We are currently in a seller's market in the United States. This is because the housing inventory is at historic lows leading to higher prices across the country. As a buyer, you may be discouraged at the current state of the housing market. However, it is entirely possible to land your dream home in 2021. Consider the following tips for purchasing a home in a seller’s market.
It can be extremely difficult to navigate through the process of buying a home without having the assistance of an experienced real estate agent. This is especially true in a seller’s market where housing inventory is low. A reputable agent with years of experience can give you a tremendous advantage because of their knowledge surrounding when homes are being listed. With this, they can quickly schedule home showings for you as soon as they are available. Also, when it comes to negotiating an offer, it is almost always in your best interest to have someone to negotiate for you.
Did you know that mortgage rates are currently at historic lows? If you are able to obtain one of these extremely low rates it may offset the inflated prices we have been seeing in recent months. However, in order to qualify for one of these low rates, it may take some work on your part. You may need to raise your credit score by settling overdue accounts, paying off debts, and addressing any mistakes on your credit report.
Buyers who are preapproved have a significant advantage over the competition. This is because they are viewed as more serious buyers and less of a risk for sellers. If a seller is faced with multiple offers, they are generally more inclined to accept the offer from a buyer who is preapproved.
Staging a home can be an overwhelming process. In an effort to appeal to the masses you need to follow a few common practices. If you are preparing to sell your home, read on and discover some of the best staging tips that will help your home sell in 2021.
If your home was built prior to 2000, there is a good chance that your cabinets are dated. The good news is that you do not necessarily need to invest thousands of dollars to buy new ones or to modernize your existing ones. In many cases, you may be able to get away with some fresh stain or paint. Also, you may want to consider replacing old, and outdated knobs, hinges, pulls, etc., with updated ones. This is a great way to freshen up a kitchen or bathroom.
Sellers often struggle with removing personal touches from their home. The goal of staging to appeal to the greatest number of homebuyers so you have no trouble selling your home. While you may think that your decor looks beautiful, it may be too niche for home staging purposes. In terms of staging, less is more.
The majority of homebuyers are looking for homes with neutral colors in 2021. While there are obviously some buyers who are enticed by bright or bold colored walls, you want your home to appeal to as many people as possible. When in doubt, stick with warm neutral colors paint colors.
You never want your home to be over finished because it can cause your home to look crowded or even smaller in size. In terms of furniture, you want to remove any unnecessary pieces and just stick to your best items.
The COVID-19 pandemic has made 2020 a challenging year in regards to real estate. Agents, buyers, and sellers have all had to be flexible this year to various social distancing guidelines. In a year that has brought much uncertainty, we can still anticipate some remaining trends as we continue through the pandemic and look forward to the upcoming season.
The health and safety of buyers and sellers remains the top priority during the COVID-19 pandemic. The real estate industry as a whole has successfully adapted to various social distancing measures this year. Many real estate agents and buyers have opted for virtual home tours as an alternative to in-person showings. Additionally, many buyers now prefer touring homes virtually out of convenience. Buyers are able to rule out listings from their home search without needing to set foot inside. In what has been an extremely competitive market, buyers have been able to rely on virtual tours to aid them in their home search. Virtual tours may even be here to stay after the pandemic subsides.
Many people are still unaware that mortgage interest rates have remained at historic lows for the last several months. One of the greatest benefits of searching for your next home this winter is that the rates should remain fairly low for at least the next few months. According to Freddie Mac, as of November 25, 2020, the US weekly average on a 30-year fixed rate mortgage is 2.72% and a 15-year fixed rate mortgage is at 2.28%. This makes this winter an especially ideal time to buy.
Because many buyers can afford more due to lower interest rates, they have been able to alter their wish lists more this year. Not only can many people afford larger homes, but they are also looking for more rooms to accommodate their work-from-home needs.
Due to various social distancing measures, sellers and agents are turning to video as an alternative method for showing homes this year. Although video tours already had a strong presence in the real estate industry, they have become increasingly popular in 2020 due to the COVID-19 pandemic. With this, here are a few tips for hosting successful home video tours.
The vast majority of homebuyers will not want to sit through a long video tour with an agent speaking about every single feature of the home. Generally speaking, it is best to focus on the most important features of a home that will appeal to the greatest number of buyers, such as storage space, new appliances, and granite countertops. Buyers with short attention spans may lose interest if your video tour is over five minutes in length. With this, it's best to keep home video tours to just a few minutes.
Be sure that you begin every video tour with a calculated plan for showcasing the home. Additionally, it is important that you know your way around the home, as well as which features of the home you want to highlight, prior to starting the video. Whether you choose to start at the front door, driveway, or a specific room, it is important to have a plan for progressing through the property in a way that makes it easy for the viewer to follow along.
One of the best steps you can take before filming a video tour is to walk around the home and ensure there is ample lighting in each room. In most cases, you want to rely on natural daylight whenever possible, so be sure to open all curtains and window treatments. Poor lighting can ruin your video tours by making the home seem dark, dreary, and generally uninviting.
In many ways, the COVID-19 pandemic has transformed the real estate industry. Real estate agents are continuing to adjust their day-to-day practices as a way of accommodating buyers and sellers with social distancing measures in place. At the same time, buyers are adapting to newly implemented safety standards and real estate trends, which is also leading them to alter their wish lists this year.
Because many Americans have transitioned to working remotely, many have decided that they would prefer their home to feature rooms that are structurally separated from one another. This trend only seems to be growing in 2020. With multiple family members now working at home together, it can be challenging to find a quiet space during the day. Below are some additional commonly asked questions:
Due to the COVID-19 pandemic, many schools are hosting remote classes through the end of the year. As such, parents are working to accommodate the needs of their children from within their homes.
Homebuyers today are asking the same questions when they are touring homes this year. Because there is much uncertainty surrounding the pandemic, people want their homes to be functional for work-from-home purposes. While home buying trends seem to change yearly, the growing disinterest in open-concept type homes may be one to continue for years to come as more companies are offering work-from-home options.
Are you currently searching for your next home? Have you considered the foreclosures in your desired location? Besides the opportunity to land an excellent deal, there are various other benefits to buying a foreclosure. Your dream home may be a foreclosure that is currently sitting on the market as you are reading this blog. Read on and discover three important factors to consider when buying a foreclosure.
A common mistake that people make when purchasing a foreclosure property is failing to estimate future repair costs. With any home purchase, you want to ensure that you aren't investing in a property that will present significant repair expenses in the long run. Since many foreclosure homes are vacant for extended periods of time, condition issues and a need for minor repairs is not uncommon. With this, it is important to understand that you will need to budget for any major repairs if you plan on making an offer on a foreclosure.
What is the price range of similar homes in the area? This is one of the most important questions to ask yourself during a home search. In most cases, you should be able to roughly determine an average price based on factors like the number of bedrooms, bathrooms, and square footage of the property
To ensure that you fully understand the condition of a home, it is equally important to invest in a home inspection. This is especially important for foreclosures because many of them have been vacant and neglected for long durations. Be sure to do your due diligence and hire a reputable home inspector who will identify potential problems with the property. Significant issues, such as damage to the foundation, could influence your decision of whether or not you decide to place an offer on the home. It is also important to realize that the seller of a foreclosure is under no obligation to disclose potential issues with a property. With this in mind, it is critical to learn more about the true condition of a home by utilizing the expertise of a licensed contractor.
