Tag Archives: openlistings.com

Want to buy a house with Bitcoin? Here’s what you need to know!

DHREA 05/12/2018

Want to buy a house with Bitcoin? Here's what you need to know.

 

With everyone going cryptocurrency crazy and the value of a single Bitcoin having skyrocketed as high as $19,000, there’s two things guaranteed when you work at a real estate startup:

  1. Your parents and non-tech savvy family members will ask you to explain what the hell it is over and over again
  2. Tech-savvy buyers who’ve mined their way to Bitcoin and other crypto riches will want to know if there is a way for them to buy a house using Bitcoin

For these questions, we say: “It’s like internet money, Mom.” and “Yes, it’s totally possible to buy a house with Bitcoin.”

How buying a house with Bitcoin works

If you’re serious about purchasing a house with Bitcoin, there are a few factors that come into play:

The seller has to be down
First, you have to find a seller who is willing to accept Bitcoin as payment for the house. You can use our search to look for the words “Bitcoin” or “Ethereum” or whatever your cryptocurrency of choice happens to be to find potential property matches.

Once you have an accepted offer, the title and escrow companies have to agree to handle the transaction
Even if you are able to find a seller that’s willing to accept your offer in Bitcoin, it can be tricky to find title insurance and escrow companies who feel comfortable handling virtual currency transactions. To take on your home purchase, they may require you to cash out your Bitcoin so that your transaction can be treated more like a traditional house purchase.

The future is here

Still have those Bitcoin homebuying dreams? Here are a few of our favorite properties for sale in California and Washington that’ll accept your cryptocurrency:

6023 W Beachwood Ln. Los Angeles, CA 90038
6023 W Beachwood Ln bitcoin house for sale

This Hollywood Hills new construction is smart home ready & highly walkable. Listing price is $1,190,000. If you buy it with Open Listings, you’ll get $11,900 back. View Listing

1338 Orchard Ave. Wenatchee, WA 98801
1338 Orchard Ave house for sale bitcoin

This charming & Wenatchee home could make a great investment for the right Bitcoin buyer with its big corner lot and full apartment above the garage. Listing price is $399,900. As of writing this, that’s about 25 Bitcoins. View Listing

1301 Duhig Rd Napa, CA 94559
Buy Napa California land for sale with Bitcoin

This may only be the bird’s eye view of this 10 acre plot in Napa County, but it’s ready and waiting for you with 3 bedrooms, 2 bathrooms, a hot tub, and some of Napa Valley’s finest wineries as your neighbors. Pretty, pretty, pretty good. Listing price is $2,900,000. Buy it with Open Listings, and get $36,250 back. View Listing

On the hunt to buy more homes with that Bitcoin? House hunt for free with Open Listings, find matches the moment they hit the market, and save thousands in unnecessary fees.

(This article originally appeared on OpenListings.)

 

 

 

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Buying a starter home? Here’s what you need to know!

DHREA 28/11/2018

Many first-time homebuyers, especially in competitive markets, end up in starter homes as a part of their first foray into the real estate market.

The idea of a “starter home” goes back to World War II. After veterans completed their service, they returned home and took advantage of a provision in the G.I. Bill that guaranteed them affordable mortgages. The increased demand caused a housing boom, specifically for smaller, low-cost homes where the veterans could start their families.

Historically, these properties tend to be smaller in size than one might expect from a single-family unit, but the idea behind them is two-fold: these smaller properties help introduce individuals to the responsibilities of homeownership, while also serving as a launching pad– something to help a homeowner build equity before eventually moving on to a bigger and better property.

What to look for in a starter home

If you think you might be in the market for a starter property, here are some features you’ll want to keep in mind:

Affordability

Since this is your first time worrying about a mortgage payment, you might not be able to borrow as much, or you may not feel comfortable doing so. As the buyer, you’ll want to ask your lender to work up closing costs for you until you feel confident that you’ll be able to confidently make your payment each month.

Size

Starter homes tend to be much smaller than other homes on the market, both to keep costs down and upkeep manageable. As you look at homes, think seriously about how much space you truly need. Often, just one extra bedroom is more than enough room for first-time buyers.

Upkeep

Townhomes and condos are particularly popular options as first-time homes because they allow buyers to experience a lot of the positive aspects of homeownership without too much responsibility.

If you’re in the market for a living situation where much of the home maintenance is taken care of for you, a condo or townhome may be a good option. Just be sure to research the specific services that each community offers, as well as any associated fees.

Resale value / income potential

Since starter homes tend to be more of a stepping stone than a permanent solution, many first-time buyers go into to the purchase with a vague idea of what will happen once they outgrow this phase of their lives. Whether you’d rather sell the property or keep it and rent it out for passive income, the ability to attract future interest is key. For this reason, most starter homes are located in popular neighborhoods, with easy access to amenities like restaurants, bars, and public transportation options.

Should you buy a starter home?

While, ultimately, only you can decide whether or not now is the right time for you to join the real estate market, here are a few signs that you might just be ready to take the jump into first-time homebuying:

You’re financially stable

Even though starter home values are lower, you should still have a stable income, a handle on your debt and credit rating, and some amount of savings to put towards a downpayment. Additionally, you feel comfortable with the idea of being able to handle a monthly mortgage payment, as well as any unforeseen maintenance expenses that could crop up.

You’re settled (for now)

Even though your starter home probably won’t end up being your forever home, it’s still much more permanent than simply signing a year-long lease. Before you get your heart set on buying, you should double-check to make sure that you feel comfortable maintaining your life- your job, social circle, and surrounding area – as-is for the foreseeable future.

…But not too settled

These days, people are starting their path to homeownership later in life. If you’re in a place where you’re almost ready to start a family and you have a decent income, it may make more sense for you to keep saving and skip the starter home in favor of a larger property that will allow you and your family to grow as needed.

You’re willing to compromise

Too often, buyers are surprised to find that their starter home budget isn’t nearly enough to get everything on their wishlist.

Homeownership, especially in the first-time home bracket, is bound to come with a certain degree of compromise. Ideally, when you’re ready to make a purchase, you’ll be able to focus on foundational details like the home’s location and square footage rather than aesthetics. Those surface projects can often be changed to your tastes over time as you settle in.

This article originally appeared on OpenListings.

 

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Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

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Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

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Burkhead Insurance Services: Burkhead.Insure

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House hunting for first-time homebuyers: is there a right way?

DHREA 15/11/2018

 

A lot of buyers, especially first-timers, worry about whether or not they’re going about their home search the right way.

On the one hand, buyers fret that if they find their “dream home” too early, they might be missing out on something better. But, on the other, if the process takes a while, they worry that they’ll never find a home that works for them. The FOMO is real.

Keep reading to find out if you’re on track with your home search and what you should do if you find that you need to go back to the drawing board.

How many homes should you see?

Honestly, that depends. While we understand the impulse to try and rely on hard-and-fast statistics, homebuying is a truly personal experience rather than a science.

Trust your intuition. You know your needs, likes, and dislikes better than anyone else. You’ll know when you’ve landed on the property that makes the most sense for you to call home.

That said, though, there are a few things you can do to help speed your search along:

If you’ve been looking for a while and haven’t really found anything that meets your needs, it might be time to redefine search criteria. Sit down and take some time to think about which features you really need to have in your new home versus which are more nice-to-have, wishlist items.

Narrowing your search

Sometimes, narrowing search criteria can get tricky. If you’re unsure of where to start, try using the following as a starting point.

Neighborhoods

Focusing in on a particular area is one of the easiest ways to refine your search. You can start by doing research into different neighborhoods by you. Think about what you commute to work will look like, if the area has amenities that you enjoy, the quality of the school district, and home values.

With that in mind, though, you getting too hung up on a particular zip code can also limit your criteria. The key is keep an ideal location in mind while still staying open to possibility.

Bedrooms & bathrooms

When searching for a house, you should have a firm idea of how many bedrooms and bathrooms you’re after. Whether you’re just looking to accommodate yourself and the occasional guest, are thinking about starting a family in the near future, or want the option to convert a spare bedroom into an office, this information will surely help narrow your search.

We advise against compromising on this feature because, while it is possible to put an addition on later, doing so takes a substantial amount of time and effort. More often than not, homeowners find that they would rather put their home on the market than go through the hassle of trying to renovate it to fit their changing needs.

Sale price

This is the big one. Once you have the above two details settled, it’s time to narrow your search results further to only those homes that you can truly afford. If you’ve already applied for a pre-approval, that number can be a good place to start. However, remember that a pre-approval shows the maximum amount that you can ask for in a loan. You may not want to borrow up to that amount once you factor in the rest of your monthly expenses.

To find a more comfortable sale price, we recommend using a mortgage calculator to get a sense of what your monthly payment could look like at various loan amounts and interest rates. Then, once you’ve landed on a number that works for you, try plugging that into your monthly budget to get a sense of how the payment will feel in addition to your other costs.

Now what?

The good news is that once you’ve narrowed your search down, your pool of available properties will likely be much smaller than it was before – and much more targeted to meet your needs. From here, your search will be about zeroing in on your perfect match on the basis of which property was the best fit for your personal tates.

You’ll know when a property feels like it could become home versus when you’d be trying to make the best of an imperfect situation. Keep hunting until you find the former.

This article originally appeared on OpenListings.

 

 

 

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Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

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Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

 

 

 

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