Author: Shreveport-Bossier City Homes and Lifestyle

Air Force Veteran Turned Local Expert Real Estate Agent!

The Most Common Misconceptions Around Building Credit Potential Homebuyers Need to Know

Shreveport-Bossier City Homes and Lifestyle

Building good credit is a key element in preparing to buy a home. But there are a lot of misconceptions out there around credit scores, how they work, and how to build and maintain a good one—misconceptions that could actually hurt your credit and make it harder to buy a home.

So what, exactly, are those misconceptions? A recent article from realtor.com outlined some of the most common myths around building credit, including:

  • Myth #1: You should close your credit cards once you pay them off. While it might seem like a good idea to close a credit card once the balance is paid off (that way, you won’t accrue a new balance), it can actually hurt your credit—since closing a credit card can shorten your credit history, which makes up about 15 percent of your total credit score.
  • Myth #2: An occasional late or missed payment won’t hurt your credit score. Think paying late or missing a payment every once in a while isn’t a big deal? Think again. Your payment history accounts for a whopping 35 percent of your credit score—which means that making your payments on time is an absolute must to build and maintain good credit.
  • Myth #3: Getting a credit report lowers your credit score. In order to build and maintain credit, you need to know what’s going on in your credit report. But many people believe that requesting a credit report will ding their score, preventing them from accessing the information they need. However, this isn’t true; getting a credit report from one of the primary reporting agencies is considered a soft inquiry—and won’t impact your credit at all.

The Takeaway:

So, what does this mean for you? Understanding the common myths around credit will help you avoid making mistakes while building your credit—which can put you in a better position to successfully purchase a home.

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area.  Connect With Me Here

Barksdale AFB Spouses Movers Group | Facebook

Is the Real Estate Sky Falling?! Economist Weighs In…

Shreveport-Bossier City Homes and Lifestyle

People often wonder if the “bubble” is going to burst, making home prices tumble.

Sellers worry because it could mean one of (if not the) biggest asset they own could take a beating. Buyers on the other hand hope for some glimmer of deals on the horizon, and maybe a little less competition in the market.

Well, according to a recent article from Yahoo, home prices will drop in the near future and “cause some pain.”

At face value, that sounds like good news for buyers, and painful news for sellers. But let’s unpack what’s being said in that article a little bit more thoroughly. Economist Robert Shiller is cited in the article saying:

  • Prices will eventually drop, and that “They’ll come back down, not overnight, but enough to cause some pain.” (Key words being “eventually” and “some”.)
  • He also stated that there’s no clear explanation for the “hot” market, but “expects it to continue for another year or two.”
  • Lastly, he said that the current market is different from the crisis that caused the last bubble: “So it’s not the same as 2003. It could be stronger. I think we have better protections, we have better supervision of lenders. So I don’t know if we should be worried about 2007, 2008, 2009 happening again.”

In a nutshell, he’s saying prices will eventually come down, but not for a while, and maybe not all that much.

So, how does this affect you, and what should you do?!

  • If you’re a homeowner who wants to sell your home and cash in on your equity for good (i.e. move in with family, to a retirement home, assisted living, or rent), you might want to consider selling in the next year or so, before a dip in prices may occur.
  • If you’re a homeowner and have no plans on moving in the near future, say 5-7 years, none of this matters really. Historically, prices go down and then back up and ultimately higher than before. So, no worries.
  • If you’re a buyer thinking about waiting for prices to drop, you may want to re-evaluate that approach. Rates are still historically low, and prices may not drop for another couple of years. And, when they do drop, who’s to say they won’t drop below the prices you’re seeing now? They could just drop to levels we haven’t even reached yet, but will see in 2022 or 2023.

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area.  Connect With Me Here

Barksdale AFB Spouses Movers Group | Facebook

Many First-Time Home Buyers Are Overlooking a Competitive Edge in 2022

Shreveport-Bossier City Homes and Lifestyle

Buying a house was challenging for many buyers in 2021, but especially for first-time buyers. Competition and prices were high, and inventory was low, and while some predictions suggest things will loosen up a bit in 2022, buyers will still need to have an aggressive strategy heading into the new year.

According to this REALTOR Magazine article, first-time buyers are optimistic about their chances in 2022, and many are changing their strategies to increase their odds of success.
The most notable changes in strategy were:

  • Making an offer within 48 hours of seeing a home
  • Offering above asking price
  • Being willing to compete in bidding wars
  • Going over their budget
  • Making offers on houses without even seeing them first

Making offers quickly, being willing to go above asking and compete in bidding wars are all advisable strategies in this market.

Going over budget on the other hand…well, that depends. If “going over budget” means still within their comfortable financial means, sure! If not, it’s a recipe for future struggle and financial trouble.

And making offers on houses without seeing them in person first isn’t the worst thing to do given technology, but it isn’t ideal.

What wasn’t on the list, and would likely make the biggest impact for first-time buyers, was to choose and work with a great real estate agent. Working with a trusted buyers’ agent can enhance any of the above strategies, if not make them unnecessary. Their awareness of the market, perspective, advice, connections, and negotiation skills can often give first-time buyers an edge, yet many first-time buyers don’t put a lot of emphasis on choosing and working with one.

So, if you’re a first-time buyer looking to edge out competition in 2022, by all means be prepared to do everything on the list other buyers are planning on. But, to truly tip the scales in your favor, make sure you’re teaming up with a buyers’ agent you connect well with and trust.

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area.  Connect With Me Here

Barksdale AFB Spouses Movers Group | Facebook

Gorgeous Home in Shreveport, Bossier City, Ryan Wheeler, Best agent, Barksdale AFB

These Are the Housing Trends to Watch Out for in 2022

Shreveport-Bossier City Homes and Lifestyle

But what, exactly, will those trends be in 2022?

A recent article from realtor.com outlined their team’s predictions for 2022’s major housing trends, including:

  • Continued demand for suburban housing. 2020 and 2021 saw many people opting out of city life for more space and privacy in the suburbs—a trend the team at realtor.com expect will continue into 2022.
  • Challenges for first-time homebuyers. In 2021, low inventory and high prices have made it hard for many first-time homebuyers to get into the market. And while available inventory is expected to increase in 2022, prices are expected to stay high—and, when paired with rising mortgage rates, it may present challenges for many potential buyers hoping to purchase a home for the first time.
  • A rise in demand for smaller homes. While many buyers want to buy large homes, affordability challenges may make some of those buyers rethink their strategy in 2022, increasing the demand for smaller homes—particularly for first-time buyers.

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area.  Connect With Me Here

Barksdale AFB Spouses Movers Group | Facebook

These Kitchen Renovations Will Add Major Value to Your Home

Shreveport-Bossier City Homes and Lifestyle

When you renovate your home, you want to know that those renovations will actually add value to your property. But when it comes to kitchen renovations, which upgrades will provide the best ROI—and can help you fetch a higher price if you decide to sell your home down the line?

A recent video from realtor.com outlined the kitchen renovations that add the most value in the long term, including:

  • Upgrading appliances. New appliances can have a major impact on potential buyers—so even though appliances can be pricey, swapping out old, outdated appliances for new, modern ones will pay off in the long run.
  • Refreshing cabinets. Refreshing your cabinets can add major value to your home—and you don’t even need to completely replace them to generate that value! If your cabinets are in good shape, a fresh coat of paint and new hardware can be all you need to transform your kitchen.
  • Replacing countertops. Replacing your countertops may be pricey, but new countertops can completely change the look and feel of your kitchen, making it feel more modern and fresh—which can be a major draw for prospective buyers.

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area.  Connect With Me Here

Barksdale AFB Spouses Movers Group | Facebook