The housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures & short sales) are at their lowest mark in over 8 years. This has been, and will continue to be, a great year for real estate.
Tuesday, November 15, 2016
Tuesday, November 1, 2016
Are you thinking of buying a home? Are you dreading having to walk through strangers’ houses? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of buying. A great agent is always worth more than the commission they charge, just like a great doctor or great accountant.
1. Tell the Truth About the Price
2. Understand the Timetable with Which Your Family is Dealing
3. Remove as Many of the Challenges as Possible
4. Find the Right HOUSE!
Good agents know how to deliver good news. Great agents know how to deliver tough news. In today’s market, YOU NEED A GREAT AGENT!
Tuesday, October 4, 2016
The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Buyer DemandThe map below was created after asking the question: “How would your rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes in that area. Only four states came in with a weak or moderate demand level.
Wednesday, July 27, 2016
According to Bankrate’s latest Financial Security Index Poll, Americans who have money to set aside for the next 10 years would rather invest in real estate than any other type of investment.
“Which would be the best way to invest money you did not need for more than 10 years?”
Sterling White, co-founder of Holdfolio, gave one reason as to why real estate may have ranked so high.
Monday, April 25, 2016
In today’s market, where demand
is outpacing supply in many regions of the country, pricing a house is one of
the biggest challenges real estate professionals face. Sellers often want to
price their home higher than recommended, and many agents go along with the
idea to keep their clients happy. However, the best agents realize that telling
the homeowner the truth is more important than getting the seller to like them.
There is no “later.”
sometimes think, “If the home doesn’t sell for this price, I can always
lower it later.” However, research proves that homes that experience a
listing price reduction sit on the market longer, ultimately selling for less
than similar homes.
recipient of the University Distinguished Faculty Award from
the Eberhardt School of Business at the University of the Pacific,
actually did research on the cost (in both time and money) to a seller who
priced high at the beginning and then lowered their price. His article, Listing
Price, Time on Market and Ultimate Selling Price,published in Real
Estate Economics revealed:
“Homes that underwent a
price revision sold for less, and the greater the revision, the lower the
selling price. Also, the longer the home remains on the market, the lower its
ultimate selling price.”
the “I’ll lower the price later” approach can paint a negative
image in buyers’ minds. Each time a price reduction occurs, buyers can
naturally think, “Something must be wrong with that house.” Then
when a buyer does make an offer, they low-ball the price because they see the
seller as “highly motivated.” Pricing it right from the start
eliminates these challenges.
Don’t build “negotiation room” into the price.
say that they want to price their home high in order to have “negotiation
room.” But, what this actually does is lower the number of potential
buyers that see the house. And we know that limiting demand like this will
negatively impact the sales price of the house.
Not sure about
this? Think of it this way: when a buyer is looking for a home online (as they
are doing more and more often), they put in their desired price range. If your
seller is looking to sell their house for $400,000, but lists it at $425,000 to
build in “negotiation room,” any potential buyers that search
in the $350k-$400k range won’t even know your listing is available, let alone
come see it!
One great way to see this is with
the chart below. The higher you price your home over its market value, the less
potential buyers will actually see your home when searching.
A better strategy would be to price it properly from
the beginning and bring in multiple offers. This forces these buyers to compete
against each other for the to
purchase your house.
Look at it this way: if you only receive one offer,
you are set up in an adversarial position against the prospective buyer. If,
however, you have multiple offers, you have two or more buyers fighting to
please you. Which will result in a better selling situation?
Great pricing comes down to truly understanding the
real estate dynamics in your neighborhood. Look for an agent that will take the
time to simply and effectively explain what is happening in the housing market
and how it applies to your home. You need an agent that will tell you what you
need to know rather than what you want to hear. This will put you in the best
Wednesday, March 23, 2016
revealed that one million borrowers regained equity in their homes in 2015. The outlook for 2016 remains positive as well, as an additional 850,000 properties would regain equity if home prices rose another 5% this year.
95% of homes valued over $200,000 now have a positive equity
87% of homes valued under $200,000 have entered a positive
The 11.5% growth in home equity in Q4 marked the 13 consecutive quarter of double digit
is a map showing the percentage of homes with a mortgage, in each state, that
have positive equity.
Anand Nallathambi, , believes this is great news for theHe went on to say:Of the 91.5% of homeowners with positive equity in the US, (defined as more than 20%). This means that nearly three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home .The map below shows the percentage of homes with a mortgage, in each state, with significant equity.
If you are one of the many homeowners who is unsure of how much equity you have in your home and are curious about your ability to move, meet with a local real estate professional who can help evaluate your situation.
Sunday, February 14, 2016
Whether your home is a house in the suburbs or a high rise in the city, taking advantage of the outdoors is a great way to expand your livable space. If you are working with a large backyard, your possibilities may be endless, but even the tiniest balcony can be transformed into a functional area. There is nothing quite like enjoying a delicious meal al fresco, so here are a few tips to consider when designing an outdoor dining space.
Determine Your Function
Depending on the square footage of your outdoor area, consider what you will be using it for. Are you creating a dining space on a cramped balcony, or do you have a sprawling back yard with room for several areas? Smaller spaces can be tricky, so try to find furniture that can double as storage, like a bench with space beneath or a table with drawers or an extra shelf. For larger spaces, consider separating areas with rugs or using potted plants to establish borders between the dining and lounging spaces.
If dining will be one of the main uses of your outdoor space, be sure to consider proximity to the kitchen or grill. Having a clear path between the cooking area and the dining area will make serving much easier and help prevent trips, drops and spills.
Find Your Color Scheme
Consider what your focal point will be to help determine your color scheme. If your outdoor space overlooks the ocean or a beautiful landscape, then choosing neutral materials will create fewer distractions from the view. Alternatively, if you’re working with an urban setting, bring in a bit of color with potted plants and vibrant seat cushions or pillows. Ultimately, your space should be a reflection of your own style, but should also complement the surroundings.
Know Your Environment
With many different materials to choose from, selecting the right outdoor furniture can be tough, but considering your environment is a great place to begin narrowing down the list. If your space gets a lot of direct sunlight, metal furniture may not be your best choice as it can get hot and uncomfortable to touch. Additionally, if you are near the ocean, salt water in the air can be harsh on metal surfaces and require additional treatment and cleaning to maintain.
If you live in an area that experiences all the major seasons, you will want to consider if you will need to store your furniture for the winter. Plastic, resin, or wicker patio furniture can be a bit lighter weight than other materials and easier to put away for the off season.
Know Your Surroundings
Is your outdoor space small and intimate or large and sprawling? For smaller spaces, less can be much more. Be careful not to force a small space into something it can’t handle, like cramming an eight-seat table into a 4-seat space. Bistro tables can be an excellent fit for city balconies and smaller patios as they don’t take up too much space and can be easily moved around. Forcing too much furniture into a small space will make it feel even smaller and may deter you from enjoying it.
For larger spaces, be careful not to overdo it! Ask yourself what you are most likely to use the space for before you plan a 50-person dinner party. Large spaces are often best utilized by sectioning into several areas. For example, an outdoor dining space, a lounge area, room for the kids to play, and a pool can coexist in a very comfortable way by sectioning each area as if it were a room inside your home. Create obvious walkways between each area, and utilize area rugs, planters or potted plants to give the illusion of borders for each area. If you need a bit of privacy, a trellis covered in vines is the perfect divider to create a more intimate outdoor dining area.
Know Your Audience
Is your outdoor dining space for you and your spouse, or do you have a large family or entertain frequently? If you pride yourself as the host with the most, make sure your outdoor dining layout allows for a smooth cooking and entertaining experience. If your grill is the primary cooking space, make sure it is safely separated from the crowd, but also close enough that you can cook and entertain at the same time. If you plan to mostly cook inside, try to plan the dining space in close proximity to the indoor kitchen to avoid long trips back and forth and easy access to the refrigerator.
Have Fun with It
There are a million different ways to design an outdoor space and it really just boils down to your own personal style. Inspiration is often just a few clicks away, or you can view hundreds of patio dining sets at PatioLiving.com.
By Aaron Lewis