Realty Executives Midwest
Learn about the home buying process today and discover the smartest ways to begin your search for a home through this helpful video!
The real estate market is expected to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:
“Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:
George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter the market:
“The market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home. The significant inventory drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, as the number of homes for sale are poised to reach historically low levels.”
The question is: What does this mean to you?
If You’re a Buyer…
Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a shortage in inventory could lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, if you truly love it.
If You’re a Seller…
Realize that, in some ways, you’re in the driver’s seat. When there is a shortage of an item at the same time there is a strong demand for that item, the seller of that item is in a good position to negotiate. Whether it is price, moving date, possible repairs, or anything else, you’ll be able to demand more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.
Bottom Line
The housing market will remain strong throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing both.
When you are trying to sell your home, there are a great many factors that you need to have in mind. A lot of things will influence the buyers’ decision, as well as the price you can get. One of the things that can increase the appeal of your home is – the shape your loft is in. With that in mind, we’ve prepared this article on loft upgrades that will help you sell your property faster and at a better price. Consider implementing them, as doing so will certainly work in your favor.
Bringing in Natural Light
As lofts usually come with sloping ceilings and unusual angles, bathing them in natural light can be tricky. Still, this is an essential thing to do, as a loft without natural light will be much less attractive to buyers. Dormer windows are a good solution to this problem. Not only do they allow for natural light to break in, but they also provide additional headroom. Unfortunately, you may need to get planning permission before installing these windows. Because they change the way your property’s exterior looks like, you could be instructed, for example, that you will have to use sash windows instead of sliding ones, or that the windows can only cover a certain part of your property’s width.
Another solution is to install skylights. This is usually more simple to pull-off, and the value it adds to your home is more or less the same as the value you’d get from installing dormer windows.
Loft Terrace
Among all the loft upgrades that will help you sell your property more quickly, a loft terrace is certainly one of the more attractive options. You will, obviously, get more space, and your buyers will definitely appreciate the fact that they can relax at the terrace and enjoy the fresh air without actually having to go outside. There’s nothing like taking the time to unwind at the terrace while being seated in a comfortable chair, with a good book and refreshing beverage by your side! And this is especially true if your property is located in a part of the country where the weather is nice all year long, such as Florida or Arizona. Before selling your home and leaving your beautiful city for good – build a terrace and allow the buyer to take advantage of such great weather!
What’s more, a terrace will increase your property’s appeal from the outside. For some additional gain, consider matching the flooring you will use for the terrace and the interior of the loft. Both should look nice, and it creates the feeling of aesthetically pleasing coherence.
Loft Bar
Such a bar is certainly among the loft upgrades that will help you sell your property, as it adds a touch a glamour to your loft. Moreover, a bar may work better in a loft than in any other room, as the unusual angles are actually an advantage in this case. You can use them, for example, to store drinks in an interesting way, or to create appealing seating arrangements.
As for the decorations, you are more likely to sell your property faster if you go with a bold yet sophisticated look. Plants and soft furnishings should entice the majority of your potential buyers. Use striking colors, but remember to match the look of your bar with the style that the rest of the loft is designed in. On the other hand, some buyers will prefer a more understated, delicate approach. As you can’t be sure what the taste of the next person who comes to look at your property will be like, to stay on the safe side, a more extravagant look is still recommended.
Having an Energy-Efficient Loft
Finally, it’s also a good idea to make your loft more energy-efficient. While buyers will want to see that your loft is equipped with at least one radiator, they will also appreciate it if they can easily control the temperature. Radiators with thermostatic valves are a good solution, but there are also smart home-geared devices that will let you change the temperature by using your smartphone.
A simple way to make your property more energy-efficient is to replace the light bulbs with their LED counterparts. Doing so will definitely lower the electricity bill, which is good both for you and for increasing the appeal of your home in the eyes of the potential buyers. Solar panels on your skylights are also worth considering. While installing them may be costly, and you will need to have a specific roof, doing so may pay off in the long run.
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
Contemplating buying your first home can be stressful. With so many things to consider and decide on, where do you start and what obstacles may you face along the way? Here are a couple of pitfalls you should try to avoid if you are a first-time home buyer.
Not Visiting Enough Properties Before Deciding to Buy
One mistake you should never make is purchasing a house on a whim. This is not one of those decisions you get to be spontaneous about. Think about it from the perspective of making any random purchase e.g. buying clothes. You’d probably try out three to four shirts before picking the best when shopping. If you’d do that for a minor purchase, then it’s perfectly logical to go through at least 20 properties before settling on the best house to buy! The good thing about checking out several properties is that it gives you better insight about different types of homes, the neighborhood you want to settle in and what amenties best fit your lifestyle that each listing offers. Of course, if you fall in love with one of the first homes you see, don’t lose out on it because you are worried you are making a decision too quick. If it’s your dream house…go for it!
Working with a Rookie Real Estate Agent Because He’s Your Friend or Relative
This is not the time to help out your cousin who just qualified as a real estate agent last year. When you realize that the house you buy will be one of the most important assets of your life, you know that you should work with only the best local real estate agent you can find! Finding an experienced real estate professionals might take some more research, but with a little bit of patience you’ll figure out who the best agent is for the job.
Financial Missteps
Before you consider buying a house, you need to check how much mortgage you can afford and also learn about the hidden costs of buying a home. This way, you’ll be able to tailor your search towards houses that are within your budget instead of wasting valuable time visiting properties you can’t afford. Also never underestimate the closing costs and use a reliable closing cost calculator to not be surprised by a huge closing costs, which can be 2-4 percent of your home price. There also the regular homeownership costs after you get your home – you don’t want to buy a home and then find out you can’t afford the monthly mortgage payments, let alone your maintenance fees and property taxes. It’s a good idea to check your future monthly mortgage payment by using an accurate mortgage payment calculator as well as check your annual property tax.
Not Giving it Enough Time
Setting aside enough time to process all the important aspects of buying a house is one of the wisest things a home buyer can do. Because the buying process is time consuming, the time interval between when you start looking and when you close on a house can be as long as five to six months. This is essential if you want to find the right property. Also remember that it usually takes between two and three months after putting out an offer for you to close in on a property.
Choosing the Wrong Property Type
Buying a house should never be based solely on emotions. You need to purchase a solid property type which can serve your needs for at least the next three years. This is one decision that’s solely yours, as you are the only one who knows the right property type that would serve your and your family’s needs properly. For instance, if you have a couple of kids, or you plan to have more kids within a short time span, a small condo apartment would not be the best option for you. Instead, you would need to consider detached homes with more space and freedom for your kids to play in. Live with grandparents who find it difficult to climb the stairs? You’ll need to look out for properties that are easily accessible from the ground floor. Practicality should be the bedrock of your decision making when buying a house.
Making Your Decision
Ultimately, it’s up to you to choose what kind of house would best serve you over the next couple of years. If you choose to be a rational buyer, you would belong to the class of satisfied buyers who have bought the right kind of property. This is the best place to be!
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
Thanksgiving is right around the corner, and for so many of us it marks the beginning of the most wonderful time of year: the holiday season! But if you’re hosting a Thanksgiving meal at your home, it can get easy to get caught up in wanting your table to be decorated as tastefully and beautifully as possible.
Whether this is your first time hosting Thanksgiving dinner or your twentieth, you’ll love to see some examples of beautiful table setting ideas. Here’s our guide to creating a great table setting this Thanksgiving holiday.
Classic American
Since Thanksgiving is a holiday as old as America itself, it’s only fitting to create a table setting with classic American themes. Create a tablescape themed after colonial America, with dishware that your grandparents and great-grandparents would have had handed down to them. Think of rich colors, Toile, gorgeous metals and china, and of course turkeys to really make this table setting pop.
Modern farmhouse style
If you’re going for a more contemporary style, why not try a modern farmhouse look? This is very trendy right now in home decor, but the simple colors and wood accents give it a modern twist. Think of how Joanna Gaines would decorate her table using her own Magnolia style and replicate that.
Mix and match thrifted pieces
If this is your first time hosting a large Thanksgiving dinner in your home, don’t feel overwhelmed if you don’t think you have enough dishware and decor to satisfy a table full of guests. Instead, go for a more thrifted look. Hit up your local second hand shop and find mis-matched china and dishware. This will give your tablescape a very vintage feel, and you won’t have to worry about spending too much money on expensive table settings for your first Thanksgiving.
Play with color
Fall is such a colorful time of year, so why not add some bright colors to your tables? Play with accents of red, orange, yellow, brown, and even gold throughout the table. You can even mix and match the colors used in your decor by picking up various fall-colored dishware and decor pieces. Place them together to create a collage of fall colors to make your table look like a forest of fall foliage.
When in doubt, go for pumpkins
What screams fall more than pumpkins? Go for a neutral base for your color scheme by using your typical dishes, silverware, and napkins that you use everyday, and add some fall accents to your tablescape by picking up some pumpkins of varying sizes at your local market or pumpkin patch. Use miniature pumpkins as place cards by writing each guest’s name on the pumpkins in permanent marker, and scatter larger pumpkins and gourds throughout the table as decorations.
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.
