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How Buying or Selling a Home Benefits Your Community

September 13, 2024 by James Scott

When you think about buying or selling a home, your focus is often on the personal benefits, finding the perfect place to live, or getting a good return on your investment. However, these transactions do more than just impact your life; they also have a positive effect on the entire community. Here’s how buying or selling a home can benefit your local area.

1. Boosting the Local Economy

Real estate transactions are a significant driver of economic activity. When you buy or sell a home, a whole host of local businesses benefit, from real estate agents and home inspectors to contractors and moving companies. This influx of business generates income for local workers and supports small businesses, which in turn helps to strengthen the local economy.

2. Supporting Local Services

Property taxes collected from homeowners are a primary source of revenue for local governments. These funds are used to maintain and improve essential public services, such as schools, fire departments, police forces, and public parks. By purchasing a home, you contribute to the funding of these services, helping to ensure that your community remains a safe, vibrant, and well-maintained place to live.

3. Fostering Community Development

New homeowners bring fresh energy and ideas to a neighborhood. Whether it’s through participation in local events, involvement in community organizations, or simply maintaining and improving their property, homeowners contribute to the overall development and well-being of the area. Selling a home also opens the door for new residents who can bring diversity and new perspectives to the community.

4. Increasing Property Values

A healthy real estate market can have a positive effect on property values across a community. When homes are bought and sold regularly, it signals that the area is desirable, which can drive up demand and, consequently, property values. As property values increase, homeowners build equity, which can enhance their financial stability and contribute to overall community wealth.

5. Promoting Sustainable Development

Homebuyers today are increasingly looking for energy-efficient and environmentally friendly homes. This trend encourages builders and developers to adopt sustainable practices, leading to greener, more sustainable communities. Additionally, sellers who invest in eco-friendly upgrades can attract more buyers, promoting a cycle of sustainable living within the community.

6. Enhancing Social Connections

Buying or selling a home often brings new neighbors into the community, creating opportunities for social interactions and the building of new friendships. Strong social ties are a key component of a thriving community, leading to increased civic engagement, support networks, and a sense of belonging among residents.

Buying or selling a home is more than just a financial transaction, it’s an investment in your community. From boosting the local economy and supporting public services to fostering community development and promoting sustainability, your real estate decisions have far-reaching impacts that benefit everyone in the area. So, as you navigate the process of buying or selling, take pride in knowing that you’re contributing to the growth and vitality of your community.

Filed Under: Housing Market Tagged With: Buying A Home, Housing Market, Real Estate

Understanding Short Sales: What They Are and Why You Might Want One

February 23, 2024 by James Scott

In the world of real estate, the term “short sale” often surfaces in conversations, but its meaning and implications might not be immediately clear to everyone. As a real estate agent, it’s important to not only understand what a short sale is but also to effectively communicate its potential benefits to your clients. Let’s delve into the intricacies of short sales and explore why they might be advantageous for certain buyers.

What is a Short Sale?

A short sale occurs when a homeowner sells their property for less than the outstanding mortgage balance. In essence, the proceeds from the sale fall short of what the homeowner owes the lender. Short sales typically happen when the homeowner is facing financial hardship and is unable to continue making mortgage payments.

Why Would You Want a Short Sale?

Opportunity for Buyers: Short sales can present unique opportunities for buyers to acquire properties at potentially discounted prices. Since the seller is motivated to sell quickly to avoid foreclosure, buyers may find properties listed below market value.

Potential for Negotiation: Short sales often involve negotiations with the lender. Buyers, along with their real estate agents, can negotiate terms such as purchase price, closing costs, and repair credits. This flexibility can be advantageous for buyers seeking a good deal and willing to invest time in the negotiation process.

Less Competition: Short sales may have less competition compared to traditional sales or foreclosed properties. Many buyers are hesitant to pursue short sales due to the complexities involved, which can reduce competition and increase the chances of securing the desired property.

Potential for Property Improvement: Buyers interested in purchasing distressed properties may see short sales as an opportunity to invest in properties that require renovation or improvement. With the potential to add value over time, short sale properties can be appealing to buyers looking for long-term investments.

Assistance for Distressed Homeowners: While short sales offer benefits to buyers, they also provide a lifeline to homeowners facing financial hardship. By facilitating a short sale, homeowners can avoid foreclosure and mitigate the long-term consequences of defaulting on their mortgage.

Considerations for Buyers

Despite the potential advantages, buyers interested in short sales should be aware of certain considerations:

Complex Process: Short sales involve a complex and often lengthy process that requires patience and persistence. Buyers should be prepared for delays and uncertainties throughout the transaction.

Potential for Additional Costs: While short sale properties may offer discounts, buyers should be prepared for potential repair costs or unforeseen expenses associated with the property.

Risk of Rejection: Lenders have the final say in approving or rejecting short sale offers. Even after negotiations, there is no guarantee that the lender will accept the proposed terms.

Short sales can be a viable option for buyers seeking discounted properties and willing to navigate the complexities of the process. As a real estate agent, it’s essential to educate clients about the potential benefits and considerations associated with short sales, helping them make informed decisions that align with their goals and financial capabilities.

 

Filed Under: Real Estate Tagged With: Housing Market, Real Estate, Short Sale

What’s Ahead For Mortgage Rates This Week – October 23, 2023

October 23, 2023 by James Scott Leave a Comment

This week featured the usual retail sales report which shows consumer demand and as well as an indicator of the velocity of money, not only for consumers but business to business as well. An increase would show an increase in national and local increase in economic activity, which is important as we move into Q4 of the year; where the holiday season is expected to see an increase in consumer activity.

Retail Sales

Retail sales have exceeded expectations this month showing month-to-month increases across the board:

  • Retail sales are up 0.7% from the previous month with an expected increase of 0.3%.
  • Retail sales with auto removed show an increase of 0.6% compared to an expected 0.2% increase.
  • Business inventories are also above the expected increase at 0.4% compared to 0.3%.

Housing Starts & Building Permits

U.S. Housing Starts rebound in September after a sharp drop in the prior month. Largely, economists are feeling that builders have been losing confidence since rates have peaked over 7% and housing is expected to trend lower until the end of the year.

  • Construction of new U.S. homes rebounded 7% in September to an annual pace of 1.36 million units after a sharp 1.5% drop in the prior month, the Commerce Department said Wednesday.
  • Building permits, a sign of future construction, fell 4.4% to a 1.47 million rate.
  • Existing home sales beat expected sales with 3.98 million sales compared to the expected 3.90 million sales.

Key point: The pace of construction for single-family homes in September has risen by 3.2% and apartment building construction rose by 17.1%

Mortgage Applications Increased for the Month of October

MBA Mortgage Applications Increase, a measure of mortgage loan application volume again.

Primary Mortgage Market Survey Index

  • 15-Yr FRM rates seeing a week-to-week increase by 0.03% with the rates now at 92%.
  • 30-Yr FRM rates seeing a week-to-week increase by 0.06% with the current rate at 63%

MND Rate Index

  • 30-Yr FHA rates increased week to week seeing a 0.28% basis point increase. Current rates at 40%
  • 30-Yr VA rates increased week to week seeing a 0.30% basis point increase. Current rates at 44%

Job Claims

Those who applied for unemployment benefits last week fell to a nine-month low of 188,000, subverting expectations that layoffs would rise as the U.S. interest rates continued to increase.

Initial Claims were 188,000 compared to the expected claims of 211,000. The prior month was 211,000.

What’s Ahead

This week’s scheduled economic reports include PMI data, along with new home sales. There will also be a national GDP data release which can give an indication of the growth of markets and economy as a whole. Lastly, Personal Income and Spending will be at the tail of the week along with PCE Index numbers.

Filed Under: Financial Reports Tagged With: Financial Report, Housing Market, Mortgage Rates

What’s Ahead For Mortgage Rates This Week – September 5, 2023

September 5, 2023 by James Scott

What's Ahead For Mortgage Rates This Week - September 5, 2023

Last week’s economic reporting included readings on inflation, consumer sentiment, and weekly readings on mortgage rates and jobless claims. 

 

Inflation Rates Are Similar in August

Month-to-month, the inflation rate holds relatively steady at 3.18 percent. This is slightly up when compared to 2.97 percent last month; however, it is significantly lower than the rate of 8.52 percent last year. When compared to the long-term average, inflation is trending in the right direction, as the long-term average is 3.2 percent.

Inflation rose at a pace of 0.20 percent in July and met analysts’ expectations. There was no change in the pace of month-to-month inflation from June’s reading of 0.20 percent growth. The Consumer Price Index also reported that year-over-year inflation reached 9.10 percent, which was the highest reading since reaching a 40-year high in mid-2022.

 

While we still wait for core inflation, experts predict it to come in at around 3.38 percent. Core inflation, also known as the CPI, excludes food and fuel prices, which are historically volatile. If core inflation comes in at 3.38 percent, this would be significantly lower than the July reading of 4.7 percent.

 

Right now, it is unclear whether the Federal Reserve will raise interest rates, as they are still waiting for other metrics, including the core inflation above.

 

Mortgage Rates Rise, Job Market Cools

The 30-year fixed, the preferred metric for mortgage rates, remains at around 7.53 percent. These are the highest mortgage rates of the last 20 years. Rates continue to rise when compared to July’s mortgage rates, which were just under 7 percent. This continues to put pressure on those interested in purchasing homes. The 15-year fixed mortgage rate is about 6.81 percent. This is slightly higher than the 15-year fixed for August, which was 6.55 percent on average.

 

When comparing these mortgage rates to last week, the 30-year fixed has gone up. It was 7.23 percent, on average, last week, and has jumped to 7.53 percent this week. The average rate for a 15-year fixed is 6.81 percent this week, which is slightly higher than last week, where the average 15-year fixed was 6.55 percent.

 

It appears that the increase in interest rates is finally having an impact on the job market. Unemployment rose to 3.8 percent, and the economy added 187,000 jobs in August. While these are still historically solid numbers, it is clear that the job market is cooling, when compared to July.


University of Michigan Consumer Sentiment Survey 

The University of Michigan released its monthly consumer sentiment report, and consumer sentiment has dropped slightly when compared to last month. The index reading was 72.0 in July, but it dropped to 69.5 in August. The overall sentiment regarding the economy also dropped from 76.6 in July to 75.7 in August. 

 

These numbers reflect that consumers are still a bit wary of economic conditions. While inflation continues to come down, many consumers are likely still nervous about the increase in interest rates and the cooling job market. While sentiment remains positive, there is some cooling in the economy.

 

What’s Ahead

During the next week, mortgage rates will get an update, and the Federal Reserve will receive some new metrics regarding the economy. These numbers will be very important for the Fed, as it decides whether it will raise interest rates again in September in an attempt to cool inflation further.

Filed Under: Financial Reports Tagged With: Case-Shiller, Financial Report, Housing Market

What’s Ahead For Mortgage Rates This Week – September 5, 2023

September 5, 2023 by James Scott

What's Ahead For Mortgage Rates This Week - September 5, 2023

Last week’s economic reporting included readings on inflation, consumer sentiment, and weekly readings on mortgage rates and jobless claims. 

 

Inflation Rates Are Similar in August

Month-to-month, the inflation rate holds relatively steady at 3.18 percent. This is slightly up when compared to 2.97 percent last month; however, it is significantly lower than the rate of 8.52 percent last year. When compared to the long-term average, inflation is trending in the right direction, as the long-term average is 3.2 percent.

Inflation rose at a pace of 0.20 percent in July and met analysts’ expectations. There was no change in the pace of month-to-month inflation from June’s reading of 0.20 percent growth. The Consumer Price Index also reported that year-over-year inflation reached 9.10 percent, which was the highest reading since reaching a 40-year high in mid-2022.

 

While we still wait for core inflation, experts predict it to come in at around 3.38 percent. Core inflation, also known as the CPI, excludes food and fuel prices, which are historically volatile. If core inflation comes in at 3.38 percent, this would be significantly lower than the July reading of 4.7 percent.

 

Right now, it is unclear whether the Federal Reserve will raise interest rates, as they are still waiting for other metrics, including the core inflation above.

 

Mortgage Rates Rise, Job Market Cools

The 30-year fixed, the preferred metric for mortgage rates, remains at around 7.53 percent. These are the highest mortgage rates of the last 20 years. Rates continue to rise when compared to July’s mortgage rates, which were just under 7 percent. This continues to put pressure on those interested in purchasing homes. The 15-year fixed mortgage rate is about 6.81 percent. This is slightly higher than the 15-year fixed for August, which was 6.55 percent on average.

 

When comparing these mortgage rates to last week, the 30-year fixed has gone up. It was 7.23 percent, on average, last week, and has jumped to 7.53 percent this week. The average rate for a 15-year fixed is 6.81 percent this week, which is slightly higher than last week, where the average 15-year fixed was 6.55 percent.

 

It appears that the increase in interest rates is finally having an impact on the job market. Unemployment rose to 3.8 percent, and the economy added 187,000 jobs in August. While these are still historically solid numbers, it is clear that the job market is cooling, when compared to July.


University of Michigan Consumer Sentiment Survey 

The University of Michigan released its monthly consumer sentiment report, and consumer sentiment has dropped slightly when compared to last month. The index reading was 72.0 in July, but it dropped to 69.5 in August. The overall sentiment regarding the economy also dropped from 76.6 in July to 75.7 in August. 

 

These numbers reflect that consumers are still a bit wary of economic conditions. While inflation continues to come down, many consumers are likely still nervous about the increase in interest rates and the cooling job market. While sentiment remains positive, there is some cooling in the economy.

 

What’s Ahead

During the next week, mortgage rates will get an update, and the Federal Reserve will receive some new metrics regarding the economy. These numbers will be very important for the Fed, as it decides whether it will raise interest rates again in September in an attempt to cool inflation further.

Filed Under: Financial Reports Tagged With: Case-Shiller, Financial Report, Housing Market

What’s Ahead For Mortgage Rates This Week – September 5, 2023

September 5, 2023 by James Scott

What's Ahead For Mortgage Rates This Week - September 5, 2023

Last week’s economic reporting included readings on inflation, consumer sentiment, and weekly readings on mortgage rates and jobless claims. 

 

Inflation Rates Are Similar in August

Month-to-month, the inflation rate holds relatively steady at 3.18 percent. This is slightly up when compared to 2.97 percent last month; however, it is significantly lower than the rate of 8.52 percent last year. When compared to the long-term average, inflation is trending in the right direction, as the long-term average is 3.2 percent.

Inflation rose at a pace of 0.20 percent in July and met analysts’ expectations. There was no change in the pace of month-to-month inflation from June’s reading of 0.20 percent growth. The Consumer Price Index also reported that year-over-year inflation reached 9.10 percent, which was the highest reading since reaching a 40-year high in mid-2022.

 

While we still wait for core inflation, experts predict it to come in at around 3.38 percent. Core inflation, also known as the CPI, excludes food and fuel prices, which are historically volatile. If core inflation comes in at 3.38 percent, this would be significantly lower than the July reading of 4.7 percent.

 

Right now, it is unclear whether the Federal Reserve will raise interest rates, as they are still waiting for other metrics, including the core inflation above.

 

Mortgage Rates Rise, Job Market Cools

The 30-year fixed, the preferred metric for mortgage rates, remains at around 7.53 percent. These are the highest mortgage rates of the last 20 years. Rates continue to rise when compared to July’s mortgage rates, which were just under 7 percent. This continues to put pressure on those interested in purchasing homes. The 15-year fixed mortgage rate is about 6.81 percent. This is slightly higher than the 15-year fixed for August, which was 6.55 percent on average.

 

When comparing these mortgage rates to last week, the 30-year fixed has gone up. It was 7.23 percent, on average, last week, and has jumped to 7.53 percent this week. The average rate for a 15-year fixed is 6.81 percent this week, which is slightly higher than last week, where the average 15-year fixed was 6.55 percent.

 

It appears that the increase in interest rates is finally having an impact on the job market. Unemployment rose to 3.8 percent, and the economy added 187,000 jobs in August. While these are still historically solid numbers, it is clear that the job market is cooling, when compared to July.


University of Michigan Consumer Sentiment Survey 

The University of Michigan released its monthly consumer sentiment report, and consumer sentiment has dropped slightly when compared to last month. The index reading was 72.0 in July, but it dropped to 69.5 in August. The overall sentiment regarding the economy also dropped from 76.6 in July to 75.7 in August. 

 

These numbers reflect that consumers are still a bit wary of economic conditions. While inflation continues to come down, many consumers are likely still nervous about the increase in interest rates and the cooling job market. While sentiment remains positive, there is some cooling in the economy.

 

What’s Ahead

During the next week, mortgage rates will get an update, and the Federal Reserve will receive some new metrics regarding the economy. These numbers will be very important for the Fed, as it decides whether it will raise interest rates again in September in an attempt to cool inflation further.

Filed Under: Financial Reports Tagged With: Case-Shiller, Financial Report, Housing Market

S&P Case-Shiller Housing Market Indices: Short Supply of Homes for Sale Pushes Prices Up

June 29, 2023 by James Scott

S&P Case-Shiller Housing Market Indices: Short Supply of Homes for Sale Pushes Prices UpApril readings for S&P Case-Shiller’s Housing Market Indices showed gains in home prices throughout the U.S. Rising prices were caused by shortages of previously-owned homes for sale and increasing buyer demand as the average 30-year mortgage rate exceeded six percent.  The southeastern region lost its top spot on S&P Case-Shiller’s 20-City Home Price Index as Chicago, Illinois, Atlanta, Georgia, and Tampa, Florida held the top three year-over-year home price growth rates for April.

Chicago, Illinois Breaks Southeast’s Lead on April Home Price Growth

The top three cities with the highest home price growth rates as reported in April’s   S&P Case-Shiller’s 20-City Home Price Index were Chicago, Illinois with a  year-over-year home price gain of 4.10 percent;  Atlanta, Georgia posted a year-over-year home price growth of 3.50 percent.  Tampa, Florida placed third in the 20-City Index with an average home price gain of 2.40 percent. All year-over-year readings for April home prices were seasonally adjusted.

Average home prices lagged in the West as the combined impact of high home prices and mortgage rates created affordability issues for would-be home buyers. Seattle, Washington saw average home prices drop by -12.40 percent year-over-year; San Francisco, California reported that year-over-year home prices declined by 11.10 percent in April. Home prices in Las Vegas, Nevada fell by 6.60 percent year-over-year.

Mortgage rates nearing 7 percent did not appear to impact home buyers to a great extent, but higher rates do increase the cost of home loans and monthly payments; current mortgage rates and rising home prices do not promote affordable opportunities for first-time and moderate-income home buyers.

FHFA House Price Index

In related news, the Federal Housing Finance Agency posted 0.50 percent month-to-month-home price growth in its  House Price Index for April. This index reports on home prices for homes sold by the Government Sponsored Enterprises Fannie Mae and Freddie Mac. These homes were acquired through foreclosure and were subject to original loan limits established by FHFA for mortgages acquired or guaranteed by Fannie Mae and Freddie Mac The GSEs’ loan limits cause a more moderate range of home price growth reported in  FHFA’s House Price Index as compared to data reported in the S&P Case-Shiller Home Price Indices.

Filed Under: Financial Reports Tagged With: Case-Shiller, Financial Report, Housing Market

Feeling Squeezed by Higher Rents? It Might Be Time to Consider Buying Your First Home

August 9, 2022 by James Scott

Feeling Squeezed by Higher Rents? It Might Be Time to Consider Buying Your First HomeWith the cost of rent going up across the board and becoming even less affordable in metropolitan centers, it’s never been a better time to seriously consider home ownership. While the price of a home and all the associated costs can certainly seem like a tight squeeze after years of renting, here are some reasons you may want to consider giving up your rental and springing for a home instead.

It’s An Automatic Savings

It’s a sure bet that the money you spend on rent is going down the drain as soon as the month is over, but investing your money into a home each month means that you’re actually putting it into something tangible that you can profit from later on. While there are no certainties that the price of your home will improve, there’s a good chance you’ll stand to make a bit of money in the end that will easily offset the cost of insurance and property taxes involved in buying a home.

The Insecurity Of Apartment Living

With apartments being bought up all the time and torn down to make way for new developments, it’s always a possibility that the day may come when your home won’t be your home anymore. The good thing about using your purchasing power to invest in a home is that it gives you the freedom of feeling like you really have something that belongs to you, and you probably won’t have to worry as much about your loud next door neighbors or a landlord that never completes the required maintenance on your apartment.

You Can Consider A Roommate

An apartment often means a smaller amount of space, but it’s possible that a home purchase may provide you with a little bit of extra room and a place for a renter who can help with the monthly bills. Whether you decide on a friend, relative or someone you don’t know, this can be a great way to make home purchasing a little bit more economical and still provide you with the equity you’ll need to make it a worthwhile, long term investment.

With rent becoming less affordable in so many cities, the idea of purchasing a home is becoming a more tenable reality for many people. If you’re interested in what is out there and are curious about your own possibilities for home ownership, you may want to contact one of our local real estate professionals for more information.

Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Housing Market

What’s Ahead For Mortgage Rates This Week – August 1, 2022

August 1, 2022 by James Scott

What's Ahead For Mortgage Rates This Week - August 1, 2022Last week’s economic news included readings on home price growth, new and pending home sales, and inflation. Weekly reports on mortgage rates and jobless claims were also released.

S&P Case-Shiller: Home Price Growth Slows in May

Home prices rose at a slower pace in May according to the S&P Case-Shiller National Home Price Index. Year-over-year home prices rose by 19.70 percent in May as compared to April’s year-over-year reading of 20.60 percent in home price appreciation. Tampa, Florida led S&P Case-Shiller’s 20-City Home Price Index with 36.10 percent year-over-year home price growth. Miami, Florida followed with 34.00 percent home price appreciation. Dallas, Texas reported a 30.80 percent growth rate in home prices.

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, reported 1.40 percent growth in home prices month-to-month and 18.30 percent growth year-over-year for May. FHFA data covers purchase-only transactions associated with home loans owned or backed by Fannie Mae and Freddie Mac. Analysts said that slower growth in home prices signaled a cooling market after years of rapidly rising home prices.

The Commerce Department reported the lowest number of new home sales since the pandemic. New homes sold at a seasonally-adjusted annual pace of 590,000 sales in June as compared to May’s reading of 642,000 sales. Rising mortgage rates and high home prices eroded affordability for first-time and moderate-income home buyers.

Mortgage Rates and Jobless Claims Fall

Freddie Mac reported lower mortgage rates last week as rates for 30-year fixed-rate mortgages fell by 24 basis points to 5.30 percent; rates for 15-year fixed-rate mortgages averaged 4.58 percent and 17 basis points lower than for the previous week. Rates for 5/1 adjustable rate mortgages averaged 4.29 percent and were two basis points lower on average. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Fewer first-time jobless claims were filed last week with 256,000 claims filed as compared to the previous week’s reading of 261,000 initial claims filed. Analysts expected 249,000 first-time jobless claims to be filed last week.

The Federal Reserve moved to slow inflation by raising its target interest rate range from 1.50 percent to 1.75 percent to 2.25 to 2.50 percent. Interest rates are expected to rise for consumer loans, credit cards, and variable-rate education loans. The Commerce Department’s personal consumption price index rose by one percent in June, which was the fastest month-to-month growth rate in 40 years. Analysts expected inflation to increase by 0.90 percent.  

What’s Ahead

This week’s scheduled economic reporting includes readings on construction spending and job growth; weekly readings on mortgage rates and jobless claims will also be released. 

Filed Under: Financial Reports Tagged With: Financial Report, Housing Market, Jobless Claims

Buying A Home That’s Not For Sale

July 7, 2022 by James Scott

Buying A Home That’s Not For SaleYou’re ready to purchase a home, but you’ve looked at everything on the market and can’t find the perfect place. You’ve researched the school districts, neighborhoods and nearby amenities, and you know exactly in which area you want to live.

However, anything that comes on the market in that part of town gets snapped up immediately.

It’s time to get creative when it comes to buying a home. Start looking at places that are not currently for sale. You might have driven past your dream home, but you never thought of going the unconventional buying route.

Well, take a look at the tips below to see how you can close on a home without any other buyers knowing.

Look At Previously Listed Homes

Search homes that were on the market, but the owners took them off. Many homeowners let their listing expire and are waiting until the market improves. This is fortunate for you, because you know they are already interested in selling.

Research Online County Records

If you see your perfect home, but you don’t want to just walk up to the door and demand they sell their house, you can find their contact information online. Property records include the owners’ name, address, and, sometimes, their contact information. This will allow you to go through the proper channels of proposing an offer.

Consider A Real Estate Agent

A seller is more likely to take you seriously if a real estate agent brings the offer to them. Agents deal with sellers all the time and will be able to gage if the homeowners are interested.

They’ll also be able to tell you the right price to offer and how you should go about it. You’ll also have piece of mind that all the paperwork that comes with buying a home is completed correctly.

Write A Personal Letter

While all the guidelines say to keep personal feelings out of the home selling process, it’s practically impossible. A home is the place where you raise your children and make memories.

So write the homeowners a heartfelt letter about how you’d like to build a life in their current house. If they think you’ll care for their place as much as they do, they might entertain an offer.

Offer A Fair Price

Many homeowners are ready to upgrade, but hate the idea of getting their current residence ready to sell. They’d have to clean, clear clutter, stage and keep everything looking spotless until they close the deal — which can be quite a hassle.

So, make it convenient. Offer a price that won’t offend and will have them thinking how this could be a stress-free transition.

Filed Under: Homebuyer Tips Tagged With: Homebuyer Tips, Housing Market, Real Estate Tips

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