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Buying a Home?Tips for Downsizing, Securing a Mortgage,

and Not Blowing the Budget!

Presented by:Chris Patton, Commerce Bank Mortgage

Pam Bardy, Keller Williams Platinum Partners Ask Cathy Team

3 Things You’ll Learn Today:1. Kansas City’s housing market stats

2. Affordable ways to maximize on your real estate investment

3. Steps to buying & selling a home New homebuyers Downsizing Selling parents’ home

Pulse of the MarketAs of July 31, 2019, here are some facts to consider:

• Overall average sales price for Kansas City Area = $249,327

• Average Days on Market = 51

• The Kansas City market has a 2.5 month supply of homes, similar to 2018.

• New Construction currently has a 6 month supply of homes, up from 5.2 month supply in 2018.

Lending TipsMaintain a healthy credit report

• Visit www.annualcreditreport.com annually to ensure information is accurate

• Keep credit lines paid down as this can impact credit scores

• Protect your credit from fraud by placing a freeze. BUT make sure credit is thawed with all three bureaus for lenders to issue preapprovals

Thinking of Downsizing?

• Various reasons to downsize (retirement, life changes, assistance needed)

• Make a plan involving family, lender, Realtor, attorney, financial advisor, etc.

• Consider market timing and end goals (how much you need to net)

• Consult Realtor on what improvements help you net top dollar

Homebuying TipsDOWNSIZING or UPGRADING: • Complete preapproval planning with lender before shopping for your

new home• Determine if you can buy a new home before your current home sells• Discuss contingency options; some lenders offer paydown and recast

options

FIRST-TIME HOMEBUYER: • Complete preapproval planning with lender to determine budget for

your new home• Secure proper down payment or gift funds (if applicable)• Review various loan programs that may be available based on credit

score and income

4 Affordable Upgrades to Increase Home ValueFreshen Up the Paint - A house for sale should look fresh, bright and trendy from the inside-out!

Modernize Your Kitchen – One of the most important rooms potential buyers look at

Upgrade Bathrooms – Functional room where little additions can make a huge difference

Get that Yard into Shape – Landscaping is one of the best things to do just before listing

Reminder to check the “bones” of the house.

Not All Banks and Lenders are the Same• Monitor credit score to ensure best mortgage rates (loan programs vary

on minimum score requirements)

• Down payment requirements vary depending on loan program

• Not all banks/lenders offer the same loan programs

• Local lender provides local service

KEY TAKE-AWAYS:

• The KC market is changing slightly.

• Buyers: find a good buyers’ agent that can assist through the process

• Sellers: find a strong listing agent and complete house check-up to ensure it is market-ready

• Selling in the near future? Keep home maintained and ready for any possible life event changes

• Discuss preapprovals to ensure credit scores are in check, credit thawed when needed, and financial plan in place

Contact Information:

Chris PattonCommerce Bank Mortgage

Phone 816-234-1963Chris.Patton@commercebank.com

Pam Bardy Keller Williams Platinum Partners, Ask Cathy Team

Phone 816-559-1746Pam@askcathy.com

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