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      Blog :: 07-2015

      Home Sales Will Remain Hot This Summer

      People always talk about the "spring buying season" when they talk real estate. However, this year it appears as though the summer real estate market will be just as hot.

      The most recent Foot Traffic Report released by the National Association of Realtors (NAR) revealed that there are more buyers out looking at homes right now than at any other time in the last two years including the past two springs (in orange below).

      Foot Traffic | Keeping Current Matters

      The Foot Traffic Report is compiled from data on the number of properties shown by Realtors. NAR further explains:

      "Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future."

      We can see that the number of prospective purchasers out looking at homes has been greater each month this year compared to the same month in 2014. And, though foot traffic fell off last June as compared to May, this year it has increased nicely.

      Foot Traffic Comparison | Keeping Current Matters

      Bottom Line

      The housing market will remain strong throughout the summer and into the fall, making for one of the best years in real estate over the last decade.

      5 Reasons to Hire a Real Estate Professional Today!

      Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.

      The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to recover.

      1. What do you do with all this paperwork?

      Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true Real Estate Professional is an expert in their market and can guide you through the stacks of paperwork necessary to make your dream a reality.

      2. Ok, so you found your dream house, now what?

      According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, who knows what these actions are to make sure that you acquire your dream.

      3. Are you a good negotiator?

      So maybe you’re not convinced that you need an agent to sell your home. However, after looking at the list of parties that you need to be prepared to negotiate with, you’ll realize the value in selecting a Real Estate Professional. From the buyer (who wants the best deal possible), to the home inspection companies, to the appraiser, there are at least 11 different people that you will have to be knowledgeable with and answer to, during the process.

      4. What is the home you’re buying/selling really worth?

      It is important for your home to be priced correctly from the start to attract the right buyers and shorten the time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to the National Association of REALTORS, “the typical FSBO home sold for $208,700 compared to $235,000 among agent-assisted home sales.”

      Get the most out of your transaction by hiring a professional.

      5. Do you know what’s really going on in the market?

      There is so much information out there on the news and the internet about home sales, prices, mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively price your home correctly at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a low-ball offer?

      Dave Ramsey, the financial guru advises:

      “When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

      Hiring an agent who has their finger on the pulse of the market will make your buying/selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

      Bottom Line:

      You wouldn’t replace the engine in your car without a trusted mechanic. Why would you make one of your most important financial decisions of your life without hiring a Real Estate Professional?

      Should I Rent My House Instead of Selling It?

      Should I Rent My House Instead of Selling It? | Keeping Current Matters

      The results of Fannie Mae's June 2015 National Housing Survey were just released showing that more and more homeowners are warming up to the idea that now may be a great time to sell their home.

      The amount of respondents that stated that now is a good time to sell rose three percentage points to a survey high of 52%; which may translate to a healthier market as more homes are listed in the coming months.

      At the same time “the percentage of respondents who expect home rental prices to go up rose to 59% – a new survey high.” Doug Duncan, senior vice president and chief economist at Fannie Mae, gave this insight: “The expectation of higher rents is a natural outgrowth of increasing household formation by newly employed individuals putting upward pressure on rental rates.”

      There is a chance that those who believe rental prices will rise may consider renting their house rather than selling it at this time.

      However, if you have no desire to actually become an educated investor in this sector, you may be headed for more trouble than you were looking for. Are you ready to be a landlord?

      Before renting your home, you should answer the following questions to make sure this is the right course of action for you and your family.

      10 Questions to ask BEFORE renting your home

      1. How will you respond if your tenant says they can’t afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).
      2. Because of the economy, many homeowners cannot make their mortgage payment. What percentage of tenants do you think cannot afford to pay their rent?
      3. Have you interviewed experienced eviction attorneys in case a challenge does arise?
      4. Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?
      5. Will you allow pets? Cats? Dogs? How big a dog?
      6. How will you actually collect the rent? By mail? In person?
      7. Repairs are part of being a landlord. Who will take tenant calls when necessary repairs come up?
      8. Do you have a list of craftspeople readily available to handle these repairs?
      9. How often will you do a physical inspection of the property?
      10. Will you alert your current neighbors that you are renting the house?

      Bottom Line

      Renting out residential real estate historically is a great investment. However, it is not without its challenges. Make sure you have decided to rent the house because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.

      The #1 Reason to Sell Your House Now!

      If you are one of the many homeowners out there who are debating putting their house on the market this year, don’t miss out on the great opportunity you have right now!

      The latest Historically, a 6-month supply is necessary for a ‘normal’ market, explained below:

      Inventory & Pricing | Keeping Current Matters

      There are more buyers that are ready, willing and able to buy now, than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

      Bottom Line

      Home prices are appreciating in this seller’s market. Listing now will give you the most exposure to buyers who will be competing against each other to buy your house.

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