dr, Ridgeland, MS 39157
601-942-3392
Paula@PaulaRicks.com
www.PaulaRicks.com