According to the National Association of Realtors, FSBO (For Sale By Owner) accounted for only 7% of home sales in 2020. That means that about 93% of sellers, along with most buyers, relied on a real estate professional.
There’s a lot on the line when figuring out what a home is worth. Setting the asking price too high might limit the number of offers and leave the house on the market a long time. Asking too little could mean leaving money on the table.
Foreclosed homes can be appealing to house flippers, investors, and ordinary homebuyers looking for a bargain. Once a lender takes possession of a foreclosed home, they will seek to sell it quickly. They are less concerned about making a profit and simply want to break even on the amount they lost due to non-payment of the mortgage.
There are several things that determine how much house someone can afford. Salary, savings, and credit history paint part of the picture. Add to that the buyer’s wish list for a house, the neighborhood, and the real estate market, and the answer comes further into focus.
People can have bad credit for all kinds of reasons. Does that mean they can’t own a home of their own? A bad credit score will make the process more challenging, but getting a loan and becoming a homeowner can happen.
Anyone who has sold a house can understand the appeal of selling a home “as-is.”
For a lot of people, a brand-new home is appealing. But there are others who seek out older homes. In addition to charm and character rarely found in a new build, old houses often feature solid construction and expert craftsmanship. They are often found in established neighborhoods with bigger lots and more mature trees.
A stat cited in a 2018 Washington Post article estimated that 73% of homebuyers place a great deal of importance on schools when searching for a home. Education options often outweighed other items on a buyer’s wishlist, such as a garage, updated kitchen/bath, a certain number of bedrooms, or a large yard.
A month into the second half of 2021 and the hot housing market is showing no signs of cooling down anytime soon. This is great news for sellers. A lot of buyers, however, are feeling exhausted and frustrated.
Like most industries, the world of real estate has a language all its own. Sometimes the terms used can be confusing, especially for first-time homebuyers. If you find a house for sale with a status listed as “sale pending,” “contingent,” or “under contract,” what does that mean, exactly? Is the house off the market, or can you still take a tour or make an offer?