Realty Executives Midwest
In the second half of this year, the housing market surged with activity. Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes:
“It will be one of the best winter sales years ever.”
The typical winter slowdown in the housing market is simply not on the radar. Here’s why.
While today’s historically low mortgage rates are expected to remain low, they won’t be this low for much longer. This could be the last chance for homebuyers to secure such low rates, and they’re ready to take action. In a recent article, Bankrate explained:
“If you’re looking to buy a home…expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded.”
As long as we continue to see low interest rates, we’ll see hopeful buyers on the hunt for their dream homes. Yun confirmed:
“The demand for home buying remains super strong…And we’re still likely to end the year with more homes sold overall in 2020 than in 2019…With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”
The challenge, however, is the lack of homes available for sale. With that in mind, all eyes are on homeowners to see if they’ll sell this winter or wait until spring. Danielle Hale, Chief Economist for realtor.com, says it’s best for sellers to capitalize on this moment sooner rather than later:
“We currently see buyers sticking around in the housing market much later than we usually do this fall. If that trend continues, we will see more buyers in the market this winter, too. So, this winter is likely to be a good time to sell.”
With buyers ready to stay active this winter, sellers who want to close a deal on the best possible terms shouldn’t wait until spring to put their homes on the market.
Experts agree the winter housing market could potentially be bigger than ever. Whether you’re ready to buy or sell, contact a local real estate professional today so you can be in your dream home by the new year.
Article Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
It’s the spring cleaning of fall, so to speak.
With THE HOLIDAYS coming at you fast and furious, you want to be sure your home is cozy, but with that fresh-as-spring feel — as opposed to that musty-damp-winter feel.
Here's how to make that happen (along with a few other timely tips):
You love your trusty, old, perfectly-snugged-to-your-head pillow. But guess what's also snug against your head? Fungus — 4 to 16 species to be precise. Gross!
With fall being the height of guest season, you'll want your pillows fresh, too. Pop them in the washing machine and dryer for an all-over clean feeling. (But check manufacturer advice, too. Some pillows shouldn't be washed, but replaced instead.)
Sleeping soundly gets even better when you know you're lying on a clean and fresh mattress. The yuck factor: Skin cells and sweat get into the mattress, then dust mites show up for a dinner party featuring those tasty skin cell morsels.
You'll want your mattress to be at it's freshest. It's easy to do: Vacuum it and then wipe it down with a cloth dampened with an upholstery shampoo. But be sure to let it dry; otherwise, you're inviting mold. Also, be sure to rotate it 180 degrees to help keep it lump-free.
(Another option: if you've got a flippable mattress, go ahead and flip it. That, too, can help kill the yucky mites.)
Bone-chilling drafts seriously detract from the cozy vibe you want. Keep it cozy by hanging drapes as close to your windows as possible to help you keep the heat inside.
You can even add clear Velcro strips or dots to the back of the drape and attach to fasteners on the wall to help insulate. Be sure to cross one drape over the other when you close up for the night. Insulating shades can do the trick, too.
If snow is a given where you live and you're lacking supplies, take advantage of seasonal sales now to make sure you're not the one rushing to the hardware store at the last minute — only to find out they just sold out of ice melt.
If you have a snow blower, be sure to have it serviced and fueled up before the first winter storm arrives — and with it, price hikes on all the snow stuff.
The last thing you need is a winter storm loosing the wrath of that mighty tree whose branches are angling over your roof. Long limbs invite pests to explore your roof and allow excess water to seep into cracks in the roof or siding.
Keep limbs and branches at least 3 feet from the house. Plus it's easier to trim branches after leaves have fallen. (If it's an evergreen, well, sorry about that. It'll be a prickly job, but the bonus is you'll have greenery for the holidays!)
It's time to dust off and sweep the chimney! Best to hire someone who knows wood-burning fireplaces. A professional chimney sweep will ensure your wood-burning fireplace burns more efficiently and will help prevent chimney fires and carbon monoxide poisoning during the winter. So, yeah, it's pretty important.
Tip: If you don't already have a chimney cap, this is also the time to add one to stop wild outdoor critters from crawling down it — and (yikes!) into your house.
Article Source: houselogic
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.
Due to the undersupply of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in bidding wars, which will also drive price points higher in the home sale process.
There’s no evidence that buyer demand will wane. As a result, experts project price appreciation will continue over the next twelve months. Here’s a graph of the major forecasts released in the last 60 days:
Some are concerned that homeowners who entered a mortgage forbearance plan might face foreclosure once their plan ends. However, when you analyze the data on those in forbearance, it’s clear the actual level of risk is quite low.
Ivy Zelman, CEO of Zelman & Associates and a highly-regarded expert in housing and housing-related industries, was very firm in a podcast last week:
“The likelihood of us having a foreclosure crisis again is about zero percent.”
With demand high, supply low, and little risk of a foreclosure crisis, home prices will continue to appreciate.
Originally, many thought home prices would depreciate in 2020 due to the economic slowdown from the coronavirus. Instead, prices appreciated substantially. Over the next year, we will likely see home values rise even higher given the continued lack of inventory of homes for sale.
Article Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
A real estate agent that works for a property seller is called a listing agent or a seller’s agent. They have a number of functions, but they can all be summed up in the fact that they are supposed to represent the best interests of the seller in all they do.
Knowing what listing agents do is quite beneficial, especially if you’re at the point of making a decision on whether or not to hire an agent to help sell your property.
This article will explain the functions a listing agent performs for a property seller.
Set a List Price
It is only logical to set a price for your property, one that you believe is worth the value of the property. Your listing agent would typically use a Comparative Market Analysis (CMA) to determine the list price of your house.
The list price would be based on an analysis of the local real estate market, its prevailing market dynamics and recent sales of the property in your area.
The last factor is perhaps the most important one. This is because the knowledge of the number of sales, the types of sales and the prices of the sales would greatly help in setting a list price for your own property.
List prices aren’t set in a vacuum or based on your emotional sentiment or your perception of the property. List prices are based strictly on getting you the most profit in a timely manner, and no one can help you better than your listing agent.
Market Your Property Effectively
There is no use having a property if no one has an idea that it’s for sale! Your listing agent uses their extensive network and expertise to ensuring that your property gets in front of potential buyers.
This is why they usually employ multiple listing services (MLS) to ensure that as many people as possible will see that your property is for sale.
Another way your listing agent can market your property is to let other agents know of the availability of your property for sale. This can be very useful, especially when an agent that knows about your property’s availability is able to get an interested buyer in for a showing.
Optimize the Property For Viewing
Real estate agents know what makes a property sell, especially when it comes to the property’s aesthetics. Thus, they know what needs to be done to prepare your property for viewing.
In this age of the digital world, where virtual tours are rapidly becoming the norm, it is important for every part of your property to look set for viewing. This is where an agent will most likely decide to hire a staging professional and professional photography.
Screen and Scrutinize Buyers
It is the job of your listing agent to interact with potential buyers and basically separate the tire kickers from the serious buyers.
Apart from this, it is also your listing agent’s duty to find out about the finances of a potential buyer, and if it would match up to the financial demands with regards to selling your property.
Closing the Deal
Once an arrangement is found with a buyer, closing the deal is the next thing to be done. Legal requirements that have to be satisfied will follow, and terms that suit you as a seller will be agreed.
Once the legal transfer of ownership of the property is complete, the property will be sold, and the end of your agreement with your listing agent will come, but keep them in mind for any future home endeavors or any questions that may arise after you move in.
For help finding your perfect real estate agent, visit realtyexecutivesmidwest.com.
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
It's officially autumn! In preparation for the fall selling season, we reached out to three of the top real estate professionals in New York City to get their take on the best ways to get your home ready to be viewed by potential buyers.
"In a competitive market, it's essential that a seller focus on the little details to ensure their property makes a great first impression," says Lisa Lippman, an agent at Brown Harris Stevens.
Here are some of the top ways to get your home ready for the fall selling season in any market:
In addition to smaller details—such as touching up paint, buying radiator covers and fixing or replacing kitchen cabinets—Lippman suggests the following:
"Fall is the time when the leaves start to change colors and dictate new design color schemes…and with the change of pace, the sales dynamic changes as well," says Aleksandra Scepanovic, managing director at Ideal Properties Group.
Besides cleaning all the nooks and crannies in your home, and replacing any broken lightbulbs, Scepanovic suggests:
And here are some suggestions provided by Paula Del Nunzio, an agent at Brown Harris Stevens:
Article Source: RISMedias
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.
