The shelter in place orders that have been in effect for weeks across the country have many people spending more time at home than ever before. And after spending so much time in their homes, many of them are noticing what they don’t like about their current space—and what they’re looking for in a new home.
A new survey from realtor.com asked people what they considered must-have features for their next home after sheltering in place. And, unsurprisingly, many of them had to do with space.
Some of the most common must-haves on buyers’ post-quarantine wishlist include:
The Takeaway:So, what does that mean for you? If stay-at-home orders are making you realize you’re ready for a new space (and more space), you’re not alone—and you’re not stuck. Thanks to virtual tours and closings, home sales are still happening in the midst of the coronavirus—so get in touch with your real estate agent and start looking for the space you need.
So, what does that mean for you? If stay-at-home orders are making you realize you’re ready for a new space (and more space), you’re not alone—and you’re not stuck. Thanks to virtual tours and closings, home sales are still happening in the midst of the coronavirus—so get in touch with your real estate agent and start looking for the space you need.
There's no doubt pets play an important role in our home. They wait for us to come home after a long day, they protect our property, and they are there to comfort us when things go wrong. Use these tips to ensure that you can enjoy your pet and sell your home at the same time!
Invest in a good carpet cleaner.It’s a good idea to invest in a carpet cleaner, or have your carpets cleaned professionally to ensure there are no obvious pet stains. Plus, pet odors can radiate throughout the house. A carpet cleaner will help remove those odors and embedded fur.
Keep your pet out of the house.If possible, it’s best to leave your pet with a friend, a relative, or another trusted caretaker while showing your home. If no one is available, consider putting your pet in a crate in an area where potential buyers are less likely to be—either a basement or mudroom. Put a blanket, bowl of water, and favorite toy in the crate to help your pet feel more comfortable.
Clean up the yard.Your backyard can also leave traces of your pet, so it’s important to clean up any waste and toys. Keep a toy bin by the door, and try to have your pet do their business in the same area so the cleanup will be easier. If there are any bare patches of grass, you can try to aerate and seed these spots or plant sod for a quick fix.
Put away the pictures.If you’re anything like the thousands of other pet parents out there, you probably have a handful of pictures of your pet around your home. You’d be surprised at how much potential buyers pay attention to pictures during a showing. These pictures will be a dead giveaway of your pet ownership, so it’s best not to display them while showing your home.
Familiarize yourself with your insurance policy.Even if your pet is the nicest pet in the world, having your pet around during a showing poses a handful of potential risks. Take a look at your homeowner’s policy and make sure that it covers you in the event your pet becomes aggressive with someone on your property. Aggression doesn’t have to always be malicious: even if your pet knocks somebody down due to excitement, you could still be held liable. These types of situations happen more often than you would think, so it’s better to be prepared.
There’s no reason for your animal to hinder your selling process. Use these tips to ensure that you can still enjoy your pet, and make a deal all at the same time!
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Predicting the housing market should be an Olympic event; everyone loves to
predict the ups and downs of the real estate market. As we enter 2020 consumers
are wondering if it’s a good time to buy? What can home buyers expect this year
and is it time to move?
Housing Market Trends 2020
Most analysts agree that 2020 should see a continuation of the momentum which
built in 2019. The foundation for growth is strong with low unemployment
numbers, higher household incomes and high consumer confidence.
Additionally, we are starting to see more Millennials enter the housing market
than ever before.
More and more investors are realizing the value of adding real estate to their
portfolios. Shunting the hassle of owning rental properties, many of these
investors, as well as new participants, are turning to REITs for investment
diversification. REITs that are based on hard assets provide stability as well as
liquidity, making them very popular.
The types of properties held in these funds is changing also. In addition to
commercial and large scale buildings, many funds are adding smaller homes to
their portfolio – taking advantage of the growing down-sizing trend as Baby
Boomers move to their next home.
Market Picture for Buyers
Overall, buyers should find a nice selection of homes from which to choose.
Interest rates are expected to remain reasonable and home prices should flatten
a bit with the increased inventory of homes. All-in-all, 2020 should be a
continuation of the past year with no extreme moves expected in the market.
A lack of inventory has made it extremely challenging for would-be buyers to find the right property. But it looks like a wave of new construction may finally be on the way—and, judging by the permits, that wave is going to be a significant one.
According to a recent article in REALTOR Magazine, housing permits (which act as a predictor for future construction) increased 5 percent in October. That’s the fastest rate of permit authorization since 2007—just before the Great Recession.
According to Lawrence Yun, chief economist of the National Association of REALTORS®, this increase in housing permits is “tremendously good news for the housing sector.”
“At 1.46 million units on an annualized basis, housing permits are nearly to the level needed for the country over the long haul,” Yun said in the article. “Since new-home construction kicks off the chain reaction of people trading up and trading down by buying new and selling their existing homes, more housing inventory will surely show up in the market next year.”
The Takeaway:So, what does this mean for you? If you’ve been trying to buy a home but have struggled with a lack of inventory, this increase in housing permits should be the jumping off point for new construction—and once that new construction hits the market, it should make it easier for buyers to find the right home.
So, what does this mean for you? If you’ve been trying to buy a home but have struggled with a lack of inventory, this increase in housing permits should be the jumping off point for new construction—and once that new construction hits the market, it should make it easier for buyers to find the right home.
Technology has made a variety of real estate transactions significantly more convenient; instead of filling out paperwork in person, digital contracts allow you to conduct virtually all of your real estate business online from wherever you are. But there’s one transaction the majority of people still prefer managing in person—and that’s closing on a house.
According to a recent survey from Solidifi, a network management solutions provider in the residential lending industry, 81 percent of consumers prefer to close on their home or refinance in person. One of the main reasons? Consumers still value having a qualified closing agent on hand to help them navigate the process; according to the survey, more than two-thirds of consumers said their experience working with their closing agent would make them more likely to work with their lender in the future.
What does this mean for you? If you’re purchasing a home and the thought of a digital closing doesn’t sit well with you, you’re not alone. Working in person with a qualified closing agent can help you better navigate the closing process, get all of your questions answered, and ensure that the purchase or refinancing of your home goes smoothly.
A real estate transaction can be an exciting thing to experience, but it can also be nerve-wracking and stressful. Your experience will largely depend on the circumstances surrounding your transaction and, perhaps more importantly, the agent you’re working with.
A great agent will not only get you over the finish line to the best of their ability, but they can also change your life for the better. Here are eight ways:
In today’s fast-paced world, it seems like everyone’s attention is in short supply. A great real estate agent will show you that’s not always the case, by listening and caring about you and your needs. Not only will being a good listener help an agent do their job, but it’ll also show you that even in business, there are still people out there who care.
There’s an old expression, “If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur.” Hiring a great agent can save you literally thousands of dollars, as the right agent will not only negotiate effectively, but also know what pitfalls to look for as the transaction moves along, saving you money in the process.
One of the most overlooked aspects of hiring a great agent is just how much of an effect they can have on your perspective. For instance, you might think that you’re looking for something in particular, but a great agent can take what you asked for and find something that’s even better than anything you’ve ever considered. A great agent is like an expert matchmaker.
A great real estate agent will go above and beyond for you. They’ll help you find contractors, give recommendations on design (if you’re open to them), and even help you navigate the restaurants in your new neighborhood. Great agents provide so much value because they want to be your go-to resource for anything to do with real estate.
Great real estate agents aren’t necessarily miracle workers, but they’re close. A great agent will surprise you with something no one’s ever thought of before, whether it’s finding a property that you didn’t know about, or a solution to an otherwise complex problem. A great agent is proactive and instead of sitting around waiting, will make things happen for you.
One of the best things about a great real estate agent is the peace of mind that comes from working with them. There are lots of things that can go wrong during a real estate transaction, and a great agent knows this and will not only anticipate issues ahead of time, but will shoulder the burden and solve problems for you, making it a low-stress experience.
The right agent is like a general you can depend on when the going gets tough. From searching for the right property or buyer, to negotiating, to pushing the deal through despite all obstacles standing in the way… a great real estate agent won’t back down from adversity and will battle for your best interests at all times.
Maybe your real estate agent is already your friend, but if not, with a great agent you might eventually become one. Real estate is much more about relationships than it is about individual transactions, and great agents know this. They also usually have the kind of infectious personality that you always want to be around. So don’t be afraid to form a lifelong friendship with your real estate agent, it could truly change your life.
Vacation Rental Ownership – Is It For You?Investment properties used to be homes and multi-family properties used for full time rentals. Over the past decade, we’ve seen a new crop of investment properties emerge, the short term rentals. But what’s involved in owning a vacation rental? Is it worth the work?A short term rental is a great investment for a number of reasons. In addition to creating annual income for the investor, the property could also appreciate in value during the time of ownership. Although the short term rental is still a rental property, it often pencils out to much higher income than a traditional long term lease does.Vacation Rentals might seem like a great deal of work, and they can be. The first choice a vacation rental owner will need to make is whether they would like to self-manage or hire a property management company. Many short term rentals are managed by a professional property manager that specializes in the short term market. These managers have people on call to help with arrival, departure, cleaning, repairs and rent collections. While they do charge for their services, a professionally managed vacation rental can provide a nice income stream by building positive reviews.
Of course there are downsides to owning this kind of investment. It’s important to choose the right location to ensure a steady stream of renters. Additionally, one must budget for unexpected repairs or damage. With the deposit being made with a credit card, it can be difficult to collect for damage done to the home.
The Internet has been instrumental in the new vacation economy as peer-to-peer platforms like Airbnb, VRBO and HomeAway offer visitors the ability to interact directly with the owner. By reducing the advertising costs, investor-owners, can negotiate directly with potential renters and screen them to prevent possible problems.
For years, most people followed a similar path. Go to school. Get married. Buy a house. But for many millennials, that path no longer makes sense—and purchasing a home has moved up the priority list.
According to a recent survey from LendingTree, 24% of millennials want to purchase a home before they get married, and another 27% are putting off starting a family until after homeownership. In fact, 43% of all first-time homebuyers in the US are single!
The TakeawayIf you’re a millennial and homeownership is your top priority, you’re not alone. There are plenty of other millennials who are buying homes before getting married or starting a family. So if that’s your plan, don’t wait. Now is a great time to make a move and turn your dream of homeownership into a reality.
If you’re a millennial and homeownership is your top priority, you’re not alone. There are plenty of other millennials who are buying homes before getting married or starting a family. So if that’s your plan, don’t wait. Now is a great time to make a move and turn your dream of homeownership into a reality.