Realty Executives Midwest
As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.
Due to the undersupply of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in bidding wars, which will also drive price points higher in the home sale process.
There’s no evidence that buyer demand will wane. As a result, experts project price appreciation will continue over the next twelve months. Here’s a graph of the major forecasts released in the last 60 days:
Some are concerned that homeowners who entered a mortgage forbearance plan might face foreclosure once their plan ends. However, when you analyze the data on those in forbearance, it’s clear the actual level of risk is quite low.
Ivy Zelman, CEO of Zelman & Associates and a highly-regarded expert in housing and housing-related industries, was very firm in a podcast last week:
“The likelihood of us having a foreclosure crisis again is about zero percent.”
With demand high, supply low, and little risk of a foreclosure crisis, home prices will continue to appreciate.
Originally, many thought home prices would depreciate in 2020 due to the economic slowdown from the coronavirus. Instead, prices appreciated substantially. Over the next year, we will likely see home values rise even higher given the continued lack of inventory of homes for sale.
Article Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
A real estate agent that works for a property seller is called a listing agent or a seller’s agent. They have a number of functions, but they can all be summed up in the fact that they are supposed to represent the best interests of the seller in all they do.
Knowing what listing agents do is quite beneficial, especially if you’re at the point of making a decision on whether or not to hire an agent to help sell your property.
This article will explain the functions a listing agent performs for a property seller.
Set a List Price
It is only logical to set a price for your property, one that you believe is worth the value of the property. Your listing agent would typically use a Comparative Market Analysis (CMA) to determine the list price of your house.
The list price would be based on an analysis of the local real estate market, its prevailing market dynamics and recent sales of the property in your area.
The last factor is perhaps the most important one. This is because the knowledge of the number of sales, the types of sales and the prices of the sales would greatly help in setting a list price for your own property.
List prices aren’t set in a vacuum or based on your emotional sentiment or your perception of the property. List prices are based strictly on getting you the most profit in a timely manner, and no one can help you better than your listing agent.
Market Your Property Effectively
There is no use having a property if no one has an idea that it’s for sale! Your listing agent uses their extensive network and expertise to ensuring that your property gets in front of potential buyers.
This is why they usually employ multiple listing services (MLS) to ensure that as many people as possible will see that your property is for sale.
Another way your listing agent can market your property is to let other agents know of the availability of your property for sale. This can be very useful, especially when an agent that knows about your property’s availability is able to get an interested buyer in for a showing.
Optimize the Property For Viewing
Real estate agents know what makes a property sell, especially when it comes to the property’s aesthetics. Thus, they know what needs to be done to prepare your property for viewing.
In this age of the digital world, where virtual tours are rapidly becoming the norm, it is important for every part of your property to look set for viewing. This is where an agent will most likely decide to hire a staging professional and professional photography.
Screen and Scrutinize Buyers
It is the job of your listing agent to interact with potential buyers and basically separate the tire kickers from the serious buyers.
Apart from this, it is also your listing agent’s duty to find out about the finances of a potential buyer, and if it would match up to the financial demands with regards to selling your property.
Closing the Deal
Once an arrangement is found with a buyer, closing the deal is the next thing to be done. Legal requirements that have to be satisfied will follow, and terms that suit you as a seller will be agreed.
Once the legal transfer of ownership of the property is complete, the property will be sold, and the end of your agreement with your listing agent will come, but keep them in mind for any future home endeavors or any questions that may arise after you move in.
For help finding your perfect real estate agent, visit realtyexecutivesmidwest.com.
Article Source: Realty Executives International
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
It's officially autumn! In preparation for the fall selling season, we reached out to three of the top real estate professionals in New York City to get their take on the best ways to get your home ready to be viewed by potential buyers.
"In a competitive market, it's essential that a seller focus on the little details to ensure their property makes a great first impression," says Lisa Lippman, an agent at Brown Harris Stevens.
Here are some of the top ways to get your home ready for the fall selling season in any market:
In addition to smaller details—such as touching up paint, buying radiator covers and fixing or replacing kitchen cabinets—Lippman suggests the following:
"Fall is the time when the leaves start to change colors and dictate new design color schemes…and with the change of pace, the sales dynamic changes as well," says Aleksandra Scepanovic, managing director at Ideal Properties Group.
Besides cleaning all the nooks and crannies in your home, and replacing any broken lightbulbs, Scepanovic suggests:
And here are some suggestions provided by Paula Del Nunzio, an agent at Brown Harris Stevens:
Article Source: RISMedias
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. After years of rising home prices, would 2020 be the year this appreciation trend would come to a screeching halt? Even worse, would home values begin to depreciate?
Original forecasts modeled this uncertainty, and they ranged anywhere from home values gaining 3% (Zelman & Associates) to home values depreciating by more than 6% (CoreLogic).
However, as the year unfolded, it became clear that there would be little negative impact on the housing market. As Mark Fleming, Chief Economist at First American, recently revealed:
“The only major industry to display immunity to the economic impacts of the coronavirus is the housing market.”
Last week, the Federal Housing Finance Agency (FHFA) released its latest Home Price Index. The report showed home prices actually rose 6.5% from the same time last year. FHFA also noted that price appreciation accelerated to record levels over the summer months:
“Between May & July 2020, national prices increased by over 2%, which represents the largest two-month price increase observed since the start of the index in 1991.”
Below is a graph of home price projections for the next year. Since the market has changed dramatically over the last few months, this graph shows forecasts that have been published since September 1st.
The numbers show that home values have weathered the storm of the pandemic. If you want to know what your home is currently worth and how that may enable you to make a move this year, contact your local real estate professional.
Article Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Smart homes are becoming increasingly popular, as more people are willing to invest in automatic home appliances and systems to make their lives easier and their homes sustainable and more convenient. However, as one might assume, smart homes do come with a set of downsides along with the perks. So, before you introduce any changes, study our list of advantages and disadvantages of turning your home into a smart home first.
Advantages
Great convenience
Automatic home appliances and systems can be programmed to fully meet all your specific needs. They also enable you to control and check on your home no matter where you are. In a few simple clicks, you can turn on the heating or turn off the lighting whenever you want. This is why investing in these devices becomes one of the money moves buyers make after purchasing their first home.
Nowadays, there are a lot of companies that are focused on producing smart homes feature products at favorable prices. As turning your home into a smart home is a process, you can plan how you are going to invest money in these products. This way, you will not harm your home budget immensely, yet you will reach your goal of living in a modern and comfortable smart home.
Top home security
Smart home security systems keep your home safe at all times. With the help of security cameras, motion detectors and temperature sensors combined with a proper application, you get instantly notified wherever you are if something unusual occurs in your home.
Smart homes save our money and our environment
We have already mentioned that smart homes feature products can be programmed. Thus, using a timer to turn the lights or the heating on and off provides you with a chance to save big on your monthly home expenses, save energy, and eventually our environment.
Disadvantages to bear in mind
High cost
Homeowners can have trouble affording this type of home improvement but the situation is likely to change. A vast number of companies are working on finding favorable solutions that will suit a great majority of home budgets. So, those who currently cannot afford a project like this might be able to complete it in the near future.
Potentially difficult to use
Using smart home products can be very challenging for those who are not into modern technology. If you are among them, you will probably spend a considerable amount of time reading manuals to understand how smart home devices work. On the other hand, you can always ask someone for help, advice or instructions regarding this matter.
Another problem arises when the time comes for a family move. Dealing with electronics and smart home devices when moving can be unmanageable without professional movers. These items need to be handled with exceptional care and professionals will know the right techniques to apply.
Reliability
One of the greatest disadvantages of turning your home into a smart home is certainly reliability. All these highly useful devices and systems fully depend on an internet connection. In other words, if you lose the connection, your appliances might stop working.
Final words
Turning your home into a smart home is not something you should do at all costs. It requires a careful analysis of all the advantages and disadvantages that come with it. While it is undoubtedly true that the quality of your life will increase, you might encounter some problems you have not counted on. So, weigh all the pros and cons before you decide.
Article Source: Realty Executives International
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
