Monday, September 20, 2021 / by Nicole Solari
If you’ve been in your home for longer than five years, you’re not alone. According to recent data from First American, homeowners are staying put much longer than historical averages (see graph below):As the graph shows, before 2008, homeowners sold their houses after an average of just five years. Today, that number has more than doubled to over 10 years. The housing industry refers to this as your tenure.
To really explore tenure, it’s important to understand what drives people to make a move. An article from The Balance explores some of the primary reasons individuals choose to sell their houses. It says:
“People who move for home-related reasons might need a larger home or a house that better fits their needs, . . . Financial reasons for moving include wanting a nicer home, moving to a newer home to avoid making repairs on the old one, or cashing in on existing equity.”
If you’ve been. ...
Friday, February 21, 2020 / by Nicole Solari
With interest rates hovering at near historic lows, now is a great time to look back at where they’ve been, and how much they’ve changed over time.
According to Freddie Mac, mortgage interest rates are currently hovering near a five-decade low.
The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it’s time to lock in now while rates are still low. ...
Wednesday, February 12, 2020 / by Nicole Solari
Even though there’s a big buyer demand for homes in today’s low inventory market, it doesn’t mean you should price your home as high as the sky when you’re ready to sell. Here’s why making sure you price it right is key to driving the best price for the sale.
If you’ve ever watched the show “The Price Is Right,” you know the only way to win the game is to be the one to correctly guess the price of the item up for bid without going over. That means your guess must be just slightly under the retail price.
When it comes to pricing your home, setting it at or slightly below market value will increase the visibility of your listing and drive more buyers your way. This strategy actually increases the number of buyers who will see your home in their search process. Why? When potential buyers look at your listing and see a great price for a fantastic home, they’re probably going to want to take a close ...
Tuesday, February 4, 2020 / by Nicole Solari
When the number of buyers in the housing market outnumbers the number of homes for sale, it’s called a “seller’s market.” The advantage tips toward the seller as low inventory heats up the competition among those searching for a place to call their own. This can create multiple offer scenarios and bidding wars, making it tough for buyers to land their dream homes – unless they stand out from the crowd. Here are three reasons why pre-approval should be your first step in the homebuying process.
1. Gain a Competitive Advantage
Low inventory, like we have today, means homebuyers need every advantage they can get to make a strong impression and close the deal. One of the best ways to get one step ahead of other buyers is to get pre-approved for a mortgage before you make an offer. For one, it shows the sellers you’re serious about buying a home, which is always a plus in your corner.
2. Accelerate the Homebuying ...
Tuesday, January 28, 2020 / by Nicole Solari
Curb appeal really does have a major impact on the return you'll see at resale. Among the top 10 home improvement projects with the highest return on investment (ROI) in Remodeling magazine's newly-released Cost vs. Value Report, nine are outdoor projects.
Related: 4 Resolutions for Home Improvements to Make in 2020
Topping this year's list is Manufactured Stone Veneer, a project that has consistently ranked toward the top of the list since the project was added to the report in 2015.
Unsurprisingly, the report shows an increase in cost for all 22 projects listed; however, there is also a consistent dip across the board in terms of what the perceived value of each of these projects is. This is likely due to a market that was anything but smooth in 2019.
"Why the difference? The most likely answer is consumer jitters," says Clay DeKorne, chief editor of the JLC Group, which includes Remodeling magazine. "While remodeling professionals need to stay on point, they c. ...