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Found 10 entries for September, 2021.

As Home Equity Rises, So Does Your Wealth | MyKCM

Homeownership is still a crucial part of the American dream. For those people who own a home (and those looking to buy one), it’s clear that being a homeowner has considerable benefits both emotionally and financially. In addition to long-term stability, buying a home is one of the best ways to increase your net worth. This boost to your wealth comes in the form of equity.

Equity is the difference between what you owe on the home and its market value based on factors like price appreciation.

The best thing about equity is that it often grows without you even realizing it, especially in a sellers’ market like we’re in now. In today’s real estate market, the combination of low housing supply and high buyer demand is driving home values up. This

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If You’re a Buyer, Is Offering Asking Price Enough? | MyKCM

In today’s real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle.

Things Are Different Today

Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), homes today are:

  • Receiving an average of  3.8 offers
  • Selling in just 17 days

Homes selling quickly and receiving multiple offers highlights how competitive the housing market is right now. This is due, in large part, to the low supply

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If You’re a Buyer, Is Offering Asking Price Enough? | MyKCM

In today’s real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle.

Things Are Different Today

Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), homes today are:

  • Receiving an average of  3.8 offers
  • Selling in just 17 days

Homes selling quickly and receiving multiple offers highlights how competitive the housing market is right now. This is due, in large part, to the low supply

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second chances 

 

Will Rogers once said, “You never get a second chance to make a first impression.”  While Mr. Rogers was talking about people, the same is true concerning houses... Especially when they are on the market for sale.

It is important to make certain that the first impression is a favorable one. If you have ever been  in a model home, you know how good it can look. You might even thought that you’d like to have the home and all the furniture, the pictures, the flower arrangements, and even the knick‐knacks on the shelves! 

Some individuals really know how to make a home look its best without spending a lot  of  money.  Many  things  can  be  done  to  give  it  that  “model  home”  look  so  prospective buyers will want it and everything else

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It’s Still a Sellers’ Market [INFOGRAPHIC] | MyKCM

 

Some Highlights

  • Due to low supply and high demand, today is one of the strongest sellers’ markets we’ve seen.
  • Sellers can benefit from more offers to pick from, higher home values, and a faster sales process. That might be why 73% of people believe it’s a good time to sell.
  • Sellers, don’t miss out on this unique opportunity. Let’s connect so you can take advantage of this hot sellers’ market.
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Two Reasons Why Waiting a Year To Buy Could Cost You | MyKCM

 

If you’re a renter with a desire to become a homeowner, or a homeowner who’s decided your current house no longer fits your needs, you may be hoping that waiting a year might mean better market conditions to purchase a home.

To determine if you should buy now or wait, you need to ask yourself two simple questions:

  1. What will home prices be like in 2022?
  2. Where will mortgage rates be by the end of 2022?

Let’s shed some light on the answers to both of these questions.

What will home prices be like in 2022?

Three major housing industry entities project continued home price appreciation for 2022. Here are their forecasts:

  • Freddie Mac: 5.3%
  • Fannie Mae: 5.1%
  • Mortgage Bankers Association: 8.4%

Using the average

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WHO PAYS FOR WHAT AT CLOSING?

The Seller can normally be expected to pay for the following:

  • Real estate commission
  • Owner’s title insurance premiums
  • ½ of the Escrow fee
  • Payoff of all loans in Sellerʹs name including the interest accrued to lender being paid off, Statement Fees, re‐conveyance Fees and prepayment penalties
  •  Any loan fees required by Buyerʹs lender per the contract
  • Home warranty according to the contract
  • Any judgments, tax liens, etc. against the Seller
  • Recording fees to clear all documents of record against the Seller
  • Tax pro‐ration ‐ this is for any unpaid taxes at the time of transfer of title until the deed is recorded in your name
  • Any unpaid Homeowners Association dues
  • Any bonds or assessments
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Is It Time To Move on to a New Home?

Is It Time To Move on to a New Home? | MyKCM

If you’ve been in your home for longer than five years, you’re not alone. According to recent data from First American, homeowners are staying put much longer than historical averages (see graph below):Is It Time To Move on to a New Home? | MyKCM   

As the graph shows, before 2008, homeowners sold their houses after an average of just five years. Today, that number has more than doubled to over 10 years. The housing industry refers to this as your tenure.

To really explore tenure, it’s important to understand what drives people to make a move. An article from The Balance explores some of the primary reasons individuals choose to sell their houses. It says:

“People who move for home-related reasons might need a larger home or a house that

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5 Tips for Making Your Best Offer

5 Tips for Making Your Best Offer | MyKCM

In today’s sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. If you’re buying this fall, you’ll want every advantage, especially when you’ve found the home of your dreams.

Below are five things to keep in mind when it’s time to make an offer.

1. Know Your Budget

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:

“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller

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Why It’s Still Safe To Sell Your Home

Why It’s Still Safe To Sell Your Home | MyKCM

If you’re on the fence about whether or not you want to sell your house this year, there’s good news. Real estate professionals are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep you safe. And experts say these practices are here to stay. As Bob Goldberg, CEO of the National Association of Realtors (NAR), puts it:

“The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate.”

Below is a closer look at some of the new tools real estate professionals are using to better serve sellers.

New and Existing Technology Are Impacting the

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