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August
10

Reasons to Sell Now - Home Sellers - Haring Realty

Is now a good time to sell your home? Between the continued threat of the COVID-19 pandemic, layoffs, and a wobbly economy, it's no surprise that many who may have planned to sell their home this year are wondering whether they should take a shot or wait it out. The hesitancy is understandable given the disruption and uncertainty caused by the pandemic. But our REALTORS® believe now is a good time to sell for the following reasons:

  • There is a Pent-Up Demand for Homes
    When the pandemic forced many states to ban open houses and enforce quarantine, the buying and selling of homes understandably went dormant for some months. But now that lockdown restrictions have loosened up, homebuyers are eager to take the shot and make up for the lost time. There are strong signs of a rebound in the real estate market as homebuyers are out with a vengeance. This demand is strongest in smaller, cheaper cities and suburbs as more employees are allowed to work remotely for the foreseeable future.

    Click Here to Read More...

July
24

Buy House Seller's Market

Insider Help for Buying a House in a Seller's Market

Buying a house can be more challenging in a seller's market.  It may feel as if you keep hitting roadblocks and dead ends and only the sellers are in control. In this market, there are more potential buyers, able and willing to make a purchase, than there are Mansfield homes for sale. The low inventory means that the existing homes are priced higher, but still sell relatively quickly.

This does not mean that you can't buy a home in Mansfield, Ohio for a good price even--it just means you may need a little help and advice from real estate insiders. Here are three ways to buy your dream home even in today's market.

Click Here to Read More...

February
2

No Matter What the Groundhog Says, Here are 5 Reasons to Sell Before Spring! | MyKCM

Is spring closer than we think? Depending on which groundhog you listen to today, you may have less time than you think to get your home on the market before the busy spring season.

Many sellers feel that the spring is the best time to place their homes on the market as buyer demand traditionally increases at that time of year. However, the next six weeks before spring hits also have their own advantages.

Here are five reasons to sell now.

1. Demand is Strong 

Foot traffic refers to the number of people who are out, physically looking at homes right now. The latest foot traffic numbers from the National Association of Realtors (NAR) show that the number of buyers out looking for their dream homes in December reached the highest mark since February 2016.

These buyers are ready, willing and able to buy…and are in the market right now! Take advantage of the strong buyer activity currently in the market.

2. There Is Less Competition Now 

Housing inventory just dropped to a 3.6-month supply, which is well under the 6-month supply needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices; however, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last four years. Many of these homes will be coming to market soon.

Also, new construction of single-family homes is again beginning to increase. A study by Harris Poll revealed that 41% of buyers would prefer to buy a new home, while only 21% prefer an existing home (38% had no preference).

The choices buyers have will increase in the spring. Don't wait for this other inventory to come to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. There is less overall business done in the winter. Therefore, the process will be less onerous than it will be in the spring. Getting your house sold and closed before the spring delays begin will lend to a smoother transaction.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 4.7% over the next 12 months according to CoreLogic. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate around 4% right now. Rates are projected to rise by half a percentage point by the end of 2017.

5. It's Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

August
31

 

 

Home Values: DEFINITELY NOT in Bubble Range!! | MyKCM

There are some industry pundits claiming that residential home values have risen too quickly and that current levels are on the verge of another housing bubble. It is easy to see how this thinking has taken form if we look at a graph of home prices from 2000 to today.

Home Values: DEFINITELY NOT in Bubble Range!! | MyKCM

The graph definitely looks like a rollercoaster ride. And, as prices begin to reach 2006 levels again, it "seems logical" that the next part of the ride would be downhill. However, this graph includes the anomaly of the price bubble and the correction (the housing crash).

What if the bubble & bust didn't occur?

Let's assume that instead of the rise and fall in home prices that we saw last decade, we just had normal historic appreciation from 2000 to today. According to the 100+ experts that are surveyed for the Home Price Expectation Survey, normal annual appreciation for residential single family homes from 1987 to 1999 was 3.6%.

Starting with the median home price in 2000, we added 3.6% to it each year since then. Here is that graph intermixed with the above graph.

Home Values: DEFINITELY NOT in Bubble Range!! | MyKCM

What this shows us is that, had the bubble and crash not occurred and instead we just had normal annual appreciation over this period, prices would actually be greater than they are today.

Bottom Line

There is no reason for alarm as prices seem to be right in line with where they should be.

August
30

 

 

Why Is There So Much Paperwork to Sign to Get a Mortgage? | MyKCM

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form.

Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

There are two very good reasons that the loan process is much more onerous on today's buyer than perhaps any time in history.

1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage.

During the run-up in the housing market, many people 'qualified' for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can't happen again.

2. The banks don't want to be in the real estate business.

Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don't want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation.

The housing crash that mandated that banks be extremely strict on paperwork requirements also allows you to get a mortgage interest rate as low as 3.43%, the latest reported rate from Freddie Mac.

The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990's and 6.29% in the 2000's). If you went to the bank and offered to pay 7% instead of less than 4%, they would probably bend over backwards to make the process much easier.

Bottom Line

Instead of concentrating on the additional paperwork required, let's be thankful that we are able to buy a home at historically low rates.

April
7

        From the Desk of Peter Haring, Broker

Making an Offer in a Competitive Market

If you're shopping for a home today, you've probably come to understand that the real estate market has become more competitive due to limited inventory, especially in certain neighborhoods. At the time you decide to purchase your new home, it is important that the offer is both beneficial to you and the seller. One must keep in mind that they could be facing multiple offers, therefore along with a fair market price in which you and your Realtor® have determined, terms of the contract could be the deciding key factors.

Most importantly get a pre-approval letter. Proof of buying power gives the seller the confidence that you will follow through with your purchase. Most likely if the sellers accept your offer, they risk losing potential future offers by telling other buyers that their home is now off the market. Consequently, if they don't feel comfortable that you are a qualified buyer, they might not be as negotiable or as anxious to accept the offer.

Depending on the entire situation, your Realtor® will likely suggest one or more of these strategies to give your offer a competitive edge. The seller, in some cases, may be willing to accept a slightly lower price if the terms are good and they feel comfortable that you are a qualified buyer.

First, they may suggest that your offer includes a significant amount of earnest money. Essentially, a larger deposit will show the seller that you are capable as well as serious about purchasing their home. At the closing, the earnest money will be applied to the purchase price, therefore you are not investing additional funds but making a significant deposit towards the purchase.

Secondly, your Realtor® will make an effort to understand the seller's situation. Since some sellers may need some additional time to vacate the home, making an offer with either an extended closing date or giving the seller additional time to move may make the offer more attractive. Other buyers may not be so flexible and therefore your willingness to be accommodating could be significant in reaching an agreement.

One final idea is to agree to complete any inspection of the home in about one week. If your offer includes "an inspection period" that lasts 10 days or longer, it may not be as appealing to the seller because they will once again have taken their home off the market for that period of time.

Hopefully you find these tips helpful. If you're looking to buy a home soon, please call one of our professional sales associates. They will be glad to help you find that home as well as give good advice on preparing the offer. If the terms of the offer are good, the advice may even save you some money.

 

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