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New Tip: Ask Brian: Should a Short Term Homebuyer Go with a Fixed or Adjustable Mortgage? Shared By SEO Company Estate Agents

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have questions on real estate investing, DIY, home buying/selling, or other housing inquiries please email your questions to askbrian@realtybiznews.com.

Question from Violet: Hello Brian, at age 24, I consider myself to be a young homebuyer. Of course, I don’t have a crystal ball but I don’t think I’ll stay in my first house for very long. I’m recently out of college and just started working on my career a few months ago. Due to some favorable financial circumstances (no student loans and I live with a roommate), I’m already able to buy an entry level home. If things go the way I expect them to, I’ll be able to buy a bigger house in a few years.

I’ve been told by my older brother and others that I should take out an adjustable rate mortgage because I plan to sell my first house before the interest rate will increase. In fact, my brother bought his first home about six years ago. He tells me that he was able to buy a bigger house because the mortgage payments were lower with an adjustable mortgage. But my brother knows a lot more about technology than he does about real estate. What do you think?

Answer: Hi Violet. I’m glad you asked about adjustable rate mortgages (ARMs). Historically, ARMs have financially favored people that are not planning to stay in the home for at least seven years. Your question and logic make good sense because most real estate agents will tell you that the typical homebuyer only stays in a home for five to seven years before moving on. More specifically, first-time homebuyers are likely to get a “starter” home for a few years and then move up to a larger one as their income and/or family expands. There are other reasons why buyers prefer adjustable rates. There are times when the slightly lower introductory rate for an ARM makes the difference if a person can qualify for a loan or not. There is also your brother’s reason for wanting a bigger house. And there are times when people know that they will be refinancing the mortgage in a few years, so they take advantage of the short term savings until then.

Violet, it certainly won’t hurt for you to check out an ARM. Unfortunately, I don’t think you’ll find these to be a good deal in 2020 compared to past years. Because fixed rate mortgages currently have such low interest rates, many lenders are actually discouraging ARMs. They are doing that by setting adjustable introductory rates higher than fixed rates. The reality is that fixed rates are currently lower than adjustable rates. Even if you won’t be closing the purchase for a month or two, the foreseeable trend is that fixed mortgages will remain close to the lows they are currently at, while adjustable introductory rates are likely to increase.

Today’s ARMs are not market-driven. Lenders are intentionally raising the introductory rates. To understand why, you need to understand the basic working of an adjustable mortgage. ARMs begin with a set interest rate for a specified period of time and then the rate is adjusted periodically. The key to knowing how an ARM will adjust is in the name. A 5/1 ARM means the introductory rate is set for five years and then adjusts annually in most cases. Common ARM terms have introductory rate periods of 3, 5, 7, or 10 years.

The logic of lenders is that because fixed rates are likely to remain low, anyone with a low interest rate ARM will take out a fixed mortgage at the end of the adjustable introductory period. The introductory offer will not entice buyers to remain when the adjustment goes up. In almost all cases, these same lenders also offer fixed rate mortgages. Lenders are thinking that once they get buyers into these very low fixed rate mortgages, the lender will be able to keep many of the mortgages on their accounting books when interest rates inevitably begin going up. Because refinancing into a higher interest rate isn’t desirable, some borrowers may stay with the same lender until the mortgage is paid in full, 30 years down the road.

Something to always include in these calculations is the cost to refinance an existing home or take out a new loan for another home. Closing costs always come into play with a new loan (including refinancing) and that cost is typically 3% to 5% of the mortgage amount.

Violet, every lender is different, so it’s worth getting all the information. But if you’re buying soon, you’ll probably save money by choosing a fixed rate mortgage.

Does anyone have a different opinion or thought? Please comment.

Our weekly Ask Brian column welcomes questions from readers of all experience levels with residential real estate. Please email your questions or inquiries to askbrian@realtybiznews.com.

Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 12 years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, near a national and the Pacific Ocean.

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New Tip: Home buying activity dropped off during election week Shared By SEO Company Estate Agents

Home shopping activity fell sharply during election week as Americans focused their attention on the heated presidential race and a sharp uptick in coronavirus cases across the U.S., according to realtor.com’s latest Weekly Housing Report.

The report cites data from the Mortgage Bankers Association that shows mortgage applications from home buyers fell to their lowest level in six months. The MBA’s weekly mortgage index showed a 3% drop in home loan applications, though these were still up 16% compared to one year ago The dip is the sixth time in seven weeks that the index has fallen though, with last week’s fall seeing it hit its lowest level since May 2020.

“Between the presidential election and a new wave of coronavirus cases, buyers and sellers had a lot of reasons to pause last week,” said Danielle Hale, realtor.com’s chief economist. “The big question is whether both buyers and sellers will jump back into the market after last week’s break. With mortgage rates expected to rise on news of a likely vaccine, buyers may have reason to jump back in and find a home sooner rather than later, but sellers may be more inclined to stay on hold. Thus, even as overall activity slows, we may very well see continued price growth and quick sales.”

Those buyers who do jump back into the market won’t exactly be spoiled for choice, though. Realtor.com reports buyers are still constrained by a limited number of homes for sale on the market, with newly listed properties down by double digits from a year ago.

“New listings are a crucial ingredient for home sales, and they will need to make a strong comeback for housing activity to continue,” realtor.com noted in its report.

The lack of inventory continues to fuel price growth, with listing prices up 12.9% from one year ago, the report showed. Moreover, the few homes that are on the market are selling fast, with most spending two weeks fewer on the market today than they were a year ago.

If homes continue to sell so fast, realtor.com said this is a good indicator that buyers have no intention of taking time off this year. However, if we see “continued steadiness in the year-over-year difference” that would indicate a seasonal pause in home buying, as usually happens during the holiday season, the report said.

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New Tip: Five of Jacksonville’s Best at Selling Single-Family Homes Shared By SEO Company Estate Agents

Last month we took a look at top Memphis real estate agents through the data-driven lens of HomeLight, the leading referral company powered by proptech. Today, we look at Jacksonville, Fla. through the same lens in order to create a lineup of trusted and effective agents for buying a home there. For this list, I applied with HomeLight to see the best agents for single-family homes, within a certain price range, and for a permanent residence. Here’s the list in order of ranking. 

The Jacksonville skyline via Pixabay

Sarah Rocco of the Rocco Group and Keeler Williams has only been in the business a few years, but she’s already closed over 422 deals in the Jacksonville area. Sarah attributes her success to her vast marketing experience and advertising strategies, along with her extensive contact list. Sarah ranks in the top 5% of agents on HomeLight in several categories, and 

Rocco Group also maintains a well-situated Facebook profile with 2,416 followers. She’s also an Elite Agent on HomeLight, which means she is in the top 1% of all agents. 

CC Underwood is an agent with Keller Williams Jacksonville Realty who sells houses like cotton candy at the county fair. According to her HomeLight profile, she has 665 single-family home transactions in her 13 years as an agent. The average price point of her transactions is also high at $241k, and her team maintains a killer Facebook profile (7,000 plus fans), even though I could not find the button on their website. It’s also rumored that she can dance, and there’s evidence of this on the Facebook pages. 

Shawn O’Neil ranks 3rd in HomeLight’s list of top Jacksonville agents. He has sold over 100 homes in the area, but his forte seems to be advising. Shawn is something of a TV celebrity, on top of being an author. He’s also a certified expert with the National Association of Expert Advisors. Strangely, his 15 years of experience have not helped Shawn to build a credible online presence. He’s associated with any number of the worst real estate websites I’ve seen in years. As for Facebook and other social media, I found it a bit tough to even connect Shawn with a profile (which is a real no-no for me). I am assuming the one by @ExpertHomeAdvisors is his, or that he is affiliated with the owners. 

Fourth on the list is Tobin Bossola of Coldwell Banker Vanguard Realty. He has 168 transactions in Jacksonville in his 14 years in the business, and the average price of his sales is $173k. Tobin maintains a very nice Facebook profile, but unfortunately, hardly anybody subscribes to his cool shares. He seems to favor LinkedIn as a social-business platform. Tobin has also been featured on Home & Garden TV.

Christopher Ray, who is an agent for eXp Realty, has 264 single-family home transactions in his 8 years in real estate. The average price of Christopher’s transactions is $201k, and he sells 99% of his listings according to HomeLight. Like Shawn O’Neil above, his web presence is not exactly stunning. eXp’s website has some security or load issues, and this Florida Coastal Team one (top of Google SERPs) is just blurry and ugly. Apparently, people looking for houses in Jacksonville do not use the internet, let alone Facebook. Sorry, it had to be said. 

Today’s Takeaway

I just want to share something with the Jacksonville agents who I am sure could sell a lot more by using the internet and social media properly. This blog post by Brent Barnhart for sproutsocial has some good insights for beginners. And for those who do not know anything at all about social tools, this Forbes post might also be of help. Look, digital marketing costs resources, but here’s the thing. It’s all about ROI. Take the case of the five agents listed above. Which ones do you think have the best chance of selling me a house in Jacksonville? Now, how many people are there like me, people who use the internet and social hours each day?

I hope I helped somebody. To be continued….

The post Five of Jacksonville’s Best at Selling Single-Family Homes appeared first on RealtyBizNews: Real Estate News.

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New Tip: What Happened to Tevfik Arif and Bayrock Group’s Trump SoHo? Shared By SEO Company Estate Agents

Tevfik Arif’s Bayrock Group, the Trump Organization and the Sapir Organization joined forces in opening the Trump SoHo in 2008.

In November 2006, the first brick of the Trump SoHo tower was laid by Tevfik Arif’s Bayrock Group, the Trump Organization and the Sapir Organization on Spring Street in New York City.

A little more than a year later, the impressive 46-story condo-hotel was finished and open for business, offering extravagant hotel rooms, apartments, premium restaurants and bars, a world-class spa, an outdoor pool, a banquet and events halls. 

A view of the Big Apple like no other through the building’s floor-to-ceiling glass windows was also part of the luxurious Trump SoHo experience.

The real estate development firm Bayrock Group, founded by the Turkish-Kazakhstani businessman Tevfik Arif, employed outstanding architects and designers to create the state-of-the-art building.

The prestigious New York City company Handel Architects, with experience from across the globe, was given the task of designing the construction.

Handel Architects has an impressive reputation and portfolio that includes the September 11th National Memorial in New York City and the Ritz-Carlton hotel in Washington, D.C.

The firm is also recognized as a leader in the field of design and architecture.

To make the inside of Trump SoHo just as exquisite as the exterior, Bayrock Group imported the best materials and hired world-renowned interior designers.

The architecture and design firm Rockwell Group, which is a company behind several luxury hotels, upscale restaurants and casinos, was assigned the task and furnished Trump SoHo with items from the praised Italian brand Fendi Casa.

Tevfik Arif acknowledged the power of the Trump name

Talks of the Trump SoHo condo-hotel began when Bayrock Group moved its New York City offices to the 24th floor of the Trump Tower in Midtown Manhattan where the Trump Organization was also located.

The two companies started talking about collaborating on a luxury real estate development project, and this was when the idea of the Trump SoHo building was born.

The founder of Bayrock Group, Tevfik Arif, was aware of the power of the Trump brand, so he presented a strategy that would leverage the Trump name to add value and prestige to the project he and the Sapir Organization had in the pipeline.

The plan would give the Trump Organization 18% equity in the project in exchange for using the Trump brand in the new name of the new construction, and it was accepted by all three parties.

Donald Trump did not invest any capital in the construction.

As the building is located in Manhattan’s trendy SoHo area, it got the name Trump SoHo, and it became Bayrock Group’s prime project in terms of property development in New York City.

In 2017, the condo-hotel was rebranded as The Dominick. It features apartments, hotel rooms, an outdoor pool, a rooftop terrace, restaurants, bars, a spa department, a banquet, event halls and an outstanding view of New York City and the Hudson River through the floor-to-ceiling-windows.

Furthermore, The Dominick is one of just a few premium hotels in New York City that are prestigious enough to be part of the Preferred Hotels & Resorts’ Legend Collection.

Tevfik Arif’s road to Trump and New York City

Tevfik Arif was born in Soviet Kazakhstan in 1953 to Turkish parents and got a degree in International Relations from the Moscow Trade and Economic Institute.

Subsequently, he worked for the Soviet Ministry of Commerce and Trade where he served as the deputy head of the Ministry’s Hotel Management Department.

After 17 years in the ministry, Tevfik Arif left to start his own businesses that centered on real estate, property development, imports, exports, natural resources, minerals, automobiles and food.

This happened at a time of increased privatization following the fall of the Soviet Union.

In 1993, Tevfik Arif moved to Turkey where he became a pioneering force in the development of the popular all-inclusive hotels, and eight years later, he took the leap and established Bayrock Group in New York City.

After the opening of Trump SoHo, Bayrock Group and the Trump Organization were in talks to collaborate on additional real estate development projects under the same licensing terms in Florida and Arizona.

However, those buildings were hindered by the financial crisis that hit the real estate market in 2008.

While Bayrock Group was active in the United States, it invested in real estate assets valued at over $2.5 billion, however, it has not pursued any new American real estate development projects in recent years.

Following the success of Trump SoHo and a changing market in the United States, Tevfik Arif turned his focus to Europe and Central Asia, where his career started decades earlier.

Today, Tevfik Arif has retired from most of his day-to-day work in Bayrock Group, but he remains a trusted and valued advisor to the company.

The post What Happened to Tevfik Arif and Bayrock Group’s Trump SoHo? appeared first on RealtyBizNews: Real Estate News.

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New Tip: 5 Reasons to Install a Smart Thermostat This Winter Shared By SEO Company Estate Agents

Photo Courtesy of iStock.com

The world of technology has brought many benefits to homeowners. From high-tech security systems that protect your home to smart thermostats that can learn your patterns and anticipate your heating and cooling needs, innovative technology helps you run your home more efficiently.

The drive to adopt more sustainable lifestyles, saving energy and money around your home is one of the best reasons to install a smart thermostat. These intuitive devices can help you to program your HVAC system to reduce the amount of energy that you waste.

Easy to install with the experts’ help at AccuServ, smart thermostats can help you reduce your energy consumption and save money on your bills. Let’s take a look at a few of the reasons to install a smart thermostat this winter.

Heat When You Need It

Most homeowners set their thermostats to a constant temperature and leave it there. This means that your furnace is working hard to keep a constant temperature whether you are home or at work. Heating your home while you are out doesn’t make sense financially or environmentally. With a smart thermostat, you can program your furnace to turn down while you aren’t home or at night and then heat up when you are on your way home so that your home will be toasty warm when you arrive.

Save Money

Using less energy to heat your home equals smaller energy bills. Using the smart thermostat application, you can get a comprehensive view of your heating habits and make changes to see the most waste. Smart thermostats can save you up to $180 per year on your heating costs.

Remote Access

One of the innovative features of a smart thermostat is that you can control it from anywhere. You don’t have to be in your home to make changes to your system. If bad weather is moving when you are away from home, you can use your app to boost your home temperature to protect your pipes or pets. You can also program your system to automatically start to warm your home while you are on your way home from work. 

Easy to Use

Not everyone is tech-savvy, so smart thermostats are designed to be easy to use for everyone. Using bright LED monitors that can be easily read in all light conditions, smart thermostats use a combination of simple graphics and color-coding to help you program your system. Both the thermostat and the online app are designed to be user friendly and have excellent technical help systems if you are having any problems.

Connectivity

The age of the smart home is upon us. Millions of homes are already wired with an online assistant like Alexa to help them manage their household. Your smart thermostat can be connected to your other smart home devices with a simple click. From anywhere in your home, you can make a simple verbal request to your Alexa to raise the temperature without having to go to the thermostat and make the changes manually.

As we head into the future, newer homes will come equipped with these innovative technologies that will help you manage your home. Install a smart thermostat this fall to help you save energy and money over the winter.

The post 5 Reasons to Install a Smart Thermostat This Winter appeared first on RealtyBizNews: Real Estate News.

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New Tip: Harmless Bugs? Reasons Why Pest Infestation Must Be Dealt With Shared By SEO Company Estate Agents

In 2015, The American Society For Microbiology reported that bed bugs are the most difficult household pest to control. Many types of household pests can inhabit your home and can be potentially damaging for your family’s health and well-being. Various types of harmful pests have been prevalent throughout history. Some of them can give you mild annoyance, while others can bring into the world the entire bubonic plague. Whatever the case may be, it is scientifically proven that pests can bring more harm than you’d expect. 

Long-Term Exposure To Health Risks  

A household pest infestation can endanger your family by exposing them to health risks like allergies, viruses, diseases, and more. By getting the help of professionals that deal with pest infestation, you can keep these pestilent diseases away from your family. Mice are known to leave droppings that, when aerosolized, can be inhaled and cause allergies. Roaches, on the other hand, are natural carriers of pathogens. They thrive in dark and dirty places such as garbage bins, cupboards, cabinets. Basically, pests thrive in any spaces that are musty enough to claim as their breeding ground.

Pests Invasions Lead To Property Damage 

A pest infestation can damage more your property than you least expect. There’s nothing worse than seeing your own house crumble into dust just because you haven’t realized early on that certain pests have infested the nooks and crannies of your house. If the signs of pest infestation are left unchecked, these pesky little creatures can damage your properties. Some pests to be wary of are carpenter ants, squirrels, and termites.

Carpenter ants don’t eat wood. However, they can hollow out solid lumber with their strong jaws to make their nests inside. Squirrels cause damage to the trees planted in your backyard and are notorious for setting up their families inside the house. This is most often in the attic. Meanwhile, termites can bring down an entire wall, if left untreated.

It is best to leave these kinds of problems in the hands of professionals. Pest control services know how to deal with a pest infestation, no matter how big or small the infestation may be. They all have the right equipment to finish the job quickly and efficiently. So if you want a quick, clean, and stress-free pest extermination, your best bet is the pest control professionals.

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New Tip: Are You Ready to Buy a Home? Shared By SEO Company Estate Agents

Taking the plunge into homeownership can be scary, but is often a great choice. When interest rates are low, you may find homes are more affordable than you expected. Depending on the market where you live, your mortgage may be lower than rent. Combine that with the fact that as a homeowner you are building equity, and increasing your net worth, and you realize buying a home can be a great choice. Get your finances in order before taking the plunge into homeownership. Having a low debt to income ratio and a solid credit score allows you to qualify for a mortgage with the best possible interest rate. There are several steps to take before you start shopping for a mortgage.

Assess Your Employment Situation

You should have a solid employment history before applying for a mortgage. The lender will want to see that you have been on the job for at least a year, and longer is better. You should also feel that your job history is relatively stable before applying for a mortgage. The lender may be happy to loan you money, but if you know your company is facing cutbacks or you may need to move shortly, buying may not be the best choice.

Refinance Student Loans

If you have existing student loans, consolidating and refinancing can improve your credit-worthiness. Refinancing at a lower rate allows you to pay less over the lifetime of your loan. A lower interest rate will also allow you to pay down the balance on your student loans faster, as more funds will open up due to having a new lower payment, in which the additional savings can be applied to the balance. Eventually paying off will ultimately improve your debt to income ratio.

Check Your Credit Report for Errors

There are many sites on the internet that allow you to look at your credit history. Checking this history before applying for a mortgage makes sense. You can make sure there are no issues and clean up any accounts that may have slipped your notice. If you have open collections, you should pay those before applying for a mortgage.

Set Aside Money for Unexpected Expenses

If you are considering purchasing a home, you have probably been putting aside money for a down payment. You should also have dedicated savings for expenses that crop up during the home buying process. You will be responsible for paying for home inspections, and while you hope to find the perfect fit on your first inspection, that doesn’t always happen. Don’t be tempted to skimp on the inspection process to save money.

Look at Plenty of Houses

You can start looking at houses even as you are getting your finances in order. You probably don’t want to get in touch with a real estate agent just yet, but scrolling through listing on the internet and visiting open houses can tell you a lot about the area where you plan to buy. The more homes you look at, the better of an idea you will get about what prices to expect and how quickly homes move on and off the market. In a hot real estate market, you need to be prepared to make an offer quickly. By making yourself familiar with the real estate market in your area, you are in a better place to make decisions when the time comes.

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New Tip: COVID-19 vaccine progress sends real estate stocks up Shared By SEO Company Estate Agents

Pharmaceutical giant Pfizer’s Monday announcement that its COVID-19 vaccine has shown promising results in its stage three clinical trials, bringing us closer to an actual working vaccine, has led to a surge in real estate industry stocks.

Many sectors the real estate industry had faltered during the coronavirus outbreak, but the Wall Street Journal now has some good news for investors:

“The share prices of some of the country’s biggest property owners were up more than 20% Monday compared with a roughly 3% increase in the Dow Jones Industrial Average,” it reported.

The COVID-19 pandemic has led to higher office vacancy rates, while hotel and retail owners have also been hard-hit due to shutdowns and travel bans. But after Pfizer’s and BioNTech’s positive vaccine news broke Monday, hotel and retailer stocks jumped significantly.

Some of the biggest winners Monday include Host Hotels & Resorts Inc., one of the largest hotel owners in the U.S., which jumped 30%. Simon Property Group, which owns malls across the U.S., went up 28%, and SL Green Realty Corp., the largest office owner in Manhattan, saw a 37% stock increase, the Journal said.

“Real estate was a COVID loser,” Michael Knott, head of U.S. REIT research at Green Street, told the Journal. “Many of the business models are based on assembly of people. And now with the potential vaccine, it’s like Doc Brown [from ‘Back to the Future’] figured out how to get his time machine to work.”

Pfizer said on Monday that its early test data shows its vaccine, which is still being trialed, could be 90% effective at preventing COVID-19.

“This offers a ray of hope that the market did not hesitate to take advantage of,” Tai Hui of J.P. Morgan Asset Management said in a report.

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New Tip: More homes sell above list price amid buyer competition Shared By SEO Company Estate Agents

In more evidence that persistent buyer demand is pushing a strong housing market deeper into the year than usual, a new Zillow analysis has found the share of homes sold above list continues to rise, blowing past the typical mid-summer peak.

In September, 22.4% of homes purchased in the U.S. were sold for more than their initial list price, up from 20.2% in August and well above the roughly 15% of homes that did so during September 2018 and 2019. It is highly unusual for the share of homes sold above list to continue rising this late in the year. In both 2018 and 2019, the share peaked in July during the height of the typical home shopping season before steadily declining as the market cooled in the fall and winter months. This year, the share has increased each month.

Buyer demand has been intense and persistent since the market picked up speed in April after a dramatic slowdown in the early days of the coronavirus pandemic. Potential buyers may be feeling urgency to lock in low mortgage rates now, especially if they sense prices will slip further from reach in coming years. Many others may be taking advantage of new freedom to telecommute from an area where they can more easily afford a home.

Whatever the reason, strong demand is helping to keep a lid on inventory as homes are being snatched up faster than sellers are listing them. Inventory has continued to fall compared to last year -down 37.4% year over year at the end of October – even as new listings have returned near last year’s level, an indication of heavy sales volume. Homes were typically selling after only 12 days, a full 17 days faster than the same time last year[i]. Those market dynamics are likely pushing buyers to make offers above list price as they expect quick sales and competition from other buyers while choices are limited.

“The housing market is taking us all back to Economics 101 and teaching lessons about supply and demand,” said Zillow senior economist Chris Glynn. “A persistent interest in buying and moving is creating an imbalance that is driving prices higher than we typically see at this time of year. In many cases, buyers in this market should be realistic about the chance of bidding wars and leave themselves financial flexibility by looking at homes listed for less than their maximum price point. With tight inventory, low interest rates, and robust demand from households re-evaluating their housing needs, a strong, competitive market with many transactions is likely here to stay into 2021.”

Bidding wars have been most common for homes priced just above and below the typical U.S. home value of $259,906. Homes priced in the second quintile of all U.S. home listings – between $192,001 and $264,000 – sold above list in 28.2% of September sales. Homes in this price range are also selling incredibly quickly – a recent Zillow analysis of time on market found similarly priced homes typically sold faster than any other price tier in September.

Homes priced in the most-expensive tier – above $487,000 – sold above list 15.7% of the time, the lowest of the five price bands tracked in Zillow’s study. Still, this is the highest share sold above list in this price range in any month since at least January 2018, the earliest month included in the analysis.

The share of homes sold above list is up from last month and higher than a year ago in each of the 50 largest U.S. metros, and has more than doubled in five of the top 50: Phoenix, San Diego, Denver, Virginia Beach and Riverside.

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New Tip: Up is Down in the New Home Market Shared By SEO Company Estate Agents

What’s going on with first time buyers, the over age 55 market, COVID-19, a presidential election, the cost of lumber, and more? Every industry prefers predictability over unpredictability and the home building market is no different. Yet, everything going on is about instability. What does all of this mean to the cost of new housing?

The Cost of 2X4 Lumber

Almost every variable indicates that the price of new housing will continue to increase as will the shortage of new home inventory. The cost of 2X4 lumber is up dramatically and isn’t likely to go down significantly. According to the National Association of Home Builders, the price of lumber has gone through the roof since April to the tune of 160%. That averages out to about a $16,000 cost increase to build a new house. The primary reason is not enough domestic production since President Trump imposed a 20% tariff on Canadian soft lumber back in 2017. Alone, that 20% does not account for the 160% cost increase this year but high demand for new homes along with many other factors has.

Under a Biden administration, you can reasonably expect Canadian tariffs to be removed but there will be other consequences. We have to wait and see what new environmental policies are rolled out but more restrictions on domestic lumber harvesting can be expected. There can be little doubt that Biden will want to deal with the cost of housing but that is likely to be in the form of subsidies and federal expenditures rather than building more homes.

You can also expect Biden to continue regulating the housing market in contrast to Trump’s efforts to deregulate the market. Builders have long claimed that regulatory compliance and permitting costs are a significant cause of price hikes. The bottom line is that the cost of new homes is not likely to decrease anytime soon despite builder confidence in the market reached all-time highs in September and October. There is plenty of buyer demand but limited resources.

First Homes or Last Homes

The National Association of Home Builders is also reporting all-time high confidence in the 55+ Housing Market during the third quarter of 2020. This was a bit unexpected because it represents the population most significantly at risk for COVID-19 as well as a generation less likely to be buying new homes. The all-time high confidence includes both the 55+ market for single-family homes and multifamily condominiums.

In an industry also experiencing labor shortages causing increasing labor costs, it can only mean more competition between the markets for first homes and last homes. Of course, the 55+ market is also constrained by the same shortages of key building materials, which further contributes to affordability concerns and delayed construction schedules for both markets.

The bottom line is that the level of new housing construction is not going to be increasing significantly in the foreseeable future even in the face of very strong demand. The macro factors strongly indicate that both millennials and seniors can only expect fewer choices and higher prices.

Please comment with your perceptions, thoughts, and insights.

Our weekly Ask Brian column welcomes questions from readers of all experience levels with residential real estate. Please email your questions, inquiries, or article ideas to askbrian@realtybiznews.com.

Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 12 years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, near a national and the Pacific Ocean.

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New Tip: Credit agency warns of increased rental fraud risk Shared By SEO Company Estate Agents

Online rental applications have become increasingly more popular due to the coronavirus pandemic and the need for contactless services, but it has led to an increase in rental fraud too.

Now, one credit agency is warning landlords and property managers that they may face a higher risk of rental fraud.

TransUnion’s survey of 82 multifamily executives found that the frequency of rental fraud has increased by almost 50% since the pandemic began. The majority of execs say they were able to identify the fraud before the tenant moved in, but 41% said they were unable to identify any red flags prior to the renter taking occupancy.

Most rental fraud involves people misrepresenting their identity by, for example, using someone else’s driving license or ID card, or by assuming an entirely fake identity.

The report adds that the percentage of fraud triggers that respondents detected rose by almost 30% from March to August. Such triggers include applicant statuses with a failed authentication check, or those that are flagged as such for other reasons. Those fraud triggers stood at just 10.3% prior to the pandemic, but by August had risen to 15.2%.

Some property managers have responded to the apparent increase in fraud by adding more identity verification requirements to flag possible fraudulent applications.

“Fraud continues to be an increasingly concerning issue in the multifamily industry for the last several years, and the COVID-19 pandemic-driven shift to virtual leasing has pushed this concern to the forefront for property managers,” said Maitri Johnson, vice president of TransUnion tenant and employment business. “It is imperative that management companies take the necessary precautions and protect their business against the economic impacts brought on by the current environment, as well as the increased propensity for fraud that may not be easily evident today.”

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New Tip: REALOGY JOINS NEW LGBTQ+ REAL ESTATE ALLIANCE AT THE HIGHEST PARTNERSHIP LEVEL Shared By SEO Company Estate Agents

Realogy Holdings Corp. (NYSE: RLGY) has become the largest residential real estate partner with the new LGBTQ+ Real Estate Alliance at the highest “Champions” level, further solidifying its strong commitment to support all LGBTQ+ real estate professionals. 

In celebration of this momentous partnership announcement, Realogy invites Realtors® to stop by its booth on Wednesday, November 18th from 2:15 – 3:15 pm EST at the NAR 2020 Virtual REALTORS® Conference to learn more about the LGBTQ+ Real Estate Alliance and housing trends within the LGBTQ+ community and chat with CEO Ryan Weyandt and President John Thorpe. Those who visit this networking event, open to all Realtors registered for the virtual conference who are interested in becoming a part of this new opportunity, will be entered into a drawing to win one free ticket to the LGBTQ+ Real Estate Alliance first annual event in 2021.

For over a decade, Realogy, the leading and most integrated provider of U.S. residential real estate services and its well-known brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran®, ERA® and Sotheby’s International Realty®, have helped lead the industry through various efforts to drive the message of equality in the real estate industry. For its efforts, Realogy has been recognized as the top residential real estate company on the Human Rights Campaign’s Corporate Equality Index and as Forbes’ Best Employers for Diversity. 

Realogy and its brands are also proudly represented within the new LGBTQ+ Real Estate Alliance. John Thorpe, a Regional Vice President of Better Homes and Gardens® Real Estate, serves as President of the LGBTQ+ Real Estate Alliance and Coldwell Banker Realty Manager Associate Patrick Ruble serves as Secretary.

“Realogy has been incredible in its support of our community for years,” said LGBTQ+ Real Estate Alliance CEO Ryan Weyandt. “They were the first in our industry to fully empower an LGBTQ employee resource group and were the first to publicly support the Equality Act, a bill that when passed will prohibit housing and credit discrimination based on sexual orientation and gender identity. Realogy also provides full health benefits to transgender employees. The Alliance will benefit tremendously from having day-to-day interaction with leaders of Realogy who will share their expertise and ideas as we grow to make a difference in the lives of the LGBTQ+ community.”

This new partnership agreement calls for Realogy to have a seat on the LGBTQ+ Real Estate Alliance’s Sponsor Advisory Board that will focus on long term strategy, public policy and industry trends. It will participate on a variety of thought leadership programs while engaging Alliance members and LGBTQ+ consumers at the local level through involvement with the Alliance’s 50+ chapters. Realogy will also communicate its Alliance partnership with its nearly 200,000 affiliated sales professionals in the U.S.

“At Realogy, we strongly believe in the power of social change and strive to encourage real estate professional everywhere to be a part of this important movement toward equality,” said John Peyton, Realogy Franchise Group’s chief executive officer and president. “We partner with the LGBTQ+ Real Estate Alliance in their mission to advocate for, elevate and celebrate the LGBTQ+ community and, with our combined efforts leading the way, we will continue on the journey to create a world free of housing discrimination.”

The Alliance, which launched on October 1, is an inclusive member-based organization founded in June as a 501(c)6 non-profit corporation dedicated to enhancing the professional lives of its members while providing consumers with the proper resources to assist in buying, selling and enjoying their home. 

ABOUT THE LGBTQ+ REAL ESTATE ALLIANCE

The LGBTQ+ Real Estate Alliance is a 501(c)6 non-profit dedicated to empowering the LGBTQ+ community on the path to homeownership as we also advocate on behalf of the community on housing issues. The Alliance, founded in June 2020, is an all-inclusive organization that works to improve the professional lives of its members through a public-facing Alliance Referral Community. The Alliance began accepting members in October 2020 and has more than 50 chapters in the U.S. and Puerto Rico. For more information visit realestatealliance.org.   

About Realogy Holdings Corp.Realogy Holdings Corp. (NYSE: RLGY) is the leading and most integrated provider of U.S. residential real estate services, encompassing franchise, brokerage, relocation, and title and settlement businesses as well as a mortgage joint venture. Realogy’s diverse brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby’s International Realty®. Using innovative technology, data and marketing products, best-in-class learning and support services, and high-quality lead generation programs, Realogy fuels the productivity of independent sales agents, helping them build stronger businesses and best serve today’s consumers. Realogy’s affiliated brokerages operate around the world with approximately 189,000 independent sales agents in the United States and more than 129,000 independent sales agents in 114 other countries and territories. Recognized for nine consecutive years as one of the World’s Most Ethical Companies, Realogy has also been designated a Great Place to Work three years in a row and one of Forbes’ Best Employers for Diversity. Realogy is headquartered in Madison, New Jersey.

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New Tip: How Land Brokers Can Use Virtual Viewing Technology to Sell Any Property Shared By SEO Company Estate Agents

Buyers of residential homes and condominiums have been familiar with virtual tours for more than a decade. But for land brokers, applying that same technology outside of the living room to highlight rural real estate has taken much longer to gain traction, not to mention using 360-degree drone footage. That’s been an even more recent evolution and one that many land brokers now finally seem to embrace.

As with residential real estate, virtual tours allow prospective land buyers to discover the ins and outs of a tract of land from the comfort of their own home or office. Buyers are offered an opportunity to move a full 360 degrees around a property and discover, in stunning detail, parts of it that would otherwise be hidden from view, such as a pond, a shed, or a creek. While it’s still recommended that a buyer visits a property at least once, virtual tours are enabling buyers to limit the number of on-site visits and see far more online than in previous years, which is especially important during these unprecedented times we currently live in.

Although the process that accompanies the production of a virtual tour is not necessarily complex, it takes a well-planned approach to turn virtual tours into a success. Primarily, brokers will need to pick a smart vantage point, with “smart” in this context meaning selecting a point of view from which buyers will be able to oversee the entire property, including the boundary lines, with the most attractive features closest in view. A consultation of satellite images can help decide what that vantage point should be (thank you, Google Maps!). The vantage point selected has a latitude and longitude, but it also has a certain height, determined to a considerable extent by the sheer size of the property. 

Next, land brokers will contract drone pilots to shoot a series of high-definition images on the selected location, which will then be woven together seamlessly. Those pilots will always have to be licensed if their footage is meant to be used for any commercial purpose, including real estate marketing. In some instances, there will even be a combination of shots from different heights to further boost the experience of the viewer. 

Making available 360-degree images is one thing, but land brokers can and should aim higher (no pun intended). Making maximum use of the technology offered means adding a layer of clickable content to the images. Brokers can provide text to describe a landmark or embed 2D or 3D images of certain points of interest (for example, the interior of a house on the property). Adding video is yet another option.

Land brokers can also choose to build out their virtual tour with proprietary tools, many of which are available off the shelf. Matterport is an extremely popular cloud-based solution that converts 2D panoramic images into immersive 3D images. Other vendors (from an exceptionally lengthy list) are VPiX and iGuide.

At National Land Realty, both our brokers and buyers have been elated by the opportunities offered by our own Land Tour 360

virtual tour application. What buyers especially appreciate about it are the comfort and safety. What brokers love about the technology is that they see fewer buyers disappointed that something is larger or smaller than they had imagined when they visit the property in person for the first time.

With the right approach in place to make smart use of everything the technology has to offer and on the condition that vendors are selected thoughtfully, land brokers are poised to benefit from the new application of viewing technology.

Aaron Graham is Chief Innovation Officer and Partner with National Land Realty. He is licensed in Nebraska, Iowa, and Kansas. The company’s proprietary 360-degree viewing technology, Land Tour 360

, as well as its GIS land mapping system, LandBase

, is offered for free to the public. More information at nationalland.com.

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New Tip: Better Homes and Gardens Real Estate Kansas City Homes elevates Christian Barns to Role Shared By SEO Company Estate Agents

Better Homes and Gardens Real Estate LLC announced that Christian Barnes has been named President and CEO of Better Homes and Gardens Real Estate Kansas City Homes, headquartered in Overland Park, Kansas. She succeeds the firm’s founder David Cooper. Barnes, who has a storied 13-year career with the company, has assumed leadership and principal ownership of one the largest brokerages in the nation.

Cooper founded the firm in 2004 and affiliated with Better Homes and Gardens Real Estate in 2012. He will remain with the company in an advisory capacity. He led Better Homes and Gardens Real Estate Kansas City Homes to become the fourth largest affiliate in the BHGRE® brand. The company is ranked in the top 200 largest brokerages in the nation by transactions according to REAL Trends. The firm ranks third in sales volume in the greater Kansas City market.

The company’s production makes Barnes the top-ranking female principal owner in the BHGRE® network and the fourth highest-ranking female principal owner by sides in the Realogy family of brands.

Barnes, who joined the company in 2007 as a sales associate after a career in television advertising sales, most recently served as Director of Career Development. In this leadership role, she instituted a strategic business planning program for agents which resulted in a 35 percent increase in unit production. Barnes also refined the company’s training system increasing learning sessions by 276 percent over last year. 

Recently recognized as Realtor® of the Year by the Kansas Association of REALTORS®, Barnes is also active in the leadership of the National Association of REALTORS®. She is currently a member of its prestigious Leadership Academy, a year-long intensive leadership program for just 18 REALTORS® from across the nation. Barnes has also been chosen to lead NAR’s 2021 Commitment to Excellence committee and in 2022 will serve on the extended leadership team under incoming President Leslie Rouda Smith.

Mike Belzer, who has served as an owner and the firm’s Chief Financial Officer since 2004, will remain as CFO overseeing the budget strategy and financial operations of the company. Christian’s husband, Chris Barnes, a successful entrepreneur with a track record of growth in manufacturing, technology and transportation, will assume the COO role, providing a unique perspective to spur innovation at the firm. 

Details:

Better Homes and Gardens Real Estate Kansas City Homes, comprised of eight offices and 450 agents, enjoys the highest average sales price of all brokerages in the greater Kansas City market according to Kansas City Regional Association of REALTORS.

Along with earning this year’s REALTOR® of the Year by the Kansas Association of Realtors, Barnes has earned multiple accolades during her career including earning the Kansas City Regional Association of REALTORS® (KCRAR) Newcomer of the Year honors in 2008 and was the youngest KCRAR REALTOR of the Year in 2012. 

Barnes founded KCRAR’s Young Professionals Network in 2011. 

In 2016, Barnes was appointed President of KCRAR becoming the youngest leader in the organization’s history. 

Barnes sees opportunity for company growth in reaching feeder markets drawn to Kansas City’s unique lifestyle and diversity of industry. The metropolitan region is home to such major companies as Garmin International, H&R Block®, Hallmark Cards®, Sprint, Cerner Corporation and Black & Veatch Holdings Corp. The city is also a Midwest medical hub and has a military presence with nearby U.S. Army base Fort Leavenworth.

Quotes:

“We are grateful for David’s partnership over the years. He is a trusted, valuable voice within the industry and the BHGRE® network. We wish him the best in the next chapter of his life. We’ve had the pleasure of working with Christian over the years. She represents BHGRE’s core values in everything she has achieved—Passion, Authenticity, Inclusion, Growth and Excellence. The impressive trajectory of her career illustrates the limitless potential for real estate entrepreneurs. Under Christian’s leadership, together with Mike and Chris, we believe Better Homes and Gardens Real Estate Kansas City Homes will continue to enjoy significant growth, impact and success in the years to come.” – Sherry Chris, President & CEO, Better Homes and Gardens® Real Estate

“I have enjoyed my 47 years in this great industry. I am proud of our company’s impact in our market, the industry and the BHGRE brand. As I contemplated the next step in my career, I knew that Christian was the right person to lead our company, staff and agents into the future. From day one, Christian embraced the real estate business and achieved great success as an agent and in management. She inspires people to reach their highest potential through leadership, skill development and impactful coaching. resources. With Mike and Chris, she has assembled an excellent management team to complement her many strengths.  Together, they will ensure business continuity and achieve new growth milestones for the company and continued success for the agents.” – David Cooper, Former President and CEO, Better Homes and Gardens Real Estate Kansas City Homes

“I grew up in real estate as the daughter of two agents and continue to have an enduring passion for the industry. I’ve had the great benefit of learning from David and I can’t thank him enough for his continued support. When this opportunity was presented by David, I was excited to build upon the company’s many accomplishments and guide it toward continued growth. I have a fierce loyalty to this company and the BHGRE brand. I’ve been able to experience the BHGRE® brand as an agent, as a member of management, and now as an owner. I can honestly say this: there is no other brand I would want to be associated with. I am honored to carry the torch of leadership and be at the forefront of helping the next generation of real estate leaders reach their highest potential.” – Christian Barnes, CEO, Better Homes and Gardens Real Estate Kansas City Homes

“Christian is a proven leader and I’m excited to explore new ideas with her and Chris as we grow. Christian knows the real estate industry and the markets we serve. She inspires our agents every day and is dedicated to ensuring their success. I have worked with David for many years and he deserves so much credit for building such a prestigious company. As the next generation of leaders of the company, we are looking forward to evolving and growing as we meet the needs of home buyers and sellers, today, tomorrow and into the future.” – Mike Belzer, CFO, Better Homes and Gardens Real Estate Kansas City Homes

About Better Homes and Gardens Real Estate LLC

Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.

The growing Better Homes and Gardens® Real Estate network includes nearly 13,000 independent sales associates and more than 370 offices serving home buyers and sellers across the United States, Canada, Jamaica, The Bahamas, Australia and New Zealand.

Better Homes & Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens® Real Estate Franchise is independently owned and operated.

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New Tip: Top Tips To Buying Your Dream Home Shared By SEO Company Estate Agents

We all dream of buying the perfect house someday. But are we aware of the steps that must be followed before we buy? 

Buying a dream house is something you may have been planning for a long time. Many of you have already started working towards it. For most of you, buying the beautiful house of your dreams is going to be the most expensive purchase that you will ever make. So you must go over a few points first. 

The few basic factors you must focus on beforehand include, managing and bringing your finances in order before the purchase, figuring out what the mortgage is going to be like, and checking out the loan options that are available to you. Read on below to find out a few points you need to check to make the home buying experience smooth and easy.

Figure Out The Details of Your House

This is the time to let the creative side of you flourish. Think of the detailing of the house, try to incorporate all your needs and desires to make your dream house practical. You need to keep your regular needs in mind while designing your house, like how many rooms it will have depends on how many people will be living in it.

You also need to decide what type of home will suit your needs best, will it be a bungalow, a duplex, or an apartment. It’s a wise idea to check online for some listings and other details like pictures. You also need to consider the neighborhood and the location. If your desired location is on the South Carolina coast then you can check online for plenty of Myrtle Beach new homes listings to find the perfect one for you.

Fix Your Budget

The next step after figuring out your needs is to start planning and fixing your budget. You will need to have a very clear idea of just how much money you will be able to spend on buying the house and how to allocate and collect this money. The wise step will be to compare the different prices while checking online listings and choose a competitive one.

You need to make your budget wisely as you will have to come up with the money. Also once you have fixed a budget, it is important to keep the expenses limited within it. This is necessary as you will have extra expenses afterward, such as decoration, maintenance costs, and furniture. These expenses are essential, so maintain your budget accordingly.

Check The Price Location And Size Carefully

By this time, you are sure of exactly what you want, so get the facts reviewed. You need to consider any change in the future that will affect your decision. For instance, if you are planning to have kids then you need to keep that in mind when deciding the size of the house.

Also, research the neighborhood well, and try to analyze trends to see whether it will be safe in the future as it is in the present. Also, you need to check if commuting to work is affordable from the area and find out if there are good schools and hospitals nearby. You also need to check and see if the house could be bought at a  cheaper price. You can take the services of a realtor who can manage a pre-inspection. This will assure a good deal.

Get A Deadline Fixed

By now you are equipped with most of the information and data that are needed to purchase the house. So make plans and fix a deadline by which you plan to finish purchasing the house of your dreams and start setting it up. This date will be your goal, not only of buying your house but also moving in and decorating the house. Be sure that the date is realistic and attainable so that you can work towards it.

Check Out Different Options For Home Loans

One of the most crucial steps in your journey towards buying your home is to figure out how to arrange all the finances. Many home loan options are offered in the market so you need to be careful in choosing the right one. You cannot afford to take any risks in this step so taking your time and researching all options carefully is highly advised.

Factors needed to be considered while choosing the right loan options are to check if it offers EMI repayments or a grace period and if the interest rate will be low and flexible. You need to calculate the EMI that needs to be paid each month and determine whether a higher paying job or a raise in your current salary is needed to allocate the fund.

Fix The Mortgage 

There are many options to consider in this step. Home-secured debt is a trap and you need to be careful and not fall prey to it. It’s normal and expected to see a fluctuation in house prices. So you need to have solid plans for the future, are you planning on moving somewhere else in the future by selling the house, or do you want to make a passive income by renting a part of the house?  

Keeping all these things in mind you need to choose an affordable mortgage rate. You need to decide if you will go for one that has an interest-only loan, or one with adjustable rates and fixed interest. If you are confused before getting a mortgage pre-approval especially during Covid, then it is advised to consult a professional. 

Get A Warranty For Your Home

One thing is certain, there is nothing permanent when it comes to real estate. Natural calamities and earthquakes can damage your property anytime. Your future house will require regular maintenance and repairs, so it is well-advised to pick a home warranty which will keep you covered for any repair works in the future, for instance, rust and sediment deposition, white-washing costs, and plumbing leaks.

To Recap

The 3 most important things that you need to do beforehand while embarking on the purchase of your new home is to note down the requirements you have for the new house, fix a budget and decide on a deadline. Going for a prior inspection is always a good idea as is taking professional advice to iron out the details and very soon you will be all set to sign the deeds of your new home!

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New Tip: What Does Contingent Mean in Real Estate Sales Shared By SEO Company Estate Agents

The Definition of Contingent

Do you know what contingent means when either buying or selling a home? If not, you should! When you begin an online search for a home, you may find some sale statuses you don’t fully understand. It is fairly obvious what is meant when homes have a status of “for sale” or “sold,” but some statuses may not be as clear.

For example, if a home sale is contingent or pending, can you still make an offer? Let’s take a closer look at the meaning of contingent, so you can see how it might affect a home you are looking to buy.

If you are selling a home, there are also some ramifications you should know about as well. How your real estate agent markets your property when an offer has been accepted can have vital implications.

For example, some agents will mark your home contingent, while others will mark pending. You’ll see an explanation of both a little bit later.

What’s The Meaning of Contingent?

What does Contingent Mean?

Understanding the meaning of contingent is key. When a home sale is listed as contingent, it means that the seller has accepted an offer with contingencies. This means that certain clauses have to be completed, by perhaps both buyer and the seller, for the sale to close.

If these contingencies aren’t met, the buyer can walk away from the deal. They will also get their earnest money deposit back, and the home will go back on the market.

The home could be subject to a few different types of contingency. Let’s have a look at the most common types of contingency you are likely to see.

Home Inspection Contingency

The purchase of the property can be contingent on the home inspector’s report. Naturally, the buyer doesn’t want to buy a property that has problems, so this contingency helps prevent that. If the home requires some repairs, the price can be renegotiated, or the seller can fix the issues.

Home inspections are one of the biggest hurdles in home sales. It is not uncommon for a home to go from being market “contingent” to “back on the market” because of some issues discovered from the home inspection.

Understanding how a home inspection works is essential for both buyers and sellers, given the importance of this real estate transaction phase.

Home Sale Contingency

If the buyer still needs to sell their home before they can close on the new property, a home sale contingency can be put in place. This gives the buyer a certain amount of time to find their own buyer so that they have the funds to purchase the new property.

Most of the time, a home sale contingency clause does not really benefit the seller. By accepting a home sale contingency, you lose control of the process of selling your home. You are relying on the buyer who wants to purchase your home sets the right price for their own property.

Will the buyer have an exceptional real estate agent? Will they be marketing the home properly? These are the types of questions you need to ask yourself before accepting a home sale contingency.

If you follow all of the proper steps in selling a home, you will never have to worry about accepting an offer with a home sale clause.

Appraisal Contingency

This contingency is often required by lenders to make sure the home is worth what the buyer has offered for it. Lenders don’t want to loan more money than the property is worth since this will leave them in a losing position if the home goes into foreclosure.

If your home appraisal comes in lower than the offer amount, with this contingency, the buyer can walk away if they can’t make up the difference.

Sometimes real estate markets heavily favor sellers. When this happens, it is not uncommon for a buyer to waive their right to an appraisal contingency.

Educating yourself on the appraisal process is something worthwhile for both buyers and sellers. These appraisal tips will help.

The Mortgage Financing Contingency

Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. Perhaps, they have taken out a fresh loan, or their situation has changed in some other way since pre-approval. Maybe they have an unsubstantiated cash deposit?

Issues like these could lead to a buyer not getting the mortgage they expect.

While it is rarer for a home sale to fall apart because of a buyer not getting financing, it is still something where due diligence is essential.

The Standard Contingency Rarely Mentioned

One of the standard contingencies in nearly all real estate contracts is delivering a clear title. A seller is required to deliver a deed to a buyer free of encumbrances.

A few things that ensure this happening are a title search to ensure there are no liens or other title problems, putting a cloud on the title. The lender providing the mortgage will also do a property survey that makes sure that there are no structures that violate zoning laws.

A land surveyor will be sent to the property to ensure there are no violations. The document provided to the buyer at closing is what’s referred to as a mortgage plot plan.

Can you Make an Offer on a Contingent Home?

Most of the time, when a home is at the contingent stage, sellers are still interested in offers from other parties. Home sales that are subject to contingencies sometimes fall through. This can often happen with sale contingencies when the potential buyers home fails to sell.

If you really like a home that is at the contingent stage, you can ask your real estate agent to put in an offer. In real estate jargon, this is referred to as a “backup offer.”

In order for a backup offer to kick in, the first buyer would need to relinquish their right to purchase the home. All parties would sign a release from the contract. At this point, a seller could move forward with accepting the backup offer.

As a seller, having a backup offer in hand gives you some leverage over a buyer if they start to make unreasonable demands. This would be especially true if the backup offer has stronger terms than the first offer.

Contingent vs. Pending: What’s The Difference

If a home sale is marked as pending, it isn’t the same as contingent. Homes change to a pending status when all the contingencies have been met. This means that the seller isn’t going to be open to offers from other buyers, as might be the case with a contingent status.

The status of a home will change to pending as the final stage before closing. It means that they are waiting for the final paperwork to be completed so that they can move to closing.

However, keep in mind that in some real estate markets, pending and contingent have very similar meanings. In essence, a contract between buyer and seller has been signed. So, the only way another buyer can purchase is if the first buyer backs out.

All The Listing Statuses in The Multiple Listing Service

There is always confusion among what the various statuses mean in MLS, not just contingent. Here are some of the most common statuses you will see:

For Sale

Contingent

Pending

Back on Market

Accepting Back-Up Offers

Kick-Out Clause or Right of First Refusal

Final Thoughts on The Meaning of Contingent

Understanding the various stages that home sales go through helps you avoid fixating on a property that isn’t likely to be available anymore. When you are selling a home, contingencies can be a necessary evil to find a buyer.

However, as a buyer, contingencies can offer you a lot of protection. However, you could find that you have to drop them if another purchaser comes along with a better offer.

Hopefully, you now have a better understanding of what contingent means in home sales. For a real estate agent, terms like contingent come as second nature. To a layman, however, real estate terms such as contingent can seem complicated, especially when buying or selling a home for the first time.

Real Estate agents can be helpful to first-time buyers by explaining the little things and especially terms that we take for granted. By educating a buyer throughout a transaction, you put them in a better position to be successful.

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New Tip: The Most Important Rooms To Stage Shared By SEO Company Estate Agents

As you prepare to sell a home, you should pay attention to its appearance. No matter how great a house is, buyers will not come away with a favorable impression of it if tattered furniture, disagreeable decorations, and general untidiness reign supreme within its walls. On the other hand, homeowners and seller’s agents should not place so much care into the décor that the work becomes more expensive than it is worth in relation to the property’s value. Due to this, it may be smarter to focus on select areas within the home. These are the most important rooms to stage.

Kitchen

The kitchen may not be a place where people lounge and relax, but they will still likely spend a lot of time there. In addition, when they are in the kitchen, they’ll need to perform all kinds of tasks as they prepare food. Your main concern should be to make the area pristine and emphasize its storage space. Clean all surfaces and counters and apply paint where needed to fully remove remnants of food and drink splashes and spills. Remove unnecessary items and throw away papers and other disposable objects that tend to accumulate on counters over time. Buyers should be able to picture themselves adding in appliances and using the kitchen without being repulsed by griminess and clutter.

Living Room

The living room is a natural choice for staging because it lies at the heart of residents’ activities. It is also usually the largest and most central location in a house. The arrangement of furniture and decorations should make the living room inviting and calming to buyers. They should also be able to navigate it with ease. Therefore, when setting it up, place seats in a way that gives the room flow. This way, people won’t bump into pieces or need to scoot around them, which can make them view the home as cramped. You can redesign the living room to convey peacefulness by painting the walls neutral colors or putting up wallpaper in similarly soft hues. Modest artwork and plants can serve as embellishments.

Master Bedroom

The master bedroom is one of the most important rooms to stage because it is where home residents sleep and rest in private. Like the living room, you should try to create a comfortable ambiance that is in line with the purpose of the space. Put the bed in neat order and clean the closet so that people can look inside. You should also decorate in a modest manner that doesn’t take attention away from the room itself—simple furniture and muted colors work best. Removing personal belongings is also important as you make changes in the master bedroom. By using these tips to stage the rooms, you’ll make it easy for prospective buyers to think about how they would use the space themselves.

The post The Most Important Rooms To Stage appeared first on RealtyBizNews: Real Estate News.

Looking for digital marketing estate agents or seo company estate agents? Learn more now and get a free quote Visit the Seo Estate Agents Experts : https://estate-agents-near-me.com/marketing-company-estate-agents/ source: RealtyBizNews: Real Estate News