Q&A With the Broker Answer Man – Myles McMahon, CEO of McMahon Phillips Real Estate

 

by Myles McMahon

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Q: Is it ever too early to start thinking about buying a home?

A: It’s never too early to buy a home as long as you can afford it and it makes sense. By making sense I mean this: Homes are Real Estate, and Real Estate should be looked at as an asset. Assets are looked at from a few different angles. Will they provide a return? Can I afford to maintain them? If I got relocated or lost my job is there an out? Can I rent it out for the payment or close to it? Will I be able to sell it without having to come out of pocket? Bottom line, if you can afford to purchase the home and have a little stability (3 + years) in your life it’s never too early to start accumulating Real Estate.

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Q: What are the biggest tips you have for someone who is just starting their home buying journey?

A: Start the process by hiring a great Realtor and having them refer you to a great lender. Realtors in this business will have a few great lenders to refer you to who know what they are doing and will treat you fair. Getting pre-approved and understanding all the costs associated with buying a home is key to your ability to pull off the whole purchase. In terms of down payment and closing costs needed, I bet you’ll be surprised they are lower than you might think.

Q: What are the “hidden costs” of buying a home?

A: If your Realtor and Lender are doing their job there shouldn’t be any hidden costs. That’s the whole point of hiring professionals to start so you don’t get blindsided. That said even my repeat buyers always seem to forget that closing costs outside of your down payment total to approximately 1-2% of the purchase price. ALSO, the two costs every buyer must pay outside of escrow are the appraisal and home inspection fee (unless the sellers have provided one). Appraisal is about $450. So long story loner expect about 1.5% of the purchase price in total closing costs.

Q: What are the biggest myths about buying a home?

A: It won’t change your life. Because It will. Home ownership is one of the most rewarding and fulfilling experiences a person can have in their life. It’s also one of the biggest responsibilities so you have to take care of your home. Better yet occasionally make it better by doing projects, paint, do a kitchen, etc., to build equity in your home even faster.

Q: What should people do if they still have questions?

A: (Hint: visit www.mcmahonphillips.com…) Call me at 916-205-5995. I actually answer my phone (or return calls and texts faster than a speeding bullet), or visit my website for some great information on the current housing market, homes available to purchase and more on what to expect when buying and or selling a home.

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About Myles McMahon – CEO, McMahon Phillips Real Estate

Not many Realtors earn their way into the top 2% of agents in Placer, Sacramento and El Dorado Counties combined, however Myles McMahon has 12 years of experience in the real estate industry to boost him to the top of his field. In addition, Myles’ expertise in short sales and contract negotiations are evident in his 91% Short Sale closing rate and 95% overall closing rate. Myles is the proud Broker and Owner of McMahon Phillips Real Estate and has been an outstanding life member of the Sacramento Association of Realtors for years. He graduated with a B.S. in Finance from the well respected private University of Saint Mary’s College in Moraga, California he has two young boys, coaches Little League and enjoys a good horse race.

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