REAL ESTATE IS BACK!!

After several tough years it is refreshing to know the real estate market is getting stronger! Buyers have a sense of urgency when making a decision. Sellers are having more showings and shorter listing times!  Inventory is slimmer and interest rates are still crazy low!

 The well priced home in good condition is selling quickly.  Sellers need to put time and effort into preparing a home for the market because buyers are bringing all their money to the closing and often do not have much left over for renovation and replacement.  Home equity loans seem to be a thing of the past.  Most buyers are willing to do some cosmetic work like painting but immediate renovation of kitchens and bathrooms is often not in the budget.

 The home that is move-in ready, attractive and well staged is the one that takes the immediate contract.  Pricing based on current comparable sold properties in the neighborhood is equally important.  In order to get to the closing table, the property must appraise. 

We are once again seeing multiple offers, urgency in decision making, prices creeping up just a bit and new neighbors on the block.  All good news! 

If you are looking for a good agent contact me if I cannot help you in your area, I will tap into my network of Real Estate Professionals who will find the perfect home or investment property for you...quickly!

Newest Trend...Becoming Landlords to Family Members

I am not sure this is the newest trend in real estate, perhaps it is an old trend resurfacing in a big way, but purchasing as an investor and renting back to a family member is BIG!  At least it has been a significant part of my business this year.  The interest rates are low; parents/grandparents might be sitting on a lot of equity in their present homes that is available at all time low rates as well.  Rents are high and rising along with the demand for rental property.  Knowing  family member who for many different reasons will be renting rather than purchasing a home in the present market makes for a perfect combination of landlord and tenant.

  In some cases, parents are paying for housing for a college student or new graduate.  Why not turn that into an investment rather than allowing someone else to collect the rent?  It may also be more cost effective to purchase.  Buying may cost less than renting and the investment write-off be a tax advantage.

  Of course, there will be things to negotiate not only with the seller but with the now
tenant/relative/child/sibling.  The mortgage rate for investors are a bit higher than that of the owner occupied and investor owned property might also have a higher real estate tax rate. The mortgage process for the investor is tedious and paperwork exasperating. In the end, there are many different ways to use resources, to invest and to be there for a family member, but providing one of the most necessary elements, housing is tangible and generous. I feel I am seeing a tread, each time I have witnessed it in my personal business it is a gesture of love and caring and it is deeply appreciated.  Something to think about....