Sometimes I’m in appointments with people who are struggling to figure out what to do with their home. They’re unsure whether they should sell, rent, or stay in their house. I like going over each option with them. What does it mean if you rent it, what are you going to get in rent, does that cover the mortgage, is there any extra money there? What does it mean if you’re going to sell it, how much money are you getting out of it, where are you going to move?
Occasionally people are in a position where they owe more than they can sell it for and they have to consider a short sale. We do many short sales, and I love helping people who are in a difficult situation and don’t know what they want to do. We lay out all your options and hopefully help you gauge what’s best. You don’t have to figure out your next step alone.
If you or anyone you know needs some guidance about your options, we’d be glad to assist you. Please give us a call or send us an email. Also, contact us if you have any questions about real estate. We’re happy to help.
Some agents charge fees on top of their commission. I’ve heard of agents charging transaction fees, cancellation fees, and even fees for photos. Before you decide who the best agent is, you need to know what you’re going to be charged.
Like our team, some agents simply charge you a commission with no additional fees. Because we aren’t charging you these fees, we don’t get paid until you sell your property.
Posted by Dan Bennett on Friday, October 18, 2019 at 7:00 AMBy Dan Bennett / October 18, 2019Comment
The National Association of REALTORS® surveyed their members for the release of their Confidence Index.
The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices, and market conditions.
Homes across the country are selling quickly, in an average of just 31 days.
Posted by Dan Bennett on Monday, October 14, 2019 at 7:00 AMBy Dan Bennett / October 14, 2019Comment
The best time to sell anything is when demand for that item is high and the supply of that item is limited. The latest Existing-Home Sales Report released by the National Association of Realtors (NAR), reveals that demand for housing continues to be strong, but the supply is struggling to keep pace. With this trend likely continuing throughout 2020, now is a great time to sell your house.
THE EXISTING-HOME SALES REPORT
The most important data revealed in this report was not actually sales. In reality, it was the inventory of homes for sale (supply). The report explained:
Total housing inventory at the end of August decreased 2.6% to 1.86 million homes available for sale.
Unsold inventory is lower than the 4.3-month figure recorded in August 2018.
This represents a 4.1-month supply at the current sales pace.
Posted by Dan Bennett on Monday, September 30, 2019 at 7:00 AMBy Dan Bennett / September 30, 2019Comment
The price of any item is determined by supply, as well as the market’s demand for the item. 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.
Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).
The map below was created after asking the question: “How would you rate buyer traffic in your area?”The darker the blue, the...
Posted by Dan Bennett on Tuesday, September 24, 2019 at 7:00 AMBy Dan Bennett / September 24, 2019Comment
With the fall season upon us, change is in the air. For many families, children are growing up and moving out of the house, maybe leaving for college or taking a jump into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize?
If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is, allowing a potential buyer to do the updates and remodeling. If you’re one of the many homeowners this camp, here are a few tips to help you decide which way to go.
1. Analyze Your Market
A real estate professional can help you to understand your market and the potential level of buyer interest and demand for your home. Are you in a seller’s market or a buyer’s market? This can change based on the price range of your home, too. A professional can also give you some insight on what you can ...
Posted by Dan Bennett on Monday, September 23, 2019 at 7:00 AMBy Dan Bennett / September 23, 2019Comment
In today’s real estate market, more houses are coming to market every day. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do.
According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher.
With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing (see the chart below)....
Posted by Dan Bennett on Thursday, September 12, 2019 at 7:00 AMBy Dan Bennett / September 12, 2019Comment
With the current uncertainty about the economy triggered by a potential trade war, some people are waiting to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective.
Here is a table showing the predicted levels of appreciation from six major housing sources:As we can see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate.
Posted by Dan Bennett on Tuesday, September 10, 2019 at 7:00 AMBy Dan Bennett / September 10, 2019Comment
So, you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process and you’ve been asked what level of access you want to provide to potential buyers.
There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access you can provide to your agent to be able to show your home.
Here are five levels of access you can provide to a buyer, each with a brief description:
Lockbox on the Door – This allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
Providing a Key to the Home – Although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
Open Access with a Phone Call – The seller allows showing with just a phone call’s notice.
Posted by Dan Bennett on Tuesday, September 3, 2019 at 7:00 AMBy Dan Bennett / September 3, 2019Comment
Below are 5 compelling reasons listing your home for sale this fall makes sense.
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers.
Posted by Dan Bennett on Thursday, August 29, 2019 at 7:00 AMBy Dan Bennett / August 29, 2019Comment
When thinking about selling their house, homeowners have many options. A relatively new option is using an “iBuyer.” What is an iBuyer?
According to Jovio, the definition is:
“A company or investor that uses Automated Valuation Models (AVMs) to make instant offers on homes. It allows sellers to close on a property quickly. Once sold, the company then turns around and resells the home for a profit.”
Today, there are many iBuyer companies such as OfferPad, Zillow Offers, Knock, Opendoor, and Perch. Even some more traditional companies offer the same or similar services (ex. Keller Williams, Redfin, Realogy). Ivy Zelman reported in her ‘Z’ Report that some traditional brokers are partnering with some of the larger iBuyers too:
“Keller Williams announced a partnership with Offerpad, aligning the largest franchise-based brokerage brand in the U.S. with the five-year-old iBuyer. The move follows Realogy’s partnership with Home Partners of America last year as an established brokerage player more directly providing an iBuyer alternative…
Recently, we were called out to a property that a family wanted to sell. The mother wasn’t doing well and they were looking to get her into a better situation in Texas. For sellers in this kind of situation, we offer three things: we can sell the home directly to the market, we can make a guaranteed offer, or we can offer a quick close.
Time was of the essence, but money was important to them too. After I laid out their options, they wanted to put the home on the market for one week before considering the quick close option.
If you have any questions for me in the meantime, feel free to reach out and give me a call or send me an email. I look forward to hearing from you soon.
Posted by Dan Bennett on Wednesday, August 7, 2019 at 7:00 AMBy Dan Bennett / August 7, 2019Comment
There’s no doubt that today’s housing market is changing, and everything we see right now indicates it is time to sell. Here’s a look at why selling now is likely to drive the greatest return on your largest investment.
Home values have been appreciating for several years now, growing at a strong, steady, and impressive pace. In fact, the average annual appreciation rate since 2012 has nearly doubled the average rate from the more normal market of the 1990s (think: pre-bubble).Appreciation, however, is projected to shift back toward normal, meaning home prices will likely keep climbing over the next few years, but they are not projected to continue to increase at such a high rate.
Posted by Dan Bennett on Wednesday, July 31, 2019 at 7:00 AMBy Dan Bennett / July 31, 2019Comment
As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on.
In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why:
Inventory is on the rise, but there’s still an overall shortage of houses for sale (less than a 6-month supply found in a more normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) Realtors® Confidence Index Survey reports...
Posted by Dan Bennett on Tuesday, July 30, 2019 at 7:00 AMBy Dan Bennett / July 30, 2019Comment
Many of the questions currently surrounding the real estate industry focus on home prices and where they are heading. The most recent Home Price Expectation Survey (HPES) helps target these projected answers.
Posted by Dan Bennett on Sunday, July 28, 2019 at 7:00 AMBy Dan Bennett / July 28, 2019Comment
The price of any item (including residential real estate) is determined by the theory of ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.
The supply of homes for sale dramatically increases every spring, according to the National Association of Realtors (NAR). As an example, here is what happened to housing inventory at the beginning of 2018:
In many markets around the country, sellers have the opportunity to sell quickly to buyers who make instant offers. There are several situations where a seller would want to take advantage of an instant offer. Perhaps their home has certain repairs they either don’t want or can’t afford to make. Maybe the home in question is one they’ve inherited.
In any case, if you want to sell your home quickly without going through the regular sale process, we have an instant offer program you can use to close as fast as possible. We also know many investors who’d love to make an instant offer for your home, too. Just give us a call and we’d love to talk to you more about it.