Spring 2022 has brought us an interesting real estate market across the country. We’ve seen home values increase almost 20% on average year over year. At the Same time today’s Home Buyer is dealing with interest rates nearly 2% higher than in 2021.
Homeownership has been a benefit to many in tremendous ways. If you are looking for good advice on any aspect of real estate, I’ve got some good advice to read up on this month.
What to know about making an offer for the house you love
Whether you have just started to look for a home or have been going at it a while, you probably understand how crazy real estate markets are around the country. It’s been an extreme seller’s market for a while. When you find the home you love having a strategy is essential. When putting an offer on a house, it’s vital to know the expected competition. Will there likely be a few offers or a bunch?
Understanding the competition level can help you craft the offer needed to win the likely bidding war. For example, you might need to do something to make your offer more enticing. More and more buyers are going outside their comfort zone to land the house they want. Following our advice ultimately will increase your chances.
Can you buy a home with a low credit score?
One of the questions asked by prospective home buyers quite a bit is if it’s possible to buy a home with a low credit score.
Are you able to purchase a house? Yes, you can! Work with Stanford Mortgage to learn financial tips to see where to start looking for an appropriate mortgage, that will work for your specific needs.
Welcome to Post Pandemic Real Estate Market
We certainly find ourselves in a unique real estate market post-pandemic, right?! Housing shortages, supply-chain issues, lack of skilled labor, and inflation like we haven’t seen in 40+ years. Navigating the world of home improvement, maintenance, or new home construction can be challenging.
Due to shortages in construction materials, wood, appliances, and even furniture, having a proper expectation of timelines will help you navigate these markets. New homes and remodeling jobs are both taking much longer to complete.
Home Values: The Elevator is going up
If you aren’t a homeowner yet, you probably want to get on the elevator soon to take advantage of the inevitable increase in home equity you get as values rise.
Given the seller’s market we’ve been experiencing over the last year; many buyers ask if the home I purchase in a “hot” market will sell in a “slow” market. Here’s some great advice to inform and put your mind at ease.
Some home buyers, frustrated with this fast-paced market, maybe having lost in a multiple offer situation, might purchase a home with poor resale value.
The truth is, a slower market doesn’t affect all homes equally. Even in a slow market, the most desirable homes sell. Some things to consider: are the home’s history, the location, zoning, condition, and the floor plan. What is the HOA like? How long do you intend to stay in the home?
Most importantly, what does your real estate agent think about the market going forward and the home’s All these are important factors I can assist you with.
Common Hurdles Home Buyers Face
Buying a house today is more challenging than ever. All across the country, there is a significant housing shortage. The number of buyers seriously outweighs the available inventory to purchase. The environment provides a backdrop for bidding wars and homes selling more than the asking prices. Home buyers also face other hurdles that can prevent them from purchasing their dream home. I can help you navigate this market to find a great home for you.
The Best Homes Still Command the Best Offers
We have all experienced a shortage of homes for sale in most of the country compared to the demand. Some sellers might think that anything will sell, so why put in the effort to fix up their home? Likewise, some agents might think similar thoughts about marketing a home…why bother when it’s going to sell without much effort. This kind of thinking is shortsighted.
Even in the hottest seller’s market, some desirable homes sell for more money, and the competition increases, thereby increasing the seller’s negotiating power when it comes to terms. A well-prepared home, with proper marketing, could mean tens of thousands more to the seller and the best terms.
So how to prepare? Even with fierce competition, today’s buyers are looking for features in a home. The pandemic has changed our home lives significantly.
We demand even more from our homes than we ever have. We want an entertaining space, both indoors and out. We want a dedicated home office. We need some spaces to be our ZEN, especially the bathroom.
There are many ways a seller can create spaces that today’s buyers are looking for without a total renovation. By tuning in to what they value in a home, a seller can do a lot to provide the top items on a home buyer’s wish list. I can help you decide what items you may want to address and which items are not worth doing.
Remodeling with Sustainability in Mind
One of the features on the minds of today’s home buyers is sustainability. If you are doing any renovations or remodeling, it is wise to factor sustainability into your plans.
Whether it is chemicals like formaldehyde in cabinets or VOCs in paint, using products without these harmful substances will greatly impact your home’s air quality and overall health.
Using sustainable materials, recycled products, and pre-owned household items can save money and create a more eco-friendly home.
Choosing energy-saving features, LED lights, quality materials that last longer, and simple additions like a ceiling fan make a big difference. A common favorite tip: plant a garden. Whether vegetables or flowers, gardening adds to your quality of life and your curb appeal.
BUYERS AND SELLERS BEWARE
Real estate scams have increased in the last decade as transactions have become more complex and more expensive. Real estate transactions are a lucrative target for would-be thieves.
Recently, there are home seller losing their $130,000 in equity in our market due to a wire fraud scheme. It was heartbreaking. By the time the scam was detected, the money had vanished somewhere in some foreign country. Poof.
It is important to be aware and vigilant against possible fraud attempts today. Follow our guide to Avoiding Wire Fraud to be sure your money is safe.