Friday, October 15, 2021 / by Scott Parks
The best advice carries across multiple areas of life. When it comes to homebuying, a few simple tips can help you stay on track.
Because of increased demand, you’ll need to be patient and embrace compromises during your search. Then, once you’ve fallen in love, commit by putting your best offer forward.
If you’re looking to buy a home this year, let’s connect so you have a dedicated partner and teammate to help you find the one. ...
Tuesday, June 8, 2021 / by Scott Parks
In Today’s Market, Listing Prices Are Like an Auction’s Reserve Price
For generations, the process of buying and selling a home never really changed. A homeowner would try to estimate the market value of their house, then tack on a little extra to give themselves some negotiating room. That figure would become the listing price. Buyers would then try to determine how much less than the full price they could offer and still get the home. As a result, the listing price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than what was listed. It was unthinkable to pay more than what the seller was asking.
Today is different.
The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on many homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for a lot more.
Monday, June 7, 2021 / by Scott Parks
Why You May Want To Cash in on Your Second Home
When stay-at-home mandates were enforced last year, many households realized their homes didn’t really fulfill their new lifestyle needs. An office (in some cases two), a media room, space for children to learn, a gym, and a large yard are all examples of amenities that became highly desirable almost overnight.
Zelman & Associates recently reported that sales of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history. High demand and low supply caused prices to skyrocket over the past twelve months. Here are three home price indexes released most recently that show how home values have risen:
FHFA Agency House Price Index shows a 13.9% increase
CoreLogic Home Price Insights Report shows an 11.3% increase
S&P Case-Shiller U.S. National Home Price Index shows a 13.2% increase
Prices increased ...
Friday, June 4, 2021 / by Scott Parks
What’s Motivating People To Move Right Now?
This year, Americans are moving for a variety of reasons. The health crisis has truly reshaped our lifestyles and our needs. Spending so much more time in our current homes has driven many people to reconsider what homeownership means and what they find most valuable in their living spaces.
According to the 2020 Annual National Movers Study:
“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%); desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life.”With a new perspective on homeownership, here are some of the reasons people are reconsidering where they live and making moves right now.
1. Working from Home
Remote work&nb ...