Mark Galante's Blog
Real estate market data is readily available to home sellers across the United States. With this information at your disposal, you should have no trouble maximizing the profits from your home sale.
Now, let's take a look at three real estate market data that every home seller needs to check out before listing a residence.
1. Prices of Comparable Houses
Let's face it – determining a competitive price for your house may prove to be difficult, regardless of your home's age or condition. Fortunately, if you analyze the prices of comparable residences in your city or town, you can better understand how your house stacks up against the competition and price it appropriately.
Furthermore, it may be beneficial to conduct a home appraisal prior to listing your house. This appraisal enables a home expert to assess your house both inside and out. Then, you'll receive an appraisal report that contains a property valuation, which may help you determine a competitive price for your house.
2. Prices of Recently Sold Houses
Are you preparing to enter a buyer's or seller's market? Review the prices of recently sold houses in your area, and you can find out whether the current housing market favors buyers or sellers.
If home sellers are receiving offers at or above their initial home asking prices, now may be an ideal time to list your residence. Thus, you may want to add your house to the real estate market sooner rather than later to capitalize on a housing sector that likely favors sellers.
Conversely, if home sellers are receiving offers below their initial home asking prices, you may want to allocate significant time and resources to find ways to improve your house. Because if you enhance your house's exterior and interior, you may be able to help your house stand out from the competition and increase the likelihood of a profitable home sale.
3. Average Amount of Time That a House Is Listed
Check out how long houses stay on the real estate market before they are sold – you'll be glad you did. With this housing market data in hand, you can assess the pulse of the real estate market and map out your home selling journey accordingly.
If you need help collecting or analyzing real estate market data, there is no need to worry. Hire a real estate agent today, and you can gain the insights that you need to make informed decisions throughout the home selling journey.
A real estate agent is a housing market expert who is happy to help you in any way possible. He or she will provide recommendations about how to price your house and improve your home's interior and exterior. Plus, a real estate agent is available to respond to any of your home selling concerns or questions, at any time.
Ready to list your home? Review the aforementioned housing market data, and you can obtain deep insights into the real estate sector prior to selling your house.
Finding the house of your dreams is a process that requires a lot of clarity, diligence, and patience. While it is possible for the first house you look at to be the ideal choice, it's a lot more likely you'll have to look at a dozen or more houses before finding the one that matches your requirements and feels like home.
Whether you're searching for your first home or your tenth, your decision will primarily be based on four factors: affordability, practicality, emotional appeal, and prevailing market conditions.
Affordability is a vital element in the mix because it's difficult to enjoy a beautiful new home if you're always stressed out about whether you'll be able to make the next mortgage payment! Developing a realistic and well thought-out budget is one of the first preliminary steps involved in launching a full-fledged search for your next home. In addition to being able to cover your current expenses and the cost of mortgage payments, you'll also want to ensure that there's a cushion in your budget for things like home maintenance, repairs, improvements, HOA fees (if applicable), property taxes, school taxes, and homeowner's insurance.
As far as practicality goes, your new home should -- at the very least -- live up to your basic needs and expectations. Ideally, all systems should work properly and be in good condition. Proximity to key locations, such as your job, shopping, and essential services can also have a direct impact on your quality of life. Long commutes, cramped quarters, or being buried by an avalanche of repair bills can definitely take some of the pleasure out of home ownership!
The majority of houses you'll look at will probably need some degree of updating, decorating, or repairs, but ideally, you'll want to tackle those projects over the next couple of years, rather than the immediate future! Having an experienced home inspector do a thorough inspection of the home you're interested in will help ensure you're not buying a home riddled with flaws, headaches waiting to happen, and other problems.
Although cost and practicality are vital aspects of buying a new home, you can't (and wouldn't want to) ignore factors such as aesthetics and emotional appeal. If you can't imagine you and your family living in and enjoying a house you're considering buying, it might be time to continue your search elsewhere! The house you ultimately choose should support your lifestyle, provide sufficient space for your family to grow and thrive, and be situated in a neighborhood in which you feel comfortable and safe.
To make the most of your available time and money, find an experienced real estate agent who's responsive to your needs and knowledgeable about the local real estate market. They will help you streamline your search, find houses that meet your criteria and negotiate the best possible price on your behalf.
Obtaining a home loan is a must for most homebuyers. However, assessing a wide range of home loan options and making the best-possible decision can be difficult, particularly for a buyer who is evaluating these options for the first time.
Lucky for you, we're here to help you perform a deep analysis of home loan options and make an informed decision.
Now, let's take a look at three tips to help you evaluate different home loan options.
1. Find Out How a Home Loan Works
The home loans that one lender offers may differ from the options provided by another lender. As such, you'll want to learn the ins and outs of each available home loan to guide your decision-making process.
Understanding how a home loan works may make it easy for you to discover your dream house too.
For example, if you get pre-approved for a home loan, you can enter the real estate market with a budget in hand. You then can use this amount to narrow your house search, which may lead to a fast, seamless homebuying experience.
2. Understand All of the Costs
The total amount that you pay each month under the terms of a home loan agreement may vary based on a variety of factors. Fortunately, if you understand all of the costs associated with a home loan, you may be able to find a loan that matches your finances.
Review all of the paperwork associated with a home loan as well. That way, you can find out the length of a home loan agreement and other relevant home loan information and proceed accordingly.
3. Get Expert Home Loan Insights
There is no such thing as "bad" questions about home loans. And if you're uncertain about how to proceed with a home loan, you can always receive expert guidance from a lender.
Oftentimes, lenders employ friendly, knowledgeable home loan specialists who can respond to your concerns and questions. If you meet with these specialists, you can get comprehensive home loan insights that you may struggle to obtain elsewhere.
As you get ready to pursue a home loan, you also may want to consult with a real estate agent. This housing market professional can help you get in touch with the best lenders in your area and secure a home loan in no time at all.
Of course, let's not forget about the assistance that a real estate agent can provide throughout the homebuying journey, either.
A real estate agent will serve as your guide to buying a house. He or she will help you hone your home search, explore top-notch residences in your city or town and find a residence that matches your expectations. Plus, a real estate agent will even negotiate with a seller's agent on your behalf to help you get the best price on your dream house.
Ready to make your homeownership dream come true? Use the aforementioned tips, and you can secure a home loan and take the next step toward purchasing your ideal residence.
As a homebuyer, you likely want to do everything you can to ensure you can seamlessly navigate the property buying journey. Yet problems may arise that hamper your homebuying aspirations. Lucky for you, we're here to help you analyze the property buying journey and ensure you can avoid complications along the way.
Now, let's take a look at three tips to ensure you can minimize the risk of problems as you search for your dream residence.
1. Learn About the Homebuying Journey
There is nothing quite like buying a home. As such, you'll want to do whatever you can to prepare for the property buying journey to ensure you can limit the risk of encountering potential pitfalls.
Oftentimes, it helps to review housing market data related to residences in your preferred cities and towns. This information can help you assess the prices of available houses in your area and find out how long residences typically stay available before they sell. Plus, this housing market data may help you differentiate a buyer's market from a seller's market.
You also should establish realistic homebuying expectations before you enter the real estate market. In some instances, homebuyers require many weeks or months to find the perfect residence. But if you set realistic expectations for the homebuying journey, you may be better equipped than ever before to overcome myriad property buying challenges.
2. Get Pre-Approved for a Mortgage
A mortgage is essential for most homebuyers. If you secure a mortgage before you start your home search, you'll know precisely how much you can spend on a residence. Then, you can narrow your home search accordingly.
It generally won't take long to get pre-approved for a mortgage, either. If you meet with local banks and credit unions, you can review your mortgage options and select a mortgage that complements your finances.
3. Hire a Real Estate Agent
There is no telling what may happen as you pursue your dream residence. However, if you have a real estate agent at your side, you'll be able to prepare for any homebuying challenges that might come your way.
A real estate agent is a homebuying expert who is happy to teach you about all aspects of the housing market. He or she will help you craft a homebuying strategy, as well as respond to your homebuying concerns and questions. Furthermore, a real estate agent will maintain constant communication with you to ensure you can get the homebuying support you need, exactly when you need it.
For homebuyers who want to minimize complications, hiring a real estate agent is crucial. This housing market professional will set up home showings, help you analyze properties and enable you to submit a competitive offer to purchase your dream home. And as your home closing day approaches, a real estate agent will do whatever it takes to help you quickly finalize your house purchase.
Ready to buy a home? Use the aforementioned tips, and you can streamline the property buying cycle.
Buying is home is a lengthy and, at times, stressful process. So, it can be discouraging when your offer is rejected.
If you’ve recently had a purchase offer rejected by the homeowner, don’t worry--you have options.
In this post, we’re going to cover some of those options so you can start focusing on your next move and potentially even make a second offer that gets accepted.
1. Reassess your offer, not the seller
You could spend days guessing the reasons the seller might not have accepted your offer if they didn’t give you a straightforward answer.
However, your time is better spent addressing your own offer. Double check the following things:
Is your offer significantly lower than the asking price?
If so, is it lower than comparable sale prices for homes in the neighborhood?
Does your offer contain more than the usual contingencies?
Once you’ve reassessed, you can determine if a second offer is appropriate for your situation, or if you’re ready to move onto other prospects with the knowledge you’ve gained from this experience in hand.
2. Formulate your second offer
So, you’ve decided to make another attempt at the house. Now is the time to discuss details with your spouse and real estate agent.
Out of respect for the seller’s time and their timeline for selling the home, you should treat your second offer as your last.
So, make sure you’re putting your best offer forward. This can mean removing those contingencies mentioned earlier or increasing the amount. However, be realistic about your budget and don’t waive contingencies that are necessary (commonly appraisals, inspection, and financing contingencies).
3. Consider including a personal offer letter
In today’s competitive market, many sellers are fielding multiple offers on their home. To set yourself apart from the competitors and to help the seller get to know your goals and reasoning better, a personal letter is often a great tool.
Don’t be afraid to give details in your offer letter. Explain what excites you about the house, why it is ideal for your family, and what your plans are for living there.
What shouldn’t you include in your offer letter? Avoid statements that try to evoke pity or guilt from the seller. This seldom works and will put-off most buyers to your offer.
4. Moving on is good time management
If you aren’t comfortable increasing your offer or if you receive a second rejection, it’s typically a good idea to move onto other prospects. It may seem like wasted time--however, just like a job interview that didn’t go as planned, it’s an excellent learning experience.
You’ll walk away knowing more about the negotiation process, dealing with sellers and agents, and you might even find a home that’s better than the first one in the process!