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![]() In the second half of this year, the housing market surged with activity. Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes:
The typical winter slowdown in the housing market is simply not on the radar. Here’s why. While today’s historically low mortgage rates are expected to remain low, they won’t be this low for much longer. This could be the last chance for homebuyers to secure such low rates, and they’re ready to take action. In a recent article, Bankrate explained:
As long as we continue to see low interest rates, we’ll see hopeful buyers on the hunt for their dream homes. Yun confirmed:
The challenge, however, is the lack of homes available for sale. With that in mind, all eyes are on homeowners to see if they’ll sell this winter or wait until spring. Danielle Hale, Chief Economist for realtor.com, says it’s best for sellers to capitalize on this moment sooner rather than later:
With buyers ready to stay active this winter, sellers who want to close a deal on the best possible terms shouldn’t wait until spring to put their homes on the market. Bottom LineExperts agree the winter housing market could potentially be bigger than ever. Whether you’re ready to buy or sell, contact a local real estate professional today so you can be in your dream home by the new year. The post Winter Will Bring a Flurry of Activity to the Housing Market appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/11/12/winter-will-bring-a-flurry-of-activity-to-the-housing-market/ In a perfect world, the home selling process would be straightforward and quick. You’d list your home for sale, schedule house tours, receive multiple offers, and sell your home fast and above list price. Unfortunately, selling your house isn’t always that simple and your home could end up sitting on the housing market longer than you anticipated. As a seller, there are few things more frustrating than your home not selling and having no idea why. Let’s dive in and discuss six likely reasons your home isn’t selling, and address how to fix the problems. 1. Your home needs improvementsBeing a homeowner comes with many responsibilities, including keeping your home and property in good condition. Sure, you might vacuum, dust, and mop regularly – but in today’s market, that sometimes isn’t enough. You may need to put a little time and money into your home so you can receive more offers and sell your house quickly. Furthermore, if you’ve had buyers interested in your home, but maintenance problems are encountered during the home inspection, you could end up losing the sale. What’s the solution? Before listing your home for sale, start researching what other similar homes are being sold for. Make sure to only compare homes in close proximity to yours. So, if you live in North Atlanta, GA, only compare your home to others in your neighborhood. If other sellers in your price range have new carpeting, a recently remodeled kitchen or bath, or new flooring throughout, they’ll likely outshine your listing. Research your options and record which home upgrades will give you the most bang for your buck in your market. Hire a professional to avoid any costly DIY mistakes. They can save you time and money, and the end result will likely be just what you were hoping for. Ultimately, working with a professional will reduce your stress and increase your satisfaction with the project. To avoid hidden problems that may be discovered during an inspection such as foundation damage, rodent activity, or a leaking roof, get a pre-inspection report before putting your home on the market. This will give you time to make the necessary repairs and get your home ready to sell so interested buyers don’t withdraw their offer after they see the inspection report. 2. Your home is priced too highPricing a house too high happens more often than you might think. Resisting the urge to overprice your home is never easy. The longer your home stays on the market, the more likely it is that you’ll need to drop the asking price. Typically, if a home sits on the market longer than other homes in your neighborhood, buyers will assume it’s because something is wrong with it. What’s the solution? Pricing your home can be complex with several different data points to take into account. Take a look at what similar homes in your area are listed for, research what homes have recently sold for in your neighborhood, and use an online calculator for a home value estimate. Your agent will also be able to work with you to price your home competitively. 3. Your home is cluttered and dirtyIt happens to all of us. Your daily mess just becomes junk that you overlook day-by-day. But trust me – the piles of paper, boxes of toys, and mounds of clothes will definitely be noticed by potential buyers. Clutter will distract buyers from your home’s best features and will make the space appear smaller. Life gets busy, and sometimes you just don’t have time to clean your home between work, picking the kids off from school, and dropping them off at soccer practice. But, deep cleaning your home is an essential step to selling your house. What’s the solution? As you’re decluttering, be sure to pack away family photos, excess books, clothes, and knickknacks. Instead of stashing your stuff in closets, box up what you don’t need and consider renting a storage unit to clear out some of your belongings. You can also donate items or dump any damaged or broken belongings to avoid the same stuff piling up at your new home. You may want to work with a professional to help declutter. They will be able to help you make the process much easier and more efficient. After you’ve decluttered, the next step is cleaning your house from top to bottom. Wipe and dust every surface, decoration, and window inside and out. Mop and vacuum carpets and floors. Pay attention to the smell of your home, and be sure to get a second opinion. Pets, kids, food, and other conditions can make your home smell and discourage potential homebuyers. If you don’t have the time to do it right, hire a professional cleaning service—it will be worth it. They’ll be able to reach every nook and cranny of your home to leave it shining so you can sell your house quickly and for more money. 4. You haven’t staged your homeOne great thing about owning a home is being able to show off your personal taste through furniture, paint colors, photographs, and decorations. But even if your taste isn’t overly bold, it still might not sit well with potential buyers. Buyers want to be able to visualize the home as a good fit for themselves. According to a recent survey, 83% of buyers’ agents agreed that a staged home helped their buyer picture themselves living there. Bright paint colors and decoration may have been your style, but when trying to sell your house, the decor should always be neutral. Potential buyers should be able to focus on the features of your home and not your belongings. What’s the solution? Presenting a well-maintained home and giving a positive first impression is so important when selling your house. And although staging is optional, it really shouldn’t be. A staging professional’s job is to stage your home in a way that will emphasize the property’s strengths and minimize its weak points. This will allow your home to be shown at its maximum potential. They’ll be able to give your home the final touch it needs to stand out from the competition and appeal to the majority of buyers. Staging a home can be as simple as rearranging furniture or moving large items into storage. Or, you may prefer to have the staging company bring furniture, artwork, decor, lights, greenery, and area rugs to stage your home. If you’re working with a tight budget, focus on the entryway, living room, kitchen, bathrooms, and master bedroom. It’s also important to create a blank canvas by stowing away family photos and any other personal items. 5. Your listing photos are not professional qualityIf your home doesn’t need upgrades and it’s priced appropriately, it may be your listing that is falling short. Photos are the first thing a potential homebuyer will see and may determine whether they request a tour or not. Nowadays, poorly-lit pictures captured on an iPhone won’t bring in potential buyers, and research shows that professional photos can help sell your house faster and for more money. Buyers expect top-notch photos that show off your home’s best features. What’s the solution? No matter how great the rest of the listing is, if the photos don’t pique any interest and get buyers excited about touring it, then you likely won’t have any offers. Make your home stand out against the competition with professional photos. Real estate photographers know the correct lighting, angles, and minor details that capture your home’s selling points and will leave a great first impression. 6. Your curb appeal isn’t appealingTake a walk around your neighborhood and pay attention to the homes that appear inviting and note what about the property makes it that way. Is it the green lawn and the neatly cut hedges? The fresh coat of paint? The stone walkway? Now, walk past your home and try to picture yourself as a potential buyer. What needs work? The first impression your home gets from a buyer is important and it often starts with the exterior of your home. Strong curb appeal has the ability to bring more buyers to your door. What’s the solution? Preparing the exterior of your home is just as important as staging the interior. After all, many buyers won’t feel compelled to tour your home if it doesn’t look nice from the outside. A well-maintained exterior, including everything from landscaping to exterior paint, will bring buyers through your door increasing the likeliness of your home selling quickly. Hire a professional to spruce up the exterior of your home. Your lawn, hedges, trees, and other plants should be neat and there shouldn’t be any visible weeds. Have your windows washed, and consider hiring a power washing company to clean your siding and any walkways. If you can, add an outdoor living space in your backyard, perhaps a deck or patio. The longer your home sits on the market, the less appealing it will become to buyers. Identify what is preventing potential buyers from making any offers and fix the issues as soon as possible. This way, you can sell your house quickly. The post Can’t Sell Your House? 6 Mistakes You Might Be Making appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More. from https://www.redfin.com/blog/not-selling-your-house-mistakes-you-might-be-making/ DIY (do it yourself) is a common approach to home repairs for a variety of reasons, from budget to perceived simplicity. For those preparing to sell their home, pinching pennies can be a common motivation for tackling fixes without professional involvement. In some cases, DIY solutions are a great way to save time and money with very little risk, but at times, neglecting the abilities of a pro can cause costly problems. Hire a Professional for These Home RepairsNot all home repairs are made equal. Basic home projects, like putting up wallpaper, are relatively low risk and don’t pose the potential for big problems down the line. However, more substantial projects can require a level of expertise above and beyond what the average homeowner can accomplish. When not handled properly, these kinds of DIY fixes can result in serious damage that could cost a small fortune to fix. That’s why we created a list of projects that should be handled by the professionals, rather than doing it yourself. 1. Electrical WorkDealing with any notable wiring issues throughout a home is best left in the hands of an electrician. While something simple, like replacing a lightbulb, is certainly possible without a pro, anything larger requires someone trained in electrical systems. Accessing electrical boxes, installing new lighting fixtures, replacing wiring, adding new wiring, or anything else more complicated has the potential to harm both you and your property without proper oversight. Accidents with electrical work can cause electrocution or start fires, putting both your health and your home at risk. Without the expertise of an electrician, there’s no way to know whether the tutorials you’re reading or viewing online are appropriate for your property. 2. PlumbingPlumbing, like electrical work, can be tricky to get right for those without formal training. It’s not unusual for DIY home repairs to cause burst pipes or leaks, opening the door for potential water damage to your home. When these leaks or broken pipes are found within walls or difficult to detect it can become a serious issue. Before trying to do something like replacing a pipe or installing new fixtures, contact a plumber to make sure your repairs are appropriate and up to code. It’s cheaper to hire a professional for small tasks from the start than to bring in a plumber once a problem arises. Installing a new faucet is much cheaper than to both install a new faucet and fix the problems caused by a DIY installation gone awry. 3. Full Bathroom RemodelsBathroom remodeling projects often seem easy, but can actually entail much more than you may think. Oftentimes, these projects can require elements of other kinds of home repairs, like plumbing and electrical work. Tackling a bathroom from top to bottom can be an excellent way to boost your home’s value before listing it, but approaching a remodel in the wrong way can be disastrous. An error in plumbing, cabinet and counter installation, wiring, or anything else could be more costly than beneficial. When you want your bathroom to look – and function – it’s very best, you will want help from a licensed contractor or remodeler who can adhere to building codes and prevent major problems. 4. Foundation and Crawl Space RepairsLittle foundation fixes or crawl space repairs may look simple on the surface, but these kinds of projects can be serious endeavors and require the training and tools the average homeowner doesn’t have. This is particularly true with foundation repairs, especially if you live in an area with a wet climate like Seattle, WA. Failing to address signs of foundation damage can threaten the stability of your entire home. Additionally, an improper DIY home repair can yield more costly treatments down the road and leave room for much more serious damage. Identifying and fixing foundation problems can require anything from construction equipment to hydraulic lifts. Instead of taking the easy way out, partner with a professional to make sure these serious repairs are made the right way. 5. Roof Replacement or RepairsRoofing is both challenging and potentially dangerous, making this a poor choice for a DIY project. Replacing shingles or repairing structural issues can be tempting – roofing prices can be steep – but these kinds of tasks are easy to do incorrectly. When shingles aren’t placed properly, insulation is lacking, chimneys aren’t adequately navigated, and safety precautions aren’t taken, big problems can happen. Climbing around on the top of your house with tools and heavy materials is a home repair project best left for a professional. The risk for improper insulation, wrong shingle placement, or even slips and falls makes roofing jobs far too challenging for a standard homeowner. Also, having a professional step in for a big project like this will ensure everything is done well and in a timely manner. 6. Replacing SidingThe siding on your home looks deceptively simple, but replacing a whole house worth of siding can be a seriously challenging home repair. This task can take days on end, and placing siding straight and even is a much harder project than it may appear to be on the surface. It’s also important to remember that siding is more than an aesthetic feature. Siding that’s installed incorrectly can cause water and weather damage, driving increased temperature control costs, the likelihood of pest damage, and potential structural issues. Simply put, if you are planning to replace your siding to increase your home value, make sure a professional is involved in the process. There’s a lot to be said for the peace of mind that comes from partnering with an electrician, plumber, roofer, remodeling company, or contractor. Before charging ahead with a DIY home repair, make sure you understand the scope of the repairs you are trying to make, any risks, and the potential value of professional involvement.
The post 6 DIY Home Repair Mistakes to Avoid Before Selling Your House appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More. from https://www.redfin.com/blog/diy-home-repair-mistakes-to-avoid/ ![]() Today, on Veterans Day, we honor those who have served our country and thank them for their continued dedication to our nation. In the United States, there are many valuable benefits available to Veterans, including VA home loans. For over 75 years, VA home loans have provided millions of Veterans and their families the opportunity to purchase their own homes. As we consider the full impact of VA home loans, it’s important to both understand these great options for Veterans and to share them with those we know who may be able to benefit most. For a variety of different reasons, many Veterans don’t use their VA home loan options, so being knowledgeable about what’s available and how they work may be a game-changer for many. Facts about 2019 VA Home Loans (most current data):
VA Home Loans Often Offer:
Bottom Line
The best thing you can do today to celebrate Veterans Day is to share this information with those who can potentially benefit from these loan options. For more information, contact a local real estate professional who can assist you in the process. Thank you for your service. The post VA Home Loans: Helping Heroes Find a Home appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/11/11/va-home-loans-helping-heroes-find-a-home/ ![]() For years, real estate has been considered the best investment you can make. A major reason for this is due to the net worth a household gains through homeownership. In fact, according to the 2019 Survey of Consumer Finance Data from the Federal Reserve, for the average homeowner:
How do homeowners gain wealth?Most large purchases, like cars and appliances, depreciate in value as they age, so it’s understandable to question how owning a home can increase wealth over time. In a simple equation, the National Association of Realtors (NAR) explains how the combination of paying your mortgage and home price appreciation grow overall wealth: Principal Payments + Price Appreciation Gains = Housing Wealth Gain As home values increase and you make payments toward your home loan, you’ll gain wealth through equity. The same article from NAR also addresses how wealth gains tend to play out over time:
Taking a look at how equity has grown for the typical homeowner, it’s clear to see how real estate is a sound long-term investment. NAR notes:
Bottom LineWhether you’re a current homeowner planning to put your equity toward a new home or have hopes of buying your first home soon, homeownership will always be a great opportunity to build your net worth and overall wealth. Owning a home is truly an investment in your financial future. The post Homeownership Is a Key to Building Wealth appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/11/10/homeownership-is-a-key-to-building-wealth/ For many potential homeowners, saving enough for a down payment is a major barrier to homeownership. But, it doesn’t have to be. There are thousands of down payment assistance programs available across the country that can help make your dream of owning a home a reality, even if you’re not able to put a significant amount down. How much do I need for a down payment?Although the common perception is that you need to have a 20 percent down payment to purchase a home, that’s simply not the case, especially for first-time buyers. Most first-time homebuyers make a down payment of just 6 percent or less. Better yet, you don’t have to come up with all of those funds on your own because there are down payment assistance programs that can help. What is down payment assistance?Down payment assistance provides homebuyers with money to cover some or all of their down payment. These programs – more than 2,300 of them – are offered nationwide through a variety of sources, including federal, state, county, or local government agencies, nonprofits, and employers. In some cases, down payment assistance can be in a form of a grant that you will never have to pay back – basically, free money to get you into homeownership. Most often, the funds come in the form of a loan known as a second mortgage that has low or even no interest. In many cases, you only have to pay back the loan after you sell the home. Sometimes, the loan may be forgiven once you have lived in the home for a required amount of time. Down payment assistance isn’t just for first-time homebuyersWhile homeownership programs are often associated with first-time buyers, there are many programs available for repeat buyers and even current owners purchasing a new home. In fact, 41% of homeownership programs do not have a first-time homebuyer requirement. It’s also important to know that a first-time homebuyer is defined as someone who has not owned a home in the last three years. So if you’ve been renting for the last four years, you’re a first-time homebuyer again. Who qualifies for down payment assistance?Down payment assistance programs come in a variety of shapes and sizes. There are programs for veterans, first-responders, first-time homebuyers, educators, and more. The exact requirements will depend on where you live and what programs are available; the most common eligibility requirements include:
Regardless of whether or not you think you will qualify for a down payment assistance program, it’s always a good idea to see what programs are available and apply – you may qualify for more than you expect. Does down payment assistance limit my mortgage options?With down payment assistance you’ll need to borrow from a lender that participates in the program. However, those approved lenders generally offer a wide range of conventional loans in addition to ones backed by the government (VA, USDA, or FHA loans). Once you’re approved for a down payment assistance program, you’ll have the flexibility to choose the right mortgage option for you. How can I find down payment help?Since there are thousands of down payment assistance programs available, it can be a challenge to know where to start, but Down Payment Resource is here to help. Down Payment Resource is the nation’s only complete database of homeownership programs and they can easily match eligible buyers and properties to available programs. See what down payment assistance programs are available to you, and take the next step on your path to homeownership! Find Down Payment Assistance Programs in Your Area
The post Make Your Dream of Homeownership a Reality with Down Payment Assistance appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More. from https://www.redfin.com/blog/how-down-payment-assistance-programs-work/
I bought a commercial property in 2018 for $2,100,000. It was a 68k square foot strip mall that had a grocery store, restaurant, office, and coffee shop as tenants. I bought this property in Northern Colorado and it was the most expensive and biggest property I had ever purchased by far! I thought this was ... Read more
from https://investfourmore.com/made-2-million-dollars-rental-property/ ![]() In today’s real estate market, the buzz is all about how it’s a great time to sell your house. Buyer demand is high, and there simply aren’t enough homes available to buy to meet that growing need. This means now is the time to make a move so you can close the deal on your ideal terms. Even in today’s strong sellers’ market, there are homeowners who are choosing not to sell due to ongoing concerns around the health crisis, financial uncertainty, and life in general. According to Zillow, here are the top three reasons homeowners who are thinking of selling sometime in the next three years are not putting their houses on the market right now:
If you identify with any of these, you’re not alone. Whether it’s the future of your employment situation or simply being uncomfortable having guests in your home for showings, life feels a lot different than it did at this time last year. The good news is, real estate professionals have spent the majority of 2020 figuring out how to sell homes safely, and it’s paying off for those who are choosing to move this year. Real estate agents are doing two things very well to make selling your house possible: 1. Agents Are Implementing Technology in the ProcessWhile abiding by state and local regulations as a top priority, real estate agents are making sales happen safely and effectively by leveraging key pieces of technology. Agents know exactly what today’s buyers and sellers need and how to put the necessary digital steps in place. For example, agents have capitalized on the technology buyers find most helpful when deciding on a new home:
They’re listening to their audience and leveraging the tools that help buyers get an initial look at a home without having to step inside. This helps reduce the number of people entering your home, so only those who are very seriously interested need to take the next step: in-person showings. 2. Agents Are Facilitating Safe and Effective In-Person ShowingsAfter leveraging technology, if you have serious buyers who still want to see your house in person, agents are following the guidelines set by the National Association of Realtors (NAR) and utilizing safe ways to proceed. Here are a few of them, understanding again that the agent’s top priority is always to follow state and local restrictions first:
Getting comfortable with your agent – a true trusted advisor – taking these steps under the modern-era safety standards might be your best plan. This is especially important if you’re in a position where you need to sell your house sooner rather than later. As Jeff Tucker, Senior Economist for Zillow notes:
Bottom LineIn this new era in our lives, things are shifting quickly, and virtual strategies for sellers may be your ideal option. Opening your doors up to new approaches could be game-changing when it comes to selling your house while the market is leaning in your favor. As always, a trusted real estate professional can help you safely and effectively navigate all that’s new when it comes to making your next move. The post Is it Safe to Sell My House Right Now? appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/11/09/is-it-safe-to-sell-my-house-right-now/ ![]() Some Highlights
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