It was just a few years ago that the US was in the midst of the worst inventory shortage in history, creating fierce competition for available properties—and driving up prices in the process. And while the market has become more buyer friendly in recent months, some experts predict another inventory shortage may be on the horizon.
According to a recent article from realtor.com, new home listings are either declining or staying the same in markets across the country. If that trend continues, it could mean another historic inventory shortage. “It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we’ve ever seen,” said Danielle Hale, realtor.com’s chief economist, in the article. “If the trend we’re...
In generations past, many young people have waited to purchase real estate—but Gen Z is having none of that.
According to the 2019 Spring Homebuyers Insight Report from Bank of America, 59% of people surveyed between the ages of 18 and 23 (also known as Gen Z) said they plan to buy a home within the next five years, which would make them homeowners before the age of 30. And while many Gen Z-ers will rely at least in part on financial support from their families (36% said their parents or other family members would provide financial health), more than half have already started saving for their home.
Generation Z is poised to become one of the youngest generation of homeowners in history. So whether you just graduated from college (or high school!), it’s never too early to start saving to make your dream of homeownership a reality....
Do You Need A Real Estate Agent When Buying New Construction?
If you consider buying a new construction home, there’s a good chance you’ll question whether or not you even need to use a real estate agent.
You might even wonder if there’s an advantage to not using a real estate agent…perhaps thinking you can get a lower price, or more upgrades thrown in, if the builder isn’t paying a real estate agent their commission.
Or, you just might not give it any thought whatsoever, and stumble into buying your new construction home, without having your own real estate agent to represent you.
So, do you need to use a real estate agent when buying new construction?
Should you? Yes.
Beyond Just Signing A Little Paperwork
One reason people question whether an agent is necessary, is because many tend to see it as an agent just signing some paperwork so they can get a commission....
Know This Before You Do Any Home Improvements
When you do any home improvement, you probably figure it’s also going to improve the value of your home. And it probably will improve the value… but, probably not as much as it cost you.
In other words, if you spend $1,000 (for example), it probably won’t improve the value by $1,000 or more. Statistically speaking, it will probably only improve the value by a fraction of that amount.
So, the question becomes…
Is it even worth doing any home improvements!?
Not to sound wishy-washy, but the answer is…
Yes and no. It depends on a lot of factors. We’ll touch on that more at the end of the article.
But for now, let’s just take a look at the top 7 home improvements, according to the 2017 cost versus value report to start making some sense of it all.
4 Shows Every Homeowner Should Record
Home improvement shows have exploded in popularity in the last few years, and while you certainly don’t want to spend 24 hours a day in front of the tube, TV can be a helpful and educational experience for homeowners – when you know the right shows to watch.
Here are 4 shows every homeowner should DVR:
1. House Hunters
While there’s no arguing that this show is heavily staged, House Hunters is both entertaining and gives insight into property values in markets across the US (and across the globe on the spin-off series House Hunters: International).
On the show, potential homeowners give their wish list and budget to their real estate agent, who then shows them three properties within their area. Typically, each property meets some of the criteria but is lacking in others (for...
Nearly ¼ Of Homeowners Purchase Property With Less Than 5% Down
A lot of potential home buyers think that in order to successfully buy property they need to save up a sizeable down payment of 20% of the purchase price—and that until they have that down payment in the bank they can’t transition to homeownership.
But the “20% down payment myth” just isn’t true. Thanks to a variety of lending options, there are plenty of buyers out there purchasing property with far less than 20% down.
According to recent research from Zillow, 24.2% of buyers put down 5% or less when purchasing their homes. That’s nearly one in four buyers on the market!
According to this data, it’s not only possible to...
Why Do Houses “Expire”?
You’ve seen this happen…
A house sits on the market forever, and it doesn’t get sold.
You see an agent’s for sale sign sitting in the yard for months and months. And then, all of a sudden, another one appears.
Sometimes, the new agent will get the house sold.
But sometimes, no matter how many different agents list the house, it just never sells.
You’ve been watching that house “expire”.
That is industry-speak for when a house doesn’t get sold during the time frame an owner has a listing contract with a particular real estate agent.
When a listing expires, it’s not uncommon for the owner to hire someone new to list their home…figuring the first real estate agent just didn’t have what it takes to get their home sold.
But, it usually isn’t the agent that was the problem. There are a few common problems that cause a house to...
3 Tips On Timing The Sale And Purchase Of A Home
If you’re like most people, you’re probably concerned about selling your house before having one lined up to buy.
You don’t want to sell your house first, not having somewhere to go.
But, at the same time, you know you can’t buy another house, without selling the house you already own.
Ideally, you want to time the sale and closing of the house you have to sell, with the purchase of the house you’re moving to. Ideally…
But, it isn’t always easy, or even possible. You certainly can’t bank on it. So, it’ll help you to have a few tips to up the chances of timing the sale and purchase as much as possible, or at least have a plan just in case it doesn’t…
1. Negotiate time to find a home.
Probably the easiest solution is to sell your home to a buyer who’s willing to give you some nice terms in the contract.
You can negotiate...
Open House Etiquette 101: A Guide For Buyers
Open houses can be an interesting experience for first-time buyers and seasoned buyers alike — especially if the owners are still living in the home.
It can be a bit awkward walking through someone’s home, looking at their things, and judging whether their property is a place you can envision as a home for you and your family.
But it doesn’t have to be awkward! As long as you know what’s appropriate in terms of etiquette, open houses can be a breeze.
So, what are the rules for open houses? What’s proper etiquette? And how should you as a buyer behave when attending an open house?
Treat the host with respect
The first — and most important — rule of open house etiquette is to treat your host with respect. Whether you’re dealing with a real estate agent, an owner, or both, it’s important that you’re polite and respectful. If you fall in love with the property...
Fixer Upper vs. Move-In Ready: Which One Is Right For You?
When it comes to buying real estate, you want to make sure the property you purchase is the right fit for your needs. For some buyers, purchasing a home that needs some work is the ideal situation. For others, getting a turnkey home that’s move-in ready is the only option they’ll consider. And for still others, both seem like reasonable options.
The question is: which is for you? There are pros and cons to both fixer uppers and move-in ready homes. The important thing is to recognize which is the best fit for you, your budget, and what you want out of a home.
Let’s take a look at the pros and cons of fixer uppers and move-in ready homes to help you determine which is the better fit for you:
Fixer uppers are, as the name implies, homes that need a bit of TLC – or fixing up – upon move in.
The major draw of fixer...