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Don’t let buyer competition keep you from purchasing a home

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Don’t Let Buyer Competition Keep You from Purchasing a Home

Record-low mortgage rates in 2020 have sparked high demand among homebuyers. Current homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers. With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here’s why:

According to the most recent Housing Trends Report from the National Association of Home Builders (NAHB): “The length of time spent searching for a home continues to grow.”

The report indicates that 62 percent of buyers now spend three months or more looking for a home, an increase from 58 percent one year ago. A primary cause for the delay is the heavy competition today’s buyers face when making an offer on a home.

Based on recent data from the National Association of Realtors (NAR), the average house in today’s market receives 3.4 offers before it’s sold. This means for every buyer who purchases a home, there are on average two or three buyers who have to begin their search all over again.

Compared to this time last year, the NAHB report shows that buyers are having more success finding homes in their price range. However, it also notes the percentage of buyers saying they’re getting outbid when they make an offer has jumped from 15 percent to 27 percent. Buyers are indicating that bidding wars are a major obstacle to finding their next home.

If this is a challenge you’re up against in your home search, you’re not alone. Feeling stuck in the process can be frustrating, but if there’s ever been a year to power through, this is the one. Experts anticipate home prices will continue to rise into 2021, and the incredibly low interest rates we’ve seen this year are also forecasted to increase as the economy strengthens. Hopeful homebuyers who decide to hold off on their search until there’s less competition run the risk of finding a more expensive housing market when they start looking again.

If affordability is a key motivator behind your decision to buy a home, this winter is still the best time to make it happen.

Filed Under: Tips for Home Buyers

Is it safe to sell my house right now?

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Is it safe to sell my house right now?

In today’s real estate market, the buzz is all about how it’s a great time to sell your house. Buyer demand is high, and there simply aren’t enough homes available to buy to meet that growing need. This means now is the time to make a move so you can close the deal on your ideal terms.

Even in today’s strong sellers’ market, there are homeowners who are choosing not to sell due to ongoing concerns around the health crisis, financial uncertainty, and life in general. Here are the top three reasons homeowners who are thinking of selling sometime in the next three years are not putting their houses on the market right now:

34% – Life is too uncertain right now
31% – Financial uncertainty
25% – COVID-19 health concerns

If you identify with any of these, you’re not alone. Whether it’s the future of your employment situation or simply being uncomfortable having guests in your home for showings, life feels a lot different than it did at this time last year.

The good news is, real estate professionals have spent the majority of 2020 figuring out how to sell homes safely, and it’s paying off for those who are choosing to move this year. In fact, experienced agents such as myself are doing two things very well to make selling your house possible:Continue Reading

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What home insurance does (and doesn’t) cover

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What home insurance does — and doesn’t — cover

Getting homeowners insurance when you purchase a house is a non-negotiable. But while standard home insurance policies provide a high level of coverage and protection, they don’t cover everything — and in order to protect your home (and your investment), it’s important to understand what potential issues might fall outside your home insurance umbrella.

Here are a few things that you may be surprised to learn that your homeowner’s insurance doesn’t cover:

  • Floods. While home insurance typically covers water issues like burst pipes, if your home is flooded due to a hurricane or excessive rain, most standard home insurance policies won’t cover the damage. In order to get coverage, you’ll need to purchase additional flood insurance.
  • Earthquakes. Similar to floods, most standard home insurance policies don’t cover earthquakes—so if you want coverage, you’ll need to buy a separate earthquake insurance policy.
  • Renovation damage. If you’re doing major renovations on your home—like gutting the interior or replacing the roof—most home insurance policies won’t cover the damage. If you want to protect yourself in the case of damage caused by the contractor, you’ll need to purchase a renovation policy.
  • Termites. Pest control and insect infestations can be prevented with proper maintenance, so the cost to remove termites and repair their damage is generally not covered by your homeowners insurance.

So, what does this mean for you? If you’re thinking about buying a home, it’s important to understand the limits of your home insurance policy, and that you purchase additional coverage or maintenance agreements when necessary to protect your home.

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

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Safe selling practices during COVID-19

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I now have over 6 months of experience selling houses during the pandemic and can make the process easier and safer for you today. COVID-19 protocols and technology are making it possible to continue selling houses in Green Valley AZ, and buyer’s agents and their clients are complying with COVID-safe showing practices, as well as state and local regulations.

I now have over 6 months of experience selling houses during the pandemic and can make the process easier and safer for you today.

Let’s connect to discuss how to sell your house safely in today’s housing market.

Filed Under: Tips for Home Sellers Tagged With: , ,

Do you have enough money saved for a down payment?

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Do you have enough money saved for a down payment?

One of the biggest misconceptions for home buyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20 percent down to buy a house.

A recent survey by Point2Homes notes that 88 percent of buyers say “they have significantly less savings than the average national down payment amount, which is $62,600.”

Thankfully, neither 20 percent, nor $62,600., is not the amount every buyer needs for a down payment. There are many different options available. That amount can also be significantly less, depending on the purchase price of the house.

According to the National Association of Realtors (NAR), “The median existing-home price for all housing types in August was $310,600.” (These are the latest numbers available). NAR also indicates that:

“In 2019, the median down payment was 12 percent for all buyers, six percent for first-time buyers, and 16 percent for repeat buyers.”Continue Reading

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Should you buy a retirement home sooner rather than later?

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Should you buy a retirement home sooner rather than later?

Every day in the U.S., roughly 10,000 people turn 65. Prior to the health crisis that swept the nation in 2020, most people had to wait until they retired to make a move to the beach, the golf course, or the senior living community they were looking to settle into for their later years in life. This year, however, the game changed.

Many of today’s workers who are nearing the end of their professional careers, but maybe aren’t quite ready to retire, have a new choice to make: should I move before I retire?

If the sun and warm weather are calling your name and you have the opportunity to work remotely for the foreseeable future, now may be a great time to purchase that home in the southwest you’ve always dreamed of where you can enjoy golf all winter long and take in the spectacular mountain views. Whether it’s a second home or a future retirement home, spending the next few years in a place that truly makes you smile every day might be the best way to round out a long and meaningful career.

“The pandemic was unexpected, working from home was unexpected, but nonetheless many companies realized that workers can be just as productive working from home…We may begin to see a boost in people buying retirement homes before their retirement,” explains Lawrence Yun, Chief Economist at the National Association of Realtors (NAR).

According to the 20th Annual Transamerica Retirement Survey, 3 out of 4 retirees (75 percent) own their homes, and only 23 percent have mortgage debt (including any equity loans or lines of credit). Since entering retirement, almost 4 in 10 retirees (38 percent) have moved into a new home. They’re making a profit by selling their current homes in today’s low inventory market and using their equity to purchase their future retirement homes. It’s a win-win.Continue Reading

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Home improvement, DIY projects are here to stay

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Home improvement, DIY projects are here to stay

COVID-19 has caused many people to spend significantly more time at home than they’re used to—and all that time at home has led to a serious rise in the popularity of home improvement and DIY projects.

But it looks like this DIY/home improvement trend is here to stay — COVID or no COVID. The home improvement and DIY trend has staying power beyond the pandemic, according to a recent report by CNBC:

  • The shift to suburban areas. Many buyers are leaving large cities in favor of larger, more spacious homes in the suburbs — and larger homes means more home improvement projects.
  • Consumers are ready and willing to spend on home improvement and DIY projects. While COVID has caused many consumers to up their spending, one category they’re willing to spend in moving forward? Home improvement. According to a survey from Wells Fargo (highlighted in the article), 88 percent of consumers plan to increase their retail spending on home improvement items (for example, appliances and electronics) in the second half of 2020.

Bottom line: While COVID may have inspired the uptick in home improvement and DIY projects, the trend is showing no signs of slowing. So if you’ve been thinking about tackling a project at home (either for your own satisfaction or to get your property ready to sell), now is a great time to make a move.

Filed Under: Home Ownership Tagged With:

Lessons for buying a home during the pandemic

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Must-know lessons for buying a home during the pandemic

House hunting is always a process — but in the midst of COVID-19, there are even more things to know and learn about successfully finding and buying a home. But what, exactly, are those things? What do you need to know to find and buy a home right now?

Realtor.com outlines some key lessons home buyers should know if they’re shopping during COVID, including:

Don’t bank on getting a “deal”

Considering how much the pandemic has affected the economy and peoples’ jobs, you might expect that it would have directly impacted real estate values. In many areas, including Green Valley, that just isn’t the case. In fact, due to such low inventory, prices have stayed steady and in many cases, even gone up. And there are a lot more buyers than houses for sale, making competition stiff. Now is not the time to make low offers on new listings.

Get pre-approved before you start house hunting

This is always the first thing you should do before looking at houses, even when there isn’t a pandemic. But, due to the current events, many mortgage lenders have changed their lending requirements — so before you get too deep into the house hunting process, make sure you get pre-approved (or pre-qualified) and can get access to the funds you need to buy a home.

Work with a Buyer’s Agent

Working with a Buyer’s Agent is also always important — but it’s especially important now, when you may be relying on photos or a virtual tour to determine whether you want to make an offer on a property. Not only can your agent walk you through the entire buying process, but because they’ll actually be on site giving you the virtual tour, they can clue you in to potential issues you might have missed on video — which can prevent you from making an offer on a house that isn’t the right fit.

There are a lot of factors that make this a perfect time to buy a home. Just make sure you go into it with realistic expectations, and are aware of the actual current market conditions in the area you are looking.

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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