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What To Repair Before You List

When you’re getting ready to list your home, it’s of the upmost importance to ensure you are showing it in the best light. Taking time to highlight its strengths and fix up some of its possible weaknesses can make a big difference in how fast it sells. Here are our top five recommended repairs to make before selling your home.

Repaint walls.

Giving your home a fresh coat of paint is one of the most cost-effective ways to spruce it up, and generally, it can be a do-it-yourself project. Make sure cover any walls with scratches and chips and consider updating any accent walls with a more neutral coat.

Repair floors.

Hardwood floors are a very desirable feature in a home, so you want to ensure they look their best by fixing scratches or dull areas. If your carpet is worn or stained, consider replacing them. And don’t forget the tile in your kitchen or bathrooms. Re-grouting can go a long way in making dingy tile work look brand new!

Refresh the landscaping.

Show buyers your home is the full package by dressing up the outside as well as the in. Clean walkways and driveways, plant seasonal flowers and plants, trim hedges and trees, install outdoor décor pieces and fill in mulch and gravel.

Fix your fixtures.

Leaky faucet? Rusted drains? Loose drawer handle? Making these small fixes can make a big difference to potential buyers with detailed-orientated minds. Improve your kitchen. An outdated kitchen can be a real eyesore in a home. Updating cabinetry, repairing or replacing countertops, and installing new faucets and sinks may be worth the investment

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“How are Real Estate Agents Paid?”

I get this question a lot from clients and even friends. Now usually people don’t like to discuss pay but I believe being transparent can educate others interested in the industry or those who are simply curious of the structure. Real estate agents aren’t paid by the hour, nor are they paid for the work they perform. They only get paid for their work if the transaction is formally closed. An agent can spend days and months working with a buyer or seller. They don’t get rewarded for their time if the buyer and seller don’t go through with the transaction. Agents only get paid at closing.

 

Infographic Source : DIGGSY

how are real estate agents paid

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Selling a Home in 2018: Three Things You Need to Know

Are you thinking about selling your home in 2018? If so, there are some things you need to know before you start down the path. Here are three important trends sellers should be aware of in 2018.

1. Home prices continue to rise in most markets.

Home prices across the United States have risen steadily over the last couple of years. While some cities have leveled off a bit, the overall trend has been upward in nature. This is expected to continue in 2018 as well. The economist at Zillow, for example, recently forecast that home prices nationwide would rise by an average of 3.2% over the next 12 months (through November 2018).

What it means to sellers: If you’re planning to sell your home in 2018, you should have an experienced real estate agent help you determine your list price. Chances are, your home’s value has changed since you first purchased it. That’s why it’s important to do a thorough round of research using current sale prices and other market data.

2. Housing inventory is still tight across the country.

According to housing experts, a “balanced” real estate market has around five to six months worth of supply. In November, the country on average had about a  three-month supply of homes for sale. That’s well below what is considered to be a balanced market. Some of the tightest markets – like those in the Pacific Northwest – have even less inventory. But this is a trend that applies to most cities across the country.

What it means to sellers: Housing markets with limited inventory tend to favor sellers over buyers. In such a market, there are typically plenty of buyers looking for homes, but not enough properties listed for sale to meet that demand. This gives sellers an advantage when it comes to price negotiation. With that being said, you still have to price your home realistically based on current market conditions. And this is another area where an experienced real estate agent can help you.

3. Loan limits have increased, and the mortgage industry has eased.

Federal housing officials recently increase loan limits for conventional, FHA and VA home loans. This is good news for sellers, because it increases the chance that a buyer can afford to purchase your home. Additionally, there has been some easing within the mortgage industry over the last couple of years. For example, Freddie Mac and Fannie Mae will now purchase home loans with debt-to-income ratios up to 50% (they used to set the bar lower).

These changes will likely result in a more robust mortgage market, with a higher percentage of loans that actually close. This is good news for home buyers and sellers alike.

So there you have them, three important trends a home seller should know about in 2018. Home prices are expected to continue rising, though they could slow down a bit over the coming months. Inventory conditions will likely remain tight in 2018. And it could be easier for some borrowers to qualify for mortgage financing.

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The Importance of a Pre-Closing Inspection When Buying a Home

The pre-closing home inspection is the buyer’s opportunity to ensure the house they are buying is in the same condition it was in when they first inspected it. It’s an important part of the purchasing process, but one that is often overlooked. This article explains why the pre-closing inspection is important, and what you should look for when visiting the home.

Protecting Your Interests

The pre-closing inspection, also referred to as “the final walk-through” is a critical step in the home buying process. But many buyers fail to take it seriously. As a home buyer, you need to conduct a thorough inspection prior to closing on the house. Why? Because in most states, once the closing is completed, the seller has no further obligations to you. It’s your house at that point.

How to Conduct a Pre-Closing Inspection

When you are doing the final inspection, start with the basics. Examine the windows and doors and make sure all of them open, close and lock. Double-check that the windows are not cracked or broken, and that all of the screens are present (if they were present when you first viewed the property).

Make sure there are no signs of flooding, leaking, or water damage of any kind. Look on the ceilings and floors for evidence of this. If you see anything that seems out of place, make sure you speak to your agent about it.

Check that all appliances are working. That includes turning the oven on and ensuring it gets hot. Turn on the burners on the stove to make sure all of them light. Actually open the refrigerator and freezer to make sure they are working. Briefly turn on the washing machine and the dryer.

Though you may feel uncomfortable doing all of this, it could save you money and time down the road.

You should also turn all lights on and off to make sure they work. You might even check all of the electrical plugs to ensure they work. Make sure none of the walls were damaged by movers or anyone else. Verify that any pools, hot tubs, saunas or other items are operational.

Follow up on Requested Repair Items

If the seller was required to do any work on the home (at your request), inspect the work carefully. Ask if there are any copies of work orders and warranties / guarantees by the vendors who performed the work. Make sure they fixed what they were supposed to fix, according to the signed purchase agreement.

It’s generally a good idea to have your agent present for the pre-closing inspection. That way, you can speak to him or her about any concerns you have along the way. Your agent can negotiate any agreements that need to be made based on your findings.

Don’t Be Shy

This is not the time to be shy or feel awkward. You are about to make what will probably be the largest investment of your life. Make sure you protect your investment by spending sufficient time conducting your pre-closing inspection.

The pre-closing inspection usually takes place right before the closing (within 24 hours in most cases). Because of this, many buyers are anxious and excited, and therefore fail to do a thorough inspection. Slow down, keep a cool head, and give your future home a thorough pre-closing inspection.

Buying, Real Estate

What to Look for When House Hunting for the First Time

House hunting is one of the most exciting parts of the home buying process, and for obvious reasons. But it requires a bit of preparation as well. In this lesson, we will discuss some of the things you should focus on before and during the house-hunting process.

Before you go out looking at homes, it’s a good idea to write down a list of wants versus needs. These items should be placed in separate columns on a piece of paper. A need is something you can’t live without, such as the number of bedrooms in the home. A want is something that would be nice to have, but isn’t an absolute necessity, such as a great view. This will help you a lot when you actually begin the house hunting process. It will serve as a constant reminder of what’s most important to you — and what you can live without.

One of the biggest mistakes first-time home buyers make when house hunting is to become too emotional about the process. Sure, it’s a very exciting time in your life. Anyone who has ever bought a home before can understand that. But it’s also a financial investment, and like any other investment you need to look at it with an analytical eye. Enjoy the process, but stay calm enough to view each property with an objective eye.

Consider the Neighborhood

So what else should you look for when house hunting for the first time? Well, you want to consider the neighborhood as well as the home. This is another thing first-time buyers often overlook. They fall so in love with a house when they first see it that they forget to consider the neighborhood, the geographical location, the distance from work or school, etc. Remember, when you buy a home, you also buy into the neighborhood and community around it. This is a quality-of-life issue, so it’s an important consideration to keep in mind throughout the process.

House Hunting and Inspections are Different

Now let’s talk about some of the things you should look at when house hunting and touring homes. Keep in mind that you’re going to have a home inspector come out and examine the house from top to bottom, after you make an offer to buy it. (At least, you should hire a home inspector.) So you don’t necessarily need to look at the roof and the foundation and other structural elements. Not yet anyway.

Sure, you want to make sure the home appears to be in good condition overall. But more importantly, you should focus on that list of wants and needs you created at the beginning of the house hunting process. A full inspection can come later.

You also want to make sure the home is laid out in such a way that’s conducive to your lifestyle. Does it have enough bedrooms and bathrooms? Is the master bedroom upstairs or downstairs? Does it have a fenced-in lot, if that’s important to you? Is it located near work or school? What is the neighborhood like? Do people in the area seem to take pride in their homes, or is it a neighborhood in decline?

These are some of the most important things you should look for when shopping for house.

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EPIC HOUSING SHORTAGE BEING REPORTED

EPIC HOUSING SHORTAGE BEING REPORTEDThe Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study.

The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.

Regarding Existing Home Inventory:

“For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months of supply – almost half of the 6.0 months level that is considered a balanced market.”

Regarding New Home Inventory:

“Markets nationwide are still feeling the effects of the deep and extended decline in housing construction. Over the past 10 years, just 9 million new housing units were completed and added to the housing stock. This was the lowest 10-year period on records dating back to the 1970s, and far below the 14 and 15 million units averaged over the 1980s and 1990s.”

Bottom Line

The biggest challenge in today’s market is getting current homeowners and builders to realize the opportunity they have to maximize profit by selling and/or building NOW!!

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4 Reasons to Buy This Summer!

Here are four great reasons to consider buying a home today, instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 7.1% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.9% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You are Paying a Mortgage

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you? 

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

 

Article by Keeping Current Matters – Click here for the original article 

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YOUR OPPORTUNITY TO ACHIEVE THE AMERICAN DREAM KEEPS GETTING BETTER!

YOUR OPPORTUNITY TO ACHIEVE THE AMERICAN DREAM KEEPS GETTING BETTER!

Forbes.com recently released the latest results of their American Dream Index, in which they measure “the prosperity of the middle class, and…examine which states best support the American Dream.”

The monthly index measures several different economic factors, including goods-producing employment, personal and commercial bankruptcies, building permits, startup activity, unemployment insurance claims, labor force participation, and layoffs.

The national index score was rounded out to 100.0 in January as a baseline for comparison and it rose the fourth straight month in a row to 101.8.

Alaska, coming in at 89.4, represented the lowest score on the index due in part to the recent collapse in oil prices. In contrast, Wyoming came in with the highest score at 115.1. The full results can be seen in the map below.

Your Opportunity to Achieve the American Dream Keeps Getting Better! | Keeping Current Matters

Forbes Senior Editor Kurt Badenhausen explained why many states saw a boost in the index last month:

“The American Dream Index rose for the fourth straight month to 101.8 propelled by gains in goods-producing jobs and building permits, as well as declines in unemployment claims and mass layoffs.

Goods-producing jobs (manufacturing, mining, construction and agriculture) were up for the ninth straight month in May…Building permits rose for the fourth straight month compared to the prior year.”

Bottom Line

The American Dream, for many, includes being able to own a home of one’s own. With the economy improving in many areas of the country, that dream can finally become a reality.

 

Article by Keeping Current Matters – Click here for the original article 

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NAR DATA SHOWS NOW IS A GREAT TIME TO SELL!

We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house.

Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report.

REALTORS® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that home-buying demand continued to outpace supply in May.

The map below illustrates buyer demand broken down by state (the darker your state, the stronger the demand is there).

NAR Data Shows Now Is a Great Time to Sell! | Keeping Current Matters

In addition to revealing high demand, the index also mentioned that “compared to conditions in the same month last year, seller traffic conditions were ‘weak’ in 24 states, ‘stable’ in 25 states, and ‘strong’ in D.C and West Virginia.”

Takeaway: Demand for housing continues to be strong throughout 2017, but supply is struggling to keep up, and this trend is likely to continue into 2018.

THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales, but was instead the inventory of homes for sale (supply). The report explained:

  • Total housing inventory rose 2.1% to 1.96 million homes available for sale
  • That represents a 4.2-month supply at the current sales pace
  • Unsold inventory is 8.4% lower than a year ago, marking the 24th consecutive month with year-over-year declines

According to Lawrence Yun, Chief Economist at NAR:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.” 

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently a 4.2- month supply, and houses are going under contract fast. The Confidence Index shows that 55% of properties were on the market for less than a month when sold.

In May, properties sold nationally were typically on the market for 27 days. As Yun notes, this will continue, unless more listings come to the market.

“With new and existing supply failing to catch up with demand, several markets this summer will continue to see homes going under contract at this remarkably fast pace of under a month.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market. And the supply will continue to ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house.

 

Article by Keeping Current Matters – Click here for the original article 

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Do you know about these homeowner costs when buying a home?

Budgeting for buying a home can be difficult enough when you’re just weighing mortgage options and a purchase price. But there are many other factors that go into the cost of home ownership. Some of them are one-time expenses that you’ll pay during the home buying process, while others will be recurring costs for as long as you own the home.

Closing costs

There are several smaller fees that add up to a rather large sum when you’re going through the closing process-loan fees, attorney fees, underwriting fees, and more. They typically add up to 2-5% of the purchase price. For a $300,000 home-roughly the national median-that’s in the neighborhood of $10,000, so be sure to budget for it.

Appraisal

Your lender will require an appraisal, and the appraisal fee (a few hundred dollars) comes out of your pocket. Inspection

The few hundred dollars you’ll pay for a home inspection is money well spent, but it’s something you have to keep in mind during the purchase process. You’ll have the peace of mind of knowing the house is free from any major issues, and you’re making a smart, solid investment.

Insurance

Although homeowners insurance isn’t legally required, it’ll almost certainly be required by your lender. Further insurance, such as flood insurance, may also be required (depending on your location).

Home Owners Association

If you’re living in a property or community with shared spaces, you’ll almost certainly have an HOA fee. This pays for things like trash removal, maintenance of common areas, and for recreational facilities like gyms and swimming pools.

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