It’s the old supply-and-demand predicament: Home sales in the U.S. continue at a torrid pace, but the availability of listings remains limited. Buoyed by historically low mortgage rates, buyers keep shopping for homes, reducing the available inventory and sparking a rise in home prices across the country. News website The Atlantic summarized the sizzling home market this way: “Pick a housing...
If you’re searching for drama, don’t limit yourself to Netflix. Instead, tune in to the real estate market, where the competition among buyers has never been fiercer. And with homes selling for record highs,1 the appraisal process—historically a standard part of a home purchase—is receiving more attention than ever. That’s because some sellers are finding out the hard way that a strong...
There’s a delicate balance between getting the best price for your home and achieving a fast home sale. How much you ask for your home when it first hits the market can be the difference between selling fast for a great price and missing out on motivated buyers. However, the greatest threat to many home sales is a low appraisal. Mortgage lenders won’t approve your buyer’s bid unless the appraisal...
If you’re thinking of retiring soon, now may be a great time to start thinking about selling your home! Interest rates and housing inventory are low, meaning many sellers are receiving multiple offers on their homes. Suburban homes especially are in high demand with people looking for more yard space to enjoy from the comfort of their own homes. Homes and neighborhoods with amenities such as a pool,...
Your home is more than just a bunch of rooms under a roof. It’s the space where you watched your daughter take her first steps, hosted Super Bowl parties, and celebrated holidays. Those memories are priceless. But when sell your house, the warm and fuzzies can’t factor into the question: What is the value of my home? You aren’t selling your memories; you’re selling a house. This is...
Technology and good-old-fashioned creativity are helping agents, buyers, and sellers abide by COVID-19 health and safety practices while getting deals done. Some buyers are touring houses virtually. Others visit in person while remaining at least six feet from their agent. Sellers are hosting open houses on Facebook Live. Appraisers are doing drive-by valuations. Buyers are watching inspections via...
The closing. It all comes down to this. The grand finale. Once you have the keys, the house is yours. (Cue: Air horn sound!) Nice work getting this far. You’re almost a homeowner! Let’s run through some questions you may have as you cross the finish line. What Does “Closing” Mean? The close or settlement is when you sign the final ownership and insurance paperwork and get the home’s...
Whether you’re buying or selling a home, negotiation is a key step in getting the best deal. Make sure you’re ready to close on the best price with these tips. Negotiation factors for buyers Before you place an offer on a home, you should be preapproved for a loan so you know how much you can actually afford to pay. In a tight real estate market, you may have to offer more for a home than the...
Low interest rates and high demand mean a housing shortage for first time home buyers. With multiple offers, high quality, affordable homes aren’t staying on the market for long. However, new construction homes may be able to help close the gap between available homes and buyers in the market. Pros: Buying a new construction home reduces the chances of running into a bidding war and often...
Ah, the offer! Cinematically speaking, this is the iconic moment — we’d forgive you if you imagined, say, putting a hand on your agent’s shoulder and whispering (in your best Vito Corleone) that you’re going to make them an offer they can’t refuse. In reality, it’s not that simple (or dramatic). Your offer marks the beginning of a back-and-forth between you and the seller, typically with...