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Date Archives: October 2020

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Augusta, ME | 5 Posts
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Moving | 15 Posts
Nashua, NH | 3 Posts
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Portsmouth, NH | 1 Posts
Quechee, VT | 4 Posts
Rockland, ME | 4 Posts
Tips for Buyers | 11 Posts
Tips for Sellers | 10 Posts
Uncategorized | 2 Posts
York, ME | 1 Posts
Zillow | 1 Posts
Zoom Towns | 9 Posts
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October
26

Home Inspections for Sellers

Home inspections are an important part of the home selling process, and in some cases, they can complicate or even derail the sale. That's why it's important to understand exactly what a home inspection covers and how it can affect the pricing and sale of your home.

Our real estate agents share the following things that sellers should know about home inspections:

Click Here to Read More...

October
20

6 Reasons You'll Win by Selling with a Real Estate Agent This Fall | MyKCM

There are many benefits to working with a real estate professional when selling your house. During challenging times, like what we face today, it becomes even more important to have an expert you trust to help guide you through the process. If you're considering selling on your own, known in the industry as a For Sale by Owner (FSBO), it's critical to consider the following:

1. Your Safety Is a Priority

Your family's safety should always come first, and that's more crucial than ever given the current health situation in our country. When you FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your belongings but your family's health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and even facilitating virtual tours for buyers, real estate professionals are equipped to follow the latest industry standards recommended by the National Association of Realtors (NAR) to help protect you and your family.

2. A Powerful Online Strategy Is a Must to Attract a Buyer

Recent studies from NAR have shown that, even before COVID-19, the first step 44% of all buyers took when looking for a home was to search online. Throughout the process, that number jumps to 93%. Today, those numbers have grown exponentially. Most real estate agents have developed a strong Internet and social media strategy to promote the sale of your house. Have you?

3. There Are Too Many Negotiations

Here are just a few of the people you'll need to negotiate with if you decide to FSBO:

  • The buyer, who wants the best deal possible
  • The buyer's agent, who solely represents the best interest of the buyer
  • The inspection companies, which work for the buyer and will almost always find challenges with the house
  • The appraiser, if there is a question of value

As part of their training, agents are taught how to negotiate every aspect of the real estate transaction and how to mediate the emotions felt by buyers looking to make what is probably the largest purchase of their lives.

4. You Won't Know if Your Purchaser Is Qualified for a Mortgage

Having a buyer who wants to purchase your house is the first step. Making sure they can afford to buy it is just as important. As a FSBO, it's almost impossible to be involved in the mortgage process of your buyer. A real estate professional is trained to ask the appropriate questions and, in most cases, will be intimately aware of the progress being made toward a purchaser's mortgage commitment.

Further complicating the situation is how the current mortgage market is rapidly evolving because of the number of families out of work and in mortgage forbearance. A loan program that was available yesterday could be gone tomorrow. You need someone who is working with lenders every day to guarantee your buyer makes it to the closing table.

5. FSBOing Has Become More Difficult from a Legal Standpoint

The documentation involved in the selling process has increased dramatically as more and more disclosures and regulations have become mandatory. In an increasingly litigious society, the agent acts as a third-party to help the seller avoid legal jeopardy. This is one of the major reasons why the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.

6. You Net More Money When Using an Agent

Many homeowners believe they'll save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent's commission. The seller and buyer can't both save on the commission.

study by Collateral Analytics revealed that FSBOs don't actually save anything by forgoing the help of an agent. In some cases, the seller may even net less money from the sale. The study found the difference in price between a FSBO and an agent-listed home was an average of 6%. One of the main reasons for the price difference is effective exposure:

"Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool."

The more buyers that view a home, the greater the chance a bidding war will take place.

Bottom Line

Listing on your own leaves you to manage the entire transaction by yourself. Why do that when you can hire an agent and still net the same amount of money? Before you decide to take on the challenge of selling your house alone, let's connect to discuss your options.

October
19

The #1 Reason Not to Wait to List Your House for Sale | MyKCM

Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.

Mark Fleming, Chief Economist for First American, just reported:

"Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels."

Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:

"Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September."

There Is One Big Challenge

Purchaser demand is so high, the market is running out of available homes for sale. Just last week, realtor.com reported:

"Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory."

The National Association of Realtors (NAR) revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. Below is a graph of existing inventory (September numbers are not yet available):The #1 Reason Not to Wait to List Your House for Sale | MyKCMHomebuilders are increasing construction, but they cannot keep up with the high demand. Bill McBride, founder of the Calculated Risk blog, in discussing inventory of newly constructed houses, notes:

"The months of supply decreased to 3.3 months...This is the all-time record low months of supply."

What does this mean for sellers?

Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That's exactly the situation in the real estate market today.

Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don't wait for that increase in competition in your neighborhood. Now is the time to sell.

Bottom Line

 

 Contact our expert real estate professionals to create a safe and effective plan that works for you and your family.

October
19

Displaying Wall Art

Whether you're using photographs, paintings, or tapestries, wall art offers many great options for adding visual interest to your home, but selecting the pieces is just half the job. Our real estate agents share top tips on hanging wall art for optimum effect.

Click Here to Read More...

October
12

NH Lakes Region

With so many people working from home this year, many professionals are taking advantage of the opportunity to relocate. As Americans continue to move from big cities, Zoom Towns are becoming an increasingly popular place to work. These Zoom Towns are often summer vacation spots or retirement locations that are suddenly more accessible now that so many people are free of location-dependent jobs.

Click Here to Read More...

October
5

Move to New England

Buying a home is quite an undertaking, even when you're just moving across the neighborhood. Relocating to a different state presents even more challenges. With so many individuals moving to a different climate, relocating for work, or simply packing up and heading to a city that suits their evolving lifestyle, buying a home in a different state is becoming increasingly common.

Zoom Towns are also driving out of state relocation. Zoom Towns are towns that are seeing an increase in residents, specifically professionals who desire a remote workplace in an area that offers more space and solitude than larger urban settings. For instance, the Zoom Towns are popping up throughout New England as professionals from the greater NYC and Boston areas seek out work-from-home opportunities.

If you're considering buying a home in a different state, here are a few things that you should know.

  1. Do Plenty of Research
    If you think you've done enough research on your desired location, do some more! There are many aspects of your new area that will impact your life, such as new residential or commercial developments, new roadway construction, and school rezoning. Learn as much as possible about the area you desire so you can feel fully informed when you arrive.

  2. Create a Moving Checklist
    While a moving checklist is helpful for all moves, it's especially vital when relocating to a new state. For instance, many homeowners forget to change their address for delivery services such as Amazon. By creating a to-do list that addresses all aspects of your previous home life, you can ensure that you have everything transitioned to your new home as smoothly as possible.

  3. Try to Visit the Area 
    It may be difficult to travel to another state every weekend, but you should try to visit the area a few times before your move. Spend a night or two near where your new home is and live life like a local. Go for a drive during peak traffic hours. Discover where your favorite stores are located. Find a few hidden gems. The more frequently you visit, the more like home it will feel.

  4. Understand the Other Costs of Living 
    Unfortunately, home values are not the same across the country. Not only do you need to understand how much home you can afford via the mortgage, but you also much take note of the cost of living in your new area. For instance, you may not pay a state income tax in Florida, but you will in Pennsylvania. Also, moving from Florida to Pennsylvania may decrease your air conditioning usage, but your electric bill may still rise as you use your furnace more often. Make a spreadsheet of your current yearly living expenses and try to find data from your new location to help you compare costs.

  5. Ask "Stupid" Questions
    Buying a home is one of the largest financial purchases you'll ever make, so you should ask as many questions as you have. When it comes to real estate transactions, there are no stupid questions. Your agent will be happy to answer and address every concern you have, so you feel comfortable and confident in your purchase.

Moving to a new state doesn't need to be overly complicated. Whether you're headed to a Zoom Town for work or relocating for family, following these tips will help make the process as swift, smooth, and stress-free as possible. And you don't have to go through this process alone! Our expert agents and our extended network of real estate professionals across the country are here to assist. Contact us today to get started. 

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