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Buyer & Seller Tips • Real Estate News • Market Trends

3 myths that are hurting home buyers and sellers

July 15, 2023

Myths about today's market that are hurting buyers and sellers

There’s no denying that it’s a tough market, with challenges for both buyers and sellers. But myths and misconceptions floating around about this market and what’s going to happen next aren’t making things any easier.

So what, exactly, are those myths and misconceptions, and why are they incorrect? Here are some of the common myths in today’s housing market that are hurting both buyers and sellers, including:

Myth 1: Owners with low mortgage rates will never sell.

Many buyers that purchased a home a few years ago locked in record low interest rates on their mortgages. And with interest rates significantly higher today, there’s a belief that those homeowners will never give up their low interest rates and sell. But the truth is, there are a ton of life circumstances that could force a person to list and sell their home — like a new job, growing family, or change in their financial situation — no matter what kind of interest rate they have on their mortgage.Continue Reading

Filed Under: Market Trends Tagged With: Home Equity, Home Prices, Interest Rates

3 things to know about home equity

June 23, 2023

3 things 3 things to know about home equity

How much home equity you’ve built will directly impact how much cash (if any) you’ll walk away with when you sell your home. But what, exactly, is home equity? Why is it important? And how much equity should you build before you put your home on the market? Here are three important facts about equity that every buyer and seller should know:

1. What is home equity? Home equity is the difference between the market value of your home, and how much you currently owe on your mortgage. In other words, if you were to sell your home, it’s the amount of money you would have after paying off your mortgage.

2. Why is building equity in your home important? Equity is important because it determines how much money you will be left with after you sell your home and pay off your mortgage, and any sale related expenses. Home equity is also an asset; you can use it to finance other investments, or to make a down payment on a second home. It’s also a large source of many peoples’ overall net worth.

3. How much equity should you have in your home before you sell? While there’s no one-size-fits-all answer, ideally, you should aim to have at least 20 percent equity in your home before you sell. And while your equity can fluctuate based on a variety of factors — like market conditions, refinancing your loan and taking cash out against the equity, or opening a home equity line of credit — generally speaking, the longer you’re in your home, the more equity you’ll build, and the more you’ll potentially profit if and when you do sell.

Filed Under: Home Ownership Tagged With: Home Equity

Selling your home? Put these tasks on your ‘to-do list’

June 13, 2023

Selling? Put these tasks are on your to-do list;

Getting ready to sell your home can feel like a whirlwind. There are so many things to do, and while you’re likely to check all the major tasks off your to-do list — like cleaning and getting your listing photos taken — there are some smaller tasks that might fall through the cracks. But those small to-do’s can actually make a big difference in your home sale, so it’s important not to forget them. For example:

Account for improvements and issues. If you’ve made any improvements to your home (like installing a new roof or HVAC) or had to fix any issues (like like a clogged sewer line), make sure to list them all out. When you sell your home, it’s important to disclose those things to the buyer; not only will the improvements make them feel better about their home purchase, but disclosing the issues — and how you fixed them — can help you avoid potential liability after the sale.

Make sure the doorbell rings. If you don’t use your doorbell regularly, do a quick check and make sure it’s functional and that it actually rings when someone uses it. Most buyers (or at least their agents) will press the doorbell before just walking into the house, and if it’s not working, it could make them think that other things in the house won’t work either. (Not the best first impression!)

Clarify what items are not included. Technically, anything that is bolted to the walls or ceiling is included in the home purchase, unless the contract states otherwise. As such, you want to be crystal clear from the get-go about what’s not included in your listing; otherwise, a potential buyer might fall in love with your custom chandelier, and might walk away from the deal when they find out you’re taking your light fixture with you to your new home.

And, of course, it should go without mentioning, but there’s no substitute for a good, thorough cleaning to create an aroma that will appeal to any and all buyers.

Filed Under: Tips for Home Sellers

Are home prices going up or down? That depends…

June 12, 2023

Are Home Prices Going Up or Down? That Depends…

Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here’s an explanation of each, and why it’s important to consider the differences:

Year-over-Year (Y-O-Y):

  • This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you’re comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for April 2022.
  • Y-O-Y comparisons focus on changes over a one-year period, providing a more comprehensive view of long-term trends. They are usually useful for evaluating annual growth rates and determining if the market is generally appreciating or depreciating.

Continue Reading

Filed Under: Market Trends Tagged With: Home Prices

Oops! Home prices didn’t crash after all

June 5, 2023

Oops! Home prices didn’t crash after all

During the fourth quarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts:

“I expect housing prices fall 10% to 15%, and the housing prices are accelerating on the downside,” said Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business.

“Buckle in,” said Mark Zandi, Chief Economist at Moody’s Analytics. “Assuming rates remain near their current 6.5% and the economy skirts recession, then national house prices will fall almost 10% peak-to-trough. Most of those declines will happen sooner rather than later. And house prices will fall 20% if there is a typical recession.”

And from Goldman Sachs: “Housing is already cooling in the U.S., according to July data that was reported last week. As interest rates climb steadily higher, Goldman Sachs Research’s G-10 home price model suggests home prices will decline by around 5% to 10% from the peak in the U.S. … Economists at Goldman Sachs Research say there are risks that housing markets could decline more than their model suggests.”Continue Reading

Filed Under: Market Trends Tagged With: Depreciation, Home Prices

Infographic:
Top reasons to own your home

June 1, 2023

June is National Homeownership Month, and it’s a great time to consider the benefits of owning your own home. If you’re thinking of buying a home, it might just help you find the stability, community, and comfort you’ve been searching for over the past year.

Top Reasons To Own Your Home

Let’s connect today to determine if homeownership is the right next step for you.

Filed Under: Home Ownership Tagged With: Infographics

Selling your home? Watch out for these stressors

May 8, 2023

Selling Your Home? Watch Out For These Stressors

There are a lot of moving parts when it comes to selling your home — and for many sellers, those moving parts can cause a good amount of stress. But what are the most stressful parts of the home selling process? According to a survey from LendingTree, some of the top stressors for home sellers include:

  • Buying and selling a home at the same time. 29 percent of home sellers surveyed named trying to buy a new home at the same time as trying to sell their current home as the biggest stressor in the home selling process.
  • Making costly repairs or upgrades. Depending on the condition of your home, you may need to shell out some cash on repairs or upgrades before you list—a process that 16 percent of buyers said was the most stressful part of the home selling process.
  • Fearing the home won’t sell. Even though a lack of inventory is making the market more favorable for sellers, 15 percent of sellers surveyed said that the fear their home won’t sell was the most stressful part of the home selling process.
  • Balancing advice from multiple sources. Your friends, family, and neighbors might mean well when they share advice on what you should and shouldn’t do during the home selling process—but 13 percent of those surveyed said fielding advice from multiple sources was the most stressful part of selling their home.

So, what does this mean for you? If you’re stressed out about selling your house, you’re not alone. In fact, it’s normal. But, the more you know about the potential stressors of the home selling process, the better prepared you can be to deal with those stressors — and the less stressful your home sale will be as a result.

Check out my resources for home sellers — you’ll find everything you need to navigate the home selling process.

Filed Under: Tips for Home Sellers

Buying a home makes more financial sense than renting

May 1, 2023

Why Buying a Home Makes More Sense Than Renting Today

Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988.

“In March 2023, the U.S. rental market experienced single-digit growth for the eighth month in a row,” according to data from the latest rental report from Realtor.com. “The median asking rent was $1,732, up by $15 from last month and down by $32 from the peak but is still $354 (25.7%) higher than the same time in 2019 (pre-pandemic).”

With rents much higher now than they were in more normal, pre-pandemic years, owning your home may be a better option, especially as rents continue to increase year after year. In contrast, homeowners with a fixed-rate mortgage can lock in a monthly mortgage payment for the duration of their loan (typically 15-30 years). And, as home values typically rise over time and you pay off your mortgage, you build equity. If you’re trying to decide whether to buy a home or continue renting, let’s connect to explore your options.

Filed Under: Home Ownership Tagged With: Home Prices, Inflation, Rent vs. Own

Infographic:
The Path to Homeownership

April 10, 2023

If you’re thinking of buying a home and not sure where to start, you’re not alone. Here’s a map with 10 simple steps to follow in the home buying process.

The Path to Homeownership [INFOGRAPHIC]

Let’s connect today to discuss the specific steps along the way in our local area.

Filed Under: Home Ownership, Tips for Home Buyers Tagged With: Infographics

The one aroma to help sell your house quickly

April 10, 2023

Here’s the one aroma to help you sell your house quickly

True or false? When you’re selling your home, you should bake cookies before a showing or an open house. After all, who doesn’t like the smell of freshly baked cookies? Well, it isn’t like you can Betty Crocker your way to a sale, let alone at the highest price possible. Your entire house still needs to be appealing.

A batch of cookies isn’t going to hide bad odors enough or divert people’s attention from a messy house that needs repairs. Nor will a cookie-scented candle or plug-in air freshener.

In fact, some candles and plug-in fresheners can actually turn a buyer off — and may trigger curiosity about what odor the seller is trying to hide. However, there is one smell that will help your house sell… It’s called “clean.”

When you’re selling your house, there’s no substitute for a good, thorough cleaning to create an aroma that will appeal to any and all buyers. Whether you do it on your own, or hire a professional cleaning service, giving your house a good deep cleaning before (and while) your house is on the market is one of the most important things you can do.

Filed Under: Tips for Home Sellers

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agent photo

Russ Fortuno, Associate Broker

I'm a Southern Arizona native and Quail Creek resident. Whether you’re buying or selling a home in Quail Creek, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

This site is not affiliated with Robson Communities or the Quail Creek Country Club Property Owners Association.
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