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Against a backdrop of volatile economic figures and indices, mortgage rates in the United States have pirouetted to a crescendo, reaching the loftiest levels seen since November. The steady climb paints an intriguing backdrop to a housing market already in the throes of flux and adaptation, altering the rhythm of real estate transactions nationwide. Over the last week, the standard 30-year fixed mortgage rate leaped from 6.57% to an arresting 6.79%. When contrasted with the same time
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It has become increasingly challenging for prospective homebuyers to find available properties, particularly in major cities, as the housing industry grapples with a significant shortage of inventory. According to a recent report from Realtor.com, the number of homes for sale in 2023 has decreased in 21 out of the 50 largest metropolitan areas compared to the previous year. Leading the pack is San Jose, California, experiencing a staggering decline of 35% in listed homes for sale. Sac
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In today's real estate landscape, one of the first steps many individuals take when inheriting their parents' home is to put it up for sale. While the decision about what to do with a family property often involves both emotional and financial considerations, the escalating costs of renovations, property taxes, and utilities are making it increasingly challenging for adult children to hold onto inherited real estate, according to financial advisers. In addition, higher home prices and mortgag
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If you're considering selling your house, now may be the perfect time to make a move. The current housing market is experiencing a shortage of available homes for sale, with fewer sellers listing their properties compared to previous years. Looking back at the data from every April since 2017, the only year when the number of sellers was lower than now was in April 2020, during the initial impact of the pandemic. In a typical April, around 500,000 homes are added to the market. Howeve
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It has become increasingly challenging for prospective homebuyers to find available properties, particularly in major cities, as the housing industry grapples with a significant shortage of inventory. According to a recent report from Realtor.com, the number of homes for sale in 2023 has decreased in 21 out of the 50 largest metropolitan areas compared to the previous year. Leading the pack is San Jose, California, experiencing a staggering decline of 35% in listed homes for sale. Sac
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In today's real estate landscape, one of the first steps many individuals take when inheriting their parents' home is to put it up for sale. While the decision about what to do with a family property often involves both emotional and financial considerations, the escalating costs of renovations, property taxes, and utilities are making it increasingly challenging for adult children to hold onto inherited real estate, according to financial advisers. In addition, higher home prices and mortgag
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If you're considering selling your house, now may be the perfect time to make a move. The current housing market is experiencing a shortage of available homes for sale, with fewer sellers listing their properties compared to previous years. Looking back at the data from every April since 2017, the only year when the number of sellers was lower than now was in April 2020, during the initial impact of the pandemic. In a typical April, around 500,000 homes are added to the market. Howeve
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The EffectiveAgents® team took a hard look at average Realtor® commission rates so far in 2023 to determine how much the average real estate agent receives in gross compensation for a full-service listing. With the real estate market in transition and fewer listings and sales to go around, is this impacting the comission rates that realtors® charge? Additionally, new services have emerged that offer homeowners discounted listing packages and even flat-fee arrangements that h
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Rocket Mortgage, one of the largest non-bank mortgage lenders in the United States, has announced the launch of its innovative ONE+ program. This groundbreaking initiative aims to revolutionize the home buying experience by allowing low- to moderate-income individuals to put down as little as 1% on their dream homes. By reducing the upfront payment requirement and eliminating the need for mortgage insurance, Rocket Mortgage aims to m
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Buying or selling a home can be a complex process filled with legalities and potential pitfalls. While a real estate agent is often the go-to professional for navigating the transaction, there's another expert who can provide invaluable guidance: a real estate attorney. What Does a Real Estate Attorney Do? A real estate attorney is a legal professional specializing in real estate law. They offer essential services to individuals and businesses involved in various real estate
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Selling a home is a significant financial transaction, and it's natural to want to get the best possible price for your property. While you may consider selling your home on your own or working with just any real estate agent, there are distinct advantages to choosing a top-performing agent who excels in their field. These agents have a proven track record of success, possess in-depth market knowledge, and bring valuable expertise to the table. In this article, we will explore the
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Amidst recent economic uncertainty, concerns about the stability of the housing market have been on the rise. The lingering effects of the pandemic have fueled questions about the possibility of a housing market crash. However, experts agree that while the market is experiencing shifts, a sudden and abrupt crash is very unlikely. In this article, we will delve into the current state of the housing market, analyze key indicators, and explore the factors that may contribute to a potential crash
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The reverberations of the great pandemic mortgage refinance boom are still being felt across the housing market, making it increasingly challenging for prospective homebuyers to find affordable homes. With homeowners holding on to their ultra-low mortgage rates, housing inventory remains tight, impeding the buying process. As the coronavirus pandemic took hold in 2020 and 2021, mortgage rates plummeted, enticing millions of homeowne
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In recent months, the pace of rent growth has significantly slowed, bringing potential benefits to both the economy and future homebuyers. This trend, where rent increases are falling behind inflation and wage growth, suggests a positive outlook for the housing market and the overall financial landscape. Construction of rental units has eased demand, resulting in minimal annual rent growth. The slowdown in rental price growth could further cool inflation in the coming months, which, i
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Selling your home is a significant undertaking, filled with both excitement and apprehension. As you navigate the complex world of real estate, one crucial decision can make all the difference in achieving a successful sale: choosing the right real estate agent. This article will guide you through the process of selecting the perfect agent, equipping you with the tools and knowledge needed to make an informed decision. The Importance of Selecting the Right Agent A knowledgea
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Selling your home can feel like launching your own small business - it's time-consuming, emotionally challenging, and filled with complex tasks. But there's a silver bullet to this taxing endeavor: top performing real estate agents. They're the secret sauce to getting the most out of your property, with their unparalleled expertise, industry insights, and cutting-edge marketing strategies. By working with top-tier real estate agents, you can unlock the full potential of your home's value.
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Housing affordability is no longer a quiet local matter, as it increasingly becomes a hot topic for national political debate. This issue is reshaping the political landscape and blurring the lines of traditional alliances as policy-makers scramble to formulate effective solutions. The escalating issue of housing affordability is a concern, primarily for lawmakers who are facing the formidable task of devising solutions that can alleviate the crisis marked by soaring rents and escalat
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Recently, navigating the complexities of the current real estate market is akin to riding a rollercoaster. One moment you're ascending, the next you're plunging downward at breakneck speed. Recent data from the housing sector reflects this reality, revealing a sharp decrease in housing starts and painting a picture of a market in flux. In fact, the number of new private housing units under construction plummeted by a staggering 22.3% from the same time last year. Despite the significant drop,
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The U.S. housing market, a subject of fascination and speculation for many, has recently seen a significant shift in public sentiment. Only 21% of U.S. adults currently perceive it as a good time to buy a house. This statistic marks a significant decline, down nine percentage points from the previous year's low. This is noteworthy as these are the only instances where less than half of Americans have perceived the housing market as favorable for buyers since 1978. The
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In periods of economic turbulence, investment decisions are invariably fraught with uncertainty. As consumer spending contracts, companies' profitability wanes, leading to stock market fluctuations. The question then arises: should investors pivot from individual stocks towards more tangible assets like real estate during these periods of economic unrest? Interestingly, a recent study by GoBankingRates revealed that 90% of Americans shy away from real estate investments during economi
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As the undercurrents of unease ripple through the real estate market, there is a growing sense of a looming crisis. The financial sector has been hit by a wave of investor uncertainty, sparked by the recent collapse of a prominent Californian bank, a go-to institution for startups and numerous small businesses. The bank, known for its bold but calculated risk-taking, stumbled following a bad bet on interest rates through acquisitions of treasury and municipal bonds. This ill-timed gamble, mad
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In a striking echo of 1982, the current economic landscape might be signaling a similar trajectory. More than four decades ago, the U.S. Treasury sold new 30-year bonds at a record average yield of 14.56 percent, reflecting the extreme hesitancy of investors to purchase long-term bonds despite diminishing inflation. A series of factors, including escalating interest rates and expanding budget deficit
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The year 2023 marked a significant downturn for the world's luxury property markets, with the first negative turn since the global financial crisis of 2009. This unexpected shift came after a peak growth of 10.1% in the last quarter of 2021, as revealed by the latest Prime Global Cities Index (PGCI). The PGCI, which tracks prices in 46 leading prime markets globally, fell by 0.4% in the 12 months leading up to the end of March 2023. This deceleration in growth was primarily driven by
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In the present era, a remarkable $53 trillion is shifting hands as baby boomers pass down their wealth to their descendants, marking one of the most significant generational wealth transfers in history. A significant proportion of this wealth resides in real estate, presenting both an opportunity and a challenge to boomers and their heirs alike. Estate planning and intergenerational wealth planning play pivotal roles in transferring and preserving this wealth. Real estate, in particul
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The dream of homeownership is becoming increasingly elusive for the average American, even those earning a six-figure income. The spring 2023 housing market is being dubbed "a nobody's market," as sellers cling to their homes to maintain low interest rates while many buyers find themselves priced out. On May 4, the federal funds rate, which influences mortgage rates, rose above 5% for
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The golden era of buying and flipping homes for swift profits appears to be receding. As per recent reports, sky-high property prices and elevated mortgage rates are leading to diminished homebuyer demand, forcing real estate investors to sell homes at a loss in certain U.S. cities. In a revealing turn of events, real estate investors incurred losses on approximately one in seven (13.5%) homes they sold in March. This is a stark contrast to the overall U.S. homes sold in the same peri
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2023 has begun on an unsettling note as consumer debt in the United States marked a new record high, exceeding the staggering $17 trillion threshold in the first quarter. This increase occurred even as mortgage demand experienced a significant decline. In the January-to-March period, the total borrowing across all categories escalated to $17.05 trillion, a nearly $150 billion, or 0.9% increase. This rise signifies an approximate $2.9 trillion surge in total indebtedness since the peri
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The U.S. government’s fiscal health is under scrutiny as lawmakers continue to debate the debt ceiling. Democrats advocate raising the ceiling unconditionally, while Republicans insist on accompanying it with spending cuts. Failure to reach a consensus could lead to an economic "calamity", as described by the U.S. Treasury Secretary. In this context, one might ask, how would this so-called "calamity" affect the U.S. housing market? A recent report from Zillow explores this very
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As the calendar turned to 2023, the overall sentiment surrounding the U.S. housing market leaned towards a bearish outlook. Most forecasters anticipated a dip in national home prices, attributing this to the surge in mortgage rates. Yet, as we ventured into the first five months of the year, these predictions remained largely unfulfilled. In fact, following a seven-month consecutive decline from June to January, the seasonality adjusted Case-Shiller National Home Price Index recorded
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As the calendar flipped to a late spring day, an enticing three-bedroom, 1924 bungalow nestled in Minneapolis stirred quite a commotion in the housing market. Listed on a Friday afternoon, it rapidly garnered attention from prospective buyers, causing a whirlwind of activity over the weekend. An overwhelming number of offers, precisely 25, flooded in, each surpassing the listing price of $320,000. The fervor culminated within 48 hours with a contract from a buyer offering well beyond the aski
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The American housing market has witnessed a perplexing surge, turning the dream of home ownership and affordable rentals into an elusive aspiration for many. The escalation of housing costs is attributed to the mismatch of soaring demand against a constrained supply. In the Sunshine State, there was an instance where a single property attracted over 50 offers in a single week, a ten-fold jump from the usual. Even full-cash offers exceeding the list price were often outbid, reflecting
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In recent weeks, there has been a surge in real estate fraud cases involving criminals impersonating property owners to engage with real estate agents and attempt to sell properties they have no legal ownership of. These properties are often vacant or lien-free, making them attractive targets for fraudsters. The scam has become increasingly prevalent, particularly in several California counties, prompting authorities to warn real estate professionals of this growing threat. Law enforc
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The direction of the housing market in 2023 remains uncertain, as mortgage rates increased 15 basis points in April, and pending and existing home sales slumped in March. While the median existing-home sales price edged lower year-over-year for the second consecutive month, substantial nationwide price declines are not expected. Tight inventory continues to keep prices high, creating affordability challenges, especially for first-time homebuyers. As the spring homebuying season progre
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As the housing market cools and interest rates continue to rise, defaults on a niche mortgage bond primarily used to fund apartment building purchases are increasing. This bond, known as collateralized loan obligations (CLOs), are mortgages packaged into bonds that are then sold to investors. CLOs played a significant role in driving housing costs in Sunbelt states like Arizona, Texas, and Nevada by facilitating the purchase of buildings with potential for increased rent. In recent ye
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The recent legislative session in Florida has seen a number of real estate-related bills passed, which now await the governor's signature. Meanwhile, some proposals were unsuccessful, including one that aimed to allow the demolition of properties in historic districts across coastal cities. Here's an overview of the key real estate legislation that passed or failed during this session: SB 102 - Affordable Housing: Signed into law, this landmark bill incentivizes devel
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As the commercial real estate sector faces a potential downturn, its troubles could pose a significant risk to the U.S. financial system. This concern is highlighted in the Federal Reserve's latest Financial Stability report, which indicates that a dramatic shift in where white-collar staff choose to work may lead to sharp declines in property valuations as office space demand plummets. This potential upheaval in commercial real estate could have far-reaching implications for the alre
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A move-up buyer is a homeowner who decides to sell their current home and purchase a new one that is typically larger, more expensive, or better suited to their changing needs and preferences. This could be due to factors such as an increase in family size, financial growth, a desire for a better location, or an upgrade in lifestyle. Move-up buyers contribute to the real estate market's activity as they simultaneously create demand for new homes and supply by listing their existing homes for
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The housing market is an enigma, with unique characteristics that set it apart from other markets. It can be described as a heterogeneous, thinly traded, illiquid market, meaning that it is diverse and features a wide variety of homes with varying ages and conditions, and sales occur infrequently. Additionally, the buyer is often also the seller, as the decision to sell one home is intrinsically linked to the decision to buy another.
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The Pandemic Housing Boom brought a wave of institutional investors, such as Blackstone and iBuyer giants like Opendoor Technologies, into the real estate market. Low interest rates, easy access to capital, soaring rents, and skyrocketing home values created the perfect storm for Wall Street. However, recent trends show that institutional homebuyers are now rapidly pulling back from the market. An analysis by John Burns Research and Consulting revealed that institutional investors, th
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As rising interest rates and low inventory continue to slow down real estate sales volume, remodeling and renovation activities remain strong. For homeowners with a low mortgage rate and substantial equity, upgrading their current home may be more financially sensible than relocating. While personal preferences often determine the decision to remodel, most homeowners also want to ensure that the costs are justified by a corresponding increase in value. To better understand the impact
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Mortgage rates fluctuating, banks collapsing, and homebuyers and sellers sitting on the sidelines have all contributed to a challenging housing market landscape in the first quarter of 2023. In this uncertain environment, two publicly traded iBuyers, Opendoor and Offerpad, have struggled to maintain their footing. Both companies significantly scaled back their property acquisitions during the quarter, with Opendoor acquiring just 1,747 homes, down 81% year over year. Offerpad, meanwhi
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In a typical home sale, there are numerous parties involved, each benefiting financially upon closing the deal. Most make their money off fees, some of which are straightforward, while others are more opaque, such as title insurance. However, there's one vague fee that has increasingly become a point of contention in the real estate industry, going by names such as administrative fee, transaction fee, or even "regulatory compliance" fee. The fee can range from a few hundred dollars to nearly
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The real estate agent commission rate has shown remarkable resilience over the years, even in the face of evolving market forces, technological advances and legal challenges. This article explores why traditional commission rates have remained stable and the factors that could potentially lead to changes in the future. When selling a home, many homeowners opt for full-price brokers and incorporate the agent's commission into the sale price. This decision is often made because selling
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In Florida, a real estate investor recently faced a challenging situation with squatters occupying his vacant property. This experience led him to discover a little-known Florida statute that provides a faster and more cost-effective solution for landlords dealing with squatter issues. By utilizing this statute, landlords can bypass time-consuming court battles and expensive legal fees. The investor's property was under contract for sale and vacant while awaiting permits for roof repl
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The US housing market is grappling with a critical issue - a shortage of homes available for purchase. A recent report attributes this challenge to the increasing mortgage rates, which are impacting not only potential buyers but also sellers. Higher borrowing costs have deterred potential buyers, and sellers are holding back during the spring season as well. In April, the number of new listings dropped by 21% compared to the previous year and fell by 31% compared to 2019, as reported
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The Federal Reserve is expected to approve a quarter-percentage-point interest rate increase this week, marking the 10th time it has raised its benchmark interest rate over the past year. With borrowing rates already at fresh highs, consumers are paying more to borrow while dealing with a high cost of living, resulting in a financial squeeze for many households. In this article, we'll break down how the Fed's moves have been affecting your monthly expenses and savings. With the rapid
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As one of the fastest-growing metropolitan areas in the United States, Charlotte, NC has experienced a significant boom in its housing market, making it a hot topic for buyers, sellers, and real estate agents alike. In this article, we will delve into the latest trends and opportunities in the Charlotte housing market and offer insights on effective strategies for buyers and sellers in this competitive environment. The Current State of the Charlotte Housing Market
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The housing market in Raleigh, North Carolina, is somewhat competitive, with homes receiving an average of 2 offers and selling within approximately 40 days. The median sale price of a home in Raleigh last month was $389,000, a decrease of 4.0% since last year. The median sale price per square foot in Raleigh is $216, down 3.6% compared to the previous year. While the market is not as aggressive as other major cities, there is still a level of competitiveness that both buyers and sellers shou
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The housing market in Denver, Colorado, has become increasingly competitive, with properties receiving multiple offers and selling within a short time frame. While the median sale price of a home in Denver was $570,000 last month, this figure has fallen by 4.5% since the previous year. Furthermore, the median sale price per square foot is now $354, down 13.8% compared to last year. Despite these decreases, the market remains fiercely competitive, with homes often selling for close to their li
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The housing market is currently experiencing a standstill when it should be thriving. Sales of existing homes in March were down 22 percent from the year before, according to the National Association of Realtors. The inventory of unsold homes on the market at the end of March totaled 2.6 months' supply, which is half of what's needed to balance supply and demand. Economists describe the situation as a "real gridlock," predicting that it will take time for the market to return to a nor
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Nashville, Tennessee, known for its vibrant music scene and booming economy, has experienced a fluctuating housing market in recent months. In this article, we will dive into the current state of Nashville's housing market, providing insights into the latest trends and offering guidance for buyers, sellers, and investors alike. Declining Home Prices and Sales Volume In March 2023, the median sale price for homes in Nashville was $431,000, a 2.0% year-over-year
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The Phoenix housing market has experienced significant changes in recent months, with home prices, sales volume, and inventory all undergoing fluctuations. This article will delve into the current state of the market, examining the factors that have led to these changes and what they mean for buyers, sellers, and investors in the region. Declining Home Prices and Sales Volume In March 2023, the median sa
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Vanguard Group, one of the world's largest investment management firms, predicts a decline in US home prices for 2023. The median sales price for existing homes has already slid 9% from a record high of $413,800 in June to $375,700 in March, as reported by the National Association of Realtors (NAR). This analysis examines the factors behind this prediction and its implications for the US economy and housing market. Factors Contributing to the Forecast The surg
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Securing a lower mortgage rate can make a significant difference in the long-term cost of your home loan. In this article, we'll explore five strategies to help you qualify for reduced mortgage rates, including shopping around, improving your credit score, choosing the right loan term, making a larger down payment, and buying mortgage points. Shop Around for the Best Deal When searching for mortgages, it's crucial to contact various lenders, such as mortgage bankers, regiona
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Elevated wage growth and persistent high inflation at the start of the year are likely to influence the Federal Reserve's decision to raise rates in the coming week. This article discusses the latest wage and inflation trends and their potential impact on the real estate market, given that the central bank's target federal funds rate is between 4.75% and 5%. Wage Growth Trends According to the Labor Department, employers spent 1.2% more on wages and benefits in the first qua
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Whether you're planning to sell your home soon or just want to invest in upgrades that pay off, it's essential to know which home improvement projects offer the best return on investment (ROI). Some projects can significantly increase your home's value, while others may not deliver the expected results. In this article, we'll discuss the top home improvement projects that can boost your home's resale value and those you may want to avoid.
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Deciding whether to rent or buy a home has become increasingly complex in an ever-changing housing market characterized by surging mortgage rates, record-high rents and home prices, and concerns about a potential economic downturn. In this article, we'll delve into key factors to consider, including tax benefits and housing costs, when choosing between renting and buying a home. Economic Factors Mortgage Rates: With significant fluctuations in mortgage rates, hom
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After seven consecutive months of decline, US home prices experienced a much-needed boost in February, according to recently released data. The nationwide increase in home prices signals a shift in the housing market as the spring buying season gets underway. The S&P CoreLogic Case-Shiller U.S. National Home Price Index revealed a 0.2% month-over-month increase in home prices after seasonal adjustment. In comparison to the previous year, prices rose by 2%. The 20-City Composite Ho
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The housing market in Austin, Texas, has experienced a recent cooling in growth, reflecting changes in the city's competitive landscape. As one of the top real estate markets in the country, Austin presents unique opportunities and challenges for both buyers and sellers. In this article, we'll delve into the latest data and trends to provide a comprehensive snapshot of Austin's housing market. Austin Housing Market Overview: The Austin housing market is somewhat competitive, with home
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The Biden administration recently introduced a new federal rule that could significantly impact the mortgage payments of homebuyers across the United States. The rule, slated to take effect on May 1, 2023, alters the fee structure associated with mortgages, raising the monthly mortgage payments of buyers with good credit scores by over $60 per month. In contrast, riskier borrowers will receive more favorable terms, as their fees will be reduced. This policy change has generated significant di
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The Tampa housing market has experienced significant growth and increased competitiveness in recent years. In this comprehensive analysis, we will delve into the key trends and insights of Tampa's real estate market so far in 2023, while also providing context regarding the rising home values in Florida as a whole. Tampa Housing Market Overview Tampa's real estate market has become notably competitive, with homes receiving an average of two offers and selling
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Homeownership Race: Gen Z Outpaces Parents, Millennials Struggle to Catch Up Gen Z's homeownership rate is ahead of their parents' generation, with 30% of 25-year-olds owning their homes in 2022. This surpasses the 27% rate for Gen Xers at the same age. However, Gen Zers who missed out on the low mortgage rates during the pandemic might find it challenging to catch up. Meanwhile, millennials lag behind their parents, with 62% of 40-year-olds owning homes in 2022, comp
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Miami's housing market has been on fire in recent years, drawing in buyers and investors from across the country and around the world. Despite recent indications of cooling, the market remains one of the hottest in the United States. In this article, we will analyze the current state of Miami's housing market. In the first quarter, Miami's home-price growth experienced a moderate deceleration, yet it maintained its upward trajectory. This trend is driven by sustained demand, even as ris
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As we look back on the real estate market since the beginning of the coronavirus pandemic, it's clear that some cities have significantly outperformed others. We've analyzed data from cities across the United States to identify the top 10 appreciating cities, as well as the worst-performing cities, and explore the geographic, societal, and political factors that contributed to these rankings. In this article, we delve into how the pandemic impacted demand for real estate in these areas.
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Inflation – the dreaded word that sends shivers down the spines of economists and investors alike. With the cost of living constantly rising, it is crucial to identify assets that can not only maintain but also grow in value despite increasing inflation rates. Enter real estate, a time-tested investment that provides a strong hedge against inflation. For decades, real estate has been a preferred asset class for many experienced investors looking to protec
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A detailed analysis of the housing market reveals a subdued beginning to the homebuying season, with several contributing factors. In March 2023, the U.S. housing market registered a modest decline in home sales, reflecting a somewhat lackluster commencement to the homebuying season. According to the National Association of Realtors, existing home sales fell 0.5% to a seasonally adjusted annual rate of 6.02 million units. This decline indicates a slowdo
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Real estate expert John Campbell has raised concerns about a proposed rule that would impose additional scrutiny on mortgage lenders who provide lower interest rates to homebuyers with good credit. The rule, which is being considered by the Biden administration, is part of an effort to reduce racial disparities in homeownership and promote housing affordability. However, Campbell and other experts argue that it may lead to unintended consequences, such as discouraging responsib
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Recent data suggests that today's homebuyers are growing more sensitive to weekly shifts in mortgage rates. Despite a slight easing of home prices, affordability remains a significant obstacle, particularly as more first-time buyers enter the market. In the past week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) rose to 6.43% from 6.30% the previous week. Concurrently, points increased to 0.63 from
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The commercial real estate market has recently been under increased scrutiny, especially after Silicon Valley Bank failed. This has caused some concerns about the possibility of a recession and the potential for defaults on commercial real estate loans. A significant issue is the refinancing cliff that has arrived this year, and this poses a threat to the real estate industry and banks that rely on it. Vacancy rates for office buildings reached a record high in 2022, with higher rates
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Key Points: Marry the house, and date the rate" means committing to a home for the long-term but refinancing the interest rate when it drops. This phrase gained popularity when mortgage rates rose to 20-year highs in 2022. The Federal Reserve has kept interest rates low since the Great Recession to stimulate the economy, which resulted in significant inflation. High inflation is one of the reasons for soaring home prices. Refinancing a h
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Homebuyers are reluctant to accept mortgage rates over 5.5%, causing some to delay their purchase, even if they can afford it. Builders who offer subsidies to buyers for mortgage rates below 5.5% have been successful in selling homes. The shortage of homes for sale, combined with high demand, is making it difficult for potential buyers to enter the market, despite the possibility of lower mortgage rates.
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The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) climbed to 45 in April, a one-point gain, marking the fourth straight month of builder sentiment growth. While the reading is still below 50, indicating a negative outlook, the rise is a positive sign for the housing market. The supply of existing homes for sale continues to be limited, which is driving demand for new construction. Builders reported that the lack of existing home listings has given
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The closing process is the final step in selling your home, and it can be a stressful and overwhelming experience. However, with the right preparation and knowledge, you can ensure that everything goes smoothly and that you walk away with a successful sale. In this article, we will provide guidance on what home sellers should expect during the closing process and how to ensure that everything goes smoothly. What is Closing? Closing is the process of transferring ownership of a
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Meet some of our customers, read their stories, and imagine what an Effective Agent can do for you. EffectiveAgents.com has received thousands of reviews from users on platforms like Google®, ShopperApproved®, the BBB and more. We've Consolidated these reviews to provide a snapshot of the experiences of our users. November 29, 2020 by
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From construction to design features, the future of real estate is pointing in the direction of increased sustainability and eco-friendly features. What was once viewed as perhaps trends in home building and design are now clearly here to stay. What was once a niche is now the norm, and according to a survey by Nielsen,
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Preparing for and executing a move can be a huge source of stress. In fact, many people rank it right up there with the most stressful things they deal with in life. Why is it so stressful? Different reasons, but there are the costs, the planning and then there is the emotional component of leaving one space where we’ve created memories and moving to another. While you can’t comp
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A foreclosure happens when a property owner stops paying their mortgage or other financial obligations to the lender. The lender (typically the bank) will take back the rights to the home, evict the owner, and try to resell the house to someone who will be able to pay for it. Foreclosed homes are often seen as a deal for homebuyers. The bank or financial lender is highly motivated to sell the property so they can gain som
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Social media is our go-to for just about anything, so why not use it to sell a house? Social media is one of the best ways to get the word out about a listing, and according to Adweek, Millennials now make up 66% of the first-time home buying market. 99% of those Millennials use the internet to research properties. The following are some of the
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The home buying process is an exciting time for individuals and families who are stepping into the next chapter of their lives. However, it also requires a lot of paperwork and technical knowledge that most homebuyers don’t have. Your Realtor® will be an invaluable resource in guiding you through this process, but there are also steps you can take before you look at houses to make it easier. One option you have is to get
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Don’t overlook the importance of staging your home because it can be a mistake that costs you both time and money. Despite the statistics and research on the topic, some buyers feel they can get by without staging their home, and they leave it empty or don’t take steps to make it appealing to a buyer. These sellers typically find out the hard way this wasn’t the right decision.
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When you’re in the process of buying a new home, or you’re just considering it, it’s easy to start with a wish-list that includes just about everything. Your list may seem like it’s a mile long, and that’s normal. We all want that perfect home, but when it’s time to start your search, there will undoubtedly be areas where you have to sacrifice. Why Do You Need a List to Buy a Home?
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The closing is the final step of the home buying and selling process. Many sellers or Realtors® will refer to closing as the finish line in the overall process, but that doesn’t provide a lot of detail about what goes on – or what a buyer needs to do to prepare. Just because you’re done with most of the work doesn’t mean the closing isn’t important. Let’s look at what happens at closing for both the buyer and seller so yo
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If you’re contemplating it, or in the midst of buying a home, you probably already know it’s a big undertaking. There’s a lot to think about, particularly when it comes to financial decisions. A home is likely one of the biggest purchases you’ll ever make. You have to look beyond the price of the home itself, as well. When you’re budgeting to buy, there are hidden homebuying costs you may not be aware of, and they can sig
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When you’re in the market to buy a new home, or you’re planning a renovation of your current home, it’s helpful to have a general idea of what you’re drawn to in terms of décor and design style. You may like a little of everything or not have one set style, but most people do have a general d
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Technology is an unavoidable, pervasive part of life for most of us. There’s not any part of life where technology isn’t a staple of our daily routines, and this is true in the real estate industry and for real estate professionals. Technology has not only changed the entire real estate industry, but it makes things different from the perspective of buyers and sellers as well. Ev
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When it is time to sell your home, you must obtain the best professional help available. The first line of business is to hire the most qualified agent possible who knows a real estate photographer to take listing photos sure to get fast results. When it is time to find the perfect realtor®, you will need some help. Considering the amount of money at stake, it is important to review a realtor's background to find the
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When it comes to selling a home quickly, some of the biggest deterrents are not using a top-selling realtor®, overpricing the house, and according to Better Homes and Garden, the lack of neutral tones in the décor of the home. While your home may have many amazing features that make it a sound investment, some buyers have a difficulty seeing beyond the present flooring, furniture, and wall colors. Your primary goal is to increase
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You may already know that you are going to inherit a home (like the house your parents live in), or the inheritance may come as a complete surprise to you (like learning that a distant relative named you as the heir to their home). Either way, there are a lot of things to do when you officially take over someone else’s property. To help you through the process, following these five steps as soon as you inherit a home.
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A home inspection is an important part of the buying process. Potential buyers bring in an inspector to check the foundation, wiring, plumbing, and overall structure of the house. The inspector will look at everything from the tiles on the roof to the support systems in the kitchen cabinets. Understanding the home inspection process is important if you are a home buyer or seller. Here are a few common questions people ask
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Buying a house can be exciting, but it requires you to sell your current house. If that’s your situation, you’ll want to do everything within your power to sell it quickly and for a great price. That means you’ll have an open house, which is something that should not be taken lightly. There are things you can do to make sure your open house is su
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If you are trying to buy property in a hot real estate market, you need to make exceptional offers. Zillow describes a hot market as a seller’s market, which means there are more buyers than sellers--a situation that is being experienced in most cities across the nation in 2021. In this situation, buyers need to write strong offers because many of the best real estate agents in your city will be making offers on that same piece of property. Here are the top six strategies to make your offer stan
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EffectiveAgents.com has forged partnerships with several nonprofit organizations, offering a percentage of real estate transaction proceeds to fund various programs with these partners. In the wake of Covid-19, donations to causes such as disaster recovery, cancer treatments and research, and affordable housing have reduced dramatically. Therefore, EffectiveAgents.com has developed a system that leverages donations, increasing resources in a way that
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While real estate investing can be an excellent way to see high returns on your initial investment or earn passive income, it’s overwhelming to know where to begin in the industry. To prepare yourself, there are some general things to know and keep in mind. Think About How You Want to Invest Real estate investing is a very broad term, and it can refer to a lot of different sp
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The days and weeks following a death can be a blur. Family and friends come and go, people travel to attend the funeral, and there are a million things to do long after the celebration of life. Along with settling medical bills and other financial loose ends, many families are often at a loss for what to do with the house. Multiple family members might have inherited a home, and sometimes, the beneficiary might live several s
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Good negotiation is an art form, and you’ll often hear it said that the best deals allow both people to walk away feeling as if they’ve gotten what they want, or at least part of it. While it can take time and practice to hone your negotiation skills, whether you’re on the buying or selling end, keep the following tips in mind. Always Be Prepared to Walk Away
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When you plan to put your home on the market, aside from selling it, you probably have a couple of other overarching goals. You likely want to sell it as fast as possible, but perhaps even more importantly, you want to sell it for top dollar. Certain steps can help you achieve all three goals, but especially maximizing how much you can sell your home for. 1. Carefully Consider Ho
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When you’re planning to sell your home, you want to get the most money for it and ensure it stays on the market for the shortest amount of time possible. A big part of achieving both of these objectives is working with an experienced real estate professional and setting the price so that it’s aggressive and competitive. Beyond that, you might wonder whether you should make updates
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When someone sells a house, they want to get as much money as they can while selling as quickly as possible. In order to achieve this, the home sale needs to be done strategically -- and at the right time. Placing a home on the market during a bad season or time of year can result in lower offers, less interest, and a longer window to sell. So when is the best time to sell a house? Is there a magical day or month to li
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To repair or not? You may be preparing to list your home for sale, and you’re not sure which of those lingering repairs and fixes you should make before doing so, and which you should let go. As you decide what to repair and how much time and money to spend, consider a few things. First, what’s the market like? Will you be likely to see a return on your investment if you make the repairs? What are buyers most likely to no
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Every neighborhood has a few fixer-upper houses that are run-down, outdated, or abandoned. A creative homebuyer might drive past these properties and think how great they could look with a little work and a fresh coat of paint. However, buying a fixer-upper is a significant investment, both in time and money. While you have the chance to buy your dream house, you could also be in for a lot more work. Here are the pros and
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One of the biggest barriers to home ownership is the down payment. Many people want to own homes but aren’t able to afford the 20% down payment they think they need to have to buy. But, the truth is down payment amounts actually fluctuate greatly depending on various factors, and this means homeownership might be closer than you think. Here’s what you need to know about making down payments and how you can determine how much home you can afford. What Is a Down Payment? A down payme
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More buyers are looking for sustainable homes than ever before. This is great news for home sellers, who can make their homes more appealing with a few small upgrades. Also, sustainable home improvements have a higher resale value than others so it can bring in a higher price for the seller. If you’re considering adding a few environmentally-friendly features to your home, check out a few of these top options that will
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Have you ever taken a look around your garage and thought there had to be a better way to use the space? Maybe you don’t use it for vehicles at all, and you have plenty of unused space, or you might use part of it to park a vehicle, but then the rest goes to waste. Your garage can be anything from fun to functional, and the following are some inspiration for how to use it more effectively, as well as organizational tips.
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We spend a significant portion of our lives in our homes, and that means if they’re filled with toxins, it may affect our health. If you make an effort to have a healthier, fresher home and remove potential toxins, it may help improve your family’s health. The following are some ways to cut toxins out of your home and make a healthier space for everyone. Clean Air Indoor air
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When you first start shopping for a house, you might be surprised by how many different home styles are available to you. Many homes have similar styles but also come with certain nuances that set them apart. There are dozens of home styles out there, but here are the top 15 in-demand options that you can consider when buying a house. #1) Ranch Ranch-style homes are modeled after houses built in the historic
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When it comes to real estate, location is everything as the old saying goes. While neighborhood amenities like shops, restaurants and good schools are important, so is public transportation. Of course, in suburban and rural areas, this may not be available or relevant, but in urban areas, buyers seem to be willing to pay a premium for proximity to transit. So what should you know about proximity to transportation and how
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Winter is here and along with the holidays, family time, and coziness many of us associate with the season, there’s something else lurking on our to-do list: winter maintenance. Winter maintenance keeps your home working the way it sure during the cold weather months, protects you and your family, and ensures you’re ready for the spring thaw. The following are some things to include on this year’s winter maintenance checklist. 1. Seal Leaks First and foremost, make your way aroun
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As you prepare to sell your house and look at comparable home listings, you may come across the term “as-is” to refer to the state of a home on the market. At face value, this might seem like a strategic way to sell your house without having to invest much into curb appeal or repairs. However, there are drawbacks to selling your home as-is. Let’s look at what this real estate term means and who can benefit from it. What Does it Mean to Sell Your Home “As-Is”? Selling a home as-is m
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When you’re ready to buy or sell a home, it’s a big and often overwhelming decision. There are a lot of factors that go into the process, and the best thing you can do for yourself in the long and short-term is choose a professional realtor who’s going to be your partner through this process. When you buy or sell a home, it’s not only a big lifestyle decision, but it’s also a massive financial decision. There are so many
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There are plenty of compelling reasons to invest in a vacation home. There are personal reasons of course, but there can also be financial advantages. If you’re a first-time real estate investor thinking about buying a vacation property, you can rent it out when you’re not using it and cover the costs and hopefully make a profit as well. Real estate investments help you build value through appreciation, which frequently h
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Most homes hit the real estate market in the spring or summer, which is often considered the best time to sell a house. Homeowners try to use the curb appeal of flowering plants and lush, green trees to make their house seem more picturesque. However, not everyone has the luxury of waiting for summer to sell their home. You may need to move your home quickly because of a relocation or because you want t
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Home insurance is an essential part of buying a house. However, many homebuyers end up feeling so overwhelmed by the buying and closing process that they simply accept whichever home insurance provider their Realtor® recommends. While your Realtor® may recommend an insurance provider that has drafted good quotes for their clients in the past, the agent might not be right for you. The best way to choose the right home insurance provider is to shop around and see what kind of offers are availab
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The most common questions that buyers ask when they shop for home insurance coverage are: Do I need flood insurance for my house? Should I get flood insurance if I’m not in a flood zone? Does hurricane coverage also handle flood damage? If you find yourself wondering the same thing, keep reading. We can address different situations for when you would want this type of coverage, when you wouldn’t, and what you can expect to pay for it. You Need Flood Insurance if Your Live In a
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Selling your home during the holidays might not feel ideal, but you may need to do it for one reason or another. There are actually some pros and cons to having your home on the market during the holiday season. For example, there are often buyers who very much need to buy a property, regardless of whether or not it’s the holidays. There may be
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It’s officially the holiday season, which might mean you’re hosting friends and family. In the spirit of the season, you may want to update and refresh your home without the time and financial investment that comes with a full remodel. Luckily, there are some things you can do to breathe new life into your home without taking on a complete renovation. RELATED CONTENT:
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Long-distance—just the phrase might make you feel apprehensive. It’s not just long-distance relationships that get a bad reputation. Long-distance house-hunting is challenging in so many ways. When you’re looking for a house long-distance, there are the obvious logistical challenges, as well as the fact that you may not be familiar with the area where you’re moving. Of course, people successfully find houses from across the country or even the world every day, and
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Decorating is a fickle thing. One moment, something’s all the rage, and the next, it’s an instant sign of a dated home. Sometimes, however, as is the case with fashion there are decorating and interior design trends that come back around. The following are some of the trends that we’d like to see making a comeback in 2020. 1. The 50s-Style Den Before everyone had a massive fl
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Whether your home is currently on the market, or you’re thinking about putting it up for sale soon, you may want to make some improvements. Improvements can be a good thing, but you have to balance any improvements you make with the potential that you’re going overboard. Over-improving is something a lot of homeowners do. They put so much into upgrades and renovations that they essentially have little equity left in their homes, and they reduce its general marketa
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Some homeowners are drawn to the idea of buying a fixer-upper that they can completely renovate. What they save on the home cost, they want to invest in creating the kitchen, family area, and backyard of their dreams. However, it’s not easy to estimate the cost to renovate a house, and many people go over budget with the labor and materials needed to make their home livable. Here’s what you need to keep in mind to budget properly.
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When you look to find a Realtor®, you’ll quickly realize the real estate profession is incredibly diverse. Realtors® work within specific niches and specialize in unique client bases and home type. Some Realtors® sell condos to newly retired residents, while others work with first-time homebuyers to navigate the whole process. Unfortunately, a simple Google search won’t tell you these nuances. You might read dozens
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A real estate lawyer is a professional who you may have to work with for various reasons. In some states, you can’t complete a real estate transaction, including buying or selling without a real estate lawyer being present. If you don’t live in one of those states, there are still different reasons you might end up needing to work with an attorney who specializes in real estate law.
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Building your dream home is an opportunity for you to create something personal that meets all of your needs. You can choose the layout and the number of rooms, and you don’t have to worry about renovating around someone else’s design aesthetic. While this sounds like an exciting prospect, choosing the right place to build your home can determine how successful your efforts will be. There are several factors that you should consider if you plan to build a home. Use this guide to make sure
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Every news outlet has remarked on the mortgage rates of 2020 hitting record lows multiple times, which has resulted in an interesting situation for real estate during a global pandemic. People are thinking more about where they spend time with their families and friends. Many are moving out of the tight-quarters of the cities and out into the suburbs with more greenspace and more square footage for families to spread out, where kids and parents can make a better attempt at working and going to s
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Warranty and insurance are two terms that can sound quite a bit alike in their purpose and function, but that’s not necessarily the case. A home warranty and home insurance are two concepts, both offering a level of protection and peace of mind for homeowners, but doing so in different ways. What is a Home Warranty? A home warranty is somewhat like a form of insurance for you
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Between for sale by owner properties and websites and apps that claim to sell your house within a few days, some people may wonder why they need to hire real estate professionals. What does a Realtor® do that a homeowner couldn’t do themselves or that technology can’t automate? You may not notice the work your real estate agent does for you because so much of it is done at their office. You don’t see them working in fro
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When you’re looking to move, either by selling your home or buying a new one, one of the first steps involves meeting with a Realtor®. Your agent will be the person who guides you through the process and acts as your lifeline throughout the buying or selling process. They will offer advice and work hard to put you in the best financial position possible. During your first meeting with a Realtor®, make sure you come prepared with the right question
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Once you’ve invested in property, it can leave you feeling like you’re ready to take on the world. There’s just one problem—an investment implies you’re going to be making a return. For many people who are property investors, they become landlords and rent out the properties they own. Being a landlord can be financially rewarding, but it also comes with a set of challenges. The following are some tips to help you navigate the complex world of being a first-time la
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When you buy a house, you’re also buying the neighborhood and the neighbors. Location and all that comes with it can be one of the biggest selling points of a property, but it can also cause property values to drop even if the house itself is great. Before you buy a home, you want to delve into the neighbors and the neighborhood. You want to ensure that everything, and not just the home you’re buying, works for your prior
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Home staging is the process of setting up a house with furniture and décor so it will be more likely to sell -- and sell for more money. Professional Realtors® know how to evaluate a home and make changes so it is more appealing to buyers. Even the most well-designed homes may undergo staging to prepare them for the market. The good news is that you don’t need to spend a lot of time or money staging your home. You can prepare it for an open house and
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If your family is expanding, then it may be time to buy a new home. Whether you are giving up the condo or townhouse that served you well as a couple or looking for a home with more rooms, searching for a family-friendly home is a major step in your life as people and as parents. Along with the features of the house, you also need to consider long-term factors like nearby schools and the other kids in the neighborhood.
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There are many benefits to buying a house. You can build up your credit history with regular payments while also investing in your future finances. Instead of paying rent, you can put money into a home that you one day might sell for a profit. While buying a house can be financially beneficial, it is often out of reach for many young people who don’t have much saved, aren’t in high-paying positions, or need to pay student
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Even in the hottest markets, getting ready to list your home is a process. You want to do everything you can to make sure you get the best offers and can move your house quickly for a great price. If you are considering selling your house, make sure you are prepared. Follow these 10 tips to list your home successfully to make the most out of your investment. #1) Gather Your Paperwork Even before your fir
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Real estate negotiation is tough. Sellers want to get the most for their home based on its perceived value, and buyers want to negotiate down to get a good price. It can lead to a tough battle for the best deal. Negotiation doesn’t come easy for most people, and it requires practice, which is why many people hire real estate agents to do the negotiating for them. It’s one of the top benefits of using a Realtor®
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When it comes to tax-saving tips for selling a house, there is a lot to know. Whether you’re selling your house because you want to up- or downsize, or you’re moving to a different part of the country, the last thing you likely want is to be stuck with a big tax bill. In gene
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The first part of selling your home is to conduct a real estate market analysis. If you are considering selling your home, you may have an idea for what you want to list it for. Most homeowners expect people to pay top-dollar for their house, or at least more than they paid for it. But, you shouldn’t guess at a price. It’s important to take your subjective belief and adjust it with an objective insight. A real estate market
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If you inherited a house from a loved one, it can initially feel like a very generous gift. However, if you’re inheriting a house, it likely means it’s an emotional time and you’ve lost someone you love. It can also be challenging to know what the best financial decisions are. There are both legal and tax considerations to keep in mind, as well as implications that come with selling any house, inherited or otherwise. Wh
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When you’re selling your home, you might only be thinking about the money you’re going to make. There can be costs, however. By being strategic from the start, there are ways to reduce costs when selling a home, including these following tips. 1. Hire a Qualified Realtor Yes, some people think that if you don’t hire a Realtor to help you
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If you’re thinking of selling your home anytime soon, one of the most important things you’ll need to consider is its value. As you’re asking yourself the value of your home, there are specific factors that should be considered. Even if you’re not sure that you’re ready to sell your home, you might be curious as to the value because it’s likely your biggest investment. What You
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The housing market is constantly fluctuating. Changes in supply and demand determine whether the market favors people who are ready to sell or people who are ready to buy. The market shifts between being a seller’s market and a buyer’s market and the state of the market can determine a home’s selling price. The coronavirus pandemic continues to impact businesses around the globe, and real estate is no different. Let’s look at one of these shifts in particular: the seller’s market. This art
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In our series interviewing top real estate agents around the country, we spoke with veteran Realtor® Bruno Aropovic, the top selling agent in the Phoenix, Arizona region, closing over 100 transactions January-March, 2020. Within his 14-year career, Bruno has sold $112+ Million in real estate. EffectiveAgents.com (EA): Bruno, thanks so much for joining me and for granting this interview for EffectiveAgents.com. I have a
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Each year the EffectiveAgents® team looks at a large sample of US home transactions to determine the average real estate commission percentage that a home seller might expect to pay. 2020 was an unusual year and the fees that real estate agents charge were impacted. Overall, the year yielded some interesting changes to fee landscape. With homes selling quicker and agents utilizing more tech than ever, average realtor commissions were markedly lower. 2020 Average Realtor® Commission Rate
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One of the primary preferences many homebuyers have right now is plenty of outdoor space. In fact, some buyers and, in particular, millennials are willing to forego that extra bedroom for a bigger yard. There’s a preference for outdoor living spaces and usable outdoor areas that allow homeowners to bring their lives inside or out. If you have outdoor space but you’re not sure how to maximize its use, the following are some ways to get started.
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The first few snowfalls of the year conjure images of cozy nights inside, snowball fights, and light, fluffy flakes covering the town. While snow can be fun for kids and beautiful for adults, it can also be dangerous for homeowners. Even a few inches can significantly impact your home. Learn about the different types of house damage from snow and how you can prevent them with
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A new year is almost here, which means most of us are tackling those things we put off for most of the year otherwise. One thing that might be on your New Year’s to-do list? Organizing. With some clever organization tips, you can maximize the available space in your home. Wall-Mounted Storage
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When you think about your home, you want it to be your refuge and a place where you can go to enjoy a sense of peace and tranquility. Dealing with loud noises probably isn’t in-line with that concept, particularly noise related to traffic or other sounds coming from outside. Homes can feel even noisier these days because they’re often constructed with open floorplans, and we rely extensively on things like home entertainm
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Whether you’re planning to be a home buyer in the future and you’re searching for your dream home, you’re making upgrades to your existing home to prepare to sell it, or you simply want to give your current home a facelift, flooring can be a great place to start. In fact, new flooring can bre
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