Buying your first home is a thrilling milestone, marking a significant step towards independence and stability. However, it’s also a substantial financial commitment that can lead to buyer’s remorse if not carefully considered. To help you navigate this exciting yet daunting journey, here are some essential tips to ensure you make a confident and informed decision:
Enjoying our content? Subscribe to our free weekly newsletter to get real estate market insights, news, and reports straight to your inbox.
Know Your Budget Inside Out
Before you even start browsing listings, take a thorough look at your finances. Understand what you can comfortably afford, factoring in not just the mortgage payments but also taxes, insurance, utilities, maintenance, and unexpected expenses. Being realistic about your budget sets a solid foundation for your home search and reduces the risk of overspending.
Do Your Research
Arm yourself with knowledge about the local real estate market. Research property values, recent sales, and trends in the areas you’re interested in. Understanding the market dynamics will empower you to make informed decisions and negotiate effectively when the time comes.
Get Professional Guidance
Enlist the help of experienced professionals, such as real estate agents, home inspectors, and mortgage brokers. A reputable agent can guide you through the buying process, offer valuable insights, and advocate for your best interests. Likewise, a thorough home inspection can uncover potential issues that might not be apparent to the untrained eye, saving you from costly surprises down the road.
Take Your Time:
While it’s natural to feel eager to find your dream home, resist the urge to rush the process. Take your time exploring different properties, attending open houses, and asking questions. Don’t feel pressured to make an offer unless you’re genuinely confident it’s the right choice for you.
Visualize Your Future
Imagine yourself living in the homes you’re considering. Picture your daily routines, envision family gatherings, and think about how the space will evolve with your needs over time. Connecting emotionally with a property can help you determine if it’s truly the right fit for you.
Sleep On It
Before making a final decision, give yourself some time to reflect. Sleep on it, discuss your thoughts and concerns with trusted friends or family members, and weigh the pros and cons objectively. A good night’s sleep can provide clarity and prevent impulsive decisions that you might later regret.
Negotiate Wisely
Don’t hesitate to negotiate terms that are favourable to you, whether it’s the price, closing costs, repairs, or contingencies. Be assertive yet respectful in your negotiations, and be prepared to walk away if the deal doesn’t align with your expectations.
Checklist Items
If you work from home, ensure that your workspaces are big enough. A small workspace, especially if you have to use it every day can get crammed and can lead to being unproductive. Also, if you’re planning to keep the existing appliances, take the time to test them out and make sure they are working properly. Don’t settle on anything that will make the home less functional for your needs.
Trust Your Instincts
Ultimately, trust your instincts. If something doesn’t feel right or if you have lingering doubts, it’s okay to step back and reassess. Buying a home is a significant decision, and it’s essential to feel confident and at peace with your choice.
Are you looking to buy your first home with confidence? Give us a call today! Our experienced real estate agents will ensure you buy without regrets!
Selling your house is often one of the largest financial transactions you’ll make in your life. It can be complex and emotionally challenging, especially if it’s your first time dealing with a home sale or if the house is full of family memories.
Despite these challenges, millions of people successfully sell their homes each year. The process is well-trodden, but each sale has its unique circumstances and can come with many curveballs.
Whether you’re downsizing, upgrading, relocating, or just ready for a change, selling your house is a big step. The task might seem daunting, but remember, you’re not alone. Many resources can guide you through this process, providing advice and support along the way.
This guide aims to simplify the process and provide you with step-by-step instructions to help sell your house.
From setting your objectives to finally handing over the keys, we’ll walk you through each stage. We will address common challenges and offer expert insights to ensure you’re well-prepared for the journey ahead. Our goal is to help you sell your house at the best possible price within your desired timeline, while minimizing stress and maximizing satisfaction.
Understand Your Selling Objectives
The first step in any successful real estate transaction is understanding your motivations and objectives for selling. Be clear about your goals and timeline to create a selling strategy that will get you the price you want for your home within the timeframe desired.
Why are you selling?
Your motivations for selling might be tied to lifestyle changes, financial circumstances, or relocation for work. Perhaps you’ve outgrown your current house, or maybe it’s become too big after the kids have moved out. You might need to relocate for a new job or prefer a change in scenery as you approach retirement. By identifying your reasons for selling, you’ll have a clearer idea of what you want to achieve with the sale.
What’s your timeline?
Your timeline can significantly influence your selling strategy. If you’re in a rush due to reasons like a job relocation or closing on another home, you may have to price your property more competitively to attract a faster sale. However, if you have the luxury of time, you can afford to be patient and wait for an offer that matches your ideal price.
Evaluate Your Financial Position
Understanding your financial situation is essential in the home-selling process. A realistic view of your finances will help you make informed decisions, particularly in setting a reasonable asking price.
Understand Your Home Equity
Equity refers to the portion of your property that you truly “own” – it’s the difference between the current market value of your home and the remaining balance on your mortgage. Knowing your equity can give you an idea of your potential profits from the sale.
Consider Your Outstanding Mortgage
The amount left on your mortgage is another critical factor. If your outstanding balance is more than your home’s sale price, you may need to consider a short sale, which requires your lender’s approval and can affect your credit score.
Estimate Closing Costs
Closing costs are the fees and expenses you pay to finalize your home’s sale, excluding the commission for the real estate agent. They may include title insurance, appraisal fees, and attorney fees, among other costs. These are usually about 2-5% of the purchase price. Understanding these costs is crucial as they directly impact your net proceeds from the sale.
Taking the time to clarify your selling objectives and understanding your financial position will pave the way for a more streamlined and successful home-selling experience. These factors are not just critical for setting a realistic asking price but also for aligning your home sale with your larger financial or life goals.
Prepare Your House for Sale
Once you’ve identified your selling objectives, the next step is to prepare your house for the market. A well-prepared home can catch the attention of more prospective buyers and even command a higher sale price.
Home Improvements and Necessary Repairs
Before you list your home, assess its overall condition. Some minor upgrades and necessary repairs can significantly enhance your home’s appeal, often leading to a faster sale or higher selling price.
Deep Cleaning and Carpet Cleaning
Begin with a deep clean to ensure your home looks its best. Pay attention to often-overlooked areas, such as baseboards, window sills, and ceiling fans. If you have carpets, consider hiring a professional carpet cleaning service to remove any stains or odors. Cleanliness can significantly influence a buyer’s first impression.
Minor Upgrades and Fixes
Next, tackle minor upgrades and repairs that could deter potential buyers. This could include painting walls with a fresh, neutral color, fixing any plumbing or electrical issues, and ensuring all appliances are in working order. Although these tasks may seem small, they can make a big difference to potential buyers.
Stage Your House
Staging your house involves preparing it for viewing by potential buyers. It can significantly impact how quickly your home sells and the price.
Hire a Professional Stager
A professional stager, although an extra cost, can be a worthwhile investment. For a few hundred dollars, they can transform your space and make it appealing to as many potential buyers as possible. They use strategies like optimal furniture placement, accentuating natural light, and choosing neutral decor to make your home attractive and inviting.
Depersonalize Your Home
Part of effective staging involves depersonalizing your home. This means removing personal items like family photos, collections, and mementos. The aim is to create a neutral space where potential buyers can easily envision themselves and their own belongings. It’s all about helping buyers picture your house as their future home.
In the competitive real estate market, first impressions count. By investing time, money and effort in staging your house for sale, you can stand out from the competition and make a great impression on prospective buyers. These preparations could translate into a quicker sale and potentially a higher price.
Set the Right Price
One of the most critical decisions in the home-selling process is determining the right asking price. Setting a competitive price can help attract more prospective buyers, shorten the time your home spends on the market, and potentially yield a higher sale price.
Understand the Importance of Pricing
Choosing the right price is not just about the amount you’d like to receive. It’s also about understanding buyer psychology and local market trends. Pricing your home correctly can result in more interest, more showings, and ultimately, more offers.
Get a Comparative Market Analysis
A key tool for setting the right price is a Comparative Market Analysis (CMA). A CMA provides information about recent home sales in your area, adjusted for differences in features and conditions, giving you a good idea of what buyers might be willing to pay for your home.
Hire a Great Real Estate Agent
A great real estate agent can provide an accurate and comprehensive CMA. They have the experience and local market knowledge to understand which homes are truly comparable to yours and how various features and upgrades impact pricing.
Consider Comparable Sales
Comparable sales, or “comps,” are recent home sales in your area that are similar to your property in size, condition, and features. Your real estate agent will look at these comps, adjust for differences, and use the information to guide you towards a fair and attractive list price.
Adjust for Features and Conditions
Every home is unique, and its features and condition will impact its value. Your real estate agent will consider these factors when setting your home’s list price. For example, if your home has a new roof or a remodeled kitchen, it might command a higher price compared to a similar home without these upgrades.
Setting the right price is both an art and a science. It requires an understanding of the local real estate market, an evaluation of comparable sales, and an assessment of your home’s unique features. By enlisting the help of a great real estate agent and leveraging their expertise, you can set a competitive price that will attract serious buyers and maximize your profits.
Market Your House
Once your house is ready for sale and priced right, the next step is to get the word out to prospective buyers. Effective marketing can attract more interest and lead to quicker, more competitive offers.
Use High-Quality Professional Photos
Professional photography plays a crucial role in marketing your house. High-quality photos can showcase your home’s best features and give potential buyers a good first impression. Homes listed with professional photos tend to receive more views online, which can lead to faster sales and often at higher prices.
Craft a Compelling Listing Description
A well-written listing description can spark interest and invite potential buyers to learn more. Highlight your home’s unique features, recent upgrades, and what makes it special. Remember, you’re not just selling a property, you’re selling a lifestyle. Allow your real estate agent to offer feedback and help you create an enticing, optimized listing that will also show up in search results when people are looking for a home like yours.
Host Open Houses and Private Showings
Open houses and private showings are opportunities for potential buyers to experience your home in person. Be flexible with your schedule and make your house available for viewing as often as you can. The more people who walk through your door, the better your chances of receiving an offer.
The Role of a Good Real Estate Agent in Marketing
Marketing a house involves a significant time commitment and a specific set of skills. This is where a good real estate agent comes into play.
Leverage the Multiple Listing Service (MLS)
A good real estate agent can list your property on the Multiple Listing Service (MLS), a database of homes for sale that’s used by real estate professionals. An MLS listing can increase your home’s visibility, attracting other real estate agents and their clients.
Find a Realtor with A Proven Track Record
Choose a real estate agent with a proven track record of sales in your area. Their experience and local market knowledge can be invaluable in promoting your home effectively and attracting serious buyers.
In a crowded real estate market, standing out is key. By leveraging professional photography, crafting a compelling listing description, and utilizing the expertise of a good real estate agent, you can market your home effectively, attracting more potential buyers and increasing your chances of a successful sale.
Evaluate Offers and Negotiate
Once your marketing efforts start paying off and offers begin to come in, it’s time to shift focus to negotiation. The goal here is to achieve the best possible terms that align with your selling objectives.
How to Evaluate Offers
When you receive an offer, it’s essential to look beyond the offered price. While the highest offer might seem the most appealing, it’s not always the best choice.
Consider the Buyer’s Lender
Understanding where the buyer’s financing comes from is important. Offers from buyers who are pre-approved by a well-known lender may carry less risk than those from buyers who are not pre-approved or who are using a less established lender.
Assess the Down Payment
The size of the buyer’s down payment can indicate their financial stability. A larger down payment may suggest that the buyer has solid finances and is serious about purchasing your home.
Understand the Buyer’s Timeline
A buyer’s timeline can be just as important as their offered price. A qualified buyer who can close quickly might be more attractive than a higher offer that’s contingent on selling a current house.
How to Manage Multiple Offers
Receiving multiple offers can be exciting, but it can also be overwhelming. Your real estate agent can help you with this process.
Consult with Your Real Estate Agent
Your real estate agent’s experience can be invaluable in this situation. They can guide you through your options, help you compare offers side by side, and give advice based on their understanding of the current real estate market and the specifics of each offer.
Make the Best Decision Based on Your Needs
When reviewing multiple offers, it’s important to consider your own needs and priorities. For example, if you need to sell quickly, you might prioritize a buyer who can close sooner, even if their offer is not the highest.
Negotiating and accepting offers can be a complex part of the selling process. It’s not just about accepting the highest offer, but understanding the nuances of each proposal and making the best decision for your circumstances. With the right real estate agent by your side, you can handle this process confidently and successfully.
Close the Sale
After you’ve accepted an offer, the next step is to finalize the transaction. The closing process involves several stages, including a home inspection, title search, potential repair negotiations, and final paperwork signing. Here’s what to expect:
The Due Diligence Period
The due diligence period allows the buyer to further investigate the property after their offer has been accepted. During this time, the buyer’s agent will arrange for a home inspection.
Home Inspection and Report
A professional home inspector will thoroughly examine your property and generate an inspection report. This document details the condition of the house and outlines any potential issues, from minor maintenance concerns to significant structural problems.
Negotiating Repairs
If the inspection report reveals necessary repairs, there may be further negotiations. Buyers might ask you to handle the repairs, reduce the sale price, or offer a credit at closing to cover the repair costs.
The Title Search and Insurance
As part of the home buying process, the buyer’s lender will work with a title company to conduct a title search. This ensures the house is free from liens or claims and that you have a clear title to transfer to the new owners.
Understanding Title Insurance
Buyers might also negotiate for you to pay for title insurance as part of the closing costs. Title insurance protects the buyer and their lender from future property ownership claims, unexpected liens, or undisclosed property heirs.
Sign the Final Paperwork
The last step in the home sale process is the closing meeting. Here, you’ll sign the final paperwork, which includes key documents such as:
The Bill of Sale
This document transfers the ownership of personal property (like appliances or furniture) included in the home sale.
The Deed
This legal document transfers ownership of the property from you, the seller, to the buyer.
Documents Prepared by a Real Estate Attorney or Real Estate Brokerage
The closing process involves many legal documents. These might be prepared by a real estate attorney or real estate brokerage to ensure everything is in order.
Closing the sale of your house can be a complex process. However, understanding each step can help you proceed with confidence and reach a successful conclusion to your home sale journey.
Post Sale Considerations
Even after the final paperwork has been signed, and the new owners have the keys, there are a few additional factors to consider. The sale of your house doesn’t just end at the closing table. Let’s delve into these post-sale considerations.
Understand the Tax Implications
Selling your house can have significant tax implications. The application of taxes largely depends on the profit you make from the sale and how long you’ve lived in the house.
Capital Gains Tax Exemption
If the house was your primary residence for at least two of the last five years before selling, you might qualify for a capital gains tax exemption. This can significantly reduce your tax liability.
Consult with a Tax Professional
However, tax laws can be complex, and every situation is unique. Consult with a tax professional or a certified public accountant to fully understand the potential tax impacts. They can provide guidance tailored to your specific circumstances.
The Move to Your New Home
Moving to your new home involves logistical and financial considerations. Plan ahead for moving costs, including professional movers, moving supplies, and potential temporary housing.
Keep Records of Your Home Sale Expenses
It’s wise to keep a comprehensive record of all home sale-related expenses. This includes real estate agent commissions, home improvements made before the sale, and any fees or costs associated with closing. These records can be crucial for your future tax returns or financial planning.
Some of your moving costs may be tax-deductible if you or a member of your household is in the military, and you are moving due to a military order. Previously, moving costs were tax-deductible for many people who were relocating due to a job. After 2025, these deductions may return.
Conclusion
Selling your house is a significant event, and educating consumers about the process can reduce stress and result in a better outcome. By preparing your home, pricing it right, and working with a competent real estate agent, you can complete the transaction smoothly and efficiently.
The selling process might seem overwhelming, but with thorough preparation and the right team on your side, it can be an exciting time. Remember, every house can sell, it just requires the right strategy, a competitive price, and a bit of patience.
Frequently Asked Questions
What should I do if my house isn’t selling?
If your house isn’t attracting buyers, various factors could be at play. The asking price may be too high, marketing efforts might be insufficient, or the house’s condition could be deterring potential buyers. Consult with your real estate agent to pinpoint potential problems and devise solutions. You may need to reduce the price, enhance your marketing strategy, or invest in necessary home improvements.
Can I sell my house myself instead of using a real estate agent?
Yes, selling your house yourself is an option. This is known as “For Sale By Owner” (FSBO). However, selling a house involves complex tasks like pricing, marketing, negotiating, and handling legal paperwork. Real estate agents possess the expertise and experience to deal with these challenges. If you opt for FSBO, be prepared for a significant time commitment and be ready to handle these tasks yourself.
How long does it usually take to sell a house?
The timeline for selling a house can vary greatly and depends on numerous factors, such as local market conditions, the home’s condition and price, and even the time of year. On average, it can take anywhere from a few days to a few months. Your real estate agent can give you a better estimate based on local trends and your specific situation.
What is a seller’s market, and how can it impact my home sale?
A seller’s market occurs when the demand for homes exceeds the current supply. This often results in homes selling more quickly and at higher prices. If you’re selling your house in a seller’s market, it can be an advantage as you may get multiple offers and a higher sale price.
Should I make repairs before selling my house?
Whether to make repairs before selling your house often depends on the type and extent of the repairs and the overall condition of your house. Small repairs and improvements, like painting or fixing leaky faucets, can make a good impression on buyers. If your home has more more substantial issues, discuss the repairs with your real estate agent to weigh the cost against the potential return on investment.
Southern California’s real estate market is as cold as the snow currently adorning the peaks of its mountains. Interest rates are up. Inventory is down. And deals are few and far between.
In slow markets, the agents at the top — those with experience, connections and plenty of clients — typically maintain a modest but steady stream of business. It’s the agents at the bottom — those just getting into the industry who’ve only managed to close a handful of sales — who starve.
As those agents have grown more desperate for leads, they’re trying alternative ways of finding them. Some are outsourcing the work overseas, and others are turning to AI or automation in a last-ditch attempt to find a seller.
Advertisement
During the record-breaking pandemic market, there were so many transactions that most determined real estate agents were able to make a living. More than 43,000 single-family homes traded hands in L.A. County in 2021, and more than 42,000 were sold in 2022, according to the Multiple Listing Service.
During that time, tens of thousands joined the National Assn. of Realtors, or NAR, with membership swelling to a record 1.6 million in 2022, up 200,000 since 2020. Real estate wasn’t just a solid job; it was a way to leap into a higher tax bracket.
But then the market started to freeze in 2023 as mortgage rates shot up. Only 11,539 single-family homes sold that year, and sales are at a similar pace so far this year.
Some agents are simply calling it quits. In California alone, NAR lost 9,723 members from December 2023 to January 2024 — a 4.75% decline . But even after the drop, California still holds the second-most active Realtors in the nation at 194,964, and they’re all fighting for an extremely small pool of sellers.
At the peak of the pandemic market, Tyler Andrews, 29, tried his hand at real estate in the Inland Empire, thinking he would use his outgoing personality to sell homes as L.A. residents flocked to the area during the pandemic. He got his license and helped a few friends with their house hunts, but ultimately didn’t earn any commission and stopped in 2023.
He’s one of many agents who rushed into real estate hoping for a taste of California’s latest gold rush.
Advertisement
From the outside, listing a house in a hot market seems like the easiest of get-rich-quick schemes. Homes sell in days, and a 3% agent’s commission on a $1-million sale comes out to $30,000. If you represent both sides of the deal, it turns into $60,000.
But the real estate industry isn’t an easy one to break into. You typically get paid only if you close a sale, and in any market, most homeowners still prefer to go with an agent with experience.
In a hot market, sellers find an agent. In a cold market, agents have to find a seller. The situation is coming to a boil in many areas, such as Leimert Park, where residents have been barraged by agents asking whether they’re interested in putting their homes up for sale.
Cold calling is time consuming — and stressful, considering the ire it draws from those on the receiving end. So some agents are handing that thankless task to machines.
A handful of companies such as Slybroadcast and Salesmsg offer “ringless voicemail,” a robocall-adjacent tool enabling agents to send pre-recorded messages straight to your voicemail box without your phone ever ringing. The messages are often meant to trick you into thinking you missed a call, saying things like, “Sorry I missed you! Give me a call back whenever you get a chance.”
In 2022, the Federal Communications Commission declared the trend a form of robocalling and said it’s illegal if the caller doesn’t have the recipient’s prior consent. But that hasn’t stopped agents from sending out such voicemails to potential clients.
“I don’t have time to cold call all day,” said one real estate agent who asked to remain anonymous due to the potential taboo of using the technology. “I have to find clients somehow, and in a market like this, you have to get creative.”
Advertisement
The thinking is this: An agent could spend eight hours a day calling every home in a neighborhood to ask whether they want to sell their home. Or they could send out 500 ringless voicemails simultaneously, and those who bother to call back have a better chance of needing the services of a real estate agent.
Andrews said he had heard of other agents trying such technology as the market got colder in 2023, but he never bothered doing it himself because it didn’t seem authentic. It also would’ve been an extra expense — one he didn’t have a budget for.
Mary Thompson has owned her home in Beverly Crest for more than a decade. Over the last year, she’s received multiple ringless voicemails asking whether she wants to list or buy a house.
“I was fooled by the first one. I called back and ended up on the phone with an agent for 15 minutes asking about my plans as a homeowner,” she said. “I don’t bother calling back anymore.”
U.S. consumers received more than 55 billion robocalls in 2023, 5 billion more than the previous year, according to the YouMail Robocall Index. Roughly 15 billion were telemarketing calls, and 8 billion were scams. California consistently ranks as the state with the second-most robocalls, behind only Texas.
As a response to thousands of unwanted call complaints, the FCC has established a Robocall Response Team to combat the influx of robocalls, many of which are targeted toward homeowners.
Advertisement
Last year, the commission shut down a robocalling campaign from MV Realty, a real estate brokerage that was sending out robocalls with misleading claims about mortgages. A whistleblower from the company told a Seattle news outlet that employees were directed how to use software called PhoneBurner and required to make at least 450 calls per day.
Other companies such as VoiceSpin give agents access to auto-dialing software, which, like it sounds, automatically dials numbers from a list. VoiceSpin claims to use AI and machine learning and enables agents to drop voicemails straight into inboxes, record calls or even use local area codes so you’re more likely to pick up.
In that case, you’d be talking to an agent, but sometimes you might find yourself unwittingly conversing with a robot.
The tech company Ylopo recently uploaded a video showcasing an AI assistant conversing with a potential home buyer planning a move to the North or South Carolina coast. The company said it’s “one of thousands of AI calls being made daily already for Ylopo clients.”
Cinc, a real estate lead generation platform, offers agents an AI-powered digital assistant that purposefully misspells words and uses emojis to make interactions with potential leads appear more human.
The NAR itself offers an AI scriptwriter powered by ChatGPT that analyzes housing trends so that agents can appear more knowledgeable about the market. Agents can even choose the tone: professional, engaging or conversational.
Earlier this month, the FCC continued its fight against robocalling by outlawing robocalls that use AI-generated voices. Since the ruling is so fresh, it’s unclear how companies utilizing the technology will be affected.
In a market as slow as this one, even finding numbers to call becomes a challenge; tech becomes useless if it’s being wasted on the wrong potential clients. So many agents are looking for leads.
Advertisement
On Fiverr, an online marketplace for freelance services, a glut of listings has popped up offering agents potential leads on prospective buyers or sellers. One of the most prolific is Abhishek Rai, who has racked up more than 3,000 five-star reviews offering leads on motivated sellers, vacant properties or absentee owners since joining the platform in April 2020.
Rai, who’s based in India and uses the handle @virtualguy2020, typically charges $10 for 100 leads, $50 for 650 and $100 for 1,500.
“Real estate agents have demanding schedules, and outsourcing lead generation tasks allows them to focus on other aspects of their business, such as client meetings, property showings, and negotiations,” he said.
Rai has clients across the U.S., including many in Southern California. He added that generating leads is a specialized skill and not every agent has the expertise to find them on their own.
For his leads, he combs through public records, online databases and real estate sources such as property records, tax records and foreclosure listings.
To be clear, the vast majority of agents in Southern California still conduct business the old-fashioned way. But the ones trying new things are often doing so in order to make a living.
Advertisement
In 2022, Realtors with 16 or more years of experience made a median gross income of $80,700, according to the NAR. But those with two years or less experience made just $9,600.
According to a report from business networking platform Alignable, 31% of real estate firms struggled to pay rent for their office in January.
AI’s subtle invasion of the real estate industry doesn’t necessarily come as a surprise because the technology has pervaded nearly every profession over the last few years. But for an industry that has long relied on human connection — handshakes, open houses, fresh flowers and other personal touches — AI’s cold, sterile seep into housing has become unnerving for some.
“When I do need a real estate agent, I need one that I can connect with,” Thompson said. “I don’t want anything to do with their AI assistant.”
You’ve been getting up early weekend after weekend to go to open houses and have spent hours looking at online listings. You’ve finally found a place that you like, but before you make an offer, one good idea is to do some research on what to look for when buying a home.
Most people don’t want to buy a home that is going to require a lot of work or be difficult to finance because it’s structurally unsound or unsafe. The home might look great on the surface, but it’s recommended that a buyer order the proper home inspection(s) to see if it actually measures up prior to lifting any property contingencies. It can be stressful or even derail the home purchase to find out that you’ll need to make all sorts of costly renovations that make you go over budget or have to look for renovation financing vs. traditional financing, after you’ve worked hard to find that dream home.
Signs Your Dream Home Could Be a Nightmare
There are a lot of things to look for when buying a home. But these are 10 common home inspection red flags that would put even your dream home on the buyer-beware list because of the home repair costs and stress involved in fixing the issues. (Passing the home inspection will also be an important part of getting through the real-estate purchase contract process.) Consider these factors as you continue your search for your new nest, and especially if you’re a first-time homebuyer, lean on professional inspectors for help.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
1. Structural Problems
If there is a problem with the foundation or load-bearing walls in your new home, structural repairs involving health and safety issues could derail your home loan by making the property ineligible for financing, or could wind up costing thousands of dollars. But structural problems aren’t just expensive to fix, they could also be considered unsafe — which is why they should be at the top of any list of things to check when buying a home.
Look for major cracks in the foundation, problems with doors closing, door frames not being perfectly rectangular, or walls or floors that seem to sag. You’ll want to spend the money for a professional home inspection. If the inspection reveals there is a larger issue, a structural engineer’s report may be able to provide additional insight. 💡 Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.
2. Water-Damage Woes
The biggest cause of rot and mold is moisture. So if your potential new home has leaking pipes or a roof that lets in water, it won’t just be expensive to replace your roof or find where the leak is coming from — the leak could have already created other problems.
Water stains and mold are home inspection red flags. Not only can mold have implications for your health, it could indicate a bigger problem with the house. If you see either of them, look into the cause of the stain, because a new roof or new plumbing could set you back a significant amount of money. Dry rot and related problems like mold can also fall under health and safety issues and, as a result, affect the home’s eligibility for most types of home mortgage loans.
3. Poor Drainage
Poor grading and drainage can potentially cause huge problems with the foundation or basement of your home, so it should be high on your list of home inspection red flags. When it comes to bad drainage, things to look for when buying a home can include but are not limited to: pooling water around the foundation; leaking in the basement; gutters that are blocked or overflowing; and soil being moved by water in any flower beds around the home. While there are ways to fix poor drainage and improper grading if it’s minor, you might struggle with larger drainage problems if the home is in a low-lying area.
4. Bad Plumbing
The last thing you want is for your sink to spring a leak. Plumbing problems could have an array of causes, including improper installation or older pipes that need to be replaced or are leaching metals into your water supply. Plumbing that regularly leaks could cause water damage, which, as noted previously, could have some pretty serious consequences (like mold and rot). The home inspector will generally test the plumbing system, but as you look at houses, be observant and try running all the faucets and flushing the toilets. Keep an eye out for any signs of possible water damage and be aware of any funky smells.
5. Pests
There are a few ways to avoid buying a pest-infested home, such as having a home inspector look for pests. If the general home inspection calls out pest issues, it is recommended to go a step further and request a pest inspection report from a licensed pest inspector.
If the inspector finds signs of bugs, it might be possible to request that the seller fix the infestation before you close the house. Sometimes, pest infestation can mean a significant discount, which may be appealing to some buyers. But getting rid of certain kinds of bugs can be very costly, complicated, toxic, and even require you to leave your home while the fumigation takes place. So the discount may not actually be as rosy as it seems. Lenders do not usually close on a traditional home loan with a serious pest issue because it may present a health and safety issue.
6. Electrical Problems
A general home inspection will cover basic electrical items, but some buyers opt for an additional electrical inspection. Depending on when the home was built, there could be improper or even dangerous wiring throughout the house. That could affect eligibility for home financing due to health and safety issues, increase the fire risk in your home, or affect how you budget for buying the house.
7. Neighborhood Troubles
You might have found a beautiful home, but what if the location isn’t ideal? If your home is in a neighborhood that has a high number of vacant properties, a high crime rate, or a poorly rated school system, your investment might not pay off. Ask your real estate agent and neighbors about the neighborhood, stop by at different times, search for the area’s crime statistics, and check out the reputation of local schools. 💡 Quick Tip: Not to be confused with prequalification, preapproval involves a longer application, documentation, and hard credit pulls. Ideally, you want to keep your applications for preapproval to within the same 14- to 45-day period, since many hard credit pulls outside the given time period can adversely affect your credit score, which in turn affects the mortgage terms you’ll be offered.
8. Homeowners Association Problems
If you’re moving into a development with dues, you’ll want to know more about the homeowners association (HOA). Your lender will likely require you to obtain a completed Homeowners Association Questionnaire, and once this form is completed, it could answer many of the questions you may have, such as: How much are the HOA fees? What are the rules around making changes to your property? Is there any pending litigation against the condo association? Can you rent out your place or use it as an Airbnb when you go on vacation? Before you put in an offer, it’s a good idea to find out the answer to these or any other issues of importance to you and your family.
9. DIY Improvements
Watch out for shoddy renovations. If the house looks like it has undergone a recent facelift, have a close look at the workmanship. If there are visible shortcuts, there may be other areas of the house that weren’t properly renovated that could cause you headaches in the future. Check them carefully and make sure the major improvements or additions were done with the proper permits.
10. Older Windows
Older windows could translate into higher heating and cooling costs for your home. Moisture leakage can cause mold issues over time. Those costs add up, so you’ll want to add windows to your list of things to look at when buying a home. On your house tour, look for windows that stick, have discoloration around the indoor casing, or are warping. Updating windows (or replacing them completely) could be costly.
The Takeaway
In certain situations, a buyer may consider making an offer on a house even with one or two of these home inspection red flags. But before committing to a property that needs TLC, you’ll want to add up what the potential repairs may cost. Doing the math now could mean fewer financial surprises when you move in. And in some cases, it may be possible to negotiate with the seller so that major issues are addressed before the closing.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
Photo credit: iStock/Jitalia17
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Although you’re allowed to sell your own home, doing so is a lot of work. Before you move forward, take time to consider the pros and cons of handling things on your own.
If you’re thinking about putting your house on the market, you may be wondering whether you can sell your own home. Yes, you can, but don’t put up a For Sale sign just yet. Although you’re allowed to sell your own home, doing so is a lot of work. Before you move forward, take time to consider the pros and cons of handling things on your own.
Statistics on FSBO Homes
For sale by owner, better known as FSBO, tells buyers you’re not using a real estate agent or a broker. According to the National Association of REALTORS®, FSBO listings accounted for 10% of all home sales in 2021.
Nearly 30% of owners used word-of-mouth marketing via friends, family members, and neighbors to market their listings. Owners also used yard signs, third-party real estate aggregators, social networking sites, and other FSBO marketing methods to find buyers.
Why Sell Your Own Home?
Many people ask “Can I sell my own home?” because real estate agents receive a commission on every sale they make. The average commission is 6%, with the listing agent receiving slightly more than the buyer’s agent. If your home sells for $300,000, that’s $18,000 in commissions at the average rate.
Then, assuming the listing agent gets 3.5% and the buyer’s agent gets 2.5%, selling your own home would save you $10,500. You could use that money to buy new furniture, cover some of your closing costs, invest in the stock market, or take a vacation.
Get matched with a personal
loan that’s right for you today.
Learn
more
Potential Pitfalls of Selling Your Own Home
If you decide to sell your own home, you’ll have to do all the work that a real estate agent would normally do. Some of the most important tasks include:
Setting a sale price
Preparing your home for walk-throughs and open houses
Advertising the property
Following all relevant real estate laws
Meeting with potential buyers and their agents
Learning how to do these things is time-consuming, and there’s also the risk you’ll make a serious mistake. For example, if you price your home based on emotions instead of market data, you may have trouble attracting potential buyers.
When you sell your own home, you also lose the opportunity to benefit from an agent’s extensive network of contacts. Experienced agents maintain relationships with plumbers, landscapers, home staging professionals, and other people who can help you get your home ready for the market. If you don’t have these relationships, you may have to wait weeks or even months before a home service provider can add you to their busy schedule.
One of the biggest potential drawbacks to selling your own home is that you may not get as much money as an agent would. The National Association of REALTORS reports that FSBO listings sold for an average of $225,000 in 2021. In contrast, agent-listed homes sold for an average of $330,000.
Tips for Selling Your Home Without an Agent
If you decide to sell your own home, follow these tips to maximize the sale price and reduce the amount of time it takes to find a buyer.
1. Choose the Right Sale Price
When setting a price for your home, you have to think strategically. If it’s priced too high, you’ll have trouble selling. If it’s priced too low, you’ll lose out on potential profit. The price has to be just right to attract a buyer without leaving money on the table. To find the right price, consider these factors.
Recent Sales
A comparative market analysis lists recent sales in your neighborhood, giving you valuable information about local prices. Normally, a real estate agent would provide a CMA report for you, but it’s possible to create your own. To get started, use public records or third-party listing websites to identify sold homes that are approximately the same size and age as your home.
Once you have the initial list, narrow it down by looking for homes that have features similar to yours. For example, if your home has four bedrooms and two bathrooms, you’ll want to include other four-bedroom homes in your analysis.
The market changes quickly, so limit your search to homes sold in the last three months. Once you have a workable list, note the sale price of each listing. If you’re not comfortable creating your own CMA report, consider getting a professional home appraisal.
Location
The location of your home has a big impact on the sale price. Many buyers are willing to pay a premium to move to an excellent school district or reduce the amount of time it takes to get to restaurants, salons, office buildings, and entertainment venues.
Location refers not just to what city you live in but also where your home is situated. If it’s near an airport or a busy street, you may not be able to get as much as you would if it was tucked away at the end of a quiet cul-de-sac.
Condition of the Home
The better your home’s condition, the more money you can get for it. Think top-of-the line appliances, fresh paint, and new flooring. If your home needs repairs or the appliances and flooring are a little outdated, you may have to set a lower price to attract potential buyers.
Market Conditions
Supply and demand have a big impact on home prices in your area. In a seller’s market, the demand for homes outpaces the supply, driving prices higher. Buyers may even get into bidding wars over the most desirable properties. In a buyer’s market, the supply of homes outweighs the demand, driving prices down.
2. Use Multiple Advertising Methods
It would be great if all you had to do was put your listing on social media, but it takes a little more work to sell a home. You may want to use the following marketing methods:
Newspaper advertisements
Social media posts
Yard signs
Third-party listing websites
Flyers at local businesses
Virtual home tours
3. Plan Your Open House Carefully
An open house gives potential buyers a chance to walk through your home and see if it looks just as good in person as it does in photos. Here are a few tips to help you plan a successful open house event:
Schedule it on a weekend: Many people work during the week, so holding an open house on a Wednesday at 11 a.m. isn’t the best way to attract eager buyers. If possible, schedule your open house for a Sunday afternoon.
Advertise: Yard signs are helpful, but you should use several advertising methods to make more people aware of your event. Try advertising on a third-party website or posting on social media
Clean thoroughly: You don’t want potential buyers focusing on dust bunnies, so give your home a thorough cleaning the day before your open house. Before people arrive, straighten your throw pillows, take out the garbage, and do some last-minute tidying.
Put away personal items: Potential buyers should be able to imagine themselves living in your home. They may have a tough time doing that if you have family photos and other mementos on display. To make your home more appealing, put away personal items before the open house begins.
Make arrangements for your pets: If possible, take your pets to a family member’s house before your event begins. Some buyers aren’t comfortable with animals, and you’ll have an easier time focusing if you don’t have to worry that one of your pets is going to escape.
4. Consult an Attorney
If you sell your home without an agent, you’re still responsible for following all relevant laws and regulations in your area. To ensure you don’t make a costly mistake, consult an attorney beforehand. A licensed attorney can advise you of your rights and educate you about the potential pitfalls involved in selling real estate.
It’s possible to sell your home without a real estate agent, but it takes a lot of time and effort. If you make a mistake, you can easily lose thousands of dollars in profit, making it critical to do in-depth research before you begin the process. You may also want to research other things before selling or buying a home, such as the state of your finances, your current credit health, or your loan options. Credit.com can help you work to understand these things better, so consider signing up for your free Credit Report Card today
Many people mistakenly believe they can’t afford to buy a home because they don’t really know what their options are. Fortunately, home loans are not one-size-fits-all. There are various mortgages available to suit your budget and preferences.
So, before you start visiting open houses, take some time to familiarize yourself with the different home loans that are available. Going into the home buying process informed could help you save a lot of money on your down payment, interest, and fees.
The 8 Types of Mortgage Loans Available
Understanding the different types of mortgage loans will help you choose the option that’s best suited for you. Let’s look at a brief overview of the eight types of mortgages available in 2024.
1. Conventional Loans
A conventional loan is a mortgage that’s not issued by the federal government. There are two different types of conventional mortgages you can choose from: conforming and non-conforming loans.
A conforming loan falls within the guidelines laid out by Fannie Mae and Freddie Mac. You’ll take out a conforming loan through a private lender like a bank, credit union, or mortgage company. Since the government doesn’t guarantee the loan, conventional mortgages typically come with more stringent lending requirements.
According to the CFPB, the maximum loan amount for a conventional loan is $484,350. However, it may be as high as $726,525 in counties with a high cost of living. You’ll have to take out private mortgage insurance (PMI) if you don’t have a 20% down payment.
Conventional loans are fixed-rate mortgages, which means your monthly mortgage payment remains the same throughout the entire life of the mortgage loan. The terms typically range from 10 to 30 years:
30-year fixed-rate mortgage
20-year fixed-rate mortgage
15-year fixed-rate mortgage
10-year fixed rate mortgage
Pros:
It can be used to purchase a primary home or an investment property
Tends to cost less than other types of loans
You can cancel your private mortgage insurance (PMI) once you reach 20% equity in your home
Cons:
Must have a minimum FICO score of 620 or higher
Harder to qualify for than government-backed loans
You’ll need to have a low debt-to-income ratio to qualify
2. Conventional 97 Mortgage
A conventional 97 mortgage is similar to a conventional loan in that it’s widely available to various borrowers. The main difference is that with this type of home loan, you only have to pay a 3% down payment.
The program is available for first-time and repeat home buyers. However, it must be your primary place of residence, and the maximum loan amount is $510,400.
Pros:
Widely available to most borrowers
Only requires a 3% down payment
Available for first-time and repeat homebuyers
Cons:
Cannot be used to purchase investment properties
The maximum loan amount is $510,400
Requires a minimum FICO score of 660 or higher
3. FHA Loans
FHA loans are backed by the Federal Housing Administration and are a popular option for first-time home buyers. To qualify, you need to have a 3.5% down payment and a minimum credit score of 580.
If you have a credit score of 500 or higher, you can qualify for an FHA loan with a 10% down payment. These flexible requirements make FHA loans a suitable option for borrowers with bad credit.
To qualify for an FHA home loan, you must have a debt-to-income ratio of 43% or less. These loans can’t be used to purchase investment properties, and your home must meet the FHA’s lending limits.
These limits vary by state, so you’ll need to check the FHA’s website to see what the guidelines are for your area.
Pros:
Loans come with low down payment options
A viable option for borrowers with bad credit
Available for first-time and repeat homeowners
Cons:
Loans can’t be taken out for investment properties
If your credit score is below 580, a 10% down payment is required
You must have a debt-to-income ratio below 43%
Mandatory mortgage insurance premiums
4. FHA 203(k) Rehab Loans
An FHA 203(k) rehab loan is sometimes referred to as a renovation loan. It allows home buyers to finance the purchase of their home and any necessary renovations with a single loan.
Many people purchase older homes to fix them up. Instead of taking out a mortgage and then applying for a home renovation loan, you can accomplish both within a single mortgage.
A rehab loan is similar to an FHA loan in that you’ll need a 3.5% down payment. However, the credit requirements are stricter, and you’ll need a minimum credit score of 640 to qualify.
Pros:
Allows you to buy a home and finance the remodel within one mortgage
Requires a minimum 3.5% down payment
Easier to qualify since the FHA backs your loan
Cons:
Credit requirements are more stringent than typical FHA loans
You must hire approved contractors and cannot DIY the renovations
The closing process takes longer than other types of mortgages
5. VA Loans
The Department of Veteran Affairs guarantees VA loans. These loans are designed to make it easier for veterans and service members to qualify for affordable mortgages.
One of the biggest advantages of taking out a VA loan is that it doesn’t require a down payment or mortgage insurance premium (MIP). And there are no listed credit requirements, though the lender can set their own minimum credit requirements. VA loans typically come with a lower interest rate than FHA and conventional loans.
To qualify for a VA loan, you must either be active duty military, a veteran or honorably discharged. You’ll need to apply for your mortgage through an approved VA lender.
Pros:
No down payment required
No PMI required
Flexible credit requirements
Cons:
Must be a veteran to qualify
Some sellers will not want to deal with a VA loan
6. USDA Loans
A USDA loan is a type of mortgage that’s available for rural and suburban home buyers. It’s a viable option for borrowers with lower credit scores that are having a hard time qualifying for a traditional mortgage.
USDA loans are backed by the U.S. Department of Agriculture, and they help low-income borrowers find housing in rural areas. USDA loans do not require a down payment, but you will need a minimum credit score of 640 to qualify.
You will need to meet the USDA’s eligibility requirements to qualify for the loan. But according to the department’s property eligibility map, over 95% of the U.S. is eligible.
Pros:
No down payment required
A practical option for low-income borrowers
Available to first-time and repeat home buyers
Cons:
A minimum credit score of 640 is required
Housing is limited to rural and suburban areas
7. Jumbo Loans
A jumbo loan is a mortgage that exceeds the financing guidelines laid out by the Federal Housing Finance Agency. These loans are unable to be purchased or guaranteed by Fannie Mae or Freddie Mac.
A jumbo mortgage is financing for luxury homes in competitive real estate markets, and the limits vary by state. In 2024, the FHFA raised the limits for a one-unit property to $766,550, increasing from $726,200 in 2023. In certain high-cost areas, the limits for jumbo loans vary, reaching up to $1,149,825. These jumbo loans are for mortgages that exceed the set limits in their respective counties.
If you’re hoping to buy a home that costs more than $1 million, you’ll need to take out a super jumbo loan. These loans provide up to $3 million to purchase your home. Both jumbo and super jumbo mortgages can be difficult to qualify for and require excellent credit.
Pros:
These loans make it possible to purchase large homes in expensive areas
Typically comes with flexible loan terms
Cons:
Jumbo loans and super jumbo loans come with higher interest rates
You’ll need a good credit history to qualify
8. Adjustable Rate Mortgages (ARMs)
Unlike a fixed-rate mortgage, where the interest rate is set for the life of the loan, an adjustable-rate mortgage (ARM) comes with interest rates that fluctuate. Your interest rate depends on the current market conditions.
When you first take out an ARM, you will typically start with a fixed rate for a set period of time. Once that introductory period is up, your interest rate will adjust on a monthly or annual basis.
An ARM can be a suitable option for some borrowers because your interest rate will likely be low for the first couple of years you own the home. But you need to be comfortable with a certain level of risk.
And if you choose to go this route, you should look for an ARM that caps the amount of interest you pay. That way, you won’t find yourself unable to afford your monthly payments when the interest rates reset.
4 Types of ARMs
There are 4 different types of adjustable-rate mortgages typically offered:
One Year ARM – The one-year adjustable-rate mortgage interest rate changes every year on the anniversary of the loan.
10/1 ARM – The 10/1 ARM has an initial fixed interest rate for the first ten years of the mortgage. After 10 years is up, the rate then adjusts each year for the remainder of the mortgage.
5/5 and 5/1 ARMs – ARMs that have an initial fixed rate for the first five years of the mortgage. After 5 years is up, for the 5/5 ARM, the interest rate changes every 5 years. For the 5/1 ARM, the interest changes every year.
3/3 and 3/1 ARMs – Similar to the 5/5 and 5/1 ARMs, except the initial fixed-rate changes after 3 years. For the 3/3 ARM, the interest rate changes every 3 years and for the 3/1 ARM, it changes every year.
Pros:
Interest rates will likely be low in the beginning.
If you pay the loan off quickly, you could pay a lot less money in interest.
Cons:
Your monthly mortgage payments will fluctuate.
Many borrowers have gotten into financial trouble after taking out an ARM.
Choosing the Right Home Loan
When it comes to choosing a home loan, you need to consider a few key factors. First, you’ll want to think about the type of loan that is best suited to your needs.
Fixed-rate mortgages offer stability and predictability, while adjustable-rate mortgages (ARMs) can be a viable option for those who expect their income to increase significantly over time. You’ll also want to consider your budget and how much you can afford to borrow, as well as the size of your down payment and the length of the loan term.
It’s also crucial to shop around and compare offers from multiple mortgage lenders. While it’s tempting to go with the first lender you find, it pays to do your homework and see what other options are available.
This can help you get a better rate and more favorable terms on your loan. It’s a good idea to get quotes from at least three different lenders, and to consider both traditional banks and online lenders.
Tips for Getting the Best Rates and Terms
One of the most effective strategies is to improve your credit score. Lenders look closely at credit scores when deciding whether to approve a loan. Those with higher scores are typically offered better terms. You can improve your credit score by paying your bills on time, reducing your debt, and correcting any errors on your credit report.
Another tip is to make a larger down payment, which can help you secure a lower interest rate and reduce the size of your monthly payments. Finally, consider working with a mortgage broker, who can help you shop around and find the best deal.
Bottom Line
As you can see, there are many home loans for you to choose from. The type of mortgage that’s best for you will depend on your current income and financial situation.
If you’re not sure where to start, consider working with a qualified loan officer. They can assess your situation and recommend the option that will be best for you.
After nearly two years of trudging through a frozen housing market, the consensus among mortgage professionals is that the worst of it is over.
The Federal Reserve recently signaled plans to slash interest rates three times in 2024, shifting toward the next phase in its monetary policymaking.
“It finally seems like we are turning a corner and that’s good news after two years of the Fed’s negative perspective that we’ve heard,” Max Slyusarchuk, CEO of A&D Mortgage, said in an interview.
The spread between the 30-year fixed-rate mortgage and the 10-year Treasury yield has narrowed after sitting at over 300 basis points, compared to the historic norm of 150 bps.
But how much will the decline in mortgage rates and a narrowing of the spreads breathe life into the dour origination landscape?
“At the end of the day if mortgage rates come down, I don’t just think that’s gonna solve the inventory problem right away,” said Ben Cohen, managing director at Guaranteed Rate.
“There’s still going to be a lag. So my concern is that rates are going to come down but inventory is not going to just all of a sudden be plentiful and now we’re in a situation where home prices get driven up because there is still low inventory. You have all these buyers that have been waiting for rates to come back and now they’re back and all this becomes really competitive again.”
Mortgage professionals say 2024 will be a ‘recovery year’ as markets slowly return to normal. But a combination of factors – high home prices, lack of inventory, elevated rates — temper expectations for even a moderately strong year.
HousingWire interviewed a dozen loan officers and mortgage executives about their strategies for 2024, which mortgage products they expect to be in demand, and the magic rate needed to get sellers and buyers back in the market.
Strategies for 2024
I’m heavily focused on recruiting, improving technology and marketing, empowering the loan officers — by giving them the same technology and marketing support. Whatever I have for me, I will do it for them as well. This way I can help them grow their business.
We will use AI to help with customer service. AI can understand the loan status, a loan profile and AI can respond to the consumer. If they want to know what’s going on with rates, their loan, AI can give them an answer.
The second project I’m working on is having a mobile app where the the client can download the app and use it to take care of their transaction. We are going to shift to using a mobile app so we don’t have to use phone calls, emails and text messages anymore.
— Thuan Nguyen, CEO of Loan Factory, Inc.
A lot of what you hear is very cliche-ish. You have to make more calls, got to call on more people — all that is true.
But I think it’s more complex than that.
A successful loan officer in this market needs a very capable qualified assistant. I think they need to have all systems firing, meaning they’ve got to do the traditional stuff where you’re doing broker open houses, you’re going to open houses, you are doing coffee clutches and breakfasts and all that.
Simultaneous to that, I think you got to be heavily engaged in what I call the ‘virtual war’ and that means you’re driving your social media and you’re in your your subscribing to systems that drive alerts to your database’s activity. And then you have to have a process in a system to manage those alerts and have outreach to those alerts to where you’re capitalizing on them in a quick time.
— John Palmiotto, chief production officer at The Money Store
What people who don’t understand marketing have done is unintentional marketing. They’re just doing what they see everybody else doing and what we’re finding is those who are succeeding today and are going to thrive in 2024 have a lot of intention in their social media.
It’s not social media, it’s social networking. Networking has always been a key component to drive growth and fostering true community with your referral partners and your sphere of influence. So you have to be intentional, you have to be very strategic – understanding the audience that you’re going after and leveraging it as a social networking platform.
— Shane Kidwell, CEO of Dwell Mortgage
We’re now having to put in work every day without necessarily reaping the immediate reward. Staying disciplined to putting in the effort every single day at the absolute highest level even though we’re not going to see the immediate reward.
We’re laying the constant groundwork word doing the agent training. We’re doing it to where some of that is not reaping us rewards here. It’s that type of mindset that we have to have, because luck is hard work meeting opportunity.
— Matt Weaver, VP of mortgage sales at CrossCountry Mortgage
I recently got licensed in the state of Ohio because that’s where I’m from. I have a lot of connections in Ohio. I’m comfortable with lending there because I know I’m very familiar with the area. I think a lot of my friends and family members and circle of influence up there are going to be refinancing in the next six, 12, 18 months and I want to be licensed and ready to go when that time comes so that I can help them.
— Justin McCrone, loan officer at Atlantic Coast Financial Services
Origination goals
I would be happy with doing $65 million to $75 million next year. I left and joined Revolution in 2023 for a couple months with no origination, I’m probably gonna hover around $50 million this year, whereas I did $100 million in 2022 at Guaranteed Rate.
— Larry Steinway, senior vice president of mortgage lending and branch manager of Revolution Mortgage
The Mortgage Bankers Association (MBA) has a report on where they think the business is going, you have Fannie Mae on where they think the business is going. We look at all that and then we look at the size of the sales team, who we’ve recruited, what we think how much business will pick up.
I think the first quarter is going to be tough. And I think it’ll pick up once you get past the first quarter spring market and on. So we’re planning for a 20% increase.
— Jon Overfelt, director of sales and principal at American Security Mortgage Corp.
I think I’m doing marginally better than this year. We’re now looking at a declining rate environment versus the rising rate environment. So that will allow people to be more optimistic. I would imagine we’ll be about 10 to 15% better next year than this year.
— Robby Oakes, managing director at CIMG Residential Mortgage
Popular products
Given the rate cycle over the past two years and the record level of available home equity that consumers are sitting on, the second mortgage market is a huge opportunity for originators to serve the cash-out and debt consolidation needs of their clients without touching their low rate first mortgage, make much needed origination income and keep the client close so they can service them again in the next cycle. Home equity is really a no-brainer today.
Non-QM is also a huge opportunity for originators to serve the needs of their clients and make much needed origination income. Originators will be battling it out again next year for purchase and refinance volume again that fall into the standard agency, government, jumbo buckets. The rate and term and cash-out refinance market will rely on rates decreasing, but even if they move to 6% next year, the industry will struggle with refinances.
— Paul Saurbier, SVP of strategy at Spring EQ
There’s a big push for home affordability. So there’s a lot of programs out there for first-time homebuyers based on where they’re actually buying their home and what their income is. There’s incentives for those people to get into the home a little bit cheaper than who’s already been a homeowner and can’t take advantage of those programs.
So to me, it’s still a big first-time buyer market in 2024. I’m not saying there are people that are existing but the people that are existing homeowners are only going to move if they absolutely have to move.
–Ben Cohen, managing director at Guaranteed Rate
I think for sure the non-QMs – the more flexible guideline programs are going to continue to be big, especially for people who are investors or self-employed aging populations.
Obviously for people with good credit, good income, solid assets, the 30-year fixed conventional mortgages is the most amazing program that exists for consumers because you don’t have any risk if rates go up and if rates go down you get to refinance and get a lower rate.
I don’t know if it’s national, but 30% of deals right [in my market in California] now are all-cash and so competing against all-cash is still going to be a concern for folks. So that means our job is not only to get them educated on their loan options, but also to make sure we are solid so we get fully underwritten files, making sure we do a lot of work on the front-end so we’re not missing out on deals.
— Brady Thomas, branch manager at American Pacific Mortgage
Home equity products will continue to be attractive options for homeowners looking for specific needs. Based on the goals of the homeowner, Adjustable Rate Mortgages (ARMs) may offer some flexibility. As rates start to tick down throughout 2024, traditional refinances will begin to make more financial sense, as well.
— Michael Merritt, SVP of customer care and default mortgage servicing at BOK Financial
Magic rate?
I would say 5.5%. But the issue is home prices are too high. In order to have the market return to normal, they have to come down a lot more. If rates and prices both come down, it’s easier. But this time, the price might not come down so we have to rely on the rates.
— Thuan Nguyen – CEO of Loan Factory, Inc.
When we get rates in the 5%, I think it’s gonna be fun to be in this business again because people will be willing to leave their 3% interest rate. I think we are going to see (traditional) refinancing transactions really start to kick in in the second half of 2024, 2025.
— Larry Steinway, senior vice president of mortgage lending and branch manager of Revolution Mortgage
I think if we get rates to come down into the 5% range, that’s going to help quite a bit. If people got rates of 7% and 7.5% and they can get a rate at 5%, that’s a refi boom for all of those buyers.
I think rates in the 5%-range or low 6% levels will bring buyers back to the market, but I don’t think we would get a ton of sellers until we have rates in the 4% or low 5%. Somebody who might want to move because they need an extra bedroom or want a bigger backyard won’t move if rates are still at 6% and they’re going from a rate of 3%. But they might do it if they’re getting 4.5%.
— Brady Thomas, branch manager at American Pacific Mortgage
Business was really busy when they were in the low 6% range and the high 5% levels. If you look back earlier in the year when we had the banking crisis hit, business picked up a lot then and that’s about where rates were – in the high 5%, low 6%. I think somewhere in there, you would see a pretty good pickup.
— Jon Overfelt, director of sales and principal at American Security Mortgage Corp.
The question people should be asking is at what rate threshold will sellers come back into the market. Given the average mortgage rate is 3.7%, and considering the pent-up deferred sales pressure is growing each day, our view is that somewhere around 5.5% will be a key threshold to attract sellers in a way that brings supply-demand parity into closer balance.
— Jack Macdowell, chief investment officer at Palisades Group
The number will be different based on the goal of the customer. If customers are looking for home improvement, debt consolidation or other spending goals, Home equity products can be positive at current rates. As rates work back towards 6%, I think you will begin to see more refinance options open up.
— Michael Merritt, SVP of customer care and default mortgage servicing at BOK Financial
Our definition of a magic number indicates the rate at which more than half of the buyers are willing to buy. We have an analytical department that analyzes the purchasing power of the U.S. in the past 40 years and they are saying it’s 6.25%. At 6.25%, a majority of people would say, ‘I’m OK to buy.’ That’s when supply and demand will equalize and your property is not going to drop or rise in value.
The real estate landscape is rapidly evolving, and technological advancements are reshaping the way properties are bought and sold. Virtual Reality (VR) has emerged as a game-changer in the industry, offering an immersive experience that goes beyond traditional marketing methods. Virtual Reality Tours are paving the way for a revolution in real estate marketing, providing potential buyers with a unique and interactive way to explore properties from the comfort of their homes. In this article, we will delve into the future of real estate marketing and the transformative impact that VR tours are having on the industry.
Enjoying our content? Subscribe to our free weekly newsletter to get real estate market insights, news, and reports straight to your inbox.
The Rise of Virtual Reality Tours
Virtual Reality Tours in real estate involve creating a three-dimensional, computer-generated environment that users can explore. These tours enable prospective buyers to virtually “walk through” a property, gaining a realistic sense of the space and layout. This immersive experience allows users to examine details, such as room dimensions, finishes, and overall ambiance, fostering a deeper connection with the property. If you’ve ever been on Google Earth, it is like that but with the interior of a home you are thinking of buying.
Benefits for Buyers
Remote Exploration: VR Tours eliminate geographical barriers, allowing potential buyers to explore properties regardless of their location. This is particularly beneficial for international or out-of-town buyers who may find it challenging to visit properties in person.
Time Efficiency: Virtual Reality Tours save time for both buyers and sellers. Instead of physically visiting multiple properties, buyers can narrow down their options by virtually touring homes, streamlining the decision-making process. If buyers like what they see, then they can actually book a viewing of the home.
Immersive Experience: VR Tours provide a realistic and immersive experience, allowing buyers to visualize themselves in the space. This emotional connection can significantly impact their decision-making, increasing the likelihood of a successful sale.
Benefits for Sellers
Wider Reach: Virtual tours expand the reach of property listings. Sellers can showcase their homes to a global audience, attracting a diverse range of potential buyers who may not have considered the property through traditional marketing channels.
Time-Saving: Sellers benefit from reduced inconvenience associated with physical property visits. Virtual Reality Tours minimize the need for frequent open houses and private showings, streamlining the selling process.
Competitive Edge: Adopting VR technology gives sellers a competitive edge in the market. Properties that offer virtual tours stand out among listings, capturing the attention of tech-savvy buyers and potentially accelerating the sale process.
The Future Outlook
As technology continues to advance, the future of real estate marketing appears increasingly intertwined with virtual reality. The adoption of augmented reality (AR) is on the horizon, enabling potential buyers to virtually stage and customize spaces to suit their preferences. Additionally, advancements in VR hardware, such as more accessible and user-friendly headsets, will likely contribute to the widespread adoption of virtual tours.
Are you looking for a new home to match the new year? Give us a call today! The experienced real estate agents at Zoocasa are more than happy to guide you through this exciting process!
Today’s guest, Christian Koenig, has perfected his system for converting paid leads from Zillow. On average, he spends $20k per month on real estate leads and converts at a rate that generates $40k in commissions—a $20k profit! Tune in for tips on getting the most out of Zillow leads, including which zip codes to purchase and where to start with your budget. Christian also shares his highest converting script and a simple strategy for maximizing your speed to lead.
Listen to today’s show and learn:
About Christian Koenig [2:02]
Christian’s start in real estate [3:02]
Christian’s thoughts on open houses [6:01]
Where Christian started with paid real estate leads [7:30]
Budgeting for buyer and seller leads [12:10]
Sustaining your ad spend for at least six months [14:20]
How to pick a zip code for Zillow leads [17:40]
Considerations to make before committing to Zillow leads [22:52]
The importance of consistent speed-to-lead practices [26:48]
How Christian increased his Zillow budget over time [28:32]
Where to cap your ad spend as a solo agent [33:42]
The two types of Zillow leads [35:56]
What Christian nets from Zillow leads right now [36:55]
Christian’s future plans for cold leads [39:42]
Tips for converting leads as soon as they come in [43:25]
A quick, simple script for setting appointments consistently [46:58]
Christian’s budget spreadsheet for real estate agents [51:05]
When doing everything on your own stops making sense [54:57]
Where to find and follow Christian Koenig [57:51]
Christian Koenig
North Philadelphia born and raised, on the BMX track is where Christian spent most of his days. All jokes aside, he is originally from North Philly and brought up in an entrepreneurial, hardworking household. Joining the United States Air Force at 18 sent Christian to Texas for basic training and then on to Langley Air Force Base in Hampton, VA for six years. He crewed F-22 Raptors for the 27th Fighter Squadron with some of the most talented mechanics he has ever met. Being a part of that team and seeing the process of bringing the first fifth generation fighter jet to combat ready status is something that Christian holds very close. He spent two of those six years as part of the USAF F-22 Demonstration Team traveling the world and showcasing Air Superiority at air shows to millions of spectators. His respect and dedication to serve those that came before him in the military drive him to excel each and every day.
After leaving the Air Force in 2012, Christian began working for a defense contractor on the west coast manufacturing explosives and assembling defense missiles. That led to a position within the quality control department and soon he was the lead inspector specializing in three-dimensional scanning technology for the company. Christian spent the next four years working closely with their research and development departments bringing in new technology to stay ahead of their competitors while increasing quality control. His dedication to craft and constant attention to detail lead in everything he does.
Christian was introduced to the amazing Idaho lifestyle in 2012. As an avid outdoorsman, there is, in his opinion, no better place to call home. Each season offers a unique way to enjoy the outdoors. Saving the best for last, Christian’s beautiful wife is the driving force in his life that keeps him grounded. They have two incredible children and spend their off hours keeping them entertained along with their German Shepherd, Ivy.
Related Links and Resources:
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Are you searching for high-paying jobs that require no prior job experience? If you’re looking for high-paying jobs with no experience, it is possible to find them. There are many entry level jobs that you can start if you want to make a good income. Starting a new career path or entering the workforce for…
Are you searching for high-paying jobs that require no prior job experience?
If you’re looking for high-paying jobs with no experience, it is possible to find them. There are many entry level jobs that you can start if you want to make a good income.
Starting a new career path or entering the workforce for the first time doesn’t have to mean taking a low-paying job. In fact, there are many high-paying jobs that don’t require a ton of experience or an advanced degree.
26 Best High Paying Jobs With No Experience
There are 26 high-paying jobs with no experience listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:
Flexible way to freelance from home – Proofreading
Work from home as your own boss – Blogging
Make passive income – Sell printables
High paying customer-oriented job idea – Car salesperson
High paying travel job idea – Flight attendant
Is it really possible to land high paying jobs with no experience?
Yes, it is possible to find high-paying jobs even without prior experience.
So, you’re on the hunt for high-paying jobs but haven’t yet gathered a ton of experience? You’re not alone! Many people find themselves in this very situation, and the good news is, there are opportunities out there to make income even if you are brand new.
However, just because a job doesn’t require experience doesn’t mean it’s a walk in the park. In fact, it might be quite the opposite. These roles usually demand a quick learning curve and a can-do attitude.
So, while the entry requirements might be minimal and you may be able to learn as you go, the effort you put in can still be a lot.
Below are high-paying jobs with no experience.*
1. Bookkeeper
Degree or education requirements: High school diploma or equivalent
Training requirements: There is a free workshop from Bookkeeper Launch that can help you get started with becoming an online bookkeeper.
Salary: $45,860 per year
You can become a bookkeeper with little to no experience. A bookkeeper is a person who tracks the finances of a business, handles billing and payments, makes spreadsheets, etc., but that doesn’t mean you need to be an accountant or have any related experience.
Recommended reading: How To Find Online Bookkeeping Jobs
10
This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
2. Blogger
Degree or education requirements: None
Training requirements: On-the-job training and How To Start A Blog FREE Course
Salary: There is no average. I have earned over $5,000,000 blogging over the years, but I also know others who have not earned income.
Blogging can be a fun way to make money from home, and you don’t need any previous experience. In fact, this is one of my favorite top-paying jobs with no experience.
When I started my blog, I had no idea what I was doing and simply learned as I went.
As a blogger, you have the freedom to write creatively and share your thoughts or expertise on any given subject. Your income will depend on blog traffic, advertising, and sponsored content.
Recommended reading: How To Monetize A Blog: How I Grew A $5 Million Blog
3. Proofreader
Degree or education requirements: High school diploma or equivalent
Training requirements: Proofread Anywhere has a free training on How To Become A Proofreader
Salary: $45,410 per year
As a proofreader, your job is to scrutinize written materials and correct typos, grammar, and punctuation errors.
Not even the best writers are perfect. They still make grammar, punctuation, and spelling errors, and that’s why professional proofreaders are such a huge help.
Proofreaders proofread books, articles, blog posts, student papers, emails, advertising content, medical documents, and more.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners
10
This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
4. Freelance writer
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $73,150 per year
I know many, many people who have found freelance writing jobs with no experience (myself included!). You don’t need a background in writing or a degree in English or creative writing. I, myself, was a freelance writer for many years, and I enjoyed it a lot. This is one of the best high income jobs with no experience out there.
A freelance writer is someone who writes for a number of different clients and across different types of content. They may write articles for magazines or blog posts, web copy, resumes, technical manuals, social media posts, books, and much more.
Freelance writers write blog posts, content for a company’s sales page, press releases, SEO content for a business, ebooks, essays, emails, newsletters, and more.
Recommended reading: 14 Places To Find Freelance Writing Jobs – (Start With No Experience!)
5. Virtual assistant
Degree or education requirements: High school diploma or equivalent
Training requirements: I recommend taking an online workshop such as Free workshop 5 Steps To Become a Virtual Assistant.
Salary: $44,080 per year
Several years back, I worked as a virtual assistant. I didn’t have any experience before, but I learned as I went along. That’s why I believe it’s one of the best jobs to start with because it was my first job too!
A virtual assistant helps businesses and entrepreneurs with tasks like managing an email inbox, data entry, scheduling appointments, and customer service.
A virtual assistant is someone who works for a person, company, or business owner doing administrative and business tasks to help the business run smoothly. Think of VAs as the online version of an in-person assistant. You work online from home rather than inside someone’s physical business.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
This free training shows you how to become a virtual assistant and work from home.
6. Flight attendant
Degree or education requirements: High school diploma or equivalent
Training requirements: Flight attendants get on-the-job training from the airline they work for.
Salary: $63,760 per year
If you want to travel and work, then this is one of the most fun high-earning jobs with no experience (as an employee of an airline, you typically get free or very discounted flights too!).
As a flight attendant, you have the opportunity to travel and assist passengers during flights. Flight attendants have two main jobs: they do regular tasks like serving food and drinks, and they also know what to do if something goes wrong, to keep passengers safe and comfortable during a flight.
No experience is usually required, but you will need to complete a training program with the airline.
Learn more at How To Become A Flight Attendant.
7. Insurance claims adjuster
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training which can last several months
Salary: $72,040 per year
An insurance claims adjuster investigates and settles insurance claims in the insurance industry. Claims adjusters are like investigators for insurance. They check if an insurance company should give money for a claim, and, if they should, they decide how much.
They determine whether the insurance policy covers the loss claimed, decide the appropriate amount the insurance company should pay, make sure that claims are not fraudulent, and more.
8. Construction worker
Degree or education requirements: None
Training requirements: On-the-job training
Salary: $39,520 per year
Construction laborers have a hands-on role on construction sites. They do physically demanding tasks like cleaning up and getting sites ready, putting up structures, and moving construction materials, among other things.
There is a lot of job growth expected for this career too!
9. Police officer
Degree or education requirements: Ranges from a high school diploma to a college degree (such as a degree in criminal justice or law enforcement)
Training requirements: Training academy as well as on-the-job training
Salary: $69,160 per year (the average annual salary depends on many things, such as the city in which you work)
As a police officer, your duty is to protect and serve communities. This is a job that you will definitely need training for, but you can start with no experience.
Police officers do a variety of important tasks. They go to both urgent and less urgent calls, drive around neighborhoods to watch them, stop vehicles for checks, and even carry out warrants, among other duties.
10. Graphic designer
Degree or education requirements: High school diploma or bachelor’s degree
Training requirements: On-the-job training
Salary: $57,990 per year
Graphic designers many times learn as they go while on the job.
Graphic designers create visual concepts for branding, advertising, and other projects. Graphic designers use digital illustration and editing software to create designs, such as logos, images, brochures, advertising, and more.
Recommended reading: How To Make Money As A Digital Designer
11. Web developer and web designer
Degree or education requirements: Bachelor’s degree
Training requirements: On-the-job training
Salary: $80,730 per year
Web developers design and create websites. This includes making sure the website loads fast and can handle a lot of visitors. They also take care of the technical parts to keep the website running smoothly.
12. Dental laboratory technician
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $41,180 per year
Dental lab technicians create dental prosthetics like crowns and dentures.
Dental laboratory technicians receive work orders from dentists and form material for dental prosthetics. They also may repair damaged prosthetics.
13. Bartender
Degree or education requirements: None
Training requirements: On-the-job training
Salary: $29,380 per year
Bartenders mix and serve drinks while providing excellent customer service. While, yes, you may have to work your way up through a restaurant before you can become a bartender, this is a job that you mostly learn through on-the-job training.
Bartenders have jobs in places like restaurants, hotels, and places where people eat and drink. When it’s really busy, they need to work fast and get drinks to customers as quickly as possible.
Depending on where you bartend, you can make a lot more money too. For example, bartenders in touristy areas may make $10,000+ each month.
14. Roofer
Degree or education requirements: None
Training requirements: On-the-job training
Salary: $47,920 per year
Roofers install and repair roofs on buildings, and this is a job that you learn as you do it. A roofer’s responsibilities may also include inspecting roofs, installing ventilation, cutting roofing materials, and more.
15. Plumber
Degree or education requirements: High school diploma or equivalent
Training requirements: Apprenticeship
Salary: $60,090 per year
Plumbers install and repair water and gas pipes in buildings. They also prepare estimates, read blueprints, follow building codes, inspect and test systems, and more.
16. Car salesperson
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $72,782 per year
Car salespeople help customers find the perfect car while earning a commission. They talk with customers, follow up with leads, go on test drives, and handle paperwork.
This is a job that you can start with no experience. In fact, my husband was randomly offered a job as a car salesman and took the job. He saw lots of success with it!
17. Sell printables
Degree or education requirements: None
Training requirements: There is a free workshop: Earn Money Selling Printables
Salary: There is no average salary, but you may be able to make a couple hundred to several thousand a month.
Selling printables online can be a great way to make money without needing any prior experience.
Creating printables can also be quite passive because you just need to create one digital file per product, which you can then sell an unlimited number of times. Because you only need a laptop or computer and an internet connection, it can be quite affordable to start.
Printables are digital products that customers can download and print at home. Some examples are bridal shower games, grocery shopping checklists, budget planners, invitations, printable quotes for wall art, and patterns.
Recommended reading: How I Make Money Selling Printables On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
18. Commercial truck driver
Degree or education requirements: High school diploma, professional truck driving school training, and commercial driver’s license
Training requirements: On-the-job training
Salary: $49,920 per year
A commercial truck driver transports goods across the country. Tractor-trailer drivers usually do long-distance driving. They handle trucks that weigh more than 26,000 pounds when you count the vehicle, passengers, and cargo. These drivers transport goods on routes that can stretch across multiple states.
19. Tree trimmer
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $47,080 per year
Tree trimmers prune and cut trees, maintaining their appearance and safety. This is a job that you will learn by watching others and through on-the-job training.
20. Real estate agent
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training, as well as pass real estate courses and a licensing exam.
Salary: $52,030 per year
Real estate agents assist clients with buying, selling, and renting properties. Their tasks may also include advising on market conditions, making a list of properties for sale or rent for their clients, hosting open houses, presenting purchase offers, managing negotiations between a buyer and seller, and more.
This role may require you to pass a licensing exam, but it doesn’t necessarily need prior experience. With an average salary range starting at a decent scale, real estate brokerage is one of the high-income jobs available with little-to-no initial experience.
21. Sales representative
Degree or education requirements: None
Training requirements: On-the-job training
Salary: Depends on what you’re selling. Could be anywhere from $30,000 to $100,000+ per year
Sales representatives sell products or services to clients, and you usually learn through on-the-job training after you are hired.
Successful salespeople come from various backgrounds and often start their careers with no relevant experience. What matters most is your ability to communicate, negotiate, and build relationships. The high earning potential makes it an appealing career choice for many.
22. Travel agent
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $46,400 per year
As a travel agent, you help plan vacations for clients. Travel agents help people choose where to go, plan out the details of the trip, and take care of all the travel bookings for their clients.
Travel agents figure out what customers want and book a trip that matches their preferences and budget. They may plan honeymoons, day trips, family vacations, cruises, find flights, and more.
23. Masonry worker
Degree or education requirements: High school diploma or equivalent
Training requirements: Learn masonry either through an apprenticeship or on the job, working with experienced masons
Salary: $49,490 per year median pay
Masonry workers build structures with bricks, stones, and concrete, and they typically learn the job through an apprenticeship with no prior work experience needed.
24. Tutor
Degree or education requirements: Depends on the topic you are tutoring on
Training requirements: On-the-job training
Salary: $36,680 per year if done as a full-time job
With tutoring jobs, you can start if you don’t have any prior experience. You will need to be knowledgeable on the topic, though, and many people on your job search may even want to see a bachelor’s degree.
There are many different kinds of tutoring jobs, from tutoring students with their homework to helping a college student pass a major exam. Tutors might spend 30 minutes teaching a lesson, a few minutes answering questions online, or work one-on-one with a student in a video lesson.
Recommended reading: 11 Best Places To Find Online Tutoring Jobs (Make $100+ an hour)
25. Bake dog treats
Degree or education requirements: None
Training requirements: On-the-job training
Salary: Depends on if it’s part time or full time
Dog treat bakers make dog treats, cupcakes, cookies, cakes, and more.
With a dog treat bakery business, you may be able to earn an extra $500 to $1,000 a month or more on the side. Or, you can turn it into a full-time business and make much more.
Recommended reading: How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!)
26. Hazmat removal worker
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $46,690 per year
Hazmat removal workers clean up hazardous materials like asbestos, mold, and lead.
Training for hazmat removal workers usually involves two parts: learning in a classroom and working in the field. In the classroom, they learn about safety rules and how to use protective gear. When they’re on a job site, they get hands-on experience with tools and materials, and they’re guided by someone who has a lot of experience.
Frequently Asked Questions About High Paying Jobs With No Experience
Below are answers to common questions about how to find high-paying jobs with no experience.
What entry-level jobs pay the most?
Some of the highest-paying entry-level jobs include positions such as web developer, car salesperson, and bookkeeper.
How can I find a job that pays well without prior experience?
To find a good-paying job without any prior experience, you may want to focus on skills that can be used in different jobs and highlight your personal strengths, like communication, problem-solving, or adaptability. Use job search websites that are designed for beginners, and look for job listings that mention “no previous experience needed.”
Are there any fun, well-paying entry-level positions?
Yes, definitely! Many on the list above can be considered fun. My most favorite is becoming a blogger.
What careers offer high pay with short training periods?
Some careers that have high pay with short training periods include bookkeeper, insurance claims adjuster, bartender, car salesperson, and more. These roles may require specialized training or certifications.
How can I make a good income without a degree?
There are many jobs that pay well without requiring a college degree, such as being a construction worker, freelancer, and real estate agent.
How can I make $20 an hour without a degree?
Jobs that pay around $20 an hour without requiring a degree include proofreading, bookkeeping, plumbing, and more. Many on the list above do not require a college degree.
What jobs pay $80,000 with no experience?
Though a little more difficult to find, some jobs that may pay $80,000 or more with no prior experience include positions in sales and real estate.
How to make $150,000 a year without a degree?
Earning $150,000 a year without a degree can be challenging but is achievable in certain fields, such as running your own business, working as a real estate agent, and in sales.
What should I include in my CV when I have no experience?
Even without prior job experience, you can still make a good resume. You should put in any skills you have that are relevant to the job you are applying for, like things you learned in classes or volunteering. Also, remember that skills you use in everyday life, like solving problems, working on a team, or talking with others are important too.
Should I consider additional form of education for these jobs?
Getting more education can be helpful, but it’s not always a must. For some jobs, taking classes, getting certifications, or attending workshops can make you stand out.
How To Find High Paying Jobs With No Experience – Summary
I hope you enjoyed this article on how to find high-paying jobs with no experience.
Some high-paying jobs with no experience may surprise you, while others may seem more attainable. But one thing they all have in common is that they value different skill sets and backgrounds. So don’t worry if your resume is lacking in years of experience or a specialized degree, because these opportunities are out there waiting for someone like you to apply for them.
I hope you are able to find a high paying job that requires no previous experience that works best for you.
What high paying jobs with no experience would you add to the list above?
*Salary and data for the jobs is from the U.S. Bureau of Labor Statistics (BLS).