Don’t Wait To Sell Your House

Don’t Wait To Sell Your House

by | Jul 13, 2021 | Real Estate

We’re in the ultimate sellers’ market right now. If you’re a homeowner thinking about selling, you have a huge advantage in today’s housing market. High buyer demand paired with very few houses for sale makes this the optimal time to sell for those who are ready to do so. Whatever the move you want to make looks like, here’s an overview of what’s creating the prime opportunity to sell this summer.

High Buyer Demand

Demand is strong, and buyers are actively searching for homes to purchase. In the Realtors Confidence Index Survey published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” in almost every state. Homebuyers aren’t just great in number right now – they’re also determined to find their dream home. NAR shows the average home for sale today receives five offers from hopeful buyers. These increasingly frequent bidding wars can drive up the price of your house, which is why high demand from competitive homebuyers is such a win for this summer’s sellers.

Low Inventory of Houses for Sale

Purchaser demand is so high, the market is running out of available homes for sale. Danielle Hale, Chief Economist at realtor.com, explains:

“For most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price… They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”

NAR also reveals that unsold inventory sits at a 2.4-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Homes are essentially selling as fast as they’re hitting the market. Below is a graph of the existing inventory of single-family homes for sale:

 

At the same time, homebuilders are increasing construction this year, but they can’t keep up with the growing demand. While reporting on the inventory of newly constructed homes, the U.S. Census Bureau notes:

“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”

What Does This Mean for You? 

If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.

When It Comes Down To It

As vaccine rollouts progress and we continue to see the economy recover, more houses will come to the market. Don’t wait for the competition in your neighborhood to increase. If you’re ready to make a move, now is the time to sell. Contact a local real estate agent today to get your house listed at this optimal moment in time.

This article originally appeared on Keeping Current Matters

You may also find very helpful: 7 Questions To Ask When You Interview Agents

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Tyrese Gibson listed his Woodland Hills estate for $3.5 million

Tyrese Gibson listed his Woodland Hills estate for $3.5 million

by | May 11, 2021 | Famous Mansions For Sale, Real Estate

It’s not every day you can peer into your backyard and see a giant replica of Bumblebee from the hit “Transformers” franchise as you sip your morning coffee. If you happen to be in the market for that specific type of décor, actor/singer Tyrese Gibson has you covered. The “Fast and Furious” (and, yes, “Transformers”) star listed his Woodland Hills estate for $3.5 million.

According to the Los Angeles Times, the actor customized the backyard during his time at the residence, which included the giant yellow and black Bumblebee replica, which can be purchased with the house.
The five-bedroom, six-bathroom Mediterranean-style estate is spread out over 5,225 square feet and covers nearly a half an acre in the Walnut Acres neighborhood.
The first floor of the house has 26-foot ceilings along with a “wrap-around staircase” and an open-concept floor plan that includes a formal living room, family room, dining room and gourmet kitchen. The second level features the primary suite with a primary bathroom that “pampers your every need, featuring duel walk in closets, steam shower, soaking tub and exquisite tile backsplash,” the listing on Realtor.com said.
The private outdoor amenities include a pool and an entertaining area.
Gibson, an R&B singer, songwriter, actor, author and model, is best known for his role as Roman Pearce in “The Fast and Furious” films along with his work in “Transformers,” according to his biography on IMDb.
The listing is held by Tomer Fridman and Jonathan Siegfried of Compass.
You may also like to read: LeBron James lists elegant California mansion for $20.5 million.

Pictures are screen capture from: Redfin

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How to Spot Up-and-Coming Neighborhoods

How to Spot Up-and-Coming Neighborhoods

by | Apr 29, 2021 | Home Buyer, Real Estate

Every city has that one area where you would have been crazy to live in 50 years ago, but today it’s one of the more sought-after zip codes in town. College grads will spend practically their whole salary to rent (or buy, if they can manage it) a place there, local businesses make a fortune, and it’s the hot spot on a Friday night.

It’d be great to own a home in a place like that, but how do you spot an up-and-coming neighborhood before it gets too popular? 

Architecture

Up-and-coming neighborhoods usually aren’t full of new construction. They have an eclectic charm that comes from intricate designs, cute transoms over the doors, and wood beams that are older than your grandparents. These buildings are too beautiful to waste. Even if they’re unoccupied now, you can bet someone’s going to to take the time to revitalize them. 

Youths

Young people want to live where the action is and really live their youth to the fullest–and they want to do it in an up-and-coming neighborhood. They aren’t at a point in their lives where they’re worried about a good school system or if they’re sharing a wall with a business instead of another tenant. If they like a neighborhood enough, they’ll make it work.

Cool businesses

Think unique restaurants and bars and interesting art galleries and music venues. A really desirable neighborhood will have so much to do nearby that there’s not much reason to ever leave. When a few trailblazing businesses move in and start doing well, that might be a sign this neighborhood’s on the move. 

Walkability

Soon enough the neighborhood is going to be brimming with cool bars and coffee shops, farm-to-table restaurants, and other hangouts. There’s going to be a lot of great stuff densely packed together, and there’ll be no need for cars. Look out for neighborhoods that are either walkable now, or have the potential to be without a huge construction project. 

Solvable problems

Up and coming neighborhoods aren’t going to be perfect, but their problems need to be ones that can be fixed. If there’s a pig processing plant a half a mile down the road, no amount of renovation is going to be able to get rid of that smell. On the other hand, if the sidewalks are cracked and broken, that’s a solvable problem.

So, what now? Call your real estate agent (that would be me 😀) and ask to show you around neighborhoods that meet this description. You might be the first of your friends to discover the next cool neighborhood. Now it’s just a matter of deciding if you afford to buy a house there before it gets too expensive.

You may also find very useful: 4 Reasons People Are Buying Homes in 2021

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House Hunting Tips for First Time Buyers

House Hunting Tips for First Time Buyers

by | Apr 22, 2021 | First Time Home Buyers, Real Estate

When you’re browsing sites like Zillow or Trulia, finding the right home for the right price can seem overwhelming. Try using these house hunting tips for first-time buyers and you’ll be in your new home in no time.

Make a plan and a list

It’s important to go into your home search with a long-term plan. Do you know how long you want to stay in your home? Will it be big enough if you decide you want to grow your family? Will it suit your needs just as well five years from now as it does today? A home is a big commitment, so it’s important that yours works well until you’re ready to move on.

Once you have your plan, it’s time to make a list. This list will be the roadmap your real estate agent uses to help find your perfect home. Make sure you have a good idea of what is a must-have and what you’re willing to compromise on. You should think about the:

  • size
  • number of bedrooms
  • number of bathrooms
  • location
  • school district
  • yard features
  • price per square foot

First-time homebuying tip:  Get our guide to hunting for your first house.

Choose the right neighborhood

When it comes to real estate, it’s all about location. And the right location means different things to different people. What’s most important to you? Do you want to minimize your commute time? Would you love living 500 yards from your favorite bike path? Or are you ready to settle down and you want a nice cul-de-sac in a family-friendly neighborhood with a good school district?

Be sure to write this all down so you can tell your Relator. She might be able to find a hidden gem that you didn’t even know existed. Once you’ve narrowed down the neighborhood, we recommend visiting it a few times on different days and different hours so you can get a feel for how it might change from a Sunday afternoon to a Thursday night.

First-time homebuying tips: 

Look for red flags

Keep in mind, if something looks too good to be true, it probably is. So, when you see that 5 bed, 3 bath house on Zillow for way less than anything else around it, you should approach with caution. The home also might be cheaper because it is a little bit of a fixer-upper, which is exactly what some people are looking for. Be on the lookout for these red flags and be sure to talk everything over with your Realtor.

  • It looks rundown: A rundown property isn’t a deal-breaker, but just keep in mind there might be other issues to deal with later if the owner was negligent.
  • You see standing water when it hasn’t rained recently: Poor drainage can cause a whole host of expensive issues with your foundation. It might also be a sign that the property is prone to flooding.
  • Musty odors: A musty odor can potentially mean that there’s mold somewhere in the house. Mold can be expensive to get rid of and can cause a lot of health problems for you and your family.
  • Water stains on the ceiling: A leaky roof is the last thing you want. It’s annoying, dangerous, and expensive to fix. If you see water stains on the ceiling, it might indicate a roof leak. But it also might have come from a one-time accident, it’s hard to tell without an inspection.

If you do see anything that looks suspicious, make a note of it and ask your home inspector to take a closer look at it if you do decide this is the house for you.

First-time homebuying tip: Remember to be picky! Don’t buy the first house you see.

Think outside the box

This is the best house hunting tip for first-time buyers. Remember, the right house for you might not be the standard three bed, two bath house. Sit down and really think about your wants and needs and where you see yourself in the next five to ten years. You might find that a downtown apartment or a one-room cabin in the woods is really more your style. There are so many options today that there’s really no one size fits all approach to finding the right house.

 

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Homeownership Is Full of Financial Benefits

Homeownership Is Full of Financial Benefits

by | Apr 15, 2021 | Home Buyer, Real Estate

A Fannie Mae survey recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today’s power-packed housing market. Here are the top four financial benefits of owning a home according to consumer respondents:

  • 88% – a better chance of saving for retirement
  • 87% – the best investment plan
  • 85% – the chance to be better off financially
  • 85% – the chance to build up wealth

Additional financial advantages of homeownership included in the survey are having the best overall tax situation and being able to live within your budget.

Does homeownership actually give you a better chance to build wealth?

No one can question a person’s unique feelings about the importance of homeownership. However, it’s fair to ask if the numbers justify homeownership as a financial asset.

Last fall, the Federal Reserve released the Survey of Consumer Finances, a report done every three years, with the latest edition covering through 2019. Their findings confirmed that homeownership is a clear financial benefit. The survey found that homeowners have forty times higher net worth than renters ($255,000 for homeowners compared to $6,300 for renters).

The difference in net worth between homeowners and renters has continued to grow. Here’s a graph showing the results of the last four Fed surveys:

The above graph only includes data through 2019, but according to CoreLogic, the equity held by homeowners grew by $26,300 over the last twelve months alone. That means the gap between the net worth of homeowners and renters has probably widened even further over the last year.

Some might argue the difference in net worth may be due to homeowners normally having larger incomes than renters and therefore the ability to save more money. However, a study by First American shows homeowners have greater net worth than renters regardless of their income level. Here are the findings:

Others may think homeowners are older and that’s why they have a greater net worth. However, a Joint Center for Housing Studies of Harvard University report on homeowners and renters over the age of 65 reveals:

“The ability to build equity puts homeowners far ahead of renters in terms of household wealth…the median owner age 65 and over had home equity of $143,500 and net wealth of $319,200. By comparison, the net wealth of the same-age renter was just $6,700.”

Homeowners 65 and older have 47.6 times greater net worth than renters.

The Reality Is…

The idea of homeownership as a direct way to build your net worth has met the test of time. Contact me if you’re ready to take steps toward becoming a homeowner.

 

This article originally appeared on Keeping Current Matters

You may also find very helpful: How to buy a home with less than perfect credit.

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