Blog - Navy Fellas Realty Group

Home Pricing 101: Understanding How to Set Your Home Selling Price and Why It’s a Big Decision

February 13, 2018 by James Scott

Home Pricing 101: Understanding How to Set Your Home Selling Price and Why It's a Big Decision Are you thinking about placing your home up for sale in the near future? If you dwell too much on the process itself, selling your home may seem a bit daunting. You have to deal with photos, listings, open houses, bids, counteroffers and much more. One of the decisions you will be faced with is setting the selling price for your home. In today’s blog post we will discuss pricing and how to set a price that will attract potential buyers.

You Are The Most Important Factor

It might seem a bit strange to think of it this way, but in many cases, the homeowner is the most important factor in finding the right price. For example, do you need a quick sale because you are moving for work? If you want a fast sale, you may need to list your home at a bargain price. Conversely, if you can afford to have your home on the market for a few months while you field offers you may price closer to market value.

Researching The Local Market

Next, you will want to research local market conditions to get a feel for the right pricing range. Are there other recent home sales in your neighborhood? On average, did they sell above or below the asking price? Are there many listings on the market now or is there just a few listings which may indicate intense buying pressure?

The market will play a significant role in choosing the right price. Don’t overlook it.

Don’t Get Greedy

The best possible real estate sale is ‘high and fast’, meaning your home sold quickly and for a high price. The reality is typically much different. You may get some buyers bidding, but all with low offers. Alternatively, you may only have one potential homebuyer come to your first open house. Whatever the case, keep in mind that you do not want to get greedy. Yes, it is great to sell high. However, you also want to close the sale so you can move on.

Too Much Trouble? Enlist Professional Help

If you feel that all of this is just a bit too much to bother with, don’t fret. Your best course of action is to enlist the help of a professional real estate agent who has extensive home selling experience. When you’re ready to sell your home, give us a call. We’re happy to share our insight into the local market and advise you on the best listing price to get your home sold quickly.

What’s Ahead For Mortgage Rates This Week – February 12th, 2018

February 12, 2018 by James Scott

Whats Ahead For Mortgage Rates This Week – February 12th 2018 Jerome “Jay” Powell was sworn in as Chair of the Federal Reserve amidst wild fluctuations in U.S. stock markets. Analysts attributed sliding stock prices to fears over inflation.

Mr. Powell, who follows former Fed Chair Janet Yellen, introduced himself via a video clip on the Fed’s website. Weekly readings on mortgage rates and new jobless claims were also released.

New Fed Chair Promises “Transparency“ in Video Introduction

In a video introduction posted on the Fed’s website, new Fed Chair Jay Powell promised that the Fed would explain “what we are doing and why we are doing it.” Mr. Powell did not address stock market volatility but said that monetary policy decisions would be made based on the Fed’s dual mandate of achieving maximum employment and price stability along with economic growth.

Mr. Powell took leadership of the Fed as the national unemployment rate dipped to 4.10 percent.

Mr. Powell is an attorney by profession and is the first Fed Chair not to hold a PhD in economics in more than 30 years.

Former Treasury Secretary Advises Against Raising Rates Too Fast

Former Obama administration Treasury Secretary Larry Summers cautioned against raising rates too fast: “If the Fed raises rates sufficiently to assure financial stability, there is a risk that the economy will slow too much.

When the Federal Reserve raises its target federal funds rate financial institutions, mortgage lenders and retail lenders usually follow suit.

Mortgage Rates Rise, New Jobless Claims Fall

Freddie Mac reported higher mortgage rates last week. The average rate for a 30-year fixed rate mortgage was 10 basis points higher at 4.32 percent; the average rate for a 15-year fixed rate mortgage rose by nine basis points to 3.77 percent.

The average rate for a 5/1 adjustable rate mortgage gained four basis points to 3.57 percent. Discount points averaged 0.60 percent, 0.50 percent and 0.40 percent respectively.

New jobless claims fell to their lowest level since the 1970s. 221,000 first-time claims were filed as compared to 232.000 new claims expected and the prior week’s reading of 230,000 new claims filed.

What‘s Ahead

This week’s economic news releases include readings on inflation, retail sales and the National Association of Home Builders Housing Market Indices. Readings on housing starts and building permits issued will also be released, along with weekly readings on mortgage rates and new unemployment claims.

Sellin’ Ain’t Easy: 4 Reasons Why You Will Want to Engage a Professional Real Estate Sales Agent

February 9, 2018 by James Scott

Selling Ain't Easy: 4 Reasons Why You Will Want to Engage a Professional Real Estate Sales Agent Are you listing your home for sale this year? If so, you may be wondering just why you need the services of a real estate agent. Sure, it is theoretically possible to handle the entire process yourself and be successful. However, if you’re inexperienced, you may end up stumbling. Let’s explore four reasons why you will want to enlist the services of a professional real estate agent when you sell your home.

Do You Know How To Price Your Home?

Choosing the right listing price is a decision that requires research, intuition and a day-to-day understanding of how the local real estate market is moving. Unless you work in real estate, it is unlikely that you have your finger on the pulse of the market. Without a real estate agent’s help, you might end up pricing too high, which means that your sale takes much longer, or too low, which means you leave money on the table. Setting the right price is critical and shouldn’t be overlooked.

Have You Ever Marketed A Property Listing?

Do you have experience with marketing a property listing? If not, it is crucial that you work with an experienced real estate team. Today’s market requires website listings, social media advertising and other tactics to ensure success. It’s best to leave marketing to those who understand it.

Are You Good At Dealing With Strangers?

Do you consider yourself a ‘people person’? If not, you probably aren’t going to like the home selling process very much. Every open house means new people are walking through your home – potentially dozens of them. Your real estate agent is there to take care of dealing with strangers so you don’t have to.

Is Negotiating One Of Your Strengths?

Finally, don’t forget that real estate transactions almost always end up in some sort of negotiation. It is rare for a buyer to walk up and pay your listing price, although it does happen. However, it’s more common to receive a lower bid to try to draw you into submitting a counteroffer. In other cases, you may end up with multiple buyers fighting a bidding war to buy your home. In all of these situations, you will want an experienced negotiator on hand to help.

These are just a few of the many reasons that working with a professional real estate agent is in your best interests when you sell your home. To learn more about the sales process, or to list your home for sale, contact us today. Our team is dedicated to ensuring you have a fast, stress-free sale.

When Is the Right Time to Buy Your First Home? Use This Easy 4 Point Checklist

February 8, 2018 by James Scott

When Is the Right Time to Buy Your First Home? Use This Easy 4 Point Checklist Are you growing tired of renting? Or perhaps you’ve recently graduated from college and are looking to set down some roots? Whatever the case, buying your first home is an exciting prospect. Let’s take a look at a quick and easy four-point checklist that you can use to determine if you are ready to buy your first home.

#1: Is Your Credit In Good Shape?

How is your overall financial health? Once you have your down payment saved up, you should turn your attention to your credit rating. If you are going to borrow a mortgage to help cover the cost of your home, your lender will be doing some digging into your credit history. It is best to ensure that you aren’t late with any payments and have cleared off any black marks from past credit problems.

#2: Can You See Yourself Living In This Community?

Do you love the area you live in? Or are you thinking about moving to a community that you like a bit more than your current one? Perhaps it’s the local shops, the amenities, the walking trails or just being closer to work. It is always best to ‘love where you live,’ so ensure that you are buying your first home in a community that you can call home.

#3: Is Your Job Situation Stable?

Another factor to consider is your job or career situation. Are you likely to switch companies or be transferred to another division within the next few years? Be sure to give some thought to this as it will be inconvenient to have to move shortly after buying and furnishing a home.

#4: Are You Planning To Have Children?

Finally, have you considered what your family might look like in the future? Are you planning to get married, or if you are already married are you planning to have a family? If you have children now, do you expect to have any more of them? Keep in mind that as your children grow older, they will need a bit more space. If you have a couple of young kids sharing bunk beds, each will need their own bedroom soon enough.

When you’re ready to buy your first home, our friendly real estate team is here to help. Give our offices a call and we will be happy to meet with you to discuss your needs and share a variety of beautiful homes that are available today.

Case-Shiller Home Price Growth Ticks Upward in November Reading

February 7, 2018 by James Scott

Home prices increased in November, with national home prices up 0.70 percent month-to-month and 6.20 percent higher year-over year. Case-Shiller’s 20-City Home Price Index rose by 0.70 percent in the three-month period ending in November; nationally, home prices grew 6.20 percent year-over-year.

Seattle, Washington held first place in home price growth with a year-over-year increase of 12.70 percent. Las Vegas, Nevada home prices followed with year-over-year home price growth of 10.60 percent. San Francisco, California home prices grew by 9.10 percent year-over-year. Slim supplies of homes for sale drove rising home prices and sidelined would-be borrowers as affordability remained out of reach.

Home Prices Get a Pre-Recession Do-Over in Some Cities

David M. Blitzer, Chairman of the S&P Dow Jones Indices Committee, said that Los Angeles and San Diego, California along with Las Vegas, Nevada and Miami, Florida are repeating fast-paced price gains that they had prior to the recession.

Mortgage Rates, Building Costs Impact Supply of Homes and Affordability

Combined effects of high mortgage rates and rapidly rising home prices could dampen buyer enthusiasm over time, but the time-worn proclamation that what goes up must come down has not applied to home prices in high demand metro areas. Home buyers may rush to close their home loans before rates rise, but more buyers may delay buying a home due to few options, higher home prices and rising rates.

Lower taxes and rising wages may encourage renters to buy homes, but home prices continued to outstrip income for many potential buyers.

Building more homes is the only relief in sight for low inventories of homes for sale, but builders face rising materials costs, shortages of lots suitable for building and insufficient workers. Other factors impacting home building and buying homes include poor weather in some areas during December, and further shortages of homes caused by natural disasters in 2017.

2018 may see high-priced local areas develop affordable homeownership programs as current prices continue to rise above interested buyers’ financial resources.

Recently Inherited a Home That You Don’t Need? Here’s How to Get It Sold Without Too Much Stress

February 6, 2018 by James Scott

Recently Inherited a Home That You Don't Need? Here's How to Get It Sold Without Too Much Stress Has a loved one or family member recently passed on and left you with their home? Inheriting a house can be a delightful gift, but it can also present a significant number of challenges that you must navigate. Let’s explore how to deal with an inherited house and, should you decide to, how to sell it without incurring too much stress.

Are Emotions Involved?

The death of a family member or other loved one can be a trying time emotionally. Depending on how the deceased left the property, you may also have to deal with cleaning out personal belongings and reviving old memories. A battle over a will or the proceeds of an estate can compound the situation, making things worse.

If you are emotionally involved, it is best to work with a real estate agent who can do much of the heavy lifting. That way you can focus on supporting your family and keeping your stress levels down.

Understand Your Legal Obligations

Although real estate inheritance is common, there are still some legal issues that must be considered. As such, you will need to understand what your legal obligations are regarding the will or estate process. Are you the executor of the will, or is someone else? Is the property included in a trust, or is it free-standing and gifted directly to you? Has the probate period passed, or can a family member or relative still challenge the will? If you haven’t already, it is best to speak with a real estate professional or experienced lawyer to get their advice.

Consider The Tax Implications

As with any financial windfall, there are going to be tax implications that need to be considered when selling an inherited home. For example, it’s unlikely that you will qualify for the home sales tax exclusion unless you have been living in that house as your primary residence. Once you sell the home, you will also need to report the proceeds of the sale to the IRS. There are also a variety of different taxes that need to be factored in, including estate taxes, inheritance taxes and more.

Consult An Experienced Real Estate Agent

Selling a home that you have inherited in a will or as part of an estate can be an emotionally draining process. Before you make any moves, it is best to speak with a real estate professional. Contact our offices at your convenience and we will be happy to meet with you and share our guidance.