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How Do Kids Affect Home Buying Decisions?

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Home buyers take many factors into consideration during their home search.  Price, size, location are a few that top the list for many.  When home buyers have children living at home, the search can get more complicated and additional criteria can narrow the field of prospective homes.

In a recent article published in HousingWire, Alcynna Lloyd details how home buyers with children versus home buyers without children vary in their home buying process.  With a nod to the season of “back to school”, Lloyd references a report from the National Association of Realtors where NAR chief economist Lawrence Yun said. “Of course, affordability is a part of the decision, but we have seen buyers with kids willing to spend a little more in order to land a home in a better school zone or district.” 

Confirming what many assumed to be true, the report details that more than half of home buyers that have children living at home base their search criteria on the neighborhood’s school district.  In comparison, only 10% of home buyers without children take the school district into consideration when making their home purchase. 

Additionally, childless homeowners do not feel as much pressure to sell a home quickly.  Only 14% indicated that when selling a home, speed of sale was an issue.  In contrast, 23% of homeowners with children reported selling their home with a sense of urgency.  Perhaps the timing of a school year approaching, feeling that they have outgrown a home or other financial factors influenced these households.  Nevertheless, they may be more likely to accept an offer that is not ideal.

Read the entire article.

Photo Credit: Marco Verch

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Is Housing Market Ready to Rebound?

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Homeowners trying to or thinking about putting their home on the market may have been a little hesitant based on the trends in the real estate market over the past year.  As real estate professionals know, and homeowners may have noticed, the real estate market took a turn last summer.  An increased number of homes hit the market, but higher prices and decreased sales, the outlook for homeowners was less than ideal.

However, homeowners may be able to breathe a sigh of relief as this slump could be coming to an end.  With mortgage rates dipping below 4 percent and a slowed housing inventory, it appears prices and home sales should begin to climb again.

According to an article published on Realtor.com, written by Clare Trapasso, “…much of the fate of the housing market relies on mortgage interest rates. If they stay low, buyers have more money to spend on homes. So prices have more room to rise.”  However, homeowners should be aware, despite a high demand for homes as younger buyers begin their families and look to settle down, current buyers, Chief Economist Danielle Hale of realtor.com®  warns “seem a little more patient. They’re more willing to wait for a good property.”

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Is the Real Estate Market Starting to Turn?

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The 2019 spring real estate market is in full swing and many home owners and prospective home buyers may be wondering what this year’s market has in store for them.  Will home buyers be able to list their home and quickly receive a full-priced offer, maybe even multiple offers?  Will prospective home buyers be competing against many other buyers and have to make quick and above list price offers? 

Despite the fact that there are reports indicating we are on the horizon of another hot real estate market season, data from Trulia predicts something quite different. Trulia has collected data that reflects home prices have been in a steady decline since the beginning of 2018.  This trend is the first indicator that the housing market may be entering into a “cyclical downturn”.  In an article published by Housing Wire, Alcynna Lloyd quotes Trulia, “’Cyclical housing market downturns occur roughly every 10 years, and they typically don’t happen overnight. Instead, they play out steadily over a few years, first showing up in sales volumes and later—usually a year or two later—in prices,’ Trulia writes.”

Fear not, however, that we are in store for a declining market similar to the one that occurred a decade ago.  The article goes on to detail the findings of the Trulia analysis, indicating home prices should only slightly decline and are more likely to just see “flat-to-modest housing price growth”.  Yet, home owners should expect their home to sell not quite as quickly and should certainly be prepared to enter in more vigorous negotiations with buyers in order to finalize a sale.

Since these changes are not expected to be extreme or immediate, more likely gradual and result in slow steady declines or even flat growth, only time will tell how this potential change plays out.

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Studies reveal positive news for home buyers in 2019

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The spring real estate market is in full swing.  Sellers have begun the process of listing their homes with the hopes of a quick sale.  Buyers search listings, schedule showings and begin to decide on a home to purchase.  So far, in 2019, it appears home buyers are making the decision on which home to purchase faster than they were last year at this time.

In fact, a study completed by Redfin, revealed that in 2019 buyers’ time to close is three days less than in 2018.  According to an article published by the MReport, “Some of the factors responsible for home buyers being able to close on their homes faster in 2019 compared to previous years included, a rise in housing supply, a slower growth rate of home prices, and a less competitive market, according to Redfin.”

The fact that the supply of homes for sale has increased and there are more buyers than sellers often means that sellers will accept the first offer they receive.  Unfortunately, some sellers just have to wait longer to receive that offer while competing against a larger number of other sellers.  The article reports that homes are spending about two days more on the market compared to 2018.

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Zillow Expanding Zillow Offers Program

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Zillow has been expanding the services it offers to both home buyer and sellers.  In select markets, the company began a program called Zillow Offers.  In the Phoenix, Las Vegas, Atlanta, Charlotte and Denver areas, homeowners are able to “request a no-obligation cash offer from Zillow to buy their home. If they accept it, Zillow directly buys a seller’s house, prepares it for showings and quickly lists it for sale”, according to an article published on HousingWire.com.

The program was only launched nine months ago and according to the president of Zillow, Jeremy Wacksman, there has been a demand from homeowners to launch Zillow Offers in additional geographic markets.  Wacksman states, “It’s clear people want a convenient, stress-free way to sell their home, and real estate professionals are eager to work with us to leverage Zillow Offers as a way to build their local businesses.”  As a result, Zillow Offers will be expanding in 2019 to Miami, Minneapois, Nashville, Orlando and Portland.  Additionally, the service is going to be launching in even more cities by the fall of 2019. 

With this expansion, Zillow expects to not only work with local real estate agents and brokers, paying commission to local agents, but also promote Premier Agent, which helps connect sellers and listing agents when a seller has decided not to move forward with a Zillow Offer transaction.

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Why Should You Stage Your Home To Sell

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There are many decisions to make when deciding to sell your home.  You need to decide if you are going to use a real estate agent,  decide which agent to use, when to put the house on the market, what price to ask for the house.  It can be overwhelming and exhausting.  Once all those decisions have been made, it is then time for photos of the house to be taken for the listing, not to mention getting the house ready for showings and open houses.

A step in the home selling process that might either be overlooked or undervalued is the process of “staging” your home.  In an article written by Devon Thorsby, published in U.S. News and World Report, Thorsby states, “Home staging is the act of cleaning, rearranging and remodeling parts of a property to make it more appealing to potential homebuyers. Professional home stagers are often brought in by real estate agents – or the agents practice a bit of staging themselves – to help homeowners make a house ready to show to potential homebuyers.”

The spectrum of staging services is vast and the prices vary depending on how involved the project is.  Some stagers may go as far as recommending some personal items be put in a storage unit and staging furniture brought in.  It may not include every room in the house, but certainly some of the rooms that are most critiqued by buyers such as the kitchen, living room and master bedroom.

In the end, the purpose of staging is to help sell your home as quickly as possible for as close to asking price as possible.  Personal style choices, décor and clutter may make your house feel like a home, but it needs to appeal to the general buyer so it may not have a place in the house during the process.

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Finding the Best Real Estate Agent: Tips and Considerations

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Buying and selling  a home might be one or the biggest personal financial transactions of your life.  It can be emotional, confusing and time consuming.  Many home owners and those looking to purchase a home will eventually look to a real estate professional to guide them through the process.

In an article published by US News and World Report, the author, Devon Thorsby, provides some helpful tips and suggestions for finding a real estate agent for your next real estate transaction.  Thorsby begins by suggesting that potential home buyers or those considering listing their home begin the process of searching or a real estate agent earlier rather than later.  A real estate agent can help make important decisions and suggestions early on that may help the process go more smoothly.

Its important, of course, to find the right agent.  Narrowing down what kind go real estate professional you need is important:  an agent, Realtor or broker; each provides a different level of service and expertise.  Having a prepared list of questions for a potential agent can help ensure that there aren’t any surprises or concerns late in the process.  You  want to be sure you feel comfortable with the type and level service the agent will provide and what the ultimate price of using the agent will be.

Read the entire article for more specific information and details about tools to use when selecting a real estate professional.

 

 

Photo Credit:  Scott Maxwell

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Real Estate Experts Provide Advice for Investors

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Real Estate is a popular investment vehicle for American investors.  In fact, 89% of investors put their money into real estate, according to a report by Better Homes and Garden Real Estate.  In a recent article published by Forbes, real estate experts provide reminders and warnings regarding real estate investments in order to help insure a profitable investment.

One real estate professional, Lee Kiser, reminds investors to study the real estate taxes of a property before making the purchase.  Its important to understand what the upcoming tax liability may be down the road, and a real estate tax professional may be able to help an investor prepare accordingly.

Shelling out the money for a professional inspection and appraisal might not be top of the list for investors, but according to Angela Yaun of the Day Realty Group, it may help save more money for the investor later.  The investor may be able to get items covered under a home warranty if they are proven to be functioning at the time of the inspection.  It can also make the buyer aware of repair expenses they should plan for later.  A professional appraisal will provide the most accurate square footage and appraised value, important facts to have on hand when the investor is looking to sell their property.

The article goes on to detail the importance of understanding Home Owners Association restrictions, obtaining a Master Land Use plan for the area surrounding the property, and getting accurate and professional estimates for repairs, holding costs and closing costs.

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Photo Credit: Antonio Carlos Cascatrina

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Before Listing Your Home: Real Estate Myths Debunked

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Low housing inventory coupled with low interest rates has helped encourage home owners to finally consider putting their home on the market.  There are many considerations to take into account before listing a home.  Being able to determine what home selling advice is based on fact versus myth is vital for a successful and profitable transaction.  An article published in U.S. News and World Report, written by Teresa Mears, helps homeowners navigate the process by debunking some of the rumors and myths.

One home selling myth is that home owners should list the home at a price above what they actually expect to get for the home.  According to Mears, “That’s because shoppers and their real estate agents often don’t even look at homes that are priced above market value.”  Even if a homeowner lowers the price after a few weeks, the fact that it sat on the market for 3 weeks or more makes prospective buyers suspicious about issues with the home.

Sellers might often be tempted to sell a house on their own, without the use of a real estate professional, in order to save money.  The value real estate professionals add to the process comes in the form of marketing to buyers and their agents, negotiating the sales price and sales contract and helping navigate any issues that come up after the inspection.  When you hire and pay a real estate professional, you are able to take advantage of their experience and expertise from previous sales transactions.

Additional myths touched on include which home renovations home owners can expect to see a return on investment, and which renovations should not be done just to sell a home, whether open houses benefit the home owner and what your expectation for future market prices should be.  Read the entire article.

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Disappointing Sales Figures for New Homes Reported

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In many parts of the U.S., sales of new homes continued to have a downward trend in February, falling .6 percent from January.  This, according to an article published by CNBC, is the third month in a row that the sales of new homes dropped.

In the article, the details of regional new home sales were provided.  Bringing the U.S. average down were the Midwest with a 3.7 percent decrease in sales as well as the west, with a drop of almost 18 percent.  The south and northeast regions of the U.S., however, saw increases in new home sales of 19.4 percent and 9 percent respectively.

An overall slow-down in sales is being attributed to a shortage of homes, specifically lower priced homes.  As a result, the prices are being driven up, the median price of new homes is up almost 10 percent from last year.  Couple this with rising mortgage interest rates, many first time homebuyers may have a difficult time entering the real estate market.

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