tag:blogger.com,1999:blog-32218619670981018752024-02-21T23:14:42.436-06:00Montgomery Alabama Real Estate; Central Alabama Real Estate NewsYour Central Alabama Real Estate Resource. If you are buying or selling a home in Montgomery, or anywhere in the Tri-County area including Prattville, Millbrook and Wetumpka, this is your Real Estate Information Center. JERE WHITEHOUSE - OURTOWN REALTY - MONTGOMERY, AL. 334-324-9485Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.comBlogger73125tag:blogger.com,1999:blog-3221861967098101875.post-2818095208508623082023-05-18T14:45:00.000-05:002023-05-18T14:45:21.330-05:00<p><strong>The Worst Home Price Declines Are Behind Us</strong></p>
<p> </p>
<p>If you’re following the news today, you may feel a bit unsure about what’s happening with <a href="https://www.simplifyingthemarket.com/en/2023/04/17/think-twice-before-waiting-for-lower-home-prices/?a=847786-a7a309750113cc72fb7987dde2094106">home prices</a> and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an <a href="https://www.simplifyingthemarket.com/en/2023/05/09/why-todays-housing-market-is-not-about-to-crash/?a=847786-a7a309750113cc72fb7987dde2094106">unnecessarily negative</a> picture. Contrary to those headlines, <a href="https://www.simplifyingthemarket.com/en/2023/05/02/a-recession-doesnt-equal-a-housing-crisis-2/?a=847786-a7a309750113cc72fb7987dde2094106">home prices</a> aren’t in a freefall. The latest data tells a very different and much more positive story. Local home price trends still vary by market, but here’s what the national data tells us.</p>
<p>If we take a <a href="https://www.corelogic.com/intelligence/us-home-price-insights-may-2023/">year-over-year</a> view, home prices stayed positive – they just appreciated more slowly than they did at the peak of the pandemic. To get a more detailed picture of some of the trends in the market, we need to look at monthly data. </p>
<p><strong>The monthly graphs below use </strong><a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-us-national-home-price-nsa-index/#news-research"><strong>recent reports</strong></a><strong> from three </strong><a href="https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx"><strong>sources</strong></a><strong> to show that the worst </strong><a href="https://www.corelogic.com/intelligence/us-home-price-insights-may-2023/"><strong>home price</strong></a><strong> declines are already behind us, and prices are on their way back up nationally.</strong></p>
<p>The story this more detailed monthly view tells us is that the last year has been a tale of two halves in the housing market. In the first half of 2022, home prices were climbing, and they peaked in June. Then, in July, home prices started to decline (<em>shown in red in the graphs above</em>). And by roughly August or September, the trend began to stabilize. As we look at the most recent data for the early part of 2023, these graphs also show a recent rebound in momentum with prices ticking back up. Monthly changes in home prices are gaining steam as we move into the busier spring season. </p>
<p>While one to two months doesn’t make a trend, the fact that all three reports show prices have stabilized is an encouraging sign for the housing market. The month-over-month data conveys a clear, but early, consensus that a national shift is taking place today. <strong>In essence, home prices are starting to tick back up</strong>.</p>
<p>Andy Walden, Vice President of Enterprise Research at<em> Black Knight</em>, <a href="https://www.prnewswire.com/news-releases/black-knight-home-prices-up-again-in-march-on-worsening-inventory-shortages-and-modest-rise-in-demand-301814349.html">says</a> this about home price trends: </p>
<p><em>“Just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. <strong>Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February</strong>.”</em></p>
<p>Selma Hepp, Chief Economist at <em>CoreLogic</em>, <a href="https://www.corelogic.com/intelligence/us-home-price-insights-may-2023/">explains</a> the limited supply of homes available for sale is contributing to this positive turn:</p>
<p><em>“ . . . prices in many large metros appeared to have turned the corner, with the U.S. recording a second month of consecutive monthly gains. . . . <strong>The monthly rebound in home prices underscores the lack of inventory in this housing cycle.”</strong></em><strong> </strong></p>
<p><strong>Here’s What This Means for You </strong></p>
<ul>
<li><strong>Sellers</strong>: If you’ve been holding off on selling because you’re worried about what was happening with <a href="https://www.simplifyingthemarket.com/en/2023/04/05/why-arent-home-prices-crashing/?a=847786-a7a309750113cc72fb7987dde2094106">home prices</a> and how it would impact the value of your home, it may be time to jump back in and partner with an agent to list your house. You don’t have to put your needs on hold any longer because the latest data shows a turn in your favor. </li>
<li><strong>Buyers</strong>: If you’ve been waiting to buy because you didn’t want to purchase something that would decrease in value, you now have the peace of mind things are looking up. Buying now lets you make your move before home prices climb more and gives you the chance to own an asset that typically grows in value over time. </li>
</ul>
<p><strong>Bottom Line</strong></p>
<p>If you put off your plans to move because you were worried about home prices falling, data shows the worst is already behind us and prices are actually rising nationally. Let’s connect so you have an expert on the local market to explain what we’re seeing with home prices in our area.</p>
<p> </p>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-47166547966676360612023-04-17T11:40:00.002-05:002023-04-17T11:40:49.103-05:00<span style="font-weight: 400;">Keeping a clean and orderly home is a challenge for many of us. Between busy work schedules, social obligations, and family commitments, it’s tough to keep up with daily chores—let alone larger seasonal tasks.</span>
<span style="font-weight: 400;">The effort is worthwhile, however. A sanitary environment can keep you and your family healthier by minimizing your exposure to germs and allergens.</span><span style="font-weight: 400;"><sup>1</sup></span><span style="font-weight: 400;"> Plus, researchers have found that organized, uncluttered homes have quantifiable mental health benefits, too, including reduced stress, improved emotional regulation, and increased productivity.</span><span style="font-weight: 400;"><sup>2</sup></span>
<span style="font-weight: 400;">The reality is, we enjoy our homes more when they are in good order. It’s much easier to relax without piles of unopened mail or a messy kitchen reminding us of work to be done. And don’t we all feel more inclined to entertain family and friends when our homes are well-kept?</span>
<span style="font-weight: 400;">That’s why we’ve rounded up our favorite tactics—from overall strategies to little tips and tricks—for keeping things tidy without spending all our spare time cleaning. </span>
<b>Set a Schedule for Daily and Weekly Cleaning</b>
<span style="font-weight: 400;">We’ve all been there—you put off vacuuming or mopping your floor for a few days, only to realize that weeks have passed. Creating a cleaning schedule that works for you is the best way to stay on top of things and avoid overwhelm. Here are a few of our favorite strategies:</span>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Designate a day of the week for each task—then, add them to your calendar so you can’t forget. </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Create a shared schedule that assigns specific responsibilities to each member of the household. Post it in a prominent place, like on the refrigerator, or create a shared digital calendar.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Carve out 15 minutes a day for cleaning and decluttering. Set a timer on your phone and get as much done as you can before it goes off. </span></li>
</ol>
<span style="font-weight: 400;">It may take some trial and error to find the tactics that work best for you. The most important thing is to make a habit of cleaning so that clutter and grime don’t have a chance to build. And if you’d like some professional help, reach out for a referral to one of our favorite cleaning services!</span>
<img class="aligncenter wp-image-219 size-full" src="https://myagent.site/content/uploads/sites/13618/2023/03/1.jpg" alt="" width="1200" height="628" />
<b>Tackle Bigger Chores Seasonally</b>
<span style="font-weight: 400;">Many home care tasks are seasonal by nature and only need to be completed once or twice a year. But when we don’t have a plan to tackle them, it’s all too easy to put them off. Here are a few tips to stay on top of these chores:</span>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Mark days on your calendar in advance to attend to annual or semi-annual chores, like cleaning gutters, washing windows, turning mattresses, and shampooing carpets.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Schedule just one primary task each weekend instead of blocking out a full two days. This will help ensure a good balance between chores and relaxation. </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Designate a date two to four times a year, depending on your lifestyle, to put away out-of-season items like clothes, holiday decorations, and sporting goods.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Take some time to sort through your seasonal items when you pack them away. Then you can toss, sell, or donate items that you no longer need or enjoy. </span></li>
</ol>
<span style="font-weight: 400;">Remember—breaking down these larger tasks can make them less overwhelming. If you space them out so that you can handle them one by one, even the most time-consuming chores become a lot more manageable.</span>
<span style="font-weight: 400;">And since all your time is valuable, don't hesitate to delegate these larger home care tasks to professionals. Give us a call for a list of our recommended service providers.</span>
<b>Reduce the Barriers to Cleaning</b>
<span style="font-weight: 400;">Set yourself up for success by ensuring you have the tools on hand to tackle small tasks with ease. Here are a few ways to make your cleaning supplies more accessible:</span>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Store a broom, dustpan, and vacuum on each floor of your home so they’re easy to reach.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Stash containers of disinfecting and glass wipes under every sink for a mid-week wipe-down.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Place extra bags beneath the liner of your garbage pails, so you’ll have a replacement ready when you take out the trash.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Keep a paper shredder and recycling bin handy so you can dispose of unwanted mail as it’s opened.</span></li>
</ol>
<span style="font-weight: 400;">By strategically placing your tools and supplies in the locations where you’re most likely to need them, you’ll make cleaning less of a chore and more of a habit.</span>
<b>Stop the Clutter Before It Starts</b>
<span style="font-weight: 400;">From coats to shoes to mail, it’s all too easy to find clutter taking over your home. Once these piles start to form, they can feel overwhelming—which only makes it harder to address them. </span>
<span style="font-weight: 400;">To avoid this problem, stop the clutter before it starts. Assign every item a home and create storage spaces and “drop zones” in key locations.</span><span style="font-weight: 400;"><sup>3</sup> </span><span style="font-weight: 400;">Here are a few ideas to get you started:</span>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Install coat hooks and shoe racks in the entryway for easy access.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Add a key caddy or shelf for essential items to get you out the door.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Hang a letter bin to capture mail and newspapers as soon as you walk into the house.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Place a donation box in each closet for items you no longer want or need.</span></li>
</ol>
<span style="font-weight: 400;">It can take a little time to get in the habit of returning items to their assigned space. But once you do, staying on top of clutter will become far more manageable. </span>
<span style="font-weight: 400;">Are you considering a larger organizational upgrade, like a custom closet or pantry system? Reach out for a free consultation to find out how the investment could impact the value of your home!</span>
<img class="aligncenter wp-image-220 size-full" src="https://myagent.site/content/uploads/sites/13618/2023/03/2.jpg" alt="" width="1200" height="628" />
<b>Tackle Small Tasks Right Away</b>
<span style="font-weight: 400;">Sometimes, the mental load of thinking about a chore you need to do is worse than the chore itself. Plus, handling small tasks right away can reduce the need for lengthy cleaning sessions.</span><span style="font-weight: 400;"><sup>3</sup> </span>
<span style="font-weight: 400;">Try working these changes into your routine:</span><span style="font-weight: 400;">
</span>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Learn to clean as you cook, rather than piling it all up for later. As you wait for water to boil or food to cook through, wash the bowls and utensils you used for prep.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Hang bath towels on a bar immediately after use. By allowing them to properly air dry, you can cut down on the frequency of laundering.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Bring items with you when you leave a room. For example, return plates and cups to the kitchen right away rather than letting them stack up in your home office. </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Take out the trash when you leave for work, school drop-off, or errands. This will save you the time and hassle of a second trip.</span></li>
</ol>
<span style="font-weight: 400;">If you implement these small changes, your home will stay neater—and you’ll minimize the number of dedicated cleaning sessions you need to take on each week.</span>
<b>Embrace an Evening “Shutdown” Routine</b>
<span style="font-weight: 400;">Kitchens can get dirty and cluttered fast. But a few minutes spent cleaning up each evening can prevent the mess from getting out of control.</span><span style="font-weight: 400;"><sup>4</sup></span>
<span style="font-weight: 400;">Imagine your kitchen is a restaurant and you’re tidying it up before closing down for the night. These simple steps will prepare you for the morning rush:</span>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Wipe down all surfaces, including countertops, stove, microwave, and sink. Then toss your soiled washcloth in the hamper and lay out a fresh one for tomorrow.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Load and run the dishwasher every night so you can empty it the next morning.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Prepare for breakfast by programming your coffee pot and setting out some grab-and-go options.</span></li>
</ol>
<span style="font-weight: 400;">We all know it can be hard to find the energy for chores in the evening. But if you complete these small tasks each night, you’ll start the next day off right in a tidy, clean kitchen.</span>
<b>Think Outside of the Box When It Comes to Storage</b>
<span style="font-weight: 400;">Most of us have limited storage space. Unfortunately, without the right spots to stash our items, it’s easy to become disorganized. </span>
<span style="font-weight: 400;">But we’ve found that using household items in innovative ways can help keep mess and clutter under control.</span><span style="font-weight: 400;"><sup>5</sup></span><span style="font-weight: 400;"> Here are a few of our favorite swaps:</span><span style="font-weight: 400;">
</span>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Place a magazine file in your kitchen for cookbooks, takeout menus, and meal kit cards.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Hang a pocket-style shoe organizer inside your pantry door to store granola bars, spice jars, and other small items.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Separate dress and athletic socks by turning an old shoe box into a drawer divider.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Repurpose jam jars by using them to store office supplies or bathroom essentials.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Store out-of-season clothes inside rarely-used suitcases, so all that space doesn’t go to waste. </span></li>
</ol>
<span style="font-weight: 400;">A little creativity goes a long way when it comes to making the most of your space. Just be sure that you’re creating systems you can stick with and not putting things where you might forget about them later!</span>
<b>WE’RE HERE TO HELP YOU MAKE THE MOST OF YOUR HOME</b>
<span style="font-weight: 400;">Keeping your home clean and organized can be a continuous struggle—there’s no need to feel ashamed of that. But taking the time to implement systems that work for you can make life more pleasant and less stressful in the long run.</span>
<span style="font-weight: 400;">Remember, we’re not just here to help you buy or sell a home. We want you to love living in it, too. Reach out if you need referrals for house cleaners, window washers, or other service providers that can help you make the most of your space. </span>
<i><span style="font-weight: 400;">The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.</span></i>
<span style="font-weight: 400;">Sources:</span>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Healthline -
</span><a href="https://www.healthline.com/health-news/5-health-benefits-of-spring-cleaning"><span style="font-weight: 400;">https://www.healthline.com/health-news/5-health-benefits-of-spring-cleaning</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Forbes -
</span><a href="https://www.forbes.com/health/mind/mental-health-clean-home/"><span style="font-weight: 400;">https://www.forbes.com/health/mind/mental-health-clean-home/</span></a><span style="font-weight: 400;"> </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">My Domaine -
</span><a href="https://www.mydomaine.com/house-cleaning-schedule"><span style="font-weight: 400;">https://www.mydomaine.com/house-cleaning-schedule</span></a><span style="font-weight: 400;"> </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Housewife How-Tos - </span>
<a href="https://housewifehowtos.com/clean/10-tips-to-keeping-a-clean-house/">https://housewifehowtos.com/clean/10-tips-to-keeping-a-clean-house/</a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Better Homes and Gardens -
</span><a href="https://www.bhg.com/decorating/storage/projects/simple-solutions/">https://www.bhg.com/decorating/storage/projects/simple-solutions/</a></li>
</ol>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-39418576828355245212022-10-01T12:29:00.000-05:002022-10-01T12:29:14.639-05:00Buy Now or Rent Longer? 5 Questions to Answer Before Purchasing Your First Home <div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEnm40LY7pIym3KxCIe5dtVAmt2eTksHMLLACojkjT1lSSTqpltqNs5yBQmkegea8ic8x5HIrLFk-FN5CkUFZvOErXeVO1tkXxqo1moTKNTs7ad12ZBPQ9BnqsydoizbXOwwsu4U9i-KRWGYdOBLGYHtwrytNnX3BfCxAxmIIXpdDGCR1ZfoxfyiDW/s1600/October%202022%20-%20MVP%20-%20Blog%20Post%20Image.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" data-original-height="628" data-original-width="1200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEnm40LY7pIym3KxCIe5dtVAmt2eTksHMLLACojkjT1lSSTqpltqNs5yBQmkegea8ic8x5HIrLFk-FN5CkUFZvOErXeVO1tkXxqo1moTKNTs7ad12ZBPQ9BnqsydoizbXOwwsu4U9i-KRWGYdOBLGYHtwrytNnX3BfCxAxmIIXpdDGCR1ZfoxfyiDW/s1600/October%202022%20-%20MVP%20-%20Blog%20Post%20Image.jpg"/></a></div>
<span style="font-weight: 400;">Deciding whether to jump into the housing market or rent instead is rarely an easy decision – especially if you’re a first-time homebuyer. But in today’s whirlwind market, you may find it particularly challenging to pinpoint the best time to start exploring homeownership. </span>
<span style="font-weight: 400;">A real estate boom during the pandemic pushed home prices to an all-time high.</span><span style="font-weight: 400;"><sup>1</sup></span><span style="font-weight: 400;"> Add higher mortgage rates to the mix, and some would-be buyers are wondering if they should wait to see if prices or rates come down.</span>
<span style="font-weight: 400;">But is renting a better alternative? Rents have also soared along with inflation – and are likely to continue climbing due to a persistent housing shortage.</span><span style="font-weight: 400;"><sup>2</sup></span><span style="font-weight: 400;"> And while homebuyers can lock in a set mortgage payment, renters are at the mercy of these rising costs for the foreseeable future. </span>
<span style="font-weight: 400;">So, what's the better choice for you? There’s a lot to consider when it comes to buying versus renting. Luckily, you don’t have to do it alone. Reach out to schedule a free consultation and we'll help walk you through your options. You may also find it helpful to ask yourself the following questions:</span>
<b>1. How long do I plan to stay in the home?</b>
<span style="font-weight: 400;">You'll get the most financial benefit from a home purchase if you own the property for at least five years.</span><span style="font-weight: 400;"><sup>3</sup></span><span style="font-weight: 400;"> If you plan to sell in a shorter period of time, a home purchase may not be the best choice for you.</span>
<span style="font-weight: 400;">There are costs associated with buying and selling a home, and it may take time for the property’s value to rise enough to offset those expenditures. </span>
<span style="font-weight: 400;">Even though housing markets can shift from one year to the next, you’ll typically find that a home’s value will ride out a market’s ups and downs and appreciate with time.</span><span style="font-weight: 400;"><sup>4</sup></span><span style="font-weight: 400;"> The longer you own a property, the more you are likely to benefit from its appreciation. </span>
<span style="font-weight: 400;">Once you’ve found a community that you’d like to stay in for several years, then buying over renting can really pay off. You’ll not only benefit from appreciation, but you’ll also build equity as you pay down your mortgage – and you’ll have more security and stability overall.</span>
<span style="font-weight: 400;">Also important: If you plan to stay in the home for the life of the mortgage, there will come a time when you no longer have to make those payments. As a result, your housing costs will drop dramatically, while your equity (and net worth) continue to grow.</span>
<img class="alignnone wp-image-7642 size-full" src="https://myagent.site/content/uploads/2022/09/October-2022-MVP-Blog-Post-Image-2.jpg" alt="" width="1200" height="628" />
<b>2. Is it a better value to buy or rent in my area?</b>
<span style="font-weight: 400;">If you know you plan to stay put for at least five years, you should consider whether buying or renting is the better bargain in your area.</span>
<span style="font-weight: 400;">One helpful tool for evaluating your options is a neighborhood’s price-to-rent ratio: just divide the median home price by the median yearly rent price. The higher the price-to-rent ratio is, the more expensive it is to buy compared to rent.</span><span style="font-weight: 400;"><sup>5</sup></span><span style="font-weight: 400;"> Keep in mind, though, that this equation provides only a snapshot of where the market stands today. As such, it may not accurately account for the full impact of rising home values and rent increases over the long term.</span>
<span style="font-weight: 400;">According to the National Association of Realtors, a typical U.S. homeowner who purchased a single-family existing home 10 years ago would have gained roughly $225,000 in equity — all while maintaining a steady mortgage payment.</span><span style="font-weight: 400;"><sup>6</sup></span>
<span style="font-weight: 400;">In contrast, someone who chose to rent for the past 10 years would have not only missed out on those equity gains, but they would have also seen U.S. rental prices increase by around 66%.</span><span style="font-weight: 400;"><sup>7</sup></span>
<span style="font-weight: 400;">So even if renting seems like a better bargain today, buying could be the better long-term financial play.</span>
<span style="font-weight: 400;">Ready to compare your options? Then reach out to schedule a free consultation. As local market experts, we can help you interpret the numbers to determine if buying or renting is the better value in your particular neighborhood.</span>
<b>3. Can I afford to be a homeowner? </b>
<span style="font-weight: 400;">If you determine that buying a home is the better value, you’ll want to evaluate your financial readiness. </span>
<span style="font-weight: 400;">Start by examining how much you have in savings. After committing a down payment and closing costs, will you still have enough money left over for ancillary expenses and emergencies? If not, that’s a sign you may be better off waiting until you’ve built a larger rainy-day fund.</span>
<span style="font-weight: 400;">Then consider how your monthly budget will be impacted. Remember, your monthly mortgage payment won’t be your only expense going forward. You may also need to factor in property taxes, insurance, association fees, maintenance, and repairs.</span>
<span style="font-weight: 400;">Still, you could find that the monthly cost of homeownership is comparable to renting, especially if you make a sizable down payment. Landlords often pass the extra costs of homeowning onto tenants, so it’s not always the cheaper option. </span>
<span style="font-weight: 400;">Plus, even though you’ll be in charge of financing your home’s upkeep if you buy, you’ll also be the one who stands to benefit from the fruits of your investment. Every major upgrade, for example, not only makes your home a nicer place to live; it also helps boost your home's market value. </span>
<span style="font-weight: 400;">If you want to buy a home but aren’t sure you can afford it, give us a call to discuss your goals and budget. We can give you a realistic assessment of your options and help you determine if your homeownership dreams are within reach.</span>
<img class="alignnone wp-image-7641 size-full" src="https://myagent.site/content/uploads/2022/09/October-2022-MVP-Blog-Post-Image-3.jpg" alt="" width="1200" height="628" />
<b>4. Can I qualify for a mortgage?</b>
<span style="font-weight: 400;">If you’re prepared to handle the costs of homeownership, you’ll next want to look into how likely you are to get approved for a mortgage.</span>
<span style="font-weight: 400;">Every lender will have its own criteria. But, in general, you can expect a creditor to scrutinize your job stability, credit history, and savings to make sure you can handle a monthly mortgage payment.</span>
<span style="font-weight: 400;">For example, lenders like to see evidence that your income is stable and predictable. So if you’re self-employed, you may need to provide additional documentation proving that your earnings are dependable. A lender will also compare your monthly debt payments to your income to make sure you aren’t at risk of becoming financially overextended.</span>
<span style="font-weight: 400;">In addition, a lender will check your credit report to verify that you have a history of on-time payments and can be trusted to pay your bills. Generally, the higher your credit score, the better your odds of securing a competitive rate. </span>
<span style="font-weight: 400;">Whatever your circumstances, it’s always a good idea to get preapproved for a mortgage before you start house hunting. Let us know if you’re interested, and we’ll give you a referral to a loan officer or mortgage broker who can help.</span>
<blockquote>Want to learn more about applying for a mortgage? Reach out to request a copy of our report, “8 Strategies to Secure a Lower Mortgage Rate.”</blockquote>
<b>5. How would owning a home change my life?</b>
<span style="font-weight: 400;">Before you begin the preapproval process, however, it’s important to consider how homeownership would affect your life, aside from the long-term financial gains.</span>
<span style="font-weight: 400;">In general, you should be prepared to invest more time and energy in owning a home than you do renting one. There can be a fair amount of upkeep involved, especially if you buy a fixer-upper or overcommit yourself to a lot of DIY projects. If you’ve only lived in an apartment, for example, you could be surprised by the amount of time you spend maintaining a lawn.</span>
<span style="font-weight: 400;">On the other hand, you might relish the chance to tinker in your very own garden, make HGTV-inspired improvements, or play with your dog in a big backyard. Or, if you’re more social, you might enjoy hosting family gatherings or attending block parties with other committed homeowners. </span>
<span style="font-weight: 400;">The great thing about owning a home is that you can generally do what you want with it – even if that means painting your walls fiesta red one month and eggplant purple the next.</span>
<span style="font-weight: 400;">The choice – like the home – is all yours.</span>
<b>HAVE MORE QUESTIONS? WE’VE GOT ANSWERS</b>
<span style="font-weight: 400;">The decision to buy or rent a home is among the most consequential you will make in your lifetime. We can make the process easier by helping you compare your options using real-time local market data. So don't hesitate to reach out for a personalized consultation, regardless of where you are in your deliberations. </span><span style="font-weight: 400;">We'd be happy to answer your questions and identify actionable steps you can take now to reach your long-term goals.</span>
<span style="font-weight: 400;"><i>The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.</i></span>
<span style="font-weight: 400;">
Sources: </span>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">CNN -
</span><a href="https://www.cnn.com/2022/08/11/homes/home-prices-second-quarter/index.html" target="_blank" rel="noopener"><span style="font-weight: 400;">https://www.cnn.com/2022/08/11/homes/home-prices-second-quarter/index.html</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">NPR -</span>
<a href="https://www.npr.org/2022/07/14/1109345201/theres-a-massive-housing-shortage-across-the-u-s-heres-how-bad-it-is-where-you-l" target="_blank" rel="noopener"><span style="font-weight: 400;">https://www.npr.org/2022/07/14/1109345201/theres-a-massive-housing-shortage-across-the-u-s-heres-how-bad-it-is-where-you-l</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Bankrate -
</span><a href="https://www.bankrate.com/mortgages/5-year-real-estate-rule/" target="_blank" rel="noopener"><span style="font-weight: 400;">https://www.bankrate.com/mortgages/5-year-real-estate-rule/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Federal Reserve Bank of St. Louis -
</span><a href="https://fred.stlouisfed.org/series/MSPUS" target="_blank" rel="noopener"><span style="font-weight: 400;">https://fred.stlouisfed.org/series/MSPUS</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">National Association of REALTORS -
</span><a href="https://www.nar.realtor/blogs/economists-outlook/price-to-rent-ratios-by-state-from-2014-2019" target="_blank" rel="noopener"><span style="font-weight: 400;">https://www.nar.realtor/blogs/economists-outlook/price-to-rent-ratios-by-state-from-2014-2019</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">National Association of REALTORS -
</span><a href="https://www.nar.realtor/blogs/economists-outlook/single-family-homeowners-typically-accumulated-225K-in-housing-wealth-over-10-years" target="_blank" rel="noopener"><span style="font-weight: 400;">https://www.nar.realtor/blogs/economists-outlook/single-family-homeowners-typically-accumulated-225K-in-housing-wealth-over-10-years</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Statista -
</span><a href="https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/" target="_blank" rel="noopener"><span style="font-weight: 400;">https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/</span></a></li>
</ol><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-W6lM4nPAk22c1NISCd_qve8UJ9dBKLB6COFhq7kdowomorsMbvAoyvDwizBDm9Ew8ByPvxNvIgLzXiwLh3owwgcyKVIP_5MVewa2_5Ohu1qbocGn7LJOlP2NxCW8D6brTWb1WIaOZdBJvSCTvpAK4QiCKcFVyPu1gGficCirWldOkg-AFjC1O3nu/s1200/October%202022%20-%20MVP%20-%20Blog%20Post%20Image.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="628" data-original-width="1200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-W6lM4nPAk22c1NISCd_qve8UJ9dBKLB6COFhq7kdowomorsMbvAoyvDwizBDm9Ew8ByPvxNvIgLzXiwLh3owwgcyKVIP_5MVewa2_5Ohu1qbocGn7LJOlP2NxCW8D6brTWb1WIaOZdBJvSCTvpAK4QiCKcFVyPu1gGficCirWldOkg-AFjC1O3nu/s320/October%202022%20-%20MVP%20-%20Blog%20Post%20Image.jpg"/></a></div><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD0KUUqs_4yHkj6F642J3WF4kp4kUmlnwKtnhBVWObkUlEaJIoRSbuKI5Y8D04-eM7y3kptG9lK6h__oD0EHgiNka_0qyJUQfGwLWrtSyGaaxXp0m65E5jPolaeSMOTRqmy01Sc7g3ulUhN-rrDM1SnhyvNgk8wAXpz23s1avlH-ExNkp750y_BPeG/s1200/October%202022%20-%20MVP%20-%20Blog%20Post%20Image.jpg" style="display: block; padding: 1em 0; text-align: center; clear: left; float: left;"><img alt="" border="0" width="320" data-original-height="628" data-original-width="1200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD0KUUqs_4yHkj6F642J3WF4kp4kUmlnwKtnhBVWObkUlEaJIoRSbuKI5Y8D04-eM7y3kptG9lK6h__oD0EHgiNka_0qyJUQfGwLWrtSyGaaxXp0m65E5jPolaeSMOTRqmy01Sc7g3ulUhN-rrDM1SnhyvNgk8wAXpz23s1avlH-ExNkp750y_BPeG/s320/October%202022%20-%20MVP%20-%20Blog%20Post%20Image.jpg"/></a></div>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-68870633611487903952022-03-18T10:48:00.002-05:002022-03-18T10:48:58.037-05:00<h3 class="kcm-post-minimal-title">Spring Cleaning Checklist for Sellers [INFOGRAPHIC]</h3>
<p><img class="attachment-entry size-entry wp-post-image" src="https://files.mykcm.com/2022/03/16150023/20220318-MEM-1046x1566.png" sizes="(max-width: 1046px) 100vw, 1046px" srcset="https://files.mykcm.com/2022/03/16150023/20220318-MEM-1046x1566.png 1046w, https://files.mykcm.com/2022/03/16150023/20220318-MEM-401x600.png 401w, https://files.mykcm.com/2022/03/16150023/20220318-MEM-684x1024.png 684w, https://files.mykcm.com/2022/03/16150023/20220318-MEM-768x1150.png 768w, https://files.mykcm.com/2022/03/16150023/20220318-MEM-1026x1536.png 1026w, https://files.mykcm.com/2022/03/16150023/20220318-MEM-100x150.png 100w, https://files.mykcm.com/2022/03/16150023/20220318-MEM.png 1300w" alt="Spring Cleaning Checklist for Sellers [INFOGRAPHIC] | MyKCM" width="1046" height="1566" /><br /><br /></p>
<div class="kcm-post-minimal-content">
<h3><strong>Some Highlights</strong></h3>
<ul>
<li>If you’re thinking about selling your house this <a title="spring" href="https://www.simplifyingthemarket.com/2022/03/14/this-spring-presents-sellers-with-a-golden-opportunity/?a=847786-a7a309750113cc72fb7987dde2094106">spring</a>, here are some things you’ll want to tackle <a title="before you list" href="https://www.simplifyingthemarket.com/2022/02/10/want-top-dollar-for-your-house-nows-the-time-to-list-it/?a=847786-a7a309750113cc72fb7987dde2094106">before you list</a>.</li>
<li>Spend your time on tasks that make it feel inviting, show it’s cared for, and boost your curb appeal.</li>
<li>To determine the full list of things you’ll want to tackle for your home, you need the opinion of a <a title="trusted expert" href="https://www.simplifyingthemarket.com/2022/03/01/an-expert-advisor-will-give-you-the-best-advice-in-todays-market/?a=847786-a7a309750113cc72fb7987dde2094106">trusted expert</a>. Let’s connect to help make sure your house shows well this season.</li>
</ul>
</div>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-63927844247998967402022-03-09T09:53:00.001-06:002022-03-09T09:53:40.439-06:00Key Factors That Impact Home Affordability Today<h3 class="kcm-post-minimal-title">Key Factors That Impact Affordability Today</h3>
<p><img class="attachment-entry size-entry wp-post-image" src="https://files.mykcm.com/2022/03/08130721/20220309-KCM-Share.jpg" sizes="(max-width: 750px) 100vw, 750px" srcset="https://files.mykcm.com/2022/03/08130721/20220309-KCM-Share.jpg 750w, https://files.mykcm.com/2022/03/08130721/20220309-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/03/08130721/20220309-KCM-Share-100x55.jpg 100w" alt="Key Factors That Impact Affordability Today | MyKCM" width="750" height="410" /><br /><br /></p>
<div class="kcm-post-minimal-content">
<p>You can’t read an article about residential real estate without the author mentioning the affordability challenges that today’s buyers face. There’s no doubt homes are less affordable today than they were over the last two years, but that doesn’t mean homes are now unaffordable.</p>
<p>There are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each of these components.</p>
<h4><strong>1. Home Prices</strong></h4>
<p>The most recent <a title="Home Price Insights" href="https://www.corelogic.com/intelligence/u-s-home-price-insights/" target="_blank" rel="noopener noreferrer"><em>Home Price Insights</em></a> report by <em>CoreLogic</em> shows home values have increased by 19.1% from last January to this January. That was one reason affordability declined over the past year.</p>
<h4><strong>2. Mortgage Rates</strong></h4>
<p>While the current <a title="global uncertainty" href="https://www.simplifyingthemarket.com/2022/03/08/how-global-uncertainty-is-impacting-mortgage-rates/?a=847786-a7a309750113cc72fb7987dde2094106">global uncertainty</a> makes it difficult to project mortgage rates, we do know current rates are almost one full percentage point higher than they were last year. According to <a title="Freddie Mac" href="https://www.freddiemac.com/pmms/pmms30" target="_blank" rel="noopener noreferrer"><em>Freddie Mac</em></a>, the average monthly rate for last February was 2.81%. This February it was 3.76%. That increase in the mortgage rate also contributes to homes being less affordable than they were last year.</p>
<h4><strong>3. Wages</strong></h4>
<p>The one big, positive component in the affordability equation is an increase in American wages. In a <a title="recent article" href="https://www.realtytrac.com/blog/can-real-estate-prices-go-even-higher/" target="_blank" rel="noopener noreferrer">recent article</a> by <em>RealtyTrac</em>, Peter Miller addresses that point:</p>
<blockquote>
<p><em>“Prices are up, but what about wages? ADP reports that job holder incomes increased 5.9% last year but rose 8.0% for those who switched employers. <strong>In effect, some of the higher cost to buy a home has been offset by more cash income</strong>.”</em></p>
</blockquote>
<p>The <em>National Association of Realtors</em> (NAR) also recently released information that looks at income and affordability. The NAR <a title="data" href="https://www.nar.realtor/blogs/economists-outlook/housing-affordability-conditions-fade-in-December" target="_blank" rel="noopener noreferrer">data</a> provides a comparison of the current median family income versus the qualifying income for a median-priced home in each region of the country. Here’s a graph of their findings:</p>
<p><a href="https://files.mykcm.com/2022/03/08130724/20220309-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-101389" src="https://files.mykcm.com/2022/03/08130724/20220309-MEM-Eng-1.png" alt="Key Factors That Impact Affordability Today | MyKCM" width="600" height="450" /></a></p>
<p>As the graph shows, the median family income (<em>shown in blue on the graph</em>) is greater than the qualifying income needed to buy a median-priced home (<em>shown in green on the graph</em>) in all four regions of the country. While those figures may vary in certain locations within each region, it’s important to note that, in most of the country, homes are still affordable.</p>
<p>So, when you think about affordability, remember that the picture includes more than just <a title="home prices" href="https://www.simplifyingthemarket.com/2022/03/03/are-home-prices-continuing-to-rise/?a=847786-a7a309750113cc72fb7987dde2094106">home prices</a> and <a title="mortgage rates" href="https://www.simplifyingthemarket.com/2022/02/02/the-top-indicator-if-you-want-to-know-where-mortgage-rates-are-heading/?a=847786-a7a309750113cc72fb7987dde2094106">mortgage rates</a>. When prices rise and rates rise, it does impact affordability, and experts project both of those things will climb in the months ahead. That’s why it’s less affordable to buy a home than it was over the past two years when prices and rates were lower than they are today. But wages need to be factored into affordability as well. Because wages have been rising, they’re a big reason that, while less affordable, <strong>homes are not unaffordable today</strong>.</p>
<h3><strong>Bottom Line</strong></h3>
<p>To find out more about affordability in our local area, let’s discuss where home prices are locally, what’s happening with mortgage rates, and get you in contact with a lender so you can make an informed financial decision. Remember, while less affordable, homes are not unaffordable, which still gives you an opportunity to buy today.</p>
</div>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-44381917030150478792022-03-07T10:14:00.002-06:002022-03-07T10:14:28.692-06:00Why It's Critical to Price Your House Right <h3 class="kcm-post-minimal-title">Why It’s Critical To Price Your House Right</h3>
<p><img class="attachment-entry size-entry wp-post-image" src="https://files.mykcm.com/2022/03/04133540/20220307-KCM-Share.jpg" sizes="(max-width: 750px) 100vw, 750px" srcset="https://files.mykcm.com/2022/03/04133540/20220307-KCM-Share.jpg 750w, https://files.mykcm.com/2022/03/04133540/20220307-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/03/04133540/20220307-KCM-Share-100x55.jpg 100w" alt="Why It’s Critical To Price Your House Right | MyKCM" width="750" height="410" /><br /><br /></p>
<div class="kcm-post-minimal-content">
<p>When you make a move, you want to sell your house for the <a title="highest price" href="https://www.simplifyingthemarket.com/2022/02/10/want-top-dollar-for-your-house-nows-the-time-to-list-it/?a=847786-a7a309750113cc72fb7987dde2094106">highest price</a> possible. That might be why many homeowners are eager to list in today’s <a title="sellers’ market" href="https://www.simplifyingthemarket.com/2022/02/24/the-1-reason-to-sell-your-house-today/?a=847786-a7a309750113cc72fb7987dde2094106">sellers’ market</a>. After all, with record-low <a title="inventory" href="https://www.simplifyingthemarket.com/2022/02/23/how-supply-and-demand-can-impact-your-buying-and-selling-goals/?a=847786-a7a309750113cc72fb7987dde2094106">inventory</a> and high <a title="buyer demand" href="https://www.simplifyingthemarket.com/2022/02/18/whats-driving-todays-high-buyer-demand-infographic/?a=847786-a7a309750113cc72fb7987dde2094106">buyer demand</a>, many homes are selling for more than asking price. Data from the <a title="National Association of Realtors" href="https://cdn.nar.realtor/sites/default/files/documents/2022-01-realtors-confidence-index-02-18-2022.pdf" target="_blank" rel="noopener noreferrer"><em>National Association of Realtors</em></a> (NAR) shows <strong>46% of homes are selling above list price today</strong>.</p>
<p>But even in a market like we have now, working with an agent to set the right asking price is critical, as pricing it too high or too low could have a negative impact on your final sale. Here’s why.</p>
<h4><strong>Pricing Your House Right Is Crucial Even in a Sellers’ Market</strong></h4>
<p>The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with the property. Not to mention, you could leave money on the table, which decreases your future buying power if you undervalue your house.</p>
<p>On the other hand, price it too high and you run the risk of deterring buyers. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.</p>
<p>In other words, think of pricing your home as a target. <strong>Your goal is to aim directly for the center – not too high, not too low, but right at market value<em>.</em></strong> Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see a bidding war, too. And when a bidding war happens, you’ll likely get an even higher final sale price. Plus, when homes are priced right, they tend to sell quickly.</p>
<p>To get a look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:</p>
<p><a href="https://files.mykcm.com/2022/03/04133358/20220307-MEM-Eng.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-101345" src="https://files.mykcm.com/2022/03/04133358/20220307-MEM-Eng.png" alt="Why It’s Critical To Price Your House Right | MyKCM" width="600" height="450" /></a></p>
<h4><strong>Lean on a Professional’s Expertise To Price Your House Right</strong></h4>
<p>There are <a title="several factors" href="https://www.nar.realtor/determining-asking-price" target="_blank" rel="noopener noreferrer">several factors</a> that go into pricing your house and balancing them is the key. That’s why it’s important to lean on an expert real estate advisor when you’re ready to move. A local real estate advisor is knowledgeable about:</p>
<ul>
<li>The value of homes in your neighborhood</li>
<li>The current demand for houses in today’s market</li>
<li>The condition of your house and how it affects the value</li>
</ul>
<p>A real estate professional will balance these factors to make sure the price of your house makes the best first impression and gives you the greatest return on your investment in the end.</p>
<h3><strong>Bottom Line</strong></h3>
<p>Even in a sellers’ market, pricing your house right is critical. Don’t rely on guesswork. Let’s connect to make sure your house is perfectly priced. Call me Now! 334-324-9485 While now is the Best Time To Sell.</p>
</div>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-60234234402328758732022-03-04T09:47:00.000-06:002022-03-04T09:47:09.154-06:00Supply and Demand in Today's Housing Market<h3 class="kcm-post-minimal-title">Supply and Demand in Today’s Market [INFOGRAPHIC]</h3>
<p><img class="attachment-entry size-entry wp-post-image" src="https://files.mykcm.com/2022/03/03164955/20220304-MEM-1046x2586.png" sizes="(max-width: 1046px) 100vw, 1046px" srcset="https://files.mykcm.com/2022/03/03164955/20220304-MEM-1046x2586.png 1046w, https://files.mykcm.com/2022/03/03164955/20220304-MEM-243x600.png 243w, https://files.mykcm.com/2022/03/03164955/20220304-MEM-414x1024.png 414w, https://files.mykcm.com/2022/03/03164955/20220304-MEM-768x1899.png 768w, https://files.mykcm.com/2022/03/03164955/20220304-MEM-621x1536.png 621w, https://files.mykcm.com/2022/03/03164955/20220304-MEM-828x2048.png 828w, https://files.mykcm.com/2022/03/03164955/20220304-MEM-100x247.png 100w, https://files.mykcm.com/2022/03/03164955/20220304-MEM.png 1300w" alt="Supply and Demand in Today’s Market [INFOGRAPHIC] | MyKCM" width="1046" height="2586" /><br /><br /></p>
<div class="kcm-post-minimal-content">
<h3><strong>Some Highlights</strong></h3>
<ul>
<li>Today’s <a title="housing market" href="https://magazine.realtor/daily-news/2022/01/20/existing-home-sales-reach-highest-point-since-2006" target="_blank" rel="noopener noreferrer">housing market</a> is the direct result of <a title="low supply" href="https://cdn.nar.realtor/sites/default/files/documents/2022-01-realtors-confidence-index-02-18-2022.pdf" target="_blank" rel="noopener noreferrer">low supply</a> and <a title="high buyer demand" href="https://www.simplifyingthemarket.com/2022/02/23/how-supply-and-demand-can-impact-your-buying-and-selling-goals/?a=847786-a7a309750113cc72fb7987dde2094106">high buyer demand</a>. Here’s what that means for you and your plans to buy or sell.</li>
<li>For <a title="buyers" href="https://www.simplifyingthemarket.com/2022/02/14/are-you-ready-to-fall-in-love-with-homeownership?a=847786-a7a309750113cc72fb7987dde2094106">buyers</a>, expect competition, be ready to move fast, and be prepared to submit your strongest offer. For <a title="sellers" href="https://www.simplifyingthemarket.com/2022/02/24/the-1-reason-to-sell-your-house-today/?a=847786-a7a309750113cc72fb7987dde2094106">sellers</a>, know your house will be the <a title="center of attention" href="https://www.simplifyingthemarket.com/2022/02/10/want-top-dollar-for-your-house-nows-the-time-to-list-it/?a=847786-a7a309750113cc72fb7987dde2094106">center of attention</a> and that it’ll likely sell quickly and get multiple offers.</li>
<li>If you’re ready to move, let’s connect to talk about our local area and how you can take advantage of today’s unprecedented housing market.</li>
</ul>
</div>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-41083061765912754072022-02-25T15:17:00.000-06:002022-02-25T15:17:24.123-06:00The Difference Between Renting And Owning<h3 class="kcm-post-minimal-title">The Difference Between Renting and Owning [INFOGRAPHIC]</h3>
<p><img class="attachment-entry size-entry wp-post-image" src="https://files.mykcm.com/2022/02/24130106/20220225-MEM-1046x2279.png" sizes="(max-width: 1046px) 100vw, 1046px" srcset="https://files.mykcm.com/2022/02/24130106/20220225-MEM-1046x2279.png 1046w, https://files.mykcm.com/2022/02/24130106/20220225-MEM-275x600.png 275w, https://files.mykcm.com/2022/02/24130106/20220225-MEM-470x1024.png 470w, https://files.mykcm.com/2022/02/24130106/20220225-MEM-768x1674.png 768w, https://files.mykcm.com/2022/02/24130106/20220225-MEM-705x1536.png 705w, https://files.mykcm.com/2022/02/24130106/20220225-MEM-940x2048.png 940w, https://files.mykcm.com/2022/02/24130106/20220225-MEM-100x218.png 100w, https://files.mykcm.com/2022/02/24130106/20220225-MEM.png 1300w" alt="The Difference Between Renting and Owning [INFOGRAPHIC] | MyKCM" width="1046" height="2279" /><br /><br /></p>
<div class="kcm-post-minimal-content">
<h3><strong>Some Highlights</strong></h3>
<ul>
<li>If you’re deciding whether to rent or <a title="buy" href="https://www.simplifyingthemarket.com/2022/01/31/owning-is-more-affordable-than-renting-in-the-majority-of-the-country/?a=847786-a7a309750113cc72fb7987dde2094106">buy</a>, consider the many <a title="financial benefits" href="https://www.simplifyingthemarket.com/2022/02/21/real-estate-voted-the-best-investment-eight-years-in-a-row/?a=847786-a7a309750113cc72fb7987dde2094106">financial benefits</a> that come with owning a home.</li>
<li>As a renter, you build your <a title="landlord’s wealth" href="https://www.simplifyingthemarket.com/2022/01/04/avoid-the-rental-trap-in-2022/?a=847786-a7a309750113cc72fb7987dde2094106">landlord’s wealth</a> and face <a title="rising costs" href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf" target="_blank" rel="noopener noreferrer">rising costs</a>. As a homeowner, you build your own <a title="net worth" href="https://www.simplifyingthemarket.com/2021/12/21/the-average-homeowner-gained-56700-in-equity-over-the-past-year/?a=847786-a7a309750113cc72fb7987dde2094106">net worth</a> and can lock in your <a title="monthly payments" href="https://www.simplifyingthemarket.com/2022/01/11/why-inflation-shouldnt-stop-you-from-buying-a-home-in-2022/?a=847786-a7a309750113cc72fb7987dde2094106">monthly payments</a> for the length of your loan.</li>
<li>If you’re weighing your options, remember that owning a home is a decision that has considerable financial perks. If you want to learn more, let’s connect to talk about the perks of homeownership.</li>
</ul>
</div>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-23570468848481952082022-02-06T12:13:00.001-06:002022-02-06T12:13:31.187-06:008 Popular Home Features for 2022 <!-- BLOG LOOP START
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/8-popular-home-design-features-for-2022/"><h3 class="post-title">8 Popular Home Design Features for 2022</h3></a>
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<i class="fa fa-calendar"></i><span>01</span> <span>Feb</span> <span>2022</span>
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<p><span style="font-weight: 400;">There’s a lot to consider when selling your home, from the market and appraisals to where you’ll go next. Don’t forget, however, that design is also a key factor. It’s often one of the first things buyers notice when they walk into a home, and it’s also a detail that you, as a seller, can easily control.</span></p>
<p><span style="font-weight: 400;">According to Realtor.com’s 2022 housing market forecast, home for-sale inventory will increase from last year, as will the projected number of overall sales.</span><span style="font-weight: 400;"><sup>1</sup></span><span style="font-weight: 400;"> This means, if you’re looking to sell in the near future, now is the time to consider how you can stand out.</span></p>
<p><span style="font-weight: 400;">Updating your home design is one way to do that. Changes like new security features or upgraded siding can add value to your home now and be highlighted when you market it for sale later. To get the most out of your updates, focus on these popular home design features that will wow buyers in 2022.</span></p>
<p><span style="font-weight: 400;">Keep in mind, not all of these will work well in every house. If you plan to buy, list, or renovate a property, give us a call. We can help you realize your vision and maximize the impact of your investment.</span></p>
<p> </p>
<p><b>Eco-Friendly Fixtures</b></p>
<p><span style="font-weight: 400;">Millennials account for the largest share of current homebuyers, according to the National Association of Realtors.</span><span style="font-weight: 400;"><sup>2</sup></span><span style="font-weight: 400;"> Sustainable living tops the list of priorities for this generation. A recent Deloitte survey found that nearly one-third of millennials initiate or deepen their consumer investment in products or services that help the environment—this also includes the houses they choose to live in.</span><span style="font-weight: 400;"><sup>3</sup></span></p>
<p><span style="font-weight: 400;">Here are a few eco-friendly design features that will be attractive to these millennial buyers in 2022. Bonus, they can net a significant return on investment (ROI) for you, as a seller, too. </span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><b>Energy-Efficient Windows</b><span style="font-weight: 400;">: Heat gain or loss from low-performance windows drives 25–30 percent of home heating and cooling costs, according to Energy.gov.</span><span style="font-weight: 400;"><sup>4</sup></span><span style="font-weight: 400;"> Therefore, energy-efficient windows can help homeowners save money. </span></li>
<li style="font-weight: 400;" aria-level="1"><b>Low-Flow Water Fixtures: </b><span style="font-weight: 400;">According to the EPA, replacing your shower head with one that’s labeled with WaterSense can save four gallons of water with each shower.</span><span style="font-weight: 400;"><sup>5</sup></span><span style="font-weight: 400;"> Doing the same with your faucet can save 700 gallons per year. This leads to cost savings and environmental support.</span></li>
<li style="font-weight: 400;" aria-level="1"><b>Native Landscaping: </b><span style="font-weight: 400;"> According to the American Society of Landscape Architects, 58 percent of members report increased client demand for native trees and plants as a means to combat biodiversity loss from climate change.</span><span style="font-weight: 400;"><sup>6</sup></span><span style="font-weight: 400;"> Enhance the eco-friendly appeal of your home with some native plants in the front yard.</span></li>
</ul>
<p> </p>
<p><b>Wellness Retreat Nooks</b></p>
<p><span style="font-weight: 400;">The pandemic has had a significant impact on mental health. For example, in an effort to prioritize mental health, many people are relocating to quieter, more peaceful homes, with 22 percent of city dwellers planning a move to less congested residential areas, according to the Home Improvement Research Institute’s (HIRI) 2021 Insights Summit.</span><span style="font-weight: 400;"><sup>7</sup></span></p>
<p><span style="font-weight: 400;">However, no matter where you live, you can still intrigue buyers by jumping on this trend. At-home wellness amenities, which were once viewed as luxuries, are now on many homeowners’ must-have lists. Indoor spaces that function as a retreat for wellness and self-care have become extremely popular, according to HIRI.</span></p>
<p><span style="font-weight: 400;">Improve your quality of life in your home with reading nooks, spa-inspired bathrooms, and exercise or meditation spaces. Even if your house doesn’t have the square footage to section off an entire room for relaxation, making simple tweaks to natural light, air purifiers, and indoor plants can help you feel better in your home now while enabling future buyers to see the opportunity for their own space.</span></p>
<p> </p>
<p><b>Calming Paint Colors</b></p>
<p><span style="font-weight: 400;">Paint colors that produce a calming atmosphere will also be a key selling point in 2022. Soft earth tones and natural hues will prevail this year, including various shades of blue, green, brown, and beige. Recent research suggests steering clear of trendy paint colors in favor of a more classic palette to bring the feel of nature indoors in a subtle and soothing way.</span><span style="font-weight: 400;"><sup>8</sup></span><span style="font-weight: 400;"> </span></p>
<p><span style="font-weight: 400;">In fact, the same research found that buyers are often willing to pay an extra $4,698 for a house with a light blue bathroom or an extra $1,491 for a house with a dark blue bedroom. Another crowd-pleasing hue to refresh the walls with is BEHR’s 2022 paint color of the year, known as Breezeway.</span><span style="font-weight: 400;"><sup>9</sup></span><span style="font-weight: 400;"> </span></p>
<p><span style="font-weight: 400;">This shade of green with silver undertones was created to mimic sea glass. As the BEHR website describes it, Breezeway “evokes feelings of coolness and peace, while representing a desire to move forward and discover newfound passions.” </span></p>
<p> </p>
<p><b>Home Safety Features</b></p>
<p><span style="font-weight: 400;">Buyers want peace of mind more now than ever before. According to a 2021 survey from the American Institute of Architects, members report seeing an increase in the popularity of these home safety features</span><span style="font-weight: 400;"><sup>10</sup></span><span style="font-weight: 400;">:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Emergency backup power generation</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Accommodations for multiple generations</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Wider accessible doorways and hallways</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Home security monitoring equipment</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Interior ramps and home elevator features</span></li>
</ul>
<p><span style="font-weight: 400;">Consider how you can build home safety features like these into the design of your home to enhance your quality of life now and attract more buyers later. For example, you could install a backup generator in the garage and sell it with the house or update your major doorways to be wider.</span></p>
<p><span style="font-weight: 400;">Before making an investment in expensive home safety upgrades, contact us. We can help you determine what will deliver the greatest ROI for your location and goals.</span></p>
<p> </p>
<p><b>Designated Work Spaces</b></p>
<p><span style="font-weight: 400;">It may come as no surprise that after the pandemic, 63 percent of homebuyers want their next house to feature room for a designated office, according to the National Association of Home Builders.</span><span style="font-weight: 400;"><sup>11</sup></span><span style="font-weight: 400;"> In addition, 70 percent of these buyers want the office to be at least 100 square feet (or a 10×10 room).</span></p>
<p><span style="font-weight: 400;">If you can, consider turning a bedroom or a den into a work-from-home office. When designing the space, make it both functional and aesthetically pleasing. Position a desk near the window for natural light, install a bookshelf unit, arrange a few succulents on the work surface, and hang a few framed posters or a cork bulletin board on the wall. You want the space to foster productivity as well as be a place in your home you enjoy spending time.</span></p>
<p><span style="font-weight: 400;">When you get ready to sell, we can help you highlight your designated work space. Given the high demand for this design feature, it can help you interest more buyers and attract more competitive offers—if marketed creatively.</span></p>
<p> </p>
<p><b>Luxury Kitchen Retouches</b></p>
<p><span style="font-weight: 400;">The kitchen has always been a main focal point of interior design, and that’s no different in 2022. Families will always need this space to come together in their own homes. </span></p>
<p><span style="font-weight: 400;">This year’s buyers want a kitchen with new upgrades and retouches, but you don’t have to renovate the entire kitchen to make an impact. If you’re not sure where to start, here are a few tips on how to create a kitchen that buyers will love without spending too much money on renovations:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Repaint the kitchen, keeping the calm and nature-inspired colors in mind that are most popular right now. Taking a kitchen from dark to light by painting cabinets and walls can make all the difference.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Update the hardware. These kitchen “accessories” stand out and add personality to an otherwise standard kitchen. </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Update light fixtures to bring in more light while also adding a fresh look and feel to the space. </span></li>
</ul>
<p> </p>
<p><b>Unique Accent Walls</b></p>
<p><span style="font-weight: 400;">In a recent interview with the National Association of Realtors, Brian Santos, the director of education for Fresh Coat Painters, explains that bold, unique accent walls are trendy right now.</span><span style="font-weight: 400;"><sup>12</sup></span><span style="font-weight: 400;"> An accent wall gives a home character while maintaining the calming feel of natural- and neutral-colored walls.</span></p>
<p><span style="font-weight: 400;">Santos also explains that this is part of a design aesthetic that draws inspiration from the Roaring Twenties, and it’s likely to remain a sought-after home feature in 2022. Here are some bold colors to consider for your home’s accent walls:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Solid black</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Jewel or metallic tones</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Textured wallpaper</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Painted ceilings</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Built-in shelves</span></li>
</ul>
<p><span style="font-weight: 400;">If you’re planning to sell in the next year, talk to us before adding an accent wall. Depending on your target buyer, it may be a design feature that actually hurts your home’s value. We can run a free Comparative Market Analysis on your home to help you understand what would resell best in your neighborhood.</span></p>
<p> </p>
<p><b>Exterior Siding Updates</b></p>
<p><span style="font-weight: 400;">A new exterior siding refresh is one of the most affordable renovation projects you can do to help increase a home’s resale value. The average cost is just $12 per square foot, but higher-end material options can push costs closer to $50 per square foot.</span><span style="font-weight: 400;"><sup>13</sup></span><span style="font-weight: 400;"> What’s more, there are many siding materials available, from fiber-cement, brick, and wood to vinyl, metal, and stone. </span></p>
<p><span style="font-weight: 400;">While all these options can infuse the exterior with character and add curb appeal, fiber-cement and vinyl deliver the highest ROI. In fact, according to a 2021 Cost vs. Value Report, a vinyl siding replacement can boost resale value by $11,315 (68.3 percent cost recoup), and a fiber-cement siding replacement can boost resale value by $13,618 (69.4 percent cost recoup).</span><span style="font-weight: 400;"><sup>14</sup></span><span style="font-weight: 400;"> </span></p>
<p><span style="font-weight: 400;">Give your home this simple, affordable, and attractive facelift before putting it on the market. If you’re not sure how to get started yourself, our team can connect you with a trusted vendor to guide you through the process. </span></p>
<p> </p>
<p><b>Keep These Home Design Features on Your Radar in 2022</b></p>
<p><span style="font-weight: 400;">These design features can infuse personality into your home while helping to close the deal if you plan to sell in 2022. The average buyer knows just what they’re looking for in a space they plan to call home, so with some investment and foresight, you can give your house an edge over the competition—and boost resale value in the process. </span></p>
<p><span style="font-weight: 400;">However, you don’t need to make all these changes to attract more buyers. We can help you determine which design features you should add to your home by sharing insights and tips on how to maximize the return on your investment. We can also run a Comparative Market Analysis on your home to find out how it compares to others in the area, which will help us decide what changes need to be made. Contact us to schedule a free consultation!</span></p>
<p> </p>
<p><span style="font-weight: 400;">Sources:</span></p>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Realtor – </span><span style="font-weight: 400;"><br />
</span><a href="https://www.realtor.com/research/2022-national-housing-forecast/"><span style="font-weight: 400;">https://www.realtor.com/research/2022-national-housing-forecast/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">National Association of Realtors – </span><span style="font-weight: 400;"><br />
</span><a href="https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends"><span style="font-weight: 400;">https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Deloitte – </span><span style="font-weight: 400;"><br />
</span><a href="https://www2.deloitte.com/content/dam/Deloitte/global/Documents/2021-deloitte-global-millennial-survey-report.pdf"><span style="font-weight: 400;">https://www2.deloitte.com/content/dam/Deloitte/global/Documents/2021-deloitte-global-millennial-survey-report.pdf</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Energy.gov – </span> <span style="font-weight: 400;"><br />
</span><a href="https://www.energy.gov/energysaver/update-or-replace-windows"><span style="font-weight: 400;">https://www.energy.gov/energysaver/update-or-replace-windows</span></a><span style="font-weight: 400;"> </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">EPA.gov – </span><span style="font-weight: 400;"><br />
</span><a href="https://www.epa.gov/watersense/about-watersense"><span style="font-weight: 400;">https://www.epa.gov/watersense/about-watersense</span></a><span style="font-weight: 400;"> </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">American Society of Landscape Architects – </span><span style="font-weight: 400;"><br />
</span><a href="https://www.asla.org/NewsReleaseDetails.aspx?id=60427"><span style="font-weight: 400;">https://www.asla.org/NewsReleaseDetails.aspx?id=60427</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Home Improvement Research Institute – </span><span style="font-weight: 400;"><br />
</span><a href="https://www.hiri.org/blog/4-major-home-wellness-trends-from-hiri-summit-speaker-dr-jie-zhao"><span style="font-weight: 400;">https://www.hiri.org/blog/4-major-home-wellness-trends-from-hiri-summit-speaker-dr-jie-zhao</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Zillow – </span><span style="font-weight: 400;"><br />
</span><a href="http://zillow.mediaroom.com/2021-07-15-Homes-With-Light-Blue-Bathrooms,-Dark-Blue-Bedrooms-Could-Sell-for-Up-to-4,698-More-Than-Expected"><span style="font-weight: 400;">http://zillow.mediaroom.com/2021-07-15-Homes-With-Light-Blue-Bathrooms,-Dark-Blue-Bedrooms-Could-Sell-for-Up-to-4,698-More-Than-Expected</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Behr – </span><span style="font-weight: 400;"><br />
</span><a href="https://www.behr.com/colorfullybehr/behr-announces-2022-color-of-the-year-and-trends-palette/"><span style="font-weight: 400;">https://www.behr.com/colorfullybehr/behr-announces-2022-color-of-the-year-and-trends-palette/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">American Institute of Architects – </span><span style="font-weight: 400;"><br />
</span><a href="http://info.aia.org/AIArchitect/2021/0910/aia-interactive/index.html#"><span style="font-weight: 400;">http://info.aia.org/AIArchitect/2021/0910/aia-interactive/index.html#</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">National Association of Home Builders – </span><span style="font-weight: 400;"><br />
</span><span style="font-weight: 400;"></span><a href="https://www.nahb.org/-/media/NAHB/news-and-economics/docs/housing-economics-plus/special-studies/2021/special-study-what-home-buyers-really-want-march-2021.pdf?_ga=2.188050984.1824982414.1639512139-1247360189.1639512139"><span style="font-weight: 400;">https://www.nahb.org/-/media/NAHB/news-and-economics/docs/housing-economics-plus/special-studies/2021/special-study-what-home-buyers-really-want-march-2021.pdf?_ga=2.188050984.1824982414.1639512139-1247360189.1639512139</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">National Association of Realtors – </span><span style="font-weight: 400;"><br />
</span><a href="https://www.nar.realtor/blogs/styled-staged-sold/hot-home-trend-the-accent-wall-is-back"><span style="font-weight: 400;">https://www.nar.realtor/blogs/styled-staged-sold/hot-home-trend-the-accent-wall-is-back</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Forbes – </span><span style="font-weight: 400;"><br />
</span><a href="https://www.forbes.com/advisor/home-improvement/how-much-does-siding-cost-to-install/"><span style="font-weight: 400;">https://www.forbes.com/advisor/home-improvement/how-much-does-siding-cost-to-install/</span></a></li>
<li style="font-weight: 400;" aria-level="1">Remodeling Magazine –<br />
<a href="https://www.remodeling.hw.net/cost-vs-value/2021/">https://www.remodeling.hw.net/cost-vs-value/2021/</a></li>
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<p>Jere Whitehouse has continually distinguished himself with awards and honors throughout his successful real estate career of over 40 years, all in the Montgomery, Alabama, area. Prior to his affiliation with OurTown Realty, Jere worked with other major real estate companies and was consistently the top agent out of three offices and over 80 agents. In 1997, in addition to earning the Top Agent Award for the year, he also earned the prestigious "Ed Lowder Award" for Excellence in service to his clients and his leadership within the company. Jere has held his Broker License since 1984. <br />
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Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-35323537192040389672022-01-02T10:35:00.000-06:002022-01-02T10:35:18.848-06:00 <!-- BLOG START
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/a-return-to-normal-the-state-of-real-estate-in-2022/"><h3 class="post-title">A Return to ‘Normal’? The State of Real Estate in 2022</h3></a>
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/2022/01/">
<i class="fa fa-calendar"></i><span>01</span> <span>Jan</span> <span>2022</span>
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<p><span style="font-weight: 400;">Last year was one for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021.</span><span style="font-weight: 400;"><sup>1</sup></span></p>
<p><span style="font-weight: 400;">However, there were signs in the fourth quarter that the red-hot housing market was beginning to simmer down. In the month of October, only 60.3% of sales involved a bidding war—down from a high of 74.5% in April.</span><span style="font-weight: 400;"><sup>2</sup></span><span style="font-weight: 400;"> While this trend could be attributed to seasonality, it could also be a signal that the real estate run-up may have passed its peak.</span></p>
<p><span style="font-weight: 400;">So what’s ahead for the U.S. housing market in 2022? Here’s where industry experts predict the market is headed in the coming year.</span></p>
<p> </p>
<p><b>MORTGAGE RATES WILL CREEP UP</b></p>
<p><span style="font-weight: 400;">Most economists expect to see mortgage rates gradually rise this year after hitting record lows in late 2020 and early 2021.</span><span style="font-weight: 400;"><sup>3</sup></span><span style="font-weight: 400;"> </span></p>
<p><span style="font-weight: 400;">Freddie Mac forecasts the 30-year fixed-rate mortgage will average 3.5% in 2022, up from around 3% in 2021.</span><span style="font-weight: 400;"><sup>4</sup></span></p>
<p><span style="font-weight: 400;">The Mortgage Bankers Association predicts that rates will tick up to 4% by the end of the year. “Mortgage lenders and borrowers should expect rising mortgage rates over the next year, as stronger economic growth pushes Treasury yields higher,” said Mike Fratantoni, chief economist for the Mortgage Bankers Association at their 2001 Annual Convention & Expo in October.</span><span style="font-weight: 400;"><sup>5</sup></span></p>
<p><span style="font-weight: 400;">However, it’s important to keep in mind that even a 4% mortgage rate is low when compared to historical standards. According to industry trade blog</span> <span style="font-weight: 400;">The Mortgage Reports</span><i><span style="font-weight: 400;">,</span></i><span style="font-weight: 400;"> “Between 1971 and December 2020, 30-year mortgage rates averaged 7.89%.”</span><span style="font-weight: 400;"><sup>6</sup></span></p>
<p><b><i>What does it mean for you? </i></b><span style="font-weight: 400;">Low mortgage rates can reduce your monthly payment and make homeownership more affordable. Fortunately, there’s still time to lock in a historically-low rate. Whether you’re hoping to purchase a new home or refinance an existing mortgage, act soon before rates go up any further. We’d be happy to connect you with a trusted lending professional in our network.</span></p>
<p> </p>
<p><b>THE MARKET WILL BECOME MORE BALANCED</b></p>
<p><span style="font-weight: 400;">In 2021, we experienced one of the most competitive real estate markets ever. Fears about the virus and a shift to remote work triggered a huge uptick in demand. At the same time, many existing homeowners delayed their plans to sell, and supply and labor shortages hindered new construction. </span></p>
<p><span style="font-weight: 400;">This led to an extreme market imbalance that benefitted sellers and frustrated buyers. According to George Ratiu, director of economic research at Realtor.com, “Prices and sellers reached for the moon [last] year. It looks like we are now about to move back to earth.”</span><span style="font-weight: 400;"><sup>7</sup></span></p>
<p><span style="font-weight: 400;">Data from Realtor.com released in November showed that listing price reductions had more than doubled since February 2021. And the average days on market (an indicator of how long it takes a home to sell) has been slowly creeping up since June.</span><span style="font-weight: 400;"><sup>7</sup></span></p>
<p><span style="font-weight: 400;">What’s causing this change in market dynamics? The real estate market typically slows down in the fall and winter. But economists also suspect a fundamental shift in supply and demand.</span></p>
<p><span style="font-weight: 400;">At the National Association of Realtors’ annual conference last November, the group’s chief economist, Lawrence Yun, told attendees that he expects increased supply to come from an uptick in new construction—which is already underway—and an end to the mortgage forbearance program. “With more housing inventory to hit the market, the intense multiple offers will start to ease,” he said.</span><span style="font-weight: 400;"><sup>8</sup></span></p>
<p><span style="font-weight: 400;">Demand is also predicted to wane slightly in the coming year. Rising mortgage rates and record-high prices have made homeownership unaffordable for a growing number of Americans. And in a recent Reuters poll, nearly 80% of property analysts said they expect housing affordability to worsen over the next several years.</span><span style="font-weight: 400;"><sup>9</sup></span></p>
<p><b><i>What does it mean for you? </i></b><span style="font-weight: 400;">If you struggled to buy a home last year, there may be some relief on the horizon. Increased supply and softening demand could make it easier to finally secure the home of your dreams. If you’re a seller, it’s still a great time to cash out your big equity gains! And with more inventory on the market, you’ll have an easier time finding your next home. Reach out for a free consultation so we can discuss your specific needs and goals.</span></p>
<p> </p>
<p><b>HOME PRICES LIKELY TO KEEP CLIMBING, BUT AT A SLOWER PACE</b></p>
<p><span style="font-weight: 400;">Nationally, home prices rose an estimated 16.8% in 2021.</span><span style="font-weight: 400;"><sup>8</sup></span><span style="font-weight: 400;"> But the average rate of appreciation is expected to slow down in 2022.</span></p>
<p><span style="font-weight: 400;">Danielle Hale, chief economist at Realtor.com, told Yahoo! News, “Home asking prices have decelerated in the second half of 2021, with median listing price growth slipping from a peak of 17.2% in April to just 8.6% in October.”</span><span style="font-weight: 400;"><sup>10</sup></span></p>
<p><span style="font-weight: 400;">But experts disagree about how much more property values can continue to climb this year. Goldman Sachs predicts that home prices will rise by 13.5%, while Fannie Mae and Freddie Mac are forecasting a 7.9% and 7% rate of appreciation, respectively.</span><span style="font-weight: 400;"><sup>2</sup></span></p>
<p><span style="font-weight: 400;">However, not all analysts are as bullish. The National Association of Realtors predicts a 2.8% rate of appreciation for existing homes and 4.4% for new homes, while the Mortgage Bankers Association expects the average home price to decrease by 2.5% by the end of the year.</span><span style="font-weight: 400;"><sup>10,2</sup></span></p>
<p><span style="font-weight: 400;">According to Hale, “With prices near all-time highs and mortgage rates expected to rise, we expect this slowdown in prices to continue.”</span><span style="font-weight: 400;"><sup>10</sup></span></p>
<p><b><i>What does it mean for you?</i></b><span style="font-weight: 400;"> If you’re a buyer who has been waiting on the sidelines for home prices to drop, you may be out of luck. Even if home prices dip slightly (and most economists expect them to rise) any savings are likely to be offset by higher mortgage rates. The good news is that decreased competition means more choice and less likelihood of a bidding war. We can help you get the most for your money in today’s market.</span></p>
<p> </p>
<p><b>RENTS WILL CONTINUE TO RISE</b></p>
<p><span style="font-weight: 400;">Along with home, gasoline, and used vehicle prices, rent prices rose dramatically last year. According to CoreLogic, in September, rents for single-family homes were up 10.2% nationally year over year.</span><span style="font-weight: 400;"><sup>11</sup></span><span style="font-weight: 400;"> And economists at Realtor.com expect them to climb another 7.1% in 2022.</span><span style="font-weight: 400;"><sup>12</sup></span></p>
<p><span style="font-weight: 400;">“Homes are expensive now…but for most people, the comparison that is most important is how that cost of homeownership is going to compare to the cost of renting,” Zillow Senior Economist Jeff Tucker told CNBC in November.</span><span style="font-weight: 400;"><sup>13</sup></span></p>
<p><span style="font-weight: 400;">Tucker also pointed out that rent is less predictable than a mortgage—and more likely to go up along with inflation.</span><span style="font-weight: 400;"><sup>13</sup></span></p>
<p><span style="font-weight: 400;">Real assets, like real estate, are often used as a hedge against inflation. That’s because property values typically rise with inflation.</span><span style="font-weight: 400;"><sup>14</sup></span><span style="font-weight: 400;"> And when a homeowner takes out a mortgage, they lock in a set housing payment for the next 30 years. </span></p>
<p><span style="font-weight: 400;">In contrast, renters are at the mercy of the market—and they don’t gain any of the benefits of homeownership, like tax deductions, equity, or appreciation.</span></p>
<p><span style="font-weight: 400;">George Ratiu of Realtor.com told CNBC that he advises buyers to consider their budget and time frame. If they plan to stay in the home for at least three to five years, he believes it often makes sense to buy.</span><span style="font-weight: 400;"><sup>13</sup></span></p>
<p><span style="font-weight: 400;">Fortunately, it’s shaping up to be a better year for buyers. “I think 2022 has the promise of providing less competition, a lot more homes to choose from, and, as a result, a lot more approachable prices,” Ratiu said.</span><span style="font-weight: 400;"><sup>13</sup></span></p>
<p><b><i>What does it mean for you? </i></b><span style="font-weight: 400;">Both property and rent prices are expected to continue rising. But when you purchase a home with a fixed-rate mortgage, you can rest assured knowing that your monthly mortgage payment will never go up. Whether you’re a first-time homebuyer or a real estate investor, we can help you make the most of today’s real estate market. </span></p>
<p> </p>
<p><b>WE’RE HERE TO GUIDE YOU</b></p>
<p><span style="font-weight: 400;">While national real estate numbers and predictions can provide a “big picture” outlook for the year, real estate is local. And as local market experts, we can guide you through the ins and outs of our market and the local issues that are likely to drive home values in your particular neighborhood.</span><b> </b></p>
<p><span style="font-weight: 400;">If you’re considering buying or selling a home in 2022, contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year.</span></p>
<p> </p>
<p><span style="font-weight: 400;">Sources:</span></p>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Fortune –</span><span style="font-weight: 400;"><br />
</span><a href="https://fortune.com/2021/11/04/us-home-prices-real-estate-forecast-2022-outlook/"><span style="font-weight: 400;">https://fortune.com/2021/11/04/us-home-prices-real-estate-forecast-2022-outlook/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Fortune –</span><span style="font-weight: 400;"><br />
</span><a href="https://fortune.com/2021/11/29/housing-market-real-estate-predictions-2022-forecast/"><span style="font-weight: 400;">https://fortune.com/2021/11/29/housing-market-real-estate-predictions-2022-forecast/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Freddie Mac –</span><span style="font-weight: 400;"><br />
</span><a href="http://www.freddiemac.com/pmms/pmms30.html"><span style="font-weight: 400;">http://www.freddiemac.com/pmms/pmms30.html</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Freddie Mac – </span><a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-strong-housing-market-will-continue-even-rates-and"><span style="font-weight: 400;">https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-strong-housing-market-will-continue-even-rates-and</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Mortgage Bankers Association –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.mba.org/2021-press-releases/october/mba-annual-forecast-purchase-originations-to-increase-9-percent-to-record-173-trillion-in-2022"><span style="font-weight: 400;">https://www.mba.org/2021-press-releases/october/mba-annual-forecast-purchase-originations-to-increase-9-percent-to-record-173-trillion-in-2022</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The Mortgage Reports –</span><span style="font-weight: 400;"><br />
</span><a href="https://themortgagereports.com/61853/30-year-mortgage-rates-chart"><span style="font-weight: 400;">https://themortgagereports.com/61853/30-year-mortgage-rates-chart</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Realtor.com –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.realtor.com/news/trends/has-housing-market-peaked/"><span style="font-weight: 400;">https://www.realtor.com/news/trends/has-housing-market-peaked/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">National Association of Realtors –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.nar.realtor/newsroom/nars-yun-says-housing-market-doing-well-may-normalize-in-2022"><span style="font-weight: 400;">https://www.nar.realtor/newsroom/nars-yun-says-housing-market-doing-well-may-normalize-in-2022</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Reuters –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.reuters.com/world/us/rise-us-house-prices-halve-next-year-affordability-worsen-2021-12-07/"><span style="font-weight: 400;">https://www.reuters.com/world/us/rise-us-house-prices-halve-next-year-affordability-worsen-2021-12-07/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Yahoo! News –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.yahoo.com/now/where-home-prices-headed-2022-130012748.html"><span style="font-weight: 400;">https://www.yahoo.com/now/where-home-prices-headed-2022-130012748.html</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">CNBC –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.cnbc.com/2021/11/16/inflation-rent-for-single-family-homes-surged-10percent-in-september.html"><span style="font-weight: 400;">https://www.cnbc.com/2021/11/16/inflation-rent-for-single-family-homes-surged-10percent-in-september.html</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Realtor.com –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.realtor.com/news/trends/what-to-expect-in-2022-housing-market/"><span style="font-weight: 400;">https://www.realtor.com/news/trends/what-to-expect-in-2022-housing-market/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">CNBC –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.cnbc.com/2021/11/23/rising-inflation-hot-housing-market-what-you-need-to-know-about-buying-a-home.html"><span style="font-weight: 400;">https://www.cnbc.com/2021/11/23/rising-inflation-hot-housing-market-what-you-need-to-know-about-buying-a-home.html</span></a></li>
<li style="font-weight: 400;" aria-level="1">Money –<br />
<a href="https://money.com/inflation-2021-stocks-bitcoin-gold-reits-commodities/">https://money.com/inflation-2021-stocks-bitcoin-gold-reits-commodities/</a></li>
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<a href="/contact" title="Jere Whitehouse" rel="author">Jere Whitehouse</a>
<p>Jere Whitehouse has continually distinguished himself with awards and honors throughout his successful real estate career of over 40 years, all in the Montgomery, Alabama, area. Prior to his affiliation with OurTown Realty, Jere worked with other major real estate companies and was consistently the top agent out of three offices and over 80 agents. In 1997, in addition to earning the Top Agent Award for the year, he also earned the prestigious "Ed Lowder Award" for Excellence in service to his clients and his leadership within the company. Jere has held his Broker License since 1984. <br />
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IN ADDITION to helping home buyers and sellers, Jere is also an Alabama Real Estate Commission Certified Instructor. Jere's passion is real estate and he enjoys mentoring and helping new agents.</p>
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<!-- //END wp_footer() call --></body></html><!-- //END Footer -->Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-11870725719433760792021-11-01T07:51:00.000-05:002021-11-01T07:51:02.828-05:00New Build or Existing Home: Which One Is Right for You? <!-- BLOG LOOP START
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/new-build-or-existing-home-which-one-is-right-for-you/"><h3 class="post-title">New Build or Existing Home: Which One Is Right for You?</h3></a>
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/2021/11/">
<i class="fa fa-calendar"></i><span>01</span> <span>Nov</span> <span>2021</span>
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by Jere Whitehouse </a>
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<p>Homebuyers today are facing a huge dilemma. There simply aren’t enough homes for sale.<sup>1</sup></p>
<p>Nationwide, there were 1.27 million active listings in September, down 13% from the previous year. According to the National Association of Realtors, that’s about 2.4 months of inventory, which is far less than the six months that is generally needed to strike a healthy balance between supply and demand.<sup>2</sup></p>
<p>Given the limited number of available properties, if you’re a buyer in today’s market, you may need to expand your search to include both new construction and resale homes. But it can feel a little like comparing apples to oranges.</p>
<p>Let’s take a closer look at some of the factors you should take into account when choosing between a new build or an existing home.</p>
<p> </p>
<p><strong>TIMEFRAME</strong></p>
<p>How quickly do you want (or need) to move into your next home? Your timeframe can be a determining factor when it comes to choosing between a new build or resale.</p>
<p><u>New Build<br />
</u>If you opt for new construction, you may be surprised by how long you have to wait to get the keys to your new digs. Currently, many home builders are dealing with unique challenges brought on by the COVID-19 pandemic, including rising costs, labor and material shortages, and shipping delays. While historically it took around five to six months to build a home, many builders are now reporting construction timelines closer to a year or more.<sup>3</sup></p>
<p>These issues have led some builders to cancel contracts or raise the price on unsuspecting homebuyers long after agreements were signed. Unfortunately, this scenario can throw a major wrench in your moving plans and significantly delay your timeline.</p>
<p>To minimize these types of surprises, it’s crucial to have a real estate agent represent you in a new home purchase. We can help negotiate better contract terms and advise you about the potential risks involved.</p>
<p><u>Existing Home<br />
</u>If you’re in a hurry to move into your next residence, then you may want to stick to shopping for an existing home.</p>
<p>You can typically move into a resale home as soon as you’ve closed the deal. The average time it takes to close a home purchase is around 51 days, but it can vary based on loan type and market activity.<sup>4</sup></p>
<p>If you need to move even sooner, it’s sometimes possible to close faster, especially if you’re a cash buyer. In fact, many sellers prefer a quick closing, so it can give you an advantage in a competitive market.</p>
<p> </p>
<p><strong>LOCATION</strong></p>
<p>From commute to construction to amenities, there’s a lot to consider when choosing your next neighborhood.</p>
<p><u>New Build<br />
</u>With a brand-new home, you’re more likely to move into a neighborhood that’s located on the edge of town and is still undergoing development.<sup>5</sup> This could mean a longer commute and ongoing construction for some time.</p>
<p>However, new developments can also offer a lot of amenities that appeal to modern homebuyers. Water features, hike-and-bike trails, tot lots, and dog parks are just a few of the enhancements we’re seeing pop up in master-planned communities across the country. And some feature new schools and their own urban-like centers with restaurants, retail, and office space.<sup>6</sup></p>
<p><u>Existing Home<br />
</u>An existing home is more likely to be located close to town in a neighborhood with mature trees, established schools, and a deeply-rooted community. As a result, you may find the neighborhood’s trajectory to be more predictable than an up-and-coming area.</p>
<p>But the amenities may be lacking and the infrastructure dated when compared to newer communities. And while some homebuyers love the charm and eclectic feel of an older neighborhood, others prefer the sleek and cohesive look of a newer development.</p>
<p> </p>
<p><strong>MAINTENANCE</strong></p>
<p>Are you a DIY enthusiast, or do you prefer a low-maintenance lifestyle? Set realistic expectations about how much time, effort, and money you want to devote to maintaining your next home.</p>
<p><u>New Build<br />
</u>When you build a home, everything is brand new. Therefore, in the first few years at least, you can expect less required maintenance and repairs. A 2019 survey found that millennials’ homebuying regrets often came down to maintenance issues, rather than other concerns.<sup>7</sup> So if you would rather spend your weekends exploring your new neighborhood than fixing a leaky faucet, you may be happier buying a turnkey build.</p>
<p>That doesn’t mean, though, that a new home will be entirely maintenance-free. In fact, depending on the builder, you could find yourself repairing more than you expected. Some home builders have reputations for shoddy construction and subpar materials, so it’s important to choose one with a solid reputation. We can help you identify the quality builders in our area.</p>
<p><u>Existing Home<br />
</u>No matter how good a deal you got when you purchased it, you could come to regret buying an older home if it costs you heavily in unexpected maintenance and repairs. According to HomeAdvisor’s yearly True Cost report, home renovations have grown more expensive in recent years. For example, installing a new HVAC system could cost you $5,371 on average. And you can expect to pay nearly double that amount ($9,375) for a new roof.<sup>8</sup></p>
<p>Fortunately, there are ways to prepare for these large expenditures. We always recommend that our buyers hire a certified home inspector, whether they buy a new or existing home. Once we have the inspector’s report, we can negotiate with the seller on your behalf for reasonable repairs or concessions.</p>
<p> </p>
<p><strong>ENVIRONMENTAL IMPACT</strong></p>
<p>On a quest for greener living? If so, there are several factors to consider when deciding on your next home.</p>
<p><u>New Build<br />
</u>There’s a growing demand for energy-efficient housing, and many builders are rising to the challenge. Nearly 1 in 4 homes built in 2020 received a HERS (Home Energy Rating System) Index Rating by the Residential Energy Services Network. A HERS rating provides an index score that compares the newly-built home to those that were standard in 2006. The more energy-efficient the home is, the lower the score it receives.<sup>11</sup></p>
<p>The average home rated in 2020 was 42% more efficient than those built in 2006 and 72% more efficient than a typical home built in the 1970s.<sup>11</sup> So if energy efficiency is a top priority, a new home with a low HERS rating may be a good choice. You can also look for one that’s ENERGY STAR Certified, which means it meets a series of strict efficiency guidelines set by the Environmental Protection Agency. In 2020, only 7.9% of homes built in the U.S. received this designation.<sup>12</sup></p>
<p><u>Existing Home<br />
</u>Of course, a basic tenant of sustainable living is: reduce, reuse, recycle. And since a resale home already exists, it automatically comes with a lower carbon footprint. Research has also shown that remodeling or retrofitting an older home is often greener than building one from scratch.<sup>13</sup></p>
<p>With some energy-conservation effort and strategic upgrades, environmentally-conscious consumers can feel good about buying an existing home, as well.</p>
<p> </p>
<p><strong>DESIGN</strong></p>
<p>Open floor plan? Kitchen island? High ceilings? Must-have design features could drive your decision to build or buy resale.</p>
<p><u>New Build<br />
</u>With a new home, you can bet that everything will look shiny and perfect when you move in. Builders tend to put a lot of emphasis on visual details and follow the latest design trends. For example, newly-built homes are likely to feature an open floor plan, central kitchen island, and 9+ foot ceilings, which are must-haves for many modern buyers. They are also <em>unlikely</em> to feature carpet on the main level or laminate countertops, both of which have lost mass appeal.<sup>14</sup></p>
<p>However, some buyers complain of the cookie-cutter feel of new homes since they are often built with a similar aesthetic. That doesn’t mean, though, that you can’t incorporate your own style. We can help you negotiate custom features and upgrades to personalize the space and make it feel like your own.</p>
<p><u>Existing Home<br />
</u>In some of the most coveted neighborhoods, an older home with classic styling and character can be highly sought after. But unless the previous homeowners have invested in tasteful updates, an existing home is also more likely to look dated.</p>
<p>While some buyers prefer the traditional look and character of an older home, others crave something more modern. If that’s the case, we can help you find a resale home that leaves enough room in your budget to renovate it to your liking.</p>
<p> </p>
<p><strong>WHICHEVER PATH YOU CHOOSE, WE CAN HELP</strong></p>
<p>When it comes to choosing between a new build or an existing home, there’s no one-size-fits-all answer. There are numerous factors to consider, and you may have to make some compromises along the way. But the homebuying process doesn’t have to feel overwhelming.</p>
<p>We’re here to help. And in many cases, our homebuyer guidance and expertise are available <strong><em>at no cost to you!</em></strong> That’s because the home seller or home builder may compensate us with a commission at closing.</p>
<p>Some new-construction homebuyers make the mistake of visiting a builder’s sales office or even purchasing a home without their own real estate representative. But keep in mind, the builder’s agent or “sales consultant” has <em>their</em> best interests in mind—not yours.</p>
<p>We are knowledgeable about both the new construction and resale home options in our area, and we can help you make an informed decision, negotiate a fair price, and avoid mistakes that can cost you time and money. So give us a call today to schedule a free, no-obligation consultation—and let’s start searching for your next home!</p>
<p> </p>
<p>Sources:</p>
<ol>
<li>Reuters –<br />
<a href="https://www.reuters.com/world/us/us-existing-home-sales-fall-august-inventory-declines-2021-09-22/">https://www.reuters.com/world/us/us-existing-home-sales-fall-august-inventory-declines-2021-09-22/</a></li>
<li>National Association of Realtors –<br />
<a href="https://www.nar.realtor/newsroom/existing-home-sales-ascend-7-0-in-september">https://www.nar.realtor/newsroom/existing-home-sales-ascend-7-0-in-september</a></li>
<li>KFVS 12 –<br />
<a href="https://www.kfvs12.com/2021/09/22/covid-19-pandemic-affects-delivery-rate-building-materials/">https://www.kfvs12.com/2021/09/22/covid-19-pandemic-affects-delivery-rate-building-materials/</a></li>
<li>Rocket Mortgage –<br />
<a href="https://www.rocketmortgage.com/learn/time-to-close-on-a-house">https://www.rocketmortgage.com/learn/time-to-close-on-a-house</a></li>
<li>Real Assets Adviser –<br />
<a href="https://irei.com/publications/article/master-planned-communities-changing-u-s-housing-trends-favor-investors-can-benefit/">https://irei.com/publications/article/master-planned-communities-changing-u-s-housing-trends-favor-investors-can-benefit/</a></li>
<li>Builder Online –<br />
<a href="https://www.builderonline.com/land/development/5-master-plan-trends-home-buyers-gravitate-toward-today_o">https://www.builderonline.com/land/development/5-master-plan-trends-home-buyers-gravitate-toward-today_o</a></li>
<li>Bankrate –<br />
<a href="https://www.bankrate.com/real-estate/homebuyer-regret-survey-may-2021/">https://www.bankrate.com/real-estate/homebuyer-regret-survey-may-2021/</a></li>
<li>Home Advisor –<br />
<a href="https://www.homeadvisor.com/r/true-cost-report/">https://www.homeadvisor.com/r/true-cost-report/</a></li>
<li>Roofing Calculator –<br />
<a href="https://roofingcalculator.com/news/how-long-do-roofs-last">https://roofingcalculator.com/news/how-long-do-roofs-last</a></li>
<li>Plumbing and Mechanical Engineer –<br />
<a href="https://www.pmengineer.com/articles/94873-evaluating-life-cycle-cost-of-various-hvac-systems">https://www.pmengineer.com/articles/94873</a></li>
<li>National Association of Home Builders –<br />
<a href="https://nahbnow.com/2021/10/nearly-1-in-4-new-homes-in-2020-was-hers-rated/">https://nahbnow.com/2021/10/nearly-1-in-4-new-homes-in-2020-was-hers-rated/</a></li>
<li>EnergyStar –<br />
<a href="https://www.energystar.gov/newhomes/energy_star_certified_new_homes_market_share">https://www.energystar.gov/newhomes/energy_star_certified_new_homes_market_share</a></li>
<li>Advanced Materials Research – <a href="https://www.researchgate.net/publication/271358381_Comparative_Study_of_New_Construction_and_Renovation_Project_Based_on_Carbon_Emission">https://www.researchgate.net/publication/271358381_Comparative_Study_of_New_Construction_and_Renovation_Project_Based_on_Carbon_Emission</a></li>
<li>National Association of Home Builders –<br />
<a href="https://nahbnow.com/2020/04/most-likely-and-unlikely-features-in-a-new-single-family-home/">https://nahbnow.com/2020/04/most-likely-and-unlikely-features-in-a-new-single-family-home/</a></li>
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<p>Jere Whitehouse has continually distinguished himself with awards and honors throughout his successful real estate career of over 40 years, all in the Montgomery, Alabama, area. Prior to his affiliation with OurTown Realty, Jere worked with other major real estate companies and was consistently the top agent out of three offices and over 80 agents. In 1997, in addition to earning the Top Agent Award for the year, he also earned the prestigious "Ed Lowder Award" for Excellence in service to his clients and his leadership within the company. Jere has held his Broker License since 1984. <br />
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<!-- //END wp_footer() call --></body></html><!-- //END Footer -->Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-40152596239010050922021-09-08T13:26:00.000-05:002021-09-08T13:26:04.257-05:005 Factors That Reveal Where The Real Estate Market Is Really Headed
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/5-factors-that-reveal-where-the-real-estate-market-is-really-headed/"><h3 class="post-title">5 Factors That Reveal Where The Real Estate Market Is Really Headed</h3></a>
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/2021/08/">
<i class="fa fa-calendar"></i><span>01</span> <span>Aug</span> <span>2021</span>
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<p>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.</p>
<p>News website <em>The Atlantic</em> summarized the sizzling home market this way:</p>
<p>“Pick a housing statistic at random, and it’s probably setting an all-time record. Home prices: record high. Inventory: record low. Percentage of homes selling above asking price: record high. Average time on market: record low.”<sup>1</sup></p>
<p>Meanwhile, homebuilders are contending with an increase in material costs and a shortage of labor. These issues come amid an ongoing shortage of housing. A study commissioned by the National Association of Realtors found the U.S. is coping with a deficit of about 2 million single-family homes and about 3.5 million other housing units.<sup>2</sup></p>
<p>So what can we expect from U.S. real estate? Here are five factors that illustrate where the housing market is today and is likely heading tomorrow.</p>
<p> </p>
<h4><strong>ROCK-BOTTOM MORTGAGE RATES TO GRADUALLY RISE</strong></h4>
<p><strong> </strong>Low interest rates continue to fuel demand from homebuyers. Some experts believe mortgage rates will creep up later this year, but they expect rates to remain near historic lows.<sup>3</sup> However, the Federal Reserve signaled in mid-June that it may institute two interest rate hikes as soon as 2023, which could then trigger a more substantial uptick in mortgage rates.<sup>4</sup></p>
<p>In June, the Mortgage Bankers Association reported that 2020 closed with the average rate for a 30-year, fixed-rate mortgage sitting at 2.8%. But the association anticipates the average rate climbing to 3.5% at the end of 2021 and 4.2% by the end of 2022.<sup>5</sup></p>
<p>“As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year,” said Sam Khater, chief economist at Freddie Mac.<sup>6</sup></p>
<p><strong><em>What does it mean for you?</em></strong></p>
<p>You’ve likely heard the old saying about “striking while the iron is hot.” Well, that phrase applies to the current environment for mortgage rates. It’s impossible to predict with certainty when mortgage rates will rise or fall. So, when mortgage rates are at or near historic lows (as they are today), you should seriously consider taking advantage of those rates to borrow money for a home purchase or to refinance your existing mortgage.</p>
<p> </p>
<h4><strong>HOME PRICES EXPECTED TO KEEP CLIMBING</strong></h4>
<p>Low mortgage rates are sparking interest among homebuyers, but some are running into affordability issues.</p>
<p>In June, the national median list price for a home reached an all-time high of $385,000, up 12.7% on a year-over-year basis.<sup>7</sup> And according to the Home Buying Institute, various reports and forecasts indicate home prices will keep climbing throughout 2021 and into 2022.<sup>8</sup></p>
<p>While this may be welcome news for homeowners, high prices are pushing homeownership out of reach for a growing number of first-time buyers. In a recent CoreLogic survey, 82% of respondents listed housing affordability as a key problem.<sup>9</sup></p>
<p>“Younger and first-time buyers, including younger millennials, are faced with the challenge of having sufficient savings for a down payment, closing costs and cash reserves,” said Frank Martell, President and CEO of CoreLogic. “As we look to the balance of 2021, we expect price rises to continue which could very well push prospective buyers out of the market in many areas and slow home price growth over the next year.”<sup>9</sup></p>
<p><strong><em>What does it mean for you?</em></strong></p>
<p>If you’re a buyer waiting on the sidelines for prices to drop, you may want to reconsider. While the pace of appreciation should taper off, home prices are expected to continue climbing. And rising mortgage rates will only make a home purchase more expensive.</p>
<p> </p>
<h4><strong>SINGLE-FAMILY HOME SALES REMAIN ROBUST</strong></h4>
<p>While record-high prices are sidelining some buyers, the impressive pace of single-family home sales marches on.</p>
<p>Single-family home sales are down from their peak in October 2020 yet are still above the overall level last year. In May 2021, 5.8 million existing single-family homes were sold in the U.S. That’s a 45% increase over the 4 million homes sold in May 2020.<sup>10</sup></p>
<p>However, home sales saw a 0.9% dip in May 2021 compared with the previous month, the National Association of Realtors says. That was the fourth straight month for a decline in home sales. The number of home sales has slid recently because of rising prices coupled with a shortage of available homes amid intense demand.<sup>10</sup></p>
<p>Fannie Mae expects total home sales to tick up slightly in the fourth quarter and finish the year up 3.8% over last year. They also forecast a slight decline of 2.2% in sales volume in 2022.<sup>11</sup></p>
<p><strong><em>What does it mean for you?</em></strong></p>
<p>The market for single-family home sales remains quite active. As a result, if you’re a homeowner, you may want to ponder whether to sell now, even if you hadn’t necessarily been thinking about doing so. With demand high and inventory low, your home could fetch an eye-popping price.</p>
<p> </p>
<h4><strong>LACK OF INVENTORY STILL CONSTRAINS THE HOME MARKET</strong></h4>
<p>According to the National Association of Realtors, in May there were 1.23 million previously owned homes on the market, down 20.6% from the same time last year.<sup>10 </sup>This translates to a 2.5-month supply of homes, which is well below the 6 months of inventory typically seen in a balanced market.<sup>10,12</sup></p>
<p>According to the Realtors group, this lack of inventory translates into tougher searches for buyers and contributes to a rise in prices.<sup>10</sup></p>
<p>“Demand for bigger and more expensive accommodations amid the COVID-19 pandemic, which has left millions of Americans still working from home, is driving a housing market boom. The inventory of previously owned homes is near record lows,” according to Reuters.<sup>13</sup></p>
<p><strong><em>What does it mean for you?</em></strong></p>
<p>If you’re thinking of selling your home, now may be the right time to do it. Across the country, it’s a seller’s market, meaning demand is outpacing supply. That supply-and-demand imbalance puts sellers in a great position to sell their homes at a premium price. The May 2021 Realtors Confidence Index from the National Association of Realtors found the average home that was sold attracted five offers, and the association says nearly half of homes are selling above list price.<sup>14,15</sup></p>
<p> </p>
<h4><strong>CONSTRUCTION OF SINGLE-FAMILY HOMES SEES SLIGHT UPTICK</strong></h4>
<p>Frustrated buyers may soon find some relief, however, from an increase in new construction. Economists forecast that 1.1 million new houses will be started in 2021, compared with a predicted 940,000 units just six months ago, with 1.2 million new starts predicted for 2022 and 2023, according to the Urban Land Institute.<sup>16 </sup></p>
<p>Amid the rise in home construction, builders are coping with rising costs for materials. In April, the National Association of Home Builders estimated that a surge in lumber prices over the previous year had led to $35,872 being tacked onto the cost of an average new single-family home.<sup>17</sup></p>
<p>“Shortages of materials and labor have builders struggling to increase production of new homes, though the demand remains strong,” Robert Frick, corporate economist at Navy Federal Credit Union, told the Reuters news service. “Potential homebuyers should expect tight inventories and rising prices for both new and existing homes for the foreseeable future.”<sup>18</sup></p>
<p>Builders (and buyers) did receive some good news in June, though: Lumber prices are coming down—although likely to remain above pre-pandemic levels for the foreseeable future.<sup>19</sup></p>
<p><strong><em>What does it mean for you?</em></strong></p>
<p>Given the issues affecting the new-home market, it may make sense to widen your home search to include both new and existing homes. Your brand-new dream home may not be available, but you might be able to find an existing home that lives up to your vision. Keep in mind that we can help you find either a new or existing home and can advocate for you to ensure you get the best deal possible.</p>
<p> </p>
<h4><strong>ARE YOU THINKING OF BUYING OR SELLING?</strong></h4>
<p>If you’re in the market for a home, you’re ready to sell your house or you’ve simply been wondering whether you should sell, you definitely could benefit from an expert to help you navigate the sizzling hot real estate market. Let’s set up a free consultation to discuss your situation. We can help you figure out your options and come up with a plan to capitalize on the value of your current property or to find your ideal next home.</p>
<p> </p>
<p>Sources:</p>
<ol>
<li>The Atlantic –<br />
<a href="https://www.theatlantic.com/ideas/archive/2021/05/us-housing-market-records/619029/">https://www.theatlantic.com/ideas/archive/2021/05/us-housing-market-records/619029/</a></li>
<li>Wall Street Journal – <a href="https://www.wsj.com/articles/u-s-housing-market-needs-5-5-million-more-units-says-new-report-11623835800">https://www.wsj.com/articles/u-s-housing-market-needs-5-5-million-more-units-says-new-report-11623835800</a></li>
<li>Time –<br />
<a href="https://time.com/nextadvisor/mortgages/mortgage-predictions-2021/">https://time.com/nextadvisor/mortgages/mortgage-predictions-2021/</a></li>
<li>Bankrate –<br />
<a href="https://www.bankrate.com/banking/federal-reserve/fomc-meeting-recap-june-2021/">https://www.bankrate.com/banking/federal-reserve/fomc-meeting-recap-june-2021/</a></li>
<li>Mortgage Bankers Association – <a href="https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary/mortgage-finance-forecast-archives">https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary/mortgage-finance-forecast-archives</a></li>
<li>Associated Press News –<br />
<a href="https://apnews.com/press-release/globe-newswire/mortgages-mortgage-rates-business-0fc0360d0f4af0c988504385fa2794c3">https://apnews.com/press-release/globe-newswire/mortgages-mortgage-rates-business-0fc0360d0f4af0c988504385fa2794c3</a></li>
<li>com –<br />
<a href="https://www.realtor.com/research/june-2021-data/">https://www.realtor.com/research/june-2021-data/</a></li>
<li>Home Buying Institute –<br />
<a href="http://www.homebuyinginstitute.com/news/home-prices-will-keep-rising-through-2021/">http://www.homebuyinginstitute.com/news/home-prices-will-keep-rising-through-2021/</a></li>
<li>DS News –<br />
<a href="https://dsnews.com/daily-dose/07-06-2021/record-high-home-prices-intensify-affordability-challenges">https://dsnews.com/daily-dose/07-06-2021/record-high-home-prices-intensify-affordability-challenges</a></li>
<li>National Association of Realtors –<br />
<a href="https://www.nar.realtor/newsroom/existing-home-sales-experience-slight-skid-of-0-9-in-may">https://www.nar.realtor/newsroom/existing-home-sales-experience-slight-skid-of-0-9-in-may</a></li>
<li>Fannie Mae –<br />
<a href="https://www.fanniemae.com/media/40561/display">https://www.fanniemae.com/media/40561/display</a></li>
<li>Real Estate Center at Texas A&M University –<br />
<a href="https://assets.recenter.tamu.edu/documents/articles/2046-7.pdf">https://assets.recenter.tamu.edu/documents/articles/2046-7.pdf</a></li>
<li>Reuters –<br />
<a href="https://www.reuters.com/world/us/us-housing-starts-rise-less-than-expected-may-building-permits-fall-2021-06-16/">https://www.reuters.com/world/us/us-housing-starts-rise-less-than-expected-may-building-permits-fall-2021-06-16/</a></li>
<li>National Association of Realtors – <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index">https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index</a></li>
<li>Realtor magazine –<br />
<a href="https://magazine.realtor/daily-news/2021/05/17/report-half-of-homes-sell-above-list-price">https://magazine.realtor/daily-news/2021/05/17/report-half-of-homes-sell-above-list-price</a></li>
<li>Urban Land Magazine – <a href="https://urbanland.uli.org/capital-markets/uli-forecast-sees-increased-improvement-in-outlook-for-u-s-economy-2/">https://urbanland.uli.org/capital-markets/uli-forecast-sees-increased-improvement-in-outlook-for-u-s-economy-2/</a></li>
<li>National Association of Home Builders – <a href="https://eyeonhousing.org/2021/04/higher-lumber-costs-add-more-than-35k-to-new-home-prices-119-to-monthly-rent/">https://eyeonhousing.org/2021/04/higher-lumber-costs-add-more-than-35k-to-new-home-prices-119-to-monthly-rent/</a></li>
<li>Reuters – <a href="https://www.reuters.com/world/us/us-housing-starts-rise-less-than-expected-may-building-permits-fall-2021-06-16/">https://www.reuters.com/world/us/us-housing-starts-rise-less-than-expected-may-building-permits-fall-2021-06-16/</a></li>
<li>NPR – <a href="https://www.npr.org/2021/06/21/1008843212/lumber-prices-are-finally-dropping-after-they-soared-during-the-pandemic">https://www.npr.org/2021/06/21/1008843212/lumber-prices-are-finally-dropping-after-they-soared-during-the-pandemic</a></li>
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<p>Jere Whitehouse has continually distinguished himself with awards and honors throughout his successful real estate career of over 38 years, all in the Montgomery, Alabama, area. Prior to his affiliation with Montgomery Metro Realty, Jere worked with other major real estate companies and was consistently the top agent out of three offices and over 80 agents. In 1997, in addition to earning the Top Agent Award for the year, he also earned the prestigious "Ed Lowder Award" for Excellence in service to his clients and his leadership within the company. Jere has held his Broker License since 1984. IN EARLY 2012, Jere took the step to become better equipped to assist homeowners who were facing the possibility of foreclosure. In May, Jere finished the training to become a CDPE. Certified Distressed Property Expert. As a CDPE, Jere has the experience, and the tools, to help homeowners in the areas of pre-foreclosure and short sales. The CDPE also equips Jere to better assist Buyers who are looking to short sale purchases. IN ADDITION to helping home buyers and sellers, Jere is also an Alabama Real Estate Commission Certified Instructor. Jere's passion is real estate and he enjoys mentoring and helping new agents.</p>
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<!-- //END wp_footer() call --></body></html><!-- //END Footer -->Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-59366303154747158302021-07-01T15:26:00.000-05:002021-07-01T15:26:06.338-05:00How To Bridge The Appraisal Gap In Today's Real Estate Market <!-- BLOG START
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/bridge-appraisal-gap-todays-real-estate-market/"><h3 class="post-title">How to Bridge the Appraisal Gap in Today’s Real Estate Market</h3></a>
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<i class="fa fa-calendar"></i><span>01</span> <span>Jul</span> <span>2021</span>
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<p>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,<sup>1</sup> the appraisal process—historically a standard part of a home purchase—is receiving more attention than ever.</p>
<p>That’s because some sellers are finding out the hard way that a strong offer can fizzle quickly when an appraisal comes in below the contract price. Traditionally, the sale of a home is contingent on a satisfactory valuation. But in a rapidly appreciating market, it can be difficult for appraisals to keep pace with rising prices.</p>
<p>Thus, many sellers in today’s market favor buyers who are willing to guarantee their full offer price—even if the property appraises for less. For the buyer, that could require a financial leap of faith that the home is a solid investment. It also means they may need to come up with additional cash at closing to cover the gap.</p>
<p>Whether you’re a buyer or a seller, it’s never been more important to understand the appraisal process and how it can be impacted by a quickly appreciating and highly competitive housing market. It’s also crucial to work with a skilled real estate agent who can guide you to a successful closing without overpaying (if you’re a buyer) or overcompensating (if you’re a seller). Find out how appraisals work—and in some cases, don’t work—in today’s unique real estate environment.</p>
<p><strong> </strong></p>
<h4><strong>APPRAISAL REQUIREMENTS</strong></h4>
<p>An appraisal is an objective assessment of a property’s market value performed by an independent authorized appraiser. Mortgage lenders require an appraisal to lower their risk of loss in the event a buyer defaults on their loan. It provides assurance that the home’s value meets or exceeds the amount being lent for its purchase.</p>
<p>In most cases, a licensed appraiser will analyze the property’s condition and review the value of comparable properties that have recently sold. Mortgage borrowers are usually expected to pay the cost of an appraisal. These fees are often due upfront and non-refundable.<sup>2</sup></p>
<p>Appraisal requirements can vary by lender and loan type, and in today’s market in-person appraisal waivers have become much more common. Analysis of the property, the local market, and the buyer’s qualifications will determine whether the appraisal will be waived. Not all properties or buyers will qualify, and not all mortgage lenders will utilize this system.<sup>3</sup> If you’re applying for a mortgage, be sure to ask your lender about their specific terms.</p>
<p>If you’re a cash buyer, you may choose—but are not obligated—to order an appraisal.</p>
<p><strong> </strong></p>
<h4><strong>APPRAISALS IN A RAPIDLY SHIFTING MARKET</strong></h4>
<p>An appraisal contingency is a standard inclusion in a home purchase offer. It enables the buyer to make the closing of the transaction dependent on a satisfactory appraisal wherein the value of the property is at or near the purchase price. This helps to reassure the buyer (and their lender) that they are paying fair market value for the home and allows them to cancel the contract if the appraisal is lower than expected.</p>
<p>Low appraisals are not common, but they are more likely to happen in a rapidly appreciating market, like the one we’re experiencing now.<sup>4</sup> That’s because appraisers must use comparable sales (commonly referred to as comps) to determine a property’s value. These could include homes that went under contract weeks or even months ago. With home prices rising so quickly,<sup>5</sup> today’s comps may be lagging behind the market’s current reality. Thus, the appraiser could be basing their assessment on stale data, resulting in a low valuation.</p>
<p> </p>
<p><strong>HOW ARE BUYERS AND SELLERS IMPACTED BY A LOW APPRAISAL?</strong></p>
<p>When a property appraises for less than the contract price, you end up with an appraisal gap. In a more balanced market, that could be cause for a renegotiation. In today’s market, however, sellers often hold the upper hand.</p>
<p>That’s why some buyers are using the potential for an appraisal gap as a way to strengthen their bids. They’re proposing to take on some or all of the risk of a low appraisal by adding gap coverage or a contingency waiver to their offer.</p>
<p><u>Appraisal Gap Coverage<br />
</u></p>
<p><u></u>Buyers with some extra cash on hand may opt to add an appraisal gap coverage clause to their offer. It provides an added level of reassurance to the sellers that, in the event of a low appraisal, the buyer is willing and able to cover the gap up to a certain amount.<sup>6</sup></p>
<p>For example, let’s say a home is listed for $200,000 and the buyers offer $220,000 with $10,000 in appraisal gap coverage. Now, let’s say the property appraises for $205,000. The new purchase price would be $215,000. The buyers would be responsible for paying $10,000 of that in cash directly to the seller because, in most cases, mortgage companies won’t include appraisal gap coverage in a home loan.<sup>6</sup></p>
<p><u>Waiving The Appraisal Contingency</u></p>
<p>Some buyers with a higher risk tolerance—and the financial means—may be willing to waive the appraisal contingency altogether. However, this strategy isn’t for everyone and must be considered on a case-by-case basis.</p>
<p>It’s important to remember that waiving an appraisal contingency can leave a buyer vulnerable if the appraisal comes back much lower than the contract price. Without an appraisal contingency, a buyer will be obligated to cover the difference or be forced to walk away from the transaction and relinquish their earnest money deposit to the sellers.<sup>7 </sup></p>
<p>It’s vital that both buyers and sellers understand the benefits and risks involved with these and other competitive tactics that are becoming more commonplace in today’s market. We can help you chart the best course of action given your individual circumstances.</p>
<p> </p>
<h4><strong>DON’T WAIVE YOUR RIGHT TO THE BEST REPRESENTATION</strong></h4>
<p>There’s never been a market quite like this one before. That’s why you need a master negotiator on your side who has the skills, instincts, and experience to get the deal done…no matter what surprises may pop up along the way. If you’re a buyer, we can help you compete in this unprecedented market—without getting steamrolled. And if you’re a seller, we know how to get top dollar for your home while minimizing hassle and stress. Contact us today to schedule a complimentary consultation.</p>
<p> </p>
<p>Sources:</p>
<ol>
<li>Wall Street Journal –<br />
<a href="https://www.wsj.com/articles/u-s-home-prices-push-to-record-high-slowing-pace-of-purchases-11621605953">https://www.wsj.com/articles/u-s-home-prices-push-to-record-high-slowing-pace-of-purchases-11621605953</a></li>
<li>US News & World Report – <a href="https://realestate.usnews.com/real-estate/articles/what-is-a-home-appraisal-and-who-pays-for-it">https://realestate.usnews.com/real-estate/articles/what-is-a-home-appraisal-and-who-pays-for-it</a></li>
<li>Rocket Mortgage –<br />
<a href="https://www.rocketmortgage.com/learn/appraisal-waiver">https://www.rocketmortgage.com/learn/appraisal-waiver</a></li>
<li>Money –<br />
<a href="https://money.com/coronavirus-low-home-appraisal/">https://money.com/coronavirus-low-home-appraisal/</a></li>
<li>S&P CoreLogic Case-Shiller 20-City Composite Home Price NSA Index – <a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-20-city-composite-home-price-nsa-index/#overview">https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-20-city-composite-home-price-nsa-index/#overview</a></li>
<li>Bigger Pockets –<br />
<a href="https://www.biggerpockets.com/blog/appraisal-gap-coverage">https://www.biggerpockets.com/blog/appraisal-gap-coverage</a></li>
<li>Washington Post –<br />
<a href="https://www.washingtonpost.com/realestate/competitive-buyers-waive-contingencies-to-score-homes-in-tight-market/2021/06/02/d335b050-af2c-11eb-b476-c3b287e52a01_story.html">https://www.washingtonpost.com/realestate/competitive-buyers-waive-contingencies-to-score-homes-in-tight-market/2021/06/02/d335b050-af2c-11eb-b476-c3b287e52a01_story.html</a></li>
</ol>
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<p>Jere Whitehouse has continually distinguished himself with awards and honors throughout his successful real estate career of over 38 years, all in the Montgomery, Alabama, area. Prior to his affiliation with Montgomery Metro Realty, Jere worked with other major real estate companies and was consistently the top agent out of three offices and over 80 agents. In 1997, in addition to earning the Top Agent Award for the year, he also earned the prestigious "Ed Lowder Award" for Excellence in service to his clients and his leadership within the company. Jere has held his Broker License since 1984. IN EARLY 2012, Jere took the step to become better equipped to assist homeowners who were facing the possibility of foreclosure. In May, Jere finished the training to become a CDPE. Certified Distressed Property Expert. As a CDPE, Jere has the experience, and the tools, to help homeowners in the areas of pre-foreclosure and short sales. The CDPE also equips Jere to better assist Buyers who are looking to short sale purchases. IN ADDITION to helping home buyers and sellers, Jere is also an Alabama Real Estate Commission Certified Instructor. Jere's passion is real estate and he enjoys mentoring and helping new agents.</p>
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Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-45960020037005633952021-06-07T18:43:00.000-05:002021-06-07T18:43:44.311-05:00COULD RISING HOME PRICES IMPACT YOUR NET WORTH? <!-- BLOG LOOP START
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/could-rising-home-prices-impact-your-net-worth/"><h3 class="post-title">Could Rising Home Prices Impact Your Net Worth?</h3></a>
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/2021/06/">
<i class="fa fa-calendar"></i><span>01</span> <span>Jun</span> <span>2021</span>
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by Jere Whitehouse </a>
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<p><span style="font-weight: 400;">Learn how to determine your current net worth and how an investment in real estate can help improve your bottom line.</span></p>
<p><span style="font-weight: 400;">Among its many impacts, COVID-19 has had a pronounced effect on the housing market. Low home inventory and high buyer demand have driven home prices to an all-time high.</span><span style="font-weight: 400;"><sup>1</sup></span><span style="font-weight: 400;"> This has given an unexpected financial boost to many homeowners during a challenging time. However, for some renters, rising home prices are making dreams of homeownership feel further out of reach.</span></p>
<p><span style="font-weight: 400;">If you’re a homeowner, it’s important for you to understand how your home’s value contributes to your overall net worth. If you’re a renter, now is the time for you to figure out how homeownership fits into your short-term goals and your long-term financial future. An investment in real estate can help you grow your net worth, build wealth over time, and gain a foothold in the housing market to keep pace with rising prices.</span></p>
<p> </p>
<h4><b>What is net worth?</b></h4>
<p><span style="font-weight: 400;">Net worth is the net balance of your total assets minus your total liabilities.</span> <span style="font-weight: 400;">Or, basically, it is what you own minus what you owe.</span><sup>2</sup></p>
<p><span style="font-weight: 400;">Assets include the cash you have on hand in your checking and savings accounts, investment account balances, salable items like jewelry or a car and, of course, your home and any other real estate you own. </span></p>
<p><span style="font-weight: 400;">Liabilities include your total debt obligations like car loans, credit card debt, the amount you owe on your mortgage, and student loans. In addition, liabilities would include any other payment obligations you have, like outstanding bills and taxes.</span></p>
<p> </p>
<h4><b>How do I calculate my net worth?</b></h4>
<p><span style="font-weight: 400;">To calculate your net worth, you’ll want to add up all of your assets and all of your liabilities. Then subtract your total liabilities from your total assets. The balance represents your current net worth. </span></p>
<p style="text-align: center;"><i><span style="font-weight: 400;">Total Assets – Total Liabilities = Net Worth</span></i></p>
<table class=" aligncenter">
<tbody>
<tr>
<td><i><span style="font-weight: 400;">Ready to calculate your net worth? <a href="http://jerewhitehouse-montgomerymetrorealty.com/contact/" target="_blank" rel="noopener">Contact us to request an easy-to-use worksheet and a free assessment of your home’s current market value!</a></span></i></td>
</tr>
</tbody>
</table>
<p style="text-align: left;"><span style="font-weight: 400;">Keep in mind that your net worth is a snapshot of your financial position at a single point in time. Your assets and liabilities will fluctuate over both the short term and long term. For example, if you take out a loan to buy a car, you decrease your liability with each payment. Of course, the value of your asset (the car) will depreciate over time, as well. An asset that is invested in stocks or bonds can be even less predictable, as it’s subject to daily fluctuations in the market.</span></p>
<p><span style="font-weight: 400;">As a homeowner, you enjoy significant stability through your monthly real estate investment, also known as your home mortgage payment. While the actual value of your home can fluctuate depending on market conditions, your mortgage payment will decrease your liability each month. And unlike a vehicle purchase, the value of your home is likely to appreciate over time, which can help to grow your net worth. Right now, your asset may be worth significantly more than it was this time last year.</span><sup>3</sup></p>
<p><span style="font-weight: 400;">If you’re a homeowner, contact us for an estimate of your home’s market value so that you can factor it into your net worth calculation. If you’re not a current homeowner, let’s talk about how homes in our area have appreciated over the last several years. That way, you can get an idea of how a home purchase could positively affect your net worth.</span></p>
<p> </p>
<h4><b>How can real estate increase my net worth?</b></h4>
<p><span style="font-weight: 400;">When you put your real estate dollars to work, it’s possible to grow your net worth, generate cash flow, and even fund your retirement. We can help you realize the possibilities and maximize the return on your investment.</span></p>
<p><strong><i>Property Appreciation</i></strong></p>
<p><span style="font-weight: 400;">Generally, property appreciates in one of two ways: either through changes to the overall market or through value-added modifications to the property itself.</span></p>
<p><strong>1. Rising prices</strong></p>
<p>This type of property appreciation is the one that many homeowners are enjoying right now. Buyer demand is at an all-time high due to a combination of record-low interest rates and limited housing inventory.<sup>4</sup> At other times, rising home prices have been attributed to different factors. Certain local conditions—like a new commercial development, influx of jobs, or infrastructure project—can encourage rapid growth in a community or region and a corresponding rise in home values. Historically, home prices have been shown to experience an upward trend punctuated by intermittent booms and corrections.<sup>5</sup></p>
<p><strong>2. Strategic home improvements.</strong></p>
<p><span style="font-weight: 400;">Well-planned and executed home improvements can also impact a home’s value and increase homeowner equity at the same time. The type of home improvement should be appropriate for the home and in tune with the desires of local buyers</span></p>
<p><span style="font-weight: 400;">For example, a tasteful exterior remodel that is in keeping with the preferences of local home buyers is likely to add significant value to a home, while remodeling the home to look like the Taj Mahal or a favorite theme park attraction will not. A modern kitchen remodel tends to add value, while a kitchen remodel that is overly expensive or personalized may not provide an adequate return on investment.</span></p>
<p><strong><i>Investment Property</i></strong></p>
<p><span style="font-weight: 400;">You may be used to thinking of investments primarily in terms of stocks and bonds. However, the purchase of a real estate investment property offers the opportunity to increase your net worth both upon purchase and year after year through appreciation. In addition, rental payments can have a positive impact on your monthly income and cash flow. If you currently have significant equity in your home, let’s talk about how you could put that equity to work by funding the purchase of an investment property.<br />
</span></p>
<p><strong>1. Long-term or traditional rental</strong></p>
<p><span style="font-weight: 400;">A long-term rental property is one that is leased for an extended period and typically used as a primary residence by the renter. This type of real estate investment offers you the opportunity to generate consistent cash flow while building equity and appreciation.<sup>6</sup></span></p>
<p><span style="font-weight: 400;">As an owner, you don’t usually have to worry about paying the utility bills or furnishing the property—both of which are typically covered by the tenant. Add to this the fact that traditional tenants translate into less time and effort spent on day-to-day property management, and long-term rentals are an attractive option for many investors.</span></p>
<p><strong>2. Short-term or vacation rental </strong></p>
<p><span style="font-weight: 400;">Short-term rentals are often referred to as vacation rentals because they are primarily geared towards recreational travelers. And as more people start to feel comfortable traveling again, the short-term rental market is poised to become a more popular option than ever. In 2020 alone, in the thick of widespread travel bans, the short-term rental platform Airbnb’s market share of the hospitality industry reached as high as 41 percent.<sup>6</sup></span></p>
<p><span style="font-weight: 400;">Investing in a short-term rental offers many benefits. If you purchase an investment property in a top tourist destination, you can expect steady demand from travelers while taking advantage of any non-rented periods to enjoy the home yourself. You can also adjust your rental price around peak demand to maximize your cash flow while building equity and long-term appreciation. </span></p>
<p><span style="font-weight: 400;">To reap these benefits, however, you’ll need to understand the local laws and regulations on short-term rentals. We can help you identify suitable markets with investment potential.</span></p>
<p> </p>
<h4><b>WE’RE HERE TO HELP</b></h4>
<p><span style="font-weight: 400;">Ready to calculate your personal net worth? <a href="http://jerewhitehouse-montgomerymetrorealty.com/contact/" target="_blank" rel="noopener">Contact us for an easy-to-use worksheet and to find out your home’s current value.</a> And if you want to learn more about growing your net worth through real estate, we can schedule a free consultation to answer your questions and explore your options. Whether you’re hoping to maximize the value of your current home or invest in a new property, we’re here to help you achieve your real estate goals.</span></p>
<p> </p>
<p><i><span style="font-weight: 400;">The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult </span></i><i><span style="font-weight: 400;">the appropriate professionals for advice regarding your individual needs.</span></i></p>
<p> </p>
<p><span style="font-weight: 400;">Sources: </span></p>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">National Association of Realtors –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.nar.realtor/newsroom/housing-market-reaches-record-high-home-price-and-gains-in-march"><span style="font-weight: 400;">https://www.nar.realtor/newsroom/housing-market-reaches-record-high-home-price-and-gains-in-march</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Forbes –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.forbes.com/advisor/investing/what-is-net-worth/"><span style="font-weight: 400;">https://www.forbes.com/advisor/investing/what-is-net-worth/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The Washington Post –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.washingtonpost.com/business/on-small-business/your-net-worth-is-americas-secret-economic-weapon/2020/08/20/70df5b92-e2d4-11ea-82d8-5e55d47e90ca_story.html"><span style="font-weight: 400;">https://www.washingtonpost.com/business/on-small-business/your-net-worth-is-americas-secret-economic-weapon/2020/08/20/70df5b92-e2d4-11ea-82d8-5e55d47e90ca_story.html</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Bloomberg –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.bloomberg.com/news/articles/2021-04-09/home-prices-soar-in-frenzied-u-s-market-drained-of-supply"><span style="font-weight: 400;">https://www.bloomberg.com/news/articles/2021-04-09/home-prices-soar-in-frenzied-u-s-market-drained-of-supply</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Federal Reserve Economic Data –</span><span style="font-weight: 400;"><br />
</span><a href="https://fred.stlouisfed.org/series/MSPUS"><span style="font-weight: 400;">https://fred.stlouisfed.org/series/MSPUS</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Propmodo –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.propmodo.com/what-the-growing-short-term-rental-market-means-for-multifamily-real-estate/"><span style="font-weight: 400;">https://www.propmodo.com/what-the-growing-short-term-rental-market-means-for-multifamily-real-estate/</span></a></li>
</ol>
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<a href="/contact" title="Jere Whitehouse" rel="author">Jere Whitehouse</a>
<p>Jere Whitehouse has continually distinguished himself with awards and honors throughout his successful real estate career of over 38 years, all in the Montgomery, Alabama, area. Prior to his affiliation with Montgomery Metro Realty, Jere worked with other major real estate companies and was consistently the top agent out of three offices and over 80 agents. In 1997, in addition to earning the Top Agent Award for the year, he also earned the prestigious "Ed Lowder Award" for Excellence in service to his clients and his leadership within the company. Jere has held his Broker License since 1984. IN EARLY 2012, Jere took the step to become better equipped to assist homeowners who were facing the possibility of foreclosure. In May, Jere finished the training to become a CDPE. Certified Distressed Property Expert. As a CDPE, Jere has the experience, and the tools, to help homeowners in the areas of pre-foreclosure and short sales. The CDPE also equips Jere to better assist Buyers who are looking to short sale purchases. IN ADDITION to helping home buyers and sellers, Jere is also an Alabama Real Estate Commission Certified Instructor. Jere's passion is real estate and he enjoys mentoring and helping new agents.</p>
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Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-86619868932744379392021-05-06T15:11:00.001-05:002021-05-06T15:15:11.310-05:00FINDING A NEW HOME FOR YOUR NEXT STAGE OF LIFE <!-- BLOG LOOP START
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/finding-a-new-home-for-your-next-stage-of-life/"><h3 class="post-title">Finding a New Home for Your Next Stage of Life</h3></a>
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/2021/05/">
<i class="fa fa-calendar"></i><span>03</span> <span>May</span> <span>2021</span>
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by Jere Whitehouse </a>
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<p><span style="font-weight: 400;">Imagine the first place you lived as a young adult. Now imagine trying to fit your life today into that space. Not pretty, right? </span></p>
<p><span style="font-weight: 400;">For most of us, our housing needs are cyclical.</span><span style="font-weight: 400;"><sup>1</sup></span><span style="font-weight: 400;"> A newly independent adult can find freedom and flexibility in even a tiny apartment. That same space, to a growing family, would feel stifling. For empty nesters, a large home with several unused bedrooms can become impractical to heat and clean. It’s no surprise that life transitions often trigger a home purchase. </span></p>
<p><span style="font-weight: 400;">While your home-buying journey may not look like your neighbor’s or friend’s, broad trends can help you understand what to keep in mind as you house hunt. No one wants to regret their home purchase, and taking the time now to think about exactly what you need can save a lot of heartache later.</span></p>
<p> </p>
<h2><span style="font-weight: 400;">The Newly Married or Partnered Couple</span></h2>
<p><span style="font-weight: 400;">The financial and legal commitment of marriage has provided a springboard to homeownership for centuries, though these days more couples are buying homes without exchanging rings. In the last few decades, changing demographics have shifted the median age of first marriage and buying a first home into the late 20s and early 30s, planting most newly married or partnered buyers firmly in the millennial generation.</span><span style="font-weight: 400;"><sup>2,3</sup></span><span style="font-weight: 400;"> But</span><span style="font-weight: 400;"> no matter your age, there are some key factors that you should consider as you enter into your first home purchase together.</span></p>
<h4><span style="font-weight: 400;">Affordability is Key</span></h4>
<p><span style="font-weight: 400;">There’s no doubt about it—with high student loan debt and two recessions in the rearview mirror, many millennial feel that the deck is stacked against them when it comes to homeownership. And it’s not just millennials—Americans of all ages are facing both financial challenges and a tough housing market. But stepping onto the property ladder can be more doable than many realize, especially in today’s low mortgage rate environment. </span></p>
<p><span style="font-weight: 400;">While many buyers are holding out for their dream home, embracing the concept of a starter home can open a lot of doors.</span><span style="font-weight: 400;"><sup>4</sup></span><span style="font-weight: 400;"> In fact, that’s the route that most first-time homebuyers take—the average home purchase for a 20-something is about 1,600 square feet. While the average size increases to around 1,900 square feet for buyers in their 30s, it’s not until buyers reach their 40s that the average size passes 2,000 square feet.</span><span style="font-weight: 400;"><sup>5</sup></span></p>
<p><span style="font-weight: 400;">Chosen carefully, a starter home can be a great investment as well as a launchpad for your life together. If you focus on buying a home you can afford now with strong potential for appreciation, you can build equity alongside your savings, positioning you to trade up to a larger home in the future if your needs change.</span><span style="font-weight: 400;"><sup>6</sup></span></p>
<h4><span style="font-weight: 400;">Taking Advantage of Low Mortgage Rates</span></h4>
<p><span style="font-weight: 400;">Mortgage rates are historically low, making now the perfect time to purchase your first home together. A lower interest rate can save you tens of thousands of dollars over the life of your loan, which can significantly increase the quality of home you can get for your money. </span></p>
<p><span style="font-weight: 400;">But what if both halves of a couple don’t have good credit? You may still have options. First, boosting a credit score can be easier than you think—simply paying your credit cards down below 30% of your limit can go a long way. But if that’s not enough to boost your score, you might consider taking out the mortgage in only the better-scoring partner’s name. The downside is that applying for a mortgage with only one income will reduce your qualification amount. And if you take that route, make sure you understand the legal and financial implications for both parties should the relationship end.</span></p>
<h4><span style="font-weight: 400;">Commute and Lifestyle Considerations</span></h4>
<p><span style="font-weight: 400;">Whether you’ve lived in a rental together for years or are sharing a home for the first time, you know that living together involves some compromises. But there are certain home features that can make life easier in the future if you identify them now. The number of bathrooms, availability of closet space, and even things like kitchen layout can make a big difference in your day-to-day life and relationship. </span></p>
<p><span style="font-weight: 400;">Your home’s location will also have a significant impact on your quality of life, so consider it carefully. What will commuting look like for each of you? And if you have different interests or hobbies—say, museums vs. hiking—you’ll need to find a community that meets both your needs. Need some help identifying the ideal location that fits within your budget? We can match you with some great neighborhoods that offer the perfect mix of amenities and affordability.</span></p>
<p> </p>
<h2><span style="font-weight: 400;">The Growing Family</span></h2>
<p><span style="font-weight: 400;">Having kids changes things—fast. With a couple of rowdy preteens and maybe some pets in the mix, that 1,600 square foot home that felt palatial to two adults suddenly becomes a lot more cramped. Whether you’ve just had your first child or are getting to the point where your kids can’t comfortably share a bedroom any longer, there’s plenty to consider when you’re ready to size up to a home that will fit your growing family. </span></p>
<h4><span style="font-weight: 400;">The Importance of School Districts</span></h4>
<p><span style="font-weight: 400;">For many parents, the desire to give their kids the best education—especially once they are in middle and high school— surpasses even their desire for more breathing room. In fact, 53% of buyers with children under 18 say that school districts are a major factor in their home buying decisions.</span><span style="font-weight: 400;"><sup>7</sup></span><span style="font-weight: 400;"> Of course, better funded (and often higher ranking) schools correspond to higher home prices. However, when push comes to shove, many buyers with kids prefer to sacrifice a bit of space to find a home in their desired location.</span></p>
<p><span style="font-weight: 400;">But when you’re moving to a new community, it can be tough to figure out what the local schools are actually like—and online ratings don’t tell the whole story. That’s why talking to a local real estate agent can be a gamechanger. We don’t just work in this community; we know it inside and out. </span></p>
<h4><span style="font-weight: 400;">Lifestyle Considerations</span></h4>
<p><span style="font-weight: 400;">For many families, living space is a key priority. Once you have teenagers who want space to hang out with their friends, a finished basement or a rec room can be a huge bonus (and can help you protect some quieter living space for yourself). </span></p>
<p><span style="font-weight: 400;">A good layout can also make family life a lot easier. For example, an open plan is invaluable if you want to cook dinner while keeping an eye on your young kids playing in the living room. And if you think that you might expand your family further in the future, be sure that the home you purchase has enough bedrooms and bathrooms to accommodate that comfortably. </span></p>
<h4><span style="font-weight: 400;">Functionality</span></h4>
<p><span style="font-weight: 400;">Try to think about how each room will fit into your day-to-day. Are you anticipating keeping the house stocked to feed hungry teenagers? A pantry might rise to the top of the list. Dreading the loads of laundry that come with both infants and older kids (especially if they play sports)? The task can be much more bearable in a well-designed laundry room. Imagine a typical day or week of chores in the house to identify which features will have the biggest impact.</span></p>
<p><span style="font-weight: 400;">Chances are, you won’t find every nice-to-have in one home, which is why identifying the must-haves can be such a boon to the decision-making process. We can help you assess your options and give you a sense of what is realistic within your budget.</span></p>
<p> </p>
<h2><span style="font-weight: 400;">The Empty Nesters </span></h2>
<p><span style="font-weight: 400;">When we talk about empty nesters, we usually think about downsizing. With kids out of the house, extra bedrooms and living space can quickly become more trouble than they’re worth. While the average buyer under 55 trades up to a larger home, buyers over 55 are more likely to purchase a smaller or similarly sized but less expensive home. Even in the highest age groups, the majority of home purchases fall in the single-family category. According to research by the National Association of Realtors, by the time buyers reach their 70s, the median home size drops to 1,750 square feet.</span><span style="font-weight: 400;"><sup>5</sup></span><span style="font-weight: 400;"> But there’s plenty for empty nesters to think about besides square footage.</span></p>
<h4><span style="font-weight: 400;">Maintenance and Livability</span></h4>
<p><span style="font-weight: 400;">What factors are driving your decision to move? Identifying those early in the process can help you narrow down your search. For example, do you want to have space for a garden, or would you prefer to avoid dealing with lawn care altogether? What about home maintenance? In many cases, a newer home will require less maintenance than an older one and a smaller one will take less time to clean. You may also want to consider townhomes, condos, or other living situations that don’t require quite as much upkeep. </span></p>
<h4><span style="font-weight: 400;">Lifestyle Considerations</span></h4>
<p><span style="font-weight: 400;">Many empty nesters have retired or are nearing retirement age. This could be your chance to finally pursue hobbies and passions that were just too hard to squeeze into a 9-5. If you’re ready to move, consider how you’d like to spend your days and seek out a home that will help make that dream a reality. For some, that might mean living near a golf course or a beach. For others, being able to walk downtown for a nice dinner out is the priority. And with more time to spend as you wish, proximity to a supportive community of friends and family is priceless. </span></p>
<h4><span style="font-weight: 400;">Ability to Age in Place</span></h4>
<p><span style="font-weight: 400;">Let’s face it—we can’t escape aging. If you’re looking for a home to retire in, accessibility should be front-of-mind.</span><span style="font-weight: 400;"><sup>8</sup></span><span style="font-weight: 400;"> This may mean a single-story home or simply having adequate spaces on the first floor to rearrange as needed. While buying a home that you plan to renovate from the start is a viable option, being forced into renovations (because of the realities of aging) a few years down the road could seriously dig into your nest egg. Location matters, too—if your family will be providing support, are they close by? Can you easily reach necessities like grocery stores and healthcare? While it’s tempting to put it out of our minds, a few careful considerations now can make staying in your home long-term much more feasible.</span></p>
<p> </p>
<h2><span style="font-weight: 400;">Finding the Right Home for Right Now</span></h2>
<p><span style="font-weight: 400;">One thing is for sure—life never stands still. And your housing needs won’t, either. In the United States, the median duration of homeownership hovers around 13 years.</span><span style="font-weight: 400;"><sup>9</sup></span><span style="font-weight: 400;"> That means many of us will cycle through a few very different homes as we move through different life stages. At each milestone, a careful assessment of your housing options will ensure that you are well-positioned to embrace all the changes to come.</span></p>
<p><span style="font-weight: 400;">Whatever stage you’re embarking on next, we’re here to help. Our insight into local neighborhoods, prices, and housing stock will help you hone in on exactly where you want to live and what kind of home is right for you. We’ve worked with home buyers in every stage of life, so we know exactly what questions you need to ask. Buying a home—whether it’s your first or your fifth—is a big decision, but we’re here to support you every step of the way.</span></p>
<p><em>We support the Fair Housing Act and equal opportunity housing.</em></p>
<p> </p>
<p><span style="font-weight: 400;">Sources:</span></p>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Freddie Mac –</span><span style="font-weight: 400;"><br />
</span><a href="http://www.freddiemac.com/blog/homeownership/20190104_homebuying_lifecycle.page"><span style="font-weight: 400;">http://www.freddiemac.com/blog/homeownership/20190104_homebuying_lifecycle.page</span></a><a href="https://www.prb.org/usdata/indicator/marriage-age-women/snapshot/"><span style="font-weight: 400;"> </span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">PRB –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.prb.org/usdata/indicator/marriage-age-women/snapshot/"><span style="font-weight: 400;">https://www.prb.org/usdata/indicator/marriage-age-women/snapshot/</span></a><span style="font-weight: 400;"> </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Experian –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.experian.com/blogs/ask-experian/research/average-age-to-buy-a-house/#:~:text=Buying%20a%20first%20home%20will,by%20real%20estate%20marketplace%20Zillow"><span style="font-weight: 400;">https://www.experian.com/blogs/ask-experian/research/average-age-to-buy-a-house/#:~:text=Buying%20a%20first%20home%20will,by%20real%20estate%20marketplace%20Zillow</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Nerdwallet –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.nerdwallet.com/article/mortgages/starter-home-forever-home"><span style="font-weight: 400;">https://www.nerdwallet.com/article/mortgages/starter-home-forever-home</span></a><span style="font-weight: 400;"> </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">NAR 2020 Home Buyers and Sellers Generational Trends Report –</span><span style="font-weight: 400;"><br />
</span><a href="https://cdn.nar.realtor/sites/default/files/documents/2020-generational-trends-report-03-05-2020.pdf"><span style="font-weight: 400;">https://cdn.nar.realtor/sites/default/files/documents/2020-generational-trends-report-03-05-2020.pdf</span></a><span style="font-weight: 400;"> </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Investopedia –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.investopedia.com/personal-finance/what-look-starter-home/"><span style="font-weight: 400;">https://www.investopedia.com/personal-finance/what-look-starter-home/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">NAR 2019 Moving With Kids</span><span style="font-weight: 400;"><br />
</span><a href="https://www.nar.realtor/research-and-statistics/research-reports/moving-with-kids"><span style="font-weight: 400;">https://www.nar.realtor/research-and-statistics/research-reports/moving-with-kids</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Kaiser Health News –</span><span style="font-weight: 400;"><br />
</span><a href="https://khn.org/news/baby-boomers-aging-aging-in-place-retrofit-homes/"><span style="font-weight: 400;">https://khn.org/news/baby-boomers-aging-aging-in-place-retrofit-homes/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">National Association of Realtors –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.nar.realtor/blogs/economists-outlook/how-long-do-homeowners-stay-in-their-homes#:~:text=As%20of%202018%2C%20the%20median,varies%20from%20area%20to%20area"><span style="font-weight: 400;">https://www.nar.realtor/blogs/economists-outlook/how-long-do-homeowners-stay-in-their-homes#:~:text=As%20of%202018%2C%20the%20median,varies%20from%20area%20to%20area</span></a></li>
</ol>
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<p>Jere Whitehouse has continually distinguished himself with awards and honors throughout his successful real estate career of over 35 years, all in the Montgomery, Alabama, area. Prior to his affiliation with Montgomery Metro Realty, Jere worked with other major real estate companies and was consistently the top agent out of three offices and over 80 agents. In 1997, in addition to earning the Top Agent Award for the year, he also earned the prestigious "Ed Lowder Award" for Excellence in service to his clients and his leadership within the company. Jere has held his Broker License since 1984. IN EARLY 2012, Jere took the step to become better equipped to assist homeowners who were facing the possibility of foreclosure. In May, Jere finished the training to become a CDPE. Certified Distressed Property Expert. As a CDPE, Jere has the experience, and the tools, to help homeowners in the areas of pre-foreclosure and short sales. The CDPE also equips Jere to better assist Buyers who are looking to short sale purchases. IN ADDITION to helping home buyers and sellers, Jere is also an Alabama Real Estate Commission Certified Instructor. Jere's passion is real estate and he enjoys mentoring and helping new agents.</p>
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Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-20275293955025907372021-04-26T13:36:00.001-05:002021-05-06T15:17:04.443-05:00CAN I BUY OR SELL A HOME WITHOUT A REAL ESTATE AGENT? <!-- BLOG LOOP START
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/can-i-buy-or-sell-a-home-without-a-real-estate-agent/"><h3 class="post-title">Can I Buy or Sell a Home Without a Real Estate Agent?</h3></a>
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/2021/04/">
<i class="fa fa-calendar"></i><span>01</span> <span>Apr</span> <span>2021</span>
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<p><span style="font-weight: 400;">Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we’re seeing multiple offers—and sometimes even bidding wars—for homes in the most sought-after neighborhoods. This has led some sellers to question the need for an agent. After all, why spend money on a listing agent when it seems that you can stick a For Sale sign in the yard then watch a line form around the block?</span></p>
<p><span style="font-weight: 400;">Some buyers may also believe they’d be better off purchasing a property without an agent. For those seeking a competitive edge, proceeding without a buyer’s agent may seem like a good way to stand out from the competition—and maybe even score a discount. Since the seller pays the buyer agent’s commission, wouldn’t a do-it-yourself purchase sweeten the offer?</span></p>
<p><span style="font-weight: 400;">We all like to save money. However, when it comes to your largest financial asset, forgoing professional representation may not always be in your best interest. Find out whether the benefits outweigh the risks (and considerable time and effort) of selling or buying a home on your own—so you can head to the closing table with confidence.</span></p>
<p> </p>
<h4><b>SELLING YOUR HOME WITHOUT AN AGENT </b></h4>
<p><span style="font-weight: 400;">Most homeowners who choose to sell their home without any professional assistance opt for a traditional “For Sale By Owner” or a direct sale to an investor, such as an iBuyer. Here’s what you can expect from either of these options.</span></p>
<h4><strong><em><br />
For Sale By Owner (FSBO)</em></strong></h4>
<p><span style="font-weight: 400;">For sale by owner or FSBO (pronounced fizz-bo) offers sellers the opportunity to price their own home and handle their own transaction, showing the home and negotiating directly with the buyer or his or her real estate agent. According to data compiled by the National Association of Realtors, approximately 8% of homes are sold by their owner.</span><span style="font-weight: 400;"><sup>1</sup></span></p>
<p><span style="font-weight: 400;">In an active, low inventory real estate market, it may seem like a no-brainer to sell your home yourself. After all, there are plenty of buyers out there and one of them is bound to be interested in your home. In addition, you’ll save money on the listing agent’s commission and have more control over the way the home is priced and marketed.</span></p>
<p><span style="font-weight: 400;">One of the biggest problems FSBOs run into, however, is pricing the home appropriately. Without access to information about the comparable properties in your area, you could end up overpricing your home (causing it to languish on the market) or underpricing your home (leaving thousands of dollars on the table).</span><span style="font-weight: 400;"><sup>2</sup></span><span style="font-weight: 400;"> </span></p>
<blockquote><p><b>Even during last year’s strong seller’s market, the median sales price for FSBOs was 10% less than the median price of homes sold with the help of a real estate agent.</b><span style="font-weight: 400;"><sup>1</sup></span><span style="font-weight: 400;"> And during a more balanced market, like the one we experienced in 2018, FSBO homes sold for 24% (or $60,000) less than agent-represented properties.</span><span style="font-weight: 400;"><sup>3</sup></span><span style="font-weight: 400;"> This suggests that, while you may think that you’ll price and market your home more effectively yourself, in fact you may end up losing far more than the amount you would pay for an agent’s assistance.</span></p></blockquote>
<p><span style="font-weight: 400;">Without the services of a real estate professional, it will be up to you to get people in the door. You’ll need to gather information for the online listing and put together the kind of marketing that today’s buyers expect to see. This includes bringing in a professional photographer, writing the listing description, and designing marketing collateral like flyers and mailers—or hiring a writer and graphic designer to do so.</span></p>
<p><span style="font-weight: 400;">Once someone is interested, you’ll need to offer virtual showings and develop a COVID safety protocol. You’ll then need to schedule an in-person showing (or in some cases, two or three) for each potential buyer. In addition, you’ll be on your own when evaluating offers and determining their financial viability. You’ll need to thoroughly understand all legal contracts and contingencies and discuss terms, including those regarding the home inspection and closing process. </span></p>
<p><span style="font-weight: 400;">While you’re doing all of this work, it’s likely that you’ll still need to pay the buyer agent’s commission. So be sure to weigh your potential savings against the significant risk and effort involved. </span></p>
<blockquote><p><b>If you choose to work with a listing agent, you’ll save significant time and effort while minimizing your personal risk and liability.</b><span style="font-weight: 400;"> And the increased profits realized through a more effective marketing and negotiation strategy could more than make up for the cost of your agent’s commission.</span></p></blockquote>
<h4><em><strong><br />
iBuyer</strong></em></h4>
<p><span style="font-weight: 400;">iBuyers have been on the scene since around 2015, providing sellers the option of a direct purchase from a real estate investment company rather than a traditional direct-to-consumer sales process.</span><span style="font-weight: 400;"><sup>4</sup></span><span style="font-weight: 400;"> iBuyer companies tout their convenience and speed, with a reliable, streamlined process that may be attractive to some sellers.</span></p>
<p><span style="font-weight: 400;">The idea is that instead of listing the home on the open market, the homeowner completes an online form with information about the property’s location and features, then waits for an offer from the company. The iBuyer is looking for a home in good condition that’s located in a good neighborhood—one that’s easy to flip and falls within the company’s algorithm.</span></p>
<p><span style="font-weight: 400;">For sellers who are more focused on speed and convenience, an iBuyer may offer an attractive alternative to a traditional real estate sale. That’s because iBuyers evaluate a property quickly and make an upfront offer without requesting repairs or other accommodations. </span></p>
<blockquote><p><b>However, sellers will pay for that convenience with, generally, a far lower sale price than the market will provide as well as fees that can add up to as much or more than a traditional real estate agent’s commission.</b><span style="font-weight: 400;"> According to a study conducted by MarketWatch, iBuyers netted, on average, 11% less than a traditional sale when both the lower price and fees are considered.</span><span style="font-weight: 400;"><sup>5</sup></span><span style="font-weight: 400;"> Other studies found some iBuyers charging as much as 15% in fees and associated costs, far more than you’ll pay for a real estate agent’s commission.</span><span style="font-weight: 400;"><sup>6</sup></span><span style="font-weight: 400;"> </span></p></blockquote>
<p><span style="font-weight: 400;">In a hot market, this can mean leaving tens of thousands of dollars on the table since you won’t be able to negotiate and you’ll lose out on rising home prices caused by low inventory and increased demand. In addition, iBuyers are demonstrably less reliable during times of economic uncertainty, as evidenced by the halt of operations</span> <span style="font-weight: 400;">for most iBuyer platforms in early 2020.</span><span style="font-weight: 400;"><sup>6</sup> As a seller, the last thing you want is to start down the road of iBuying only to find out that a corporate mandate is stopping your transaction in its tracks.</span></p>
<blockquote><p><b>If you choose to work with a real estate agent, you can still explore iBuyers as an option.</b><span style="font-weight: 400;"> That way you can take advantage of the added convenience of a fast sale while still enjoying the protection and security of having a professional negotiating on your behalf.</span></p></blockquote>
<p> </p>
<h4><b>BUYING YOUR HOME WITHOUT AN AGENT</b></h4>
<p><span style="font-weight: 400;">According to the most recent statistics, 88% of home buyers use a real estate agent when conducting their home search.</span><span style="font-weight: 400;"><sup>1</sup></span><span style="font-weight: 400;"> A buyer’s agent is with you every step of the way through the home buying process. From finding the perfect home to submitting a winning offer to navigating the inspection and closing processes, most homebuyers find their expertise and guidance invaluable. And the best part is that, because they are compensated through a commission paid by the homeowner at closing, most agents provide these services at no cost to you!</span></p>
<p><span style="font-weight: 400;">Still, you may be considering negotiating your home purchase directly with the seller or listing agent, especially if you are accustomed to deal-making as part of your job. And if you are familiar with the neighborhood where you are searching, you may feel that there is no reason to get a buyer’s agent involved.</span></p>
<blockquote><p><b>However, putting together a winning offer package can be challenging. This is especially true in a multiple-offer situation where you’ll be competing against buyers whose offers are carefully crafted to maximize their appeal. </b><span style="font-weight: 400;">And the homebuying process can get emotional. A trusted agent can help you avoid overpaying for a property or glossing over “red flags” in your inspection. In addition, buyer agents offer a streamlined, professional process that listing agents may be more likely to recommend to their clients.</span></p></blockquote>
<p><span style="font-weight: 400;">If you decide to forego an agent, you’ll have to write, submit, and negotiate a competitive offer all on your own. You’ll also need to schedule an inspection and negotiate repairs. You’ll be responsible for reviewing and preparing all necessary documents, and you will need to be in constant communication with the seller’s agent and your lender, inspector, appraiser, title company, and other related parties along the way.</span><span style="font-weight: 400;"><br />
</span></p>
<blockquote><p><b>Or, you could choose to work with a buyer’s agent whose commission is paid by the seller and costs you nothing out of pocket. In exchange, you’ll obtain fiduciary-level guidance on one of the most important financial transactions of your life.</b><span style="font-weight: 400;"> If you decide to go it alone, you’ll be playing fast and loose with what is, for most people, their most important and consequential financial decision.</span></p></blockquote>
<h4></h4>
<p> </p>
<h4><b>SO, IS A REAL ESTATE AGENT RIGHT FOR YOU?</b></h4>
<p><span style="font-weight: 400;">It is important for you to understand your options and think through your preferences when considering whether or not to work with a real estate professional. If you are experienced in real estate transactions and legal contracts, comfortable negotiating under high-stakes circumstances, and have plenty of extra time on your hands, you may find that an iBuyer or FSBO sale works for you. </span></p>
<p><span style="font-weight: 400;">However, if, like most people, you value expert guidance and would like an experienced professional to manage the process, you will probably experience far more peace of mind and security in working with a real estate agent or broker. </span></p>
<p><span style="font-weight: 400;">A real estate agent’s comprehensive suite of services and expert negotiation skills can benefit buyers and sellers financially, as well. On average, sellers who utilize an agent walk away with more money than those who choose the FSBO or iBuyer route.</span><span style="font-weight: 400;"><sup>3,5</sup></span><span style="font-weight: 400;"> And buyers pay nothing out of pocket for expert representation that can help them avoid expensive mistakes all along the way from contract to closing.</span></p>
<p><span style="font-weight: 400;">According to NAR’s profile, the vast majority of buyers (91%) and sellers (89%) are thrilled with their real estate professional’s representation and would recommend them to others.</span><span style="font-weight: 400;"><sup>1</sup></span><span style="font-weight: 400;"> That’s why, in terms of time, money, and expertise, most buyers and sellers find the assistance of a real estate agent essential and invaluable.</span></p>
<p> </p>
<h4><b>QUESTIONS ABOUT BUYING OR SELLING? WE HAVE ANSWERS</b></h4>
<p><span style="font-weight: 400;">The best way to find out whether you need a real estate agent or broker is to speak with one. We’re here to help and to offer the insights you need to make better-informed decisions. Let’s talk about the value-added services we provide when we help you buy or sell in today’s competitive real estate landscape.</span></p>
<p> </p>
<p><span style="font-weight: 400;">Sources:</span></p>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">National Association of REALTORS –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Washington Post –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.washingtonpost.com/business/2020/12/09/factors-consider-when-determining-whether-use-an-agent-buy-or-sell-home/" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">https://www.washingtonpost.com/business/2020/12/09/factors-consider-when-determining-whether-use-an-agent-buy-or-sell-home/</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">National Association of REALTORS –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.nar.realtor/blogs/economists-outlook/selling-your-home-solo-to-save-money-you-ll-actually-make-less-than-you-think" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">https://www.nar.realtor/blogs/economists-outlook/selling-your-home-solo-to-save-money-you-ll-actually-make-less-than-you-think</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Seattle Times –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.seattletimes.com/business/real-estate/redfin-is-first-major-ibuyer-to-sell-in-seattle" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">https://www.seattletimes.com/business/real-estate/redfin-is-first-major-ibuyer-to-sell-in-seattle</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">MarketWatch –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.marketwatch.com/story/selling-your-home-to-an-ibuyer-could-cost-you-thousands-heres-why-2019-06-11" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">https://www.marketwatch.com/story/selling-your-home-to-an-ibuyer-could-cost-you-thousands-heres-why-2019-06-11</span></a></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Forbes –</span><span style="font-weight: 400;"><br />
</span><a href="https://www.forbes.com/sites/nataliakarayaneva/2020/03/19/billion-dollar-real-estate-businesses-ibuyer-suspended/?sh=c7f59f921747" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">https://www.forbes.com/sites/nataliakarayaneva/2020/03/19/billion-dollar-real-estate-businesses-ibuyer-suspended/?sh=c7f59f921747</span></a></li>
</ol>
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<img src="http://myagent.site/content/uploads/sites/5619/croppedImg_1253178316.thumbnail.jpg" alt="Jere Whitehouse" width="250" height="250" class="avatar photo" style="width: auto;" /> </figure>
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<a href="/contact" title="Jere Whitehouse" rel="author">Jere Whitehouse</a>
<p>Jere Whitehouse has continually distinguished himself with awards and honors throughout his successful real estate career of over 35 years, all in the Montgomery, Alabama, area. Prior to his affiliation with Montgomery Metro Realty, Jere worked with other major real estate companies and was consistently the top agent out of three offices and over 80 agents. In 1997, in addition to earning the Top Agent Award for the year, he also earned the prestigious "Ed Lowder Award" for Excellence in service to his clients and his leadership within the company. Jere has held his Broker License since 1984. IN EARLY 2012, Jere took the step to become better equipped to assist homeowners who were facing the possibility of foreclosure. In May, Jere finished the training to become a CDPE. Certified Distressed Property Expert. As a CDPE, Jere has the experience, and the tools, to help homeowners in the areas of pre-foreclosure and short sales. The CDPE also equips Jere to better assist Buyers who are looking to short sale purchases. IN ADDITION to helping home buyers and sellers, Jere is also an Alabama Real Estate Commission Certified Instructor. Jere's passion is real estate and he enjoys mentoring and helping new agents.</p>
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Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-5528232475486369022021-03-22T15:12:00.000-05:002021-03-22T15:12:47.389-05:00
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/the-new-normal-a-strong-housing-market-expected-to-continue-into-2021/"><h3 class="post-title">The New Normal: A Strong Housing Market Expected to Continue into 2021</h3></a>
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<a href="http://jerewhitehouse-montgomerymetrorealty.com/2020/11/">
<i class="fa fa-calendar"></i><span>01</span> <span>Nov</span> <span>2020</span>
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by Jere Whitehouse </a>
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<p><span style="font-weight: 400;">“2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said.</span><span style="font-weight: 400;"><sup>1</sup></span><span style="font-weight: 400;"> And he’s right: most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages. </span></p>
<p><span style="font-weight: 400;">But, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country. And experts estimate that these conditions are likely to last well into the new year. Fannie Mae Senior VP and Chief Economist Doug Duncan predicts that existing home sales will ultimately “be up a percent or more in 2021.” He believes home prices will continue to rise due to limited inventory, but he is confident the Federal Reserve will keep interest rates low into the future, which will be “very good for households.”</span><span style="font-weight: 400;"><sup>2</sup></span></p>
<p><span style="font-weight: 400;">Market conditions like fewer available listings, changing criteria for desired homes, and record-low mortgage rates are changing the way people buy and sell homes, most likely in a lasting way. But this sustained activity, even in the uncertainty that is 2020, proves that our country still views real estate as a sound investment. The only question now is how you can take advantage of the housing market’s “new normal.” </span></p>
<p> </p>
<p><img class="alignnone wp-image-304 size-large" src="http://myagent.site/content/uploads/sites/19/2020/10/November-2020-MVP-Social-Media-Image-B-1024x538.jpg" alt="" width="1024" height="538" /></p>
<p><b>FEWER LISTINGS EQUALS A SELLER’S MARKET</b></p>
<p><span style="font-weight: 400;">Inventory, meaning the number of homes for sale, is at a record low across the country. The National Association of Realtors (NAR) reports there are fewer homes on the market today than the association has seen in data going all the way back to 1982.</span><span style="font-weight: 400;"><sup>3 </sup></span><span style="font-weight: 400;">Currently, the total housing inventory is about 1.47 million units, which is a decline of 19.2% from one year ago.</span><span style="font-weight: 400;"><sup>4</sup></span></p>
<p><span style="font-weight: 400;">Experts do predict some relief on the horizon. MarketWatch had previously anticipated housing starts would occur at a pace of 1.45 million and building permits would come in at a pace of 1.52 million.</span><span style="font-weight: 400;"><sup>5 </sup></span><span style="font-weight: 400;">But it turns out that the market exceeded expectations: compared with last year, housing starts are up 11% and permitting for new homes occurred at a seasonally-adjusted annual rate of 1.55 million. That represents a 5% increase from August and an 8% increase from a year ago.</span></p>
<p><span style="font-weight: 400;">For now, the fact that there are fewer listings creates an advantageous housing market for sellers. There are several reasons why. </span></p>
<p><span style="font-weight: 400;">For one, buyers have to act fast to snap up available homes. As a result, most properties that come on the market stay for an average of just 21 days before they are sold.</span><span style="font-weight: 400;"><sup>6</sup></span><span style="font-weight: 400;"> “That is the fastest ever recorded in our monthly series,” says NAR Chief Economist Lawrence Yun.</span></p>
<p><span style="font-weight: 400;">Another benefit is that sellers are enjoying higher net returns on their listings. This is thanks to the tough competition for homes, which often results in bidding wars between buyers. Nationwide, the median home price in September rose to $311,800. That translates to about $40,000 (15%) more than just a year ago.</span><span style="font-weight: 400;"><sup>7</sup></span><span style="font-weight: 400;"> </span></p>
<p><span style="font-weight: 400;">This seller’s market is not simply a product of the pandemic. In fact, in the country’s top 100 metro markets, inventory has been dwindling since the first quarter of 2020.</span><span style="font-weight: 400;"><sup>8</sup></span><span style="font-weight: 400;"> This means that even with increased construction, buyers can’t simply wait for things to go back to normal before reentering the market. Rather, all signs indicate that this is the new normal.</span></p>
<p style="padding-left: 30px;"><span style="text-decoration: underline;"><strong>What It Means for Homeowners: </strong></span></p>
<p style="padding-left: 30px;"><span style="font-weight: 400;">These higher home prices show that buyers are willing to spend more on a home right now than they did last year. So, if there ever were a time to list for top dollar—and expect to receive asking price quickly—that time is now. Ask us for a free consultation of your home’s value today.</span></p>
<p style="padding-left: 30px;"><span style="text-decoration: underline;"><b>What It Means for Homebuyers:</b></span></p>
<p style="padding-left: 30px;"><span style="font-weight: 400;">Due to low inventory, buyers could easily find themselves in a bidding war. Time is of the essence in a seller’s market, so you’ll need to get your financing in order and be preapproved for a loan before you begin your home search. We can connect you with a trusted mortgage professional to get you started.</span></p>
<p> </p>
<p><b>BUYERS BENEFIT FROM LOW MORTGAGE RATES AND A BIGGER PLAYING FIELD</b></p>
<p><span style="font-weight: 400;">Don’t worry, homebuyers. This “new normal” of real estate has benefits for you too. </span></p>
<p><span style="font-weight: 400;">For example, people used to base their next home purchase on how far the commute was to work or in which public school district it was. But now, thanks to the pandemic shifting the locus of jobs and work, they are free to consider what they need from a home to make it a place they truly want to be in as they work, teach, exercise, cook, and live.</span></p>
<p><span style="font-weight: 400;">Often, this equates to needing more space in different types of areas. Realtor.com consumer surveys show that people are desiring quieter neighborhoods, home offices, updated kitchens, and access to the great outdoors.</span><span style="font-weight: 400;"><sup>9</sup></span><span style="font-weight: 400;"> The search for these criteria is driving residents out of densely populated metropolitan areas and into the suburbs.</span><span style="font-weight: 400;"><sup>10</sup></span><span style="font-weight: 400;"> And this exodus from cities is good news for buyers: it opens up more possibilities for inventory that they could not have considered pre-pandemic. </span></p>
<p><span style="font-weight: 400;">Another advantage for buyers is the record-low mortgage rates. The average rate for a 30-year fixed-rate mortgage hit a record low in mid-October when rates fell to 2.81%. That’s the lowest since Freddie Mac began conducting the survey in 1971, and well below last year’s 3.69%.</span><span style="font-weight: 400;"><sup>11</sup></span><span style="font-weight: 400;"> Similarly, a 15-year fixed-rate mortgage can be had for as low as 2.35% compared to 3.15% a year ago.</span></p>
<p><span style="font-weight: 400;">Thanks to these rates, buyers are afforded the opportunity to buy nearly $32,000 more home than they could one year ago, while keeping their monthly payment the same.</span><span style="font-weight: 400;"><sup>12</sup></span><span style="font-weight: 400;"> So even though home prices are high now, it is currently more affordable to buy a home now than it was last year.</span></p>
<p><span style="font-weight: 400;">If you want to take advantage of these rock-bottom mortgage rates, you need to act fast. Though rates are projected to stay low, housing economists predict that the window of opportunity to get the best rate could be closing in the coming months. Mike Fratantoni, chief economist at the Mortgage Bankers Association, said he expects the average rate on a 30-year mortgage to rise to 3.5% by the end of 2021.</span><span style="font-weight: 400;"><sup>13</sup></span></p>
<p style="padding-left: 30px;"><span style="text-decoration: underline;"><b>What It Means for Homeowners:</b></span></p>
<p style="padding-left: 30px;"><span style="font-weight: 400;">Record-low mortgage rates offer you the opportunity to lower your monthly payment—or even take out some equity—with a refinance. With those additional funds, you could even choose to invest in a second home in a new desirable location. Reach out to us for a referral to a trusted mortgage professional or an agent in those markets. </span></p>
<p style="padding-left: 30px;"><span style="text-decoration: underline;"><b>What It Means for Homebuyers:</b></span></p>
<p style="padding-left: 30px;"><span style="font-weight: 400;">The time is now to determine how much home you can comfortably afford and make a plan to find it. We can set up a search for you to find homes that best meet your new needs, even if they’re in neighborhoods you wouldn’t have considered before.</span></p>
<p> </p>
<p><b>A RECORD-SETTING YEAR FOR HOME SALES</b> <b>IS JUST THE BEGINNING</b></p>
<p><span style="font-weight: 400;">Despite the seemingly adverse buyer conditions, 2020 experienced a 14-year high number of home sales, NAR reports. Existing-home sales, which include single-family homes, townhomes, condominiums and co-ops, rose 9.4% in September to a seasonally adjusted annual rate of 6.54 million.</span><span style="font-weight: 400;"><sup>14</sup></span><span style="font-weight: 400;"> That’s a 21% increase from a year ago! </span></p>
<p><span style="font-weight: 400;">Every region of the country has seen a surge in sales activity. According to George Ratiu, senior economist for Realtor.com, part of the reason for these continued sales is that the pandemic has created a paradigm shift in the patterns of real estate.</span><span style="font-weight: 400;"><sup>15</sup></span><span style="font-weight: 400;"> For example, housing needs are typically resolved by late summer and early fall to coincide with the commencement of the new school year. With homeschooling and remote work, however, buyers have been freed to continue their home search into the traditionally slow winter months.</span></p>
<p><span style="font-weight: 400;">Another reason for the robust market is that Millennials are finally putting their money into homeownership. According to the U.S. Census Bureau, the homeownership rate for 25-to-34-year-olds rose to 40.7% by the end of last year.</span><span style="font-weight: 400;"><sup>16 </sup></span><span style="font-weight: 400;">This is significant because Millennials, the generation of people in their mid-20s to late-30s, currently surpasses Baby Boomers as the nation’s largest living adult generation. As the remaining percentage of this group starts investing in homes in the near future, demand will persist.</span></p>
<p><span style="font-weight: 400;">All of these factors indicate that the housing market is poised to remain strong as we head into the new year. And as Jonathan Woloshin, head of U.S. real estate at UBS Global Wealth Management, believes, they could “buoy the housing market for years to come.”</span><span style="font-weight: 400;"><sup>17 </sup></span></p>
<p style="padding-left: 30px;"><span style="text-decoration: underline;"><b>What It Means for Homeowners:</b></span></p>
<p style="padding-left: 30px;"><span style="font-weight: 400;">It’s tempting to believe that homes will basically sell themselves in a market like this. But we’re still seeing properties that are overpriced and under-marketed sit unsold. We can help you optimize the process of selling your home so you can get the best possible offer.</span></p>
<p style="padding-left: 30px;"><span style="text-decoration: underline;"><b>What It Means for Homebuyers:</b></span></p>
<p style="padding-left: 30px;"><span style="font-weight: 400;">Preparation is key to success in a seller’s market like this, but don’t let yourself become paralyzed. We are here to answer your questions and offer sound advice to guide you through all the options that are available to you.</span></p>
<p> </p>
<p><b>REAL ESTATE IS A SAFE BET</b></p>
<p><span style="font-weight: 400;">Your other investments might have been on roller coasters this year, but the real estate market has been steady, competitive, and strong throughout. That makes it a good choice for your financial future.</span></p>
<p><span style="font-weight: 400;">National real estate numbers can give us a pulse on the market, but real estate happens in our own backyard. As your local market experts, we can help you understand the finer points of the market that impact sales and home values in your own neighborhood. </span></p>
<p><span style="font-weight: 400;">If you’re considering buying or selling a home before the new year or in early 2021, contact us now to schedule a free consultation. We’ll work with you to develop an actionable plan to meet your goals.</span></p>
<p><span style="font-weight: 400;"> </span></p>
<p><span style="font-weight: 400;">Sources:</span></p>
<ol>
<li style="font-weight: 400;"><span style="font-weight: 400;">Redfin – </span><span style="font-weight: 400;"><br />
</span><a href="https://www.redfin.com/news/housing-market-news-september-2020/"><span style="font-weight: 400;">https://www.redfin.com/news/housing-market-news-september-2020/</span></a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Housing Wire –<br />
</span><a href="https://www.housingwire.com/articles/fannie-maes-doug-duncan-offers-his-predictions-for-2021/">https://www.housingwire.com/articles/fannie-maes-doug-duncan-offers-his-predictions-for-2021/</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">CNBC –<br />
</span><a href="https://www.cnbc.com/2020/10/22/september-existing-home-sales-jump-9point5percent.html">https://www.cnbc.com/2020/10/22/september-existing-home-sales-jump-9point5percent.html</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">NAHB –<br />
</span><a href="http://eyeonhousing.org/2020/10/existing-home-sales-surge-despite-record-low-supply">http://eyeonhousing.org/2020/10/existing-home-sales-surge-despite-record-low-supply</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">MarketWatch –<br />
</span><a href="https://www.marketwatch.com/story/new-home-construction-slows-slightly-in-august-driven-by-pullback-in-multifamily-starts-2020-09-17">https://www.marketwatch.com/story/new-home-construction-slows-slightly-in-august-driven-by-pullback-in-multifamily-starts-2020-09-17</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">National Association of Realtors –<br />
</span><a href="https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september">https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Business Insider –<br />
</span><a href="https://www.businessinsider.com/how-2020-broke-the-housing-market-inventory-could-run-out-2020-9"><span style="font-weight: 400;">https://www.businessinsider.com/how-2020-broke-the-housing-market-inventory-could-run-out-2020-9</span></a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Forbes –<br />
</span><a href="https://www.forbes.com/sites/petertaylor/2020/10/11/covid-19-has-changed-the-housing-market-forever-heres-where-americans-are-moving-and-why/#74e7355761fe">https://www.forbes.com/sites/petertaylor/2020/10/11/covid-19-has-changed-the-housing-market-forever-heres-where-americans-are-moving-and-why/#74e7355761fe</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Realtor.com – </span><span style="font-weight: 400;"><br />
</span><a href="https://www.realtor.com/research/top-consumer-home-features-coronavirus/"><span style="font-weight: 400;">https://www.realtor.com/research/top-consumer-home-features-coronavirus/</span></a><span style="font-weight: 400;"> </span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Wealth Advisor –<br />
</span><a href="https://www.thewealthadvisor.com/article/covid-19-has-changed-housing-market-forever-heres-where-americans-are-moving-and-why"><span style="font-weight: 400;">https://www.thewealthadvisor.com/article/covid-19-has-changed-housing-market-forever-heres-where-americans-are-moving-and-why</span></a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Washington Post – </span><br />
<a href="https://www.washingtonpost.com/business/2020/10/15/30-year-mortgage-rate-drops-record-low/">https://www.washingtonpost.com/business/2020/10/15/30-year-mortgage-rate-drops-record-low/</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Forbes – </span><br />
<a href="https://www.forbes.com/advisor/mortgages/buying-a-home-low-mortgage-rates/">https://www.forbes.com/advisor/mortgages/buying-a-home-low-mortgage-rates/</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">BankRate – </span><br />
<a href="https://www.bankrate.com/mortgages/refinance-window-could-close-soon/">https://www.bankrate.com/mortgages/refinance-window-could-close-soon/</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">National Association of Realtors – </span><br />
<a href="https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september">https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Forbes – </span><br />
<a href="https://www.forbes.com/sites/petertaylor/2020/10/11/covid-19-has-changed-the-housing-market-forever-heres-where-americans-are-moving-and-why/#74e7355761fe">https://www.forbes.com/sites/petertaylor/2020/10/11/covid-19-has-changed-the-housing-market-forever-heres-where-americans-are-moving-and-why/#74e7355761fe</a></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">TD Economics – </span><br />
<a href="https://economics.td.com/us-falling-mortgage#:~:text=The%20homeownership%20rate%20among%20millennials,47.7%25%20at%20a%20comparable%20age.&text=This%20means%20that%201.4%20million,that%20of%20the%20older%20generation">https://economics.td.com/us-falling-mortgage#:~:text=The%20homeownership%20rate%20among%20millennials,47.7%25%20at%20a%20comparable%20age.&text=This%20means%20that%201.4%20million,that%20of%20the%20older%20generation</a></li>
<li style="font-weight: 400;">Axios Media <span style="font-weight: 400;">– </span><br />
<a href="https://www.axios.com/real-estate-market-819e3c85-3765-4014-91c0-b545be6d5935.html">https://www.axios.com/real-estate-market-819e3c85-3765-4014-91c0-b545be6d5935.html</a></li>
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<a href="/contact" title="Jere Whitehouse" rel="author">Jere Whitehouse</a>
<p>Jere Whitehouse has continually distinguished himself with awards and honors throughout his successful real estate career of over 35 years, all in the Montgomery, Alabama, area. Prior to his affiliation with Montgomery Metro Realty, Jere worked with other major real estate companies and was consistently the top agent out of three offices and over 80 agents. In 1997, in addition to earning the Top Agent Award for the year, he also earned the prestigious "Ed Lowder Award" for Excellence in service to his clients and his leadership within the company. Jere has held his Broker License since 1984. IN EARLY 2012, Jere took the step to become better equipped to assist homeowners who were facing the possibility of foreclosure. In May, Jere finished the training to become a CDPE. Certified Distressed Property Expert. As a CDPE, Jere has the experience, and the tools, to help homeowners in the areas of pre-foreclosure and short sales. The CDPE also equips Jere to better assist Buyers who are looking to short sale purchases. IN ADDITION to helping home buyers and sellers, Jere is also an Alabama Real Estate Commission Certified Instructor. Jere's passion is real estate and he enjoys mentoring and helping new agents.</p>
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Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-39995191113925949132021-03-02T16:36:00.000-06:002021-03-02T16:36:24.226-06:005 Secrets Buyers and Sellers Must Know About Virtual Home Tours<img src="http://myagent.site/content/uploads/sites/5619/2020/10/october2020.jpg" class="attachment-full size-full wp-post-image" alt="october2020" title="5 Secrets Buyers and Sellers Must Know About Virtual Home Tours" />
<p>For years now, virtual home tours have helped real estate buyers far and wide find the perfect home. From long-distance military personnel being relocated, to investors expanding their portfolio, to homeowners looking for a vacation getaway, this technology makes finding a house that’s a bit out of driving distance much easier. And for real estate agents, virtual tours have been a useful way to help buyers with their home search and to assist sellers in creatively marketing their listings.</p>
<p>Because of the pandemic, virtual home showing options recently experienced a huge spike in popularity. One survey found that nearly 33% of recent home tour requests were for virtual tours, as compared to just 2% pre-pandemic.<sup>1</sup> And it’s easy to see why.</p>
<p>Buyers want to quickly find their next safe haven, one that may need to serve as their office, gym, and even classroom for months to come. And sellers want to limit the number of strangers in their home, yet still have the ability to reach enough potential buyers to get the best offer on their property.</p>
<p>Virtual home tours are the popular thing right now, but that doesn’t automatically mean they’re the only option for your homebuying or selling experience. In this post, we’ll reveal five important secrets behind the virtual real estate scene. Read on to learn how they impact today’s home buyers and sellers.</p>
<p> </p>
<p><strong>SECRET #1: Virtual Tours Have Evolved</strong></p>
<p>Lots of real estate professionals who had never used virtual tours before were forced to quickly adapt when the pandemic struck. Because of restrictions on time and resources, not everyone is able to create what would have been deemed a “virtual tour” last year. So instead, we’ve expanded the definition of the phrase by creating innovative new ways to show homes while keeping our clients safe and socially-distanced. Here are some terms you might come across as you explore homes with virtual tours.</p>
<p>Traditional virtual tours use <strong>360° Photos</strong>, which are images that allow you to see all angles of a space. These are what allow virtual tour viewers to look up, down, and all around the interior and exterior shots of a home. Using a software program, 360° photos can be stitched together to create a digital model that looks like a dollhouse. This is called a <strong>3D Tour</strong>. Sometimes agents will also add <strong>Virtual Staging</strong>, which decorates rooms with digital furniture and accents like wallpaper or paint.</p>
<p>Traditional virtual tours allow you to click to move from room to room in the home, but <strong>Online Walkthroughs</strong> feature the actual action of walking around. Either the seller or the agent (depending on factors such as time and safety requirements) will create a video by holding their camera or smartphone and simply moving through the home.</p>
<p>Online Walkthroughs can be filmed in advance or happen live. If they are live, they can also be referred to as Virtual Showings or Online Open Houses. A <strong>Virtual Showing</strong> is often a scheduled, one-on-one event that mimics an in-person tour of the home, in which the agent and viewer start at the exterior and move their way through the property. If your agent offers to FaceTime or Skype you from a home you’re interested in, for example, that would be a type of Virtual Showing. In contrast, an <strong>Online Open House</strong> is more freeform, allowing more viewers to pop in and out of a group video call on apps such as Facebook or Zoom.</p>
<p> </p>
<p><img class="alignnone wp-image-298 size-large" src="http://myagent.site/content/uploads/sites/19/2020/09/October-2020-MVP-Social-Media-Image-B-1024x538.jpg" alt="" width="1024" height="538" /></p>
<p><strong>SECRET #2: Virtual Doesn’t Mean Impersonal</strong></p>
<p>All these styles of virtual tours showcase the property’s details better than static photos ever could. But for a purchase as intimate as your next home, details like a new refrigerator or the size of the master closet aren’t the only deciding factors. Luckily, virtual tours are exceptional tools for personal connection.</p>
<p>As a prospective buyer, virtual tours give you a feel for the property, inside and out, so you can easily picture yourself in the space and decide if the home’s flow and features work for your lifestyle. Live video walkthroughs with the real estate agent will give you insights on those crucial non-visual aspects, like creaky floors, super-fast internet speed, and neighborhood dynamics. Plus, you’ll be able to ask questions and get an insider’s perspective on what’s so great about the home.</p>
<p>For sellers, if your agent recommends using a virtual tour to market your home, you could attract more buyers.<sup>2</sup> And you can be sure that those interested buyers are still getting the up-close and personal look inside your home that will inspire their strongest offers.</p>
<p> </p>
<p><strong>SECRET #3: Virtual Is Just The First Step To Safe Home Sales</strong></p>
<p>Even as government restrictions begin to ease in some areas, virtual tours are still recommended as a safer way to buy and sell real estate.<sup>3</sup> Buyers don’t have to worry about exposure to anyone who previously visited the property, and sellers cut down on the foot traffic in their home. Some data even suggest that virtual tours keep agents safer as well, since they’re hosting fewer in-person showings and open houses.<sup>4</sup></p>
<p>But despite the variety of virtual tours available, some buyers will still need to visit a home themselves in order to feel confident enough to submit an offer. In this situation, listing agents and sellers will work together to come up with a procedure that ensures everyone feels safe and comfortable. Some recommendations include requiring interested buyers to present a pre-qualification letter, conducting tours only by appointment and with essential parties, and asking buyers to self-disclose whether they have COVID-19 or exhibit any symptoms.<sup>3</sup></p>
<p>The day of the in-person tour, agents might ask buyers to remain in their vehicle until they arrive at the property, and to wear protective gear such as face coverings and gloves. Many will provide hand sanitizer and will ask buyers to refrain from touching any surfaces in the home. Instead, the agent (or seller, prior to the buyers’ arrival) will turn on lights, open doors, and pull back curtains. Then, after everyone has left, the agent will return the home to its original state and disinfect it as needed.<sup>3</sup></p>
<p> </p>
<p><strong>SECRET #4: The Speed of Closing Depends on Your Goals</strong></p>
<p>Though maybe not literally, virtual tours are opening doors for both buyers and sellers in terms of options available to them. In 2019, buyers viewed an average of 10 homes over a period of 10 weeks before submitting an offer.<sup>5</sup> But thanks to an increased prevalence of virtual tours saving them driving time, they’re able to peek inside that number of homes in a much shorter period to make their final choice.</p>
<p>With all this viewing activity, it makes sense that sellers whose listings feature virtual tours are receiving more offers on their properties. According to one study, virtual tours can add between two and three percent to the sales price of a home, in part because increased buyer interest has made sellers feel confident waiting for the exact right offer.<sup>2</sup></p>
<p>So if you’re a buyer luxuriating in viewing homes from your couch, just remember that you’re not alone in your search. Your competition is virtually viewing the same properties you are, so it’s still important to work with your real estate agent to quickly submit a strong offer when you find the home of your dreams. And for sellers, if a speedy sale is important to you, carefully weigh that against the temptation to entertain more and more offers, which can keep your home on the market up to six percent longer.<sup>2</sup> Your agent can help you decide the right strategy for your priorities.</p>
<p> </p>
<p><strong>SECRET #5: Virtual May Not Always Be the Right Choice</strong></p>
<p>Creating, editing, uploading, and marketing virtual tours for a listing can be pricey. Packages through popular 3D imaging platforms like Matterport and Immoviewers can cost hundreds of dollars on their own.<sup>6</sup> Virtual staging will further bloat a listing’s marketing budget, and then there’s the advertising dollars needed. Even seemingly inexpensive options like video call walkthroughs still require time and energy on behalf of both the seller and agent.</p>
<p>These costs mean that a full virtual tour package might not always be the right choice for sellers. When you talk to your agent about marketing your home, it may be that an elaborate virtual tour, showing, and open house just don’t make sense. It could be that your potential buyers may not resonate with that type of marketing, that the investment-to-return ratio isn’t in your favor, or that there are more effective ways to get your listing seen by qualified buyers.</p>
<p>Buyers, you may notice that some listings within your search parameters don’t offer virtual tours. That’s because those for-sale homes might not have needed a full virtual marketing package to entice buyers to submit offers, or those homes are better marketed through more traditional tactics. Don’t close the door on your dream home because it doesn’t have virtual events and features. Stay open-minded so you can consider the wealth of home options that fit your lifestyle, needs, and budget.</p>
<p> </p>
<div style="border: 1px solid black; padding: 35px;">
<p><strong>ARE VIRTUAL HOME TOURS IN YOUR FUTURE?<br />
</strong><br />
As technology develops, it will become easier and cheaper to create virtual tours. Coupled with the high demand for them, this means that virtual tour options are likely not only here to stay, but will continue to grow into a common addition to listings.</p>
<p>If buying or selling a home is on your mind, we’d be happy to discuss how virtual tours can play a part in your real estate experience. Reach out to us today for help finding local homes for sale that have virtual tours, or to chat about if adding a virtual tour to your upcoming listing is the right fit.</p>
<p>Call today to discuss how I may be of Service for your real estate needs. <br> 334-324-9485</p>
</div>
<p> </p>
<p>Sources:</p>
<ol>
<li>Rocket Mortgage – <a href="https://www.rocketmortgage.com/learn/evolution-of-home-showings-during-covid-19" target="_blank" rel="noopener noreferrer">https://www.rocketmortgage.com/learn/evolution-of-home-showings-during-covid-19</a></li>
<li>Radio Iowa – <a href="https://www.radioiowa.com/2020/07/28/trying-to-sell-a-house-ui-study-finds-virtual-tours-will-bring-more/" target="_blank" rel="noopener noreferrer">https://www.radioiowa.com/2020/07/28/trying-to-sell-a-house-ui-study-finds-virtual-tours-will-bring-more/</a></li>
<li>NAR Showing Guidance During Reopening – <a href="https://cdn.nar.realtor/sites/default/files/documents/Showing-Guidance-During-COVID-05-14-2020.pdf" target="_blank" rel="noopener noreferrer">https://cdn.nar.realtor/sites/default/files/documents/Showing-Guidance-During-COVID-05-14-2020.pdf</a></li>
<li>NAR 2020 Member Safety Report – <a href="https://cdn.nar.realtor/sites/default/files/documents/2020-member-safety-report-08-31-2020.pdf" target="_blank" rel="noopener noreferrer">https://cdn.nar.realtor/sites/default/files/documents/2020-member-safety-report-08-31-2020.pdf</a></li>
<li>NAR 2019 Profile of Home Buyers and Sellers – <a href="https://cdn.nar.realtor/sites/default/files/documents/2019-profile-of-home-buyers-and-sellers-highlights-11-21-2019.pdf" target="_blank" rel="noopener noreferrer">https://cdn.nar.realtor/sites/default/files/documents/2019-profile-of-home-buyers-and-sellers-highlights-11-21-2019.pdf</a></li>
<li>Realtor.com – <a href="https://www.realtor.com/advice/sell/how-to-host-virtual-home-tours-almost-as-good-as-the-real-thing/" target="_blank" rel="noopener noreferrer">https://www.realtor.com/advice/sell/how-to-host-virtual-home-tours-almost-as-good-as-the-real-thing/</a></li>
</ol>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-27291265253110358302021-01-21T15:23:00.002-06:002021-03-22T10:53:41.042-05:00New Year, New Home? Set Homeownership Goals Whether You’re Buying, Selling, or Staying Put<div class="separator" style="clear: both;">
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<p>
The start of a new year always compels people to take a fresh look at their
goals, from health and career to relationships and finance. But with
historically low mortgage rates, increased home sales and price growth, and a
tight housing inventory, the time is right to also make some homeownership
resolutions for 2021.
</p>
<p>
Home buyers, is this the year you work to improve your credit score, pay down
some debt, or save for a down payment?
</p>
<p>
Home sellers, we’ve laid out plans for you to get top dollar for your
property, including timing your home sale, making your property stand out from
the crowd, and investing in your extra living space.
</p>
<p>
And even if you’re staying put for awhile, homeowners, you can resolve to
improve your status quo by evaluating your home budget, finalizing your home
maintenance schedule, or maybe investing in a second property.
</p>
<p>
So no matter your homeownership status, we’ve got some ideas and advice for
you to make this year your best one yet. Read on to learn more.
</p>
<p><b>HOME BUYERS<b></p>
<p><b>Resolution #1: Qualify for a better mortgage with a higher credit score.<b></p>
<p>
Your credit report highlights your current debt, bill-paying history, and
other key financial information. Importantly for your home-buying journey, it
is also used by lenders and companies to calculate your credit score, which
partly determines if you are qualified to obtain a mortgage. Therefore, before
you start house-hunting, make sure your finances are in the best possible
shape by checking your credit report from Equifax, Experian, and TransUnion
(via AnnualCreditReport.com). You can also obtain your credit score for free
from some banks and credit card companies.
</p>
<p>
Your credit score will be a number ranging from 300-850.<sup><a href="#fn1" id="ref1">1</a></sup> Generally speaking, a credit score of 740 or higher is considered very good to excellent. If your
FICO score drops below 740, you might need to work at boosting your score for
a few months before you begin house-hunting. Ways to do this are to pay your
bills on time every month, keep your credit card balances low, and avoid
applying for new credit.</p>
<p><b>Resolution #2: Improve your credit health by paying down debt.<b></p>
<p> Do you have student loans, credit card debt, or car payments tying
up your income each month? That debt is hurting your “buying power,” or the
amount of home you can afford. Not only is it money that you can't spend on
your new home, but your debt-to-income ratio also affects your credit score,
which we discussed above. The less debt you have, the higher your FICO score
and the better mortgage you can obtain.</p>
<p> If you can, pay off some debt in its entirety—like a low balance on a credit card.
Then apply that "extra" money you previously paid on that credit card to pay off
bigger debt, like a car loan. Even if you can’t pay off all (or any) of your debt in full, reducing
the balances of each account will help you qualify for the best possible
mortgage terms.</p>
<p><b> Resolution #3: Create a financial safety net before applying for a mortgage.<b></p>
<p> Don’t forget that buying a home requires some cash as well. A
down payment is typically 7% of a home’s purchase price, and closing costs
currently average $3,700.<sup><a href="#fn3" id="ref3">3,</a></sup><sup><a href="#fn4" id="ref4">4</a></sup>
<hr></hr>You’ll also need money for moving expenses and any initial maintenance
tasks that might pop up. And as the pandemic taught us, you never know when an
unforeseen event might cause a job loss, drop in income, or health scare, so having
some liquid savings will ensure that you can still pay your mortgage if a crisis occurs. </p>
<p>Dedicate some effort to building up your reserves. Cut down on unnecessary
expenses, and consider having a portion of each paycheck automatically deposited
into your savings account to avoid the temptation to spend it.</p>
<p><b>HOME SELLERS<b></p>
<p><b>Resolution #4: Decide on the right time to sell your home.<b></p>
<p>If you’re looking to maximize profit on the sale of your home, selling earlier in
the year makes sense. Listing prices historically increase early in the year, peak
in May, plateau through June, and decrease for the remainder of the year.<sup><a href="#fn5" id="ref5">5</a></sup> And, according to the National Association of Realtors,
“[with both mortgage rates and the number of homes available for sale expected to
remain relatively low, home prices are likely to continue to increase. [In] mid-January,
home prices typically begin a quick ramp-up in a normal year.”<sup><a href="#fn6" id="ref6">6</a></sup> </p>
<p>But sales price isn’t the only thing to consider. You might not be ready to sell
your home yet because you don't want to uproot your kids during the school year
or because you need to tackle some minor upgrades before placing your home on
the market.</p>
<p>This means that there is no one month or season that is the perfect time to sell
your home. Instead, the right timeline for you takes into account factors such
as when you’ll earn the highest profit, personal convenience, and whether your
home is even ready to put on the market. A trusted real estate professional
can talk you through your specific needs to clarify when to sell your home.</p>
<p><b>Resolution #5: Boost your home’s resale value by making your property shine.<b></p>
<p> Housing inventory is at historic lows across the country, and that means the
market is fiercely competitive. Selling your home in 2021 has the potential to
net you a huge return right now, and you can maximize that amount with some
simple fixes to make sure your property outshines your neighbors' for sale
down the street.</p>
<p>In your home, you might need to tackle a minor remodeling
project, such as upgrading the flooring or adding a fresh coat of paint.
According to the National Association of Realtors’ 2019 Remodeling Impact
Report, simply refinishing existing hardwood floors recoups 100% of the cost
at resale, and completely replacing it with new wood flooring recovers 106% of
costs.<sup><a href="#fn7" id="ref7">7</a></sup></p>
<p>Outside, you might consider improving your curb appeal by removing a
dead bush, trimming a tree that blocks the front window, or power-washing your
moldy driveway and sidewalks. In fact, real estate agents say cleaning the
exterior of your house can add $10,000 to $15,000 to a home’s sale price.<sup><a href="#fn8" id="ref8">8</a></sup> And according to a Virginia Tech study, improving a home’s landscaping may
increase its value by 10 to 12%.<sup><a href="#fn9" id="ref9">9</a></sup></p>
<p><i>A good agent should provide custom-tailored
suggestions to ensure your property pops inside and out. Ask us about our
local insider secrets that will make your home stand out from others on the
market.</i></p>
<p><b>Resolution #6: Invest in your “extra” living space to meet current buyers’ needs.<b></p>
<p>Due to COVID-19, more people are staying at home to work, go to
school, exercise, and stay entertained. And these lifestyle changes are
showing up in home buyer preferences. For example, according to one study,
buyers are looking more and more for homes with formal, outfitted home
offices, private outdoor spaces, and updated kitchen appliances.<sup><a href="#fn10" id="ref10">10</a></sup></p>
<p>So if you’ve got an underutilized room, consider turning it into an office, home
gym, schoolroom, or multi-purpose room to meet current home buyer needs and
attract better offers on your home. Got some underwhelming space outside? You
could turn it into an outdoor entertainment area by adding a firepit,
upgrading the patio furniture, or installing a grilling area. Be sure to
consult with a local real estate professional before investing in a
renovation, however, as each market’s buyers have different tastes.</p>
<p><b> HOMEOWNERS<b></p>
<p><b> Resolution #7: Evaluate your household budget to reflect financial changes.<b></p>
<p> After this past year, in particular, your financial picture may have changed.
Maybe you were furloughed, had your hours reduced, or got a new job further
from home. Perhaps you’ve kept the same job, but you’re now working remotely.
A work-from-home arrangement could mean less money spent on gas, tolls, a
professional wardrobe, and dining out for lunch.</p>
<p>But this could also mean new (or increased) expenses now that you’re working
at home, such as new tech-related purchases, faster Wi-Fi, and higher energy bills.
January marks the perfect opportunity to update your income and expenses and review last
year’s spending habits, tweaking as needed for 2021.</p>
<p><i>For more specific ideas, contact us for our free report "20 Ways to Save Money and Stretch Your
Household Budget."</i></p>
<p><b>Resolution #8: Save money now (and earn more later) with a home maintenance plan.<b></p>
<p> Having a schedule of regular home maintenance projects to tackle will save you money
now and in the long-term. You’ll avoid some surprise “emergency fixes,” and when you’re ready to eventually sell your home, you’ll get higher offers from buyers who aren’t put off by overdue repairs.</p>
<p>Even if nothing necessarily needs fixing right now, you can loweryour energy costs by maintaining and upgrading your home. According to the U.S. Department of Energy, simple fixes add up: replace five most frequently used bulbs with ENERGY STAR ones to save $75/year; repair leaky faucets to
save $35/year; replace older toilets with low-flow models to save $100/year; and seal air leaks to save $83-$166/year.<sup><a href="#fn11" id="ref11">11</a></sup>
<p><i>For a breakdown of home maintenance projects to tackle throughout the year,
contact us for our free report “House Care Calendar: A Seasonal Guide to
Maintaining Your Home.”</i></p>
<p><b> Resolution #9: Invest in real estate for a better standard of living.<b></p>
<p> Even if you don’t plan on leaving your current residence, real estate is a great way
to improve your quality of life in 2021. Have cabin fever from the long
quarantine? A vacation home in a getaway location you love lets you safely
spread your wings. And if you have been looking for a second stream of income,
an investment property might be your answer. Just be sure to consult with a
real estate professional to get a realistic sense of a property’s true income
potential.</p>
<p><i>Want more information on how a second property fits into your 2021
plans? Request our free report, "Move Up vs Second Home: Which One Is Right
For You?"</i></p>
<p><b>LET US HELP YOU WITH YOUR 2021 GOALS<b></p>
<p>Without a plan and a support system, 55% of Americans will break their new year’s resolutions.<sup><a href="#fn12" id="ref12">12</a></sup> Whether
you’re looking to buy, sell, or stay put in your home, it helps to connect with a trusted real estate agent to keep you motivated and on track. As local market experts, we have the knowledge, experience, and networks to help you achieve your homeownership goals, whatever they may be. Reach out to us today
for a free consultation and commit to a happy and prosperous new year.<p></p>
<p><i>Ready to discuss this Hot "Seller's Market" here in the Montgomery area? Call me Today!
Jere Whitehouse, Associate Broker. Montgomery Metro Realty. 334-324-9485.</i></p>
<p>Sources:<p></p>
<p>1. USA.gov - <a href="https://www.usa.gov/credit-report" target="_blank" rel="noopener noreferrer">https://www.usa.gov/credit-report</a></p>
<p>2. Equifax -
<a href="https://www.equifax.com/personal/education/credit/score/what-is-a-good-credit-score/" target="_blank" rel="noopener noreferrer">https://www.equifax.com/personal/education/credit/score/what-is-a-good-credit-score/</a></p>
<p> 3. NerdWallet -
<a href="https://www.nerdwallet.com/article/mortgages/the-20-mortgage-down-payment-is-dead" target="_blank" rel="noopener noreferrer">
https://www.nerdwallet.com/article/mortgages/the-20-mortgage-down-payment-is-dead</a> </p>
<p>4. Zillow - <a href="https://www.zillow.com/mortgage-learning/closing-costs/" target="_blank" rel="noopener noreferrer">https://www.zillow.com/mortgage-learning/closing-costs/</a></p>
<p>5. Realtor.com - <a href="https://www.realtor.com/research/we-should-be-in-a-buyers-market-right-now-but-covid-turned-everything-upside-down-best-time-to-buy-a-home" target="_blank" rel="noopener noreferrer">https://www.realtor.com/research/we-should-be-in-a-buyers-market-right-now-but-covid-turned-everything-upside-down-best-time-to-buy-a-home</a></p>
<p> 6. Business Insider - <a href="https://www.businessinsider.com/how-2020-broke-the-housing-market-inventory-could-run-out-2020-9" target="_blank" rel="noopener noreferrer">https://www.businessinsider.com/how-2020-broke-the-housing-market-inventory-could-run-out-2020-9</a></p>
<p> 7. National Association of Realtors -
<a href="https://www.nar.realtor/sites/default/files/documents/2019-remodeling-impact-10-03-2019.pdf" target="_blank" rel="noopener noreferrer">https://www.nar.realtor/sites/default/files/documents/2019-remodeling-impact-10-03-2019.pdf</a></p>
<p>8. House Logic -
<a href="https://www.houselogic.com/save-money-add-value/add-value-to-your-home/adding-curb-appeal-value-to-home/" target="_blank" rel="noopener noreferrer">https://www.houselogic.com/save-money-add-value/add-value-to-your-home/adding-curb-appeal-value-to-home/</a></p>
<p> 9. Virginia Cooperative Extension -
<a href="https://www.pubs.ext.vt.edu/content/dam/pubs_ext_vt_edu/426/426-087/426-087.pdf" target="_blank" rel="noopener noreferrer">https://www.pubs.ext.vt.edu/content/dam/pubs_ext_vt_edu/426/426-087/426-087.pdf</a></p>
<p> 10. HomeLight - <a href="https://www.homelight.com/blog/top-agent-insights-for-q2-2020/" target="_blank" rel="noopener noreferrer">https://www.homelight.com/blog/top-agent-insights-for-q2-2020/</a></p>
<p>11. U.S. Department of Energy -
<a href="https://www.energy.gov/energysaver/articles/how-much-can-you-really-save-energy-efficient-improvements" target="_blank" rel="noopener noreferrer">https://www.energy.gov/energysaver/articles/how-much-can-you-really-save-energy-efficient-improvements</a></p>
<p>12. Ipsos - <a href="https://www.ipsos.com/en-us/urban-plates-ipsos-NY-Resolutions" target="_blank" rel="noopener noreferrer">https://www.ipsos.com/en-us/urban-plates-ipsos-NY-Resolutions</a></p>
Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-62690841581242236182017-04-04T10:40:00.000-05:002017-04-04T10:40:39.974-05:00SELL BEFORE THE SELLING SEASON PICKS UP<h3>
5 Reasons to Sell Before the Selling Season Picks Up
</h3>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvF-UzWGdatnSQruxUNMrFTHnpCef1Dif2Vm2UA7KzPs49sH8VqavOQAptsqWpE-f0wKtg2WqqMoK7ptL4z-9ZynI-55aPi0-QeY7b0dcqfcSw-J0aO5CaI_liagrs__M10AlA7FU6JOY/s1600/PA+-+February+2017+-+Digital+Marketing+Campaign+-+LinkedIn+Image.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvF-UzWGdatnSQruxUNMrFTHnpCef1Dif2Vm2UA7KzPs49sH8VqavOQAptsqWpE-f0wKtg2WqqMoK7ptL4z-9ZynI-55aPi0-QeY7b0dcqfcSw-J0aO5CaI_liagrs__M10AlA7FU6JOY/s320/PA+-+February+2017+-+Digital+Marketing+Campaign+-+LinkedIn+Image.jpg" width="320" /></a></div>
A common thought in real estate is never list your home in the winter offseason. Perpetuated by industry experts, agents and repeat sellers alike, this saying encourages many would-be sellers to wait until the spring peak to list their homes. However, studies show that homes listed in the winter offseason not only sell faster than those in the spring, but sellers also net more above their asking price at this time. Don’t wait until spring to sell. If you’ve been thinking of selling your home, here are five compelling reasons to list now.
<br /><br />1. Take advantage of low inventory. Since most sellers are waiting until spring to list, local inventory falls during the offseason. However, there are still motivated buyers who are ready to move now and don’t want to wait that long to purchase a home. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time.”<br />These eager buyers may flock to your home. You may not need to try as hard to make your home stand out in the sea of other similar homes. With less competition, more buyers, some of whom may have otherwise overlooked your home if you listed during the peak, will express an interest to buy. While you’ll likely have fewer showings in the offseason, buyers who do visit will be more serious about writing an offer. Your home will likely sell faster than it would have during the peak season.
<br /><br />2. Set a higher listing price. Homes sold during the offseason sell at a higher price, on average, than those sold during the spring and summer peak. There are many reasons for this. First, motivated buyers are willing to pay closer to the asking price for a home. Second, homes are more likely to be priced right and reflect the economics of not only the local market, but the neighborhood as well. Often, homes listed during the peak may be priced to compete with other homes in the area and neighborhood. Sellers may be pressured to sell for less than the list price in order to encourage buyers to choose their home out of the others on the market.
<br /><br />3. You’ll receive more attention. While I always strives to give you the personal attention you deserve, when you list during the offseason, I'm able to work more closely with you to ensure your home is prepared for its debut on the market. I can also take more time to answer your questions, address your concerns and prepare you and your home for the sale.
Additionally, if you’d like to hire a tradesperson to handle routine maintenance or undertake a minor home renovation before you list, you may be able to take advantage of flexible scheduling and cheaper rates. Many of these professionals experience a winter offseason as well, and will be able to focus their time and attention on you and your project.
<br /><br />4. Easier to maintain curb appeal. Curb appeal is intended to attract the buyers who are just driving by as well as those who saw your home online and wanted to see it in-person. It sets the stage for what interested buyers can expect when they step foot in the home during a showing or open house. If you list your home during the peak of the selling season, you may exhaust your time your energy maintaining curb appeal. You’ll likely spend most of your free time mowing the lawn, weeding, trimming shrubs and hedges, planting flowers in pots and in flowerbeds, pulling spent blooms and watering it all to ensure it looks lush and healthy on a daily basis. After all, a lush landscape will attract potential buyers and set your home apart from other similar homes in the area.
The offseason eliminates the pressure to maintain a picture-perfect front landscape. Since most grass, shrubs and plants go dormant at this time of year, you’ll have less to maintain. If you live in an area that experiences a traditional winter, your landscape will be covered with snow. Even if you live in a milder climate, you may not have to mow as often, if at all. It’s still important to ensure your exterior appears well-tended, so make sure your walkway and front porch remains free of snow, ice and debris.
<br /><br />5. Tap into the life changes of buyers. Many buyers receive employee raises and bonuses at the end of the year. If they’ve been saving to buy a home, this extra money may allow them to reach their goal for a down payment and put them on the path to becoming a homeowner. Additionally, companies often hire new employees and relocate current ones during the first quarter of the year, creating a strong demand for housing. If you live in an area that’s home to a large company or has a strong corporate presence, this may be the perfect time to list.<br /><br />
<br />
<h3>
Thinking of Listing in the Offseason? </h3>
3 Things to Do Before You List
<br /><br />Get your home ready to list by following these tips.
<br /><br />1. Schedule maintenance. Buyers, especially first-time buyers, want a home they can move into right away; they don’t want to repair the roof or the furnace or replace windows with blown thermal seals before they move in. Do the scheduled maintenance and make repairs before you list your home for sale.
In some cases, it may help to have an inspector do a pre-inspection of your home. A pre-inspection will make you aware of any major, potentially deal-killing, issues that will have to be addressed before you list. It also gives you an idea of minor issues that a potential seller may want repaired. Overall, it helps you to accurately price your home and may protect you from claims a buyer might make later.<br />
<br />2. Create light. Balance out the lack of natural light outdoors by turning the lights on inside. Since people naturally tend to buy emotionally, turning on the lights helps create a sense of warmth and coziness. Light a fire in the fireplace, if you have one, fill your home with the scents of the season, such as vanilla or fresh baked cookies, and put a throw blanket on your sofa.
<br /><br />
<b>NOTE</b>: We are still experiencing a “Buyer’s Market” in the general Montgomery, Alabama area.
Which means we have to “Win the Beauty Contest, And the Price War” so you may need to paint the interior of your home before you list. You want to “neutralize” not sterilize, so go with an off-white/creme shade to create consistency throughout your home and make the space feel larger and brighter. If you have photos of your garden or the home’s exterior in the spring or summer, display them so interested buyers can get a glimpse of what the home looks like in other seasons.<br /><br />3. Give your home a thorough cleaning. Cleaning puts your home in its best light. Clean and polish all the horizontal surfaces of your home, including countertops, window sills and baseboards; have the curtains dry cleaned or otherwise laundered; wash windows, glass doors and their tracks; vacuum carpeting and polish all wood surfaces, including the floor.
Additionally, this is a great time to pack any personal items and family photos as well as sort through your belongings and donate items you no longer use. This not only eliminates any clutter, but it also gives you less to pack and move when you sell.
<br /><br />If you’re thinking of selling, give me a call! I’d love to help you position your home to sell in our market. For a no obligation consultation, Talk to Jere! Call me now.
334-324-9485
<br /><br /> Sources: Time, October 30, 2015 . National Association of REALTORS, 2016 Profile of Home Buyers and Sellers. Forbes, August, 27, 2013
Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-77621673634663195642017-01-22T15:03:00.000-06:002017-01-22T15:03:40.149-06:00Deceptive Advertising?What do you think? Needing some items for my new office, as I finished many cups of Starbucks coffee this morning, I noticed many, many signs in the roadway that read "20% Off All Purchases. Today Only" and the large name Big Lots. They are located just behind Starbucks and down from Walmart, so I go browsing. Yup, signs all over the store reading "20% Off. Today Only". So I'm eyeing a few office type items before deciding. Then I notice the proverbial "fine print" on all of the signs in the store. In small letters reads "with coupon". Aha. I figured I missed a coupon in today's Sunday newspaper. I politely ask a Big Lots worker "what coupon"?
Okay, perhaps I am over sensitive in some things but the answer, as I heard it, came as if to say "Well dummy" followed by (really!!) "you had to come YESTERDAY to get the coupon". Duh. Really?! Needless to say I had not come yesterday for the coupon, so I left Big Lots, with no purchases.Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-45271546565599191222017-01-12T10:30:00.000-06:002017-01-12T10:35:08.146-06:00NOW is the <b>BEST<i></i></b> time to List Your Home For Sale! It is now January 2017 and the real estate market in Montgomery Alabama continues to improve. We have seen a slight rise in mortgage rates across the country, however, rates are still exceptionally low. Inventory of available homes for sale in our market continues to drop. Take a look at the Five Top Reasons to List your Home in Winter and then contact me NOW about getting the jump on all of the other home sellers who are waiting to list until the Spring.
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Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0tag:blogger.com,1999:blog-3221861967098101875.post-29443326876562464612013-05-16T15:57:00.000-05:002013-05-16T15:57:03.151-05:00How to Uninstall Internet Explorer 10 OKAY...I know this is not about Montogmery Alabama real estate, or homes for sale. But dang it, Microsoft's recent "upgrade" to the latest and greatest IE 10 has been affecting my ability to do my real estate business. Nearly every internet program I use to serve my buyers and sellers was having issues with this newest upgrade. Even our Montgomery Multiple Listing Service (MLS), which is internet based, did not work well with the new version.
<br/>
<br/>
So....I deleted IE 10, and went back to version 9. Easy. And here's how to do it if you are using Windows 7:
<br/>
Click on the Start button (lower left corner...you know where it is) and then type
"Programs and Features" in the Search window. In the results window on the left,
Click on "Programs and Features".
<br/>
This will open Control Panel, look to the upper left and Click on "View Installed Updates".
Scroll down until you find the section of updates under "Microsoft Windows" and then look for IE10. Click on it and then select "Uninstall". This may take a few minutes, and then your computer will need to restart.
<br/>
That's all there is to it. Now your computer will go back to the IE9 that was working great before.
<br/>
<br/>
Listen, if you need help with this, send me an email, or give me a call. Oh, and now that I have this issue taken care of, I can get back to helping buyers and sellers here in Montgomery, Alabama. Ready to buy or sell a home?
Let's talk!
<br/>
<br/>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0Montgomery, AL, USA32.353101659992873 -86.165878772735632.351425159992871 -86.1684002727356 32.354778159992875 -86.1633572727356tag:blogger.com,1999:blog-3221861967098101875.post-6642659087807058802013-04-17T16:10:00.000-05:002013-04-27T15:40:25.970-05:00First Time Home Buyer Tips The Montgomery Alabama Real Estate market continues to show great signs of recovery! And with our Median Sales Price, and Average Sales Price, still running close to $140,000, First Time Home Buyers should take a look at using FHA Financing. With a Minimum Down Payment of 3.5% of the purchase price, AND more lenient Qualifying Ratios than Conventional Financing, home ownership is still very attainable.<br />
<br />
AND with a sweet program called "FHA Step-Up", a buyer's out of pocket money to buy a home is greatly reduced.<br />
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IN ADDITION, in the Montgomery area, the Sellers's will often pay the buyer's Closing Costs! So if you are thinking about buying a home and not sure where to start, let's talk! Pick up the phone and call me. 334-324-9485 Or Contact me now:
<br />
<iframe src="https://docs.google.com/forms/d/1rwB_g9npO2zxwcW4KD8pcR65lMYewmyo4sAwBAaN9hc/viewform?embedded=true" width="460" height="300" frameborder="0" marginheight="0" marginwidth="0">Loading...</iframe>Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0Unknown location.32.353186477231795 -86.165858391629832.351509977231792 -86.1683798916298 32.3548629772318 -86.1633368916298tag:blogger.com,1999:blog-3221861967098101875.post-89247480104448849242013-04-02T09:13:00.000-05:002018-04-08T16:55:15.119-05:00How Is Your Weather? The Weather is Great for Real Estate in Montgomery Alabama This is the beginning of April, 2013...and our real estate in Montgomery Alabama is really getting exciting! Our housing inventory continues to fall, and sales continue to lead last year in a big way. And both of these are good indicators of positive things to come.<br />
<br />
And we are seeing these same indicators all across the United States. Of course, we in the real estate business are always quick to point out, "real estate is like the weather....it's local". However, quite a few top real estate "forecasters" have been predicting a housing shortage has been rapidly approaching.<br />
<br />
So my personal predictions, based on over thirty years of experience watching the good times and the bad times of our business, are that if you've been sitting on the fence about buying or selling a home, <br />
NOW is the time! No matter what market you live in, ask around "how's the weather here?"Montgomery Alabama Real Estate: Central Alabama Real Estatehttp://www.blogger.com/profile/00596893417575868788noreply@blogger.com0Montgomery, AL, USA32.353138121969856 -86.16594352075196632.349784621969853 -86.170986020751968 32.356491621969859 -86.160901020751965