The housing market has made significant strides in the last year with regard to home sales and home prices. However, even with housing’s good news, the homeownership rate continues to be at generational lows. Economists and real estate professionals are stumped.
The home inspection has become a standard part of the home buying process. Even in very competitive buyer situations, you can still work in an inspection without hurting the chances at getting the home of your dreams. And although you should not forgo the inspection, you should know that the inspection offers the inspector’s opinion, which is not always accurate or relevant. Nick Gromicko and Kenton Shepard, of the International Association of Certified Home Inspectors, shared their thoughts on the limitations of the home inspection (The Limitations of a Home Inspection; nachi.org). First, home inspectors are “generalists.”
When I began my real estate career, every budding agent was taught we should farm neighborhoods to become the local expert. Agents would (and many still do) farm neighborhoods by spending a small fortune on promotional marketing just to tell you how smart they are about your neighborhood. The notion only one agent is “the expert” on selling homes in your neighborhood has become antiquated. However, the long standing ritual, where agents tout themselves as the “neighborhood expert” or specialist, is still alive and well.
Consumers have most likely complained about real estate agent commissions since the advent of real estate brokerage. However, before the turn of this century, most did not question the commission they paid their real estate agent because they chalked it up to the cost of selling a home. Times have changed, such that having a conversation about commissions and compensation is a common topic when agents and consumers first meet.
Much of what you see, hear, and read on TV, radio, and the internet is syndicated and distributed through a broad network of affiliated outlets. The purpose is to have as large of an audience as possible. The larger the audience, the larger the advertising revenue. Syndicating and distributing media content has been around for a very long time, and has been very a lucrative industry for those involved.
Everyone seems to be excited about this week’s Case-Shiller home price numbers reported for February. Even the title of the April 25th press release sounded a little giddy: “The S&P Corelogic Case-Shiller National Home Price NSA Index Sets Fourth Consecutive All-Time High” (spice-indices.com). Yes, the Case-Shiller 10-city and 20-city composite indices are close to the 2007 level. But before you become intoxicated with the thought of becoming rich by selling your home, here’s more to the story.
If you want to increase the sale price of your home this spring, you will no doubt focus on the interior. But how does the home’s exterior look? You’d be surprised about the amount of necessary cleaning, decluttering and repairing around the exterior of your home. But don’t skimp on the exterior home preparations before your sale - research conclusively shows that improving your home’s curb appeal can increase the sale price by as much as 8 percent!
There are a number of topics that your listing agent won’t fully discuss, or can’t explain completely. Here are several “listing agent secrets” that you need to know:
Your home will likely sell to a home buyer who is represented by a buyer agent.