In real estate, knowledge really is power By April Stephens
In today’s fast-paced, always moving society, real estate has become no different. With the ability to get ice cream delivered at the push of a button in a matter of minutes, we have become a bit spoiled. Myself included. Unfortunately, when making decisions regarding a large purchase or investment those decisions should be handled with care and backed with knowledge. There are so many options when buying or selling a home in this new decade. If handled correctly the possibilities are endless for an amazing end result. When purchasing in this current market, being armed with the knowledge of the best loan programs available are key. We find that many people do not know there are still several 100 percent loan programs. For first time homebuyers, there are still tax credits that can be used to increase
how much of a home you qualify for. Interest rates are still historically low and affordability is at an all time high, it is prime time for buyers right now. Although home prices are rising, payment wise it is still a great opportunity to be a homeowner in addition to the tax benefits. Sellers should also know all of their options when selling in this market as they are in a great equity position. There are many “horror” stories circulating regarding how hard it is to “show and sell” a home. Honestly though, with the inventory levels at an all time low, we are experiencing many homes are going under contract in the first five showings. Assuming a seller is selling at a $200K price 10 percent below market value, that is $20,000. That equates to approximately $4,000 per showing in this scenario.
That is more than a convenience fee. Not only are homes selling quickly, but with more buyers than homes, the process has become less stressful. Buyers tend to be more understanding with regards to repairs and other issues that may arise. There are also more investors in the market with fewer homes, creating a lot of opportunity for sellers that want to sell “as-is” while giving concessions for needed repairs or upgrades. Our market is one of the highest for internet buyers in the country, which is honestly a bit surprising given the amount of equity many sellers have. Although they appear to make the process “easy” there are also a lot of fees associated with their processes. Sellers have a historically high amount of equity right now. If you are considering
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