Life is a journey filled with unexpected twists and turns, like the excitement of welcoming a new addition, retiring, and starting a new adventure, or the bittersweet feeling of an empty nest. If something like this is changing in your own life, you may be considering buying or selling a house. This is because, amidst all these life-altering events, there remains one common thread—the necessity to relocate.
Reasons People Still Need To Move Today According to the National Association of Realtors (NAR) there have been a lot of this type of milestone or life change over the last two years (see graph below):
And, these big life changes are going to continue to impact people moving forward, even with the current affordability challenges brought on by higher mortgage rates and rising home prices.
Because high mortgage rates, elevated home prices, and stubbornly low inventory make today’s housing market particularly challenging, many of today’s buyers are motivated by life changes, such as growing families, supporting elderly parents or grown children, or accommodating professional needs.
Lean On a Real Estate Professional for Help Whether you are beginning your search for a home or preparing to sell your current house, you do not have to go it alone. With their expertise, Scott and Mary Tynell an invaluable partners who can help you smoothly transition through these big moments in your life. Here are just a few examples.
When Buying a Home If you are welcoming a new addition and want more space, the need for a new home may be a top priority. While higher home prices and mortgage rates are creating challenges for buyers, you may have to find a way to meet your changing needs, even with today’s mortgage rates.
Scott and Mary Tynell can help. Their expertise and knowledge of the local housing market can save you a considerable amount of time and stress. They will take the time to understand your specific needs, budget, and preferences, allowing them to narrow down your search and present you with suitable options.
When Selling a House If you are retiring or going through a separation or divorce, your main focus may be to make the most out of your investment when selling your house, so you can find one that works better for you moving forward.
This is another place where Scott and Mary Tynell expertise truly shines. They can accurately assess your home’s market value, suggest improvements to enhance its appeal, and craft a strategic marketing plan. Their negotiation skills are a big asset when it comes to making sure you get a fair price for your house, allowing you to move on to the next chapter of your life with confidence and peace of mind.
No matter your situation, lean on a trusted professional for help as you buy or sell a home.
Bottom Line If recent life-changing events have you wanting or needing to move, it’s even more critical to make informed decisions. Connect with Scott and Mary Tynell for expert guidance on navigating your options.
Using a 401(k) to buy a home is a personal decision that requires careful consideration. While it can be an option, there are several factors to keep in mind. Here are a few things to consider before making a decision
Eligibility: Check with your employer to ensure your 401(k) plan allows for withdrawals for home purchases. Some plans may have restrictions or penalties for early withdrawals.
Costs and Penalties: If you withdraw funds from your 401(k) before reaching the age of 59½, you may be subject to income taxes and a 10% early withdrawal penalty. This can significantly impact your savings.
Impact on Retirement: Withdrawing from your 401(k) means reducing your retirement savings. Consider the long-term effects on your retirement goals and whether you can make up for the withdrawal later.
Alternatives: Explore other options for financing your home purchase, such as mortgage loans, down payment assistance programs, or saving for a larger down payment. These alternatives may have fewer financial implications.
Consult a Financial Advisor: It’s always a good idea to consult with a financial advisor who can provide personalized advice based on your specific situation. They can help you understand the potential consequences and guide you towards making the right decision.
Remember, purchasing a home is a substantial financial commitment, and it’s crucial to thoroughly evaluate all aspects before considering tapping into your retirement savings. Reach out to Scott and Mary Tynell for assistance.
If you are thinking about buying or selling a home, you might have heard it’s tough right now because mortgage rates are higher than they’ve been over the past few years, and home prices are rising. It is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.
The National Association of Realtors (NAR) explains how to read the values on the graph:
“To interpret the indices, a value of 100 means a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.”
The red dotted line represents 100 value on the index. Essentially, the higher the bar, the more affordable homes are. As you can see, the orange bar for today shows higher mortgage rates and home prices have created a clear challenge. But, while affordability is definitely tighter right now, that doesn’t mean the housing market is at a standstill.
According to NAR, based on the pace of sales right now, just under 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:
3.96 million homes divided by 365 days in a year = 10,849 houses sell each day
10,849 divided by 24 hours in a day = 452 houses sell per hour
452 divided by 60 minutes in an hour = about 8 houses sell each minute
So, on average, over 10,000 homes sell each day in this country. Whether you’re a buyer or a seller, this goes to show there are still ways to make your move possible, even at a time when affordability is tight.
An Agent Can Help You Make Your Move a Reality You may be wondering how other homebuyers and sellers are making this happen now. One of the biggest game-changers in today’s market is working with a trusted local real estate agent. Great agents are helping other people just like you navigate today’s market and the current affordability situation, and their insight is invaluable right now.
Scott and Mary Tynell will be able to offer advice tailored to your specific wants, needs, budget, and more. Not to mention, they’ll also be able to draw on their experience of what’s working for other buyers and sellers right now. This could mean broadening your search, if needed, to include other housing types like condos, townhouses, or neighborhoods a bit further out to help offset some of the affordability challenges today.
Bottom Line You might think there are not many people buying or selling homes right now since affordability is tighter than it is been in quite some time, but that is not the case. Buying a home has indeed become more expensive over the past couple of years, but people are still moving.
If you are hoping to buy or sell a home today, know that other people are still making their goals a reality – and that’s happening in large part because of the help and advice of skilled local real estate agents. Want to talk to a trusted professional about your own move? Connect to Scott and Mary Tynell today!
Selling your house on your own, also known as “For Sale By Owner” (FSBO), can be tempting for some homeowners who want to save on real estate agent commissions. However, it’s important to understand the risks involved in this approach. Here are a few potential challenges you may face when selling your house on your own:
Limited Exposure: Real estate agents have access to multiple listing services (MLS) and other marketing platforms that can significantly increase the exposure of your property. By selling on your own, you may struggle to reach a large pool of potential buyers, resulting in a longer time on the market.
Pricing and Negotiation: Determining the right listing price is crucial to attract buyers. Without an agent’s expertise, you might overprice or underprice your home, leading to missed opportunities or leaving money on the table. Additionally, negotiating with buyers can be challenging, and without professional guidance, you may not secure the best deal.
Legal and Contractual Complexities: Real estate transactions involve many legal documents and contracts. Without the guidance of an experienced agent, you run the risk of making costly mistakes or overlooking important details, potentially leading to legal disputes or financial losses.
Lack of Market Knowledge: Real estate agents possess extensive knowledge of local market trends, comparable sales, and neighborhood insights. This information is vital when making pricing decisions and marketing strategies. You may miss out on crucial market insights and make less informed decisions by selling on your own.
Time and Effort: Selling a house requires significant time and effort. As a homeowner handling the process on your own, you’ll be responsible for tasks such as marketing, arranging showings, coordinating inspections, and handling negotiations. This can be overwhelming, especially if you have other commitments or need more experience in real estate transactions.
Security Concerns: Opening your doors to potential buyers without professional representation can expose you to security risks. Strangers may enter your property, and without an agent’s screening processes, it can be challenging to ensure the safety of your home and belongings.
While selling your house on your own may work in certain situations, it is important to carefully consider these risks and evaluate whether the potential savings outweigh the potential drawbacks. Consulting with Scott and Mary Tynell a real estate professional can provide valuable guidance and support throughout the selling process. Contact them today!
The direction of mortgage rates is influenced by several factors, including economic conditions, inflation, monetary policy, and market demand. While it is challenging to predict the future with certainty, here are some factors to consider when assessing whether higher mortgage rates are here to stay
Economic recovery: Mortgage rates tend to rise during periods of economic growth and higher inflation. As the economy recovers from a downturn, there is a possibility that mortgage rates will increase. However, the pace and extent of the increase will depend on various economic factors, including job growth, inflation levels, and government policies.
Federal Reserve actions: The Federal Reserve plays a crucial role in setting short-term interest rates, which indirectly affect mortgage rates. Currently, the Federal Reserve has indicated that it plans to keep interest rates low to support economic recovery. However, if the economy strengthens significantly, the Federal Reserve may adjust its policy and raise short-term rates, which could potentially lead to higher mortgage rates.
Housing market conditions: The housing market also plays a significant role in mortgage rate fluctuations. Strong demand for housing and limited inventory can drive up home prices, which can, in turn, lead to higher mortgage rates. Conversely, if housing market activity slows down, mortgage rates may stabilize or even decrease.
Global factors: Mortgage rates can be influenced by global economic conditions and events. Factors such as international trade, geopolitical tensions, and global financial markets can impact interest rates. It’s essential to monitor these factors and their potential impact on mortgage rates.
It is important to keep in mind that while mortgage rates may rise in the future, they are still historically low compared to previous decades. Even with higher rates, homeownership can still be a financially advantageous long-term investment.
If you are considering buying a home or refinancing, consult with a mortgage professional for personalized insights tailored to your circumstances and current market conditions. They can assist you in evaluating options and making informed decisions regarding your mortgage. Scott and Mary Tynell can connect you with a reliable mortgage professional. Contact them today!
When choosing a listing agent for your real estate needs, there are several key skills and qualities you should look for. Here are some important ones:
Market Knowledge A good listing agent should deeply understand the local real estate market. They should be familiar with current trends, comparable sales, and the competition in your area. This knowledge will help them price your property accurately and strategically.
Marketing Expertise Your listing agent should have strong marketing skills to promote and advertise your property effectively. They should be proficient in various marketing channels, such as online listings, social media, photography, and virtual tours. A well-marketed property attracts more potential buyers, increasing your chances of a successful sale.
Negotiation Skills Negotiating is a crucial aspect of the real estate process. Your agent should be a skilled negotiator who can advocate for your best interests. They should know how to navigate offers, counteroffers, and any potential obstacles during the negotiation process.
Communication Skills Effective communication is essential in any real estate transaction. Your listing agent should be responsive, keeping you informed and updated throughout the selling process. They should be able to explain complex concepts clearly and address any concerns or questions you may have.
Professional Network A well-connected agent can tap into their professional network to benefit your listing. They should have relationships with other real estate professionals, such as lenders, home inspectors, and contractors, to streamline the selling process and provide you with reliable referrals.
Problem-Solving Abilities Real estate transactions can sometimes encounter challenges. Your agent should be resourceful and proactive in finding solutions to any issues that may arise. Their problem-solving skills will ensure a smoother transaction and minimize stress for you as the seller.
Scott and Mary Tynell, professional real estate agents, possess key skills to enhance your chances of a successful and profitable home sale. Contact them today!
While it might seem a little dramatic to call a seller’s mistakes fatal, especially over something as innocuous as selling your home, selling a home is serious business. Not approaching it as such is a surefire way for your home to remain on the market.
Selling your home does not have to be an emotional roller coaster. By preparing yourself ahead of time for all the inevitable things you are going to face and following these essential ideas you increase the chances of having smooth sailing. Avoiding these mistakes will save you money and heartache in the end.
Getting Attached to the Price
Pricing your home is not based on the opinion of the homeowner or even the agent. It is directly related to perceived value. If buyers look at your home and compare it to others in the neighborhood and it doesn’t meet their requirements for what they believe should be an adequate price then you will receive no offers. In order to stay in line with a buyers’ opinion, you must be willing to base the price of your home on objective and proven research metrics.
Allowing Emotions to Get in the Way
Not allowing emotions into the process of selling your home is much easier said than done. However, don’t let emotions cloud your judgment. Selling your home should be approached like any other large transaction where emotions will not give you the same leverage during negotiations as facts will all, you are selling a product, and the more you look at it from that perspective, the easier it will be to keep the emotions at bay.
Refusing to Negotiate
Negotiations need to be an integral strategy when you receive an offer. By approaching everything from a win-win perspective you can ensure you are not losing too much to your bottom line while still making the buyer feel like they have made a sound decision. Like any negotiation, the mentality of winning at all costs is a good way to have buyers walk away.
Not Taking Professional or High-Quality Listing Photos
Professional photography is a necessity for getting showings for your home. Why? 90% of buyers start their home-buying process by looking at homes online. To draw their attention, the photos need to be high-quality and beautiful to compel them to take a closer look at your home. You are not just selling your home; you are also selling a lifestyle and dream. Exceptional photography captures this by communicating to buyers your home is one they want to see in person. This is accomplished by using adequate lighting and proper angles that appeal to a buyer. The great thing is, unfortunately, there are so many homes on the market with poor photos. By doing this, you already position your home far above the rest.
Thinking you Don’t Need Staging
Great staging is essential to the sale of your home. When a home is beautifully staged, buyers forgo things that normally would have sent them out the door. Proper staging can place your home far above the competition. It is important to note that not all staging is good staging. This is why it is important to hire a stager who understands things like buyer psychology. Colors that elicit the emotions you are trying to get out of the buyer. Trends that are currently in homes that buyers love. Having a stager who knows all these things will ensure your home is placed in the best light possible.
Not Being Properly Insured
With the number of potential buyers walking through your home, the items in your home are exposed to possible theft. It is important to know beforehand if you have the proper insurance to protect your valuables. Furthermore, if anyone should be involved in an accident while being in your home, it is advisable to have proper insurance to protect you in case there are any litigations from it.
Not Investing in a Pre-Inspection
If there is anything that will blow up a deal, it is a disagreement over the handling of repairs. How do you avoid this? By paying heed to the old saying, “the best defense is a good offense” and getting a pre-inspection. Having an inspector come out before you put your house on the market will let you know all the things that might concern a buyer. This will give you leverage. When it comes to contracts, any leverage you can get before you place your home on the market is valuable. This also allows you to make necessary adjustments before having a contract in front of you.
Not Requiring Proof of Funds
Getting an offer especially when you are on a limited time frame can be exhilarating. Unfortunately, this exhilaration can quickly turn into frustration when you do not require buyers to have pre-approval or proof of funds in the case of cash buyers. Requiring this saves you wasted time because a buyer is not financially able to buy your home. Time is money and by accepting an offer you are essentially closing the door on all the other offers which may have come afterward. When you do that you want to do everything in your power to ensure the deal goes through and you are not having to start from the beginning again.
Not Seeing Your Home as a Product
Buyers want what they want when they want it. When it comes time to show your home, buyers do not care whether or not you just cleaned your home. Whether you just came back from work and therefore do not want to leave your home. Showing your home, while at times can be totally inconvenient, it is an integral part of getting your home sold and should be approached as such. Your home is no longer a dwelling, it is now a commodity that is being judged every time a buyer walks into it. Not accommodating prospective buyers will turn them off from making you offers.
Not Considering Selling Your Home Later in the Year
Selling your home during the fall and winter months is the time most people in the industry advise you not to sell because of all the things people are doing during the holidays. The buyers looking to buy during the fall are going to be the most serious. With most sellers following they should not sell their home during the holidays, this means inventory goes down.
Ready to make your home the next success story? Contact Scott and Mary Tynell today. Your dream sale is just a call or email away!”
If your listing expired and your house didn’t sell, you’re likely feeling a little frustrated. Not to mention, you are also probably wondering what went wrong. Here are three questions to think about as you figure out what to do next.
Did You Limit Access to Your House? One of the biggest mistakes you can make when selling your house is restricting the days and times when potential buyers can tour it. Being flexible with your schedule is important when you’re selling your house, even though it might feel a bit stressful to drop everything and leave when buyers want to see it. After all, minimal access means minimal exposure to buyers. Do your best to be as flexible as possible when granting access to your house for showings.
Sometimes, the most determined buyers might come from far away. Since they’re traveling to see your house, they may not be able to change their plans easily if you only offer limited times for showings. So, try to make your house available as much as you can to accommodate them. It’s simple. If no one’s able to look at it, how’s it going to sell?
Did You Make Your House Stand Out? When selling your house, the old saying matters: you never get a second chance to make a first impression. Putting in the work to make the exterior of your home look nice is just as important as how you stage it inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact upfront. After all, if people drive by, but aren’t interested enough to walk through the front door, you’ll never sell your house.
But don’t let that impact stop at the front door. By removing personal items and reducing clutter inside, you give buyers more freedom to picture themselves in the home. Additionally, a new coat of paint or cleaning the floors can go a long way to freshening up a room.
Did You Price Your House Compellingly? Setting the right price is extremely important when you’re selling your house. Even though it might feel tempting to push the price higher to maximize your profit, overpricing can scare away buyers and make it hard to sell quickly. The biggest mistake sellers make is overpricing their homes.
If your house is priced higher than others like it, it could make buyers lose interest. Pay attention to the feedback people give your agent during open houses and showings. If lots of people are saying the same thing, it might be a good idea to think about lowering the price.
For all these insights and more, rely on a trusted real estate agent. A great agent will offer expert advice on relisting your house with effective strategies to get it sold.
Bottom Line It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Connect to Scoot and Mary Tynell to figure out what happened and what to reconsider or change if you want to get your house back on the market.
Buyer’s remorse, a feeling of regret or doubt after making a significant purchase, can sometimes occur after buying a house. Here are some common causes of buyer’s remorse in the context of homeownership:
Financial strain: One of the main causes of buyer’s remorse is financial stress. If the cost of homeownership, including mortgage payments, property taxes, insurance, and maintenance, is higher than anticipated, it can lead to regret. It’s important to carefully consider your budget and future expenses before purchasing a home to ensure you can comfortably afford it.
Unexpected repairs or maintenance: Sometimes, after moving into a new home, unexpected repairs or maintenance issues arise. These unforeseen expenses can lead to regret if they strain your budget or require significant time and effort. Conducting thorough inspections and getting a home warranty can help mitigate this risk.
Unrealistic expectations: Buyer’s remorse can occur when the reality of homeownership doesn’t meet your expectations. Whether it’s the size of the property, the neighborhood, or the condition of the home, it’s essential to have realistic expectations and conduct thorough research before making a purchase.
Emotional decision-making: Making a home purchase based primarily on emotions, such as falling in love with the aesthetics or feeling pressured to buy, can lead to regret later. It’s important to balance emotions with rational decision-making and consider practical factors such as location, future needs, and resale potential.
Buyer’s market changes: Market conditions can impact buyer’s remorse. If housing prices decline shortly after purchasing, buyers may regret not waiting or negotiating a better deal. However, it’s important to remember that real estate is a long-term investment, and market fluctuations are normal.
Relationship changes or lifestyle shifts: Changes in personal circumstances, such as a job loss, divorce, or a desire to relocate, can lead to buyer’s remorse. Life changes can impact the suitability of a home and cause regret if it no longer aligns with your needs or goals.
To minimize the risk of buyer’s remorse, take your time during the home-buying process. Conduct thorough research, seek professional advice, and consider all aspects of homeownership. Working with a reputable real estate agent like Scott and Mary Tynell who can guide you through the process and help you make informed decisions is also advisable.
In recent years, there has been a growing trend towards smaller, more affordable homes. This shift is influenced by various factors, including changing demographics, economic conditions, and evolving lifestyle preferences. Here are a few reasons why smaller, more affordable homes are gaining popularity:
Affordability: With rising housing costs, many prospective homebuyers are looking for more affordable options. Smaller homes typically come with a lower price tag, making them more accessible to first-time buyers or those on a tighter budget.
Minimalism and Sustainability: The minimalist movement has gained traction in recent years, with people embracing the idea of living with less and reducing their environmental footprint. Smaller homes align with this ethos, as they require fewer resources to build and maintain.
Aging Population and Empty Nesters: As the population ages, some homeowners are downsizing to smaller homes that are easier to maintain and navigate. Empty nesters, whose children have moved out, often find that a smaller home better suits their needs and lifestyle.
Urbanization and Density: In many urban areas, there is a focus on promoting higher-density development to accommodate growing populations. Smaller homes, such as townhouses or condos, allow for more efficient use of limited space in urban environments.
Changing Household Structures: The traditional nuclear family is evolving, with more single-person households, couples without children, and multi-generational living arrangements. Smaller homes can be a practical choice for these non-traditional household structures.
It’s important to note that the demand for smaller homes may vary by location and market conditions. Scott and Mary Tynell informed about local trends and preferences to best serve their clients.
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