Selling A Home "As-Is"

Fixer-uppers can be a challenge  to market. Many prospective home buyers are looking for a move-in ready home that will be reliable. Some people are turned off by the idea of having to invest time and money in renovations, and the fear of the unknown is enough to have them overlook any properties that are being sold as-is. Despite the number of homeowners who disregard any fixer-uppers, there is a lot of potential in selling a home as-is. If you’re looking to sell your home quickly, then listing it as-is could be the right option for you. With the right marketing knowledge, you can find qualified buyers, market a fixer-upper at the right price and get it sold quickly and for more money. Contact me today if you have questions about listing your home "As-Is". 

How Low Supply & High Demand Impacts the Real Estate Market

How Low Supply & High Demand Impacts the Real Estate Market: The concept of Supply & Demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high! Anything under a 6-month supply is a Seller’s Market! There has not been a 6-months inventory supply since August 2012! Buyer Demand continues to outpace Seller Supply!

The Impact of Homeownership on Family Health

The National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:

“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”

Today, we want to cover the section of the report that quoted several studies concentrating on the impact homeownership has on the health of family members. Here are some of the major findings on this issue revealed in the report:

• There is a strong positive relationship between living in poor housing and a range of health problems, including respiratory conditions such as asthma, exposure to toxic substances, injuries and mental health. Homes of owners are generally in better condition than those of renters.
• Findings reveal that increases in housing wealth were associated with better health outcomes for homeowners.
• Low-income people who recently became homeowners reported higher life satisfaction, higher self-esteem, and higher perceived control over their lives.
• Homeowners report higher self-esteem and happiness than renters. For example, homeowners are more likely to believe that they can do things as well as anyone else, and they report higher self-ratings on their physical health even after controlling for age and socioeconomic factors.
• Renters who become homeowners not only experience a significant increase in housing satisfaction but also obtain a higher satisfaction even in the same home in which they resided as renters.
• Social mobility variables, such as the family financial situation and housing tenure during childhood and adulthood, impacted one’s self-rated health.
• Homeowners have a significant health advantage over renters, on average. Homeowners are 2.5 percent more likely to have good health. When adjusting for an array of demographic, socioeconomic, and housing–related characteristics, the homeowner advantage is even larger at 3.1 percent.

Bottom Line

People often talk about the financial benefits of homeownership. As we can see, there are also social benefits of owning your own home.

Do You Know the Real Cost of Renting vs. Buying?

Some Highlights:

• Historically, the choice between renting or buying a home has been a close decision.
• Looking at the percentage of income needed to rent a median-priced home today (30%), vs. the percentage needed to buy a median-priced home (15%), the choice becomes obvious.
• Every market is different. Before you renew your lease again, find out if you could use your housing costs to own a home of your own! 

How To Save For A Downpayment

Saving for a new home has just become easier. Both Fannie Mae and Freddie Mac say they will now buy mortgages with as little as 3% down, a big drop from the old 5% minimum. Even though conforming loans are now easier to qualify for because down payment requirements have been reduced, there’s still the matter of saving not only for a down payment but also for closing costs and a reserve fund for the inevitable repairs and other expenses that come with home ownership.

When Is a Good Time to Rent? Not Now!

People often ask if now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent. The Census Bureau recently released their third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with the decision of whether you should renew your lease or not, you might be pleasantly surprised at your ability to buy a home of your own instead.

Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, meet with a local real estate professional who can help determine if you are able to today!