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Why Buyers May Need to Offer More Than Asking Price

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To be completely honest, buyers these days shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle. Things Are Different Today Today’s housing market is anything but normal. According to the  National Association of Realtors  (NAR), homes today are: Receiving an average of  3.8 offers Selling in just 17 days Homes selling rapidly and receiving multiple offers highlight how competitive the  housing market  is right now. This is due, in large part, to the low supply of homes for sale. Low supply and high demand mean homes often sell for more than the asking price. In some cases, they sell for a lot more over asking. Selma Hepp, Deputy Chief Economist at  CoreLogic ,  explains  how these stats can impact buyers: “The i
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5 Tips for Making Your Best Offer

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  In today’s  sellers’ market , standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high  buyer demand . If you’re buying this fall, you’ll want every advantage, especially when you’ve found the home of your dreams. Below are five things to keep in mind when it’s time to make an offer. 1. Know Your Budget Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get  pre-approved  for a loan. As  Freddie Mac   puts it : “This pre-approval allows you to look for a home with  greater confidence and demonstrates to the seller that you are a serious buyer. ” Showing sellers you’re serious can give you a competitive edge. It enables you to act quickly when you’ve found your perfect home. 2. Be Prepared To Move Fast Speed and the pace of sales are contributing factors to today’s competitive housing market.
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The Truth About Today’s Buyer Demand

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  When it comes to the latest news in  real estate , there are a lot of sensational headlines in the media. In times like this, when it can be hard to know what to believe, put your trust in the  experts . Those of us in the housing market respect that buying or selling a home is a major life decision, and we offer advice based on what the data shows. Despite what you may have read, the housing market is still undeniably strong. Here’s a look at what leading experts have to say about  buyer demand  today and how it continues to shape the industry: Michael Lane , President at  ShowingTime : “In general, there are definite signs of cooling demand.  However, buyer traffic is still at historically high levels compared to pre-pandemic showings .” Odeta Kushi , Deputy Chief Economist at  First American : “Seasonally adjusted purchase applications tick up slightly to the highest level since July.  Demand for homes remains strong and steady.  Excluding 2020 (not a good benchmark)  purchase app
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Why It’s Still Safe To Sell Your Home

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  If you’re on the fence about whether or not you want to sell your house this year, there’s good news.  Real estate professionals  are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep you safe. And experts say these practices are here to stay. As Bob Goldberg, CEO of the  National Association of Realtors  (NAR),  puts it : “The pandemic has confirmed to all of us in the industry that  technology will continue to transform real estate .” Below is a closer look at some of the  new tools  real estate professionals are using to better serve sellers. New and Existing Technology Are Impacting the Process In the  2021 Realtor Technology Survey , NAR asks real estate professionals their opinions on the most valuable pieces of technology for their business over the past 12 months. The graph below highlights the top five tools those agents said are true game-changers: Tools  that al
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Fact or Fiction: Homebuyer Edition

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  Some Highlights When it comes to the current  housing market , there are multiple misconceptions – from what the current  supply  of available homes looks like to how much houses are  selling  for. It takes professionals who study  expert opinions  and data to truly understand the real estate market and separate fact from fiction. Trust the pros. If you want to understand why it’s still a good time to  buy , let’s connect today.
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Home Price Appreciation Is Skyrocketing in 2021. What About 2022?

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  One of the major storylines over the last year is how well the residential real estate market performed. One key metric in the spotlight is home price appreciation. According to the latest indices, home prices are skyrocketing this year. Here are the latest percentages showing the year-over-year increase in home price appreciation: The  House Price Index (HPI)  from the  Federal Housing Finance Agency  (FHFA): 18.8% The  S. National Home Price Index  from  S&P Case-Shiller : 18.6% The  Home Price Insights Report  from  CoreLogic : 18% The dramatic increases are seen at every price point and in all regions of the country. Increases Are Across Every Price Point According to the latest  Home Price Index  from  CoreLogic , each price range is seeing at least a 19% increase year-over-year: Increases Are Across Every Region in the Country Every region in the country is experiencing at least a 14.9% increase in home price appreciation, according to the  Federal Housing Finance Agency  (
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Understand Your Options To Avoid Foreclosure

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  Even though experts agree  there’s no chance  of a large-scale foreclosure crisis, there are a number of homeowners who may be coming face-to-face with foreclosure as a possibility. And while the overall percentage of homeowners at risk is decreasing with time ( see graph below ), that’s little comfort to those individuals who are facing challenges today. If you haven’t taken advantage of the  forbearance period , it may be time to research and understand your  options . It starts with knowing what foreclosure is.  Investopedia  defines it like this: “ Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property . Typically, default is triggered when a borrower misses a specific number of monthly payments . . .”  The good news is, there are  alternatives available  to help you avoid having to go through the foreclosure process, including: Reinstatement Loan modification Deed-in-lie
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