No Comments

Great Time to Sell

Sellers all over the country are confused and worried they may have
missed the best time to sell their home. Prices are dropping, mortgage
rates are rising, and the pace has slowed but the impact on any individual
seller is unclear.

While the days of any home selling for any price are behind us, the current
housing market is still strong. The biggest hurdle for sellers is to avoid the
feeling that they missed their chance to get top dollar. Yet, many times the
seller intends to buy again also; so while they may sell their home a little
lower, they will also buy the new home a little lower as well.

ABCs of Success

The ABCs to a successful sale are not complicated. They are the basics of
home selling, but if followed, it will ensure a timely and profitable home
sale.

A) Appreciation

When sellers hear this term, they normally think of the value of the home.

During a challenging market, this kind of appreciation is to appreciate every buyer who wants to come by.
Appreciate  every offer you receive; take them seriously.

B) Give in, Don’t Dig in

Along with appreciation for offers, view all the terms in the light of where you can give in or compromise.

Be easy to work with and be reasonable.

C) Stop Comparing the House Next Door

Try not to be discouraged or angry if other homes are selling faster. You don’t really know the reason;
try to stay patient.

Buyers are excited about the slower market. This means that buyers are
still buying. Sellers who get back to the basic ABCs can be successful and
achieve their selling goals

No Comments

2023 Market Predictions

The real estate industry is in for a wild ride over the next year, according to the
Realtor.com’s 2023 Housing Market Predictions Report. This forecast predicts an
overall positive outlook with ongoing growth, but it also acknowledges that several
regional markets are more volatile than others and may not experience consistent
gains.

The report notes that there are some headwinds to sustained growth, particularly in
regions affected by the pandemic and its economic fallout. Tightening credit conditions,
an already low inventory of homes for sale, and historically high lumber costs may all
put pressure on affordability and slow the housing market’s progress.

Good News

The good news is that many markets have been resilient and there are signs of
optimism as the economy recovers. Realtor.com expects that home prices and sales
activity will continue to rise in most markets, albeit at a slower pace. Affordability is
projected to remain a challenge for some buyers, however, as potential buyers may
have difficulty securing financing.

The report also predicts an increase in rental activity over the next year as renters take
advantage of more affordable housing options and the flexibility that comes with not
having to commit to a longer-term mortgage agreement. This could spell good news for
investors looking to capitalize on these shifting trends.

Overall, the 2023 National Housing Forecast predicts a continued rise in housing prices,
though certain regional markets may be more volatile than others. It also forecasts an
increase in rental activity as renters take advantage of the flexibility that comes with
renting. All of this suggests a vibrant and dynamic real estate market going into 2023,
so it’s important to stay informed and up-to-date with the latest trends.

Decision Making

No matter where you are in your real estate journey, it’s important to stay abreast of the
fluctuating market conditions. By doing so, you can ensure that you’re making informed
decisions and leveraging the best opportunities available to you. With a comprehensive
understanding of the current market conditions and the changing trends, you can be
sure that you’re making the most of your investments and positioning yourself for
success.

No Comments

Considering a Distressed Property?

Homebuyers are always looking for that special bargain. The old saying, “buy the worst home on the best street,” insinuates that buying a “fixer-upper” home can be a great investment. While it’s always important to get the most for your money, what about distressed properties? Are they really the best value?

Before you decide to buy, it’s important to understand what is considered a distressed property. While a distressed home might need significant repairs, the term “distressed” is actually referring to the financial situation of the seller (foreclosures and short sales) rather than the condition of the home.

The home itself might also have material issues. Everything from deferred maintenance to major system problems may be present, and a distressed homeowner will not be in a position to make repairs. Selling a home “as is” does not, however, eliminate their responsibility for disclosures and these must be carefully reviewed.

There are advantages to buying a distressed property. Often these homes are listed lower than market value to encourage a quick sale. If the home is considered a fixer-upper, the homebuyer might save thousands of dollars compared to other homes in the area. If you are handy or willing to tackle this kind of project, then buying a distressed property might be a great solution for you; just ensure you get a comprehensive home inspection so you are fully aware of the condition of the home.

If you find that the projects are beyond your skills, or the cost of the repairs would outweigh the savings, consider buying a more expensive home that is move-in ready instead. You’ll want to make sure you’re not getting in over your head…or your budget. In this way, the property will be the bargain you hoped it would be.

No Comments

Motivated Seller – Make Me an Offer!

Even in a strong seller’s market, a homebuyer might hear the words, “Make me an offer.” For a nicely appointed home that is well priced, this can be a surprise. Being invited to write an offer can often give the buyer pause. Most buyers will immediately wonder if something is wrong with the home. Did they miss something that is causing the home to take longer to sell?

While it could be that something is wrong with the home, it most likely just demonstrates the seller’s readiness to move. It could be that they have found another home or are motivated by a relocation, but it might also be that they are tired of keeping the home show-ready and are just anxious to be done with it.

In this situation, it’s important for the homebuyer to listen to their agent. A buyer who hears, “Make me an offer,” often assumes this is an invitation to write a low-ball offer. The assumption is that the seller will take any offer just to get the home sold. The buyer thinks they’ve probably got this one in the bag!

The buyer’s agent will be able to add context to the situation and provide reasonable suggestions for price and terms. Even when invited to write an offer, home sellers will not discount their home if there is no need to do so, and sending an offer below market value might insult the seller and prevent a counter-offer or acceptance—causing the buyer to miss out on a desirable home.

Buying and selling real estate is emotional on both sides. Serious buyers and sellers are both eager to find the right deal, but foolish bargains are rare. When hearing, “Make me an offer,” the best move is to consider the home and then rely on the advice of the buyer’s agent about the next steps.

No Comments

Your Listing Expired – Now What?

Listing agreements all have an expiration date. No one wants to think about what happens when the listing expires; both the seller and agent hope the home will sell long before that time. But it does happen. An expired listing means two things; first, the home is now off the market, and second, you as the seller are no longer under contract with your agent.

Now you have some decisions to make. The most important question is to decide if you still want to sell the home. Let’s face it, it’s a challenge to have your home on the market; the home must always be kept show-ready and the last-minute scramble to accommodate a potential buyer is tiring. You should also consider the real estate market and whether current conditions will still allow you to sell in your expected price range.

If you decide to continue with the plan to sell, it’s time to consider whether you want to change agents or stick with the current one. There are many reasons why a home doesn’t sell that have nothing to do with your representation, but if you sense that the agent is not the right fit, this is the time to make a change. If the agent isn’t the problem, then the next step is looking at the home itself and the price. Are you overpriced for the home and its competition?

No one wants to think about an expired listing nor a home that didn’t sell—but this is the time to take stock of the situation, adjust if necessary, and try again; hopefully with the right combination of condition, price, and agent.

No Comments

Property Liens That Can Stop The Sale

One of the most common reasons for a home sale to fall through is the
presence of property liens. Often the sellers are not even aware they have
a lien on their home and the delay caused by having them removed can
cause a qualified buyer to look elsewhere.

Along with other pre-listing tasks, such as repairs and curb appeal projects,
sellers should order a title search to determine if any liens are on the
property. Some liens are expected, such as the mortgage lien which
ensures any home loan is paid off at the time of close, but others might
come as a surprise. Here are a few liens which can derail your closing.

· Mechanics Lien – A contractor may place a mechanics lien on your
home to make sure they are paid after a home project.
· Divorce Lien – Even if you and your spouse have agreed on the sale
of the home, the court may need to approve the sale before the lien can be
removed.
· Homeowner’s Association – Past due HOA payments and
assessments can lead to a lien on the home.
· IRS and Property Taxes – A government legal claim against your
property when you neglect or fail to pay a tax debt.
· Judgment Liens – Is a court ruling that gives a creditor the right to
take possession of a debtor’s real or personal property if the debtor fails to
fulfill his or her contractual obligations.
· Credit Card Liens – If you default on a credit card and the issuers
get a judgment, they can attach a lien to your property.

Liens must be dealt with before a home can change title. Often the
lienholder will negotiate the payment, but others will want full payment
before releasing the hold. Either way, dealing with liens can take time and
money. It’s always best to remove liens before listing your home for sale.