Posts Tagged ‘real estate agents’

Rent is HOW MUCH?!

The rent may indeed be “too darn high,” but it’s only going up, according to a new report from online real estate listing service Zillow. According to new analysis from Zillow, U.S. renters paid $441 billion in rent in 2014, up $20.6 billion from 2013’s total of $420.4 billion. That represents an increase of 4.9%. Accounting for an estimated 770,000 additional U.S. renters in 2014, the average renter household spent $26 more per month in 2014 than in 2013, for a total of $312 more paid in rent this year compared to last, Zillow said. “Over the past 14 years, rents have grown at twice the pace of income due to weak income growth, burgeoning rental demand, and insufficient growth in the supply of rental housing,” said Zillow Chief Economist Stan Humphries. “This has created real opportunities for rental housing owners and investors, but has also been a bitter pill to swallow for tenants, particularly those on an entry-level salary and those would-be buyers struggling to save for a down payment on a home of their own.” Humphries said that increases in rent are only going to continue. “Next year, we expect rents to rise even faster than home values, meaning that another increase in total rent paid similar to that seen this year isn’t out of the question,” he said. “In fact, it’s probable.” Source: HousingWire

Most younger renters think owning is a more sensible housing choice for financial reasons, according to Fannie Mae’s National Housing Survey. Seventy-six percent of young renters, defined in this study as between 18 and 39, think owning makes more sense because they’re protected against rent increases, and owning can be a good investment over the long-term. “However, a large majority of young renters have remained pessimistic over the last few years about their ability to get a home loan; in contrast, younger owners have grown more optimistic,” says Sarah Shahdad, strategic planning analyst at Fannie Mae. “Demographic differences between younger renters and younger owners may explain part of the gap in attitudes.” Younger owners are more likely to fall in the higher end of the age range, earn more, and be employed full-time compared with younger renters, Shahdad notes. “The widening of that same gap during the last few years suggests that confidence in one’s ability to get a home loan is growing primarily among those who have already met financial requirements,” she notes. Young renters consider down payments and credit scores to be the top obstacles of getting a home loan. Also, the presence of student loans heightens the difficulty, they feel. But, young renters say, one day, they still plan to buy. “Enhanced housing education and alternative approaches to housing and savings may help renters fulfill their housing aspirations in a financially sustainable way,” Shahdad says. “Educational resources and tools may help renters make more informed decisions about their housing choices and begin managing their finances early and efficiently in order to fulfill their goals.” Also, promoting alternative paths to home ownership may help. Shahdad notes that about three-quarters of younger renters and owners said a lease-to-own arrangement would make renting more desirable to them since it would lead to home ownership. Source: Fannie Mae

Americans 55 years old and older are increasingly expected to begin trading residences as they near retirement, and that has many housing analysts and homebuilders predicting a surge in active-adult homes and communities that appeal to seniors. Homebuilders PulteGroup, Lennar, and Toll Brothers are reporting higher sales in this segment. Builders also are trying to lure this age group with multigenerational amenities, such as a separate private entrance, bedroom, bathroom, and eat-in kitchen attached to a traditional home. The National Association of Home Builders’ 55+ Housing Market Index also reflects greater optimism in the 55-plus housing market. This year, the index reached its highest second-quarter reading since it began in 2008, and it posted its 11th consecutive quarter of year-over-year gains. “One of the factors contributing to the positive signs in the 55+ housing market is the slow but steady increase in existing-home sales in the past several months,” says NAHB Chief Economist David Crowe. “The 55+ market is strongly driven by consumers being able to sell their existing homes at a favorable price in order to buy or rent in a 55+ community.” Source: Investors Business Daily

Advertisements

What do I need to do before listing my home?

Prepping Your Home for a Successful Sale


It may be a seller’s market again, but you still want to move your home quickly and get the best price for your property. Here are some tips that will make selling your home faster, less stressful, and more profitable.

1. Choose the right real estate agent. It’s important to hire a professional that knows just how to showcase your home to its best advantage. Get referrals from friends and family, and set up interviews with agents you think you can work best with. Be sure to ask about MLS listings, setting up mobile advertising, and open houses. You’ll be working closely with the agent and relying on them to help you set pricing and draw up your contract; don’t just take the first person that comes along.

The right agent will even be able to assist you with the other tips on this list. Remember, real estate agents are experts at buying and selling homes, and they are on your side: They want you to sell your home quickly and for a great price, because, after all, that is their business.

2. Create an amazing first impression. This means cleaning, clearing, and de-cluttering. Your home needs to be almost a blank canvas upon which the buyers can project themselves and their possessions. Strive to make your home look as much like a model home as you can. From the driveway to the basement, your property needs to be neat and tidy, personal items should be stowed away, rooms should be bright and cheerful, and you should do all you can to make each space look large and inviting.

3. Make some minor tweaks. If your home needs a little help to look its best, select quick and inexpensive updates that will give you the most bang for your buck. A coat of neutral paint, professionally cleaned carpets, and a new dishwasher or even new drawer pulls can make a huge difference to a buyer on the fence.

4. Get a home inspection. This one is a bit unusual, but it could save you some heartache in the end. Your buyers will almost certainly insist on an inspection, so instead of getting blindsided by dry rot in support-bearing beams or electricity that’s not up to code, you can know what’s coming, choose what you wish to address, and price accordingly.

While many factors are on the side of the seller in today’s market — including low inventories in many desirable neighborhoods and slowly rising mortgage interest rates — it’s still in your best interest to put some effort into getting your home into the best shape for showings that you possibly can.

ANGELAMARTIN

direct: (615) 485-8968
3310 West End Ave Suite 500
NMLS: 168542
Nashville, TN 37203

angela.martin@movementmortgage.com