Things Every REALTOR® Wants You To Know – Pricing Your Home


Things Every REALTOR® Wants You To Know – Pricing Your Home

Buying or selling a home can be a very challenging task. That is why most people rely on the expertise of a REALTOR® to guide them through the process. This is the first of a series that every REALTOR® wants you to know, whether you are buying or selling.

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Pricing your home properly is probably the single most important task the real estate agent will do. The REALTOR® will conduct a CMA to determine a range at what price the property will most likely sell. There are a lot of factors that will tweak the price that need to be discussed between the agent and the sellers, such as how quickly you want to sell, how much you want or need to realize from the sale, etc., however, how much you want or need to realize will most likely not affect the selling price of the home. It’s important to understand that sellers determine the listing price of a home, but buyers determine the selling price.

The kiss of death in real estate is overpricing your home. I know every seller wants to make the most they can for the sale, but over pricing the home may leave it languishing on the market. Couple that with the fact that every buyer wants to buy the home at the least amount of money. A home that has been on the market for an extended period of time tells prospective buyers that there is something wrong with the property, whether or not that is true.

If you are looking to sell your property very quickly, price your home just under the market value. This will ensure that potential buyers will see the listing as a compelling buy that they need to move on. It may also result in competitive bids, which is not a bad thing for a seller.

If you are thinking of buying or selling, talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.

Roland

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The Upswell of Home Ownership


The national trend of the real estate market has been rebounding in solid, steady growth throughout most of the United States.  There are pockets of areas that are still rebounding, but overall the vast majority of the U.S. is on its way to a healthy recovery.

lying couple on grass and dream three cloud houses collage
lying couple on grass and dream three cloud houses collage

Although 2016 is expected to be a year for continued growth, it does not seem likely that it will reach the growth of the years prior to the recession – but that is good news.  Those years of uncontrolled growth were simply not sustainable and the shoe was ultimately going to drop.

The good news is that a new survey conducted by the National Association of REALTORS® indicates that there is a large amount of pent-up demand for homeownership.  The survey concluded that 94% of all renters 34 years old and under want to buy a home in the future.

It is interesting to note that the people surveyed at 34 years of age and under are the ones who have entered the workforce around the time of the worst financial and housing crisis in America.  Nevertheless, the desire to own a home is still strong.  Regardless of age, the survey indicates that 83% of the renters still say they want to own a home in the future.

As the employment continues to grow and the mortgage interest rates remain low, many of these potential home owners may be able to qualify for a mortgage which will continue the rebound of the housing market.

So what’s keeping some out of the market? The top two reasons given by renters for not currently owning was the inability to afford it (53 percent) and needing the flexibility of renting (19 percent). When asked what would likely be the main reason for buying in the future, 33 percent of renters cited getting married, starting a family, or retiring as a trigger. Another 26 percent said an improvement in their financial situation would make the difference.

Ironically, over 66% of the rental respondents stated that it would be very or somewhat difficult to obtain a mortgage at this time; however, only 5% of the respondents who had recently attempted to obtain a mortgage were denied indicating that the belief of not being able to get a mortgage may be in large part what is holding renters back from becoming homeowners.

If you are thinking of buying or selling, talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.

Roland

Must-Have Home Features Today?


Several years ago the must-have feature was shag carpeting – in any color, gold, orange, and yes, even a shade of purple.  But like everything else, what once was a “must-have” is now a “no way in ..”  well, you get my drift.

Today’s market is focusing on a much wider list of things that home buyers ask for.  It is important for buyers’ to remember that there are some things that are easy fixes and some that are not.  The color of paint on walls can be an easy fix, but the “open concept” is much more difficult to achieve.  It is also critically important that buyers’ determine what is a need and what is a want.

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Here are the top twenty items that buyers’  were looking for and sellers’ listed in homes for sale in 2015.

Fireplace (gas fireplaces were the leading type of fireplace mentioned)
Wood floor
Carpet
Granite counter
Stainless steel appliances
Open floor plan
Walk-in closet
Formal dining room
Vaulted ceiling
Open kitchen
Tile floor
Covered patio
Finished basement
Breakfast bar
French doors
Chef’s kitchen
Crown molding
Central air
Separate shower
Garden tub

If you are looking to sell or buy, talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.

Roland

 

 

Real Estate Trends That Will Dominate 2016


Last year, 2015, shaped up to be the best year in real estate since 2007 and 2016 is looking even brighter.  One of the main reasons 2016 is looking even brighter for this year is that employment will continue to grow steadily, which will allow buyers’ to purchase their first home, or buyers’ to upgrade to a new home.

Real Estate Market Trend is Strong
Real Estate Market Trend is Strong
  1.   For 2016 expect a healthy growth in home sales and prices.  In some areas, sales may be slower that 2015, but during that year in some parts of the country, we saw a rebound from the recession years that resulting in abnormal increases.  The extremes will moderate, but the overall growth will be healthy.
  2. Younger home buyers who typically account for approximately 30% of home sales have been on the sidelines for the last several years namely because of employment and difficulty in obtaining financing.  This trend will be reversing in 2016 and it is predicted that those buyers’ known as millennials will be in the real estate market in full swing.  Those homeowners who are a little older will be a major force in the real estate rebound because most people in that age group already have a home and will be selling one to buy another.   In addition, those folks commonly known as the baby boomers are seeking to downsize to smaller, more manageable homes.  All of these trends will lead to a growth in the real estate market in the next several years, with a start in 2016.
  3. New home construction for the last several years has been steadily increasing with larger and larger homes with all the bells and whistles in addition to higher cost of land.  Builders will be shifting to a more affordable product to cater to first time home buyers.
  4. We will most likely see higher mortgage interest rates for 2016.  In the last quarter of 2015 the Fed raised the rate .25% and it seems likely we will see modest increases in 2016.  That being said, we are still expecting to see very reasonable mortgage interest rates for the foreseeable future.
  5. Rent is increasing and is expected to increase in 2016.  It is estimated that rents are accelerating at a more rapid rate that home prices, which makes home ownership a sound investment.  The dilemma is that currently 85% of the nations rental markets exceed 30% of the renters income.  This makes it difficult to save for closing costs and down payments.  Nevertheless, it is important to know that there are options that will require only a minimum down payment to purchase a house.

If you are thinking of buying or selling, talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.

Roland