Friday, August 9, 2024 / by Shawn Viguerie
If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.
Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.
What Can You Negotiate?
Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:
Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sell ...
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Tuesday, August 6, 2024 / by Shawn Viguerie
Are you a part of the Sandwich Generation? According to Realtor.com, that’s a name for the roughly one in six Americans who take care of their children and their parents or grandparents at the same time.
If that sounds familiar to you, juggling all the responsibilities involved certainly must have its challenges. But it turns out there’s one pretty significant benefit: it can actually make it a bit easier for you to buy a home.
How Can It Help You Buy a Home?
Realtor.com asked members of the Sandwich Generation if they agree or disagree that taking care of children and parents at the same time is helping them afford a home. A third of respondents said their situation made it easier to buy (see graph below):
Here are a few ways their caretaking situation might be helping those 33% buy a home:
Sharing Expenses: If you live in a multi-generational household, you can pool your resources and split the costs. Your parents migh ...
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Tuesday, July 30, 2024 / by Shawn Viguerie
Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means.
Here’s what Danielle Hale, Chief Economist at Realtor.com, says:
“In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . We don't have the same established definitions in the housing market.”
In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically. It only means prices, which have been increasing rapidly over the last couple years, are normalizing a bit. In other words, they’re now growing at a slower pace. Prices vary a lot by local market, but rest assured, a big drop off isn’t what’s happening at a national level.
The Real Estate Market Is Normalizi ...
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Friday, July 26, 2024 / by Shawn Viguerie
There’s an interesting trend happening in the housing market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them do it.
Consider Moving to a More Affordable Area
Today’s high mortgage rates combined with continually rising home prices mean it’s tough for a lot of people to afford a home right now. That’s why many interested buyers are moving to places where homes are less expensive, and the cost of living is lower. As Orphe Divounguy, Senior Economist at Zillow, explains:
“Housing affordability has always mattered . . . and you’re seeing it across the country. Housing affordability is reshaping migration trends.”
If you’re hoping to buy a home soon, it might make sense to broaden your search area to include places where homes that fit your needs are more affordable. That’s what a lot of other people are doing right now ...
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Tuesday, July 23, 2024 / by Shawn Viguerie
If you’re thinking about selling your house, you should know there are buyers who are ready and able to pay today’s high prices. But they want a home that’s move-in ready. A recent press release from Redfin explains:
“Buyers are still out there and they’re willing to pay today’s high prices, but only if the house is in really good shape. They don’t want to spend extra money on paint or new appliances.”
It makes sense when you think about it. They’re having to pay a lot of money for a house in today’s market. That means they may not be able to easily afford upgrades after they move in. So, if your home is outdated or needs some work, buyers might pass it by or offer a lower price than you were hoping for.
And there are a lot of homes that need upgrades right now. Millions are entering their prime remodel years, meaning they’re between 20 and 39 years old. Maybe yours is one of them. ...
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