Buying and selling a home at the same time can feel daunting to even the most seasoned homeowner––especially when the demand for new homes keeps rising, but the supply feels like it’s dwindling. You’re not alone either if you’re already feeling drained by the complex logistics of trying to sell and buy a new home all at once.
The real estate market remains influenced by the old supply-and-demand predicament: U.S. home sales continue at a rapid pace, but the number of listings remains limited. Amid historically low mortgage rates, buyers keep shopping, reducing inventory and sparking a rise in home prices.
If you’re searching for drama, don’t limit yourself to Netflix. Instead, tune in to the real estate market, where the competition among buyers has never been fiercer. And with homes selling for record highs, the appraisal process—historically a standard part of a home purchase—is receiving more attention than ever.
That’s because some sellers are finding out the hard way that a strong offer can fizzle quickly when an appraisal comes in below the contract price. Traditionally, the sale of a home is contingent on a satisfactory valuation. But in a rapidly appreciating market, it can be difficult for appraisals to keep pace with rising prices.
Learn how to determine your current net worth and how an investment in real estate can help improve your bottom line.
Among its many impacts, COVID-19 has had a pronounced effect on the housing market. Low home inventory and high buyer demand have driven home prices to an all-time high. This has given an unexpected financial boost to many homeowners during a challenging time. However, for some renters, rising home prices are making dreams of homeownership feel further out of reach.
Remember finding a home you lived as a young adult? Now imagine trying to fit your life today into that space. Not pretty, right?
For most of us, our housing needs are cyclical. A newly independent adult can find freedom and flexibility in a tiny apartment. That same space, to a growing family, would feel stifling. For empty nesters, a large home with several unused bedrooms can become impractical to heat and clean. It’s no surprise that life transitions often trigger a home purchase.
Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we’re seeing multiple offers—and sometimes even bidding wars—for homes in the most sought-after neighborhoods. This has led some sellers to wonder if they should list their home “For Sale By Owner” (FSBO). After all, why spend money on a listing agent when it seems that you can stick a For Sale sign in the yard then watch a line form around the block?
There are a number of things most people expect when engaging with a top real estate agent. They should be friendly, understand the local real estate market, have a fair degree of experience, and advise you on the best practices related to buying or selling property. But is that all you should expect? Since realtors are generally only paid a commission at the conclusion of a successful transaction, why wouldn’t you want to find a top real estate agent to work with?
While many areas of the economy have contracted, the housing market has stayed remarkably strong. But can the good news last?
When COVID-related shutdowns began in March, real estate brokers and clients scrambled to respond to the shift while fearing a real estate crash. Record-low interest rates caused some lenders to call a halt to new underwriting, and homeowners debated whether or not to put their houses on the market.
After considering a career in law or public policy, I received my real estate license in 2012. Finding purpose in my career began with working at a National plaintiff law firm in San Francisco. I wasn’t sure law school was the right path but I knew I wanted an engaging career that helped people.
One day the broker who sold me my house called and told me he thought real estate would be perfect for me. Contracts, sales, competition, helping people. I was reticent. Possibly downright opposed. My biggest hesitation?
We’ve all spent a lot more time at home over the past year. And for many of us, our homes have become our office, our classroom, our gym—and most importantly, our safe haven during times of uncertainty. So it’s no surprise to see that design trends for 2021 revolve around soothing color palettes, cozy character, and quiet retreats.