You’ve seen every house on the market and you’ve finally found the spot you can’t wait to call home. In fact, you’ve mentally decorated it and planned your new life, down to the barbecues and block parties you’ll have with your awesome new neighbors. Sweet!
Slow down there, dear buyer. As you know, you still have one giant hurdle to overcome: You’ve got to make the offer that wins the house. And in a highly competitive housing market, that can be easier said than done. Don’t blow your chances with any of these common home offer mistakes.
By now just about every would-be buyer out there knows there simply aren’t enough homes for sale these days to appease the hordes of competition. But despite the shortages, rising prices, and bidding wars, more homes are expected to be sold this year than in more than a decade.
In 2017, the number of sales of existing homes (which have previously been lived in) is expected to rise about 3.5%, to 5.64 million, according to the midyear forecast from the National Association of Realtors®. The group predicts that existing-home purchases will rise an additional 2.8% in 2018, to 5.8 million.
Read more on Realtor.com…
When you hire a real estate professional to help buy or sell a home, they can help free up time you would otherwise spend on sorting through listings, scheduling showings, or trying to figure out paperwork. You might even have time to focus on the fun parts of moving, such as:
- Building a Pinterest board of décor inspiration
Don’t have a particular design style in mind? No problem. Check out the RE/MAX Pinterest page for ideas.
- Clearing out the clutter with a yard sale
Remember, each thing you sell is one less thing you’ll have to pack – and unpack. Here are some top yard sale tips.
- Planning your housewarming party
You’ll want to show off the new place – especially after you’ve made it Pinterest perfect. Put together a Facebook event and start thinking about party favors to thank friends who helped you move in.
- Bargain shopping for furniture
There are plenty of options for you to furnish your new nest without breaking the bank. Here are six places to find furniture within your budget.
It’s easier to find time to prepare for your move if your agent does the heavy lifting. I’ll be happy to help; contact me today!
While most home buyers spend their time at an open house passively observing the layout of the rooms and the name brands on the kitchen appliances, smart buyers know the things that are really important to look for when buying a home.
In competitive markets, you’ll often walk into an open house that has been deep cleaned, upgraded, and staged with stylish furniture, so you shouldn’t be overly impressed by a house that looks and smells nice. (You can, however, be rightly appalled by a home that looks and smells atrocious.)
Think of the open house as a first date: It’s an opportunity to look beyond the pictures you saw online and figure out if the property is worth seeing again—or if you should move on and never look back.
Read the article on Realtor.com…
The galloping real estate market is a scary and exhilarating thing.
On the one hand, as home prices soar, how on earth will you ever buy one? On the other, assuming you do pull off the biggest purchase of your life and become a proud homeowner, those very same rising prices are a promise that one day you, too, will make bank.
And that’s exactly why savvy buyers and owners obsess about how much their home will be worth in a few years—and why.
Read the article on Realtor.com…
Consumers are increasingly on the house hunt this spring. Though they’re enjoying solid employment and paycheck gains and in a rush to beat rising mortgage rates, they’re also struggling to find a home to buy in many housing markets.
Indeed, the supply of homes for-sale is at a nearly 20-year low. The most affordable homes—those that tend to attract first-time buyers—are in short supply too. Meanwhile, home prices are rising sharply as buyers find themselves competing for the few homes that are for sale.
Reports are growing of bidding wars erupting across hot markets. About 1.75 million homes were for-sale nationally at the end of February, down 6.4 percent from a year earlier, according to the National Association of REALTORS®. The supply of homes has dropped on an annual basis for the last 21 months.
Why is the supply so low? Housing experts point to several reasons. The average time that owners are staying in their homes before selling has doubled to nearly eight years, according to ATTOM Data Solutions. Investors own a larger portion of houses and they’ve been renting them out. Between 2006 and 2016, the share of single-family houses and condos owned by investors averaged around 30 percent. Also, builders–faced with rising land costs and a shortage or skilled workers–have done little to ramp up new-home supplies.
The shortages are prompting home prices to skyrocket. The median sales price jumped 7.7 percent from a year ago to $228,400—more than double the pace of average pay gains.
The internet may have entered more aspects of a real estate transaction over the past decade, but consumers haven’t abandoned their desire for a real estate professional’s assistance, according to Steve Murray, president of the consulting firm Real Trends, who has been tracking for 40 years how real estate agents conduct their jobs. In fact, consumers are willing to pay even more for real estate agents’ services. The average real estate commission paid to real estate agents has risen slightly since 2005, according to Murray.
Real estate agent jobs have stayed firm, while the internet has disrupted other industries, like travel agents and stock brokers.
“There’s not a shred of evidence that the internet is having an impact,” Murray says.
The internet may have changed how agents work—like in automating several tasks–but it hasn’t taken their jobs, he adds. The number of real estate professionals has increased 60 percent in the past two decades, Murray notes.
It’s the opposite of what so many predicted.