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Dionne Skelly Santomauro, New Jersey Beaches and Burbs Realtor

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Holmdel, NJ
Dionne Skelly Santomauro, New Jersey Beaches and Burbs Realtor

Dionne Skelly Santomauro, ABR, SRES
Real Estate Agent and Author
Certified Real Estate Staging Expert

12/09/2024

Closing costs are the expenses and fees that buyers and sellers pay at the conclusion of a real estate transaction. Here's a breakdown for both buyers and sellers:

Closing Costs for Buyers:
Buyers typically pay 2-5% of the home’s purchase price in closing costs. These can include: Loan-Related Fees like Origination Fee, Credit Report Fee, Appraisal Fees, Title and Escrow Fees, Government Fees like recording fees and transfer taxes. This can also include Prepaid Costs which includes property taxes, homeowners insurance, and mortgage insurance and miscellaneous fees like inspection fees and HOA fees if applicable.

Closing Costs for Sellers:
Sellers usually pay 6-10% of the home’s sale price in closing costs. These can include: Real Estate Agent Commissions which are typically split between the buyer’s and seller’s agents. Title and Escrow Fees, Transfer Taxes where applicable, prorated costs like property taxes and HOA fees up to the closing date. There can also be miscellaneous fees like attorney fees, mortgage payoff, repairs or concessions.

Some closing costs are negotiable, and the buyer or seller can agree to cover specific fees during negotiations. In some areas, certain fees are customarily paid by one party (e.g., sellers often pay for title insurance in some states).

12/04/2024

Real estate is one of those industries that is heavily influenced by environmental, political, social, and broader economic forces that affect property value and pricing, as well as people’s buying and selling decisions. Additionally, the real estate market is shaped by these four factors:
Demand: This is both the quantity of homes wanted, at a specified price at a specific time, and buyers’ willingness and ability to purchase a home (i.e., homes are for sale that a buyer can afford and wants to purchase).
Rarity: This refers to the limited supply of certain types of property in particular locations (i.e., the buyer is ready and able, but a property is not available, so the sale won’t take place).
Utility: This factor asks the question: “Is the commodity suitable for use?” (i.e., the buyer might be ready and able, the property might be available, but if the residence is riddled with asbestos, the sale still will not take place until the problem is remedied).
Transferability: This refers to the ability of the home to legally change hands. For example, if all the other elements line up, but the buyer discovers that the seller’s name is not on the title or another legal encumbrance with the deed, he or she still cannot purchase the property.

12/02/2024

As a first-time homebuyer, there’s a lot to navigate, but with preparation and the right knowledge, you can make the process smooth and exciting. Here’s what you should know:
1. Understand Your Budget: Calculate what you can afford, considering monthly payments, taxes, insurance, and maintenance. Aim to spend no more than 28-30% of your gross monthly income on housing.
2. Check Your Credit Score: Your credit score significantly impacts the mortgage rate you’ll qualify for. A higher score can save you thousands over the life of your loan.
3. Get Pre-Approved for a Mortgage: A pre-approval shows sellers you’re a serious buyer and gives you a clear price range. Shop around for lenders to find the best rates and terms.
4. Research First-Time Buyer Programs: Many states and federal programs offer grants, low-interest loans, or down payment assistance. Check for FHA loans or local housing authority options.
5. Save for More Than Just the Down Payment: Factor in closing costs (2-5% of the home price), moving expenses, and future repairs or renovations. Create an emergency fund to cover unexpected expenses after moving in.

11/27/2024

Today and every day, real estate agents are grateful for the clients who helped to get us to where we are. Every referral and every kind word motivates us to be the best agents we can be for you. We are so thankful to be able to help our clients with all of their buying and selling needs.

11/25/2024

A common rule of thumb is to spend no more than 28% of your gross monthly income on housing and 36% on total debt. Understanding your budget will help you know how much you can afford, including the down payment, mortgage payments, property taxes, and insurance.
It's essential to get pre-approved for a mortgage to understand your financial limits. An important metric that your mortgage lender uses to calculate the amount of money you can borrow is the DTI ratio — comparing your total monthly debts (for example, your mortgage payments, including insurance and property tax payments) to your monthly pre-tax income.
Depending on your credit score, you may be qualified at a higher ratio, but generally, housing expenses shouldn’t exceed 28% of your monthly income. Your credit score is a crucial factor in determining the affordability and terms of your mortgage. A higher score can lead to lower interest rates, better loan options, and lower overall costs, making it an essential aspect of the home-buying process to focus on.

11/23/2024

There’s an endless list of reasons so many homebuyers choose to have an agent help them through the process!

A knowledgeable real estate agent can provide invaluable guidance on pricing, marketing, negotiating, and navigating the legal aspects of the sale. Their expertise can help you avoid common pitfalls and maximize your profit.

Agents have access to resources, networks, and marketing tools that can increase your home’s visibility and attract qualified buyers.

A real estate agent with strong negotiation skills can significantly enhance your negotiating power. They can advise you on offer strategies, manage counteroffers, and ensure that you get the best possible terms.

Being informed and working with a skilled real estate agent can help you achieve the best possible outcome.

11/20/2024

The exterior of your home sets the tone for what’s inside. Enhancing curb appeal can be one of the easiest and most effective ways to increase your home’s value, as it boosts your home’s aesthetics and overall appeal to buyers.
Key Upgrades:
• Landscaping: Trimmed hedges, fresh mulch, new plants, and well-maintained lawns are instant curb-boosters.
• Exterior paint or siding: Repainting your home or replacing old siding with durable materials like fiber cement or vinyl can refresh its appearance.
• New front door: A quality front door, especially a steel or fiberglass one, adds to security and curb appeal.
• Updated lighting: Exterior lighting, like pathway lights or porch fixtures, creates a warm and inviting entryway.

11/15/2024

It’s true! Staging a home can indeed make it sell faster! Research consistently shows that staged homes sell more quickly and often at higher prices compared to non-staged homes. Here’s why staging is so effective:

1. Creates a Strong First Impression: Staging highlights a home’s best features and helps potential buyers envision themselves in the space. An inviting, well-arranged home stands out from empty or cluttered spaces and makes a memorable first impression.
2. Helps Buyers Visualize the Space: Many buyers find it challenging to imagine how an empty room would look furnished. Staging offers a guide, helping buyers see the potential and use of each room, which can make a big difference in their decision-making process.
3. Emphasizes Key Selling Points: Professional staging directs attention to a home’s best attributes, like natural light, layout, or unique architectural details. This helps buyers focus on a home’s strengths rather than distractions or imperfections.

11/11/2024

A strong online presence is crucial for home sellers because the majority of buyers now start their home search online, and the digital landscape has become a key driver in real estate sales. Here’s why it’s so important:

Wider Reach: An online listing exposes a home to a broader audience than traditional methods alone, reaching potential buyers locally and globally. This increased visibility can lead to faster sales and even multiple offers.

First Impressions Happen Online: For most buyers, the first interaction with a property is through its online photos, description, and virtual tours. High-quality images and detailed information make a powerful first impression that can spark interest right away.

24/7 Availability: Unlike traditional open houses or showings, online listings are accessible at any time. Buyers can view a property whenever it’s convenient for them, which is especially helpful for people with busy schedules or those relocating from out of town.

11/08/2024

Home renovations that yield the highest return on investment (ROI) are typically those that improve the home's functionality, appeal, and energy efficiency. Here are some of the top renovations that consistently offer the best ROI:

Kitchen Remodel: Minor Remodel ROI: 70-80%

Why: Updated kitchens are very appealing to buyers and add functional value to the home. Even small updates like new countertops, refaced cabinets, and modern appliances can make a big impact without the expense of a full remodel.

Bathroom Remodel: ROI: 60-70%

Why: Buyers value updated bathrooms, and a minor remodel (like updating fixtures, adding modern tile, and improving lighting) can be cost-effective while adding appeal. Creating a more functional and stylish bathroom increases both comfort and resale value.

10/30/2024

The lock period for a mortgage, also known as a rate lock period, is the length of time during which a lender guarantees an agreed-upon interest rate for a borrower. This rate lock protects you from potential interest rate increases between the time you are approved for the loan and when the loan closes.

Typical Lock Periods
• 30 Days: This is the most common lock period, often sufficient for standard home purchases.
• 45 or 60 Days: Longer lock periods are also common, especially if there are complexities or delays expected in the underwriting or closing process.
• 90 Days or More: Some lenders offer rate locks for even longer periods, which can be useful in cases where a new home is under construction.

Address

101 Crawfords Corner Road
Holmdel, NJ
07733

Telephone

(908) 337-1264

Website

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