In today’s market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy.
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Matthew Rognlie, from the Department of Economics at MIT, recently released a paper:Deciphering the Fall and Rise in the Net Capital Share. One of the major findings of the report is that homeownership is and has been for the last fifty years a major component to family wealth.
An article on the study in The Economist notes one of the findings of the study:
That headline might be a little aggressive. However, as the data on the 2015 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
Click here to read full article!!
There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either your mortgage or your landlord’s.
When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold.
In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. For the past two years, (click to view complete article)
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. In most areas, prices are still below those of a few years ago. Also, interest rates are still near 4%.
However, sellers should realize that waiting to make the move while mortgage rates are projected to increase probably doesn’t make sense. As rates increase, the price of the house you can buy will decrease. Here is a chart detailing this point:
If you are one of the many homeowners out there who are debating putting their home on the market in 2015, don’t miss out on the opportunity that currently exists. There will be significantly less competition in the winter months than in the spring.
According to the National Housing Survey released by Fannie Mae, 45% of homeowners “say mortgage rates will go up in the next 12 months.”
Homeowners are unaware that interest rates are projected to go up by all four major reporting institutions – This is big news for move-up buyers reflecting the overall amount of housing inventory that will be on the market.
If existing homeowners believe that mortgage interest rates are not going to increase, then they won’t be inclined to make a move by putting their home up for sale, meaning less competition for sellers who list now.
The study also revealed that: TO SEE REST OF THE ARTICLE CLICK HERE....
Now that the market is making a comeback, there seem to be fewer foreclosures in our area than there used to be. Some deals can still be had, however. Here are the crucial things you must do in order to snag a foreclosure home or get a deal on a short sale home!
1. Make sure you are pre-approved for a loan (or are paying cash). Foreclosure banks and short sale negotiators lean toward an all-cash deal or a deal with a solid buyer who has been pre-approved.
2. Study the sales prices of the homes in your area and make sure you make a reasonable offer. Lenders are willing to negotiate a little but they are not in the habit of letting these properties go for only pennies on the dollar!
3. Search for good deals on a reputable site. Many times real estate sites offer homes that are no longer even for sale!
4. Be prepared to wait! Especially for short sales. These can still take from two to six months to complete.
5. Remember the sale is "as is". Don't expect foreclosure or short sale homes to have repairs done that will most likely be needed. (that is why you are getting a good deal!)
If you decide to go this route, you can still snag a good deal. However, don't over-look other good buys such as estates and just plain super motivated owners. In these situations you won't have to go through so much red tape and you could also pick up a very good buy!
Try our site: www.LongIslandHomesList.com to search for recently listed Foreclosures & Short Sales!
Even though you may think it might be a good idea to wait until AFTER the Holidays to sell your home, here are 6 important reasons why you should consider Selling your home now if you are going to want to be moving in the spring anyway:1. There are fewer homes on the market for sale right now - ergo- less competition!! (You'll stand Out!!)
2. Homes Look and smell great during the Holidays - with decorations and cookies! People will be attracted to the warmth and feeling of home and picture themselves having their own family gatherings in their new home!!
3. You can get a jump on all the other sellers who are thinking about putting their home up for sale in January. Who knows, you may be able to snag that best buyer now and they will still be willing to give you the time you need to move!!
4. Limited inventory could mean a higher price for you! Buyers who have been looking in the fall and maybe missed out on a home they like are willing to pay top $$ if the right one comes along!
5. Mortgage rates sometimes dip a little during the slower times of the year. Our current interest rates of approximately 4.25% seem to be holding, but after the first of the year they might inch up. Sharing this with a buyer, might make them jump at the chance to lock in the rate before the new year!!
6. You can take advantage of our special "Seller's Holiday Plan" designed to provide maximum exposure yet invade your privacy during the holiday time as little as possible!
Please email or call if you would like further information about this program! All in all - putting your home up for sale now might prove to be a smart AND lucrative move!!
1. Seek homes that meet the location, size and style criteria that meet your needs. Don't worry so much about finding the "perfect home". The perfect home has yet to be built. If you find a home that is in the price range you desire and can afford and it offers the space you need, you can always change the interior, paint, decor or even "live" with a few things and change them down the road.
2.Don't take too long to make your decision. If you've passed on a couple of good buys and find yourself still looking, you might miss the market. Prices have been on the increase in the last six months. Remember the home you passed up today will be purchased by someone else tomorrow and then it could be too late.
3.Don't try to accomplish this whole process by yourself. Get help from pros in the mortgage and real estate field. They will make the whole process go more smoothly. Make sure to utilize a local agent who knows the market. While you're at work, they can be out checking the "hot buys" that are new to the market or just had a "price break". They can then alert you so you can come and check it out on your lunch hour or after work so you can beat others to the best deals!
4.Have fun. Enlist your family and friends in the search. You might just uncover a hidden "best buy"! But remember the final decision is up to you!
If you take these 4 tips to heart - YOU could be moving into your new home sooner than you think! If we can help you in your search for a home - please give the Donovan Team a call or message us so we can create a customized dream home search for you!