Jul 8, 2022 | Real Estate
Even though many people are focused on some of the most common mistakes that first-time home buyers make, there are also a lot of mistakes that first-time sellers make. Your house is an investment, and the time to capitalize on that investment is when you sell your house. What are some of the mistakes you need to avoid if you want to find the best deal possible?
Setting The Price Too High
One of the most common mistakes that sellers make is setting the price too high. Yes, you want to get as much money for your house as possible, but you do not want to be unrealistic about the money you think you can get for your home. Remember that the list price is used to drive interest in your property. If you set the price too high, people may cross it off of their list before they even take a look at it. The more people you have interested in your property, the better. Make sure you set a realistic list price.
Automatically Taking The Highest Offer
Even though you want to get as much money as possible for your home, always take a look at the details of the offer before you accept it. For example, financing could fall through. Maybe the appraisal comes in too low, and the bank refuses to finance the property. Furthermore, if you accept slightly less money for a cash offer, you might be able to save money on closing expenses, which means more money in your pocket. Always take a look at the details of each offer before you decide which one to take.
Not Working With A Real Estate Agent
Finally, a lot of homeowners believe that they can simply sell the house on their own. Unfortunately, if you do not use a real estate agent, you significantly limit the exposure of your property because you cannot list your house on the MLS. This means that some people may not even know your house is on the market. This could limit the number of offers you get.
Therefore, you should always work with a real estate professional who can help you market your house, review your offers, and walk away with as much money for your house as possible.
Jul 7, 2022 | Homebuyer Tips
You’re ready to purchase a home, but you’ve looked at everything on the market and can’t find the perfect place. You’ve researched the school districts, neighborhoods and nearby amenities, and you know exactly in which area you want to live.
However, anything that comes on the market in that part of town gets snapped up immediately.
It’s time to get creative when it comes to buying a home. Start looking at places that are not currently for sale. You might have driven past your dream home, but you never thought of going the unconventional buying route.
Well, take a look at the tips below to see how you can close on a home without any other buyers knowing.
Look At Previously Listed Homes
Search homes that were on the market, but the owners took them off. Many homeowners let their listing expire and are waiting until the market improves. This is fortunate for you, because you know they are already interested in selling.
Research Online County Records
If you see your perfect home, but you don’t want to just walk up to the door and demand they sell their house, you can find their contact information online. Property records include the owners’ name, address, and, sometimes, their contact information. This will allow you to go through the proper channels of proposing an offer.
Consider A Real Estate Agent
A seller is more likely to take you seriously if a real estate agent brings the offer to them. Agents deal with sellers all the time and will be able to gage if the homeowners are interested.
They’ll also be able to tell you the right price to offer and how you should go about it. You’ll also have piece of mind that all the paperwork that comes with buying a home is completed correctly.
Write A Personal Letter
While all the guidelines say to keep personal feelings out of the home selling process, it’s practically impossible. A home is the place where you raise your children and make memories.
So write the homeowners a heartfelt letter about how you’d like to build a life in their current house. If they think you’ll care for their place as much as they do, they might entertain an offer.
Offer A Fair Price
Many homeowners are ready to upgrade, but hate the idea of getting their current residence ready to sell. They’d have to clean, clear clutter, stage and keep everything looking spotless until they close the deal — which can be quite a hassle.
So, make it convenient. Offer a price that won’t offend and will have them thinking how this could be a stress-free transition.
Jul 6, 2022 | Real Estate
Your house is an investment, and it is important for you to treat it as such. Therefore, when is the best time to sell your house? You need to figure out how you can get the most money for your home while also lining up the sale of your house with the timeline of your life. What do you need to know?
Sell Your Home When The Market Is Hot
First, you should sell your home when the market is hot. This means that there are more people looking for houses than there are houses on the market. This is basic supply and demand. If there is a lot of demand for houses, but there are not a lot of houses for sale, you should be able to get more money for your house. Typically, there are more buyers interested in purchasing a house when mortgage rates drop. Keep an eye on mortgage rates to figure out when to sell your home.
Sell Your Home When You Need The Money
You should also consider selling your house when you need the money. This means that if you have a major life event, you might need to tap into your source of reserves. For example, if there is a major medical bill, a death in the family, the arrival of a new baby, or a major move coming up, you should consider selling your house. That way, you have cash on hand to cover these expenses.
Sell Your Home When You Have Other Sources Of Passive Income
Finally, if you feel like you have other sources of passive income, you may want to free up some cash by selling your house. Other ways you might generate passive income include stock dividends or the sale of a business. If you think you have enough other sources of passive income, it might be time for you to sell your investment property.
Time The Sale Right To Maximize The Return On Your Investment
These are a few of the most important factors you should keep in mind if you are thinking about selling an investment property. Consider working with a professional who can help you maximize the return on your real estate investment.
Jul 5, 2022 | Financial Reports
Last week’s scheduled economic news included reports on home prices, pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims were also released.
S&P Case-Shiller: National Home Price Growth Ticks Down in April
Home price growth slowed in April according to the S&P Case-Shiller National Home Price Index as growth slowed by 0.20 percent to a 20.40 percent gain year-over-year. Slower growth in home prices suggested that affordability concerns have caught up with the rapid home price growth seen during the pandemic.
The S&P Case-Shiller 20-City Home Price Index reported that Tampa, Florida home prices gained 35.8 percent year over year in April followed by a 33.3 percent price gain in Miami, Florida. Home prices in Phoenix, Arizona grew by 31.3 percent year-over-year.
Pending home sales rose by 0.70 percent in May as compared to April’s reading of -0.40 percent. Analysts expected pending home sales to fall by 0.40 percent in May.
Fixed Mortgage Rates, Jobless Claims Fall
Freddie Mac reported lower fixed mortgage rates last week as the average rate for 30-year fixed-rate mortgages fell by 11 basis points to 5.70 percent. Rates for 15-year fixed rate mortgages averaged 4.83 percent and were nine basis points lower than in the prior week. The average rate for 5/1 adjustable rate mortgages rose by nine basis points to 4.50 percent. Discount points averaged 0.90 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.
New jobless claims fell to 231,000 claims filed last week as compared to 233,000 initial claims filed in the prior week. Continuing jobless claims were unchanged with 1.33 million ongoing claims filed last week.
In other news, the federal government reported that the Consumer Price Index rose by 8.60 percent year-over-year in May. This was the highest reading since 1981. Rising inflation was largely caused by rising food and fuel prices. The month-to-month reading for the Consumer Price index rose to 0.60 percent in May as compared to April’s month-to-month reading of 0.20 percent growth. Analysts said that the economy is slowing due to rising consumer prices and interest rates; the Federal Reserve recently rose its key interest rate range to 0.75 to 1.00 percent to ease rapidly rising inflation.
What’s Ahead
This week’s scheduled economic reports include labor sector data on job growth, the national unemployment rate, and job openings. Weekly readings on mortgage rates and jobless claims will also be released.
Jul 5, 2022 | Financial Reports
Last week’s scheduled economic news included reports on home prices, pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims were also released.
S&P Case-Shiller: National Home Price Growth Ticks Down in April
Home price growth slowed in April according to the S&P Case-Shiller National Home Price Index as growth slowed by 0.20 percent to a 20.40 percent gain year-over-year. Slower growth in home prices suggested that affordability concerns have caught up with the rapid home price growth seen during the pandemic.
The S&P Case-Shiller 20-City Home Price Index reported that Tampa, Florida home prices gained 35.8 percent year over year in April followed by a 33.3 percent price gain in Miami, Florida. Home prices in Phoenix, Arizona grew by 31.3 percent year-over-year.
Pending home sales rose by 0.70 percent in May as compared to April’s reading of -0.40 percent. Analysts expected pending home sales to fall by 0.40 percent in May.
Fixed Mortgage Rates, Jobless Claims Fall
Freddie Mac reported lower fixed mortgage rates last week as the average rate for 30-year fixed-rate mortgages fell by 11 basis points to 5.70 percent. Rates for 15-year fixed rate mortgages averaged 4.83 percent and were nine basis points lower than in the prior week. The average rate for 5/1 adjustable rate mortgages rose by nine basis points to 4.50 percent. Discount points averaged 0.90 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.
New jobless claims fell to 231,000 claims filed last week as compared to 233,000 initial claims filed in the prior week. Continuing jobless claims were unchanged with 1.33 million ongoing claims filed last week.
In other news, the federal government reported that the Consumer Price Index rose by 8.60 percent year-over-year in May. This was the highest reading since 1981. Rising inflation was largely caused by rising food and fuel prices. The month-to-month reading for the Consumer Price index rose to 0.60 percent in May as compared to April’s month-to-month reading of 0.20 percent growth. Analysts said that the economy is slowing due to rising consumer prices and interest rates; the Federal Reserve recently rose its key interest rate range to 0.75 to 1.00 percent to ease rapidly rising inflation.
What’s Ahead
This week’s scheduled economic reports include labor sector data on job growth, the national unemployment rate, and job openings. Weekly readings on mortgage rates and jobless claims will also be released.
