The Cascade Team Real Estate Blog

The Big Question: Should You Renovate or Move? | MyKCM

 

The last 18 months changed what many buyers are looking for in a home. Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for Q3 2021. The survey reveals the following:

  • 70% of respondents want more outdoor living space
  • 69% of respondents want a home office (48% wanted multiple offices)
  • 46% of respondents want a multi-function room/flexible space
  • 42% of respondents want an au pair/in-law suite
  • 39% of respondents want an exercise room/yoga space

If you’re a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like:

  1. A
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Here are 6 tips you can do to your home to make it look more appealing to buyers that will not cost you a fortune and could make the difference in your home being sold versus your neighbors.


Clean the Yard... Take the time to clean up the yard. Rake the dead leaves and grass and put away any tools or equipment that may be lying around. If buyers see a mess in your yard, the will think twice about wanting to see the inside of the house as it may be an indication of what else may await them.

 


Paint the House/Fence... A new coat of paint can go a long way to making your home look a bit newer. Bold colors can reflect your personal taste, so make sure you choose a neutral color that will appeal to the most number of people.

 

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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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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):   

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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